1.3 Raymond James 2026 1 2026-04-29T13:51:12Z 2026 01 100.00 20.37 4.43 39.24 35.96 Dash/IMC Financial Markets 16.13 31.12 20.17 16.43 6.81 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to DASH/IMC, nor did it receive any exchange rebates or credits. DASH/IMC paid the exchange, regulatory, market data and clearing fees for such option orders. CITADEL SECURITIES LLC 16.10 29.47 19.64 13.60 10.84 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. ("RJA") retail options desk did not receive payments for option orders routed to Citadel Execution Services (“Citadel”), nor did it receive any exchange rebates or credits. Citadel paid the exchange, regulatory, market data and clearing fees for such option orders. Wolverine Execution Services, LLC 15.15 28.54 18.05 18.43 3.64 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Wolverine Execution Services, LLC (“Wolverine”), nor did it receive any exchange rebates or credits. Wolverine paid the exchange, regulatory, market data and clearing fees for such option orders. Global Execution Brokers LP 6.36 10.13 17.36 5.00 4.37 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Global Execution Brokers (“GEB”), nor did it receive any exchange rebates or credits. GEB paid the exchange, regulatory, market data and clearing fees for such option orders. NYSE ARCA OPTIONS 5.60 0.00 0.44 4.70 10.38 0.00 0.0000 108.18 48.7297 661.24 39.0342 2866.64 16.3949 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the NYSE Arca Options (ARCO), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute client institutional option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and ARCO: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the ARCO, including the pricing tiers offered and the pricing for each tier, is available at: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Nasdaq PHLX LLC 4.28 0.00 0.27 4.76 6.67 0.00 0.0000 -24.48 -4.0000 -243.40 -22.4332 -110.44 -4.0723 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Nasdaq PHLX (PHLX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute client institutional option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and PHLX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the PHLX, including the pricing tiers offered and the pricing for each tier, is available at: https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207 . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe EDGX Exchange, Inc. 4.11 0.00 1.22 2.80 8.22 0.00 0.0000 -45.70 -3.4284 -167.60 -3.4387 60.26 1.2684 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Cboe EDGX Options Exchange (EDGX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX’s algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and EDGX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the EDGX, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/edgx/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. NYSE American LLC 4.02 0.00 0.46 5.12 5.54 0.00 0.0000 -6.40 -4.0000 -112.03 -3.8170 -604.22 -23.7882 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the NYSE American Options (AMXO), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and AMXO: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the AMXO, including the pricing tiers offered and the pricing for each tier, is available at: https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Miami International Securities Exchange, LLC 3.82 0.00 0.88 3.83 6.34 0.00 0.0000 -18.41 -2.8766 -76.21 -3.4068 -473.92 -10.5222 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Miami International Securities Exchange Inc. (MIAX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and MIAX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the MIAX, including the pricing tiers offered and the pricing for each tier, is available at: https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_04232024.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe Exchange, Inc. 3.48 0.00 3.97 1.10 7.99 0.00 0.0000 -404.34 -7.9579 -47.84 -2.7353 -106.30 -4.1219 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to Cboe Exchange Inc (CBOE), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional option orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and CBOE: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. that provide for volume-based tiered payment schedules; or D. that require a minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the CBOE, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/cone/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Nasdaq ISE, LLC 3.39 0.00 2.02 0.85 8.24 0.00 0.0000 -868.60 -53.4194 -2.35 -2.5543 331.87 1.9421 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Nasdaq ISE (ISE), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional option orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and ISE: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the ISE, including the pricing tiers offered and the pricing for each tier, is available at: https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. MIAX Emerald, LLC 2.57 0.00 0.32 2.65 4.22 0.00 0.0000 -119.68 -21.2954 186.72 45.9901 -736.75 -28.0560 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the MIAX Emerald Options Exchange (MIAX EMLD), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and MIAX EMLD: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the MIAX EMLD, including the pricing tiers offered and the pricing for each tier, is available at: https://www.miaxglobal.com/markets/us-options/emerald-options/fees. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. BOX Exchange LLC 2.57 0.00 3.00 4.62 1.74 0.00 0.0000 154.30 3.2280 -87.47 -3.3233 158.26 53.1074 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the BOX Options Exchange (BOX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX’s algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and BOX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the BOX, including the pricing tiers offered and the pricing for each tier, is available at: https://boxoptions.com/resources/fee-schedule/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe C2 Exchange, Inc. 2.44 0.00 0.40 0.81 5.85 0.00 0.0000 -522.13 -43.4746 7.17 12.8036 -866.04 -16.3558 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Cboe C2 Options Exchange (C2), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and C2: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the C2, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/ctwo/ . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Regarding each section of this report, provided pursuant to SEC Regulation NMS Rule 606(a), the SEC has exempted broker-dealers from disclosing execution venues that received less than 5% of the non-directed orders covered by each section of the report, provided that the section discloses the execution venues that, in aggregate, received at least 90% of such non-directed orders. Please note, the material aspects and relationships referenced herein are pertinent to only listed options, the Firm’s report and material aspects for Regulation NMS securities is accessible via the following link: https://www.fisglobal.com/en/ptc/rule-606 2026 02 100.00 21.39 4.82 35.18 38.62 CITADEL SECURITIES LLC 16.95 28.47 18.80 16.24 10.99 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. ("RJA") retail options desk did not receive payments for option orders routed to Citadel Execution Services (“Citadel”), nor did it receive any exchange rebates or credits. Citadel paid the exchange, regulatory, market data and clearing fees for such option orders. Dash/IMC Financial Markets 16.85 30.59 19.34 19.85 6.19 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to DASH/IMC, nor did it receive any exchange rebates or credits. DASH/IMC paid the exchange, regulatory, market data and clearing fees for such option orders. Wolverine Execution Services, LLC 16.69 29.46 16.37 22.57 4.30 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Wolverine Execution Services, LLC (“Wolverine”), nor did it receive any exchange rebates or credits. Wolverine paid the exchange, regulatory, market data and clearing fees for such option orders. Global Execution Brokers LP 6.90 10.46 16.08 6.06 4.55 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Global Execution Brokers (“GEB”), nor did it receive any exchange rebates or credits. GEB paid the exchange, regulatory, market data and clearing fees for such option orders. NYSE ARCA OPTIONS 4.19 0.00 0.56 1.38 9.52 0.00 0.0000 140.44 53.8084 533.45 27.2864 3092.37 26.5599 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the NYSE Arca Options (ARCO), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute client institutional option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and ARCO: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the ARCO, including the pricing tiers offered and the pricing for each tier, is available at: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe EDGX Exchange, Inc. 3.89 0.00 2.02 2.25 7.77 0.00 0.0000 -180.97 -3.5366 -104.88 -2.8407 367.80 11.4330 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Cboe EDGX Options Exchange (EDGX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX’s algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and EDGX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the EDGX, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/edgx/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. NYSE American LLC 3.51 0.00 0.79 4.82 4.59 0.00 0.0000 -34.64 -4.0000 -111.34 -3.8486 -111.93 -5.8449 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the NYSE American Options (AMXO), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and AMXO: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the AMXO, including the pricing tiers offered and the pricing for each tier, is available at: https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Nasdaq ISE, LLC 3.35 0.00 1.89 0.58 7.92 0.00 0.0000 -852.68 -41.0337 4.41 6.5821 791.34 2.6186 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Nasdaq ISE (ISE), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional option orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and ISE: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the ISE, including the pricing tiers offered and the pricing for each tier, is available at: https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Miami International Securities Exchange, LLC 3.34 0.00 1.23 3.48 5.32 0.00 0.0000 -11.16 -3.6711 -43.57 -3.5596 -270.43 -8.3776 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Miami International Securities Exchange Inc. (MIAX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and MIAX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the MIAX, including the pricing tiers offered and the pricing for each tier, is available at: https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_04232024.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Nasdaq PHLX LLC 3.08 0.00 0.50 1.38 6.66 0.00 0.0000 -5.68 -4.0000 -6.21 -2.8100 -249.42 -5.9287 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Nasdaq PHLX (PHLX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute client institutional option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and PHLX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the PHLX, including the pricing tiers offered and the pricing for each tier, is available at: https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207 . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe Exchange, Inc. 3.07 0.00 2.43 1.10 6.65 0.00 0.0000 -414.83 -16.5468 -215.48 -3.1698 -82.78 -3.0014 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to Cboe Exchange Inc (CBOE), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional option orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and CBOE: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. that provide for volume-based tiered payment schedules; or D. that require a minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the CBOE, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/cone/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. MIAX Emerald, LLC 2.81 0.00 0.37 2.82 4.66 0.00 0.0000 -109.32 -59.7377 178.68 51.4928 -1354.79 -36.5468 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the MIAX Emerald Options Exchange (MIAX EMLD), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and MIAX EMLD: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the MIAX EMLD, including the pricing tiers offered and the pricing for each tier, is available at: https://www.miaxglobal.com/markets/us-options/emerald-options/fees. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Matrix Executions, LLC 2.71 0.93 8.61 2.69 2.98 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Matrix Executions, LLC (“Matrix”), nor did it receive any exchange rebates or credits. Matrix paid the exchange, regulatory, market data and clearing fees for such option orders. Cboe C2 Exchange, Inc. 2.51 0.00 0.44 0.15 6.32 0.00 0.0000 -304.10 -45.1857 0.39 2.4375 -1928.82 -32.1631 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Cboe C2 Options Exchange (C2), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and C2: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the C2, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/ctwo/ . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. BOX Exchange LLC 2.47 0.00 2.66 3.64 2.75 0.00 0.0000 104.48 4.5406 -44.97 -3.5215 302.78 36.3046 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the BOX Options Exchange (BOX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX’s algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and BOX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the BOX, including the pricing tiers offered and the pricing for each tier, is available at: https://boxoptions.com/resources/fee-schedule/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Regarding each section of this report, provided pursuant to SEC Regulation NMS Rule 606(a), the SEC has exempted broker-dealers from disclosing execution venues that received less than 5% of the non-directed orders covered by each section of the report, provided that the section discloses the execution venues that, in aggregate, received at least 90% of such non-directed orders. Please note, the material aspects and relationships referenced herein are pertinent to only listed options, the Firm’s report and material aspects for Regulation NMS securities is accessible via the following link: https://www.fisglobal.com/en/ptc/rule-606 2026 03 100.00 20.42 4.40 37.08 38.10 Dash/IMC Financial Markets 16.39 31.53 19.03 17.80 6.61 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to DASH/IMC, nor did it receive any exchange rebates or credits. DASH/IMC paid the exchange, regulatory, market data and clearing fees for such option orders. CITADEL SECURITIES LLC 15.24 28.47 17.40 14.59 8.54 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. ("RJA") retail options desk did not receive payments for option orders routed to Citadel Execution Services (“Citadel”), nor did it receive any exchange rebates or credits. Citadel paid the exchange, regulatory, market data and clearing fees for such option orders. Wolverine Execution Services, LLC 15.02 28.77 16.87 19.16 3.40 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Wolverine Execution Services, LLC (“Wolverine”), nor did it receive any exchange rebates or credits. Wolverine paid the exchange, regulatory, market data and clearing fees for such option orders. Global Execution Brokers LP 6.30 10.64 16.44 5.30 3.78 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Global Execution Brokers (“GEB”), nor did it receive any exchange rebates or credits. GEB paid the exchange, regulatory, market data and clearing fees for such option orders. NYSE ARCA OPTIONS 5.02 0.01 0.19 2.50 10.71 -9.54 -53.0000 154.96 56.7619 454.61 33.5506 4532.56 24.4831 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the NYSE Arca Options (ARCO), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute client institutional option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and ARCO: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the ARCO, including the pricing tiers offered and the pricing for each tier, is available at: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe EDGX Exchange, Inc. 4.78 0.01 1.27 2.74 9.73 -1.17 -3.0000 -68.84 -3.6385 -236.98 -3.2655 273.85 6.1720 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Cboe EDGX Options Exchange (EDGX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX’s algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and EDGX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the EDGX, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/edgx/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe Exchange, Inc. 3.89 0.00 3.00 2.82 7.12 0.00 0.0000 -477.90 -4.6565 -486.46 -3.2502 -134.18 -6.1835 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to Cboe Exchange Inc (CBOE), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional option orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and CBOE: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. that provide for volume-based tiered payment schedules; or D. that require a minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the CBOE, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/cone/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Miami International Securities Exchange, LLC 3.78 0.01 1.10 3.50 6.39 -0.68 -4.0000 -53.00 -4.0000 -16.16 -3.8940 -162.83 -3.6120 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Miami International Securities Exchange Inc. (MIAX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and MIAX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the MIAX, including the pricing tiers offered and the pricing for each tier, is available at: https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_04232024.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. NYSE American LLC 3.78 0.02 0.36 5.31 4.70 -0.92 -4.0000 -26.12 -4.0000 -167.84 -3.9914 -67.84 -3.4454 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the NYSE American Options (AMXO), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and AMXO: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the AMXO, including the pricing tiers offered and the pricing for each tier, is available at: https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Nasdaq ISE, LLC 3.74 0.00 0.88 1.53 8.23 0.00 0.0000 -426.35 -41.7581 48.20 17.6557 661.29 2.5170 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Nasdaq ISE (ISE), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional option orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and ISE: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the ISE, including the pricing tiers offered and the pricing for each tier, is available at: https://listingcenter.nasdaq.com/rulebook/ise/rules/ISE%20Options%207. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. MIAX Emerald, LLC 3.29 0.00 0.13 3.37 5.34 -3.24 -54.0000 -68.50 -62.2727 209.77 50.9150 -144.81 -7.2441 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the MIAX Emerald Options Exchange (MIAX EMLD), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and MIAX EMLD: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the MIAX EMLD, including the pricing tiers offered and the pricing for each tier, is available at: https://www.miaxglobal.com/markets/us-options/emerald-options/fees. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Nasdaq PHLX LLC 3.09 0.00 0.21 1.21 6.91 0.00 0.0000 -10.56 -4.0000 -4.00 -3.6697 -344.64 -7.9246 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Nasdaq PHLX (PHLX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute client institutional option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs, on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and PHLX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the PHLX, including the pricing tiers offered and the pricing for each tier, is available at: https://listingcenter.nasdaq.com/rulebook/phlx/rules/Phlx%20Options%207 . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Cboe C2 Exchange, Inc. 2.96 0.02 0.41 0.33 7.38 -18.92 -378.4000 -1018.01 -68.2312 51.58 61.4048 -484.87 -9.0292 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the Cboe C2 Options Exchange (C2), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX's algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and C2: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the C2, including the pricing tiers offered and the pricing for each tier, is available at: https://www.cboe.com/us/options/membership/fee_schedule/ctwo/ . Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Matrix Executions, LLC 2.21 0.37 11.67 2.41 1.90 0.00 0.0000 0.00 0.0000 0.00 0.0000 0.00 0.0000 Raymond James & Associates, Inc. (“RJA”) retail options desk did not receive payments for option orders routed to Matrix Executions, LLC (“Matrix”), nor did it receive any exchange rebates or credits. Matrix paid the exchange, regulatory, market data and clearing fees for such option orders. BOX Exchange LLC 1.84 0.02 3.20 2.72 1.79 -6.02 -11.3585 121.08 3.9582 -8.52 -2.4840 219.26 56.8031 Raymond James & Associates, Inc. (RJA) Institutional Options Desk routes to the BOX Options Exchange (BOX), utilizing algorithms provided by either Dash Financial Technologies (DASH), Wolverine Execution Services, LLC (WEXX) or Matrix Executions (MTRX), as a primary routing venue for institutional options orders. When RJA utilizes either the DASH, WEXX or MTRX’s algorithms to execute institutional client option orders, those providers make the routing venue determination. RJA pays DASH, WEXX or MTRX a fee to utilize their services utilizing a cost-plus model where RJA pays commissions plus exchange, regulatory, market data, and clearing fees and receive exchange rebates where applicable. These rebates are based on the amount of payment that the algorithm provider receives, from exchange-sponsored programs on the option exchange on which the option order was executed. RJA does not have any arrangements with WEXX, MTRX and BOX: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; C. for volume-based tiered payment schedules; or D. for minimum amount of orders. RJA does not have any arrangements with DASH: A. that provide incentives to RJA for meeting or exceeding certain volume thresholds; B. that provide disincentives to RJA for failing to meet certain minimum volume thresholds; or D. that require a minimum amount of orders but does have an arrangement with Dash for C. volume-based tiered payment schedules. DASH charges RJA between $.03 and $.05 per contract based on a tiered payment schedule and $.25 per global trading hour option contract. WEXX charges RJA $.05 per contract based on the method of transaction. MTRX charges RJA between $.04 and $.05 per contract based on the method of transaction. A description of the fees and rebates offered by the BOX, including the pricing tiers offered and the pricing for each tier, is available at: https://boxoptions.com/resources/fee-schedule/. Client inquiries pertaining to fees and rebate information on client transactions are available upon request. Regarding each section of this report, provided pursuant to SEC Regulation NMS Rule 606(a), the SEC has exempted broker-dealers from disclosing execution venues that received less than 5% of the non-directed orders covered by each section of the report, provided that the section discloses the execution venues that, in aggregate, received at least 90% of such non-directed orders. Please note, the material aspects and relationships referenced herein are pertinent to only listed options, the Firm’s report and material aspects for Regulation NMS securities is accessible via the following link: https://www.fisglobal.com/en/ptc/rule-606