Fees are based on a percentage of assets under management, as per the published fee schedule. SLG may alter the published fee schedule in certain cases. Fees are billed in advance each calendar quarter and debited from client accounts. Accounts initiated during a quarter are charged a prorated fee. There are no termination fees, and clients receive a pro rata refund of prepaid fees upon termination. The fees listed are exclusive of brokerage commissions, transaction fees, and other related costs and expenses.