Wrap Fee Program

This brochure provides information about the wrap fee investment program (the “Program”) sponsored by Farah Advisory Services, LLC (“Farah”) that should be considered by a prospective Program investor (the “participant”) before determining to engage Farah to provide investment advisory services in accordance with the terms and conditions of the Program. This information has not been approved or verified by an governmental authority.

The wrap fee investment program (the “Program”) sponsored by Farah Advisory Services, LLC (“Farah”) is a fee-based accound that enables a Program participant to develop an investment portfolio, consistent with the participant’s investment objective(s).

Under the Program, a participant shall authorize Farah to allocate his/her/their/its investment assets, on a discretionary basis, among various investments (primarily including individual equity and fixed income securities), consistent with the participant’s investment objective(s). Under the Program, the participant shall receive both investment advisory services and the execution of brokerage transactions for a single specified fee.

What You Need to Know About the Program

Purpose of the Program

The Program enables a participant to pursue his/her/their/its investment objective(s) by authorizing the Farah to allocate his/her/their/its investment assets on discretionary basis, among various investments (primarily individual equity and fixed income securities), consistent with the participant’s investment objective(s).

Minimum Account Size

Farah does not generally require a minimum account size for participants in the Program.

Brokerage, Clearing, Reporting, and Custody

Merrill Lynch (“Merrill”) an SEC registered and NASD member broker-dealer shall provide execution, clearing, reporting and custodial services for Program accounts. Factors which Farah considers in designating Merrill include historical relationship, execution, financial strength, service, reputation, reporting and price.

Suitable and Investment Strategy

Prior to opening an account, Farah assists in determining a participant’s profile for the Program by obtaining from the participant appropriate information (i.e. investment objectives, risk tolerance, time horizon, and any  reasonable restrictions the participant wishes to impose upon the management of the account). Initial investment strategy is jointly determined by Farah and the participant based on an assessment of the information provided by the participant. Thereafter, it remains the participant’s exclusive responsibility  to advise Farah of any changes to the information previously provided that might impact the ongoing suitability of any prior determined investment strategy(ies) and/or objectives.

Licensing and Registration

Farah is a registered investment advisor. In addition, all persons associated with the Farah are required to meet the registration and/or licensing standards for the state(s) in which they do business.

Opening an Account

The participant opens a Program account by executing an Investment Advisory Agreement (the “Advisory Agreement”) with Farah.

Terminating the Program

The Program may be terminated by: either the participant or Farah upon written notice in accordance with the terms and conditions of the Advisory Agreement between Farah and the participant.

Account Statements

During any month that there is activity in the account, the participant shall receive an account statement Merrill reflecting account activity as well as positions held in the account at month-end. The participant will receive a quarterly account statement from the Farah.

Transaction Confirmations

A Program participant shall receive a confirmation statement of each transaction that occurs in the account.

Program Fee

A Program participant pays a single annualized fee for participation in the Program (the “Program Fee”) based upon a percentage (%) of the market value of all assets being managed under the Program. The current Program Fee is 1.15%. The Program Fee is payable quarterly, in advance, based on the market value of the Program account as of the close of business on the last business day of the preceding calendar quarter. The Program Fee includes investment advisory services, the execution of brokerage transactions, custody and reporting services. Farah, in its sole discretion, may charge a lesser Program Fee based upon carious criteria (i.e. anticipated additional assets to be placed under management, specific type of services desired, related accounts, negotiations with participants, etc.).

Program Fee for Additional Deposits

Additional deposits of finds and/or securities are subject to the billing procedures described under the Program Fee section above. The Program Fee  is deducted directly from the account in accordance with the terms and conditions set forth in the Advisory Agreement.

Program Fee Discount

The Program Fee is subject to discount, at the sole discretion Farah, based on the various criteria set forth in the Program Fee section above.

Program Fee Refunds

If the Program is terminated, the participant will pay a pro-rata Program Fee based upon the number of days the participant participated in the Program during the calendar billing quarter, and the remaining Program Fee balance shall be refunded to the participant.

Program Fee Comparison

Under the Program, the participant receives investment advisory services, the execution of securities brokerage transactions, custody and reporting services for a single specified Program Fee. Participation in the Program may cost the participant more or less than purchasing such services separately. In addition, the Program Fee may be higher or lower than that charged by other sponsors of comparable wrap fee programs.

Account Deductions

The Program Fee is deducted directly from the account in accordance with the terms and conditions of the Advisory Agreement and is reflected on the participant’s quarterly account statement

Third-Party Charges

The participants may incur certain charges imposed by third parties in addition to the Program Fee. Such charges include but are not limited to charges imposed directly by a mutual fund purchase for the account (i.e. fund advisory fees and other fund expenses), deferred sales charges on previously purchased mutual funds, IRA fees, and required SEC transaction fees.

Compensation

The Program Fee represents total compensation to be received by: (1) Farah for investment advisory services; and , (2): Merrill for execution, clearing, reporting and custodial services.

Portfolio Performance Review. All Program accounts are reviewed, on an ongoing basis, by Farah.

Consultation with Farah. Farah shall remain available to consult with the participant.

Industry Affiliations

Farah is an SEC registered investment advisor principally located in Newport Beach, California. Prior to or contemporaneous with becoming a Program participant, Farah shall provide the participant with a copy of this Brochure, Farah’s Disclosure Statement, which Brochure and Disclosure Statement should be reviewed by each participant prior to funding the Program account.

Conflicts of Interest

Other than the relationships and affiliations previously disclosed in this Brochure, the Disclosure Statement, and/or the Advisory Agreement, there are no current relationships between Farah, and any other parties that would present a conflict of interest to the participant. In addition, Farah does, in accordance with the applicable state and federal securities laws, maintain and enforce written policies, including a Code of Ethics, reasonably designed to: (1) prevent the misuse of material nonpublic information by Farah or any person associated with Farah, and (2) monitor the personal securities transactions of its associated persons to prevent any potential material conflicts of interest between Farah, any person associated with Farah, and any of the program participants.