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OPERATIONAL CONVENIENCE AND <br />LIQUIDITY THAT'S HARD TO MATCH <br />You'll have the flexibiliry to deposit or withdraw any amount you wish up to 1:00 p.m. (E.S.T.) <br />on each business day. Upon placing your trades through Federated, you'll receive an overnighc <br />confirmation, promptly in the morning. Daily confirms that include your accrued interest will <br />be faxed to you by BONY. <br />Interest is earned on all funds received prior to che close of the Fed wire. If we don't hear from <br />you by 1:00, your account will automatically reinvest. It's that simple. <br />A PHONE CALL CAN GET YOU STARTED <br />Instead of rying up valuable resources searching for the best rate and monitoring the collaceral, <br />make the call to Federated to manage your daily cash. The Repo Program offers competitive <br />Repo rates in a secure, fully liquid environment - without the sky-high minimums and operational <br />nightmares of alternative investment options. Do it today - because time is money. <br />Call today at 1-800-245-4270. <br />For Institutional use only. <br />Federated Securities Corp., Discributor <br />G02217-01 (1/98) <br />