Covestor

Fees only charged on Subscriptions

• Covestor only charges Fees on Subscriptions. As defined above, a Subscription means the assets, designated by you, to be invested in a specific Model.
• No Fees are charged on assets in your Account that are not subscribed to Models.

Subscription Fees are based on Models chosen

• Fees are quoted as an annual percentage of the market value of the Subscription assets.
• The percentage Fee may vary by Model chosen and on the level of assets to be Subscribed.
• Prior to Subscribing to any Model you will be advised of, and agree to, the specific Fee for that Subscription.
• Fees will typically be between 0.5% and 1.5%.

Calculation of the Fees

• The Fees shall be calculated on a daily basis and paid monthly, in arrears.
• All Subscriptions are subject to a minimum Fee of $12.50 per month regardless of the level of as-sets or for how many days in the month you Subscribe to the Model.

Example for illustrative purposes only

If a client has an Account of $100,000 and subscribes $20,000 to invest in Model A and $50,000 to Model B and retains $30,000 as unallocated, they will pay fees only on the $20,000 and $50,000 balances, and not on the unallocated $30,000 balance.

Account Minimums

• Account Opening Deposit: clients must deposit a minimum of $10,000 to open an account with CVIM.
• Minimum Subscription Amount: there is a minimum to subscribe to any individual model.
• Recommended Minimum Account Balance: when subscribing to a model which day trades as part of its strategy, or when subscribing to more than one model concurrently which in aggregate could have the effect of day trading within your broker account, CVIM recommends you maintain a minimum account balance of $30,000 at all times to prevent your account becoming locked for up to 90 days by the broker should pattern day trading occur.

Purchase of the Model Managers Data Directly

• When you Subscribe to a Model, we purchase the Data from the Model Managers on your behalf and pay the Model Managers from the Fees you pay us.
• You may choose to license Model Managers’ Data directly from us without any Subscription to our Models.
• Unlike your managed account you will receive this data on a delayed basis, and it will be sent without any account management services.
• Data license costs vary between $300 and $4,000 per annum per model based on the type of model, and only a complete year is offered.
• To license model manager data contact us.

Trading Commissions

Trading Commissions - TD Ameritrade

Trading Commissions - Interactive Brokers

As at 1 June 2009 $9.99 per equity trade for Accounts with a balance of more than $500,000 or where Account holders receive electronic delivery of statements $16.99 per equity trade for Accounts with a balance of less than $500,000 or where Account holders receive paper delivery of statements

Interactive Brokers commissions - select Bundled North America External Website Link By clicking the link you are leaving Covestor's CV.IM web site. Covestor does not monitor third party web sites, makes no representations as to the accuracy or suitability of any information to be found on such sites and takes no responsibility for such sites. The link is provided for convenience purposes only. Should such a website contain inappropriate content please report it to Client Services.

Margin Fees

Margin Fees - TD Ameritrade

Margin Fees - Interactive Brokers

As at 1 June 2009 Margin fees change when the Fed Rate changes. up to $9,999.99 9% $10,000 to $24,999.99 8.75% $25,000 to $49,999.99 8.5% $50,000 to $99,999.99 7.5% $100,000 to $249,999.99 7.25% $250,000 to $999,999.99 7% $1,000,000 or greater 6.25%

Interactive Brokers margin fees External Website Link By clicking the link you are leaving Covestor's CV.IM web site. Covestor does not monitor third party web sites, makes no representations as to the accuracy or suitability of any information to be found on such sites and takes no responsibility for such sites. The link is provided for convenience purposes only. Should such a website contain inappropriate content please report it to Client Services.

Model Manager Compensation

CVIM offers model managers a choice of fee as outlined in our fee schedules.