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�鶹�� Financial Services Inc. (“�鶹��FS”) 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 held, “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, �鶹��FS has selected the execution venue on behalf of its customers.

The report is divided into 3 sections: (1) NMS stocks that are included in the S&P 500 Index; (2) NMS stocks that are not included in the S&P 500 Index; and (3) NMS securities that are options. For each section, the report identifies the venues most often selected by �鶹��FS, sets forth the percentage of various types of non-directed orders routed to these venues and discusses the material aspects of �鶹��FS’s relationship, if any, with these venues.

�鶹��FS’s SEC Rule 606 report can be found at 

�鶹��FS does not accept payment for order flow from other broker-dealers.�� �鶹��FS may receive payment in the form of rebates from certain exchanges.�� These payments generally offset fees for accessing orders or for other services provided by exchanges.�� From time to time, the amount of rebates �鶹��FS receives from an exchange may exceed the amount of fees that �鶹��FS is charged by such exchange.�� In these limited circumstances, the receipt of net payments from an exchange would be considered payment for order flow.�� �鶹��FS does not base equities or options order routing decisions on the receipt of payment for order flow or any other order routing inducements. To the extent that any exchange provides �鶹��FS with a rebate or similar payment, such payments: (i) are provided according to exchange fee schedules and rules approved by the SEC; (ii) are not actively solicited or sought after by �鶹��FS; (iii) if received, are de minimus; and (iv) do not influence �鶹��FS’s order routing practices, which are determined by  �鶹��FS’s duty of best execution.�� �鶹��FS effectively manages this potentialconflict of interest by (i) providing customer disclosures regarding its payment for order flow practices; (ii)not seeking out or negotiating payments for order flow; and (iii) making order routing determinations wholly independently from any rebates or similar payments that �鶹��FS may receive.

You may visit the  following link for more information on SEC Rule 606 /us/en/wealth-management.html��, Best Execution Statement and interpretative frequently asked questions

If you have any questions regarding the routing of a specific order, please contact your Financial Advisor.

DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY

�鶹�� Financial Services Inc. has prepared the data and information (the "Reports") contained herein pursuant to Rules 605 and 606 (formerly Rules 11Ac1-5 and 11Ac1-6) (the "Rules") of the Securities Exchange Act of 1934. The Rules are intended to provide investors with certain information regarding order execution and each broker-dealer's order routing practices.

The Reports are not intended to and do not consider all factors relevant to an analysis of a broker’s best execution and order routing practices. As acknowledged by the Securities and Exchange Commission (the “SEC”), other factors may be relevant to evaluating the quality of order execution, including the (1) size of the order, (2) trading characteristics of the security involved, (3) availability of accurate information affecting choices as to the most favorable market center for execution and the availability of technological aids to process such information, and (4) cost and difficulty associated with achieving an execution in a particular market center. Accordingly, the SEC has stated “the statistical information [contained in the Reports] does not create a reliable basis to address whether any particular broker-dealer failed to obtain the most favorable terms reasonably available under the circumstances for customer orders.”

Although the information contained in the Reports is obtained or compiled from sources that we believe reliable, �鶹�� Financial Services does not guarantee the accuracy, completeness, and timeliness of the Reports or the validity of their use for any particular purpose. �鶹�� Financial Services Inc., its affiliates, directors, officers or employees do not warranty, guarantee or make any representations, or assume any liability to clients of �鶹�� Financial Services Inc. or any third parties, with regard to financial results, including any direct, indirect, consequential, incidental or punitive damages that may arise from (1) the use of the information contained in the Reports, (2) the failure or interruption of this site or (3) any other cause relating to the access, inability to access, or use of the site or these Reports, whether or not the circumstances giving rise to such cause may have been within the control of �鶹�� Financial Services Inc. or any other third party providing support to �鶹�� Financial Services Inc.

The Reports are the property of �鶹�� Financial Services Inc. and may not be redistributed in any form or manner without the prior written consent of �鶹�� Financial Services Inc.

�鶹�� 2021.��The key symbol and �鶹�� are among the registered and unregistered trademarks of �鶹��.��All rights reserved.���鶹�� Financial Services Inc.��is a subsidiary of �鶹�� AG. Member SIPC