Keating Financial Advisory Services Inc

Item 5. FEES AND COMPENSATION
         KFAS Wrap Program Fees
         Under the Program, KFAS is able to offer participants discretionary or non-discretionary investment management services, for a
         single specified annual Program fee, inclusive of trade execution, custody, reporting, account maintenance, investment
         management fees, and in some instances, fees charged by independent managers and/or separately managed accounts.

         The current annual Program fee ranges from negotiable to 2.50%, depending upon the complexity of the account, the amount of
         the client assets in the Program and the independent/separately managed accounts utilized by the client’s investment portfolio.
         Clients may be responsible for, but not limited to, fees for trades executed away from the account’s custodian, trustee fees,
         mutual fund internal expenses, ETF internal expenses, mark-ups, mark-downs, transfer taxes, fees charged by independent
         managers and/or separately managed accounts (when such managers require the client to enter into a dual contract relationship)
         odd lot differentials, interest charges, American Depository Receipt management fees, and any charges, taxes or other fees
         mandated by any federal, state or other applicable law or otherwise agreed to with regard to client accounts (Such fees are in
         addition to any fees paid by the client to KFAS and are between the client and the account custodian).
         Fees for Financial Planning Services
         Financial planning services are typically offered on a fixed fee basis, which could range from $500 to $50,000; however, the amount
         of the fee may vary depending upon the complexity of client’s plan, the time required to complete the services, and the services to
         be provided. The specific fees charged by KFAS for services provided will be set forth in each client’s agreement. Generally, the fees
         for combined services would equal the sum of the estimated cost of each individual financial planning module.
         Generally, financial planning services are provided on a negotiable, fixed-fee basis in accordance with the executed agreement for
         services. The amount of the fee is dependent on the scope and complexity of your financial situation. For example, if you have
         limited assets classes and/or a limited number of accounts we may charge a lower fee than charged to a client with higher net
         worth or multiple classes of assets. In addition, if you request a single service/module you may be charged a higher fee for that
         particular module than if you engaged our firm for multiple modules and/or comprehensive financial planning. Fees are typically
         payable in quarterly installments. Alternatively, other payment arrangements may be available, such as initial payment due upon
         executing the agreement, with the balance due upon completion the project or agreed upon services. In no case will we require
         prepayment of advisory fees six months or more in advance and in excess of $1,200.
         Billing for Financial Planning Services, which are not one-time services, may be initiated based on:
               the agreement effective date (pro-rated for the current quarter); or
               scheduled to begin in an upcoming quarter.
         Applicable fees, fee payment arrangements, and the terms of the engagement will be clearly set forth in the financial planning
         agreement, so it is important that you read and understand the financial planning agreement that you enter into with our firm.
         Clients will be billed directly for all applicable fees. For one-time service agreements, the client will either be billed 100% of the
         negotiated flat-fee upon signing the agreement or billed 50% of the fee up-front and billed the other 50% at the completion of
         services. The completion of those services will be no later than 6 months from the agreement date. For on-going financial planning
         services, the client will be billed directly at the beginning of the first month of each calendar quarter. The amount billed will be
         based on the negotiated annual fee, divided up quarterly. Any variances to these billing practices will be clearly set forth in the
         financial planning agreement.
         You may only require advice on a single aspect of the management of your financial resources. In these cases, we offer financial
         planning/consulting in a modular format and/or general consulting services that address only those specific areas of concern. If it is
         determined that you are only in need of an individual consultation, you will be obligated to pay the entire fee at the end of the
         consultation.
         Your agreement with us is terminable by either party without penalty at any time upon written notice given to the other party.
         Upon expiration or other termination of the agreement, all sums which may be owed by either party shall be paid including the
         return of any pro-ration or pre-paid compensation collected by KFAS.

FORM ADV PART 2A FIRM BROCHURE

         Fees for Investment Advisory Services to Retirement Plans
         Investment advisory and consulting services fees will be negotiated with the plan sponsor or named fiduciary on a case-by-case
         basis. We charge an asset-based fee for advisory services not to exceed 1.50% annually or a flat rate. The fees are billed either
         monthly or quarterly in arrears or in advance based on the value of the plan assets at the end of the billing period. However, since
         our services are negotiable, the advisory fee and billing practices will be detailed and agreed to in the client agreement.
         In some cases, a negotiated initial one-time set-up fee will be charged in addition to the ongoing asset-based ongoing fee and/or
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Item 7. TYPES OF CLIENTS
         We offer investment advisory services to individuals, pension and profit sharing plans, trusts, estates, charitable organizations,
         corporations, and other business entities. We do not have any net worth or minimum account size requirements.

         Item 8. METHOD OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS
         Our investment recommendations and advice may vary depending upon each client's specific financial situation. As such, we take
         into consideration your predefined objectives, risk tolerance, time horizon, financial horizon, financial information, liquidity needs,
         and other various suitability factors.
         KFAS may utilize the following investment strategies when implementing investment advice given to clients:
                                Long Term Purchases (securities held at least a year)
                                Short Term Purchases (securities sold within a year)
         Investment Risk. Different types of investments involve varying degrees of risk, and it should not be assumed that future
         performance of any specific investment or investment strategy (including the investments and/or investment strategies
         recommended or undertaken by KFAS) will be profitable or equal any specific performance level(s). Investing in securities involves
         risk of loss that clients should be prepared to bear.
         Investors generally face the following types 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 may be caused by external factors independent of the fund’s specific investments
                                 as well as due to the fund’s specific investments. Additionally, each security’s price will fluctuate based on market
                                 movement and emotion, which may, or may not be due to the security’s operations or changes in its true value.
                                 For example, political, economic and social conditions may trigger market events which are temporarily negative,
                                 or temporarily positive.

FORM ADV PART 2A FIRM BROCHURE

                                Inflation Risk: When any type of inflation is present, a dollar today will not buy as much as a dollar next year,
                                 because purchasing power is eroding at the rate of inflation.
                                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.
                                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’ 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.
         Options Strategies.
         In limited situations, generally upon client direction and/or consent, KFAS may engage in options transactions (or engage an
         independent investment manager to do so) for the purpose of hedging risk and/or generating portfolio income. The use of options
         transactions as an investment strategy can involve a high level of inherent risk. Option transactions establish a contract between
         two parties concerning the buying or selling of an asset at a predetermined price during a specific period of time. During the term
         of the option contract, the buyer of the option gains the right to demand fulfillment by the seller. Fulfillment may take the form of
         either selling or purchasing a security, depending upon the nature of the option contract. Generally, the purchase or sale of an
         option contract shall be with the intent of “hedging” a potential market risk in a client’s portfolio and/or generating income for a
         client’s portfolio. Certain options-related strategies (i.e., straddles, short positions, etc.), may, in and of themselves, produce
         principal volatility and/or risk. Therefore, a client must be willing to accept these enhanced volatility and principal risks associated
         with such strategies. In light of these enhanced risks, client may direct KFAS, in writing, not to employ any or all such strategies for
         their accounts.
         Covered Call Writing.
         Covered call writing is the sale of in-, at-, or out-of-the-money call options against a long security position held in a client portfolio.
         This type of transaction is intended to generate income. It also serves to create partial downside protection in the event the security
         position declines in value. Income is received from the proceeds of the option sale. Such income may be reduced or lost to the
         extent it is determined to buy back the option position before its expiration. There can be no assurance that the security will not
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