Disclosures

GID is comprised of several trading and related entities under common control. Collectively, these businesses and affiliates are referred to as GID in this disclosure document. For additional information regarding GID’s affiliates, please refer to Operating Subsidiaries page.

GID archives electronic communications pursuant to regulatory requirements and may monitor and review the content of all electronic communications.

GID may use trade data on an aggregated or anonymous basis for bona-fide business purposes. Such uses can include: transaction cost analysis; capital use analysis; dissemination to „trade advertisement“ vendors such as TradeWeb/Autex; dissemination to GID sales and trading personnel for the purpose of providing „market color“ to institutional clients. In providing market color, GID may segment aggregated post trade execution information, including by symbol, buy or sell imbalances, and client segment, e.g. Retail, Institutional and Algorithmic. Please contact your sales representative if you have questions or would like to request that your data be excluded.

This material is not for distribution to retail clients, as that term is defined under the European Union Markets in Financial Instruments Directive (2004/39/EC) and any investments, including derivatives, mentioned in this material will not be made available by us to any such retail client. Potential clients are advised that certain protections afforded by the regulatory systems of the European Union or of other relevant jurisdictions may not apply to investments in securities referred to on this site, and compensation may not be available under relevant jurisdictions' financial services compensation schemes.

Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. In addition, clients in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk.

Consider the investment objectives, risks, and charges and expenses of the ETFs and ETNs carefully before investing. Each US listed ETF and ETN has filed a registration statement (including a prospectus) with the SEC which contains this and other information about the ETF or ETN as applicable. Before you invest in an ETF or ETN, you should obtain and read carefully the prospectus in the registration statement and other documents the issuer has filed with the SEC (or other relevant international regulatory body) for more complete information about the product. In the US, you may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, you may obtain a copy of the prospectus for each of the ETFs and ETNs mentioned in these materials from the issuer or by contacting your sales representative. ETFs are redeemable only in creation unit size aggregations and may not be individually redeemed; are redeemable only through authorized participants; and are redeemable on an "in-kind" basis. The public trading price of a redeemable lot of the ETFs may be different from its net asset value. These ETFs can trade at a discount or premium to the net asset value. Leveraged and inverse ETFs have unique risks, including leverage, derivatives, complex investment strategies and compounding risk. Designed for intraday trading, they require active monitoring and management and are not suitable for all investors. For more information, SEC's Alert on Leveraged and Inverse ETFs at http://sec.gov/investor/pubs/leveragedetfs-alert.htm. There is always a fundamental risk of declining stock prices, which can cause losses to your investment.

GID will make order routing information on orders you placed through our trading system(s) available to you upon request in compliance with SEC Rule 606. If you would like more information please contact our Client Services Department.

GID may receive remuneration for directing orders to a particular broker or dealer and may route orders to market centers, including national securities exchanges, alternative trading systems, electronic communications networks, and broker-dealers that may offer credits for orders that provide liquidity and may assess fees for orders that take liquidity. In some cases, the credits offered by a market center may exceed the charges assessed, such that a market center may make a payment to GID in relation to orders directed to such market center. Such remuneration, if any, is considered compensation to us. The source and amount of any compensation received on behalf of your particular order will be disclosed upon written request.

GID is engaged in activities in multiple trading units and in various equity securities.

GID’s trading units may engage in executing orders received from its broker dealer and/or institutional clients. Accordingly, and pursuant to FINRA Rule 5320, a GID „No-Knowledge Unit,“ (i.e., a GID trading unit that has no knowledge of orders handled by another GID trading unit), is not required to provide order protection to unexecuted market or limit orders handled by that other GID trading unit. GID has implemented internal controls, including information barriers, designed to prevent its trading units from obtaining knowledge of the orders handled by other trading units.

As a result, GID may trade for its own account in a No-Knowledge Unit at a price that would satisfy a client order resting in another GID trading unit without providing an execution to that resting client order.

For Manning eligible orders, GID provides price-for-price and share-for-share Manning protection to market, limit, and marketable limit orders.

GID wishes to make the following disclosures as regards orders submitted for execution in the pre-market or post market sessions.

Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular market hours. As a result, your order may only be partially executed, or not at all.

Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular market hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price in extended hours trading than you would during regular market hours.

Risk of Changing Prices. The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular market hours, or upon the opening of the next morning. As a result, you may receive an inferior price in extended hours trading than you would during regular market hours.

Risk of Unlinked Markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.

Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.

Risk of Wider Spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.

Risk that Current Underlying Index Value or Intraday Indicative Value („IIV“) is Unavailable. For certain Derivative Securities Products, an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions, an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals.

GID may solicit other parties to execute against your order and may thereafter execute your order using the International Securities Exchange’s Solicited Order Mechanism. This functionality provides a single-price execution only, so that your entire order may receive a better price after being exposed to the Exchange’s participants, but will not receive partial price improvement. For further details on the operation of this Mechanism, please refer to International Securities Exchange Rule 716, which is available at www.ise.com under „Membership, Rules & Fees – Regulatory – ISE Rules.“

Transactions executed in overseas markets may be effected with an affiliate. If the trade is being settled in a currency different from the standard settlement currency of the traded security, GID has effected the currency conversion it considered necessary for the purpose of complying with your instructions. GID may effect a currency exchange through an affiliate. GID may effect currency transactions for its own account at rates that are different than the currency exchange rate applied to your order. Full details regarding the executing entity and the costs associated with the currency conversion when the conversion is executed by either GID or one of its affiliates are available upon written request.

Please review this notice as your assistance will help us to efficiently process your transactions and satisfy our regulatory requirements. Our regulators require that we make reasonable inquiry in connection with sales of restricted securities made under SEC Rule 144, or another available registration exemption, before any sales are made.

Securities that are, or at one time were, restricted may bear a legend on the certificates that serves to restrict transfer. In this regard, your orders may be required to be marked as short sales under Regulation SHO, due to the fact that the mechanics of settling these types of transactions typically involve a delay in settlement beyond the normal settlement cycle due to the presence of the legend on the certificates. Proper marking of your orders will allow you to have time beyond the normal settlement cycle to make delivery, while improperly marked orders put you at risk of being bought-in.

In connection with securities that are being sold either pursuant to exemption or under a registration statement, we will research whether there is an effective registration statement covering the securities to be sold, contact the issuer, their counsel and the transfer agent and will typically ask you the following types of questions:

How long have you held the securities?

How did you acquire the securities?

Have you recently sold or do you intend to sell additional securities of the same class?

Have you solicited or made arrangements for the solicitation of buyers of your securities or made payments to any other persons in connection with the transactions?

Please note that if we cannot determine that the securities are eligible for resale we reserve the right to refuse the transactions. We thank you for your cooperation, look forward to continuing to provide you with high quality service and are happy to answer any questions you have about this notice.

GID has developed a Business Continuity Plan („BCP“) detailing how we plan to respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions are unpredictable, we will have to be flexible in responding to actual events as they occur.

With that in mind, we are providing you with this information on our business continuity plan. GID has an emergency response team consisting of business and technology personnel to manage a recovery if GID should face a business interruption. We have also established an alternative trading and settlement and clearing facility that would serve as our business continuity site should our primary business location lose functionality or become inaccessible.

GID’s business continuity facility is designed to allow us to substantially continue operations if we are prevented from accessing or utilizing our primary office for an extended period of time. Our alternate facility has connectivity with major markets, clearing houses, banks, and with GID’s regional offices and representatives of Sales and Client Services. The Business Continuity Plan is documented and the business continuity facility is tested on a periodic basis.

GIDA will make best efforts to notify clients of a switch over to the business continuity site as soon as possible in the event of an interruption. Clients can be provided with direct access to this facility for listed and OTC orders, either through a dedicated interface or through our web based ‘Client Center’ portal.

Our Business Continuity Plan – We plan to respond and recover quickly after a significant business disruption by safeguarding our employees and property, making a financial and operational assessment, protecting the Firm’s books and records, and allowing our clients to transact business. In short, our business continuity plan is designed to permit GID to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with clients, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our clients prompt access to their funds and securities if we are unable to continue our business.

Varying Disruptions – Significant business disruptions can vary in their scope. A disruption might only affect GID, a building housing GID, a business district in which GID is located, a city in which GID is located or an entire region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption affecting only GID or a building housing GID, we will transfer our operations to a local site when needed and expect to recover and resume business within 4 hours for mission critical clearing systems and 24 hours for all others. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business with a goal of 24 hours. In either situation, we plan to continue in business and notify regarding how to contact us via telephone, email or through our website. If the significant business disruption is so severe that it prevents us from remaining in business, we will ensure that our clients’ have prompt access to their funds and securities.

Contacting Us – If you have further questions regarding our business continuity plans please contact your sales representative. While GID has employed significant steps to develop, implement and maintain reasonable business continuity plans, GID cannot guarantee our systems will absolutely recover after a significant business disruption. At the same time, we trust our development, implementation and maintenance in preparation for significant events is vigorous and representative of current industry standards. GID will continually monitor and assess our plans and any material changes or updates will be available on our website or upon request.