Securities Listed on Option Market – 4th 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     18.0%
Limit orders as percentage of total non-directed orders      82.0%
Other orders as percentage of total non-directed orders      0.0%

Venues receiving significant percentage of total non-directed orders:

AMEX                                                         10.1%
CBOE                                                         77.5%
PCOS                                                         12.4%

Information Concerning significant Venues:

AMEX

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             12.3%


CBOE

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             72.6%
Market orders as percentage of total market orders           100.0%


PCOS

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             15.1%