Order Routing and Execution Disclosure

The Securities and Exchange Commission has recently adopted two rules to enhance the visibility of execution quality of the U.S. securities markets for public investors.

SEC Rule 11Ac1-5 - Disclosure of Order Execution Information

Rule 11 Ac1-5 requires that Janney Montgomery Scott LLC ("Janney") publicly disclose, on a monthly basis, basic standardized information concerning its handling and execution of orders. Please click on the link below to access Janney's execution statistics. Please direct any questions you may have to your Financial Consultant.

Execution Statistics before January 1st 2005:
http://www.tagaudit.com/rule5.asp

Execution Statistics after January 1st 2005:
http://www.marketsystems.com/msi/public1_5.html

SEC Rule 11Ac1-6 - Disclosure of Order Routing Information

Under Rule 11 Ac1-6, Janney is required to disclose, on a quarterly basis, the identity of the market centers to which it routes a significant percentage of its orders. Janney is also required to disclose the nature of its relationships with such market centers, including any internalization or payment for order flow and reciprocal business arrangements. Please click on the link below to access Janney's order routing statistics. Please direct any questions you may have to your Financial Consultant.

Execution Statistics before January 1st 2005:
http://www.tagaudit.com/rule6.asp

Execution Statistics after January 1st 2005:
http://www.marketsystems.com/msi/reports/index.html?clientid=jany