A N Culbertson & Company Inc

Item 5 Fees and Compensation
Our fees for asset management and financial planning services are based on a percentage of your
assets we manage. Our fees are calculated using the following fee schedule:

             Assets Under Management                 Annual Fee
             First $3 million                        1.00%
             Next $2 million                         0.75%
             Over $5 million                         0.60%

The actual fee may be higher or lower depending on the size of the account and the services rendered.
Individual clients may be on legacy fee schedules or negotiate alternative fee schedules.

Generally, fees for our services are payable quarterly in arrears based on account values at the end of
each calendar quarter. Some current clients pay fees in advance on an annual basis based on account
values at the end of November. We do not require current clients to pay fees in advance, and we do
not offer new clients the option of paying fees in advance.

Pro-rated Fees
Fees Paid in Arrears
For clients paying quarterly in arrears, we will pro-rate our fee on any amounts greater than or equal to
$100,000 per day that are deposited or withdrawn during the billing period. If the advisory relationship
with a client under this arrangement is terminated, they will owe a pro-rated fee as of the date of
termination.

Fees Paid in Advance
For certain legacy clients paying annually in advance, we will invoice a pro-rated fee on any amounts
greater than or equal to $100,000 per day that are deposited during the billing period. We will either
refund any unearned fees or credit the next year's invoice to any client who withdraws 50% or more of
the assets under management as calculated on the original billing invoice. If the advisory relationship
with a client under this arrangement is terminated, we will refund any unearned fees.

At our discretion, we may charge a lesser asset management fee based on certain criteria (i.e. family
relationships, client negotiations, charitable organizations, potential future assets, etc.) We will deduct
our fee directly from your account through the qualified custodian holding your assets.

We will deduct our advisory fee only when you have given our firm written authorization permitting the
fees to be paid directly from your account. Your qualified custodian will deliver an account statement at
least quarterly. These account statements will show all disbursements including our management fee
from your account. You should review all statements for accuracy. In limited circumstances, upon
request, we may agree to invoice you directly for advisory fees. In such cases, fees will be payable as
invoiced. We encourage you to reconcile our invoices with the statements you receive from your
qualified custodian. If you find any inconsistent information between our invoice and these statements,
please let us know.

You may terminate the investment advisory agreement at any time in writing. You will incur a pro rata
charge for services rendered prior to the termination of the portfolio management agreement, which
means you will incur advisory fees only in proportion to the number of days in the quarter for which you
are a client. If you have pre-paid advisory fees that we have not yet earned, you will receive a prorated
refund of those fees.

Additional Fees and Expenses
In addition to the fees charged by our firm, you are responsible for various other investment expenses,
including mutual fund or exchange-traded fund expenses, brokerage or transaction costs, custodian
fees, etc. Our firm does not share in any portion of these fees. To fully understand the total cost you
will incur, you should review all the fees charged by mutual funds, exchange-traded funds, our firm,
and others.

Item 7 Types of Clients
We offer wealth management services to individuals, pension and profit sharing plans, trusts, estates,
charitable organizations, corporations, and other business entities.

In general, we require a minimum of $1,000,000 to open and maintain an investment advisory account.
At our discretion, we may waive this minimum account size for various reasons (for example
anticipated future increases in assets, client referrals, or client family members).