N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of Arbitration Between Name of Claimant Frank Marchese 93-02739 Name of Respondent Shearson Lehman Brothers, Inc. and Ronald Smith REPRESENTATION For Claimant, Frank Magaletta, Esq. of the law firm of Lampf, Lipkind, Prupis, Petigrow & Labue, West Orange, NT For Respondents, James Goddard, Esq., of Smith Barney Shearson, Inc. (formerly Shearson Lehman Bros., Inc.

N.A.S.D. AWARD i NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Names of Claimants John L. and Jacqueline F. Palmer 93-02723 Names of Respondents Merrill Lynch Pierce Fenner & Smith Inc. David R. Finkel REPRESENTATION For Claimants, John L. and Jacqueline F. Palmer ("the Palmers"): Joseph C. Skalski, Esq., of Clearwater, Florida. For Respondents, Merrill Lynch Pierce Fenner & Smith, Inc. ("MLPFS")

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS Name of Claimant Francis W. McCleary 93-02394 of Respondents Thomas Michael Joyce, Connecticut Securities and Legg Mason Walker, Inc. REPRESENTATION OF PARTIES Claimant, Francis McCleary ( "McCleary" ) was represented at the hearing by Linda J. Garofola, Esq. of Reynolds, Motl, Sherwood and Wright, Helena, Montana. Respondent, Thomas Michael Joyce ("Joyce") appeared at the hea

NASD AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between David W. Hicks, Sr. and NASD Number 93-02384 Gruntal & Company, Inc. REPRESENTATION OF PARTIES Claimant David E. Hicks, Sr. was represented by Michael Farrell, Esq. of Wells, Moore, Simmons & Neeld located in Jackson, Mississippi. Respondent Gruntal & Company, Inc. was represented by Jonathon Taylor, Esq. of Schulte Roth & Zabel located in New Yo

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Jane Ames Chirurg 93-02383 Name of Respondent Shearson Lehman Brothers, Inc. PUBLIC REPRESENTATION Claimant was represented by Thomas Farrell, Esq., of the law firm of Gold, Farrell and Marks located in New York, N.Y.. Respondent was represented by John Bevilaqua, Esq., of Smith Barney Shearson, Inc.. CASE INFORMATION

NASD Arbitration No. 93-02380 N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC. In the matter of the Arbitration Between Name of Claimant Karl Stocker Name of Respondents Shearson Lehman Brothers, Inc. Robert S. Fash REPRESENT ATTON For Claimant: Jerry G. Petryha, Esq., Santa Monica, California For Respondents: Michael C. Licosati, Esq., Keesal, Young & Logan, Long Beach, California CASE INFORMATION Statement of

NASD AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. In the Matter of the Arbitration Between Name of Claimants Ralph L. and Nancy D. Cotton Woodridge Orthopedic Profit Sharing Plan and 93-02377 Name of Respondents CIGNA Securities, Inc. Thomas C. Fead REPRESENTATION OF PARTIES Ralph L. and Nancy D. Cotton and Woodridge Orthopedic Profit Sharing Plan ("Claimants") were represented by Steve A. Miller, Esq., Steve A. Miller, P.C., D

N.AS.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Biltmore Securities, Inc. 93-02367 Name of Respondents Gabriel Construction Gabriel Oladeinde Claimant Biltmore Securities ("Biltmore") was represented at the hearing by Marc J. Ross, Esq. of Bernstein & Wasserman of New York, New York. Respondents Gabriel Construction ("Gabriel Construction") and Gabriel Oladeinde ("Oladeinde")

Award NASD Dispute Resolution, Inc. In the Matter of the Arbitration Between: West America Securities Corp., Claimant and Counter-Respondent v. Craig Alan Brandwein, Respondent and Counter-Claimant Case Number: 01-02615 Hearing Site: Los Angeles, California REPRESENTATION OF PARTIES For Claimant and Counter-Respondent: Elizabeth Lowery, Esq. Fields, Fehn & Sherwin Los Angeles, California For Respondent and Counter-Claimant: Craig Alan Brandwein

NASD Arbitration No. 93-02364 N.A.S.D. AWARD NATIONAL ASSOCIATSQff OF SECURITIES DEALERS. INC. In the matter of the Arbitration Between Name of Claimant(a) Selso R. Mendoza Name of Respondent(a) Snail V. Mehta REPRESENTATION For Claimant: Dennis G. Merenbach, Esq. and J. Leo Federman, Investors Rights Association, Santa Barbara, California For Respondent: H Thomas Fehn, Esq., Fields, Fehn & Sherwin, Los Angeles, California CASE I