A 5185 - December 1, 2000
P&S 4745

TO: ALL PARTICIPANTS

ATTENTION: MANAGING PARTNER/OFFICER, MANAGER P&S DEPARTMENT, CASHIER, MANAGER DATA PROCESSING, MANAGER FUND/SERV 

SUBJECT: CHRISTMAS & NEW YEAR’S HOLIDAY SCHEDULE

National Securities Clearing Corporation, the New York and American Stock Exchanges, the Nasdaq System and all New York Banks will be closed on Monday, December 25, 2000 and Monday, January 1, 2001in observance of Christmas Day and New Year’s Day respectively. The following changes in NSCC's operations and schedules will be in effect:

Trade input for Listed and OTC equities for trade date December 22, 2000 will be accepted no later than 12:00 Midnight on December 22, 2000. Trade input for the Fixed Income Transaction System (FITS) for trade date December 22, 2000 will be accepted no later than 12:00 Midnight on December 22, 2000.

Trade input for Listed and OTC equities for trade date December 29, 2000 will be accepted no later than 12:00 Midnight on December 29, 2000. Trade in put for the Fixed Income Transaction System (FITS) for trade date December 29, 2000 will be accepted no later than Midnight on December 29, 2000.

CNS CONTINUOUS NET SETTLEMENT:

Seg. Exemptions and Priority Requests for settlement Tuesday, December 26, 2000 and Tuesday, January 2, 2001 will be accepted on Friday evening, December 22, 2000 and Friday, December 29, 2000 respectively.

No Delivery or Settlement Operations will be provided on Monday, December 25, 2000 and Monday, January 1, 2001.

Inter-City Deliveries will be accepted on Friday evening, December 22, 2000 and Friday, December 29, 2000 for settlement December 26, 2000 and January 2, 2001.

**Due to the legal holiday in Canada on Tuesday, Decmeber 26, 2000 (Boxing Day), all inter-city deliveries received by NSCC on Friday, December 22, 2000 AND Tuesday, December 26, 2000 for delivery to Canadian Participants only will be combined for settlement date December 27, 2000.

Stock Borrow availability information will be accepted on Friday evening, December 22, 2000 and Friday, December 29, 2000 for settlement December 26, 2000 and January 2, 2001.

No ACAT activity will be accepted on Monday, December 25, 2000 and Monday, January 1, 2001.

No ACAT - FUND/SERV Interface activity will be accepted on Monday, December 25, 2000 and Monday, January 1, 2001.

No Mutual Fund Commission Settlement activity will be accepted on Monday, December 25, 2000 and Monday, January 1, 2001.

No Fund/Serv or Networking activity will be accepted on Monday, December 25, 2000 and Monday, January 1, 2001. The networking system will be available for processing on Saturday, December 23, 2000 and December 30, 2000.

No Insurance processing will be provided on Monday, December 25, 2000 and Monday, January 1, 2001. Insurance processing will be available on Saturday, December 23, 2000 and December 30, 2000.

Any questions regarding this Important Notice can be directed to NSCC Participant Services at (212) 855-4155 or the undersigned at (212) 855-1608.

Kevin A. Brennan
Director, Enterprise Service Center