Tokio Marine Asset Management USA Ltd

Item 5 Fees and Compensation
TMAM USA expects that all clients will be qualified purchasers as defined in Section 2(a)(51)(A)
of the Investment Company Act of 1940, as amended. Accordingly, fee schedules and related
information are omitted from this Brochure.

TMAM USA receives an annual investment management fee based on a percentage of assets under
management. Investment management fees are billed in arrears and assessed on a quarterly or
semi-annual basis. Payment of fees are made directly by each client. TMAM USA does not have
the ability to debit client accounts for payment. Each Investment Agreement documents the fee
structure of the applicable Client.

With respect to TMAM USA’s investment research/consulting services, TMAM pays TMAM
USA an amount equal to the cost of providing such services plus a 10% markup. TMAM USA
submits an annual expense budget to TMAM at the beginning of the year. TMAM USA invoices
TMAM for one-fourth of the annual fee at the end of each quarter. The payment for the first three
quarters reflects the budgeted costs. The payment for the fourth quarter reflects the difference
between the actual costs incurred and the budgeted amount. Consequently, the total fees paid for
the year reflect actual costs plus the specified markup.

Finally, to the extent that TMAM USA recommends a Client invest in other mutual funds,
exchange traded funds, or any other pooled investment vehicles which incur their own separate
layer of management, trading, administrative, and other expenses, investors incur two distinct
layers of fees on the amount invested – one layer charged by TMAM and one layer charged by the
other mutual funds, exchange traded funds, or other pooled investment vehicles.

In addition to TMAM’s and TMAM USA’s portion of investment management fees, TMAM’s
Client’s bear trading costs and custodial fees. Please see the “Brokerage Practices” section for
further information.

                                 Part 2A of Form ADV: Firm Brochure

Item 7 Types of Clients
TMAM USA provides customized investment management or advisory services on a discretionary
basis. It does this as a sub-investment manager or sub-investment advisor to TMAM on behalf of
privately offered, foreign pooled investment vehicles offered only to foreign investor. These
vehicles are operated under a form of trust accounts. TMAM serves as the investment manager or
advisor to the pooled investment vehicles. In addition, TMAM USA provides investment
research/consulting services directly to TMAM as described in the Advisory Business and Other
Financial Industry Activities and Affiliations sections of this brochure.

                                 Part 2A of Form ADV: Firm Brochure