WHO WE ARE Lee Financial Company (LFC) was founded in 1975 by Richard R. Lee, Jr. CFP® CFA as a fee-only financial planning and investment advisory firm in Texas. LFC is independently owned and operated. Our principal executive members are Richard R. Lee, Jr. CFP® CFA (Chairman, CEO and Founder), Christina Williams, President, William A. Luckey II, Chief Financial Officer, Danny Boyce, Director of Investments, and Nic Gibson, Senior Financial Planner. LFC Holding Co. was formed in 2016 and, until recently, was the majority owner of LFC. Richard R. Lee, Jr. is the sole owner of LFC Holding Co. LFC Holding Co. continues to be the largest owner of LFC. LFC is currently owned by a group of advisors providing services to clients of LFC. No one person owns more than 25% of the firm. We offer personalized financial planning and investment management services. Financial planning is the foundation of the firm’s services with most of our clients. “Fee-only” means LFC is paid through fees received from our clients. We believe if an advisor stands to gain financially from the purchase of any investment, or insurance product, there is an increased potential for conflicts of interest. Our allegiance is to our clients, and our incentive is to serve our clients’ best interests. LFC has developed a team approach to provide financial planning and portfolio management services. To manage your financial assets, we believe it is necessary to understand your goals and objectives in all areas. We add value by helping you define specific goals, provide analysis for the possibility of meeting the goals, monitor your progress in reaching those goals, redefine goals as appropriate, and assist in the management of the financial assets that play a role in achieving those goals. OUR PHILOSOPHY We believe our success in helping individuals, families, and businesses achieve their goals lies in our holistic approach – the WholeVision™ process. WholeVision™ is a term that describes what we consider to be your complete financial picture, similar to how one would design a business plan for their company. WholeVision™ consists of four types of capital: Human Capital, Financial Capital, Fulfillment Capital, and Shared Capital. Each is vitally important in its own way to overall wealth. We work closely with you to establish goals for personal growth and fulfillment while managing your financial planning needs and identifying opportunities around your vision.
• HUMAN CAPITAL The value each individual will receive in their lifetime from the employment of their personal talents, skill set, education, and experience. The harvesting of this human capital will usually constitute the largest contribution to each person’s future net worth and consumption.
• FINANCIAL CAPITAL The capital that has been harvested from each individual or family’s Human Capital. These funds are invested to accomplish specific targeted goals such as long-term personal financial security, working capital for entrepreneurial businesses, support obligations for extended family members, future education costs, and financial contingencies.
• FULFILLMENT CAPITAL People reward themselves with a chosen standard of living and certain lifestyle purchases. These costs evolve over time based on the success of their Human Capital and Financial Capital.
• SHARED CAPITAL The capital that is voluntarily shared with other members of the family, earmarked for philanthropic purposes, or set aside for income and estate taxes. All forms of capital interact to establish a complex and evolving picture of wealth. LFC helps manage these diverse aspects of wealth to cultivate your security, success, and fulfillment. OUR TEAM APPROACH LFC clients have the option to receive both financial planning and investment management services from a team of advisors. LFC has six (6) primary types of advisors and a client’s team will include a mix of these advisors or just one, depending on the client’s service needs and complexity:
• Senior Financial Planner
• Financial Planner
• Associate Financial Planner
• Senior Portfolio Manager
• Associate Portfolio Manager
• Family Capital Strategist FINANCIAL PLANNING Our financial planning team is generally made up of one Senior Financial Planner and one Financial or Associate Financial Planner. Should you engage LFC to provide financial planning, the Team will gather your financial information, develop your financial plan, and present and continue to monitor your plan throughout the long-term relationship. Our Financial Planning Team members do not provide portfolio management services independently; rather, they work closely with your Portfolio Manager so that your investment portfolio is built around your near and long-term goals. Our Financial Planning Team will help you establish and achieve personal and financial goals while assessing risk and helping you prepare for both planned and unexpected life events. These services can include, but are not necessarily limited to, the following:
• Goal development and tracking
• Balance sheet preparation
• Cash flow planning and budgeting
• Insurance review (life, property and casualty, disability, long-term care, health)
• Income tax review
• Financial independence/retirement planning
• Legacy development/estate planning and wealth transfer
• Education planning
• Philanthropic planning, including charitable foundation management
• Business development and succession planning Clients will receive written and verbal recommendations from their Financial Planning team members on steps to take to achieve the goals established by the client. The Financial Planning team members will collaborate with the client and help implement the recommendations. A Financial Planning team member could recommend the client create an investment account for LFC to manage. Such recommendations are a conflict of interest as they generate additional compensation to the firm. INVESTMENT MANAGEMENT Our Portfolio Management Team invests the capital you place in your portfolio under our management. Each portfolio is structured to meet your unique needs for liquidity (cash), stability, current income, long-term growth, tax efficiencies (as appropriate), and risk tolerance. Our Portfolio Management Team consists of Senior Portfolio Managers, Associate Portfolio Managers, and Investment Analysts. The Investment Committee (IC) is responsible for the investment activities of the firm. The IC oversees the overall investment policy and strategy; asset allocation strategies and risk management across portfolios; manager selection; investment due diligence; performance measurement; and communication with our Senior Portfolio Managers who meet with clients. Our Portfolio Managers advise and make recommendations on investment opportunities and manage your investment portfolio in an attempt to achieve its goals and objectives. During a typical meeting, your Portfolio Manager will discuss your investment portfolio. The Senior Investment Analysts spend time researching and analyzing the investment opportunities recommended to you; however, they are not usually actively involved in your meetings. RETIREMENT PLANS ADVICE LFC also provides retirement plan consulting services by assisting sponsors of self-directed retirement plans with the selection and/or monitoring of investment alternatives (generally open-end mutual funds) from which plan participants shall choose in self-directing the investments for their individual plan

retirement accounts. In addition, to the extent requested by the plan sponsor, LFC provides participant education designed to assist participants in identifying the appropriate investment strategy for their retirement plan accounts. The terms and conditions of the engagement are set forth in a Retirement Plan Consulting Agreement between LFC and the plan sponsor. DEPARTMENT OF LABOR ACKNOWLEDGEMENT OF FIDUCIARY DUTY When LFC provides investment advice to clients regarding IRAs or retirement plans, LFC is a fiduciary as defined by Title 1 of the Employee Retirement Income Security Act (ERISA) of the Internal Revenue Code. As a fiduciary, LFC must meet a professional standard of care when providing investment advice and not put its interests ahead of clients when making recommendations; avoid materially misleading statements; adopt and policies and procedures designed to result in advice that is in the best interest of clients; and charge a fee that is reasonable for the services provided. SPECIALIZED SERVICES Family Capital Services LFC works with clients to maximize their human capital potential. Our goal is to allow our clients to achieve the most benefit from their unique talents, skills, and education. The Family Capital Team is a dedicated team that handles complex client situations. The team provides assistance with, but not necessarily limited to, the following:
• Developing plans for transitional business situations including the growth of an enterprise, business acquisition or sale, and/or partner buyout;
• Developing relationships with business and social contacts, knowledge networks, and collaborative partners;
• Conceptualizing and creating visual presentations and models to illustrate stock positions, business dynamics, real estate holdings, and tax implications; and
• Coordinating the WholeVision™ implementation of a clients’ business with their investment portfolio. Family Capital services can result in additional fees to clients depending on the scope of projects. Foundation Services LFC offers management services for private family foundations which can include, but are not necessarily limited to, the following:
• Assistance in the establishment of the foundation;
• Facilitate grant payments;
• Creation and management of investment portfolio assets; and/or
• Board communication and investment presentations. Limitations to Financial Planning and Non-Investment Consulting/Implementation Services To the extent requested by a client, LFC can discuss services regarding non-investment related matters, such as estate planning, tax planning, insurance, etc., however LFC does not serve as an attorney, accountant, or insurance agent, and no portion of our services should be construed in the same manner. Accordingly, LFC does not prepare estate planning documents, tax returns, or sell insurance products. To the extent requested by a client, we can recommend the services of other professionals for certain non-investment implementation purposes (i.e., attorneys, accountants, insurance, etc.). You are under no obligation to engage the services of any such recommended professional. You, as the client, retain absolute discretion over all implementation decisions. LFC or Supervised Persons do not receive any compensation from these referrals. Retirement Rollovers – Potential Conflict of Interest LFC provides advisory services to retirement investors. For example, LFC may recommend a rollover of a client’s retirement assets into an IRA account to be managed by LFC. It may also recommend the rollover of a client’s existing IRA into an IRA account to be managed by LFC. A client or prospective client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending on the client’s age, result in adverse tax consequences). At a minimum, Investors should consider fees and expenses, investment options, services, penalty-free withdrawals, protection from creditors and legal judgments, required minimum distributions, and employer stock. LFC encourages you to discuss your options and review the above listed considerations with an accountant, third-party administrator, investment advisor to your Employer Plan (if available), or legal counsel, to the extent you consider necessary. If LFC recommends that a client roll over his or her retirement plan assets into an account to be managed by LFC, such a recommendation creates a conflict of interest if LFC will earn an advisory fee on the rolled over assets. When acting in such capacity, LFC serves as a fiduciary under the Employee Retirement Income Security Act (ERISA). LFC advisors follow the rules and meet the requirements promulgated by the Department of Labor’s Prohibited Transaction Exception (DOL PTE) 2020-02 when advising a client regarding a client’s retirement account. Additional resources about IRA Rollovers are available to investors through FINRA’s web site at www.finra.org. LFC PRIVATE FUNDS LFC serves as a General Partner and Investment Manager for several private funds (“LFC Partnerships”). The LFC Partnerships are in wind down mode and are not accepting new investors. LFC serves as the Investment Manager to the LFC Partnerships and receives a management fee on invested capital as described in the subscription agreement and other offering documents. You should refer to the subscription agreement and other offering documents for a complete description of the fees, investment objectives, risks, and other relevant information associated with investing in the Partnerships. The Partnerships undergo an independent audit annually by a Public Company Accounting Oversight Board ("PCAOB") registered firm. LFC also serves as Managing Member to one private fund, LFC Equity Plus Tail Protection, LLC (“Fund”), which is the only fund accepting new investors. Investments in the Fund are not registered under the Securities Act of 1933, as amended, and are only offered after delivery and perusal of a private placement memorandum and execution of the subscription agreement and other offering documents. Investment in the Fund is offered only to accredited investors within the meaning of SEC Rule 506 of Regulation D of the Securities Act of 1933. Investment in the Fund is offered by private placement memorandum and subscription agreement which provides investors with full disclosure regarding the objectives of the Fund, the risks involved with the offering and the minimum initial capital contribution required. Wrap Fee Programs We do not participate in wrap fee services, which bundle investment advisory and brokerage fees into a flat fee structure. Managed Assets As of December 31, 2023, we managed the following client assets: Discretionary: $ 1,303,246,013 Non-Discretionary: $ 34,368,004 “Discretionary” means LFC has the approval/authority to manage your account(s), including placing trades or retaining other investment advisors/managers on behalf of a client, without seeking consent. “Non-Discretionary” means LFC does not have your approval/authority to manage your account(s) without consent, and you must approve every financial transaction, or you have directed an outside third-party to manage your account(s).