Billing pursuant to the new fee structure for Associate Members and off-floor traders outlined in the Amex Notice on August 15, 2000 will commence on January 1, 2001. Associate Member firms for which the Exchange is the Designated Examining Authority will be charged $4,000 per month and for each of their off-floor traders a fee of $3,000 per year. Associate Members will be entitled to a waiver of these fees by demonstrating to the Exchange's Financial Regulatory Services Department that ten percent (10%) of their volume is transacted on the floor of the Exchange.

If you have any questions please call Robert A. Klein Jr. at (212) 306-1419.