Effective October 15, 2000, the retention period on tape recordings of trades  done by telephone will be reduced from four months to one month.
The tapes  regarding significant transactions may be retained for such longer period as  approved in writing by both the Head Trader and the General Counsel.
Please  propose those significant transactions on which you may wish to retain the  tapes, prior to October 15, 2000, since the tapes on conversations older than  one month (except with respect to litigation matters) will be destroyed on  that date.
If you have any questions, please contact Mark Haedicke or  Richard Sanders.
John Lavorato and Mark Haedicke

Retention Policy on Trading Tapes