Portfolio Management fees are calculated based upon the market value of supervised assets as of the beginning of each annual renewal period and clients are billed quarterly for the service. Portfolio supervision is provided continually throughout the year and the service is renewed automatically unless terminated at the end of any six-month period. In the event of termination, any prepaid fees will be returned pro-rata for the unused period of service. Fees may be tax-deductable as an investment expense, within the limitations outlined in the IRS code covering such deductions. * Investment Appraisal fees are calculated at the lowest Portfolio Management rate [0.6%].

Fee Schedule

• First $500,000 .................... [.008 x Supervised Funds]
• Next $500,000 .................... [.0075 x Supervised Funds]
• Above $1,000,000 ............... [.006 x Supervised Funds]
• Minimum Fee ...................... $1,000
• Investment Appraisals .......... [.006 x Account Value]