Balcony Partners LLC

ITEM 5: Fees and Compensation

5.A:
In general, fees are based on assets under management. The fee schedule below
reflects Balcony’s asset under management-based fees and does not include the
fees for brokerage commissions, custodial charges and other advisory fees such as
those associated with mutual funds or exchange traded funds. Fees are computed as
a percentage of assets under management. The fee structure is negotiable and the
majority of clients pay 1.50% per annum.

Fee Schedule: Balcony’s fee structure is as follows:

                  1.50% on accounts with value up to $50 million
                  1.25% on accounts with value over $50 million

In some instances, performance-based fees are also charged. Clients that pay
performance-based fees are charged the same fees based on assets under
management as those clients who are not charged performance-based fees. The
performance-based fees are typically 20.00% of net annual performance. When
performance-based fees are charged, the account is typically subject to a “high-
water mark”. A high-water mark means that if an account loses money in one year,
it must recoup those losses in subsequent years before additional performance fees
are charged.

Fees may vary from the above schedules due to particular circumstances of the
client or as otherwise negotiated with particular clients.

5.B:
Under the terms of Balcony’s investment advisory contracts, fees are generally
based on assets under management as of the last day of each quarter or on an
average of assets under management during the quarter. Fees are typically paid
quarterly in arrears, as provided in the agreement with the client. Fees incurred are
deducted/withdrawn directly from clients’ assets.

                          BALCONY PARTNERS, LLC

                               Part 2A & 2B of Form ADV

Balcony’s services may be terminated by either party upon written notification in
accordance with the applicable contractual notice of termination. Upon termination
the fees described above will be pro-rated.

5.C:
In addition to advisory fees, clients may have to pay custodial fees. Such custodial
fees are paid directly to the client’s custodian and are additional charges beyond
Balcony’s fees. If client accounts are invested in mutual funds or ETFs, clients
will also incur management and other costs associated with those vehicles. Clients
will also incur brokerage costs including commissions and other fees. For a more
detailed discussion of brokerage practices, please “ITEM 12: Brokerage Practices.”

5.D:
Clients are not obligated to pay fees in advance. Fees are paid quarterly in arrears.

5.E:
No supervised person of the Balcony accepts compensation for the sale of
securities or other investment products, including asset-based sales charges or
service fees from the sale of mutual funds or exchange traded funds.

Balcony does not receive additional compensation from other sources beyond the
advisory fees and performance fee described herein for providing investment
management services.

                          BALCONY PARTNERS, LLC

                               Part 2A & 2B of Form ADV

ITEM 7: Types of Clients

Balcony generally provides investment advice to business or institutional clients,
other investment advisers, high-net worth individuals and university endowments.

Balcony manages accounts solely on a discretionary basis. For separate accounts,
we typically recommend a minimum account value of $1 million.

                         BALCONY PARTNERS, LLC

                              Part 2A & 2B of Form ADV