New West Asset Management LLC

Item 5: Fees and Compensation

A. Fee Schedule

New West offers three options for clients as described below. The first option is portfolio
management fee only. For qualified clients, there are two options which include a
portfolio management fee and a performance-based fee or performance-based fee only.

Portfolio Management Fees

        Total Assets Under Management          Annual Fees
        All Assets                             Up to 1.50%

New West uses the value of the account as of the last business day of the billing period
for purposes of determining the market value of the assets upon which the advisory fee is
based.

These fees are generally negotiable and the final fee schedule will be memorialized in the
client’s advisory agreement. Clients may terminate the agreement without penalty for a
full refund of New West's fees within five business days of signing the Investment
Advisory Contract. Thereafter, clients may terminate the Investment Advisory Contract
generally with 15 days' written notice.

Portfolio Management and Performance-Based Fees

Qualified clients will pay an annual fee up to 1.00% of assets under management along
with a 10.00% performance fee based on capital appreciation. If the client's portfolio rises
in value, the client will pay 10.00% on that increase in value, but if the portfolio drops in
value, the client will not incur a new performance fee until the portfolio reaches the last
highest value which is generally known as a “high water mark.” The high water mark will
be the highest value of the client’s account on the last day of any previous quarter.

These fees are generally negotiable and the final fee schedule will be memorialized in the
client’s advisory agreement. This service may be canceled with 15 days’ notice. Clients

must pay the prorated performance-based fees for the billing period in which they
terminate the Investment Advisory Contract up to and including the day of termination.

Item 7: Types of Clients

New West generally provides advisory services to the following types of clients:

       ❖      Individuals
       ❖      High-Net-Worth Individuals
       ❖      Other Investment Advisers

There is no account minimum for any of New West’s services.