LIQUIDNET FIXED INCOME North America Fee Schedule

Liquidnet Fixed Income offers a fully transparent fee structure, with no upfront or on-going fees, and commission on a trade by trade basis. Fees are included in the net price.

Markets Fee US and European Investment • Standard fee of 0.5 bps per side (applied on yield) Grade* • Reduced fee of 0.3 bps per side (applied on yield) at issue date and the following two days

US and European High Yield, • Standard fee of 1/16 ($0.0625) on the notional value per side Canadian Domestic, Emerging Market Corporates, • Reduced fee of $0.03 applies to: Cash Price Traded Bonds – New Issues at issue date and the following two days – Bonds maturing in under one year

Emerging Market Sovereign • Standard fee of 1/16 ($0.0625) on the notional value per side Bonds – Hard Currency • Reduced fee of $0.03 applies to:

– New Issues at issue date and the following two days – Bonds maturing in under one year

Emerging Market Sovereign • Local markets traded on yield basis: 0.3 bps per side (applied on yield) Bonds – Local Currency • Local markets traded on price basis: $0.015 per side

Open Invitations • Only the sender of an Open Invitation pays (all asset classes)

Internal Crossing • Standard fee of $0.01 on the notional value per side (all asset classes)

*Includes Emerging Markets corporate bonds traded on a spread basis over the relevant government bond benchmark (as per Liquidnet’s determination)

Trading by participants in Canada of Emerging Market sovereign and corporate bonds that settle in local currency, and supranational bonds, is not currently available and subject to prior approval by the regulators in Canada.

Liquidity Provider Program Firms that meet specified requirements may qualify as buy-side liquidity providers and be eligible for reduced fees, as per Section 1.08 of the Liquidnet Fixed Income Trading Rules.

Liquidnet reserves the right at any time to reduce the fee on certain bonds or certain trading protocols/functionality without notice.

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© 2018 Liquidnet Holdings, Inc. and its subsidiaries. Liquidnet, Inc. is a member of FINRA/SIPC. Liquidnet Europe Limited is authorized and regulated by the Financial Conduct Authority in the UK, is licensed by the Financial Sector Conduct Authority in South Africa, and is a member of the London Exchange and a remote member of the Warsaw Stock Exchange and SIX Swiss Exchange. Liquidnet Canada Inc. is a member of the Invest- ment Industry Regulatory Organization of Canada and a member of the Canadian Investor Protection Fund. Liquidnet Asia Limited is regulated by the Hong Kong Securities and Futures Commission for Type 1 and Type 7 regulated activities and is regulated by the Monetary Authority of Singapore as a Recognized Market Operator. Liquidnet Japan Inc. is regulated by the Financial Services Agency of Japan and is a member of JSDA/JIPF. Liquidnet Australia Pty Ltd. is registered with the Australian Securities and Investment Commission as an Australian Financial Services Licensee, AFSL number 312525, and is registered with the New Zealand Financial Markets Authority as a Financial Service Provider, FSP number FSP3781. 10/18