Almost forty five years ago, Chuck Schwab made investing more accessible to all Americans with the concept of low commissions to buy and sell stocks. On October 7, 2019, in conjunction with the release of Mr. Schwab’s latest book, “Invested,” Charles Schwab & Co., Inc. is removing the final barrier to making investing accessible to everyone by eliminating commissions for stocks, ETFs and options listed on U.S. or Canadian exchanges, across all mobile and web trading channels1. Clients trading options will continue to pay 65 cents per contract.

Founder and Chairman Charles Schwab said, “From day one, my passion has been to make investing easier and more affordable for everyone. Beginning October 7, every Schwab client can trade U.S. stocks, ETFs and options commission-free. Eliminating commissions ensures my ultimate vision is realized – making investing accessible to all.”

Schwab CEO and President Walt Bettinger emphasized, “This is our price. Not a promotion. No catches. Period. Price should never be a barrier to investing for anyone, whether an experienced investor or someone just starting on the investing path. We’re proud to provide clients with a full-service, modern investing experience that delivers on our no trade-offs combination of service, simplicity and superior value – backed by a satisfaction guarantee2. In support of the valued independent investment advisors we serve, the same pricing will apply to their clients when trading at Schwab.”

Beginning October 7, 2019, the company will reduce U.S. stock, ETF and options online trade commissions from $4.95 to zero. And with no minimum account size3 to open a full featured Schwab brokerage account, every investor, no matter how large or small, can benefit from the expertise and support of a firm that has been entrusted with more than $3.7 trillion in client assets. Every Schwab client using our web and mobile channels automatically qualifies for the new pricing, without opening a new account, making a new deposit or maintaining a minimum balance of any type.

CHANGES TO COMMISSION STRUCTURE PER TRADE/OPTIONS CONTRACT CURRENT As of 10/7/19 U.S. stocks $4.95 $0 ETFs $4.95 $0 Options $4.95

+$0.65 per contract $0 commission

$0.65 per contract Account minimum $0 $0

In addition to zero-commission online trading, every Schwab client benefits from a broad array of industry leading capabilities, including:

Modern wealth management through a branch network of 365 branches and more than 7,800 client-facing professionals available either in person or via the phone or online chat

A broad range of investment products and services to help investors meet their individual goals

Award winning mobile, web and desktop trading platforms

24/7/365 service and support

Free access to portfolio building and analysis tools including Portfolio Performance Reporting and our Select Lists

Free access to Schwab’s market and equity research and tools including Schwab Equity Ratings® and investment screeners

A broad-reaching Satisfaction Guarantee for clients, unique among brokerage firms – if a Schwab client is not satisfied for any reason, Schwab will refund any eligible commission, transaction fee or advisory program fee paid to the firm and work to make it right

All Schwab clients benefit from Schwab’s superior execution quality and price improvement, and will continue to after this change

Collectively these capabilities have led to significant industry recognition for Schwab. For more information on investing with Schwab, visit Why Schwab. To download the Schwab Mobile App, visit the Apple App Store here.

Commentary from the CFO

Peter Crawford, Executive Vice President and Chief Financial Officer, provides additional perspective on today’s announcement, including financial implications for the company, at: https://www.aboutschwab.com/cfo-commentary.