8 TBC is the manager of and provides investment advice to several private funds. These include HMC Stacks I, LLC, Resonant Growth Equity I, LLC, Resonant CLO I, LLC, Resonant Absolute Return Fund, LP, Resonant Absolute Return Offshore Fund, Ltd., Resonant Strategic Income Fund, LP, Resonant Private Equity Fund I, LP, Resonant Vista Access I, LLC and Resonant Venture Capital Fund I, LP (collectively, the “Resonant Funds”). With respect to Resonant Absolute Return Fund, LP, Resonant Strategic Income Fund, LP, Resonant Private Equity Fund I, LP, and Resonant Venture Capital Fund I, LP affiliates of TBC serve as the General Partner to these private funds. The advisory fees that TBC receives for providing these services are set forth in the investment management agreement between TBC and each fund. Additional detail about the fees charged to an investor in such fund is available in the respective fund’s governing or offering documents. Pooled investment vehicles are responsible for the payment of all third-party fees and expenses (i.e. underlying manager fees, custodian fees, brokerage fees, legal fees, accounting/audit fees, administration fees, etc. as applicable). Those fees are separate and distinct from the fees and expenses charged by TBC. Corporate Retirement Plan Services In addition to private wealth management, TBC also offers advisory services to corporate retirement plans.
• Investment Management • Platform Selection
• Participant Education • Plan Design
• Fee Benchmarking • Fiduciary Support Investment Management One of the most critical functions a plan advisor must provide is selecting, monitoring, and managing the plan investment options, not just at plan inception, but on an ongoing basis. TBC uses a sophisticated suite of institutional software to create a well-diversified menu of investment options that will allow plan participants to create an asset allocation to meet their specific needs. TBC then monitors the fund lineup and, if and when necessary, recommends changes to those investments to ensure they remain optimized. Platform Selection One of the first choices a retirement plan client will have to make is platform selection. Retirement plan platforms, often referred to as “recordkeepers”, are not one size fits all. The services, features, capabilities, reporting, and pricing all vary greatly by platform, and it is important to evaluate multiple platforms to find the right fit for each particular plan, based on number of participants, projected growth, plan assets, and participant sophistication. TBC works agnostically with most major platform providers, understand the relative strengths of each, and help clients make the right choice. Plan Design Every organization is unique and different. TBC ensures each company’s retirement plan is custom tailored to the client’s specifications and optimized for the organization’s goals and objectives. The TBC retirement plan team will meet with the client, discuss goals and objectives, understand what the client is looking to accomplish with the plan, and then walk the client through the various options. TBC will then work in conjunction with the plan administrators to implement a purposeful plan design, with targeted recommendations. Fiduciary Support Retirement plan committee members all have other jobs within the organization, and they do not have the time or resources to stay up to speed on and meet their ongoing fiduciary obligations. However, the consequences of failing in any one of these fiduciary duties can be catastrophic, because being a fiduciary means you carry personal liability for certain aspects of the company’s retirement plan. We use process-driven software and schedules to assist our clients in meeting their fiduciary obligations. When TBC is engaged as a plan advisor, they act as a co-fiduciary on the plan, in tandem with the plan committee. At the client’s election, TBC can act as either a full discretionary fiduciary, with the ability to make changes to the plan on behalf of the committee (a Section 3(21) fiduciary), or a non-discretionary fiduciary whereby

TBC advises the plan committee but the ultimate discretion and action falls upon the plan committee itself for all actions taken on behalf of the plan (a Section 3(38) fiduciary). Fee Benchmarking One of the most critical, and often litigated, fiduciary duties is to ensure that the plan costs are all reasonable. Many advisors will do this for just the investment options. However, TBC not only evaluates and benchmarks fund fees, but also the fees associated with the platform (“recordkeeper”), the third-party administrator (if applicable), the auditor, and TBC as the plan advisor. Consistent with the committee’s fiduciary obligation, TBC does this annually in a comprehensive fee benchmarking report, which is reviewed with the plan committee, and then any necessary adjustments and recommendations are implemented to maintain plan compliance. Participant Education Unfortunately, many retirement plans have dismal enrollment and engagement numbers. This is most often the result of anemic participant education and training. TBC will work with the plan committee to ensure that participants have optimal in-person and online training. TBC’s education programs and topic areas are client-specific, meaning that employees are receiving targeted education materials, information, and training, specific to a particular mandate or perceived need. C. Client Tailored Services and Client Imposed Restriction TBC offers the same suite of services to all of its clients. However, specific client financial plans and their implementation are dependent upon the client Investment Policy Statement which outlines each client’s current situation (income, tax levels, and risk tolerance levels) and is used to construct a client specific plan to aid in the selection of a portfolio that matches restrictions, needs, and targets. Clients may impose restrictions in investing in certain securities or types of securities in accordance with their values or beliefs. D. Wrap Fee Programs A wrap fee program is an investment program where the investor pays one stated fee that includes management fees, transaction costs, fund expenses, and any other administrative fees. TBC DOES NOT participate in any wrap fee programs. E. Amounts Under Management Discretionary Assets Under Management: $ 1,150,048,723 Non-Discretionary Assets Under Management: $ 2,098,379,734 TOTAL Assets Under Management: $ 3,248,428,457 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 amount 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. 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 placed with 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. Specific management fee percentages and tier threshold amounts are stated in each client’s Investment Advisory Agreement. 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 II 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. 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