CC Capital Insurance Advisors LLC

ITEM 5: FEES AND COMPENSATION

        A detailed description of the fees and expenses applicable to the Adviser’s clients is set
forth in the Governing Documents. Such fees and expenses are summarized below.

MANAGEMENT FEE

        In general, the Adviser receives a management fee (the “Management Fee”) in connection
with advisory services provided to each Client pursuant to an Investment Management Agreement.
Each Investment Management Agreement contains a schedule of fee rates applicable to each of
the various asset classes within the Adviser’s mandate. The Management Fee is calculated by
applying the applicable fee rate to the net asset value of the investment sleeve consisting of the
relevant asset class. For portions of an Client that are managed by one or more sub-advisers, the
applicable sub-adviser will receive its management fees pursuant to the applicable sub-advisory
agreement, and the Management Fee paid by a Client will not be duplicative of amounts charged
by sub-advisers. The Management Fee is typically invoiced and paid quarterly in arrears.

       The Adviser negotiates the terms of the Management Fee with each Client prior to

executing the Governing Documents. Modifications to the fee schedule or asset class allocation
schedule under an Investment Management Agreement are subject to the agreement of the
applicable Client and may also require the prior approval by regulatory authorities with jurisdiction
over the Client.

SERVICES FEE

         The Adviser will also charge a services fee (the “Services Fee”) to a Client as
compensation for providing certain asset management and portfolio support services, as set forth
in the applicable Client’s Investment Management Agreement. The Services Fee represents the
cost to the Adviser (or its affiliates) of providing the asset management and portfolio support
services, which are enumerated within the Governing Documents, as allocated on a pass-through
basis to the applicable Client. The Services Fee is typically invoiced and paid quarterly in
arrears.

OTHER COMPENSATION AND EXPENSES

        In addition to the Management Fee and Services Fee, a Client will pay certain out-of-pocket
fees and expenses pursuant to such Client’s Investment Management Agreement, including
brokerage fees, brokerage commissions and all other brokerage transaction costs, stock borrowing
and lending fees, interest on cash balances, custodial fees, reasonable transaction legal expenses,
regulatory fees or taxes payable in respect of the applicable Account, professional expenses
(including fees in connection with the use of proxy voting services), audit fees, legal fees, tax fees,
fund administration fees, and any other fees and expenses related to the trading and investment
activity of the applicable Client as determined by the Adviser. Please see Item 12 – Brokerage
Practices for more information.

        In addition, a Client will bear indirectly (through investments in Underlying CC Accounts
or Third-Party Accounts) any fees and expenses charged to investors in such Underlying CC
Accounts or Third-Party Accounts pursuant to the governing documents of such Underlying CC
Accounts or Third-Party Accounts in which the Client’s Account invests. Such fees and expenses
generally are deducted directly from such Account or the capital account associated with such
Client’s investment in such Underlying CC Account or Third-PartyThird-Party Account, as
applicable. The amount of these fees and expenses may be substantial and will reduce the actual
returns realized by Clients in connection with their respective Investment Management
Agreements with the Adviser (and will, in certain circumstances, reduce the amount of capital
available to be deployed in Underlying CC Accounts and Third-Party Accounts).

        As set forth in the Governing Documents and the constituent documents, agreements and
related offering or disclosure materials (collectively, the “Constituent Documents”) of the
applicable Underlying CC Account or Third-Party Account, as the case may be, Clients will
generally pay (or otherwise bear), directly or indirectly, investment expenses relating to Direct
Investments and investments in Underlying CC Accounts and Third-Party Accounts. Such
expenses constitute expenses that, in the Adviser’s or its affiliates’ discretion, are related to the
investment of the Portfolio’s assets, whether or not such investments are consummated.

       The following is a list of costs, fees and/or expenses that Clients will generally pay (or

otherwise bear), directly or indirectly, in connection with Direct Investments, Underlying CC
Accounts, or Third-Party Accounts. This list is not intended to be exhaustive and will be subject
to additional expense types or limitations established within Investment Management Agreements,
but will include the following:

       (1)    investment expenses (e.g., expenses that, in the Adviser’s or its affiliates’
              discretion, are related to the investment of the Client’s assets, whether or not such
              investments are consummated, such as costs, fees and other out-of-pocket expenses
              directly related to):

              (A) the investigation and diligence of investment opportunities and research-
                  related expenses, including, without limitation, news and quotation
                  equipment and services and trading related computer hardware and software
                  expenses, market data services, fees to third-party providers of research
                  and/or portfolio risk management services and software and brokerage costs
                  and fees;
                  the sourcing, negotiation, structuring, acquisition, distribution, servicing,
                  settlement, ownership, trading, monitoring, financing, hedging or sale of the
                  Client’s investments and other transaction costs, including travel expenses
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ITEM 7: TYPES OF CLIENTS

       Each of the Clients is an insurance or reinsurance company that is an accredited investor
and qualified purchaser. There is no minimum investment amount for Clients and the Adviser
reserves the right to establish the minimum investment amount on a Client-by-Client basis.