LIST OF MARGINABLE OTC STOCKS

LIST OF MARGINABLE OTC STOCKS

AND

LIST OF FOREIGN MARGIN STOCKS

AS OF

May 11, 1998

The List of Marginable OTC Stocks and the List of Foreign Margin Stocks are published quarterly by the Board of Governors of the Federal Reserve System (the Board).

The List of Marginable OTC Stocks is composed of stocks traded in the United States over-the-counter (OTC) that have been determined by the Board to be OTC margin stocks subject to margin requirements as of May 11, 1998, pursuant to Section 220.11 of Regulation T, Credit by Brokers and Dealers. It also includes all OTC stocks designated as National Market System (NMS) securities. Additional NMS securities may be added in the interim between Board quarterly publications; these securities are immediately marginable upon designation as NMS securities. The names of these securities are available at the National Association of Securities Dealers, Inc. and at the Securities and Exchange Commission. This List supersedes the previous List of Marginable OTC Stocks published effective February 9, 1998.

Lenders subject to Regulation T and borrowers subject to Regulation X who are required under Section 224.3(a) to conform credit they obtain to Regulation T must continue to use the OTC List until publication of the next OTC List, anticipated for August 1998. An amendment to Regulation T that will make all stocks trading in the Nasdaq Stock Market marginable at brokers and dealers will be effective January 1, 1999. The Board will cease publication of the OTC List at that time.

The List of Foreign Margin Stocks is composed of foreign equity securities that have met the Board's eligibility criteria, pursuant to Regulation T, Section 220.11. These foreign equity securities are eligible for margin treatment at broker?dealers on the same basis as domestic margin securities. This list supersedes the previous List of Foreign Margin Stocks published effective February 9, 1998.

CAUTION: It is unlawful for any person to cause any representation to be made that inclusion of a security on the List of Marginable OTC Stocks or the List of Foreign Margin Stocks indicates that the Board or the Securities and Exchange Commission has in any way approved such security or transaction therein. Also, any reference to the Board in connection with these Lists or any securities thereon in an advertisement or similar communication is unlawful.

Any inquiry relating to these Lists or to Regulations T or X should be addressed to the nearest Federal Reserve Bank.

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

WASHINGTON, D.C.

List of Marginable OTC Stocks

@ENTERTAINMENT, INC. $.01 par common

1ST BANCORP (Indiana) $1.00 par common

1ST BERGEN BANCORP No par common

1ST SOURCE CORPORATION $1.00 par common Fixed rate cumulative trust preferred securities of 1st Source Capital Floating rate cumulative trust preferred securities of 1st Source

3-D GEOPHYSICAL, INC. $.01 par common

3-D SYSTEMS CORPORATION $.001 par common

3COM CORPORATION No par common

3D LABS INC. LIMITED $.01 par common

3DFX INTERACTIVE, INC. No par common

3DO COMPANY, THE $.01 par common

3DX TECHNOLOGIES, INC. $.01 par common

4 KIDS ENTERTAINMENT, INC. $.01 par common

4FRONT TECHNOLOGIES, INC. No par common

4HEALTH, INC. $.01 par common

7TH LEVEL, INC. $.01 par common

800-JR CIGAR, INC. $.01 par common

8X8, INC. $.001 par common

A B ELECTROLUX Class B, American Depositary Receipts

A.C. MOORE ARTS & CRAFTS, INC. No par common

A.D.A.M. SOFTWARE, INC. $.01 par common

A.S.V., INC. $.01 par common

AAON, INC. $.001 par common

AASCHE TRANSPORTATION SERVICES, INC. $.0001 par common Warrants (expire 02-09-2000)

AASTROM BIOSCIENCES, INC. No par common

AAVID THERMAL TECHNOLOGIES, INC. $.01 par common

AB SKF American Depositary Receipts

ABACAN RESOURCE CORPORATION No par common

ABACUS DIRECT CORPORATION $.001 par common

ABAXIS, INC. No par common

ABC BANCORP (Georgia) $1.00 par common

ABC DISPENSING TECHNOLOGIES, INC. $.01 par common

ABC RAIL PRODUCTS CORPORATION $.01 par common

ABER RESOURCES LTD. No par common

ABIGAIL ADAMS NATIONAL BANCORP, INC. $.01 par common

ABINGTON BANCORP, INC. (Massachusetts) $.10 par common

ABIOMED, INC. $.01 par common

ABLE TELCOM HOLDING CORPORATION $.001 par common

ABR INFORMATION SERVICES INC. $.01 par common

ABRAMS INDUSTRIES, INC. $1.00 par common

ABRAXAS PETROLEUM CORPORATION $.01 par common

ABT BUILDING PRODUCTS CORPORATION $.01 par common

ACACIA RESEARCH CORPORATION No par common

ACC CORPORATION $.015 par common

ACCEL INTERNATIONAL CORPORATION $.10 par common

ACCELGRAPHICS, INC. $.001 par common

ACCELR8 TECHNOLOGY CORPORATION No par common

ACCENT COLOR SCIENCES, INC. No par common

ACCENT SOFTWARE INTERNATIONAL Ordinary shares (par NIS .01)

ACCESS ANYTIME BANCORP, INC. $.01 par common

ACCESS HEALTH, INC. $.001 par common

ACCLAIM ENTERTAINMENT, INC. $.02 par common

ACCOM, INC. $.001 par common

ACCUGRAPH CORPORATION Class A, No par common

ACE CASH EXPRESS, INC. $.01 par common

ACE*COMM CORPORATION $.01 par common

ACETO CORPORATION $.01 par common

ACMAT CORPORATION Class A, no par common

ACORN PRODUCTS, INC. $.001 par common

ACRES GAMING INCORPORATED $.01 par common

ACRODYNE COMMUNICATIONS, INC. $.01 par common

ACSYS, INC. No par common

ACT MANUFACTURING, INC. $.01 par common

ACT NETWORKS, INC. $.01 par common

ACT TELECONFERENCING, INC. No par common

ACTEL CORPORATION $.001 par common

ACTION PERFORMANCE COMPANIES, INC. $.01 par common

ACTIVE APPAREL GROUP, INC. $.002 par common

ACTIVE VOICE CORPORATION No par common

ACTIVISION, INC. $.0001 par common

ACTRADE INTERNATIONAL, LTD. $.001 par common

ACXIOM CORPORATION $.10 par common

ADAC LABORATORIES No par common

ADAPTEC, INC. $.001 par common

ADAPTIVE SOLUTIONS, INC. No par common

ADC TELECOMMUNICATIONS, INC. $.20 par common

ADE CORPORATION $.01 par common

ADECCO S.A. American Depositary Receipts

ADELPHIA COMMUNICATIONS CORPORATION Class A, $.01 par common

ADEPT TECHNOLOGY, INC. No par common

ADFLEX SOLUTIONS, INC. $.01 par common

*Addition to List under Board criteria Addition to List under NMS designation

--1--

ADOBE SYSTEMS INCORPORATED No par common

ADTRAN, INC. $.01 par common

* ADVANCE FINANCIAL BANCORP. $.10 par common

ADVANCE PARADIGM, INC. $.01 par common

ADVANCED AERODYNAMICS & STRUCTURES, INC. $.0001 par common Class A, warrants (expire 12-03-2001) Class B, warrants (expire 12-03-2001)

ADVANCED COMMUNICATION SYSTEMS, INC. $.01 par common

ADVANCED DEPOSITION TECHNOLOGIES, INC. $.01 par common

ADVANCED DIGITAL INFORMATION CORPORATION No par common

ADVANCED ELECTRONIC SUPPORT PRODUCTS, INC. $.001 par common

ADVANCED ENERGY INDUSTRIES, INC. $.001 par common

ADVANCED FIBRE COMMUNICATIONS $.01 par common

ADVANCED HEALTH CORPORATION $.01 par common

ADVANCED LIGHTING TECHNOLOGIES, INC. $.001 par common

ADVANCED MARKETING SERVICES, INC. $.001 par common

ADVANCED POLYMER SYSTEMS, INC. $.01 par common

ADVANCED RADIO TELECOM CORPORATION $.001 par common

ADVANCED TISSUE SCIENCES, INC. $.01 par common

ADVANTA CORP. Class A, $.01 par common Class B, non-voting, $.01 par common Depositary Shares

ADVANTAGE LEARNING SYSTEMS, INC. $.01 par common

ADVANTICA RESTAURANT GROUP, INC. $.01 par common Warrants (expire 01-07-2005)

ADVENT SOFTWARE, INC. $.01 par common

AEHR TEST SYSTEMS $.01 par common

AEP INDUSTRIES, INC. $.01 par common

AER ENERGY RESOURCES, INC. No par common

AERIAL COMMUNICATIONS, INC. $1.00 par common

AEROVOX INCORPORATED $1.00 par common

AES CORPORATION, THE Warrants expire 2001

AETRIUM INCORPORATED $.001 par common

AFC CABLE SYSTEMS, INC. $.01 par common

AFFILIATED COMMUNITY BANCORP, INC. $.01 par common

AFFINITY TECHNOLOGY GROUP, INC. $.0001 par common

AFFINITY TELEPRODUCTIONS, INC. $.01 par common

AFFYMETRIX, INC. No par common

AFSALA BANCORP, INC. (New York) $.01 par common

AFTERMARKET TECHNOLOGY CORPORATION $.01 par common

AG ASSOCIATES, INC. No par common

AG-CHEM EQUIPMENT CO., INC. $.01 par common

AGOURON PHARMACEUTICALS, INC. No par common

AGRI-NUTRITION GROUP LIMITED $.01 par common

AGRIBIOTECH, INC. $.001 par common

AHL SERVICES, INC. $.01 par common

AIR CANADA CORPORATION Class A, non-voting par common

AIR EXPRESS INTERNATIONAL CORPORATION $.01 par common

AIR METHODS CORPORATION $.06 par common

AIRPORT SYSTEMS INTERNATIONAL, INC. $.01 par common

AIRTRAN HOLDINGS, INC. $.01 par common

AJAY SPORTS, INC. Series C, 10% par cumulative convertible preferred

AKORN, INC. No par common

AKSYS, LTD. $.01 par common

AKZO NOBEL N.V. American Depositary Receipts

ALABAMA NATIONAL BANCORPORATION $1.00 par common

ALADDIN KNOWLEDGE SYSTEMS LTD. Ordinary shares (par NIS .01)

ALARIS MEDICAL, INC. $.01 par common

ALBANK FINANCIAL CORPORATION $.01 par common

ALCIDE CORPORATION $.01 par common

ALDILA, INC. $.01 par common

ALEXANDER & BALDWIN, INC. No par common

ALEXION PHARMACEUTICALS, INC. $.0001 par common

ALFA CORPORATION $1.00 par common

ALFACELL CORPORATION $.001 par common

ALGOMA STEEL, INC. No par common

ALGOS PHARMACEUTICAL CORPORATION $.01 par common

ALIANT COMMUNICATIONS, INC. $.25 par common

ALICO, INC. $1.00 par common

ALIGN-RITE INTERNATIONAL, INC. $.01 par common

ALKERMES, INC. $.01 par common

ALL AMERICAN SEMICONDUCTOR, INC. $.01 par common

ALLCITY INSURANCE COMPANY $1.00 par common

ALLEGIANT BANCORP, INC. $.01 par common

ALLEN ORGAN COMPANY Class B, $1.00 par common

ALLERGAN SPECIALTY THERAPEUTICS, INC. Class A, $.01 par common

ALLIANCE BANCORP, INC. $.01 par common

ALLIANCE COMMUNICATIONS CORPORATION Class B, non-voting, no par common

ALLIANCE GAMING CORPORATION $.10 par common

ALLIANCE PHARMACEUTICAL CORP. $.01 par common

ALLIANCE SEMICONDUCTOR CORPORATION $.01 par common

ALLIED CAPITAL CORPORATION $.0001 par common

ALLIED HEALTHCARE PRODUCTS, INC. $.01 par common

ALLIED LIFE FINANCIAL CORPORATION No par common

ALLIED WASTE INDUSTRIES, INC. $.01 par common

ALLIN COMMUNICATIONS CORPORATION $.01 par common

ALLSTAR SYSTEMS, INC. $.01 par common

ALLSTATE FINANCIAL CORPORATION No par common

ALOETTE COSMETICS, INC. No par common

ALPHA MICROSYSTEMS No par common

ALPHA TECHNOLOGIES GROUP, INC. $.03 par common

*Addition to List under Board criteria Addition to List under NMS designation

--2--

ALPHA-BETA TECHNOLOGY, INC. $.01 par common

ALPHANET SOLUTIONS, INC. $.01 par common

ALPNET, INC. No par common

ALRENCO INC. No par common

ALTA GOLD CO. $1.00 par common

ALTAIR INTERNATIONAL, INC. No par common

ALTEON INC. $.01 par common

ALTERA CORPORATION No par common

ALTERNATIVE RESOURCES CORPORATION $.01 par common

ALTRIS SOFTWARE, INC. No par common

ALTRON INCORPORATED $.05 par common

ALYDAAR SOFTWARE CORPORATION $.001 par common

ALYN CORPORATION $.001 par common

AMARILLO BIOSCIENCES, INC. $.01 par common

, INC. $.01 par common

AMB FINANCIAL CORPORATION $.01 par common

AMBANC CORPORATION $10.00 par common

AMBANC HOLDING CO., INC. $.01 par common

* AMBASSADOR BANK OF THE COMMONWEALTH $4.00 par common

AMBASSADORS INTERNATIONAL, INC. $.01 par common

AMBI, INC. $.005 par common

AMCOL INTERNATIONAL CORPORATION $1.00 par common

AMCOR LIMITED American Depositary Receipts

AMCORE FINANCIAL, INC. $.50 par common

AMEDISYS, INC. $.001 par common

AMERCO $.25 par common

AMERIANA BANCORP (Indiana) $1.00 par common

AMERICA FIRST APARTMENT INVESTORS LIMITED PARTNERSHIP Beneficial unit certificates, representing limited partnership

AMERICA FIRST TAX EXEMPT MORTGAGE FUND LIMITED PARTNERSHIP Beneficial unit certificates, representing limited partnership

AMERICA SERVICE GROUP INC. $.01 par common

AMERICAN BANCORPORATION (West Virginia) No par common

AMERICAN BANCSHARES, INC. (Florida) $1.175 par common

AMERICAN BANKERS INSURANCE GROUP, INC. Series B, $1.00 par preferred

AMERICAN BINGO & GAMING CORPORATION $.001 par common

AMERICAN BIOGENETIC SCIENCES, INC. Class A, $.001 par common

AMERICAN BUILDINGS COMPANY $.01 par common

AMERICAN BUSINESS FINANCIAL SERVICES, INC. $.001 par common

AMERICAN BUSINESS INFORMATION, INC. Class A, $.0025 par common Class B, $.0025 par common

AMERICAN CAPITAL STRATEGIES, LTD. $.01 par common

* AMERICAN CHAMPION ENTERTAINMENT, INC. $.0001 par common

AMERICAN CINEMASTORES INC. $.001 par common

AMERICAN CLAIMS EVALUATION, INC. $.01 par common

AMERICAN CLASSIC VOYAGER CO. $.01 par common

AMERICAN COIN MERCHANDISING, INC. $.01 par common

AMERICAN DENTAL PARTNERS, INC. $.01 par common

AMERICAN DENTAL TECHNOLOGIES, INC. $.001 par common

AMERICAN DISPOSAL SERVICES, INC. $.01 par common

AMERICAN EAGLE OUTFITTERS, INC. No par common

AMERICAN ECO CORPORATION No par common

AMERICAN ECOLOGY CORPORATION $.01 par common

AMERICAN EDUCATIONAL PRODUCTS, INC. $.01 par common

AMERICAN FREIGHTWAYS CORPORATION $.01 par common

AMERICAN HEALTH PROPERTIES, INC. No par depositary shares

AMERICAN HEALTHCHOICE, INC. $.001 par preferred

AMERICAN HEALTHCORP, INC. $.001 par common

AMERICAN HOMEPATIENT INC. $.01 par common

AMERICAN HOMESTAR CORPORATION $.05 par common

AMERICAN INDEMNITY FINANCIAL CORPORATION $3.331/3 par common

AMERICAN INTERNATIONAL PETROLEUM CORPORATION $.08 par common

AMERICAN LOCKER GROUP, INC. $1.00 par common

AMERICAN MANAGEMENT SYSTEMS, INC. $.01 par common

AMERICAN MATERIALS & TECHNOLOGIES CORPORATION $.01 par common

AMERICAN MOBILE SATELLITE CORPORATION $.01 par common

AMERICAN NATIONAL INSURANCE COMPANY $1.00 par common

AMERICAN OILFIELD DIVERS, INC. No par common

AMERICAN ONCOLOGY RESOURCES, INC. $.01 par common

AMERICAN PACIFIC CORPORATION $.10 par common

AMERICAN PHYSICIAN PARTNERS, INC. $.001 par common

AMERICAN PHYSICIANS SERVICE GROUP, INC. $.10 par common

AMERICAN POWER CONVERSION CORPORATION $.01 par common

AMERICAN RESOURCES OF DELAWARE, INC. $.00001 par common

AMERICAN SAFETY INSURANCE GROUP, LTD. $.01 par common

AMERICAN SAFETY RAZOR COMPANY $.01 par common

AMERICAN SOFTWARE, INC. Class A, $.01 par common

AMERICAN SUPERCONDUCTOR CORPORATION $.01 par common

AMERICAN WAGERING, INC. $.01 par common

AMERICAN WOODMARK CORPORATION No par common

AMERIGON INCORPORATED Class A, no par common

AMERIHOST PROPERTIES, INC. $.005 par common

AMERILINK CORPORATION No par common

AMERIN CORPORATION $.01 par common

AMERIPATH, INC. $.01 par common

AMERISTAR CASINOS INC. $.01 par common

AMERITRADE HOLDING CORPORATION Class A, $.01 par common

*Addition to List under Board criteria Addition to List under NMS designation

--3--

AMERIWOOD INDUSTRIES INTERNATIONAL CORPORATION $1.00 par common

AMERUS LIFE HOLDINGS, INC. Class A warrants (expire 04-02-2002)

AMES DEPARTMENT STORES, INC. $.01 par common Warrants (expire 01-31-1999)

AMGEN INC. $.0001 par common

AMISTAR CORPORATION $.01 par common

AML COMMUNICATIONS, INC. $.01 par common

AMPACE CORPORATION $.0001 par common

AMPAL-AMERICAN ISRAEL CORPORATION 6.5% cumulative convertible preferred

AMPLICON, INC. $.01 par common

AMRESCO INC. $.05 par common

AMSURG, INC. Class A, no par common Class B, no par common

AMTECH CORPORATION $.01 par common

AMTECH SYSTEMS, INC. $.01 par common

AMTRAN, INC. No par common

AMX CORPORATION $.01 par common

AMYLIN PHARMACEUTICALS, INC. $.001 par common

ANACOMP, INC. $.01 par common Warrants (expire 06-03-2001)

ANADIGICS, INC. $.01 par common

ANALOGIC CORPORATION $.05 par common

ANALOGY, INC. No par common

ANALYSIS & TECHNOLOGY, INC. No par common

ANALYSTS INTERNATIONAL CORPORATION $.10 par common

ANALYTICAL SURVEYS, INC. No par common

ANANGEL-AMERICAN SHIPHOLDINGS LIMITED American Depositary Receipts

ANAREN MICROWAVE, INC. $.01 par common

ANB CORPORATION No par common

ANCHOR BANCORP WISCONSIN, INC. $.10 par common

ANCHOR FINANCIAL CORPORATION $6.00 par common

ANCHOR GAMING $.01 par common

ANCOR COMMUNICATIONS, INC. $.01 par common

ANDEAN DEVELOPMENT CORPORATION $.0001 par common Warrants (expire 11-12-2001)

ANDERSEN GROUP, INC. No par common

ANDERSONS INC., THE No par common

ANDOVER BANCORP, INC. (Massachusetts) $.10 par common

ANDREW CORPORATION $.01 par common

ANDRX CORPORATION $.001 par common

ANERGEN, INC. No par common

ANESTA CORPORATION $.001 par common

ANGEION CORPORATION $.01 par common

ANICOM, INC. $.001 par common

ANIKA THERAPEUTICS, INC. $.01 par common

* ANNAPOLIS NATIONAL BANCORP, INC. $.01 par common

ANNUITY AND LIFE RE HOLDINGS, LTD. $1.00 par common

ANSALDO SIGNAL, NV Common shares (par NLS .01)

ANSOFT CORPORATION $.01 par common

ANSYS, INC. $.01 par common

ANTEC CORPORATION $.01 par common

ANTIVIRALS, INC. $.0001 par common Warrants (expire 06-04-2002)

APA OPTICS, INC. $.01 par common

APAC TELESERVICES, INC. $.01 par common

APACHE MEDICAL SYSTEMS, INC. $.01 par common

APCO ARGENTINA INC. Ordinary shares, $.01 par value

APERTUS TECHNOLOGIES, INC. $.05 par common

APEX PC SOLUTIONS, INC. No par common

APHTON CORP. No par common

APOGEE ENTERPRISES, INC. $.3333 par common

APOLLO GROUP, INC. Class A, no par common

*Addition to List under Board criteria Addition to List under NMS designation

--4--

APPLE COMPUTER, INC. No par common

APPLE SOUTH, INC. $.01 par common Apple South Financing I

APPLEBEE'S INTERNATIONAL, INC. $.01 par common

APPLIANCE RECYCLING CENTERS OF AMERICA, INC. No par common

APPLIED ANALYTICAL INDUSTRIES, INC. $.001 par common

APPLIED BIOMETRICS, INC. $.01 par common

APPLIED CELLULAR TECHNOLOGY, INC. $.001 par common

APPLIED DIGITAL ACCESS, INC. No par common

APPLIED EXTRUSION TECHNOLOGIES, INC. $.01 par common

APPLIED FILMS CORPORATION No par common

APPLIED GRAPHICS TECHNOLOGIES, INC. $.01 par common

APPLIED IMAGING CORPORATION $.001 par common

APPLIED INNOVATION INC. $.01 par common

APPLIED MATERIALS, INC. $.01 par common

APPLIED MICRO CIRCUITS CORPORATION $.01 par common

APPLIED MICROSYSTEMS CORPORATION $.01 par common

APPLIED SCIENCE & TECHNOLOGY INC. $.01 par common

APPLIED SIGNAL TECHNOLOGY, INC. No par common

APPLIED VOICE TECHNOLOGY, INC. $.01 par common

APPLIX, INC. $.0025 par common

AQUAGENIX INC. $.01 par common Warrants (expire 09-13-1999)

AQUILA BIOPHARMACEUTICALS, INC. $.05 par common

ARABIAN SHIELD DEVELOPMENT COMPANY $.10 par common

ARADIGM CORPORATION No par common

ARAKIS ENERGY CORPORATION No par common

ARAMEX INTERNATIONAL LIMITED $.01 par common

ARBOR SOFTWARE CORPORATION $.001 par common

ARCADIS NV $.05 par common (NLG)

ARCH COMMUNICATIONS GROUP, INC. $.01 par common

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