Sullivan Investment Management LLC

ITEM 5 – FEES AND COMPENSATION (continued)
Sullivan Investment Management does maintain a minimum fee of $800. In special
circumstances fees are negotiable. Circumstances include non-profit organizations, long term
potential of the relationship and size of the account.
The specific manner in which fees are charged by Sullivan Investment Management is
established in a client’s written agreement with Sullivan Investment Management. Sullivan
Investment Management will bill its fees in advance for each calendar quarter. Clients will
authorize Sullivan Investment Management to directly debit fees from client accounts.
Management fees shall be prorated for each capital contribution and withdrawal made during the
applicable calendar quarter. Accounts initiated or terminated during a calendar quarter will be
charged a prorated fee. Upon termination of any account, any prepaid, unearned fees will be
promptly refunded.
Unless a client has received the firm’s disclosure brochure at least 48 hours prior to signing the
investment advisory contract, the investment advisory contract may be terminated by the client
within five (5) business days of signing the contract without incurring any advisory fees.
S.I.M.’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, third party investment and other third parties such as fees charged by
managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire
transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. Mutual funds and exchange traded funds also charge internal management fees,
which are disclosed in a fund’s prospectus.
Such charges, fees and commissions are exclusive of and in addition to S.I.M.’s fee, and S.I.M.
shall not receive any portion of these commissions, fees, and costs.
Item 12 further describes the factors that Sullivan Investment Management considers in selecting
or recommending broker-dealers for client transactions and determining the reasonableness of
their compensation (e.g., commissions).

ITEM 7 – TYPES OF CLIENTS
S.I.M. provides portfolio management services to individuals, high net worth individuals,
corporate pension and profit-sharing plans, charitable institutions, foundations, and endowments.
The minimum account size is $200,000, however exceptions may be made for relatives of
existing clients.