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Note: Broker-dealers are required to disclose any material arrangements with the venues listed in each section below, including, but not limited to, any internalization or payment for order flow arrangements. MDG MIDDLEGATE SECURITIES, LTD 8 WEST 40TH STREET NEW YORK, NY10018 SEC Rule 606 Quarterly Report for the Quarter Ending December 31, 2008 Securities Listed on New York Stock Exchange Summary Statistics : Non-directed orders as percentage of total customer orders Market orders as percentage of total non-directed orders Limit orders as percentage of total non-directed orders Other orders as percentage of total non-directed orders 100.00% 31.92% 65.96% 2.12% Venues Receiving Significant Percentage of Total Non-Directed Orders : 1. 2. 3. 4. 5. 6. 7. 8. 9. UBS Securities, L.L.C. Knight Capital Markets, L.L.C. Automated Trading Desk Financial Services, L.L.C. Citadel Derivatives Group LLC NYSE ARCA Madoff (Bernard L.) Investment Securities, L.L.C. National Financial Services Corporation Middlegate Securities Ltd. New York Stock Exchange LLC. 90.97% 5.02% 1.52% 0.96% 0.84% 0.39% 0.21% 0.06% 0.03% Information Concerning Significant Venues : 1. UBS Securities, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 2. 89.70% 91.98% 78.87% Knight Capital Markets, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 3.37% 5.35% 19.72% Page 1 of 8 3. Automated Trading Desk Financial Services, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 4. 3.75% 0.45% 1.41% Citadel Derivatives Group LLC Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 5. 1.69% 0.63% 0.00% NYSE ARCA Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 6. 0.00% 1.27% 0.00% Madoff (Bernard L.) Investment Securities, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 7. 0.84% 0.18% 0.00% National Financial Services Corporation Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 8. 0.37% 0.14% 0.00% Middlegate Securities Ltd. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 9. 0.19% 0.00% 0.00% New York Stock Exchange LLC. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 0.09% 0.00% 0.00% Page 2 of 8 Securities Listed on The Nasdaq Stock Market Summary Statistics : Non-directed orders as percentage of total customer orders Market orders as percentage of total non-directed orders Limit orders as percentage of total non-directed orders Other orders as percentage of total non-directed orders 100.00% 19.49% 79.15% 1.37% Venues Receiving Significant Percentage of Total Non-Directed Orders : 1. 2. 3. 4. 5. 6. 7. 8. UBS Securities, L.L.C. Citadel Derivatives Group LLC NYSE ARCA Knight Equity Markets, L.P. Middlegate Securities Ltd. Automated Trading Desk Financial Services, L.L.C. Madoff (Bernard L.) Investment Securities, L.L.C. Citigroup Global Markets, Inc. 95.26% 1.15% 1.11% 0.85% 0.68% 0.60% 0.21% 0.13% Information Concerning Significant Venues : 1. UBS Securities, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 2. 86.84% 97.30% 96.88% Citadel Derivatives Group LLC Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 3. 2.85% 0.76% 0.00% NYSE ARCA Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 4. 0.00% 1.40% 0.00% Knight Equity Markets, L.P. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 5. 2.85% 0.32% 3.13% Middlegate Securities Ltd. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 3.51% 0.00% 0.00% Page 3 of 8 6. Automated Trading Desk Financial Services, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 7. 2.41% 0.16% 0.00% Madoff (Bernard L.) Investment Securities, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 8. 0.88% 0.05% 0.00% Citigroup Global Markets, Inc. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 0.66% 0.00% 0.00% Page 4 of 8 Securities Listed on NYSE Alternext or Regional Exchanges Summary Statistics : Non-directed orders as percentage of total customer orders Market orders as percentage of total non-directed orders Limit orders as percentage of total non-directed orders Other orders as percentage of total non-directed orders 100.00% 34.01% 56.69% 9.30% Venues Receiving Significant Percentage of Total Non-Directed Orders : 1. 2. 3. 4. 5. 6. 7. UBS Securities, L.L.C. Citadel Derivatives Group LLC Knight Capital Markets, L.L.C. NYSE ARCA Madoff (Bernard L.) Investment Securities, L.L.C. Automated Trading Desk Financial Services, L.L.C. Archipelago Trading Services, Inc. 42.93% 27.29% 13.76% 6.80% 4.08% 3.85% 1.28% Information Concerning Significant Venues : 1. UBS Securities, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 2. 54.89% 39.60% 19.51% Citadel Derivatives Group LLC Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 3. 18.00% 30.27% 43.09% Knight Capital Markets, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 4. 14.22% 14.13% 9.76% NYSE ARCA Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 5. 0.00% 12.00% 0.00% Madoff (Bernard L.) Investment Securities, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 8.44% 2.13% 0.00% Page 5 of 8 6. Automated Trading Desk Financial Services, L.L.C. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 7. 2.00% 1.07% 27.64% Archipelago Trading Services, Inc. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 2.44% 0.80% 0.00% Page 6 of 8 Exchange - Listed Options Summary Statistics : Non-directed orders as percentage of total customer orders Market orders as percentage of total non-directed orders Limit orders as percentage of total non-directed orders Other orders as percentage of total non-directed orders 100.00% 50.20% 48.43% 1.37% Venues Receiving Significant Percentage of Total Non-Directed Orders : 1. 2. 3. 4. 5. 6. 7. 8. The International Securitites Exchange The Chicago Board Options Exchange The Philadelphia Stock Exchange Goldman, Sachs & Co. NYSE ARCA The Boston Option Exchange The American Stock Exchange Nasdaq Options Market 26.37% 21.76% 18.82% 14.90% 11.08% 4.22% 2.16% 0.69% Information Concerning Significant Venues : 1. The International Securitites Exchange Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 2. 36.13% 16.80% 7.14% The Chicago Board Options Exchange Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 3. 19.53% 22.06% 92.86% The Philadelphia Stock Exchange Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 4. 17.38% 20.85% 0.00% Goldman, Sachs & Co. Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 5. 11.91% 18.42% 0.00% NYSE ARCA Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 6.84% 15.79% 0.00% Page 7 of 8 6. The Boston Option Exchange Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 7. 4.49% 4.05% 0.00% The American Stock Exchange Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 8. 3.13% 1.21% 0.00% Nasdaq Options Market Types of Orders Routed to Venue : Market orders as percentage of total market orders Limit orders as percentage of total limit orders Other orders as percentage of total other orders 0.59% 0.81% 0.00% Page 8 of 8