Boyle Capital Management LLC

Fees and Compensation - Item 5

  Boyle Capital Managed Account Program Fees
  Please see Item 4 of our Form ADV Part 2A, Appendix 1: Wrap Fee Program Brochure for information regarding
  our wrap program fees.

  Non-Wrap Portfolio Management Fees
  Our annual non-wrap portfolio management fees are based on a percentage of the assets under management
  and are negotiable. The agreed-upon fee will be set forth in the management agreement.

             Account Value                            Quarterly Fee                         Annualized Fee
             $0 - $1,999,999                             0.375%                                1.50%
         $2,000,000 - $4,999,999                        0.2250%                                0.90%
        $5,000,000 - $24,999,999                        0.0875%                                0.35%
            Over $25,000,000                            0.0625%                                0.25%

  Our annual Program fee is billed and payable quarterly in advance based on the value of your account on the last
  day of the previous quarter. If the advisory agreement is executed at any time other than the first day of a
  calendar quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
  proportion to the number of days in the quarter for which you are a client. Our advisory fee is negotiable,
  depending on individual client circumstances.

  At our discretion, we may combine the account values of family members living in the same household to
  determine the applicable advisory fee. For example, we may combine account values for you and your minor
  children, joint accounts with your spouse, and other types of related accounts. Combining account values may
  increase the asset total, which may result in your paying a reduced advisory fee based on the available
  breakpoints in our fee schedule, stated above.

  The firm treats cash and cash equivalents as an asset class. Accordingly, unless otherwise agreed in writing, all
  cash and cash equivalent positions (e.g., money market funds, etc.) are included as part of assets under
  management for purposes of calculating the firm’s advisory fee. At any specific point in time, depending upon
  perceived or anticipated market conditions/events (there is no guarantee that such anticipated market
  conditions/events will occur), the firm may maintain cash and/or cash equivalent positions for defensive,
  liquidity, or other purposes. While assets are maintained in cash or cash equivalents, such amounts could miss
  market advances and, depending upon current yields, at any point in time, the firm’s advisory fee could exceed
  the interest paid by the client’s cash or cash equivalent positions.

  Unless otherwise agreed in writing, the gross amount of assets in the client’s account, including margin balances,
  is included as part of assets under management for purposes of calculating the firm’s advisory fee. Clients should
  note that this practice will increase total assets under management, used to calculate advisory fees that will, in
  turn, increase the amount of fees collected by our firm. This practice creates a conflict of interest in that our firm
  has an incentive to use margin in order to increase the amount of billable assets. At all times, the firm and its
  Associated Persons strive to uphold their fiduciary duty of fair dealing with clients. Clients are free to restrict the
  use of margin by our firm. However, clients should note that any restriction on the use of margin might negatively
  impact an account’s performance in a rising market.

  The firm has a fiduciary duty to provide services consistent with the client’s best interest. As part of its investment
  advisory services, the firm will review client portfolios on an ongoing basis to determine if any changes are
  necessary based upon various factors, including but not limited to investment performance, fund manager
  tenure, style drift, account additions/withdrawals, the client’s financial circumstances, and changes in the client’s

Boyle Capital
Form ADV Part 2A

  investment objectives. Based upon these and other factors, there may be extended periods of time when the
  firm determines that changes to a client’s portfolio are neither necessary nor prudent. Notwithstanding, unless
  otherwise agreed in writing, the firm’s annual investment advisory fee will continue to apply during these
  periods, and there can be no assurance that investment decisions made by the firm will be profitable or equal
  any specific performance level(s).

  We will deduct our fee directly from your account through the qualified custodian holding your funds and
  securities. We will deduct our advisory fee only when you have given our firm written authorization in accordance
  with the investment advisory agreement you sign with us that permits the fees to be paid directly from your
  account. Further, the qualified custodian will deliver an account statement to you at least quarterly. These
  account statements will show all disbursements from your account. You should review all statements for
  accuracy. We will also receive a duplicate copy of your account statements. Under certain circumstances, you
  may request to be billed directly for our fees instead of having them debited from your account.

  Either you or the firm may terminate the advisory agreement within five days from the date of acceptance
  without penalty to you. After the five-day period, either you or the firm may terminate the advisory agreement
  upon 30-days’ written notice to the other party. You will incur a pro rata charge for services rendered prior to
  the termination of the advisory agreement, which means you will incur advisory fees only in proportion to the
  number of days in the quarter for which you are a client. If you have prepaid advisory fees that we have not yet
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Types of Clients - Item 7

  We offer investment advisory services to individuals, pension and profit sharing plans, trusts, estates, charitable
  organizations, corporations, and other business entities.

  In general, we require a minimum of $30,000 to open and maintain an advisory account. However, the stated
  minimum may be waived at our discretion. For example, we may waive the minimum if you appear to have
  significant potential for increasing your assets under our management. We may also combine account values for
  you and your minor children, joint accounts with your spouse, and other types of related accounts to meet the
  stated minimum.

  Selected Managers may require different minimums for participation in certain strategies or programs; therefore,
  we will only refer you to such programs for which you qualify.

                    Methods of Analysis, Investment Strategies and Risk of Loss - Item 8

  We may use one or more of the following methods of analysis or investment strategies when providing
  investment advice to you:
      •    Fundamental Analysis – involves analyzing individual companies and their industry groups, such as a
           company’s financial statements, details regarding the company’s product line, the experience and
           expertise of the company’s management, and the outlook for the company’s industry. The resulting data
           is used to measure the true value of the company’s stock compared to the current market value. The
           risk of fundamental analysis is that information obtained may be incorrect, and the analysis may not
           provide an accurate estimate of earnings, which may be the basis for a stock’s value. If securities prices
           adjust rapidly to new information, utilizing fundamental analysis may not result in favorable
           performance.
      •    Long-Term Purchases – securities purchased with the expectation that the value of those securities will
           grow over a relatively long period of time, generally greater than one year.
      •    Short-Term Purchases – securities purchased with the expectation that they will be sold within a
           relatively short period of time, generally less than one year, to take advantage of the securities’ short-
           term price fluctuations.

Boyle Capital
Form ADV Part 2A

      •    Short Sales – securities transactions in which an investor sells securities he or she borrowed in
           anticipation of a price decline. The investor is then required to return an equal number of shares at
           some point in the future. A short seller will profit if the stock goes down in price, but if the price of the
           shares increases, the potential losses are unlimited.
      •    Margin Transactions – a securities transaction in which an investor borrows money to purchase a
           security, in which case the security serves as collateral on the loan. If the value of the shares drops
           sufficiently, the investor will be required to either deposit more cash into the account or sell a portion
           of the stock in order to maintain the margin requirements of the account. This is known as a "margin
           call." An investor’s overall risk includes the amount of money invested plus the amount that was loaned
           to them.
      •    Options Writing – a securities transaction that involves selling an option. An option is a right, but not an
           obligation, to buy or sell a particular security at a specified price before the expiration date of the option.
           When an investor sells an option, he or she must deliver to the buyer a specified number of shares if the
           buyer exercises the option. The seller pays the buyer a premium (the market price of the option at a
           particular time) in exchange for writing the option. Options are complex investments and can be very
           risky, especially if the investor does not own the underlying stock. In certain situations, an investor’s risk
           can be unlimited.

  We may use short-term trading (in general, selling securities within 30 days of purchasing the same securities) as
  an investment strategy when managing your account(s) when we determine that it is suitable, given your stated
  investment objectives and risk tolerance. This may include buying and selling securities frequently in an effort to
  capture significant market gains and avoid significant losses during a volatile market. However, frequent trading
  can negatively affect investment performance, particularly through increased brokerage and other transactional
  costs and taxes.

  Our investment strategies and advice may vary depending on each client’s specific financial situation. As such,
  we determine investments and allocations based on your predefined objectives, risk tolerance, time horizon,
  financial horizon, financial information, liquidity needs, and other various suitability factors. Your restrictions and
  guidelines may affect the composition of your portfolio.

  Tax Considerations
  Our strategies and investments may have unique and significant tax implications. However, unless we specifically
  agree otherwise, and in writing, tax efficiency is not our primary consideration in the management of your assets.
  Regardless of your account size or any other factors, we strongly recommend that you continuously consult with
  a tax professional before and throughout the investment of your assets.

  Moreover, as a result of revised IRS regulations, custodians and broker-dealers will begin reporting the cost basis
  of equities acquired in client accounts on or after January 1, 2011. Your custodian will default to the FIFO (First-
  In First-Out) accounting method for calculating the cost basis of your investments. You are responsible for
  contacting your tax advisor to determine if this accounting method is the right choice for you. If your tax advisor
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