BOK Financial Securities Inc

Item 5. Fees and Compensation
Guided Portfolio Solutions
Clients will compensate BOKFA for the transaction services provided under this program by paying an
annual asset-based fee (the Fee), according to this schedule:

                    Eligible Assets             Annual Fee Rates
                    $1 - 999,999                       1.50%
                    $1,000,000 -1,999,999              1.00%
                    $2,000,000+                        0.75%

The Fee charged to each Guided Portfolio Solutions account is based on the value of eligible assets held in the
program and may be negotiable. Eligible assets consist of the following: cash, listed and unrestricted stocks, fixed
income instruments (bonds), options, UITs, and certain mutual funds (no-load and front-end load waived),
exchange traded funds (“ETFs”), and others. Certain variable annuity products may also be available for advisory
accounts. These will be load-waived or have a special share class specifically designed for advisory accounts. Any
security or other asset that is not an eligible asset is an ineligible asset. Ineligible assets were probably subject to
normal and customary commissions. Ineligible assets include securities for which you paid a commission within
the recent past including (this is usually determined as 1-2 years), but not limited to, fixed and variable annuities,
other insurance products, and REITs (private and traded). With the consent of BOKFA, Ineligible assets may be
transferred into your advisory account but you will not be charged an annual fee until an agreed upon point in the
future.

There is a minimum annual fee of $1,000. The annual fee may be waived by a designated supervisor in certain cases.
For clients with assets in the Program of less than $75,000, you may pay a rate that is greater than the rate specified
in the annual fee schedule (above). The initial fee will be prorated according to the number of days remaining in the
month.

This Program is not recommended for clients with less than $100,000 in assets to invest. Clients authorize their
custodian to pay the Fee and any other fees due under the Agreement by debiting the client's account directly.
Fees are deducted monthly in arrears for the Guided Portfolio Solutions program and are based on the average
daily balance in your account of eligible assets during the previous month. The deduction will show as one fee on
your Pershing statements.

The average daily balance is defined as: The average amount that exists in an account over a period of time. The
number is calculated by adding the daily balances over a period of time and dividing by the total number of days
in that period. The average daily balance is often seen as a more accurate reflection of the total funds in your
account when calculating the total fees for a billing period.

Financial planning and consulting fees may be charged hourly (typically $50-$350/hour); as a flat fee that
typically ranges from $50 to $10,000; or as an annual retainer that ranges from $2,000 - $10,000. The annual
retainer fees are billed quarterly in arrears ($500 to $2,500 per quarter). Some clients with complicated financial
situations may pay fees that exceed these but they will be agreed upon in advance.

Other Fee Information
Program Fees are negotiable at our sole discretion. You may pay more or less than other clients depending
upon certain factors, including the type and size of your account, historical or anticipated transaction activity,

  BOKFA Part 2A Firm Brochure                                                                                        Page 7

and the range of services provided to you. The total relationship assets with BOKFA and its affiliates may also
be a factor. Employees of BOKFA and its affiliates are eligible for lower management fee arrangements for
their personal accounts, as allowed by law.

Asset-based advisory fees are calculated based on an incremental pricing schedule. For example, the fee for an
account valued at $1,500,000 will be calculated as follows:

          First $999,999 in assets charged at 1.50%       = $14,999.99
          + Next $500,001 in assets charged at 1.00%      = $ 5,000.01
          Total Annual Fee of                             = $20,000.00

For the Program, you may make deposits and withdrawals at any time, subject to maintenance of the account
minimum. No adjustment will be made for appreciation or depreciation in the market value of an account during
the billing period. You may see percentages shown as “basis points” in some documents you receive. To explain, 1%
is equal to 100 basis points (“bps”), so for example 0.75% is equal to 75 bps and 1.75% is equal to 175 bps.

Financial planning and consulting fees are paid by personal check made payable to BOK Financial Securities, Inc. or
BOK Financial Advisors. You should never make a check payable to your BOKFA Advisor.

Client Statements
You will receive statements electronically directly from Pershing regarding the activity in your account(s) on at least
a quarterly basis. You may request delivery of paper statements for a small charge (see Administrative Fee section
below). In addition, certain accounts receive “consolidated” statements combining the activity in multiple accounts
held at Pershing or other custodians from BOKFA. The information provided on your consolidated statements is a
convenience for you and is believed to be reliable; however, you should always compare the information on the
consolidated statement(s) to the statement(s) you receive directly from your custodian.

Financial planning and consulting engagement clients will not receive statements, trade confirmations, or
prospectuses as you have no accounts invested with us in this Program.

Trade Confirmations
You will receive trade-by-trade confirmations electronically for transactions in your account. You have the option of
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Item 7. Types of Clients
BOKFA may manage assets for a broad and diverse client base that could include individuals, corporations,
government agencies, trusts, foundations, municipalities, institutional clients, and pooled investment vehicles
nationwide. In most cases, financial planning or consulting clients will be individuals, including high net worth
individuals. They may have financial situations that range from simple to very complex in nature.

BOKFA Advisory Services Program clients are typically individuals, high net worth individuals, and certain
retirement plans. The Program is designed for clients who plan to hold and trade a portfolio of securities within
the Program. The Program is not designed for clients who experience unusually high turnover of their portfolio
holdings; substantial options trading; or market timing. The minimum Program investment amount is $100,000.
The Program minimum may be waived by a Designated Supervisor at BOKFA’s sole discretion.