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<br />offer a group annuity product and have a rating of at least as <br />high as (1) Al by Moody's, and AA- by Duff ~ Phelps, or (2) AA- <br />by Duff 6 Phelps, or (3) Aa3 by Moody's, or (4) in the absence of <br />a rating by either Moody's or Duff & Phelps, a rating of AAA by <br />Standard & Poor's. As part of its evaluation process, Towers <br />Perrin also considers ratings by A.K. Best and Weiss Research. <br />9. On October 18, 1993, 11 of those insurance <br />companies submitted preliminary bids. Each bid represents the <br />price of an annuity contract if CF6I had purchased an annuity on <br />that date. The it bids are as follows: <br />Insurer <br />Aetna Life Insurance Company <br />Allstate Life Insurance Company <br />Connecticut General Life Insurance Company <br />Continental Assurance Company <br />John Hancock Mutual Life Insurance Company <br />New York Life Insurance Company <br />Principal Mutual Life Insurance Company <br />Provident Life and Accident Insurance Company <br />Prudential Insurance Company of America <br />Transamerica Occidental Life Insurance Company <br />United o! Omaha Life Insurance Company <br />Purchase Price <br />$18,760,000 <br />18,139,366 <br />18,695,000 <br />19,271,772 <br />18,584,765 <br />19,771,084 <br />18,777,055 <br />17,607,490 <br />19,269,000 <br />18,500,000 <br />17., 467 , 980 <br />10. On December 30, 1993, five insurance companies <br />submitted updated bids, as follows (in alphabetical order): <br />Insurer c ase Price <br />John Hancock Mutual Life Insurance Company $18,902,087 <br />New York Life Insurance Company 18,860,989 <br />Principal Mutual Lif• Insurance Company 18,382,897 <br />Prudential Insurance Company of America 19,231,078 <br />Transamerica Occidental Life Insurance Company 18,490,000 <br />11. It is important to note that these figures are <br />merely estimates and that quoted price differences in the bids <br />will largely be due to differences in the measurement of the <br />a <br />