Management Fee Schedule

Quarterly performance is reported to all clients net of all fees and expenses.

*Billed Quarterly in arrears.  Management fee includes investment advice, asset allocation, daily portfolio management, and quarterly portfolio measurement and reports. Management fee does not include transaction charges of $4.95 per agency transaction.

MANAGEMENT PLUS PORTFOLIO*

Annual Fee:  Negotiated

*Billed quarterly in arrears.  Management fee includes transaction charges, investment advice, asset allocation, daily portfolio management, and quarterly portfolio measurement and reports.

Negotiated Rate _____%