Securian Asset Management Inc

Item 5 – Fees and Compensation

SAM is typically paid based on assets under management (“AUM”). Our fee schedules may
provide for “breakpoints” at which the percentage is reduced if AUM exceeds certain agreed
upon amounts. Typically, fees are paid quarterly in arrears and are based on the market value
of the assets as of the end of each quarter or based on the average market value of the assets
during the quarter as determined by SAM in accordance with SAM’s valuation policies and
procedures, and the client’s investment advisory agreement. SAM may charge a fixed fee or a
minimum fee and may enter into alternative fee arrangements on a case-by-case basis. SAM
advises and sub-advises assets for registered investment companies where fees are different
than this schedule. In those cases, fees are negotiated based on the services provided, and
fees are reviewed and approved by the applicable board of the registered investment company.
Fees are negotiable but are generally paid according to the following schedule:

      Fee Schedule for Discretionary Institutional Accounts of the following:

 Money Market Strategies            Minimum size $20,000,000                 . 25%
 Investment Grade Private               First $100 Million                    .25%
 Credit                                 Over $100 Million                  Negotiable

 Equity Index Strategies            Minimum size $20,000,000                  .15%
 Stabilization Strategies           Minimum size $20,000,000
                                         First $50 Million                    .45%
                                         Next $50 Million                     .40%
                                        Over $100 Million                     .35%
 Equity Stabilization Overlay       Minimum size $50,000,000
                                        First $200 Million                   .25%
                                        Over $200 Million                  Negotiable
 Alternative Assets Strategies      Minimum size $20,000,000
                                         First $20 Million           .75% (assets based on
                                                                   capital account statements)
                                          Next $30 Million           .60% (assets based on
                                                                   capital account statements)
                                          Over $50 Million           .50% (assets based on
                                                                   capital account statements)

SAM’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which may be incurred by clients. Clients may also incur certain charges
imposed by custodians, brokers, and other third parties including, but not limited to transfer
taxes, wire transfer and electronic fund fees, underlying fund fees and expenses, and other fees
and taxes on brokerage accounts and securities transactions. Item 12 further describes the
factors that SAM considers in selecting or recommending broker-dealers for client transactions
and determining the reasonableness of their compensation (i.e. commissions).

Each client selects its own custodian. Custodial fees charged by the client’s custodian are paid
directly by the client to the custodian and such fees are negotiated between the client and its
selected custodian. If SAM is authorized to invest client assets in mutual funds or exchange

traded funds (“ETFs”), these funds and ETFs have additional fees associated with the
management of those assets. Generally, these mutual funds and ETFs are not managed by
SAM and any fees and expenses charged by these funds or ETFs are reflected in the valuation
of such assets.

SAM does not deduct fees from clients’ assets. SAM generally does not permit clients to pay
fees in advance.

Neither SAM nor any of its supervised persons accepts compensation for the sale of securities
or other investment products, including asset based sales charges or service fees from the sale
of mutual funds, however, certain portfolio managers receive profit sharing as part of their
compensation based on assets they manage. Mutual funds charge fees and expenses, but
SAM does not receive an asset management fee other than the asset management fee paid by
the fund to SAM.

Item 7 – Types of Clients

SAM manages assets for institutional investors such as insurance companies, separate
accounts of insurance companies, foundations, corporations and other legal entities. SAM also
acts as an investment adviser and sub-adviser for registered investment companies.