Shepherd Street Advisors LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into one more
written agreements with the Advisor.

A. Fees for Advisory Services
Investment Management Services
Investment advisory fees are paid quarterly, in advance of each calendar quarter, pursuant to the terms of the
investment advisory agreement. Investment advisory fees are based on the market value of assets under
management at the end of the prior calendar quarter. Investment advisory fees are based on the following
schedule:

          Assets Under Management            Annualized Asset-Based Fee               Quarterly Asset-Based Fee
                $0 - $3,000,000                1.00% (100 basis points)                 0.2500% (25 basis points)
            $3,000,000 - $6,000,000             0.75% (75 basis points)               0.1875% (18.75 basis points)
              $6,000,000 – Above               0.50% (50 basis points)                0.1250% (12.5 basis points)

The investment advisory fee in the first quarter of service is prorated from the first day of the month following the
execution of the investment advisory agreement, and once the assets have properly settled the Client’s account,
to the end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will
take into consideration the aggregate assets under management with the Advisor. The Advisor does not
recommend the purchase or sale on margin. However, if the Client elects to have margin transactions in their
portfolio this will result in a Client’s paying additional fees for securities bought on margin. All securities held in
accounts managed by Shepherd Street Advisors will be independently valued by the Custodian. The Advisor will
conduct periodic reviews of the Custodian’s valuations to ensure accurate billing.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and
other related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the
Advisor shall not receive any portion of these commissions, fees, and costs.

                                                Shepherd Street Advisors LLC
                                   900 Larkspur Landing Circle, Suite 205, Larkspur, CA 94939
                                                     Phone: (415) 780-8758
                                              https://shepherdstreetadvisors.com

Use of Independent Managers
As noted in Item 4, the Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or
more Independent Managers. To eliminate any conflict of interest, the Advisor does not earn any compensation
from an Independent Manager. The Advisor will only earn its investment advisory fee as described above.
Independent Managers typically do not offer any fee discounts but may have a breakpoint schedule which will
reduce the fee with an increased level of assets placed under management with an Independent Manager. The
terms of such fee arrangements are included in the Independent Manager’s disclosure brochure and applicable
contract[s] with the Advisor or Independent Manager. The total blended fee, including the Advisor’s fee and the
Independent Manager’s fee, will not exceed 2.00% annually.

Financial Planning Services
Shepherd Street Advisors offers annual financial planning services. Annual financial plans are billed for a fixed
annual fee ranging from $1,200 to $10,000, depending on the scope and complexity of the Client engagement.
Annual financial planning fees are billed quarterly in advance. Fees may be negotiable at the sole discretion of the
Advisor.

B. Fee Billing
Investment Management Services
Investment advisory fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s]
at the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be
deducted from the Client’s account[s] at the beginning of the respective quarter. The amount due is calculated by
applying the quarterly rate (annual rate divided by 4) to the total assets under management with Shepherd Street
Advisors at the end of the prior calendar quarter. Clients will be provided with a statement, at least quarterly, from
the Custodian reflecting deduction of the investment advisory fee. Clients are urged to also review and compare
the statement provided by the Advisor to the brokerage statement from the Custodian, as the Custodian does not
perform a verification of fees. Clients provide written authorization permitting advisory fees to be deducted by
Shepherd Street Advisors to be paid directly from their account[s] held by the Custodian as part of the investment
advisory agreement and separate account forms provided by the Custodian.

Use of Independent Managers
For Client accounts implemented through an Independent Manager, depending on the Independent Manager
implemented, the Client’s overall fees will either include Shepherd Street’s investment advisory fee (as noted
above) plus investment management fees and/or platform fees charged by the Independent Manager[s], or the
Independent Manager fees will be deducted by the Independent Manager separately from fees deducted by
Shepherd Street. Client’s will be informed as to whether or not the Independent Manager’s fee is combined or
deducted separately. Shepherd Street Advisors may charge a lower investment advisory fee on Client account[s]
invested with an independent manager. The Independent Manager or the Advisor will assume responsibility for
calculating the Client’s fees and deduct all fees from the Client’s account[s]. Clients will be provided with a
...

Item 7 – Types of Clients

Shepherd Street Advisors offers investment advisory services to individuals, high net worth individuals, trusts,
estates, foundations, and charitable organizations. Shepherd Street Advisors generally imposes a minimum
relationship size of $750,000, which may be waived at the Advisor’s sole discretion.