FEDERAL RESERVE BANK of NEW YORK

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Community Development
& Education

MONDAY, OCTOBER 19, 1998

NEW YORK--The Federal Reserve Bank of New York Monday approved the notification by Dresdner Bank AG, Frankfurt, Germany, to acquire, through Dresdner RCM Global Investors LLC, San Francisco, CA, 100 percent of the outstanding shares of Caywood-Scholl Capital Management, San Diego, CA, and thereby engage in: (i) financial and investment advisory activities; (ii) investment transactions as principal; and (iii) acting as a general partner of an investment fund.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.

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