Fee Schedule

In consideration for the Adviser’s investment advisory and portfolio management services with respect to the Advisory Account, the Adviser charges a monthly management fee (the “Management Fee”) as below:

• Less than US $100 asset under management (“AuM”) = free
• AuM between $101 - $1,000 = $5
• AuM between $1,001 - $25,000 = $20

For any AuM exceeding $25,000, the fees charged will be equal to annualized rate of 1.00% per annum (the “Management Fee Rate”) on the average US dollar value of a Managed Account Client’s portfolio over the past month (the “Account Value”). For purposes of this Agreement, the “Average Account Value” shall equal the arithmetic mean of the Account’s net asset value, as calculated by the Custodian, each calendar day during the relevant calendar month.

The Management Fee will be calculated and payable monthly in arrears in an amount equal to one-twelfth of the Management Fee Rate multiplied by the Client’s Average Account Value. If the Adviser’s services commence or terminate for any reason other than on the first day of the calendar month, the Management Fee for such partial month shall be prorated based upon the number of days for which services are actually rendered by the Adviser during such partial month.

The Management Fee will be automatically deducted from the Client’s Account on a monthly basis by the Custodian. By executing this Advisory Agreement the Client gives written authorization permitting the Adviser to be paid directly by the Custodian from the assets in the Client’s Account held by the Custodian and shall furnish any additional information or approvals that may be required by the Custodian to facilitate the payment of the Management Fee to the Adviser.

In the sole discretion of the Adviser, the Management Fee may be waived or reduced.

Client acknowledges and agrees that it will be solely responsible for paying all fees or charges of the Custodian, brokers and other service providers, including all transaction fees and trading costs.