Conning Inc

Item 5 – Fees and Compensation

The Investment Management Agreement specifies the fees charged by Conning. All
fees are subject to negotiation. Other charges, fees and commissions are in addition to
Conning’s management fee. Conning’s fees do not include brokerage commissions,
transaction fees, and other related costs and expenses which shall be paid by the client.
Conning does not receive any portion of these additional fees. For minimum account
sizes, please refer to Item 7.

Some institutional and insurance company investment management clients incur other
charges, including charges imposed by custodians.

Institutional Accounts

Asset management fees are determined based on contractual provisions and assets
under management. Billing is generally conducted quarterly in arrears with the majority
of asset management clients billed using a four period monthly average which adds
together assets under management for the month that precedes the current calendar
quarter for which the calculation is being made plus assets under management at the
end of each month in the current calendar quarter, then dividing the sum by four .
Conning does not deduct management fees from client accounts. Management fees
are prorated for each capital contribution and withdrawal made during the applicable
calendar quarter (with the exception of contributions and withdrawals made in the
ordinary course of business, such as fees and expenses). Accounts initiated or
terminated during a calendar quarter will be charged a pro-rated fee.

The fees charged for separately managed accounts are subject to negotiation and are
based on the fair market value of the assets depending on the size of the account and
strategy selected.

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Fixed Income Services and Fees:
Annual fees are based on fee schedules the components of which are generally within
the range of 10 basis points to 50 basis points for institutional clients. Conning seeks a
minimum dollar fee or a minimum mandate size.

Specialty Asset Services and Fees:
Conning manages portfolios of specialty assets (e.g., HDE, GHDE, Indexed Equity and
CLO’s). Annual fee schedules are negotiated on an account-by-account basis, based
upon the type and scope of services provided, whether managed actively or passively,
and the size of mandate. Fees are billed on a pro-rated basis monthly, quarterly, or
semi-annually in arrears. Fee schedules are generally within the range of 10 basis
points to 75 basis points annually for institutional clients. Conning typically seeks a
minimum dollar fee or a minimum mandate size.

Incentive-Based Fees:
For certain types of clients and mandates, annual fees are calculated based on the
income and capital appreciation of the account. Fees are generally a negotiated
combination of fixed and incentive fees and are billed quarterly or semi-annually in
arrears.

Accounts of this type are accepted only if all conditions of Rule 205-3 of the Investment
Advisors Act of 1940 are met. Incentive-based fees are charged to clients as permitted
by Rule 205 under the Advisors Act.

Private Funds

As compensation for its service as the investment manager\sub-advisor of Private
Funds, Conning generally receives a management fee. Conning may, but will not
always, receive a performance-based fee with respect to a Private Fund. Performance
fees generally reflect the capital appreciation of a Private Fund and may include hurdle
rates and/or high water marks. The management fees are typically paid quarterly in
arrears. Please consult the Private Fund’s Governing Documents for additional
information regarding such fees.

Investment Solutions

Annual fees are based on a tiered fee schedule the components of which are generally
within the range of 25 basis points to 50 basis points for separate account clients. The
Collective Investment Trust fee schedule varies from 5 basis points to 125 basis points
depending on the strategy selected and the size of the mandate. Conning seeks a
minimum dollar fee or a minimum mandate size.

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Insurance Research Publications Fees
Publications are sold individually as well as by annual subscription. Fees are billed prior
to fulfillment. All subscriptions can be cancelled by the client upon request. On a rare
occasion that a subscription is cancelled, pro-rated refunds are negotiated.
Risk Solutions
Customized software solutions for insurance companies and pension plans are
produced on a contracted basis. Fees for these projects are negotiated on an individual
basis and payable either in installments or upon completion of the project.

Item 7 – Types of Clients

As stated in Item 4, Conning provides primarily fixed income and equity investment
services for institutional third-party clients. Our client base primarily includes insurance
companies and pension plans.

Regardless of client type, Conning typically seeks a minimum dollar fee or a minimum
mandate size.