Ironwood Investment Management LLC

Item 5 – Fees and Compensation
Ironwood fees are separately negotiated considering the client's investment objectives, the
size of the account, and other factors that may affect the time and cost of managing the
account.

The specific manner in which fees are charged by Ironwood is established in a client’s
written agreement. Ironwood will generally bill fees on a quarterly basis. Clients may elect
to be billed in advance or arrears and may also elect to be billed directly for fees or to
authorize Ironwood to directly debit fees from client accounts. Management fees are
prorated for each capital contribution and withdrawal made during the applicable calendar
quarter (with the exception of de minimis contributions and withdrawals). Accounts
initiated or terminated during a calendar quarter will be charged a prorated fee. Upon
termination of any account, any prepaid, unearned fees will be promptly refunded, and any
earned, unpaid fees will be due and payable.

Ironwood Investment Management, LLC
www.ironwoodinvestmentmanagement.com

Ironwood’s fees are exclusive of brokerage commissions, transaction fees, and other
related costs and expenses which shall be incurred by the client. Clients may incur certain
charges imposed by custodians, brokers, third party investment advisors and other third
parties such as fees charged by managers, custodial fees, deferred sales charges, wire
transfer and electronic fund fees, and other fees and taxes on brokerage accounts and
securities transactions. Such charges, fees and commissions are exclusive of and in addition
to Ironwood’s fee, and Ironwood does not receive any portion of these commissions, fees,
and costs.

Item 12 further describes the factors that Ironwood considers in selecting or
recommending broker-dealers for client transactions and determining the reasonableness
of their compensation (e.g., commissions).

Item 7 – Types of Clients
Ironwood provides portfolio management services to high net worth individuals, corporate
pension and profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations,
and endowments.