Collar Capital Management LLC

Item 5 Fees and Compensation
On an annualized basis, our fee for continuous portfolio management services is as follows:

How We Are Compensated for Our Advisory Services

Asset Management:

Assets Under Management          Annual Percentage of Assets Charge
       Up to $500,000                             1.50%
   $500,001 to $1,000,000                         1.35%
  $1,000,001 to $2,000,000                        1.25%
  $2,000,001 to $9,999,999                        1.00%
      Over $10,000,000                            0.85%

Exceptions may be made to the published fee schedule under certain circumstances pursuant to a
negotiated agreement with the client. Although we seldom use a fixed fee schedule, the fixed annual
fee (to be paid in lieu of the fee schedule) will range from $1,500 - $10,000 and shall be paid quarterly
in advance via invoice.

*Our firms' fees are calculated and deducted daily on a pro-rata annualized basis on the net liquidation
value of your account. The daily accounting is based on 252 trading days per calendar year.

We will deduct our fee directly from your account through the qualified custodian holding your funds
and securities. We will deduct our advisory fee only when you have given our firm written authorization
permitting the fees to be paid directly from your account. Further, the qualified custodian will deliver an
account statement to you at least quarterly. These account statements will show all disbursements
from your account. You should review all statements for accuracy.

Pension Consultations:

Adviser's annual fees for pension consulting services provided under this agreement shall be based on
the market value of the assets and shall generally be calculated at up to 0.50% of all plan asset value.

In addition to Adviser's consulting fee, the Client may also incur certain charges imposed by
unaffiliated third parties. Such charges include, but are not limited to, custodial fees, administrative
fees, brokerage commissions, transaction fees, charges imposed directly by a mutual fund, index fund,
or exchange traded fund purchased for the account which shall be disclosed in the fund's prospectus
(i.e., fund management fees and other fund expenses), wire transfer fees and other fees and taxes on
brokerage accounts and securities transactions.

The fee for Pension Consulting will be billed quarterly via invoice to the client and shall be paid within
ten (10) days of the billing period.

Investment Administration Fees:

We charge a fixed fee of $1,250 per quarter, invoiced following the end of each calendar quarter and
payable within ten (10) days after receipt. These fees are separate from and in addition to any
investment advisory fees and are not based on the value of assets or performance. Clients should be
aware that similar administrative services may be available from other service providers at different
costs.

Additional Fees and Expenses

As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds (described in each fund's prospectus) to their shareholders. These fees will generally
include a management fee and other fund expenses. You will also incur transaction charges and/or
brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
refer to the Brokerage Practices section of this brochure.

Terminations & Refunds

We charge our individual client advisory fees daily in arrears. In the event that you wish to terminate
our services, we will stop charging fees immediately or no later than 5 business days from the time of
the termination request. You need to contact us in writing and state that you wish to terminate our
services. Upon receipt of your letter of termination, we will discontinue charging of fees on the
account(s), and the client may transfer the account or ask for liquidation of the assets. If we do not stop
charging our daily fees within 5 business days, our firm will refund you any fees that were charged in
error.

 1 Please note that our method for computing the amount of "client assets we manage" can be different from the method for computing
"assets under management" required for Item 5.F in Part 1A of Form ADV. However, we have chosen to follow the method outlined for Item
5.F in Part 1A of Form ADV. If we decide to use a different method at a later date to compute "client assets we manage," we must keep
documentation describing the method we use and inform you of the change. The amount of assets we manage may be disclosed by rounding
to the nearest $100,000. Our "as of" date must not be more than three months before the date we last updated our Brochure in response to
Item 4.E of Form ADV Part 2A.

Item 7 Types of Clients
We offer investment advisory services to individuals and high net worth individuals.

In general, we do not require a minimum dollar amount to open and maintain an advisory account;
however, 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.