TPW Investment Management LLC

Item 5: Fees and Compensation
For its investment advisory services TPWIM charges an annual fee expressed as a percentage of
average daily assets of the Client account during the billing cycle as follows:

 Form ADV Part 2 Brochure                                                     April 2019

 Total Assets Under Management                          Annual Fee
 Direct SMAs                                               1.00%
 Financial Intermediary SMAs                               0.75%
 Model SMAs                                                0.50%

TPWIM reserves the right to negotiate lower fees in its sole discretion. The annual investment
advisory fee will be billed quarterly. Clients that have a relationship with a Financial
Intermediary may be billed more frequently by the Financial Intermediary. Either party may
terminate the Client account at any time without penalty. The investment advisory fee may be
billed in arrears or in advance. If fees are billed in arrears, generally no refund policy is
necessary. If billed in advance, the pro-rata portion of the unearned fees paid to TPWIM prior
to termination will be refunded. Also, Clients may terminate their accounts without penalty, for
a full refund, within 5 business days of signing the investment advisory agreement. The
investment advisory fees will be deducted directly from the Discretionary SMA Client’s custodial
account; however, TPWIM may accommodate Clients who prefer to receive an invoice for the
investment advisory services rendered.

Client account minimums in TPWIM’s investment programs are generally $250,000; however,
TPWIM may, in its discretion, accept lesser amounts.

Additional Fees. In additional to TPWIM’s fees, Clients with be responsible for other fees and
expenses such as brokerage, Financial Intermediary fees, and custodian fees. Clients will also
indirectly bear the fees and expenses of exchange traded products (e.g., management fees and
other expenses) in which the Client accounts are invested.

For a more detailed description of the brokerage fees payable by Clients, please refer to Item 12,
Brokerage Practices, below.

Item 7: Types of Clients
Generally, Clients are individuals, high net worth individuals, and institutional clients. This could
include (but not be limited to) any of the following categories: individuals, family offices, multi-
family offices, as well as institutional Clients such as companies, endowments and foundations,
public and private retirement plans, etc.

 Form ADV Part 2 Brochure                                                    April 2019