1. Euro Pacific’s Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in Euro Pacific’s Tiered commission schedule may be greater than the costs paid by Euro Pacific to the relevant exchange, regulator, clearinghouse or third party. For example, Euro Pacific may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Euro Pacific may be less than the rebates Euro Pacific receives from the relevant market. For example, Euro Pacific may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
2. The Options Regulatory Fee (“ORF”) is charged by the following exchanges: AMEX, BATS, BOX, CBOE, CBOE2, ISE, GEMINI, MIAX, MERCURY, NOM, NASDAQBX, PCX, PHLX.
3. Fee applies to executions which clear in the “Customer” account with OCC. This will generally include Public Customer and Professional Customer transactions.
4. Transaction fees are only charged for sell orders.
5. Volumes on both US and Canadian markets contribute to sliding scale.

• Commissions apply to all order types.
• Commissions are not charged for US exercise and assignment.
• Commissions are not charged for US cabinet buy-to-close trades.
• Euro Pacific considers exchange fees and/or rebates in determining where to route an order. Under certain circumstances, Euro Pacific may route a marketable order to an exchange that is not currently posting the national best bid or offer (NBBO) but which may be willing to “step up” and execute the order at the NBBO, in order to avoid or reduce the exchange fee for executing the order. If this routing method is used, the client generally will pay a lower execution fee than client would have otherwise paid. In those cases where Euro Pacific routes to an exchange that is not currently posting the NBBO in order to reduce or avoid exchange fees, Euro Pacific will guarantee the client a fill at the NBBO at the time that Euro Pacific routed the order.
• Volume breaks are applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade. Contract volumes for advisor, separate trading limit, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 12,000 US contracts in a month, your execution costs would be:
  10,000 contracts at USD 0.70
  2,000 contracts at USD 0.50
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders.
• Order minimums will be applied to the individual legs of a COMBO order.

1. Stamp duty on option exercise (UK=0.5%) is directly passed through to the customer.

• Commissions apply to all order types.
• All exchange and regulatory fees included.
• Commissions are charged for exercise and assignment.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.

• Effective March 1, 2013, certain Italian stocks will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.
  Effective September 1, 2013, derivatives on those Italian securities subject to the transaction tax will similarly become subject to a transaction tax. For additional details regarding the derivative transaction tax, please refer here.

Notes:

1. The cost for exercise/assignments of ASX options will be 0.275 per contract for stock options and 0.75 per contract for index options.
2. For all exercise and assignments standard stock commissions apply plus Stock Exchange Options Clearing House (SEOCH) fee of HKD 2.00 per contract.
3. The cost of an exercise or assignment of the monthly Nikkei contract is 6 bps with a maximum of JPY 420 per contract for both Tiered Fixed and Tiered Volume Incentive models. The cost of an exercise or assignment of the weekly Nikkei contract is 130 JPY for both Tiered Fixed and Tiered Volume Incentive models.
4. Introductory rate. This rate is subject to change.
5. Tier II stock options are options on the following underlying symbols: 3, 4, 11, 17, 66, 135, 267, 293, 386, 388, 489, 762, 788, 857, 883, 902, 914, 1088(CSB only), 1171, 1211, 1339, 1359, 1816, 1928, 1988, 2328, 2388, 2628, 2800, 3323, 3888, 3968, 6030, 6837.
   Tier III stock options are options on the following underlying symbols: 23, 151, 330, 358, 390, 494, 728, 939, 992, 998, 1088(CSE only), 1186, 1398, 1800, 1880, 1898, 1919, 2038, 2282, 2333, 2600, 2777, 2888, 2899, 3328, 3800, 3988.
6. Euro Pacific’s commission models are not guaranteed to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in Euro Pacific’s commission schedule may be greater than the costs paid by Euro Pacific to the relevant exchange, regulator, clearinghouse or third party. For example, Euro Pacific may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Euro Pacific may be less than the rebates Euro Pacific receives from the relevant market.
7. For first 100 lots. Portion of order above 100 lots will be charged at INR 5 per lot.
8. The maximum per order for NRIs will be INR 150
9. Index Option volume will be combined with the Future and FOP trading volume for the tier break consideration.
10. Euro Pacific’s Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in Euro Pacific’s Tiered commission schedule may be greater than the costs paid by Euro Pacific to the relevant exchange, regulator, clearinghouse or third party. For example, Euro Pacific may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Euro Pacific may be less than the rebates Euro Pacific receives from the relevant market. For example, Euro Pacific may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.

• Commissions apply to all order types.
• All exchange and regulatory fees included except for Hong Kong stock options.
• Commissions are not charged for exercise and assignment, except in Australia.
• Cost-Plus Tiered pricing available for index options. See futures commissions for more information.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.