Securities Listed on OTC – 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     46.4%
Limit orders as percentage of total non-directed orders      50.7%
Other orders as percentage of total non-directed orders      2.9%

Venues receiving significant percentage of total non-directed orders:

Knight Securities                                            99.8%
Chicago Exchange                                             0.2%

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           99.6%
Other orders as percentage of total other orders             100.0%


Chicago Exchange

Type of Orders Routed to Venue:

Market orders as percentage of total market orders           0.4%