Neuenschwander Asset Management LLC

Item 5 – Fees and Compensation

Advisory fees are charged by NAM as established in a client’s written agreement with NAM. Investment
Management will be invoiced in advance at the beginning of each calendar quarter based upon the value
(market value based on independent third-party sources or fair market value in the absence of market value;
client account balances on which NAM calculates fees may vary from account custodial statements based on
independent valuations and other accounting variances, including mechanisms for including accrued interest
in account statements) of the client’s account at the end of the previous quarter. Fees will be prorated, on a
monthly basis, with respect to new relationships opened during a quarter.

For Investment Management and Retirement Plan Services, NAM will request authority from the client to
receive quarterly payments directly from the client's account held by an independent custodian. Clients may
provide written limited authorization to NAM or its designated service provider, FPRS, to withdraw fees from
the account. Clients will receive custodial statements showing the advisory fees debited from their account(s).
Certain third-party administrators will calculate and debit NAM’s fee and remit such fee to NAM.

A client agreement may be canceled at any time, by either party, for any reason upon receipt of 30-days’
written notice. Upon termination, any prepaid, unearned fees will be promptly refunded.

NAM’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, 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. These fees will generally include a management
fee and other fund expenses. All fees paid to NAM for investment advisory services are separate and distinct
from the fees and expenses charged by mutual funds and ETFs to their shareholders.

Such charges, fees and commissions are exclusive of and in addition to NAM’s fee, and NAM shall not receive
any portion of these commissions, fees, and costs. Please see Item 12 of this Brochure for additional
information about NAM’s Brokerage Practices.

NAM has contracted with multiple services providers to provide trade processing, collection of management
fees, record maintenance, report preparation and other necessary operational tasks. These fees are not
separately charged to advisory clients. The fee charged by NAM to its clients includes all fees charged to NAM
by NAM’s service providers.

Once a client household (all clients’ accounts managed by NAM) total assets under management achieves a
new fee tier and is billed at that fee tier, the household will maintain that billing tier, even if the households
assets under management decrease due to market conditions. Simply put, clients will be “locked-in” to new
lower billing tiers as asset values increase and are billed at the new tier, even when assets decrease due to
market fluctuations, clients will maintain the lower fee tier they achieved and were billed at.

Advisory Fees
                                        PORTFOLIO MANAGEMENT
The standard annual fee for investment management services for new relationships will be charged as a
percentage of assets under management, according to the tiered schedule below:

                        Assets Under Management                          Annual Fee (%)
                Up to $199,999                                1.85%
                $200,000 - $499,999                           1.25%
                $500,000 - $999,999                           1.00%
                $1,000,000 - $1,999,999                       0.90%
                $2,000,000 - $2,999,999                       0.80%
                $3,000,000 - $3,999,999                       0.70%
                $4,000,000 - $4,999,999                       0.60%
                $5,000,000 or greater                         0.50%

Fees may be negotiable based on household relationship or individual circumstances including account size,
potential future account growth, business relationships and the level and scope of the services requested.

Individual accounts for immediate family members (such as husband, wife, children, associated trusts, etc.)
are aggregated, and the fee is charged based on the total value of all family members’ accounts. Certain non-
discretionary clients may be charged a flat-rate fee for annual investment advisory services. The specific fee
schedule charged by NAM will be established in the client’s written agreement with NAM.

Retirement Plan Services:
The annual fee for plan services will be charged as a percentage of assets within the plan. According to the
tiered structure below.

       Assets Under Management         FPRS’s Annual Fee      NAM’s Annual Fee             Total Fee
       On the first $1,000,000         0.30%                0.70%                      1.00%
       On the next $4,000,000          0.22%                0.53%                      0.75%
       On the next $5,000,000          0.12%                0.28%                      0.40%
       On all amounts above            0.06%                0.16%                      0.22%
       $10,000,000

Fees may be negotiable based on individual circumstances including account size, potential future account
growth, business relationships and the level and scope of the services requested.

Item 7 – Types of Clients

NAM provides advisory services to the following types of clients:
  Individuals (other than high net worth individuals)
  High net worth individuals
  Pension and profit sharing plans(other than plan participants)
  Charitable organizations