MANAGEMENT FEES

Our typical fee structure is an incremental fee, based on the total assets under management for each account as follows:

$50,000 - $499,999	1.25%
$500,000 - $999,999	1.00%
$1 mil - $2 mil	0.75%
$2 mil - $3 mil	0.65%
$3 mil +	negotiable

Fees are calculated and billed at the beginning of each quarter, and may be deducted from each account, or from a separate account set up by the client.