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

NASDAQ 1983 SHARE VOLUME REACHES 15.9 BILLION MARK; 88.7% INCREASE OVER RECORD 1982 8.4 BILLION

1983 NASDAQ volume reached 15.9 billion shares, an all-time record and an 88.7% increase over 1982 volume. The 15.9 billion shares represented 74% of the NYSE's 1983 volume and 750% of that of the AMEX.

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

An additional 12 securities will join the 728 already designated to trade in the NASDAQ National Market System on Tuesday, February 7, 1984. These securities have met the mandatory NMS designation requirements which include an average trading volume of 600,000 shares a month and a minimum bid price of $10 on the last five business days of 1983.

TO: All NASD Members and Other Interested Persons

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

On Tuesday, February 14, the National Market System will include 789 securities as 50 more NASDAQ securities are phased into the System. (A week earlier, 12 mandatory designations will join NMS).

These 50 securities meet the SEC's voluntary designation criteria, which include six-month average trading volume of 100,000 shares a month and a minimum bid price of $5.

The 50 securities scheduled for NMS trading on February 14 are:

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On January 23, 1984, the United States District Court for the Southern District of New York appointed a SIPC Trustee for the above captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12 (h)(iv) provides that members may use the above procedures to close out transactions in municipal securities.

I M P O R T A N T

Officers * Partners * Proprietors

TO: All NASD Members and Other Interested Persons

During the past year, the Association has taken an active role in attempting to assist members in their obligation to comply with the complex requirements imposed by both the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") and the Interest and Dividend Tax Compliance Act of 1983 (the "Act").

I M P O R T A N T

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members and Other Interested Persons

SUMMARY

TO: ALL NASD MEMBERS

ATTN: Operations Officer, Cashier, Fail-Control Department

On January 31, 1984, the United States District Court for the District of New Jersey appointed a Temporary Receiver for the above captioned firm.

Court order permits firm to settle open contracts with other broker-dealers. All inquiries regarding the firm should be directed to the Temporary Receiver, as noted below:

Temporary Receiver

TO: ALL NASD MEMBERS

ATTN: Operations Officer, Cashier,, Fail-Control Department

On January 31, 1984, the United States District Court for the Central District of California appointed a SIPC trustee for the above captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i) of the NASD's Uniform Practice Code to close-out open OTC contracts. Also, MSRB Rule G-12 (h)(iv) provides that members may use the above procedures to close-out transactions in municipal securities.

Questions regarding the firm should be directed to:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel