Syndicated Capital Inc

Item 5   Fees and Compensation

Our standard fee is 2%. Clients can negotiate fees with the advisers.

Clients pay ticket charges. Fees and ticket charges are negotiable with advisers.

Advisers receive 12B-1 compensation for recommending certain mutual funds.

Management fees are deducted from clients' accounts upon opening of the accounts; thereafter in January,
April, July and October in advance of the calendar quarter.

Management fees are deducted from the clients' accounts. Pershing generates statements that indicate the
total asset value for the quarter and the amount of the fees deducted.

Clients may request full fee refund, in writing, within the first 5 business days following execution of
investment advisory agreement. Thereafter, refunds are prorated.

Clients may pay custodian fees and mutual fund expenses. Clients will incur brokerage and transaction
costs. Details are available in Item 12 (Brokerage Practices) and new account applications.

Management fees are charged in advance, based on the average of previous quarter's three-month-end
balances multiplied by the annual fee rate as adjusted to reflect a calendar quarter period and that lowers
fees for comparable services may be available from other sources.

Item 7       Types of Clients

Syndicated Capital, Inc. provides investment advice to individuals, trusts, corporations and 401K plans.
Syndicated Capital, Inc. does not impose minimum balance when opening accounts or maintenance
requirement.