National Stock Exchange Successful Transition To An Inverted Pricing Model

National Stock Exchange, Inc. (“NSX” or the “Exchange”) is issuing this Information Circular to provide an update to Exchange Equity Trading Permit (“ETP”) Holders that, the Exchange has successfully adopted the CBOE Stock Exchange’s (“CBSX”) fee schedule — a fee schedule that pays the “taker” $0.0015 to remove liquidity equal to or above $1.

The Exchange is encouraging ETP Holders to review any order routing strategies involving CBSX, in preparation for an upcoming CBSX pricing change, and to ensure a smooth transition to NSX.

As was announced in CBOE Information Circular IC14-011, subject to necessary approvals, it is anticipated that beginning Monday, March 3, 2014, CBSX will change its fee schedule, charging $0.0030 for each share traded equal to or above $1, and 0.30% of the trade value for transactions below $1. These rates will apply for both adding and removing liquidity.

It is further anticipated, subject to necessary approvals, that CBSX will cease market operations at a date to be determined. An announcement will be distributed with further details once such a date has been identified.