Securities Listed on Option Market – 1st Quarter 2004
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     6.1%
Limit orders as percentage of total non-directed orders      93.9%
Other orders as percentage of total non-directed orders      0.0%

Venues receiving significant percentage of total non-directed orders:

AMEX                                                         13.0%
CBOE                                                         80.0%
PCOS                                                         7.0%

Information Concerning significant Venues:

AMEX

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             12.0%
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             80.6%
Market orders as percentage of total market orders           71.4%


PCOS

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             7.4%