Cullinan Associates Inc

Item 5 Fees and Compensation
The firm's annualized fee schedule is:

DividendWriting accounts: not more than 0.65 % of market value

OverWriting accounts: not more than 0.50% of market value

IndexPlus accounts; not more than 0.40% of market value

There is no minimum annual fee

Fees for account values above $5,000,000 are negotiable.

Fees are assessed quarterly in advance and charged to the client account. Fees are automatically
deducted from the client account by the qualified account custodian, pursuant to written authorization
in the advisory contract, and payment of the fee is reflected in the custodian's statement. The qualified
account custodian maintains possession of all client assets.

In wrap fee accounts, custody and brokerage costs are included in the fee charged to these accounts.
In non-wrap fee accounts, there are brokerage costs but generally no separate custody costs. See

Item 7 Types of Clients
The firm provides investment advisory services to individuals, high net worth investors, pension and
profit-sharing plans, trusts, charitable organizations, corporations and other business entities. For
DividendWriting, and OverWriting accounts, generally the minimum account size is $500,000. For
IndexPlus, generally the minimum account size is $100,000.