The FUND MANAGER, means a duly licensed investment bank, which has been chosen for the specified job will provide an investment opportunity limited to the utilization of mutual funds (hereinafter referred to as "fund(s)") and variable annuities including, but not limited to, stock funds, bond funds, specialty funds and money market funds designated by the Investor(s) or the Investor(s)' agent. The purpose of this investment is to allow for the placement of an Investor(s)' assets in an investment vehicle designated by the Investor(s) (such as a specified bond or equity fund) and to move those assets to and from such fund and into and out of a fund (specified by the Investor(s)) that emphasizes preservation of principal (such as a money market fund) when the FUND MANAGER, in its sole discretion, believes that such action is appropriate given market conditions. When using stock funds, the FUND MANAGER will attempt to be in aggressive funds when the FUND MANAGER deems the market risk to be relatively low and in money market funds when the FUND MANAGER believes the market risk to be relatively high. When using bond funds, the FUND MANAGER will move invested assets to money market funds when the FUND MANAGER believes the market risk to be relatively high. Investor(s) are also notified that FUND MANAGER may deem some funds to be relatively high risk while some to be a relatively low risk, therefore Investor(s) will not necessarily be out of or in all funds at any given time.
 

FUND MANAGER's authority for investment direction is limited to transfers, exchanges or liquidations of funds and accounts. At no time will the FUND MANAGER be authorized to take custody of Investor(s) monies.
 

FUND MANAGER provides no guarantee of execution on a specific date. While FUND MANAGER will attempt to direct all exchanges and transfers within 48 hours, a delay could occur, and in such event FUND MANAGER assumes no responsibility for any possible losses.
 

It is recognized that short term capital gains or losses may be realized unless the Investor(s) are eligible for a Tax Sheltered Investment Program IRA, Keogh, Pension, Profit Sharing or 403B Retirement Program).
 

Depending upon the types of funds used, receipt of dividends might be only incidental to the purposes of the program and may be received on an irregular basis. Investor(s) recognize that there is no assurance as to the accuracy of switches and that any market losses resulting from the timing of such signals are normal market risks and the risk of the Investor(s). A conversion fee is normally charged by the investment product company (the fee is usually $5.00), which is deducted from the proceeds of liquidation before reinvestment.
 

Investor(s) may ask FUND-MANAGER to secure his investment through an insurance wrap or a capital regainment guarantee (in exceptional cases even to secure a certain interest for the investment through an interest securing guarantee) at extra costs.
 

Investor(s) recognize that the mutual fund custodian may require two to four weeks to establish an account. If a move is made while the account is being established, the account may not be moved into the then proper position and thus, losses could occur. FUND MANAGER assumes no responsibility for losses in this event.