Securities Listed on OTC – 1st Quarter 2004
J.D. Seibert & Co., Inc.

Summary Statistics:

Non-directed orders as percentage of total customer orders   982/982
Market orders as percentage of total non-directed orders     456/982
Limit orders as percentage of total non-directed orders      498/982
Other orders as percentage of total non-directed orders      28/982

Venues receiving significant percentage of total non-directed orders:

Knight Securities                                            980/982
Chicago Exchange                                             2/982

Information Concerning significant Venues:

Knight Securities

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             498/498
Market orders as percentage of total market orders           454/456
Other orders as percentage of total other orders             28/28


Chicago Exchange

Type of Orders Routed to Venue:

Market orders as percentage of total market orders           2/456