Stillwater Capital Advisors LLC

Item 5: Fees and Compensation
The annualized fee for the following services is charged as a percentage of assets under
management in each individual account according to the following schedule.
Portfolio Management Services Program:

Account Assets                                          Annual Fee
On the first $1,000,000                                     1.00%
On the next $2,000,000                                      0.85%
On the next $2,000,000                                      0.75%
On the next $5,000,000                                      0.65%
On assets over $10,000,000                                  Negotiable

Investment Advisory Services Program:

Account Assets                                        Annual Fee
On the first $1,000,000                                   1.00%
On the next $2,000,000                                    0.85%
On the next $2,000,000                                    0.75%
On the next $5,000,000                                    0.65%
On assets over $10,000,000                                Negotiable

The value of each account including accrued interest at the end of the previous quarter will be used to
calculate the blended fee for each account as reported to our portfolio management and accounting
system, Tamarac. This amount may differ slightly from your billing statement from your account
custodian in the event of a late-in-quarter transaction that was posted to the account custodian after
the quarter end but posted to Tamarac as of a previous date. We expect any differences to be de
minimis. Clients are billed in advance at the beginning of each calendar quarter by directly debiting
client accounts. If assets greater than or equal to $100,000 are deposited or withdrawn from an
account after the beginning of a quarter, the fee will be prorated.
Fees for 529 accounts are also billed in advance at the beginning of each calendar quarter by directly
debiting client accounts. In limited circumstances as agreed upon in writing with the client, fees may
be calculated for each quarterly period ending the last business day of February, May, August and
November and shall be the product of (i) the rate of no more than 50 basis points, (ii) the average
daily net asset value of the Client’s assets invested in the Fund through the Program during the
quarter; divided by (iii) the number of days in the year multiplied by the number of days in the
quarter. Fees in these circumstances will be debited directly from your 529 account.

Limited Negotiability of Advisory Fees: Although Stillwater Capital Advisors, LLC has established
the aforementioned fee schedule(s), 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 needs, assets to be placed under management, anticipated
future additional assets, related accounts, portfolio style, account composition, reports, among other
factors. The specific annual fee schedule is identified in the contract between the adviser and each
client.

We may aggregate certain related client account assets for the purposes of determining the annualized
fee. Discounts, not generally available to our clients, may be offered to family members and friends
of associated persons of our firm.

GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement may be canceled at any time, by
either party, for any reason upon written notice. As disclosed above, certain fees are paid in advance
of services provided. Upon termination of any account, any prepaid, unearned fees will be promptly
refunded. In calculating a client’s reimbursement of fees, we will prorate the reimbursement
according to the number of days remaining in the billing period.

Mutual Fund Fees: All fees paid to Stillwater Capital Advisors, LLC for registered investment

advisory services are separate and distinct from the fees and expenses charged by mutual funds
and/or ETFs to their shareholders. These fees and expenses are described in each fund's prospectus.
These fees will generally include a management fee and other fund expenses. A client could invest in
a mutual fund 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 mutual fund or funds are most appropriate to each client's financial condition 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.

Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible for the
fees and expenses charged by custodians, including, but not limited to, any transaction charges
imposed by a custodian with which an independent investment manager effects transactions for the
client's account(s). Please refer to the "Brokerage Practices" section (Item 12) of this Form ADV
for additional information.

Advisory Fees in General: Clients should note that similar advisory services may (or may not) be
available from other registered (or unregistered) investment advisers for higher, similar or lower fees.

Item 7: Types of Clients
Stillwater Capital Advisors, LLC 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)
  •   Charitable organizations
  •   Corporations or other businesses not listed above