EXHIBIT 99.5
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FEDERAL DEPOSIT INSURANCE CORPORATION
WASHINGTON, D.C. 20429
===========================
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1998 - FDIC CERTIFICATE NUMBER:
10538
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CAPE COD BANK AND TRUST COMPANY
-------------------------------
(Exact name of Registrant as specified in its charter)
MASSACHUSETTS 04-1465780
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(State of Incorporation) (I.R.S. Employer Identification No.)
307 MAIN STREET, HYANNIS, MASSACHUSETTS 02601
- - --------------------------------------- -----
(Address of principal executive office) (Zip Code)
(Registrant's telephone #, incl. area code): 508-394-1300
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==================================
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
- - ------------------- -----------------------------------------
NONE
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==================================
Securities registered pursuant to Section 12(g) of the Act:
Title of class Name of each exchange on which registered
- - -------------- -----------------------------------------
COMMON CAPITAL STOCK NASDAQ NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
- - -------------------- ------------------------------------------------------
==================================
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] Yes [_] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the issuer has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. [_] Yes [_] No
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date. THERE WERE 9,061,064
--------------------
SHARES OF COMMON STOCK AS OF NOVEMBER 5, 1998.
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1.
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
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TABLE OF CONTENTS
SECTION DESCRIPTION PAGE NO.
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PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Financial Condition
September 30, 1998 (Unaudited) and December 31, 1997 3
Consolidated Statements of Income
Nine Months Ended September 30, 1998 and 1997 (Unaudited) 4
Three Months Ended September 30, 1998 and 1997 (Unaudited)
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 1998 and 1997 (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial Condition 6-8
and Results of Operations
PART II OTHER INFORMATION 9
SIGNATURES 10
2.
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
- - --------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF CONDITION
SEPTEMBER 30, 1998 AND DECEMBER 31, 1997
CAPE COD BANK AND TRUST COMPANY AND SUBSIDIARIES
September 30, December 31,
1998 1997
(Dollar amounts in thousands)
ASSETS
Cash and due from banks $ 28,514 $ 34,213
------------ ----------
Total cash and cash equivalents 28,514 34,213
------------ ----------
Investment securities
U.S. Government agencies 18,373 75,528
State and municipal obligations 16,963 16,323
Other bonds, notes and debentures 511,192 282,841
Corporate stock 18,841 16,804
------------ ----------
Total investment securities 565,369 391,496
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Loans
Commercial loans 61,170 72,162
Construction mortgage loans 48,831 34,798
Commercial mortgage loans 209,742 198,944
Industrial revenue bonds 1,573 1,883
Residential mortgage loans 256,254 207,665
Consumer loans 12,366 16,391
------------ ----------
Total loans 578,936 531,843
Less: Reserve for possible loan losses (11,111) (10,962)
------------ ----------
Net loans 589,825 520,881
Bank premises and equipment 12,462 12,305
Other assets 15,960 15,000
------------ ----------
Total assets $ 1,201,130 $ 973,895
============ ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits $ 139,663 $ 147,495
NOW account deposits 54,265 103,755
Money market account deposits 150,397 149,097
Other savings deposits 247,428 158,197
Certificates of deposits of $100,000 or more 30,035 26,453
Other time deposits 118,270 124,263
------------ ----------
Total deposits 740,058 709,260
Borrowing from the Federal Home Loan Bank 326,689 171,295
Other short-term borrowings 19,882 11,662
Other liabilities 31,760 6,042
------------ ----------
Total liabilities 1,118,389 898,259
------------ ----------
Commitments
Stockholders' equity
Common stock, $2.50 par value
Authorized: 12,000,000 shares
Outstanding: 9,061,064 shares 22,653 11,326
Surplus 13,903 25,230
Undivided profits 44,433 38,677
Unrealized gain on securities available for sale 1,752 403
------------ ----------
Total stockholders' equity 82,741 75,636
------------ ----------
Total liabilities and stockholders' equity $ 1,201,130 $ 973,895
============ ==========
3.
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
- - --------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME
CAPE COD BANK AND TRUST COMPANY AND SUBSIDIARIES
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
---- ---- ---- ----
INTEREST INCOME
Interest and fees on loans $12,485 $11,305 $36,502 $32,869
Interest and dividends on securities
U.S. Government agencies 4,357 4,588 10,069 11,884
State and municipal obligations 57 476 620 1,248
Other bonds, notes and debentures 2,209 1,001 5,877 2,734
Corporate stock 391 370 1,201 1,066
------- ------- ------- -------
Total interest income 19,499 17,740 54,269 49,801
------- ------- ------- -------
INTEREST EXPENSE
Interest on certificates of deposit of $100,000 or more 386 327 1,125 831
Interest on other deposits 4,513 5,276 13,857 14,923
Interest on short-term borrowings 4,991 2,418 11,254 6,738
------- ------- ------- -------
Total interest expense 9,890 8,021 26,236 22,492
------- ------- ------- -------
Net interest income 9,609 9,719 28,033 27,309
Provision for loan losses -- -- -- --
------- ------- ------- -------
Net interest income after provision for loan losses 9,609 9,719 28,033 27,309
------- ------- ------- -------
NON-INTEREST INCOME
Trust and Investment division fees 1,289 1,073 3,848 3,324
Credit card merchant fees 1,681 1,494 2,952 2,611
Service charges on deposit accounts 1,129 1,082 3,168 3,134
Settlement from software provider -- -- -- --
Gain (loss) on sale or writedown of investment 89 87 320 312
securities
Other 895 494 2,085 3,760
------- ------- ------- -------
Total non-interest income 5,083 4,230 12,373 13,141
------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and wages 2,948 3,061 8,292 8,804
Employee benefits 1,125 964 3,299 3,349
Occupancy expense 518 589 1,647 1,629
Equipment rental and expense 498 529 1,476 1,543
Credit card processing expense 1,369 1,208 2,607 2,312
Other 2,638 2,547 8,056 7,236
-------- ------- ------- -------
Total non-interest expense 9,096 8,898 25,377 24,873
-------- ------- ------- -------
Income before income taxes 5,596 5,051 15,029 15,577
Provision for income taxes 2,212 2,015 5,921 6,075
-------- ------- ------- -------
Net income $ 3,384 $ 3,036 $ 9,108 $ 9,502
======== ======= ======= =======
Average shares outstanding 9,061,064 9,061,064 9,061,064 9,061,064
Primary earnings (loss) per share $ .38 $ .34 $ 1.01 $ 1.05
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
- - --------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
CAPE COD BANK AND TRUST COMPANY AND SUBSIDIARIES
1998 1997
---- ----
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Net income $ 9,108 $ 6,996
Adjustments to reconcile net income to net cash:
Provision for loan losses -- --
Depreciation and amortization 1,666 1,220
Net (gain) loss on sale or writedown of securities (320) (45)
Net increase (decrease) in taxes payable (314) 1,710
Other, net 10,491 4,458
------------ -----------
Net cash provided (used) by operating activities 20,631 14,339
------------ -----------
CASH PROVIDED (USED) BY INVESTING ACTIVITIES
Net (increase) decrease in loans (109,175) (32,219)
Proceeds from sale of loans 61,685 10,430
Disposition of property from defaulted loans 588 545
Maturities of securities 325,218 --
Purchase of available for sale securities (1,197,689) (446,343)
Sale of available for sale securities 703,949 326,861
Purchase of premises and equipment (1,965) (4,797)
------------ -----------
Net cash provided (used) by investing activities (217,389) (145,523)
------------ -----------
CASH PROVIDED (USED) BY FINANCING ACTIVITIES
Net increase (decrease) in deposits 30,798 85,397
Net increase in borrowings from the Federal Home Loan Bank 155,394 35,419
Net increase (decrease) in other short-term borrowings 8,220 5,737
Cash dividends paid on common stock (3,353) (2,401)
------------ -----------
Net cash provided (used) by financing activities 191,059 124,152
------------ -----------
Net increase (decrease) in cash and cash equivalents (5,699) (7,032)
------------ -----------
Cash and cash equivalents at beginning of year 34,213 35,527
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Cash and cash equivalents at end of quarter $ 28,514 $ 28,495
============ ===========
Cash equivalents include amounts due from banks and federal funds
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
Cash paid for:
Interest $ 25,467 $ 22,246
Income taxes 6,976 7,099
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
- - --------------------------------------------------------------------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Earnings for the third quarter were $.38 compared to $.34 a year ago, an
11.8% increase. Another excellent summer season contributed strongly to the
results which were hampered by declining interest rate spread. Increased non
interest income combined with a reduction in non interest expense, coupled with
volume increases in loans and deposits, were responsible for the earnings
growth.
Earnings for the 1st nine months were $1.01 compared to last year's
$1.05 adjusted for the 100% stock dividend. Last year's earnings included a $.12
per share settlement from a software provider.
Deposits and loans grew 2% and 14%, respectively, over a year ago. Low
cost deposits continued to grow at an excellent rate of 9%.
Residential mortgage growth also continued as the Bank increased its
market share of loan origination on Cape Cod. We also continued to expand our
borrowings and invested the proceeds to support earnings. Approximately
$100,000,000 are being used to support commercial fixed rate loans with the
balance being invested in short term, triple A rated securities.
Capital at quarter end was $82,741,534 and is currently 6.9% of total
assets. The loan loss reserve was $11,111,081 or 1.88% of loans, still well
above industry average.
The Board of Directors has approved the formation of a bank holding
company under the belief that it will provide more flexibility for meeting the
future financial needs of CCB&T and our customers, as well as meeting the
competitive conditions that exist in the financial service market. Further
information has or will be forwarded to our stockholders in advance of the
special stockholders' meeting scheduled for December 4, 1998 to approve this
action.
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
____________________________________________________________________________
CAPE COD BANK & TRUST COMPANY
COMPARATIVE BALANCE SHEET, RATES AND SPREAD
SEPTEMBER 30, 1997
------------ACTUAL----------- ---------BUDGET------------ --------VARIANCE------------
AVERAGE AVERAGE AVERAGE AVERAGE AVERAGE AVERAGE
Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D
BALANCE INTEREST YIELD BALANCE INTEREST YIELD BALANCE INTEREST YIELD
--------- -------- ------- ------- -------- ------- ------- -------- -------
EARNINGS ASSETS
- - ---------------
Securities
U.S. Government CMO 109,594,680 5,560,014 6.79% 60,000,000 2,700,000 6.00% 49,594,680 2,850,014 0.79%
U.S. Government Agencies 66,758,686 3,153,373 6.32% 75,000,000 3,141,367 5.60% (8,241,314) 12,006 0.72%
Other CMO's 59,591,142 2,723,074 6.11% 25,000,000 1,125,000 6.00% 34,591,142 1,598,074 0.11%
State and Municipal Agencies 17,172,288 568,205 5.86% 20,000,000 613,315 5.42% (2,827,712) (45,110) 0.43%
COB&T Securities 50,411,528 2,476,732 6.61% 49,966,750 2,248,461 6.00% 445,778 228,271 0.61%
Other Securities 57,007,997 2,460,589 5.76% 10?,934,778 4,774,365 5.79% (52,926,781) (2,313,776) -0.03%
----------- ---------- ----------- ---------- ----------- ---------- ------
Total Investments 360,536,321 16,931,987 6.39% 339,900,528 14,602,508 5.81% 20,635,793 2,329,479 2.63%
Residential R.E. Loans 156,284,426 9,332,0?? 8.01% 134,611,111 8,404,984 8.33% 20,673,315 927,101 -0.32%
Commercial R.E. Loans 195,652,546 13,999,120 9.53% 193,455,586 13,746,878 9.50% 2,196,990 252,242 0.03%
Commercial Loans 76,727,447 5,666,339 10.02% 72,116,667 5,126,252 9.50% 4,610,780 529,087 0.52%
Commercial R.E. Mg. - Construction 10,739,139 803,276 10.00% 7,423,611 500,564 9.02% 3,315,528 302,712 0.98%
Residential Mortgages - Construction 10,993,279 560,825 6.70% 7,423,611 500,564 9.02%
Non-Rated IRB 2,509,689 132,375 10.06% 2,991,944 179,033 11.40% (482,256) (46,658) -1.35%
Commercial Paper 0 0 0.00% 833,333 34,716 5.45% (833,333) (34,716) -5.45%
Consumer Loans 18,449,753 1,379,996 9.85% 19,049,051 1,339,757 9.40% (599,298) 40,239 0.45%
MasterCard 10,989,812 1,015,984 12.36% 12,351,261 1,154,870 12.50% (1,391,449) (138,886) -0.14%
----------- ---------- ----------- ---------- ----------- ---------- ------
Total Loans 481,316,091 32,869,000 9.11% 450,256,145 30,987,618 9.22% 27,490,278 1,831,121 -5.28%
Total Earning Assets 841,852,412 49,800,987 7.93% 790,156,673 45,590,126 7.75% 51,895,739 4,210,861 0.18%
Total Non-Earning Assets 53,764,247 35,656,328 18,107,919 0 0.00%
----------- ---------- ----------- ---------- ----------- ---------- ------
TOTAL ASSETS 895,616,659 49,800,987 7.45% 825,813,001 45,590,126 7.42% 69,803,658 4,210,861 0.03%
=========== ---------- =========== ---------- =========== ========== ======
INTEREST BEARING LIABILITIES
- - ----------------------------
NOW Accounts 97,890,168 1,406,941 1.92% 92,583,333 1,399,182 2.02% 5,306,835 7,759 -0.10%
Regular Savings 64,536,647 1,536,541 3.18% 61,100,000 1,486,499 3.25% 3,436,647 51,042 -0.07%
The Cape Codder Account 89,629,468 2,932,751 4.37% 102,500,000 3,412,175 4.45% (12,870,532) (479,424) -0.08%
Money Market Account 146,689,238 4,278,402 3.93% 148,500,000 4,442,247 4.00% (2,810,762) (163,845) -0.07%
Other Time Deposits 136,??3,629 5,599,627 5.48% 127,226,504 5,332,904 5.60% 9,467,125 266,723 -0.12%
----------- ---------- ----------- ---------- ----------- ---------- ------
Total Interest-bearing Deposits 534,439,150 15,754,262 3.94% 531,909,837 16,072,007 4.04% 2,529,313 (317,745) -0.44%
Borrowings
FHLB Borrowings 146,030,120 6,401,280 5.86% 86,222,222 3,764,566 5.84% 59,807,898 2,636,714 0.02%
Other Borrowings 9,800,760 336,247 4.59% 11,000,000 373,226 4.54% (1,199,240) (36,979) 0.05%
----------- ---------- ----------- ---------- ----------- ---------- ------
Total Borrowings 155,830,880 6,737,527 5.78% 97,222,222 4,137,792 5.69% 58,608,658 2,599,735 0.07%
Total Deposits and Borrowings 690,270,030 22,491,789 3.58% 629,132,069 20,209,799 3.42% 61,137,971 2,281,990 0.1?%
DDA Balances 131,828,141 124,277,778 7,560,363 0 0.00%
Other Liabilities 3,625,015 4,514,104 (889,089) 0 0.00%
Shareholder's Equity 69,893,473 67,889,060 2,004,413 0 0.00%
----------- ----------- ----------- ---------- ------
TOTAL LIABILITIES AND
SHAREHOLDER'S EQUITY 895,616,659 22,491,789 3.36% 825,813,001 20,209,799 3.27% 69,803,658 2,281,990 0.09%
=========== ---------- ----- =========== ---------- ----- =========== ========== ======
Net Interest Income: 27,309,198 25,380,327 1,928,871
========== ========== ==========
As a % of Total Earning Assets 4.36% 4.33% 0.02%
===== ===== ======
===== ===== ======
As a % of Total Assets 4.09% 4.15%
===== =====
Average Equity to Average Assets 7.80% 8.22% -0.42%
===== ===== ======
Average Loans/Average Deposit 72.24% 68.62% 3.62%
===== ===== ======
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
================================================================================
CAPE COD BANK & TRUST COMPANY
COMPARATIVE BALANCE SHEET, RATES AND SPREAD
FOR THE PERIOD ENDED SEPTEMBER 30, 1998
----------1998 ACTUAL-------- ---------1998 BUDGET-------- 1997
($000 THOUSANDS) AVE. AVE. AVE. AVE. AVE.
Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D
BALANCE INTEREST YIELD BALANCE INTEREST YIELD BALANCE
----------- ---------- ------- --------- ---------- ------- ---------
EARNING ASSETS
- - --------------
Securities
Mortgage-Backed Securities $ 22,867 $ 948 5.55% $ 0 $ 0 0.00% $ 0
U.S. Government-CMO 134,443 5,651 5.62% 62,222 2,917 6.25% 109,595
U.S. Government Agencies 42,526 1,764 5.53% 75,000 3,282 5.85% 66,769
Other CMO's 48,330 2,021 5.58% 25,833 1,211 6.25% 59,591
State & Municipal Agencies 17,495 577 5.80% 19,889 610 5.42% 17,172
CCB&T Securities 72,112 3,047 5.67% 49,966 2,342 6.25% 50,411
Other Securities 89,530 3,759 5.60% 119,417 5,440 6.07% 57,008
---------- ------- ------ -------- ------- ------ --------
Total Investments 427,303 17,767 5.62% 352,327 15,802 6.06% 360,536
Residential R.E. Loans 236,642 12,941 7.29% 230,250 14,437 8.36% 155,284
Commercial R.E. Loans 206,832 14,694 9.50% 203,242 14,218 9.35% 195,653
Commercial Loans 73,932 5,482 9.91% 73,321 5,348 9.75% 75,219
Commercial R.E. Mtg. - Constr. 11,404 788 9.24% 11,239 799 9.51% 10,739
Residential Mortgages - Constr. 32,037 1,497 6.25% 18,761 1,087 7.75% 10,993
Non-Rated IRB 1,730 106 11.86% 1,759 108 11.75% 2,510
Commercial Paper 0 0 0.00% 0 0 0.00% 0
Consumer Loans 13,710 992 9.69% 15,000 1,122 10.00% 18,450
MasterCard 0 0 0.00% 0 0 0.00% 10,960
Overdrafts 1,372 0 0.00% 0 0 0.00% 1,508
---------- ------- ------ -------- ------- ------ --------
Total Loans 577,659 36,502 8.45% 553,572 37,119 8.97% 481,316
Total Earning Assets 1,004,962 54,269 7.25% 905,899 52,921 7.64% 341,652
Total Non-Earning Assets 46,296 41,400 53,765
---------- ------- ------ -------- ------- ------ --------
TOTAL ASSETS $1,051,258 $54,269 6.92% $947,299 $52,921 7.49% $895,617
========== ======= ====== ======== ======= ====== ========
INTEREST BEARING LIABILITIES
- - ----------------------------
NOW Accounts $ 104,447 $ 1,035 1.32% $107,111 $ 1,619 2.02% $ 97,890
Regular Savings 67,701 1,210 2.39% 71,611 1,607 3.00% 64,537
The Cape Codder Account 93,074 2,812 4.04% 91,000 3,028 4.45% 89,629
Money Market Account 146,345 3,874 3.54% 145,333 4,348 4.00% 145,689
Other Time Deposits 149,799 6,051 5.40% 155,667 6,535 5.61% 136,694
---------- ------- ------ -------- ------- ------ --------
Total Interest-bearing Deposits 561,366 14,982 3.57% 570,722 17,137 4.01% 534,439
Borrowings
FHLB Borrowing 244,820 10,780 5.89% 142,644 6,353 5.95% 146,030
Other Borrowings 13,524 474 4.69% 11,444 406 4.74% 9,801
---------- ------- ------ -------- ------- ------ --------
Total Borrowings 258,344 11,254 5.82% 154,088 6,759 5.86% 155,831
Total Deposits and Borrowings 619,710 26,236 3.49% 724,810 23,896 3.53% 690,270
DDA Balances 146,980 138,444 131,828
Other Liabilities 6,281 6,000 3,626
Shareholder's Equity 78,287 78,045 69,893
---------- -------- --------
TOTAL LIABILITIES AND
SHAREHOLDER'S EQUITY $1,051,258 26,236 3.34% $947,299 23,896 3.37% $895,617
========== ------- ------ ======== ------- ------ ========
Net Interest Income: $28,033 $29,025
======= =======
As a % of Total Earning Assets 3.76% 4.31% 4.35%
========== ======== ========
As a % of Total Assets 3.58% 4.12% 4.09%
========== ======== ========
Average Equity to Average Assets 7.45% 8.24% 7.80%
========== ======== ========
Average Loans/Average Deposit 81.55% 78.06% 72.24%
========== ======== ========
Book Value $ 9.14 $ 9.01 $ 8.05
Market Price $ 17.26 $ 0.00 $ 17.13
Annual Dividend Rate $ 0.52 $ 0.52 $ 0.42
Dividend Yield 3.01% 0.00% 2.45%
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
- - --------------------------------------------------------------------------------
PART II . OTHER INFORMATION
Item 1. Legal Proceedings.
The Bank is not involved in any material pending legal proceedings.
Item 2. Changes in Securities.
There have been no changes in securities of the Bank during the period
covered by this report.
Item 3. Defaults upon Senior Securities.
There have been no defaults upon senior securities.
Item 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to security holders during the period
covered by this report.
Item 5. Other Information.
There is nothing to report under this item.
Item 6. Exhibits and Reports on form 8-K.
(A) Exhibits
None.
(B) Reports on Form 8-K.
No report on Form 8-K has been filed during the period covered by
this report.
Cape Cod Bank and Trust Company
Form 10-Q
September 30, 1998
- - --------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
(Registrant) Cape Cod Bank and Trust Company
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By (Signature and Title)* /s/ Noal D. Reid
_______________________________________________________
Noal D. Reid, Chief Financial Officer and Treasurer
Date November 10, 1998
____________________________________________________________________________
By (Signature and Title)* /s/ Daniel G. Barrie
_______________________________________________________
Daniel G. Barrie, Controller and Assistant Treasurer
Date November 10, 1998
____________________________________________________________________________