Lumint Corporation

Item 5: Fees and Compensation

Pursuant to each Agreement, each Client shall pay the Adviser a fee which is based on a negotiated
percentage of the currency exposures and related processing fees to which the Adviser is providing the
Services.

As stipulated in each Agreement, the Adviser calculates and invoices the fees that are due from Clients
on a monthly basis.

The Adviser shall render the Services (including the salaries of employees necessary to render such
Services, as well as all organizational, operating and general overhead expenses and other expenses
incident to rendering such Services) at its own expense.

Each Client will be responsible for paying applicable sales taxes, use taxes, value added taxes (VATs),
transfer taxes, and its own income and personal property taxes levied by any taxing authorities that arise
from the Client’s receipt of the Services provided under its Agreement with the Adviser. The Adviser will
itemize and bill applicable taxes as a separate item on its invoices that are sent to Clients.

The Adviser does not deduct fees from Client assets, nor does the Adviser require Clients to pay any fees
in advance.

Neither Lumint nor any of its supervised persons accept compensation for the sale of securities or other
investment products.

Item 7: Types of Clients

The Adviser’s Clients consist of institutional investors such as banking institutions and investment managers.

Item 8: Method of Analysis, Investment Strategies and Risk of Loss

Methods of Analysis and Investment Strategies

The Adviser views the analysis necessary to implement passive currency hedging as a comparison between
non-base currency exposures and the foreign exchange instruments employed to offset – or to hedge –
that given non-base currency exposure. The result of calculating the total hedge notional divided by the
total net exposure is known as the “Hedge Ratio.” Hedge Ratios are managed over time with “tolerance”
checks compared against a predetermined “target Hedge Ratio.” Updates to portfolio valuations, and thus
updates to non-base currency exposures, are used to check the Hedge Ratio. The frequency of this check
is determined by the frequency of valuation updates. This concept is deployed in various types of currency
hedging products whose differences are determined by the goal of the currency hedge.

Lumint’s currency hedging services are implemented on a rules-based basis. FX transactions are generated
systematically according to parameters and tolerances defined by Lumint’s Clients and are executed in
accordance with Client-provided instructions. Lumint does not originate discretionary investment views
or strategies. Lumint operates four main passive currency hedging products:

    ●   Share Class Hedging. This is “investor level” currency hedging that sits outside of the activity of a
        portfolio, targeting return replication for the share class as compared to the underlying portfolio to
        which the investor has chosen to invest. Hedges are put in place between the share class currency
        and the working currency of the underlying portfolio. Lumint manages the necessary FX
        transactions for both hedged and unhedged share classes.
    ●   Portfolio Hedging. This is “investment level” hedging of multiple currency exposures within a
        portfolio. Because these exposures are a return stream in a portfolio, these types of currency
        exposures can be managed in a variety of ways, including a full or partial hedge, percentages in
        different currency pairs, passively managed, or more dynamically managed with, for example, a
        trend-following model to adjust hedging percentages (Lumint originates no such models but can
        deploy a model that is delivered systemically to its platform if a Client so desires). Lumint can
        supplement this strategy by importing notifications of portfolio security transactions
        (purchases/sales) and managing the necessary FX transactions to both settle and hedge such
        securities non-base currencies according the rules on the implementation of the Portfolio Hedging
        program.
    ●   Look Through Share Class Hedging. This is Share Class Hedging combined with components of
        Portfolio Hedging where the end investor of a feeder or a share class structure, instead of simply
        hedging their home currency against the working currency of the underlying portfolio, decides to
        hedge their home currency directly against the multiple exposure currencies of the underlying
        fund or portfolio. This is done by “looking through” to those exposures and determining the
        proportion of ownership of exposure for that class or feeder fund and hedging in those proportions
        only.
    ●   Currency Hedged Benchmarks. These are passive currency hedging strategies that are specifically
        tailored to track a published hedged index with the goal of reducing tracking error against that
        index. Published hedged indices run in an indexed world and don’t necessarily assume things like

Lumint Corporation                                                                   Form ADV Part 2A

        daily liquidity or intra month capital stock activity, and may not be in line with the pricing cycle of
        the portfolio. These strategies are structured based on the index provider that tracks specifically
        to the desired benchmark in order to match these differences and reduce tracking error.

In Share Class Hedging, a percentage of the foreign exposure within the share class, as specified by the
owner of the portfolio, is hedged (typically either 100% hedged or completely unhedged). To calculate the
notional currency hedge amounts, Lumint implements an automated daily process that consumes total net
asset (“TNA”) value data, and derives the share class currency exposure to the non-base currency
exposure, compares it to the total open foreign exchange hedge position, and applies Client-directed
embedded rules to determine if adjustments are needed to the hedge. Lumint’s platform, Exposure
Management Application (“Emma”), includes a combination of automated checks and human oversight
to validate the overall process.

To receive TNA value data to perform this analysis, Lumint integrates its technology with upstream data
providers employed by its Clients (including but not limited to, fund administration, accounting, custody
and transfer agent services). Lumint will establish either a push or pull delivery method for TNA values to
be digested when published. If official TNA values for the hedged share classes are not published on a daily
frequency, Lumint can also implement an indicative process to estimate the daily TNA using alternative
data sources provided by the Client, if that is the Client’s preference.

If requested by a Client, Emma is capable of deriving from the TNA value the actual exposure for the
hedged share class to the fund currency by adjusting for unrealized gains or losses in the outstanding hedge
position of the share class. These unrealized gains or losses of the open hedge positions are typically
included in the TNA values, but are not invested in the underlying assets of a fund, and thus have no
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