Lampe Conway & Co LLC

Item 5. Fees and Compensation

A. Advisory Fees and Compensation.

Asset-Based Compensation

The Adviser charges each client an investment management fee based on the value of the client’s assets under
management, in accordance with the following schedule:

                                               Investment Management
                                               Fee (As an Annual
                   Assets in the Account       % of Assets)

                   Over $1                     1.5%

Investment management fees are charged each month in advance based on the total market value of the assets in
the client account (including net unrealized appreciation or depreciation of investments and cash, cash equivalents
and accrued interest) on the first day of the month. If a new client account is established during a month or a client
makes an addition to its account during a month the investment management fee will be charged as of the
effective date of the investment management agreement or the date of the additional contribution based on the
value of the assets as of the applicable date and will be prorated for the number of days remaining in the month.

Performance-Based Compensation

The Adviser may also be paid a performance-based fee, which is compensation that is based on a share of capital
gains on or capital appreciation of the assets of a client (such as a client that is a hedge fund or other pooled
investment vehicle). This compensation may be paid to the Adviser or to a related person of the Adviser equal to
20%.

B. Payment of Fees. The Adviser deducts client accounts for investment management fees monthly.

C. Other Fees and Expenses. In addition to paying investment management fees and, if applicable, performance-
based fees or other compensation, client accounts will also be subject to other investment expenses such as, but
not limited to, custodial charges, brokerage fees, commissions and related costs; interest expenses; taxes, duties
and other governmental charges; transfer and registration fees or similar expenses; costs associated with foreign
exchange transactions; other portfolio expenses; and costs, expenses and fees (including, investment advisory and
other fees charged by investment advisers with, or funds in, which the client’s account invests) associated with
products or services that may be necessary or incidental to such investments or accounts. Client assets may be
invested in pooled investment vehicles. In these cases, clients will bear their pro rata share of the underlying fund’s
operating and other expenses including, in addition to those listed above: sales expenses, legal expenses; internal
and external accounting, audit and tax preparation expenses; and organizational expenses. Client assets are
invested in a master-feeder structure. Feeder funds bear a pro rata share of the expenses associated with the
related master fund. In addition, clients will incur brokerage and other transaction costs. Please refer to Item 12 of
this Firm Brochure for a discussion of the Adviser’s brokerage practices.

D. Prepayment of Fees.

In rare circumstances, clients may pay the Adviser’s fees in advance.

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The client may obtain a refund of a pre-paid fee in the following manner if the advisory contract is terminated or a
withdrawal is made from the account before the end of a billing period.

The Adviser will determine the amount of the relevant refund in conjunction with the record keeper, SS&C
technologies and wire the clients pro rata reimbursement along with the termination or withdrawal funds.

E. Additional Compensation and Conflicts of Interest.

Neither the Adviser nor its supervised persons receive(s) compensation directly or indirectly in connection with the
sale of securities or other investment products, including asset-based sales charges or service fees from the sale of
mutual funds (e.g., where the Adviser has an affiliated broker-dealer and the affiliated broker-dealer receives
commissions or other compensation in connection with the sale of the securities or other investment products).

1. As a result of this, neither the Adviser nor its supervised persons have a conflict of interest because the Adviser
and its supervised person have an incentive to recommend these securities or other investment products based on
the compensation received, rather than on a client’s needs.

2. Clients have the option to purchase investment products that the Adviser recommends through other brokers or
agents that are not affiliated with the Adviser.

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Item 7. Types of Clients

The Adviser’s clients consist of individuals, banks and thrift institutions, investment companies, private funds,
pension and profit sharing plans, trusts, estates, charitable organizations, fund of funds, corporations and other
business entities.

The Adviser does not have any requirements for opening or maintaining an account however it requests that a
client invests a minimum of $5,000,000 to open an account and to maintain a minimum account size of
$1,000,000. If the account size falls below the minimum requirement due to market fluctuations only, a client will
not be required to invest additional funds with the Adviser to meet the minimum account size.

With respect to any client that is a pooled investment vehicle, any initial and additional subscription minimums are
disclosed in the offering memorandum for the pooled investment vehicle.

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