National Securities Clearing Corporation, the New York and American Stock Exchanges, the Nasdaq System and all New York Banks will be closed on Monday, September 7, 1998 in observance of Labor Day. The following changes in NSCC's operations and schedules will be in effect:

COMPARISON SYSTEMS:
Trade input for Listed and OTC equities for trade date September 4, 1998 will be accepted no later than 12:00 Midnight on September 4, 1998. Trade input for the Fixed Income Transaction System (FITS) for trade date September 4, 1998 will be accepted no later than 12:00 Midnight on September 4, 1998.

CNS CONTINUOUS NET SETTLEMENT:
Seg. Exemptions and Priority Requests for settlement of Tuesday, September 8, 1998 will be accepted on Friday evening, September 4, 1998.

CENTRAL DELIVERY, SETTLEMENT:
No Deliver or Settlement Operations will be provided on Monday, September 7, 1998.

INTER-CITY DELIVERIES:
Inter-City Deliveries will be accepted on Friday evening, September 4, 1998 for settlement September 8, 1998.

STOCK BORROW PROGRAM:
Stock Borrow availability information will be accepted on Friday evening, September 4, 1998 for settlement September 8, 1998 .

ACAT - AUTOMATED CUSTOMER ACCOUNT TRANSFER:
No ACAT activity will be accepted on Monday, September 7, 1998.

ACAT - FUND/SERV INTERFACE:
No ACAT - FUND/SERV Interface activity will be accepted on Monday, September 7, 1998.

MUTUAL FUND COMMISSION SETTLEMENT:
No Mutual Fund Commission Settlement activity will be accepted on Monday, September 7, 1998.

FUND/SERV AND NETWORKING:
No Fund/Serv or Networking activity will be accepted on Monday, September 7, 1998.

ANNUITIES PROCESSING:
No Annuities processing will be provided on Monday, September 7, 1998.

Any questions regarding this Important Notice can be directed to the undersigned at (212) 412-8658 or NSCC Participant Services at (212) 412-8432.

Gerhard Krobisch
Vice President/Operations