Fee Schedule

All fees are based on net assets under management and are computed quarterly on the market value of net assets under management on the last business day of the proceeding quarter.

Fees are calculated as follows:

On the first $5,000,000 1%

On the next $5,000,000 .75%

Over $10,000,000 Negotiable

Fees are billed and payable in advance on a quarterly basis and will be automatically deducted from the client's brokerage account.. The minimum account value is $500,000 and minimum advisory fee is $5,000 per year. This fee schedule will be deemed to be part of the Investment Advisory Agreement.