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This document contains important facts
to help you make informed choices between
direct and indirect share ownership.

The securities industry adopted a new T+3 mandate in June, 1995.

When it comes to the impact of T+3, you do have a choice.

When you know the ins and outs, the pros and cons, and
the pluses and minuses involved in any decision,
you'll make the best decision.

Please take a few minutes to learn the differences between
direct and indirect ownership.

Doing so will help you choose and receive the form of ownership
best suited for you and your investment objectives.

An informed choice is always a better choice.


THE CHOICE IS YOURS.

What is T+3?

The United States securities market is moving to a shorter settlement period for all retail broker-dealer transactions.

Currently, the settlement of most stock transactions generally occurs within five business days, or seven calendar days, after the trade is executed.

However, as of June 1995, most stock purchase and sale transactions you conduct must be settled by the third business day after the trade, or T+3 as it is generally called.

What T+3 could mean to you.

Direct ownership is the form of ownership whereby your full name and address are "registered" or recorded "on the books" of the corporate issuer. You're known to the issuer; they know you're an owner of the company.

Direct ownership of a stock may be in the form of a traditional stock certificate issued in your name or may be confirmed by the issuer's statement to you reflecting ownership in book-entry form such as in a dividend reinvestment plan 9or employee stock purchase plan.

How direct ownership works:

Indirect ownership is the form of ownership wherein you hold a security interest in an account maintained at a bank or brokerage firm. Such accounts are not subject to any oversight or control by the issuer of the stock. Shares are normally held in the firm's name or in a name the firm designates, rather than in your name.

Indirect ownership is generally referred to as "street-name" ownership.

How indirect ownership works:

Many brokerage firms are changing the way they conduct transactions on behalf of their retail customers. Each firm must comply with the T+3 mandate, but each is independently responsible for instituting its own practices and procedures.

You should be aware of the changes and allow yourself sufficient time for delivery of funds or securities within the new time frames and procedures.

Things to keep in mind:

Many corporate issuers are offering current and potential shareholders easy, cost-efficient and direct means to acquire, hold, and sell company stock through traditional and enhanced dividend reinvestment or shareholder service programs.

If you prefer to be a direct owner of your shares, the corporate issuer or the issuer's stock transfer agent may have investor services programs providing excellent alternatives in the T+3 environment.

Things to keep in mind:


Many brokers are urging
customers to move
all of their securities from
registered ownership
to street-name ownership.


There is no requirement
for you to hold your shares
in street-name form
now or after T+3


THE CHOICE IS YOURS

Direct or Indirect?

OWN YOUR OWN SHARE OF AMERICA

Your Shares, Your Choice


P.O. Box 5067 Hazlet, New Jersey 07730-5067 (908) 888-6040 FAX: (908) 888-2121

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