Investcorp Investment Solutions LLC

Item 5 – Fees and Compensation

Management fees assessed on each Account will be negotiated on a case basis with each
Insurance Carrier and will be described in the Insurance Carrier’s investment management
agreement. Fees are calculated monthly in arrears and payable quarterly with respect to all
periods (whole or partial months) during such quarter.

IIS LLC, upon consent by certain Insurance Carriers, delegates certain investment advisory
functions to a sub-adviser, which may be an affiliate of IIS LLC. Fees payable to each sub-
advisor will be negotiated with the Insurance Carrier and set forth in each sub-management
agreement and are in addition to IIS LLC’s advisory fees. Additionally, such sub-advisory fees
are differentiated by asset class. The use of paid sub-advisors (including affiliated sub-
advisers) will result in additional fees and expenses being borne, directly or indirectly, by an
Insurance Carrier and could result in decreased returns. Additionally, fees charged by such
sub-advisors could not be the lowest fees available for similar sub-advisory or investment
management services and there can be no assurance that the returns and other performance
metrics of such sub-advisers are, or will continue to be, better than other advisors that might
have been used to sub-advise the account. Sub-advisory fees are deducted directly from the
Accounts and in certain cases are pro-rated on a time-weighted basis.

In addition, an Account will bear indirectly through its investments in underlying
investments, any fees and expenses charged to investors in such underlying investments
pursuant to the governing documents of such underlying investments. Such fees and
expenses generally are deducted directly from the underlying investments.

Other Fees

Affiliates of IIS LLC receive compensation for serving as placement agent, providing seed
capital, acting as investment manager or sub-adviser, as well as providing other services to
certain underlying investments in which Insurance Carriers may invest. This compensation
is not offset against IIS LLC’s advisory fee. The Firm does not directly receive any portion of

Investcorp Investment Solutions LLC                                                June 30, 2025

such compensation. Nonetheless, the Firm has an incentive to invest client assets in
underlying investments in which our affiliates receive compensation insomuch as it
increases the amount of compensation received by the Firm’s affiliates and benefits the
overall business of Investcorp. Please see Item 8, “Methods of Analysis, Investment
Strategies and Risk of Loss” and Item 10, “Other Financial Industry Affiliations” for additional
information.

Insurance Carriers are generally responsible for brokerage, administration, and custody fees
associated with their accounts. Please see Item 12, “Brokerage Practices” for a discussion of
IIS LLC’s brokerage practices in connection with Insurance Carrier accounts. Additional
details about the fees incurred by Insurance Carrier accounts and expenses that may be
allocated to Insurance Carriers (which may vary from Insurance Carrier to Insurance
Carrier), are included in the individual investment management agreements with the
Insurance Carriers.

Negotiation of Fees; Waivers

The management fee payable by Insurance Carrier accounts to IIS LLC will be negotiated on
a case-by-case basis.

Item 7 – Types of Clients

IIS LLC provides discretionary investment management services to Insurance Carriers as
described herein.