McMorgan & Company LLC

Item 5.

McMorgan Capital Advisors has also entered into arrangements with certain investment advisers
pursuant to which certain McMorgan employees, in their capacity as registered representatives of
a broker-dealer, may solicit investors for private investment funds managed by affiliated or
unaffiliated investment advisers in exchange for a percentage or portion of the compensation
received by the investment adviser from the investment in the private investment fund by the
investor referred by the McMorgan employee. All required disclosures related to such activities
are provided at the time the referral is made.

Item 7. Types of Clients
McMorgan provides investment management services to Taft-Hartley pension plans, multi-
employer plans, jointly-trusted benefit plans, public plans, other institutional clients and private
clients, primarily through various unaffiliated Sub-Advisers selected and monitored by
McMorgan. Multi-employer plans are generally set up under Section 302(c)(5) of the Taft- Hartley
Act, which covers private sector employees.

Taft-Hartley plans and their assets are managed by a board of trustees which is equally
representative of labor and management. The board acts as the sponsor and the fiduciary of the
plan and will in turn hire attorneys, actuaries, accountants, consultants and investment managers
to handle setup and operation of the plan. Taft-Hartley plans are typically administered by third
party administrators.

The minimum initial account size generally ranges from less than $1 million to $100 million,
depending on the product and vehicle.

In addition, McMorgan is the discretionary manager for MNCVAD II, pooled real estate funds as
described in greater detail under Item 8 below. The minimum commitment per Limited Partner in
MNCVAD II is $5 million. However, the General Partners may, in their sole discretion, reduce
this minimum commitment amount in specific cases.

The minimum commitment by each Limited Partner to Infrastructure Fund I is $10 million,
although the Infrastructure GP reserves the right to accept lesser amounts in its sole discretion. In
general, Limited Partners in the Infrastructure Funds must be institutional investors, including
public and corporate pension funds, private foundations, endowments and insurance companies in

the respective GP’s sole discretion.

The minimum commitment by each Limited Partner to Infrastructure Fund II is $1 million,
although the Infrastructure GP reserves the right to accept lesser amounts in its sole discretion. In
general, Limited Partners in the Infrastructure Funds must be institutional investors, including
public and corporate pension funds, private foundations, endowments and insurance companies in
the respective GP’s sole discretion.