6 Significant Customers
Before the Reorganization and initial public offering, Roundtable was owned by a consortium of independent securities firms and investors (the "Broker Dealer Owners"). Under Roundtable's limited liability company agreement, the Broker Dealer Owners, who were considered affiliated companies, shared in Roundtable's profits in proportion to their equity interests and the quantity of order flow they directed to the Company. After the initial public offering, this profit sharing practice was discontinued and these Broker Dealer Owners do not receive any special inducement to provide the Company with order flow. Subsequent to the initial public offering, the Company considers affiliates to be holders of 10% or more of the Company's outstanding common stock ("Affiliates"). During 1999, there were no Affiliates of the Company.

Three customers provided 12%, 11% and 10%, respectively, of the Company's order flow for the year ended December 31, 1999 as measured in share volume. Rebates paid to these firms amounted to $28,732,196, $15,155,568 and $19,575,232, respectively, during the same period. One of these customers acts as a clearing broker for Trimark.