CW Securities LLC

5. FEES AND COMPENSATION
   Asset Management Program
  All Asset Management Program transactions will primarily be executed through the utilization of Charles
  Schwab & Company, Inc. (Schwab) or American Funds. CWS utilizes the clearing and custodial
  services of Schwab and their affiliates or other companies, as applicable. All transactions with American
  Funds are executed via application and reinvestment.

  Under the Schwab program as a participant in the Asset Management Program, the client will pay an
  annualized fee (Account Fee) as set forth below. The Account Fee is negotiable and is payable
  quarterly in advance. The Account Fee referenced in this section includes all fees and charges for
  services of the Adviser. For the purposes of calculating Account Fees and providing quarterly
  performance reports, the account quarter will begin on the first day of the month in which the account
  is accepted by CWS unless the client chooses a different quarterly cycle.

  The annual fee for investment supervisory services will be charged as a percentage of assets under
  management. A minimum of $25,000 of assets under management is required for this service.

                  Assets Under Management                                         Fee
    $25,000 - $249,999                                                           1.50%
    $250,000 - $499,999                                                          1.25%
    $500,000 - $1,000,000                                                        1.00%
    Over $1,000,000                                                             Negotiable

  The initial Account Fee is due at the beginning of the quarter following execution of the Management
  Agreement and will include the prorated fee for the initial quarter in addition to the standard quarterly
  fee for the upcoming quarter. Subsequent Account Fee payments are due and will be assessed at the
  beginning of each quarter based on the value of the account assets under management as of the close

of business on the last day of the preceding quarter as valued by an independent pricing service, where
available, or otherwise in good faith as reflected on the client’s quarterly portfolio evaluation report.
Additional deposits of funds and/or securities will be subject to the same billing procedures. This include
deposits of no-load and load-waived mutual funds, equities, fixed income, annuities and any other
securities approved for investment in the Asset Management Program.

Advisory fees may be directly debited from a client account only if the client provides written
authorization permitting CWS’s fees to be paid directly from the client's account held by an independent
custodian and the custodian agrees to send to the client a statement, at least quarterly, indicating all
amounts disbursed from the account including the amount of advisory fees paid directly to CWS.

These fees and expenses are described in each fund prospectus. These fees will generally include a
management fee, other fund expenses and a possible distribution fee. If the fund also imposes sales
charges, a client may pay an initial or deferred sales charge. A client can invest in a mutual fund directly
with the mutual fund company, without the services of CWS, in which case, client will not receive the
services of CWS, which are designed, among other things, to assist in determining which mutual fund(s)
are most appropriate for the clients' condition and objectives. Accordingly, the client should review both
the fees charged by the funds and the fees charged by CWS to fully understand the total amount of
fees to be paid by the client and to thereby evaluate the advisory services being provided.

In addition to CWS's advisory fees, clients are also responsible for the fees and expenses charged by
custodians and imposed by broker/dealers, including but not limited to, any transaction charges
imposed by a broker/dealer with which an independent investment manager effects transactions for the
clients' accounts.

Each investment advisory agreement provides that the agreement between client and Adviser shall be
continuous until terminated by either party. Each agreement provides that the client may terminate the
agreement within five (5) business days of its effective date without paying any fees or penalties. The
agreement also provides that once the initial five (5) day period has passed, either party to the
agreement may terminate the agreement at any time by providing thirty days' written notice to the other
party.

If the appropriate disclosure statement is not delivered to the client at least 48 hours prior to the client
entering into any written advisory contract with this investment adviser, then the client has the right to
terminate the contract without penalty within five (5) business days after entering into the contract.

Upon termination, it is the client's responsibility to monitor the securities in the Account, and the Adviser
will have no further obligation to act on or provide advice with respect to those assets. If the agreement
is terminated partway through a calendar quarter, fees collected in advance will be refunded to the
client on a pro-rata basis, based on the number of days remaining in the calendar quarter following the
effective date of termination. No fees will be accepted that are $1,200 or more and 6 months in advance.

Clients should be aware that there always exists the potential for a conflict of interest in any such
arrangement in which the person making the recommendation will receive remuneration for performing
actions such as insurance sales. An adviser’s primary duty is fiduciary; any recommendation made
must always be in the client’s own best interest.

Under the American Funds program as a participant the client will pay Advisory fees an annualized fee
(Account Fee) as set forth below. The Account Fee is negotiable and is payable quarterly in advance.
...

7. TYPES OF CLIENTS
   CWS provides this service to individuals, pension and profit-sharing plans, trusts, estates, charitable
   organizations, and corporations. CWS will manage advisory accounts on a discretionary and non-
   discretionary basis. CWS does not require a minimum account size.