TO: All NASD Members, NASDAQ Issuers and Other Interested Persons

LAST DATE FOR COMMENTS: SEPTEMBER 15, 1986.

The National Association of Securities Dealers, Inc. (NASD), requests comments on proposed revisions to Schedule D of the NASD By-Laws. Schedule D governs the operations of the NASDAQ System. The text of the proposed revisions is included as Attachment I. The text of the current Schedule D is included as Attachment II.

BACKGROUND

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

On Tuesday, August 19, 1986, 17 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,517. 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, August 19, 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 Monday, September 1, 1986, in observance of Labor Day. "Regular-way" transactions made on the business days immediately preceding that day will be subject to the following schedule.

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

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

On Tuesday, September 2, 1986, 27 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,550. These 27 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 27 issues scheduled to join NASDAQ/NMS on Tuesday, September 2, 1986, are:

TO: All NASD Members and Other Interested Persons

ATTN: Operations Principal, Cashier, Buy-in Personnel

EXECUTIVE SUMMARY

Last Date for Comments: October 1, 1986.

TO: All NASD Members and Other Interested Persons

ATTN: Operations Principal, Cashier

EXECUTIVE SUMMARY

Last Date for Comments: October 1, 1986.

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS OCTOBER 3, 1986.

EXECUTIVE SUMMARY

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

On Tuesday, September 16, 1986, 27 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,569. These 27 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 27 issues scheduled to join NASDAQ/NMS on Tuesday, September 16, 1986, are:

TO: All NASD Members and Other Interested Persons

The ribbon-cutting ceremony for the new 110,000-square-foot NASD Operations Center, which will serve the NASD membership and the NASDAQ market, will be September 17, 1986. The facility, located 18 miles north of Washington, D.C., in Rockville, Maryland, will support 200-million-share trading days and provide the first complete, back-up computer communications system of any securities market in the world.

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 Columbus Day, Monday, October 13, 1986. On this day, 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 in observance of Columbus Day.

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