• SeaBridge Investment Advisors manages portfolios for many clients in a number of different styles.  Recommendations for one client may not be suitable for other clients.  Returns realized by our clients may differ, depending on the style and objectives of the individual portfolios as well as client-specific factors.

• Past performance is no guarantee of future results, and results in the future are likely to be different.

• All equity portfolios involve risk and any portfolio managed by SeaBridge for a client may lose money.

•  For portfolio styles which include foreign securities, the portfolios are also subject to the risks of foreign equities in general.  Examples of risks include, but are not limited to, the following: There is a risk that the value of an investment in foreign stocks will decline based on unfavorable changes in currency exchange rates.  There is a risk that events in a particular country (e.g. political upheaval, natural disasters, or financial events) might cause stock prices in that country to fall.  There is a risk that investors may become concerned about political stability, human rights issues or health issues in certain regions of the world, including China.  Since China is a driver of regional Asia economic growth, there is a risk that a slowdown in the Chinese economy may have a negative impact on companies that depend on the Chinese market for goods and services.

• Portfolios are subject to management fees, which reduce the investment returns realized by clients.  Please refer to Form ADV Part II for SeaBridge Investment Advisors LLC for a complete fee schedule.

• If you would like additional details or clarification, please contact SeaBridge Investment Advisors.