FICC’s Government Securities Division (GSD) and Mortgage Backed Securities Division (MBSD) will be closed for processing in observance of the following holidays in 2005:

Monday, January 17^th                                      Martin Luther King Jr. Day

Monday, February 21^st                                    President’s Day

Friday, March 25^th                                           Good Friday

Monday, May 30^th                                           Memorial Day

Monday, July 4^th                                              Independence Day

Monday, September 5^th                                   Labor Day

Monday, October 10^th                                     Columbus Day

Friday, November 11^th                                     Veterans’ Day

Thursday, November 24^th                                Thanksgiving Day

Monday, December 26^th                                  Christmas Day (Observed)

Monday, January 2, 2006                                 New Year’s Day (Observed)

David Cosgrove

Vice President