Mike Ryan Conference Call

Municipal Bond Overview Conference Call:

Due to the recent volatility in the Stock Markets, we believe that it is of
the utmost importance to keep you abreast of PaineWebber's outlook on the
overall Markets. With this in mind, we have arranged an exclusive opportunity
for you to get this information straight from UBS/PaineWebber's analysts via
a series of ongoing conference calls set up for your benefit.

On Wednesday, March 14, 2001, you are invited to participate in a conference
call with Michael Ryan, Fixed Income Strategist for UBS PaineWebber, and John
Bagley, Managing Director of the Municipal Securities Group at UBS
PaineWebber. The subject of the call will be Mike Ryan's outlook on the
overall municipal bond market, and the impact of President Bush's tax plan.
Under Presidents Bush's proposal, the top two marginal rates would be
combined into a lower 33% top bracket, while the next two rates would also be
consolidated into a single 25% bracket. The 15% bracket would remain intact,
but a new 10% bracket would be added.

The call will be approximately 30 minutes in length with some time for
questions and answers. Details of the call will be forthcoming(i.e.; time,
phone#, and confirmation #).

Sincerely,

Hank Emery
Financial Advisor
Private Client Group
Emery Financial Group
UBS/PaineWebber Incorporated
109 N. Post Oak LN, Suite 150
Houston, TX 77024
713-957-7060

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