Regal Investment Advisors LLC

Item 5 Fees and Compensation
Regal will receive an Investment Management Fee for the Investment Management Services performed for client
account(s). If a Third-Party Strategy is used, these fees will be shared with the Third-Party Strategy portfolio manager.

Regal will deduct our Investment Management Fee directly from your account through the qualified custodian holding
your funds and securities. Regal will deduct our Investment Management Fee only when you have given our firm written
authorization permitting the fees to be paid directly from your account. Further, the qualified custodian will deliver an
account statement to you at least quarterly. These account statements will show all disbursements from your account.
Clients should review all statements for accuracy. Regal will also have access to your account statements.

The Investment Management Fee rate will typically range from 0.30% to 1.00% per annum, depending upon the value of
your account and the composition of the set of Strategies utilized by your Primary Advisor.

The Investment Management Fee is billed and payable quarterly in advance based on the value of the account on the last
day of the previous quarter.

For situations where LionShare is used by a Primary Advisor, fees and payment arrangements are negotiable and will
vary on a case-by-case basis. This creates a conflict of interest because Regal has a financial incentive to recommend
the services of the Primary Advisor. The fee paid by the client will not vary from the fee agreed to and stated in the
advisory agreement. For details on what portion of the fee is allocated to LionShare and the Primary Advisor, please ask
your Primary Advisor for a full breakdown of the advisory fees listed in the advisory agreement.

Specific fee rates and minimums are specified in the advisory services agreement between us and the Primary Advisor.

LionShare Form ADV Part 2A Brochure

Primary Advisor Fees
In addition to our Investment Management Fee, each Primary Advisor typically charges a fee to the Client. These fees are
billed separately via an advisory agreement which the Client has entered into with the Primary Advisor. The total advisory
fee that a client will pay for LionShare portfolio services is the sum of LionShare’s Investment Management fee plus the
advisory fees charged by the Primary Advisor managing the client account(s). LionShare’s Investment Management fee is
separate and distinct from fees charged by the client’s Primary Advisor.

Any fees Client pays the Primary Advisor are not determined or supervised by Regal. These advisory fees charged by the
Primary Advisor may be negotiable. Please refer to your Primary Advisor’s ADV Part 2 for further information on their
advisory fees, policies and procedures.

LionShare Fee Calculations
Fees are computed and billed quarterly, in advance and are based on the value of the Client’s Account on the last day of
the month in the prior quarter and include all positions in the Account including cash and money market funds. If the
management of a client account begins at any time other than the first day of a calendar quarter, fees will apply on a pro
rata basis, which means that the Investment Management Fee is payable in proportion to the number of days in the quarter
for which you are a client.

The fee schedule may be amended from time to time by Regal upon at least thirty (30) days advance written notice to the
Client, subject to the Client’s right to terminate the Agreement before an increased fee schedule takes effect.

Regal will deduct our fee directly from your account through the Supported Custodian or qualified custodian holding your
funds and securities. We will deduct our Investment Management Fee only when you have given our firm written
authorization permitting the fees to be paid directly from your account. Further, the Supported Custodian will deliver an
account statement to you at least quarterly. These account statements will show all disbursements from your account(s).
You should review all statements for accuracy. We will also have access to your account statements.

You may terminate the investment management agreement upon written notice. You will incur a pro rata charge for services
rendered prior to the termination of the Investment Management Agreement, which means you will incur Investment
Management Fees only in proportion to the number of days in the quarter for which you are a client. If you have pre-paid
Investment Management Fees that we have not yet earned, you will receive a prorated refund of those fees.

Typically, within five business days following the end of a billing period, we will notify your custodian of the amount of the
Investment Management Fee due and payable to us. The custodian does not validate or check our fee, its calculation, or
the assets on which the fee is based. They will deduct the Investment Management Fee from your account.

Investment Management Fee payments will generally be made through the redemption of money market fund shares or
cash positions maintained in your account. If insufficient cash funds exist in your account to meet your Investment
Management Fee obligations, securities in your account may be sold (the selection of which is in our sole discretion) to
generate sufficient cash with which to cover the debit balance.

Fee Structures – Flat, “Blended” Schedules, and “Breakpoint” Schedules
LionShare Strategies utilize three different Investment Management Fee structures: flat fees, “Blended” schedules, and
“Breakpoint” schedules. A flat fee structure charges the same percentage of the account value regardless of the amount of
assets under management at the account or household level.

There are generally two types of tiered fee schedules, which are referred to as “Blended” schedules and “Breakpoint”
schedules.
   •    Blended Schedule – A blended schedule evaluates the account value and matches it to a set fee schedule. At the
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Item 7 Types of Clients
Regal provides sub-advisory services to SEC-registered investment advisors, state-registered investment advisors and their
investment advisor representatives.

LionShare Strategies have various account minimums ranging from $10,000 to $1,000,000 dependent on the strategy. For
more information regarding specific Strategy minimums, please ask your Primary Advisor. We have the right to terminate
your account if it falls below a minimum size which, in our sole opinion, is too small to effectively manage.