Eubel Brady & Suttman Asset Management Inc

Item 5        Fees and Compensation
                            INVESTMENT SUPERVISORY SERVICES
                            INDIVIDUAL PORTFOLIO MANAGEMENT FEES

Fees are based upon a percentage of the market value of all managed assets (including
cash, cash equivalents and accrued income) in the client's account(s) on the last trading
day of each calendar quarter and are subject to the following negotiable fee schedules:
BALANCED PORTFOLIOS

Annual Rate                       Asset Amount

1.00%             First           $1,000,000

0.80%             Next            $1,500,000

0.70%             Above           $2,500,000
EQUITY ALL-CAP AND LARGE CAP PORTFOLIOS

Annual Rate                       Asset Amount

1.00%             First           $2,500,000

0.80%             Next            $2,500,000

0.70%             Above           $5,000,000

MUTUAL FUND PORTFOLIOS

Annual Rate

0.50% to 0.70%       Flat

If assets are deposited into or withdrawn from an account during a calendar quarter, the

fee payable with respect to such assets will generally not be adjusted or prorated based on
the number of days remaining in the period.

EBS Mutual Funds: EBS does not charge the EBS Income & Appreciation Fund or EBS
Income Fund an investment advisory fee. The value of Fund shares held by a client is
included in their separately managed account, and EBS’s compensation is governed by the
client/EBS investment advisory agreement. Fund investors will pay (through the Fund) an
administrative fee to the independent fund administrator as well as other operating costs.
See the Funds’ prospectus for complete details; copies are available upon request. EBS
does not receive any separate compensation from client investments in the Funds. As
QIBs, the Funds have an investment opportunity set that is deeper and broader than would
be available to most individual investors. We believe this expanded opportunity set
justifies the administrative and operating expenses.
Limited Negotiability of Advisory Fees: Although EBS has established the
aforementioned fee schedules, we retain the discretion to negotiate alternative fees on a
client-by-client basis. Client facts, circumstances and needs are considered in determining
the fee schedule. These include the complexity of the client, assets to be placed under
management, anticipated future additional assets, related accounts, portfolio style,
account composition, and reporting, among other factors. This will result in some clients
paying higher fees for similar services. The specific annual fee schedule is identified in the
contract between the adviser and each client, or as may be amended. We may group
certain related client accounts for the purposes of achieving the minimum account size
requirements and determining the annual fee rate.
Discounts, not generally available to our advisory clients, may be offered to family
members of associated persons of our firm and former employees.
Clients may elect to have fees deducted from the managed investment account at the
elected custodian or from another account managed by EBS. Clients may also request to
pay fees directly from the managed investment account or outside of the account from
other sources. Fees are payable quarterly in advance. In some instances, fees may be
charged and paid in arrears.
                                 GENERAL INFORMATION
Additional Fees and Expenses: In addition to our advisory fees, clients are also
responsible for the fees and expenses charged by custodians and imposed by broker-
dealers, including, but not limited to, any transaction charges imposed by a broker-dealer
with which EBS effects transactions for the client's account(s). When utilizing External
Managers, clients should refer to each External Manager’s Form ADV 2A disclosure
brochure and any contract they sign with the External Manager (in a dual contract
relationship). The client is responsible for all such fees and expenses. Please refer to the
"Brokerage Practices" section (Item 12) of this Firm Brochure for additional information.
Mutual Fund Fees (non-EBS mutual funds): All fees paid to EBS for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds
and/or exchange-traded funds (ETFs) to their shareholders. Mutual fund/ETF fees and
expenses are described in each fund's prospectus. These fees will generally include a
management fee, other fund expenses, and a possible distribution fee. If the fund also

imposes sales charges, a client may pay an initial or deferred sales charge. A client could
invest in a mutual fund or ETF directly, without our services. In that case, the client would
not receive the services provided by our firm which are designed, among other things, to
assist the client in determining which funds are most appropriate to each client's financial
circumstances and objectives. Accordingly, the client should review both the fees charged
by the funds and our fees to fully understand the total amount of fees to be paid by the
client and to thereby evaluate the advisory services being provided.
Certain funds charge transaction fees while others do not. Because we attempt to manage
the accounts in a cost-effective manner, funds purchased will vary depending on the size of
the account. We may not always purchase the share class with the lowest expense ratio.
401(k) Services: EBS may offer one or more EBS-managed portfolios as investment
selections when assisting a 401(k) plan in identifying investments for its plan offerings when
appropriate to the needs of the plan. Due to the unique nature of each plan's circumstances,
fees will be negotiated on a plan-by-plan basis.
Termination of the Advisory Relationship: A client agreement may be canceled at any
time, by either party, for any reason upon written notice to the other. Upon termination of
any account, any prepaid management fees will be refunded on a pro-rated basis for the
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Item 7     Types of Clients
EBS generally provides advisory services to the following types of clients:
• Individuals (other than high net worth individuals)
• High net worth individuals
• Pension and profit-sharing plans (other than plan participants)
• Other pooled investment vehicles (e.g., limited liability companies)
• Trusts, estates, or charitable organizations
• Corporations or other businesses not listed above
• Investment Companies
The minimum amount of assets for establishing a new relationship is $1,000,000, however,
multiple client accounts may be aggregated to meet this minimum. EBS, in its sole
discretion, may waive or alter the minimum requirements under certain circumstances or
when it is deemed likely that the minimum will be achieved within a reasonable period of
time.