Government of the Federated States of Micronesia

FSM Investment Meeting in Honolulu Oct. 1-9

PALIKIR, Pohnpei (FSM Information Service): September 26,
1997 – FSM Vice President Leo A. Falcam, on September 17, 1997,
informed the FSM State Governors that the FSM Department of Finance
is arranging a meeting in Honolulu with its Money Managers, and
Merrill Lynch from October 1st to the 9th, 1997.

The purpose of the meeting is to meet with FSM Investment
Consultant Merrill Lynch and its Money Managers to review and develop
strategies that will optimize the returns on its investment
portfolios in the fiscal year 1998, in view of the sustained bullish
market over the past few months.

Also interviews will be conducted and a new fixed income Money
Manager chosen to replace Anhalt/O’Connell who are being terminated
due to their “under performance”. Falcam stated that Consultant for
FSM Martha Brown from Merrill Lynch has been invited to attend the
meeting.

The Directors of Finance of the State Governments have attended
past meetings. Thus, the State Governors have been advised that
nominations of state participants must be relayed to Administrator
Rose Nakanaga, Division of Investment, Department of Finance, at
telephone number (691) 320-2639 or fax number (691) 320-2380.