Kelleher Financial Advisors LLC

Item 5 Fees and Compensation
KFA charges an annual fee for investment management services that ranges from 0.50% to 1.50% of
assets under management. Fees will vary depending upon the market value of your assets under our
management, the type and complexity of the asset management services provided, as well as the level
of administration requested either directly or assumed by the Client. KFA’s annual investment
management fee is billed and payable quarterly in arrears based on the balance of the assets under
management at end of the billing period.

Starboard Advisors charges an annual fee for investment management services according to the
following fee schedule:

               First $2Million of value: 0.75% (0.1875% quarterly)
               Value Over $2Million: 0.50% (0.125% quarterly)

Starboard Advisors’ annual investment management fee is billed and payable quarterly in advance
based on the balance of the assets under management at end of the prior billing period.

Starboard Advisors also charges hourly or fixed fees for Family Office Consulting Services. Any hourly
fee charged will be specified in an advisory agreement and could be as high as $600/hour depending
on the complexity of your financial situation. Hourly fees will be invoiced periodically on a monthly or
quarterly basis.

Any fixed fees will also be specified in an advisory agreement. Fixed fees may be for one-time
consultative projects, or for ongoing services. For one-time consultative projects, a deposit of up to
50% of the fee is due upon execution of the agreement with the balance due upon completion of the
agreed upon services. For ongoing Family Office Services, we typically quote a fixed annual fee for
agreed upon services and bill the fee in quarterly payments in advance at the beginning of each
calendar quarter.

Battery Park Capital charges an annual fee for investment management services that ranges from
0.50% to 1.50% of assets under management. Fees will vary based on the size of the account and the
client’s investment objectives. For example, use of strategies that employ options will range higher
while accounts with significant fixed income objectives will range lower. Battery Park Capital’s annual
investment management fee is billed and payable quarterly in arrears based on the balance of the
assets under management at end of the billing period.

Additional Fee Information

All advisory fees are negotiable, depending on individual Client circumstances.

The details of each Client’s fees will be specified in an Investment Advisory or Asset Management
Agreement (together "Advisory Agreement"). If an 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.

Investment management services fees are typically based on a client’s total account value, which may
include certain securities that Client has restricted in such a manner that sales of such securities
require client approval before placement. These latter restricted assets may be individually considered
nondiscretionary; however, we provide ongoing monitoring and management of any such assets as a
part of our managed accounts; we make recommendations for sales; we consider tax implications; and
report on such assets as a part of the total account and wealth management services provided. We
report on such restricted assets that comprise a portion of a portfolio as discretionary assets under
management at the end of Item 4 according to Form ADV reporting instructions.

You may terminate an Advisory Agreement upon written notice to our Firm. You will incur a pro rata
charge for services rendered prior to the termination of the account management 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 fees that we have not yet earned, you will receive a prorated refund of
those fees. If fees are payable in arrears, you will be responsible for fees based on services performed
prior to termination of the agreement, including pro rata investment management fees.

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 will increase the asset total, which may result in you paying a reduced advisory fee.

We will deduct our fee directly from your account through the qualified custodian holding your funds
and securities when you have given our firm written authorization permitting the fees to be paid directly
from your account. We request this authorization in investment management service agreements. You
may elect to pay your advisory fee by check provided that we are authorized to deduct the advisory fee
from your Account if any invoice is not paid by you within ten days of the beginning of each calendar
quarter. Your qualified custodian will deliver an account statement to you at least quarterly. These
account statements will show all disbursements from your account including advisory fees paid. You
should review all statements for accuracy.

Additional Fees and Expenses

Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the Client. Clients may incur charges imposed by custodians,
brokers, and other third parties such as custodial fees, deferred sales charges, odd-lot differentials,
transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on custody and
brokerage accounts and securities transactions. Mutual funds and exchange traded funds also charge
...

Item 7 Types of Clients
We offer investment advisory services to individuals and families, including high net worth individuals
and families, pension and profit sharing plans, trusts, estates, or charitable organizations as well as
corporations or other businesses not listed above.

In general, KFA Clients must meet a minimum initial account size requirement of $25,000.

Starboard Advisors typically requires Investment Management Services Clients to have minimum
investable assets of $1,000,000. Family Office Consulting Clients typically must have a minimum net
worth of $10,000,000.

BPC typically requires a $500,000 minimum account for services.

Accounts will not be terminated if they fall below a minimum initial account size, and the Firm may
waive some of these requirements on a case-by-case basis at our discretion. Any exceptions may be
subject to a higher fee than described in Item 5 above.