Before 1:00 p.m.	1:00 p.m. - 1:59 p.m.	2:00 p.m. - 2:29 p.m.	2:30 p.m. or later
1100-point Decline in the Dow	1 Hour Halt	1 Hour Halt	½ Hour Halt	No Halt; If Decline Continues To 2250-points, Then Close For Day
2250-point Decline in the Dow	2 Hour Halt	1 Hour Halt	Close For Day	Close For Day
3350-point Decline in the Dow	Close For Day	Close For Day	Close For Day	Close For Day

The National Association of Securities Dealers, Inc. (NASD^®) has agreed, upon the request of the Securities and Exchange Commission, to halt domestic trading in all Nasdaq^® securities, Amex^® securities and options, and all equity and equity-related OTC securities should the NYSE declare a market-wide trading halt, pursuant to their rules. NASD member firms should become familiar with the percentage-based, circuit-breaker standards and be prepared for trading halts in Nasdaq, Amex, and OTC trading should the Dow Jones Industrial Average (the Dow) decline to the applicable trigger-point levels established by this rule.

The point-decline thresholds at which trading is halted change every quarter, so that those thresholds may accurately reflect the current market. The thresholds are percentage-based levels of 10%, 20%, and 30% declines in the Dow. The actual numerical points will be determined based on the state of the market each calendar quarter. For the first quarter of 2000, as shown in the table above, the thresholds are 1100-, 2250-, and 3350-point declines.

For more information, please see General News - SEC Approves New Circuit Breakers Effective April 15, 1998.

Questions regarding this Notice may be directed to Laurence McDonald, Director, Total Floor Quality, at (212) 306-1865, Lauren Brophy, Managing Director, Equity Trading Analysis at (212) 306-1859 or Arne Michelson at (212) 306-1860.