ATTENTION: MANAGER, PURCHASES AND SALES DEPARTMENT, CASHIER, FUND/SERV PARTICIPANTS, ACATS PARTICIPANTS, MUNICIPAL BOND COMPARISON PARTICIPANTS

• The following firm will no longer participate in the Trade Comparison, Trade Recording, Fund/Serv, ACATS Fund/Serv, Networking and ACATS services, as detailed below:

Last Trade Date, December 17, 2001:
Herzog, Heine Geduld, Incorporated No. 0327

• An additional number has been assigned to Morgan Stanley & Co., Inc. (#5857) for the purpose of utilizing the Fund/Serv, ACATS Fund/Serv, Networking and Commission Settlement services, as detailed below:

First Trade Date, December 19, 2001:
Morgan Stanley & Co. Inc./Universal Institutional Funds, Inc. No. 5512
Networking Code: WR
Contact: Barry Siegel
Phone: (610) 940-5057

• An additional number has been assigned to Fam Distributors, Inc. (#4918) for the purpose of utilizing the Fund/Serv and Networking services, as detailed below:

First Trade Date, December 20, 2001:
Fam Distributors, Inc./Mercury Selected Trust Funds No. 4982
Networking Code: WU
Contact: Charles Pollard
Phone: (609) 282-2417

• The following firm will begin participation in the Fund/Serv, ACATS Fund/Serv and Networking services, as detailed below:

First Trade Date, December 24, 2001:
Frontegra Funds, Inc. No. 5507
Networking Code: QZ
Contact: Cassandra Sauer
Phone: (414) 287-3963

• The following firm will begin participation in the ACATS service, as detailed below:

First Trade Date, December 18, 2001:
First National Bank of Omaha No. 2254

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

Effective First Trade Date, December 21, 2001:
From: Merrill Lynch Funds Distributor, Inc. No. 4918
To: FAM Distributors, Inc. No. 4918

From: Morgan Stanley DW, Inc./Trust No. 4970
To: Morgan Stanley DW, Inc./Morgan Stanley Trust No. 4970

From: Merrill Lynch Funds Distributor, Inc./Offshore Chase Funds No. 5667
To: FAM Distributors, Inc /Offshore Chase Funds No. 5667

From: Merrill Lynch Funds Distributor, Inc./ML Offshore Mutual Fund/Banco No. 6686
To: FAM Distributors, Inc./ML Offshore Mutual Fund/Banco No. 6686

Effective First Trade Date, January 2, 2001:
From: Liberty Securities Corporation No. 0356
To: IFMG Securities, Inc. No. 0356

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

Last Trade Date, December 17, 2001:
Morgan Stanley DW Inc./Retiree No. 0509

Last Trade Date, December 21, 2001:
Van Der Moolen Specialists, USA LLC/Stern & Kennedy No. 0520

• Kindly update the NSCC Directory dated July 6, 2001 (for OTC Executed-By List and the Municipal Bond Comparison System) as detailed below:

• Kindly update the NSCC Directory dated July 6, 2001 (for OTC Executed-By List) as detailed below:

If you have any questions regarding this notice, please call Tara Cannon at (212) 855-1149 or Miriam Santiago at (212) 855-4947 or Frank DeRiso at (212) 855-4941.

Pablo Cubi
Associate Director, Membership Administration