GFS Advisors LLC

ITEM 5: FEES AND COMPENSATION
Advisory Fee
The Advisory Fee includes discretionary or non-discretionary management and periodic review of all investments
in the advisory program. In addition, the Advisory Fee covers consultation with a Representative who receives
compensation as a result of the client’s participation in the advisory program. The Advisory Fee generally does
not cover custodial or clearing-firm service fees. See Other Fees and Expenses below for more detail.

The Advisory Fee is based on the average monthly balance of the assets in the Advisory Account, calculated using
the last day of each calendar month, starting with the preceding calendar quarter through the last day of the ending
calendar quarter. The Advisory Fee is payable quarterly, in arrears. The quarterly Advisory Fee is an amount in dollars
equal to the product of ¼ of the applicable percentage per annum multiplied by the average monthly balance of
the assets in the Advisory Account. The first and/or last payment will be prorated for assets invested in a new
account or where an existing account is closed during a calendar quarter. Fees are payable to GFSA no later than
the fifteenth (15th) day after the end of each quarter, in arrears.

Use of Margin
Clients may decide to use margin in the Advisory Account, or a margin account may become necessary when a
client invests in options. However, in those instances where a margin debit is maintained in a separate account,
the total assets held in the Advisory Account are subject to the Advisory Fee; in other words, the margin debit
does not reduce the total billable assets. Consequently, if margin is used to purchase additional securities, the
total value of the assets increases, as does your Advisory Fee. In addition, clients will be charged margin interest
by the custodian on the debit balance in their margin account. Note, the increased Advisory Fee that a client
pays presents a conflict since it creates an incentive for the Representative to recommend the use of margin.
Moreover, GFSA has a revenue-sharing agreement with its clearing firms, Raymond James and Pershing LLC
where GFSA and the Representative participates in the margin interest. This presents an additional conflict on the
part of the Representative, who has an added incentive to recommend investments or strategies based on the
total compensation received. This conflict is addressed through disclosure and ongoing review of the transaction
blotters and periodic review of the Advisory Accounts. For accounts maintained at Morgan Stanley or Pershing
Advisor Solutions (“PAS”), neither Morgan Stanley nor PAS share any part of their fee or other compensation with
GFSA.

Margin increases leverage and overall risk. Margin is not suitable for all investors.

GFS Advisors, LLC                                                                          March 18, 2026
Firm Brochure – Form ADV Part 2A

Fee schedules:

Schedule A-1: Discretionary Advisory Fees subject to Performance-Based Fees. See Performance              Fees below
for more information.

                                                  Schedule A-1
           Advisory Fee Schedule

            Asset Value of Account        Equity Only Fixed Income Only Equity & Fixed Income
                  $0 - $1,000,000             1.25%               0.50%                      1.00%
             $1,000,001 - $2,500,000          0.80%               0.40%                      0.60%
             $2,500,001 - $5,000,000          0.70%               0.30%                      0.50%
            $5,000,001 - $25,000,000          0.60%               0.20%                      0.40%
           Greater than $25,000,000        Negotiable          Negotiable                 Negotiable
           Percentages shown represent the annual percentage charge. Advisory fees will be charged
           quarterly in arrears.

           Performance Fee Schedule

            Aggregate Performance Equity Only                         Equity & Fixed Income

                   5.0 – 7.499 %              0.00%                              0.30%
                   7.5 – 9.999 %              0.30%                              0.40%
                  10.0 – 12.499 %             0.40%                              0.50%
                  12.5 – 14.999 %             0.60%                              0.70%
                  15.0 – 17.499 %             0.80%                              0.90%
                Greater than 17.5%            1.00%                              1.10%
           GFSA may charge a performance-based fee structure to “Qualified Clients,” as defined by Rule
           205-3(d)(1) of the Advisers Act and/or to persons who are not residents of the United States
           pursuant to Section 205(b)(5) of the Advisers Act.

GFS Advisors, LLC                                                                                  March 18, 2026
Firm Brochure – Form ADV Part 2A

Schedule A-2: Discretionary Advisory Fees not subject to Performance-Based Fees.

                                                  Schedule A-2
                 Advisory Fee Schedule

                        Asset Value of Account                            Advisory Fee
                              $0 - $1,000,000                                 1.25%
                         $1,000,001 - $2,500,000                              1.00%
                         $2,500,001 - $5,000,000                              0.75%
                        $5,000,001 - $10,000,000                              0.65%
                        Assets above $10 million                              0.50%
                 Percentages shown represent the annual percentage charge. Advisory fees will be
                 charged quarterly in arrears.

Optional Consulting and Educational Services under the A-2 Fee Schedule:
Clients may choose to add the following services for an additional fee of +0.15% to 0.30%. The fee is
...

ITEM 7: TYPES OF CLIENTS
GFSA provides investment advisory services to individuals, high net-worth individuals, trusts, corporations, and
other businesses.

Account Requirements
The client can make additions to or withdraws from the Advisory Account at any time. However, withdrawals that
cause material reductions in the value of the account could cause GFSA to terminate the advisory agreement.
The investment advisory program is designed as a long-term investment vehicle, and any significant asset
withdrawals could impair our ability to achieve the client’s investment objectives.

GFS Advisors, LLC                                                                             March 18, 2026
Firm Brochure – Form ADV Part 2A