Andrew S. and Linda Hayworth Brenner - Page 4

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          The Arbitration Proceeding                                                  
               On May 23, 1996, petitioner commenced an arbitration                   
          proceeding with the NASD (the arbitration proceeding) naming                
          Nomura as a party.  He commenced the arbitration proceeding by              
          filing a Demand For Arbitration and Statement of Claim (the                 
          original claim) alleging, inter alia, breach of his employment              
          contract with Nomura, breach of covenant of good faith and fair             
          dealing, and defamation.  He sought damages in the sum of                   
          $11,174,000 plus interest on his claims, punitive damages,                  
          attorney’s fees, and costs.                                                 
               On July 19, 1996, Nomura filed a counterclaim alleged that             
          petitioner, while at Nomura, had been “parking” securities, and             
          sought “in excess of $500,000" for breach of a fiduciary duty.              
               On May 13, 1997, petitioner filed a Second Amended Statement           
          of Claim (the amended claim) in which he asserted additional                
          claims, the most significant of which was a $3 million claim for            
          defamation in connection with the filing, by Nomura, of an                  
          amended Form U-5, which disclosed that petitioner was involved in           
          an investigation by the NASD.                                               
          Other Proceedings                                                           
               Sometime after filing the original claim, petitioner                   
          commenced an action in the New York State Supreme Court.  In that           
          action, he moved to enjoin Nomura from filing the original Form             
          U-5 with the NYSE and NASD (the injunction action).  The court              

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