Andrew S. and Linda Hayworth Brenner - Page 5

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          permitted Nomura to file the Form U-5 but granted an injunction             
          requiring that it be filed under seal.  That injunction was                 
          vacated on appeal.  In the same court, petitioner commenced a               
          second action against certain Nomura employees.  With                       
          petitioner’s concurrence, that action was ultimately dismissed              
          with prejudice.                                                             
               Petitioner was also involved in separate investigations of             
          Nomura’s and petitioner’s trading activities while at Nomura,               
          instituted in 1996 by both the NYSE and the NASD (the NYSE and              
          NASD investigations).                                                       
          The Partial Summary Judgment Motions                                        
               In April 1997, petitioner moved for partial summary judgment           
          in the arbitration proceeding on the issue of whether Nomura                
          should be required to advance to him the legal fees to be                   
          incurred by him in connection with the arbitration proceeding,              
          the injunction action, and the NYSE and NASD investigations.                
          Nomura opposed petitioner’s motion and, itself, moved for partial           
          summary judgment dismissing petitioner’s claim for advancement or           
          reimbursement of the legal fees.  Petitioner filed a reply in               
          further support of his own motion and in opposition to Nomura’s             
               Petitioner’s position that Nomura was required to advance to           
          him the legal fees was based upon Article XIII of Nomura’s by-              

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