Pettee Investors Inc

ITEM 5 - FEES AND COMPENSATION

The annual fee for Investment Management Services is charged as a percentage of
assets under management and will not exceed 1.00% of the value of the client’s
account. Clients will be billed quarterly in arrears based upon the market value of assets
in the client’s account at the end of the quarter. Market value will be determined by an
independent third-party pricing service or the custodian.

For the initial calendar quarter, fees will be adjusted pro rata based upon the number of
calendar days in the calendar quarter that the advisory agreement was effective. Fees
are earned as of the commencement of the investment advisory agreement and are
prorated when assets were not managed for the entire quarter.

Details of the investment management fee charged are more fully described in the
advisory agreement entered into with each client. At the option of the client, fees may be
paid directly by the client or Pettee Investors can bill the custodian so the fee is paid
directly from the client’s account.

Important Additional Fee Information

U   Fee Only

Pettee Investors is compensated solely by fees paid by its clients and does not accept
commissions or compensation from any other source (i.e., mutual funds, insurance
products or any other investment product).

U   Fees Negotiable

Pettee Investors retains the right to modify fees in its sole and absolute discretion, on a
client-by-client basis based on the size, complexity and nature of the advisory services
provided. In addition, family accounts and accounts controlled by the same client are
often combined for the purpose of computing the fee.

U   Direct Debiting of Client Accounts

In order for Pettee Investors’ advisory fees to be directly debited from a client’s account,
the client must provide written authorization permitting Pettee Investors to bill the
custodian. In addition, the account must be held by a qualified custodian and the
qualified custodian must agree to send to the client an account statement on at least a
quarterly basis. The account statement must indicate all amounts disbursed from the
account including the amount of advisory fees paid directly to Pettee Investors. Clients
are informed that it is their responsibility to verify the accuracy of the fee calculation and
that the account custodian will not determine whether the fee is properly calculated.

U   Termination of Client Relationship

The investment advisory contract is ongoing and does not have a fixed term. The
relationship can be terminated be either party at any time simply by notifying the other
party in writing. Because fees are paid in arrears, no refund will be due; however, the
client will owe the pro rata share of any fees due.
                                                                            Pettee Investors, Inc.
                                                                            Effective Date: March 13, 2026

U   Mutual Fund Fees

All fees paid to Pettee Investors for investment advisory services are separate and
distinct from the fees and expenses charged by mutual funds or exchange traded funds
to their shareholders. These fees and expenses are described in each fund's
prospectus. 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 may pay
an initial or deferred sales charge.

In order to minimize conflict of interest, for individual accounts that Pettee Investors
manages, Pettee Investors will not charge an advisory fee on clients’ assets that are
invested in ETFs wherein Hoya Capital Real Estate, LLC also serves as advisor. Hoya
Capital Real Estate, LLC and Pettee Investors have adopted written policies and
procedures that are designed to minimize potential conflicts.

To the extent that client assets are invested in money market funds or cash positions,
the fees for monitoring those assets are in addition to the fees included in the internal
expenses of those funds paid to their own investment managers, which are fully
disclosed in each fund’s prospectus.

Accordingly, the client should review both the fees charged by the funds and the fees
charged by Pettee Investors to fully understand the total amount of fees to be paid by
the client and to thereby evaluate the advisory services being provided.

U   Trading and Other Costs

All fees paid to Pettee Investors for investment advisory services are separate and
distinct from transaction fees charged by broker-dealers associated with the purchase
and sale of equity securities, preferred stock and debt securities. In addition, fees do not
include the services of any co-fiduciaries, accountants, broker-dealers, custodians or
attorneys. Please see the section entitled “Brokerage Practices” in Item 12 of this
disclosure brochure for additional information on brokerage and other transaction costs.

IRA Rollover Considerations

As part of our investment advisory services to you, we may recommend that you withdraw
the assets from your employer's retirement plan and roll the assets over to an individual
retirement account ("IRA") that we will manage on your behalf. If you elect to roll the assets
to an IRA that is subject to our management, we will charge you an asset based fee as set
forth in the agreement you executed with our firm. This practice presents a conflict of
interest because persons providing investment advice on our behalf have an incentive to
recommend a rollover to you for the purpose of generating fee based compensation rather
than solely based on your needs. You are under no obligation, contractually or otherwise,
to complete the rollover. Moreover, if you do complete the rollover, you are under no
obligation to have the assets in an IRA managed by our firm.

Many employers permit former employees to keep their retirement assets in their company
plan. Also, current employees can sometimes move assets out of their company plan before
...

ITEM 7 - TYPES OF CLIENTS

Pettee Investors provides investment management services to individuals, trusts,
estates, 401k and IRA plans, foundations and institutional clients. Pettee Investors
does not restrict the type or nature of client it accepts, although the firm does have the
right not to accept a particular client.

 Engaging the Services of Pettee Investors

 All clients wishing to engage Pettee Investors for investment advisory services must sign
 an investment management agreement that governs the relationship with Pettee
 Investors. The investment management agreement is written in plain English and
 describes the services and responsibilities of Pettee Investors to the client. It also
 outlines Pettee Investors’ fee in detail. A SEC brochure, GIPS Compliant Performance
 Presentations with notes and a privacy policy will also be provided.

 In addition to completing Pettee Investors’ internal documents (e.g., investment
 management agreement, client questionnaire), clients must complete certain broker-
 dealer/custodial documentation. Upon completion of these documents, Pettee
 Investors will be considered engaged by the client. A client has an ongoing
 responsibility for ensuring that Pettee Investors is informed in a timely manner of
 changes in the client’s investment objectives and risk tolerance.

 Conditions for Managing Accounts

 Clients are required to have a minimum account size of $1,000,000 for investment
 management services, although Pettee Investors retains the right to reduce or waive
 this minimum account size. Accounts of less than $1,000,000 may be set up when the
 client and Pettee Investors anticipates that the client will add additional funds to the
 accounts bringing the total to $1,000,000 within a reasonable time. Other exceptions
 will apply to related accounts of existing clients.

                                                                            Pettee Investors, Inc.
                                                                            Effective Date: March 13, 2026