Excel Capital Management Corp

Fees and Compensation
   Description
      ECM bases its fees on a percentage of assets under management. Fees are
      not negotiable.

   Fee Billing
       Investment management fees are billed quarterly, in advance, meaning that
       we invoice you before the three-month billing period has begun. Fees are
       usually deducted from a designated client account to facilitate billing. The
       client must consent in advance to direct debiting of their investment account.

   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.
       ECM, in its sole discretion, may waive its minimum fee and/or charge a lesser
       investment advisory fee based upon certain criteria (e.g., historical
       relationship, type of assets, anticipated future earning capacity, anticipated
       future additional assets, dollar amounts of assets to be managed, related
       accounts, account composition, negotiations with clients, etc.).

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

   Past Due Accounts and Termination of Agreement
       ECM reserves the right to stop work on any account that is more than 30 days
       overdue. Any unused portion of fees collected in advance will be refunded
       within 60 days.

                            Excel Capital Management Corp.

Types of Clients
   Description
      ECM generally provides investment advice to individuals, investment
      companies, trusts, small businesses, or corporations.
       Client relationships vary in scope and length of service.

   Account Minimums
      The minimum account size is $500,000 of assets under management, which
      equates to an annual fee of $6,250.
       When an account falls below $500,000 in value, the minimum annual fee of
       1.5%-2% is charged, depending upon the account value.
       ECM has the discretion to waive the account minimum. Accounts of less than
       $500,000 may be set up when the client and the advisor anticipate the client
       will add additional funds to the accounts bringing the total to $500,000 within
       a reasonable time. Other exceptions will apply to employees of ECM and their
       relatives, or relatives of existing clients.
       Clients receiving annual ongoing asset management services will be
       assessed a $6,250 minimum annual fee. Clients with assets below the
       minimum account size may pay a higher percentage rate on their annual fees
       than the fees paid by clients with greater assets under management.

Methods of Analysis, Investment Strategies and Risk of Loss