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San Diego California 92130&CALCULATION OF REGISTRATION FEE#TABLE OF CONTENTS&4/INFORMATION NOT REQUIRED IN PRO9 EXHIBIT INDEX UEXHIBIT INDEX (1)d SIGNATURESkCROSSREFERENCE TABLE'~Table of Conten (1)Table of Conten (2)Table of Conten (3)&DEFINITIONS AND OTHER PROVISION!SDEFINITIONS AND OTHER (1)pSECURITY FORMS THE TRUSTEE&DEFEASANCE AND COVENANT DEFEASA#DDEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)/Table of Conten (5)DMTable of Conten (6)gB RILEY FINANCIAL INC&qTHIS SECURITY IS A GLOBAL SECUR%yTHIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)"bSUBORDINATION OF SECURITIES&Ratio of Earnings to Fixed Char&Statement of Financial Conditio l  9  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } 0.} !       B. Riley Financial, Inc. S-3 03/20/2018#San Diego, California 92130!Large accelerated filer ?Accelerated filer x. &Non-accelerated filer (do not check if# Smaller reporting company ?& a smaller reporting company) ? ! Emerging growth company ?  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@xl`h\P(=PF0*8X> @ l  "  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130TABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } 1}  $ } y} $       B. Riley Financial, Inc. S-3 03/20/2018'CALCULATION OF REGISTRATION FEETitle of each class Amount to beProposed  Proposed   Amount of of securities to be   registered   maximum   maximum   registration fee  registered ~    offering price   aggregate offering~       per unit   price      ~ 1 )Common Stock, par value $0.0001 per share           ~     .&Preferred Stock, par value $0.0001 per   ~    shareWarrants   ~   Debt Securities   ~   Units(5)   ~   Total Offering ~  ʚ;  ~ V$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 th\%HQ]Lv=PF0*8X> @          l  .  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEE!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } 0.}        B. Riley Financial, Inc. S-3 03/20/2018TABLE OF CONTENTS Page& ABOUT B. RILEY FINANCIAL, INC.~   RISK FACTORS~  . &SPECIAL NOTE REGARDING FORWARD-LOOKING~   STATEMENTS' DETERMINATION OF OFFERING PRICE~ USE OF PROCEEDS~ SECURITIES WE MAY OFFER~ $DESCRIPTION OF CAPITAL STOCK~ DESCRIPTION OF WARRANTS~ &DESCRIPTION OF DEBT SECURITIES~ DESCRIPTION OF UNITS~ 6PLAN OF DISTRIBUTION~ : LEGAL MATTERS~ BEXPERTS~ B+#WHERE YOU CAN FIND MORE INFORMATION~ B-%INCORPORATION OF CERTAIN DOCUMENTS BY~ B REFERENCE$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DvjNa8h: H3'=PF0*8X> @ l  8  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } I;} $ }  } $       B. Riley Financial, Inc. S-3 03/20/2018.&INFORMATION NOT REQUIRED IN PROSPECTUSSEC Registration Fee~ V  FINRA Fee  ~ Q " Legal Fees and Expenses(1)  ~ " ' Accounting Fees and Expenses(1)  ~  9 1Transfer Agent and Registrar Fees and Expenses(1)  ~  & Printing and Engraving Fees(1)  ~ '  Miscellaneous~  Total~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.ymaUpH=PF0*8X> @* l  CHST  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PROEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } I } $ } y< C      B. Riley Financial, Inc. S-3 03/20/2018 EXHIBIT INDEXExhibit Description Number ? ) !Form of Underwriting Agreement.** @ 7 /Agreement and Plan of Merger, dated November 9,  4 ,2017, by and among B. Riley Financial, Inc.,  5 -B. R. Acquisition Ltd. and magicJack VocalTec.&Ltd. (incorporated by reference to the/'registrant?s Current Report on Form 8-K3+filed with the SEC on November 9, 2017).***@3+Merger Agreement, dated as of May 17, 2017,7/by and among B. Riley Financial, Inc., Foxhound/'Merger Sub, Inc., Wunderlich Investment80Company, Inc. and the Stockholder Representative6.(incorporated by reference to the registrant?s1)Current Report on Form 8-K filed with the SEC on May 18, 2017).***ffffff@:2Amended and Restated Certificate of Incorporation,1)dated as of August 17, 2015 (incorporated2*by reference to Exhibit 3.1 to the Current2*Report on Form 8-K filed by the registrant0(with the Commission on August 18, 2015).@1)Amended and Restated Bylaws (incorporated4,by reference to Exhibit 3.6 to the Quarterly3+Report on Form 10-Q filed by the registrantD( lzn8&2LU d2J !"#$%&'()*+,-./0123456789:;<=>?  1 )with the Commission on November 6, 2014).!333333@!6!.Form of Common Stock Certificate (Incorporated""/"'by reference to the registrant?s Annual##1#)Report on Form 10-K filed with the SEC on$$$March 30, 2015).%@%1%)Form of Warrant Agreement (including form&&&of warrant).**'@'.'&Form of Unit Agreement (including form(((of unit certificate).**)ffffff@)/)'Form of Certificate of Designation with**/*'respect to shares of Preferred Stock.**+@+)+!Indenture for Senior Securities.*,333333@,/,'Indenture for Subordinated Securities.*-@--Form of Senior Note.**.ffffff@.$.Form of Subordinated Note.**/q= ףp@/3/+Base Indenture dated as of November 2, 201600-0%(incorporated by reference to Exhibit1131+4.1 to the Current Report on Form 8-K filed2202(by the registrant with the Commission on333November 2, 2016).4{Gz@424*First Supplemental Indenture Form of 7.50%5575/Senior Note due 2021 (incorporated by reference6646,to Exhibit 4.2 to the Current Report on Form7777/8-K filed by the registrant with the Commission888on November 2, 2016).9Q@9-9%Second Supplemental Indenture Form of::0:(7.50% Senior Note due 2027 (incorporated;;2;*by reference to Exhibit 4.1 to the Current<<2<*Report on Form 8-K filed by the registrant==-=%with the Commission on May 31, 2017).>?DI l[< .Gl#R[4O@AB$@____________________________1A)Created by Morningstar Document Research.0B(http://documentresearch.morningstar.com/ (=PF0*8X> @BBAA@@ l  "bc  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEX SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } } $ } I; "      B. Riley Financial, Inc. S-3 03/20/2018 EXHIBIT INDEX(\@2*Third Supplemental Indenture Form of 7.25%  7 /Senior Note due 2027 (incorporated by reference  4 ,to Exhibit 4.1 to the Current Report on Form  7 /8-K filed by the registrant with the Commission   on December 13, 2017). ffffff@ 4 ,Opinion of Morrison & Foerster LLP regarding91the legality of the securities being registered.*333333(@,$Ratio of Earnings to Fixed Charges.*7@Consent of Marcum LLP.*3333337@7/Consent of BDO USA, LLP, Independent Registered,$Public Accounting Firm of FBR & Co.*L7@7/Consent of BDO USA, LLP, Independent Registered4,Public Accounting Firm of magicJack VocalTecLtd .*ffffff7@4,Consent of Morrison & Foerster LLP (includedin Exhibit 5.1).*~ b3+Powers of Attorney of directors and certain/'officers of the Registrant (included onsignature page). *9@0(Statement of eligibility on Form T-1 for( U.S. Bank National Association.*$____________________________Dw lznw$?Wf<`I= !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!  l  >k  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1)CROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } m)       B. Riley Financial, Inc. S-3 03/20/2018 SIGNATURESName: Phillip J. Ahn * "Title: Chief Financial Officer and  Chief Operating Officer  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$ ,}qE =PF0*8X> @  l  7uw}  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESTable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } U} $ } a 7      B. Riley Financial, Inc. S-3 03/20/2018CROSS-REFERENCE TABLE  TIA Section  Indenture Section     310 (a)(1)  @ (a)(2)  @ (a)(3)  N/A(a)(4) N/A(a)(5)@ (b)6.8; 6.9311 (a)Q@ (b)Q@312 (a)ffffff@ (b)@ (c)@313 (a)333333@(b)(1)333333@(b)(2)333333@ (c)333333@ (d)333333@314 (a)@ (b) N/A(c)(1)333333?(c)(2)333333?(c)(3) N/AD{l~rfBzM c2wGb !"#$%&'()*+,-./0123456 (d)  N/A !(e)!!333333? "(f)""333333?#315 (a)##ffffff@ $(b)$$@ %(c)%%ffffff@ &(d)&&6.1;6.3 '(e)''(\@(316 (a) (last sentence)((1.1(?Outstanding?)) (a)(1)(A))){Gz@* (a)(1)(B)**Q@+(a)(2)+ +N/A ,(b),,333333@ -(c)--ffffff"@. 317 (a)(1)..333333@/(a)(2)//@ 0(b)00$@1318 (a)11333333?23$4____________________________15)Created by Morningstar Document Research.06(http://documentresearch.morningstar.com/2|KI\(Z=PF0*8X> @665544 l  B"C  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } m} 8}  B      B. Riley Financial, Inc. S-3 03/20/2018Table of Contents Page3 +ARTICLE I DEFINITIONS AND OTHER PROVISIONS~  OF GENERAL APPLICATION   Section 1.1.  Definitions~    Section 1.2., $Compliance Certificates and Opinions~    Section 1.3.. &Form of Documents Delivered to Trustee~  Section 1.4.Acts of Holders~  Section 1.5.,$Notices, Etc., to Trustee or Company~  Section 1.6.!Notice to Holders; Waiver~ " Section 1.7.)!Conflict with Trust Indenture Act~ & Section 1.8.0(Effect of Headings and Table of Contents~ & Section 1.9.Successors and Assigns~ & Section 1.10.Separability Clause~ & Section 1.11.Benefits of Indenture~ & Section 1.12.+#Governing Law; Waiver of Jury Trial~ & Section 1.13.Legal Holidays~ & Section 1.14. Force Majeure~ &$ARTICLE II SECURITY FORMS~ * Section 2.1.Forms Generally~ * Section 2.2.7/Form of Trustee?s Certificate of Authentication~ *'ARTICLE III THE SECURITIES~ * Section 3.1.,$Amount Unlimited; Issuable in Series~ * Section 3.2. Denominations~ 2 Section 3.3.+#Execution, Authentication, Delivery~ 2D lvjB0g[X  !"#$%&'()*+,-./0123456789:;<=>?    and Dating!! Section 3.4.!Temporary Securities~ !:"" Section 3.5.."&Registration; Registration of Transfer~ ":### and Exchange$$ Section 3.6.-$%Mutilated, Destroyed, Lost and Stolen~ $B%%% Securities&& Section 3.7.6&.Payment of Interest; Interest Rights Preserved~ &B'' Section 3.8.'Persons Deemed Owners~ 'F(( Section 3.9.( Cancellation~ (F)) Section 3.10.)Computation of Interest~ )J.*&ARTICLE IV SATISFACTION AND DISCHARGE~ *J++ Section 4.1./+'Satisfaction and Discharge of Indenture~ +J,, Section 4.2.",Application of Trust Money~ ,N-ARTICLE V REMEDIES~ -N.. Section 5.1..Events of Default~ .N// Section 5.2.,/$Acceleration of Maturity; Rescission~ /R000 and Annulment11 Section 5.3.01(Collection of Indebtedness and Suits for~ 1V222Enforcement by Trustee33 Section 5.4.(3 Trustee May File Proofs of Claim~ 3Z44 Section 5.5.54-Trustee May Enforce Claims Without Possession~ 4Z555 of Securities66 Section 5.6.&6Application of Money Collected~ 6^77 Section 5.7.7Limitation on Suits~ 7^88 Section 5.8.18)Unconditional Right of Holders to Receive~ 8^99'9Principal, Premium and Interest:: Section 5.9.*:"Restoration of Rights and Remedies~ :b;; Section 5.10.&;Rights and Remedies Cumulative~ ;b<< Section 5.11.$<Delay or Omission Not Waiver~ <b=>$?____________________________D l[RW!PVBB@A1@)Created by Morningstar Document Research.0A(http://documentresearch.morningstar.com/=PF0*8X> @J AA@@??--**   l  FЩ ׷  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } m} 7}  F      B. Riley Financial, Inc. S-3 03/20/2018Table of Contents Page   Section 5.12. Control by Holders~ b   Section 5.13. Waiver of Past Defaults~ f   Section 5.14. Undertaking for Costs~ f   Section 5.15./ 'Waiver of Usury, Stay or Extension Laws~ f ARTICLE VI THE TRUSTEE~ j Section 6.1.+#Certain Duties and Responsibilities~ j Section 6.2.Notice of Defaults~ j Section 6.3.!Certain Rights of Trustee~ n Section 6.4.0(Not Responsible for Recitals or Issuance~ r of Securities Section 6.5.May Hold Securities~ r Section 6.6.Money Held in Trust~ r Section 6.7.&Compensation and Reimbursement~ r Section 6.8./'Disqualification; Conflicting Interests~ v Section 6.9./'Corporate Trustee Required; Eligibility~ z Section 6.10.,$Resignation and Removal; Appointment~ z of Successor Section 6.11..&Acceptance of Appointment by Successor~ ~ Section 6.12.,$Merger, Conversion, Consolidation or~ Succession to Business Section 6.13.)!Preferential Collection of Claims~  Section 6.14.+#Appointment of Authenticating Agent~ /'ARTICLE VII HOLDERS? LISTS AND REPORTS~ D lvjBGOBoIQT !"#$%&'()*+,-./0123456789:;<=>? BY TRUSTEE AND COMPANY!! Section 7.1.6!.Company to Furnish Trustee Names and Addresses~ !""" of Holders## Section 7.2.3#+Preservation of Information; Communications~ #$$$ to Holders%% Section 7.3.%Reports by Trustee~ %&& Section 7.4.&Reports by Company~ &8'0ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE,~ '(TRANSFER OR LEASE)) Section 8.1..)&Company May Consolidate, Etc., Only on~ )*** Certain Terms++ Section 8.2.+Successor Substituted~ +-,%ARTICLE IX SUPPLEMENTAL INDENTURES~ ,-- Section 9.1./-'Supplemental Indentures Without Consent~ -... of Holders// Section 9.2.,/$Supplemental Indentures with Consent~ /000 of Holders11 Section 9.3.,1$Execution of Supplemental Indentures~ 122 Section 9.4.)2!Effect of Supplemental Indentures~ 233 Section 9.5.+3#Conformity with Trust Indenture Act~ 344 Section 9.6./4'Reference in Securities to Supplemental~ 4555 Indentures6ARTICLE X COVENANTS~ 677 Section 10.1.27*Payment of Principal, Premium and Interest~ 788 Section 10.2.'8Maintenance of Office or Agency~ 899 Section 10.3.09(Money for Securities Payments to Be Held~ 9:::in Trust;; Section 10.4.;Corporate Existence~ ;<< Section 10.5.< [Reserved]~ <== Section 10.6.*="Statement by Officer as to Default~ =,>$ARTICLE XI REDEMPTION OF SECURITIES~ >?? Section 11.1. ?Applicability of Article~ ?D lrD] B\:yK#@ABCDE@@ Section 11.2.-@%Election to Redeem; Notice to Trustee~ @AB$C____________________________1D)Created by Morningstar Document Research.0E(http://documentresearch.morningstar.com/d\=PF0*8X> @Z EEDDCC>>66,,((''   l   $  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } m} 8}        B. Riley Financial, Inc. S-3 03/20/2018Table of Contents Page   Section 11.3.0 (Selection by Trustee of Securities to Be~    Redeemed   Section 11.4. Notice of Redemption~    Section 11.5.# Deposit of Redemption Price~    Section 11.6.- %Securities Payable on Redemption Date~  Section 11.7.#Securities Redeemed in Part~ "ARTICLE XII SINKING FUNDS~  Section 12.1. Applicability of Article~  Section 12.2.-%Satisfaction of Sinking Fund Payments~ with Securities Section 12.3.1)Redemption of Securities for Sinking Fund~ 80ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE~  Section 13.1.2*Applicability of Article; Company?s Option~ 3+to Effect Defeasance or Covenant Defeasance Section 13.2. Defeasance and Discharge~  Section 13.3.Covenant Defeasance~  Section 13.4.7/Conditions to Defeasance or Covenant Defeasance~  Section 13.5.7/Deposited Money and U.S. Government Obligations~ 0(to Be Held in Trust; Other Miscellaneous Provisions$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/DX lvjB\DU"pa3=PF0*8X> @* l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)DEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ }  } $       B. Riley Financial, Inc. S-3 03/20/2018?7DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION&U.S. Bank National Association * "633 West Fifth Street, 24 th Floor  % Los Angeles, California 90071    Attention:      Facsimile:     E-mail:   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|h\PD{5|pH=PF0*8X> @2   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONSECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ }  } $       B. Riley Financial, Inc. S-3 03/20/2018?7DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION B. Riley Financial, Inc. % 21255 Burbank Blvd, Suite 400  (  Woodland Hills, California 91367    Attention:     Facsimile:    E-mail:  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Mhh\PDI=PF0*8X> @2   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1) THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } U} $       B. Riley Financial, Inc. S-3 03/20/2018SECURITY FORMS'U.S. Bank National Association,   as Trustee     By   Authorized Signatory $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(sTym6^=PF0*8X> @2   l  b  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } U} $       B. Riley Financial, Inc. S-3 03/20/2018 THE TRUSTEE'U.S. Bank National Association,     As Trustee      By As Authenticating Agent ByAuthorized Signatory$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2e|p9!zb<=PF0*8X> @:  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEEDEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } }        B. Riley Financial, Inc. S-3 03/20/2018*"DEFEASANCE AND COVENANT DEFEASANCE B. RILEY FINANCIAL, INC.    By:    Name:   Title: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(zT}qeY)W=PF0*8X> @" l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASACROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } }        B. Riley Financial, Inc. S-3 03/20/2018*"DEFEASANCE AND COVENANT DEFEASANCE2*U.S. Bank National Association, as Trustee    By:    Name:   Title: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T}qeYymE=PF0*8X> @" l  3   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } } $ }  } $ } 0 3      B. Riley Financial, Inc. S-3 03/20/2018CROSS-REFERENCE TABLE TIA SectionIndenture Section  Section 310  (a)(1)   @   (a)(2)   @   (a)(3)   N/A   (a)(4)   N/A   (b)    6.8, 6.10 Section 311 (a)Q@ (b)Q@ Section 312 (a)7.1, 7.2 (b)@ (c)@ Section 313 (a)333333@ (b)333333@ (c)333333@ (d)333333@ Section 314 (a)@(a)(4) 1.1, 10.4 (b) N/A(c)(1)333333?(c)(2)333333?(c)(3) N/A (d) N/A (e)333333? Section 315 (a)ffffff@D l~rfOYNP]\c !"#$%&'()*+,-./012   (b)   @!! !(c)!!!ffffff@"" "(d)"""ffffff@## #(e)###(\@$ Section 316$ $(a)$$$?%%% (a)(1)(A)%%% 5.2, 5.12&&& (a)(1)(B)&&&Q@'''(a)(2)'' 'N/A(( ((b)(((333333@)) )(c))))ffffff?* Section 317**(a)(1)***333333@+++(a)(2)+++@,, ,(b),,,$@- Section 318- -(a)---333333?./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*h^ `^ ] \PD=PF0*8X> @221100 l  HS!, /  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } <} 8}  H      B. Riley Financial, Inc. S-3 03/20/2018Table of Contents Page   2 *ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS~  OF GENERAL APPLICATION  Section 1.1  Definitions~   Section 1.2, $Compliance Certificates and Opinions~ & Section 1.3.&Form of Documents Delivered to Trustee~ & Section 1.4%Acts of Holders; Record Dates~ * Section 1.5-%Notices, etc., to Trustee and Company~ . Section 1.6!Notice to Holders; Waiver~ 2 Section 1.7)!Conflict with Trust Indenture Act~ 2 Section 1.80(Effect of Headings and Table of Contents~ 2 Section 1.9Successors and Assigns~ 2 Section 1.10Separability Clause~ 2 Section 1.11Benefits of Indenture~ 6 Section 1.12 Governing Law~ 6 Section 1.13Legal Holidays~ 6 Section 1.141)Indenture and Securities Solely Corporate~ 6 Obligations Section 1.151)Indenture May be Executed in Counterparts~ 6 ARTICLE 2 SECURITY FORMS~ : Section 2.1Forms Generally~ : Section 2.2 Form of Face of Security~ : Section 2.3#Form of Reverse of Security~ BD{ lvjB|',7d%g  !"#$%&'()*+,-./0123456789:;<=>?  Section 2.4, $Form of Legend for Global Securities~ N! Section 2.57!/Form of Trustee?s Certificate of Authentication~ !N" Section 2.6!"Form of Conversion Notice~ "N #ARTICLE 3 THE SECURITIES~ #R$ Section 3.1,$$Amount Unlimited; Issuable in Series~ $R% Section 3.2% Denominations~ %^& Section 3.3+&#Execution, Authentication, Delivery~ &^'' and Dating( Section 3.4(Temporary Securities~ (f) Section 3.5.)&Registration; Registration of Transfer~ )f** and Exchange+ Section 3.6-+%Mutilated, Destroyed, Lost and Stolen~ +j,, Securities- Section 3.76-.Payment of Interest; Interest Rights Preserved~ -n. Section 3.8.Persons Deemed Owners~ .r/ Section 3.9/ Cancellation~ /r0 Section 3.100Computation of Interest~ 0v,1$ARTICLE 4 SATISFACTION AND DISCHARGE~ 1v2 Section 4.1/2'Satisfaction and Discharge of Indenture~ 2v3 Section 4.2"3Application of Trust Money~ 3z4ARTICLE 5 REMEDIES~ 4z5 Section 5.15Events of Default~ 5z6 Section 5.2,6$Acceleration of Maturity; Rescission~ 6~77 and Annulment8 Section 5.308(Collection of Indebtedness and Suits for~ 899Enforcement by Trustee: Section 5.4(: Trustee May File Proofs of Claim~ :; Section 5.55;-Trustee May Enforce Claims Without Possession~ ;<< of Securities= Section 5.6&=Application of Money Collected~ => Section 5.7>Limitation on Suits~ >? Section 5.81?)Unconditional Right of Holders to Receive~ ?D. lKz<*/c%VAd?@ABCDEFG@.@&Principal, Premium and Interest and toAAConvertB Section 5.9*B"Restoration of Rights and Remedies~ BCD$E____________________________1F)Created by Morningstar Document Research.0G(http://documentresearch.morningstar.com/PD8=PF0*8X> @J GGFFEE4411##   l  M=rHL  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } <} 7}  M      B. Riley Financial, Inc. S-3 03/20/2018Table of Contents Page     Section 5.10& Rights and Remedies Cumulative~   Section 5.11$ Delay or Omission Not Waiver~   Section 5.12 Control by Holders~   Section 5.13 Waiver of Past Defaults~  Section 5.14Undertaking for Costs~  Section 5.15/'Waiver of Usury, Stay or Extension Laws~ ARTICLE 6 THE TRUSTEE~  Section 6.1+#Certain Duties and Responsibilities~  Section 6.2Notice of Defaults~  Section 6.3!Certain Rights of Trustee~  Section 6.40(Not Responsible for Recitals or Issuance~  of Securities Section 6.54,May Hold Securities and Act as Trustee under~ Other Indentures Section 6.6Money Held in Trust~  Section 6.7&Compensation and Reimbursement~  Section 6.8Conflicting Interests~  Section 6.9/'Corporate Trustee Required; Eligibility~  Section 6.10,$Resignation and Removal; Appointment~  of Successor Section 6.11.&Acceptance of Appointment by Successor~  Section 6.12,$Merger, Conversion, Consolidation or~ D lvjB?  Succession to Business! Section 6.131!)Preferential Collection of Claims Against~ !""Company# Section 6.14+##Appointment of Authenticating Agent~ #/$'ARTICLE 7 HOLDERS? LISTS AND REPORTS BY~ $%TRUSTEE AND COMPANY& Section 7.16&.Company to Furnish Trustee Names and Addresses~ &'' of Holders( Section 7.23(+Preservation of Information; Communications~ ()) to Holders* Section 7.3*Reports by Trustee~ *+ Section 7.4+Reports by Company~ +4,,ARTICLE 8 CONSOLIDATION, MERGER, CONVEYANCE,~ ,-TRANSFER OR LEASE. Section 8.1..&Company May Consolidate, etc., Only on~ .// Certain Terms0 Section 8.20Successor Substituted~ 0)1!ARTICLE 9 SUPPLEMENTAL INDENTURES~ 12 Section 9.1/2'Supplemental Indentures Without Consent~ 233 of Holders4 Section 9.2,4$Supplemental Indentures with Consent~ 455 of Holders6 Section 9.3,6$Execution of Supplemental Indentures~ 67 Section 9.4)7!Effect of Supplemental Indentures~ 78 Section 9.5+8#Conformity with Trust Indenture Act~ 89 Section 9.6/9'Reference in Securities to Supplemental~ 9:: Indentures; Section 9.7 ;Subordination Unimpaired~ ;<ARTICLE 10 COVENANTS~ <= Section 10.12=*Payment of Principal, Premium and Interest~ => Section 10.2'>Maintenance of Office or Agency~ >? Section 10.30?(Money for Securities Payments to be Held~ ?D lwXD"ad?fDx&zX@ABCDEFGHIJKL@@in TrustA Section 10.4+A#Statement by Officers as to Default~ AB Section 10.5B Existence~ BC Section 10.6!CMaintenance of Properties~ CD Section 10.7)D!Payment of Taxes and Other Claims~ DE Section 10.8#EWaiver of Certain Covenants~ E+F#ARTICLE 11 REDEMPTION OF SECURITIES~ FG Section 11.1 GApplicability of Article~ GHI$J____________________________1K)Created by Morningstar Document Research.0L(http://documentresearch.morningstar.com/Pe(=PF0*8X> @Z LLKKJJFF<<11--,,%%$$ l  B[fbg  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } m} 8}  B      B. Riley Financial, Inc. S-3 03/20/2018Table of Contents Page     Section 11.2- %Election to Redeem; Notice to Trustee~   Section 11.30 (Selection by Trustee of Securities to Be~   Redeemed  Section 11.4 Notice of Redemption~  Section 11.5#Deposit of Redemption Price~  Section 11.6-%Securities Payable on Redemption Date~  Section 11.7#Securities Redeemed in Part~  ARTICLE 12 SINKING FUNDS~  Section 12.1 Applicability of Article~  Section 12.2-%Satisfaction of Sinking Fund Payments~ with Securities Section 12.31)Redemption of Securities for Sinking Fund~ 5-ARTICLE 13 DEFEASANCE AND COVENANT DEFEASANCE~  Section 13.1-%Company?s Option to Effect Defeasance~ or Covenant Defeasance Section 13.2 Defeasance and Discharge~  Section 13.3Covenant Defeasance~  Section 13.47/Conditions to Defeasance or Covenant Defeasance~  Section 13.54,Deposited Money, U.S. Government Obligations~ -%and Foreign Government Obligations to2*be Held in Trust; Miscellaneous Provisions Section 13.6 Reinstatement~ D lvjBmMcCz#fj !"#$%&'()*+,-./0123456789:;<=>?+ #ARTICLE 14 CONVERSION OF SECURITIES~ ! Section 14.1 !Applicability of Article~ !" Section 14.2(" Exercise of Conversion Privilege~ "# Section 14.3#No Fractional Shares~ #$ Section 14.44$,Adjustment of Conversion Price or Conversion~ $% %Rate& Section 14.5+&#Notice of Certain Corporate Actions~ &' Section 14.6-'%Reservation of Shares of Common Stock~ '( Section 14.70((Payment of Certain Taxes upon Conversion~ () Section 14.8)Nonassessability~ )* Section 14.92**Provision in Case of Consolidation, Merger~ *++or Sale of Assets, Section 14.10.,&Duties of Trustee Regarding Conversion~ ,- Section 14.112-*Repayment of Certain Funds upon Conversion~ -..&ARTICLE 15 SUBORDINATION OF SECURITIES~ ./ Section 15.1"/Agreement of Subordination~ /0 Section 15.20Payments to Holders~ 01 Section 15.3!1Subrogation of Securities~ 1 2 Section 15.4-2%Authorization to Effect Subordination~ 23 Section 15.53Notice to Trustee~ 34 Section 15.6)4!Trustee?s Relation to Senior Debt~ 45 Section 15.7&5No Impairment of Subordination~ 56 Section 15.8,6$Certain Conversions/Exchanges Deemed~ 677Payment8 Section 15.9+8#Article Applicable to Paying Agents~ 89 Section 15.10$9Senior Debt Entitled to Rely~ 9: Section 15.111:)Reliance on Judicial Order or Certificate~ :;;of Liquidating Agent< Section 15.12%<Trust Monies Not Subordinated~ <=>$?____________________________D& ly'gaAXq.5r@A1@)Created by Morningstar Document Research.0A(http://documentresearch.morningstar.com/=PF0*8X> @:AA@@??..  l  p  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $} $ } } $       B. Riley Financial, Inc. S-3 03/20/2018 B. RILEY FINANCIAL, INC.Dated: _______________ B. RILEY FINANCIAL, INC.       By:        Title:  ATTEST:   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,X|{oc~H=PF0*8X> @" l  y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } } a       B. Riley Financial, Inc. S-3 03/20/2018jbTHIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND________________,   as Trustee     By:    Authorized Officer $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T=1%MA5 =PF0*8X> @*  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECURTHE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } y#} $ } :       B. Riley Financial, Inc. S-3 03/20/2018jbTHIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND (Name) 8 0Social Security or Other Taxpayer Identification   Number     (Address)     %Please print Name and Address(including zip code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.=1%qM wkC=PF0*8X> @ l  ݊  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } } U       B. Riley Financial, Inc. S-3 03/20/2018 THE TRUSTEE By:   As Authenticating Agent     By:    Authorized Officer $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T|pIuM=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)!Ratio of Earnings to Fixed Char!Statement of Financial ConditioU } $ } } $       B. Riley Financial, Inc. S-3 03/20/2018#SUBORDINATION OF SECURITIES B. RILEY FINANCIAL, INC.     By:      Title:     By:Title:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0cxl`0 sL(=PF0*8X> @" l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Statement of Financial ConditioU } m)} $ }  } $} $ }  } $} $ } U} $} $ }  } $} $ }  } $       B. Riley Financial, Inc. S-3 03/20/2018*"Ratio of Earnings to Fixed ChargesYear Ended December 31,  ~ v  ~ z  ~ ~  ~   ~   Earnings (loss) ~ 6E  ~   ~ =  ~ NO  ~    Fixed charges  ~ )   ~    ~     ~ 2   ~  * "Ratio of earnings to fixed charges   (\? x   Q x   Q^8@ x   (\2@ x   Q @ x Coverage deficiency   ?  ~     ?    ?    ? $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h}qeYHo\=PF0*8X> @z          l  -  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??San Diego California 92130!CALCULATION OF REGISTRATION FEETABLE OF CONTENTS!INFORMATION NOT REQUIRED IN PRO EXHIBIT INDEXEXHIBIT INDEX (1) SIGNATURESCROSSREFERENCE TABLETable of Conten (1)Table of Conten (2)Table of Conten (3)!DEFINITIONS AND OTHER PROVISIONDEFINITIONS AND OTHER (1)SECURITY FORMS THE TRUSTEE!DEFEASANCE AND COVENANT DEFEASADEFEASANCE AND COVENANT (1)CROSSREFERENCE (1)Table of Conten (4)Table of Conten (5)Table of Conten (6)B RILEY FINANCIAL INC!THIS SECURITY IS A GLOBAL SECUR THIS SECURITY IS A GLOBAL (1)THE TRUSTEE (1)SUBORDINATION OF SECURITIES!Ratio of Earnings to Fixed CharU } +} $ } } $ -      B. 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S-3 03/20/2018( Statement of Financial Condition    12/31/2017  Assets   " Cash and Balances Due From ~ ^Y  Depository Institutions      Securities  ~ j  Federal Funds~ F6+#Loans & Lease Financing Receivables~ *~B Fixed Assets~ Intangible Assets~  Other Assets~ :  Total Assets~ l LiabilitiesDeposits~ 2)U Fed Funds~  8Treasury Demand Notes~ Trading Liabilities~ :FCOther Borrowed Money~ RXd Acceptances~ )!Subordinated Notes and Debentures~ jOther Liabilities~ >Total Liabilities~ &eaD lsg[+o(EJ_ e !"#$%&'()*+, Equity    "!Common and Preferred Stock!!~ !b!"Surplus""~ "f"#Undivided Profits##~ ##)$!Minority Interest in Subsidiaries$$~ $0$%Total Equity Capital%~ %r T %&&&&&,'$Total Liabilities and Equity Capital'~ 'l'()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/f!s-[=PF0*8X> @R ,,++**''%%   Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~