Business: Adelphia Communications Corp., 7.50% Series F Mandatory Convertible Preferred Stock (DECS), liquidation preference $25 per share. The preferred shares are mandatorily convertible on 2/01/2005 into a variable number of Adelphia Communications Corp. (PKSHT: ADELQ) common shares based on the then current price of the common shares for 20 consecutive trading days immediate prior to the conversion date. The conversion settlement rate will be 0.8336 shares per unit if the then current market price is equal to or greater than $29.99 and 0.9921 shares per unit if the market price is equal to or less than $25.20. For market prices between those values the settlement rate will be $25 divided by the market value. The last reported sale price of the common stock on 1/15/2002 was $27.25. The preferred shares are convertible any time at the holder’s option into 0.8336 shares of common stock. Distributions of 7.50% ($1.875) per annum will be paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the 1st business day of the month in which the payment is due. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds of the company and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory convertible preferred stock and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.