Morgan Stanley Investment Advisory Agreement

In our investment advisory programs, you typically pay an asset-based fee, calculated monthly in advance, based on the total value of assets in your account at the end of the previous month. Unless otherwise stated, the wealth-based commission generally covers our investment advice, transaction execution, securities retention at Morgan Stanley, reporting and remuneration of its financial advisor. Depending on the investment advisory program selected, you can also charge a professional money manager fee as well as additional fees for overlay services and platform maintenance. Our services and responsibilities, as well as the fees charged to your account, are described in our investment advisory agreement with you, as well as in the ADV form brochure for the program you have selected. Margin- and Express CreditLine (ECL) loans do not charge you a pre-payment fee. Normally, current interest expenses are calculated and paid on the basis of a variable rate. The client is generally reimbursed at his sole discretion, although we may exercise our rights under our agreement with you at any time in the event of a security breach. If you are a moderate or active trader, you should consider signing up for Choice Select, a price alternative for broker accounts. Choice Select prices are another way to pay commissions per trade-base for justified stock and options transactions in a broker account. With a slippery scale schedule, the more you act, the lower your marginal commission rate. The calendar is based on the main volume of eligible trades that are executed each year and commissions are calculated monthly late.

Choice Select is a brokerage service, not an investment advisory offer. Any investment advice from Morgan Stanley is exclusively incidental to the intermediation services we provide. They do not pay and do not receive investment advisory services or any other level of advice than others they are provided to other full service brokerage clients who pay per trade. Morgan Stanley and its affiliates may earn compensation in a different way, more indirectly for certain products you purchase, or the services you receive. For example, Morgan Stanley may earn compensation related to the provision of investment banking, premium brokerage, institutional brokerage or agent placement services, as well as equity loans or other loans, money management or trading. Certain investment instruments may include securities of Morgan Stanley`s parent company or other subsidiaries of companies and companies in which Morgan Stanley or its related companies manufacture a market, or senior executives or employees of Morgan Stanley or subsidiaries of Morgan Stanley. 1 Options are not suitable for all investors. 2 Customers may be liable for the costs of a third-party company that has been instructed by MSPBNA to verify complex lal transactions (for example. B control of fiduciary contracts). Customers will also be charged for the capital down payment on fixed-rate advances and at a customer`s request for certain cash management services (e.g.

B double bank statements and cheques.) 3 In conjunction with certain portfolio credit credit facilities, clients may be required to pay legal or documentation fees to third parties.

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