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ea

  a ts eat ES exc mad, Sacks C:.

  ES ad Street

  ~ New York, NY 10 D4.24-

nvestment t13hjEc was 212-e02-1 CCC



  Tttte~o Unt /J i p GQ l .~ n yr I a=unt Numoer



Tc: Cnldman, Sachs & Co.



Attention;





  J



A,

(Frint names ci your Goldman Sacks naaresentatives)

While indlviduzi transac lcns -,ay vary, my inve_strnant cc;ac.ves

wit rasped to securities t tins: lens, in star of creference. are

as follows (please indicate the otzlectlves aoplloabie to your

account, ustng " tc indirato your nlgheet ore:orenca hrcu;n "r

to indicate your lowest):



  growth a am more Interested In having the market veiue of

my portfolio grow over the long term than I am in current

lncome from my portfolio. I am prepared to aooept additional

risk to prindoei to actlle+e this growth.)

%; © income (I am more interested in obtaining a steady St-sam of

currant Income from my portfolio than ( am in growth o(my

partfoita.) -

  ' T'• safety of principal (1 am Interested primsrliy In preserving

the value of my assets, and I am willing to forego mote

growth or higher income.)

f') trading profits (I want to take advantage of short-term

trading opportunities. which may Involve eatabilshing and

than liquidating positions quir..ky.)

® speculation (I am interested in taking above-average risks to

principal In an attempt to achieve above-average returns.)



The above information regarding my lnvestrnent objectives

recresents my current preterer a _nd supersedes any indications

of such preferences that I may previously have provided to

Goldman Sachs with respect to securities transactions other than

Information specifically supplied with respect to options

transactions, If margin tranaactlcns are contemplated, I

aCcncwtedge that I have had an opportunity to diecues with you

the risks associated with the use of margin ane that the use of

margin is consistent with my Investment cbjec;ives, including, if

ap; llcable, the designation of safety cf principal a.e my primary

invment objective.

If my lnvestrnent GbI eaves c-ange, at the t;rne cf _uon orange I

M11 orally advise tie Ccidman Sacs rsorao tt atives identified

aoove and. alt the same time, will send to Goldman Sacks another

'Statement of Investment Cb(ecttves" providing written notice of

tie change !n irvezvn: , -t;ecbves.





Siena

Pkasse PTint Name

lermeth L. Lay

onto

  7/26/9

51gtm

Please Print Noah , l

L-Lm da P - Lay

Date

7/26/99



For Goidman, Saefla & Cs. usa any

  I

Arrrwnt Rearesanuwa Rae:alvmp Acour t Manager RenawinQ A==jMt



;ate



Os10 8187

  ~O~Q C~ra:c ,'J?Q i lul?



Date



  -.. J_ .u n . .. llc



LAY-G20 0910



BF001-00194



GOVERNMENT

EXHIBIT

  25

  Crim. No. H-04-25 (S-2)