Bolton Partners Investment Consulting Group Inc

Item 5. Fees and Compensation
There are three ways in which we are compensated: 1) fixed annual fee, 2) a percentage of assets under
advisement or management and 3) hourly rates. Most of our revenue is derived from investment
monitoring services where we charge an annual fixed fee. The amount of the annual fee will vary
depending on the type and complexity of the services provided, travel requirements, as well as the level
of administration requested, either directly or assumed, by the client. The applicable fee is negotiated
with the client and determined in advance of the services rendered.

For some clients, BPICG negotiates a fee based upon a percentage of the client’s assets under
advisement or management. This fee is based upon the same factors used to determine the flat fee and
is billed quarterly based upon the value of the client’s assets under advisement or management as of
the last day of the previous quarter.

In very rare instances, we may charge based upon an hourly fee negotiated with the client. Fees billed
by the hour have been a de minimus portion of our revenue over the past 5 years.

All fees are billed in arrears based on the frequency of our work. For example, we send quarterly invoices
to clients who receive quarterly monitoring reports. All our client contracts have a termination clause and
if exercised, any paid yet unearned fees will be promptly refunded and any unpaid fees will be due and
payable.

None of BPICG’s supervised persons is compensated for the sale of securities or other investment
products, including asset-based sales charges or service fees from the sale of mutual funds.

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Item 7. Types of Clients
We provide independent investment consulting and fiduciary services to sponsors of retirement & benefit
plans, including defined contribution plans, defined benefit plans, welfare funds, DROP plans, OPEBs
and VEBAs. Our clients include, but are not limited to public sector, multi-employer, corporate, and not-
for-profit employers.

We do not have any requirements for opening or maintaining an account, such as a minimum account
size.

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