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Price ExceptionLink to Memo
Price Improvement vs. Trigger Price: Positive ($14.00)
Price Improvement vs. NBBO Price: Positive ($14.00)
Price Improvement vs. VWAP Price: None
There was 1 Non-Display exception thrown for this order
Complete order took longer than 30 seconds to execute - Duration Exception @ 12:47:04

Branch Seq. Num Action Qty Symbol Price TIF Time
ARB 134 Buy 1000 IMOS 8.430 DAY Thu Jun 03 12:46:34 2004

Bid - Ask Agg. Volume Count Bid Tick Time
Entry (SCHB) 8.420 - 8.430 (CINN) 200 x 400 1 x 2 - 12:46:34Link to Time and Sales
At/Within Spread (SCHB) 8.420 - 8.450 (ARCX) 200 x 400 1 x 2 - 12:46:44Link to Time and Sales
Execution of order was not obligatory. Using NBBO at execution as the trigger for analysis

Execution Vs. Trigger Price
Exec.ElapsedQuantityPriceImp./ShareImp. TotalLeavesTime
1+1s3008.4300.000.00Lvs70012:46:35Link to Time and Sales
(SCHB) 8.420 - 8.430 (CINN)200 x 4001 x 2- 
8.410 - 8.450100 x 4001 x 2  
There were 100 additional shares available at or better than the current execution price from 2 Market Makers
2+10s1008.4300.022.00Lvs60012:46:44Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 2-Trend Up
8.410 - 8.490100 x 5001 x 1  
The VWAP of the 400 shares traded over this 3 trade (9 seconds) interval was: 8.4300
There were 300 additional shares available at or better than the current execution price from 2 Market Makers
3+11s1008.4300.022.00Lvs50012:46:45Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 2- 
8.410 - 8.490100 x 5001 x 1  
There were 300 additional shares available at or better than the current execution price from 2 Market Makers
4+11s2008.4300.024.00Lvs30012:46:45Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 2- 
8.410 - 8.490100 x 5001 x 1  
There were 200 additional shares available at or better than the current execution price from 2 Market Makers
5+574s1008.4300.022.00Lvs20012:56:08Link to Time and Sales
(PERT) 8.430 - 8.450 (ARCX)200 x 5001 x 2+ 
8.420 - 8.470200 x 2001 x 1  
The VWAP of the 100 shares traded over this 1 trade (9m 23s) interval was: 8.4300
There were 400 additional shares available at or better than the current execution price from 2 Market Makers
6+817s2008.4300.024.00Fil013:00:11Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 1- 
8.410 - 8.470200 x 2002 x 1  
The VWAP of the 300 shares traded over this 2 trade (4m 3s) interval was: 8.4300
Execution was not properly displayed by PERT at 12:56:48
Total Trigger Price Improvement: 14.00

Execution Vs. NBBO Price
Exec.ElapsedQuantityPriceImp./ShareImp. TotalLeavesTime
1+1s3008.4300.000.00Lvs70012:46:35Link to Time and Sales
(SCHB) 8.420 - 8.430 (CINN)200 x 4001 x 2- 
8.410 - 8.450100 x 4001 x 2  
There were 100 additional shares available at or better than the current execution price from 2 Market Makers
2+10s1008.4300.022.00Lvs60012:46:44Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 2-Trend Up
8.410 - 8.490100 x 5001 x 1  
The VWAP of the 400 shares traded over this 3 trade interval was: 8.4300
There were 300 additional shares available at or better than the current execution price from 2 Market Makers
3+11s1008.4300.022.00Lvs50012:46:45Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 2- 
8.410 - 8.490100 x 5001 x 1  
There were 300 additional shares available at or better than the current execution price from 2 Market Makers
4+11s2008.4300.024.00Lvs30012:46:45Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 2- 
8.410 - 8.490100 x 5001 x 1  
There were 200 additional shares available at or better than the current execution price from 2 Market Makers
5+574s1008.4300.022.00Lvs20012:56:08Link to Time and Sales
(PERT) 8.430 - 8.450 (ARCX)200 x 5001 x 2+ 
8.420 - 8.470200 x 2001 x 1  
The VWAP of the 100 shares traded over this 1 trade interval was: 8.4300
There were 400 additional shares available at or better than the current execution price from 2 Market Makers
6+817s2008.4300.024.00Fil013:00:11Link to Time and Sales
(SCHB) 8.420 - 8.450 (ARCX)200 x 4001 x 1- 
8.410 - 8.470200 x 2002 x 1  
The VWAP of the 300 shares traded over this 2 trade interval was: 8.4300
Execution was not properly displayed by PERT at 12:56:48
Total NBBO Price Improvement: 14.00

info@qualityofexecution.com | Exception prepared by AHROM Exception Viewer b125 on Wed Jun 09 00:24:19 2004 | www.qualityofexecution.com