The Securities and Exchange Commission has adopted two rules to improve public disclosure of order execution and routing practices.

• Under Rule 605, market centers that trade national market system securities are required to make available to the public monthly electronic reports that include uniform statistical measures of execution quality.
• Under Rule 606, broker-dealers that route customer orders in equity and option securities are required to make publicly available quarterly reports that, among other things, identify the venues to which customer orders are routed for execution.

In addition, broker-dealers are required to disclose to customers, on request, the venues to which their individual orders were routed. By making visible the execution quality of the securities markets, the rules are intended to spur more vigorous competition among market participants to provide the best possible prices for investor orders.

Broadpoint, in compliance with the above rules, is providing access to this data through Sungard Trading Systems. If you would like to access the Rule 605 (execution) data or Rule 606 (routing) data please go to http://www.brasscompliance.com. A printed copy of this data or data prior to October 1, 2003 are available upon request. To request this information, please contact us at info@broadpointsecurities.com.

In the second quarter of 2003, Broadpoint entered into an agreement with First Clearing Corporation ("FCC"), a wholly owned subsidiary of Wachovia Corporation, whereby FCC serves as our clearing firm. As a result, Rule 606 (routing) data for accounts now serviced by FCC may be viewed at http://www.firstclearingllc.com/Report/FirstClearing/default.htm