Effective October 15, 2000, the retention period on tape recordings of trades 
done by telephone will be reduced from four months to one month.  The tapes 
regarding significant transactions may be retained for such longer period as 
approved in writing by both the Head Trader and the General Counsel.  Please 
propose those significant transactions on which you may wish to retain the 
tapes, prior to October 15, 2000, since the tapes on conversations older than 
one month (except with respect to litigation matters) will be destroyed on 
that date.  If you have any questions, please contact Mark Haedicke or 
Richard Sanders. 

John Lavorato and Mark Haedicke