Quarterly Reports

The Griswold Company, Inc. has prepared this report pursuant to a U.S. Securities and Exchange Commission rule 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, The Griswold Company, Inc. has selected the execution venue acting as agent on behalf of its customers based on established best execution criteria. The Griswold Company has selected the execution venues because they offer the customer the best chance of obtaining the best execution. The Griswold Company does not receive compensation from the venues identified on the quarterly report.

The report is divided into four sections: one for securities listed on the New York Stock exchange, one for securities listed on The Nasdaq Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identifies the venues most often selected by The Griswold Company, Inc., sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of The Griswold Company, Inc.’s relationship with the venues.