Lovett Investment Consulting LLC

Item 5 – Fees and Compensation

Lovett Investment has no set fee schedule. All fees are flat fees and are negotiated in advance
between each client and Lovett Investment and are billed quarterly in arrears. Sometimes bills
are sent out less frequently, but always the billing is in arrears. Clients may elect to be billed
directly for fees or to authorize Lovett Investment to directly debit fees from client accounts.
Fees are adjusted no more frequently than annually and are always agreed to in advance by
Lovett Investment and our client.

Lovett Investment'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, and other third parties such as fees charged by
managers, custodial fees, 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. Mutual funds and exchange traded funds also charge internal
management fees, which are disclosed in a fund’s prospectus. Independent Manager(s) used
will also charge separate management fees, which are disclosed in the firm’s Forms ADV. Such
charges, fees and commissions are exclusive of and in addition to Lovett Investment's fee, and
Lovett Investment shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that Lovett Investment 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

Lovett Investment's clients are high net-worth individuals with investment assets of more than
$5,000,000. Clients also include children and grandchildren of clients and entities, such as
family partnerships, trusts, estates, charitable foundations, etc., created by, controlled, or held
for the benefit of clients and/or their children and grandchildren. The goal is to provide
investment advice to all generations of a high net-worth family and, with the consent of all
parties, view the family's investment assets as a single multi-generation portfolio.

Lovett Investment's clients are all members of four families who were owners of the business
where the principal of Lovett Investment, Daniel Clay Lovett, worked from 1987-1998 or entities
owned, controlled, or held for the benefit of these family members.

In addition to these clients, Lovett Investment also provides investment advice, free of charge,
to the family members and childhood best friend of Daniel Clay Lovett.