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Non-Tech : TBFC - Telebanc Financial Corp.

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To: jjs_ynot who wrote ()	12/28/1999 3:38:00 PM
From: Green Receipt	Read Replies (1) of 272

OK here we go. I went to the meeting. They didn't have ample parking (I was told they had 6 spaces) so I ended up parking about 3 blocks away in a park. The meeting started a couple of minutes late. Apparently there were only about 3 or 4 shareholders there (that were not insiders). There appeared to be about 30 people there. Most were insiders/employees,etc. Overall it was a rather short meeting. The CEO was not present and I didn't catch the name of the person who stood in for him. They were willing to answer questions but basically the attitude was 'read about it in the proxy statement'. I didn't get the opportunity to ask any questions, but one shareholder asked 'why pick Etrade' and they basically responded with a non-answer (go look in the proxy). From what I gathered in the non verbal body signals everyone seemed pretty excited to be associated with ETrade. It was quite a frugal meeting (when compared with another company's meeting that I attended several years ago [OAU]). It doesn't really matter, but the impression of meeting location looked like it had been put together at the last minute. The meeting was over very quickly [2:05 - 2:15 pm] as apparently more than 66% of the shareholders had approved this by mail. So basically the meeting was a formality and thats the attitude that was expressed by management and the insiders. So officially the TBFC merger has been approved by the shareholders. I made the reference to OAU because several years ago when I attended theirs they had a formal meeting, food, tours of the mine, and all kinds of stuff. This meeting was basically a formality. The chairs had just sort of been thrown there (none of them matched and many looked like they had been pulled from a local dumpster). It was held in the lobby which made acoustics difficult. I did find out that there are 93 shareholders of record and about 15,000 in street name. I'm not sure whats going to happen but like i said the non-verbals said everyone thought it was a good thing.

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