The NFS Monthly Order Flow & Execution Quality report contains detailed information on the trades executed by Osaic. This report includes routing detail and performance data for several markets ordered by Osaic through the National Financial Services order-entry system.

Please note: When reviewing this report, each market center listed may get different types of order flow from Osaic, and therefore should not be viewed as directly comparable. For example, some markets may accept only certain order types or selectively trade only certain securities.

This report provides financial professionals information about their firm executions, formatted into execution quality metrics/buckets that are recognized throughout the industry.

The reported criteria includes but is not limited to:

• Daily Trend of Orders and Shares
• Avg. Speed (Seconds)
• Average Effective Spread Effective/Quoted Spread
• % Shares Price Impr.
• Average Price Impr. Per Share
• Dollars Saved

Note on posting cadence: Reports posted are for the previous 60 to 90 days, so in January the reports for October and November will display, for March the reports for December and February will display, and so on.