Sippican Capital Advisors LLC

Item 5   Fees and Compensation

           Sippican Capital Advisors, LLC will generally charge for its services based on the schedule
below, but fees can vary from this arrangement when other factors are taken into consideration such as the
type and level of services being provided. In these situations, fees are negotiated, but Sippican Capital
Advisors does not have any fee agreements that exceed its standard fee schedule stated below, except in
the context where a principal of the Advisor is the Trustee responsible for the management of the assets
and all administration requirements of the Trust. In this situation fees may be higher reflecting the additional
work and liability but will not exceed 1.25% per year for the first $1,000,000.

                          1.00% per year for the first $1,000,000
                           .75% per year for the second $1,000,000
                           .50% per year for the next $1,000,000
                                over $3,000,000 negotiable

          Fees are charged quarterly in arrears based on the value of the account at the close of each
calendar quarter and will not be collected in advance of any services. Clients and/or Sippican Capital
Advisors can terminate an investment advisory agreement with a 30 day written notice; because fees are
charged in arrears no refund of fees are necessary. Fees can be deducted directly from ones account, or if
preferred, can be billed to the client.

           In addition to the advisory fees mentioned above, clients may incur cost to buy and sell securities
often referred to as commissions. These fees will vary depending on what institution the client or Sippican
Capital Advisors, LLC chooses to execute securities transactions - please see brokerage practices on page
10 for more discussion on broker commissions. Also, clients will incur additional management fees and
other expenses associated with owning mutual funds or electronic traded funds in the event that clients
hold these types of investments. These fees are charged by the sponsor of such investments and are not
charged or collected by Sippican Capital Advisors. Further, Sippican Capital Advisors, LLC does not
receive any portion of these fees nor does the Advisor have any fee sharing agreements with such
sponsors. Also, clients may be charged a custodian fee depending on what institution the client has chosen
to act as their custodian. Fidelity is the primary custodian for Sippican Capital Advisors' clients and as such
charges a $200 annual fee for the services it provides.

        Sippican Capital Advisors, LLC does not accept compensation for the sale of securities or other
investment products.

Item 7      Types of Clients

          Typical clients are wealthy individuals and families whose service needs include the investment
and administrative management of non-retirement and retirement accounts and personal and family trusts.
Less typical clients are endowments, pensions, or entities used for charitable purposes.