Investment Advisory Services AJF Capital Management, Inc., ("AJF") provides investment advisory services to clients on a discretionary and non-discretionary basis. AJF has been in business since May 1991 and is majority owned by Andrew Jon Friedman, President and Loretta Ross-Friedman. Services include; wealth management, retirement planning, estate planning, tax planning, and risk management. AJF provides wealth management clients with an Asset Allocation model that consists of investments from various asset classes with relatively low correlations to one another. We do this in order to create a fully diversified portfolio that will provide you with the best risk-adjusted returns possible.
Client accounts are managed according to the stated goals and objectives of each client, their liquidity needs, risk tolerance, and with respect given to any tax and/or legal implications. AJF will honor any reasonable investment restrictions on investing in certain securities or types of securities imposed by the client in writing.
AJF provides discretionary and non-discretionary investment advisory services to clients within various wrap fee programs including but not limited to:
•AJF Sustainable Asset Management Program ("SAM")
•AJF Traditional Asset Management Program ("TAM")
•AJF Strategic Investment Program ("SIP"). Each client in the wrap fee programs pay a single all inclusive "wrap" fee for investment advisory services and execution costs. Therefore, such accounts are not charged brokerage fees and commissions and custodian charges as described in Item 5 below. The wrap fee is an asset based fee which includes the management fee paid to AJF for its services as portfolio manager as well as compensation paid to the broker-dealer, custodian, and clearing firm for services rendered in the execution of client transactions.
Please see Appendix 1 to this Brochure for complete disclosure including fees regarding this program.
AJF Financial Planning Services Retirement planning, estate planning, tax planning (collectively all "Financial Plans or Planning"): AJF provides individualized advice in the form of Financial Planning. Clients purchasing this service will receive a written report, providing the client with a detailed financial plan designed to achieve his or her stated financial goals and objectives. The financial plan will address any or all of the following areas: Personal, Education, Tax and Cash Flow, Death and Disability, Retirement and Investments. These services are designed to be stand alone or provided

in conjunction with other AJF Financial Programs.
Retirement Planning Services are designed to provide clients with projections about future cash flows and asset balances to help aid in Retirement Planning. In addition we help design and implement the appropriate Retirement Planning vehicles and make recommendations with regard to Retirement exit strategies.
Estate Planning helps clients determine the most tax efficient Estate consistent with client's goals and Estate wishes. Recommendations include appropriate Estate transfers through the use of trusts, wills, and gifts.
4 AJF also provides advice on a consultative basis where recommendations may include appropriate asset allocation, hedging strategies, bond laddering strategies, risk management, and technical pricing.
AJF Retirement Services AJF manages client retirement account such as 401K and 403B accounts on a discretionary and non- discretionary basis by selecting mutual funds offered within the plan's list of investments. IRA Rollover Recommendations Effective December 20, 2021 (or such later date as the US Department of Labor ("DOL") Field Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you.
When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees, and investments;
•Follow policies and procedures designed to ensure that we give advice that is in your best interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest. As of September 30, 2023, AJF managed approximately $140,727,107 in discretionary client assets and $0 in non-discretionary business.