Milliman Advisors LLC

Fees and Compensation
Service Fees

As compensation for our advisory services, Milliman may charge:

    •   An hourly rate for professionals and other employees assigned to a project based upon the nature
        and scope of the services, and the expertise of the persons assigned. Where requested, Milliman
        will provide an estimate of the cost of a particular project. The client and Milliman negotiate fees
        prior to commencement of the services consistent with current market rates.

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    •   A percentage of assets. The asset-based fee will be calculated on a separately negotiated
        schedule; an example fee is 10 basis points of the first $10 million, 6 bps of the next $10 million, 4
        bps of the next $30 million, and negotiable above $50 million.
    •   A separately negotiated fixed fee for periodic services, where the fee approximates the expected
        hourly rate for the expected time spent.

Milliman may bill clients either in arrears or in advance. Clients billed in arrears are billed no more frequently
than monthly and no less frequently than once a year. Clients billed in advance, will be billed at least
quarterly, meaning clients will not pay more than one quarter in advance. You may terminate our services
on any assignment at any time with prior written notice to Milliman according to the advisory agreement.
The final fee charged will be prorated on the basis of services performed to date of termination.

Fees are negotiable with each client. We may at times impose a minimum advisory fee in order to cover
the costs of our investment advisory services. All such fee arrangements are disclosed to and subject to
negotiation with the client.

Other Fee Related Information

In some cases, where you have authorized it in writing, automatic deductions of our fees can be made
through a qualified custodian. In such cases, we will send instructions for the fee deduction to the qualified
custodian and send you a notice of such instructions. From time to time, we will verify that the custodian is
also providing you with periodic reporting regarding our fee deductions.

Milliman fees are exclusive of brokerage commissions, transaction fees and other related costs and
expenses which shall be incurred by the client. Clients may incur certain charges imposed by custodians,
brokers, third party investments and other third parties such as fees charged by managers, custodial fees,
deferred sales charges, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on
brokerage accounts and securities transactions. Mutual funds and exchange-traded funds also charge
internal management fees, which are disclosed in a fund’s prospectus. We advise our clients to carefully
review fund prospectuses and contracts with other providers carefully. Such charges, fees and
commissions are exclusive of and in addition to Milliman’s fee and Milliman shall not receive any portion of
these commissions, fees and costs.

None of our access persons accept compensation for the sale of securities or other investment products,
including asset-based sales charges or service fees from the sale of mutual funds.

ERISA Accounts

Milliman may be deemed to be a fiduciary to advisory clients that are employee benefit plans pursuant to
the Employee Retirement Income and Securities Act (“ERISA”). As such, Milliman is subject to specific
duties and obligations under ERISA and the Internal Revenue Code that include, among other things,
restrictions concerning certain forms of compensation. To avoid engaging in prohibited transactions,
Milliman may only charge fees for investment advice about products for which we and/or related persons
do not receive any commissions or 12b-1 fees.

Performance-Based Fees and Side-By-Side Management
Neither Milliman nor any of our supervised persons accepts performance-based fees – that is, fees based
on a share of capital gains on or capital appreciation of the assets of a client.

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Types of Clients
Milliman provides investment advisory services to institutions, including banks or thrift institutions, pension
and profit sharing plans, and other corporations or business or government entities. Services are provided
principally in connection with defined contribution and defined benefit retirement plans, endowments,
foundations, and post-retirement benefits. We do not offer retail financial planning.

Methods of Analysis, Investment Strategies and Risk of Loss
Methods and Strategies

Through the use of various information sources together with our own studies and information, Milliman will
make recommendations to clients with respect to the general categories of investments, the mix of
investments among those categories, and suitable investment managers or registered investment
companies to fill those investment categories without giving specific recommendations as to the individual
securities to be purchased. These recommendations are designed to comport with the client's long-range
goals while satisfying the short-term cash needs and other requirements of the particular client.

Milliman approaches its investment analysis by emphasizing a proper "fit" between the client and the
investment and by coordinating the investment's fundamental features with the client's objectives. The
analysis may include a computer-assisted analysis of the investment's history, financial quality, strength,
stability and growth potential.

Milliman may also from time-to-time render advice with respect to specific individual securities and the
selection of particular investments.

Risk of Loss

Our analysis of investments relies on the assumption that the funds and investment managers that we
recommend, the rating agencies that review them and other publicly available sources of information about
these investments, are providing accurate and unbiased data. While we are alert to indications that data
may be incorrect, there is always a risk that our analysis may be compromised by inaccurate or misleading
information.

Our typical recommendations include mutual funds and individual investment managers. Investment returns
are not guaranteed, and past performance is no guarantee of future performance. There is always a
material chance that you may lose money on your investments.