Lee Overlay Partners Ltd

Item 5 - Fees and Compensation

The Firm provides investment management services to clients for a fee. The fee is typically expressed
as an annual percentage of the clients’ assets.

Fees may be negotiated or modified. Because the Firm’s fees are negotiable, the actual fee paid by
any client may be different from the fees reflected in our basic fee schedules set forth below.

   A. Fee Schedules

        Managed Accounts

        Currency

        First US$200 million    – 50 Basis Points

        Next US$200 million     – 40 Basis Points

        Next US$200 million     – 35 Basis Points

        Thereafter               – 25 Basis Points

        Fixed Income

        First US$25 million     – 50 Basis Points

        Next US$25 million      – 45 Basis Points

        Next US$50 million      – 40 Basis Points

        Next US$100 million     – 35 Basis Points

        Thereafter              – 30 Basis Points

        Collective Investment Vehicles

        The fee for providing investment management services to the funds is currently 1% per
        annum of the Net Asset Value of the fund. The firm is entitled to a performance or incentive
        fee equal to 10% of the amount, if any, of the increase in the NAV subject to a high watermark
        and adjustments as outlined in the funds’ respective offering documents.

   B. Typically, fee invoices will be charged to managed accounts quarterly in arrears. Fees paid to
      the firm by collective investment vehicles are typically deducted from the assets of the
      relevant fund on a monthly or quarterly basis.

C. There are no other types of fees or expenses charged to the managed accounts. The funds
   pay all administration, management and operating expenses out of the assets of the
   respective fund as outlined in the relevant offering documents.

D. The Firm generally generates fees by billing the managed accounts quarterly in arrears. Fees
   are not paid in advance by clients or the collective investment vehicles.

E. The Firm does not accept compensation for the sale of securities or other investment
   products.

Item 7 - Types of Clients

The Firm generally provides services to professional clients including investment companies,
corporations, foundations, endowments, pension plans and trusts.

The minimum currency portfolio that the Firm would generally consider managing would be $100
million. However, this is negotiable and can be waived or altered by the Firm.