Ladd Capital Management LLC

Item 5 - Fees and Compensation
    Description
         Ladd Capital Management, LLC bases its fees on a percentage of assets under management.

    Fee Billing
         Investment management fees are billed quarterly, in arrears, meaning that we invoice you
         after the three-month billing period has ended. 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 advance to direct debiting of their investment account.
         The annual Advisory Service Agreement fee is based on a percentage of the investable assets
         according to the following schedule:
                    1.00% on the first $500,000;
                    0.75% on the next $500,000 (from 500,001 to 1,000,000); and
                    0.50% on the assets above $1,000,000.

         The minimum annual fee is $5000 and is negotiable. Current client relationships may exist
         where the fees are higher or lower than the fee schedule above.
         Ladd Capital 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.).

    Other Fees
        Custodians may charge transaction fees on purchases or sales of certain mutual funds and
        exchange-traded funds. Brokerage firms may charge a commission or receive a mark-up or
        mark-down on a security trade. 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.

    Expense Ratios
        Mutual funds and exchange traded 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 annually. These fees are in addition to the fees paid by you to Ladd Capital
        Management, LLC.
         Performance figures quoted by mutual fund companies in various publications are after their
         fees have been deducted.

                                    Ladd Capital Management, LLC

Item 7 - Types of Clients
    Description
         Ladd Capital Management, LLC generally provides investment advice to individuals, banks
         or thrift institutions, investment companies, pension and profit sharing plans, trusts, estates,
         charitable organizations, corporations or business entities.
         Client relationships vary in scope and length of service.