Cohen Klingenstein LLC

Item 5 – Fees and Compensation

As Manager, we receive compensation for our advisory services to the Fund through an advisory
fee charged to investors in the Fund, determined with respect to each Fund investor at a rate that
the Manager establishes with such Fund investor’s consent. We are also compensated for our
advisory services through an advisory fee charged to each client typically as a percentage of the
assets under management for that client.
Example Advisory Fee Schedule – Annual Fee
1.00%                 First $2 Million of Assets
0.75 %                Next $8 Million
0.50 %                Next $40 Million
0.40 %                Balance above $50 Million
Advisory fees are subject to negotiation. Fees can be and have been waived at CK LLC’s
discretion.

We generally bill each separate account for our advisory fees after the end of each calendar
quarter based on the quarter-end value of a client’s account(s) as determined using our internal
portfolio accounting program. If requested in advance by a client, we may also base our
advisory fees off of the quarter-end portfolio value determined by the client’s independent
custodian. Clients may choose whether to receive an invoice directly or have advisory fees
automatically deducted from their custodial account subject to written authorization.
Our advisory fees are subject to negotiation or adjustment, based upon a number of client-
specific factors and circumstances, including, without limitation, additional accounts at our Firm,
the type of client (e.g., individual, institutional investor or private investment fund), and the
specific advisory services provided. The amount of and the specific manner in which we charge
advisory fees is established in a client’s written investment advisory agreement with CK LLC,
signed by both parties prior to trading. In the case of an investor in the Diversified Fund, the
advisory fee is disclosed in the governing documents or as may be separately agreed between an
investor and the Manager.
Each contribution or withdrawal of 10% or more of a client’s month-end asset value, made
during a calendar quarter, will have the stated advisory fee charged on a pro-rata basis based on
the number of days during that quarter the client assets were in the separate account. Accounts
opened or closed during a calendar quarter will have the advisory fee pro-rated, based on the
number of days in the quarter that we provided investment advisory services. Upon closing of an
account, any earned, unpaid fees will become immediately due and payable as of the closing
date.

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The advisory fees a client pays us (or an investor in the Fund pays us) for our investment
management services are exclusive of transactional costs and do not include the following:
    Brokerage commissions;
    Transaction fees;
    Other related costs and expenses.
    Charges imposed by custodians, brokers, third-party investment advisers and other third
      parties, including but not limited to:
      o Advisory fees and administrative fees charged by mutual funds or exchange-traded
          funds;
      o Advisory fees charged by sub-advisers (if any are used for the client’s account);
      o Custodial fees;
      o Deferred sales charges (charged by mutual funds);
      o Odd-lot differentials;
      o Transfer taxes;
      o Wire transfer and electronic fund processing fees; and
      o Commissions or mark-ups/mark-downs on security transactions.

The client or investor usually pays all of these fees or charges (and neither CK LLC nor any
supervised person, participates in or profits from any of this additional expense charged to the
client). See Item 12 in this Brochure for additional information and disclosure regarding other
costs the client may incur.
The Manager shall bear most of the routine and recurring costs of the Fund. The Manager will
bear all of the following expenses on behalf of the Fund:
    The cost of developing and maintaining a partnership accounting system;
    All routine costs and expenses of accounting, audit and tax return preparation services;
    All routine legal, accounting and compliance expenses of operating the Fund and
        reviewing and updating the Memorandum and other Fund documents from time to time;
    All insurance premiums and all compliance fees and expenses necessary to operate the
        Fund or arising in connection with the operations of the Fund;
    All costs and expenses arising in connection with the marketing of the Interests;
    All costs and expenses of any third-party administrator of the Fund; and
    All organizational costs of the Fund.

The Manager shall also bear all or such portions of the costs of trading errors, as the Manager
shall determine in its sole discretion. The Manager may, as agreed between the Manager and a
Fund investor and without notice to any other Fund investor, charge the Fund investor an
administration or service fee (in addition to the Management Fee) to cover a pro rata portion of
the costs of the Fund borne by the Manager.
The Manager shall also bear or pay from its own resources all normal and recurring
overhead/operating expenses incurred in connection with the management of the Fund’s
investments which are in the nature of expenses the Manager would normally incur and pay if it
was not managing the Fund. Such expenses include, but are not limited to, the cost of office
space, telephone and utilities, computer equipment and support, expenses of a GIPS audit,

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accounting software and the salaries and benefits of secretarial, clerical and other personnel,
including traders, analysts and other investment professionals and back office staff.
The Fund bears and reimburses the Manager for (if paid by the Manager) the following Fund
expenses:
         (i)      The Management Fee;
...

Item 7 – Types of Clients

We provide investment management services to the following types of clients:
   Charitable Organizations
   Corporate Profit-Sharing Plans
   Corporations
   Endowments
   Estates
   Foundations
   Individual Retirement Accounts
   Individuals
   Private Investment Funds, including the Fund
   Trusts

We may provide investment management services to any other type of client including:
   Registered Investment Companies

Our Firm has no minimum account size or minimum holding period for opening or maintaining a
separate account with us.
Investors in the Fund must be “accredited investors” and “qualified purchasers.” Current
investors in the Diversified Fund include individual retirement accounts, trusts and limited
liability companies. Generally, the minimum investment in the Fund for investors who are not
affiliated with the Firm or its principals is $5,000,000. The Manager reserves the right, in its
sole discretion, to accept initial or additional subscriptions with a lower minimum investment.
This Brochure will be provided to prospective separate account investors and will be provided to
prospective Fund investors, together with the applicable governing documents, prior to or in
connection with such investor’s consideration or execution of an investment in the separate
account or Fund. This Brochure, or an offer to receive this Brochure in certain circumstances,
will subsequently be provided periodically to a separate account investor and will be provided to
a Fund investor. Recipients should be aware that while this Brochure may include information
about an account or the Fund, as necessary or appropriate, it should not be considered to
represent a complete discussion of the features, risks or conflicts associated with any account or
fund. More complete information about the account or Fund is included in the governing
documents, which may be provided to current and eligible prospective investors only by CK
LLC or another authorized party. To the extent that there is any conflict between discussions
herein and similar or related discussions in any of the governing documents, the governing
documents shall control.

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