Please be advised that BATS experienced a momentary network interruption with NASDAQ causing some stuck orders and delayed prints to the tape. BATS has successfully re-connected, all trades have been printed, and all stuck orders have been electronically resolved.

All BATS systems are operating normally.

BATS BYX Exchange has revoked self-help against EDGA per Rule 611 of Regulation NMS. Routing to EDGA has been resumed as of 15:30:09 ET.

All BATS BYX Exchange systems are operating normally.

BATS BZX Exchange has declared self-help against EDGA per Rule 611 of Regulation NMS. Routing to EDGA has been suspended as of 15:26:44 ET.

All BATS BZX Exchange systems are operating normally.

Dear Member,

At 15:20:40 ET, a single matching engine handling symbol range A-BFZZZ encountered a software defect related to receipt of a regular hours only (RHO) auction order for a non-BATS listed symbol (AOB) that was halted. This order should have been rejected by the system but instead exposed a software defect which rendered open orders in this symbol range inaccessible. BATS BYX Exchange declared self-help against BZX Exchange at 15:22:09 and the BZX Exchange sent notice simultaneously that BATS was investigating system issues in the affected range. BATS also immediately requested all quotes in the affected range for BZX Exchange be removed from the consolidated tapes.

BATS successfully restarted the matching engine for the affected range, and normal trading in those symbols resumed at 15:31:10 ET. All previously open orders were cancelled and electronically communicated to customers prior to the acceptance of any new orders. In addition, any fills in flight at the time of the outage were electronically communicated to customers. A solution for this issue has been identified and new software will be deployed this evening for tomorrows trading.

BATS expects all systems to operate normally tomorrow.

BATS BYX Exchange has revoked self-help against BATS BZX per Rule 611 of Regulation NMS. Routing to BATS BZX has been resumed as of 15:31:41 ET.

All BATS BYX Exchange systems are operating normally.

BATS BYX Exchange has declared self-help against BATS BZX per Rule 611 of Regulation NMS. Routing to BATS BZX has been suspended as of 15:22:09 ET.

All BATS BYX Exchange systems are operating normally.

Dear Member,

At 10:45:26AM ET, a single matching engine handling symbol range A-BFZZZ encountered a software bug related to IPO auctions which rendered open orders in this symbol range inaccessible. BZX Exchange sent notice at 10:48:41AM ET that BATS staff was investigating system issues in trading of symbols in the range of A through BFZZZ. Additionally, the IPO auction for securities of BATS Global Markets, Inc. ("BGM") did not successfully print and continuous book trading of BGM stock on the BZX Exchange system did not begin as expected.

BATS immediately requested all quotes in the affected range for BZX Exchange be removed from the consolidated tapes. Around 11AM ET, the BATS Trade Desk noticed BYX Exchange was continuing to witness crossed markets from stale quotes in UTP symbols on the BZX Exchange. BYX Exchange declared Self Help vs. BZX Exchange at 11:07:04am ET and again contacted the UTP SIP to pull quoting for symbols in the affected range. BATS confirmed the UTP SIP successfully pulled BZX Exchange quotes at 11:27:01am ET. The stale BZX quotes seen in BYX were the cause of three clearly erroneous trades in AAPL which were cancelled between 11:49am and 12:34pm ET.

Regarding the initial print of BGM stock, BZX Exchange submitted the IPO auction print to the consolidated tape at 11:14:18am ET.

Prior to noon ET, BATS staff notified members that the system would be available for trading all securities in the affected range except for BGM at noon ET. In connection with attempting an orderly reopening of the BGM stock, BATS staff communicated to members that it would shutdown trading for an emergency window period between12:40-12:50PM ET in order to deploy an emergency patch. BZX Exchange cancelled all open orders in this symbol range prior to the orderly shutdown and during this period deployed the emergency patch. The shutdown and commencement of trading in this symbol range was orderly and occurred at the communicated timeframes. BATS staff ultimately made a decision not to reopen the BGM stock. Once the decision was made, the original IPO print was cancelled, individual executions were broken for the day, and notice was submitted to all affected parties.

BATS expects all systems to operate normally on Monday morning and the BGM stock (symbol BATS) will not be trading.

BATS Trade Desk
913.815.7001
tradedesk@batstrading.com
www.batstrading.com/alerts
www.batsoptions.com/alerts

After further review, BATS BZX Exchange will be further delaying the quoting and auction period for symbol BATS. We will advise on further updates.

Please be advised that BATS BZX Exchange will be cancelling all open orders in symbol range A - BFZZZ at 12:40:00ET. Trading will resume in this symbol range at 12:50:00ET.

The resume time for the BATS Symbol Halt auction will be communicated shortly.

Please be advised that all issues at BATS BZX Exchange in symbol range A through BF have been resolved. Trading will resume in symbols A through BFZZZ at noon ET. TCP PITCH market data may be delayed. All other market data is timely. All fills and outs have been submitted electronically.

The IPO auction execution for symbol BATS has been printed on Tape B at a price of $15.25 with a size of 1,199,652. The symbol BATS will be halted until further notice. Resume time for trading in symbol BATS will be communicated as soon as possible.

Please be advised that BATS is currently investigating system issues trading in symbols range A through BFZZZ. Will advise.

Please be advised that all issues at BATS BZX Exchange have been resolved. All systems are operating normally.

Please be advised that BATS BZX Exchange is currently investigating an issue with distribution of PITCH and DROP data. Order entry, matching and routing is functioning normally. Will advise.

BATS BZX Exchange has revoked self-help against NYSE Amex per Rule 611 of Regulation NMS. Routing to NYSE Amex has been resumed as of 13:58:05 ET.

All BATS BZX Exchange systems are operating normally.

BATS BYX Exchange has declared self-help against NYSE Amex per Rule 611 of Regulation NMS. Routing to NYSE Amex has been suspended as of 13:53:09 ET.

All BATS BYX Exchange systems are operating normally.

Dear Member,

Please be advised that due to a significant multiple circuit carrier outage in the northeast, at 15:01:34ET on Friday, January 27, 2012, BATS BYX Exchange, BZX Exchange and BATS Options experienced a network disconnect on their primary network links to the SIPs and OPRA. All SIP connections failed over seamlessly to the secondary path. The majority of OPRA connections failed over seamlessly, however a subset were unable to initially connect to the secondary path. The secondary path to the subset of OPRA connections was established at 15:43ET at which time BATS Options was operating normally.

This connectivity issue also affected routable orders through the primary path to another market center on the BYX Exchange and BZX Exchange. These connections automatically failed over to the secondary path. Any stuck orders caught in flight were electronically cancelled.

The secondary site for the BZX Exchange was also impacted as a result of this carrier connectivity issue. This resulted in market data sourced from the secondary site being unavailable from the commencement of the carrier outage on.

All BATS primary site systems are operating normally. Secondary site systems will operate normally on Monday, January 30, 2012.

Please contact the BATS Trade Desk or your Director of Sales with any questions. Thank you for your continued support of BATS.

BATS Trade Desk
913.815.7001
tradedesk@batstrading.com
www.batstrading.com/alerts
www.batsoptions.com/alerts

Please be advised that BATS lost its primary path to the SIP, but has failed over to its secondary path. BATS is not experiencing any issues printing/quoting from the equities platforms. All systems are operating normally.

BATS BZX Exchange has revoked self-help against New York Stock Exchange per Rule 611 of Regulation NMS. Routing to New York Stock Exchange has been resumed as of 15:52:30 ET.

All BATS BZX Exchange systems are operating normally.

BATS BZX Exchange has declared self-help against New York Stock Exchange per Rule 611 of Regulation NMS. Routing to New York Stock Exchange has been suspended as of 15:27:22 ET.

All BATS BZX Exchange systems are operating normally.