Ballina Capital LLC

Item 5 – Fees and Compensation

A.      Fee Schedule
The fees and compensation payable to Ballina are negotiable and vary among its Clients. However,
the range of compensation is generally as follows:
        1.       Management Fee
Ballina typically receives a quarterly asset-based management fee calculated as a percentage of each
Client’s account, payable quarterly in arrears. The management fee is generally equal to 1.0% (per
annum). Ballina may, in its sole discretion, reduce, waive or calculate differently the management fee
with respect to any Client.

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                                                                               Ballina Capital, LLC Brochure

        2.      Incentive Fee
Ballina does not currently receive an incentive fee from its Clients. If in the future Ballina receives an
incentive fee from its Clients, this Brochure will be updated accordingly.
        3.      Fee Comparison
The expenses of the Clients, including the management fee, may constitute a higher percentage of
average net assets than would be found in other investment vehicles or with other investment
advisers.
B.      Payment of Fees
Management fees, and third-party fees (discussed below) are deducted from Client assets.
Management fees, which are paid in arrears, are withdrawn at the end of each quarter. Clients can
prohibit direct debiting of management fees, in which case Ballina will bill the client directly.
C.      Third-Party Fees
The Clients shall pay such costs and expenses as Ballina shall reasonably determine to be necessary,
appropriate, advisable or convenient to realize each Client’s investment objective, including but not
limited to: (i) management fees; (ii) all general investment expenses; (iii) all operating and
administration expenses, including but not limited to, all custodial fees, accounting, brokerage
commissions, clearing fees, borrowing charges, interest on margin and other borrowings, and taxes
incurred in connection with the Client’s account; and (iv) such other expenses as may be set forth in
each Client’s Advisory Agreement.
Ballina’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the Clients. Such charges, fees and commissions are exclusive of
and in addition to Ballina’s management fee, and Ballina shall not receive any portion of these
commissions, fees, and costs.
Please see Item 12 of this Brochure regarding brokerage.
D.      Outside Compensation for the Sale of Securities
Neither Ballina nor its supervised persons accepts compensation for the sale of securities or other
investment products outside of its association with Ballina.

Item 7 – Types of Clients
Ballina provides investment advice and portfolio management services to separate accounts,
including individuals, small businesses, and institutional clients.
The minimum amount of assets under management for a Client account is $300,000. Ballina may, in
its sole discretion, waive the minimum investment requirement for any Client. Generally, similar

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                                                                               Ballina Capital, LLC Brochure

terms will apply to Clients, though certain Clients may have terms that differ or are more favorable
than those for other Clients.