JW Korth & Company Limited Partnership

Fees and Compensation
   Description
       J. W. Korth & Company bases its fees on a percentage of assets under
       management.
       Fees are negotiable based on the total client relationship.

   Investment Advisory Fees

   Fee Billing
       Investment management fees are billed quarterly, in advance, meaning that we
       invoice you in the first month of each three-month period, based on the
       statement from the last month of the last quarter. Payment in full is expected
       upon invoice presentation. When allowed by the custodian, fees may be
       deducted from a designated client account to facilitate billing, with permission of
       the client. The client must consent in advance to allow direct debiting of their
       investment account.
       Investment Advisory clients may terminate the agreement at any time by
       providing written notice to J.W. Korth. If the agreement is terminated prior to the
       last day of the billing quarter, a prorated portion of the fees paid will be refunded
       to the client based on the remaining number of days in the quarter.
            For example, if an account is valued at $1,000,000 at the onset of the
           quarter, it would be billed in advance $2,465.75 (1.0% annualized fee based
           on a 365 day year). If the quarter holds 90 days, the prorated refund would

                              J. W. KORTH & COMPANY

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       be $27.397 per day ($2,465.75/90). If the client terminates the contract 10
       days prior to the end of the quarter, the refund would be $273.97.

Other Fees
    Investment advisory fees paid to J. W. Korth strictly cover advice and portfolio
    management services. The client is responsible for covering the following fees:
        Custodial fees
        Investment management fees and expenses charged by pooled
          investments such as mutual funds, exchange traded funds, closed end
          funds and REITS
        A flat per-transaction charge of $20
    J. W. Korth & Company, 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.).
    New Advisory Service Agreement fees are calculated on a formula basis and
    adjusted for complexity of individual situations.
    As noted above, Investment Advisory fees paid to J. W. Korth cover advice and
    portfolio management services and do not cover costs associated with trade
    execution or custody. Clients under this advisory program typically hold their
    covered assets in a J. W. Korth brokerage account as the firm is also a broker
    dealer. In those cases, transaction commissions and margin and money market
    balance rebates may be paid to the broker dealer arm of J. W. Korth and to your
    account representative. Please see the section on Brokerage for more
    information.

Past Due Accounts and Termination of Agreement
    J. W. Korth & Company 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 30 days.

Compensation
    J. W. Korth charges fees to its clients based on the asset value of the account.
    In order to cover the cost of the transaction expense, J. W. Korth charges its
    traditional fee-based clients a flat commission of $20.00 per ticket.
    Pricing for special programs or strategies may be higher and will be described
    in detail in that program or strategy’s fact sheet or brochure.
    For New Issue securities where the public offering price is allowed to be
    reduced, J. W. Korth will buy the securities at a discount for the client and charge
    a $20 transaction fee. If the securities are not permitted to be discounted, the
    concession will be disclosed and they will be purchased at par with the client’s
    permission.

                           J. W. KORTH & COMPANY

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       Commission and transaction fees maybe be discounted at the discretion of the
       firm.

Types of Clients
   Description
       J. W. Korth & Company’s advisory services generally are available to the
       following types of clients:

           Individuals
           Banks, Credit Unions, and Insurance Companies
           Family Offices
           Pension and Profit Sharing Plans
           Trusts and Estates
           Charitable Organizations
           Corporations and other business entities
       Client relationships vary in scope and length of service.

   Account Minimums
       The minimum account size and minimum fee depends on the type of account
       and type of strategy employed. For special strategy accounts, these values will
       be detailed in the fact sheet.
       Bond Accounts
       The preferred minimum account size is $500,000 of assets under management,
       which equates to an annual fee of $7,500 using the schedule above.
       When an account falls below $500,000 in value, the minimum annual fee of
       $7,500 or 1.5% is charged, whichever is lower. 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. Depending
       upon circumstances, J. W. Korth & Company may sign another agreement with
       the client if assets have diminished significantly below $500,000.

                              J. W. KORTH & COMPANY

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       J. W. Korth & Company 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 J. W. Korth & Company and their relatives, or relatives of existing clients.

Methods of Analysis, Investment Strategies and Risk of Loss