SJS Investment Consulting Inc

Item 5 – Fees and Compensation

We are a fee-based investment adviser.

We do not have or employ any “Employee” who receives (directly or indirectly) any
compensation from the sale of securities or investments that are purchased or sold for your
account or to which we provide consulting expertise / services. We do not have any potential
conflicts of interest present that relate to any additional (and undisclosed) compensation from
you or your assets that we manage.

In certain circumstances, fees may be negotiable. You may pay more or less than others
depending on certain factors, including but not limited to, the type and size of the account(s), the
range of additional services provided to you, and the total amount of assets managed for you.
The fees that we charge for investment advisory services are specified in the investment
management agreement between you and us.

Your investment management fee is calculated as a percentage of the market value of all
assets in your account(s) on the last day of trading of each calendar quarter. Unless otherwise
provided, payment to us will be made quarterly based on your assets under management at the
end of the previous calendar quarter (in arrears). SJS does not bill for its investment
management services in advance. If an investment management fee begins at any time other
than at the beginning of a quarterly period, the first quarterly investment management fee is
prorated to the end of the quarter in which the investment management fee is effective. If an
investment management agreement is terminated, all fees due to us are prorated to the date of
termination. If you hold cash in your account, we include the cash as part of your assets under
management for fee billing purposes. We also include any margin balance in your account for fee
billing purposes.

Our investment management fee is separate from and does not include fees due to sub-advisors,
brokerage commissions, dealer spreads, and other costs associated with the purchase or sale of
securities, custodial fees, interest, taxes, and other account expenses. These expenses are
your responsibility. Your assets that are invested in shares of registered investment companies
and private funds will be included in calculating the market value of the Account for purposes of
computing our investment management fee and the same assets also will be subject to fees
and expenses assessed by the registered investment company or private fund and indirectly
paid by you.

Unless otherwise indicated, investment management fees will be deducted directly from your
account with the Custodian on a quarterly basis. You will receive quarterly notification from the
Custodian indicating the amount of the investment management fee deducted from your
account. In addition, you will receive a quarterly notification from us as to the amount of
investment management fee paid and how the investment management fee was calculated.
You are responsible for verifying the accuracy of the investment management fee and notifying
us and / or the Custodian of any exceptions or objections. You may elect in writing at any time
to terminate the direct deduction of our investment management fee.

We may propose to modify or change your investment management fee schedule upon 30 days’
written notice to you. Your investment management agreement may be terminated at any time

by either party upon receipt of 30 days’ written notice. Upon termination of any investment
management agreement, any prepaid, unearned investment management fees will be promptly
refunded.

Standard Investment Management Fee Schedule:

The standard investment management fee arrangement with clients is as follows:

Assets Under Management                                      Annual Fee

First $500,000                                               1.10%
Next $500,000                                                1.00%
Next $1,000,000                                              0.90%
Next $3,000,000                                              0.70%
Next $5,000,000 & Greater                                    0.50%

For unique investment practices, special reporting requirements, or extraordinary advisory
services, special investment management fees will be negotiated on a client-by-client basis.

Mutual funds, exchange traded funds (ETFs), separately managed accounts (SMAs), interval
funds, and / or private funds contained in your portfolio bear separate and additional expenses
disclosed by prospectus and / or private placement memorandum. Additionally, private funds
and interval funds may charge performance fees. The use of leverage within accounts –
primarily for certain separately managed accounts – may involve additional interest expenses.
We endeavor to monitor and disclose these fees to you, and remain focused on investment
returns net of all fees and expenses.

Public Funds Investment Management Fee Schedule

SJS’ annual investment management fee schedule to public funds is:

Assets Under Management                                      Annual Fee

First $2,500,000                                             0.20%
Next $2,500,000                                              0.15%
Next $5,000,000                                              0.12%
Greater than $10,000,000                                     0.10%

In addition, we may negotiate an annual flat investment management fee, payable quarterly.
The annual investment management fee is deducted quarterly, in arrears, from the public
entities’ custody account, unless otherwise directed. Investment management fees are based
on the fair market value of the assets in the account as of the last business day of the quarter or
set as a predetermined flat investment management fee.

Fee Schedule for Administrative and Consulting Services

We may charge a flat fee for specific administrative and consulting services that is due and
payable as incurred and agreed by you.
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Item 7 – Types of Clients

SJS provides investment management services to individuals and families, business owners,
high net worth individuals, retirement plans, non-profit organizations, endowments, foundations,
businesses, and public entities. We also work with clients who strive to be socially responsible
investors and / or environmentally responsible investors.

We seek portfolios with a minimum value of $1,000,000. We may waive this condition based on
special circumstances on a client-by-client basis.