When selling (or transferring out) a brokerage-free ETF there are two common scenarios:

1. If you hold your brokerage-free ETF for longer than a year - you will only be charged the sell-side brokerage, whilst you will not be charged for your original buy-side brokerage.

2. If you hold your brokerage-free ETF for less than a year - you will be charged both the sell-side and original buy-side brokerages.

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Although the above are common simple scenarios, when having invested in the same ETF multiple times, you might be interested in knowing when you will be charged the original buy-side brokerage. For this, the following rules are followed:

• We always calculate buy-side brokerage based on the quantity of the ETFs you hold. Only once you sell more units than a specific buy order will you begin being charged for the next buy order.

• We always calculate from the date furthest from the present, including ETF units you've held longer than a year.

Think of it as a series of buckets of water that you've accumulated over 3 years.

• Each bucket represents a purchase of an unspecified quantity of ETFs. Over the last 3 years, there have been 4 investments made.

• When you sell, you begin emptying the buckets from the furthest away in time. In this instance, emptying would begin from bucket 1, ie. left to right.

• Only once you sell more quantity than a bucket contains, do you move to emptying the next bucket.

• The only time you will be charged the original buy-side brokerage for a bucket is if you begin emptying a bucket that is within the preceding 12 months. In this instance, only once you begin to empty bucket 4 will you be charged the original buy-side brokerage for bucket 4.

• You will be charged upon beginning to empty a bucket, not when it is completely empty.

If you sell all your separately purchased investments in one parcel, you will only be charged the one sell brokerage fee.