Lyrical Asset Management LP

Item 5 – Fees and Compensation

Our standard fee structure for our generally equally weighted portfolios (EQ Portfolios) consists of
an asset-based fee and a performance-based fee, each detailed below.

We manage market capitalization scaled portfolios (CS Portfolios) for which our standard fee
structure consists of an asset-based fee, detailed below, and no performance-based fee.

We offer International Value Equity strategy, Global Value Equity strategy and GIVES separately
managed accounts. We charge a standard quarterly asset-based fee with respect to these
accounts; for International Value Equity and Global Value equity, that fee equals ¼ of 0.75% per
annum of the value of each account, and for GIVES that fee equals ¼ of 0.85% per annum of the
value of each account.

Please refer to the offering documents of the respective Funds for information about the fees that
we charge.

Asset-Based Fee

We charge a standard quarterly asset-based fee with respect to EQ Portfolios and CS Portfolios
equal to ¼ of 0.75% per annum of the value of each account.

Asset-based fees generally are charged in advance. Upon termination of an account we return to
the client any amount paid for the balance of the quarter in which the termination occurs, on a pro
rata basis. We also charge a prorated asset-based fee on contributions made following the
beginning of a quarter.

Performance-Based Fee

We charge a standard performance-based fee with respect to EQ Portfolios equal to 20% of the
amount by which the value of each account as of December 31 of each year exceeds the amount
the account would be worth if it instead were invested in the S&P500® Index (with dividends
reinvested) since the last time a performance-based fee was paid. Separate account clients may
select another appropriate index, such as the S&P 500® Value Index, to be used for the purpose of
determining performance-based fees.

Certain CS Portfolio, International Value Equity, Global Equity and GIVES accounts are charged a
performance-based fee in exchange for a lower asset-based fee.

Fees are negotiable, and certain client fee schedules vary from and are lower than the fee
schedules indicated above based on size of mandates, relationship style, service requirements,
and other factors. Lyrical does not charge fees to Lyrical’s employees and certain family members.
In some instances, assets are aggregated across a client’s or an advisor/consultant’s relationship
with Lyrical for purposes of determining fees.

Clients are billed quarterly for asset-based fees and annually for any performance-based fee or
allocation. Generally, a client’s custodian remits payment to us, at the client’s direction. In some
other instances we bill clients directly.

Investors in the Accounts will bear not only Lyrical's fees, but also other fees and expenses of the
Accounts such as brokerage commissions and any custody fees. Item 12 below discusses

brokerage practices. In addition, investors in the Funds bear audit, legal and administrative fees,
and other fund related expenses.

Lyrical's investment management agreements with its clients generally provide that the client will
indemnify, and not hold liable, Lyrical and its affiliates for certain expenses, losses and claims that
may arise in connection with the performance of its duties (including management of the client's
investments and execution of investment trades), provided that such persons' conduct has not
breached the applicable standards of conduct (i.e., the relevant actions were, in general, taken in
good faith and did not involve breach of fiduciary duty, willful misconduct, gross negligence, a
violation of federal or state securities laws or criminal wrongdoing). In the opinion of the SEC, an
agreement to waive or indemnify against certain liabilities under the federal securities laws may be
against public policy and therefore may be unenforceable.

Item 7 – Types of Clients

We provide advisory services to high-net-worth individuals, institutional investors, investment
companies, a collective investment trust, and UCITS funds. We impose a minimum investment of
$2.5 million to invest in Long-Only LP or to open a CS, International, Global or GIVES account.
Lyrical Long-Only II LP was established for a group of investors and is not open to other investors.
These account minimums are negotiable. Note also that LYRIX and LYRWX each impose a lower
minimum of $100,000 for their institutional class and $2,500 for their investor class. A and C shares
of each mutual fund are available with a $1,000 minimum.