Stipulated Award NASD Dispute Resolution In the Matter of the Arbitration Between: Lori A. Fahrner Case Number: 03-02885 Claimant Robert W. Baird & Co. and^ Hearing Site: Milwaukee, WI Robert S. Qmelina, Jr. Respondents TYPE OF CONTROVERSY Customer v. Member Firm and Associated Person REPRESENTATION OF PARTIES Claimant was represented by James E. Bartzen, Esq., of the Boardman Law Firm located in Madison, Wisconsin. Respondent Robert

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Name nf thft Claimants Case Number: 03-02877 Zion and Cookie Avissar Zion Avissar IRA Cookie Avissar IRA Aimee Avissar Aimee Avissar IRA Cookie Avissar CF Bailey Avissar Cookia Avissar CF Garon Minton Danny Rabby Name nf the Respondent Hearing Site: Washington, DC Merrill Lynch, Pierce, Fenner & Smith, Inc. ! Michaela P. Huelbig W.Keith Mayo Natur

Stipulated Award NASD Dispute Resolution In the Matter of the Arbitration Between: Scott Behro, Kristen S. Walter, The Estate of Charles Behm, The Behm Family Trust, Claimants v. Morgan Stanley DW Inc., Bradley W. Poock, and Michael B. Yauch, Respondents Case Number: 03-02873 Hearing Site: Los Angeles, California Nature of the Dispute: Customers v. Member and Associated Persons REPRESENTATION OF PARTIES For Claimants: Thomas E. Francis, Esq. Bohm Fr

AWARD NASD Dispute Resolution In the Matter of the Arbitration Between Names of Claimants Wallace Tilley and J & J Family Partnership, Ltd. and Names of Respondents UBS Financial Services, Inc. and Mark Knodel Case Number: 03-02871 Hearing Site: Houston, Texas NATURE OF DISPUTE Customers v. Member Firm and Associated Person REPRESENTATION OF PARTIES Wallace Tilley and J & J Family Partnership, Ltd. ("Claimants") were represented

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.,