Convoy Investments LLC

Item 5. Fees and Compensation

Fees

The management fees for Convoy Funds, LP are based on a percentage of the fund’s assets Convoy is
managing at the beginning of every quarter. Accordingly, the fund’s quarterly investment management fee is
0.3125% (1.25% annually). We bill our management fees on a quarterly basis, at the end of each quarter. The
details of how the fees are calculated for the funds can be found in their respective organizational and
offering documents, which are provided to potential investors.

The management fee rate for separate account clients is determined on an account by account basis. The
details of how the fees are calculated for the separate accounts are included in the investment advisory
agreement for each such separate account.

As noted above, management fees incurred by the funds and separate accounts are typically payable at the
end of each quarter. Fund investors will be subject a pro-rated management fee with respect to any
subscription to a fund made other than at the beginning of a quarter or withdrawal/redemption made from a
fund other than at the end of a quarter based upon the portion of the quarter for which the assets were
invested. Separate account clients will typically also be subject to a pro-rated management fee with respect
to partial-period investments based upon the portion of the quarter for which the assets were invested.

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There are no management fees for Convoy AI Fund, L.P. An annual performance fee of 20% is charged, billed
at the end of each year. The details of how the fees are calculated for the funds can be found in their
respective organizational and offering documents, which are provided to potential investors

Certain funds and separately managed accounts pay performance based compensation to the General
Partner. The performance based compensation (“Incentive Allocation”) will be determined for each Investor
at the end of each “Performance Calculation Period” (generally, each calendar year), subject to a “high water
mark”. Additional details about the mechanics of calculating and charging the Incentive Allocation and
details regarding the varying Incentive allocation are set forth in Convoy’s offering documents and
investment advisory agreements.

The fees described above are our typical fee rates. However, each fund has the right to enter into
agreements with one or more of its investors providing for the waiver or modification of certain terms of the
offering of fund interests, or certain rights and obligations of fund investors, including fees, otherwise
applicable to such interest(s), in each case without notice to the other fund investors. Under certain
circumstances we have the right to agree to different fee terms from those described above for particular
separate account clients.

The fees payable by the funds are generally deducted from the assets of the funds and paid to us or
reallocated from the capital accounts of investors and into our capital account. Fund investors may also
elect to be billed separately. Our fees from the separate accounts are typically billed separately, and clients
may direct their fees to be deducted from their investment accounts. In the case where Convoy serves as a
sub-advisor, Convoy may deduct the assets from the client’s account as instructed and agreed upon.

Expenses

Each fund pays, or reimburses us or the fund’s administrator for, all operating expenses and other costs of
the fund that we are not required to bear including, but not limited to:

    •    accounting and auditing fees, including

              o    tax return preparation costs, relating to the fund’s accountants,

              o    fees of bookkeepers and

              o    related services;

    •    legal fees and expenses;

    •    fees (including legal fees) or assessments in connection with any regulatory registrations,
         qualifications or approvals of the fund or us that we deem appropriate in connection with the
         activities of the fund;

    •    the cost of preparation and distribution of reports and statements to investors; and

    •    all trading expenses and transaction costs, including brokerage commissions and expenses relating
         to short sales, clearing and settlement charges, interest on loans and debit balances, margin
         interest, broker service fees and other clearing and custodial expenses.

We may elect to bear some of the organizational expenses of the funds as we deem appropriate.

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Separate account clients will generally be responsible for all custodial fees, brokerage commissions, clearing
fees, interest and withholding or transfer taxes incurred in connection with trading for the account of the
separate account, and our fees as described above.

As we consider appropriate, we may invest a portion of a fund’s or separate account’s assets in one or more
money market funds, mutual funds or exchange-traded funds. When any such investments are made, the
funds or separate account client will be paying, in addition to the compensation payable to us, the funds or
separate account’s proportionate share of any management fees charged by the manager of such money
market fund or mutual fund.

A description of the brokerage and other transaction costs that will be borne by the funds and separate
accounts are described in more detail in Item 12 (Brokerage Practices) in this brochure.

Neither Convoy nor any of its supervised persons accepts compensation for the sale of securities or other
investment products, including asset-based sales charges or service fees from the sale of mutual funds.

Item 7. Types of Clients

We generally provide investment advice to private investment funds and institutional separate accounts.
The types of investors in the funds we currently advise generally include individual accredited investors.
Currently or in the future, the types of investors in any funds we manage may include pension and profit
sharing plans; trusts, estates and charitable organizations; funds of hedge funds (whether organized as
partnerships, corporations or other entity types), high net worth individuals and family offices.

We currently have a few separately managed account clients. There is no minimum size for separate
accounts that we advise. The funds have a minimum initial investment amount of $500,000, the amount of
which may be reduced or waived by Convoy.

Convoy also serves as sub-advisor to other investment advisor/broker dealers.