Three Bell Capital LLC

ITEM 5. FEES AND COMPENSATION
FEE SCHEDULE

Private Wealth Management Services Fees
TBC charges private wealth clients a management fee equal to a percentage multiplied by the
amount of total assets under management that the client has placed with TBC. The percentage
ranges from a low of .50% (fifty basis points) to a maximum of 1.00% (one hundred basis points)
and is determined by the level of a client’s assets under TBC’s management. Generally, the more
assets a client has placed with TBC, the lower the management fee. There is a $10,000 annual
fee minimum, but TBC reserves the right to waive the minimum on a case-by-case basis. The
management fee is tiered in that a higher management fee is charged on lower amounts of assets.
As a client increases the level of assets under the management of TBC, a lower fee will be charged
as higher asset threshold levels are reached. This is often referred to as a “tiered” management
fee methodology. As a client reaches certain asset levels, the higher tier of assets will be charged
a lower fee.
For example, if the asset amount is under $10 million, IA typically charges a fee of 1.00%. If Client
increases the asset amount placed with IA to $15 million, Client will continue to pay a 1.0% fee
on the first $10 million but would only pay a 0.75% fee on the amount above the first $10 million,
namely the additional $5 million in assets. Further, if Client asset amount reached $25 million,
Client would typically pay 1.00% on all assets below $10 million, 0.75% on assets greater than
or equal to $10 million and less than $20 million, and 0.50% on assets greater than or equal to
$20 million.
                          Assets Under Management                 Annual Fee
                                $1 – $9,999,999                     1.00%
                            $10,000,000 – $19,999,999               0.75%
                            $20,000,000 and above                   0.50%

These fees are negotiable depending upon the needs of the client and complexity of the situation,
and the final fee schedule is attached as Exhibit I of the Investment Advisory Agreement. Fees are
paid quarterly in arrears based upon average daily balance, and clients may terminate their
contracts with written notice to TBC. Because fees are charged in arrears, no refund policy is
necessary, though TBC, in its discretion, may choose to reduce or waive fees to certain clients,
including those who have terminated their relationship with the Firm. Clients may terminate
their accounts without penalty within 5 business days of signing the advisory contract. Advisory
fees are withdrawn directly from the client’s accounts with client written authorization.
In the event that margin transactions are used in a client account, the client may be charged fees
and interest by the custodian providing the margin. Such fees and interest may vary based on
the custodian used as well as the prevailing interest rate environment. If margin is used to
purchase securities in TBC’s direction, those assets purchased with margin will be subjected to
TBC’s wealth management fee. If margin is used for anything other than the purchase of
securities, TBC’s wealth management fee is not applied.
Lower fees for comparable services may be available from other sources.

Corporate Retirement Plan Services Fees
These fees are negotiable, and can vary greatly for each individual client, depending upon the
needs of the client and complexity of the situation, the recordkeeping platform used, whether
the plan administrator is the same as the plan platform, and a variety of other factors. The final
fee schedule is attached as an exhibit to each Investment Advisory Contract.

Corporate Retirement Plan Assets Under Management (AUM) Fee
TBC fees are determined by reference to the value of assets held in custody by the plan’s custodian
(such assets being referred to herein as the “Trust Account”) and will represent a pro rata portion
of an annual fee equal to a % of the value of the Trust Account as memorialized below or in the
client’s Investment Advisory Agreement.
TBC may modify or change the fees specified herein. The fee will be based on the value of the plan
as of the last business day of the preceding fee period and will be payable in full immediately upon
the date of TBC’s invoice. The calculation of quarterly fees based on an annual percentage of plan
assets varies by recordkeeper, and as such, the exact dollar amount of any such fee will vary
depending upon which recordkeeper is engaged.
In determining the value of the Plan assets for purposes of calculating any asset-based fees, TBC
may rely upon the valuation of assets provided by client or the plan’s custodian or recordkeeper
without independent verification.
        Assets Under Management                    Annual Fee                     Flat Fee
           $1 – $999,999                             1.00%                         $6,500
       $1,000,000 – $4,999,999                       0.60%                         $5,000
       $5,000,000 – $19,999,999                      0.40%                           $0
       $20,000,000 and above                         0.20%                           $0

Corporate Retirement Plan Flat Fee
Flat fee applicability varies by client. If a flat fee is used in conjunction with, or instead of an AUM
fee, that fee will be payable quarterly, in advance, unless otherwise stated. As of the billing cycle
immediately following the annual anniversary of the client engagement agreement, and on

each annual anniversary thereafter, the amount of the stated annual fee may be subject to a 5%
increase. This new annual fee shall supersede the previous fee for all subsequent billing cycles.
At its discretion, TBC may choose to implement a fee increase that is less than 5%, but this shall
not affect any fee increase applicable on future anniversary dates. A flat fee may also be used in
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ITEM 7. TYPES OF CLIENTS
TBC generally provides investment management advisory services to the following types of
clients:
      High-Net-Worth Individuals and Families
      Corporate Retirement Plans
      Private Pooled Investment Vehicles

Minimum Account Size
Typically, there is a $1,000,000 minimum relationship size. However, TBC management has
discretion to make exceptions.