NEW ENGLAND ELECTRIC SYSTEM AND ALL SUBSIDIARIES Pro forma consolidated statements of income a

NEW ENGLAND ELECTRIC SYSTEM AND ALL SUBSIDIARIES-Continued

Pro forma consolidated statements of income--Continued

• Giving effect to (a) issuance of $85,000,000 of debt securities at 334 percent interest rate; (b) discharge of $60,387,850 principal amount of funded debt of the present holding com-
panies; (c) savings in holding company corporate and other expenses; and (d) distribution of cash and common shares of New England Electric System for publicly held shares of
the present holding companies.

Of electric plant acquisition adjustments, electric plant adjustments and organization expenses.