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Fee Schedule

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Axos Clearing, a subsidiary of Axos Financial

D. Boral Capital ("Correspondent")

January 9, 2024

Schedule A – Correspondent Fee Schedule

The terms used herein and not otherwise defined shall have the meanings ascribed to them in the parties’ Clearing Agreement.

Clearance Transaction* Charges (applied to monthly minimum clearing costs)
Transaction	Customer	Dealer
Listed equities	$8 (1)	$5
OTC equities	$8 (1)	$5
DVP equities	$8 (1)	$5
Options	$8 plus $0.75 per contract (1)	$5 plus $0.75 per contract
Corporate Bonds	$20	$10
Municipal Bonds	$20	$10
Treasury Bonds	$20	$15
Government Agency Bonds	$20	$15
Money Market Instruments (BA’s, CD’s, CP)	$25	$10
Mortgage Backed When Issued	N/A	$10
Mortgage Backed Bonds	$20	$10
Unit Investment Trusts	$25	$10
Annuities
Foreign securities
Euro-Clear Trades	$45	$30
Mutual funds	$11
Mutual funds: Periodic investments/systematic withdrawals	$3
Mutual funds: Liquidations	$8
Automated Average Price Account Executions		$2 per execution

* A transaction is a trade, cancel, re-bill, mutual fund purchase/liquidation/exchange, option exercise/assignment, and systematic purchase.

(1) The following discount tier would apply based on average customer transactions per month (tpm) processed:

Customer transaction discount tiers
Average customer transactions per month	Discount
First 3,000	No discount
Next 1,000 (3,001-4,000 tpm)	$.50 discount off customer transaction
Next 1,000 (4,001-5,000 tpm)	$1.00 discount off customer transaction
Over 5,001 tpm	$1.50 discount off customer transaction

Interest (not applied to monthly minimum clearing costs)

*Subject to change.

Customer margin account interest charges
Average Daily Margin Balance	Correspondent Interest Participation Level
$0-$3,000,000	No interest sharing
$3,000,001-$50,000,000	Correspondent will receive 40% of the difference between the average debit balances computed at the Axos Clearing Base Rate ("ACBR")*, which is a variable rate and the actual amount charged to customers. (Retroactive to $1)
$50,000,001-$75,000,000	Correspondent will receive 50% of the difference between the average debit balances computed at ACBR* and the actual amount charged to customers. (Retroactive to $1)
Over $75,000,001	Correspondent will receive 60% of the difference between the average debit balances computed at ACBR* and the actual amount charged to customers. (Retroactive to $1)
Firm debit (proprietary) account balances	Charge to Correspondent: ACBR plus 200 basis points. Note: Written pre-approval required by Axos Clearing Risk Officer.
Firm credit (proprietary) account balances	Credit to Correspondent: Federal Funds Target Rate

Axos Clearing Insured Bank Deposit
Average Daily Margin Balance	Correspondent Interest Participation Level
$0-$5,000,000	Axos Clearing pays Correspondent 0 basis points
$5,000,001-$50,000,000	Axos Clearing pays Correspondent 0 basis points
$50,000,001-$75,000,000	Axos Clearing pays Correspondent 0 basis points
Over $75,000,001	Axos Clearing pays Correspondent 0 basis points

Other account interest
Account	Interest
Customer account free credits	Axos Clearing pays Correspondent 0 basis points
Cash Debits	Axos Clearing shall have the right to charge interest on unpaid cash balances in cash accounts at the margin interest rate

Cost of Carry Charges for overnight NSCC Fees Incurred by Clearing Broker
Overnight Unsettled Trade Balance	NSCC Interest Charge
$0 to amount in Correspondent’s Deposit Account at time of charge	No charge
Over Amount in Correspondent’s Deposit Account at time of charge to $25,000,000	Axos Clearing Base Rate ("ACBR") on total balance, calculated and charged daily
$25,000,001 to $50,000,000	ACBR plus 5.0% on total balance, calculated and charged daily
Over $50,000,000	ACBR plus 10.0% on total balance, calculated and charged daily

Whenever a tier is exceeded during a given overnight period, the NSCC Interest Charge for that overnight period shall be applied retroactively to the entire balance using the last applicable tier. By way of illustration only, ACBR plus 5.0% shall apply to the entire overnight balance of $55,000,000 and ACBR plus 10.0% shall apply to the entire overnight balance of $65,000,000.

Trading Limits

Are determined at the sole discretion of Axos Clearing taking into account, among other factors, each Correspondent’s net capital and deposit amounts. Correspondent shall notify Axos Clearing Risk Department via email prior to exceeding previously determined limits.

Alternative Investments
Service	Fee
Private Asset Review	$250

Trades Billed Ex-Clearing
Service	Fee
Trades Billed Ex-Clearing	$15 per trade

Statements, Confirms and Other Mailings

Paper (Retail)
Item	Fee
Statement	$2.75
Confirm	$2.00
Tax Documents (1099, etc.)	$2.50
Prospectus	$2.50
Postage	As incurred

Electronic (Retail – Broker)
Item	Fee
E-Statement	$0.75
E-Confirm	$0.50
Tax Documents E-Delivery	$0.25
Prospectus	$1.00

Branding and customer mailings
Service	Fee
Statement / Confirm Logo’s / Custom Branding	$500 Initial Setup
Logo Changes Post Initial Setup	$500 per request
Non-statement customer mailings	$2.25 plus cost/item per account

AML Services
Service	Fee	Additional hourly fee
AML Account Screening	$2 per record
AML Foreign Account Screening	$3 per record
Foreign Financial Intermediary (Omnibus) Due Diligence Review Fee – Firm Review	$500	$100 per hour over 3 hours
Foreign Financial Intermediary (Omnibus) Due Diligence Review Fee – Account Specific Review	$1,000 per individual review	$200 per hour over 5 hours

Other Services
Service	Fee
Blue sheet and other regulatory requests	$25 per item
Redelivery Charge for D.K. or Partial Deliveries	$20 per trade
Interest charges for D.K.’s or undeliverable partial deliveries	As incurred at ACBR plus 50 basis points
Axos Clearing Assisted Cancel & Re-bill	$25 per trade
Axos Clearing Assisted Trade Entry	$25 per trade

Processing and custom reports
Service	Fee
Escheatment Processing	$75 per account
Returned Mail Processing	$2.50 per piece of returned mail
Syndicate/IPO charges	$250 Plus additional charges as incurred by Clearing Broker
AD-Hoc Reports / Custom Reports	$150 per hour for Custom Report Development

*The reflected price is the minimum that will be charged.

Custom report delivery and administration
Service	Fee
One-Time Report Request	$25
Monthly Delivery	$25 per month
Weekly Delivery	$150 per month
Daily Delivery	$575 per month
Upload end of day data files	$250 per file per month
Trade Upload Assistance Fee	$2.00
Automated Fee Processing	$2.00 per item

Miscellaneous Fee charges as imposed by Correspondent to Retail Customer
Service	Fee
Fees Submitted via BL Server upload (BL Server Attestation Form Required)	$100 per file submitted
Axos Clearing Assisted Fee Entry: Up to 2,000 entries	$1,500 per file submitted
Axos Clearing Assisted Fee Entry: 2,000-4,000 entries	$2,500 per file submitted
Correspondent Fee reversal	$5 per reversal

Database services and tax notices
Service	Fee
API Inquiries / Updates to Clearing Firm’s Database	API inquiries $.0075 per inquiry / API updates $.065 per update
Daily Database Download Files	$500 per file per month
1099 B-Notice – Name ID match Failure	$100 per notice (trade)

An IRS B-Notice is an annual IRS notification to payers, that IRS Forms 1099 have been filed with either missing or incorrect name/TIN combinations.

Regulatory and settlement charges
Service	Fee
Sec 31 fees, FINRA Trade Activity Fee (TAF)	Cost will be applied as incurred by Clearing Broker
Settlement Advance Processing Fee	$50
DTCC SPO Charge	$10
606 Reporting	$250 plus cost

Third Party Service Providers
Service	Fee
Advent	$350 per month
Bloomberg – FI Trading Interface – Maintenance Fee: (a) Note: One Time Installation/Integration Fee	$50 plus cost incurred
Similar Interfaces: (b) Note: One Time Installation/Integration Fee – may apply	$50 plus cost incurred

Underwriting
Service	Fee
Intra-Day Finance Charges (Underwriting)	Axos Clearing Base Rate (-) 4%; $500 minimum
Lead Underwriter or CO-Manager Fees	1% of syndicate takedown and $100 per account includes DWAC, fed wire, and cost basis update

Best Efforts or Mini-Max IPO

UW Source Access
Service	Fee
Onetime fee for UW Source Access	$1,000

Ancillary Fees – If Incurred
Service	Fee
Equity eligibility fee (one cusip)	$1,500
Equity eligibility fee (additional cusip)	$500
Debt eligibility fee (one cusip)	$700
Debt eligibility fee (additional cusip)	$500
Municipal eligibility fee (one cusip)	$700
Municipal eligibility fee (multiple cusip)	$1,600
Secondary market issue eligibility	$4,000
Non-receipt of final documents	$1,000. Assessed when DTCC does not receive documentation 10 business days after closing date
UW Source non-compliance	$4,000. Charged for failure to submit eligibility request through on-line underwriting system
Letter of Possession	$2,000. Charged to a lead manager for distribution of a new issue without delivery of physical certificates to DTCC before issue closing
Certificate issues	$4,000 per issue requesting eligibility in certificate form
Surcharge	$4,000 for submitting offering documents to DTCC 2 days before closing
Surcharge	$10,000 for submitting offering documents to DTCC 1 day before closing
Surcharge	$15,000 for submitting offering documents to DTCC on closing date
DTCC security holder tracker	$30,000
IPO DTCC tracked issue	$7,500

Selling group and eligibility requests
Service	Fee
Selling Group Member	$100 per account includes DWAC, fed wire, and cost basis update
DTC Eligibility Requests	$10,000 Minimum (pricing may vary depending on the nature of requests and application requirements)

NSCC Charges

Illiquid charges are applied to microcap stocks not listed or on Nasdaq and usually priced below $2. The charges can be created when Clearing Broker’s unsettled buy or sell volume reaches certain thresholds set by NSCC.

Correspondent will incur finance charges on required balances from trade date through and including delivery date at a rate of no less than broker call rate plus 4%.

SA-06/2018