The following is registrant’s Fee Schedule, effective September 30, 2008 per annum for rendering investment advisory services:

All managed assets; including equities, convertible securities, cash equivalents, cash reserved for equities and Fixed Income securities:
1% on the first $2,000,000 in each account

Accounts over $2 million in value are subject to fee negotiation.

In certain circumstances involving family-related accounts and tax-exempt accounts, a portion of the fee may be negotiated.

Hourly charges may be assessed for consultations not involving investment supervisory services at the rate of $300 to $500 per hour.

Fixed Fees may be available for certain services in certain situations agreed upon by Registrant and clients.

Fees are billed and payable quarterly in arrears on the value of the portfolio at the end of the quarter. Accounts under management for less than a quarter will be billed on a pro rata basis. Management fees may be waived or reduced at the discretion of the investment advisor.

Investment advisory contracts may be canceled either by the client or by the registrant at any time. Such cancellation will require written notification of termination that will be considered to be effective 30 days after registrant receives written notice. Fees will be pro-rated to the termination date.