Pension Consultants Inc

ITEM 5 – FEES AND COMPENSATION

Fees for Retirement Plan Services

PCI believes that its service fees are reasonable in relation to the services provided and the fees charged
by other retirement plan consultants, including investment advisers, offering similar services/programs.
However, PCI’s service fees may be higher or lower than those charged by other consultants offering
similar services and programs. In addition to PCI's compensation, clients will incur charges imposed at the
investment level (e.g., mutual fund advisory fees and other fund expenses) and charges imposed by the
Plan’s custodian and Third-Party Administrator (if applicable). A description of mutual fund fees and
expenses are available in each mutual fund prospectus.

PCI will not maintain custody of any Plan assets. If a Client chooses to pay fees out of Plan assets, the
Client will authorize any qualified custodian that maintains custody of the Plan's assets to automatically
deduct all fees owed to PCI from the Plan's assets and to pay such fees directly to PCI when they are due.

The Plan’s custodian or the Third-Party Administrator to the Plan will send statements to the Plan, at least
quarterly, showing all disbursements from the Plan, including, if applicable, the amount of the fee paid to
PCI directly from the Plan and when such fee is deducted directly from the Plan. Any discrepancies
between fee billing notices received from PCI and the statements received from the Plan custodian or
Third-Party Administrator should be immediately reported to PCI and/or to the issuer of the account
statements (the Plan custodian or Third-Party Administrator).

Brokerage commissions and/or transaction ticket fees charged by the custodian will be billed directly to
the client by the custodian. PCI will not receive any portion of such brokerage commissions or transaction
fees from the custodian or the client.

The fees charged by PCI are in addition to other costs charged by third parties for custodial, legal,
accounting, or record keeping tasks. In addition, the client may incur certain charges imposed by third
parties other than PCI in connection with investments made through the Plan, including but not limited
to, 12(b)-1 fees and surrender charges, variable annuity fees and surrender charges, and qualified
retirement plan fees.

PCI does not reasonably expect to receive any other compensation, direct or indirect, for its services. If
PCI receives any other compensation for such services, PCI will (i) offset that compensation against its
stated fees, and (ii) will disclose the amount of such compensation, the services rendered for such
compensation and the payer of such compensation to the client.

Retirement Plan Services may be terminated by either party at any time without penalty upon receipt of
thirty (30) days written notice of termination. There is no penalty or “termination fee” for the termination
of services. If either party terminates the services during a billing quarter, the client will be charged a
prorated fee based on the number of days that services were provided and if PCI has received fees in
advance, PCI will promptly issue a prorated refund to the client. Upon termination of Retirement Plan
Services, PCI will have no obligation to recommend or take any action with regard to the Plan. If the client
terminates Retirement Plan Services within fifteen (15) days of signing the Retirement Plan Services
Agreement, the client shall receive a full refund of all consulting fees. If the Retirement Plan Services
Agreement is terminated after fifteen (15) days from the date of signing the Agreement, then any prepaid
consulting fees shall be prorated and the unused portion shall be returned to the client.

    A. Fees For PERFORMANCE-DRIVEN RETIREMENT PLAN MANAGEMENT Services

To be considered a qualified client under SEC Rule 205-3 for purposes of participating in a performance-
based fee arrangement, a new natural individual client or company must have at least $1.1 million in
assets under management or a net worth of at least $2.2 million at the time the investment advisory
agreement is executed. PCI offers this performance-based fee arrangement to retirement plan clients
with a minimum of $5 million in plan assets.

A one-time account establishment fee of $21,000 per client will be payable upon the effective date of the
agreement. The establishment fee includes but is not limited to the following elements: set up of client
account, review of plan details, establishing the investment lineup with the record keeper, etc. Clients of
PCI that are engaged for either 3(38) Core Complete, 3(21) Core Complete, 3(38) Investment Complete,
or 3(21) Investment Complete that switch to this Performance-Driven Retirement Plan Management
service will not be charged the account establishment fee.

All new and existing clients will be charged the quarterly Advisory Base Fee of $5,250 per quarter, billed
from the effective date of the Agreement. Quarterly Advisory Base Fees are billed in advance at the
beginning of the quarter and are due within thirty (30) days. PCI’s fees are prorated (based on the number

of days services will be provided) for partial billing periods. PCI may impose a service charge up to 18%
annualized, charged monthly, not to exceed the maximum allowable by Missouri law on late payments.

In addition to the Advisory Base Fee, PCI charges performance-based fees to retirement plan clients with
a minimum of $5 Million in plan assets and as pursuant to SEC Rule 205-3. These performance fees are
charged for each retirement plan sponsored by the client and subject to the service agreement.
Performance-based fees are payable quarterly. Fees are payable per category, and all three performance
standards do not have to be met for a performance fee to be due. If the performance standard is met
within a particular category, the client will pay either the Tier 1 or Tier 2 performance fee per plan for the
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ITEM 7 – TYPES OF CLIENTS
Pension Consultants generally provides investment advice to the following types of clients:

    •   Individuals
    •   High-Net Worth Individuals
    •   Pension and profit-sharing plans
    •   Trusts, estates, or charitable organizations

All clients are required to execute an agreement for services in order to establish a client arrangement
with PCI.

Minimum Investment Amounts Required

PERFORMANCE-DRIVEN RETIREMENT PLAN MANAGEMENT: PCI limits participation in the performance
fee arrangement to clients with plans that have aggregate assets of at least $5 million. PCI provides such
clients full disclosure of the additional risks associated with a performance fee arrangement.

3(38) CORE COMPLETE (grandfathered), 3(21) CORE COMPLETE (grandfathered), 3(38) Investment
COMPLETE (grandfathered), and 3(21) Investment COMPLETE (grandfathered): PCI requires a minimum
annual fee of $13,500 for its 3(38) CORE COMPLETE, 3(21) CORE COMPLETE, and 3(38) Retirement Plan
Management services, and $8,500 for its 3(38) Investment COMPLETE and 3(21) Investment COMPLETE
services. These minimum fees may prevent PCI from rendering its services to the sponsors of smaller
plans.

RetireAdvisersSM Retirement COMPLETE: PCI requires a minimum annual fee of $6,500 for
RetireAdvisersSM Retirement COMPLETE. This minimum fee may prevent PCI from providing these services
to clients whose accounts are less than $500,000 in assets. PCI retains the discretion to reduce the
minimum annual fee.