Balis Enterprises LLC

Item 5. Fees and Compensation
      CPR offers services on a fee basis, which includes fixed fees, as well as fees based upon assets under
      management or advisement.

      Investment Management Fees

      CPR offers investment management services to the Primary Advisers for an annual fee based on the amount
      of assets under the Firm’s management or advisement. This management fee varies between 10 and 20
      basis points (0.10% – 0.20%), depending upon the size and composition of the portfolios and the type and
      amount of consulting and support required.

      The Firm will generally follow the billing and fee process that the Primary Adviser has in place with its
      clients. If the Primary Adviser has no preference, the annual fee will be prorated and charged quarterly, in
      advance, based upon the market value of the assets being managed by CPR on the last day of the previous

Page | 5

 Disclosure Brochure                                                  Cornerstone Portfolio Research

      billing period. If assets are deposited into or withdrawn from an account after the inception of a billing
      period, the fee payable with respect to such assets is adjusted to reflect the interim change in portfolio value.
      For the initial period of an engagement, the fee is calculated on a pro rata basis. In the event the advisory
      agreement is terminated, the fee for the final billing period is prorated through the effective date of the
      termination and the outstanding or unearned portion of the fee is charged or refunded to the client, as
      appropriate.

      Clients are advised that a conflict of interest exists for the Firm to recommend that clients engage CPR for
      additional services for compensation, including rolling over retirement accounts or moving other assets to
      the Firm’s management. Clients retain absolute discretion over all decisions regarding engaging the Firm
      and are under no obligation to act upon any of the recommendations.

      Investment Consulting Fees

      CPR charges a fixed fee for providing the investment consulting services. These fees are negotiable, but
      range from $5,000 to $10,000 per month for ongoing services or $1,000 to $5,000 for one-off projects. The
      fees will depend upon the scope and complexity of the services. If the client engages the Firm for additional
      investment advisory services, CPR can offset all or a portion of its fees for those services based upon the
      amount paid for the financial planning and/or consulting services.

      The terms and conditions of the financial planning and/or consulting engagement are set forth in the
      Advisory Agreement. For project-based services CPR requires one-half of the fee (estimated hourly or
      fixed) payable upon execution of the Advisory Agreement. The outstanding balance is due upon delivery
      of the financial plan or completion of the agreed upon services. Ongoing services are charged as described
      in the investment management section, above. The Firm does not, however, take receipt of $1,200 or more
      in prepaid fees, six or more months in advance of services rendered.

      Fee Discretion

      CPR may, in its sole discretion, negotiate to charge a lesser fee based upon certain criteria, such as
      anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be
      managed, related accounts, account composition, pre-existing/legacy client relationship, account retention,
      pro bono activities, or competitive purposes. In addition, certain legacy clients may be charged a fixed
      monthly fee for services.

      Additional Fees and Expenses

      In addition to the advisory fees paid to CPR, clients also incur certain charges imposed by other third parties,
      such as broker-dealers, custodians, trust companies, banks and other financial institutions (collectively

Page | 6

 Disclosure Brochure                                                  Cornerstone Portfolio Research

      “Financial Institutions”). These additional charges include securities brokerage commissions, transaction
      fees, custodial fees, margin and other borrowing costs, charges imposed directly by a mutual fund or ETF
      in a client’s account, as disclosed in the fund’s prospectus (e.g., fund management fees and other fund
      expenses), 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. The Firm’s brokerage practices
      are described at length in Item 12, below.

      Direct Fee Debit

      The Firm generally invoices the Primary Adviser for its fees or otherwise receives its fees from the Primary
      Adviser. Alternatively, clients can provide CPR with the authority to directly debit their accounts for
      payment of the investment advisory fees. The Financial Institutions that act as the qualified custodian for
      client accounts, from which the Firm retains the authority to directly deduct fees, have agreed to send
      statements to clients not less than quarterly detailing all account transactions, including any amounts paid
      to CPR.

      Account Additions and Withdrawals

      Clients can make additions to and withdrawals from their account at any time, subject to CPR’s right to
      terminate an account. Additions can be in cash or securities provided that the Firm reserves the right to
      liquidate any transferred securities or declines to accept particular securities into a client’s account. Clients
      can withdraw account assets on notice to CPR, subject to the usual and customary securities settlement
      procedures. However, the Firm designs its portfolios as long-term investments and the withdrawal of assets
...

Item 7. Types of Clients
      CPR offers services to other investment advisers.

Page | 7

 Disclosure Brochure                                                 Cornerstone Portfolio Research