Trade Date-Settlement Date Schedule for 1992

New Year's Day: Trade Date-Settlement Date Schedule

Securities exchanges and The Nasdaq Stock Market^SM will be closed on Wednesday, January 1, 1992, in observance of New Year's Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

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

The schedule of trade dates-settlement dates below reflects the observance by the financial community of Martin Luther King, Jr., Day, Monday, January 20, 1992. On January 20, securities exchanges and The Nasdaq Stock Market will be open for trading. However, it will not be a settlement date because many of the nation's banking institutions will be closed.

Note: January 20, 1992, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on January 20 will be combined with transactions made on the previous business day, January 17, for settlement on January 27. Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, and buy-ins and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on January 20.

*Pursuant to Sections 220.8(b)(1) 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)(1), make application to extend the time period specified. The date by which members must take such action is shown in the column entitled "Reg. T. Date."

Presidents' Day: Trade Date-Settlement Date Schedule

Securities exchanges and The Nasdaq Stock Market will be closed on Monday, February 17, 1992, in observance of Presidents' Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

Good Friday: Trade Date-Settlement Date Schedule

Securities exchanges and The Nasdaq Stock Market will be closed on Good Friday, April 17, 1992. "Regular way" transactions made on the business days immediately preceding that day will be subject to the following schedule:

Memorial Day: Trade Date-Settlement Date Schedule

Securities exchanges and The Nasdaq Stock Market will be closed on Monday, May 25, 1992, in observance of Memorial Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Independence Day: Trade Date-Settlement Date Schedule

Securities exchanges and The Nasdaq Stock Market will be closed on Friday, July 3, 1992, in observance of Independence Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Labor Day: Trade Date-Settlement Date Schedule

Securities exchanges and The Nasdaq Stock Market will be closed on Monday, September 7, 1992, in observance of Labor Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule:

Columbus Day: Trade Date-Settlement Date Schedule

The schedule of trade dates-settlement dates below reflects the observance by the financial community of Columbus Day, Monday, October 12, 1992. On this day, securities exchanges and The Nasdaq Stock Market will be open for trading. However, it will not be a settlement date since many of the nation's banking institutions will be closed.

Note: October 12, 1992, is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on Monday, October 12, will be combined with transactions made on the previous business day, October 9, for settlement on October 19. Securities will not be quoted ex-dividend, and settlements, marks to the market, reclamations, and buy-ins and sell-outs, as provided in the Uniform Practice Code, will not be made and/or exercised on October 12.

Veteran's Day and Thanksgiving Day: Trade Date-Settlement Date Schedule

The schedule of trade dates-settlement dates below reflects the observance by the financial community of Veteran's Day, Wednesday, November 11, 1992, and Thanksgiving Day, Thursday, November 26, 1992. On Wednesday, November 11, securities exchanges and The Nasdaq Stock Market 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 Veteran's Day. All securities markets will be closed on Thursday, November 26, in observance of Thanksgiving Day.

Note: November 11, 1992 is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board.

Transactions made on November 11 will be combined with transactions made on the previous business day, November 10, for settlement on November 18. 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 November 11.

Christmas Day and New Year's Day: Trade Date-Settlement Date Schedule

Securities exchanges and The Nasdaq Stock Market will be closed on Friday, December 25, 1992, Christmas Day, and Friday, January 1, 1993, New Year's Day. "Regular way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

Brokers, dealers, and municipal securities dealers should use the foregoing settlement dates for purposes of clearing and settling transactions pursuant to the NASD Uniform Practice Code and Municipal Securities Rulemaking Board Rule G-12 on Uniform Practice.

Questions regarding the application of these settlement dates to a particular situation may be directed to the NASD Uniform Practice Department at (212) 858-4341.