MEAG New York Corporation

Item 5 – Fees and Compensation

Investment Advisory Fees

Fixed Income

MEAG NY’s investment advisory fees are calculated based on the market value of the managed portfolio on
the last day of the previous quarter, as valued by MEAG NY pursuant to its pricing procedures. Advisory
fee rates are negotiable in MEAG NY’s discretion and can vary based on a client’s investment objectives, the
nature, type and extent of services to be provided, the types of assets to be managed and other competitive
factors.

Clients are billed directly for fees on a quarterly basis. Fees are generally billed in advance. Accounts
initiated during a calendar quarter will be charged a prorated fee. Upon termination of any account, any
prepaid, unearned fees will be promptly refunded on a pro-rata basis, and any earned, unpaid fees will be
due and payable. MEAG NY does not give its clients the option to authorize MEAG NY to directly debit fees
from client accounts.

Other Fees and Expenses in Connection with Advisory Services for Fixed Income

MEAG NY’s fees are exclusive of any value added tax, brokerage commissions, transaction fees, custodian
cash sweep and other costs and expenses related to the account or investments made and which shall be
borne by the client. Other costs that are borne by Clients in connection with MEAG NY’s advisory services
include: any charges imposed by custodians, brokers, and other third parties; fees such as deferred sales
charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees; and other fees and taxes
on brokerage accounts and securities transactions. Such charges, fees and commissions are exclusive of and
in addition to MEAG NY’s advisory fee, and MEAG NY shall not receive any portion of these commissions,
fees, and costs.

Item 12 further describes the factors that MEAG NY considers in selecting or recommending broker-dealers
for client transactions and determining the reasonableness of their compensation (e.g., commissions,
spreads or other trading costs).

Certain US and non-US trading and currency markets impose charges and penalties for trade and currency
settlement failures that could result in additional costs to our clients. MEAG NY seeks to address these in

accordance with market practice and other factors we consider reasonable and appropriate. For example,
in an effort to reduce the overall incidence of fails in the US government securities marketplace, any market
participant that fails to deliver US Treasury, agency debt or agency mortgage-backed securities on
settlement date is assessed a “fails charge” to compensate the non-failing counterparty. This “fails charge”
will, consistent with market practice, be assessed against a client’s account. This is so even if, for example,
the failure to deliver a security that was sold from the client’s account was caused by a different counterparty
that failed to deliver or failed to timely deliver it in connection with a preceding purchase for the client’s
account. In such cases, MEAG NY’s current policy is to make the client whole by seeking reimbursement
from the counterparty on behalf of the client; and if unable to do so, MEAG NY will reimburse the client for
the “fails charge”. Likewise, pursuant to the EU’s Central Securities Depositary Regulation, EU/EEA central
securities depositaries can impose charges for late or failed settlements of any instrument that is cleared
through an EU central clearing house or is settled by an EU trading venue or an EU/EEA central securities
depository. MEAG NY’s current policy is to reimburse client accounts for charges that are imposed on such
accounts by the central securities depositaries.

Alternative Assets - Infrastructure Equity

MEAG NY’s investment advisory fees are calculated based on the market value of the investment holdings
on the last day of the previous calendar quarter, as valued by MEAG KAG (see Item 10) pursuant to its
pricing procedures. Advisory fee rates are negotiable in MEAG NY’s discretion and can vary based on a
client’s investment objectives, the nature, type and extent of services to be provided, the types of assets to
be managed and other competitive factors.

Clients are billed directly for fees on a quarterly basis. Fees are generally billed in advance. Accounts
initiated during a calendar quarter will be charged a prorated fee. Upon termination of any account, any
prepaid, unearned fees will be promptly refunded on a pro-rata basis, and any earned, unpaid fees will be
due and payable. MEAG NY does not give its clients the option to authorize MEAG NY to directly debit fees
from client accounts.

Other Fees and Expenses in Connection with Non-Advisory Services for Alternative Assets – Infrastructure
Equity

In some cases, MEAG NY investment professionals serve as directors for entities where its parent company,
Munich Re, or its affiliates hold a minority interest, and in connection therewith, receive compensation as
outside directors. Such compensation is payable to MEAG NY and not subject to any offset in respect of the
management or other fees payable by any client account to MEAG NY. The opportunity for MEAG NY to
earn directors’ fees creates an incentive for MEAG NY to recommend investments that have the potential
to earn such fees.

Munich Ergo Asset Management GmbH (“MEAG AMG”) charges clients a transaction fee in connection
with the disposal of client investments that is equal to one percent of the sale proceeds on amounts up to
$50 million and half a percent on amounts in excess of $50 million.

Alternative Assets - Infrastructure Debt

MEAG NY’s investment advisory fees are calculated based on the market value of the investment holdings
on the last day of the previous calendar quarter as valued by MEAG KAG pursuant to its pricing procedures.
Advisory fee rates are negotiable in MEAG NY’s discretion and can vary based on a client’s investment
...

Item 7 – Types of Clients

As of the date of this Brochure, MEAG NY provides investment advisory services exclusively to certain of
our affiliated Munich Re entities and branches, subsidiaries and other related entities within Munich Re
Group, including portfolios that have been ceded to Munich Re Group by third-party insurers under a
reinsurance treaty. The majority of our clients are U.S. and foreign insurance companies.

MEAG NY does not impose minimum account size requirements.