Martin Luther King, Jr.'s Day: Trade Date-Settlement Date Schedule

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 Martin Luther King, Jr.'s Day, Monday, January 19, 1987. On Monday, January 19, 1987, 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.

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

It should be noted that January 19, 1987, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, buy-ins and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on January 19.

The foregoing settlement dates should be used by broker-dealers and municipal securities dealers for purposes of clearing and settling transactions pursuant to the NASD's Uniform Practice Code and Municipal Securities Rulemaking Board Rule G-12 on Uniform Practice.

Questions concerning this notice should be directed to the NASD's Uniform Practice Department at (212) 839-6256.

* Pursuant to Sections 220.8(b)(l) and (4) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a cash account if full payment is not received within seven (7) business days of the date of purchase or, pursuant to Section 220.8(d)(l) make application to extend the time period specified. The date by which members must take action is shown in the column entitled "Regulation T Date."