On February 21, 2001, NSCC issued Important Notice A: 5228 / P&S: 4798 announcing its intention to enhance its envelope settlement services by eliminating the hand written credit lists. The credit lists will be available on an automated basis via The Depository Trust Company’s ("DTC") Participant Terminal System ("PTS").

It is imperative that your firm complete and return a PTS Sign-On ID Form, and ensure that you can print credit lists from ECSP. Attached for your convenience is a PTS Sign-On ID Form. Complete and return it immediately to your relationship manager. Contact your relationship manager if you have any questions or require technical assistance.

Members are also reminded that all envelopes will be tracked on the ECSP system. Members are encouraged to promptly order the new bar coded envelopes for all envelope services, including FOSS and DSS, to ensure an adequate supply for the October 22, 2001 implementation date.

Any firm wishing to start earlier or to test the new function in production should call Walter Gates, Manager of DTC’s Envelope Control Section, at the number provided below.

Information regarding these enhancements can be found in the NSCC Important Notices listed above, which may be retrieved by visiting our website at www.nscc.com.

Any additional questions can be directed to Walter Gates, Manager of Envelope Control, at (212) 855-2422, Tom Joyce, Director of the New York Window, at (212) 855-2420, or Wallace Bowling, Director of Enterprise Services, at (212) 855-1605.

Joseph Clemente

Manager, Product Management