Macquarie Investment Management Europe Limited

Item 5: Fees and Compensation

A. Compensation
   MIMEL does not have a basic fee schedule. Fee rates are negotiable and may vary depending on a
   number of factors, including the size and nature of the mandate and the nature of the services provided.
   Fees may comprise management fees (either a fixed dollar amount or a percentage of gross or net
   assets under management) and performance fees. The specific fee arrangements, including the
   amount, timing, and basis of calculation is determined through negotiations with the client and
   documented in a written agreement.

      MIMEL may be entitled to receive a commission of up to 5% of the premium on any policy sold (or
      renewed) where it has provided introductory services to a MIF panel insurer. MIMEL may receive this
      compensation either directly from the insurer or via the broker.

      In addition, MIMEL may provide various services to brokers in consideration of which a broker may pay
      a fee. These services may include introductions, data management and reporting.

      MIF may also earn a profit commission based on the profitability of property risks placed through
      Macquarie Infrastructure Reinsurance Company (“MIRC”) subject to meeting certain criteria.

B. Payment of Fees

      The time at which fees are payable is negotiated with the client. In general, management fees are
      payable monthly or quarterly in arrears. Performance fees are payable on outperformance above an
      agreed benchmark and may be subject to a high watermark. The written agreement with the client

    Macquarie Investment Management Europe Limited
    Form ADV Part 2A                                                                                  Page 6

      generally provides that the client may terminate the agreement under specific circumstances without the
      payment of any penalty, upon giving notice to MIMEL.

C. Other fees
   No additional fees are paid to MIMEL by clients in connection with advisory services provided.

D. Payment of Fees in Advance
   Clients are not permitted to pay fees in advance of advisory services being provided.

E. Compensation for Sale of Securities or Other Investment Products
   Neither MIMEL nor any of its supervised persons receives any compensation for the sale of securities
   or other investment products. All forms of compensation relating to MIMEL’s advisory business are
   outlined in Item 5.A.

Item 7: Types of Clients
      MIMEL generally provides investment advisory services to the following types of clients:

•     Pooled investment vehicles, including those registered as investment companies under the Investment
      Company Act of 1940:
•     Corporations/business entities.
•     SICAV