BPBI LLC

Item 5: Fees and Compensation

Compensation for Our Advisory Services

BPBI provides comprehensive portfolio management services for a base fee, as outlined in the
advisory agreement signed by each client. The maximum annual fee charged for this service by
BPBI or any Independent Managers is negotiated based on the size of the portfolio and will not
exceed 1.50%. Annual fees are billed quarterly in arrears, based on the three-month average
value of the client’s account(s) ' assets under management, including cash balances, as reflected
in the monthly statements. Clients may elect to be billed directly for advisory fees or authorize
their custodian financial institutions to pay BPBI’s and the Independent Manager’s advisory fees.
When deemed appropriate.

BPBI may waive, adjust, or rebate fees in certain situations. At BPBI’s discretion, BPBI may
combine the account values of family members to determine the applicable advisory fee. BPBI
may also waive or discount fees for employees and their family accounts. Clients are advised that
other clients with similar assets may pay different fees. Clients should also be aware that the
same or similar investment services may be available from other investment advisors for a higher
or lower fee. The more assets you have in the advisory account, including cash, the more you will
pay us. We, therefore, have an incentive to increase the assets in your account to increase our
fees. You pay our fee quarterly, even if you do not buy or sell. An asset-based fee may cost more
than a transaction-based fee, but you may prefer an asset-based fee if you want continuing advice
or want someone to make investment decisions for you. Although BPBI believes our fees are
competitive with those of other investment advisors and/or investment providers, we make no
guarantee that the aggregate cost of a particular program will be lower than that available
elsewhere.

Other Types of Fees and Expenses

BPBI’s fees are exclusive of brokerage commissions, transaction fees, and other employee costs
or expenses that shall be incurred directly by the client. Clients may incur certain charges imposed
by custodians, brokers, and other third parties, such as fees charged by fund managers, custodial
fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic
funds fees, and other fees and taxes on brokerage account and securities transactions.

In addition to all other fees and expenses incurred in the management of an advisory account,
client accounts that utilize margin strategies will also incur interest charges. For accounts that use
margin, although the account statements may reflect a negative amount for the margined
securities, our advisory fees are based on the absolute market value of the securities. The clients’
margin balance is typically included when calculating BPBI's fees. Clients should note that they
may already be paying margin interest on these same assets. This poses a conflict of interest for

BPBI. We manage this conflict through disclosure so that clients can make an informed decision
and through policies and procedures that require us to act in the client’s best interest.

Mutual funds, ETFs and UCITS also charge internal management fees, which are disclosed in a
fund’s prospectus (i.e., fund management fees, initial or deferred sales charges, mutual fund sales
loads, 12b-1 fees, surrender charges, individual retirement account (IRA) and qualified retirement
plan fees, and other fund expenses). BPBI does not receive a portion of these fees. BPBI’s policy
is to generally offer clients funds with the lowest cost and most favorable share class based on
the client’s individual needs. Mutual fund companies generally offer multiple share classes of the
same fund. Share classes are described in the mutual fund's prospectus. Each share class
charges different fees and internal expenses. Depending on the selected share class, fees and
internal expenses may be higher or lower. Certain funds do not charge transaction fees but incur
higher internal expenses. Investing in funds that charge higher fees and expenses may adversely
impact an account’s long-term performance.

You will pay your proportionate share of the mutual fund’s management and administrative fees
and sales charges, as outlined in the mutual fund prospectus. Such advisory fees are
compensation to the mutual fund	manager and are generally not shared with your Advisor. BPBI’s
policy is to generally recommend that clients invest in the lowest-cost share class available, based
on the client’s individual needs. BPBI typically recommends institutional or advisor share classes
that usually have the lowest expense ratios and are more beneficial than other share classes.
Institutional or Advisor share classes are generally available to investors in qualified fee-based
advisor programs or accounts that meet certain minimum investment requirements.

When deemed appropriate for a client’s specific situation, your Investment Advisor
Representative may at times recommend selecting or holding a mutual fund share class that
charges higher internal expenses than other available share classes for the same family. BPBI
will conduct periodic testing to ensure that the appropriate recommended share class has been
selected for its clients. For share classes transferred in from other institutions, BPBI will, as soon
as practicable, evaluate whether more beneficial share classes may be available for the client to
exchange at no cost and recommend that the client switch to a different lower-cost share class,
or may recommend liquidating the existing mutual fund holdings, which could result in tax
consequences, or the client having to pay contingent deferred sales charges, or other redemption
fees. Clients may be able to purchase mutual funds directly from their respective fund families
without incurring our advisory fee. When purchasing directly from fund families, clients may incur
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Item 7: Types of Clients and Account Requirements

BPBI offers or seeks to offer advisory services to the following types of clients:

  •       Individuals and High Net Worth Individuals;
  •       Trusts, Estates, or Charitable Organizations;
  •       Corporations, Limited Liability Companies, and/or Other Types of Businesses.

BPBI does not impose minimum account size requirements for opening and maintaining accounts
or otherwise engaging with us, although our services are geared towards high-net-worth
international investors.