Kanen Wealth Management LLC

FEES AND COMPENSATION (Item 5)
Advisory Fees
   We earn fees and compensation by constructing investment portfolios, recommending market-responsive
   investment strategies, conducting alternative investment fund analysis, managing the investment assets of a
   private investment fund, and providing advisory services to the Mutual Fund. The details regarding our fees
   and compensation are as follows:
   Portfolio Management Services
   Our fee schedule for portfolio management services is as follows:

                              Assets Under Management                  Annual Rate
                                    First $2,500,000                      2.0%
                                    Next $2,500,000                       1.5%
                                    Next $2,000,000                       1.0%
                                    Over $7,000,000                     Negotiable
                                           Sample Fee Calculation:
                                          Investments of $7,000,000
                                              $2,500,000 @ 2.0%
                                               $2,500,000 @ 1.5%
                                              $2,000,000 @ 1.0%
                                        (Effective blended rate of 1.54%)
                             Quarterly Fees of $26,875 | Annual Fees of $107,500
   Our fee schedule for portfolio management services is negotiable. The final fee is outlined in our investment
   management agreement. Please also review Item 7, Types of Clients, for more details regarding our minimum
   investment value of $200,000. We reserve the right to adjust advisory fees and/or waive our minimum
   requirements for portfolio management services based on other criteria (e.g., pre-existing relationships, related
   accounts, the anticipation of additional assets, etc.) that we deem pertinent.

KANEN WEALTH MANAGEMENT BROCHURE                                                                                5

                                                                                 Kanen Wealth Management LLC

  Alternative Investment Advisement
  Fees for advisement relative to unaffiliated alternative investments are assessed in accordance with our
  portfolio management fee schedule published herein.
  Investment Management Services to Private Funds
  Philotimo Fund, LP
  (a) Management Fees
  For services to the Fund, we charge investors an annual investment management fee (“management fee”) of
  two percent (2%). The management fee is payable quarterly in advance at the rate of 0.5%.
  (b) Performance-Based Fees
  In addition to the management fees above, we assess a quarterly performance allocation equal to twenty percent
  (20%) of each investor’s ratable share of the Fund’s profits for such quarter. The performance allocation is only
  assessed when such profits exceed such an investor’s “high watermark.” More specifically, the performance
  allocation is subject to a loss carry-forward provision in that no performance allocation will be deducted from
  any investor’s capital account until prior losses have been recouped.

  Philotimo SPV I, LP & Philotimo SPV II, LP
  (a) Management Fees
  For services to the Fund, we charge investors an annual investment management fee (“management fee”) of one
  percent (1%). The management fee is payable quarterly in advance at the rate of 0.25%.

  (b) Performance-Based Fees
  In addition to the management fees above, please refer to Article IV, Allocation of Profits and Losses of SPV I &
  II, LP Limited Partnership Agreement which reads as follows:
  Article IV
  (a) Distributions of Investment Proceeds.
  Subject to Sections 4.1(e) and (g), the Partnership shall make distributions of Distributable Cash to the extent
  constituting (i) proceeds of a Disposition of the Target Company or any portion thereof, (ii) income, dividends,
  distributions, or interest from the Target Company, within a reasonable period of time following the end of the
  fiscal quarter in which such amounts are received, and (iii) income from Temporary Investments, in each case
  in the order of priority set forth below. Distributable Cash shall initially be notionally apportioned among the
  Partners (including the General Partner in its capacity as a Partner, and the amount so apportioned to the
  General Partner shall be distributed to the General Partner) in proportion to their relative Capital Contributions
  with respect to the Target Company or Temporary Investment. The amount apportioned to each Limited
  Partner shall be distributed as follows:
  (i) Return of Capital: First, one hundred percent (100%) to such Limited Partner until distributions to such
  Limited Partner of Distributable Cash on a cumulative basis pursuant to this clause (i) equal such Limited
  Partner's aggregate Capital Contributions;
  (ii) Preferred Return: Second, one hundred percent (100%) to such Limited Partner until distributions to such
  Limited Partner of Distributable Cash on a cumulative basis pursuant to this clause (ii) equal the Preferred
  Return; and
  (iii) Catch-Up: Third, one hundred percent (100%) to the General Partner until distributions to the General
  Partner of Distributable Cash on a cumulative basis as Carried Interest Distributions equal twenty percent
  (20%) of all distributions of Distributable Cash made pursuant to clause (ii) and this clause (iii); and
  (iv) 80/20 Split: Any balance thereafter (x) eighty percent (80%) to such Limited Partner and (y) twenty percent
  (20%) to the General Partner.
  Investment Company (Mutual Fund) Advisory Services
  For our advisory services to the Mutual Fund, we assess an annual management fee (“mutual fund management
  fee”) equal to 1.00% of the Mutual Fund’s average daily net assets. The management fee is paid monthly and is
  an expense of the Mutual Fund.
...

TYPES OF CLIENTS (Item 7)
  We generally provide investment advice to individuals, high net-worth individuals, charitable organizations,
  and other business entities. We also manage the Fund's assets and the Mutual Fund's portfolio. The minimum
  investment requirement for each advisory service is as follows:
  Portfolio Management Services
  We require a minimum investment value of $200,000 for portfolio management services. Notwithstanding the
  foregoing, we reserve the right to waive our minimum requirement for portfolio management services based on
  other criteria (e.g., pre-existing relationships, related accounts, the anticipation of additional assets, etc.) that
  we deem pertinent.
  Alternative Investment Advisement
  There is no minimum investment requirement for alternative investment advisement. This service typically
  encompasses the evaluation of an existing portfolio management client’s held-away assets.
  Investment Management Services to Private Funds
  The Funds requires a minimum capital contribution of $250,000. Investors in the Fund must meet specific
  suitability and net worth qualifications such as “accredited investor” as defined in Rule 501(a) of Regulation D
  under the Securities Act of 1933 (the “Securities Act”) and “qualified client” as defined in Rule 205-3 under the
  Investment Advisers Act of 1940 (the “Advisers Act”). Some exceptions apply. Please review the Funds PPM’s for
  additional details.

KANEN WEALTH MANAGEMENT BROCHURE                                                                                   10

                                                                                     Kanen Wealth Management LLC
   Investment Company (Mutual Fund) Advisory Services
   The Mutual Fund requires an initial investment of $2,500 and subsequent investments of at least $1,000.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS