N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant(s) U.K. & General Securities PLC Phillip F.X. Fernandes Brian S. Hershon Melvyn P. Lesser William F. Watson Saaed Younis 93-01389 Name of Resoondentf s) Merrill Lynch Pierce Fenner & Smith Inc Jeffrey C. Thompson For Claimants: Daniel H. Greenberg, Esq., New York, NY and William Pepper, Esq., United Kingdom.

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Berto Lopez 93-01348 Name of Respondents National Financial Services Corp. Financial Securities Network Inc. Michael P. Hegarty Jeremiah H. Hegarty Hyanis Trading Advisors REPRESENTATION Claimant, Berto Lopez ("Lopez") was represented by Jane A. Srrak, Esq. of West Palm Beach, FL. Respondent, National Financial

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC. In the matter of the Arbitration Between Name of Claimant Howard Saari v. NASD Arbitration No. 93-01336 Name of Respondent Smith Barney, Harris Upham & Company, Inc. REPRESENTATION For Claimant: Mark T. Quigley, Esq., Greene, Broiilett, Taylor & Wheeler, Santa Monica, California For Respondent: David Levy, Esq., Smith Barney, Inc., New York, New York CASE INFORMATION

AWARD NASD Regulation. Inc. Office of Dispute Resolution In the Matter of the Arbitration Between Harold Jandreski. Claimant. v. Case Number 93-01331 Prudential Securities. Inc., Respondent. REPRESENTATION OF PARTIES Claimant Harold Jandreski ("Claimant") appeared pro se. Claimant was previously represented by Morgan W. Bentley, Esq. of Newark. New Jersey and Jeffry M. Bauer. Esq. of Gross Pointe, Michigan. Respondent Prudential Securiti

NASD AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Name of Claimant Norman E. Peterson and 93-01330 Name of Respondent Merrill Lynch Pierce Fenner & Smith, Inc. Thomas E. Gregory REPRESENTATION OF PARTIES Norman E. Peterson ("Claimant") was represented by John L. Conklin, Esq., Tilly & Graves, Denver, Colorado. Merrill Lynch Pierce Fenner & Smith, Inc. ("Respondent Merrill Lynch") and Tho

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Aleks Horvat and Michel Horvat, Claimants v. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Respondent Case Number: 01-02577 Hearing Site: Los Angeles, California REPRESENTATION OF PARTIES For Claimants: Robert A. Uhl, Esq. Aidikoff&Uhl Beverly Hills, California For Respondent: Thomas L. Taylor, III, Esq. Morgan, Lewis & Bockius, LLP Los Angeles, California

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Seref Ulug Guner Claimant(B) vs. 87-02703 Merrill Lynch, Pierce, Fenner & Smith, Inc. Respondent(s) NOTICE OF ARBITRATION AWARD CASE SUMMARY Claimant(s) Seref Ulug Guner alleged that Respondent(s) Merrill Lynch, Pierce, Fenner & Smith, Inc. misrepresented facts to Claimant and purchased long term bonds when Claimant had requested an investment

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Blinder, Robinson & Co., Inc. Clairoant(s) vs. 87-02693 Onofrio Olivieri Respondent(s) NOTICE OF ARBITRATION AWARD CASE SUMMARY Claimant Blinder, Robinson & Co., Inc. alleged that Respondent Onofrio Olivieri breached his employment contract with Claimant. Additionally Blinder, Robinson & Co., Inc. alleged that they have incurred significant expens

NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Karen J. Morris Claimant vs. Integrated Resources Inc. Richard Edelman Respondent Award 87-02664 The undersigned, being the arbitrator selected to review and determine a matter in controversy between the above-mentioned Claimant and Respondent, set forth in a submission to Arbitration signed by the Parties on December 4, 1987, March 25, 1988, and April 5,

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Arbitration Matter Between REZA AND AZITA SHEYBANI Claimants v. ) Case No. 87-02662 FIRST COMMERCE INVESTMENT SERVICE, INC. ) AND NATIONAL FINANCIAL SERVICES ) CORPORATION ) Respondents ) CASE SUMMARY Claimants, Reza and Azita F. Sheybani ("Sheybanis") alleged that First Commerce Investment Services, Inc. ("First Commerce") and National Financial Services Corporation ("National") (F