Municipal Bond Overview Conference Call:

Due to the recent volatility in the Stock Markets, we believe that it is of 
the utmost importance to keep you abreast of  PaineWebber's outlook on the 
overall Markets. With this in mind, we have arranged an exclusive opportunity 
for you to get this information straight from UBS/PaineWebber's  analysts via 
a series of ongoing conference calls set up for your benefit.

On Wednesday, March 14, 2001, you are invited to participate in a conference 
call with Michael Ryan, Fixed Income Strategist for UBS PaineWebber, and John 
Bagley, Managing Director of the Municipal Securities Group at UBS 
PaineWebber. The subject of the call will be Mike Ryan's outlook on the 
overall municipal bond market, and the impact of President Bush's tax plan. 
Under Presidents Bush's proposal, the top two marginal rates would be 
combined into a lower 33% top bracket, while the next two rates would also be 
consolidated into a single 25% bracket. The 15% bracket would remain intact, 
but a new 10% bracket would be added. Following is the information you will 
need to dial into the call:

Telephone#: (800)-450-9667
Confirmation Code: 559005#
Date: 03/14/2001
Time: 10:00am Central Time (11:00am EST, 8:00am PST)
Length: 30 minutes
Title: Mike Ryan Municipal Bond Market Overview

To help ensure the conference begins in a timely manner, please try to dial 
in 5-10 minutes prior to the start time

Sincerely,

Hank Emery
Financial Advisor
Private Client Group
Emery Financial Group
UBS/PaineWebber Incorporated
109 N. Post Oak LN, Suite 150
Houston, TX 77024
713-957-7060




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