Valeo Financial Advisors LLC

Item 5 - Fees and Compensation

Valeo Fees in General

       Valeo is compensated only through fees paid directly by our clients. Fees are calculated
       once a year then billed in quarterly installments in advance. The fees remain constant
       during the engagement year regardless of additions or withdrawals from the accounts.

       Valeo believes that it is important for clients to address financial planning issues with us
       on an ongoing basis. Valeo’s advisory fee will remain the same regardless of whether
       clients determine to address financial planning issues with Valeo. However, Valeo remains
       available to address planning issues with the client on an ongoing basis.

       All fees are negotiable, including minimum fees, when unique circumstances are present.
       Specifically, Valeo may discount the fees represented in the schedules below when a large
       portion of a client’s net worth comes from a privately held business, concentrated position,
       or due to their personal relationship with a firm employee. As a service to certain charitable
       and non-profit organizations and their clients, Valeo may be engaged for a discounted fee
       or no cost. In addition, Valeo will honor a client’s pre-existing fee schedule on a temporary
       basis during a transitional period not to exceed one year, if Valeo becomes an investment
       adviser to the client following a merger or acquisition affecting that client’s previous
       investment adviser. As a result of these factors, similarly situated clients could pay
Valeo Financial Advisors, LLC                   7                        Form ADV Part 2A Brochure

       different fees which correspondingly impact a client’s net account performance. Moreover,
       the services to be provided by Valeo to any particular client could be available from other
       investment advisers at lower fees, and certain clients may have fees different than those
       specifically set forth below.

       With clients’ consent, we typically deduct fees from an account of their choosing. Clients
       may also pay by check.

        Personal Advisory Services

           Fees are calculated by applying the schedule below to each client’s net worth at the
           onset of our relationship and annually thereafter, using mutually agreed upon year-
           end values. A one-time new client transition fee equal to one full quarterly fee is billed
           at the inception of the relationship. The minimum annual fee is $10,000.

                                  Net Worth: Less than $30 Million

                                   Net Worth                 Annual Fee
                                   First $7,500,000          0.50%
                                   Next $7,500,000           0.25%
                                   Next $15,000,000          0.125%

                                  Net Worth: Greater than $30 Million

                                   Net Worth                Annual Fee
                                   $30,000,000+             0.25%

           We offer our Valeo Essentials service to clients who do not require our full-service
           offering. Clients who engage Valeo through our Essentials offering will receive
           personalized investment management through Valeo’s model portfolios, periodic
           reviews of their financial plan and quarterly account performance updates. Clients
           participating in Valeo Essentials are subject to an annual fee calculated as 0.50% of
           the client’s net worth. Participants are also subject to an annual minimum fee of
           $2,500.

           Valeo, in its sole discretion, may charge a lesser advisory fee and/or reduce or waive
           its minimum fee based upon certain criteria (i.e., anticipated future earning capacity,
           anticipated future additional assets, dollar amount of assets to be managed, related
           accounts, account composition, negotiations with client, etc.).

           Clients must be aware that if they have a net worth of less than $2 million, and are
           subject to the $10,000 annual minimum fee, the client will pay a higher
           percentage quarterly fee than the 0.50% referenced in the above fee schedule. As a
           result of these factors, similarly situated clients could pay different fees, the services
           to be provided by Valeo to any particular client could be available from other
           advisers at lower fees, and certain clients may have fees different than those
           specifically set forth above.

Valeo Financial Advisors, LLC                   8                        Form ADV Part 2A Brochure

          Institutional Advisory Services

             Fees are based on a percentage of the investment portfolio. A one-time setup fee
             equal to one full quarterly fee is billed at the inception of the relationship. The minimum
             annual fee is $10,000.

                                   Total Assets: Less than $30 Million

                                    Portfolio                 Annual Fee
                                    First $7,500,000          0.50%
                                    Next $7,500,000           0.25%
                                    Above $15,000,000         0.125%

                                   Total Assets: Greater than $30 Million

                                    Portfolio                 Annual Fee
                                    $30,000,000+              0.25%

Billing

       Clients have the option of having fees automatically deducted from their accounts, billed
       to them directly, or a combination of the two options. Clients may change their method of
       payment at any time.

Expenses / Other Fees

       Our fees are exclusive of brokerage commissions, transaction fees, and other related
...

Item 7 - Types of Clients

       We offer our services to individuals, trusts, estates, charitable organizations, corporations
       and other business entities. Client relationships vary in scope and length of service.

       We do not have account minimums but may charge a minimum annual fee, as disclosed
       in Item 5, above.