Newman Ladd Capital Advisors LLC

Item 5 – Fees and Compensation

 Standard Fees are as follows:                      Standard Fees
 Account Value
 $50,000 to 250,000                                 1.5%
 Next $750,000                                      1.25%
 Next $1,000,000                                    1.00%
 Next 20,000,000                                    0.75%

 The specific manner in which fees are charged by Adviser is established in a client’s written agreement
 with Adviser. Adviser will bill its fees on a quarterly basis. Fees will be calculated at an annual rate, payable
 quarterly, in advance. Fees will be payable during the 1st month of each quarter, based on the client's

market value on the last business day of each calendar quarter. All fees are subject to negotiation. Clients
authorize Adviser to directly debit fees from client accounts. 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.

Adviser 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 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, fees and
commissions are exclusive of and in addition to Adviser fees, and Adviser shall not receive any portion of
these commissions, fees, and costs, except for 12b-1 fees collected from certain load-waived mutual funds.

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

Andrew T. Moen and Jack A. Irwin, in their outside business activities as registered representatives of Leigh
Baldwin & Co., LLC (see Item 10 below), are licensed to accept compensation for the sale of investment
products to their clients. This presents a conflict of interest and gives the supervised person an incentive
to recommend products based on the compensation received rather than on the client’s needs. Andrew T.
Moen and Jack A. Irwin always act in the best interest of the client, including with respect to the sale of
commissionable products to advisory clients. When recommending the sale of securities or investment
products for which the supervised persons receive compensation, Adviser will document the conflict of
interest in the client file and inform the client of the conflict of interest. Clients always have the right to
decide whether to purchase Adviser-recommended products and, if purchasing, have the right to purchase
those products through other brokers or agents that are not affiliated with Adviser.

Commissions are not Adviser’s primary source of compensation for advisory services. Advisory fees that
are charged to clients are not reduced to offset the commissions or markups on securities or investment
products recommended to clients.

Item 7 – Types of Clients

Adviser provides portfolio management services to individuals, high net worth individuals, corporate
pension and profit-sharing plans, charitable institutions, foundations, trusts, estates, corporations and
business entities.