Cohen Investment Advisors LLC

Item 5: Fees and Compensation

Cohen Investment Advisors offers its investment management services on a fee basis, based
upon assets under management or advisement.

Financial Planning and Consulting Fees
As previously noted in Item 4, Cohen Investment Advisors does not charge a separate fee for
Financial Planning and Consulting Services.

Investment Management and Wealth Management Fees
Cohen Investment Advisors provides investment management services for an annual fee based
on the amount of assets under the Firm’s management. The fee varies between 150 and 75 basis
points (1.50% – 0.75%), based on the following fee schedule:

                       Assets Under Management                     Annual Fee*
                              First $500,000                         1.50%
                       Next $500,001 to $1,000,000                   1.25%
                      Next $1,000,001 to $5,000,000                  1.00%
                            Above $5,000,000                         0.75%

(*Fee rates may vary for existing clients. Please refer to the client agreement for more
information.)

 We use a tiered fee schedule that declines as the assets managed in a household increases. We
may, at our discretion, combine related client accounts when calculating fees, which can help
clients qualify for discounted rate tiers.

The annual fee is prorated and charged quarterly in advance, based upon the market value of the
assets being managed by Cohen Investment Advisors on the last day of the previous billing
period.

For example (based on quarterly billing period):
Client with $1,000,000 under management would pay $3,437.50 on a quarterly basis.

        Assets Under Management          Annual Fee Rate Quarterly Fee Rate   Total
               First $500,000                1.50%           0.3750%        $1,875.00
              Next $500,000                  1.25%           0.3125%        $1,562.50
           Total for the Quarter                                            $3,437.50

Clients may make additions to and withdrawals from their assets at any time. Contributions will
be billed in arrears based on the number of days remaining in the billing period and may be
waived at the company’s discretion. There are no refunds on withdrawals. All withdrawals are
subject to customary securities settlement procedures. In the event the Agreement is
terminated, the fee for the final billing period is prorated through the effective date of the

termination and the unearned portion is refunded to the client, as appropriate.

Private Fund
The Fund is charged a management fee of 1% of the annually updated asset value as of each
January 1st, charged quarterly in advance. A 10% performance-based bonus may be paid if the
Fund earns more than a 5% preferred return.

Fee Discretion
Cohen Investment Advisors, in its sole discretion, may negotiate to charge a lesser fee based
upon certain criteria, such as anticipated future earning capacity, anticipated future additional
assets, dollar amount of assets to be managed, related accounts, account composition, pre-
existing client relationship, account retention and pro bono activities.

In addition, clients with more complex needs (i.e., international clients), may be charged up to a
50-basis point (0.50%) surcharge.

Cash Balances
Some of your assets may be held as cash and remain uninvested. Holding a portion of your assets
in cash and cash alternatives, i.e., money market fund shares, may be based on your desire to
have an allocation to cash as an asset class, to support a phased market entrance strategy, to
facilitate transaction execution, to have available funds for withdrawal needs or to pay fees or to
provide for asset protection during periods of volatile market conditions. Your cash and cash
equivalents will be subject to our investment advisory fees unless otherwise agreed upon. You
may experience negative performance on the cash portion of your portfolio if the investment
advisory fees charged are higher than the returns you receive from your cash.

Retirement Plan Rollover Recommendations
As part of our investment advisory services to our clients, we may recommend that clients roll
assets from their employer’s retirement plan, such as a 401(k), 457, or ERISA 403(b) account
(collectively, a “Plan Account”), to an individual retirement account, such as a SIMPLE IRA, SEP
IRA, Traditional IRA, or Roth IRA (collectively, an “IRA Account”) that we will advise on the client’s
behalf. We may also recommend rollovers from IRA Accounts to Plan Accounts, from Plan
Accounts to Plan Accounts, and from IRA Accounts to IRA Accounts.

If the client elects to roll the assets to an IRA that is subject to our advisement, we will charge the
client an asset-based fee as set forth in the advisory agreement the client executed with our firm.
This creates a conflict of interest because it creates a financial incentive for our firm to
recommend the rollover to the client (i.e., receipt of additional fee-based compensation). Clients
are under no obligation, contractually or otherwise, to complete the rollover. Moreover, if clients
do complete the rollover, clients are under no obligation to have the assets in an IRA advised on
by our firm. Due to the foregoing conflict of interest, when we make rollover recommendations,
we operate under a special rule that requires us to act in our clients’ best interests and not put
our interests ahead of our clients.’

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 our clients’ 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 our
        clients’ best interests;
...

Item 7: Types of Clients

Cohen Investment Advisors provides its services to individuals, high net worth individuals, pooled
investment vehicles, profit sharing plans, trusts, and estates.

Account Minimums
As a condition for starting and maintaining an investment management relationship, Cohen
Investment Advisors generally imposes a minimum portfolio size of $250,000, and a minimum
fee of $2,500. Clients who participate in the Firm’s Real Estate Partnership are subject to a
$100,000 minimum investment to participate.

The Firm, in its sole discretion, may accept clients with smaller portfolios based upon certain
criteria, such as anticipated future earning capacity, anticipated future additional assets, dollar
amount of assets to be managed, related accounts, account composition, pre-existing client
relationships, account retention and pro bono activities. Cohen Investment Advisors only accepts
clients with less than the minimum portfolio size if, in the sole opinion of the firm, the smaller
portfolio size will not result in a substantial increase of investment risk beyond the client’s
identified risk tolerance. Cohen Investment Advisors may aggregate the portfolios of family
members to meet the minimum portfolio size.