SEC Rule 607 Disclosure

Rule 607 of Regulations NMS requires all broker-dealers to disclose their practices regarding the receipt of payment for order flow, the nature of order routing for orders subject to payment for order flow and the degree to which these orders can receive price improvements. Gilder Gagnon Howe & Co., LLC ("GGHC") does not receive payment for routing orders in equity securities or options nor does it receive incentives for trade volumes or have any agreements regarding minimum order flow.

The Firm provides its practices in accordance with SEC Rule 607 to its customers through the Firm's website, which is available at https://www.gghc.com. In addition, the Firm sends the Rule 607 disclosure to its customers in a yearly mailing.

SEC Rule 606 Disclosure

SEC Rule 606 requires all broker-dealers that route orders in equity and option securities to make available quarterly reports that present a general overview of their routing practices. SEC Rule 606 requires a report of non-directed orders in NMS stocks that are submitted on a held basis and of non-directed orders that are customer orders in NMS securities that are option contracts. The report includes the following sections as required by SEC Rule 606: (1) a section for NMS stocks, separated by securities that are included in the S&P 500 Index as of the first day of that quarter and other NMS stocks, and (2) a section for NMS securities that are option contracts. The report also, among other things, sets forth percentages of various types of non-directed orders that were routed for execution, identifies venues to which significant amounts of non-directed orders were routed for execution, and discusses material aspects of GGHC's relationship with venues. In addition, SEC Rule 606 requires broker-dealers to disclose, on customer request, the venues to which the customer's individual orders were routed. The latest quarterly and historical reports are below. For further information, please contact your client service representative.