Advanced Equities

SEC-Required Report on Routing of Customer Orders

Advanced Equities, Inc. (AEI) provides this report pursuant to U.S. Securities and Exchange Commission Rule 11Ac1-6 requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report 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. For these non-directed orders, AEI has selected the execution venue on behalf of its customers.

The Rule requires that a quarterly report be divided into four sections:

1. Covered securities listed on the New York Stock Exchange, Inc. (NYSE) and reported as Network A eligible securities;
2. Covered securities listed on The NASDAQ Stock Market, Inc.;
3. Covered securities listed on the American Stock Exchange LLC (AMEX) or any of the regional stock exchanges and reported as Network B eligible securities;
4. Exchange-listed options

For each section, this report identifies the venues most often selected by AEI, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of AEI's relationship with the venues (if applicable).

Material Aspects of Relationships

AEI currently receives no payment for order flow in equities from any source.

Order routing disclosure - Pershing

Order Routing Disclosure - Bear, Stearns