-----------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported) August 31, 2000
CWMBS, INC. (as depositor under the Pooling and Servicing
Agreement, dated as of August 1, 2000, providing for the
issuance of the CWMBS, INC., CHL Mortgage Pass-Through
Trust 2000-5, Mortgage Pass-Through Certificates, Series
2000-5).
CWMBS, INC.
------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-72655 95-4449516
---------------------------- ----------------- ----------------
(State of Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4500 Park Granada
Calabasas, California 91302
--------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 225-3240
------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events.
---- ------------
Description of the Mortgage Pool*
--------------------------------
On August 1, 2000, CWMBS, Inc. (the "Company") entered into a Pooling and
Servicing Agreement dated as of August 1, 2000 (the "Pooling and Servicing
Agreement"), by and among the Company, as depositor, Countrywide Home Loans,
Inc. ("CHL"), as seller and as master servicer, and The Bank of New York, as
trustee (the "Trustee"), providing for the issuance of the Company's Mortgage
Pass-Through Certificates, Series 2000-5.
----------------------------
* Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Prospectus dated May 17, 1999
and the Prospectus Supplement dated August 28, 2000, of CWMBS, Inc.,
relating to its Mortgage Pass-Through Certificates, Series 2000-5.
<PAGE>
Mortgage Loan Statistics
The following tables describe characteristics of the Initial Mortgage
Loans as of the Initial Cut-off Date. All percentages set forth below have been
calculated based on the principal balance of the Initial Mortgage Loans as of
the date set forth below. The sum of the columns may not equal the respective
totals due to rounding.
<TABLE>
<CAPTION>
Loan Group 1
Mortgage Rates(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Mortgage Balance Loans in
Rate % Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
6.750 2 $ 920,606.70 0.21%
6.875 2 455,600.59 0.11%
7.000 2 896,609.99 0.21%
7.125 3 386,274.86 0.09%
7.250 3 564,872.92 0.13%
7.375 3 1,308,184.97 0.31%
7.500 5 2,290,322.73 0.53%
7.625 8 2,663,380.49 0.62%
7.750 11 3,743,807.18 0.87%
7.875 19 6,256,868.91 1.46%
8.000 36 11,253,758.46 2.63%
8.125 49 15,518,218.47 3.62%
8.250 103 32,716,725.84 7.63%
8.375 153 49,031,491.45 11.44%
8.500 205 62,571,603.15 14.60%
8.625 149 48,076,314.77 11.22%
8.750 171 47,048,818.46 10.98%
8.875 152 42,605,548.43 9.94%
9.000 99 25,953,598.21 6.06%
9.125 69 17,468,827.20 4.08%
9.250 79 19,458,252.43 4.54%
9.375 45 13,608,758.43 3.18%
9.500 48 11,366,363.58 2.65%
9.625 17 4,176,968.78 0.97%
9.750 16 3,641,196.98 0.85%
9.875 17 4,547,689.42 1.06%
-------------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
===============================================================================
---------
(1) The lender acquired mortgage insurance mortgage loans in loan
group 1 are shown in the preceding table at the mortgage rates net of the
interest premium charged by the related lenders. As of the initial cut-off
date, the weighted average mortgage rate of the Initial Mortgage Loans in loan
group 1 (as so adjusted is expected to be approximately 8.6576% per annum.
Without the adjustment, the weighted average mortgage rate of the Initial
Mortgage Loans in loan group 1 is expected to be approximately 8.6821% per
annum.
</TABLE>
<TABLE>
<CAPTION>
Original Loan-to-Value Ratios(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Original Initial Principal Mortgage
Loan-to-Value Mortgage Balance Loans in
Ratios (%)(2) Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
50.00 and below 38 $ 16,667,485.70 3.89%
50.01 to 55.00 26 10,737,439.96 2.51%
55.01 to 60.00 29 11,454,627.19 2.67%
60.01 to 65.00 38 16,134,362.99 3.77%
65.01 to 70.00 71 25,474,082.17 5.94%
70.01 to 75.00 141 52,264,875.84 12.20%
75.01 to 80.00 839 243,510,496.04 56.82%
80.01 to 85.00 12 3,546,908.96 0.83%
85.01 to 90.00 78 23,262,056.15 5.43%
90.01 to 95.00 34 8,626,751.06 2.01%
95.01 to 100.00 160 16,851,577.34 3.93%
-------------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
===============================================================================
---------
(1) The weighted average original Loan-to-Value Ratio of the Initial
Mortgage Loans in loan group 1 is expected to be approximately 76.65%.
(2) Does not take into account any secondary financing on the Initial
Mortgage Loans in loan group 1 that may exist at the time of origination.
</TABLE>
<TABLE>
<CAPTION>
State Distribution of Mortgaged Properties(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
State Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
California 476 $171,617,675.74 40.05%
Colorado 100 31,889,546.68 7.44%
Texas 112 24,877,065.88 5.81%
Florida 63 14,868,984.80 3.47%
Washington 49 14,846,285.03 3.46%
Michigan 48 13,524,647.36 3.16%
Arizona 45 12,165,930.78 2.84%
Virginia 37 11,283,811.39 2.63%
New York 31 10,860,060.26 2.53%
New Jersey 26 8,780,138.03 2.05%
Other (less than 2%) 479 113,816,517.45 26.56%
-------------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
===============================================================================
---------
(1)The Other row in the preceding table includes 38 other states and
the District of Columbia with under 2% concentrations individually. No more
than approximately 0.58% of the Initial Mortgage Loans in loan group 1 will be
secured by mortgaged properties located in any one postal zip code area.
</TABLE>
<TABLE>
<CAPTION>
Purpose of Initial Mortgage Loans
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Loan Purpose Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 1,231 $343,269,181.03 80.10%
Refinance (rate/term) 128 46,381,020.61 10.82%
Refinance (cash out) 107 38,880,461.76 9.07%
--------------------------- -------------------------------------
Total 1,466 $428,530,663.40 100.00%
===============================================================================
</TABLE>
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Current Mortgage Mortgage Balance Loans in
Loan Amounts Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 -- $50,000 37.00 $ 1,397,154.60 0.33%
$50,001 -- $100,000 186.00 13,896,760.19 3.24%
$100,001 -- $150,000 135.00 16,858,039.39 3.93%
$150,001 -- $200,000 67.00 11,494,274.94 2.68%
$200,001 -- $250,000 40.00 9,037,204.21 2.11%
$250,001 -- $300,000 312.00 87,880,092.09 20.51%
$300,001 -- $350,000 259.00 84,208,083.56 19.65%
$350,001 -- $400,000 176.00 65,977,547.16 15.40%
$400,001 -- $450,000 71.00 30,504,239.62 7.12%
$450,001 -- $500,000 70.00 33,549,830.24 7.83%
$500,001 -- $550,000 33.00 17,402,162.96 4.06%
$550,001 -- $600,000 32.00 18,411,946.75 4.30%
$600,001 -- $650,000 22.00 14,072,675.82 3.28%
$650,001 -- $700,000 6.00 4,131,799.00 0.96%
$700,001 -- $750,000 4.00 2,997,532.67 0.70%
$750,001 -- $1,000,000 12.00 11,164,170.20 2.61%
$1,000,001 -- $2,000,000 4.00 5,547,150.00 1.29%
------------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
==============================================================================
</TABLE>
As of the initial cut-off date, the average current mortgage loan
principal balance of the Initial Mortgage Loans in loan group 1 is expected to
be approximately $292,312.87.
<TABLE>
<CAPTION>
Documentation Program for Initial Mortgage Loans
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Type of Program Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Full 562 $169,559,086.80 39.57%
Alternative 616 154,922,835.12 36.15%
Reduced 238 88,493,638.33 20.65%
Clues Plus 30 9,231,580.26 2.15%
No Income/No Asset 17 5,306,222.89 1.24%
Streamlined 3 1,017,300.00 0.24%
---------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
Types of Mortgaged Properties
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Property Type Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 991 $286,478,617.83 66.85%
Condominium 88 21,229,405.30 4.95%
2-4 Family 24 6,379,841.81 1.49%
Planned Unit Development 363 114,442,798.46 26.71%
---------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
Occupancy Types(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Occupancy Types Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Primary Residence 1,392 $404,487,040.51 94.39%
Investor Property 20 5,499,669.42 1.28%
Second Residence 54 18,543,953.47 4.33%
--------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
==========================================================================
---------
(1) Based upon representations of the related Mortgagors at the time
of origination.
</TABLE>
<TABLE>
<CAPTION>
Remaining Terms to Maturity(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Remaining Term to Maturity Mortgage Balance Loans in
(Months) Loans Outstanding Loan Group 1
-------------------------------------------------------------------------------
<S> <C> <C> <C>
240 4 $ 1,110,400.00 0.26%
272 1 279,521.03 0.07%
275 1 80,054.50 0.02%
297 1 152,811.34 0.04%
298 1 65,829.00 0.02%
313 1 137,046.27 0.03%
315 1 256,926.63 0.06%
319 1 37,574.80 0.01%
332 1 352,925.92 0.08%
341 1 135,319.15 0.03%
345 2 356,244.72 0.08%
346 1 67,208.59 0.02%
347 4 685,355.14 0.16%
348 2 149,715.16 0.03%
349 5 892,454.17 0.21%
350 4 1,616,519.73 0.38%
351 1 257,592.32 0.06%
352 3 997,764.55 0.23%
353 4 956,130.60 0.22%
354 8 1,837,960.53 0.43%
355 10 3,027,539.60 0.71%
356 19 5,218,779.05 1.22%
357 65 15,833,513.72 3.69%
358 164 35,521,966.44 8.29%
359 245 61,252,336.03 14.29%
360 916 297,251,174.41 69.37%
-------------------------------------------------------------------------------
Total 1,466 $428,530,663.40 100.00%
===============================================================================
---------
(1) As of the initial cut-off date, the weighted average remaining
term to maturity of the Initial Mortgage Loans in loan group 1 is expected to
be approximately 359 months.
</TABLE>
<TABLE>
<CAPTION>
Loan Group 2
Mortgage Rates(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Mortgage Balance Loans in
Rate % Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
6.750 1 $ 154,397.23 0.10%
7.000 1 38,902.11 0.03%
7.125 1 291,954.44 0.19%
7.250 1 126,137.24 0.08%
7.375 3 1,462,479.17 0.97%
7.500 7 1,118,321.96 0.74%
7.625 4 1,022,336.75 0.68%
7.750 8 2,705,100.23 1.80%
7.875 8 2,988,031.93 1.98%
8.000 15 5,082,039.18 3.37%
8.125 20 7,130,203.60 4.73%
8.150 1 269,546.92 0.18%
8.250 44 16,133,770.03 10.71%
8.375 50 17,508,492.42 11.62%
8.500 63 20,993,526.12 13.94%
8.625 48 13,368,503.34 8.88%
8.750 55 14,251,142.11 9.46%
8.875 60 16,100,204.87 10.69%
9.000 31 8,054,508.87 5.35%
9.125 10 2,379,816.42 1.58%
9.250 24 6,946,224.57 4.61%
9.375 10 2,520,800.09 1.67%
9.500 10 2,785,830.05 1.85%
9.625 6 1,683,426.76 1.12%
9.750 3 1,004,173.96 0.67%
9.875 1 92,900.00 0.06%
10.000 3 1,798,362.22 1.19%
10.125 2 820,274.45 0.54%
10.250 5 1,608,475.87 1.07%
10.375 1 99,010.40 0.07%
10.875 1 77,343.02 0.05%
-------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00
===============================================================================
---------
(1) The lender acquired mortgage insurance mortgage loans in loan
group 2 are shown in the preceding table at the mortgage rates net of the
interest premium charged by the related lenders. As of the initial cut-off
date, the weighted average mortgage rate of the Initial Mortgage Loans in loan
group 2 (as so adjusted is expected to be approximately 8.6162% per annum.
Without the adjustment, the weighted average mortgage rate of the Initial
Mortgage Loans in loan group 2 is expected to be approximately 8.6440% per
annum.
</TABLE>
<TABLE>
<CAPTION>
Original Loan-to-Value Ratios(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Original Initial Principal Mortgage
Loan-to-Value Mortgage Balance Loans in
Ratios (%) Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
50.00 and below 8 $ 2,599,900.60 1.73%
50.01 to 55.00 9 3,485,570.82 2.31%
55.01 to 60.00 13 4,518,170.55 3.00%
60.01 to 65.00 25 8,814,294.07 5.85%
65.01 to 70.00 26 10,158,652.12 6.74%
70.01 to 75.00 51 20,444,411.16 13.57%
75.01 to 80.00 264 78,582,511.22 52.17%
80.01 to 85.00 11 3,003,562.17 1.99%
85.01 to 90.00 31 9,574,191.54 6.36%
90.01 to 95.00 13 3,706,249.38 2.46%
95.01 to 100.00 46 5,728,722.70 3.80%
------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00%
==============================================================================
---------
(1) The weighted average original Loan-to-Value Ratio of the Initial
Mortgage Loans in loan group 2 is expected to be approximately 77.18%.
(2) Does not take into account any secondary financing on the Initial
Mortgage Loans in loan group 2 that may exist at the time of origination.
</TABLE>
<TABLE>
<CAPTION>
State Distribution of Mortgaged Properties(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
State Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
California 189 $ 68,355,491.85 45.38%
Colorado 22 6,685,338.63 4.44%
Texas 25 6,439,615.65 4.28%
Washington 17 6,169,068.10 4.10%
New York 22 6,138,522.27 4.08%
Florida 20 5,492,132.23 3.65%
Michigan 18 4,439,318.31 2.95%
Georgia 13 3,740,733.23 2.48%
New Jersey 10 3,517,702.11 2.34%
Other (less than 2%) 161 39,638,913.95 26.32%
------------------------------------------------------------------------------
Total 497 $150,616,836.33 100.00%
==============================================================================
---------
(1)The Other row in the preceding table includes 34 other states with
under 2% concentrations individually. No more than approximately 1.15% of the
Initial Mortgage Loans in loan group 2 will be secured by mortgaged properties
located in any one postal zip code area.
</TABLE>
<TABLE>
<CAPTION>
Purpose of Initial Mortgage Loans
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Loan Purpose Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 392 $114,694,713.18 76.15%
Refinance (rate/term) 51 18,025,270.15 11.97%
Refinance (cash out) 54 17,896,253.00 11.88%
------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Current Mortgage Mortgage Balance Loans in
Loan Amounts Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 -- $ 50,000 2 $ 88,542.74 0.06%
$50,001 -- $ 100,000 59 4,874,444.77 3.24%
$100,001 -- $ 150,000 35 4,327,316.07 2.87%
$150,001 -- $ 200,000 18 3,057,053.45 2.03%
$200,001 -- $ 250,000 15 3,370,087.73 2.24%
$250,001 -- $ 300,000 129 36,225,857.15 24.05%
$300,001 -- $ 350,000 92 30,085,681.52 19.98%
$350,001 -- $ 400,000 65 24,289,270.15 16.13%
$400,001 -- $ 450,000 21 8,994,998.14 5.97%
$450,001 -- $ 500,000 24 11,489,062.70 7.63%
$500,001 -- $ 550,000 10 5,159,600.00 3.43%
$550,001 -- $ 600,000 4 2,346,000.00 1.56%
$600,001 -- $ 650,000 14 8,933,069.42 5.93%
$650,001 -- $ 700,000 1 665,600.00 0.44%
$700,001 -- $ 750,000 3 2,183,625.00 1.45%
$750,001 -- $1,000,000 4 3,267,713.66 2.17%
$1,000,001 -- $2,000,000 1 1,258,313.83 0.84%
------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00%
==============================================================================
As of the initial cut-off date, the average current mortgage loan
principal balance of the Initial Mortgage Loans in loan group 2 is expected to
be approximately $303,050.78.
</TABLE>
<TABLE>
<CAPTION>
Documentation Program for Initial Mortgage Loans
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Type of Program Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Full 210 $ 62,708,071.96 41.63%
Alternative 173 46,884,770.77 31.13%
Reduced 95 34,706,704.66 23.04%
Clues Plus 13 4,612,088.30 3.06%
No Income/No Asset 5 1,539,817.70 1.02%
Streamlined 1 164,782.94 0.11%
------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Types of Mortgaged Properties
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Property Type Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 352 $104,859,744.30 69.62%
Condominium 26 7,513,635.58 4.99%
2-4 Family 8 2,492,841.71 1.66%
Planned Unit Development 111 35,750,014.73 23.74%
------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Occupancy Types(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Mortgage Balance Loans in
Occupancy Types Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Primary Residence 470 $142,155,110.39 94.38%
Investor Property 10 3,174,499.04 2.11%
Second Residence 17 5,286,626.90 3.51%
------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00%
==============================================================================
---------
(1) Based upon representations of the related Mortgagors at the time
of origination.
</TABLE>
<TABLE>
<CAPTION>
Remaining Terms to Maturity(1)
-------------------------------------------------------------------------------
Percent of
Number of Aggregate Initial
Initial Principal Mortgage
Remaining Term to Maturity Mortgage Balance Loans in
(Months) Loans Outstanding Loan Group 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
92 1 $ 99,010.40 0.07%
203 1 150,048.39 0.10%
239 1 164,782.94 0.11%
246 1 70,586.19 0.05%
252 1 452,989.55 0.30%
256 1 179,516.23 0.12%
298 1 84,827.81 0.06%
314 1 97,313.49 0.06%
315 1 153,998.49 0.10%
325 2 437,504.18 0.29%
326 2 973,504.46 0.65%
327 2 506,693.84 0.34%
328 4 630,220.78 0.42%
329 1 119,054.99 0.08%
338 1 90,124.55 0.06%
339 1 124,455.00 0.08%
343 2 138,119.37 0.09%
345 1 154,397.23 0.10%
346 1 642,682.30 0.43%
347 2 774,309.83 0.51%
349 2 145,567.27 0.10%
350 2 478,831.38 0.32%
351 1 49,640.63 0.03%
352 1 111,930.84 0.07%
354 2 255,483.86 0.17%
355 3 921,671.40 0.61%
356 9 2,839,576.54 1.89%
357 8 3,058,657.31 2.03%
358 28 7,328,041.16 4.87%
359 49 13,513,426.92 8.97%
360 364 115,869,269.00 76.93%
------------------------------------------------------------------------------
Total 497 $150,616,236.33 100.00%
==============================================================================
---------
(1) As of the initial cut-off date, the weighted average remaining
term to maturity of the Initial Mortgage Loans in loan group 2 is expected to
be approximately 358 months.
</TABLE>
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
<PAGE>
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 hereunto duly authorized.
CWMBS, INC.
By: /s/ Celia Coulter
--------------------
Celia Coulter
Vice President
Dated: September 14, 2000
