SEC RULE 606 ( formerly RULE 11Ac1-6 )

Adopted in November 2000, SEC RULE 606(formerly RULE 11Ac1-6) requires all broker-dealers that route orders in equity and option securities to make quarterly reports that present a general overview of their routing practices. The reports must identify the significant venues to which customer orders were routed for execution during the applicable quarter and disclose the material aspects of the broker-dealer's relationship with such venues. In addition, the Rule requires broker-dealers to disclose, on customer request, the venues to which the customer's individual orders were routed. Avalon Partners "AVALON" is committed to providing best execution for customer trades,In arranging for the execution of equities and listed option orders, AVALON seeks out industry leading execution services and access to the best performing markets. Quarterly information regarding the routing of orders in listed equities,OTC equities and listed options is provided below. At times, AVALON receives payment for order flow. Information regarding the routing destination and time of execution of your orders for up to a sixth month period is also available upon request.

2010

SEC Rule 606 Report
Avalon Partners (AVAP) - 2nd Qtr., 2010
(Percentages of Total Non-Directed Orders Routed to Individual Route Venues)

Securities Listed on New York Stock Exchange
Route Venues	Total (%)	Market (%)	Limit (%)	Other (%)	Material Aspects of Relationship
Total (%)	100%	37%	45%	18%
UBS Securities	80%	93%	62%	97%
INET - NASDAQ Stock Market	19%	6%	37%	3%
Knight Capital Markets	1%	1%	1%	0%

Securities Listed on The Nasdaq Stock Market
Route Venues	Total (%)	Market (%)	Limit (%)	Other (%)	Material Aspects of Relationship
Total (%)	100%	15%	62%	23%
UBS Securities	45%	70%	39%	90%
INET-NASDAQ Stock Market	55%	30%	61%	10%

Securities Listed on NYSE Amex/Other
Route Venues	Total (%)	Market (%)	Limit (%)	Other (%)	Material Aspects of Relationship
Total (%)	100%	51%	29%	20%
UBS Securities	97%	97%	93%	100%
Knight Capital Markets	2%	3%	4%	0%
INET-NASDAQ Stock Market	1%	0%	3%	0%

Exchange-Listed Options
Route Venues	Total (%)	Market (%)	Limit (%)	Other (%)	Material Aspects of Relationship
Total (%)	100%	5%	95%	0%
Susquehanna Investment Group	99%	99%	99%	0%
Interactive Brokers	1%	1%	1%	0%

Avalon Partners (AVAP)'s order routing decisions are based on the principle of best execution.

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