Sundvold Capital Management LLC

Fees and Compensation
   Description
      Sundvold Financial bases its fees on a percentage of assets under
      management, hourly charges and fixed fees.
       Retainer Agreements may be priced based on the complexity of work,
       especially when asset management is not the most significant part of the
       relationship.
       Financial plans are priced according to the degree of complexity associated
       with the client’s situation.

   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 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
       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.
       Sundvold Financial, 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. The formula is based on gross
       income, gross assets and other financial considerations.

                                 Sundvold Financial

   Expense Ratios
      Mutual funds and Institutional Money Managers 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. These fees are in addition to
      the fees paid by you to Sundvold Financial.
       Performance figures quoted by mutual fund companies in various publications
       are after their fees have been deducted.

   Past Due Accounts and Termination of Agreement
       Sundvold Financial reserves the right to stop work on any account that is
       more than 45 days overdue. In addition, Sundvold Financial 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. Any unused portion of fees
       collected in advance will be refunded within 45 days.

Types of Clients
   Description
      Sundvold Financial provides investment advice to individuals, banks or thrift
      institutions, investment companies, 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 $_166,667__ of assets under management,
      which equates to an annual fee of $2,500_.
       Sundvold Financial has the discretion to waive the account minimum.
       Accounts of less than $_166,667 may be set up when the client and the
       advisor anticipate the client will add additional funds to the accounts. Other
       exceptions can apply to employees of Sundvold Financial and their relatives,
       or relatives of existing clients.
       Clients receiving ongoing asset management services will be assessed a
       $_2,500 minimum annual fee. 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.

                                 Sundvold Financial

Methods of Analysis, Investment Strategies and Risk of Loss