N.A.S.D. AWARD NKTICKAL ASSOdflTICN OP *ft a !*. 1 Pl'*-'H"£ OBKC£RS In tha Matter of the Aebitzaticn Between Hay & Am Syf art of NftSD Arbitration Nb.92-01531 Schneider Securities Inc. Varouj Mazk Markarian For Claimants: Patrick C. Clary, Bag., La* Vegaa, Nevada For Raspoaiant Sctoaider S«curitUat William J. Canpbttll, Eaq., Badlay Oasopb^ll Cazn0/ & HBdMD, Hi ilrTati. Colorado For RMpondaat Martariao: GSilbert L. IJrfl

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claiiqantf s) Wi'Iiam P. Bruno 92-01529 Name of Respondent^ Bear Stearns & Company RJEHMSSE-NTATION For Claimant: The Claimant appeared pro se. For Respondent: Christopher P. Litterio of the law Finn of Shapiro, Israel & Weiner, P.C. CASE INFORMATION Statement of Claim filed: May 1, 1992. Claimant's Submission Agreement sign

PUBLIC N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name, of Claimant Charmaine E. Larsen 92-01526 Name pf Respondents Investment Timing and Research, Inc. Peter C. Bucchieri For Claimant: Ronald L. Cheney, Esq. For Respondents: Grover S. Parnell, Jr., Esq. of the law firm of Davis, Malm & D'Agostine. CASE INFORMATION Statement of Claim filed: November 5, 1992. Claimant's Subm

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Donald P. Steve and Marjorie A. Steve 92-01525 Name of Respondents Merrill Lynch Pierce Fenner & Smith Inc Joseph N. LaHood, Jr For Claimant: Anthony V. Trogan. Jr., Esq. of the law firm of Weisman, Trogan, Young and Schloss, P.C. For Respondents: V. James Mann, Esq. of Merrill Lynch Pierce Fenner & Smith. CASE INFORMATION

N.A.S.D. AW Aid) NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Kimberley W. Thornton 92-01524 Name of Respondents Merrill Lynch. Pierce, Fenner & Smith, Inc.; Randall J. Battiste REPRESENTATION For Claimant: Kimberly W. Thornton was represented by Stephen C. Whicker, Esq. of Atlanta, Georgia. For Respondents: Merrill Lynch, Pierce, Fenner & Smith, Inc. was represented by V. James

NATIONAL ASSOCIATION OF SECURITIES DEALERS , INC. In the Hatter of the Arbitration Between Margaret H. Hess Claimant vs. PaineWebber, Inc. Richard E. Linder Respondents CASE #92-01521 AWARD In a claim filed with the National Association of Securities DealerB, Inc. on May 4, 1992, -Claimant Margaret H. Hess by and through her counsel Frank Rogers Donahue, Jr., Esq. of Donahue, Battle and Donahue, Philadelphia, PA., alleged that on Sep

N.A.S.D. AHAKD NKTICNAL ASSOCUTICN OP SBCDR3TIES In the Matter of the Arbitration Behieen Name of Claimant: Gilbert W. & Myraa M. Je Name of Beepondent Guy C. Smith HMD Arbitration Nb.92-01520 For dains&ts! CLaiaanta mpgeeented theneelvea. For fieepondentt S.A. Bam, Esq., Salt Lain City, Utah Statawxt of Halm filed: May 4, 1992 daiaants 1 SubarLaaion Agreanent signed: J^ril 27, 1992 SfcatoDHnt of AnaMn: filed* DeneBfrer 11, 1

N.A.S.D. AWARD NATIONAL ASSOCIATION OP SECURITIES DHALRRS of The Richard A. Honquest Company Pension and Profit Sharing Trust 92-01516 Respondent David A. Noyes & Company For Claimant, The Richard A. Honquest Company, at the hearing: David J. Brassier, Esq. of Rooks, Pitts and Poust, Wheat on, Illinois . For Respondent, David A. Noyes & Company: Robert L. Cram, Esq. of David A. Noyes & Company, Indianapolis, Indiana. CASE INFORMATION

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Robert E. Miller 92-01513 Name of Respondents Dain Bosworth, Inc. and Don Nelson KCTRESENTATTON OF PARTIES For Claimant, Robert Miller, at the hearing: Robert D. Maher, Esq. of Best & Flanagan, Minneapolis, Minnesota. For Respondents, Dain Bosworth and Don Nelson, at the hearing: Tom Vitt, Esq. of Dorsey & Whitney, Minn

PUBLIC N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between R. Clinton Pittman Claimant CASE #92-01511 AWARD vs. Shearson Lehman Brothers, Inc. Tony Giallourakis Frank Rowan Respondents CASE SUMMARY In a claim filed with the National Association of Securities Dealers, Inc. on May 4, 1992, Claimant R. Clinton Pittman through his representative, Brian K. Lowe, Investor Arbitra