What is FIRST SHARE?
FIRST SHARE is a membership organization which facilitates the purchase and sale of the initial share of the common
stock of DRP companies for members, by matching a First Share member who wishes to buy stock in a particular
company with a First Share member who is willing to sell a single share of such stock to another First Share member.
All of the companies available through the First Share program are companies which offer a direct purchase program, and
which permit investors who own a single share of the company's stock to participate in such direct purchase program.  
First Share members can purchase their initial qualifying share of common stock of a DRP company, thereby qualifying to
enroll in the company's direct purchase program, and thereafter purchase additional shares all without paying brokerage
commissions.    
  • How does the First Share program work?
The First Share program is a referral program which refers requests of members who wish to purchase shares to
members willing to sell shares.  First Share maintains a database of members who own shares in the companies listed in
the First Share program, and who have offered to sell single shares to other members.  When a member submits a request
to First Share to purchase one share of a company, First Share refers the request to a member who is willing to sell a share
of the company requested.  First Share mails confirmation of the request to the purchasing member, which includes the
name and address of the selling member and the name and telephone number of the company DRP administrator. The
selling member contacts the member requesting to purchase the share by forwarding a written offer to sell a single share at
a specified price plus a small handling fee for the seller's expenses.  Upon receipt of the accepted offer and registration
information from the purchaser, plus the agreed priced of the share and the handling fee,  the seller forwards the
registration information to the company's stock transfer agent.  The company's stock transfer agent registers one share in
the purchaser's name and forwards a stock certificate to the purchaser OR opens a DRP account in the purchaser's name.  
After the share is registered in the name supplied by the purchaser, the registered owner may enroll in the company's direct
stock purchase plan and buy and sell shares directly through the company's plan.

  • Why can I purchase only single shares through the First Share program?
The purpose of the First Share program is to refer an investor who wishes to qualify for a company's direct stock
purchase program to another investor who is willing to assist the purchasing member in acquiring a qualifying share.  All of
the companies in the First Share program require the ownership of only one share to enroll in their direct purchase plan.

  • How is the price of the share determined?
All of the terms of the sale of shares between First Share members are subject to agreement between the buying and selling
members.  The buyer and seller may agree on any method for pricing the share.  Typically the parties use the market
closing price on a specified date as the selling price.

  • How do I find the market price of a share?
Most daily newspapers publish the market closing prices of stock in the business section.  Market prices are also listed
daily in the
Wall Street Journal and Investors Business Daily.  Stock prices are also available at various sites on the Internet.

  • How do I buy additional shares?
As a registered shareholder you may purchase additional shares through the company's direct stock purchase program.  
The person in whose name the first share is registered will automatically receive information about the company's direct
stock purchase plan soon after registration as a shareholder.

  • Can I register shares in my children's names?
The buyer designates how the share will be registered in the agreement between the buyer and seller.  You may register
shares as you wish.  Minors' accounts must be registered under the name of an adult custodian.

  • Is there a limit to the number of referrals I can request at one time?
No.  You may request as many referrals as you wish during your membership term.  All requests are referred to a selling
member upon receipt, and request fees are
not refundable, even if you decide not to purchase the share.  The typical
form of agreement between buyer and seller contains a provision requiring the purchaser to return the purchase agreement
and payment to seller within a specified period (often 15 days).  Your referral requests should be planned accordingly.

  • How do I sell shares?
Shares held in a dividend reinvestment plan may be sold by submitting a sales request to the DRP administrator.  You may
also request issuance of a certificate for shares from a dividend reinvestment account and sell such shares through a
broker.  You may also become a selling member of First Share and sell single shares to other members by submitting a list
of shares available for sale to First Share.

  • How long before I receive my share?
Membership referral requests are processed upon receipt.  The selling member is immediately contacted by First Share by
fax, email, or mail.  The seller promptly mails an offer to the purchaser.  Upon receipt of the accepted offer and payment
for the share from the buyer, the seller promptly submits the transfer request to the company's transfer agent.  The
transfer agent may take from two days to two months to issue a certificate or statement of account, although new
registration transfers are normally completed within ten to fifteen days after transfer instructions are received by the
transfer agent.

  • What is the Portfolio Builder program?
Every three months, First Share selects a number of companies for which members may request referrals at a discounted
request fee rate.  These companies are listed in the
Portfolio Builder section of the current First Share company list.  Only
those companies listed in the
Portfolio Builder section are available at the discounted request fee;  all other companies are
subject to the standard request fee.

  • Why are companies like Disney  not available through the First Share program?
Any company which requires ownership of more than a single share in order to participate in its direct purchase program is
not included in the First Share program.  Disney,  as well as some other companies, requires the ownership of more than
one share.

  • How do I get started?
Submit a membership application along with the $30 annual membership fee and any company request fees.  Your
application and company requests may be submitted online through our secure server.

  • Can I request referrals with my application for membership?
Yes.  List the companies for which you wish to receive a referral and include the proper request fee for each company
requested.

  • What will I receive when I join First Share?
Upon acceptance of your membership application you will receive by mail membership information, forms for making
referral requests, and a current First Share company list.  If you request referrals with your membership application you
will receive a notice which will list the name, address, and telephone number of the member to whom your request has
been referred.  The name and telephone number of the company's DRP administrator will also be included.

  • What are the costs of buying a share through the First Share program?
Membership in First Share is $30.  Referral requests for current Portfolio  Builder companies are $5 per request;  referral
requests for all other companies in the First Share program are $10 per request, payable to First Share.  Selling members
usually charge a handling fee to cover their expenses (a typical fee is $7.50) in addition to the price of the share.

  • How long has the First Share program been in existence?
The First Share program began in 1991.  To date more than 130,000 investors have used the First Share program.
For comprehensive information about investing through direct purchase plans, order a copy of the First Share
Investor's Guide  to  Investing with DRPs.  To order,
CLICK HERE
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