New York Stock Exchange In the Matter of Arbitration Between NYSE Case: Judith A. Hanwksk and Arthur G. Hartwick v Larry Dubin and Grumal & Co. Attorneys: For Ctaimam(s): Judith A. Hartwick - Wyckoff, NJ For Respondem(s): Harry D. Frisch Esq. - New York, NY Date Filed: 05/30/95 First Scheduled: 09/20/95 Decided: 09/20/95 Case Summary: claimants altage Respondems failed to execute a stop tass order. Product: Market: NASD Claim

New York Stock Exchange In the Matter of Arbitration Between y NYSE Case: Buford 0. Fisher vs. Oean Witter Reynokls, Inc. Attorneys: For Cla>nBnl(s): Buford D. Fisher - Gallup, NM For Respondent(s): Elton Fong Esq. - San Francisco, CA Date Filed: O6/O8/95 First Scheduled: 11/7/95 Oecided: 11/7/95 Case Summary: ctaimam alleges unauttwrized trading, churning. Product: IRA Market: NYSE Claim Data Claim: $7,674.45

i^' New York Stock Exchange In the Matter of Arbitration Between NYSE Case: Mohamad Payandeh v Quick & Reilly Inc. Attorneys: Ft>r Claimam(s): Mohamed Payandeh - Massapequa Park, NY For Respondent(s): Nicholas J Chopey Esq. - New York, NY Date Filed: 05/19/95 First Scheduled: 09/19/95 Case Summary: Customer against member firm for failure to sell short 10,000 shares of TMX ( Product: EQU Oecided: 12/11/95 at the market and pl

New York Stock Exchange In the Matter of Arbitration Between NYSE Case: Jeffrey A. Litt vs. M.J. Meehan & Co. Attorneys: For Clainnm(s): Jeffrey A. Litt - Ramsey, NJ Fbr Respondenl(s): Robert E. Cotter Esq. - New York, NY Date Filed: 05/05/95 First Scheduled: 10/19/95 Decided: 10/19/95 Case Summary: Clalmam altages failure to execute order and negligence. Product: EQU Market: NYSE Claim Data Claim: $1,500.00 Punitive

New York Stock Exchange In the Matter of Arbitration Between NYSE Case: Bear Stearns & Company Incorporated v. John Ragland and Sterling Assets Attorneys: Fi)r Claimam(s): J. Todd Cook Esq. - New York, NY For Respondem(s): Edward R. Curtin Esq. - New York, NY Date Filed: 05/01/95 First Scheduled: 09/22/95 Decided: 10/26/95 Case Summary: Clalmam, a member firm alleges respondents, a publk: customer and non-member, disaffirmed a O'ansactio

Award NASD In the Matter of the Arbitration Between: Names of the Claimants Raleigh E. Guynes Raleigh E. Guynes IRA Names of the Respondents Stanford Group Company Steven P. Boatner Case Number: 01-04607 Hearing Site: New Orleans, Louisiana For Raleigh E. Guynes and Raleigh E. Guynes IRA, collectively referred to as "Claimants": Richard F. Zimmerman, Jr., Esq., Kantrow, Spaht, Weaver & Blitzer, PLC, Baton Rouge, Louisiana. For Stanfo

New York Stock Exchange In the Matter of Arbitration Between NYSE Case: Clive Austin v Smith Barney inc. Attorneys: For CtainianKs): David E. Robbins Esq. - New York, NY Fbr Respondent(s): Eugene V. Ctari< Esq. - New York, NY Date Filed: 05/05/95 First Scheduied: 11/21/95 Case Summary: Claimam, a former emptayee, has altaged that respondem breached of the bonus and his emittamem under a Capital Accumulation Plan. Product: Dec

New York Stock Exchange In the Matter of Arbitration Between NYSE Case: Donakl L. Fiekis and Helga Fields vs. MerriH Lynch, Ptarce, Fenner & Smitti, Inc. and Bruce L. Fleet Attorneys: For Clainnm(s): John Henry Schlie Esq. - Denver, CO For Respondem(s): Stephen D. Bell Esq. - Denver, CO Date Filed: 04/28/95 Case Summary: ciaim First Scheduled: 11/8795 altages unsuilabta trades and misrepresentation resulting in excessive Product: EQU

New York Stock Exchange In the Matter of Arbitration Between NYSE Case: Prudemtal Securities inc. v. Barry Klein Attorneys: For Claimam(s): Christopher Freeze Esq. - New York, NY For Respondem(s): Peter Peariman Esq. - Saddle Brook, NJ Date Filed: 04/19/95 First Scheduled: 09/14/95 Decided: Juptr. IP, »T7r Case Summary: Member firm against former registered representative for overpaymem of commissnn income and reimbursemem for an

Nc . York Stock Exchange In the Matter of Arbitration Between NYSE Case: James M. Graves vs. Bear Steams & Co., inc. and Thomas Roy Therndl Attorneys: For Ctainiant(s): Willtam A. Jacobson Esq. - Provklence, RI Fbr Respandem(s): Jeffrey W. WiUis Esq. - Atlanta, GA Date Filed: 04/I8/95 First Scheduled: 08/24/95 Decided: 11/21/95 Case Summary: customer vs. Member Firm and Registered Rep alleging misrepresenlations concerning National Visnn