IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS DECEMBER 31, 1986.

EXECUTIVE SUMMARY

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, December 2, 1986, 30 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,687. These 30 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 30 issues scheduled to join NASDAQ/NMS on Tuesday, December 2, 1986, are:

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JANUARY 5, 1987.

EXECUTIVE SUMMARY

The NASD requests comments on proposed amendments to Article II, Sections 3, 4 and 5 of the NASD By-Laws. The amendments would require controlling persons of a firm liquidated under the Securities Investor Protection Act of 1970 (SIPA) to undergo eligibility proceedings pursuant to the NASD Code of Procedure prior to becoming associated, or continuing in association, with an NASD member firm.

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, December 16, 1986, 26 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,709. These 26 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 26 issues scheduled to join NASDAQ/NMS on Tuesday, December 16, 1986, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Thursday, December 25, 1986, Christmas Day, and Thursday, January 1, 1987, New Year's Day. "Regular-way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

TO: All NASD Members and Other Interested Persons

ATTN: REGISTRATION, TRAINING AND COMPLIANCE PERSONNEL AND BRANCH OFFICE MANAGERS

The recently enacted Tax Reform Act of 1986 (the "Act") will impact the subject matter of the qualification examinations administered by the NASD. Existing test items affected by these changes will be modified to reflect the new provisions of the Act on January 1, 1987. New questions on relevant areas of the Act will also be added to the appropriate examinations on January 1, 1987.

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

The schedule of trade dates/settlement dates below reflect the observance by the financial community of Martin Luther King, Jr.'s Day, Monday, January 19, 1987. On Monday, January 19, 1987, the NASDAQ System and the exchange markets will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

This notice announces the adoption of amendments to Article III, Section 28 of the NASD Rules of Fair Practice and were made effective by the SEC on December 12, 1986. The amendments were adopted in response to a concern of the NASD Board of Governors regarding members' ability to supervise associated persons at non-NASD members.

The amendments impose disclosure requirements for securities activities in securities accounts held at any non-NASD member by NASD members' associated persons.

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, January 20, 1987, 17 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,729. These 17 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 17 issues scheduled to join NASDAQ/NMS on Tuesday, January 20, 1987, are:

TO: All NASD Members and Municipal Securities Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, February 16, 1987, in observance of Presidents' Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

The NASDAQ System and the banks in New York State will be open on February 12, 1987, Lincoln's Birthday.

Trade Date-Settlement Date Schedule For "Regular Way" Transactions