TO: All NASD Members and Other Interested Persons

Under the provisions of the NASD fidelity bonding rule (Article III, Section 32, NASD Rules of Fair Practice) all members who are required to be members of the Securities Investor Protection Corporation and who have employees must carry a fidelity bond.

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

"Regular-Way" transactions made on Tuesday, November 8, Election Day; and Friday, November 11, Veterans Day, and the days immediately preceding these days will be subject to the settlement date schedule listed below. The purpose of this schedule is to provide uniformity. While the NASDAQ System and other securities markets will be open on these days, many banking institutions will be closed.

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

TO: All NASD Members and NASDAQ Subscribers

TO: All NASD Members and NASDAQ Subscribers

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

An additional 49 issues will voluntarily join the NASDAQ National Market System on Tuesday, November 22, bringing the total number of NMS securities to 635. These 49 issues meet the SEC's criteria for voluntary designation, which include average monthly trading volume of 100,000 shares and a minimum bid price of $5.

The 49 issues scheduled to join NMS on Tuesday, November 22, 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, November 24, Thanksgiving Day; Monday, December 26, Christmas Day Observance; and Monday, January 2, 1984, New Year's Day Observance. "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: Selected NASD Members

Under the AT & T divestiture program, for every ten shares of existing ("old") AT & T owned, shareholders of record December 30, 1983 will receive one share in each of seven newly-formed regional holding companies, while continuing to own ten shares of divested ("new") AT & T as well.

TO: All NASD Members and Interested Persons

Listed below is the NASD's 1984 schedule of holidays.

TO: All NASD Members and Interested Persons

ATTENTION: Training Directors and Registration Personnel

I M P O R T A N T

Officers * Partners * Proprietors

TO: All NASD Members and Other Interested Persons

Earlier this year, the provisions under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") with respect to withholding on dividends and interest was repealed by Congress.

Shortly after the repeal of withholding, the Interest and Dividend Tax Compliance Act of 1983 ("The Act") was enacted as a compromise measure.