P/E Global LLC

Item 5: Fees and Compensation

A. Description
 P/E Global bases fees on a percentage of assets under management and also typically
 collects performance-based fees. Management fees are scaled based on the leverage level
 of each account and other factors. Management fees do not exceed 2.0% on an
 annualized basis for the standard level of risk (12% annualized volatility). The highest
 management fee currently charged is 2.25% for an account running at a risk level of 1.5
 times the standard level of risk.
 Typically, clients pay P/E Global a performance fee of up to twenty percent (20%) of the
 client’s increase in net asset value per share calculated on profit/loss, net after
 management fees and brokerage and other expenses, computed on a loss carry-forward or
 high water mark basis, meaning that no performance fee will be charged unless and until
 the prior high water mark is reached on the account or fund. The highest performance fee
 currently charged is twenty-five (25%), calculated on a high-water mark/loss
 carryforward basis.
 Fees for certain products are negotiable.

B. Fee Billing
     Management fees and performance fees are billed either monthly, quarterly or
     annually in arrears. For pooled investment vehicles which are managed by P/E
     Global or its related persons, fees are deducted from assets at the end of each
     accounting period. Fees for all other clients are invoiced on a periodic basis.

C. Other Fees and Expenses
     Some pooled investment vehicles managed by P/E Global pay or reimburse P/E
     Global for certain costs and expenses of the particular pooled investment vehicle's
     organization and the offering of interests therein. Such pooled investment vehicles
     pay or reimburse P/E Global for certain costs and expenses incurred by or on behalf
     of the pooled investment vehicle or for its benefit, including without limitation, all
     costs and expenses associated with the pooled investment vehicle’s management,
     administration, bookkeeping, audit, legal (including without limitation, all costs and
     expenses associated with negotiating and entering into contracts and arrangement in
     the ordinary course of the pooled investment vehicle’s business and updating and
     issuing all agreements and disclosure documents), reporting and other expenses
     relating to the operation and administration of the pooled investment vehicle (the
     “Ordinary Administrative Expenses”). As disclosed in the applicable offering
     document, Ordinary Administrative Expenses may be limited each fiscal year to a
     specified cap and, in such case, P/E Global would bear any Ordinary Administrative
     Expenses (excluding trading costs and expenses and extraordinary expenses) in any
     fiscal year in excess of such cap. All clients, including pooled investment vehicles,
     shall be responsible for paying all of their trading costs and expenses, as well as
     custodial and administration fees. Pooled investment vehicles shall be responsible for

     any extraordinary expenses that may be incurred by the investment vehicle. Please
     refer to Item 12 for more information about brokerage.

D. Fees in Advance
     Clients may not and do not pay management fees or performance fees in advance.

E. Securities Compensation
     Not applicable.

Item 7: Types of Clients

Description
    P/E Global provides investment advisory and portfolio management on a
    discretionary basis for high net worth individuals, banking or thrift institutions,
    pension and profit sharing plans, pooled investment vehicles, charitable
    organizations, sovereign wealth funds, foundations, investment companies,
    corporations, trusts and other business entities, and state or municipal governmental
    entities.

Account Minimums
    Most of the pooled investment vehicles that P/E Global manages have minimum
    initial investments of $1,000,000, although P/E Global may accept subscriptions for
    lesser amounts in its sole discretion.