TFR Capital LLC

Item 5 - Fees and Compensation

TFR charges fees based on a percentage of assets under management as well as fixed fees and hourly fees,
depending on the particular types of services to be provided. The specific fees charged by TFR for services
provided will be set forth in each client’s agreement.

     A. Financial Planning and Investment Management Services

Fees for Investment Management Services
TFR charges an investment management services fee that is agreed upon with each client and set forth in
an agreement executed by TFR and the client. The fees may be either a flat fee or based upon a fee schedule
agreed upon between TFR and the client. The investment management services fee choice will be specified
on the fee schedule, as set forth in Schedule A of the agreement executed between TFR and the client. If
based on a percentage of the value of assets under management, the investment management services fee
for the initial month shall be paid, on a pro rata basis, in arrears, based on the average daily balance of the
client’s accounts as of the end of such initial month. For subsequent months, the advisory fee shall be paid,
in advance, based on the average daily balance of the client’s accounts for the previous month. The average
daily balance of the client’s account is determined utilizing information provided by third-party sources,
such as pricing services, custodians, fund administrators, and client-provided sources. For purposes of
average daily balance and fee calculation, the asset value of client accounts include cash and cash
equivalents, as well as margined securities. TFR does not reduce management fees for margin borrowing,
regardless of whether the assets are in cash or other securities. TFR has a financial incentive to recommend
that clients borrow money for the purchase of additional securities for the client’s account managed by TFR
or otherwise not liquidate some or all the assets TFR manages. TFR addresses this conflict of interest by
this disclosure and working to ensure that any recommendation to a client regarding the use of margin is
suitable for the client.

The annual investment management services fee ranges from 0.25% to 2.25% (per annum).

Fees for Financial Planning and Consulting Services
Clients that are receiving financial planning services only or other consulting services only are charged a
fixed fee ranging from $1,500 to $20,000 and clients may be subject to additional hourly charges depending
upon the complexity of a client’s plan and services provided. In the alternative clients that are receiving
financial planning services and/or consulting services only may be charged an hourly fee rate up to $500.
For clients receiving ongoing financial planning services the annual fee is charged monthly. For financial
planning services that are completed upon the delivery of the financial plan to the client, the fixed or hourly
fee can be charged in monthly installments, or otherwise in full upon delivery of the completed financial
plan. Actual fees charged are clearly outlined in the financial planning agreement and clients receive
invoices reflecting the amount of the fee due and payable.

Notwithstanding the foregoing, TFR and the client may choose to negotiate an annual advisory fee that
varies from the ranges set forth above. Factors upon which a different annual advisory fee may be based
include, but are not limited to, the size and nature of the relationship, the services rendered, the nature and
complexity of the products and investments involved, time commitments, and travel requirements. The
advisory fee charged by the Firm will apply to all of the client’s assets under management, unless
specifically excluded in the client agreement. The advisory fee may include the financial planning

TFR Capital                                                         Disclosure Brochure

services described above. Although TFR believes that its fees are competitive, clients should understand
that lower fees for comparable services may be available from other sources and firms.

The investment advisory agreement between TFR and the client may be terminated at will by either TFR
or the client upon written notice. TFR does not impose termination fees when the client terminates the
investment advisory relationship, except when agreed upon in advance.

     B. Payment of Fees

TFR generally deducts its advisory fee from a client’s investment account(s) held at his/her custodian. Upon
engaging TFR to manage such account(s), a client grants TFR this limited authority through a written
instruction to the custodian of his/her account(s). The client is responsible for verifying the accuracy of the
calculation of the advisory fee; the custodian will not determine whether the fee is accurate or properly
calculated. A client may utilize the same procedure for financial planning or consulting fees if the client
has investment accounts held at a custodian.

Although clients generally are required to have their investment advisory fees deducted from their accounts,
in some cases, TFR will directly bill a client for investment advisory fees if it determines that such billing
arrangement is appropriate given the circumstances.

The custodian of the client’s accounts provides each client with a statement, at least quarterly, indicating
separate line items for all amounts disbursed from the client's account(s), including any fees paid directly
to TFR.

Clients may make additions to and withdrawals from their account at any time, subject to TFR’s right to
terminate an account. Additions may be in cash or securities provided that the Firm reserves the right to
liquidate transferred securities or decline to accept particular securities into a client’s account. Clients may
withdraw account assets at any time on notice to TFR, subject to the usual and customary securities
settlement procedures. However, the Firm generally designs its portfolios as long-term investments and the
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Item 7 - Types of Clients

TFR offers investment advisory services to individuals, including high net worth individuals, and entities,
including, but not limited to, family offices, trusts, estates, private foundations, and qualified retirement
plans. TFR does not impose a minimum portfolio size or a minimum initial investment to open an account.
However, TFR does reserve the right to accept or decline a potential client for any reason in its sole
discretion.