PCJ Investment Counsel Ltd

5.     FEES AND COMPENSATION

DESCRIPTION
The Firm bases its fees on a percentage of assets under management. All client contracts include a fee
schedule agreed to by the Client and the Firm. Clients are charged according to the standard fee schedules
for standard client mandates, subject to negotiation with each client. Clients with different mandates may
have a different fee schedule.

FEE BILLING
Investment management fees for Client Accounts are typically billed quarterly, in arrears. In a limited
number of cases, clients are billed monthly. In a limited number of cases, clients are billed in advance.
Payment in full is expected within 30 days of receipt of the invoice. Fees may be deducted from a client’s
account if the client has provided written instruction to their custodian to accept invoices directly from the
Firm.
Private investment funds for which the Firm acts as sub-advisor and for the PCJ Fund there are management
fees and may be performance fees which will be deducted from the assets in the fund, these fees are
disclosed in the fund’s PPM.

Firm Brochure                                                                                                    6

 PCJ INVESTMENT COUNSEL LTD.

OTHER FEES
Custodians may charge transaction fees on purchases or sales of certain securities and pooled fund units.
Transactions are also subject to normal brokerage commissions.

PAST DUE ACCOUNTS
The Firm will charge interest on overdue accounts at a rate of 2% per month (24% per annum).

7.     TYPES OF CLIENTS

DESCRIPTION
PCJ provides asset management services to various client types, including, but not limited to pension and
profit-sharing plans, trusts and endowments, financial institutions, investment companies, trusts, limited
partnerships, estates and charitable organizations, corporations or business entities. The Firm may also
provide investment advice to comingled investment vehicles, including the PCJ Fund. These investment
vehicles issue units, shares or interests in comingled investment vehicles to investors, and the units, shares
or interests are not offered for sale by way of a prospectus.
Client relationships vary in scope and length of service.

INVESTOR REQUIREMENTS/ACCOUNT MINIMUMS
There is no minimum annual fee charged.
The minimum account size for clients managed on a segregated basis is $5,000,000, which may be reduced
or waived by PCJ.