P J Schmidt Investment Management Inc

Item 5          Fees and Compensation
                               PORTFOLIO MANAGEMENT SERVICES FEES

Effective December 2008, the annualized investment advisory fee for Portfolio Management Services is
charged as a percentage of assets under management, according to the following schedule:

                           Assets Under Management                 Annual Fee

                               $0-$1,000,000                             1%
                               $1,000,001-$2,000,000                     .8%
                               $2,000,001-$3,000,000                     .7%
                               $3,000,001-$4,000,000                     .6%
                              Balance of Assets                          .5%

Clients of PJS retained prior to December 2008 may pay investment advisory fees based on a lower fee
schedule.

                                       FINANCIAL PLANNING FEES

Financial Planning services are provided exclusively to clients for whom PJS provides portfolio management
services, for no additional fee.

                                   RETIREMENT PLAN SERVICES FEES

Effective March 2014, our fees for Retirement Plan Services are as follows.

                               Assets Under Management         Annual Fee

                                  $0 - $4,000,000                  .6%

                                  Balance of plan assets           .4%

Retirement Plan Services clients retained prior to March 2014 may pay fees based on lower fee schedule.

Plan sponsors are invoiced in advance at the beginning of each calendar quarter.

A total minimum fee of $5,000 is required. This minimum fee may prevent PJS from providing services to very
small ERISA plans.

                           NEGOTIABILITY OF ADVISORY FEES AND MINIMUMS

Although PJS has established these fee schedule(s), we retain the discretion to negotiate alternative fee
schedules, minimum required investable assets and minimum fees. As a result, some clients will pay different
fees compared to other similarly situated clients. The client fee schedule is identified in the contract between
PJS and each client. We may group certain related client accounts for the purpose of achieving the minimum
account size and determining the annualized fee.

Discounts not generally available to our advisory clients are often offered to family members and friends of
associated persons of our firm. Fees associated with accounts managed by PJS for employees are waived.

                                     FEE CALCULATION PROCEDURES

Fees are billed quarterly in advance based on the market value of the client’s account on the last day of the
prior quarter. No adjustments to fees are made based on cash flows in the client account in any quarter. Initial
investment advisory fees are charged in arrears on a pro rata basis using the market value of the account from
the first day PJS begins trading through the end of the calendar quarter in which the account was opened.
See the General Information section below which describes how terminated accounts are handled. PJS
believes that all asset classes (e.g., equities, fixed income, and cash) are valuable tools in implementing
investment strategies. As such, fees for our services are based on each account’s total value including cash
and cash equivalents. Fees may be paid by direct debit from client accounts, or clients may choose to receive
an invoice and pay by check.

PJS uses pricing information provided by the client’s custodian for purposes of valuing client portfolios,
whether for fee billing or investment performance calculations. The prices of securities we routinely
recommend to clients are generally available through the client’s custodian, and do not generally require us
to independently determine a fair market value.

PJS maintains account valuation (including fair valuation) policies and procedures designed to provide
reasonable assurance that the prices used for fee billing and investment performance calculation purposes
are accurate.

                                          GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement may be canceled as delineated in the client’s
investment advisory agreement. As disclosed above, fees are paid in advance of the services provided. Upon
termination of any account, any prepaid, unearned fees will be promptly refunded. In calculating a client’s
reimbursement, we consider fees earned from the beginning of the calendar quarter through 30 days
following notice of termination from the client.

Fund Fees and Expenses: All fees paid to PJS for investment advisory services are separate and distinct from
the fees and expenses charged by mutual funds, exchanged traded funds, or unregistered private funds to
their shareholders and investors. These fees and expenses are described in each fund's prospectus or
governing documents. These fees will generally include a management fee, other fund expenses, and a
possible distribution fee. If the fund also imposes sales charges, a client will pay an initial or deferred sales
charge. A client could invest in a fund directly, without our services. In that case, the client would not receive

the services provided by our firm which are designed, among other things, to assist the client in determining
which funds are most appropriate to each client's financial situation and objectives. Accordingly, the client
should review both the fees charged by the funds and our fees to fully understand the total amount of fees
to be paid by the client and to thereby evaluate the advisory services being provided.

Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible for the fees and
expenses charged by custodians and imposed by broker dealers, including, but not limited to, any transaction
or commission charges imposed by a broker dealer with which PJS effects transactions for the client's
...

Item 7          Types of Clients
PJS provides advisory services to the following types of clients:

        • Individuals (other than high-net-worth individuals)
        • High net worth individuals
        • Pension, profit-sharing and 401(k) plans
        • Charitable organizations

        • Corporations or other businesses not listed above

PJS also manages accounts for employees, family members and friends of PJS employees.

All clients are required to enter into an investment advisory agreement with PJS prior to providing any
services. We prefer to manage a minimum of $500,000 of investable assets under this service; however, this
minimum may be waived at our discretion. We may group certain related client accounts for the purpose of
achieving the minimum account size and determining the annualized fee.

PJS also manages a proprietary firm account invested in ETFs that are also recommended to clients. PJS
maintains an investment policy statement for this account that is reviewed by PJS’s Board of Directors. When
there is an overlap in trade recommendations for this proprietary account and client accounts, the proprietary
account trades will go after any client trades in the same security.

PJS maintains trading policies and a Code of Ethics and Personal Trading policy designed to assist in addressing
conflicts of interest should they arise. Please see Item 12 for a discussion of PJS’s trading practices.