Pursuant to an  arrangement  approved by the Board of Directors of The Equitable
Companies  Incorporated  ("EQ") on February 19, 1998, the amount Mr. de Castries
will  receive  from EQ for his services in addition to services as a director of
EQ was increased from $75,000 to $125,000 per annum. Mr. Bebear will continue to
receive from EQ for such services $150,000 per annum as approved by the Board of
Directors on February 14, 1996.  Ms.  Colloc'h  will continue to receive from EQ
for such services  $50,000 per annum as approved by the Board of Directors of EQ
on February 20, 1997.