Conning Investment Products Inc

Item 5 – Fees and Compensation

The Investment Management Agreement specifies the fees charged by CIP. All fees
are subject to negotiation. Other charges, fees and commissions are in addition to
CIP’s management fee. CIP’s fees do not include brokerage commissions, transaction

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Conning Investment Products, Inc.

fees, and other related costs and expenses which shall be paid by the client. CIP 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. CIP
does not deduct management fees from a client’s account. 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.

Fixed Income Services and Fees:
Annual fees are based on fee schedules the components of which are generally within
the range of 5 basis points to 50 basis points for institutional clients. CIP 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.

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Conning Investment Products, Inc.

Item 7 – Types of Clients

As stated in Item 4, CIP provides primarily fixed income investment services for
institutional third party clients. Our client base includes various Canadian domiciled
insurance companies and institutional clients.

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