Securities Listed on Option Market – 1st Quarter 2003
J.D. Seibert & Co., Inc.

Summary Statistics:

Non-directed orders as percentage of total customer orders   100.0%
Market orders as percentage of total non-directed orders     17.4%
Limit orders as percentage of total non-directed orders      82.6%
Other orders as percentage of total non-directed orders      0.0%

Venues receiving significant percentage of total non-directed orders:

AMEX                                                         28.0%
CBOE                                                         50.3%
Philadelphia                                                 7.5%
PCOS                                                         14.3%

Information Concerning significant Venues:

AMEX

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             27.8%
Market orders as percentage of total market orders           28.6%


CBOE

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             48.9%
Market orders as percentage of total market orders           57.1%


Philadelphia

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             8.3%
Market orders as percentage of total market orders           3.6%


PCOS

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             15.0%
Market orders as percentage of total market orders           10.7%