Historical Milestones

• Adrian Lee, Nigel Rogers and David Kirkpatrick pioneered active currency overlay in 1989 while at JP Morgan
• Lee Overlay Partners was established in 1999 to specialize in active currency overlay
• We are independent
• Quantitative research driven process
• Exclusive focus on active currency management for institutional investors
• Initially devoted to G-10 currencies, our model has evolved to include Emerging Markets
• We currently actively invest in 32 currencies
• Lee Overlay Partners manages in excess of $8.5BN at 2.5% active risk level per annum December 2009