PPM America Inc

Item 5 - FEES AND COMPENSATION

Fee Schedules
Client fees for separately managed accounts are generally computed based on a percentage of the market value, book value or principal
amount of assets under management in a client’s account, as applicable and agreed. PPM may bill fees based on its own books and
records, the client’s books and records, or the records of the client’s custodian. PPM values assets from independent pricing sources or,
in the event that such independent valuations are unavailable, internally derives valuations based upon relevant security attributes and
current market conditions, in accordance with its internal policies and procedures. PPM typically uses an average of assets under
management for the billing period as the basis for fee calculation and pro-rates fees for partial billing periods, though PPM may use a
different basis, as specifically agreed with certain clients. Pro rata adjustments in advisory fees may be made for material contributions
and withdrawals made during the billing period. Fees for separately managed accounts may be subject to a minimum fee charge per
annum and a minimum account size. Clients are responsible for verifying the accuracy of fee calculations.

PPM also charges certain clients a performance fee. Additional information on performance-based fees is included in the section of this
brochure entitled “Performance-Based Fees and Side-by-Side Management.”

PPM’s standard fee schedule for separately managed accounts, which may be modified from time to time and is subject to negotiation,
is as follows:

     Public Fixed Income

          Strategy                       Annual Fee (%)           Minimum Account                       Minimum Fee
                                                                  Size
          Bank Loan
          First $100 million                  0.50%
          Next $150 million                   0.45%                  $50 million                           $250,000
          Thereafter                          0.40%
          Core Fixed Income
          First $100 million                  0.225%
          Next $150 million                    0.20%                 $50 million                            $112,500
          Thereafter                          0.175%
          Core Plus Fixed Income
          First $100 million                   0.30%
          Next $150 million                    0.25%                 $50 million                            $150,000
          Thereafter                           0.20%

 AUM figures are rounded to the nearest $100,000. AUM includes committed but unfunded capital for PPM's private equity and commercial real estate businesses. Form ADV
Part 1 includes disclosure of Regulatory Assets Under Management (“Regulatory AUM”) which differs from the traditional calculation. For example, Regulatory AUM includes
uncalled commitments for private accounts outside the investment period that would normally be excluded from PPM’s assets under management disclosure. As of December
31, 2025, PPM’s Regulatory AUM was $93,793,600,000.

6 | PPM America, Inc.

    Public Fixed Income (cont.)

        Strategy              Annual Fee (%)     Minimum Account           Minimum Fee
                                                 Size
        Emerging Markets Investment Grade
        First $100 million           0.30%
        Next $150 million            0.20%         $50 million               $150,000
        Thereafter                   0.15%
        Emerging Markets Diversified
        First $100 million            0.45%
        Next $200 million             0.40%        $50 million              $225,000
        Thereafter                    0.35%
        Emerging Markets Frontier
        First $100 million            0.80%
        Next $150 million             0.70%        $50 million              $400,000
        Thereafter                    0.65%
        Emerging Markets Local Currency Supranational
        First $100 million            0.50%
        Next $150 million             0.45%        $50 million              $250,000
        Thereafter                    0.40%
        High Yield
        First $100 million            0.45%
        Next $200 million             0.40%        $50 million               $225,000
        Thereafter                    0.35%
        Intermediate Credit
        First $100 million           0.225%
        Next $200 million             0.20%        $50 million               $112,500
        Thereafter                   0.175%
        Investment Grade CLO Debt
        First $100 million            0.30%
        Next $200 million             0.20%        $50 million               $150,000
        Thereafter                    0.15%
        Investment Grade Credit
        First $100 million           0.225%
        Next $150 million             0.20%        $50 million              $112,500
        Thereafter                   0.175%
        Investment Grade Credit Plus
        First $100 million            0.30%
        Next $150 million             0.25%        $50 million               $150,000
        Thereafter                    0.20%
        Investment Grade Public and Private Credit
        First $100 million            0.25%
        Next $150 million             0.20%        $75 million              $187,500
        Thereafter                   0.175%
        Liability Driven Investing (LDI)
        First $250 million            0.25%
        Next $150 million             0.20%         $50 million             $125,000
        Thereafter                   0.185%

   Structured and Private Credit
       Strategy                 Annual Fee (%)      Minimum Account Size       Minimum Fee

       Investment Grade CMBS
       First $100 million             0.25%
       Next $150 million              0.20%           $50 million                $125,000
       Thereafter                    0.175%
       Investment Grade Private Credit
...

Item 7 – TYPES OF CLIENTS
PPM is the primary US institutional asset manager for Jackson and also provides investment management services to insurance
companies, investment companies, investment advisers, pooled vehicles, pension and profit-sharing plans, trustees of collective
investment trusts, family offices, and high net worth individuals. PPM also serves as investment adviser to private investment funds in
which certain affiliates and employees of PPM are investors. See Item 10 below.

Please see “Fee Schedules” in Item 5 above regarding minimum investment requirements.