TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On May 17, 1985, the United States District Court for the Southern District of New York appointed a SIPC Trustee for the above-captioned firm. Previously, a Temporary Receiver had been appointed for the firm on May 7, 1985.

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

On Tuesday, June 4, 1985, 23 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,998. These issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The issues scheduled to join NASDAQ/NMS on Tuesday, June 4, 1985, are:

TO: All NASD Members

ATTN: Compliance and Registration Personnel

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT IS JULY 10, 1985

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Thursday, July 4, 1985, in observance of Independence Day. "Regular-way" transactions made on the business days noted below will be subject to the following schedule.

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

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS JULY 12, 1985

Enclosed is a proposed new rule under Article III of the NASD Rules of Fair Practice. Proposed Section 39 was approved by the NASD'S Board of Governors and now requires the membership's approval. If approved, it must then be filed with and approved by the Securities and Exchange Commission. As discussed below, the proposed rule was published for member comment on August 22, 1983 (Notice to Members 83-48).

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

On Tuesday, June 18, 1985, 22 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 2,012. These 22 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 22 issues scheduled to join NASDAQ/NMS on Tuesday, June 18, 1985, are:

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

On Tuesday, July 2, 1985, 40 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,045. These 40 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 40 issues scheduled to join NASDAQ/NMS on Tuesday, July 2, 1985, are:

IMPORTANT

PLEASE DIRECT THIS NOTICE TO ALL SALES, COMPLIANCE AND CREDIT

TO: All NASD Members and Other Interested Persons

In Notice to Members 84-69, dated December 18, 1984, the NASD apprised the membership that the Comptroller of the Currency had issued notices concerning certain direct obligations that either may be worthless or have not been honored by a number of offshore bank licenses registered in Majuro, Marshall Islands.

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

On Tuesday, July 16, 1985, 21 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 2,057. These 21 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 21 issues scheduled to join NASDAQ/NMS on Tuesday, July 16, 1985, are: