First Fiduciary Investment Counsel Inc

Fees and Compensation

    Description
       First Fiduciary bases its fees on a percentage of assets under management
       according to the following schedule:
       First Fiduciary’s Standard Management Fee Schedule:
                         1.00% on the first $1,000,000;
                         0.75% on the next $2,000,000;
                         0.60% on the next $7,000,000;
                         0.50% on the remaining balance
       First Fiduciary, in its sole discretion, may agree to charge an investment
       advisory fee different from its standard fee schedule. First Fiduciary may
       charge an annual minimum fee.
       First Fiduciary reserves the right to reject accounts where client goals and
       firm services are inconsistent.
       The charge for wealth management planning and cash flow analysis is
       determined on a case-by-case basis and typically ranges from $1,000
       to $5,000.

    Fee Billing
       In general, First Fiduciary bills clients for services, quarterly in arrears, after it
       has performed investment management services.
       In some instances, clients authorize FFIC to directly deduct its management
       fees from the client account. For First Fiduciary to directly debit the client’s
       investment account, the custodian must obtain consent from the client in
       advance.
       In situations where FFIC provides investment management services as part
       of a wrap fee relationship, the wrap sponsor may bill the client in advance of
       the investment management service being performed. In situations where
       these client relationships are terminated before a full period of investment
       management services have been provided, the wrap sponsor typically
       invoices First Fiduciary for the proportion of time that investment
       management services were not performed and First Fiduciary refunds the
       unearned portion of the management fee.

                            First Fiduciary Investment Counsel

    Other Fees
      Custodians may charge transaction fees on purchases or sales of certain
      mutual funds, exchange-traded funds or other securities. Different
      custodians may charge their account holders different fees. Typically, First
      Fiduciary believes that selection of the security is more important than the
      transaction fee that the custodian charges to buy or sell the security.

    Expense Ratios
      Mutual funds and exchange-traded funds generally charge a management fee
      for their services as investment managers. The management fee is included
      in a fee called an expense ratio. For First Fiduciary accounts that hold mutual
      funds, exchange traded funds or other pooled investment products, these
      fees are in addition to the fees paid by the client to First Fiduciary. For
      accounts that hold mutual funds or exchange traded funds, First Fiduciary
      does not receive any portion of the compensation paid to mutual fund or
      exchange traded fund companies.

Types of Clients

    Description
      First Fiduciary provides investment advice to individuals, non-profits, public
      funds, retirement plans, trusts, estates, ESOPs, business entities and others.
      Client relationships vary in scope and length of service.

                          First Fiduciary Investment Counsel

Methods of Analysis, Investment Strategies and Risk of Loss