Belleair Asset Management LLC

Item 5 – Fees and Compensation

The specific manner in which fees are charged by Belleair is established in a client’s written agreement
with Belleair. Investment Management and Employee Benefit Plan clients will be billed in advance at the
beginning of each calendar quarter based upon the value (market value based on independent third-
party sources or fair market value in the absence of market value; client account balances on which
Belleair calculates fees may vary from account custodial statements based on independent valuations

and other accounting variances, including mechanisms for including accrued interest in account
statements) of the client’s account at the end of the previous quarter. New accounts are charged a
prorated fee for the remainder of the quarter in which the account is incepted.

For Investment Management and Employee Benefit Plan Services, Belleair will request authority from the
client to delegate discretion to trade in the client’s account, and to receive quarterly payments directly
from the client's account held by an independent custodian. Clients may provide written limited
authorization to Belleair or its designated service provider, FAS, to withdraw fees from the account.
Clients will receive custodial statements showing the advisory fees debited from their account(s).
Certain third-party administrators will calculate and debit Belleair’s fee and remit such fee to Belleair.

A client agreement may be canceled at any time, by either party, for any reason upon receipt of 30-days’
written notice. Upon termination, any prepaid, unearned fees will be promptly refunded.

Belleair’s 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, 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 ETFs also charge
internal management fees, which are disclosed in a fund’s prospectus. These fees will generally include
a management fee and other fund expenses. All fees paid to Belleair for investment advisory services are
separate and distinct from the fees and expenses charged by mutual funds and ETFs to their
shareholders.

Such charges, fees and commissions are exclusive of and in addition to Belleair’s fee, and Belleair shall
not receive any portion of these commissions, fees, and costs.

Please see Item 12 of this Brochure for additional information about Belleair’s Brokerage Practices.

Advisory Fees

Investment Management Services:

The standard annual fee for investment management services will be charged as a percentage of assets
under management. The specific fee charged is included in the client’s advisory agreement. Fees can
range up to 1.25% with minimum annual fees as high as $5,000. Fees may be negotiable based on family
relations or individual circumstances including account size, potential future account growth, business
relationships and the level and scope of the services requested. Individual accounts for immediate
family members (such as husband, wife and dependent children) are aggregated, and the fee is charged
based on the total value of all family members’ accounts. Certain pre-existing Investment Management
Services clients may be on a different fee schedule.

Belleair has contracted with FAS, for services including trade processing, collection of management
fees, record maintenance, report preparation, marketing assistance, and research. Belleair has also
contracted with FAS for certain sub-advisory services. In certain instances, Belleair pays a fee for FAS’s
services based on management fees paid to Belleair on accounts which use FAS services. The fee paid
by Belleair to FAS varies based on the total client assets administered and/or sub-advised by FAS
through Belleair. These fees will not be separately charged to advisory clients and are included within the
advisory fees charged to clients. There may be other fees Belleair clients may pay to FAS directly under

separate fee agreements.

Independent Manager Fees:

As stated above in Item 4, Belleair (in coordination with the client) may decide to implement as
Independent Managers for the management of portfolios of individual securities. In certain instances,
these Independent Managers will charge their own separate and distinct fee from Belleair’s advisory
fees, which are noted above. Clients grant these Independent Managers authority at the client’s
custodian to directly debit client accounts for their respective fees.

Additionally, clients are required to sign an advisory agreement addendum with Belleair which outlines
these additional fees.

Employee Benefit Plan Services:

The annual fee for plan services will be charged as a percentage of assets within the plan.

                  Assets Under             FAS’           Belleair’s Annual   Total Annual Fee
                  Management             Annual Fee              Fee
             On the first $1,000,000        0.20%              0.70%               0.90%
             On the next $4,000,000         0.15%              0.45%               0.60%
             On the next $5,000,000         0.08%              0.25%               0.33%
             On all amounts above           0.05%              0.15%               0.20%
                  $10,000,000

Fees may be negotiable based on individual circumstances including account size, potential future
account growth, business relationships and the level and scope of the services requested.

Belleair and FAS share this fee according to a percentage negotiated between Belleair and FAS. Certain
pre-existing employee benefit plan services clients may be on a different fee schedule.

Financial Planning Services:
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Item 7 – Types of Clients

Belleair provides services to individuals, qualified retirement plans, trusts, charitable organizations,
corporations and small businesses.

Belleair generally requires a minimum annual fee of $5,000 for Investment Management Services. A
minimum of $500,000 is generally required for management services of portfolios of individual fixed
income securities. Minimum fees may be negotiable under certain circumstances.