Stuart Frankel & Co. Incorporated ("Stuart Frankel") has prepared this report pursuant to Securities Exchange Act Rule 606 (the "Rule"). The Rule requires Stuart Frankel to publish statistical information about its routing of certain customers orders in Nasdaq, listed stocks and listed options. These statistics capture only a limited portion of Stuart Frankel's order flow. The Rule requires providing information on the routing of "non-directed orders" - any order that the customer has not specifically instructed to be routed to a particular venue for execution, for orders of less than a specified dollar amount. This report provides only a limited overview of Stuart Frankel's routing practices and does not create a reliable basis on which to assess whether Stuart Frankel or any other trading venue has satisfied its duty of best execution.

We have attempted to prepare these statistics in compliance with the Rule. However, the statistics have not been audited and may contain errors.

Since Stuart Frankel does not engage in options, the report is divided into three sections: one for securities listed on the New York Stock Exchange, one for securities listed on The Nasdaq Stock Market, and one for securities listed on the American Stock Exchange or regional exchanges.

You may visit the SEC Web site for more information on the Disclosure of SEC-Required Order Execution and Routing Practices and interpretative frequently asked questions (Staff Legal Bulletins No. 13 and 13A).