Notice to Members 03-75

Notice of Meeting and Proxy

A proxy package was sent to each NASD Executive Representative on December 2.

The Annual Meeting of Members of NASD will be held on January 6, 2004, at 11:00 am, at the NASD Visitors Center, 1735 K Street, NW, in Washington, DC. The purpose of the meeting is to conduct the election of Governors to the NASD Board. Members can raise other topics for discussion by properly notifying NASD of these topics. The record date for the Annual Meeting is the close of business on December 1, 2003.

It is important that all members be represented at the Annual Meeting. Members are urged to vote in the election of Board members using one of the methods described below.

Questions regarding this Notice may be directed to:

Barbara Z. Sweeney
Office of the Corporate Secretary
1735 K Street, NW
Washington, DC 20006-1500