Securities Listed on OTC
J.D. Seibert & Co., Inc. – 4th Quarter 2004

Summary Statistics:

Non-directed orders as percentage of total customer orders   617/617
Market orders as percentage of total non-directed orders     304/617
Limit orders as percentage of total non-directed orders      283/617
Other orders as percentage of total non-directed orders      30/617

Venues receiving significant percentage of total non-directed orders:

Knight Securities                                            605/617
Aegis Capital                                                4/617
Charles Schwab                                               8/617

Information Concerning significant Venues:

Knight Securities

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             278/283
Market orders as percentage of total market orders           297/304
Other orders as percentage of total other orders             30/30


Aegis Capital

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             3/283
Market orders as percentage of total market orders           1/304


Charles Schwab

Type of Orders Routed to Venue:

Limit orders as percentage of total limit orders             2/283
Market orders as percentage of total market orders           6/304