Invex Advisors LLC

Item 5 Fees and Compensation
Portfolio Management Services
Our annual fee for portfolio management services varies between 0.20% to 2.00% depending upon the
market value of your assets under our management, the type and complexity of the asset management
services provided, as well as the level of administration requested either directly or assumed by the
client. Assets in each of your account(s) are included in the fee assessment unless specifically
identified in writing for exclusion. Our firm may engage in profit sharing agreements on income in
excess of previous defined benchmark established on each individual agreement.

With respect to our managed accounts, investors are charged a management fee based on a
percentage of assets under management pursuant to the managed account agreement, calculated and
payable on a quarterly basis. Our annual portfolio management fee is billed and payable, quarterly in
arrears, based on the balance at end of billing period.

If the portfolio management agreement is executed at any time other than the first day of a calendar
quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
proportion to the number of days in the quarter for which you are a client. Our advisory fee is
negotiable with each customer prior to signing the agreement, depending on individual client
circumstances.

Investors who have engaged the firm to provide investment advisory services on a managed account
basis are eligible to terminate the managed account agreement on 45 days prior written notice. You
will incur a pro rata charge for services rendered prior to the termination of the portfolio management
agreement, which means you will incur advisory fees only in proportion to the number of days in the
quarter for which you are a client.

At our discretion, we may combine the account values of family members living in the same household
to determine the applicable advisory fee. For example, we may combine account values for you and
your minor children, joint accounts with your spouse, and other types of related accounts. Combining
account values may increase the asset total, which may result in your paying a reduced advisory fee
based on the available breakpoints in our fee schedule stated above.

We encourage you to reconcile our invoices with the statement(s) you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statement(s) you
receive from the qualified custodian, call our main office number located on the cover page of this
brochure.

Adviser to Private Fund
We receive a .50% for the Invex Dynamic Allocation Segregated Portfolio, 1.50% for the Invex Global
Opportunities, 0.65% for the Invex Short Duration and 1.50% for the Invex Income Fund per annum fee
from the funds (paid by Pictet & Cie) for acting as the investment adviser to the Fund. This fee is
separate and apart from any fee we may charge other clients of Invex who may be invested in the
Fund. As such, a conflict of interest exists in that we have a financial incentive to recommend the Fund
to our clients. However, as a fiduciary, we are required to act in our Clients' best interests at all times
and will only recommend the Fund to clients when we believe that it is suitable and appropriate for
them. The Fund is offered only to certain sophisticated investors and only via private placement
memorandum and other offering documents. The Fund has other, internal, costs and expenses.
Investors and prospective investors should refer to the Fund's offering documents for a complete
description of the investment objectives, risks, fees, and other relevant information regarding the Fund.

Underlying investors in the Fund can withdraw money at any time, so they are not likely to pay a
management fee in excess of what they owe.

The management fee is charged to our client, the Fund, and no separate management fee is charged
to individual investors who have invested at the fund level.

Our firm also receives performance-based fees from the Fund based on a percentage of each
underlying investor's annual net realized and unrealized profits at the end of each year or upon a
withdrawal or redemption if prior to the end of the year (but only on the amount withdrawn or
redeemed), subject to a high water mark limitation. The performance-based fee is 20% of the excess
of the performance above the benchmark.

Our fees are generally non-negotiable, but we have the discretion to waive all or a portion of the
management fee and/or the performance-based compensation. Each client bears all of its own
organizational and operational expenses, including, without limitation (but only to the extent
applicable):

    •   legal fees (including settlement costs);
    •   costs of any litigation or investigation involving the clients' activities;
    •   filing fees and expenses;
    •   accounting costs (including tax preparation and audit expenses);
    •   administration costs;
    •   costs associated with reporting and providing information to investors;
    •   withholding and/or transfer taxes;
    •   other out-of-pocket expenses;
    •   proxy expenses;
    •   expenses related to underwriting and private placements;
    •   brokerage commissions, mark-up/down;
    •   interest on debit balances or borrowings; and
    •   custodial fees.

Each investor in the fund bears its pro rata share of the fund's expenses and each investor in a
managed account will bear its pro rata share of the managed account's expenses. For more
information on brokerage transactions and costs, please see Section 12: Brokerage Practices.
Therefore, any client with investment in the fund will not be charged a management fee for the amount
invested in the fund.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
...

Item 7 Types of Clients
As noted in Item 4, we provide investment management services to a private fund, together with
individual high net worth individuals, to which we provide investment advisory services on a managed
account basis.

In general, we require a minimum of $50,000 to open and maintain an advisory account. At our
discretion, we may waive this minimum account size. For example, we may waive the minimum if you
appear to have significant potential for increasing your assets under our management. The minimum
for investing in all Invex Funds is $10,000.