Fee Schedule

Fees for managed accounts are based upon a percentage of the assets managed.   The annual fee schedule is based on the type of account as follows:

	Accounts with Equities	Fixed Income
On first $1,000,000	1.00%	0.70%
On the next $4,000,000	0.80%	0.50%
Additional funds	0.60%	0.30%

The minimum account size is $200,000.  Under certain circumstances, smaller accounts may be accepted and fees may be negotiated.  

Fees on managed accounts are billed in advance at the beginning of each calendar quarter.  If the advisory service begins on a date other than the beginning of a calendar quarter, the initial fee shall be prorated and added to the billing for the following quarter.  The fee for each calendar quarter shall be determined by multiplying the market value of the assets held in the account at the beginning of each quarter by ¼ of the applicable annual fee.  The broker or custodian shall be authorized to pay such fees based upon the invoice provided by the Adviser.

Service on a managed account may be terminated by written notice from either party.  A refund of any unearned management fees will be paid within 30 days of termination.

Consultations with clients who do not have managed accounts will be billed at $150 per hour.