In the course of doing business with Telos Capital Management, Inc., you share personal and financial information with us. We recognize the importance of protecting that information, and are committed to preserving the confidentiality of the non-public personal information provided to us by our current, prospective and former clients. As part of this commitment, Telos Capital Management, Inc. has adopted the following privacy policies concerning the collection, maintenance, disclosure and disposal of our clients’ non-public personal information:

Cookies:

A cookie is a small data file placed on your computer when you access our Web site. A cookie contains information about your visit to the site. On subsequent visits, our server will look for the cookie and structure itself based on the information provided. A cookie identifies your computer to our web server when you visit our site. A cookie does not provide us with any personal information and is only used to improve the speed and reliability of our system.

Information we collect:

We collect and use your personal information solely to provide investment management services, assist your financial needs, and administer our business. We endeavor to limit the collection and use of your personal information to data that is voluntarily provided to us by a visitor to our site. All the information we collect about you will be done in accordance with and as required by law or regulation. The types of personal information that may typically be collected on our site may include:

• Name, title and address
  
• Company
  
• Telephone number
  
• Email address
  
• Social Security number, driver’s license number or passport number (this information will only be collected on a new account opening form)
  
• Financial information
  

Visitors are also able to send an email message directly through our Web site. These messages will contain the sender's email address, as well as the content of the message itself.

How we protect your Information:

To prevent unauthorized access, maintain data accuracy, and ensure the correct use of information, we have put in place appropriate physical, electronic, and managerial procedures to safeguard and secure the information we collect online. We have built our business on a foundation of integrity, honesty, and trust. These values are reflected in our longstanding commitment to protect your privacy.

Disclosure of Information:

Telos Capital Management, Inc. does not disclose or share your personal information collected from this Web site except as may be required or permitted by law or necessary to carry out your requests submitted via Email. In the ordinary course of conducting our business as a fiduciary on behalf of our clients, we may be required to share or disclose some date about our clients to custodians, brokerage firms, clearing agents and law firms. All of those organizations are required to have their own privacy und customer confidentiality policies. In addition, in accordance with instructions from you, we will provide information to your consultants or other interested parties. Telos Capital Management, Inc. is registered with the Securities and Exchange Commission (SEC). The SEC is empowered to perform certain audit functions and may request data and information regarding our clients without your consent as permitted by law.

Business Relationships:

Telos Capital Management, Inc’s Web site contains links to other Web sites. While we try to link only to sites that share our high standards and respect for privacy, we are not responsible for the content or the privacy practices employed by other sites.

Modifications:

Telos Capital Management, Inc. reserves the right to modify or amend this Privacy Statement at any time, so please review it frequently.

How to contact us:

Should you have questions or concerns about this Privacy Statement, you can contact us via telephone at 858-271-6350, or via Email at info@telosinc.com.

Effective date:

This Telos Capital Management, Inc. Privacy Statement was last modified: June 2009