Stipulated Award NASD Dispute Resolution In the Matter of the Arbitration Between: Names of the Claimants Martin Boyer, Trustee, U/A DTD 3/1/85 Mary L. Boyer, Trustee, U/A DTD 12/28/88 Martin Boyer Mary Boyer Names of the Respondents Merrill Lynch, Pierce, Fenner & Smith, Inc. Kevin Cooper David Mowry Case Number: 00-03643 Hearing Site: Boca Raton, Florida Nature of the Dispute: Customer vs. Member and Associated Person. REPR

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants James T. and Selwyn Matthews Case # v. 93-01456 Name of Respondents F.N. Wolf & Co., Inc. Stanley H. VanEtten John Brothers v. Name of Third-Party Respondents Franklin N. Wolf John E. Dell James R. Guntle John Csenge REPRESENTATION For James T. and Selwyn Matthews ("Claimants"), Michael D. Hurst, Es

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimantfs') Richard B. and Mary M. Tongue 93-01441 Name of Resoondentfs) Keith Aufhauser Peter Theodoreilis REPRESENTATION For Claimant: Richard B. Tongue. For Respondent Keith Aufhauser: Keith Aufhauser. For Respondent Peter Theodoreilis: Diana Armenakis, Esq. of Armenakis & Armenakis. CASE INFORMATION Statement of Cla

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Jeffrey R. Anderson 93-01439 Name of Respondents A. G. Edwards & Sons, Inc. and Paul Bishop REPRESENTATION OF PARTIES For Claimant, Jeffrey Anderson, at the hearing: Vincent D. Louwagie, Esq. of Fruth & Anthony, P. A., Minneapolis, Minnesota. For Respondent, A.G. Edwards & Sons, Inc., at the hearing: Clay Grumke, Esq. of A.

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant Terry L. Winters 93-01435 Name of Respondents F.N. Wolf & Co., Inc.; Tillman Douglas REPRESENTATION For Claimant: Terry L. Winters ("Winters") was represented by Hugh L. McKenney, Esq. of McKenney & Jesse, P.C., located in Houston, Texas. For Respondents: F.N. Wolf & Co., Inc. ("F.N. Wolf) and Tillman Douglas ("Douglas") we

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Martin and Mae Lenow 93-01433 Name of Respondents Merrill Lynch, Pierce Fenner & Smith, Inc. Lena H. Jansen REPRESENTATION For Claimants at the hearing: Howard Stein, Esq. of Holleb & Coff, Chicago, Illinois. For Respondents at the hearing: Nicholas R. Piccininni, Esq. of Merrill Lynch Pierce Fenner & Smith, Inc., New

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimant JS Capital Management, L.P. 93-01421 Name of Respondent Pacific Brokerage Services. Inc. REPRESENTATION For Claimant: JS Capital Management, L.P. was represented by Jonathan Sherman of JS Capital Management, L.P. For Respondent: Pacific Brokerage Services, Inc. was represented by Stephen P. Bedell, Esq. of Gardner, Carton &

N.A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Joe and Gloria Manzi, ind/JTTEN 93-01420 Name of Respondents Barrett Day Securities, Inc. Sean Hadden REPRESENTATION For Claimants Joe and Gloria Manzi ("Claimants") appeared Claimant Joe Manzi. For Respondent Barrett Day Securities, Inc. ("Barrett Day") appeared Ruthann Niosi, Esq., New York, NY. Respondent Sean Hadde

N.A.S/D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of the Arbitration Between Name of Claimants Ralph and Dorothy Burrell 93-01418 Name of Respondent Shearson Lehman Brothers, Inc. REPRESENTATION For Claimants Ralph and Dorothy Burrell ("Claimants"): Anthony V. Trogan, Esq. with the law firm of Weisman, Trogan, Young & Schloss, P.C. located in Birmingham, MI. For Respondent Shearson Lehman Brothers, Inc ("Respondent"

N r .A.S.D. AWARD NATIONAL ASSOCIATION OF SECURITIES DEALERS In the Matter of Arbitration Between Name of Claimants Lee L. Bernardis Barbara Bernardis vs. Case #93-01414 Name of Respondents Bear Sterns & Co., Inc, Daniel Jones John Pearce REPRESENTATION For Claimants Lee L. Bernardis and Barbara Bernardis ("Claimants"), Jeffrey A. Sellers Esq., from the law firm of Siiverberg, Yood, Sellers & McGorry. For Respondents