Horiko Capital Management LLC

Item 5. Fees and Compensation
   Description
      HCM bases its fees on a percentage of assets under management.
      Customary base fee schedule is as follows:
                  Assets                         Fee (Annually)
          $100,000    - $499,999                    3.0%
          $500,000    - $999,999                    2.5%
          $1,000,000 - $4,999,999                   2.0%
          $5,000,000 - $9,999,999                   1.5%
          $10,000,000 +                             1.0%

       Investment Management Fees are negotiated with each client, and HCM
       may, in its sole discretion, waive a portion of its customary base fees.
       Investment Management fees are prorated for partial periods. Additionally,
       HCM may also receive fees resulting from early redemptions from certain
       funds which have a minimum investment period. These fees are up to 2%.

       Investment Advice or consulting services may also be provided irrespective of
       AUM. Such advice is subject to a fee of up to $500/hour PLUS expenses
       including reimbursable expenses.

   Fee Billing
       Investment management fees are payable in arrears, daily, monthly, quarterly
       or annually depending on the type of account. Fees may be 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
       investment vehicles. 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.

                            Horiko Capital Management LLC

       HCM, in its sole discretion, may waive its customary base 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.).

   Past Due Accounts and Termination of Agreement
       HCM reserves the right to stop work on any account that is more than 30
       days overdue.

Item 7. Types of Clients
   Description
      HCM's current investment management clients are either corporations,
      partnerships, high net worth individuals or accounts that have been
      established by a group of investors. For each such fund or account, HCM has
      been appointed investment manager pursuant to an investment management
      agreement or limited partnership agreement with each fund or account.
       HCM may also provide financial planning services as part of its asset
       management to individual clients. Client relationships vary in scope and
       length of service.
       Account Minimums
       The minimum initial investment amount is $100,000 USD although HCM has
       discretion to accept lesser amounts. HCM may also raise the minimum
       investment amount at any time, in its sole discretion.