Jennison Associates LLC

Item 5 - Fees and Compensation
A d vis ory Fees

Fees for Sep arate A c c ou n t A d vis ory Servic es

We negotiate fees with some of our clients, which could result in unique arrangements. Fees paid by
clients vary based on the investment strategy, asset class, type of service provided (discretionary vs.
nondiscretionary) and other factors such as the size of the client account, the assets under
management aggregated across the client’s relationship with us, whether the client is an affiliate or
has a relationship with one of our affiliates, whether an investment consultant or OCIO (defined below
in Item 7) is utilized by the client, the nature of the overall fee structure (i.e., asset-based fee or
performance-based fee), the required level of client service and potential growth of the relationship.
Fees can also differ based on account type. For example, fees for commingled vehicles, including those
that we subadvise, differ from fees for single client accounts. Since we negotiate fees with some clients,
clients with similar investment objectives or strategies pay different fees.

We offer both asset-based and performance-based fee arrangements for our discretionary investment
management services. For non-discretionary advisory services, we typically offer asset-based fee
arrangements. Our asset-based fees are customarily offered in tiered schedules with breakpoints
linked to the amount of assets in the account, so that the fee rate decreases as the assets increase.
In circumstances where a single client has multiple accounts managed by us under the same fee
schedule, we have, in certain circumstances and at our discretion, agreed with the client to aggregate
the client’s assets across accounts to enable the client to benefit from a lower fee tier. We charge a
performance-based fee, i.e., a fee based on the investment performance of an account, for certain
product offerings and where such fee arrangements are acceptable to the client, provided that such
arrangements are permitted under applicable law and regulations. Our performance-based fees are
typically individually negotiated and generally based on the capital appreciation in an account relative
to an index or absolute performance over a period of time. Our performance-based fees typically
include an asset-based management fee component, which is either flat or includes breakpoints
linked to the amount of assets in the account and which we collect regardless of the performance of
an account. (Please see our discussion in Item 6 for more information about our performance-based
fees.)

Fee schedules for our institutional clients are available upon request.

Fees for Fu n d V eh ic les

We subadvise collectively managed vehicles sponsored by our affiliates and third parties such as U.S.
and non-U.S. mutual funds, collective investment trusts, and U.S. and non-U.S. privately offered
vehicles. We also sponsor a privately offered hedge fund. Our fees for our services to these vehicles
consider the factors that we consider for separate account advisory services described above as well
as the vehicle’s structure and other relevant factors. We offer both asset-based fees and performance-
based fees to our fund vehicle clients. Information about fees charged to investors in these vehicles
is described in each fund’s Offering Documents. Investors in fund vehicles are encouraged to review
their fund’s Offering Documents for additional information.

Wrap Fee an d U MA Program Fees

Typically, a managed account sponsor client pays the sponsor a single asset-based fee for brokerage,
custody, advisory services, performance modeling and reporting, and we are paid by the sponsor for
our services. For additional information about the fees, please review the sponsor’s brochure for the
wrap program. We negotiate the fee for our services to wrap and UMA programs with the sponsor of
the programs (this includes dual contract relationships). The fees negotiated with the sponsor for our
advisory service to such programs vary and depend on such factors as the asset class, market
capitalization of the strategy, assets under management and discretionary versus non-discretionary
services.

Dual contract clients typically pay asset-based fees that have been negotiated with the sponsors of
the dual contract programs based on the fee schedules below.

     Large Cap Growth Eq u ity
        0.75% on the first $10 million of assets managed;
        0.50% on the next $30 million;
        0.35% on the next $25 million;
        0.25% on the next $335 million;
        0.22% on the balance.

     Large Cap V alu e Eq u ity
        0.30% on the first $100 million of assets managed;
        0.25% on the next $100 million;
        0.230% on the balance.

     Large Cap B len d Eq u ity
        0.60% on the first $50 million of assets managed;
        0.50% on the next $200 million;
        0.45% on the balance.

     Glob al Eq u ity Op p ortu n ities
        0.75% on the first $25 million of assets managed;
        0.60% on the next $75 million;
        0.50% on the balance.

Comp en s ation for Servic es to A ffiliates

We provide services to our affiliates for a variety of financial products such as single client and
commingled insurance separate accounts, portfolios for synthetic and separate account guaranteed
investment contracts, collective investment trust funds, non-U.S. (e.g., UCITS) and U.S. mutual funds
that are available to both retail and institutional clients and mutual funds that are available through
variable life and variable annuity products. Typically, the insurance separate accounts are investment
options of various insurance products offered by PICA, such as guaranteed investment contracts,
corporate or trust owned life insurance, or group annuity contracts. Our compensation for the services

that we provide to our affiliates is sometimes less than the amount that we would receive from
unaffiliated clients.

Calc u lation an d Paymen t of Fees
...

Item 7 - Types of Clients
We provide investment advisory services to a diverse range of affiliated and unaffiliated global
institutional clients, including pension and profit-sharing plans, public employee retirement systems,
municipalities, Taft-Hartley plans, sovereign wealth funds, central banks, credit institutions,
corporations, publicly offered investment funds (including registered investment companies such as
mutual funds and ETFs) and their investment managers, insurance companies with respect to their
separate and general accounts, collective and common trusts, commingled trust funds, charitable
institutions, foundations, endowments, collateralized loan obligations (“CLOs”), family offices, private
investment funds and their investment managers, non-U.S. funds such as Undertakings for Collective
Investment in Transferable securities (“UCITS”), high net worth individuals and consultants that are
investment advisers and provide discretionary manager selection and oversight through outsourced
chief investment officer services (“OCIOs”). We also provide non-discretionary advice to sponsors of
UMA programs and other financial intermediaries.

The minimum account sizes vary by certain characteristics such as investment strategy, investment
vehicle and mandate characteristics, with separately managed accounts and funds of one typically
having higher investment minimums than investments in commingled funds and accounts through
wrap programs. We waive these minimums at our discretion.

Affiliated clients and certain other clients can request and receive greater transparency, operational
support, training, or other resources, as permitted under applicable law.