Trade Execution Analysis Generated by Markit

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1 Trade Execution Analysis Generated by Markit Global Liquidity Partners Execution Peer Review 2nd Quarter 2015

2 Contents S VT POV Report Summary Summarizes the trade execution document and illustrates the distribution of the Global execution portfolio into sector and market capitalization. VWAP & TWAP Performance Summary and comparison of the combined performance of Global VWAP (Volume Weighted Average Price) & TWAP (Time Weighted Average Price) orders versus the Markit peer group benchmarked against the interval VWAP. POV Performance Summary and comparison of the combined performance of Global POV (Percentage of Volume) orders versus the Markit peer group benchmarked against the arrival price. P A Peer Comparison Description Description of how Global Liquidity Partners utilizes Markit, a leading global diversi ed provider of nancial information services, to demostrate its execution quality compares to our peers. About Global Liquidity Partners C Contact & Disclaimer

3 S Summary Global Liquidity Partners (Global) uses Markit, a leading global nancial information services provider, to monitor metrics that help organize and capture the true sources of transaction costs and market impact. e Post-Trade Analysis data generated by Markit covers Global s algorithmic strategies (VWAP, TWAP, and POV) for all Global executions. e Algorithmic Strategies are broken out into two categories. e rst category is VWAP (Volume Weighted Average Price) & TWAP (Time Weighted Average Price) are combined and benchmarked against the Markit peer group s composite interval VWAP metric. e second category uses the strategy POV (Percentage of Volume) benchmarked against the Markit peer group s composite arrival price metric (Implementation shortfall). e included reports re ect 2nd Quarter 2015 data. Portfolio by Market Cap Global Execution Portfolio distribution Portfolio by Sector Global is a technology company providing Electronic Execution Services driven by a proprietary highly efficient architecture. Global s trading platform, built on a low latency chassis, eliminates the speed advantage of HFT gamers and combines speed and a state-of-the-art decision engine designed to source liquidity while minimizing information leakage.

4 VT VWAP & TWAP Summary VWAP (Volume Weighted Average Price) & TWAP (Time Weighted Average Price) focuses on eliminating your footprint and disorienting gamers by alternating between posting and opportunistic mining of dark and lit liquidity anonymously. Global s opportunistic order placement is driven by proprietary throttles and randomization of order placement to erase any noticeable pattern and diminish gaming. is chart shows the comparison in slippage of Global s VWAP and TWAP strategies versus the Markit peer group s slippage 1 benchmarked against the interval VWAP 2 price. 1 Slippage is calculated by taking the difference of the average price of the algorithm and the calculated interval VWAP from creation of the client order 2 e interval VWAP is calculated by adding up the dollars traded for every transaction and then divide by the total shares traded for a particular period of time. 2nd Quarter Time Series Summary - Arrival Price VWAP &TWAP Time Series Time Series Summary - Arrival Price Markit BPS Interval VWAP BPS -15 GLP 0 Global Markit Peers e Time Series Summary is a weekly Line chart of Global s TWAP and VWAP order slippage versus the Markit Peer Group s slippage benchmarked against VWAP. Global s execution performance was -2.20bps slippage versus the Markit peer group s performance was bps slippage benchmarked against the interval VWAP. Global outperformed the peer group by -8.57bps or $0.032 cents. Execution Summary Side # of Securities # of Orders Executed Shares Executed Value Avg Share Price Buy 1,978 10, ,837,827 $4,205,659, Sell 1,724 7,365 88,808,695 $2,926,845, Short Sell 1,035 3,598 42,764,276 $1,700,055, Total 2,792 21, ,410,798 $8,832,560, Global s Totals: 2,792 number of Securities, 21,553 number of orders, 235,410,798 executed shares, $8,832,560,763 Executed Notional value, and a combined average share price of $37.52

5 POV POV Summary POV: Percentage of Volume is a liquidity seeking participation strategy. e algorithm tracks volume and executes the order at the prescribed rate. When block prints occur, the algorithm slowly bleeds the block print into the execution [by temporarily increasing the POV rate] instead of immediately attempting to catch up and impact the market price. is chart shows the comparison in slippage of Global s POV strategies versus the Markit peer group s slippage 1 benchmarked against the interval Arrival price (implementation short fall metric) 2. 1 Slippage is calculated by taking the difference of the average price of the algorithm and the calculated interval Arrival Price from creation of the client order 2 e interval Arrival price (I.S. implementation short fall metric) is calculated taking the difference between the arrival price and the nal execution price for a trade. 2nd Quarter 2015 Interval Arrival Price (IS) -40 Time Series Summary POV Time - Arrival Series Price BPS BPS Markit -20 GLP 0 Global Markit Peers e Time Series Summary is a weekly Line chart of Global s POV order slippage versus the Markit Peer Group s slippage benchmarked against arrival price (IS). Global s execution performance was -8.83bps slippage versus the Markit peer group s performance was bps slippage benchmarked against the interval Arrival Price. Global outperformed the peer group by -8.80bps or $0.037 cents. Execution Summary Side # of Securities # of Orders Executed Shares Executed Value Avg Share Price Buy 2,112 14, ,393,922 $4,558,384, Sell 2,041 14,968 94,285,525 $3,575,450, Short Sell 1,012 4,909 32,678,630 $1,437,046, Total 2,921 34, ,358,077 $9,570,880, Global s Totals: 2,921 number of Securities, 34,858 number of orders, 228,358,077 executed shares, $9,570,880,595 Executed Notional value, and a combined average share price of

6 Markit uses anonymous contextualized strategy and scenario lters to analyze and verify algo performance. e Markit universe is a collection of trade data from a composite of buy and sell-side clients that provide a peer performance analysis to evaluate price impact and benchmark performance. Markit Universe Generation If a user chooses Momentum and Volatility as their characteristics, one entry will contain orders with Momentum and Volatility. When the user runs a peer analysis through the system, we rst calculate how much of their notional value traded for each entry in the matrix. We then, to aggregate the peer group performance, value weight the peer group benchmark in each entry according to the notional amount traded by the user. For example, if 10% of a user s notional value traded was in Momentum and Volatility orders, we give a 10% weighting to the benchmark performance of the peer group for those types of executions. is result displayed to the user as the peer group performance alongside the user s performance for each benchmark. It is also important to note, that the peer groups we compete against inside the Markit universe, do not have pass-throughs or commission rolled into their performance numbers. Global s numbers do. Global provides a net trading based model which means the price you receive is the true cost of the trade. P Peer Comparison e Markit peer universe consists of like trades created by comparing individual executions over the selected period. Like trades are trades executed in similar stocks during comparative market conditions within the markit universe. is framework allows Markit to create a custom peer universe for each subset of a client s trades based on capitalization, liquidity, momentum, and volatility characteristics. e peer group contains orders, trades from over 300 different brokers including all of the major global sell-side institutions and over 600 distinct buy-side rms. When de ning a peer group comparison, Global Liquidity Partners selects the characteristics for the peer group to include capitalization, trade liquidity, momentum, and volatility when assigning like trades. is selection de nes a matrix, where each entry contains Markit peer group orders and their corresponding performance. Analysis of Global s executions constitutes a combined aggregation by Markit of Global s trades compared with the top 15 executing rms in the Markit universe.

7 About Global Liquidity Partners A Global s Platform incorporates proprietary throttles and randomization of order placement focused on defeating HFT and Automated Market Making gaming issues. We combine in-house technologies, and a highly efficient architecture to eliminate the speed advantage of predatory trading rms. Our proprietary intelligent routing use an array of strategies designed solely to mine liquidity in any market, regulatory, or fee structure environment. Global Liquidity Partners has access to all Reg NMS exchanges and over 30+ dark pools. Our strategies result in superior sourcing of liquidity which further enhances execution quality and minimizes information leakage. In 2010, we formed Global Liquidity Partners to provide valuable products and services with our unique combination of experience, proprietary trading solutions, and intelligent routing algorithms. Global s technology solution provides electronic execution services driven by a proprietary highly efficient architecture. Our trading platform, built on a low latency chassis, eliminates the speed advantage of HFT gaming and combines a state of the art decision engine designed to source liquidity while minimizing information leakage. Global provides network and hardware resiliency in a low latency environment via redundant systems co-located in the major nancial data centers around the New York City area. is topology guarantees absolute minimum latency between Global and our liquidity sources. Global s real-time market data comes directly from exchange providers using their raw data protocols. We do not rely on normalization or distribution providers, ensuring minimum latency. Leadership Tim Lang, CEO of Global Liquidity Partners, is an established trading executive with more than a 30 year trac record of establishing, managing and executing equity trading strategies over a period of changing mar et conditions and signi cant mar et restructurings. Tim has held leading positions in industry as a Partner, Managing Director and Executive Committee member at Spear, Leeds & ellogg. Formulating strategy, setting policy, and managing all rm operations including all off- oor trading functions, including domestic and international ris arbitrage, proprietary trading, convertible securities, distressed securities, jun bonds, and ban ruptcies. At Sherwood Securities he was a Senior Vice President, Head of Listed Trading. ere he built a listed trading des with internalized order ow from their subsidiary National Discount Bro ers, the rst at-fee Internet based bro erage rm. Most recently at Credit Suisse s Swiss American Securities subsidiary he was Vice President and Head of Internalized Trading. ere he made mar ets in over 3000 listed securities; interacted with customer and bro er dealers order ow on an electronic mar et-ma ing platform; executed large orders from customers and other B/D s on a not held and/or net basis; and was an advisor to the rm in all aspects of the mar et transition to electronic trading under the new NMS regulations.

8 C Contact & Disclaimer Global Corporate Office Address: 12 Broad Street Suite 201 Red Bank, NJ Phone: Trade Desk Contact: Timothy Lang Phone: ext. 1 For Sales Inquiries Contact: Bill Burke Phone: Disclaimer Copyright 2015 markit. All rights reserved. e markit name and logo are registered marks of the Markit Group Limited. Names and logos used in conjunction with markit products or services are the property of the Markit Group Limited. No reader should act on the basis of any matter contained in this publication without considering their own individual circumstances. Our research is for informational purposes only; Markit marketing collateral and so ware should not be considered as investment recommendations. Model past performance is not indicative of model future performance. Equity investing can be extremely risky, and one can lose a substantial amount of money in a short period of time. is brief statement cannot disclose all the risks involved with equity investing, and Markit assumes no responsibility for any occurrence not mentioned in this disclaimer.

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