NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC. In the Matter of the Arbitration Between EASSA PROPERTIES, A FLORIDA GENERAL PARTNERSHIP, vs. SHEARSON LEHMAN. MICHAEL W. SWOFFORD and TERRY W. BISHOP Claimant, Respondents. Heard before the members of the Arbitration Panel: Arthur J. Leibell, Esq. Harry Polansky Anthony S. Paetro, Esq. Case 189-01125 Award CASE SUMMARY This claim was filed with the NASD, Inc. on April 14,

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant fs| Rick and Jane Cochran 89-01133 Nare of Respondent(5) Sherwood Capital Inc. Matthew Wochele Albert Pierantozzi Claimants Rick and Jane Cochran alleged that Respondents Sherwood Capital, Inc., Matthew Wbchele, and Albert Pierantozzi misrepresented securities to the Claimants and failed to qualify the Claimants for the

Award NASD Regulation, Inc. In the Matter of the Arbitration Between: Gregory H. Madding and Murray G. Bodine, (Claimants) vs. First Security Van Rasper, Inc. and First Security Corporation, (Respondents). Case Number: 99-02645 Hearing Site: San Francisco, California. REPRESENTATION OF PARTIES Gregory H. Madding and Murray G. Bodine hereinafter collectively referred to as "Claimants": Jeffrey R. Chanin, Esq., Keker & Van Nest, San Francisco, California.

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Paul and Barbara Voitko Claimant(s) vs. 89-01132 Graystone Nash, Inc. and Cutwater & Wells, Inc. Respondent(s) NOTICE OP ARBITRATION AWARD CASE SUMMARY Claimant (s) Paul and Barbara Voitko alleged that Respondents) Graystone Nash, Inc. and Outwater & Wells, Inc. provided misleading information to Claimants in order to induce the belief that ce

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Kiamichi Enterprises, Inc. Claimant(s) vs. 89-01129 Debra A. Body and Power Securities Corp. Respondent(s) NOTICE OF ARBITRATION AWARD CASE SUMMARY Claimant(s) Kiamichi Enterprises, Inc. alleged that Respondent(s) Debra A. Body and Power Securities Corp. fraudulently misrepresented material facts as to Claimant's investments with Respondents.

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between John and Sharon Messarian Claimants vs. Shearson Lehman Hutton and William James Respondents : AWARD I 89-01122 Case Summary Claimants, John and Sharon Messerian (Claimants), alleged that Respondents, Shearson Lehman Hutton ("Shearson") and William James ("James"), the account executive which handled the Claimants' account, recommended to the

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between[ Roy Stripe Claimant(s) vs. 89-01121 Guardian International Securities Corp. Respondent(s) NOTICE OF ARBITRATION AWARD CASE SUMMARY Claimant(s) Roy Stripe alleged that Respondent(s) Guardian International Securities Corp. failed to disclose material facts as to Claimant's investment with Respondent. Respondent(s) denies Claimant's allegations.

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Victor and Stephanie Balavram Claimant(s) vs. 89-01120 Wall Street Clearing Co. Respondent(s) NOTICE OF ARBITRATION AWARD CASE SUMMARY Claimant(s) Victor and Stephanie Balavram alleged that Respondents) Wall Street Clearing Co. sold shares below order price. Respondent(s) maintain that it sold the shares pursuant to orders. RELIEF REQUESTED

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between ) ) Name Of Broker-Centro, Ltd. ) Case Ho. 83dUlI2~ Broker-Centre, U.S.A., Inc. } Case No. 89-01113 Consulting Centro, Ltd. ) Case Nb. 89-01114 Invest-Centro, Ltd. } Case No. 89-01115 Shearson Lehman Hutton, Inc. ) Orlando Mirillo ) Alejandro Lacayo ) Heard before the members of the Arbitration Panel: Steven Ainbinder, Esq. Craig Ed

10 N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Doris Kahn Case No. 89-01111 Name of Respondent Smith Barney Harris Upham & Co., Inc. REPRESENTATION For Claimant, Doris Kahn ("Kahn"): Robert Dyer, Esq. of Allen, Dyer, Doppelt, Franjola & Milbrath, P.A., of Orlando, Florida. For Respondent, Smith Barney Harris Upham & Co., Inc. ("Smith Barney"): Paul K. Barenholtz,