Securities Listed on OTC – 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     41.1%
Limit orders as percentage of total non-directed orders      56.3%
Other orders as percentage of total non-directed orders      2.6%

Venues receiving significant percentage of total non-directed orders:

Knight Securities                                            100.0%

Information Concerning significant Venues:

Knight Securities

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             100.0%
Market orders as percentage of total market orders           100.0%
Other orders as percentage of total other orders             100.0%