LEHRER MANAGEMENT CO., INC. : Services : Fees

Minimum Account Size: $500,000

Annual Portfolio Management Fees:

1.0%	on the first	$0 - $500,000
0.5%	on the next	$500,000 - $10,000,000
0.4%	on the next	$10,000,000 - $20,000,000
0.3%	on the next	$20,000,000 - $30,000,000

The minimum annual fee is $5,000 based on a minimum asset value of $500,000. A $300 non-refundable data-processing fee is included in the annual fee for each account.

The overall fee may be negotiated or adjusted, depending upon individual circumstances. Please contact us to review your situation.