Tufton Capital Management LLC

Item 5 – Fees and Compensation

   A. Fees are assessed based on the client’s assets under management. The basic fee schedule is as
      follows:

       1.00% on the first $2,000,000
        .75% on the next $3,000,000
        .50% on the balance of the account

   B. All fees are charged quarterly in advance. We have a $500,000 account minimum. Related
      accounts are combined for fee calculation purposes. Fees on accounts more than $10,000,000
      are negotiable. A flat fee is available to those clients where appropriate and at the sole
      discretion of Tufton Capital Management.

       Clients have the option of being billed for our services or having the fee deducted directly from
       their account. Although, upon a client’s request, we will provide an invoice to the client
       indicating the amount of the fee, the value of the assets upon which the fee was based, and the
       way the fee was calculated, it is the client’s responsibility to verify the accuracy of the fee
       calculation. The custodian will not determine whether the fee has been accurately calculated.
       Please see Item 15 for a full description of custody services.

       An hourly fee schedule is available to those people seeking investment advice on a non-
       continuous basis. The schedule is as follows: Support staff $75 per hour, Investment
       professional, $175 - $200 per hour.

   C. In addition to investment management fees, the client may be subject to brokerage
      commissions on equity transactions. Please see Item 12 for a complete description of our
      brokerage practices. Additional expenses may be incurred if third-party managed products are
      held in a portfolio. For example, exchange traded funds, mutual funds and closed-end funds
      have various management and administrative fees related to them. These related expenses are
      in addition to the management fees charged by Tufton Capital Management. We do not receive
      any compensation for the sale of the third-party managed products.

   D. An advisory relationship may be terminated upon written notice by either the client or Tufton
      Capital Management and shall be effective as of the close of business on the first business day
      following the receipt of such notice. In the event of termination, fees paid in advance will be
      refunded, pro rata, to the client based on the number of days remaining in the quarter.

   E. We do not receive compensation for the sale of securities or other investment products,
      including asset-based sales charges or service fees from the sale of mutual funds.

Tufton Capital Management, LLC                                          Form ADV Part 2A

Item 7 – Types of Clients

We provide investment management services to individuals, pension, and profit-sharing plans, 401(k)
plans, trusts, estates, charitable organizations, and corporations.

The required minimum to establish an account is $500,000. We will accept accounts that are less than
the minimum at our sole discretion. There is no minimum balance for maintaining an account. However,
we may, at our discretion, terminate an account that drops in value to a level where we believe that we
can no longer add value as an investment manager.

Tufton Capital Management, LLC                                          Form ADV Part 2A