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________________________________________________________________________________
________________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
(FINAL AMENDMENT)
AND
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3)
------------------------
FIRST OF MICHIGAN CAPITAL CORPORATION
(NAME OF SUBJECT COMPANY)
FMCC ACQUISITION CORP.
FAHNESTOCK & CO. INC.
FAHNESTOCK VINER HOLDINGS INC.
(BIDDERS)
------------------------
COMMON STOCK, $.10 PAR VALUE
(TITLE OF CLASS OF SECURITIES)
320862 10 5
(CUSIP NUMBER OF CLASS OF SECURITIES)
------------------------
MR. ALBERT G. LOWENTHAL
C/O FAHNESTOCK & CO. INC.
110 WALL STREET
NEW YORK, NEW YORK 10005
(212) 668-8000
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES
AND COMMUNICATIONS ON BEHALF OF BIDDERS)
------------------------
COPY TO:
JAMES P. GERKIS, ESQ.
WHITMAN BREED ABBOTT & MORGAN LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 351-3000
________________________________________________________________________________
________________________________________________________________________________
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<TABLE>
<CAPTION>
CUSIP No. 320862 10 5
<S> <C> <C>
1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FMCC Acquisition Corp.
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[x]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS AF
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) or 2(f) [ ]
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 2,491,079 Shares (see Items 6 and 7)
- -----------------------------------------------------------------------------------------------------------------
8 CHECK IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
99.7% of the shares outstanding on July 16, 1997
- -----------------------------------------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
</TABLE>
Page 2 of 8 Pages
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<TABLE>
<CAPTION>
CUSIP No. 320862 10 5
<S> <C> <C>
1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON
Fahnestock & Co. Inc.
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[x]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ]
PURSUANT TO ITEMS 2(e) or 2(f)
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION New York
- -----------------------------------------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 2,491,079 Shares (see Items 6 and 7)
- -----------------------------------------------------------------------------------------------------------------
8 CHECK IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
99.7% of the shares outstanding on July 16, 1997
- -----------------------------------------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
</TABLE>
Page 3 of 8 Pages
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<TABLE>
<CAPTION>
CUSIP No. 320862 10 5
<S> <C> <C>
1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fahnestock Viner Holdings Inc.
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[x]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS AF
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) or 2(f) [ ]
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Ontario
- -----------------------------------------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 2,491,079 Shares (see Items 6 and 7)
- -----------------------------------------------------------------------------------------------------------------
8 CHECK IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
99.7% of the shares outstanding on July 16, 1997
- -----------------------------------------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
</TABLE>
Page 4 of 8 Pages
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<TABLE>
<CAPTION>
CUSIP No. 320862 10 5
<S> <C> <C>
1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Albert G. Lowenthal
- -----------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[x]
- -----------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS AF
- -----------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) or 2(f) [ ]
- -----------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION United States
- -----------------------------------------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 2,491,079 Shares (see Items 6 and 7)
- -----------------------------------------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
99.7% of the shares outstanding on July 16, 1997
- -----------------------------------------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON IN
</TABLE>
Page 5 of 8 Pages
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This Amendment No. 2 supplements and amends, and constitutes the final
amendment to, the Tender Offer Statement on Schedule 14D-1, as amended to date
(the 'Schedule 14D-1'), filed by FMCC Acquisition Corp., Fahnestock & Co. Inc.
and Fahnestock Viner Holdings Inc., relating to a tender offer to purchase all
outstanding shares of common stock, par value $.10 per share, of First of
Michigan Capital Corporation, a Delaware corporation. Unless otherwise defined
herein, all capitalized terms used herein shall have the respective meanings
given such terms in the Schedule 14D-1.
This Amendment No. 2 to the Schedule 14D-1 also constitutes Amendment No. 3
to the Statement on Schedule 13D included as part of the Schedule 14D-1, as
amended to date (the 'Schedule 13D'), with respect to Shares that any of the
Reporting Persons (as defined in Schedule 13D) may be deemed to beneficially
own. The item numbers and responses thereto below are in accordance with the
requirements of Schedule 14D-1.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS WITH THE SUBJECT COMPANY.
Item 3 is hereby supplemented and amended by adding at the end thereof the
following information:
As previously disclosed in the Supplement, the mechanics of the
closing of the purchase of the Sellers Shares pursuant to the Purchase
Agreement may be effected by a tender of the Sellers Shares into the Offer.
Letter agreements, each dated July 15, 1997 (the 'Letter Agreements'), were
entered into by Sellers and Buyer to implement such a tender of the Sellers
Shares into the Offer. Copies of the Letter Agreements are attached as
Exhibits (c)(11) and (c)(12) hereto, respectively, and are incorporated
herein by reference.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
Item 6 is hereby supplemented and amended by adding at the end thereof the
following information:
Following the expiration of the Offer at 12:00 Midnight, New York City
time, on July 16, 1997, Purchaser accepted for payment all Shares validly
tendered pursuant to the Offer and not withdrawn. Purchaser has been
informed by the Depositary that 2,491,079 Shares (including 3,471 Shares
tendered pursuant to guaranteed delivery procedures), representing
approximately 99.7% of the outstanding Shares, were validly tendered and
not withdrawn. Included in such number are the 1,418,351 Sellers Shares
subject to the Purchase Agreement and which were tendered by the Sellers
into the Offer pursuant to the Letter Agreements, copies of which are
attached as Exhibits (c)(11) and (c)(12) hereto, respectively, and are
incorporated herein by reference. A copy of the press release issued prior
to 9:00 a.m., New York City time, on July 17, 1997 with respect to the
foregoing is attached as Exhibit (a)(11) hereto and is incorporated herein
by reference.
ITEM 7. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
THE SUBJECT COMPANY'S SECURITIES.
Item 7 is hereby supplemented and amended by adding at the end thereof the
following information:
As previously disclosed in the Supplement, the mechanics of the
closing of the purchase of the Sellers Shares pursuant to the Purchase
Agreement may be effected by a tender of the Sellers Shares into the Offer.
The Letter Agreements were entered into by Sellers and Buyer to implement
such a tender of the Sellers Shares into the Offer. Copies of the Letter
Agreements are attached as Exhibits (c)(11) and (c)(12) hereto,
respectively, and are incorporated herein by reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
Item 11 of the Schedule 14D-1 is hereby amended and supplemented by adding
the following:
<TABLE>
<S> <C>
(a)(11) -- Press Release issued by Holdings and the Company on July 17, 1997.
(c)(11) -- Letter Agreement, dated July 15, 1997, between Sellers and Purchaser, receipt of which was
acknowledged by the Escrow Agent and the Depositary.
(c)(12) -- Letter Agreement, dated July 15, 1997, among Sellers, Purchaser, the Escrow Agent and the
Depositary.
</TABLE>
Page 6 of 8 Pages
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SIGNATURES
After due inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: July 17, 1997
FAHNESTOCK VINER HOLDINGS INC.
By: /s/ ALBERT G. LOWENTHAL
...................................
Name: Albert G. Lowenthal
Title: Chairman
FAHNESTOCK & CO. INC.
By: /s/ ALBERT G. LOWENTHAL
...................................
Name: Albert G. Lowenthal
Title: Chairman
FMCC ACQUISITION CORP.
By: /s/ ALBERT G. LOWENTHAL
...................................
Name: Albert G. Lowenthal
Title: Chairman
/s/ ALBERT G. LOWENTHAL*
..................................
Albert G. Lowenthal
- ------------
* For purposes of Amendment No. 3 to the Schedule 13D only.
Page 7 of 8 Pages
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT PAGE
- ------- --------------------------------------------------------------------------------------------------- ----
<S> <C> <C>
(a)(1) -- Offer to Purchase dated June 11, 1997........................................................... *
(a)(2) -- Letter of Transmittal........................................................................... *
(a)(3) -- Notice of Guaranteed Delivery................................................................... *
(a)(4) -- Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees................ *
(a)(5) -- Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other
Nominees......................................................................................... *
(a)(6) -- Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9........... *
(a)(7) -- Press Release issued by Holdings and the Company on June 12, 1997............................... *
(a)(8) -- Press Release issued by Holdings and the Company on June 18, 1997............................... *
(a)(9) -- Supplement relating to the Offer to Purchase, dated July 1, 1997................................ *
(a)(10) -- Press Release issued by Holdings and the Company on July 1, 1997................................ *
(a)(11) -- Press Release issued by Holdings and the Company on July 17, 1997...............................
(b) -- None............................................................................................
(c)(1) -- Securities Purchase Agreement dated June 11, 1997, between 1888 Limited Partnership ('1888'),
DST Systems Inc. ('DST' and together with 1888, the 'Sellers') and Purchaser..................... *
(c)(2) -- Sellers Escrow Agreement, dated June 11, 1997, among the Sellers, The Bank of New York, as
escrow agent (the 'Escrow Agent') and Purchaser.................................................. *
(c)(3) -- Tender Offer Agreement dated June 11, 1997, among the Sellers, the Company and FMCC Acquisition
Corp............................................................................................. *
(c)(4) -- Tender Escrow Agreement dated June 11, 1997, among Sellers, the Company, Purchaser and the
Escrow Agent..................................................................................... *
(c)(5) -- Memorandum of Understanding dated June 11, 1997................................................. *
(c)(6) -- Letter Agreement, dated June 17, 1997, among the Sellers, the Company and Purchaser, relating to
the Tender Offer Agreement....................................................................... *
(c)(7) -- Confidential Disclosure and Standstill Agreement dated June 6, 1997 between the Company and
Holdings......................................................................................... *
(c)(9) -- Letter, dated June 25, 1997, to the Company from Purchaser designating individuals to be elected
to the Board of Directors of the Company......................................................... *
(c)(10) -- Letter, dated June 25, 1997, to the Sellers from Purchaser designating individuals to be elected
to the Board of Directors of the Company......................................................... *
(c)(11) -- Letter Agreement, dated July 15, 1997, between Sellers and Purchaser, receipt of which was
acknowledged by the Escrow Agent and the Depositary..............................................
(c)(12) -- Letter Agreement, dated July 15, 1997, among Sellers, Purchaser, the Escrow Agent and the
Depositary.......................................................................................
(d) -- None............................................................................................
(e) -- Not applicable..................................................................................
(f) -- None............................................................................................
</TABLE>
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* Previously filed.
Page 8 of 8 Pages
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PRESS RELEASE
-------------
FAHNESTOCK VINER HOLDINGS INC. COMPLETES TENDER OFFER FOR FIRST OF MICHIGAN
CAPITAL CORPORATION
New York, New York and Detroit, Michigan, July 17, 1997. -- Fahnestock
Viner Holdings Inc. (FVH on NYSE and FHV.A on TSE) ("Fahnestock") announced
today that it has successfully completed its US$15.00 per share cash tender
offer (the "Offer") for all outstanding shares of common stock of First of
Michigan Capital Corporation (FMG on CSE) ("First of Michigan").
Following the expiration of the Offer at 12:00 Midnight, New York City
time, on July 16, 1997, FMCC Acquisition Corp. ("Purchaser"), a wholly owned
subsidiary of Fahnestock, accepted for payment all shares of common stock
validly tendered pursuant to the Offer and not withdrawn. The shares tendered
into the Offer include those shares subject to a previously announced Stock
Purchase Agreement between Purchaser and certain First of Michigan stockholders.
Purchaser has been informed by The Bank of New York, the depositary for the
Offer, that a total of 2,491,079 shares (including 3,471 shares tendered
pursuant to guaranteed delivery procedures), representing approximately 99.7%
of the outstanding shares of common stock, were validly tendered and not
withdrawn.
It is the intention of Purchaser that shares not acquired in the Offer will
be subsequently acquired in a back-end merger.
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Fahnestock Viner Holdings Inc., through its principal subsidiary,
Fahnestock & Co. Inc., is engaged in securities brokerage and trading and offers
investment advisory and related financial services. Fahnestock employs
approximately 525 investment executives and operates 49 retail branch offices
principally in the U.S. Northeast, Midwest and Florida.
First of Michigan Capital Corporation is engaged in securities brokerage
and trading and investment banking. Its principal subsidiary, First of Michigan
Corporation is a member firm of the New York Stock Exchange. First of Michigan
employs approximately 280 investment executives and operates 34 retail branch
offices, of which 33 are located in Michigan.
*****
For further information, contact:
Albert G. Lowenthal, Chairman and Chief Executive Officer
Fahnestock Viner Holdings Inc.
(212) 668-8000
Mark Shobe, President
First of Michigan Capital Corporation
(313) 259-2600
<PAGE>
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FMCC ACQUISITION CORP.
c/o FAHNESTOCK & CO. INC.
110 WALL STREET (9TH FLOOR)
NEW YORK, NY 10005
July 15, 1997
1888 Limited Partnership
DST Systems, Inc.
The Bank of New York, as Escrow Agent
The Bank of New York, as Depositary
Reference is made to: (1) that certain Securities Purchase
Agreement dated as of June 11, 1997 (the "Purchase Agreement"), between Buyer
and Sellers; and (2) that certain "Sellers" Escrow Agreement dated as of June
11, 1997 ("Escrow Agreement"), among Sellers, Buyer and the Escrow Agent.
Capitalized terms used herein shall have the respective meanings ascribed
thereto in the Purchase Agreement or the Escrow Agreement, as the case may be.
Notwithstanding anything that may be to the contrary in the
Purchase Agreement or the Escrow Agreement, (a) Sellers and Buyer shall cause
the mechanics of the closing of the purchase and sale of the Securities under
the Purchase Agreement to be effected in the tender offer (the "Offer")
heretofore commenced by Buyer in accordance with the Tender Offer Agreement, (b)
each Seller agrees not to withdraw (and will cause the Escrow Agent not to
withdraw) its Securities from the Offer, and (c) Sellers and Buyer jointly shall
cause the Escrow Agent to take such actions as are necessary or appropriate to
effectuate the provisions of this paragraph, including the transfer of the
Securities and the money heretofore deposited with the Escrow Agent under the
Escrow Agreement to The Bank of New York, as depositary for the Offer (the
"Depositary").
If the closing of the purchase and sale of the Securities in the
manner contemplated herein, including the payment of the consideration for the
Sellers Securities, shall not have occurred on July 17, 1997, then (i) Buyer
shall cause the Securities and the money deposited with the Escrow Agent
pursuant to the Escrow Agreement to be returned by the Depositary to the Escrow
Agent and thereafter will be held in escrow by the Escrow Agent pursuant to the
Escrow Agreement, (ii) the prior paragraph of this letter agreement shall become
null and void and thereafter have no further force or effect, and (iii) the
Purchase Agreement and the Escrow Agreement shall remain unaffected.
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This letter agreement may be executed by the parties hereto
(including facsimile transmission) with separate counterpart signature pages or
in separate counterparts, each of which when so executed and delivered shall be
an original, but all such counterparts shall together constitute one and the
same instrument.
Except as amended hereby, the Purchase Agreement and the Escrow
Agreement shall remain in full force and effect.
Very truly yours,
FMCC ACQUISITION CORP.
By: /s/ Albert G. Lowenthal
---------------------------------
Name: Albert G. Lowenthal
Title: Chairman & CEO
Acknowledged, Accepted and Agreed to as of the date first above written:
1888 LIMITED PARTNERSHIP
By: /s/ Louis C. Baker
-----------------------------------
Name: Louis C. Baker
Title: General Partner
By: /s/ Craig P. Baker
-----------------------------------
Name: Craig P. Baker
Title: General Partner
DST SYSTEMS, INC.
By: /s/ Kenneth V. Hager
-----------------------------------
Name: Kenneth V. Hager
Title: Vice President and CFO
2
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Receipt of the foregoing is hereby Acknowledged:
THE BANK OF NEW YORK, as Escrow Agent
By: /s/ Harley Jeanty
------------------------------------
Name: Harley Jeanty
Title: Assistant Vice President
THE BANK OF NEW YORK, as Depositary
By: /s/ Harley Jeanty
------------------------------------
Name: Harley Jeanty
Title: Assistant Vice President
3
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FMCC ACQUISITION CORP.
c/o FAHNESTOCK & CO. INC.
110 WALL STREET (9TH FLOOR)
NEW YORK, NY 10005
July 15, 1997
1888 Limited Partnership
DST Systems, Inc.
The Bank of New York, as Escrow Agent
Reference is made to that certain "Sellers" Escrow Agreement
dated as of June 11, 1997 ("Escrow Agreement"), among Sellers, Buyer and the
Escrow Agent. Capitalized terms used herein shall have the respective meanings
ascribed thereto in the Escrow Agreement.
Simultaneously with the delivery of this letter, Sellers have
delivered to the Escrow Agent letters of transmittal (the "Letters of
Transmittal") to tender the Shares in the tender offer of Buyer to purchase all
the outstanding shares of Common Stock of the Company (the "Offer").
Notwithstanding anything to the contrary in the Escrow Agreement,
Sellers and Buyer hereby jointly instruct the Escrow Agent to deliver the
Escrowed Property heretofore deposited with the Escrow Agent under the Escrow
Agreement to The Bank of New York, as depositary for the Offer (the
"Depositary"), together with the Letters of Transmittal. Funds from the Deposit
will be used by the Depositary to pay for the Shares tendered in the Offer.
If the Shares have not been accepted for payment by Buyer and
payment therefor shall not have occurred on July 17, 1997, then the tender of
the Shares shall be deemed withdrawn and (i) the Depositary shall return to the
Escrow Agent, and the Escrow Agent shall accept for deposit, the Escrowed
Property, and thereafter the Escrowed Property will be held in escrow by the
Escrow Agent pursuant to the Escrow Agreement, (ii) the prior paragraph of this
letter agreement shall become null and void and thereafter have no further force
or effect, and (iii) the Escrow Agreement shall remain unaffected.
<PAGE>
<PAGE>
This letter agreement may be executed by the parties hereto
(including facsimile transmission) with separate counterpart signature pages or
in separate counterparts, each of which when so executed and delivered shall be
an original, but all such counterparts shall together constitute one and the
same instrument.
Except as amended hereby, the Escrow Agreement remains in full
force and effect.
Very truly yours,
FMCC ACQUISITION CORP.
By: /s/ Albert G. Lowenthal
---------------------------------
Name: Albert G. Lowenthal
Title: Chairman & CEO
Acknowledged, Accepted and Agreed to as of the date first above written:
1888 LIMITED PARTNERSHIP
By: /s/ Louis C. Baker
-----------------------------------
Name: Louis C. Baker
Title: General Partner
By: /s/ Craig P. Baker
-----------------------------------
Name: Craig P. Baker
Title: General Partner
DST SYSTEMS, INC.
By: /s/ Kenneth V. Hager
-----------------------------------
Name: Kenneth V. Hager
Title: Vice President and CFO
THE BANK OF NEW YORK, as Escrow Agent
By: /s/ Harley Jeanty
------------------------------------
Name: Harley Jeanty
Title: Assistant Vice President
-2-
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The foregoing is Accepted and Agreed to as of the date first above written:
THE BANK OF NEW YORK, as Depositary
By: /s/ Harley Jeanty
-----------------------------
Name: Harley Jeanty
Title: Assistant Vice President
-3-
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