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NewMarkets International  NewMarkets International ("NewMarkets")
began its Year 2000 compliance project in 1998. NewMarkets has made its
Year 2000 compliance project a top priority and has committed to it significant
internal resources.
In June, 1998, NewMarkets formed a Year 2000 Task Force to (i) identify
Year 2000 compliance issues within our hardware, software, and business
systems and (ii) develop and implement Year 2000 compliance remedies as
necessary. NewMarkets has appointed its Controller, Jeff Stephens, to
head up this effort.
Systems
Audit
As a first step in the Year 2000 project, NewMarkets conducted a systems
audit to identify any computer systems, programs, and processes that are
affected by the Year 2000 and other date recognition problems. We started
this audit in August 1998 and completed it November 1998.
The audit revealed that NewMarkets' internal systems and client software
represent and compute dates in a manner that should allow them to function
properly past December 31, 1999. All such systems and software were written
within the last five years, and are based on modern programming tools
and standards.
Third
Party Y2K Compliance
The success of NewMarkets' Y2K compliance program depends in part on other
companies' efforts to achieve Y2K compliance. These are companies whose
systems or software interface in some manner with NewMarkets' systems,
or which are used by NewMarkets to perform its services.
In future relations with vendors and service providers, NewMarkets will
be seeking assurances with regard to the Year 2000 problem and associated
date recognition problems. NewMarkets is also in the process of contacting
existing vendors and service providers to inquire as to the status of
their Year 2000 remediation programs. (NewMarkets will not engage in independent
testing of third party products for Year 2000 compliance.)
In particular, NewMarkets' services utilize software provided by several
banks to facilitate the transfer of funds between accounts at various
banking institutions. NewMarkets is in the process of obtaining assurances
from those institutions that their software is Y2K compliant.
The status of NewMarkets' efforts with third parties is currently 100%
complete.
Note: The information received from third party companies regarding
the Y2K compliance status of their systems, products, and services contains
"Year 2000 Statements" (as that term is used in the Year 2000 Information
and Readiness Disclosure Act). NewMarkets is not the source of such statements.
Such statements are based on information supplied by the reporting companies.
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