First Dallas Securities Inc

Item 5: Fees and Compensation
FEE SCHEDULE:

COMMISSION-BASED COMPENSATION INFORMATION:
We do not charge a separate management fee for our management of client advisory accounts. Rather, we are
compensated for our advisory services on a commission-based arrangement by receiving commissions,
transaction charges, 12b-1 or other mutual fund fees, and other customary brokerage charges imposed on or paid
in connection with transactions effected in your account.

All transactions in your account are placed through First Dallas Securities, Inc., FINRA/SIPC, as broker- dealer. A
portion of such commissions and other transaction fees and charges paid to us are paid to the particular
investment adviser representative managing the account, who is also a registered representative of First Dallas
Securities, Inc. as broker-dealer.

Commissions and other transaction fees and charges on transactions in a client’s account are imposed according
to our regular commission schedule and will vary from transaction to transaction depending on a number of
factors, such as the size of order and the price and type of security. Normally, clients will pay a commission, plus
any transaction fees for each transaction effected in their account. Our full commission schedules for trades in
stocks, bonds and options are attached at the end of this Brochure as Appendix A. Basic information about the
commissions charged by us is as follows:

STOCKS:
The commission for trading stocks varies depending on the quantity of shares traded and the round and odd lot
principal amount traded. The stock commission schedule is attached as Appendix A.

BONDS:
The commission for trading a bond varies depending on the quantity of bonds traded, the type of bond (Treasury
or other), the principal amount traded and the price per bond. The bond commission schedule is attached as
Appendix A.

OPTIONS:
The commission for trading option contracts varies depending on the number of contracts traded, the price per
contract and the principal amount traded. The option commission schedule is attached as Appendix A.

MUTUAL FUNDS:
For purchases of Mutual Fund shares with a sales charge or sales load, the sales load (commission) paid is a
percentage of the dollar amount of shares purchased, as specified in the Mutual Fund prospectus. The Mutual
Fund may make payments to broker-dealers, including us, whose clients invest in the fund. Such payments may
constitute all or a portion of the front-end load (sales commission imposed at the time of purchase) or back-end
load (sales commission deferred until the time of redemption) charged on fund share transactions. Such payments
may also consist of on-going 12b-1 fees paid by the fund (sometimes referred to as “trailing fees”) pursuant to a
12b-1 distribution plan or pursuant to another arrangement as compensation for distribution or shareholder or
administrative services and may be paid out of the fund's assets.

                                                                           Form ADV Part 2A: Firm Brochure | 5

To the extent a client’s assets are invested in funds, the client will also be subject to other fees and charges as a
fund shareholder, which are in addition to commissions and other transactions fees and charges paid to us. Those
will include fees and charges imposed on shareholders of the fund or imposed on the fund and borne indirectly
by shareholders, such as management fee charged to the fund by the fund’s investment adviser, as well as other
internal fees and charges, including in some cases 12b-1 fees. For purchases of no-load Mutual Fund shares, there
is no sales “load” (commission) paid to us. For No-Load Mutual Fund shares, we may also be paid 12b-1 fees by
the Mutual Fund as described above and in the Mutual Fund’s prospectus.

We do not combine client purchases or sales of fund shares with purchases or sales of our other clients in that
fund for the purpose of attempting to obtain discounts on sales loads or commissions. Loads, fees, charges, and
other pertinent information concerning any fund in which a client’s account is invested can be found in the fund’s
prospectus, which may be obtained upon request to a First Dallas Securities Inc. investment adviser representative.

In addition to any Mutual Fund load fees assessed by the Mutual Fund company itself, there may be transaction
fees and/or charges imposed in connection with each trade in a client’s account. These charges are for certain
expenses incurred with your transaction, some of which are charged by our custodian. The ticket charge per trade
is $13.95, which consists of a $10 ticket charge and a $3.95 transaction fee.

ADDITIONAL TYPES OF FEES OR EXPENSES:
Commissions and other transaction fees and charges are borne by the client at the time of the transaction.
Commissions and such other fees and charges are reflected in the cost of the securities purchased and sold.

Other broker-dealers may charge more or less for commissions and other transaction fees and charges than we
charge under our commission-based arrangement for advisory account services. In addition, we offer advisory
account services on a commission-based arrangement only. When considering this type of commission-based
account, clients should bear in mind that, under certain circumstances, commission-based accounts may result in
higher or lower costs than other types of accounts for comparable services that may be offered elsewhere, such
as fee-based accounts, where fees are fixed or where fees are charged on an on-going basis as a percentage of
the assets in the account.

Commission-based accounts may result in higher costs than fee-based accounts, for example, in actively traded
accounts or in any account during periods when trading is heavier, such as in the first year the account is
established. On the other hand, commission-based accounts may result in lower costs than fee-based accounts in
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Item 7: Types of Clients:
CLIENT BASE:
Our customer base consists of individuals, institutions, trusts, estates, charitable organizations, corporations and
pension and profit-sharing plans. We service these types of clients, but we may not have all these types as current
clients.

CONDITIONS FOR ACCOUNT MANAGEMENT:
The minimum to establish an advisory account with First Dallas Securities’ is $100,000. First Dallas Securities has
accepted accounts that are smaller and reserves the right to do so in the future at its discretion. We do not
consider our compensation arrangement or commissions negotiable; however, we reserve the right to voluntarily
waive, lower or discount any commissions or other charges otherwise applicable to any particular client’s account
when we deem it appropriate, which may include transactions in accounts in which our firm or its related persons
have an interest.