N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between of Claimant Frank A. Pansini 96-01074 Name of Respondent Donald & Co. Securities Inc. Harold Eugene Stice Anthony Potecorvo Raymond Levitzki Stephen West Stephen Allan Blum Jack Guerriero : !' ) Paul Favata REPRESENTATION For Claimant, Frank A. Pansini, appeared Lisa Ann Enoch, Esq., sole practioner located in Chappaqua,

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Cecilia E. Perry as Trustee for the Cecilia E. Perry Trust 96-01072 Name of Respondents Merrill, Lynch, Pierce, Fenner & Smith, Inc. Kenneth Towers CASE SUMMARY In a claim filed with the National Association of Securities Dealers, Inc. on March 11, 1996, claimant Cecilia E. Parry as Trustee for the Cecilia E. Perry Trust ("

NASD REGULATION, INC. OFFICE OF DISPUTE RESOLUTION ARBITRATION AWARD NASD REGULATION. INC OFFICE QF DISPUTE RESOLUTION In the matter of the Arbitration Between Name of Claimant Selda Hollander as Trustee of the Selda Hollander Trust NASD Regulation, Inc. Office of Dispute Resolution Arbitration No. 96-01067 Name of Respondents Commonwealth Associates, Inc., GuyClemente, and Richard Campanella REPRESENTATION For Claimant

NASD Regulation, Inc. AWARD NASD Regulation, Inc. In the Matter of the Arbitration Between Name of Claimant(s) Donald A. Herman, M.D. 96-01066 Name of Rcspondent(s) Morgan Keegan & Company Inc Francis Maus REPRESENTATION Claimant Donald A. Berman ("Herman") appeared pro se. For Respondents Morgan Keegan & Company, Inc. ("MKC") and Francis Maus ("Maus"): David M. Minnick, Esq., in-house counsel at MKC, Memphis, Tennessee. \ CASE INFOR

AWARD NASD REGULATION. INC.. OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Name of Claimants Larry Paletz Anglo American Corporation v. Arbitration No. 96-01061 Name of Respondents Smith Barney, Inc, Anthony BJ. Black REPRESENTATION OF PARTIES Larry Paletz and Anglo American Corporation ("Claimants") were represented by H. Thomas Fehn, Esq., Fields Fehn & Sherwin, Los Angeles, California. Smith Barney, Inc

AWARD NASD REGULATION, INC.. OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Name of Claimants Michael Anisimov, Marina Stein and Slavik Stein a.k.a. Stanley Stein v. Name of Respondents Baraban Securities Corporation and Roman Reznik Arbitration No. 96-01059 For Claimants: For Respondents: REPRESENTATION William W. Bloch, Esq. McMillan & Bloch Beverly Hills, California Robert A. Uhl Robert A

N.A.S.I). AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC. In the matter of the Arbitration Between Name of Claimants') Louis R. Gallovich and Frances Gallovich Name of Respondents) Advantage Capital Corporation and Robert Louis Hesslink NASD Arbitration No. 96-01058 REPRESENTATION For Claimant: For Respondent Advantage Capital Corporation: For Respondent Robert Louis Hesslink: Raymond Gaitan, Esq. Gaitan & Parks Orange

Award NASD Dispute Resolution In the Matter of the Arbitration Between: Names of the Claimants Case Number: Q1-01168 George R. Yetter and Anna L. Yetter Names of the Respondents Hearing Site: Tampa, FL Preferred Securities Group, Inc. Theodore Kaprel Malkasian Nature of the Dispute: Customer vs. Member and Associated Person. REPRESENTATION OF PARTIES For George R. Yetter and Anna L. Yetter, hereinafter collectively referred to as "Claimants":

N.A.S.D. REGULATION AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS REGULATION, INC. In the Matter of the Arbitration Between Name of Claimants Peter and Jeanne M. Celiberti 96-01053 Name of Respondents Daniel Porush James Kelly REPRESENTATION Claimants Peter and Jeanne M. Celiberti ("Claimants") were represented by Timothy J. Dennin, Esq., New York, NY. Respondent Daniel Porush ("Porush") was represented by Mark E. Gelfand, Esq., Great

NASD REGULATION, INC. OFFICE OF DISPUTE RESOLUTION ARBITRATION AWARD NASD REGULATION. INC. OFFICE OF DISPUTE RESOLUTION In the matter of the Arbitration Between Name of Claimants Prudential Securities, Inc. NASD Regulation, Inc. Office of Dispute Resolution Arbitration No. 96-01050 Name of Respondents Roger Sabbah REPRESENTATION For Claimant: Steven P. Gomberg Gomberg, Kane & Fischer, LTD. Chicago, Illinois For Respon