Our standard fee schedule is as follows:

The client shall pay us 1.00% (one percent) per annum on the first $15 million under management, and 0.85% (eighty-five basis points) per annum on the balance over that amount. The client is billed quarterly in arrears based upon the current market value of the total portfolio, calculated on the last trading day of the fiscal quarter. The client shall further stipulate whether this fee should be debited against the portfolio under our management or remitted by the client from a separate account.

Under no circumstances will fees be calculated upon performance incentives.

The minimum portfolio size which we shall accept is $5 million.