Cullen Patterson Capital Management LLC

Item 5   Fees and Compensation

CPCM charges an annual management fee of 1.25% of assets per annum with a minimum annual fee of
$5,000.00. The fees are billed on a quarterly basis. Lower fees for comparable services may be available
from other sources. Depending on level of service, other fee arrangements may be available.

In addition, other fees for services such as real estate, financial management (including bill paying) are
commensurate with the level of service. Asset Allocation Consulting services are offered on a fixed fee
basis.

Clients may direct management fees to be deducted from their accounts or clients may choose to be
invoiced directly for these services. Fees are billed quarterly in advance or arrears depending upon client
preference. These decisions are made by the client. Accounts that are billed in advance and terminate
prior to next billing period will receive a pro-rated rebate upon request.

Clients may pay additional expenses that may include custodian fees, mutual fund expenses and
brokerage and other transaction costs. Brokerage practices are discussed more fully in Item 12 of this
brochure.

CPCM and any of its employees/supervised persons do not receive compensation for any transactions,
asset-based sales, or service fees from the sale of mutual funds. As a result, there is no conflict of
interest regarding such sales. All recommendations are based on the client's needs and what is best for
them and not what is best for employees/supervised persons. CPCM periodically invests in "no-load"
mutual funds and ETF's when applicable to clients' needs and risk parameters.

Clients have the option to purchase investment recommendations through any broker of their choosing.

CPCM derives no compensation from the sale or purchase of any investment.

Item 7      Types of Clients

CPCM provides management services to individuals, high net worth individuals, businesses, and
institutions. There is no minimum size account needed to open or maintain an account.