Full Portfolio Management: Management fees will be based upon the total market value of all of the assets under management including any securities purchased on margin. At the beginning of each calendar quarter the fee will be calculated and charged based on the total market value at the end of the previous quarter at the rate of:

1.50% on the first $500,000 1% on the next $500,000 0.75% on assets over the first million $2000 minimum annual fee