GUTT Financial Management LLC

Fees and Compensation
   Description
         GUTT FINANCIAL MANAGEMENT, LLC bases its fees on a percentage of
         assets under management, hourly charges and fixed fees.
         Fees are NEGOTIABLE.

   Fee Billing
         Investment management fees are billed quarterly, in ADVANCE, meaning that
         we invoice you BEFORE the three-month billing period has BEGUN.
         Payment in full is expected upon invoice presentation. Fees are usually
         deducted from a designated client account to facilitate billing. The client must
         consent in writing 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.
         GUTT FINANCIAL MANAGEMENT, LLC, 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

                                 Gutt Financial Management

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

   Past Due Accounts and Termination of Agreement
         GUTT FINANCIAL MANAGEMENT, LLC reserves the right to stop work on
         any account that is more than 60 days overdue. In addition, GUTT
         FINANCIAL MANAGEMENT, LLC reserves the right to terminate any financial
         planning engagement where a client has willfully concealed or has refused to
         provide pertinent information about financial situations when necessary and
         appropriate, in GUTT FINANCIAL MANAGEMENT, LLC’s judgment, to
         providing proper financial advice. Any unused portion of fees collected in
         advance will be refunded within 30 days.

Types of Clients
   Description
         GUTT FINANCIAL MANAGEMENT, LLC generally provides investment
         advice to individuals, pension and profit sharing plans, trusts, estates, or
         charitable organizations, corporations or business entities.
         Client relationships vary in scope and length of service.

   Account Minimums
         The minimum account size is $1,000,000 of assets under management,
         which equates to an annual fee of $10,000.
         GUTT FINANCIAL MANAGEMENT, LLC has the discretion to waive the
         account minimum. Accounts of less than $1,000,000 may be set up when the
         client and the advisor anticipate the client will add additional funds to the
         accounts bringing the total to $1,000,000 within a reasonable time. Other
         exceptions will apply to employees of GUTT FINANCIAL MANAGEMENT,
         LLC and their relatives, or relatives of existing clients.

                                     Gutt Financial Management

Methods of Analysis, Investment Strategies and Risk of Loss