Swiss RE Insurance-Linked Investment Advisors Corporation

ITEM 5. FEES AND COMPENSATION

Overview

Swiss Re ILS provides investment management services to pooled investment vehicles (each, a "fund", "fund client" or
"client"), with the fees and compensation received from these fund clients generally set forth in the applicable offering
documents, investment management agreements, or other governing instruments.

We may receive compensation through asset-based and/or performance-based fees, as set forth in the applicable
advisory agreements or offering documents. Each fund sets forth its specific fee structure (including how it charges
fees) along with expenses in a confidential information memorandum or similar offering document provided to
investors. In addition to Swiss Re ILS’s fees, investors will bear other fees and expenses charged to the fund, as disclosed
in the applicable offering document. Neither Swiss Re ILS nor any of its supervised people accept compensation (e.g.
brokerage commissions) for the sale of securities or other investment products. In certain cases, the fund may also
engage with placement agents, including Swiss Re ILS’s affiliated broker-dealers, to facilitate investments in the fund.
In such cases, placement agents will receive compensation (i.e., placement agent fee) as a portion of the management
fee earned by Swiss Re ILS.

Variation of Offering Terms/Side Letters

The fund company, in respect of a fund, and Swiss Re ILS may from time to time enter into agreements with certain
investors that provide for terms of investment that are more favorable to such investors than the terms described in
the applicable offering document or fund supplement (collectively, “Side Letters”). The granting of a Side Letter to one
or more investors generally will not entitle other investors to the same terms. Except as may be required by law,
regulation or the applicable fund offering document or fund supplement, the fund and/or Swiss Re ILS are not required
to disclose the existence or specific terms of any Side Letters or the identity of any investors who have entered Side
Letters with Swiss Re ILS and/or the fund. Where required by applicable law or regulation, a written summary of the
terms of any such Side Letters, which an investor may have with the fund and/or Swiss Re ILS, is available from Swiss
Re ILS upon written request.

Management Fees

Management fees are generally calculated as a percentage of net assets under management and are typically charged
monthly in arrears, as specified in each fund's governing documents (e.g., offering memorandum, prospectus, fund
supplement or investment management agreement). Management fees vary based on the fund strategy, vehicle
structure, and class of investors. The management fees for fund classes open for investment range from 0.17% to
0.95% of net assets under management. Fees may be negotiated in certain circumstances. The specific fees associated
with any investment are disclosed in the applicable fund supplement, offering document or prospectus.

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Expenses

Swiss Re ILS bears its own organizational and operating expenses, including legal fees, salaries, rent, entertainment,
and other general and administrative expenses. Swiss Re ILS's fund clients each bear their own organization, offering
and operating expenses which are disclosed to investors in the applicable fund supplement, offering document or
prospectus.

Compensation

Supervised persons do not accept compensation for the sale of securities or other investment products.

ITEM 7. TYPES OF CLIENTS

We provide investment advisory services to the following types of clients:

Investment Companies and Pooled Investment Vehicles, specifically:

•   Private funds, and
•   UCITS (undertakings for Collective Investment in Transferable Securities) funds and other regulated investment
    companies (e.g., UCITS Fund)

Investors in a pooled investment vehicle may include endowments, foundations, trusts, estates, charitable
organizations, sovereign wealth funds, family offices, government entities, and corporations.

Minimum Investment Requirements

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Investment requirements are established by each client's offering documents and governing agreements and typically
start with a minimum investment size that ranges from $5,000,000 to $10,000,000. Each fund client is only open for
investment to eligible investors.

U.S. investors in private funds typically must be (i) “accredited investors” as defined under Regulation D of the U.S.
Securities Act of 1933, as amended (the “Securities Act”), and (ii) “qualified purchasers” or “knowledgeable employees”
as defined in the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). Investors
typically must also be a “qualified participant” within the meaning of the Bermuda Investment Funds Act and meet
other suitability requirements.

As noted above, investors must review the applicable offering documents for more information regarding investor
eligibility.