PineBridge Investments LLC

Item 5 - Fees and Compensation

       Description

PBI LLC’s investment advisory fees are negotiable and are typically based upon a percentage of the total
assets managed for the Investor by PBI LLC. Fee arrangements vary by Investor and are based on a
number of different factors including, but not limited to, investment mandate, services performed,
account size, and account relationship. Fees vary depending on the investment vehicle and structure.
For example, fees charged for the management and administration of pooled investment vehicles tend to
be higher than for separately managed accounts. The specific manner in which fees are charged by PBI
LLC is usually established in an Investor’s written agreement with the Firm or is set forth in applicable
Fund offering documentation. The percentages upon which annual basic fees are based vary depending
on the Investor’s investment objectives, the extent of the services desired, the types of assets to be
managed, and other various competitive factors.

PBI LLC serves as sub-adviser to several registered mutual funds. For these accounts, PBI LLC is
typically paid a management fee based on the level of assets under management.

General fee structures, including those noted in the Fee Schedule section below, can be modified for
any reason, such as where a new account is expected to grow rapidly, where a relationship already exists
with a current Investor, or where the Investor retains PBI LLC to provide services with respect to multiple
investment mandates. The differing levels of basic fees among the categories described in Fee Schedule
below take into account such factors as the degree of investment management activity, supervision
required, the nature of the discretionary or non-discretionary service provided, and the types of
investment guidelines and restrictions imposed upon the management of the applicable account.
Depending on the share-class, the fees charged for certain pooled investment vehicles can be higher
than those stated below and are specified in each Fund’s respective offering documentation. In addition,
fees may differ depending on specialized investment strategies with individualized fee arrangements in
place, as well as historical fee schedules with long-standing Investors that could differ from those
applicable to new Investor relationships.

PBI LLC is authorized to use its discretionary authority to cause Investors to invest in mutual funds or other
pooled investment products, including products managed by PBI LLC or an affiliate. In connection with
these underlying investments, Investors bear the management and other fees and expenses in
accordance with their applicable constituent documents.

The fees described in the Fee Schedule section below are for strategies managed by the Firm. Unless
stated otherwise, management fees set forth below refer to fees determined on a per annum basis and
relate to a percentage of assets under management for the specific Client.

Fees and expenses applicable to unregistered pooled investment vehicles advised by the Firm (“Private
Investment Funds”), are set forth in the applicable Private Placement Memorandum (“PPM”),
subscription agreement, and/or other governing document. Similarly, fees and expenses applicable to
registered products are described in each applicable product prospectus.

    Fee Schedule

       Private Investment Funds

PBI LLC directly or indirectly is the general partner and investment adviser to our Private Investment
Funds structured as limited partnerships, similar closed-end vehicles, or separate accounts. Such Funds
seek to achieve their investment objectives through either direct investments or through investments
made in private funds. Management fees for Funds that invest in private equity and private credit
strategies (“Private Fund Clients”) generally are based upon a percentage of the Fund’s aggregate
committed or invested capital ranging from 0.00% to 1.50%.

PBI LLC generally also receives a performance-based profits interest through each applicable Fund’s
general partner, entitling it to a certain percentage of the realized profits subject to a preferred return or
hurdle rate to limited partners. For primarily illiquid investment strategies, these profits interests are based
on realized gains and received income only, and is subject, in some cases, to a reserve or “clawback”
arrangement to the account for losses incurred on holdings subsequently sold. All carried interest profit
allocations are subject to regulation under Section 205 of the Investment Advisers Act of 1940, as
amended, (the “Advisers Act”) and Rule 205-3 thereunder.

Other Fees Related to Private Investment Funds Only. PBI LLC and its affiliates are entitled to receive
cash and non-cash break-up, directors’, commitment, monitoring, organizational, setup, advisory,
investment banking, underwriting, syndication, administration, transaction, financing, amendment,
prepayment, closing, termination, consent, and other similar fees in connection with the purchase,
monitoring or disposition of investments or from unconsummated transactions, including warrants,
options, derivatives and other rights in respect of securities owned by a Private Fund Client. Private Fund
Clients will receive the benefit of certain such fees only as set forth in their respective constituent
documents.

Generally, feeder vehicles into a master fund bear a pro rata share of the expenses associated with the
related master fund and all expenses specifically associated with the feeder fund unless otherwise
specified in the definitive documentation.

       Emerging Market Equity

Emerging market equity programs encompass the management of portfolios of equity securities globally,
within individual emerging market countries, or across multiple emerging market countries within a
geographic region. Fees are generally charged as a fixed percentage ranging from 0.50% to 2.25% of
assets under management.
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