Dear Valued Client:

Effective on April 15, 2008, Knight Capital Markets LLC (Knight) intends to utilize NASDAQ's Opening Cross Process for the execution of all securities listed on the American Stock Exchange.

For details on NASDAQ's Opening Cross please visit http://www.nasdaqtrader.com/trader/openclose/openclose.stm

Please note that Knight reserves the right, at its sole discretion, to utilize any of the order handling protocols published on our website, (www.knight.com), in connection with handling pre-open orders in any stock, including those described above.

If you have any questions regarding this please contact me or your Knight Representative.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations & Client Services

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Dear Valued Client:

In an effort to enhance the order handling and execution of securities that trade in non-US markets (indicated with a 5-letter symbol ending in "F"), Knight will remove all order size requirements (noted previously in the attached e-mail) and thus accept all orders though its share amount may not meet the predefined minimum quantity levels of that security.

If you have any questions regarding this change that becomes effective on Tuesday, April 1, 2008, please contact your Knight Representative.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations & Client Services

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Dear Valued Client:

Today, NASDAQ has announced that it will delay the "Phase 2" implementation of Symbology till September, 2008.

As a result, weekend testing scheduled throughout February and March has been cancelled.

You can read the entire NASDAQ announcement by accessing this link: http://www.nasdaqtrader.com/TraderNews.aspx?id=hta2008-020.

Thank you.

Sincerely,

Frank Grampone

Managing Director - Operations & Client Services

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Dear Valued Client:

Effective on Monday, March 3, 2008, Knight Capital Markets, LLC (Knight) will utilize NASDAQ's Opening Cross Process for the execution of eligible pre-opening orders in all Exchange Traded Funds (ETFs) listed on the American Stock Exchange (AMEX).

Please find the attachment for a complete list of all AMEX ETFs.

For details on NASDAQ's Opening Cross please visit http://www.nasdaqtrader.com/trader/openclose/openclose.stm.

If you have any questions regarding this please contact me or your Knight Representative.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations & Client Services

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Attention All Clients:

Beginning Wednesday, January 2, 2008, the NYSE ARCA closing time for its Exchange Traded Funds (ETFs) will change from 4:15 p.m. ET to 4:00 p.m. ET.

Market-on-Close (MOC) orders received after 3:40:00 p.m. (ET) will not receive an execution and a "too-late-to-enter" (TLTE) administrative message will be returned to the order-sending firm.

For a complete list of NYSE Arca ETFs please see the attachment.

To view the NYSE ARCA announcement, please access http://www.nyse.com/pdfs/ETF_Closing_Auction.pdf.

Thank you,

Frank Grampone

Managing Director - Operations & Client Services

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Attention All Clients:

In observance of the Christmas holiday, Knight Equity Markets, LP and Knight Capital Markets, LLC (collectively "Knight") will conduct a modified trading session (9:30 a.m. to 1:00 p.m. ET) on Monday, December 24, 2007 and will be closed on Tuesday, December 25, 2007.

Market-on-Close (MOC) orders in all Listed, NASDAQ, Bulletin Board and Pink Sheet securities received after 12:40:00 p.m. (ET) on Monday, December 24th, will not receive an execution and a "too-late-to-enter" (TLTE) administrative message will be returned to the order-sending firm.

In observance of New Years Day, Knight will be closed on Tuesday, January 1, 2008.

Please note that Knight will conduct a normal hours trading session (9:30 a.m. to 4:00 p.m. ET) on Monday, December 31, 2007.

Happy Holidays,

Frank Grampone

Managing Director - Operations & Client Services

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Dear Valued Clients:

As you know, on November 5, 2007, Knight Capital Markets, LLC (Knight) began a pilot by executing eligible pre-opening orders in six listed securities (DIA, SPY, MDY, OIH, SMH , XLE) at a single price based on the NASDAQ Official Opening Price (NOOP).

On Monday, December 10, 2007, Knight will expand that pilot to include the list of securities noted below.

For details on NASDAQ's New Opening process please visit
http://www.nasdaqtrader.com/trader/openclose/openclose.stm.

If you have any questions regarding this email, please contact me or your Knight Representative

Thank you for your continued business.

Frank Grampone

Managing Director - Operations & Client Services

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Dear Valued Clients:

The charts below display Knight's performance in key execution quality categories of S&P 500 and NASDAQ-100 securities. Our standing in these categories underscores our commitment to high quality trade execution and should serve as reasons why Knight is your first choice for your trade execution services.

Please share these numbers with your Compliance and Execution Quality Committees for consideration as they look to firms for trade execution solutions.

* Calculations for September '07 in market orders of all sizes (100 - 9999 shares).
Data provided by Thomson Transaction Analytics.

If you have any questions regarding our performance or any Knight product or service, please contact your Knight Representative, or me at 201.557.6895.

Thank you for your continued business.

Frank Grampone

Managing Director - Operations

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Dear Valued Client:

On November 5, 2007, NASDAQ will complete its roll-out of adding NYSE and AMEX listed securities into the NASDAQ Opening and Closing Crosses with approximately 5,000 additional securities.

In an effort to insure we continue to provide you with superior execution services, Knight Capital Markets, LLC (Knight) will execute eligible pre-opening orders in a pilot list of securities (noted below), at a single price that will be based on the NASDAQ Official Opening Price (NOOP), and execute all market-on-close (MOC) orders at a single price that will be based on the NASDAQ Official Closing Price (NOCP), effective on November 5th. (Note: Knight will continue to handle orders and provide execution for ETF's trading till 4:15 pm ET)

The referenced securities are: DIA, SPY, MDY, OIH, SMH, QID, QLD, XLE.

Knight will introduce this new pre-opening and closing pricing method to its clients with a controlled and measured trail period, intended to test the platform's technology and pricing.

Knight may, at its sole discretion, revert to its former pricing method in these securities, if determining any issue with execution.

If Knight decides to proceed with the rollout of additional listed securities into the NOOP and NOCP, Knight will notify its clients prior to implementation.

For details on NASDAQ's New Opening and Closing Crosses please visit http://www.nasdaqtrader.com/trader/openclose/openclose.stm .

If you have any questions regarding this email, please contact me or your Knight Representative.

Thank you for your continued business and support.

Sincerely,

Frank Grampone

Managing Director - Operations

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Dear Valued Client:

Knight Capital Markets LLC, ("Knight") is pleased to announce that effective today, October 1, 2007, Knight has implemented two new Alternative Opening Protocols for pre-open orders in listed securities. These protocols are designed to address issues that can occur when, for technical or other reasons, a primary exchange fails to conduct a normal opening or does not open on time. Knight may, at its sole discretion, invoke either of the following two protocols:

Alternative Opening Protocol #1
If, prior to 9:28:00 a.m., ET, a stock’s primary exchange announces that it is unlikely to conduct its normal opening in a stock due to a system failure or a non-regulatory halt, Knight will provide executions to pre-open orders in that stock. Knight will use the NASDAQ Opening Cross print to set the price benchmark for executions of pre-open orders. (Currently, DIA, IWM, MDY, OIH, SMH, SPY and XLE are eligible for NASDAQ's Opening Cross.)

Alternative Opening Protocol #2
Contingent upon the length of the primary exchange’s outage or delay in a stock, Knight may, at its sole discretion, invoke Alternative Opening Protocol 2 to open its market in any stock at or after 9:30:00am ET. In this scenario, Knight will not provide an "opening print" to pre-open orders in that stock. (The length of the primary exchange’s opening delay and/or systems outage in those stocks will increase the likelihood that Knight will invoke this protocol.)

Please visit www.knight.com/sellSide/orderHandlingProtocols.asp for the complete text of both new Alternative Opening Protocols and please visit www.nasdaqtrader.com/open for more information about NASDAQ’s Opening Cross.

If you have any questions regarding this email, please contact me or your Knight Representative.

Thank you for your continued business and support.

Sincerely,

Frank Grampone

Managing Director - Operations

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Dear Valued Client:

Knight Equity Markets, L.P. & Knight Capital Markets, LLC (collectively "Knight") continues to review and respond to market structure issues by responsibly adjusting its product offerings to better reflect the dynamics of the new marketplace in order to insure that you continue to receive superior customer service and execution quality.

In one such change, scheduled to become effective on Monday, August 6th, 2007, Knight will elect stop and stop limit orders in listed securities based on the National Best Bid / Best Offer (NBBO), instead of the consolidated print.

Please refer to the order handling protocols below for a more detailed description of this new method of stop election.

Please contact your Knight representative or me with any questions.

Thank you for your continued business and support.

Sincerely,

Frank Grampone

Managing Director - Operations

Election of Stop Orders:
Sell Stop Orders and Sell Stop Limit Orders are 'elected' when the National Best Bid meets or falls below the stop price. (If, when the order is received, the stop price is equal to the National Best Bid, the order is deemed 'elected' immediately upon its receipt.)
Buy Stop Orders and Buy Stop Limit Orders are 'elected' when the National Best Offer meets or exceeds the stop price. (If, when the order is received, the stop price is equal to the National Best Offer, the order is deemed 'elected' immediately upon its receipt.)
Note: Pre-opening Stop or Stop Limit orders are triggered based upon the first unlocked, uncrossed consolidated bid/ask.
Note: A National Best Bid or Offer that would otherwise elect a stop price will not elect that stop price if that Bid or Offer is one side or the other of a Locked or Crossed Market.

For a Stop Order to be accepted:
The stop price of a Sell Stop Order or of a Sell Stop Limit Order must be equal to or below the National Best Bid when received, (otherwise it will be rejected).
The stop price of a Buy Stop Order or of a Buy Stop Limit Order must be equal to or above the National Best Offer when received, (otherwise it will be rejected).

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To All Clients:

The purpose of this e-mail is to remind clients of Knight's good-till-canceled (GTC) order handling policy.

Knight maintains your GTC orders in NASDAQ, Listed, Bulletin Board and Pink Sheet securities on file for one calendar year.

If your GTC order has not been cancelled by you or executed during this period, it will automatically expire.

Clients are notified of an expiring order with a "ur-out" administrative message, sent at the conclusion of the trading session that precedes the one-year anniversary of order's original entry date.

A daily file containing expired GTC orders can also be provided to you, upon request to HELP@Knight.com.

Please contact your Knight service representative or me with any questions.

Thank you for your continued business.

Frank Grampone

Managing Director - Operations

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Dear Valued Client:

On July 9th, 2007, Knight began providing expanded limit order quote display to all orders in NASDAQ and listed securities regardless of order size.

While not mandated by SEC’s Order Handling Rules ("The Limit Order Display Rule" 11Ac1-4), Knight has chosen to increase the amount of size displayed for oversized limit orders as an expanded service to our clients. Knight believes that this change will improve your clients trading opportunities in a Regulation NMS trading environment.

For orders greater than 10,000 shares, Knight may, from time to time, display less than the full amount of the oversized order. However, Knight will auto-execute the entire undisplayed amount of your order upon the full execution of the portion which was displayed. This feature will reduce partial executions, provide greater price improvement, and minimize market impact.

If you have any questions regarding this or any Knight product or service, please contact me or visit our website at http://www.knight.com/sellSide/orderHandlingProtocols.asp for a more complete description of our offerings.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations

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Dear Valued Client:

As you know, the implementation of the "Pilot Stock Phase" of Regulation NMS, Rule 611 - the "Order Protection Rule," is scheduled to begin on Monday, July 9, 2007.

In response to the questions and inquiries from our clients, we have put together the following FAQ which may address those items relating to Knight's order handling protocols.

Will Knight make any changes to the way in which it currently handles Limit Order Quote Display (LOQD)?
Beginning on July 9th, 2007, Knight will provide LOQD to all orders in Nasdaq and listed securities, regardless of the share size or market value of the order.

What price will Knight use to trigger stop orders in listed securities?
Beginning on July 9th, 2007, Knight will use the consolidated print to trigger stop orders in listed securities [Knight will continue to use the consolidated bid/ask for Nasdaq securities].

Will there be any changes to the order types that are currently accepted?
Knight will continue to accept the same order types it accepts today, including stops and stop limits, FOK, IOC, OPG, CLO, etc...

When routing outbound orders, will Knight access "top of book" or "depth of book"?
Knight's proprietary smart routing does not limit itself to Regulation NMS top of book price protection.

Will you extend customers primary print protection in the Reg NMS environment?
Knight believes that full NMS compliance by all market participants should greatly reduce the need to introduce any form of automated primary print protection. When requested, however, Knight will consider extending print protection on a case by case basis, in a manner consistent with the exemption recently provided by the SEC.

(Non-Reg NMS Item)
With the elimination of the "tick" test, (scheduled for July 6, 2007), will Knight continue to accept orders that might still be marked as Sell Short or Sell Short Exempt?
Knight will adhere to whatever guidance that may be forthcoming by the SEC or SROs in this area. However, in the interim, and in order to assist our clients during this transition, Knight will continue to accept orders marked as Sell Short (SSHRT) or Sell Short Exempt (SSEMT) and will simply process them consistent with orders marked as a long sell.

If you have any questions regarding this or any Knight product or service, please contact me or visit our website at http://www.knight.com/sellSide/orderHandlingProtocols.asp for a more complete description of our offerings.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations

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Dear Valued Client:

As you know, the "Pilot Stock Phase" of Regulation NMS Rule 611 - the "Order Protection Rule," is scheduled to begin on July 9, 2007.

Knight Equity Markets, LP and Knight Capital Markets, LLC (collectively "Knight") have established a robust network of connections to all Regulation NMS automated Market Centers as well as numerous other liquidity pools.

This connectivity, combined with our proprietary smart routing technology enables us to access the best prices and liquidity available.

We have built in safeguards and real-time monitoring tools which will help to ensure that we are Regulation NMS compliant and continue to provide you with premier execution performance and service.

Please contact your Knight Service Representative or me with any questions concerning our Regulation NMS order handling protocols, or visit http://www.knight.com/sellSide/orderHandlingProtocols.asp.

Ensure you are connected with a firm that provides you with a gateway to all displayed liquidity and market centers -- ensure you are connected to Knight.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations

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Dear Valued Client:

As you know, the implementation of Regulation NMS, Rule 611 – the "Order Protection Rule," is rapidly approaching. In response to the questions and inquiries from our clients, we have put together the following FAQ which may address your questions relating to this new Rule.

What is the Order Protection Rule?
In essence, the new Rule will require trading centers to establish, maintain and enforce policies and procedures to prevent execution of trades at prices inferior to protected quotations displayed at other trading centers. Effectively, markets will not be permitted to trade through better prices reflected in the market.

When is the Order Protection Rule scheduled for implementation?
The SEC will implement the Order Protection Rule by phasing in securities beginning in July 2007 and continue through October 2007.

What has Knight done to prepare for the Order Protection Rule?
It will be imperative for a market center to have robust connectivity to external liquidity destinations in order to insure that it properly sweeps the market for the best prices. Knight’s industry-leading technology has already established multiple external access points which will connect to all displayed liquidity and market centers on behalf of your orders. We have built-in safeguards, real-time monitoring tools, and innovative technology which will help to insure that we are fully Regulation NMS compliant and continue to provide you with premier execution performance and service.

What are some things our clients can do to help prepare for Regulation NMS?
Insure you are connected with a firm that provides you with a gateway to all displayed liquidity in the marketplace and to all major market centers --insure you are connected to Knight.

Where can I find more information regarding Regulation NMS?
The SEC has published a comprehensive FAQ which discusses a number of additional items relating to this important new rule. You can access that FAQ via this link: http://www.sec.gov/divisions/marketreg/rule611faq.pdf

Who can I contact with additional questions regarding Regulation NMS order handling?
Please contact your Knight Sales Representative or Frank Grampone at 201.557.6895.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations

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To All Clients:

The United States has extended Daylight Savings Time (DST) by approximately four weeks beginning in 2007.

As a result, DST will start three weeks earlier on March 11, 2007, and end one week later on November 4, 2007.

Knight has made the necessary changes to its technology platform and client applications to accommodate the new DST period, and does not anticipate any issues.

Please contact your Knight Service Representative or me with any questions.

Sincerely,

Frank Grampone

Managing Director - Operations

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To All Clients:

Effective Friday, February 9, 2007, the hours of trading for the security "streetTRACKS Gold Shares" (NYSE Ticker Symbol: GLD) will be extended in accordance with an amended rule approved by the Securities and Exchange Commission.

Knight Capital Markets, LLC (Knight) will support the new trading hours which will now commence at 8:20am EST.

Except for the new opening time, all order handling (I.e. limit order quote display, Manning..etc), execution, and trade reporting programs will operate as they do today.

For more information regarding this change, please see:

http://www.sec.gov/rules/sro/nyse/2007/34-55067.pdf.

Please contact your Knight Service Representative or me with any questions.

Thank you.

Frank Grampone

Managing Director - Operations

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Dear Valued Clients:

The charts below display Knight's performance in key execution quality categories. Our standing in these categories underscores our commitment to high quality trade execution and should serve as reasons why Knight is your first choice for your trade execution services.

Please share these numbers with your Compliance and Execution Quality Committees for consideration as they look to firms for trade execution solutions.

* Calculations for December '06 in market orders of all sizes.
Data provided by Thomson Transaction Analytics.

If you have any questions regarding our performance or any Knight product or service, please contact your Knight Representative, or me at 201.557.6895.

Thank you for your continued business.

Frank Grampone

Managing Director - Operations

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Dear Valued Clients:

Out of respect and honor for President Gerald Ford and in accordance with our country's national day of mourning, Knight Equity Markets, LP and Knight Capital Markets, LLC (collectively Knight) will be closed on Tuesday, January 2nd, 2007.

Though all U.S equities markets will be closed, Tuesday (1/2/07) is a valid settlement day for securities, as DTC / NSCC remain open.

For more information please contact your Knight Sales Representative or Client Services.

Please see the following links for details:

http://www.nasdaqtrader.com/Trader/News/2006/headtraderalerts/hta2006-224.pdf

http://www.nyse.com/Frameset.html?nyseref=http://www.nyse.com/displayPage=/press/1167219778099.html

Thank you.

Frank Grampone

Managing Director - Operations

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Dear Valued Clients:

Knight Equity Markets, L.P. and Knight Capital Markets, LLC (collectively Knight) make every effort to continuously improve and expand our offering so you can meet your customers’ demands. Central to our offering is Knight’s commitment to providing enhanced liquidity, immediacy, price improvement, unparalleled client service and superior execution quality.

The charts below display Knight's performance in key execution quality categories. Our standing in these categories underscores our commitment to high quality trade execution and should serve as reasons why Knight is your first choice for your trade execution services. Please share these numbers with your Compliance and Execution Quality Committees for consideration as they look to firms for trade execution solutions.

* Calculations for October '06 in market orders of all sizes.
Data provided by Thomson Transaction Analytics.

If you have any questions regarding our performance or any Knight product or service, please contact your Knight Representative, or me at 201.557.6895.

Thank you for your continued business.

Frank Grampone

Managing Director - Operations

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Dear Valued Clients:

On June 12, 2006, the Securities and Exchange Commission (SEC) approved amendments relating to the automated reporting of odd-lot transactions by its member firms.

Therefore, effective December 1st, 2006, Knight Equity Markets, LP (NITE) and Knight Capital Markets, LLC (TRIM) will begin reporting all OTC and Listed odd-lot trades to ACT.

For further information with respect to odd-lot trade reporting, please refer to FINRA Notice to Members 06-39.

Please contact your Knight representative or me at (201) 557 - 6895, with any questions.

Thank you for your continued business.

Frank Grampone

Managing Director - Operations

[ top ]

Knight's superior performance in Nasdaq securities underscores our commitment to execution quality and should serve as a key factor as you determine your first choice for trade execution services.

Please see Knight’s performance in the charts below.

* Nasdaq, Nasdaq-100 & Nasdaq Capital Markets calculations for September '06 in market orders of all sizes.
Data provided by Thomson Transaction Analytics.

We support the outstanding performance illustrated above with top-notch client service.

If you have any questions regarding our performance or any Knight product or service, please contact your Knight Representative, or me at 201.557.6895.

Frank Grampone

Managing Director - Operations

[ top ]

Dear Valued Clients:

As you know, the Securities and Exchange Commission (SEC) approved Regulation NMS in June 2005. One of the key components of Regulation NMS, which impacts how orders will be executed, is Rule 611 – the "Order Protection Rule" (a/k/a, the “trade-through” rule).

In response to the many questions and inquiries from our clients, we have put together the following FAQ which addresses some of the questions relating to this new Rule.

What is the Order Protection Rule?
In essence, the new Rule will require trading centers to establish, maintain and enforce policies and procedures to prevent execution of trades at prices inferior to protected quotations displayed at other trading centers. Effectively, markets will not be permitted to trade through better prices reflected in the market.

When is the Order Protection Rule scheduled for implementation?
The SEC will implement the Order Protection Rule by phasing in securities beginning in May 2007 and continue through July 2007.

What has Knight done to prepare for the Order Protection Rule?
It will be imperative for a market center to have robust connectivity to external liquidity destinations in order to insure that it properly sweeps the market for the best prices. Knight’s industry-leading technology has already established multiple external access points which will connect to all displayed liquidity and market centers on behalf of your orders. We have built-in safeguards, real-time monitoring tools, and innovative technology which will help to insure that we are fully Regulation NMS compliant and continue to provide you with premier execution performance and service.

What are some things our clients can do to help prepare for Regulation NMS?
Insure you are connected with a firm that provides you with a gateway to all displayed liquidity in the marketplace and to all major market centers --insure you are connected to Knight.

Where can I find more information regarding Regulation NMS?
The SEC recently published a comprehensive FAQ which discusses a number of additional items relating to this important new rule. You can access that FAQ via this link: http://www.sec.gov/divisions/marketreg/rule611faq.pdf

Who can I contact with additional questions regarding Regulation NMS order handling?
Please contact your Knight Sales Representative or Frank Grampone at 201.557.6895.

Thank you for your continued business.

Sincerely yours,

Frank Grampone

Managing Director - Operations

[ top ]

Dear Valued Clients:

Knight Equity Markets, L.P. (Knight) makes every effort to continuously improve and expand our offering, which includes trading methodology, industry-leading technology and trade execution solutions. Central to our offering is Knight’s commitment to providing broad access to liquidity, immediacy, price improvement and unparalleled client service.

The following performance categories underscore our commitment to high quality and should serve as reasons why Knight is your first choice for execution services in Nasdaq securities.

Effective/Quoted* measurement indicates our superior trade execution pricing.

At-or-Better* percentage illustrates certainty of trade execution and our enhanced price improvement.

* Calculations for August '06 in market orders of all sizes.
Data provided by Thomson Transaction Analytics.

If you have any questions regarding our performance or any Knight product or service, please contact your Knight sales representative or me at 201.557.6895.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Operations

Dear Valued Clients:

As you may know, on October 6, 2006, the New York Stock Exchange (NYSE) is scheduled to begin the roll-out of Phase III of its Hybrid Market. One aspect of Phase III is that the NYSE will no longer support stop-limit orders.

Please note that Knight Capital Markets, LLC (TRIM) will continue to support the handling of stop-limit orders despite the NYSE's initiative to eliminate them.

Please visit our website at (www.knight.com) for complete details relating to our order handling protocols, and contact your Knight Sales Representative or me with any questions.

Thank you.

Frank Grampone

Managing Director - Operations

Dear Valued Clients:

In an effort to further improve client services, Knight Equity Markets (Knight) will provide an electronic notification when an order in a foreign security is not accepted due to failing to meet the predefined minimum quantity levels of that security.

Currently orders in securities that trade in a non-US market (indicated by a 5-letter symbol ending in "F") with share quantities less than the minimum standards set by the foreign exchange are rejected by that exchange, thus requiring verbal notification to our clients.

Effective on Monday, September 18, 2006, an electronic message stating "Order Reject, Minimum QTY Needed" will be sent to the order sending firm confirming Knight's refusal of the order.

The minimum quantity determination of foreign securities will be based upon the levels as indicated by Bloomberg.

If you have any questions, please contact your Knight representative or me at (201) 557 - 6895.

Thank you for your continued business.

Sincerely,

Frank Grampone

Managing Director - Client Services

Dear Valued Client:

Nasdaq has postponed its implementation of the IPO Opening Cross, which had been scheduled for May 16, 2006.

(For more details of NASDAQ's announcement, please visit: http://www.nasdaqtrader.com/trader/news/2006/headtraderalerts/hta2006-065.stm )

Until further notice, Knight will continue to provide execution to pre-opening orders of an IPO under existing protocols.

For complete details of Knight's order handling and execution standards, please visit http://www.knight.com/GlobalMarkets/orderHandling.asp.

If you have any questions, please contact your Knight Representative or me at (201) 557 - 6895.

Sincerely,

Frank Grampone

Managing Director - Client Service

Dear Valued Clients:

On May 16, 2006, NASDAQ will introduce an Opening Cross in the secondary trading of an Initial Public Offering (IPO), which will set the NASDAQ Official Opening Price (NOOP).

In an effort to insure we continue to provide you with superior execution services, Knight Equity Markets (Knight) will execute all eligible pre-opening orders of an IPO at the NOOP.

Pre-opening orders are subject to the following terms and conditions:

• Orders may receive multiple executions
• There is no guarantee of an execution, as there could be insufficient liquidity at NASDAQ to satisfy that interest. Additionally, because of order execution priority protocols on NASDAQ's book, it is possible that one side of a "paired order" (where you send the buy and sell in the same stock) represented in the Cross will not receive an execution
• Orders received within thirty (30) seconds prior to the opening of secondary trading are not guaranteed execution at the NOOP and thus will be handled on a best efforts basis
• AON, Stop Loss and Sell Short orders are not eligible for the NOOP
• Any pre-opening order represented in the NASDAQ IPO Cross which does not receive an execution for the reasons noted above, will be handled as typical orders pursuant to Knight's post-opening order handling protocols.

For details on the NASDAQ IPO Opening Cross, please visit www.nasdaqtrader.com.

If you have any questions, please contact your Knight Representative or me at (201) 557 - 6895.

Thank you for your continued business.

Sincerely,
Frank Grampone
Managing Director - Client Services

March 21, 2006

Dear Valued Client:

Knight Equity Markets, L.P. (KEM) and Knight Capital Markets, LLC (KCM) (collectively "Knight") continue to introduce products and services that help improve your business. I would like to take this opportunity to give you a brief overview of some enhancements.

• Single Price Opening: On April 3rd, 2006, KEM will introduce a single-price opening for all OTC Bulletin Board and Pink Sheet issues. This provides a meaningful opportunity for price improvement to clients. Specifically, all eligible market and marketable limit orders, received prior to 9:25 a.m. EST, will be executed on a security-by-security basis—based on an imbalance driven crossing algorithm—at 9:30 a.m. EST.
• Pink Sheet Limit Order Quote Display: Effective April 3rd, 2006, KEM will provide limit order quote display (LOQD) in Pink Sheet securities, consistent with the guidelines of OTC Bulletin Board securities.
• Trailing Stop Order Handling: Effective April 3rd, 2006, Knight will accept stop-loss orders that adjust by percentage or point level according to fluctuations of the stock price.
• Listed Automation: Knight has recently implemented a fully automated order handling and execution process for NYSE & ASE listed securities, which will provide similar quality performance that we offer in Nasdaq securities.

We would also like to remind you of other products, services and performance standards that exceed market center alternatives, such as:

• OTC Bulletin Board Limit Order Quote Display
• Pink Sheet "Manning-Type" protection for shares
• OTC Bulletin Board and Pink Sheet Stop Order Protection
• Unparalleled Client Services
• Superior Execution Performance (see comparison below)

We believe that these enhanced products and performance underscore our commitment to quality execution services and demonstrate our ability to perform consistently well in a dynamic marketplace.

If you have any questions regarding any Knight product or service, please contact your sales representative or me. Please also visit our website at www.knight.com for a more complete description of our offering.

Thank you for your continued business.

Sincerely,

February 9, 2006

Dear Valued Client:

Knight Equity Markets, L.P. (Knight) strives continuously to improve and expand its offering, which includes industry leading technology and execution solutions. Central to our offering is Knight's commitment of capital and enhanced liquidity. By standing up to the quote, Knight helps to reduce volatility and provides certainty of execution to our client orders.

Our clients have indicated that receiving the price on the screen is an important aspect of the trade execution experience and a market center's ability to honor the quote is measured by its "at-or-better" percentage.

The chart below indicates Knight's performance in the "at-or-better" category, as compared to other market centers.

These industry-leading statistics underscore Knight's commitment to quality execution services that benefit your customer and demonstrate why Knight should continue to be your number one choice for trade execution services.

If you have any questions regarding any Knight product or service, please contact your sales representative or me. Please also visit our website at www.knight.com for a more complete description of our offering.

Thank you for your continued business.

Sincerely yours,

January 27, 2006

Dear Valued Client:

However, due to the readiness issues of the New York Exchange (NYSE) and the American Stock Exchange (ASE), Knight will not accept orders in increments smaller than $0.01, below $1 per share, in any NYSE and ASE listed security.

Therefore, Knight's acceptance of subpenny orders consistent with Reg NMS Rule 612, will only apply to Nasdaq securities on January 31st, 2006, until further notice.

Sincerely,

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January 24, 2006

December 16, 2005

Dear Valued Client:

December 8, 2005

Dear Valued Client:

October 6, 2005

Dear Valued Client:

September 20, 2005

Dear Valued Client:

July 19, 2005

Dear Valued Client:

June 20, 2005

Dear Valued Client:

May 23, 2005

To All Clients:

April 18, 2005

To All Clients:

January 14, 2005

Dear Valued Client:

Effective Tuesday, January 18th, 2005, Knight Equity Markets (Knight) will begin to provide limit order quote display (LOQD) in OTC Bulletin Board securities without any restriction of order size or market value.

This enhancement, which underscores our commitment to quality execution services, will be handled under the following guidelines: