IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS JUNE 21, 1986.

Members of the National Association of Securities Dealers, Inc. (NASD), are invited to vote on certain amendments to the NASD Rules of Fair Practice and By-Laws contained in Exhibits A and B to this notice. These amendments are described below. Prior to becoming effective, the amendments must be approved by the membership and by the Securities and Exchange Commission.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JUNE 23 1986

The National Association of Securities Dealers, Inc. (NASD), is publishing for comments by members and other interested persons a proposed amendment to the Code of Procedure that would grant the NASD the discretion to determine whether a hearing should be held in an eligibility proceeding under Article VII, Section 2 of the Code.

The text of the proposed amendment is attached. A discussion of the background of the amendment and the proposed provisions follows.

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: JUNE 23, 1986

The National Association of Securities Dealers, Inc. (NASD), is publishing for comments a proposed amendment to the Interpretation of the Board of Governors, Free-Riding and Withholding (Free-Riding Interpretation) ^1/ that would provide members an alternative means of complying with the Interpretation for sales of new issues to investment partnerships. The text of the proposed amendment is attached.

TO: All NASD Members and Other Interested Persons

The methods used in calculating yields on mutual funds and unit investment trusts, whose primary objective is the provision of income, and the manner in which such are presented to the public have been the subject of mounting interest and comment during the past year. The NASD has received complaints from its members, the staff of the Securities and Exchange Commission (SEC) and the public. In addition, articles have appeared in the media drawing attention to the disparate methods used in calculating yields.

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

On Tuesday, June 3, 1986, 25 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,385. These 25 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 25 issues scheduled to join NASDAQ/NMS on Tuesday, June 3, 1986, are:

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

On Tuesday, June 17, 1986, 10 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,398. These 10 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 10 issues scheduled to join NASDAQ/NMS on Tuesday, June 17, 1986, are:

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

On Tuesday, July 1, 1986, 18 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,420. These 18 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 18 issues scheduled to join NASDAQ/NMS on Tuesday, July 1, 1986, are:

TO: All NASD Members and Other Interested Persons

The Securities and Exchange Commission 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 May 30, 1986, provide for an increase in the guidelines for fees that may be charged by NASD members to issuers in connection with proxy solicitations.

The text of the amendments is attached to this notice.

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On June 25, 1986, the United States District Court for the District of New Jersey appointed a SIPC Trustee for the above-captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i)(2) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12(h)(iii) provides that members may use the above procedures to close out transactions in municipal securities.

Questions regarding the firm should be directed to:

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

On Tuesday, July 15, 1986, 33 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,457. These 33 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 33 issues scheduled to join NASDAQ/NMS on Tuesday, July 15, 1986, are: