Commission Schedule | Janney Montgomery Scott

Stock Schedule

Formula for calculating commission: (A + B) x C

A. Value Table: Round/Odd Lot Portion

Principal Amount of Transaction	Commission Rate
0 - 1,000	3.20% of Principal	+ $0
1,001 -2,000	2.20% of Principal	+ $5
2,001 - 5,000	1.40% of Principal	+ $25
5,001 - 10,000	1.35% of Principal	+ $26
10,001 - 20,000	1.04% of Principal	+ $56
20,001 - 30,000	1.04% of Principal	+ $58
30,001 and above	0.55% of Principal	+$210

B. Shares Table

Shares	Commission Rate
0 - 199	$0.03 per share	+ $12
200 - 499	$0.15 per share	+ $0
500 and above	$0.05 per share	+ $39

Shares Table, Odd Lot Portion

Shares	Commission Rate
1 - 99	$0.03 per share	+ $12

C is assigned the value of 1.41

Notes on Stock Schedule:

1. There is an additional $20 component to the commission.

2. Maximum charges:

A. Principal $0 – $50: No commission charged
B. Principal $51 or more: 5% of principal (inclusive of the additional $20 component)
C. For trades 150 shares or less: $157.97 plus the additional $20 component, or 5% (whichever is less).
D. For trades greater than 150 shares: $1.0531 per share plus the additional $20 component, or 5% (whichever is less).

5. Commission for an odd lot trade cannot exceed commission for a trade at the next higher round lot.

6. The commission charge for a multiple round lot cannot be more than the commission that would be charged if the trade was calculated as a number of separate single round lots.

Option Schedule

Priced Under $1 - Single Option

Price	Commission Rates
0 - 0.13	$3.13 x 1.113945	+ $20
0.13 - 0.50	$6.25 x 1.113945	+ $20
0.50 and above	$12.50 x 1.113945	+ $20

Priced Under $1 - Multiple Options

(6.27% of principal + $2.09 per option) x 1.113945 + $20

Formula for calculating commission: (A + B) x C x 1.204842912, where A can equal a value from the Single or Multiple Option tables.

A. Priced at or over $1 - Single Option

Principal Amount	Commission Rate
100 - 2,499	1.30% of Principal	+ $12
2,500 - 4,777	0.90% of Principal	+ $22
4,778 and above	0.00% of Principal	+ $65

A. Priced at or over $1 - Multiple Options

Principal Amount	Commission Rate
100 - 2,499	1.30% of Principal	+ $12
2,500 - 19,999	0.90% of Principal	+ $22
20,000 - 29,999	0.60% of Principal	+ $82
30,000 and above	0.40% of Principal	+ $142

B. Plus

Contracts	Commission Rate
1 - 10	$6 each
11 and over	$4 each

C. Multiplier

Principal Value	Multiplier Value
Less than $5,000	1.3556655
Equal to or over $5,000	1.4172679

Notes: (Unless otherwise stated)

1. There is an additional $20 component to the commission.

2. Minimum charge for options priced under $1 will be $25

3. Minimum charge for options priced over $1 will be $90 plus $20

4. Maximum commissions are : $65 per option x 1.113945

5. If the commission for options under $1 is less than the option minimum, then the minimum and the maximum do not apply.

6. The commissions charge for a multiple round lot cannot be more than the commission that would have been charged if he trade had been calculated as a number of separate single round lots.

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

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Equity & Options Commission Schedule