UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                 LITIGATION RELEASE NO.  15981 /  November 19, 1998

          SECURITIES AND EXCHANGE COMMISSION v. EURO SECURITY FUND, et al.,
              No. 98-Civ-7347 (DLC) (S.D.N.Y.) (amended complaint filed
                                 November 17, 1998)

          SEC AMENDS COMPLAINT AND COURT ENTERS PRELIMINARY INJUNCTION AND
            EXTENDS ASSET FREEZE IN INSIDER TRADING CASE AGAINST FOREIGN
             BUYERS OF ELSAG BAILEY PROCESS AUTOMATION, N.V., STOCK AND
                                       OPTIONS

               The Securities and Exchange Commission announced the filing
          of an amended complaint in its insider trading case against
          certain foreign purchasers who bought Elsag Bailey stock and
          options before the October 14, 1998, announcement of ABB Asea
          Brown Boveri Ltd.'s tender offer for the company's securities.
          In its amended complaint, the Commission identified certain
          defendants previously described as "one or more unknown
          purchasers" in the original complaint, added insider trading
          claims against additional defendants, and identified additional
          trades in its insider trading claims against existing defendants.

               In addition to Euro Security Fund and Coim, the original
          defendants in this action now identified in the amended complaint
          included Ron Sleegers, a vice president for ABB in Zurich,
          Switzerland, and International Structures Consulting, B.V., a
          Dutch company Sleegers controls;  Giovanni Piacitelli, an Italian
          national who is a registered representative at Schroder & Co.,
          Inc.'s offices in Grenolier and Geneva, Switzerland, and who
          handled the Elsag Bailey trades by Euro Security Fund, Coim and
          Pictet & Cie; Pierre Bottinelli, who is Piacitelli's supervisor
          at Schroder; Franck Hakkert, H.J.M. De Boer, C.J. Broekema and
          E.H. Van Geenen, all of whom are residents of the Netherlands
          with direct or indirect ties to Elsag Bailey employees; and a
          Mrs. A. Verkaik, also a resident of the Netherlands.

               In its amended complaint, the Commission named as additional
          defendants Mario Merello and Fabrizzio Pessina, both officers of
          Euro Security Fund, Francesco Marotta, a principal of Coim,
          Meindert Panagiotis Hakkert and Hendrik Marinus Bouwmeester, both
          Elsag Bailey employees, and Hans P. Romanesko, a former Elsag
          Bailey employee.

               The Commission's amended complaint expanded its insider
          trading claims against Sleegers and Euro Security Fund to include
          additional trades beginning on September 8, 1998, and added
          insider trading claims against another ABB employee, Urs Heller,
          and his wife.  These additional trades increased to approximately
          $7.4 million the total of allegedly illegal insider trading
          profits.

               On November 2, 1998, the Hon. Denise L. Cote of the U.S.
          District Court for the Southern District of New York, held an
          evidentiary hearing on in this case and concluded that the
          Commission made a substantial showing that it was likely to
          succeed on its insider trading claims.  On November 10, 1998, the
          Court entered an Order for a Preliminary Injunction and Asset
          Freeze preliminarily enjoining certain defendants from future
          violations of Section 10(b) of the Securities Exchange Act and
          Rule 10b-5 thereunder and continuing with limited modifications
          the October 19, 1998, freeze on some $6.6 million of the
          defendants' assets until a final adjudication on the merits.
          (See LR-15942, October 20, 1998.)

               The Court entered the Order against defendants Euro Security
          Fund and Coim S.A., against C.J. Broekema, H.J.M. De Boer, F.
          Hakkert, E.H. van Geenen, and Mrs. A. Verkaik, and against one or
          more other purchasers through Banca Privata Solari & Blum, Banque
          Cantonale Vaudoise, and ABN Amro Bank, N.V., who were still
          unidentified at the time of the hearing.  The Court allowed these
          defendants ten days to apply for reconsideration on the grounds
          that they did not receive sufficient notice to allow for an
          appearance at the preliminary injunction hearing.

               The Court also signed orders on joint stipulations as to
          defendants Ron Sleegers and International Structures Consulting
          B.V., Pictet & Cie-Geneva and Giovanni Piacitelli, continuing its
          October 19, 1998, Temporary Restraining Order with certain
          limited modifications as to discovery deadlines and as to the
          sale of the Elsag Bailey securities identified in the
          Commission's complaint.  The stipulated orders remain in effect
          until otherwise ordered by the Court.  The stipulated orders and
          the Order for a Preliminary Injunction and Asset Freeze expressly
          allow the defendants to dispose of their Elsag Bailey stock or
          options provided the proceeds of any such sales are retained
          subject to the Court's asset freeze.