November        , 2000



Securities and Exchange Commission
450 Fifth Street, NW

Washington, DC.  20549


Re:    Boston Financial Qualified Housing Tax Credits L.P. III
       Report on Form 10-QSB for Quarter Ended September 30, 2000
       File Number 01-18462


Dear Sir/Madam:

Pursuant to the requirements of Section 15(d) of the Securities  Exchange Act of
1934, filed herewith is one copy of subject report.

Very truly yours,




/s/Stephen Guilmette

Stephen Guilmette
Assistant Controller

QH3-Q2.DOC


<PAGE>


                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[ X ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

For the quarterly period ended               September 30, 2000
                                  ---------------------------------------------

                                       OR

[   ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934


For the transition period from                       to
                               -------------------       -----------------------


                         Commission file number      01-18462
                                                  ---------------
                Boston Financial Qualified Housing Tax Credits L.P.  III
------------------------------------------------------------------------------
                (Exact name of registrant as specified in its charter)


                   Delaware                             04-3032106
       ------------------------------       -----------------------------------
      (State or other jurisdiction of       (I.R.S. Employer Identification No.)
       incorporation or organization)


   101 Arch Street, Boston, Massachusetts                 02110-1106
  ---------------------------------------                 ----------
    (Address of principal executive offices)              (Zip Code)


Registrant's telephone number, including area code          (617)  439-3911
                                                         ----------------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                   Yes X No .


<PAGE>


             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                                TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION                                         Page No.
------------------------------                                         --------

Item 1. Financial Statements

         Balance Sheet - September 30, 2000 (Unaudited)                    1

         Statements of Operations (Unaudited) - For the Three and Six

           Months Ended September 30, 2000 and 1999                        2

         Statement of Changes in Partners' Equity (Deficiency)
           (Unaudited) - For the Six Months Ended September 30, 2000       3

         Statements of Cash Flows (Unaudited) - For the

           Six Months Ended September 30, 2000 and 1999                    4

         Notes to the Financial Statements (Unaudited)                     5

Item 2.  Management's Discussion and Analysis of Financial
           Condition and Results of Operations                             7

PART II - OTHER INFORMATION

Items 1-6                                                                  10

SIGNATURE                                                                  11


<PAGE>


             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                                     BALANCE SHEET

                               September 30, 2000

                                   (Unaudited)
<TABLE>
<CAPTION>

Assets

<S>                                                                                              <C>
Cash and cash equivalents                                                                        $     116,806

Marketable securities, at fair value                                                                   696,102
Investments in Local Limited Partnerships, net  (Note 1)                                            12,243,979
Interest receivable                                                                                     11,281
Note receivable                                                                                      1,328,367
                                                                                                 -------------

     Total Assets                                                                                $  14,396,535
                                                                                                 =============


Liabilities and Partners' Equity

Accounts payable to affiliates                                                                   $   2,672,651
Accounts payable and accrued expenses                                                                  301,697
Note payable, affiliate                                                                                514,968
                                                                                                 -------------

     Total Liabilities                                                                               3,489,316
                                                                                                 -------------


General, Initial and Investor Limited Partners' Equity                                              10,905,177
Net unrealized gains on marketable securities                                                            2,042
                                                                                                 -------------
     Total Partners' Equity                                                                         10,907,219
                                                                                                 -------------
     Total Liabilities and Partners' Equity                                                      $  14,396,535
                                                                                                 =============
</TABLE>

 The  accompanying  notes  are  an  integral  part  of  these
financial statements.
<PAGE>

             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership
                            STATEMENTS OF OPERATIONS

             the Three and Six Months Ended September 30, 2000 and 1999

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                        Three Months Ended                 Six Months Ended
                                                                    September 30,                      September 30,
                                                  September 30,         1999          September 30,        1999
                                                      2000           (Restated)           2000          (Restated)
                                                 --------------   ---------------   --------------     -----------
Revenue:
<S>                                              <C>              <C>               <C>                <C>
   Investment                                    $      12,042    $        9,755    $      22,810      $     20,760
   Other                                                17,895            25,307           55,962            49,993
                                                 -------------    --------------    -------------      ------------
       Total Revenue                                    29,937            35,062           78,772            70,753
                                                 -------------    --------------    -------------      ------------

Expenses:
   Asset management fees, related party                 99,521            97,540          190,066           189,355
   General and administrative (includes
     reimbursements to affiliates of $111,487
     and $67,024 in 2000 and 1999,
     respectively)                                     102,169            66,984          219,911           170,426
   Provision for valuation of investments in
     Local Limited Partnerships                         10,000         1,575,679                -         1,495,040
   Interest                                              1,000             1,500            2,500             3,000
   Amortization                                         21,011            34,892           44,662            67,871
                                                 -------------    --------------    -------------      ------------
       Total Expenses                                  233,701         1,776,595          457,139         1,925,692
                                                 -------------    --------------    -------------      ------------

Loss before equity in losses of Local Limited
   Partnerships, and loss on liquidation of
   interest in Local Limited Partnership              (203,764)       (1,741,533)        (378,367)       (1,854,939)

Equity in losses of Local Limited Partnerships

   (Note 1)                                           (542,832)         (656,663)        (947,970)       (1,359,658)

Loss on liquidation of interest in Local
   Limited Partnership (Note 2)                              -                 -                -          (193,883)
                                                 -------------    --------------    -------------      ------------

Net Loss                                         $    (746,596)   $   (2,398,196)   $  (1,326,337)     $ (3,408,480)
                                                 =============    ==============    =============      ============

Net Loss allocated:
   To General Partners                           $      (7,466)   $      (23,982)   $     (13,263)     $    (34,085)
   To Limited Partners                                (739,130)       (2,374,214)      (1,313,074)       (3,374,395)
                                                 -------------    --------------    -------------      ------------
                                                 $    (746,596)   $   (2,398,196)   $  (1,326,337)     $ (3,408,480)
                                                 =============    ==============    =============      ============
Net Loss per Limited Partnership

   Unit (100,000 Units)                          $       (7.39)   $      (23.74)    $     (13.13)      $     (33.74)
                                                 =============    =============     ============       ============
</TABLE>
 The  accompanying  notes  are  an  integral  part  of  these
financial statements.

<PAGE>

             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

              STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)

                   For the Six Months Ended September 30, 2000

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                         Net
                                                        Initial        Investor      Unrealized
                                        General         Limited         Limited        Gains
                                       Partners        Partners        Partners       (Losses)         Total

<S>                                   <C>             <C>            <C>             <C>           <C>
Balance at March 31, 2000             $  (753,529)    $   5,000      $  12,980,043   $      (999)  $  12,230,515
                                      -----------     ---------      -------------   -----------   -------------

Comprehensive Income (Loss):
   Change in net unrealized losses
     on marketable securities
     available for sale                         -             -                  -         3,041           3,041
   Net Loss                               (13,263)            -         (1,313,074)            -      (1,326,337)
                                      -----------     ---------      -------------   -----------   -------------
Comprehensive Income (Loss)               (13,263)            -         (1,313,074)        3,041      (1,323,296)
                                      -----------     ---------      -------------   -----------   -------------

Balance at September 30, 2000         $  (766,792)    $   5,000      $  11,666,969   $     2,042   $  10,907,219
                                      ===========     =========      =============   ===========   =============
</TABLE>
 The  accompanying  notes  are  an  integral  part  of  these
financial statements.

<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                            STATEMENTS OF CASH FLOWS

              For the Six Months Ended September 30, 2000 and 1999

                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                                      1999
                                                                                  2000             (Restated)
                                                                             -------------       ------------

<S>                                                                          <C>                 <C>
Net cash used for operating activities                                       $     (64,479)      $    (123,001)

Net cash provided by investing activities                                            8,492              81,177
                                                                             -------------       -------------

Net decrease in cash and cash equivalents                                          (55,987)            (41,824)

Cash and cash equivalents, beginning                                               172,793             338,993
                                                                             -------------       -------------

Cash and cash equivalents, ending                                            $     116,806       $     297,169
                                                                             =============       =============

Supplemental Disclosure:
    Cash paid for interest                                                   $       2,500       $           -
                                                                             =============       =============
</TABLE>

 The  accompanying  notes  are  an  integral  part  of  these
financial statements.
<PAGE>


             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                        Notes to the Financial Statements

                                   (Unaudited)

The  unaudited  financial  statements  presented  herein  have been  prepared in
accordance  with the  instructions  to Form 10-QSB and do not include all of the
information  and note  disclosures  required by  generally  accepted  accounting
principles.  These  statements  should be read in conjunction with the financial
statements and notes thereto included with the Partnership's Form 10-KSB for the
year ended  March 31,  2000.  In the  opinion  of  management,  these  financial
statements  include  all  adjustments,   consisting  only  of  normal  recurring
adjustments,  necessary to present fairly the Partnership's  financial  position
and results of  operations.  The results of operations for the period may not be
indicative of the results to be expected for the year.

The Managing  General Partner has elected to report results of the Local Limited
Partnerships  on a 90 day lag  basis,  because  the Local  Limited  Partnerships
report  their  results on a calendar  year  basis.  Accordingly,  the  financial
information  of  the  Local  Limited   Partnerships  that  is  included  in  the
accompanying financial statements is as of June 30, 2000 and 1999.

1.   Investments in Local Limited Partnerships

The  Partnership  uses the equity method to account for its limited  partnership
interests  in  fifty-two  Local  Limited  Partnerships  which  own  and  operate
multi-family  housing  complexes,  most of which  are  government-assisted.  The
Partnership,  as Investor  Limited Partner pursuant to the various Local Limited
Partnership   Agreements  which  contain  certain   operating  and  distribution
restrictions,  has acquired a 99% interest in the profits,  losses,  tax credits
and cash flows from operations of each of the Local Limited Partnerships, except
for Granite,  Colony  Apartments,  Harbour View,  Willow Lake and  Breckenridge,
where the  Partnership's  ownership  interest is 97%, 49%, 48.96%,  98% and 98%,
respectively.  Upon dissolution,  proceeds will be distributed according to each
respective partnership agreement.

The  following is a summary of  Investments  in Local  Limited  Partnerships  at
September 30, 2000:

Capital  contributions  and  advances  paid to Local
   Limited  Partnerships  and purchase price paid
   to withdrawing partners of Local Limited Partnerships          $  68,121,077


Cumulative equity in losses of Local Limited Partnerships
   (excluding cumulative unrecognized losses of $54,433,664)        (52,863,068)


Cumulative cash distributions received from
   Local Limited Partnerships                                        (3,169,197)
                                                                  -------------

Investments in Local Limited Partnerships before adjustment          12,088,812


Excess of investment cost over the underlying net assets acquired:

   Acquisition fees and expenses                                      6,220,170

   Accumulated amortization of acquisition fees and expenses         (1,675,832)
                                                                  -------------

Investments in Local Limited Partnerships before
   reserve for valuation                                             16,633,150


Reserve for valuation of investments in
   Local Limited Partnerships                                        (4,389,171)
                                                                  -------------
Investments in Local Limited Partnerships                         $  12,243,979
                                                                  =============


<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                    Notes to Financial Statements (continued)

                                   (Unaudited)

1.   Investments in Local Limited Partnerships (continued)
     ----------------------------------------------------

The Partnership's share of the net losses of the Local Limited  Partnerships for
the six months ended September 30, 2000 is $3,303,858.  For the six months ended
September 30, 2000, the Partnership  has not recognized  $2,376,397 of equity in
losses relating to certain Local Limited Partnerships in which cumulative equity
in losses  and  distributions  exceeded  its total  investments  in these  Local
Limited   Partnerships.   The  Partnership   recognized  $20,509  of  previously
unrecognized losses in the six months ended September 30, 2000.

2.   Liquidation of Interest in Local Limited Partnership

For  financial  reporting  purposes,  loss on  liquidation  of interest in Local
Limited Partnership of $193,883 was recognized in the period ended September 30,
1999 as a result of the redemption of Boulevard Commons II.


<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain matters  discussed herein constitute  forward-looking  statements within
the  meaning  of the  Private  Securities  Litigation  Reform  Act of 1995.  The
Partnership  intends such  forward-looking  statements to be covered by the safe
harbor provisions for forward-looking statements and is including this statement
for  purposes of  complying  with these safe  harbor  provisions.  Although  the
Partnership  believes the  forward-looking  statements  are based on  reasonable
assumptions,  the Partnership can give no assurance that their expectations will
be attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due to
a number of factors,  including,  without limitation,  general economic and real
estate conditions and interest rates.

Liquidity and Capital Resources

The Partnership  had a decrease in cash and cash  equivalents of $55,987 for the
six months ended September 30, 2000. This decrease is primarily  attributable to
purchases of marketable securities and cash used for operations. These decreases
are  partially  offset by proceeds  from sales of  marketable  securities,  cash
distributions  received from Local Limited  Partnerships  and repayment of notes
receivable from affiliate.

The Managing  General Partner  initially  designated 3% of the Gross Proceeds as
Reserves.  The Reserves were  established to be used for working  capital of the
Partnership  and  contingencies  related  to  the  ownership  of  Local  Limited
Partnership  interests.  The Managing  General  Partner may increase or decrease
such Reserves from time to time, as it deems appropriate.  During the year ended
March 31, 1993,  the Managing  General  Partner  decided to increase the Reserve
level to 3.75%.  Professional  fees relating to various property issues totaling
approximately $2,027,000 have been paid from Reserves. To date, Reserve funds in
the  amount of  approximately  $434,000  have also been used to make  additional
capital contributions to three Local Limited  Partnerships,  and the Partnership
has paid approximately  $897,000 (net of paydowns) to purchase the mortgage of a
Local Limited  Partnership.  To date,  the  Partnership  has used  approximately
$2,256,000  of operating  funds to replenish  Reserves.  At September  30, 2000,
approximately  $638,000 of cash, cash equivalents and marketable securities have
been designated as Reserves.  Reserves may be used to fund Partnership operating
deficits, if the Managing General Partner deems funding appropriate. If Reserves
are not adequate to cover the  Partnership's  operations,  the Partnership  will
seek other  financing  sources  including,  but not limited to, the  deferral of
Asset  Management  Fees paid to an affiliate of the Managing  General Partner or
working with Local Limited Partnerships to increase cash distributions.

In the  event a Local  Limited  Partnership  encounters  operating  difficulties
requiring  additional funds, the Partnership might deem it in its best interests
to provide  such funds,  voluntarily,  in order to protect its  investment.  The
Partnership has advanced approximately  $2,010,000 to Local Limited Partnerships
to fund operating deficits.

Since the  Partnership  invests as a limited  partner,  the  Partnership  has no
contractual  duty to  provide  additional  funds to Local  Limited  Partnerships
beyond its specified  investment.  Thus, at September 30, 2000, the  Partnership
had no contractual or other  obligation to any Local Limited  Partnership  which
had not been paid or provided for.

Cash Distributions

No cash distributions were made during the six months ended September 30, 2000.


<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

             FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


Results of Operations

For the three and six months ended  September 30, 2000,  Partnership  operations
resulted in net losses of $746,596 and  $1,326,337,  respectively as compared to
net losses of $2,398,196 and  $3,408,480,  respectively  for the same periods in
1999.  These decreases in net losses are primarily  attributable to decreases in
provisions  for  valuation  of   investments  in  Local  Limited   Partnerships.
Provisions  for  valuation of  investments  in Local  Limited  Partnerships  was
incurred  during the three and six months  ended  September  30, 1999 due to the
reserve of  advances  to the Local  Limited  Partnerships.  The  decrease in net
losses  for  the  three  and  six  months  ended  September  30,  2000  is  also
attributable to a decrease in equity in losses of Local Limited Partnerships due
to an increase in unrecognized losses.

Property Discussions

Boulevard  Commons IIA,  located in Chicago,  Illinois  continues to generate an
operating  deficit.  Expense  levels at the property are high due to  increasing
maintenance,  capital needs,  security  issues and high  turnover.  The Managing
General  Partner  developed  a plan with the Local  General  Partner to transfer
ownership  of the  property  to the Local  General  Partner.  The plan  includes
provisions to minimize the risk of recapture.  In 1999, the Partnership redeemed
49.5% of its interest in Boulevard  Commons IIA and in 2000, plans to redeem all
but 1% of the  remaining  half.  The final  redemption  will occur in 2001.  The
redemption of the  Partnership's  interest  avoided a possible  recapture event.
However,  the redemption  will cause  investors to have minimal  taxable gain or
loss for the 2000 tax year, depending upon the tax basis of the property.

Although  operations  at  Breckenridge  Creste  (Duluth,  Georgia) have slightly
improved over the past year,  the property  operated  below  break-even  for the
period  ending   September  30,  2000  primarily  due  to  significant   capital
improvements  made at the  property  during  the third  quarter.  As  previously
reported,  the Managing General Partner continues to work closely with the Local
General Partner and the Lender to develop a plan that will  ultimately  transfer
ownership of the property.  The plan includes provisions to minimize the risk of
recapture.

As previously  reported,  Harbour View,  located in Staten Island, New York, had
defaulted on its HUD-insured loan. Subsequently, the lender assigned the loan to
HUD. In  December  1996,  the  mortgage  was sold at auction to an  unaffiliated
institutional  buyer.  The Managing  General  Partner and Local General  Partner
continue to participate in workout discussions with the new lender. However, the
Managing General Partner expects that the Partnership will not be able to retain
its  interest in the  property  and that a  foreclosure  will occur in the first
quarter  of 2001.  A  foreclosure  will  result  in  recapture  of  credits  for
investors,  the  allocation  of taxable  income to the  Partnership  and loss of
future benefits associated with this property.

As previously reported,  Pleasant Plaza, located in Malden,  Massachusetts,  and
South Holyoke,  located in Holyoke,  Massachusetts,  receive a subsidy under the
State Housing  Assistance Rental Program (SHARP),  which is an important part of
their annual income. As originally conceived, the SHARP subsidy was scheduled to
decline over time to match increases in net operating income. However, increases
in net  operating  income  failed  to keep pace  with the  decline  in the SHARP
subsidy.  Many of the  SHARP  properties  (including  Pleasant  Plaza  and South
Holyoke) structured  workouts that included additional  subsidies in the form of
Operating  Deficit Loans (ODL's).  Effective  October 1, 1997, the Massachusetts
Housing  Finance Agency (MHFA),  which  provided the SHARP  subsidies,  withdrew
funding of the  Operating  Deficit  Loans.  Properties  unable to make full debt
service payments were declared in default by MHFA. The Managing General Partner,
separate from its responsibilities to Pleasant Plaza or South Holyoke,  joined a
group of SHARP property owners called the Responsible  SHARP Owners,  Inc. (RSO)
and is negotiating with MHFA to find a solution to the problems that will result
from  the  withdrawn  subsidies.  Given  existing  operating  deficits  and  the
dependence on these  subsidies by Pleasant Plaza and South Holyoke  House,  both
properties are in default on their mortgage obligations.  On September 16, 1998,
the  Partnership  also  joined  with the RSO and about 20 other  SHARP  property
owners and filed suit against the MHFA (Mass. Sup. Court Civil Action #98-4720).
Among other things, the suit seeks to enforce the MHFA's previous


<PAGE>

             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. III

                             (A Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

             FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


Property Discussions (continued)
-------------------------------

financial commitments to the SHARP properties. The lawsuit is complex and in its
early  stages,  so no  predications  can be made at this time as to the ultimate
outcome.  In the meantime,  the Managing  General Partner intends to continue to
participate  in the RSO's  efforts to negotiate a resolution of this matter with
MHFA. Pleasant Plaza was included in a "Dilution Pool" composed of approximately
20 of the 77 SHARP  properties.  MHFA made an offering to Wall Street  brokerage
houses, which consisted primarily of an effort to sell the tax losses, generated
by the 20 partnerships,  assuming restructured mortgages.  Because so few owners
responded positively to the dilution proposal, it is unlikely that there will be
sufficient  participation  to proceed with  restructuring.  The Managing General
Partner  continues  to work to resolve  these  issues and  minimize  adverse tax
consequences to the Partnership.

Waterfront and Shoreline,  both located in Buffalo,  New York,  continue to have
operating deficits as a result of a soft rental market, deferred maintenance and
security  issues.  Shoreline  was approved  for the 1998 New Approach  Anti-Drug
Grant.  The Grant was issued in February  1999 and is being used to support drug
prevention,  educational  programs and increased  security on the property.  The
property  still  experiences  fluctuating  occupancy  and as of June 30, was 75%
occupied.  Waterfront  was 71% occupied.  The  Management  Agent has applied for
consideration  for a Project  Improvement  Program  (PIP) and applied for a Safe
Neighborhood  Grant  for both  Waterfront  and  Shoreline.  At this  point,  the
Management  Agent is not funding  deficits  and  payables  have  increased.  The
Managing  General  Partner is working  closely with the Local General Partner to
develop a plan that will address these issues.

The Partnership has implemented  policies and practices for assessing  potential
impairment of its investments in Local Limited Partnerships. Real estate experts
analyze the investments to determine if impairment  indicators exist. If so, the
carrying value is compared to the undiscounted  future cash flows expected to be
derived from the asset. If there is a significant  impairment in carrying value,
a  provision  to write  down the asset to fair  value  will be  recorded  in the
Partnership's financial statements.


<PAGE>




PART II       OTHER INFORMATION

Items 1-5     Not applicable

Item 6        Exhibits and reports on Form 8-K

                (a)Exhibits - None

                (b)Reports  on Form 8-K - No  reports  on Form  8-K  were  filed
                   during the quarter ended September 30, 2000.


<PAGE>


                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

DATED: November        , 2000       BOSTON FINANCIAL QUALIFIED HOUSING TAX
                                    CREDITS L.P. III

                                      By:  Arch Street III, Inc.,
                                           its Managing General Partner

                                           /s/Randolph G. Hawthorne

                                           Randolph G. Hawthorne
                                           Managing Director, Vice President and
                                           Chief Operating Officer


<PAGE>