AJF Capital Management Inc

Item 5 Fees and Compensation
Investment Advisory Services
For its individually managed accounts, AJF charges a management fee on a percentage basis, derived
from the assets under management. The fee structure is expressed on an annualized basis. The first
payment will be prorated to cover the period from the date that the Account is opened through the end
of the current calendar quarter. If the agreement is terminated after five business days of its signing,
the client will pay a pro rata fee based upon the number of days the account was open.

Fees will be collected quarterly in arrears. Fees are deducted from the client account by the qualified
account custodian, pursuant to written authorization by the client, and payment of the fee is reflected in
the custodian's statement. Fees are charged in arrears based on the market value of assets on the last
trading day of each prior calendar quarter. Asset Management agreements are for one year and may
be canceled on a quarterly basis. Fees are not payable in advance, therefore no refunds are provided.

Investment management fees are between 0.90%-2.00% of assets under management. These fees
may be negotiable under certain circumstances, at the sole discretion of the firm. Where clients may
incur additional expense from brokerage-based activities, clients should be aware that certain fees
remain separate and distinct from those fees charged by AJF for its asset management services.

All managed account clients can elect to participate in the wrap fee program, and in such case, clients
will not pay brokerage commissions for securities and other fees for the execution of securities
transactions, rather, they will pay a wrap fee which covers AJF's fee as well as fees associated with
the execution of securities transactions. AJF pays the program fee and the client is responsible for the
management fee and strategist fee (if applicable).

The annual fee for wealth management services will be charged as a percentage of assets under
management, according to the following schedules:

    The AJF Traditional/Sustainable Asset Management strategy
    Portfolio Value     Rate
    $100,000-$499,000….1.40%
    $500,000-$999,999….1.25%
    Over $1,000,000….…1.00%

    Minimum account size is $100,000. Depending on account size and other factors, lower rates
    may apply and AJF reserves the right to reduce fees or waive the minimum account size. The
    agreed upon fees are specified in the client agreement. Please see WealthPort Wrap Brochure for
    complete disclosure including fees regarding this program.

    The AJF Strategic Investment strategy
    Portfolio Value     0.90% ($25,000 minimum account size)

    Depending on account size and other factors, lower rates may apply and AJF reserves the right to
    reduce fees or waive the minimum account size. The agreed upon fees are specified in the client
    agreement. Please see WealthPort Wrap Brochure for complete disclosure including fees
    regarding this program.

    The AJF Alpha Portfolio
    Portfolio Value    2.00% ($250,000 minimum account size)

    The minimum account size will not be waived. Should the market value of the account fall below
    the stated minimum, AJF shall have the right to required that additional monies or securities be
    deposited to bring the account value up to the required minimum, close the account, or charge a
    maintenance fee of $75 per quarter.

    Non-Discretionary Investment Advisory
    Portfolio Value         Rate
    $250,000- 2,500,000…...1.00%
    $2,500,001-5,000,000… .75%
    Over $5,000,001….….... .50%

Clients may make additions to the account at any time. If assets in excess of $10,000 are deposited
into the account after the inception of a quarter, the fee payable for that quarter with respect to such
assets will be prorated based on the number of days remaining in the quarter. No fee adjustment will
be made for partial withdrawals within a billing period.

The AJF Financial Planning Services
Typically, we charge $150 per hour with a minimum of $2,500. Although we do not have a minimum
amount to open and maintain an advisory account, we have the right to terminate your account if it falls
below a minimum size which, in our sole opinion, is too small to manage effectively. These fees are
negotiable. These fees are 50% payable in advance and the balance payable upon the client receiving
the written recommendations and completed plan.

AJF may instead charge a fixed fee for financial planning services or other advisory services which are
negotiated on case by case basis. The fee is negotiable depending upon the complexity and scope of
the plan, other services, your financial situation, and your objectives. We do not require you to pay fees
six or more months in advance. Should the engagement last longer than six months between
acceptance of financial planning agreement and delivery of the financial plan, any prepaid unearned
fees will be promptly returned to you less a pro rata charge for bona fide financial planning services
rendered to date.

AJF Retirement Services
The fees for AJF Retirement Services are charged as a percentage of assets under management,
expressed on an annualized basis with fees being collected quarterly in arrears based on the market
value of assets on the last trading day of each prior calendar quarter. Asset Management agreements
are for one year and may be canceled on a quarterly basis. Fees are not payable in advance, therefore
no refunds are provided. Fees are charged according to the following schedule:

AJF Externally Managed Accounts Program
Portfolio Value                       Actual Rate
$1,000 < 500,000                       0.45%
$500,001 < 1,000,000                   0.35%
$1,000,000 & Over                      0.25%

General Fee Information: Clients may incur certain charges associated with their accounts, including,
...

Item 7 Types of Clients
AJF investment management services are primarily offered to individuals, including high net worth
individuals, pension and profit sharing plans, trust estates and charitable organizations, and
corporations.

Minimum account size is $100,000 for the Sustainable Asset Management and Traditional Asset
Management strategies; $25,000 for the Strategic Investment strategy. We may also household or
combine account values for you and your minor children, joint accounts with your spouse, and other
types of related accounts to meet the stated minimum.

The minimum account size is $250,000 for the Alpha Portfolio. The minimum account size will not be
waived and cannot be combined with other household assets.