Schnieders Capital Management LLC

Item 5.       Fees and Compensation

FEES FOR PORTFOLIO MANAGEMENT SERVICESOur annual fee for Portfolio Management
Services is charged based on a percentage ofeach client’s total assets under management. Our standard fee
schedule is generally as follows:

            Assets under Management         Annual Fee (%)

             Up to $500,000                           1.50%
             $500,001-$1,000,000                      1.25%
             $1,000,001- $2,000,000                   1.00%
             $2,000,001- $4,000,000                   0.75%
             $4,000,001 and above                     0.50%

Discretionary and non-discretionary accounts may initially be charged based on the above fee
structure. However, the annual fee imposed may later be increased or decreased upon notice to the
client based on a number of factors including, but not limited to, type of assets held, time
allotted to each client, the depth and frequency of client discussions, meetings, past
relationships, and service requirements for each client. In certain circumstances, all fees,
services, and account minimums may be negotiable. As a result, SCM may charge management
fees to certain advisory clients that are higher or lower than those paid by other advisory clients.

Generally, clients are invoiced quarterly, in advance, at the beginning of each calendar quarter
based upon the net asset value of the client's account as of the last day of the previous quarter.
Clients may elect to have fees debited from their account. Direct debiting of fees requires client
written authorization in the Client Services Agreement. SCM does not charge portfolio
management clients for financial planning we perform for them. On occasion, SCM also offers
free financial planning to prospective clients.

A client agreement may be canceled at anytime, by either party, for any reason upon receipt of 30
days written notice. Upon termination of an account, any prepaid, unearned fees will be promptly
refunded, and any earned, unpaid fees will be due and payable, minus any free days given to the
client during the terms of the relationship.

Other Fees and Expenses

The fees described above and paid to SCM for investment advisory services are separate and
distinct from any fees and expenses charged to shareholders by mutual funds, ETF’s, and
REITs (“fund”), for which clients are solely responsible. These fees and expenses are more
fully described in each fund's prospectus or offering documents. Accordingly, we urge our
clients to review both the fees charged by the funds and the fees charged by SCM to fully
understand the total amount of fees for which the client is responsible.

Apart from the fees and charges described above, clients are also responsible for the fees and
expenses charged by custodians and imposed by broker-dealers, including, but not limited to,
any commissions, custody fees, paper document delivery fees, transaction charges or mark-
up/mark-downs imposed by a broker-dealer engaged to effect transactions for a client's
account(s), account termination fees, wire transfer fees, etc. as well as taxes on any income

earned.
Neither SCM or its supervised persons receive compensation for the sale of securities or other
investment products.

Item 7.        Types of Clients

SCM offers and provides portfolio management services to individuals, including high net
worth individuals, pension and profit-sharing plans, charitable organizations and corporations
seeking SCM’s personalized investment advisory services. Our Firm provides portfolio
management services on a discretionary and non-discretionary basis.

SCM normally requires a client to have a minimum account of $250,000 for Portfolio
Management Services. This account size may be negotiable under certain circumstances, in
SCM’s sole discretion.