DREXEL BURNHAM

CONDUCTING RESEARCH CONCERNING INVESTMENTS IN THE UNITED STATES AND ABROAD AND PROVIDING INVESTMENT ADVICE TO CLIENTS; UNDERWRITING OF DEBT OFFERINGS OF OTHER COMPANIES; TRADING IN THE STOCKS, BONDS, OPTIONS AND RELATED RIGHTS OF OTHER COMPANIES AND ON BEHALF OF CLIENTS; PROVIDING INVESTMENT BANKING SERVICES; PROVIDING INVESTMENT MANAGEMENT SERVICES; PROVIDING CORPORATE AND MUNICIPAL FINANCE SERVICES; COMMODITY TRADING SERVICES; CONDUCTING REAL ESTATE PURCHASE AND SALE ACTIVITIES INCLUDING INVESTMENTS RELATING THERETO; ISSUING PERIODIC REPORTS RELATING TO FINANCIAL INVESTMENTS; AND ARBITRAGE ACTIVITIES RELATING TO MERGERS, TENDERS, LIQUIDATIONS AND EXCHANGE OFFERINGS