Ullico Investment Advisors Inc

ITEM 5: FEES AND COMPENSATION

A. Advisory Fee Schedules

Advisory fees for Private Funds sponsored by UIA vary by product. The annual investment advisory fee
schedules for UIA sponsored Private Fund investors are:

    UIA Sponsored                  Annual Fee Schedule                            Billing Method
    Private Funds
 Ullico Diversified       0.80% on the first $35 million in assets   The advisory fee is deducted monthly in
 International Equity     under management;                          arrears and is calculated based on the
 Fund, L.P.               0.70% on the next $15 million in assets    Private Fund investor’s ending assets
                          under management; and                      under management as of the close of
                                                                     business on the last business day of each
                          0.60% on assets greater than $50 million   month

 Ullico International     1.00% on all assets                        The advisory fee is deducted monthly in
 Small Cap Fund, L.P.     under management                           arrears and is calculated based on the
                                                                     Private Fund investor’s ending assets
                                                                     under management as of the
                                                                     close of business on the last business day
                                                                     of each month

 Ullico Infrastructure    1.25% on the first $75 million in assets   The advisory fee is deducted quarterly in
 Tax-Exempt Fund,         under management;                          arrears and is calculated based on each
 L.P. & Ullico            1.10% on assets exceeding $75 million      Private Fund investor’s ending assets
 Infrastructure Taxable   up to and including $250 million; and      under management as of the close of
 Fund, L.P.               0.85% on assets greater than $250          business on the last business day of each
                          million                                    quarter

 Ullico Value-Add Real    1.10% per annum on net capital             The advisory fee is deducted quarterly and
 Estate Fund I, L.P. &    contributions. In addition, UIA will       is calculated based on each Fund investor’s
 Ullico Value-Add         receive 20% of the net return in excess    net capital contribution. The Carry will be
 Fund I NQO Feeder        of an 8% preferred return paid to          calculated and paid upon distribution of
 Fund, L.P.               investors (“Carry”)                        proceeds to the investors.

Union Labor Life compensates UIA for the management of the Union Labor Life commingled insurance
company separate accounts. The compensation received by UIA from Union Labor Life is detailed
below.

 Union Labor Life       UIA Annual Compensation received           Billing Method
 Separate Accounts      from Union Labor Life

 The Union Labor Life   Private Mortgages: UIA receives            Private Mortgages: Expenses incurred by
 Insurance Company      payment from Union Labor Life for the      the Real Estate Debt Group are reimbursed
 Separate Account J*    expenses incurred by the Real Estate       monthly in arrears
                        Debt Group in accordance with the
                        advisory agreement between UIA and
                        Union Labor Life                           Portfolio managed using the Cash Plus
                                                                   strategy: The fee is billed quarterly in
                        Portfolio managed using the Cash Plus      arrears and is calculated based on the
                        strategy: UIA receives 0.15% on all        average market value of the managed
                        assets under management                    securities determined as of the last
                                                                   calendar day of each month

 The Union Labor Life   Private Mortgages: UIA receives            Private Mortgages: Expenses incurred by
 Insurance Company      payment from Union Labor Life for the      the Real Estate Debt Group are reimbursed
 Separate Account W1*   expenses incurred by the Real Estate       monthly in arrears
                        Debt Group in accordance with the
                        advisory agreement between UIA and
                        Union Labor Life                           Portfolio managed using the Cash Plus
                                                                   strategy: The fee is billed quarterly in
                        Portfolio managed using the Cash Plus      arrears and is calculated based on the
                        strategy: UIA receives 0.15% on all        average market value of the managed
                        assets under management                    securities determined as of the last
                                                                   calendar day of each month

 The Union Labor Life   0.15% on all assets under management       The fee is billed quarterly in arrears and is
 Insurance Company                                                 based on the average daily market value of
 Separate Account C                                                the managed securities

 The Union Labor Life   Stated fee of 0.10% has been waived        Fee has been waived.
 Insurance Company
 Separate Account T

 The Union Labor Life   0.25% on the first $25 million of assets   The fee is billed quarterly in arrears and is
 Insurance Company      under management; and 0.15% on assets      based on the average market value of the
 Separate Account R     greater than $25 million                   managed securities determined as of the
...

ITEM 7: TYPES OF CLIENTS

UIA clients include (i) Private Funds and (ii) institutional investors with separately managed accounts.
UIA’s primary market focus is providing discretionary investment advisory services to jointly trusteed
benefit plans, although the Firm may also provide services to other institutional investors, including but not
limited to government benefit plans, endowments and foundations, and insurance companies. UIA does
not provide investment advisory services to any individuals.

                       Name of Private Fund                                             Type of Client
 Ullico Diversified International Equity Fund, L.P.                         UIA Sponsored Private Fund
 Ullico International Small Cap Fund, L.P.
 Ullico Infrastructure Tax-Exempt Fund, L.P.
 Ullico Infrastructure Taxable Fund, L.P.
 Ullico Value-Add Real Estate Fund I, L.P.
 Ullico Value-Add Fund I NQO Feeder Fund, L.P.
 The Union Labor Life Insurance Company Separate Account J                  The Union Labor Life Insurance Company
 The Union Labor Life Insurance Company Separate Account W1                 commingled separate account offered
 The Union Labor Life Insurance Company Separate Account C                  through a group annuity contract
 The Union Labor Life Insurance Company Separate Account R
 The Union Labor Life Insurance Company Separate Account T
 Ullico J for Jobs CIF                                                      Hand Benefits & Trust Company
 Ullico SFA Fixed Income CIF                                                collective investment funds

There are requirements and limitations to maintaining separately managed portfolios. The requirements
and limitations are listed below:

                                             Separate Managed Portfolios
         Investment Strategy                          Type of Investor                   Minimum Investment
 Domestic Small Cap Value Equity            Must be an institutional investor        $5,000,000

 Core Fixed Income (including               Must be an institutional investor        $20,000,000
 Separate Account R)

 Intermediate Duration Fixed Income   Must be an institutional investor      $20,000,000

 Cash Plus (including Separate        Must be an institutional investor      $20,000,000
 Account C, J and W1)

 SFA Core Fixed Income                Must be an institutional investor      $20,000,000
 Custom Fixed Income Strategies       Must be an institutional investor      $20,000,000
 Private Mortgages managed on         Insurance company separate account     Not Applicable.
 behalf of Separate Accounts J and
 W1

UIA reserves the right to waive the minimum investment requirement for the Private Funds and
separately managed portfolios.