Award NASD Dispute Resolution, Inc. In the Matter of the Arbitration Between: W. Gary Crider, Claimant v. Keith Grossman, Robert Nock, Herman Epstein, Lawrence J. Penna, Robert Conforte, Vincent Grieco, Douglas Mangan, Todd Peterson, Investors Associates, Inc., and Prudential Securities, Inc., Respondents. Case Number 98-00301 Hearing Site: Los Angeles, California REPRESENTATION OF PARTIES For Claimant W. Gary Crider: James A. Sigler, Esq. Attorney

AWARD NASD REGULATION. INC. In the matter of the Arbitration Between Name of Claimant Mildred F. Sudduth v. Arbitration No. 98-00257 Name of Respondents Bear, Stearns & Co., Inc., Brian Scanlon, Jordan Belfort, Daniel Porush, Kenneth Greene, and Jordan Shaman REPRESENTATION For Claimant Mildred F. Sudduth: Lawrence J. Bochat, Esq. Bochat & Keenan, P.C. Garden City, New York For Respondent Jordan Belfort: Franklin D. Ormsten,

STIPULATED AWARD NASD Regulation, Inc. In the Matter of the Arbitration Between Name of Claimant PaineWebber, Inc. 97-06046 Name of Respondent David A.V. Carter AWARD Romaine L. Gardner, counsel for Claimant PaineWebber Incorporated and Charles Clayton, counsel for Respondent David V. Carter, hereby stipulate to damages in the amount of Three Hundred Ninety Five Thousdand Four Hundred Fifty One Dollars and Ninety Three Cents ($395,451.93

Award NASD Regulation, Inc. In the Matter of the Arbitration Between: Estate of Dorothy Marangi, (Claimant) vs. Royal Alliance Associates, Inc. and First Montauk Securities Corp., (Respondents) vs. Henry Wasik (Third Party Respondent) Case Number: 97-05904 Hearing Site: New York, NY REPRESENTATION OF PARTIES Claimant Estate of Dorothy Marangi, hereinafter referred to as "Claimant": Mitchell H. Cobert, Esq., Morristown, NJ. Respondent Royal Alliance

AWARD NASD REGULATION. INC. OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Spehnan & Co., Inc. v. N^Pff flf Respondent Ronald Henry DeJong Arbitration No. 97-05754 Por Claimant For Respondent: REPRESENTATION Houston Goddard Spelman & Co., Inc. San Diego, California Ronald Henry DeJong In Pro Per Encinitas, California CASE INFORMATION Statement of Claim filed: December 5,1997 Claimant

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION. INC. CASE: 99-02894 Robert E. Freeman, claimant vs. Robert C. Skalski and Vanguard Marketing Corporation, respondents. ATTORNEYS: Claimant Robert E. Freeman ("Claimant"), appeared Pro Se., Green Valley, AZ For Respondents Robert C. Skalski and Vanguard Marketing Corporation (collectively "Respondents"), Pauline C. Scalvino, Esq. of the Vanguard Group, Vorge Valley, PA.

AWARD NASD Regulation, Inc. In the Miner of the Arbitration Between Shikhar C. Iain tod Archana Iain 97-05749 Investor* Associates, Lie For Claimants; Shikhar C. Jain and Archana Jain ("Iain") were represented by James A. McGurk, Esq., located in Chicago, Illinois. For Respondent: Investors Associates, Inc. ("Investors") did not appear. Statement of Claim filed: December 9,1997. Claimant's Submission Agreement signed on: December 4.1997. Res

AWARD NASD REGULATION. INC.. OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Dale R. Terwedo Claimant v. Arbitration No. 97-05698/97-05719 Lutheran Brotherhood Securities Corporation Respondent Lutheran Brotherhood Securities Corporation Claimant v. Dale R. Terwedo Respondent REPRESENTATION For Dale R. Terwedo: Scott D. Stechman, Esq., Smith Campbell & Paduano, New York, New York. For Lutheran Brothe

NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimant Jeffrey Greenip 97-05674 Name of Respondents Cambridge Partners, L.L.C. Cambridge Holdings, L.L.C. John J. McFadden, III Bjorn Aaserod REPRESENTATION For Claimant Jeffrey Greenip ("Claimant") appeared Robert M. Bursky, Esq., of the law offices Wechsler & Bursky, L.L.P., located in New York, New York. For Respondents Cambridge Partners, L.L.C. ("

NASD REGULATION, INC. AWARD In the Matter of the Arbitration Between Name of Claimant Alexander J. Gibbons vs. Case No. 97-05205 Name of Respondent Merrill Lynch Pierce Fenner & Smith, Inc. REPRESENTATION For Claimant Alexander J. Gibbons ("Claimant") appeared Michael J. McAllister, Esq. of the law firm Satterlee Stephens Burke & Burke, LLP, located in New York, New York. For Respondent Merrill Lynch, Pierce, Fenner & Smith, Inc. ("Respo