SEC-Required Report on Routing of Customer Orders For Quarter Ending June 30, 2007 Bernard L. Madoff Investment Securities LLC (“Madoff”) has prepared this report pursuant to a U.S. Securities and Exchange Commission (“SEC”) Rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The statistical data provided pursuant to SEC Rule 605 consists of “covered orders” and is a subset of Madoff’s total volume. Rule 605’s definition of "covered order" specifically excludes certain types of orders. The following are some examples of the types of orders that are excluded from the rule and as such not included in the statistical data provided. The Special Handling Exclusion: excludes discretionary orders and average priced orders. Manually Received Orders: orders received otherwise than through automated systems are excluded Block Orders: orders with a size of 10,000 shares or greater are excluded Orders Received Outside of Regular Trading Hours: only those orders that are received during regular trading hours and at a time when a Consolidated BBO is being disseminated are included Only certain types of orders are included in the information provided pursuant to SEC Rule 606 The report provided pursuant to Rule 606 provides 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. Rule 606’s definition of "customer order" specifically excludes certain types of orders. The following are some examples of the types of orders that are excluded from the Rule and as such not included in the information provided. Large Order Exclusion: Orders having a market value of at least $200,000 for equity orders and $50,000 for options orders are excluded. Orders received in over-the-counter ("OTC") options are excluded. Orders received in equities quoted on the OTC Bulletin Board operated by the NASD are excluded. Orders Received from Other Broker-Dealers or Foreign Banks Acting as Broker-Dealers are excluded. The report is divided into four sections: one for securities listed on the New York Stock Exchange and reported as a Network A eligible security; one for securities listed on The Nasdaq Stock Market; one for securities listed on the American Stock Exchange or regional exchanges and reported as a Network B eligible security; and one for exchange-listed options. For each section, this report identifies the venues most often selected by Madoff, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of Madoff's relationship with the venues. For the non-directed orders included in this report, Madoff has selected the execution venue on behalf of its customers. Riskless Principal Orders: When Madoff receives a non-directed order, and then executes the order as riskless principal based on a contemporaneous order execution at another venue, Madoff will be identified as the execution venue under SEC Rule 606. Securities Listed on New York Stock Exchange/Network A Eligible Security Summary Statistics: Non-directed orders as percentage of total customer orders 100% Market orders as percentage of total non-directed orders 100% Limit orders as percentage of total non-directed orders 0% Other orders as percentage of total non-directed orders 0% Venues Receiving Significant Percentage of Total Non-Directed Orders: 1. Bernard L. Madoff Investment Securities LLC Types of Orders Routed to Venue Market Orders as percentage of total market orders 100% Limit Orders as percentage of total limit orders 100% Other orders as percentage of total other orders 100% Material Aspects of Relationship with Venue: Madoff is the significant execution venue on its quarterly reports and as such sets forth the percentage of covered orders that it routes to itself for execution. When Madoff trades as riskless principal with its customer orders it may receive a commission equivalent as its compensation for executing the order. Securities Listed on Nasdaq Stock Market Summary Statistics: Non-directed orders as percentage of total customer orders 100% Market orders as percentage of total non-directed orders 100% Limit orders as percentage of total non-directed orders 0% Other orders as percentage of total non-directed orders 0% Venues Receiving Significant Percentage of Total Non-Directed Orders: 1. Bernard L. Madoff Investment Securities LLC Types of Orders Routed to Venue Market Orders as percentage of total market orders 100% Limit Orders as percentage of total limit orders 100% Other orders as percentage of total other orders 100% Material Aspects of Relationship with Venue: Madoff is the significant execution venue on its quarterly reports and as such sets forth the percentage of covered orders that it routes to itself for execution. When Madoff trades as riskless principal with its customer orders and it may receive a commission equivalent as its compensation for executing the order. Securities Listed on American Stock Exchange or Regional Exchanges/Network B Eligible Security Summary Statistics: Non-directed orders as percentage of total customer orders 100% Market orders as percentage of total non-directed orders 100% Limit orders as percentage of total non-directed orders 0% Other orders as percentage of total non-directed orders 0% Venues Receiving Significant Percentage of Total Non-Directed Orders: 1. Bernard L. Madoff Investment Securities LLC Types of Orders Routed to Venue Market Orders as percentage of total market orders 100% Limit Orders as percentage of total limit orders 100% Other orders as percentage of total other orders 100% Exchange-Listed Options Summary Statistics: Non-directed orders as percentage of total customer orders 0% Market orders as percentage of total non-directed orders 0% Limit orders as percentage of total non-directed orders 0% Other orders as percentage of total non-directed orders 0% Venues Receiving Significant Percentage of Total Non-Directed Orders: Material Aspects of Relationship with Venue: Not Applicable