Michael Russo Ltd

Item 5 - Fees and Compensation

MAP and Pension Consulting Program Fees. We charge an annual asset-based management fee of
1.00% for participation in our MAP and Pension Consulting programs. Investment advice
regarding any Legacy Assets specifically identified in our written MAP advisory agreement is
provided on a complimentary basis, and shall not be subject to the foregoing fees, unless otherwise
agreed in writing.

Our advisory fee is payable quarterly, in arrears, and is calculated on the basis of the market value
of the investments held in your account, including any balances held in money market funds. The
advisory fee for the initial calendar quarter of your participation is pro-rated for the number of
days in the period during which services are provided. Fees in subsequent periods are based upon
the market value of the account as of the last business day of the quarter. Notwithstanding the
foregoing, we reserve the right to negotiate fees on per client basis. CIAG may amend its fee
schedule upon thirty (30) days advance written notice to you.

Clients may make additions or request withdrawals from their account at any time. While we
typically do not adjust our advisory fees on account of mid-period additions or withdrawals, we
reserve the right in our sole discretion to make such adjustments on a per-client basis. Clients
should note that some or all of the investments in their account may be intended as long-term
investments and withdrawals of cash and premature liquidations of securities positions may impair
the achievement of your investment objectives.

All security pricing is done by the custodian of your account. We will rely on this pricing in
determining the fees attributable to your account(s). The custodian may use various pricing
services such as Reuters and Standard & Poor’s to price securities held in your account. For
actively traded securities, these services use the actual last reported sale price. For less actively
traded securities such as bonds, these services will use the appropriate valuation methodology to
determine the value of the security.

Termination. MAP program and Pension Consulting engagements may be terminated on thirty
(30) days’ advance written notice from the terminating party to the non-terminating party, without
penalty. In the event of termination, the client shall pay us a pro-rated fee based upon the number
of days in the final billing period during which services were provided.

Direct Deduction of Our Advisory Fees. Pursuant to your consent contained in our written MAP
advisory agreement and your account opening agreement with the custodian of your account(s),
our advisory fees will be paid and deducted directly from your account(s) held at the custodian,
typically within seven (7) business days following the close of the billing period. The custodian
will directly debit our fees from your account upon its receipt of our fee invoices. If necessary,
CIAG will liquidate money market shares held in your account(s) to pay our advisory fees,
however, if money market shares or cash value are not available, other investments will be
liquidated. Please note that unexpected or premature liquidation of investments to pay advisory
fees may impair the performance of your account.

                             CHICAGO INVESTMENT ADVISORY GROUP
                                  Form ADV Part 2A – Firm Brochure

Monthly and Quarterly Reports. The custodian of your account(s) will send an account statement
to you on a monthly basis identifying the amount of funds and each security in the account at the
end of the reporting period and setting forth all transactions in the account during that period,
including the amount of any advisory fees paid directly to us. Following the conclusion of each
quarterly period, CIAG will separately provide you with a performance report summarizing your
investment experience during the most recently completed period, including the advisory fees
actually debited from your account during such period (typically reflecting our advisory fees
charged in arrears for the immediately prior period) and the total advisory fees paid to us year-to-
date. We encourage you to carefully and promptly review the custodian’s account statements and
our quarterly performance reports upon receipt. If you believe there is any issue with your
account, you should contact us immediately at the phone number and e-mail address listed on the
cover page of this brochure.

Additional Fees and Expenses. Advisory fees paid to CIAG cover the costs of CIAG’s advisory
services only. The fees do not include, for example, the fees charged by third parties such as third-
party managers or accountants and attorneys who may separately provide the client with
accounting and legal advice. Commissions on transactions, custodial fees, and other account fees
will also be separately charged to the client by brokerage firms in accordance with the fee
schedules set forth in their separate account opening documentation. CIAG does not share in any
part of the foregoing additional fees and costs. See Item 12, Brokerage Practices, for more
information.

Clients should be aware that in addition to CIAG’s advisory fees and the other additional costs
outlined in the prior paragraph, the client will also bear a proportional share of the internal
management fees and other costs (e.g., expense ratios) associated with investment in each mutual
fund and/or ETF held in the client’s account. These internal fees have already been deducted from
the fund’s reported performance and are built into the net asset value (“NAV”) of the specific fund.
CIAG does not receive any portion of these fees. In addition, clients should be aware that there are
tax effects pertaining to fund share redemptions, and other sales, made by CIAG on the client’s
behalf. Redemptions and sales are taxable events which may accelerate the recognition of capital
...

Item 7 - Types of Clients/Minimum Account Size

CIAG makes its advisory services available to a wide variety of clients including, but not limited
to, individuals, high net worth individuals, pension and profit sharing plans and their participants,
trusts, estates, charitable organizations, corporations and other business entities.

CIAG does not require a minimum account size or charge any minimum fees for its advisory
services.

                             CHICAGO INVESTMENT ADVISORY GROUP
                                   Form ADV Part 2A – Firm Brochure