Klingenstein Fields & Co LP

Item 5 – Fees and Compensation

Investment Advisory Fees

As compensation for standard investment advisory services provided to clients, KF
Advisors charges an investment advisory fee based upon the total market value of all
managed assets in a client's account at an annual rate that ranges up to 1.00% percent
annually, with reduced fees over assets that reach specific breakpoints, that are
described in detail in each client’s investment advisory agreement.

Fees are generally not negotiable. Fees can vary to reflect circumstances that apply to a
specific client or account, including, but not limited to: the nature of the assets in the
account, account size, certain historical arrangements, and the client’s investment
requirements. Fees for accounts within a family group are generally calculated for the
combined market value of all accounts in the group, to the extent allowable, and paid by
the individual accounts in proportion to their market values.

We compute investment advisory fees in arrears for each quarter as of the close of
trading on the last business day of March, June, September and December. Fees for
each quarter are charged within 15 days after the beginning of the following quarter.
Fees could be prorated for substantial capital contributions or withdrawals made
during the applicable calendar quarter. Accounts initiated or terminated during a
calendar quarter will be charged a prorated fee. Upon termination of any account, any
earned, but unpaid, fees will be due and payable.

Fees for KF Advisors private funds are described in the respective private fund
organizational documents. Fees for KF Advisors private funds are generally computed
annually, in arrears, following completion of the funds’ financial audits, except for three
funds, for which we compute and collect fees quarterly, in arrears.

Form ADV Part 2A ~ Klingenstein, Fields & Co., L.P. ~ March 30, 2026

Clients generally authorize us to collect fees by instructing custodians to debit the
client's account in the appropriate amount computed as described above. This
authorization is in the general form of investment advisory agreement entered into
between KF Advisors and our clients. In that case, we send fee notices to each client and
the custodian for each client's account at the same time, indicating the amount of the fee
to be debited from the account, how it was calculated and the value of assets on which
the determination of the fee was based. In addition, KF Advisors requests that the
custodian for each client's account notify the client, at least quarterly, of the amount of
the fee debited from the client's account.

Clients can elect to pay investment advisory fees directly and, in that case, we send
invoices similar to the notices described above to such clients.

Performance Fees

As set forth in Item 6 below, for three KF Advisors private funds, the General Partner
will charge a performance or incentive fee constituting a percentage of profits or gains,
if the relevant threshold is exceeded, in addition to the management fees paid to KF
Advisors, as mentioned above. Please refer to the private fund documents for specific
details of these arrangements.

Expenses

In addition to investment advisory fees paid to us, our clients pay brokerage
commissions, transaction fees, and other related costs and expenses of securities
transactions executed for their account. Clients can incur certain charges imposed by
custodians, brokers, trustees and other third parties such as custodial fees, trustees
fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and
electronic fund transfer fees, account maintenance fees and other fees and taxes on
brokerage accounts and securities transactions. Mutual funds and ETFs also charge
internal management fees, which are disclosed in a fund’s Prospectus. Under our open
architecture approach to investing, clients can also incur manager fees and other
charges as described above. Such charges, fees and commissions are in addition to KF
Advisors’ fee, and we do not receive any portion of these costs paid by clients. Item 12
further describes the factors that we consider in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

Expenses borne by the private funds managed by KF Advisors are set forth in the
respective fund’s offering documents, and generally include payment (or
reimbursement to KF Advisors or the General Partner, where applicable) for costs and

Form ADV Part 2A ~ Klingenstein, Fields & Co., L.P. ~ March 30, 2026

expenses as follows: (i) organizational and offering costs and expenses; and (ii)
operating costs and expenses, including, but not limited to the sourcing, acquiring,
administering, holding of investments or proposed investments. Please refer to the
respective private fund offering documents, available upon request, for more
information about a private fund’s expenses.

For considerations relating to our open architecture approach, please refer to Item 5 –
Fees and Compensation of KF Group’s ADV Part 2A, which should be read in conjunction
with this Part 2A, and is provided to all prospective clients in advance of entering into an
investment advisory relationship.

Item 7 – Types of Clients

KF Advisors provides portfolio management and investment advisory services to
individuals, high net worth individuals and families, trusts, estates, IRAs, charitable
institutions, foundations, endowments, personal and, to a lesser extent corporate, pension,
defined benefit and profit-sharing plans, and pooled investment vehicles including private
investment funds.

The minimum account size necessary to open and maintain an account with us varies by
client and type of client. We typically set a minimum investment of at least $3,000,000 for a
new relationship. We do, however, consider the fitness or appropriateness of our
investment style or methods with the client’s investment needs, among other factors, in
determining whether to take on new clients, some of whom will invest less than that
minimum amount.

Investors in our private funds must generally be “accredited investors” as defined in Rule
501(a) of Regulation D of the Securities Act of 1933, as amended; “and may also need to be
“qualified purchasers” within the meaning of the Investment Company Act. In addition,
investors may also need to be “qualified clients” as defined in Rule 205-3 of the Investment
Advisers Act of 1940.

For considerations relating to our open architecture approach, please refer to Item 7 –
Types of Clients of KF Group’s ADV Part 2A, which should be read in conjunction with this
Part 2A and is provided to all prospective clients in advance of entering into an investment
advisory relationship.