1
OFFER TO PURCHASE FOR CASH
ANY AND ALL OUTSTANDING SHARES OF
THE FOLLOWING SERIES OF PREFERRED STOCK OF
NEW ENGLAND POWER COMPANY
BY
NEW ENGLAND ELECTRIC SYSTEM
TITLE OF SERIES OF PURCHASE PRICE
PREFERRED STOCK CUSIP NUMBER PER SHARE
------------------------------------------------------------ ------------ --------------
Dividend Series Preferred Stock:
4.56% Series 644188 10 4 $ 90.30
4.60% Series 644188 20 3 $ 91.09
4.64% Series 644188 70 8 $ 91.88
6.08% Series 644188 40 1 $ 103.34
6% Cumulative Preferred Stock 644188 30 2 $ 116.50
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., EASTERN STANDARD TIME,
ON FRIDAY, DECEMBER 12, 1997, UNLESS THE OFFER IS EXTENDED (THE EXPIRATION
DATE).
November 6, 1997
To Brokers, Dealers, Commercial Banks,
Trust Companies, and Other Nominees:
Enclosed for your consideration is the material listed below relating to
the offer of New England Electric System, a Massachusetts voluntary association
(XXXX), to the holders of each series of Dividend Series Preferred Stock and of
the 6% Cumulative Preferred Stock of New England Power Company (the Power
Company), a Massachusetts corporation and direct subsidiary of XXXX, listed
above (each a Series of Preferred or a Series, and each holder thereof a
Preferred Shareholder) to tender any and all of their shares of a Series (the
Shares) for purchase at the purchase price per Share listed above (the Purchase
Price), net to the seller in cash, upon the terms and subject to the conditions
set forth in the Offer to Purchase and Proxy Statement and Information
Statement, dated November 6, 1997 (the Booklet), and in the Letter of
Transmittal and Proxy for the Shares tendered. THE POWER COMPANY IS NOT ASKING
HOLDERS OF THE 6% CUMULATIVE PREFERRED FOR A PROXY. THEY MAY, HOWEVER,
PARTICIPATE IN THE OFFER. As to each Series, the Booklet, together with the
applicable Letter of Transmittal and, if applicable, Proxy, constitutes the
Offer. XXXX will purchase all Shares validly tendered and not withdrawn, upon
the terms and subject to the conditions of the Offer.
THE OFFER FOR EACH SERIES IS NOT CONDITIONED UPON ANY MINIMUM NUMBER OF
SHARES OF ANY SERIES BEING TENDERED AND EACH IS INDEPENDENT OF THE OFFER FOR ANY
OTHER SERIES. DIVIDEND SERIES PREFERRED SHAREHOLDERS (INCLUDING SHAREHOLDERS WHO
ACQUIRE SHARES SUBSEQUENT TO NOVEMBER 12, 1997 (THE RECORD DATE)) WHO WISH TO
TENDER THEIR SHARES PURSUANT TO THE OFFER MUST VOTE IN FAVOR OF THE PROPOSED
AMENDMENT (AS DEFINED IN THE BOOKLET). MOREOVER, THE OFFER IS CONDITIONED UPON,
AMONG OTHER THINGS, THE PROPOSED AMENDMENT BEING APPROVED AND ADOPTED AT THE
SPECIAL MEETING (AS DEFINED IN THE BOOKLET). PREFERRED SHAREHOLDERS HAVE THE
RIGHT TO VOTE ON THE PROPOSED AMENDMENT REGARDLESS OF WHETHER THEY TENDER THEIR
SHARES. SEE PROPOSED AMENDMENT AND PROXY SOLICITATION, TERMS OF THE
OFFER -- CERTAIN
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CONDITIONS OF THE OFFER, AND TERMS OF THE OFFER -- EXTENSION OF TENDER PERIOD;
TERMINATION; AMENDMENTS IN THE BOOKLET.
IN ORDER TO VALIDLY TENDER SHARES PURSUANT TO THE OFFER, DIVIDEND SERIES
PREFERRED SHAREHOLDERS WHO ACQUIRE SHARES DURING THE PERIOD BEGINNING TWO
BUSINESS DAYS PRIOR TO THE RECORD DATE AND UP TO AND INCLUDING THE EXPIRATION
DATE MUST OBTAIN AN ASSIGNMENT OF PROXY FROM THE SELLER OF SUCH SHARES AND VOTE
SUCH PROXY IN FAVOR OF THE PROPOSED AMENDMENT. IN ORDER TO FACILITATE THE
TRANSFER OF SHARES DURING THE PERIOD DESCRIBED ABOVE, THE SHARES OF EACH SERIES
OF DIVIDEND SERIES PREFERRED WILL TRADE "WITH PROXY" IN THE OVER-THE-COUNTER
MARKET. SETTLEMENT OF ALL TRADES DURING THE PERIOD DESCRIBED ABOVE SHOULD
INCLUDE AN ASSIGNMENT OF PROXY FROM THE SELLER. SEE TERMS OF THE
OFFER -- PROCEDURE FOR TENDERING SHARES IN THE BOOKLET.
The Shares will trade, during the period which begins two days prior to the
Record Date and which will end at the close of business on the Expiration Date,
in the over-the-counter market under the symbols "NEEAT" for the 4.56% Series,
"NEEDT" for the 4.60% Series, "NEEFT" for the 4.64% Series and "NEEGT" for the
6.08% Series, indicating that such Shares are trading "with proxy." A Dividend
Series Preferred Shareholder who acquires Shares during this period must obtain,
or have such holder's authorized representative obtain, an assignment of proxy
(which is included in the applicable Letter of Transmittal and Proxy) at
settlement from the seller. The National Association of Securities Dealers, Inc.
(the NASD) and The Depository Trust Company (DTC) have issued notices informing
their members and participants that the Shares will trade "with proxy" and that
settlement of all trades during the period described above should include an
assignment of proxy from the seller.
We are asking you to contact your clients for whom you hold Shares
registered in your name (or in the name of your nominee) or who hold Shares
registered in their own names. Please bring the Offer to their attention as
promptly as possible.
Upon the terms and subject to the conditions of the Offer and pursuant to
instruction 10 of the Letter of Transmittal and Proxy, XXXX will pay to
designated brokers and dealers a solicitation fee of $1.50 per Share for any
Shares tendered, accepted for payment, and paid pursuant to the Offer and for
each Share of Dividend Series Preferred Stock not tendered but voted in favor of
the Proposed Amendment (except that for transactions for beneficial owners equal
to or exceeding 2,500 Shares, XXXX will pay a solicitation fee of $1.00 per
Share, of which eighty percent (80%) shall be paid to the Dealer Manager and
twenty percent (20%) to the Soliciting Dealer (which may be the Dealer
Manager)). With respect to fees payable pursuant to this paragraph involving
transactions for beneficial owners whose ownership is less than 2,500 Shares,
any fees payable hereunder shall be paid in full to the Dealer Manager unless a
Soliciting Dealer is designated (as described below), in which case such fee
shall be payable in full to such designated Soliciting Dealer (which designated
Soliciting Dealer may be the Dealer Manager). The Letter of Transmittal and
Proxy must include the name of an entity which obtained the tender or proxy and
which is either (a) a broker or dealer in securities, including the Dealer
Manager in its capacity as a broker or dealer, which is a member of any national
securities exchange or of the NASD, (b) a foreign broker or dealer not eligible
for membership in the NASD which agrees to conform to the NASD's Rules of Fair
Practice in soliciting tenders outside the United States to the same extent as
though it were an NASD member, or (c) a bank or trust company (each of which is
referred to herein as a Soliciting Dealer). No solicitation fee shall be payable
to a Soliciting Dealer with respect to the tender of Shares or delivery of a
proxy unless the Letter of Transmittal and Proxy accompanying such tender or
delivery of a proxy designates such Soliciting Dealer. No solicitation fee shall
be payable to a Soliciting Dealer in respect of Shares registered in the name of
such Soliciting Dealer unless such Shares are held by such Soliciting Dealer as
nominee and such Shares are being tendered or delivered for the benefit of one
or more beneficial owners identified on the Letter of Transmittal and Proxy or
on the Notice of Solicited Tenders. No solicitation fee shall be payable to a
Soliciting Dealer if such Soliciting Dealer is required for any reason to
transfer the amount of such fee to a depositing holder (other than itself). No
solicitation fee shall be paid to a Soliciting Dealer with respect to Shares
tendered or delivered for such
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Soliciting Dealer's own account. A Soliciting Dealer shall not be entitled to a
solicitation fee for Shares beneficially owned by such Soliciting Dealer. No
broker, dealer, bank, trust company, or other nominee shall be deemed to be the
agent of XXXX, the Power Company, the Depositary, the Information Agent, or the
Dealer Manager for purposes of the Offer.
Soliciting Dealers will include any of the organizations described in
clauses (a), (b), and (c) above even when the activities of such organizations
in connection with the Offer consist solely of forwarding to clients materials
relating to the Offer, including the Letter of Transmittal and Proxy, and
tendering Shares or delivering a proxy as directed by beneficial owners thereof.
No Soliciting Dealer is authorized to make any recommendation to holders of
Shares as to whether to tender or refrain from tendering in the Offer. No
assumption is made, in making payment to any Soliciting Dealer, that its
activities in connection with the Offer included any activities other than those
described above, and for all purposes noted in all materials relating to the
Offer, the term "solicit" shall be deemed to mean no more than processing Shares
tendered or forwarding to customers materials regarding the Offer.
XXXX will also, upon request, reimburse Soliciting Dealers for reasonable
and customary handling and mailing expenses incurred by them in forwarding
materials relating to the Offer to their customers. XXXX will pay all stock
transfer taxes, if any, payable on account of the acquisition of Shares by XXXX
pursuant to the Offer, except in certain circumstances where special payment or
delivery procedures are utilized pursuant to Instruction 6 of the accompanying
Letter of Transmittal and Proxy.
IN ORDER FOR A SOLICITING DEALER TO RECEIVE A SOLICITATION FEE, IBJ
XXXXXXXX BANK & TRUST COMPANY, AS DEPOSITARY (THE DEPOSITARY), MUST HAVE
RECEIVED FROM SUCH SOLICITING DEALER A PROPERLY COMPLETED AND DULY EXECUTED
NOTICE OF SOLICITED TENDERS IN THE FORM ATTACHED HERETO (OR A FACSIMILE THEREOF)
WITHIN THREE BUSINESS DAYS AFTER THE EXPIRATION OF THE OFFER.
For your information and for forwarding to your clients for whom you hold
Shares registered in your name (or in the name of your nominee), we are
enclosing the following documents:
1. The Booklet, dated November 6, 1997, including the Notice of Special
Meeting of Shareholders;
2. A separate Letter of Transmittal and Proxy for each Series for your use
and for the information of your clients;
3. A letter to shareholders of the Power Company from its Treasurer;
4. A Notice of Guaranteed Delivery and Proxy to be used to accept the Offer
if the Shares and all other required documents cannot be delivered to
the Depositary by the applicable Expiration Date (as defined in the
Booklet);
5. A form of letter which may be sent to your clients for whose accounts
you hold Shares registered in your name or in the name of your nominee,
with space for obtaining such clients' instructions with regard to the
Offer and with regard to the proxy solicitation by the Power Company;
and
6. A return envelope addressed to IBJ Xxxxxxxx Bank & Trust Company, the
Depositary.
EACH SERIES OF PREFERRED HAS ITS OWN LETTER OF TRANSMITTAL AND PROXY, AND
ONLY THE APPLICABLE LETTER OF TRANSMITTAL AND, IF APPLICABLE, PROXY FOR A
PARTICULAR SERIES, OR A NOTICE OF GUARANTEED DELIVERY AND PROXY, MAY BE USED TO
TENDER SHARES OF SUCH SERIES.
WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS POSSIBLE. PLEASE NOTE
THAT THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., EASTERN STANDARD
TIME, ON FRIDAY, DECEMBER 12, 1997, UNLESS THE OFFER IS EXTENDED.
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NEITHER XXXX, THE POWER COMPANY, THEIR RESPECTIVE BOARDS OF DIRECTORS, ANY
OF THEIR RESPECTIVE OFFICERS, NOR ANY OTHER PERSON AUTHORIZED BY THEM MAKES ANY
RECOMMENDATION TO ANY PREFERRED SHAREHOLDER AS TO WHETHER TO TENDER ANY OR ALL
SHARES. EACH PREFERRED SHAREHOLDER MUST MAKE HIS OR HER OWN DECISION AS TO
WHETHER TO TENDER SHARES AND, IF SO, HOW MANY SHARES TO TENDER.
The name "New England Electric System" means the trustee or trustees for
the time being (as trustee or trustees but not personally) under an agreement
and declaration of trust dated January 2, 1926, as amended, which is hereby
referred to, and a copy of which as amended has been filed with the Secretary of
the Commonwealth of Massachusetts. Any agreement, obligation or liability made,
entered into or incurred by or on behalf of New England Electric System binds
only its trust estate, and no shareholder, director, trustee, officer or agent
thereof assumes or shall be held to any liability therefor.
Any questions or requests for assistance or additional copies of the
enclosed materials may be directed to Xxxxxxxxx & Company, Inc., the Information
Agent, or to us, as Dealer Manager, at the respective addresses and telephone
numbers set forth on the back cover of the enclosed Offer to Purchase and Proxy
Statement and Information Statement.
Very truly yours,
Xxxxxxx Xxxxx & Co.
NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU
OR ANY PERSON AS THE AGENT OF XXXX, THE POWER COMPANY, THE DEALER MANAGER, THE
INFORMATION AGENT, OR THE DEPOSITARY, OR AUTHORIZE YOU OR ANY OTHER PERSON TO
USE ANY DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF ANY OF THEM IN CONNECTION
WITH THE OFFER OTHER THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS
CONTAINED THEREIN.
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4.56% SERIES
NOTICE OF SOLICITED TENDERS
OF DIVIDEND SERIES PREFERRED STOCK
List below the number of Preferred Shares tendered and voted in favor of
the Proposed Amendment by each beneficial owner whose tender you have solicited.
All Shares beneficially owned by a beneficial owner, whether in one account or
several, and in however many capacities, must be aggregated for purposes of
completing the tables below. Any questions as to what constitutes beneficial
ownership should be directed to the Information Agent. If the space below is
inadequate, list the Shares on a separate signed schedule and affix the list to
this Notice of Solicited Tenders.
ALL NOTICES OF SOLICITED TENDERS SHOULD BE RETURNED TO THE DEPOSITARY AT
THE ADDRESS SET FORTH ON THE BACK COVER OF THE OFFER TO PURCHASE WITHIN THREE
NEW YORK STOCK EXCHANGE, INC. TRADING DAYS AFTER THE EXPIRATION OF THE OFFER.
NOTICES MAY BE FAXED TO THE DEPOSITARY AT (000) 000-0000; CONFIRMATION TELEPHONE
NUMBER (000) 000-0000. ALL QUESTIONS CONCERNING THE NOTICES OF SOLICITED TENDERS
SHOULD BE DIRECTED TO THE INFORMATION AGENT AT THE TELEPHONE NUMBER SET FORTH ON
THE BACK COVER OF THE BOOKLET.
SOLICITED TENDERS OF 4.56% SHARES
NOT BENEFICIALLY OWNED BY SOLICITING DEALER
(IF DELIVERING THIS NOTICE TO DEPOSITARY, LAST PAGE OF THIS LETTER MUST BE
COMPLETED AND SIGNED.)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER SHARE (TENDER ONLY)
============================================================================================================
NUMBER OF SHARES NUMBER OF
DTC PARTICIPANT VOI TICKET REQUESTED FOR BENEFICIAL OWNER(S)
NUMBER NUMBER* PAYMENT REPRESENTED
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============================================================================================================
BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE (TENDER ONLY)
============================================================================================================
NUMBER OF NUMBER OF NAME OF
SHARES BENEFICIAL SOLICITING
DTC PARTICIPANT VOI TICKET REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER NUMBER* PAYMENT REPRESENTED DEALER
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============================================================================================================
---------------
* Complete if Shares delivered by book-entry transfer. Please submit a separate
VOI Ticket for Shares tendered when the solicitation fee is to be directed to
another Soliciting Dealer.
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6
4.56% SERIES
NOTICE OF SOLICITED TENDERS OF 4.56% SERIES
(CONTINUED)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE (PROXY ONLY)
===================================================================================
NUMBER OF BENEFICIAL
DTC PARTICIPANT NUMBER OF SHARES OWNER(S)
NUMBER REQUESTED FOR PAYMENT REPRESENTED
-----------------------------------------------------------------------------------
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BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
(PROXY ONLY)
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NUMBER OF SHARES NUMBER OF BENEFICIAL NAME OF SOLICITING
DTC PARTICIPANT REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER PAYMENT REPRESENTED DEALER
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Do not send stock certificates with this form. Your stock certificates must
be sent with the Letter of Transmittal and Proxy.
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4.60% SERIES
NOTICE OF SOLICITED TENDERS
OF DIVIDEND SERIES PREFERRED STOCK
List below the number of Preferred Shares tendered and voted in favor of
the Proposed Amendment by each beneficial owner whose tender you have solicited.
All Shares beneficially owned by a beneficial owner, whether in one account or
several, and in however many capacities, must be aggregated for purposes of
completing the tables below. Any questions as to what constitutes beneficial
ownership should be directed to the Information Agent. If the space below is
inadequate, list the Shares on a separate signed schedule and affix the list to
this Notice of Solicited Tenders.
ALL NOTICES OF SOLICITED TENDERS SHOULD BE RETURNED TO THE DEPOSITARY AT
THE ADDRESS SET FORTH ON THE BACK COVER OF THE OFFER TO PURCHASE WITHIN THREE
NEW YORK STOCK EXCHANGE, INC. TRADING DAYS AFTER THE EXPIRATION OF THE OFFER.
NOTICES MAY BE FAXED TO THE DEPOSITARY AT (000) 000-0000; CONFIRMATION TELEPHONE
NUMBER (000) 000-0000. ALL QUESTIONS CONCERNING THE NOTICES OF SOLICITED TENDERS
SHOULD BE DIRECTED TO THE INFORMATION AGENT AT THE TELEPHONE NUMBER SET FORTH ON
THE BACK COVER OF THE BOOKLET.
SOLICITED TENDERS OF 4.60% SHARES
NOT BENEFICIALLY OWNED BY SOLICITING DEALER
(IF DELIVERING THIS NOTICE TO DEPOSITARY, LAST PAGE OF THIS LETTER MUST BE
COMPLETED AND SIGNED.)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE (TENDER ONLY)
============================================================================================================
NUMBER OF SHARES NUMBER OF
DTC PARTICIPANT VOI TICKET REQUESTED FOR BENEFICIAL OWNER(S)
NUMBER NUMBER* PAYMENT REPRESENTED
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============================================================================================================
BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
(TENDER ONLY)
============================================================================================================
NUMBER OF NUMBER OF NAME OF
SHARES BENEFICIAL SOLICITING
DTC PARTICIPANT VOI TICKET REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER NUMBER* PAYMENT REPRESENTED DEALER
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------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
============================================================================================================
---------------
* Complete if Shares delivered by book-entry transfer. Please submit a separate
VOI Ticket for Shares tendered when the solicitation fee is to be directed to
another Soliciting Dealer.
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8
4.60% SERIES
NOTICE OF SOLICITED TENDERS OF 4.60% SERIES
(CONTINUED)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE (PROXY ONLY)
===================================================================================
NUMBER OF BENEFICIAL
DTC PARTICIPANT NUMBER OF SHARES OWNER(S)
NUMBER REQUESTED FOR PAYMENT REPRESENTED
-----------------------------------------------------------------------------------
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BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
(PROXY ONLY)
--------------------------------------------------------------------------------------------------------
NUMBER OF SHARES NUMBER OF BENEFICIAL NAME OF SOLICITING
DTC PARTICIPANT REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER PAYMENT REPRESENTED DEALER
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Do not send stock certificates with this form. Your stock certificates must
be sent with the Letter of Transmittal and Proxy.
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4.64% SERIES
NOTICE OF SOLICITED TENDERS
OF DIVIDEND SERIES PREFERRED STOCK
List below the number of Preferred Shares tendered and voted in favor of
the Proposed Amendment by each beneficial owner whose tender you have solicited.
All Shares beneficially owned by a beneficial owner, whether in one account or
several, and in however many capacities, must be aggregated for purposes of
completing the tables below. Any questions as to what constitutes beneficial
ownership should be directed to the Information Agent. If the space below is
inadequate, list the Shares on a separate signed schedule and affix the list to
this Notice of Solicited Tenders.
ALL NOTICES OF SOLICITED TENDERS SHOULD BE RETURNED TO THE DEPOSITARY AT
THE ADDRESS SET FORTH ON THE BACK COVER OF THE OFFER TO PURCHASE WITHIN THREE
NEW YORK STOCK EXCHANGE, INC. TRADING DAYS AFTER THE EXPIRATION OF THE OFFER.
NOTICES MAY BE FAXED TO THE DEPOSITARY AT (000) 000-0000; CONFIRMATION TELEPHONE
NUMBER (000) 000-0000. ALL QUESTIONS CONCERNING THE NOTICES OF SOLICITED TENDERS
SHOULD BE DIRECTED TO THE INFORMATION AGENT AT THE TELEPHONE NUMBER SET FORTH ON
THE BACK COVER OF THE BOOKLET.
SOLICITED TENDERS OF 4.64% SHARES
NOT BENEFICIALLY OWNED BY SOLICITING DEALER
(IF DELIVERING THIS NOTICE TO DEPOSITARY, LAST PAGE OF THIS LETTER MUST BE
COMPLETED AND SIGNED.)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE (TENDER ONLY)
============================================================================================================
NUMBER OF SHARES NUMBER OF
DTC PARTICIPANT VOI TICKET REQUESTED FOR BENEFICIAL OWNER(S)
NUMBER NUMBER* PAYMENT REPRESENTED
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============================================================================================================
BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
(TENDER ONLY)
============================================================================================================
NUMBER OF NUMBER OF NAME OF
SHARES BENEFICIAL SOLICITING
DTC PARTICIPANT VOI TICKET REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER NUMBER* PAYMENT REPRESENTED DEALER
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------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
============================================================================================================
---------------
* Complete if Shares delivered by book-entry transfer. Please submit a separate
VOI Ticket for Shares tendered when the solicitation fee is to be directed to
another Soliciting Dealer.
9
10
4.64% SERIES
NOTICE OF SOLICITED TENDERS OF 4.64% SERIES
(CONTINUED)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE (PROXY ONLY)
===================================================================================
NUMBER OF BENEFICIAL
DTC PARTICIPANT NUMBER OF SHARES OWNER(S)
NUMBER REQUESTED FOR PAYMENT REPRESENTED
-----------------------------------------------------------------------------------
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BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
(PROXY ONLY)
--------------------------------------------------------------------------------------------------------
NUMBER OF SHARES NUMBER OF BENEFICIAL NAME OF SOLICITING
DTC PARTICIPANT REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER PAYMENT REPRESENTED DEALER
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Do not send stock certificates with this form. Your stock certificates must
be sent with the Letter of Transmittal and Proxy.
10
11
6.08% SERIES
NOTICE OF SOLICITED TENDERS
OF DIVIDEND SERIES PREFERRED STOCK
List below the number of Preferred Shares tendered and voted in favor of
the Proposed Amendment by each beneficial owner whose tender you have solicited.
All Shares beneficially owned by a beneficial owner, whether in one account or
several, and in however many capacities, must be aggregated for purposes of
completing the tables below. Any questions as to what constitutes beneficial
ownership should be directed to the Information Agent. If the space below is
inadequate, list the Shares on a separate signed schedule and affix the list to
this Notice of Solicited Tenders.
ALL NOTICES OF SOLICITED TENDERS SHOULD BE RETURNED TO THE DEPOSITARY AT
THE ADDRESS SET FORTH ON THE BACK COVER OF THE OFFER TO PURCHASE WITHIN THREE
NEW YORK STOCK EXCHANGE, INC. TRADING DAYS AFTER THE EXPIRATION OF THE OFFER.
NOTICES MAY BE FAXED TO THE DEPOSITARY AT (000) 000-0000; CONFIRMATION TELEPHONE
NUMBER (000) 000-0000. ALL QUESTIONS CONCERNING THE NOTICES OF SOLICITED TENDERS
SHOULD BE DIRECTED TO THE INFORMATION AGENT AT THE TELEPHONE NUMBER SET FORTH ON
THE BACK COVER OF THE BOOKLET.
SOLICITED TENDERS OF 6.08% SHARES
NOT BENEFICIALLY OWNED BY SOLICITING DEALER
(IF DELIVERING THIS NOTICE TO DEPOSITARY, LAST PAGE OF THIS LETTER MUST BE
COMPLETED AND SIGNED.)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE (TENDER ONLY)
============================================================================================================
NUMBER OF SHARES NUMBER OF
DTC PARTICIPANT VOI TICKET REQUESTED FOR BENEFICIAL OWNER(S)
NUMBER NUMBER* PAYMENT REPRESENTED
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------------------------------------------------------------------------------------------------------------
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============================================================================================================
BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
(TENDER ONLY)
============================================================================================================
NUMBER OF NUMBER OF NAME OF
SHARES BENEFICIAL SOLICITING
DTC PARTICIPANT VOI TICKET REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER NUMBER* PAYMENT REPRESENTED DEALER
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------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
============================================================================================================
---------------
* Complete if Shares delivered by book-entry transfer. Please submit a separate
VOI Ticket for Shares tendered when the solicitation fee is to be directed to
another Soliciting Dealer.
11
12
6.08% SERIES
NOTICE OF SOLICITED TENDERS OF 6.08% SERIES
(CONTINUED)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE (PROXY ONLY)
===================================================================================
NUMBER OF BENEFICIAL
DTC PARTICIPANT NUMBER OF SHARES OWNER(S)
NUMBER REQUESTED FOR PAYMENT REPRESENTED
-----------------------------------------------------------------------------------
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-----------------------------------------------------------------------------------
BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
(PROXY ONLY)
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NUMBER OF SHARES NUMBER OF BENEFICIAL NAME OF SOLICITING
DTC PARTICIPANT REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER PAYMENT REPRESENTED DEALER
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--------------------------------------------------------------------------------------------------------
Do not send stock certificates with this form. Your stock certificates must
be sent with the Letter of Transmittal and Proxy.
12
13
6% SERIES
NOTICE OF SOLICITED TENDERS
OF 6% CUMULATIVE PREFERRED STOCK
List below the number of Preferred Shares tendered by each beneficial owner
whose tender you have solicited. All Shares beneficially owned by a beneficial
owner, whether in one account or several, and in however many capacities, must
be aggregated for purposes of completing the tables below. Any questions as to
what constitutes beneficial ownership should be directed to the Information
Agent. If the space below is inadequate, list the Shares on a separate signed
schedule and affix the list to this Notice of Solicited Tenders.
ALL NOTICES OF SOLICITED TENDERS SHOULD BE RETURNED TO THE DEPOSITARY AT
THE ADDRESS SET FORTH ON THE BACK COVER OF THE OFFER TO PURCHASE WITHIN THREE
NEW YORK STOCK EXCHANGE, INC. TRADING DAYS AFTER THE EXPIRATION OF THE OFFER.
NOTICES MAY BE FAXED TO THE DEPOSITARY AT (000) 000-0000; CONFIRMATION TELEPHONE
NUMBER (000) 000-0000. ALL QUESTIONS CONCERNING THE NOTICES OF SOLICITED TENDERS
SHOULD BE DIRECTED TO THE INFORMATION AGENT AT THE TELEPHONE NUMBER SET FORTH ON
THE BACK COVER OF THE BOOKLET.
SOLICITED TENDERS OF 6% CUMULATIVE PREFERRED SHARES
NOT BENEFICIALLY OWNED BY SOLICITING DEALER
(IF DELIVERING THIS NOTICE TO DEPOSITARY, LAST PAGE OF THIS LETTER MUST BE
COMPLETED AND SIGNED.)
BENEFICIAL OWNERS OF LESS THAN 2,500 SHARES -- SOLICITATION FEE OF $1.50 PER
SHARE
============================================================================================================
NUMBER OF SHARES NUMBER OF
DTC PARTICIPANT VOI TICKET REQUESTED FOR BENEFICIAL OWNER(S)
NUMBER NUMBER* PAYMENT REPRESENTED
------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------
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============================================================================================================
BENEFICIAL OWNERS OF 2,500 OR MORE SHARES -- SOLICITATION FEE OF $1.00 PER SHARE
============================================================================================================
NUMBER OF NUMBER OF NAME OF
SHARES BENEFICIAL SOLICITING
DTC PARTICIPANT VOI TICKET REQUESTED FOR OWNER(S) XXXXXXX XXXXX
NUMBER NUMBER* PAYMENT REPRESENTED DEALER
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============================================================================================================
---------------
* Complete if Shares delivered by book-entry transfer. Please submit a separate
VOI Ticket for Shares tendered when the solicitation fee is to be directed to
another Soliciting Dealer.
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SOLICITATION FEE PAYMENT INSTRUCTIONS
ISSUE CHECK TO:
Firm
--------------------------------------------------------------------------------
(PLEASE PRINT)
Attention
--------------------------------------------------------------------------------
Address
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(INCLUDE ZIP CODE)
Phone Number
--------------------------------------------------------------------------------
Taxpayer Identification or Social Security No.
---------------------------------------------------------
Applicable VOI Number
------------------------------ Number of Shares
------------------------
If solicitation fees are to be paid to another Eligible Institution(s),
please complete the following:
ISSUE CHECK TO:
Firm
--------------------------------------------------------------------------------
(PLEASE PRINT)
Attention
--------------------------------------------------------------------------------
Address
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(INCLUDE ZIP CODE)
Phone Number
--------------------------------------------------------------------------------
Taxpayer Identification or Social Security No.
---------------------------------------------------------
Applicable VOI Number
------------------------------ Number of Shares
------------------------
Series
------------------------------
ISSUE CHECK TO:
Firm
--------------------------------------------------------------------------------
(PLEASE PRINT)
Attention
--------------------------------------------------------------------------------
Address
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(INCLUDE ZIP CODE)
Phone Number
--------------------------------------------------------------------------------
Taxpayer Identification or Social Security No.
---------------------------------------------------------
Applicable VOI Number
------------------------------ Number of Shares
------------------------
Series
------------------------------
* NOTE: IF ADDITIONAL PAYMENT INSTRUCTIONS, PLEASE COPY AND ATTACH.
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All questions as to the validity, form, and eligibility (including time of
receipt) of Notices of Solicited Tenders will be determined by the Depositary,
in its sole discretion, which determination will be final and binding. Neither
the Depositary nor any other person will be under any duty to give notification
of any defects or irregularities in any Notice of Solicited Tenders or incur any
liability for failure to give such notification.
--------------------------------------------------------------------------------
The undersigned hereby confirms that: (i) it has complied with the
applicable requirements of the Securities Exchange Act of 1934, as amended, and
the applicable rules and regulations thereunder, in connection with such
solicitation (unless such solicitation fee is directed to another Soliciting
Dealer); (ii) it is entitled to such compensation for such solicitation under
the terms and conditions of the Offer; (iii) in soliciting tenders of Shares, it
has used no soliciting materials other than those furnished by XXXX; and (iv) if
it is a foreign broker or dealer not eligible for membership in the NASD, it has
agreed to conform to the NASD's Rules of Fair Practice in making solicitations.
----------------------------------------- -----------------------------------------
Name of Firm Authorized Signature
----------------------------------------- -----------------------------------------
Address Name (Please Print)
----------------------------------------- -----------------------------------------
City, State, Zip Code Title
----------------------------------------- Dated: , 199_
Area Code and Telephone Number -----------------------------
--------------------------------------------------------------------------------
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