Petrie Capital Management LLC

Item 5. Fees and Compensation
We are required to describe our brokerage, custody, fees and fund expenses so you will
know how much you are charged and by whom for our advisory services provided to you.
Our fees are negotiable under certain circumstances.

A. Description of how we are compensated for our advisory services provided to you.
(1) Asset Management:

We have two separate fee structures, depending upon the client’s situation and
preference.

Asset-Based Fee Only. This fee structure option available to all clients is our standard
annual asset-based fee of 1%. This 1% fee is billable quarterly (e.g., 1/4 of 1%) in arrears
based on the value of the client’s portfolio as valued by the client’s custodian as of
quarter-end.

Asset-Based Fee + Performance Fee. This fee structure is for Qualified Clients only as
defined in SEC Rule 205-3 and as reflected in Item 7. This fee structure consists of an
annual asset-based fee of .50% plus a performance fee up to 20%; your exact fee will be
detailed in your advisory agreement with us.

The asset-based fee and performance fee are billed quarterly (e.g., 1/4 of .50%) in arrears
based on the value of the client’s portfolio as valued by the client’s custodian as of
quarter-end. The performance fee equals up to 20% of all gains in each Account; the
gain, and in all cases the account balance, must be over the highest account balance (the
“high-water mark”) from which a performance fee previously was charged, subject to
adjustments for additional contributions and withdrawals. The high-water mark is
calculated gross of the performance fee. After a performance fee is charged, a new “high
water mark” is established for future performance fee calculations. Our current fee
structure offering does not include a benchmark rate of return that gains must exceed,
although we do have a high-water mark as explained in Item 6 of this brochure. Our fees
and fee structure are negotiable. See Item 6 for additional performance fee information.

Fees are negotiable and may be waived at Petrie Capital’s discretion. Fees may be
discounted for Petrie Capital’s family members and friends, size of an account, or upon
the type or complexity of the assets in the account.

Our fees are billed on a pro-rata annualized basis quarterly in arrears based on the value
of your account on the last day of the calendar quarter. In the event that additions to, or
withdrawals from, the account are made during any given quarter, the applicable Account
Fee will be adjusted on a pro-rata basis, based on the market value of the assets at such
time to reflect significant additions or withdrawals of greater than 10% of the account
value.

B. Description of whether we deduct fees from clients’ assets or bill clients for fees
incurred.
(i) Asset Management:
Our firm’s fees are billed on a pro-rata annualized basis quarterly in arrears based on the
value of your account on the last day of the calendar quarter. Fees will be automatically
deducted from your managed account. As part of this process, you understand and
acknowledge the following:

a) Your independent custodian sends statements at least quarterly to you showing all
disbursements for your account, including the amount of the advisory fees paid to us;

b) You provide written authorization in our advisory contract that permits us to be
directly paid by from your account;

C. Description of any other types of fees or expenses clients may pay in connection with
our advisory services, such as custodian fees or mutual fund expenses.

Clients will incur transaction charges for certain trades executed in their accounts,
depending on the type of security. These transaction fees are separate from and in
addition to our management and performance fees (if applicable) and will be disclosed by
the Independent Custodian. Also, mutual funds, ETFs and ETNs charge an internal
management fee, also referred to as fund expense fees. These are built into the price of
the fund and lower the overall return to the client. We do not receive any portion of these
transaction and other charges.

D. Client’s advisory fees are due quarterly in arrears.

We charge our advisory fees quarterly in arrears. In the event that you wish to terminate
our services, we will prorate your fee based on the number of days that services were
provided in relation to the number of days in the calendar quarter. You must contact us in
writing and state that you wish to terminate our services. Upon receipt of your letter of
termination, we will process a pro-rata charge of our advisory fees.

E. Commissionable securities sales.

Petrie Capital does not accept commissions for the sale of securities or other investment
products, including asset-based sales charges or service fees from the sale of mutual
funds.

Item 7. Types of Clients and Account Requirements
We have the following types of clients:

• Individuals
• Trusts, Estates and Charitable Organizations
• Corporations, limited liability companies and/or other business types

Clients selecting our performance fee option must meet the definition of Qualified Client
as stated in SEC Rule 205-3:

     1. Has a net worth (together, in the case of a natural person, with assets held
        jointly with a spouse) of more than $2,200,000. For purposes of
        calculating a natural person's net worth:
        (a) The person's primary residence must not be included as an asset;
        (b) Indebtedness secured by the person's primary residence, up to the
            estimated fair market value of the primary residence at the time the
            investment advisory contract is entered into may not be included as a
            liability (except that if the amount of such indebtedness outstanding
            at the time of calculation exceeds the amount outstanding 60 days
            before such time, other than as a result of the acquisition of the
            primary residence, the amount of such excess must be included as a
            liability); and

        (c) Indebtedness that is secured by the person's primary residence in
            excess of the estimated fair market value of the residence must be
            included as a liability; or
     2. A natural person who has assets under management with the firm in
        excess of $1,100,000.

We do not currently impose a minimum account value to receive our services.