Bedell Frazier Investment Counselling LLC

Item 5:         Fees and Compensation

Compensation for Our Advisory Services.

Comprehensive Portfolio Management Services:

The maximum annual fee charged for this service will not exceed 1.25%. Fees to be assessed will be
outlined in the advisory agreement signed by the Client. Annualized fees are billed on a pro-rata basis
quarterly in advance based on the value of the account(s) on the last day of the previous quarter. Our
firm bills on cash balances unless otherwise agreed. Fees are negotiable and will be deducted directly
from your account through the qualified custodian holding your funds and securities. In rare cases, our
firm will agree to directly invoice. Further, the qualified custodian will deliver an account statement to
you at least quarterly. These account statements will show all disbursements from your account. You
should review all statements for accuracy. We will also receive a duplicate copy of your account
statements.

If the portfolio management agreement is executed at any time other than the first day of a calendar
quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in proportion
to the number of days in the quarter for which you are a client.

At our discretion, we may combine the account values of family members living in the same household
to determine the applicable advisory fee or to meet minimum account size and/or minimum annual fee.
For example, we may combine account values for you and your minor children, joint accounts with your
spouse, and other types of related accounts.

We encourage you to reconcile our invoices with the statement(s) you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statement(s) you receive
from the qualified custodian, please call our main office number located on the cover page of this
brochure.

ADV Part 2A – Firm Brochure                         Page 6 of 22        Bedell Frazier Investment Counselling, LLC

Retirement Plan Consulting.

Our Retirement Plan Consulting services are billed a fee based on the percentage of Plan assets under
management. The total estimated fee, as well as the ultimate fee charged, is based on the scope and
complexity of our engagement with the client. Fees based on a percentage of managed Plan assets will
not exceed 1.25%. The fee-paying arrangements will be determined on a case-by-case basis and will be
detailed in the signed consulting agreement.

Other Types of Fees & Expenses.

Clients will incur transaction fees for trades executed by their chosen custodian via individual transaction
charges. These transaction fees are separate from our firm’s advisory fees and will be disclosed by the
chosen custodian. Schwab and Utah 529 Plan do not charge transaction fees for U.S. listed equities and
exchange traded funds.

Clients may also pay holdings charges imposed by the chosen custodian for certain investments, charges
imposed directly by a mutual fund, index fund, or exchange traded fund, which shall be disclosed in the
fund’s prospectus (i.e., fund management fees, initial or deferred sales charges, mutual fund sales loads,
12b-1 fees, surrender charges, variable annuity fees, IRA and qualified retirement plan fees, and other
fund expenses), mark-ups and mark-downs, spreads paid to market makers, fees for trades executed
away from custodian, wire transfer fees and other fees and taxes on brokerage accounts and securities
transactions. Our firm does not receive a portion of these fees.

Termination & Refunds.

Either party may terminate the advisory agreement signed with our firm for Comprehensive Portfolio
Management services in writing at any time. Upon notice of termination our firm will process a pro-rata
refund of the unearned portion of the advisory fees charged in advance.

Commissionable Securities Sales.

Our firm and representatives do not sell securities for a commission in advisory accounts.

Item 7:         Types of Clients

We offer investment advisory services to individuals, trusts, estates, charitable organizations,
corporations, pensions and profit-sharing plans, and other business entities.

In general, we require a minimum of $500,000 (or a minimum annual fee of $6,000 per household) to
open and maintain an advisory account. At our discretion, we may waive this minimum account size. For
example, we may waive the minimum if you appear to have significant potential for increasing your
assets under our management. We may also combine account values for you and your minor children,
joint accounts with your spouse, and other types of related accounts to meet the stated minimum.