Stuart Investment Advisors Inc

Item 5 – Fees and Compensation
The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
agreement with the Advisor.

                                             Stuart Investment Advisors, Inc.
                                        623 W 38th Street, Suite 110, Austin, TX 78705
                                         Phone: (512) 478-2275 * Fax: (512) 478-3062

A. Fees for Advisory Services
Investment Management Services
Investment advisory fees are paid quarterly at the end of each three month period, pursuant to the terms of the
investment advisory agreement. Investment advisory fees are based on the market value of assets under
management at the end of the three month period. Investment advisory fees are based on the following
schedule:

                 Assets Under Management ($)               Annual Rate (%)
                 First $250,000                            1.50%
                 Next $250,001 to $1,000,000               1.00%
                 Over $1,000,000                           0.75%

The investment advisory fee in the first three month period of service is prorated from the inception date of the
account(s) to the end of the first period. The Client’s fees will take into consideration the aggregate assets under
management with the Advisor. All securities held in accounts managed by SIA will be independently valued by
the Custodian. The Advisor will conduct periodic reviews of the Custodian’s valuations to ensure accurate billing.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and
other related costs and expenses described in Item 5.C below, which may be incurred by the Client. However,
the Advisor shall not receive any portion of these commissions, fees, and costs.

Retirement Plan Advisory Services
Fees for retirement plan advisory services are charged an annual asset-based fee of up to 1.50% and are billed
in arrears, pursuant to the terms of the retirement plan advisory agreement. Retirement plan advisory fees are
based on the market value of assets under management at the end of the three month period. Fees may be
negotiable depending on the size and complexity of the Plan.

B. Fee Billing
Investment Management Services
Investment advisory fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s]
at the Custodian. The Advisor shall send a spreadsheet to the Custodian indicating the amount of the fees to be
deducted from the Client’s account(s) at the end of the three month period. The amount due is calculated by
applying the (number of days in the period divided by the number of days in the year) to the total assets under
management with SIA at the end of the prior three month period. Clients will be provided with a statement, at
least quarterly, from the Custodian reflecting deduction of the investment advisory fee. It is the responsibility of
the Client to verify the accuracy of these fees as listed on the Custodian’s brokerage statement as the Custodian
does not assume this responsibility. Clients provide written authorization permitting advisory fees to be deducted
by SIA to be paid directly from their account[s] held by the Custodian as part of the investment advisory
agreement and separate account forms provided by the Custodian.

Retirement Plan Advisory
Retirement plan advisory fees may be directly invoiced to the Plan Sponsor or deducted from the assets of the
Plan, depending on the terms of the retirement plan advisory agreement.

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than SIA, in connection with
investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities
execution fees charged by the Custodian. The fees charged by SIA are separate and distinct from these custody
and execution fees.

In addition, all fees paid to SIA for investment advisory services are separate and distinct from the expenses
charged by mutual funds and ETFs to their shareholders, if applicable. These fees and expenses are described

                                           Stuart Investment Advisors, Inc.
                                      623 W 38th Street, Suite 110, Austin, TX 78705
                                       Phone: (512) 478-2275 * Fax: (512) 478-3062

in each fund’s prospectus. These fees and expenses will generally be used to pay management fees for the
funds, other fund expenses, account administration (e.g., custody, brokerage and account reporting), and a
possible distribution fee. A Client may be able to invest in these products directly, without the services of SIA but
would not receive the services provided by SIA which are designed, among other things, to assist the Client in
determining which products or services are most appropriate for each Client’s financial situation and objectives.
Accordingly, the Client should review both the fees charged by the fund[s] and the fees charged by SIA to fully
understand the total fees to be paid. Please refer to Item 12 – Brokerage Practices for additional information.

D. Payment of Fees and Termination
Investment Management Services
SIA is compensated for its services in arrears of the quarter in which investment advisory services are rendered.
Either party may terminate the investment advisory agreement, at any time, by providing advance written notice
to the other party. The Client may also terminate the investment advisory agreement within five (5) business days
of signing the Advisor’s agreement at no cost to the Client. After the five-day period, the Client will incur charges
for bona fide advisory services rendered to the point of termination and such fees will be due and payable by the
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Item 7 – Types of Clients
SIA offers investment advisory services to individuals, high-net-worth individuals, retirement plans, trusts,
estates, charitable organizations and foundations, and corporations. The amount of each type of Client is
available on SIA Form ADV Part 1A. These amounts may change over time and are updated at least annually by
the Advisor. SIA generally requires a minimum relationship size of $250,000 to effectively implement its
investment process. SIA may wave the minimum at its sole discretion.