Award NASD Dispute Resolution In the Matter of the Arbitration Between: Brian P. Olsen and Kari E. Olsen, Claimants v. Merrill Lynch, Pierce, Fenner & Smith, Inc., Respondent Case Number: 03-02870 Hearing Site: Seattle, Washington Nature of the Dispute: Customers vs. Member REPRESENTATION OF PARTIES For Claimants: Benjamin A, Schwartzman, Esq. Lovell Stewart Halebian & Barm, LLP Seattle, Washington For Respondent: Matthew C. Applebaum, Esq.

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Carolyn B. Kamps, Claimant v. Morgan Stanley DW Inc. and Ronald F. Pirello, Respondents Case Number: 03-02869 Hearing Site: Seattle, Washington Nature of the Dispute: Customer v. Member and Associated Person REPRESENTATION OF PARTIES For Claimant: Mans Baltins, Esq. Winston & Cashatt Spokane, Washington For Respondents: Chrilstopher B. Wells, Esq. Lane Powell Spears Lube

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Names of the Claimants Case Number: 03-02864 L. A. Murray, Jr. Murray Family Trust Account MAD Investments, Inc. #2 Names of the Respondents Hearing Site: New Orleans, Louisiana Merrill Lynch, Pierce, Fenner & Smith, Inc. Robert Ewing, IV Randy Kirby Name of the Third Party Respondent Michael Murray Nature of the Dispute: Customer vs. Member and Associated Person

NASD DISPUTE RESOLUTION AWARD NASD DISPUTE RESOLUTION CASE: 03-02862 Ronald A. Misrach, Claimant vs. Charles Schwab & Co. Inc., and Randy Givens, Respondents. ATTORNEYS: Claimant, Ronald A. Misrach, ("Claimant"), appeared pro se, Van Nuys, CA. Respondents, Charles Schwab & Co. Inc., and Randy Givens, (collectively "Respondents"), appeared through their in-house counsel, Garrett R. Wynne, Esq., San Francisco, CA. DATE FILED: April 17, 2003 CASE SUMMA

NASD DISPUTE RESOLUTION AWARD NASD DISPUTE RESOLUTION CASE: 03-02860 John Murphy, Claimant/Counterclaim Respondent v. A.B. Watley, Inc., Respondent/Counterclaimant. ATTORNEYS: Claimant, John Murphy, ("Claimant/Counterclaim Respondent"), appeared pro se, Beltsvillle, MD. For Respondent, A.B. Watley, Inc., ("Respondent/Counterclaimant"), appeared Sameer Rastogi, Esq., New York, NY. NATURE OF DISPUTE: Customer v. Member NATURE OF COUNTERCLAIM DISPU

Stipulated Award NASD Dispute Resolution In the Matter of the Arbitration Between: Ronald M. Davidson (Claimant) v. Locust Street Securities, Inc. and Charles Robert Spurgeon (Respondents) Case Number: 03-02859 Hearing Site: Columbus, Ohio Nature of the Dispute: Customer v. Member and Associated Person. REPRESENTATION OF PARTIES Claimant Ronald M. Davidson ("Davidson") hereinafter referred to as "Claimant": David P. Meyer, Esq., David P. Meyer Co.,

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Name of the Claimant Case Number: 01-01229 Fidelity Brokerage Services, LLC Names of the Respondents Hearing Site: Boca Raton, Florida Julian Garcia Sellek and Kathleen R. Garcia-Sellek REPRESENTATION OF PARTIES For Fidelity Brokerage Services, LLC ("Fidelity"), hereinafter referred to as "Claimant": Michael R. Weissman, Esq., Bingham Dana, LLP, Boston, Massachusetts. Julian

Award NASD Dispute Resolution, Inc. In the Matter of the Arbitration Between: Dorothy S. Steinmetz, (Claimant) vs. Ehrenkrantz King Nussbaum, Inc., Jan E. Grossman, and Gruntal & Co., L.L.C., (Respondents) Case Number: 00-00714 Hearing Site: New York, New York REPRESENTATION OF PARTIES Claimant, Dorothy S. Steinmetz, hereinafter referred to as "Claimant": James A. Scarpone, Esq., Hellring Lindeman Goldstein & Siegal LLP, Newark, NJ. Respondents, Ehr

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Joseph Carlton Individually and as Power of Attorney for Joy Ann Carlton, Lance Carlton, Alana Carlton and Ramona Maceira (Claimants) v. Clarke Asset Management Corporation, Kara Clarke, Horowitz & Associates, Inc. a/k/a G.A. Horowitz & Associates, Inc., Northeast Securities, Inc., a/k/a Northeast Asset Management Corporation, Charles Schwab & Co., Inc., Prudential Securities Inc., and

Stipulated Award NASD Dispute Resolution In the Matter of the Arbitration Between: Sebastian Rollo and Michaelle A. Rollo (Claimants) v. Morgan Stanley DW, Inc., Jeffrey Camp, and Richard Breining (Respondents) Case Number: 03-02856 Hearing Site: New York, New York Nature of the Dispute: Customer vs. Member and Associate Persons REPRESENTATION OF PARTIES Claimants Sebastian and Michalle A. Rollo ("Rollos"), hereinafter collectively referred to as "C