SECURITIES AND EXCHANGE COMMISSION

   Litigation Release No. 16367 / November 22, 1999

   SEC v. EURO SECURITY FUND, MARIO MERELLO, FABRIZIO PESSINA, COIM SA,
   FRANCESCO MAROTTA, PICTET & CIE-GENEVA, GIOVANNI PIACITELLI, PIERRE
   BOTTINELLI, RON SLEEGERS, INTERNATIONAL STRUCTURES CONSULTING B.V.,
   URS HELLER, MRS. URS HELLER, MEINDERT PANAGIOTIS HAKKERT, FRANCK
   HAKKERT, H.J.M. DE BOER, C.J. BROEKEMA, E.H. VAN GEENEN, HENDRIK
   MARINUS BOUWMEESTER, HANS P. ROMANESKO, MRS. A. VERKAIK, AND ONE OR
   MORE UNKNOWN PURCHASERS OF COMMON STOCK OF ELSAG BAILEY PROCESS
   AUTOMATION, N.V., Civil Action No. 98 Civ. 7347 (S.D.N.Y.) (DLC, MHD)

   SEC OBTAINS MORE THAN $500,000 FROM FOREIGN DEFENDANTS IN INSIDER
   TRADING CASE, INCLUDING SETTLEMENT WITH FORMER ABB ASEA BROWN BOVERI
   VICE PRESIDENT.

   The Securities and Exchange Commission announced that on November 19,
   1999, Judge Denise L. Cote of the U.S. District Court for the Southern
   District of New York signed final judgments in an insider trading case
   requiring, among other things, payment of more than $400,000 in
   settlement of the SEC's illegal insider trading charges against Ron
   Sleegers, a former vice president of Swiss-based ABB Asea Brown Boveri
   Ltd., and the Dutch company he owns.

   The SEC's case involves allegations of illegal insider trading in the
   stock and call options on the stock of Netherlands-based Elsag Bailey
   Process Automation, N.V. during the weeks before the October 14, 1998
   public announcement that ABB had agreed to make a cash tender offer
   for Elsag. The SEC alleges in an amended complaint filed on November
   17, 1998, among other things, that (1) Ron Sleegers, then a vice
   president for ABB in Zurich, Switzerland, who was involved in
   formulating ABB's tender offer for Elsag; (2) International Structures
   Consulting, B.V., a Dutch company wholly owned by Sleegers; and (3)
   Astrid Verkaik, a personal friend of Sleegers', illegally purchased
   stock and call options on the stock of Elsag for more than $150,000 in
   advance of the October 14, 1998 announcement.

   Without admitting or denying the SEC's substantive allegations,
   Sleegers, International Structures, and Verkaik consented to the entry
   of a final judgment permanently enjoining them from violations of
   Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and
   Rules 10b-5 and 14e-3 thereunder, and requiring disgorgement of
   $408,938 in trading profits plus prejudgment interest of $26,871.53.

   Independent of the settlements described above, Pierre Bottinelli, a
   registered representative for Schroder & Co., Inc. in Switzerland, was
   dismissed without prejudice as a defendant in this case.