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HomeMy WebLinkAbout11-24-08Q ~ - l(J~~ SIMPLIFIED FAMILY SETTLEMENT AND RELEASE OF FIDUCIARY AGREEMENT BY AND AMONG PNC BANK, NA, EXECUTOR AND TRUSTEE, AND THE FOLLOWING BENEFICIARIES UNDER THE LAST WILL AND CODICIL OF KATHERINE L. MACKINTOSH, ALSO KNOWN AS KATHARINE L. MACKINTOSH: JEREMY R. CHUBB, PAULA L. CHUBB, RICHARD N. CHUBB, JR., JULIE V~LIZER, ~~ JANICE L. COLLINS, AND NICOLE ZAPATA. ~© _ y ~ :~- ~~ c~ - WHEREAS, KATHERINE L. MACKINTOSH, also known as KATHA~IV"~~,. v - MACKINTOSH, departed this earthly life on June 19, 2007, testate, leaving a Last. ~~nd ~ - Testament dated Apri127, 2001, and a Codicil dated December 20, 2005 (See true anc~~orrect~pies ` - attached hereto); and c7 cn WHEREAS, the said Will and Codicil were duly probated and Letters Testamentary thereon were duly issued to PNC BANK, N.A., on June 29, 2007, by the Register of Wills in and for Cumberland County, Pennsylvania (docketed to No. 21-07-0622); and WHEREAS, the said Last Will and Codicil, when read properly and in an integrated fashion, provides in pertinent part. Item 2 (of the Codicil replacing Items 2A, 2B and 2C of the Will) provided for a specific legacy to pay off any balance remaining at the time of Ms. Mackintosh's death on any purchase money mortgage debt incurred by Jeremy R. Chubb in relation to the purchase of Ms. Mackintosh's residential property at 1109 Charles Street, in the Borough of Mechanicsburg, Cumberland County, Pennsylvania. Item 3 gifted any automobile to PAULA L. CHUBB and RICHARD N. CHUBB, JR. Item 4 gifted a sofa to PAULA L. CHUBB. Item 5 clarified Ms. Mackintosh's wishes as to priority of importance and treatment of items 2 through 4 as compared to the residue, the residue having the lowest priority as to status. Item 6 gave the remainder, to be divided into two (2) equal shares, in Trust, to PNC BANK, N.A., as Trustee for the benefit of PAULA L. CHUBB and JANICE L. COLLINS. At the passing of PAULA CHUBB, one-half (1/2) of any then remaining balance in her trust share was to go to her spouse, RICHARD N. CHUBB, JR. and if he failed to survive, then to JULIE WALIZER. The other one-half (1/2) thereof was to go to JULIE WALIZER and if she failed to survive, then to her husband MICHAEL WALIZER. At the passing of JANICE L. COLLINS, then any remaining balance in her trust share was to go to her daughter, NICOLE ZAPATA. Item 7 and 8a, and 8b set forth directions and empowerments to the Trustee. ~ , SIGNATURE PAGE FOR SIMPLIFIED FAMILY SETTLEMENT AND RELEASE OF FIDUCIARY AGREEMENT BY AND AMONG PNC BANK, NA, EXECUTOR AND TRUSTEE, AND THE FOLLOWING BENEFICIARIES UNDER THE LAST WILL AND CODICIL OF KATHERINE L. MACKINTOSH, ALSO KNOWN AS KATHARINE L. MACKINTOSH: JEREMY R. CHUBB, PAULA L. CHUBB, RICHARD N. CHUBB, JR., JULIE WALIZER, JANICE L. COLLINS, AND NICOLE ZAPATA. IN WITNESS WHEREOF, intending to be legally bound hereby and to bind my heirs, administrators, successors and assigns, I have hereto affixed my hand and seal this ao~"`~ day of n ~ f- , A.D. 2008. WITNESS (SEAL) w~ , ' SIGNATURE PAGE FOR SIMPLIFIED FAMILY SETTLEMENT AND RELEASE OF FIDUCIARY AGREEMENT BY AND 1 AMONG PNC BANK, NA, EXECUTOR AND TRUSTEE, AND THE FOLLOWING BENEFICIARIES UNDER THE LAST WILL AND CODICIL OF KATHERINE L. MACKINTOSH, ALSO KNOWN AS KATHARINE L. MACKINTOSH: JEREMY R. CHUBB, PAULA L. CHUBB, RICHARD N. CHUBB, JR., JULIE WALIZER, JANICE L. COLLINS, AND NICOLE ZAPATA. IN WITNESS WHEREOF, intending to be legally bound hereby and to bind my heirs, administrators, su cessors and assigns, I have hereto affixed my hand and seal this as day of A.D. 2008. ` ~ SEAL ~ ) WITNESS PAULA L. C UBB r.~ . ~ SIGNATURE PAGE FOR k SIMPLIFIED FAMILY SETTLEMENT AND RELEASE OF FIDUCIARY AGREEMENT BY AND AMONG PNC BANK, NA, EXECUTOR AND TRUSTEE, AND THE FOLLOWING BENEFICIARIES UNDER THE LAST WILL AND CODICIL OF KATHERINE L. MACKINTOSH, ALSO KNOWN AS KATHARINE L. MACKINTOSH: JEREMY R. CHUBB, PAULA L. CHUBB, RICHARD N. CHUBB, JR., JULIE WALIZER, JANICE L. COLLINS, AND NICOLE ZAPATA. IN WITNESS WHEREOF, intending to be legally bound hereby and to bind my heirs, administrators, successors and assigns, I have hereto affixed my hand and seal this ~ _~ day of -~,-,,,~~~-~~~ , A.D. 2008. ~ (SEAL) WIT ESS RICHARD N. CHUB , JR. ' ~ r e. ~ SIGNATURE PAGE FOR SIMPLIFIED FAMILY SETTLEMENT AND RELEASE OF FIDUCIARY AGREEMENT BY AND AMONG PNC BANK, NA, EXECUTOR AND TRUSTEE, AND THE FOLLOWING BENEFICIARIES UNDER THE LAST WILL AND CODICIL OF KATHERINE L. MACKINTOSH, ALSO KNOWN AS KATHARINE L. MACKINTOSH: JEREMY R. CHUBB, PAULA L. CHUBB, RICHARD N. CHUBB, JR., JULIE WALIZER, JANICE L. COLLINS, AND NICOLE ZAPATA. IN WITNESS WHEREOF, intending to be legally bound hereby and to bind my heirs, administrators, successors and assigns, I have hereto affixed my hand and seal this ~_ day of <.~~~{"~' c~l'~"=~' , A.D. 2008. ~J i`~Zi~% ,, ~~% __, (.SEAL) WITNESS J ~ IZER ,~ ~~` ------ r . ~,` SIGNATURE PAGE FOR SIMPLIFIED FAMILY SETTLEMENT AND RELEASE OF FIDUCIARY AGREEMENT BY AND AMONG PNC BANK, NA, EXECUTOR AND TRUSTEE, AND THE FOLLOWING BENEFICIARIES UNDER THE LAST WILL AND CODICIL OF KATHERINE L. MACKINTOSH, ALSO KNOWN AS KATHARINE L. MACKINTOSH: JEREMY R. CHUBB, PAULA L. CHUBB, RICHARD N. CHUBB, JR., JULIE WALIZER, JANICE L. COLLINS, AND NICOLE ZAPATA. IN WITNESS WHEREOF, intending to be legally bound hereby and to bind my heirs, administrators, successors and assigns, I have hereto affixed my hand and seal this a$*" day of ~P~MO~ , A.D. 2008. .~ C u~ rti om ~m~, apt) (SE.AL) WITNESS NIC L. COLLINS W.. v~~u ~~~ Nofory -ubNc ~ of oNawar. conw~Mwoerb~plr« on Nov ~. ZOM ,' .' SIGNATURE PAGE FOR SIMPLIFIED FAMILY SETTLEMENT AND RELEASE OF FIDUCIARY AGREEMENT BY AND AMONG PNC BANK, NA, EXECUTOR AND TRUSTEE, AND THE FOLLOWING BENEFICIARIES UNDER THE LAST WILL AND CODICIL OF KATHERINE L. MACKINTOSH, ALSO KNOWN AS KATHARINE L. MACKINTOSH: JEREMY R. CHUBB, PAULA L. CHUBB, RICHARD N. CHUBB, JR., JULIE WALIZER, JANICE L. COLLINS, AND NICOLE ZAPATA. IN WITNESS WHEREOF, intending to be legally bound hereby and to bind m heirs, administrato s, uccessors and assigns, I have hereto affixed my hand and seal this day of ~°~2,.- , A.D. 2008. ~" , l.. ; ~ (SEAL) WITNESS NICOLE ZAPATA io .y ~ CODICIL TO LAST WILL AND TESTAMENT OF KATHERINE L. MACKINTOSH, a.k.a. KATHARINE L. MACKINTOSH I, KATHERINE L. MACKINTOSH, a.k.a. KATHERINE L. MACKINTOSH, an unremarried widow, currently of Lower Allen Township, formerly of Mechanicsburg Borough, Cumberland County, Pennsylvania, being of sound and disposing mind, memory and understanding, do make, publish and declare this Codicil to my Last Will and Testament dated Apri127, 2001. I revoke Paragraphs 2A, 2B, and 2C of my said Will, and substitute in their place the following: 2. I have formerly provided in the above-referenced Last Will and Testament for a specific devise of my residential property at 1109 Charles Street, Mechanicsburg, Cumberland County, Pennsylvania, and for a bequest of certain of the contents therein, to my grandson, Jeremy R. Chubb, as well as for financial assistance for his post-graduate college education. A change in circumstances and not any personal displeasure toward my grandson has led to my revocation of both the devise and the bequest in whole or in part as I set forth more fully herein below. Ivly said grandson is in the process of purchasing the said premises at i 109 Charles Street and is obtaining a purchase money mortgage to do so. In the event that at the time of my death, there is any balance then due and owing on such purchase money mortgage or on any successor mortgage thereto or on any refinance of such mortgage, then I give, devise, and bequeath in the form of a specific legacy to pay a debt the sum necessary to pay-off and satisfy such mortgage in full. I direct my Executor to determine whether such mortgage still exists and, if so, to determine the amount due and owing at the time of my death, to arrange for and to make payment of the same as soon as conveniently may be after my demise. In the event that my net Estate may appear to possibly be less than is necessary to pay this said debt in full, then my Executor is authorized to pay such part of it as may be conveniently and safely done and to augment the said initial payment later as information and circumstances may dictate. In the event my Executor deems it prudent and wise, it may delay payment in whole or in part until the amount set aside has been confirmed as part of an Accounting, partial or final, by the Orphans' Court. As an example for the purposes of clarification: If the amount due at the time of my death is $100,000.00 and because of uncertainties of any sort, payment is delayed so that my said grandson makes continuing payments such that the balance is reduced to $95,000.00 at the time payment is actually made, and if my Estate is sufficient to pay the entire debt as it stood at the time of my death, then my Executor shall arrange payment of the fmal balance to the lender and shall reimburse my said grandson for any mortgage payments he has made in the meantime as to both principal and interest. ,,, I also give, devise and bequeath the household contents of the said premises that have not been sold or otherwise been disposed of during my life and are still remaining therein at the time of my death to my said grandson, for example: furniture, linens, silverware dishes c , arpeting, personal effects, and the like. If for any reason, the fmal settlement on my said realty has not taken place at the time of my death, then instead of the above specific legacy to pay a debt, I give, devise and bequeath my said realty to my said grandson as a specific devise. In such case, I further direct my Executor and my attorney to proceed to prepare and record an Executor's Deed to the said property as reasonably soon after my death as circumstances will permit. 1N WITNESS WHEREOF, I hereunto set my hand and seal this `~f>/~, da of Y O,n e..~~..,, / , A.D. 2005. ~~Lf~~ ~ l~1(~°~`~C~ Signed, sealed, published and declared by the above-named KATHERINE L. MACKINTOSH, a.k.a. KATHERINE L. MACKINTOSH, as and for a Codicil to her Last Will and Testament dated April 27, 2001, in the presence of us, who, at her request and in her presence, and in the presence of each other, have hereunto subscribed our names as witnesses. ~ ~ LAST WILL ND TESTAMENT OF KATHERLNE L MA KINTOSH I, KATHERINE L. MACKINTOSH, unrematried widow, of Mechanicsburg, Cumberland County, Pennsylvania, being of sound and disposing mind, memory and understanding, do make, publish and declare this my Last Will and Testament, hereby revoking and making void any and all prior Wills by me at any tune heretofore made. 1. I direct the payment of all my just debts and funeral expenses as soon after my decease as the same can conveniently be done. 2A. I give and devise my residential real property composed of a lot of ground and the improvements thereon erected, located at 1109 Charles Street, Mechanicsburg, Cumberland County, Pennsylvania, as well as the furniture, linens, silverware, dishes, carpeting, personal effects, and the like, located therein, to my beloved grandson, JEREMY R CHUBB. I further direct my executor and my attorney to proceed to prepare and record an executor's deed to the said property as reasonably soon after my death as circumstances will permit. 2B. In the event that at the time of my death, my said grandson is diligently pursuing an MBA degree at the Pennsylvania State University, but has not then fully completed said degree, then I hereby direct my executor to set aside a sum it deems sufficient to meet the expenses necessary to complete said degree. This shall include, inter a ia, tuition, room, board, books, student activity fees, reasonable allowances for transportation and such other items as my executor, in its full, absolute, unfettered and final discretion shall deem appropriate. In the event my said executor shall need funds in addition to those originally set aside through error in calculation or through increases in costs during the pursuit of such degree, I hereby authorize and direct my executor to withdraw sufficient amounts to fully cover such costs from the trust established hereinbelow. 2C. In the event that my said grandson fails to survive me, then the devise and gift set forth in paragraphs 2A. and 2B. shall lapse and shall be considered to be part of the residue of my estate as set forth hereinbelow. In the event that he survives me but dies before completing said degree, any unspent funds shall be added to the residue of my estate. 3. I give and bequeath any automobile that I own at the time of my death to my daughter and son-in-law, PAULA L. CHUBB and RICHARD N. CHUBB, JR., as tenants by the entireties. In the event that both of them fail to survive me, this gift shall lapse and shall be considered to be a part of the residue of my estate. 4. I give and bequeath my light beige linen covered sofa in my living room to my said • daughter, PAULA L. CHUBB. In the event she fails to survive me, this gift shall go to my said grandson, JEREMY R. CHUBB. In the event he fails to survive me or disclaims this gift, it shall then go to my granddaughter, JULIE WALTZER, currently of 123 Cambridge Drive, Mechanicsburg, Pennsylvania. In the event she fails to survive me, this gift shall lapse and shall be considered to be a part of the residue of my estate. 5. For clarification purposes, I hereby state that I am familiar with the laws of priorities as they relate to the specific devise and bequests made above. I understand that so long as the residue of my estate is sufficient to pay the death taxes, administration costs, fees and the like associated with the value of the above devise and bequests that the same shall be paid from the residue of my estate. 6. All the rest, residue and remainder of my Estate, real, personal and mixed, whatsoever and wheresoever situate, shall be divided into two (2) equal shares and shall be placed in trust with the PNC Bank, N.A_, as Trustee, to be administered and distributed upon the terms and conditions set forth below: A.) Paula L. Chubb Trust. B.) Janice L. Collins Trust. 7. Trustee shall manage and administer all property comprising the principal of these trusts and may, if Trustee deems it expedient and efficient to do so, manage the respective trust assets as if they were one trust, taking care to maintain separate accountings and bookkeeping entries for the two (2) beneficiaries. A.) Trustee shall pay the income to each of the beneficiaries quarterly for and during their respective and separate and natural hues- B.) Trustee shall not invade the principal of either trust unless such invasion is necessary to pay for a medical emergency, for nursing home care or for in-home care. In such event or events, Trustee shall not make such payments without first being sufficiently and adequately assured that the beneficiary or beneficiaries, as the case or cases may be, is unable to pay for the same from her own funds and resources. My trustee's discretion and decision in such matters as 2 ,_ ~ ~ ,~ ;~~~ y~. ~~~ c ~ ~ Cz'~c-'ice ~ c ~-~ l~ F ~ to the legitimacy of the need and the sufficiency of the proof shall be full, absolute, unfettered and final. C.) In the event my said daughter, Paula L. Chubb, fails to survive me, or upon her death after the establishment of said Trust, I direct that her share shall be divided and distributed, free of trust, as follows: (i) ,.: One-half (1/2) thereof to her spouse, RICHARD N. CHUBB, JR, provided he survives her. If he fails to survive her, then to my granddaughter, JULIE WALIZER. (ii) One-half (1/2) thereof to my granddaughter, JULIE WALIZER. In the event she fails to survive her said mother, then Julie's share shall go to her husband, MICHAEL WALIZER, provided they were married at the time of her death. In the event that he has failed to survive her, then to their issue, in equal shares, P~ stir~es. D.) In the event my said daughter, Janice L. Collins, fails to survive me or upon her death after the establishment of said Trust, i direct that her share shall be distributed, free of trust, to her daughter,lVICOLE ZAPATA. In the event that Nicole has failed to survive her said mother, then to Nicole's issue, in equal shares, per Stir~eS. 8. Concerning Self-Dealing et al. No rule of law against self-dealing, divided loyalty, or conflict of interest shall be applied to render any transaction effected by the fiduciaries void, voidable, or otherwise subject to attack solely for violation of such rule, nor shall the fiduciaries incur any liability, nor shall any fiduciary commissions for acting hereunder be reduced, solely for violation of such rule. Any transaction which involves self-dealing, divided loyalty, or conflict of interest by the fiduciaries shall be judged by the rules of law which would apply to the same transaction at arm's length between strangers free of any element of self-dealing, divided loyalty, or conflict of interest. Thus, byway of illustration and not of lunitation, all fiduciaries are authorized, without giving any notice required by statute, to: (1) Employ and compensate any fiduciary or any affiliate as broker, agent, or professional advisor for any purpose. (2) Borrow from the commercial department of any corporate fiduciary or any affiliate at current interest rates. 3 ~~ ;' ~ r _ i /:. .~ ~J~ (3) Buy, retain, and sell any debt or equity security issued or underwritten by any corporate fiduciary or any affiliate and any debt security secured, supported, and/or otherwise enhanced by a letter of credit issued by any corporate fiduciary or any affiliate_ (4) Buy, retain, and sell any security of any investment company or trust registered under the Investment Company Act of 1940 to which any corporate fiduciary or any affiliate renders services for compensation. (5) Buy property from or sell property to any beneficiary or fiduciary acting hereunder or otherwise on arm's length terms. An "affiliate" means any entity which owns, directly or indirectly, an interest in any corporate fiduciary, any entity in which any corporate fiduciary owns an interest, directly or indirectly, and any entity in common control with auy corporate fiduciary. 8a. My Executor/Trustee may resign at any time without court approval by notifying in writing the then current beneficiaries. 8b. My Executor/Trustee shall be compensated in accordance with its standard fee schedule in effect when its services are rendered to the estate or trust. 9. I nominate, constitute and appoint PNC BANK, N.A., to be the Executor of this my Last Will and Testament. I further direct that it shall not be required to file bond or other security in the Office of the Register of Wills for the purpose of administering my Estate. 10. I specifically make it known hereby regarding the powers of my Executor/Trustee: In addition to the powers given to it by law, my executor/trustee shall have the following discretionary powers applicable to all property held by it, effecrive without court order and until actual distribution: (1) To retain any property received by it, without regard to any principle of investment diversification. (2) To invest in all forms of property, without restriction to investments authorized bylaw 4 ~; , _, ~: is ~~ :~/ ~ d.........._~.~,a...~.~...._,~ ~.,~..,„_.G,,,„~„~ and without regard to any principle of investment diversification. (3) To compromise controversies. (4) To buy, exchange, or sell real or personal property publicly or privately, for such prices and on such terms as it deems proper; to lease for any term regardless of the duration of any administration hereunder; and to give options for these purposes without obligation to repudiate them in favor of a higher offer. (5) To borrow money from any source, and to mortgage or pledge as security. (6) To hold investments in the name of a nominee. IN WITNESS WHEREOF, I have hereunto set my hand and seal this ~,~i day of ~_________, A.D. 2001. ~' i ~ `- '1 . - c `- ~ ~. ' ! ~ %~-' (SEAL) KATHERINE L. ~CKINTOSH Signed, sealed, published and declared by the above-named KATHERINE L. MACKINTOSH as and for her Last Will and Testament, in the presence of us, who at her request and in her presence, and in the presence of each other, have hereunto subscribed our names as Wltnaccac 5 ... COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND : SS. I' ~~~r' n ~' ~~~' n ~~~ ,Testator/Testatrix, whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my Last Will; that I signed it willingly and that I signed it as my free and voluntary act for the purposes therein expressed. ~~ ~ ~i. Sworn or affirmed to and acknowledged before me by the above Testator/Testatrix this ~ 7~ day of - , A.D. 2001. ~;. __ ------ ' ~ ~: ;eal Charier ; ,~~~~::~: ^lotary Public Notary Public Monroe `:>;, ::-,and County July Commis :.,:~.:..._ :•,::. 20, 2001 NotaNal Seat Member, P2nns~+van~ ~,s~x;b: , ~~~~ Charles E Shields III, Nota P Monroe Twp., Cumberland County MY Commission Expires June 20, 2004 Member, Pennsyhr~ COMMONWEALTH OF PENNSYLVANIA : A~~ea10fNotaries COUNTY OF CUMBERLAND : SS. We, ~a-vi ~ t}. ~rc ~,., n witnesses whose names are signed to the attached or foregoing ins u'ment ~ ~ e4ycr ,the g y qualified according to law, do depose and say that we were present and saw ~{~,t-ki~~rbn~ t dul Testato~~estatrix, sign and execute the instrument as his/her Last Wlll; that m 4~k ~ ~ ~ ~ executed it as his/her free and volunta ' therein expressed; that each of us, in the hearing and sight of ~~; ~ ~' act for the purposes TestatorlTestatrix, signed the Will as witnesses; and that to the best of our knowledge, the ' Testator/Testatrix was at that time eighteen (18) or more years of age, of sound mind and under no constraint or undue influence. .{ `~ ,) __ - Sworn or affirmed to and subscribed before me this ~ day of --, A.D. 2001. Notarial Seai ~ ~'~~ Charles E. Shields III, Notary Public Notary PUh11C Monroe Twp., Cumberland County ~'lY Commission Expires June 20, 2004 Member, Pennsylvania Galion of Notaries '~~z ;..: f :. ^ KATHARINE L. MACKINTOSH ESTATE D/O/D JUNE 19, 2007 27-27-004-4758548 THESE DISTRIBUTIONS ARE BASED ON A FAMILY SETTLEMENT AGMT -TRUSTS WERE TOO SMALL TO FUND -AGMT ATTACHED SSN SHARE OF ESTATE W-9 DTD NAME/ADDRESS RELATIONSHIP PHONE NO. Jeremy R. Chubb Grandson SSN 177-58-7282 Item 2 of Codicil -Specific 07!31/2007 1109 Charles St. DOB Pay-off mortgage Mechanicsburg PA 17055 Phone Paula L. Chubb Daughter SSN 210-44-5464 Percentage based on 07/31/2007 601 Henry St. DOB 9/9/54 life expentancy tables Mechanicsburg PA 17055 Phone 717-790-9909 Richard N. Chubb Jr. Son-in-law SSN 207-44-5283 25% of balance of Paula's 601 Henry St. 50% of residue Mechanicsburg PA 17055 Phone 717-790-9909 Julie Walizer Granddaughter SSN 177-58-6535 25% of balance of Paula's 123 Cambridge Dr. 50% of residue Mechanicsburg PA 17055 _ Phone_717-790-9909 _ __ Dance ~. ~omns Daughter SSN 208-42-4033 Percentage based on 0$/02/2007 2249 Melson Rd., Apt. D46 DOB 1/28/53 life expentancy tables Wilmington DE 19808-5945 Phone 302-543-5161 Yamile Nicole Zapata Granddaughter SSN 208-42-4033 100% of balance of Janice's 11/06/2008 327 E. Hector St. DOB 1/28/53 50% residue Consohocken PA 19428 Phone 302-543-5161 11 /07/2008 09:11:45 AM r ., t ~ ~ e • B PNCBANK COURT OF COMMON PLEAS OF CUMBERLAND COUNTY PA ORPHANS' COURT DIVISION N0. ESTATE OF KATHERINE L MACKINTOSH ALSO KNOWN AS KATHARINE L MACKINTOSH DECEASED LATE OF THE TOWNSHIP OF UPPER ALLEN FIRST AND FINAL ACCOUNT OF PNC BANK, NATIONAL ASSOCIATION EXECUTOR AND PROPOSED SCHEDULE OF DISTRIBUTION DATE OF DEATH JUNE 19 2007 WILL N0. 21-07-0622 LETTERS GRANTED JUNE 29 2007 FIRST COMPLETE ADVERTISEMENT OF GRANT OF LETTERS AUGUST 1 2007 ACCOUNTING JUNE 29 2007 TO AUGUST 5 2008 PURPOSE OF ACCOUNT: THE EXECUTOR OFFERS THIS ACCOUNT TO ACQUAINT INTERESTED PARTIES WITH THE TRANSACTIONS THAT HAVE OCCURRED DURING ITS ADMINISTRATION OF THE ESTATE. IT IS IMPORTANT THAT THE ACCOUNT BE CAREFULLY EXAMINED. REQUESTS FOR ADDITIONAL INFORMATION OR QUESTIONS OR OBJECTIONS CAN BE DISCUSSED WITH: PNC BANK, NATIONAL ASSOCIATION C/0 LINDA J LUNDBERG VICE PRESIDENT 4242 CARLISLE PIKE P 0 BOX 308 CAMP HILL PA 17001-0308 TELEPHONE (717) 730-2265 CHARLES E SHIELDS III ESQUIRE ATTORNEY I.D. # 38513 6 CLOUSER ROAD MECHANICSBURG PA 17055-9735 TELEPHONE (717) 766-0209 - 1 - IRSN01 f70l077 r i (8 PNCBAIVK KATHARINE L MACKINTOSH 27-27-004-4758548 SUMMARY AND INDEX PRINCIPAL PAGES RECEIPTS 3 - 3 277,547.61 NET GAIN/LOSS ON CONVERSIONS 4 - 5 4,322.67- ADJUSTED BALANCE 273,224.94 LESS DISBURSEMENTS DEBTS OF DECEDENT 6 - 6 7,158.31- FUNERAL EXPENSES 6 - 6 103.50- ADMINISTRATIVE EXPENSES 6 - 7 1,174.20- FEDERAL, STATE & LOCAL TAXES 7 - 7 10,667.29- FEES AND COMMISSIONS 7 - 7 22,152.00- FAMILY EXEMPTION .00 TOTAL PRINCIPAL DISBURSEMENTS 6 - 7 41,255.30- BALANCE BEFORE DISTRIBUTIONS 231,969.64 DISTRIBUTIONS TO BENEFICIARIES 8 - 8 123,596.38- PRINCIPAL BALANCE ON HAND 9 - 9 108,373.26 INVESTMENTS MADE CHANGES IN HOLDINGS INCOME RECEIPTS 10 - 11 7,536.89 LESS DISBURSEMENTS 12 - 12 487.21- BALANCE BEFORE DISTRIBUTIONS 7,049.68 DISTRIBUTIONS TO BENEFICIARIES .00 INCOME BALANCE ON HAND 13 - 13 7,049.68 COMBINED BALANCES REMAINING 115,422.94 VERIFICATION 14 - 14 - 2 - l RSN01 110/071 >' r ~ ~ , t B PNCBANK KATHARINE L MACKINTOSH 27-27-004-4758548 RECEIPTS OF PRINCIPAL INVENTORY FILED ON 3/03/08 PER COPY ATTACHED 2.76,898.62 ASSETS NOT INVENTORIED ---------------------- 6/20/07 COMMONWEALTH OF PENNSYLVANIA PROCEEDS OF UNCLAIMED PROPERTY FOR CITICORP RETAIL SERVICES BALANCE 48.99 7/08/08 INTERNAL REVENUE SERVICE 2008 ECONOMIC STIMULUS PAYMENT 600.00 TOTAL PRINCIPAL RECEIPTS 277,547.61 - 3 - 1R5N01 [IONT r ~ r , / B PI~ICBANK KATHARINE L MACKINTOSH 27-27-004-4758548 GAINS AND LOSSES ON SALES AND OTHER DISPOSITIONS GAIN LOSS 7/16/07 132 SHS AT & T INC COMMON PROCEEDS: 5,233.71 ACQUISITION VALUE: 5.296.50 7/16/07 100 SHS BANK OF AMERICA CORP COMMON PROCEEDS: 4,869.92 ACQUISITION VALUE: 5.049.00 7/16/07 100 SHS BAXTER INTERNATIONAL INC COMMON PROCEEDS: 5,750.91 ACQUISITION VALUE: 5,780.00 7/16/07 100 SHS BRISTOL MYERS SQUIBB CO COMMON PROCEEDS: 3,140.95 ACQUISITION VALUE: 3.162.95 7/16/07 35 SHS COCA CO LA CO COMMON PROCEEDS: 1,818.92 ACQUISITION VALUE: 1,798.83 20.09 7/16/07 136 SHS EXXON M OBIL CORP COMMON PROCEEDS: 11,808.69 ACQUISITION VALUE: 11.705.52 103.17 7/16/07 154 SHS FPL GRO UP INC COMMON PROCEEDS: 8,488.35 ACQUISITION VALUE: 9,300.83 7/16/07 700 SHS GENERAL ELECTRIC CO COMMON PROCEEDS: 26,639.56 ACQUISITION VALUE: 27.128.50 7/16/07 86 SHS HALLIBU RTON CO COMMON PROCEEDS: 2,968.67 ACQUISITION VALUE: 3.116.21 7/16/07 11 SHS INTERNATIONAL BUSINESS MACHINES CORP COMMON PROCEEDS: 1,196.01 ACQUISITION VALUE: 1.163.58 32.43 - 4 - 62.79- 179.08- 29.09- 22.00- 812.48- 488.94- 147.54- '~fRSN OI l10/071 ~ t ~ ` 1 B PNCBANK KATHARINE L MACKINTOSH 27-27-004-4758548 GAINS AND LOSSES ON SALES AND OTHER DISPOSITIONS GAIN LOSS 7/16/07 53 SHS JOHNSON & JOHNSON CO COMMON PROCEEDS: 3,316.15 ACQUISITION VALUE: 3.309.06 7.09 7/16/07 100 SHS MICROSOFT CORP COMMON PROCEEDS: 2,947.95 ACQUISITION VALUE: 3.052.00 104.05- 7/16/07 350 SHS PNC FINANCIAL SERVICES GROUP INC COMMON PROCEEDS: 24,885.63 ACQUISITION VALUE: 26.166.00 1,280.37- 7/16/07 700 SHS PPL CORPORATION COMMON I PROCEEDS: 32,991.47 ACQUISITION VALUE: 32.865.00 126.47 7/16/07 409 SHS PROGRESS ENERGY INC COMMON PROCEEDS: 18,371.99 ACQUISITION VALUE: 19.355.93 983.94- 7/16/07 252 SHS VERIZON COMMUNICATIONS INC COMMON PROCEEDS: 10,296.56 ACQUISITION VALUE: 10.798.20 501.64- TOTAL GAINS AND LOSSES 289.25 4,611.92- ~ LESS GAIN 289.25 NET LOSS 4,322.67- - 5 - 1.~RSN01 (IO/071 1 ( ~ ~ ~ . B PNCBANK KATHARINE L MACKINTOSH 27-27-004-4758548 DISBURSEMENTS OF PRINCIPAL DEBTS OF DECEDENT 6/25/07 PNC BANK NATIONAL ASSOCIATION CHECKING ACCOUNT #5140238654 CHECK ISSUED PRIOR TO DEATH HONORED SUBSEQUENT THERETO 67,72_ 7/17/07 ALBERT PHARMACY SERVICES INC PRESCRIPTIONS 101.62- 7/17/07 MESSIAH VILLAGE ROOM & BOARD 4,261.00- 9/10/07 WILDEMAN & OBROCK CPA TAX PREPARATION FEE RE 2006 PERSONAL INCOME TAX 425.00- 10/17/07 PAUL D DALBEY DPM PROFESSIONAL SERVICES 4.97- 4/15/08 INTERNAL REVENUE SERVICE BALANCE 2007 INDIVIDUAL INCOME TAX 1,373.00- 4/15/08 PENNA DEPARTMENT OF REVENUE BALANCE 2007 INDIVIDUAL INCOME TAX 925.00- TOTAL DEBTS OF DECEDENT 7,158.31- FUNERAL EXPENSES 7/03/07 AVER MEMORIAL HOME 8 CREMATION FUNERAL SERVICES 103.50- TOTAL FUNERAL EXPENSES 103.50- ADMINISTRATIVE EXPENSES 7/17/07 CHARLES E SHIELDS III ESQUIRE REIMBURSEMENT FOR PROBATE COSTS 155.00- 8/09/07 CHARLES E SHIELDS III ESQUIRE REIMBURSEMENT FOR PHOTOCOPIES FROM COURTHOUSE 67.50- 11/20/07 CHARLES E SHIELDS III ESQUIRE REIMBURSEMENT FOR LEGAL ADVERTISING 201.70- 2/28/08 REGISTER OF WILLS FILING FEE RE INVENTORY 30.00- 3/04/08 REGISTER OF WILLS ADDITIONAL PROBATE COSTS 220.00- 8/05/08 RESERVE FOR FILING FEE ~500.00- - 6 - TRSN01 / IO/071 f B PNCBANK KATHARINE L MACKINTOSH 27-27-004-4758548 DISBURSEMENTS OF PRINCIPAL TOTAL ADMINISTRATIVE EXPENSES 1,174.20- FEDERAL STATE AND LOCAL TAXES 9/11/07 REGISTER OF WILLS PENNA INHERITANCE TAX ON ACCOUNT 10,600.00 LESS 5% DISCOUNT 530.00 10,070.00- 2/28/08 REGISTER OF WILLS BALANCE PENNA INHERITANCE TAX 597,29- TOTAL FEDERAL STATE AND LOCAL TAXES 10,667.29- FEES AND COMMISSIONS 8/05/08 CHARLES E SHIELDS III ESQUIRE COUNSEL FEE ON ACCOUNT 05/27/08 2,000.00 BALANCE 9,076.00 11,076.00- 8/05/08 PNC BANK NATIONAL ASSOCIATION EXECUTORS COMPENSATION 11,076.00- TOTAL FEES AND COMMISSIONS 22,152.00- TOTAL PRINCIPAL DISBURSEMENTS 41,255.30- - 7 - lift SN 01 (10/071 PNCBAIVK KATHARINE L MACKINTOSH 27-27-004-4758548 DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES JEREMY R CHUBB BEQUEST PER ITEM 2 2/07/08 MORTGAGE PAYOFF 116,714.57- 2/28/08 BALANCE MORTGAGE PAYOFF 6,881.81- 1.23,596.38- TOTAL PRINCIPAL DISTRIBUTIONS 123,596.38- - 8 - 7'RSN01 110/071 1 ~ , KATHARINE L MACKINTOSH . B PNCBANK 27-27-004-4758548 PRINCIPAL BALANCE ON HAND VALUE ACQUISITION 8/05/08 VALUE INVESTED CASH 108,373.26 1,08,373.26 TOTAL PRINCIPAL 108,373.26 1,08,373.26 - 9 - l RSNO1 (10/077 ~ 4 PNCBAIVK KATHARINE L MACKINTOSH 27-27-004-4758548 RECEIPTS OF INCOME INTEREST 7/31/07 PNC BANK NATIONAL ASSOCIATION CHECKING ACCOUNT #5140238654 CLOSING INTEREST .26 DIVIDEND AT & T INC COMMON 8/01/07 46.86 46.86 BRISTOL MYERS SQUIBB CO COMMON ' 8/01/07 28.00 28.00 GENERAL ELECTRIC CO COMMON 7/25/07 196.00 196.00 PNC FINANCIAL SERUICES GROUP INC COMMON 7/24/07 220.50 220.50 PROGRESS ENERGY INC COMMON 8/01/07 249.49 249.49 VERIZON COMMUNICATIONS INC COMMON 8/01/07 102.06 102.06 OTHER INCOME BLACKROCK PA MUNI MONEY MARKET SERVICE CLASS FD #28 8/01/07 58.08 58.08 BLACKROCK LIQUIDITY FUNDS TEMPFUND ADMINISTRATION SHARES #H1 ' 7/02/07 158.89 3/03/08 341.94 500.83 BLACKROCK LIQUIDITY FUNDS TREASURY TRUST FUND ADMINISTRATION SHARES #N6 8/01/07 ,72 8/01/07 554.12 8/01/07 56.62 9/04/07 5.63 9/04/07 959.04 10/01/07 6,98 10/01/07 761.69 11/01/07 9,97 11/01/07 797.95 12/03/07 12.09 12/03/07 782.42 1/02/08 12.37 1/02/08 682.24 2/01/08 13.76 2/01/08 661.11 - 10 - "f RSN01 (10/071 B PNCBANK KATHARINE L MACKINTOSH RECEIPTS OF INCOME 27-27-004-4758548 CONTINUED: BLACKROCK LIpUIDITY FUNDS 3/03/08 11.90 4/01/08 10.01 4/01/08 210.31 5/01/08 6.46 5/01/08 129.92 6/02/08 6.55 6/02/08 127.42 7/01/08 145.41 7/01/08 7.70 8/01/08 8.32 8/01/08 154.10 TOTAL INCOME - 11 - 6,134.81 7,536.89 TRSN01 l10l071 f. ~ ~ 4 Y . A ~ B PNCBANK KATHARINE L MACKINTOSH 27-27-004-4758548 DISBURSEMENTS OF INCOME PNC BANK NATIONAL ASSOCIATION INCOME COMPENSATION 8/10/07 75.61- 9/10/07 57.88- 10/10/07 46.12- 11/09/07 48.48- 12/10/07 47.67- 1/10/08 41.68- 2/08/08 40.49- 3/10/08 21.23- 4/10/08 13.22- 5/09/08 8.18- 6/10/08 8.04- 7/10/08 9.19- 8/05/08 34.42- 8/05/08 PENNA DEPARTMENT OF REVENUE 452.21- RESERVE FOR FIDUCIARY INCOME TAX 35.00- TOTAL INCOME DISBURSEMENTS 487.21- - 12 - TR5N01 110/071 .' KATHARINE L MACKINTOSH BALANCE OF INCOME ON HAND INVESTED CASH TOTAL INCOME R ~ PNCBAI\IK 27-27-004-4758548 VALUE ACQUISITION 8/05/08 VALUE 7,049.68 7,049.68 7,049.68 7,049.68 PNC BANK NATIONAL ASSOCIATION BY :\~~~ ~ LINDA J L BERG ` VICE PRESIDENT ~, - 13 - TRSNOI I10/071 i ~ M B PNCBAI~lK VERIFICATION LINDA J LUNDBERG VICE PRESIDENT OF PNC BANK, NATIONAL ASSOCIATION, EXECUTOR OF THE ESTATE OF KATHERINE L MACKINTOSH, ALSO KNOWN AS KATHARINE L MACKINTOSH DECEASED, HEREBY DECLARES UNDER OATH THAT SHE HAS FULLY AND FAITHFULLY DISCHARGED THE DUTIES OF HER OFFICE; THAT THE FOREGOING FIRST AND FINAL ACCOUNT IS TRUE AND CORRECT AND FULLY DISCLOSES ALL SIGNIFICANT TRANSACTIONS OCCURRING DURING THE ACCOUNTING PERIOD; THAT ALL KNOWN CLAIMS AGAINST THE ESTATE HAVE BEEN PAID IN FULL; THAT, TO HER KNOWLEDGE, THERE ARE NO CLAIMS OUTSTANDING AGAINST THE ESTATE; THAT ALL TAXES PRESENTLY DUE FROM THE ESTATE HAVE BEEN PAID; AND THAT THE FIRST COMPLETE ADVERTISEMENT THEREOF OCCURRED MORE THAN FOUR MONTHS BEFORE THE FILING OF THE FOREGOING FIRST AND FINAL ACCOUNT. THIS STATEMENT IS MADE SUBJECT TO PENALTIES OF 18 PA. C.S.A. SECTION 4904 RELATING TO UNSWORN FALSIFICATION TO AUTHORITIES. ~;~' ~ LINDA~J LUNDBERG DATED: ~ l ~`6~ - 14 - IRSN01 (10/071 -~' . ~~~ ESTATE OF KATHERINE L MACKINTOSH ALSO KNOWN AS KATHARINE L MACKINTOSH DECEASED (DIED 06/19/07) LATE OF THE TOWNSHIP OF UPPER ALLEN CUMBERLAND COUNTY PA WILL NO 21-07-0622 INVENTORY COMMONWEALTH OF PENNSYLVANIA . SS COUNTY OF CUMBERLAND 4 1 B PNCBAIVK LINDA J LUNDBERG VICE PRESIDENT OF PNC BANK, NATIONAL ASSOCIATION, EXECUTOR OF THE ESTATE OF KATHERINE L MACKINTOSH ALSD KNOWN AS KATHARINE L MACKINTOSH DECEASED HAVING BEEN DULY AFFIRMED ACCORDING TD LAW DID DEPOSE AND SAY THAT THE ITEMS APPEARING IN THE FOLLOWING INVENTORY ARE PERSONAL ASSETS WHEREVER SITUATE AND REAL ESTATE IF ANY IN THE COMMONWEALTH OF PENNSYLVANIA OF SAID DECEDENT THAT THE VALUATION PLACED OPPOSITE EACH I~'EM OF SAID INVENTORY REPRESENTS ITS FAIR VALUE AS OF THE DATE OF THE DECEDENT'S DEATH AND THAT THE DECEDENT OWNED NO REAL ESTATE OUTSIDE THE COMMONWEALTH OF PENNSYLVANIA EXCEPT THAT WHICH APPEARS IN A MEMORANDUM ~T THE END OF THIS INV NTORY AFFIRMED AND. SUBSCRIBED BEFORE ME THIS - ~,J - DAY OF ~~ 20~ . _ ,. ~ \ ss} q ~ t ~~~ ~ .~ 1 ,~'; II ,_ ._, ,..... ,~, ,. I i c t C~J .,~ -~ ~:o -r_~ - ,-~ _i ~ ..a -~- r_. ___ ~~~1 ~ ~.. J i C x j _~ ~ _ `!'7 __ ,..i ._I..I - _~ . . ~ ~ ~~.~ r_. - 1 - ~rasn~oi ttoto~t o KATHARINE L MACKINTOSH PNC BANK NATIONAL ASSOCIATION TRUSTEE UNDER THE AGREEMENT OF TRUST OF KATHARINE L MACKINTOSH DATED 02/10/89 ASSETS HELD A5 OF 06/19/07 (DATE OF DEATH) COMMON STOCKS 132 SHS AT & T INC COMMON a 40.1250 100 SHS BANK OF AMERICA CORP COMMON a 50.4900 DIVIDEND PAYABLE 6/22/07 100 SHS BAXTER INTERNATIONAL INC COMMON ul 57.8000 DIVIDEND PAYABLE 7/02/07 100 SHS BRISTOL MYERS SQUIBB CO COMMON a 31.6295 35 SHS COCA COLA CO COMMON a 51.3951 DIVIDEND PAYABLE 7/01/07 136 SHS EXXON MOBIL CORP COMMON a 86.0700 154 SHS FPL GROUP INC COMMON a 60.3950 700 5H5 GENERAL ELECTRIC CO COMMON a 38.7550 86 SHS HALLIBURTON CO COMMON a 36.2350 DIVIDEND PAYABLE 6/21/07 11 SHS INTERNATIONAL BUSINESS MACHINES CORP COMMON ul 105.7800 53 SHS JOHNSON & JOHNSON CO COMMON a1 62.4351 100 SHS MICROSOFT CORP COMMON a 30.5200 350 SH5 PNC FINANCIAL SERVICES GROUP INC COMMON a 74.7600 700 SHS PPL CORPORATION COMMON a 46.9500 DIVIDEND PAYABLE 7/01/07 - Z - B PNCBANK 27-27-004-4758548 5,296.50 5,049.00 56.00 5,780.00 16.75 3,162.95 1,798.83 11.90 11,705.52 9,300.83 27,128.50 3,116.21 7.74 1,163.58 3,309.06 3,052.00 26,166.00 32,865.00 213.50 TRSN01 (101071 i ~ ' ~ t KATHARINE L MACKINTOSH CONTINUED: COMMON STOCKS 409 SHS PROGRESS ENERGY INC COMMON al 47.3250 252 SHS VERIZON COMMUNICATIONS INC COMMON a 42.8500 CASH PRINCIPAL CASH INCOME TO 6/19/07 CASH PNC BANK NATIONAL ASSOCIATION TRUSTEE UNDER THE WILL OF WILLIAM F MACKINTDSH DECEASED PRINCIPAL DISTRIBUTION 06/05/07 TO 06/19/07 PNC BANK NATIONAL ASSOCIATION CHECKING ACCOUNT #5140238654 DATE OF DEATH BALANCE 1,776.77 INTEREST TO 06/19/07 .06 U S BANK PENSION PAYMENT PNC BANK NATIONAL ASSOCIATION TRUSTEE UNDER THE WILL OF WILLIAM F MACKINTOSH DECEASED QTIP TRUST INCOME ON HAND AND ACCRUED TO G6/19/O7 PPIC BANK NATIONAL ASSOCIATION TRUSTEE UNDER THE WILL OF WILLIAM F MACKINTOSH DECEASED RESIDUARY TRUST INCOME ON HAND AND ACCRUED TO 06/19/07 TOTAL INVENTORY - 3 - ~ e B PNCBANK 27-Z7-004-4758548 19,355.93 10,798.20 101,102.06 274.44 270,730.50 1,931.74 1,776.83 355.82 2,086.39 17.34 276,898.62 TR3N 07 (10/07) os/o67os ~ ~~Affiliated Compensation Disclosure Grid ~ of March 31, Zoos Mutual Funds are one of the investment vehicles that PNC' uses to manage investments made on behalf of its clients' accounts. All mutual funds pay fees to various service providers for services rendered to the mutual funds. This affiliated compensation disclosure grid is sent to you on asemi-annual. basis so that PNC can inform you of the service fees and other revenue earned by PNC or by other members of The PNC Financial Services Group from the n-wtual funds or from their affiliates in connection with mutual funds and other investment vehicles which may be held in your account and of certain fees that may be paid by you or your account in connection with certain investments. Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value. PNC affiliates may earn compensation for providing any or alt of the following and other services: acting as investment adviser; providing accounting, transfer agency and custody services; or providing omnibus record keeping and associated shareholder services to the mutual funds. Most of these fees are earned on a percentage- of-assets basis; however, some fees are earned in specific amounts which are shown in the footnotes. The total expense ratio for each mutual fund is also shown on this grid. These expenses are paid by the mutual funds or their affiliates and are separate from and in addition to any account level fees paid by client accounts to PNC. In addition, certain other funds are included in this grid which are not mutual funds, but which pay fees to PNC affiliates and you or your account may pay certain fees to PNC in connection with certain investments. NAME OF FUND TOTAL EXPENSE RATIO`- TOTAL TO PNC AFFILIATESo•5•` Aggressive Growth Prepared' 0.09% 0.05% All Cap Global Resources 0.89% 0.85% AMT-Free Municipal 0.48% 0.41% Asset Allocation 0.93% 0.67% Aurora 1.05% 0.94% Balanced Capital 0.60% 0.43% Basic Value 0.53% 0.41% Basic Value Principal Protected 1.75% 0.66% California Insured Municipal Bond 0.72% 0.55% Capital Appreciation 0.70% 0.62% Commodity Strategies (formerly Reat Investment Fund) 1.33% 0.14% Conservative Prepared' 0.13% 0.07% Core Principal Protected 1.65% 0.76% DE Municipal Bond 0.67% 0.55% Emerging Market Debt 1.00% 0.31% Enhanced Income 0.36% 0.01% Equity Dividend 0.73% 0.61% EuroFund 1.02% 0.77% Florida Municipal Bond 0.83% 0.56% Focus Twenty 1.42°!0 0.67% Focus Value 0.99% 0.77% Fundamental Growth 0.79% 0.62% Fundamental Growth Principal Protected 1.86% 0.66% Global Allocation 0.74% 0.63% Global Dynamic Equity 0.96% D.SD% Global Emerging Markets (formerly Developing Capital Markets) 1.34% 0.98% Global Financial Services 1.44% 0.77% Global Growth 0.95% 0.76% Global Opportunities 1.29% 1.16% Global Resources 1.03% 0.89% Global Sci Tech Opportunities 1.35°/ 1.08% Global Small Cap 1.10% 0.85% GNMA 0.61% 0.45% Government Income 1.83% 0.62% Growth Prepared' 0.07°/ O.D2% Healthcare 1.28% 1.04% Health Sciences Opportunities 0.99% 0.90% High Income 0.68% 0.44% High Yield Bond 0.64°/ 0.54% High Yield Municipal 0.78% 0.52% Index Equity 0.19% 0.11% Inflation Protected Bond 0.41 % 0.24% Intermediate Bond II 0.74°/ 0.43% Intermediate Government Bond 0.95% 0.54° Intermediate Municipal 0.72% 0.55° International 1.52% 1.01°h International Bond 0.77% 0.70% International Index 0.51% 0.35% International Opportunities 1.25% 1.18% International Value 0.95% 0.76% KY Municipal Bond 0.63% 0.48% Large Cap Core 0.81% 0.69% Large Cap Growth 0.97°/ 0.77% Large Cap Value 0.89% 0.74% Latin America 1.23% 1.01% Lifecycle Prepared 2010' 0.00% O.OD Lifecycle Prepared 2015' 0.00% 0.00% Lifecycle Prepared 2020' O.OD% 0.00% Lifecycle Prepared 2025' 0.00°/ 0.00° Lifecycle Prepared 2030' O.OD% 0.00% FORM 124366 Page 1 of 4 ~ r (~l " Ob/06y08 ~' •'Affiliated Compensation Disclosure Grid ~s of M~Irch 31, zoos Lifecycle Prepared 2035' O.DO% 0.00% Lifecycle Prepared 2040' 0.00% 0.00% Lifecycle Prepared 2045' 0.00% 0.00° Lifecycle Prepared 2D50' 0.00% D.DO% Long Duration 0.65% 0.17% Low Duration Bond 0.48% 0.42% Managed Income 1.24°/ 0.60% Mid-Cap Growth Equity 1.07% 0.93% Mid-Cap Value Equity 0.94% 0 78% Mid Cap Value Opportunities 0.97% 0.66% Moderate Prepared' 0.09% 0.08% Money Market 0.42% 0.38% Municipal Insured 0.46% 0.38% Municipal Money Market 0.42% 0.37% National Municipal 0.60°/ 0.50% Natural Resources Trust 0.79% 0.61% NC Municipal Money Market D.30°/ 0.19% NJ Municipal Money Market 0.39% D.33% New Jersey Municipal Band 0.61% 0.49% New York Municipal Bond 0.77% 0.55% OH Municipal Bond 0.60°/ 0.52° OH Municipal Money Market 0.39% 0.33% PA Municipal Money Market 0.42% 0.39% Pacific 0.95°/ 0.62% Pennsylvania Municipal Bond D.62% 0.51% S & P 500 Index 0.29% 0.25% Short Term Bond 0.71% 0.47% Short Term Municipal 0.35% 0.20° Small Cap Core Equity 1.30% 1.14% Small Cap Growth Equity 0.79°/ 0.71% Small Cap Growth Fund II 1.24°/ 0.91% Small Cap Index 0.46% 0.30% Small Cap Value Equity 0.90% 0.62% Small/Mid Cap Growth 1 10% 1 01% Strategic Income' 0.15% 0.15% Technology (formerly Global Technology Fund) 1.52% 1.02% Total Return II 1.27% 0.43% Total Return Fund (formerly Bond Fund) 0.58% 0.35% U.S. Opportunities 1.00% O,gg% U.S. Treasury Money Market 0.41% D.38% Utilities & Telecommunications 0.94% 0.61% VA Municipal Money Market 0.3D% 0.23% Value Opportunities D.97% 0.74% World Income 1.02% D.65% INSTITUTIONAL SHARES ADMINISTRATION SHARES NAME OF FUND TOTAL EXPENSE RATIO` TOTAL TO PNC AFFILIATES' TOTAL EXPENSE RATIO` TOTAL TO PNC AFFILIATES' TempFund 0.18% 0.18% 0.28% 0.'?5% TempCash 0.18% 0.18% 0.28% 0.'.>_3% Fed Fund 0.20% 0.19% 0.30% 0.:?6% T-Fund 0.20% 0.19% 0.30% 0.<'?D% Treasury Trust 0.20% 0.19% 0.30% 0.19% Federal Trust 0.20% 0.18% 0.30% O.i?8% MuniFund 0.20% 0.19% 0.30% 0.'<'.9% MuniCash 0.20% 0.12% 0.30% 0.12% California Money 0.20% 0.18% 0.30% O.Ig% New York Money 0.20% 0.18% 0.30% 0.28% NAME OF FUND TOTAL EXPENSE RATIO` TOTAL TO PNC AFFILIATES` Capital Opportunities 1.28% 0.51% Diversified Real Estate 1.03% D.92% Equity Growth 0.78% 0.53% Equity Income 0.78% 0.64% Government Money Market 0.40% 0.34° Growth and Income 0.77% D.70% International Equity 1 27% 0 19% Limited Maturity Bond 0.53% 0.19° Maryland Tax-Exempt Bond D.53% 0.30% National Tax-Exempt Bond 0.53% 0.38% Prime Money Market 0.40% 0.34% Tax-Exempt Money Market 0.40% 0.32% Tax-Exempt Limited Maturity Bond 0.53% 0.36% Total Return Bond 0.53% 0.21% FORM 124366 Page 2 of 4 ~ P~~ O6/Obro8 ~" ~?~ffiliated Compensation Disclosure Grid as of March 31, Zoos NAME OF FUND TOTAL EXPENSE RATIO TOTAL TO PNC AFFILIATES PNC Absolute Return Fund LLC 2.02% D.37% PNC Absolute Return for Tax-Exempt/Deferred Investors (TEDI) LLC" 2.47% 0.00% PNC Alternative Strategies Fund LLC 2.09% 0.43% PNC Alternative Strategies Fund for Tax-Exempt/Deferred Investors (TEDI) LLC" 2.32% 0.00% PNC Long-Short Manager Fund LLC 2.08% 0.59% PNC Long-Short Manager Fund for Tax-Exempt/Deferred Investors (TEDI) LLC" 2.59% 0.00% ~• ~ '~ ~ NAME OF FUND TOTAL EXPENSE RATIO TOTAL TO PNC AFFILIATES Money Market Fund 1.29% 0.75% Value Trust 1.04% 0.89% NAME OF FUND TOTAL EXPENSE RATIO` TOTAL TO PNC AFFILIATES" Affiance Bernstein Growth & Income 0.95% a Allianz NFJ Small Cap Value 1.07% c American Beacon Intl Equity 0.67% a,c American Century Capital Value 0.90% c American Century Income & Growth 0.67% c American Century International Bond 0.83°/ c American Century International Discovery 1.16% c American Century International Growth 1.30% c American Century Large Co Value 0.63% c American Century Smaff Cap Value 1.05% c American Century Ultra D.79% c American Century Vista p.gp% c Artisan International 1.21% c Artisan Mid Cap Value 1,20% c Artisan Smaff Cap 1.18% c Artisan Small Cap Value 1.19% c Baron Asset 1.34% c Baron Growth 1.31% c Baron Smaff Cap 1,31% c BlackRock Fulton Street Fund LP 0.70%- 1.00% g Black Rock Multi-Manager Partners LLC 0.93% h Citigroup Real Estate Partners II, LP 0.70% - 1.45% g Cohen & Steers Realty Income 0.90% c Columbia Marsico International Opportunities 1.19% a,c Columbia Reat Estate Equity 0.96% a,c Columbia Small Cap Growth I 1.15% a,c Delaware Corporate Bond 0.57% c Dodge & Cox International Stock 0.66% a Federated American Leaders 1.16% c Federated Capital Appreciation 1.23% c Federated GNMA Trust 0.64% c Federated Government Income Securities 0.99% c Federated Intermediate Muni 0.55% c Federated Kaufmann Fund 1.95% c Federated Mid Cap Growth Strategies O,9g% c Federated Pennsylvania Municipal Income 0.75% c Federated Short Term Municipal Trust 0.71% c Federated Strategic Value 0.90% c Federated Total Return Bond 0.36% c Federated Total Return Government 0.61% c Fidelity Advisor Dividend Growth p.82% a c Fidelity Advisor Diversified International 0.94% a,c Fidelity Advisor Inflation Protected Bond 0.49% a,c Fidelity Advisor Mid Cap 0.77% a,c Fidelity Advisor Short Fixed Income 0.56% a,c Fidelity MA Municipal Income 0.47% a c Fidelity CT Muni 0.55% a Goldman Sachs Concentrated International Equity 1.20% a Goldman Sachs Core Fixed Income 0.44% a,c Goldman Sachs Structured Intl Equity Ftex L2D% a Goldman Sachs Structured Smaff Cap 0.86% a,c Goldman Sachs Mid Cap Value 0.76% a c Goldman Sachs US Equity Dividend & Premium 0.84% a,c ING Financial Services 1.22% a ING International Value 1.27% a ING Real Estate 0.87% a,c ING Small Cap Value 1.16% a,c Ivy Global Natural Resource 1.20% c Janus Mid Cap Value D.85% a FORM 124366 Page 3 of G ~ P~C ob/ob~os .' ~-'Affiliated Compensation Disclosure Grid ,~.s of March 31, Zoos Janus Smolt Cap Value 1.00% a Jennison 2D/20 Focus D.93% a MFS Core Growth 0.89% a,c MFS International Growth 1.14% a,c MFS Research Bond 0.55% a,c MFS Value 0.76% a,c Munder Micro-Cap Equity 1.72% a,b,d Olstein Alt-Cap Value 1.44% c Pimco High Yield 0.75% a,c,d Pimco Low Duration 0.68% a,c Pimco Total Return D.68% a,c,d Royce Opportunity 1.11% a Schroder Short Term Municipal Bond 0.55% c Schroder Municipal Bond 0.55°!o c Selected American D.57% a,c TCW Select Equities 0.92% c The Torray Fund 1.10% e Touchstone Diversified Small Cap Val 1.43% c Touchstone Sands Capital Select Growth 1.10% c T. Rowe Price Corporate Income 0.74% c T. Rowe Price Equity Income 0.68% c T. Rowe Price Growth Stock 0.67% c T. Rowe Price High Yield D.77% c T. Rowe Price International Bond 0.82% c T. Rowe Price MD Tax Free D.47% c T. Rowe Price Mid Cap Growth 0.77% c T. Rowe Price Mid Cap Value 0.78% c T. Rowe Price Real Estate 0.73% c T. Rowe Price Short Term Bond 0.55% c T. Rowe Price Summit Muni 0.50% c T. Rowe Price Summit Muni Intermediate 0.50% c T. Rowe Price VA Tax Free 0.50% c T. Rowe Price Value 0.84% c Third Avenue International Value 1.45% a,b,c,f Third Avenue Real Estate 1.10% a,b,c,f Third Avenue Small Cap Value 1.09% a,b,c,f Third Avenue Value 1.06% b,c,f Wells Fargo C&B Mid Cap Value 0.90% a,b,c,f 1) The PNC Financial Services Group, Inc. ("PNC") provides investment and wealth management, tiduciary services, FDIC-insured banking products and services, and lending and borrowing of funds through its subsidiaries, PNC Bank, National Association and PNC Bank, Delaware, and other subsidiary banks which are Members FDIC. PNC does not provide legal, tax or accounting advice. 2) Mutual funds advised by BtackRock Advisors, LLC or its affiliates. PNC indirectly owns more than 25%, but less than 5D% of Black Rock. 3) A description of the services provided to BlackRock Mutual Funds by PNC affiliates and [he compensation received for each service may be found in the applicable prospectuses. You can obtain a prospectus for BlackRock Mutual Funds by calling your account officer or 1-800-441-7450. In addition, under a services agreement between BlackRock Advisors, LLC and PNC ("Agreement"), PNC receives from BlackRock Advisors, LLC administration and services fees up to 0.25 % (0.05 % for the Index Equity Portfolio) for the assets of PNC client accounts invested in BlackRock Mutual Funds. Under this Agreement, PNC combines the mutual fund share purchases of multiple client accounts to satisfy minimum investment requirements and thus qualify such accounts for lower cost share classes. PNC does not forgo [he Agreement fees it charges for performing these services in order to enable an account to qualify for a share class, for which that account would not be eligible on a stand-alone basis. 4) Expenses shown are net of any fee waivers by the funds' service providers. 5) Certain types of PNC accounts may hold Service Class shares of the BlackRock Funds, which have a service fee of 0.25 % in addition to the expenses listed. b) PNC may also receive an account level fee for services provided [o your account. However, in light of the compensation for the services described above, for certain accounts, PNC provides a variety of reductions in the account level fee for the portion of an account's assets invested in mutual funds (other than a money market fund) for which a PNC affiliate provides investment advisory services. PNC reserves the right at any time to eliminate, in whole or part, any or all of these account level fee reductions. 7) The expense ratios do not include expenses attributable to investments in underlying funds. 8) The expense ratios of the funds listed in Section Z represent annualized expense ratios for the fiscal period through 3/31/08. 9) The name of the Mercantile Funds was changed to the PNC Funds effective 09/28107. The names of the Mercantile Alternative Investment Funds were changed to PNC Alternative Investment Funds effective 10/05/07. 10) Expense ratios are shown without Incentive Fee and underlying Investment Fund fees; PNC affiliates may receive an additional 1D% net incentive fee based upon [he performance of the fund. 11) Funds currently have a voluntary expense waiver at each TEDI Fund level. The amount waived by the PNC affiliate currently exceeds all PNC affiliate revenue, including revenue generated at the Master Fund level. 12) Church Capital Management, LLC, the adviser to these funds, became affiliated with PNC when Sterling Financial Corporation, a diversified financial services company, and the parent company of Church Capital Management, LLC, merged into The PNC Financial Services Group, Inc. on 4/4/08. 13) A description of certain of the services provided and fees earned may be found in the mutual fund prospectuses or other disclosure documents for the mutual fund, other fund or other investment. You can obtain the prospectus for a particular mutual fund by calling your account officer or 1-600-821-7432. If the fund or other investment you hold is not a mutual fund, you should have a copy of the offering disclosure document. This affiliated compensation disclosure information does not constitute the offer for sale of any fund or other investment listed herein. If you have any questions, please call your account officer. a) PNC affiliates receive between $567 and $11,610 from this fund in annual revenue forproviding State securities filing services. b) PNC affiliates receive between $139,937 and $378,358 annually for printing and mailing of fund financial statements and certain related services for the fund family of which this fund is a part. c) PNC Bank receives a contractual fee of between 0.05 % and 0.35 % of the average daily net asset value of assets invested in [his fund for omnibus accounting services. Under these contracts, PNC combines [he mutual fund share purchases of multiple client accounts to satisfy minimum investment requirements and qualify such accounts for lower cost share classes. PNC does not forgo the contract fees it charges for performing these services in order [o enable an account to qualify for a share class, for which that account would not be eligible on astand-alone basis. d) PNC affiliates receive between $3,864 and $1,650,2D4 from this fund in annual revenue as transfer agent. e) PNC affiliates receive between D.075 % and 0.16 % of the fund's net assets for fund accounting services. f) PNC affiliates receive between $86,60D and $378,600 from this fund for accounting services. g) PNC affiliates receive between 0.03 % and 0.06 % based on committed capital. h) PNC affiliates receive 0.75 % on fund assets, plus an incentive fee based upon the performance of the fund, which was 0.49% in 2006. FORM 124366 Page 4 of 4 ~ PNC