Yacktman Asset Management LP

Item 5: Fees and Compensation

Standard Fee Schedule for Separately Managed Accounts
We are compensated for investment advisory services for separately managed accounts through the payment
of fees made by our clients. Our standard fee schedule for separately managed accounts is as follows:
              Percentage Fee                 Market Value
              1%                             On First $100 million
              Negotiated                     Above $100 million

Fees are negotiated at our sole discretion considering each client’s circumstance, such as asset levels, service
requirements, or other factors. In some cases, we will agree to a fee schedule that is lower than that of other
comparable clients in the same investment style. In addition, there are historical fee schedules with long-standing
clients that can differ from those applicable to new client relationships. Therefore, fee schedules vary from client
to client.

The fees charged to clients are computed as a percentage of the value of the client’s assets under management. To
calculate advisory fees, we rely on prices provided by third‐party providers for purposes of valuing portfolio
securities held in the client’s account. On occasion, we are required to or deem it prudent to “fair value price”
a security when a market price for that security is not readily available or when we have reason to believe that
the market price is unreliable. When “fair value pricing” a security, we typically use various sources of information
to determine a fair price that the security would obtain in the marketplace if, in fact, a market for the security

existed. For any fair value priced securities, we maintain policies and procedures relating to the pricing
process, in an effort to mitigate any conflicts of interest with respect to valuation.

Our fees are generally billed and payable in advance per the client agreement. The initial advisory fee is payable
when the account is established, and prorated for the first partial billing cycle, if any. After that, the advisory fee
will be billed based on the market value of the portfolio on the last business day of the preceding calendar billing
cycle. Agreements terminated will receive a prorated portion of the prepaid fee based on the days remaining in the
applicable billing cycle unless there is less than one month remaining, or the client agreement or program terms
dictate differently.

In some instances, upon a client’s authorization, we will submit requests for fee payment directly to the client’s
custodian. In such instances, we take reasonable measures to confirm that such custodian is sending statements
showing the deduction of our advisory fee from the client’s account.

Fees for Specialized Accounts and Advisory Services
Sub‐Advisory Arrangements
We are engaged by certain investment advisers (including advisers to registered investment companies) to
manage certain portfolios of such advisers. In our capacity as sub‐adviser to such accounts, our fees and services
are determined by contract with the adviser. Information concerning these sub‐advised funds, including a
description of the services provided and advisory fees, is contained in each fund's prospectus.

Other fees payable as an investor in a sub‐advised fund or other account are described in the fund’s prospectus,
the adviser’s firm brochure, or the investment advisory agreement.

Wrap Account Programs
For additional information with respect to wrap account programs, please see the sub‐section entitled “Wrap
Account Programs” under “Item 4: Advisory Business” of this Firm Brochure.

Clients participating in these programs pay the wrap program sponsor a single fee (called a “wrap fee”) for
consulting, brokerage, custodial, portfolio monitoring, and investment management services. The fee clients pay
for participating in a wrap account program are set by the sponsor and are disclosed in the sponsor’s agreement
with the client. The wrap account program sponsor pays Yacktman a portion of the wrap fee.

Regarding wrap accounts, the all‐inclusive fee may differ by program and exceed the aggregate cost of services
provided if such services were negotiated and purchased separately. For detailed information on the wrap fees
charged by each wrap program sponsor, please refer to the specific sponsor’s Part 2A of Form ADV.

Private Fund
See the sub-section entitled “Private Pooled Investment Vehicle Sponsored by Yacktman” under “Item 4: Advisory
Business” of this Firm Brochure for more information. The fee schedule for this fund is an annual management fee
as a percentage of client assets under management plus a performance fee, as described in the fund’s offering
documents. Yacktman reserves the right to waive some or all fees for certain investors in the fund, including for
investors who are affiliated with Yacktman.

Item 7: Types of Clients

We provide investment advisory services to the following types of clients:

                        A.      High net worth individuals;
                        B.      Investment companies;
                        C.      Pooled investment vehicles;
                        D.      Pension and profit-sharing plans;
                        E.      Estates, trusts, or charitable organizations; and
                        F.      Corporations or business entities not set forth above.

Generally, we require a minimum account size of $100,000,000; however, the minimum account size is subject to
negotiation at our discretion. In circumstances where we serve as an adviser within a wrap fee program or are an
adviser or sub‐adviser to other funds or accounts, the account minimums are determined by our agreement with
the relevant wrap fee program sponsor, fund, or account. We do not impose any specific requirements with
respect to asset size to maintain an account.

                      Item 8: Method of Analysis, Investment Strategies, and Risk of Loss

As noted in “Item 4: Advisory Business” of this Firm Brochure, we specialize in equity strategies. We are research-
oriented and primarily utilize fundamental analysis for the selection of equity investments.

Strategy Overview and Fundamental Analysis
We invest in domestic and foreign equities, debt securities, and options. Some, but not all, of the equity securities
will pay a dividend. Our investments in debt securities may include, but are not limited to, U.S. Treasury notes and
bonds, investment grade corporate debt securities, convertible debt securities, and debt securities below
investment grade (high yield or junk bonds).

We have a fundamental approach to our security analysis, relying on a variety of information sources including,
but not limited to, company filings, financial periodicals, and corporate rating services relating to historical prices
of securities, dividends, and earnings, annual reports, prospectuses, and research materials prepared by third
parties. This information allows us to perform a fundamental analysis, a method of evaluating a security in which
we attempt to determine the intrinsic value of a security by examining certain economic, financial, and other
qualitative and quantitative factors, including both micro and macroeconomic factors.

Portfolios are adjusted when shifts in our expectation of risk and reward for each security varies sufficiently.
Turnover can be low, and at other times it will rise.

Related Risks
Our investment strategies carry different levels of risk. In each strategy, all securities include a risk of loss of
principal and any profits that have not been realized. As a result, there is a risk of loss of the assets we manage on
a client’s behalf, and as such, we cannot guarantee any level of performance and cannot guarantee that a client
will not experience a loss of their account assets. There is also a risk that we may make poor security selections
or focus on securities in a particular sector, category, or group of companies that underperform, which may result
in us unsuccessfully executing our strategies or losses to our clients.

As noted above, we primarily invest in domestic and foreign equities. The material risks of equity securities in
which we invest include:

        Currency Risk: Fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar
        investment when converted back to U.S. dollars and exposure to non-U.S. currencies may subject a portfolio
        to the risk that those currencies will decline in value relative to the U.S. dollar.

        Debt Securities Risk: the value of a debt security changes in response to various factors, including, for
        example, market-related factors, such as changes in interest rates or changes in the actual or perceived
        ability of an issuer to meet its debt obligations. Investments in debt securities are subject to credit risk,
        interest rate risk, extension risk, prepayment risk, and liquidity risk, among other risks.

        Emerging Markets Risk: Investments in emerging markets are subject to the general risks of foreign
        investments, as well as additional risks which can result in greater price volatility. The markets of
        developing countries are generally more volatile than the markets of developed countries with more
        mature economies. Many emerging markets companies in the early stages of development are dependent
        on a small number of products and lack substantial capital reserves. In addition, emerging markets often
        have less developed legal, accounting, and financial systems and requirements. These markets often have
        provided significantly higher or lower rates of return than developed markets and usually carry higher
        risks to investors than securities of companies in developed countries.

        Focused Investment Risk: To the extent a portfolio invests a substantial portion of its assets in a relatively
        small number of securities or a particular market, industry, group of industries, country, region, group of

countries, asset class or sector, it generally will be subject to greater risk than a portfolio invested in a more
diverse investment mixture. In addition, the value of a focused portfolio would be more susceptible to any
single economic, market, political or regulatory occurrence affecting, for example, that particular market,
industry, region, or sector.

Foreign Investment Risk: Investments in foreign issuers involve additional risks (such as risks arising from
less frequent trading, changes in political or social conditions, and less publicly available information about
non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result
in greater price volatility. Investments outside the U.S. may also be subject to different settlement and
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