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New York State Electric & Gas Corporation
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New York State Electric & Gas Corporation issued the
following News Release today:
NYSEG REACHES AGREEMENT WITH ISS
FOR IMMEDIATE RELEASE
Ithaca, New York, April 22, 1998 - New York State Electric
& Gas Corporation (NYSEG) announced today that it has reached an
agreement with Institutional Shareholder Services (ISS), as a
result of which ISS has agreed to recommend to its clients that
they vote in favor of NYSEG's proposal to approve formation of a
holding company. NYSEG agreed that a new holding company, Energy
East Corporation, would amend its bylaws to provide that a
majority of the votes of shares of common stock issued and
outstanding may call a special meeting of stockholders. NYSEG
also agreed that Energy East, at its 1999 Annual Meeting of
Stockholders, would submit for stockholder approval an amendment
to provide for cumulative voting in the election of directors and
an amendment to reduce from 75% to 66 2/3% the supermajority vote
requirement for stockholders to amend certain provisions of
Energy East's bylaws.
