Courant Investment Management LLC

Item 5 – Fees and Compensation

The Fund does not pay a Management Fee to Courant.

The Fund bears all expenses, including, but not limited to, accounting, administration, middle-
back office, facilitating, clearing, trade reconciliation and trading expenses, organizational
expenses, legal, audit, regulatory compliance and other professional expenses, research expenses
and investment expenses such as commissions, margin interest, custodial fees, bank service fees
and other expenses related to the purchase, sale or transmittal of the Fund’s assets. Courant does
not receive any portion of these charges. Courant, in its sole discretion, may choose to pay
directly for certain expenses otherwise chargeable to the Fund or to charge certain expenses solely
to its capital account with the Fund.

Item 12 further describes the factors that Courant considers in selecting or recommending broker-
dealers for the Fund’s securities transactions and determining the reasonableness of their
compensation (e.g., commissions).

Item 7 – Types of Clients

Courant provides advisory services to the following types of clients:

   •   Pooled investment vehicles (e.g., hedge funds)