(August 10, 2005)
In response to publicly expressed investor concerns about the
pricing of a merger transaction proposed by the management of
Providian Financial Corporation (“PVN”), a special “Forum”
program has been initiated for the limited purpose of arranging
an independent analysis of shareholder interests.
The program is intended to develop a broadly applicable process
for providing public shareholders with objective, professional
analyses of transaction proposals, as an alternative to the
current practice of relying on “fairness opinions” presented by
a transaction’s proponents.
Anyone with an interest in Providian or in the general objective
of assuring informed investment decisions is encouraged to
participate in the program, which will be managed by Gary Lutin
according to the usual Forum policies.
August 10, 2005