Capital Research & Consulting LLC

Fees and Compensation
   Description
      Capital Research + Consulting LLC bases its fees on a percentage of assets
      under management or on a flat fee negotiated basis.
       Retainer Agreements are priced based on the complexity of work.
       Fees are Negotiable.

   Fee Billing
       Investment consulting and investment management fees are billed quarterly,
       in advance or in arrears, meaning that we invoice you before or after the
       three-month billing period has begun or ended. Payment in full is expected
       upon invoice presentation. If agreed, management fees may be deducted
       from commissions and/or 12b-1 fees directed through Capital Research
       Brokerage Services, LLC.

   Other Fees
       Custodians may charge transaction fees on purchases or sales of certain
       mutual funds and exchange-traded funds. These transaction charges are
       usually small and incidental to the purchase or sale of a security. The
       selection of the security is more important than the nominal fee that the
       custodian charges to buy or sell the security.

   Expense Ratios
      Mutual funds generally charge a management fee for their services as
      investment managers. The management fee is called an expense ratio. For
      example, an expense ratio of 0.50 means that the mutual fund company

                          Capital Research + Consulting LLC

       charges 0.5% for their services. These fees are in addition to the fees paid
       by you to Capital Research + Consulting LLC.
       Performance figures quoted by mutual fund companies in various publications
       are after their fees have been deducted.

   Past Due Accounts and Termination of Agreement
       Capital Research + Consulting LLC reserves the right to stop work on any
       account that is more than 60 days overdue. In addition, Capital Research +
       Consulting LLC reserves the right to terminate any financial planning
       engagement where a client has willfully concealed or has refused to provide
       pertinent information about financial situations when necessary and
       appropriate, in Capital Research + Consulting LLC s judgment, to providing
       proper financial advice. Any unused portion of fees collected in advance will
       be refunded within 30 days.

Types of Clients
   Description
      Capital Research + Consulting LLC generally provides investment advice to
      pension and profit-sharing plans as well as state or municipal government
      entities.
       Client relationships vary in scope and length of service.

   Account Minimums
      Capital Research + Consulting LLC does not require a minimum amount of
      assets to service an account.

                           Capital Research + Consulting LLC

Methods of Analysis, Investment Strategies and Risk of Loss