SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

• The following firms will change their names as detailed below:

Effective Immediately:

From: Neuberger & Berman LLC No. 0155
To: Neuberger Berman LLC No. 0155

From: Corelink Financial, Inc. No. 0359
To: BISYS Brokerage Services, Inc. No. 0359

First Trade Date, December 29, 1998:

From: Dempsey & Co. No. 3895
To: Dempsey & Company, L.L.C. No. 3895

From: Dempsey & Co. Drew No. 3891
To: Dempsey & Company, L.L.C./DREW No. 3891

From: Dempsey & Co. Demp No. 3896
To: Dempsey & Company, L.L.C./DEMP No. 3896

From: Dempsey & Company/DJWU No. 3832
To: Dempsey & Company, L.L.C./DJWU No. 3832

From: Dempsey & Company/DNID No. 3850
To: Dempsey & Company, L.L.C./DNID No. 3850

From: Dempsey & Company No. 3884
To: Dempsey & Company, L.L.C. No. 3884

• The following firms will begin participation in the Networking system as detailed below:

Effective Immediately:

Neuberger Berman LLC No. 0155
Networking Code: 2N
Contact: Sal Buonocore
Phone: (212) 709-8000

First Trade Date, December 24, 1998:

Signature Broker Dealer Services, Inc./Landmark Funds No. 5834
Networking Code: SK
Contact: Julie Wyetzner
Phone: (212) 644-1141

• The following firms will begin participation in the Fund/Serv Commission Settlement system as detailed below:

Effective Immediately:

JWGenesis Clearing Corp. No. 0194
Safeco Securities Inc. No. 5768

• As a result of a merger between Dempsey & Co. (#3595) and Market Traders Inc.(#3665), the following Chicago Specialist Account will begin participation in Recaps and Envelope Settling Services as detailed below:

First Trade Date, December 29, 1998:

Dempsey & Co., L.L.C. No. 3501
Envelope Receive Location (Y-New York)

• The following firm will retire from all services as detailed below:

Last Trade Date, December 28, 1998:

Dempsey & Co. No. 3595
Market Traders Inc. No. 3665

• The following firm will begin participation in the Municipal Bond CNS System as detailed below:

First Trade Date, January 4, 1999:

Ragen Mackenzie Incorporated No. 0733

• Kindly update the OTC Executed-By List and the Municipal Bond Comparison Directory dated July 3, 1998 as detailed below:

• Kindly update the OTC Executed-By List as detailed below:

• Kindly update the Municipal Bond Comparison Directory dated July 3, 1998 as detailed below:

The following firms have remitted Executed Networking Agreements during the week of December 24, 1998:

Adviser Dealer Services, Inc. - #5706

If you have any questions, please call William Reilly at (212) 412-8620 or Lisa Siebold at (212) 412-8591.

Janis Meola
Vice President, Membership