Mercer Investments LLC

Item 5 – Fees and Compensation
Mercer does not have a standardized or uniform fee schedule across its service offerings. Mercer’s fees are negotiated on a
per-client basis and vary based on, for example, the amount of assets under management, the nature and complexity of the
client’s circumstances, the services to be provided, and other factors. For example, a discretionary engagement will typically
have a higher fee than an advisory (i.e., non-discretionary) engagement. Likewise, Mercer reserves the right to charge an
additional or higher fee when providing investment management or advisory services with respect to alternative asset
classes than it does with respect to traditional asset classes, all else being equal. Similarly, when Mercer subcontracts direct
investing services to Mercer DIU, this will result in a higher overall fee charged by Mercer (to compensate Mercer DIU for
its additional services). The way fees are charged by Mercer is established in a client’s written agreement with Mercer.
Mercer generally bills its fees monthly or quarterly in arrears, although a client’s written agreement with Mercer may
permit fees to be billed in advance.

In many cases, Mercer sends an invoice to each client, and the client pays or instructs its custodian or recordkeeper to pay
Mercer. Some clients direct Mercer to deduct their fees directly from their client accounts.

Unless otherwise specified in a client’s agreement with Mercer, clients have the right to terminate their investment advisory
agreement with Mercer at any time without penalty upon reasonable notice as set out in the agreement. If a client
terminates its relationship with Mercer, Mercer will accrue and charge its fee up to and including the termination date. In
the event of termination, any fee paid to Mercer by the client in advance, where associated services have not yet been
provided, will be refunded. Such refunded amount will be determined based upon the terms of the agreement; for instance,
the agreement may specify that any prepaid, unearned fees will be prorated and promptly refunded.

For investment management services, Mercer’s fees typically:

    ▪    are calculated as a percentage of assets under management (which in certain cases is subject to a minimum annual
         fee);
    ▪    are based upon the market value (which may be daily, month-end, or quarter-end market value, as agreed with
         the client) of the client’s account during the relevant billing period, subject to any minimum fee that has been
         agreed with the client; and
    ▪    do not include trustee fees, custody fees, brokerage commissions or transaction costs, or mutual fund expenses.

In some cases, Mercer pays subadvisory fees on behalf of a client, and in other cases the client bears the subadvisory fees
directly. Where Mercer pays the subadvisory fees, Mercer’s investment management fee is generally structured to be
broken out from, and in addition to, fees paid by Mercer to subadvisers that Mercer engages to manage client assets (an
“unbundled fee”). With respect to certain clients, however, Mercer’s investment management fee is structured to be
inclusive of such subadviser fees paid by Mercer (a “bundled fee”). Typically, Mercer’s clients will select the form of Mercer’s
fee structure (i.e., bundled or unbundled) based on their own requirements or preferences. Mercer, or affiliates of Mercer,
negotiate fee schedules with some subadvisers pursuant to which the subadviser fee increases or decreases based on the
overall amount of assets managed by the subadviser for clients of Mercer and Mercer’s affiliates, including Affiliated Funds
(i.e., a volume discount). In cases where a client selects a bundled fee, Mercer and/or its affiliates, as applicable, would
benefit financially if assets are allocated to lower cost subadvisers (including those that have negotiated a volume discount)
which could create an incentive to allocate client assets to such subadvisers. Mercer has taken steps to manage the conflicts
of interest such arrangements may create and disclose this to clients in the client agreement fee schedule.

Mercer Investments LLC
ADV Part 2A
March 31, 2026

For investment consulting services, clients are billed according to one of the following options:

  • Flat fee/retainer;
  • Time and expense; or
  • Calculated as a percentage of assets advised based upon the market value (which may be daily, month-end, or quarter-
    end market value, as agreed with the client) of the client’s account during the relevant billing period, as the case may
    be.

Mercer’s investment consulting fees do not include: fees and expenses paid for any investments, fees charged by investment
managers (including those recommended by Mercer), or any trustee fees, custody fees, brokerage commissions or
transaction costs, or mutual fund expenses.

For investment management or investment consulting fees based on a percentage of assets under management or
advisement, asset values are typically provided by the client’s custodian on a daily, month-end, or quarter-end basis, as
agreed with the client, or provided directly by an underlying third-party fund’s manager. For certain assets that are priced
infrequently, Mercer will use the most recently available value.

While rare, Mercer may be compensated by a client based on hourly rates. These rates vary, depending upon the service
rendered and the skill level of the particular Mercer personnel involved, and are disclosed in the client agreement where
applicable.

Mercer and a client can also agree to fees that fluctuate based upon the extent to which a client utilizes Mercer’s services
(e.g., the number of manager searches requested by an advisory client). Some clients are charged for travel and related
expenses incurred in providing the services pursuant to the terms of the client agreement.
...

Item 7 – Types of Clients
Mercer provides investment management and investment advisory services primarily to US and international institutions,
including pensions and profit-sharing plans, corporations, wealth management and other financial services firms,
insurance companies, registered investment companies and other pooled investment vehicles (including common, group,
or collective investment trusts, and private investment funds), endowments, foundations, charitable organizations,
healthcare organizations, and other business entities.

While Mercer does not have a stated minimum investment or account balance to open or maintain an account, certain
Affiliated Funds have minimum investment requirements.

Mercer has a large and diverse client base, and it is likely that some of our clients will operate in the same industry or sector
as other clients. Some clients have, or develop, commercial interests that are adverse to those of other clients, in which
case, Mercer will be in the position of advising parties with competing interests in a particular matter. Mercer recognizes
that its business interests in serving clients that are perceived to be more influential or more valuable to Mercer pose the
risk that Mercer could favor some clients over other clients. Mercer has taken reasonable steps to avoid or mitigate such
conflicts, as further described in the Mercer Investments Conflicts of Interest Statement, attached as an Appendix hereto.

Mercer does not favor certain clients over others, including with respect to the timing of the release of ratings information.
However, Mercer may treat clients differently, depending on their individual circumstances, in the provision of investment
advice. Mercer believes that clients benefit from the diversity of opinions and the individualized, and sometimes subjective,
judgments of each consultant with respect to each client. Accordingly, investment advice is tailored to the individual client’s
objectives, which will sometimes result in different or customized advice to different clients. However, colleagues draw
from the same intellectual capital and investment resources, and client deliverables are peer reviewed to achieve
consistency in the quality of advice provided to each client. Additionally, standardized processes are in place to enable
Mercer to devote the time and resources necessary to fulfill its obligations to each client.

To treat all of Mercer’s clients fairly, Mercer releases material research information and ratings of investment managers
internally and externally in a manner that is designed to minimize the risk that some recipients will have the opportunity
to act on this information sooner than others.

In addition, if Mercer is asked to advise clients that have competing interests on the same matter, it will disclose the
potential conflict to each client and may seek client consent and/or establish procedures to protect client confidentiality.

Please see the attached Appendix hereto for additional information regarding potential conflicts.

Mercer Investments LLC
ADV Part 2A
March 31, 2026