Reinhart Partners LLC

Item 5 — Fees and Compensation
In General
Fees for services rendered are based on a percentage of assets under management and are payable
quarterly in advance, unless otherwise stipulated in writing. The annual rates provided below are
applied to the market value of invested capital, including cash or its equivalent held for investment, as
appraised by Reinhart. Where client assets are invested in mutual funds, exchange traded funds, or
other third-party investment vehicles, the client will incur both a direct management fee payable to
Reinhart and an indirect management fee payable through the third-party investment vehicle. The
same is true if client assets are invested in a strategy offered by a third-party investment adviser – that
is, the client will incur both a management fee payable to Reinhart and a management fee payable to
the third-party investment adviser. No fee increase will take effect without at least sixty days’ advance
written notice.

Unless Reinhart has permission from the client to automatically debit the client’s custodial, banking or
brokerage account(s), as the case may be, Reinhart will invoice each client for services rendered.

The contractual relationship between Reinhart and its clients shall remain in force until canceled by
either party upon 30-days’ prior written notice. Unless a client specifically instructs Reinhart to liquidate
the client’s assets, Reinhart will not liquidate assets when notice of termination is received from a client.
In the event of termination by either party, any unearned fees will be prorated back to the client.

In some cases, Reinhart has entered into performance fee arrangements with qualified clients. Such
fees are subject to individualized negotiation with each such client. For more information see
“Performance–Based Fees and Side-By-Side Management.”

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 Disclosure Brochure

Fee Schedule*
                                       First $25 Million                       0.75%
                                       Next $25 Million                        0.65%

                                       Amounts over $50 Million                0.50%

* All portfolio fees are subject to negotiation depending upon total value of assets managed, asset type, and servicing
  requirements. In addition, certain legacy client relationships are subject to fee arrangements that differ from those described
  above. Reinhart reserves the right, in its discretion, to charge lower fees based on factors such as the nature and duration of
  the client relationship, the expectation of future additional assets, the existence of related accounts, and other relevant
  considerations. Reinhart employees may be charged reduced advisory fees or no advisory fees, as determined by Reinhart in
  its discretion.

Reinhart Fund Fees
Reinhart serves as the investment adviser to the Reinhart Mid Cap PMV Mutual Fund, the Reinhart
Genesis PMV Mutual Fund and the Reinhart International PMV Fund (the “Funds”). The Funds pay
Reinhart a monthly advisory fee based on their average daily net asset value at the annual rate of 0.90%
for the Reinhart Mid Cap PMV Mutual Fund, 0.95% for the Reinhart Genesis PMV Mutual Fund and 0.95%
for the Reinhart International PMV Fund. Advisory fee and expense related information may be found in
the Funds’ Prospectuses and Statement of Additional Information available at
www.reinhartfunds.com.

Other Fees
There are other fees or expenses associated with client accounts beyond fees paid to Reinhart for
providing investment management services. Reinhart’s fees do not include brokerage commissions,
transaction fees, and other related expenses paid to brokers which will be incurred by the client.
Reinhart does not accept custody of client assets and therefore requires its clients to separately engage
qualified custodians. Clients may incur certain other charges imposed by such custodians. Mutual funds
and exchange-traded funds also charge other fees and expenses, which are disclosed in a fund’s
prospectus. Such charges, fees and commissions are exclusive of and in addition to Reinhart’s fee, and
Reinhart shall not receive any portion of these commissions, fees, and costs. Neither Reinhart nor any
of its supervised persons accepts compensation (e.g., brokerage commissions) for the sale of securities
or other investment products. For more information about brokerage commissions, please see Item 12
below.

Item 7 — Types of Clients
Description
Reinhart provides investment advisory services to mutual funds, corporations, other investment
advisers, pension and profit-sharing plans, Taft-Hartley plans, municipalities and other public
institutions, foundations, trusts, individuals, and other separate accounts. Reinhart also provides
model portfolio recommendations to sponsors of managed account programs.

Account Minimums
Reinhart has a standard minimum account size of $1,000,000 for all accounts. Smaller accounts will be
accepted based upon a number of factors, including geographic considerations, related account
relationships, the number of clients with individual firms and support services provided by other firms.