TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MAY 22, 1986

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members and Other Interested Persons

LAST VOTING DATE IS MAY 23, 1986

Members of the National Association of Securities Dealers, Inc. (NASD), are invited to vote on a proposed amendment to Article III, Section 21 of the NASD Rules of Fair Practice. The proposed amendment has been approved by the NASD Board of Governors and now requires the membership's approval.

TO: All NASD Members and Other Interested Persons

The following is a list of NASD Notices to Members issued during the first quarter of 1986. Requests for copies of any notice should be accompanied by a self-addressed mailing label and directed to: NASD Administrative Services, 1735 K Street, N.W., Washington, D.C. 20006

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MAY 25, 1986

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

On Tuesday, May 6, 1986, 36 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,337. These 36 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 36 issues scheduled to join NASDAQ/NMS on Tuesday, May 6, 1986, are:

TO: All NASD Members and Other Interested Persons

Attn: Corporate Financing Department

LAST DATE FOR COMMENT: June 6, 1986

The Board of Governors of the National Association of Securities Dealers, Inc. has approved a proposed amendment to the Interpretation of the Board of Governors—Review of Corporate Financing, Article III, Section 1 of the NASD Rules of Fair Practice (the Corporate Financing Interpretation) that would prohibit the payment of non-cash sales incentives in connection with the distribution of public offerings.

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

On Tuesday, May 20, 1986, 28 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,363. These 28 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 28 issues scheduled to join NASDAQ/NMS on Tuesday, May 20, 1986, are:

TO: All NASD Members and Other Interested Persons

The Securities and Exchange Commission (SEC) recently approved amendments to the Interpretation of the NASD Board of Governors on "Forwarding of Proxy and Other Materials," under Article III, Section 1 of the NASD Rules of Fair Practice. ^1/ These amendments, which became effective on April 29, 1986, provide for a surcharge and an ongoing fee, which may be charged by NASD members to issuers in connection with proxy solicitations.

TO: All NASD Members and Other Interested Persons

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 26, 1986, in observance of Memorial Day. "Regular-way" transactions made on the business days noted below will be subject to the following schedule.

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