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

On Tuesday, May 24, 1983, 57 securities will join the 225 already trading in the NASDAQ National Market System. As a result, real-time trade reporting will be required in these securities commencing on that date.

These securities were selected from applications received from those companies with issues satisfying the voluntary designation criteria contained in Rule HAa2-l. The selection was made on the basis of the date the application was received by the NASD (first in-first on).

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, May 30, 1983, in observance of Memorial Day. "Regular-Way" transactions made on the business day preceding that day will be subject to the following schedule.

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

I M P O R T A N T

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS JUNE 20, 1983

The National Association of Securities Dealers, Inc. (the "Association") is submitting for membership vote a proposed new section of the Rules of Fair Practice which, if adopted, would replace the current Interpretation of the Board of Governors — Review of Corporate Financing pursuant to Article III, Section 1 of the Rules of Fair Practice.

TO: All NASD Members and Other Interested Persons

TO: All NASD Members And Interested Persons

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On Friday, May 27, 1983, the United States District Court for the Western District of Pennsylvania, appointed the Securities Investor Protection Corporation as Trustee for MBD Investors, Inc.

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.

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

The National Market System will expand to 329 securities on June 21 when 50 more NASDAQ issues are voluntarily added to the 279 securities already trading on the System.

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

The 50 securities scheduled to join NMS on June 21 are:

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On Wednesday, June 22, 1983, the United States District Court for the Central District of California appointed a SIPC Trustee for the above-captioned firm. Previously, a temporary receiver had been appointed for the firm on June 21, 1983.

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, July 4, 1983, in observance of Independence Day. "Regular-Way" transactions made on the business days preceding that day will be subject to the following schedule.

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

TO: All NASD Members

The Board of Governors of the Federal Reserve System has adopted a number of important revisions to Regulation T. These amendments are effective on November 21, 1983; however, at their option, members may elect to operate under the revised provisions after June 20, 1983. A detailed summary of the major revisions and the text of the amended rule follows.

These changes to Regulation T are part of an extensive program undertaken by the Federal Reserve Board over the last several years to simplify, update and revise all of its credit regulations.