Boyd Capital Management LLC

Item 5: Fees and Compensation

A. Fee Schedule

Portfolio Management Fees

         Total Assets Under Management            Annual Fees
         $0 - $250,000                            1.25%

         $250,001 - $1,000,000                    1.00%

        Total Assets Under Management          Annual Fees
        $1,000,001 - AND UP                    0.75%

The advisory fee is calculated using the value of the assets in the Account on the last
business day of the prior billing period.

These fees are generally negotiable and the final fee schedule will be memorialized in the
client’s advisory agreement. Clients may terminate the agreement without penalty for a
full refund of BCM's fees within five business days of signing the Investment Advisory
Contract. Thereafter, clients may terminate the Investment Advisory Contract generally
upon 30 days' written notice.

Financial Planning Fees

Fixed Fees

The negotiated fixed rate for creating client financial plans is between $1,000 and $10,000.

Hourly Fees

The negotiated hourly fee for these services is $250.

Clients may terminate the agreement without penalty, for full refund of BCM’s fees,
within five business days of signing the Financial Planning Agreement. Thereafter, clients
may terminate the Financial Planning Agreement generally upon written notice.

B. Payment of Fees

Payment of Portfolio Management Fees

Asset-based portfolio management fees are withdrawn directly from the client's accounts
with client's written authorization on a quarterly basis. Fees are paid in advance.

Payment of Financial Planning Fees

Financial planning fees are paid via check, cash and wire.

Fixed financial planning fees are paid 20% in advance, but never more than six months in
advance, with the remainder due upon presentation of the plan.

Hourly financial planning fees are paid in arrears upon completion.

C. Client Responsibility For Third Party Fees

       Clients are responsible for the payment of all third-party fees (i.e. custodian fees,
       brokerage fees, mutual fund fees, transaction fees, etc.). Those fees are separate and
       distinct from the fees and expenses charged by BCM. Please see Item 12 of this brochure
       regarding broker-dealer/custodian.

       D. Prepayment of Fees

       BCM collects fees in advance. Refunds for fees paid in advance but not yet earned will be
       refunded on a prorated basis and returned within fourteen days to the client via check, or
       return deposit back into the client’s account.

       For all asset-based fees paid in advance, the fee refunded will be equal to the balance of
       the fees collected in advance minus the daily rate* times the number of days elapsed in
       the billing period up to and including the day of termination. (*The daily rate is calculated
       by dividing the annual asset-based fee rate by 365.)

       Fixed fees that are collected in advance will be refunded based on the prorated amount of
       work completed at the point of termination.

       E. Outside Compensation for the Sale of Securities to Clients

       BCM and its supervised persons may accept compensation for the sale of investment
       products, including asset-based sales charges or service fees from the sale of mutual
       funds. These will be accepted when doing so represents the least cost of asset over the
       anticipated life of the applicable asset.

Item 7: Types of Clients

BCM generally provides advisory services to the following types of clients:

       ❖       Individuals
       ❖       High-Net-Worth Individuals
       ❖       Pension and Profit-Sharing Plans
       ❖       Charitable Organizations

There is no account minimum for any of BCM’s services.