FRAUDULENT PURCHASES
FROM SYSTEM SECURITY HOLDERS

Numerous complaints have been received from holders of Asso¬
ciated System securities (particularly those issued by AGECo or
AGECorp) to the effect that they had been solicited by different
individuals to sell their securities without being offered adequate
consideration. The security holders report that the persons approach¬
ing them have made various representations in order to induce them
to make the sale, even claiming to be the representatives of the
Trustees themselves. This, of course, is false, and the Trustees can¬
not urge security holders too strongly to investigate thoroughly any
person or firm soliciting them to make any sale of their securities.

The complaints which have been received by the Trustees have
been referred to the proper authorities. To date four individuals
have been apprehended, three of whom have been convicted in United
States courts and sentenced to federal prison.