Recital 1 of RTS 27 states the following:

"With a view to providing both the public and investment firms with relevant data on execution quality to help them determine the best way to execute client orders, it is important to set out the specific content, format and the periodicity of data relating to the quality of execution of financial instruments subject to the trading obligation in Articles 23 and 28 of Regulation (EU) No 600/2014 of the European Parliament and of the Council (2),to be published by trading venues and systematic internalisers. It is also important to set out the specific content, format and the periodicity of data relating to the quality of execution of other financial instruments which are not subject to the trading obligation and which execution venues are required to publish. In this respect, due regard should be given to the type of execution venue and the type of financial instrument concerned."

Captin B.V. (MTF) operates a trading venue and in that capacity it is required to provide relevant data on execution quality on a quarterly basis to help the public and investment firms to determine the best way to execute client orders However, in this context, it is important and relevant to note that any financial instruments or other tradable rights listed on the MTF of Captin B.V. are not tradable on any other trading venue. As a result, there is no question of "determining" where your order is executed where it concerns securities listed on the Captin B.V. (MTF), as Captin B.V. (MTF) is the only venue where these securities can be traded.

Nevertheless, as part of its commitment to transparency and in line with RTS 27, Captin B.V. provides the information below.

Investment firms must annually publish the top five execution venues for each class of financial instrument where they execute and/or transmit client orders.

Captin B.V. uses three execution venues as shown in the tables below, being Van Lanschot Kempen N.V., Captin B.V. (MTF) and ABN AMRO Bank N.V., as brokers for the execution of orders in the financial instruments as listed below per broker.

In Captin's opinion, the selection of these three execution venues leads to the best result for its clients, taking into consideration the following criteria:

• Delivered execution price
• Quality and speed of settlement
• Quality of services
• Costs