Applied Finance Capital Management LLC

Item 5 - Fees and Compensation

Fees paid to AFCM are for AFCM advisory services only. The fees do not include, for example,
the fees charged by third parties such as third-party managers, accountants and attorneys assisting
with providing the client with accounting and legal advice. Commissions on transactions and other
account fees will also be charged by brokerage firms in accordance with the account’s brokerage
firm’s normal commission schedule. See Item 12, Brokerage Practices. Customary commissions
on insurance are also not included.

AFCM does not have a fixed fee schedule. Investment advisory fees are negotiated on a case-
by-case basis.

Item 7 - Types of Clients/Minimum Account Size

AFCM makes its advisory services available to broker/dealers, registered investment advisers,
trusts, and other financial institutions. AFCM does not provide direct retail advisory services.
AFCM does manage retail funds allocated to it through advisory platforms. AFCM does not
require a minimum account size.