Subscription period:

The first subscription period shall run from the date of this agreement to 30^th April 2017. Thereafter, subscription shall run from 1^st May each year to 30^th April of the subsequent year. 

Schedule of Charges:

FREE	No Fee is applicable to Clients holding a portfolio of a minimum of €250,000 under nominee and / or Clients having an advisory agreement subject to a minimum annual advisory fee of €750 per annum excluding VAT.
€885 (inc VAT)	Annual Subscription Fee of €885 per annum including VAT (currently at 18%) for access to all Investment Research Reports produced by Rizzo, Farrugia & Co (Stockbrokers) Ltd during the subscription period. The Fee is payable on the date of this agreement and on 1st May of each year thereafter. A pro rata of the annual fee shall apply for Clients subscribing after 1st May.

Subscription Fees may be paid:

(i) Either by a local cheque made payable to “Rizzo, Farrugia & Co (Stockbrokers) Limited”; or

(ii) By direct credit to any of the following Euro bank accounts held in the name of “Rizzo, Farrugia & Co (Stockbrokers) Limited”:

Bank of Valletta plc Account number: 148 065 18038 IBAN: MT50 VALL 2201 3000 0000 148 065 18038 SWIFT Code: VALLMTMT

HSBC Bank Malta plc Account number: 006 050041 001 IBAN: MT30 MMEB 4406 0000 0000 0605 0041 001 SWIFT Code: MMEBMTMT

Clients should inform the Company immediately as soon as payment is affected.