Bard Associates Inc

Item 5: Fees and Compensation
BAI is compensated for its advisory services by charging a percentage of assets under
management.

Investment Advisory Service

BAI charges fees for our investment advisory services based on a percentage of assets
under management. The fee schedule on an annual basis is:
      Account Assets                      Annual Fee
      First $1 million                         1.00%
      Next $1 million                          0.90%
      Next $1 million                          0.80%
      Next $1 million                          0.70%
      Next $1 million                          0.60%
      Balance                                  0.50%

Fees are payable quarterly in advance based upon Account asset value on the last day of
the previous quarter. We may negotiate some discounts for large accounts. If several
members of your family use our services, we may add your accounts together to calculate
your fees.

Portfolio Monitoring Service
Portfolio monitoring services are only for self-managed accounts. BAI does not charge for
this service.

Bard Micro-Cap Value Fund, L.P.
This fund is not currently accepting new investors, but when it is open the minimum
investment in this fund is $20,000, although we may accept smaller investments at times.
We charge investors a management fee of 1% per year that is payable quarterly. You can
only invest in this fund at the end of each calendar quarter (March 31st, June 30th,
September 30th, or December 31st). We will charge you 5% if you withdraw your money
less than one year after its investment. You may withdraw part, or all, of your investment
in the Bard Fund only at the end of a quarter, with one month’s written notice.

Billing

We will send you four invoices each year, near the end of the month following the end of
each calendar quarter. Each invoice will cover the current calendar quarter and will show
you the value of your account and how we calculated your advisory fee. For example, we
will send you an invoice at the end of July, using the portfolio value on June 30th, and
payment of that invoice will be due on September 30th.

As of January 1, 2019, advisory fees are no longer tax-deductible for Federal taxes. With
this change, it has become advantageous for many clients to have their relevant fees
taken from their IRAs. This is because it avoids having this portion of such IRAs become
taxable income when distributed.

You may pay BAI directly, or, by your prior written authorization, you may choose to have
your fees deducted directly from your accounts. This will be done about one month after
the invoice is sent to you. For example, the invoice we send you in July will be deducted
from your account in late August. The reason we wait a month to deduct our fee is to give

you time to verify that the fee was calculated properly and to ask any questions you may
have about it. Please note that it is your responsibility to verify the accuracy of our fees.
Your custodian will not do this for you.

Other Fees and Expenses
We may invest some of your money in mutual funds. We would do this to add
diversification to your account or to provide exposure to a market sector which may not
otherwise be available directly at a reasonable cost. This is particularly likely for smaller
accounts. Mutual funds charge their own fees, and we charge our fee based on your
account value, so you will be paying two levels of advisory fees on this portion of your
account, one directly to us and one to the mutual fund company.

You may also pay transaction fees to brokers to execute trades and other trade-related
fees. These are described in more detail in the section titled “Brokerage Practices.”

Refunds
You may cancel your Investment Management Agreement with us at any time,
immediately, by giving us written notice. We may cancel our agreement with you by giving
you a 60-day written notice. Your fees will be prorated to the termination date, and we will
return any unearned portion of your fees to you. For example, if services are terminated
on September 1st, you will receive a refund of one-third of your third-quarter fee.

Item 7: Types of Clients
We provide investment advice to:
          o Individuals.
          o IRAs and Pension and Profit-Sharing Accounts.
          o Bard Micro-Cap Value Fund.
          o Trusts, estates, and charitable organizations.
          o Other business entities.

The minimum account size for individually managed accounts is $500,000. We may allow
smaller accounts at BAI’s discretion. Lower fees for comparable services may be
available elsewhere. The minimum initial investment in the Bard Micro-Cap Value Fund is
$20,000. This, also, may be waived at BAI’s discretion.