Mader & Shannon Wealth Management Inc

Item 5 Fees and Compensation
Asset Management
Asset Management fees are billed quarterly in advance. Fees are negotiable. Clients may terminate
their investment advisory agreement at any time. If the agreement is terminated prior to the end of the
quarter, prorated fees are refundable based on either the day MSWM receives written notice to
discontinue management, or the day the assets leave the custodian in the absence of such notification.
Refunded fees are credited back to the client account at the end of the quarter of termination.

The specific manner in which fees are charged by MSWM is established in a client's written agreement
with MSWM. Clients may elect to be billed directly for fees or to authorize MSWM to directly debit fees
from client accounts. Management fees shall not be prorated for each capital contribution and
withdrawal made during the applicable calendar quarter.

MSWM's fees are exclusive of transaction charges 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 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. Such
charges are exclusive of and in addition to MSWM's fee, and MSWM shall not receive any portion of
these charges. See custodian's fee schedule for a complete list of all applicable fees. MSWM's basic
fee structure is as follows:

For Individual, IRA, Trust, or any account deemed not to be an ERISA plan account:

    • 1.00% of total assets up to $1 million,
    • 0.80% for total assets from $1 million to $2 million,
    • 0.60% for total assets above $2 million.

This is a blended fee schedule, meaning different asset levels are assessed different fees, as shown
above.

For 401(k) and other ERISA plan accounts:
The annual fees are based on the market value of the Included Assets and shall not exceed 1%. Fees
may be charged quarterly or monthly in arrears or in advance based on the assets as calculated by
the custodian or record keeper of the Included Assets (without adjustments for anticipated withdrawals
by Plan participants or other anticipated or scheduled transfers or distribution of assets) on the last
business day of the previous billing period.

The fee schedule, which includes compensation of MSWM for the services provided is described in
detail in the ERISA Plan Agreement. The Plan is obligated to pay the fees, however the Plan Sponsor
may elect to pay the fees. Clients may elect to be billed directly or have fees deducted from Plan
Assets. MSWM does not reasonably expect to receive any additional compensation, directly or
indirectly, for its services. If additional compensation is received, MSWM will disclose this
compensation, the services rendered, and the payer of compensation.

Financial Planning and Consulting
Fee-only financial planning or other financial advisory services, which may or may not relate to
securities, ranges from $125-$250 per hour depending on the nature of the services provided and the
prorated costs of resources required to provide these services. Fees for some predetermined services
may be a fixed flat fee based on the services (example: Retirement Cash Flow Projections).

Item 7 Types of Clients
MSWM provides portfolio management and financial planning services to individuals, high net worth
individuals, corporations, and pension and profit-sharing plans.