Central and South West Corporation makes friendly $2.52 billion offer for SEEBOARD PLC.

DALLAS--(BUSINESS WIRE)--Nov. 6, 1995--Central and South West Corporation (NYSE:CSR) said today it has agreed to pay $2.52 billion cash in a friendly offer to acquire SEEBOARD plc, a regional electricity company in the United Kingdom that serves about 2 million customers in Southeast England.

"SEEBOARD will be an ideal addition to our corporation because of its strong management, excellent financial characteristics and innovative strategy for growth," said Thomas V. Shockley III, executive vice president of Central and South West Corporation and president and chief executive officer of CSW Enterprises.

Shockley described the acquisition as "a long-term investment to add shareholder value."

"We look forward to working with Central and South West," said Jim Ellis, SEEBOARD's chief executive officer. "With their support, resources and international connections, we will continue to develop SEEBOARD's full potential. We share with CSW the same management philosophy of delivering real value to customers by providing a top quality service at the lowest price."

SEEBOARD, with headquarters in Crawley, West Sussex, serves an affluent suburban and rural area, having above-average growth in its regional gross domestic product. SEEBOARD's 6,000-square-mile service area extends from the outskirts of London to the English Channel. It had electricity sales for the year ended March 31, 1995, of 17.6 billion kilowatt-hours.

Shockley noted that SEEBOARD is one of the premier companies in the electric sector. It ranks as one of the lowest cost suppliers among the U.K.'s 12 regional electricity companies. Its efficiency gains have led to continued reductions in electric bills for its customers and have produced a strong record of high customer satisfaction.

SEEBOARD also has been highly innovative. It is the only U.K. electric utility to have split its stock and was one of the first to buy back its shares to increase shareholder value. It also has sought ways to add value through new business opportunities that take advantage of its marketing and customer service skills. For example, SEEBOARD recently entered into an agreement with Amoco Corporation to supply North Sea natural gas to customers in the U.K.

For the year ended March 31, 1995, SEEBOARD had a profit before tax of 142.0 million on turnover (revenues) of 1.2 billion.

CS First Boston is advising Central and South West in connection with its offer for SEEBOARD.

The offer is not being made, directly or indirectly, in or into the United States or to any holder of SEEBOARD shares who may be a U.S. resident.

Central and South West Corporation is a public utility holding company based in Dallas. The corporation owns four electric utility subsidiaries, a natural gas marketing and pipeline subsidiary and non-utility subsidiaries involved in independent power production, telecommunications, energy efficiency and financial transactions.

Central and South West's 1994 net income for common stock was $394 million on revenues of $3.6 billion.

CONTACT: Central and South West Corp., Dallas

Media: Gerald R. Hunter, Manager of External

Communications, 214/777-1165

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Financial Community: Sharon R. Peavy,

Director of Investor Relations, 214/777-1277

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