NASD MEMBER STATISTICS MASSIVE DECLINE IN NASD FIRMS The following are selected NASD Regulation Statistics. This area will be updated on a regular basis. If you have any further questions about these statistics, please contact us. NASD Ten-Year Statistical Review 1988-1998 NASD 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 YTO July 1988 Member Firms 6,432 5,141 5,827 5,386 5,260 5,525 5,426 5,451 5,563 5,597 5,594 Branch Offices 22,714 29,998 24,457 29,158 33,895 35,492 57,105 58,119 60,151 62,958 89,571 Registered Reps 457,330 438,701 417,048 406,106 426,979 431,901 485,548 505,647 534,989 556,024 584,346 Regulatory Actions Total Cycle Exams Started +/- 4,472 4,138 3,858 2,641 2,439 2,359 2,219 1,516 2,359 2,325 Customer Complaints Received +/- 5,069 4,903 3,905 3,519 4,821 3,984 4,356 4,565 5,262 4,821 Customer Complaints Resolved 5,319 4,834 4,408 3,994 4,407 4,008 3,601 4,580 5,221 5,114 Formal Complaints filed & AWCs authorized 937 1,011 1,080 901 907 914 910 917 1,200 895 Committee Dec. Rendered& Offers Accepted & AWCs Accepted 559 678 756 1,032 966 870 901 908 1,045 1,211 Firms Expelled Not including failure to pay fines 11 25 25 43 32 14 18 8 7 9 Individuals Barred 158 288 344 485 491 404 364 412 394 428 Firms Suspended 5 43 17 17 11 18 11 9 7 4 Individuals Suspended 112 279 233 284 191 228 221 196 204 238 StockWatch On-Line Price & Volume Alerts 17,680 17,115 14,259 13,706 18,154 21,492 17,293 22,181 26,305 28,527 Trade Halts 1,530 2,314 2,018 2,077 1,404 1,111 941 1,130 1,250 1,178 News & Long Term Price Breaks N/A N/A N/A N/A 3,785 6,268 5,334 6,593 6,095 6,433 Investigations 270 169 114 97 96 122 156 359 230 375 SEC Referrals 107 61 51 47 28 71 91 113 257 138 Total Advertisments Reviewed (after 1991 includes only rings, not spot checks or complaint investigations. 30,022 28,543 29,786 31,238 31,991 38,961 42,143 45,765 51,658 57,313 Arbitration cases Filed 3,990 3,632 3,545 4,150 4,379 5,419 5,570 6,056 5,631 5,997 Exams Administered 227,523 183,630 180,451 158,078 207,802 258,888 271,175 241,038 267,580 282,353