Synovus Securities, Inc.

Allegations: ON OCTOBER 25, 1999, SYNOVUS SECURITIES,INC RECEIVED AN UNEXECUTED LETTER OF ACCEPTANCE, WAIVER AND CONSENT FOR THE NASD. THE "AWC" RELATED TO ALLEGED TRADE REPORTING VIOLATIONS FOR TRADE DATES JUNE 2,1997 THROUGH JUNE 13, 1997. SSI HAS EXECUTED THE "AWC" AND ACCEPTS AND CONSENTS, WITHOUT ADMITTING OR DENYING THE ALLEGED VIOLATIONS, TO THE ENTRY OF THE FINDING BY NASD REGULATION INC. Status: Final Sanction Detail: TOTAL FINE OF $8,500 WAS PAID ON 06/20/2000 Summary: ON OCTOBER 27,1999, SSI SUBMITTED AN EXECUTED LETTER OF ACCEPTANCE, WAIVER AND CONSENT FOR REVIEW BY THE NASD. AN $8,500.00 MONETARY SANCTION WAS PAID ON 6/20/2000.

Allegations: THE NASD ALLEGED THAT SSI FAILED TO ESTABLISH, MAINTAIN, AND ENFORCE ADEQUATE WRITTEN SUPERVISORY PROCEDURES REASONABLY DESIGNED WITH A VIEW TOWARDS PREVENTING CONVERSION OR MISUSE OF FUNDS. Status: Final Sanction Detail: ON JANUARY 26,2004, SSI SIGNED A LETTER OF ACCEPTANCE, WAIVER, AND CONSENT FROM THE NASD. WITHOUT ADMITTING OR DENYING THE ALLEGATIONS THAT SSI FAILED TO ESTABLISH, MAINTAIN, & ENFORCE ADEQUATE WRITTEN SUPERVISORY PROCEDURES REASONABLY DESIGNED WITH A VIEW TOWARDS PREVENTING CONVERSION OR MISUSE OF FUNDS. SSI AGREED TO CENSURE & A $10,000 FINE. Summary: FROM APPROXIMATELY FEBRUARY 1999 TO FEBRUARY 2002, A REGISTERED REPRESENTATIVE OF SSI PERPETRATED A SCHEME WHERE IN HE CONVERTED AT LEAST $477,000 TO HIS OWN USE & BENEFIT FROM FOUR CUSTOMER ACCOUNTS. THE FIRM'S WRITTEN SUPERVISORY PROCEDURES IN EFFECT DURING THIS TIME PERIOD OUTLINED CERTAIN REQUIREMENTS FOR CHANGING CUSTOMER ADDRESSES BUT DID NOT CALL FOR THE FIRM TO MONITOR REPORTS OF ADDRESS CHANGES OR FOR REVIEWING A CONCENTRATION OF UNRELATED ACCOUNTS LISTING THE SAME ADDRESS. LIKEWISE, THE FIRM'S PROCEDURES PROVIDED REQUIREMENTS FOR WIRE TRANSFERS FROM CUSTOMER ACCOUNTS, BUT DID NOT REQUIRE CUSTOMER SIGNATURES OR OTHER CONTROLS TO EFFECT WIRE TRANSFERS OR THE ISSUANCE OF CHECKS FROM A CLIENT ACCOUNT.

Allegations: THAT SSI CONDUCTED BROKERAGE BUSINESS IN THE STATE OF NEW MEXICO PRIOR TO RECEIVING THE APPROPRIATE STATE REGISTRATION Status: Final Sanction Detail: SSI PAID CIVIL PENALTY FO $500 AND AN ADMINISTRATIVE ASSESSMENT OF $1,340 AND OFFERED TO RESCIND ALL TRANSACTIONS THAT WERE EFFECTED PRIOR TO NEW MEXICO REGISTRATION Summary: SSI ENHANCED SUPERVISORY PROCEDURES FOR ENHANCED MONITORING OF STATE LICENSING REQUIREMENTS

Allegations: THAT SSI CONDUCTED BROKERAGE BUSINESS IN THE STATE OF NORTH DAKOTA PRIOR TO RECEIVING THE APPROPRIATE STATE REGISTATION Status: Final Sanction Detail: SSI REFUNDED COMMISSIONS TO NORTH DAKOTA CLIENTS IN THE AMOUNT OF $1,785.43 AND PAID A FINE IN THE AMOUNT OF $3,500 Summary: SSI ENHANCED SUPERVISORY PROCEDURES FOR ENHANCED MONITORING OF STATE LICENSING REQUIREMENTS

Allegations: THAT SSI CONDUCTED BROKERAGE BUSINESS IN THE STATE OF MAINE PRIOR TO RECEIVING THE APPROPRIATE REGISTRATION Status: Final Sanction Detail: SSI PAID AN ADMINISTRATIVE FINE OF $ 3,000 Summary: SSI ENHANCED SUPERVISORY PROCEDURES FOR INCREASED MONITORING OF STATE LICENSING REQUIREMENTS

Allegations: THAT SSI CONDUCTED BROKERAGE BUSINESS IN THE STATE OF RHODE ISLAND PRIOR TO RECEIVING THE APPROPRIATE STATE REGISTRATION Status: Final Sanction Detail: SSI PAID A $1000 ADMINISTRATIVE FINE & $1600 IN BACK REGISTRATION FEES Summary: SSI ENHANCED SUPERVISORY PROCEDURES FOR INCREASED MONITORING OF STATE LICENSING REQUIREMENTS

Allegations: ALLEGED THAT SSI CONDUCTED BROKERAGE BUSINESS IN THE STARE OF CT. PRIORT TO RECEIVING THE APPROPRIATE STATE REGISTRATION Status: Final Sanction Detail: SSI REFUNDED $ 5,423.59 IN COMMISIONS TO CLIENTS, IMPLEMENTED REVISED SUPERVISORY AND COMPLIANCE COMPLAINTS INITIATED BY CONNECTICUT CLIENTS FOR TWO YEARS AND PAID AN ADMINISTRATIVE FINE OF $3,000 AND $1,140 IN BACK REGISTRATION FEES Summary: SSI ENHANCED SUPERVISORY PROCEDURES FOR INCREASED MONITORING OF STATE LICENSING REQUIREMENTS

Allegations: OVER A PERIOD OF SEVERAL YEARS, SSI DESIGNATED 15 BRANCH OFFICES IN FLORIDA ON ITS SCHEDULE E WITH THE NASD AND CONDUCTED BUSINESS FROM THESE LOCATIONS. SSI WAS UNAWARE THAT FURTHER ACTION WOULD BE REQUIRED TO FILE THESE LOCATIONS WITH THE STATE OF FLORIDA AND HAD PREVIOUSLY INFORMED THE STATE OF FLORIDA THAT IT MAINTAINED BRANCH OFFICES IN THE STATE. THE STATE OF FLORIDA ALLEGED THE FAILURE TO REGISTER THE BRANCH OFFICES WITH THE STATE OF FLORIDA VIOLATED CHAPTER 517 OF THE FLORIDA STATUTES. ON JUNE 14, 2006, SSI, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, AGREED TO A STIPULATION AND CONSENT AGREEMENT. Status: Final Sanction Detail: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE STIPULATION AND CONSENT AGREEMENT WAS SIGNED BY SSI ON 06/14/2006 AND SENT TO THE STATE OF FLORIDA, OFFICE OF FINANCIAL REGULATION. Summary: OVER A PERIOD OF SEVERAL YEARS, SSI DESIGNATED 15 BRANCH OFFICES IN FLORIDA ON ITS SCHEDULE E WITH THE NASD AND CONDUCTED BUSINESS FROM THESE LOCATIONS. SSI WAS UNAWARE THAT FURTHER ACTION WOULD BE REQUIRED TO FILE THESE LOCATIONS WITH THE STATE OF FLORIDA AND HAD PREVIOUSLY INFORMED THE STATE OF FLORIDA THAT IT MAINTAINED BRANCH OFFICES IN THE STATE. THE STATE OF FLORIDA ALLEGED THE FAILURE TO REGISTER THE BRANCH OFFICES WITH THE STATE OF FLORIDA VIOLATED CHAPTER 517 OF THE FLORIDA STATUTES. ON JUNE 14, 2006, SSI, WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, AGREED TO A STIPULATION AND CONSENT AGREEMENT.

Allegations: THE SEC ALLEGED THAT CONTRARY TO ITS REGULATORS, SYNOVUS SECURITIES THROUGH ITS NOW RETIRED PRESIDENT, CLARK REED, JR., INTERPOSED A THIRD PARTY BETWEEN ITSELF AND THE MARKET IN OVER 120 MUNICIPAL TRADES FOR 1988 TO 1991 Status: Final Sanction Detail: SSI WAS CENSURED BY THE SEC, PAID TO THE SEC A $200,000 CIVIL PENALTY, HAS AGREED TO MAINTAIN SAFEGUARDS TO INSURE COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS AND AGREED TO HIRE A CONSULTANT TO REVIEW ITS COMPLIANCE PROCEDURES Summary: SSI HAS AGREED TO HIRE A CONSULTANT TO REVIEW ITS COMPLIANCE PROCEDURES AND MAINTAIN SAFEGUARDS TO INSURE COMPLIANCE WITH WITH APPLICABLE LAWS