U.S. Equities

Effective June 1, 2023, pending filing with the SEC, MIAX Pearl Equities will update the following Fee Program:

1. Step-Up Added Liquidity Rebate Program
   1. The baseline month for this program will be updated from July 2022 to May 2023. The new required criteria for this program will be as follows:
      1. Step-Up ADAV as a % of TCV from May 2023 >= 0.03% of the TCV
         1. ADAV: Average Daily Added Volume
         2. TCV: Total Consolidated Volume
      2. This criteria will expire no later than September 29, 2023
      3. The rebate for this program continues to be ($0.0031)
   2. The rebate for this program is applicable to the following Fee Codes:
      1. Liquidity Code AA, “Adds Liquidity, Displayed Order (Tape A)”
      2. Liquidity Code AB, “Adds Liquidity, Displayed Order (Tape B)”
      3. Liquidity Code AC, “Adds Liquidity, Displayed Order (Tape C)”

Attached is a highlighted summary of the June 1, 2023 fee changes.

For full details, please review the June 1, 2023 MIAX Pearl Equities Fee Schedule when posted on the MIAX website at MIAX Pearl Equities Exchange Fees.

To learn more about MIAX Pearl Equities please contact Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.

For further information or to arrange testing, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.