TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Thursday, November 24, Thanksgiving Day; Monday, December 26, Christmas Day Observance; and Monday, January 2, 1984, New Year's Day Observance. "Regular Way" transactions made on the preceding business days will be subject to the settlement date schedule listed below.

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

TO: Selected NASD Members

Under the AT & T divestiture program, for every ten shares of existing ("old") AT & T owned, shareholders of record December 30, 1983 will receive one share in each of seven newly-formed regional holding companies, while continuing to own ten shares of divested ("new") AT & T as well.

TO: All NASD Members and Interested Persons

Listed below is the NASD's 1984 schedule of holidays.

TO: All NASD Members and Interested Persons

ATTENTION: Training Directors and Registration Personnel

I M P O R T A N T

Officers * Partners * Proprietors

TO: All NASD Members and Other Interested Persons

Earlier this year, the provisions under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") with respect to withholding on dividends and interest was repealed by Congress.

Shortly after the repeal of withholding, the Interest and Dividend Tax Compliance Act of 1983 ("The Act") was enacted as a compromise measure.

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

An additional 51 securities voluntarily will join the NASDAQ National Market System on Tuesday, December 20. This will bring the total number of issues trading on NMS to 684. These 51 issues meet the voluntary designation criteria set by the SEC, which include an average monthly trading volume of 100,000 shares and a minimum bid price of $5.

The 51 securities scheduled for inclusion on December 20 are:

I M P O R T A N T

MAIL VOTE

Officers * Partners * Proprietors

TO: All NASD Members

Last Voting Date is January 9, 1984

TO: All NASD Members

ATTN: Operations Principals, Cashiers and Buy-in Personnel

The Association's Board of Governors has adopted various amendments to the Uniform Practice Code which prescribes the manner in which over-the-counter securities transactions are compared, cleared and settled between NASD member firms. These amendments to the Code apply to all NASD members participating in secondary transactions in unit investment trust securities.

BACKGROUND AND EXPLANATION OF AMENDMENTS

TO: All NASD Members