RATE AND CURRENCY CURVE VALIDATION

On a monthly basis, the Rate and Currency Desk submits interest rate and
foreign currency spot curve validations to the Risk Controls group. In the
past this data was sent via email to either Mike Moscoso, Chris Abel or Gary
Stadler. Going forward we will send infomation to Eugenio Perez. FYI -
Arthur Andersen audits these curve validations annually.

Attached please find the curve validation procedures, including source pages,
and most current validation dated 10/31/00. I will be more than happy to go
over the validation process in detail if interested.

Thanks,
Clara