Thomas Gallagher Elected Chairman of the Bermuda Stock Exchange

Hamilton, Bermuda – 21 February 2020 – The Bermuda Stock Exchange (BSX) today announced that Chairman and CEO Thomas P. Gallagher of Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Exchange Groupand majority stock owner of the BSX, has been elected Chairman of the Council (Board of Directors) of the BSX. Outgoing Chairman David A. Brown will remain on the Council as Deputy Chairman, replacing Jeff Conyers.

Mr. Brown said: “I’m pleased to welcome Thomas Gallagher as the new Chairman of the BSX Board of Directors. Tom brings a wealth of knowledge to the team and I look forward to continuing as Deputy Chair and working with Tom, the Board and the excellent staff at the BSX to continue to expand our offerings both in Bermuda and for issuers around the world. I would also like to thank Jeff Conyers for his invaluable service on the BSX Board.”

“We are pleased to welcome Tom as the new Chairman of the Council,” said Greg Wojciechowski the President and CEO of the BSX. “His expertise in the exchange sector will be invaluable to the BSX, providing the leadership necessary to implement our long-term growth strategy and vision. Wojciechowski further commented, “The BSX management team is very excited to be part of the next chapter in the BSX’s development as we work with MIAX to bring new opportunities to the BSX and continue our efforts to develop Bermuda’s domestic capital market.”

Said Gallagher, “It is a privilege to be elected by the Council as the incoming Chairman. On behalf of the Council, I would like to thank David Brown and Jeff Conyers for their service and contributions over the past 20 plus years as Chairman and Deputy Chairman, respectively. Through their guidance, the BSX is in a position to take full advantage of opportunities such as the Bermuda government’s recently enacted Digital Asset Business Act, or DABA, which will enable us to move into new products and asset classes in the digital asset space.”

The Hon. E. David Burt JP, MP, Premier of Bermuda said: “The MIAX Exchange Group has deep rooted experience in developing, operating and trading on exchanges. Their investment in the BSX and specific interest in utilizing opportunities provided by Bermuda’s Digital Asset Business Act is a testament to Bermuda’s fintech efforts. The BSX is well placed to provide a critical part of the infrastructure necessary to support the development of the industry. MIH’s selection of Bermuda for their investment demonstrates that Bermuda continues to be a business-friendly jurisdiction with a stellar reputation. It also showcases the interest that exists in the quality regulation and structures we have put in place to accommodate growth in the digitization of financial assets. The Bermuda government welcomes the BSX and MIH taking advantage of this innovative fintech regulatory framework and looks forward to the BSX advancing its offerings into the new era of digital assets.”

The BSX also announced today that Greg Wojciechowski will continue to serve in his role as President and Chief Executive Officer of BSX. Additionally, MIH announced today that Mr. Wojciechowski has been appointed President of MIAX Global, LLC. MIAX Global focuses on MIH’s merger, acquisition and joint venture activities as well as the company’s trading, technology and other projects based outside of North America, initially focusing on Europe and to expand into Latin America, the Middle East and Africa.

Added Gallagher: “I look forward to working with the other Council members and management and we intend to initially focus on growing BSX’s existing debt and insurance-linked securities listings by offering a competitive exchange venue and enhancing BSX sales and marketing efforts. We are also actively pursuing new opportunities to bring innovative products to the BSX and further exploring synergies with MIH now that its acquisition of a controlling interest in the BSX has been finalized.”

Barbara J. Comly, Executive Vice President and General Counsel of MIH, said: “Both MIH and the BSX look forward to jointly working with the Bermuda Monetary Authority’s Executive Chair Jeremy Cox, Deputy Chief Executive Officer Craig Swan, and the rest of the BMA on a variety of new projects.”

For further information regarding MIH and the MIAX Exchange Group, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@MIAXOptions.com.

For further information regarding the BSX please visit www.bsx.com. Corporate Communications Contacts:

MIH

Dominique Prunetti-Miller (609) 897-1465 dprunetti@miami-holdings.com

BSX

Jacintha Hughes (441) 292-7212 jhughes@bsx.com

About MIH

Miami International Holdings, Inc. (MIH) is the parent holding company of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX PEARL®) and MIAX Emerald, LLC (MIAX EmeraldTM and together with MIAX and MIAX PEARL, the MIAX Exchange GroupTM), three fully electronic options trading exchanges. MIH also owns a controlling interest in the Bermuda Stock Exchange.

MIAX, MIAX PEARL and MIAX Emerald leverage the MIAX Exchange Group’s industry-leading technology and infrastructure to provide their member firms with traditional pricing and pro rata allocation (MIAX), maker-taker pricing and price-time allocation (MIAX PEARL) market structures, and a hybrid market structure with maker-taker pricing and pro rata allocation (MIAX Emerald).

MIAX Options serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).

The MIAX Exchange Group’s executive offices and National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL.

To learn more about MIH and the MIAX Exchange Group visit www.MIAXOptions.com.

About the BSX

Established in 1971 the Bermuda Stock Exchange (BSX) is now the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance linked securities (ILS). Bermuda has recently emerged as a center of excellence for the creation, support and listing of global ILS structures and the BSX has over 400 listed ILS structures which represents over 85% of the global issuances of these securities.

The BSX, recognized by the United States Securities and Exchange Commission as a Designated Offshore Securities Market, is a member of the World Federation of Exchanges, an associate member of IOSCO and is located in an O.E.C.D. member nation. The BSX has Approved Stock Exchange status under Australia's Foreign Investment Fund (FIF) taxation rules; Designated Investment Exchange status by the UK's Financial Services Authority; Recognized Stock Exchange by the UK HM Revenue and Customs; Designated Exchange status under Canada's Income Tax Act and is a member of America's Central Securities Depository Association.