With paychecks dated January 15, 1999, the Office of the State Comptroller is distributing its first Quarterly Performance Report on the fund offerings of the revised Deferred Compensation (457) Program.

With respect to this Quarterly Report, please note the following:

• Employees are advised therein that The Travelers Life and Annuity Company informed the Comptroller's Office on December 11, 1998 of its business decision to withdraw from the revised Program.

• The fund offerings of Phoenix Home Life are not listed.

To the extent that the Quarterly Report generates questions concerning these matters, kindly advise inquiring employees that:

• Information will be provided to Travelers participants regarding their future treatment under the revised Program by the end of the month; and

• Phoenix Home Life's roster of investment alternatives under the revised Program should be available by the end of the month.

In the event that you require further assistance in dealing with questions, feel free to call me at (860) 702-3340; however, do not direct individual employee inquiries to me.

Thank you for your cooperation.

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