LBJ Family Wealth Advisors Ltd

Item 5: Fees and Compensation

                                                                                            Form ADV Part 2A, Item 5

For its investment advisory, supervisory and liquid asset management services LBJ Family Wealth Advisors charges
Clients an ongoing quarterly fee of up to 0.25% payable in arrears, based on the value of a Client’s assets under
management at the end of the previous quarter. In general, the minimum portfolio is $10,000,000 for new Clients.
Certain Clients and employees of LBJ Family Wealth Advisors may receive different fee rates and may be subject to
lower minimum portfolio sizes.

As each Client is unique, the specifics of managing the Client’s assets will also be individualized. Negotiation with
each Client may lead to fees that are more than or less than the general standard quarterly rate of 0.25% per quarter.
Client specific fees will be determined based on total assets under management and the specific scope of work to be
performed for a Client.

Contracts for specific management services (such as partnership management and accounting services) are charged
a negotiated flat fee. Charges for management services are in addition to the fees charged for managing a Client’s
liquid and/or alternative assets.

Limited partnerships managed by LBJ Family Wealth Advisors are charged a negotiated flat fee.

Client fees are generally deducted directly from the Client account, but a Client may elect to be billed. If an
Investment Management Agreement is terminated before the end of the period for which a Client has been billed,
the management fees will be pro-rated and refunded (or charged, as appropriate).

LBJ Family Wealth Advisors’ Clients will incur brokerage commissions and mutual fund, ETF (Exchange-Traded
Funds) and money manager management fees and expenses in addition to the management fees paid directly to
LBJ Family Wealth Advisors.

Please refer to the “Brokerage Practices” in Item 12 below.

Item 7: Types of Clients

                                                                                         Form ADV Part 2A, Item 7

LBJ Family Wealth Advisors provides investment advice to high-net-worth families and individuals and their trusts,
charitable organizations, corporations, state or municipal entities and estates. The firm also provides investment
advice and may manage the operating assets of certain limited partnerships and the assets of private investment
funds that invest in private equity, real estate, hard assets or other alternative investments.

In general, the minimum portfolio for new LBJ Family Wealth Advisors Clients is $10,000,000. Certain Clients and
current and former employees of LBJ Family Wealth Advisors may be subject to lower minimum portfolio sizes.