Oberweis Asset Management Inc

Fees and Compensation

Fees
Management fees generally are payable quarterly. Oberweis may invoice clients or deduct
management fees directly from client accounts. Depending on the agreement between
Oberweis and its clients, management fees may be payable in advance or in arrears, and
may or may not be adjusted for contributions of additional assets, withdrawal of a portion
of the assets, or termination of the agreement. The investment management agreement
between Oberweis and a client may be terminated by either party pursuant to the terms of
the agreement, generally with notice of 30 days or less. If a client has prepaid the
management fee for a quarter and the agreement is terminated during the quarter, a pro-
rata portion of the prepaid management fee will be refunded for the period the account was
managed. Depending on the size of the account and the investment style, clients may
negotiate fees that vary from the schedules below.

               Managed Account Fee Schedule By Investment Strategy
                 (Annualized Fee as a Percentage of Assets Managed)

 Micro-Cap Growth             Small-Cap Opportunities        International
                                                             Opportunities
 All Assets – 1.00%           First $50 million - 0.70%      First $50 million – 0.90%
                              Next $50 million - 0.65%       Next $100 million - 0.80%
                              All additional assets -        Next $200 million - 0.70%
                              0.60%
                                                             Next $250 million –0.60%
                                                             All additional assets –
                                                             0.50%

 Global Opportunities         China Opportunities            International Select*
 First $50 million – 0.80%    First $25 million - 1.00%      All Assets - 0.65%
 Next $50 million - 0.70%     Next $25 million - 0.90%
 All additional assets-       All additional assets -
 0.60%                        0.80%

 *     Early investors in the International Select strategy are offered a discounted advisory
       fee schedule of 40 basis points on all assets. This discount continues to be available
       as of March 31, 2026, but may be discontinued by Oberweis at any time.

Other Expenses
All accounts, other than Oberweis’ proprietary accounts, will incur brokerage, custodial
and other transaction costs related to the purchase and sale of securities. See Brokerage
Practices for a discussion of Oberweis’ brokerage and trade execution practices.

In addition, from time to time, a client may request that Oberweis invest a portion of its
account into an unaffiliated money market fund. Under those circumstances, the account
would have to pay the fees assessed by that fund in addition to the normal advisory fees
the client will pay to Oberweis.

For purposes of determining the value of the account on which Oberweis’ fee is based,
Oberweis will value securities in an account based on prices provided by a third-party
pricing service. If a pricing service cannot price a specific security, Oberweis will value
that security in a good faith manner to reflect the security’s fair market value based on
sources independent of Oberweis.

The Oberweis Funds
Oberweis provides investment advisory services to The Oberweis Funds (which is
comprised of six funds: Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities
Fund, Oberweis Global Opportunities Fund, Oberweis China Opportunities Fund,
Oberweis International Opportunities Fund, and Oberweis Focused International Growth
Fund). Certain funds offer both Investor Class Shares and Institutional Class Shares and

other funds offer solely Institutional Class Shares. The funds pay a monthly fee based on
the average daily net assets at the annual rates shown below. (See The Oberweis Funds
current prospectus for more information).

 Oberweis Fund Name                       Share        Ticker        Advisory and
                                          Class                     Management Fees
 Micro-Cap Fund                          Investor      OBMCX            1.00%
                                       Institutional   OMCIX            1.00%
 Small-Cap Opportunities Fund            Investor      OBSOX            0.80%
                                       Institutional   OBSIX            0.80%
 Global Opportunities Fund*              Investor      OBEGX            0.85%
                                       Institutional   OBGIX            0.85%
 International Opportunities Fund        Investor      OBIOX            1.00%
                                       Institutional    OBIIX           1.00%
 Focused International Growth Fund     Institutional   OFIGX            0.65%
 China Opportunities Fund                Investor      OBCHX            1.00%
                                       Institutional   OCHIX            1.00%

*      In addition to a 0.40% management fee, Oberweis provides investment advisory
       services to the Global Opportunities Fund* for a monthly fee at the annual rate of
       0.45% of the first $50 million of average daily net assets and 0.40% of average
       daily net assets in excess of $50 million.

Oberweis International Select Fund, LLC
Oberweis serves as investment manager to a private fund, Oberweis International Select
Fund, LLC. Information and fees relating to Oberweis International Select Fund, LLC are
further described in the Confidential Information Memorandum. This product is only
available to accredited investors, qualified purchasers and knowledgeable employees.

Unified Managed Accounts Fees
The sponsors of unified managed account programs pay Oberweis a fee for Oberweis'
model portfolio services based upon the total amount of assets the sponsor's clients have
chosen to deploy in the Oberweis model strategy. The fees that program sponsors pay
...

Types of Clients

Oberweis provides investment management services to the following types of institutional
clients, which include but are not limited to pension and profit-sharing plans, trusts,
charitable organizations, or corporations. Oberweis is the investment adviser to The
Oberweis Funds, a registered investment company. Oberweis is also the investment
manager to Oberweis International Select Fund, LLC, a private fund, which is exempt from
registration under Section 3(c)(7) of the Investment Company Act of 1940.

Oberweis generally has a minimum account size of $25 million for institutional separate
account clients. However, in its sole discretion, Oberweis may waive this minimum
requirement if circumstances warrant.

Additionally, Oberweis provides model portfolio services to unified managed account
program sponsors, including banks or brokerage firms that operate unified managed
accounts. Oberweis also provides sub-advisory services to UCITS.

Methods of Analysis, Investment Strategies, and Risk of Loss

Firmwide Investment Philosophy
All investment strategies at Oberweis are designed to exploit academically-documented
inefficiencies related to the behavioral tendencies and biases of other investors. Our
strategies specifically focus on identifying mispriced stocks globally. Oberweis is an active
investment manager that employs a bottom-up, fundamental-research based investment
approach.

Micro-Cap Growth and Small-Cap Opportunities Strategies
The Micro-Cap Growth and Small-Cap Opportunities strategies primarily invest in
companies headquartered in the United States. Both strategies seek to invest in equity
securities that the team typically exhibit the following characteristics:

   •   Under-Appreciated Revenue and Earnings Growth -- potential for revenue
       and/or earnings growth in excess of consensus expectations.
   •   Timely Catalyst -- a recent positive earnings release or an earnings surprise that
       tangibly and quantitatively begins to confirm that consensus analyst expectations
       are too low.
   •   Inflection Point of Change – a business that is experiencing change — often a new
       product, a new management team, or a regulatory change — as these changes can
       drive unexpected or underestimated growth. A significant gap generally exists
       between Oberweis’ forecasts and consensus analyst expectations.
   •   Limited Analyst Coverage – a company not widely followed by other analysts to
       maximize the chances of finding misunderstood situations.
   •   Sustainability – a sustainable business with a competitive position driven by
       market leadership, intellectual capital, or unique manufacturing processes. Put
       another way, a reasonable barrier to competitive entry.
   •   Operating Leverage -- profitable and scalable business model, which tends to
       generate rising net profit margins as revenue growth accelerates.
   •   Valuation -- undervalued based on Oberweis’ growth forecasts and historical
       valuation metrics afforded the company and/or peers.

The Micro-Cap Growth and Small-Cap Opportunities strategies employ a similar
investment process, but differ primarily with respect to the target market capitalization of
the companies in which each invests. The Oberweis Small-Cap Opportunities strategy
generally invests in companies with market capitalizations within the range of companies
represented in the Russell 2000 Growth Index at the time of purchase (as of June 30, 2025,
the market capitalization range of the Russell 2000 Growth Index was $59.3 million to
$15.8 billion). The Micro-Cap Growth strategy generally invests in companies with market
capitalizations within the range of companies represented in the Russell Micro-Cap Growth
Index at the time of purchase (as of June 30, 2025, the market capitalization range of the
Russell Micro-Cap Growth Index was $24.2 million to $3.6 billion).

International Opportunities Strategy
The International Opportunities strategy invests in securities of companies based outside
the United States. Currently, securities based outside the United States include (1) equity
securities of companies that are organized under foreign jurisdictions or that are primarily
traded on an exchange or over-the-counter outside of the United States; or (2) equity
securities of companies that have at least 50% of their assets outside of the United States
or that derive at least 50% of their revenues from business activities outside of the United
States.

The team seeks to uncover ideas for this strategy from a wide range of sources including:
screening and internal analysis, observing and understanding regional country trends,
independent and street research, company meetings and interviews.

The strategy seeks to invest in equity securities that typically exhibit the following
characteristics:

   •   Under-Appreciated Revenue and Earnings Growth -- potential for revenue
       and/or earnings growth in excess of consensus expectations.
   •   Timely Catalyst -- a recent positive earnings release or an earnings surprise that
       tangibly and quantitatively begins to confirm that consensus analyst expectations
       are too low.
   •   Inflection Point of Change – a business that is experiencing change — often from
       a new product, a new management team, or a regulatory change — as these changes
       can drive unexpected or underestimated growth. A significant gap generally exists
       between Oberweis’ forecasts and consensus analyst expectations.
   •   Limited Analyst Coverage – a company not widely followed by other analysts to
       maximize the chances of finding misunderstood situations.
   •   Sustainability – a sustainable business with a competitive position driven by
       market leadership, intellectual capital, or unique manufacturing processes. Put
       another way, a reasonable barrier to competitive entry.
...