Condor Capital Management

Item 5           Fees and Compensation

   A.
                                   INVESTMENT ADVISORY SERVICES
         The Registrant’s annual investment advisory fee shall be based upon a percentage (%) of
         the market value and type of assets placed under the Registrant’s management as follows:

                              Market Value of Portfolio                  % of Assets
                               $0 to $1,000,000                             1.00%
                               Over $1,000,000                              0.75%

         The Registrant generally requires an annual minimum asset level of $500,000 for
         investment advisory services. The Registrant, in its sole discretion, may reduce its
         investment management fee and/or reduce or waive its minimum asset requirement based
         upon certain criteria (i.e., anticipated future earning capacity, anticipated future additional
         assets, dollar amount of assets to be managed, related accounts, account composition,
         negotiations with client, etc.). The Registrant may also, at its sole discretion, offer limited
         concierge services to is advisory clients, for an additional hourly fee ranging from $100
         to $300 per hour.

         The Registrant’s investment advisory fee is negotiable at its discretion, depending upon
         objective and subjective factors including but not limited to: the amount of assets to be
         managed; portfolio composition; the scope and complexity of the engagement; the
         anticipated number of meetings and servicing needs; related accounts; future earning
         capacity; anticipated future additional assets; the professional(s) rendering the service(s);
         prior relationships with the Registrant and/or its representatives, and negotiations with the
         client. As a result of these factors, similarly situated clients could pay different fees, the
         services to be provided by the Registrant to any particular client could be available from
         other advisers at lower fees, and certain clients may have fees different than those
         specifically set forth above.

                FINANCIAL PLANNING AND CONSULTING SERVICES (STAND-ALONE)
         The Registrant’s planning and consulting fees are negotiable, but generally range from
         $500 to $3,000 on a fixed fee basis, and from $200 to $300 on an hourly rate basis,
         depending upon the level and scope of the service(s) required and the professional(s)
         rendering the service(s).

                                           PENSION CONSULTING
         The Registrant’s pension consulting fees are negotiable, but generally range from 0.25%
         to 0.50% of the market value of the assets in the Plan.

   B. Clients may elect to have the Registrant’s advisory fees deducted from their custodial
      account. Both Registrant's Investment Advisory Agreement and the custodial/clearing

    agreement may authorize the custodian to debit the account for the amount of the
    Registrant's investment advisory fee and to directly remit that management fee to the
    Registrant in compliance with regulatory procedures. In the limited event that the
    Registrant bills the client directly, payment is due upon receipt of the Registrant’s
    invoice.

    The Registrant shall deduct fees and/or bill clients quarterly in advance, based upon the
    value of the assets on the last business day of the previous quarter. The Registrant
    includes accrued interest and dividends in the valuation of client assets.

C. As discussed below, unless the client directs otherwise or an individual client’s
   circumstances require, the Registrant shall generally recommend that Charles Schwab
   and Co., Inc. (“Schwab”), Fidelity Investments, Inc. (“Fidelity”) or Trade-PMR, Inc.
   (“Trade-PMR”) serve as the broker-dealer/custodian for client investment management
   assets.

    Broker-dealers such as Schwab, Fidelity and Trade-PMR charge brokerage commissions,
    transaction, and/or other type fees for effecting certain types of securities transactions
    (i.e., including transaction fees for certain mutual funds, and mark-ups and mark-downs
    charged for fixed income transactions, etc.). The types of securities for which transaction
    fees, commissions, and/or other type fees (as well as the amount of those fees) shall differ
    depending upon the broker-dealer/custodian. While certain custodians, including Schwab,
    Fidelity and Trade-PMR, generally (with the potential exception for large orders) do not
    currently charge fees on individual equity transactions (including ETFs), others do.

    There can be no assurance that Schwab, Fidelity or Trade-PMR will not change their
    transaction fee pricing in the future.

    Schwab, Fidelity or Trade-PMR may also assess fees to clients who elect to receive trade
    confirmations and account statements by regular mail rather than electronically.

    Clients will incur, in addition to Registrant’s investment management fee, brokerage
    commissions and/or transaction fees, and, relative to all mutual fund and exchange traded
    fund purchases, charges imposed at the fund level (e.g., management fees and other fund
    expenses).

    Tradeaway/Prime Broker Fees. Relative to its discretionary investment management
    services, when beneficial to the client, individual equity and/or fixed income transactions
    may be effected through broker-dealers other than the account custodian, in which event,
    the client generally will incur both the fee (commission, mark-up/mark-down) charged by
    the executing broker-dealer and a separate “tradeaway” and/or prime broker fee charged
    by the account custodian (i.e., Schwab, Fidelity or Trade-PMR).

D. The Investment Advisory Agreement between the Registrant and the client will continue
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Item 7           Types of Clients

         The Registrant’s clients shall generally include individuals, business entities, trusts,
         pension and profit sharing plans, estates and charitable organizations.