Embassy Asset Management LP

Item 5 Fees and Compensation
Compensation

Embassy’s advisory fees are summarized generally below and are detailed in the Governing Documents
for each Private Fund and the Registration Statement for the Registered Funds.

Registered Fund Advisory Fees and Expenses

Investment advisory services are provided to the Registered Funds at the annual rate of 1.20% of average
net assets for The Ambassador Fund and 0.90% of average net assets for The Diplomat Fund, in each
case accrued daily and paid monthly in arrears. Advisory fees are paid from each Registered Fund’s
assets and, accordingly, Investors bear these fees indirectly through the Registered Fund’s expenses.
Investors also bear other fund operating expenses as described in the Registered Funds’ Registration
Statement. In advising the Registered Funds, Embassy is subject to the supervision and direction of the
Fund Trust’s Board of Trustees (“Trust”). The advisory contract between Embassy and a Registered Fund
may be terminated by the Trust at any time as to a Fund, without the payment of any penalty, upon giving
Embassy 60 days’ notice (which notice may be waived by Embassy), provided that such termination by
the Trust shall be directed or approved (a) by the vote of a majority of the Trustees of the Trust or by the
vote of a majority of the shareholders of the Fund, or (b) by Embassy on 60 days’ written notice (which
notice may be waived by the Trust). The advisory agreement will also immediately terminate in the event
of its assignment.

Private Fund Advisory Fees

Embassy or its affiliate serves as the manager or general partner of the Private Funds. In addition to
investment advice, Embassy or its affiliate may also provide or arrange certain administrative and
operational services, including organizing and managing fund affairs; directing and coordinating trade
execution and reconciliation; coordinating financial statements, audits, and tax reporting; and preparing
investor communications. Fees paid by Investors with respect to the Private Funds are outlined in the
applicable Governing Documents and may vary by fund, share class/series, and Investor. Unless
otherwise disclosed in the applicable Governing Documents, fees are charged at the Fund level and
reduce the net asset value of the Fund and/or Investors’ capital accounts.

For advisory services provided, each Private Fund pays Embassy an asset-based management fee,
payable monthly or quarterly in arrears, at an annual rate of up to 2.0% of the net asset value of each
Investor’s capital account or net capital contributions, as applicable (subject to any fee waivers,
reductions, or other arrangements granted to a particular Investor), adjusted pro rata for any capital
contributions, withdrawals, or distributions during the applicable period. The specific management fee
rate, frequency, and calculation methodology applicable to each Private Fund and, in certain cases, each
Investor or class of interests, are set forth in the applicable Governing Documents.

Each Private Fund may also charge a performance-based fee or allocation (sometimes referred to as a
“Carried Interest” or “Performance Allocation”) of up to 20% of a measure of such fund’s net profits, as
described in the Governing Documents. The performance-based fee or allocation may be calculated,
depending on the applicable Private Fund, based on (i) the annual increase in the net asset value of an
Investor’s capital account, which may reflect realized and unrealized gains and losses, (ii) cumulative
net distributions to Investors after a return of contributed capital, or (iii) such other methodology as set
forth in the applicable Governing Documents. The specific methodology and other terms relating to
performance-based compensation for each Private Fund and, in certain cases, each Investor or class of

interests, are described in the Governing Documents applicable to such Fund. The carried interest fee is
accrued and estimated on an ongoing basis and distributed to Embassy or its affiliate from a Fund
account in accordance with the Governing Documents of the applicable Fund. See Item 6 for a
discussion of conflicts of interest associated with performance-based compensation and side-by-side
management, as applicable.

Fees and other terms applicable to an Investor’s interest in a Private Fund may vary by Investor and/or
by class or series of interests. Embassy or its affiliates may, in their discretion, offer certain Investors
preferential economic or non-economic terms (including reduced or modified fees, enhanced rights, or
other accommodations) through separate share classes, side letters, fee waivers, or other
arrangements. Such terms may be offered in connection with, among other things, the timing or size of
a commitment (including early or founder-type commitments), an Investor's relationship with Embassy,
or other strategic considerations. Investors who do not receive preferential terms may be disadvantaged
relative to those who do. The availability, scope, and disclosure of any such arrangements are governed
by the applicable Governing Documents, applicable law, and Embassy’s fiduciary duties.

Each Private Fund also bears certain other expenses, as described below and in more detail in the
relevant Governing Documents. Expenses paid by each Private Fund may vary depending on the nature
of the services provided.

Additional Fees and Expenses

Private Funds generally bear their own fees, costs and expenses incurred in connection with their
organization, offering, and ongoing operations, such as the following non-exhaustive list of items: (a)
organizational expenses (including legal, tax, accounting, and other professional fees and out-of-pocket
expenses, including travel expenses related to the structuring, offering and sale of the applicable Private
Fund’s interests, (b) legal, accounting, auditing, tax preparation, independent valuation, third-party
...

Item 7 Types of Clients
Embassy’s clients are the Funds, as described in Item 4 Advisory Business.

Interests in the Private Funds are offered to “accredited investors” and “qualified purchasers” pursuant
to applicable exemptions from registration under the Securities Act and the Investment Company Act,
respectively. The Private Funds generally require investors to make a minimum commitment amount of
$250,000. Such minimums may be waived at the discretion of the Adviser.

The Registered Funds are offered by prospectus. The prospectus can be accessed at
www.embassyfunds.com.