NASD AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Name of Claimant Marguerite Curley and 93-04823 Name of Respondent Cullom & Sandow Securities, Inc. Grant B. Bortnem REPRESENTATION OF PARTIES Marguerite Curley ("Claimant") was represented by Robert L. Tobey, Esq., Johnston & Budner, Dallas, Texas. Cullom & Sandow Securities, Inc. ("Respondent Cullom") and Grant B. Bortnem ("Respondent

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC. In the matter of the Arbitration Between Name of Claimant(s) Victor S. Sands Charlene L, Sands, Trustees NASD Arbitration No. 93-04822 Name of Respondent(s) Charles Schwab & Co., Inc. RBPRgggNTAT.TQN For Claimants: Bruce R. Safran, Esq., Sherman Oaks, California For Respondent: Mark T. Drooks, Esq., Bird, Marella, Boxer, Wolpert & Matz, Los Angeles, California CASE I

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC. In the matter of the Arbitration Between Name of Claimants Howard and Marianne Dranow NASD Arbitration No. 93-04819 Name of Respondents Drake Capital Securities, Inc. Craig Cryer REPRESENTATION For Claimants: Bruce R. Safran, Esq., Tarzana, California For Respondent Drake Capital: H Thomas Fehn, Esq., Fields, Fehn & Sherwin, Los Angeles, California Respondent Craig C

N.A.S.D. AMENDED AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Norman C. Burks 93-04808 Name of Respondents A.G. Edwards & Sons, Inc. Mark Chestnut REPRESENTATION For Claimant: Jerry F. Safford, Esq. of Safford & Lanphear, Bowling Green, Kentucky. For Respondent A.G. Edwards & Sons, Inc.: Jeff Jamieson, Esq. of A.G. Edwards & Sons, Inc., St. Louis, Missouri. For Respond

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Jerome F. Van DeMotter 93-04806 Name of Respondent Merrill Lynch, Pierce, Fenner & Smith, Inc. CASE SUMMARY In a claim filed with the National Association of Securities Dealers, Inc. on November 18,1993, Claimant Jerome F. Van DeMotter, through his representative, Robert N. Rapp, Esq. of Caffee, Halter & Griswold, Cleveland, OH

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES PEAT ERS, INC. In the matter of the Arbitration Between Name of Claimants Orvis and Shirley Adams, TTEES/Adams Family Trust NASD Arbitration v. No. 93-04802 Name of Respondents Kennedy, Cabot & Company, Marc O. Fink and PieterDeVries RPP RF I ! S FNTATION For Claimants: Michael Hubennan, Esq., Greenbaum & Ferentz Newport Beach, California For Respondents Kennedy, C

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Merrill Lynch, Pierce, Fenner & Smith, Inc. 93-04789 Name of Respondent Michael Hamilton REPRESENTATION For Claimant: Merrill Lynch, Pierce, Fenner & Smith, Inc. ("Merrill Lynch") was represented by Robert J. Madden, Esq. of Gibbs & Bruns, L.L.P., located in Houston, Texas. For Respondent: Michael Hamilton ("Hamilton") did not

N.A.S.D. AWARD % fc*~ NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between PaineWebber, Inc. 93-04788 Name pf Restxmdentfsl David H. Joy For Claimant, PaineWebber, Inc. ("PW n ): Melanie S. Cherdack, Esq. of PaineWebber, Inc., Ft. Lauderdale, FI. Respondent, David Joy ("Joy") was pro gg. CASE INFORMATION Statement of Claim filed: November 17, 1993. Claimant's Submission Agreement signed on

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Richard G. Anderson and Ann T. Anderson, as Individuals and as Trustees under the Richard and Ann Anderson Charitable Trust 93-04787 Name of Respondents Thomas James Associates, Inc. and Shirley A. McKinney Representation of Parties Claimants, Richard Anderson and Ann Anderson, as Individuals and as Trustees under the Rich

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Todd K. Sommer 93-04785 Name of Respondents David A. Noyes & Company REPRESENTATION For Claimant, Todd K. Sommer ("Claimant"), John Keyse-Walker, Esq. of Fauver, Tattersail & Gallagher located in Elyria, Ohio. For Respondent, David A. Noyes & Co. ("Respondent"), Robert L. Cram, Esq. in-house counsel, located in Indianapoli