Headland Capital LLC

Item 5 - Fees and Compensation

Headland Capital 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
Headland Capital for services provided will be set forth in each client’s agreement.

     A. Financial Planning and Investment Management Services

Fees for Investment Management Services
In providing investment management services pursuant to the Headland Capital Wrap Fee Program & Non-
Wrap Program, Headland Capital charges an annual advisory fee (payable quarterly) that is agreed upon
with each client and set forth in an agreement executed by Headland Capital and the client. Our maximum
investment management fee schedule for the Headland Capital Wrap Fee Program is below:

                                            MAXIMIM FEE SCHEDULE
                               Market Value of Assets                        Rate
                                $0 up to $1,000,000                         1.75%
                              $1,000,001 to $1,500,000                      1.50%
                                 Above $1,500,000                         negotiable
                       The percentage for the highest range of Managed Asset value achieved
                       applies to all Managed Assets, not just Managed Assets within that
                       range.

Most ongoing Headland Capital Wrap Fee Program & Non-Wrap Program investment management fees
are paid quarterly in advance based on the value of clients’ billable assets under management at the end of
the last day of the preceding quarter as provided by third-party sources, such as pricing services, custodians
and fund administrators. There are some accounts that fees will be paid monthly in advance based on the
value of clients’ billable assets under management at the end of the last day of the preceding month as
provided by third-party sources stated above. Whether a client is billed quarterly or monthly will be
determined by the agreement signed by the client. The Headland Capital Wrap Fee Program & Non-Wrap
Program investment management fee for the initial quarter/month shall be paid, on a pro rata basis, in
arrears, based on the value of the net billable assets under management at the end of such initial
quarter/month. For intra quarter contributions or withdrawals in and out of accounts in excess of $1.00,
Headland Capital will adjust the billing amount to include these deposits/withdrawals. For purposes of fee
calculation, the asset value of Headland Capital Wrap Fee Program & Non-Wrap Program client accounts
includes cash and cash equivalents, as well as margined securities. Headland Capital does not reduce
management fees for margin borrowing, regardless of whether the assets are in cash or other securities.
Headland Capital has a financial incentive to recommend that clients borrow money for the purchase of

Headland Capital                                                              Disclosure Brochure

additional securities for the client’s Headland Capital Wrap Fee Program account or otherwise not liquidate
some or all the assets Headland Capital manages. Headland Capital addresses this conflict of interest by
this disclosure and is working to ensure that any recommendation to a client regarding the use of margin is
suitable for the client.

Headland Capital generally includes all related Headland Capital Wrap Fee Program & Non-Wrap Program
client accounts, specifically the accounts of direct family members sharing the same residence address, for
purposes of determining a client’s market value of assets.

Fees for Financial Planning and Consulting Services
Clients that are receiving financial planning services are charged a fixed fee ranging from $1,500 to
$40,000, depending upon the complexity of a client’s plan and services provided. In the alternative clients
that are receiving financial planning services only may be charged an hourly fee rate up to $350. For clients
receiving ongoing financial planning services the annual fee is charged quarterly, or otherwise pursuant to
a schedule as agreed to by the client and Headland Capital. For financial planning services that are
completed upon the delivery of the financial plan to the client, the fee can be charged in advance, upon
delivery of the completed financial plan or otherwise pursuant to quarterly installments. If charged in
advance, the completed financial plan will be delivered to client in less than six months from the date of the
advance payment. Actual fees charged are clearly outlined in the financial planning agreement and clients
receive invoices reflecting the amount of the fee due and payable.

Fees for Investment Management Services to Retirement Plans
Retirement plan advisory clients will be charged an annual asset-based fee of up to 0.75% and are billed in
advance, pursuant to the terms of the retirement plan advisory agreement. Retirement plan fees are based
on the market value of assets under management at the end of the prior calendar quarter. Fees may be
negotiable depending on the size and complexity of the plan.

Notwithstanding the foregoing, Headland Capital and the client may choose to negotiate an annual
advisory fee that varies from the schedule and 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 Headland Capital Wrap Fee Program 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 Headland Capital Wrap Fee Program advisory fee may include the financial
...

Item 7 - Types of Clients

Headland Capital offers investment advisory services to individuals, including high net worth individuals,
and entities, including, but not limited to, family offices, trusts, estates, private foundations, corporate
entities, donor advised funds and qualified retirement plans. Headland Capital does not impose a
minimum portfolio size or initial investment to open a Headland Capital Wrap Fee Program Account.
Headland Capital does impose a minimum fee of $1,500 for financial planning services. However,

Headland Capital                                                            Disclosure Brochure

Headland Capital does reserve the right to accept or decline a potential client for any reason in its sole
discretion.