Gilbert Financial LLC

Fees and Compensation

Fee for Portfolio Management                   Annual Fee
First $1,000,000                               1.25%
Over $1,000,000                                 1%
Bond Portfolios                                3/4%

The fee schedule above may be negotiable to accommodate individual needs and objectives.

Terms of Fee Collection
Managed accounts are billed quarterly in arrears based on the market value of a client’s account
as of the last day of the previous quarter. Fees are automatically deducted from a client’s account.
Statements should be provided by the custodian on at least a quarterly basis. Management fees
are expressed on the statement in the month the fees are collected and should be reviewed for
accuracy.

Written authorization allows fees to be deducted from managed assets directly. In some cases,
clients may request to pay management fees by check rather than directly from the managed
account. Clients may also direct billing to a particular account where we manage multiple
accounts in conjunction with each other if they prefer the fees are only paid from one account.
If portfolio management services are terminated intra quarter, a pro rata charge for services
rendered may be issued for all the days where an outstanding management fee is due. No
management services provided are pre-paid.

Additional Fees:

Other fees that may occur from the custodian.
With respect to Gilbert Financials portfolio management services, the client may also incur
charges imposed directly by the custodian of the client’s accounts, transaction charges imposed
by the broker-dealer executing securities transactions for the client’s accounts, and fees and
expenses imposed directly by mutual funds held in or for the client’s accounts. Clients are
responsible for the payment of all third-party fees including but not limited to custodian fees,
mutual fund fees, wire transfer fees, electronic fund transfer fees, mutual fund expenses,
redemption fees, account opening fees, account closing fees, overnight shipping fees, stop
payment fees, transaction fees, brokerage commissions and other related costs and expenses
which may be incurred. For further discussion concerning Gilbert Financial LLC’s brokerage
practices, please see Item 12 of this Firm Brochure. All fees paid to Gilbert Financial for its
services are separate and distinct from the fees and expenses charged directly by the client’s
custodian, the broker-dealer, and mutual funds. The fees and expenses imposed by mutual funds
are described in each fund’s prospectus, and will generally include a management fee, other fund
expenses, and a possible distribution fee. If the fund also imposes sales charges, a client may pay
an initial or deferred sales charge. The client should review both the fees charged by the funds,
and the fees charged by Gilbert Financial, to fully understand the total amount of fees to be paid
by the client and to thereby evaluate the advisory services being provided.

              Performance-Based Fees and Side-By-Side Management

We are not compensated on the basis of a share of capital gains upon, or capital appreciation of,
investments of client assets.

Types of Clients

Gilbert Financial, LLC provides portfolio management to individuals and high net-worth
individuals.

              Methods of Analysis, Investment Strategies, and Risk of Loss

Individual Stocks are evaluated using Standard & Poor's Analytics, a web-based resource that
aids in gathering relevant information about companies of interest. Using this tool, we compile
lists of stocks from various sectors that may meet our investment criteria.

Fundamental Analysis is done on an individual stock (and its peers) which may include
analyzing the Price Earnings Ratio (P/E Ratio), Earnings Per Share (EPS), Market Capitalization
(size), sector and S&P ranking. We also look at a company's historical track record for
maintaining dividend payments and the schedule of distributions. In conjunction we may review
company resources and websites to see the reports they file, and sentiment for earnings and
guidance where available.

Technical Analysis involves looking at the stock price patterns, charts of prices, hi and low
prices, 52-week range, as well as resistance and support ranges. While we do not focus on
technical data alone, this analysis does help give us guidance on when we may want to initiate
buys or sales of particular securities.

 Cyclical Analysis is not a primary method or investment strategy, but periodically we do look
to sectors that may have underperformed or realized a meaningful underperformance.
Recognizing how sectors rotate through the performance spectrum helps guide us toward new
ideas for our portfolios. If we feel a sector has underperformed and may be poised for growth,
we may look to find companies or funds that could capitalize in the long-run due to short-term
negativity.

We blend these methods of analysis to help guide our master list of stocks and funds. We are not
market timers and don't feel that we can identify trends before they become obvious. We like to
find companies that we feel have a relevant product line-up, a competitive edge in their industry,
and have a history of maintaining or raising dividends. Once we identify the company, we tend
to look at the technical side and charts to see if the stock is performing or underperforming and
why.

Risk of Loss
Investors should be aware all investments involve some level of risk. Investing in securities
involves a risk of loss that clients should be prepared to bear. As fiduciaries, it is our job to
disclose and attempt to mitigate these risks through disclosure, due diligence, and
diversification of assets. We do not guarantee or represent that our methods of analysis,
research, or portfolios are without risk. We cannot guarantee or promise rates of return, or
protection against market decline. Past performance is in no way indicative of future
performance.

All investment programs have certain risks that are borne by the investor. Our investment
approach constantly keeps the risk of loss in mind. Investors face the following investment risks:

Interest-rate Risk: Fluctuations in interest rates may cause investment prices to fluctuate. For
example, when interest rates rise, yields on existing bonds become less attractive, causing their
market values to decline.

Market Risk: The price of a security, bond, or mutual fund may drop in reaction to tangible and
intangible events and conditions. This type of risk is caused by external factors independent of
a security’s particular underlying circumstances. For example, political, economic, pandemic,
war, terrorism, and social conditions may trigger market events.

Inflation Risk: When any type of inflation is present, a dollar will be worth more today than a
dollar next year because purchasing power is eroding at the rate of inflation.

Currency Risk: Overseas investments are subject to fluctuations in the value of the dollar against
the currency of the investment’s originating country. Companies involved in foreign markets
are subject to currency risk. This is also referred to as exchange rate risk.

Reinvestment Risk: This is the risk that future proceeds from investments may have to be
reinvested at a potentially lower rate of return (i.e. interest rate). This primarily relates to fixed
income securities.

Business Risk: These risks are associated with a particular industry or a particular company
within an industry. For example, oil-drilling companies depend on finding oil and then refining
it, a lengthy process, before they can generate a profit. They carry a higher risk of profitability

than an electric company, which generates its income from a steady stream of customers who
buy electricity no matter what the economic environment is like.

Liquidity Risk: Liquidity is the ability to readily convert an investment into cash. Generally,
assets are more liquid if many traders are interested in a standardized product. For example,
Treasury Bills are highly liquid, while real estate properties are not.

Financial Risk: Excessive borrowing to finance a business’s operations increases the risk of
profitability, because the company must meet the terms of its obligations in good times and bad.
During periods of financial stress, the inability to meet loan obligations may result in bankruptcy
and/or a declining market value.