Notes:

1. Our 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 Caucasus Capital’s Tiered commission schedule may be greater than the costs paid by Caucasus Capital to the relevant exchange, regulator, clearinghouse or third party. For example, Caucasus Capital may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Caucasus Capital may be less than the rebates Caucasus Capital receives from the relevant market. For example, Caucasus Capital may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to clients. Likewise Caucasus Capital does not pass to clients all of the rebates Caucasus Capital may receive for liquidity taking orders, complex orders or orders executed in price improvement auctions. Traditional exchange payment for order flow programs result in payments to specialists or primary market makers, some portion of which may be paid on to Caucasus Capital. Caucasus Capital does not pass these payments directly to clients.
2. The Options Regulatory Fee ("ORF") is charged by the following exchanges: AMEX, BATS, BOX, CBOE, CBOE2, ISE, GEMINI, MIAX, 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.
• Ticket charges per trade in amount of USD 5.0, CAD 5.5 and MXN 100 are applied to respective currency denominated contracts
• Caucasus Capital considers exchange fees and/or rebates in determining where to route an order. Under certain circumstances, Caucasus Capital 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 Caucasus Capital routes to an exchange that is not currently posting the NBBO in order to reduce or avoid exchange fees, Caucasus Capital will guarantee the client a fill at the NBBO at the time that Caucasus Capital 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 2.10
  • 2,000 contracts at USD 1.50
• 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.
• Orders minimums will be applied to the individual legs of a COMBO order.

Notes:

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.
• Ticket charges per trade in amount of USD 5, EUR 5, CHF 6, GBP 4, NOK 60 and SEK 60 are applied to respective currency denominated contracts.
• 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.

Notes:

1. Stamp duty on option exercise (UK=0.5%) is directly passed through to the customer.
2. Exchange fees for Swedish options are not used to determine the minimum per order. Exchange fees are passed through in addition to the stated Caucasus Capital commissions.
3. Note, index options traded under the cost+ model are combined with futures and option on futures trading for volume tiers. They will not be included with the monthly volume of stock options when determining commissions.
4. Index and stock options will not be combined for the determination of the monthly tiers. Index options will continue to be combined with the monthly volume tiers for future and future options.
5. The minimum per order for European stock options and index options traded under the cost plus volume tier model will be:
   • EUR 6.00 per Order
   • GBP 5.00 per Order
   • CHF 7.35 per Order
6. For the purpose of determining the monthly volume tier, each mini stock option contract traded on Euronext Paris will count as 1/10 of the volume of one standard size stock option contract.
7. Except Special Fee Index Options.

• Caucasus Capital’s Tiered 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 Caucasus Capital’s Tiered commission schedule may be greater than the costs paid by Caucasus Capital to the relevant exchange, regulator, clearinghouse or third party. For example, Caucasus Capital may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Caucasus Capital may be less than the rebates Caucasus Capital receives from the relevant market.
• Commissions apply to all order types.
• Commissions are charged for exercise and assignment.
• Ticket charges per trade in amount of USD 5, EUR 5, CHF 6, GBP 4, NOK 60 and SEK 60 are applied to respective currency denominated contracts.
• Cost-Plus Tiered pricing available for index options with the exception of index options in Sweden.
• 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.

Notes:

1. Caucasus Capital's Tiered 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 Caucasus Capital's Tiered commission schedule may be greater than the costs paid by Caucasus Capital to the relevant exchange, regulator, clearinghouse or third party. For example, Caucasus Capital may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Caucasus Capital may be less than the rebates Caucasus Capital receives from the relevant market.
2. Volume tiers are applied based on monthly cumulative trade volume summed across all futures and futures options contracts at the time of the trade. Only contracts that are traded while under the Volume Tiered pricing structure will count towards the monthly volume. Contract volumes for advisor, institutions, 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 1,500 US contracts in a month, your Caucasus Capital execution costs would be: 1,000 contracts at USD 0.60 and 500 contracts at USD 0.45
3. Carrying charges are applied for each net futures contract, net short call futures options, or net short put futures options on a single underlying for each business day the net futures position is held overnight. The carrying fee for accounts with excess equity in between the minimum requirement and 3x the minimum will have their carry fees extrapolated based on the table above.
4. Non-member exchange and regulatory fees are applied.
5. Exchange and Regulatory fees only apply for CFE.
6. For the purpose of determining the monthly volume tier, each Globex e-mini FX product will count as ½ the volume of one standard size future contract. Each Globex e-micro FX product will count as 1/10 the volume of one standard size future contract, i.e. for every 10 e-micro FX Globex product traded, the monthly volume will increase by 1.
7. 50 = NIFTY contract multiplier.
8. Caucasus Capital commissions will be charged only on the opening leg in case of intra-day trades on the NSE (positions opened and closed on the same day). No commissions will be charged on the closing leg, other charges apply on both legs (such as STT, reg fees, exchange fees and etc.).
9. Ticket charges per trade in amount of USD 8, CAD 9, MXN 180, EUR 9, GBP 7, CHF 10, NOK 90, SEK 90, AUD 10, HKD 80, SGD 14, KRW 11000 and JPY 1100 are applied to respective currency denominated contracts.

• Commissions apply to all order types.
• All fees are charged in the currency of the traded product.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• 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. Effective September 1, 2013, derivatives on those Italian securities subject to the transaction tax will similarly become subject to a transaction tax.
• The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract.
• Single Stock Futures are not available for volume tiered pricing.

Notes:

1. Source: Euromoney FX survey FX Poll 2015: The Euromoney FX survey is the largest global poll of foreign exchange service providers.
2. Or USD currency equivalent
3. 1 basis point=0.0001.
4. Commissions for forex trades are calculated off the trade value and then converted and charged to the base currency of the account.

• Commissions apply to all order types.
• All exchange and regulatory fees included.
• Ticket charges per trade in amount of USD 5, CAD 7, MXN 90, EUR 5, GBP 4, CHF 5, NOK 30, SEK 30, DKK 30, AUD 7, JPY 500, NZD 8, HKD 40, SGD 7, ZAR 80, ILS 20, KRW 11000, CNH 30, CZK 125, HUF 1500, PLN 20 and RUB 400 are applied to respective currency denominated contracts.
• 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 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.

1. 1 basis point=0.0001.
2. Benchmark Rate

• Commissions apply to all order types.
• All exchange and regulatory fees included.
• Ticket charge in amount of USD 20 is applied per trade.
• 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 ounces is submitted and 100 ounces execute, then you modify the order and another 100 ounces execute, a commission minimum would be applied to both 100 ounces orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.

1. 1 basis point=$0.0001
2. Commissions are tiered. For example, for US corporate and muni bonds, the first 10K in face value is charged @ 0.3% and any remaining principal over 10K is charged at 0.075%.
3. Maximum USD 0.75 per trade.

• Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Cost Plus pricing structure will count towards the monthly volume. Share volumes for advisor, institution, 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.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• 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 bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• Ticket charge per trade is charged in amount of USD 15.

1. Exchange and regulatory fees are not included.
2. Exchange trading fees, exchange trading tariff, CCASS settlement fees, and CCASS custody fees are included. Government stamp duty (0.1% rounded up to the nearest 1.00, applies to stocks only) and SFC transaction levy (0.003%, applies to stocks and warrants) are directly passed through to the customer.
3. HKD 0.50 per trade is a transaction levy which will be included with the exchange fee.

• Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Cost Plus pricing structure will count towards the monthly volume. Share volumes for advisor, institution, 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.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• 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 bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• Ticket charge per trade is charged in amount of HKD 50.

• Multiplier (times index level) equals to 1. For example: If the index level for IBUS500 is 1550
  Minimum order size 1 unit x 1550 = USD 1550.
• Minimum per order equals respectively USD1, EUR 1, GBP 1, CHF1, JPY 40, HKD 10 and AUD 1, for respective currency indexes.
• Ticket charges per trade in amount of USD 10, EUR10, CHF10, GBP 10, AUD 10, JPY 500 and HKD 60 are applied to respective currency denominated contracts.

• Only no-load funds and short term redemption fee funds are offered.
• Minimum size on initial fund order is USD 3,000, subsequent minimum order size is USD 100.
• Ticket charges per trade in amount of USD 25 are applied.