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:

TO: All NASD Members and Interested Persons

ATTN: Compliance and Registration Personel

This notice reviews the application of certain qualification and registration requirements of Schedule C of the NASD By-Laws for persons who solicit new accounts on behalf of members. It also announces the Securities and Exchange Commission's approval of an amendment to Schedule C, which expands the products that may be sold by Limited Representatives—Investment Company and Variable Contracts Products.

Registration of Persons Soliciting Accounts on Behalf of Members

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

LAST DATE FOR COMMENT: AUGUST 30, 1985.

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

On Tuesday, August 6, 1985, 32 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 2,077. These 32 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 32 issues scheduled to join NASDAQ/NMS on Tuesday, August 6, 1985, are:

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On July 30, 1985, the United States District Court for the Southern District of New York appointed a Temporary Receiver for the above-captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i)(2) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12(h)(iii) provides that members may use the above procedures to close out transactions in municipal securities.

IMPORTANT

TO: All NASD Members and Other Interested Persons

In November 1984, the SEC approved, by a split vote, the NASD's longstanding petition that the Commission amend its rule governing the qualifications for companies seeking inclusion in the NASDAQ National Market System.