Lugano Financial Advisors Sa

Item 5. Fees and Compensation
For clients who desire a non-discretionary
investment advisory service, LFA offers investment        LFA’s fees generally are charged as a percentage of
advice similar to its discretionary asset                 the market value of assets under management
management service in a non-discretionary                 (“AUM”) or assets under advisement (“AUA”). The
mandate whereby prior consultation and client             annual management fee for discretionary and non-
approval is required before LFA purchases or sells        discretionary (advisory) services depends on the
any security. LFA works with its non-discretionary        size and complexity of the mandate and is capped
clients to define their investment objectives and         at a maximum rate of 1.50% of AUM/AUA. The
consults with each client on a regular basis with         agreed-upon fee applies to all AUM/AUA
investment suggestions in line with the defined           throughout the term of the agreement. The asset
objectives.                                               management fee is charged quarterly in arrears.
                                                          AUM or AUA is measured with reference to the
If explicitly required by a non-discretionary client,     average of the closing balances for the last
LFA may implement investment ideas which do not           business day of each month within the respective
pertain to LFA’s investment universe. LFA will            calendar quarter. The fee generally is charged in
disclose to the client if an investment idea is not       the reference currency of the account.
part of LFA’s investment universe.
                                                          There is a minimum annual fee of CHF 5,000 or
Global Reporting Services                                 equivalent in foreign currency, for discretionary
                                                          accounts and non-discretionary Investment
LFA offers a global reporting service for clients with    advisory accounts. As a result, smaller accounts to
financial accounts at more than one financial             which the minimum fee applies may incur an
institution (including accounts that LFA does not         effective annual fee exceeding 1.50% of
manage or advise upon) for purposes of evaluating         AUM/AUA.
global asset exposure. LFA will: (i) examine bank
statements received by LFA at the direction of the        Compensation is not payable in advance. Accounts
client; (ii) prepare a consolidated statement of          initiated or terminated during a calendar quarter
assets on a monthly, quarterly and/or annual basis;       will be charged a pro-rated fee. Upon termination
and (iii) monitor and report on the adherence to          of any relationship, accrued, unpaid fees will be
the investment guidelines established by the              due and payable.
client.
                                                          LFA may waive, discount and/or negotiate fees at
Tax Reporting Services                                    its discretion. LFA may also charge additional fees
                                                          for services outside the scope of the services
LFA may provide annual tax reporting statements           described above. Any additional fees are disclosed
aligned with the American reporting guidelines and        and agreed to by the client.
standards, based on a fixed fee. LFA does not
provide any Tax advice.

April 28, 2026                                           LFA - Lugano Financial Advisors SA, CRD: 152864

LFA generally relies on the custodian bank to value        other products that client accounts may be
the assets in each client’s account. LFA typically will    invested in from time-to-time.
arrange with the custodian for the direct payment
of its fees from the client’s account.                     Fees for LFA’s Global Reporting Services

In addition to the fees charged directly to each           The fee for global reporting services generally is
client’s account described above, LFA may receive          0.25% p.a. calculated on the global net asset value
a one-time “entry fee” from an issuer of any               at the end of every calendar year of all the
structured products invested into by LFA clients.          accounts subject to global reporting (including any
Receipt of any such “entry fee” constitutes a              account over which LFA serves as the advisor). The
conflict of interest between LFA and its clients, as       payment of the annual fee is due by the end of
it may incentivize the Advisor to recommend                January of each subsequent year or within 30 days
structured products, including those offered by            from the mid-year termination of global reporting
specific issuers. To address this conflict of interest,    services, in which case the fee will be pro-rated for
LFA takes reasonable steps to either eliminate or          the partial year.
mitigate it or to ensure that each material conflict       LFA may waive, discount and/or negotiate fees at
is fully disclosed. Specifically, LFA takes the            its discretion. LFA may also charge additional fees
following steps: (i) make reasonable effort to             for services outside the scope of the services
ensure the structured products are suitable                described above. Any additional fees are disclosed
investments for each client prior to LFA making any        and agreed to by the client.
recommendation to invest in any such structured
products; (ii) invest into structured products only        Fees for Tax Reporting and Other Services
when market conditions offer attractive
opportunities and the potential payoff is unlikely         LFA may charge fees for tax reporting and other
to be replicated by traditional instruments; (iii) cap     services it provides in addition to the asset
...

Item 7. Types of Clients
Side-by-Side Management
                                                           LFA offers investment management services to
LFA manages many client accounts, and therefore,           (ultra) high net worth individuals and their
LFA may have conflicts of interest related to such         foundations and trusts, estates, holding companies
side-by-side management of different accounts.             or other estate planning structures. In addition,
For example, LFA advisors may manage more than             LFA offers its services to independent asset
one account according to the same or a                     managers as well as public and private banks.
substantially similar investment strategy and yet          Generally, LFA prefers its client relationships to
have a different fee schedule applicable to such           have a minimum of CHF 1,000,000 of AUM or AUA.
account as a result of the respective clients’ AUM         LFA may accept accounts below the minimum
with LFA.                                                  requirements or may retain accounts that have
                                                           dropped below the minimum requirement due to
Side-by-side management of different types of              market fluctuation or investment performance.
accounts may raise conflicts of interest when two          Accounts that have family, corporate, or other
or more accounts invest in the same securities or          relationships may be aggregated for purposes of
pursue a similar, although not identical, strategy.        the minimum account size.
These existing and inherent conflicts may include
the favorable or preferential treatment of an
account or a group of accounts, conflicts related to