RJA Order Routing Summary

As required by SEC Rule 606 and the Markets in Financial Instruments Directive (MiFID) in Europe, the data provided below represents order flow that has been sent to various market centers for execution. RJA has provided quantitative data for the venues that received the largest number of non-directed orders for each security type. Questions regarding this order routing summary may be directed to Tom Lombardi at 212-856-4386.

To view data for the New York Stock Exchange, the Nasdaq Stock Market, or the American Stock Exchange, please refer to http://www.marketsystems.com/msi/reports/1-6/raja/index.html

RJA acts as a market maker (Market Maker I.D. - RAJA) for Nasdaq National Market System and Nasdaq Small Cap securities in the over-the-counter market. RJA makes markets in approximately three hundred fifty securities and may execute eligible orders received from clients and other broker dealers against the firm’s proprietary inventory. RJA realizes 100% of any trading profits generated from trading with client orders as principal.

Options

Quarter Ending June 2008

Payment for order flow arrangements with Option Exchange Specialist Units

Raymond James & Associates routes Option orders to all of the U.S. Option Exchanges. It is common for specialists at the exchanges to make payments to brokerage firms for orders executed on that exchange. We do not receive payment for all trades, and all contracts of a particular trade may not generate payment. The routing decision is in no way influenced by the prospect of receiving such payment.

* Latest available data

If you should have any questions regarding RJA’s routing of option order flow, you may contact Jim Knight at 800-248-8863 ext. 72069.