Securities Listed on OTC – 4th Quarter 2003
J.D. Seibert & Co., Inc.

Summary Statistics:

Non-directed orders as percentage of total customer orders   910/910
Market orders as percentage of total non-directed orders     374/910
Limit orders as percentage of total non-directed orders      512/910
Other orders as percentage of total non-directed orders      24/910

Venues receiving significant percentage of total non-directed orders:

Knight Securities                                            910/910

Information Concerning significant Venues:

Knight Securities

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             512/512
Market orders as percentage of total market orders           374/374
Other orders as percentage of total other orders             24/24