N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Claimant David Stratman 92-01862 Respondents Memll Lynch. Pierce, Fenner &. Smith. Inc. Karen Bard; John E. Blackmon REPRESENTATION For Claimant: David Stratman appeared pro se. For Respondents: Memli Lynch, Pierce, Fenner and Smith, Inc., Karen Bard and John E. Blackmon were represented by Joseph L. Hood. Esq. of Scott, Hulse, Marshall

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants) Paul Lowe Lisa Lowe NASD Arbitration No. 92-01858 Name of Respondents) PaineWebber, Inc. James Rydell Don Rauscher John Futrell REPRESENTATION For Claimants: William O. Voy, Esq., Las Vegas, Nevada For Respondents: Scott M. Ratchick, Esq., PaineWebber, Inc., Los Angeles, California CASE INFORMATION

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Kurt Bronner Rosalie Bronner NASD Arbitration No. 92-01857 Name of Respondents Yaeger Securities John Barrett Norma Yaeger REPRESENTATION For Claimant: Robert M. Roth - Investors Arbitration Services, Inc. For Respondent: H. Tom Fehn, Esq.- Fields, Fehn & Sherwin - Los Angeles, California CASE INFORMATION

N.A.S.D, AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Timothy C. Wolfgang 92-01856 Name of Respondents Bear Stearns & Company Brad C. Brooks REPRESENTATION For Claimant Timothy C. Wolfgang ("Claimant"): Alan D. Wingfield, Esq. of the law firm of Mays & Valentine For Respondents Bear Stearns & Company ("Bear Stearns") and Brad C. Brooks ("Brooks"): William C. Mallery, Assoc

NASD Arbitration No.92-01855 N.A.S.D. AWARD NATTONAT ASSOCTATTON OF SECURTTTFS nF.AT.FRS. INC. In the matter of the Arbitration Between Name of Claimant Condominium Connection Name of Respondents Prudential Securities Incorporated Brian Caramadre REPRESENTATION For Claimant: Samuel Krane, Esq., Krane & Smith, Encino, California For Respondents: Patricia Fitzpatrick, Esq., Prudential Securities, Incorporated, New York, New York CA

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Name of Claimant Jo R. Truly -- and 92-01854 Name of Respondents JPJ Investments REPRESENTATION OF PARTIES Claimant Jo R. Truly ("Claimant") was represented by Jerald R. Harper, Esq. of Cook, Yancey, King & Galloway, Shreveport, LA. Respondent JPJ Investments ("Respondent") was represented by John S, Odom, Jr., Esq, of Comegys, Lawren

NASD Dispute Resolution Arbitration No. 01-00908 Award Page 1 of 8 Award NASD Dispute Resolution In the Matter of the Arbitration Between: Wedbush Morgan Securities, Inc. (Claimant) v. Avraham Nissanian (Respondent) Case Number: 01 -00908 Hearing Site: New York, New York REPRESENTATION OF PARTIES Claimant, Wedbush Morgan Securities, Inc., hereinafter referred to as "Claimant": Jerry S. Phillips., Esq., Richman Mann Chizever Phillips & Duboff, Be

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant PaineWebber, Inc. 92-01853 Name of Respondent/Counterclaimant Elton Stanford Stevens For Claimant, PaineWebber, Inc. ("PW"): Steven M. Greenbaum, Esq. of PaineWebber, Inc. For Respondent/Counterclaimant, Elton Sanford Stevens ("Stevens"): I. Jeffrey Pheterson, Esq. of Schmidt & Pheterson. CASE INFORMATION Statement of C

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between n) Name of Claimant! s) \ ' Samuel Lorber 92-01852 Name of Respondent(s) Shearson Lehman Brothers, Inc. Cary Sprung REPRESENTATION For Claimant Samuel Lorber: Jack Balan. Esq. sole practitioner. For Respondents Shearson Lehman Brothers. Inc. and Cary Sprung: John E. Jenkins. Esq., in- house counsel at Shearson Lehman Brothers, Inc.

ROM IHC. P. 15 N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Tom Forsythe Case 1*>. 92-01851 Mama of ItenxMutentf a^ JRAS Securities Inc. Ray Ditto For Claimant, Tom Forsythe ("Forsythe*): JU2 fife. For Respondents, RAS Securities Coip. ("HAS") and Ray Dfita ("Dirts"): Theresa I. Yard, Bsq, of Kelley, Di-ye and Warren. ^SR TNIHORMATION I Statement of Cl