Effective December 1, 2024, pending filing with the SEC, the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange will implement the below fee structure for accessing the Firm Test Bed. A reminder is also provided below concerning certain fee waivers for the MIAX Sapphire Options Exchange.

1. All Options Markets - Firm Test Bed Fee Structure
   1. The Firm Test Bed is a virtual trading system environment accessible via different methods to test software and code releases.
   2. Access via Virtual Private Network (VPN):  $0 per connection per month (no change)
   3. Access via Dedicated Cross Connection:  $1,000 per connection per month for either 1Gb or 10Gb connections
   4. A single VPN or dedicated cross connection provides Members and Non-Members access to the Firm Test Bed for each of the MIAX affiliated options exchange
   5. Access to the Firm Test Bed via existing production 1Gb or 10Gb ULL connections will be phased out by February 28, 2025. Details regarding the Firm Test Beds (FTB1 and FTB2) migration can be found in the September 12, 2024 Alert.
2. MIAX Sapphire Options Exchange – Waiver Period Reminder
   1. The Production Connectivity Waiver Period will shift to a 50% discount for Connectivity Fees on December 1, 2024 per the August 8, 2024 Alert.
      1. Monthly Production Connectivity Fees were waived from August 12, 2024 to November 30, 2024 (partial month plus 3 full months)
         1. Primary/Secondary Facility 1Gb ULL $1,400 per connection, Disaster Recovery 1Gb ULL $550 per connection, and Disaster Recovery 10Gb ULL $2,750 per connection were waived entirely
         2. Primary/Secondary Facility 10Gb ULL $13,500 per connection for the first two (2) connection ports on each switch were waived, and any subsequent ports on each switch were charged the full rate of $13,500
      2. Monthly Production Connectivity Fees will be discounted by 50% from December 1, 2024 to February 28, 2025 (3 additional full months)
         1. Primary/Secondary Facility 1Gb ULL $700 per connection, Disaster Recovery 1Gb ULL $275 per connection, and Disaster Recovery 10Gb ULL $1,375 per connection after 50% discount
         2. Primary/Secondary Facility 10Gb ULL $6,750 per connection for the first two (2) connection ports on each switch after 50% discount, and any subsequent ports on each switch will be charged the full rate of $13,500
      3. The Production Connectivity Waiver Period will expire on February 28, 2025
   2. Under the Initial Waiver Period, other Non-Transactional fees such as Permit, Ports, Market Data, and Report fees will continue to be waived until February 28, 2025