Lakewood Asset Management LLC

ITEM 5 - FEES AND COMPENSATION
Investment Management Fees and Compensation
Our Firm charges a fee as compensation for providing Investment Management services.
These services include advisory services, trade entry, investment supervision, and other
account-maintenance activities. Our custodian may charge transaction costs, custodial
fees, redemption fees, retirement plan and administrative fees and/or commissions. The
client will pay these fees. See Additional Fees and Expenses below for additional details.

The fees for investment management are based on an annual percentage of assets under
management and are typically applied to the household asset value on a pro-rata basis and
billed quarterly in arrears. The quarterly fee will be calculated on the average daily balance
for the quarter. If we are unable to determine the average daily balance, the quarterly fee
will be calculated on the quarter end market value of the account. The market value will
be determined as reported by the Custodian. Fees are typically assessed on all assets
under management, including securities, cash and money market balances.

Our maximum investment advisory fee is 1.50% or we may negotiate a lower advisory fee.
Specific advisory fees are set forth in your Investment Management Agreement. Fees may
vary based on the size of the account, complexity of the portfolio, extent of activity in the
account or other reasons agreed upon by us and you as the client. Our employees and
their family-related accounts may be charged a reduced fee for our services.

Unless otherwise instructed by the Client, we will aggregate related client accounts for the
purpose of determining the account size and annualized fee. The common practice is often
referred to as “house-holding” portfolios for fee purposes and may result in lower fees
than if fees were calculated on portfolios separately. Our method of householding
accounts for fee purposes considers the overall family relationship.

The independent qualified custodian holding your funds and securities will debit your
account directly as instructed by Lakewood Asset Management, LLC and pay that fee to us.
You will provide written authorization permitting the fees to be paid directly from your
account held by the qualified custodian. Further, the qualified custodian agrees to deliver
an account statement to you monthly indicating all the amounts deducted from the
account including our advisory fees.

If a client prefers to be billed directly, rather than having fees deducted from their account,
Lakewood may accommodate their preference. If such an agreement occurs, fees are due
by the 7th business day of each new calendar quarter.

Either Lakewood or you may terminate the management agreement immediately upon
written notice to the other party. The management fee will be pro-rated to the date of
termination, for the month in which the cancellation notice was given and the fee will be
billed to your account. Upon termination, you are responsible for monitoring the securities

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in your account, and we will have no further obligation to act or advise with respect to
those assets. In the event of client’s death or disability, Lakewood will continue
management of the account until we are notified of client’s death or disability and given
alternative instructions by an authorized party.

Administrative Services Provided by a Third Party
We have contracted with third parties to utilize their technology platforms to support
data reconciliation, performance reporting, fee calculation and billing, research, client
database maintenance, quarterly performance evaluations, payable reports, web site
administration, trading platforms, and other functions related to the administrative tasks
of managing client accounts. Due to this arrangement, our third-party vendors will have
access to client accounts, but the third-party will not serve as an investment advisor to
our clients. Lakewood and the third-party vendors are non-affiliated companies. Our Firm
may be charged an annual fee for each account administered by a third party.

Additional Fees and Expenses:
In addition to the advisory fees paid to our Firm, clients may also incur certain charges
imposed by other third parties, such as broker-dealers, custodians, trust companies, banks
and other financial institutions (collectively “Financial Institutions”). These additional
charges may include securities fees, transaction fees, custodial fees, fees charged by the
Independent Managers, charges imposed directly by a mutual fund or ETF in a client’s
account, as disclosed in the fund’s prospectus (e.g., fund management fees and other fund
expenses), deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. Lakewood’ brokerage practices are described at length in Item 12, below.
Neither our Firm nor its supervised persons accept compensation for the sale of securities
or other investment products. Further, our firm does not share in any of these additional
fees and expenses outlined above.
Financial Planning Fee
Our financial planning is provided as a one-time project engagement:
Base Fee: Starts at $3,000.

Determination: The final fee is based on the scope and complexity of your financial land-
scape and is agreed upon in writing via a Financial Planning Agreement before work be-
gins.

Terms: 50% of the fee is due upon signing the agreement, 50% is due upon completion.

The Deliverable
Upon completion of our review, you will receive a bespoke, written financial plan featur-
ing clear, actionable recommendations. This plan is yours to keep and execute as you
see fit. You are under no obligation to implement these recommendations through
...

ITEM 7 - TYPES OF CLIENTS
We provide investment advice to individuals, families, charitable organizations, trusts,
estates, pension and profit-sharing plans, and other entities. We have no minimum
account value.