National Financial Services LLC (NFS) is making this document available to you to assist your firm in complying with SEC Rule 606 (Quarterly Reports)

It is your firm's responsibility to:

* Ensure the data provided to you in the attached document is in accordance with the rules and applicable to your firm's business;

* Determine the material relationships, if any, that may exist between your firm and the venues listed on the attached document;

* Understand the applicable systems that are used to enter trades and how they affect the attached document (as outlined in the Acknowledgment for Compliance with Disclosure of Order Execution and Routing Practices that was provided to your firm)

You are also acknowledging, on behalf of your firm that:

* It is your responsibility as the introducing broker-dealer to make your finalized report available on a public website, if applicable.

* This report is being sent to you via unencrypted e-mail.

* Future reports will be provided to you based upon your request and NFS' ability to do so.

* You are aware that the information contained in the attached document also exists on the WSF2 report system (report 187a) that you have access to.

* You understand that NFS does not transfer or convey rights to any property, intellectual or tangible, associated with the contents of the attached document(s).

* The attached document(s) were provided by NFS to you without any express or implied legal warranties or acceptance of legal liability by NFS relative to your use of the material.

National Financial Services LLC, Members
NYSE, SIPC.