GROSS-OF-FEES PERFORMANCE RETURNS ARE PRESENTED BEFORE MANAGEME...

8. Gross-of-fees performance returns are presented before management and custodial fees but after all trading expenses. The management fee schedule is as follows: 1.00% on first US$25 million; 0.60% thereafter. Net-of-fees performance returns are calculated by deducting the management fee of 0.25% from the quarterly gross composite return.