| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| DOCUMENT: | CL | 20 |
| Securities Industry Association (SIA) |
| DATE: | 4/11/96 | FR PAGE: | N/A | PAGES: | 4 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| DOCUMENT: | CL | 21 |
| Arthur F. Bell, Jr. & Associates, L.L.C. |
| DATE: | 3/26/96 | FR PAGE: | N/A | PAGES: | 2 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| DOCUMENT: | CL | 22 |
| Country Hedging, Inc. |
| DATE: | 3/25/96 | FR PAGE: | N/A | PAGES: | 2 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |