Schwab Brokerage Account

1. The standard online US$0 commission does not apply to large block transactions requiring special handling, restricted stock transactions, trades placed directly on a foreign exchange, or fixed income investments. Service charges apply for trades placed through a broker (US$25). Exchange process, ADR and foreign transaction fees for trades placed on the US OTC market still apply. See the Charles Schwab Hong Kong Pricing Guide for Individual Investors for full fee and commission schedules.

2. If you are not completely satisfied for any reason, at your request Charles Schwab, Hong Kong, Ltd. ("Schwab") will refund any eligible fee related to your concern within the time frames described below. Two kinds of "Fees" are eligible for this guarantee: (1) asset-based "Program Fees" for the Schwab Private Client investment advisory service ("Participating Service"); and (2) commissions and fees listed in the Charles Schwab Hong Kong Pricing Guide for Individual Investors ("Account Fees"). Program Fee refund requests must be received no later than the next calendar quarter after the Fee was charged. Account Fee refund requests must be received within one year of the date that the Fee was charged.

Program Fees are calculated as a percentage of eligible assets in Participating Service accounts. For more information about Program Fees, please see the disclosure brochure for the Participating Service, made available at enrollment or any time at your request. The guarantee does not cover Program Fees for accounts managed by investment advisors or managed by affiliated advisors outside of the Participating Service.

The guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded. Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.

3. There are no fees to open or maintain your account. Other account fees, fund expenses, and brokerage commissions may apply. See the Charles Schwab Hong Kong Pricing Guide for Individual Investors ("the Guide") and any amendments to the Guide for comprehensive details on fees.