Mr. Mario Gabelli
Gabelli Funds, Inc.
One Corporate Center
Rye, NY 10580-1434

Dear Mr. Gabelli:

I have received your letter of May 7, 1999 concerning the fairness opinion of Advest, Inc. included in the Motts Holdings' Proxy Statement and your earlier voice mail message which conveyed much the same message and tone.

The methodology used by Advest in formulating our opinion is set out in detail on pages 16 to 19 of the Proxy Statement. It would not be appropriate for me comment further, except to say that I believe it speaks for itself. I have referred your letter to Ms. Christine A. Thomason, Secretary of Motts Holdings with a copy to Robinson & Cole, special counsel to the special committee. Should you have any further questions concerning the Motts Annual Meeting, I suggest that you raise them directly with the Company.

With regard to your intent to "advertise" our approach, I am proud of the quality of the work done by Advest. You are certainly entitled to disagree with the conclusions reached in this matter, and the Proxy Statement outlines rights you may have as a dissenting shareholder. However, let me caution that Advest prizes its good name and reputation and will react strongly to any defamatory statements.

Very truly yours,

William A. Lundquist
Managing Director
Investment Banking.