Gifford Fong Associates

◼ Fees and Compensation

Description

   Asset Management Fees are based on Assets under management. Special projects are based
   on estimated hours using our hourly rate schedule.

                    ASSET MANAGEMENT FEE SCHEDULE

Gifford Fong Associates (hereafter referred to as the MANAGER) and Client agrees to the
following fee schedule:

   1.     Client shall compensate MANAGER for its services hereunder at the following
          annual rate:

          If the assets in the Account are in excess of $50 million, the fee shall be as
          follows:
                           0.50 of 1% on all assets in the Account.

          If the assets in the Account are less than or equal to $50 million, the fee shall be
          as follows:

                         0.60 of 1% on the first $25 million of the assets in the Account; and
                         0.50 of 1% on the next $25 million of the assets in the Account.

   2.     Fees shall be payable quarterly in arrears upon receipt of an invoice from
          MANAGER. The invoice shall set forth the amount of the fees owed by Client
          and the valuation of assets in the Account as of the average of the closing asset
          value of the last day of each month in the quarter, divided by 3, multiplied by the
          fee schedule, and then that annual calculation is divided by 4 to obtain the
          quarterly calculation.

   3.     MANAGER warrants that the fees provided for herein are the lowest rates made
          available by MANAGER to similarly situated clients with a similar size account
          and for services substantially the same as those provided by MANAGER to
          Client.

                                 GIFFORD FONG ASSOCIATES
                                            Hourly Consulting Rates
                                           Effective November 1, 2020

                                      Labor Category               Per Hour Charge
                             Data Analyst                               $215.00
                             Admin/Clerical                             $215.00
                             Tech Specialist                            $230.00
                             Admin Accounting                           $230.00
                             Research Intern                            $260.00
                             Senior Financial Analyst                   $315.00
                             Programmer                                 $315.00
                             Research Assistant                         $420.00
                             Research Associate                         $575.00
                             Financial Engineer                         $575.00
                             Senior Software Engineer                   $575.00
                             Director                                   $665.00
                             Research Consultant                        $865.00
                             Principal                                 $1,005.00

Hourly rates are for labor only. Administrative expenses such as photocopies, postage, telephone/fax charges,
computer and technology usage, research and library databases and similar expense items will be billed at a rate of
2% of fees. Hourly rates are subject to periodic review and may change without prior notice.

Expense Ratios

         0.50% for 2023

(5B) Client may select to have fees deducted from assets or billed on a quarterly basis.

(5C) In addition to the fees incurred from the above schedule, Client is responsible for fees
incurred related to custodian fees, mutual fund expenses and other related transaction costs.

◼ Types of Clients

Description of Clients

       Institutional Public Insurance Fund.

Account Minimums

       $10 Million.

◼ Methods of Analysis, Investment Strategies and Risk of Loss