Dear Valued Client;

Below are annual disclosures and other regulatory information regarding your account(s) with David A. Noyes & Company and Noyes Advisors, LLC (together “Noyes”).

Noyes has an agreement with Fidelity Institutional Wealth Services® to provide certain advisory products. Working with Fidelity Institutional Wealth Services gives Noyes access to a wide range of products and services that can help serve the needs of our clients. Fidelity Institutional Wealth Services is a service provider to Noyes.

Noyes also has an agreement with First Clearing Corporation (FCC) and its parent company Wells Fargo Advisors (WFA), pursuant to which WFA provides advisory and/or other services with respect to the Programs. Clients of investment advisory accounts described herein remain clients of Noyes at all times, however, WFA provides advisory and/or other services to Noyes with respect to all of the programs and provides investment advice that is tailored to the needs of a particular client only with respect to Masters, DMA, Compass, and FundSource. Noyes is not related to or affiliated with WFA or FCC. At all times Noyes monitors such accounts pursuant to its agreement with clients.

Please note Noyes’ clearing and custodial firms may provide you with certain disclosures upon opening or maintaining an account at Noyes. As always, if you have any questions, please contact your Wealth Advisor.

Important Information for Margin Account Holders Only Margin Disclosure Statement

Securities purchased on margin are the clearing firm’s collateral for the loan to you. If securities in your account decline in value, so does the value of the collateral supporting your loan, and , as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. The risks include the following.

 You can lose more funds than you deposit in the margin account.  The firm can force the sale of securities or other assets in your account(s).  The firm can sell your securities or other assets without contacting you.  You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call.  The firm can increase its “house” maintenance margin requirements at any time and is not required to provide you advance written notice.  You are not entitled to an extension of time on a margin call.

SIPC Protection

Securities and cash in client accounts have two sources of protection. Our firm is a member of the Securities Investor Protection Corporation (SIPC). SIPC protects the clients of its member firms against the loss of their securities in the event of the member’s insolvency and liquidation. Each client is insured up to a maximum of $500,000 (including $100,000 for claims for cash). For more information on SIPC coverage, please see the explanatory brochure at www.sipc.org or contact SIPC at (202) 371-8300. In addition we maintain through our clearing firm a program of excess protection. Under this program our clients who have received the full SIPC payout limit get additional coverage above the SIPC limits for missing securities and cash in client investment accounts, up to a clearing-firm aggregate limit of $1 billion (including up to $1.9 million for cash per client).The additional protection is through the Lloyd’s of London. SIPC and Lloyd’s of London do not insure the quality of investments or protect against losses from fluctuating market value.

Noyes Privacy Policy

Noyes collects nonpublic personal information about you from the following sources:

 Information we receive from you on applications or other forms;  Information about your transactions with us or others; and  Information we receive from a consumer-reporting agency.

We do not disclose any nonpublic personal information about you to anyone, except as required by law. If you decide to close your account(s), or if you should become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.

Noyes restricts access to your personal and account information to those employees who need to know that information to provide products or services to you. Noyes maintains physical, electronic, and procedural safeguards to guard your nonpublic personal information. David A. Noyes & Company has joined ‘Broker Protocol’. Broker Protocol ensures that in the event your Registered Representative leaves Noyes to join another firm, or comes to Noyes from another firm (where both firms are signatories to the Protocol), the Registered Representative can take or bring with them certain client information. This information includes the following: Client name, address, phone number, e-mail address and account title of the clients that they serviced while employed at the firm. Registered Representatives are prohibited from taking any other documents or information.

If you do not agree with this policy and would like to opt out, please contact Noyes at 1-800-669-3732.

Form ADV

Federal or state securities laws require broker, investment advisers, and their firms to be licensed or registered, and to make important information public. People or firms that get paid to give advice about investing in securities generally must register with either the SEC or the state securities agency where they have their principal place of business.

To find out about an investment adviser and whether it is properly registered, read its registration form, called "Form ADV." Form ADV has two parts. Part 1 contains information about the adviser's business and whether the adviser has had reportable events involving regulators or clients. Part 2 sets out the minimum requirements for a written disclosure statement, commonly referred to as the “brochure,” which advisers must provide to prospective clients initially and to existing clients annually. The brochure describes, in a narrative format, the adviser’s business practices, fees, conflicts of interest, and disciplinary information. Before you hire an investment adviser, always ask for and carefully read both parts of the Form ADV. Where applicable, each brochure provided to clients must be accompanied by a “brochure supplement” that includes information about the specific individuals, acting on behalf of the adviser, who actually provide investment advice and interact with the client. An adviser must deliver the brochure supplement to the client before or at the time that the specific individual begins to provide investment advice to the client. As a reminder, Noyes Advisors, LLC succeeded David A. Noyes as your investment advisor on July 1, 2015. Noyes Advisors and David A. Noyes & Company are affiliates and advisors are dually registered with both companies. You can view the most recent Noyes Advisors Form ADV online by visiting the Investment Adviser Public Disclosure (IAPD) website. You can also obtain copies of Form ADV for individual advisers and firms from the investment adviser, your state securities regulator, or the SEC, depending on the size of the adviser. You'll find contact information for your state securities regulator on the website of the North American Securities Administrators Association. If the investment adviser is registered with the SEC, you can get a copy of Form ADV (Part 1 only) by accessing information on "How to Request Public Documents" at http://www.sec.gov/answers/publicdocs.htm.

Because some investment advisers and their representatives are also brokers, you may want to check both BrokerCheck and Form ADV. Visit FINRA's BrokerCheck website or call FINRA's toll-free BrokerCheck hotline at (800) 289-9999.

If you are a Noyes advisory client, please review the Noyes ADV Firm Brochure which is available on the Noyes website at LINK. You may obtain a current copy of our Form ADV without charge by contacting us at 1-800-669-3732. The brochure is also available to the public through the Investment Adviser Public Disclosure (IAPD) system website at http://www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx.