Important Disclosure Information

Telos Capital Management, Inc. (“Company”) is an SEC registered investment adviser located in San Diego, California. Company and its representatives are in compliance with the current filing requirements imposed upon SEC registered investment advisers by those states in which Company maintains clients. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Company’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Company’s web site on the Internet should not be construed by any consumer and/or prospective client as Company’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Company with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Company, please contact the SEC or the state securities regulators for those states in which Company maintains a notice filing. A copy of Company’s current written disclosure statement discussing Company’s business operations, services, and fees is available from Company upon written request. Company does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Company web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Certain portions of Company’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Company (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.

Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Company is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Company by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers. The Company never pays a fee to be considered for any ranking or recognition, but may purchase plaques or reprints to publicize rankings.

Telos Capital Management Inc. employs a team of professionals who adhere to the highest standard in customer service and industry knowledge. Accordingly, our staff has earned a number of industry certifications that confirm their level of knowledge and understanding.

Accredited Asset Management Specialist^SM
Accredited Asset Management Specialist^SM, AAMS^® is a professional designation issued by The College
for Financial Planning to individuals who have successfully completed a self-study course that includes
curricula on a variety of topics, such as the asset management process, asset allocation and regulatory
and ethical strategies, investment performance, taxation, retirement and estate planning, and
regulatory and ethical issues, among other topics. Candidates must pass a final exam. Designees agree
to meet ongoing education and disclosure requirements and comply with the Code of Ethics, which
includes abiding by the Standards of professional Conduct and Terms and Conditions. More information
regarding the AAMS^® is available at http://cffpdesignations.com.

Accredited Investment Fiduciary^®
The Accredited Investment Fiduciary^® (AIF^®) designation certifies that the recipient has specialized
knowledge of fiduciary standards of care and their application to the investment management process.
To receive the AIF^® designation, individuals must complete a training program, successfully pass a
comprehensive, closed-book final examination under the supervision of a proctor and agree to abide by
the AIF^® Code of Ethics. In order to maintain the AIF^® designation, the individual must annually renew
their affirmation of the AIF^® Code of Ethics and complete six hours of continuing education credits. The
certification is administered by the Center for Fiduciary Studies, LLC (a Fiduciary360(fi360) company).
More information regarding the AIF^® is available at http://www.fi360.com/main/designations_aif.jsp.

CFA^® - Chartered Financial Analyst
The Chartered Financial Analyst (CFA) charter is a globally respected, graduate‐level investment credential established in 1962 and awarded by the CFA Institute, the largest global association of investment professionals.

There are currently more than 150,000 CFA charter holders working in 163 countries. To earn the CFA charter, candidates must (1) pass three sequential, six‐hour examinations, (2) have at least four years of qualified professional investment experience, (3) join CFA Institute as members, and (4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.

High Ethical Standards

The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charter holders to:

Place the integrity of the investment profession and the interests of clients ahead of their own personal interests
Maintain independence and objectivity
Act with integrity, competence, and respect
Maintain and improve their professional competence
Disclose conflicts of interest and legal matters
Global Recognition

Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending over 300 hours of study per exam level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charter holders, often making the charter a prerequisite for employment.

Additionally, regulatory bodies in 40 countries recognize the CFA charter as a proxy for meeting certain licensing requirements. More than 550 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses.

Comprehensive and Current Knowledge

The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed‐income and equity analysis, quantitative methods, corporate finance, alternative and derivative investments, economics, financial reporting and analysis, portfolio management, and wealth planning.

The CFA Program curriculum is updated every year by experts from around the world. Such updates ensure that candidates learn the most relevant and practical new tools, ideas, and investment wealth management skills to reflect the dynamic and complex nature of the profession.

To learn more about the CFA charter, visit www.cfainstitute.org.

CFP^® - CERTIFIED FINANCIAL PLANNER^™
The CERTIFIED FINANCIAL PLANNER^™(CFP^®) certification is a voluntary certification that is recognized in the United States and a number of other countries for its (1) high standard of professional education, (2) stringent code of conduct and standards of practice, and (3) ethical requirements that govern professional engagements with clients. Currently, more than 83,000 individuals have obtained CFP® certification in the United States.

To attain the right to use the CFP^® marks, an individual must satisfactorily fulfill the following requirements:

Education Requirement: Complete an advanced college‐level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services and attain a bachelor’s degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning.
CFP^® Certification Examination Requirement: The examination, administered in two three-hour sessions over one day, includes case studies and client scenarios designed to assess one’s ability to integrate and apply a broad base of financial planning knowledge in the context of real life financial planning situations.
Experience Requirement: Complete 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements; and
Ethics Requirement: Agree to adhere to the high standards of ethics and practice outlined in the CFP Board’s Standards of Professional Conduct and to acknowledge CFP Board’s right to enforce them through its Disciplinary Rules and Procedures This demonstrates to the public one’s agreement to provide personal financial planning in the client’s best interest and to act in accordance with the highest ethical and professional standards for the practice of financial planning.
Ethics and Continuing Education (CE)

Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP^® marks:

Complete thirty hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field.
Complete a Certification Application every two years, which includes an acknowledgement of voluntary adherence to the terms and conditions of certifications with the CFP Board. The CFP Board monitors CFP^® professionals’ ongoing compliance with its ethical standards in addition to investigating consumer complaints, reviewing reports from other regulatory bodies and the press, and searching FINRA’s Central Registration Depository system; and
Pay an annual certification fee.
CFP^® and CERTIFIED FINANCIAL PLANNER^™ are certification marks owned by the Certified Financial Planner Board of Standards, LLC. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.

To learn more about CFP^® certification, visit http://www.cfp.net/.