Reitz Capital Advisors LLC

ITEM 5: FEES AND COMPENSATION

A. FEE SCHEDULES

Reitz Capital Advisors is only compensated for advisory services as follows: A percentage of assets
under management, hourly fees, and project-based fees (which are dependent upon the number of
hours, nature and scope of an engagement and uses the Advisor’s hourly rate as a guide).

1. Advisory fees for Investment Management Services are agreed upon at the time of engagement
and are based on a number of factors. Investment Management fees are payable quarterly in advance
and are based upon the market value of the portfolio, as determined by the client’s custodian, on the
last market day of each of the preceding calendar quarter. The Advisor’s fee of 1/4 of the annual rate is

then multiplied by the portfolio value in order to calculate the quarterly investment management fee.

The client’s custodian sets the portfolio’s market value. In the event the Advisor agrees in writing to
manage securities that do not have a readily available market value, the Advisor and Client agree to
seek at least two independent resources for valuation services.

Where services are initiated at any time other than the beginning of a calendar quarter, the advisory fee
for that quarter will be pro-rated.

The Advisor may agree in writing to modify its initial fee billing for those clients transferring from other
financial service firms who have just incurred a billing in arrears. In such cases, the Advisor will pro-rate
its first quarterly fee and invoice in arrears. Thereafter, the normal billing cycle will apply in the next
quarter unless otherwise agreed in writing.

The annual fee is determined at engagement and fees may also be dependent upon the nature and/or
scope of services, complexities, additional time to be incurred, types of assets, pre-existing
relationships, special/unique situations and at the discretion of the Advisor. The Advisor’s fee may be
higher or lower than may otherwise be available through other types of investment management firms
for similar services.

During the course of the ongoing engagement, Investment Management fees may be modified in
certain circumstances due to significant changes in the scope of the engagement, nature and/or
complexity of services. The Advisor reserves the right to modify the management fee with 30 days
written notice. Should the client decide not to accept the fee adjustment, the client is welcome to
terminate services at any time.

In the event that Investment Management clients desire services outside the scope of the Advisor’s
engagement, Reitz Capital Advisors is available to provide additional services at the Advisor’s hourly
consultation rate of $175. Reitz Capital Advisors will not engage in services resulting in additional fees
without the expressed written authorization of the client.

2. Fees for Financial Planning Services are determined at the time of engagement based upon the
time and effort required and/or the nature and complexity of services.

Reitz Capital Advisors’ hourly fee is $175; however, the Advisor may modify the fee based on
unique individual situations or complexity of services. The Advisor’s fee is billed to the next one-half
hour. In the alternative, the Advisor may propose a project fee based on time, effort, scope, and
complexity of services. The Advisor will use its hourly rate as the guide for project-based services.

Fees for Financial Planning Services are generally payable at the conclusion of services. However,
for new clients or larger projects, a retainer equal to one-half of the proposed project fee may be
required at the time of engagement with the balance due at the conclusion of services.

Should the client’s condition change during the course of services such that new advice,
recommendations, re-evaluation, or research are required, additional fees may apply. The Advisor will
not engage in additional services that result in fees without the client’s documented approval. In such
cases, the Advisor may also require an amended Client Agreement.

3. Fees for Consultation Services are determined at the time of engagement based upon the time
and effort required and/or the nature and complexity of services. Reitz Capital Advisors’ hourly fee is
$175. The Advisor’s fee is billed to the next one-half hour. In the alternative, the Advisor may propose
a project fee based on time, effort, scope, and complexity of services. The Advisor will use its hourly
rate as the guide for project-based services.

Fees for Consultation Services are generally payable at the conclusion of services. However, for

new clients or larger projects, a retainer equal to one-half of the proposed project fee may be
required at the time of engagement with the balance due at the conclusion of services.

Should the client’s condition change during the course of services such that new advice,
recommendations, re-evaluation, or research are required, additional fees may apply. The Advisor
will not engage in additional services that result in fees without the client’s documented approval.

B. PAYMENT OF FEES

1. Unless otherwise agreed in writing, Investment Management fees are payable quarterly in
advance as previously disclosed in this Brochure. Payment of Investment Management fees may be
made directly to the Advisor or through a debit directly to the client’s account by the qualified custodian
holding the client’s funds and securities. The Advisor follows the following criteria when payment is
made via a qualified custodian:

a) The client provides written authorization permitting the fees to be paid directly from the client’s
account held by the independent qualified custodian and the authorization is limited to withdrawing
contractually agreed upon Investment Advisor fees; (b) The client will directly receive regular (monthly
or quarterly) reports directly from the qualified custodian which reflect the Advisor’s fee deduction; (c)
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ITEM 7: TYPES OF CLIENTS
                              AND MINIMUM CONDITIONS
The Advisor’s services are available to individuals; high net worth individuals; pension and profit-
sharing plans; trusts, estates, and charitable organizations; corporations or other business entities; and
state and municipal government entities.

If an account is subject to the Employee Retirement Income Security Act of 1974, as amended,
(“ERISA”), the Advisor acknowledges that Advisor is a fiduciary within the meaning of the Act and the
ERISA client is a named fiduciary with respect to the control or management of the assets in the
Account. In each instance, the client will agree to obtain and maintain a bond satisfying the
requirements of Section 412 of ERISA and to include the Advisor and the Advisor’s principals, agents,
and employees under those insured under that bond and will deliver to the Advisor a copy of the
governing plan documents. If the Account assets for which the Advisor provides services represent
only a portion of the assets of an employee benefit plan, the client will remain responsible for
determining an appropriate overall diversification policy for the assets of such plan.

The Advisor does not impose a minimum portfolio size or fee for clients seeking advisory services.
However, the Advisor reserves the right to decline to provide financial and/or investment advisory
services to any person or firm in its sole discretion and for any reason.

Reitz Capital Advisors, in its sole discretion, may charge a lesser investment advisory based upon
certain criteria (i.e., anticipated future earning capacity, anticipated future additional assets, dollar
amount of assets to be managed, related accounts, account composition, negotiations with client, etc.).
As result of the above, similarly situated clients could pay different fees. In addition, similar advisory
services may be available from other investment advisers for similar or lower fees. ANY QUESTIONS:
Reitz Capital Advisors’ Chief Compliance Officer, Mark J. Reitz, remains available to address any
questions that a client or prospective client may have regarding advisory fees.

ITEM 8: METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND
                     RISK OF LOSS

A. METHODS OF ANALYSIS AND INVESTMENT STRATEGIES

The Advisor believes each client presents a unique set of goals, values, interests, objectives, time
horizons and challenges. Reitz Capital Advisors seeks to provide individualized attention and
services to each type of investor who engages the Advisor.

Based upon information provided by the client, the Advisor attempts to evaluate an investor’s risk
tolerance, time horizon, goals and objectives through an interview and data-gathering process in an
effort to determine an investment plan or portfolio to best fit the investor’s profile. Client participation

and the client’s delivery of accurate and complete information are critical to the Advisor’s process. In
performing its services, the Advisor shall not be required to verify any information received from the
client or from the client’s other professionals (e.g., attorney, accountant, etc.) and is expressly
authorized to rely on such information.

The Advisor may recommend the services of itself, its Advisory Representatives in their individual
capacities as investment managers, and other professionals to implement its recommendations. Any
professional referrals (i.e., insurance agents/firms, accounting professionals, legal professionals, etc.)
are solely a courtesy and the Advisor receives no direct or indirect compensation as a result of
referrals. Clients are welcome but are never under any obligation to act upon any of the
recommendations made by the Advisor or to engage the services of any such recommended service
firm or professional including the Advisor itself.

The Advisor prepares individualized advice and tailors its Investment Management Services for its
clients. The Advisor can provide advisory services for portfolios ranging from conservative to
aggressive; each designed to meet the varying needs of and within the direction set forth by the
investors. The Advisor selects the portfolio best suited to their individual needs after clients have
defined their objectives, risk tolerance and time horizons and the selection is approved by the client.

The Advisor primarily utilizes the following investment analysis and strategies. However, as previously
noted, the Advisor is available to tailor services to meet the stated needs of investors.

1. Fundamental Analysis involves the analysis of financial statements, the general financial health of
companies, and/or the analysis of management or competitive advantages. Fundamental analysis is
about using real data to evaluate a security's value. Although most analysts use fundamental analysis
to value stocks, this method of valuation can be used for just about any type of security.

For example, an investor can perform fundamental analysis on a bond's value by looking at economic
factors, such as interest rates and the overall state of the economy, and information about the bond
issuer, such as potential changes in credit ratings. For assessing stocks, this method uses revenues,
earnings, future growth, return on equity, profit margins and other data to determine a company's
underlying value and potential for future growth. In terms of stocks, fundamental analysis focuses on
the financial statements of the company being evaluated.
Very broadly described, this type of analysis involves a method of evaluating a security that
entails attempting to measure its intrinsic value by examining related economic, financial, and other
qualitative and quantitative factors. Fundamental analysts attempt to study everything that can affect
the security's value, including macroeconomic factors (like the overall economy and industry
conditions) and company-specific factors (like financial condition and management).
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