Order Handling Disclosure

BTIG, LLC (“BTIG” or “the Firm”) is sending you this letter to confirm our understanding of the manner in which you want us to handle your equity orders.

BTIG is committed to seeking to obtain best execution when handling your orders. You have asked, unless you designate otherwise, that we handle orders you place with BTIG on a “not held” basis. Your designating an order as “not held” gives BTIG the flexibility and discretion to act in your best interest by working your orders to obtain the best possible price. “Not held” orders are not subject to the SEC Order Handling Rules.

Unless you indicate otherwise, this understanding applies regardless of the method you use to communicate your order including, but not limited to telephone, instant messenger (“IM”) or FIX transmission.

If you no longer wish to have your orders handled on a “not held” basis, please inform your BTIG salesperson. If we do not hear from you within two weeks of the date of this letter, we will assume that your current arrangement is satisfactory.

In addition, BTIG recognizes that orders for institutional accounts generally involve best-effort commitments. Firms handling such orders can negotiate specific terms and conditions which permit the firm to trade along side or ahead of an institutional order. Again, BTIG’s first priority is to act in the best interests of our clients at all times and to seek best execution.