26north Partners LP

Item 5 – Fees and Compensation

The Firm typically charges each of its Clients a Management Fee and a Carried Interest (each as
defined below) in connection with the provision of investment advisory services to each Client.
Investors in a Fund and other Clients also bear certain expenses. The applicable Governing
Documents set forth in detail the Management Fee and, as applicable, Carried Interest structure,
relevant to each Client. The terms of the Governing Documents are generally established at or
around the time of the formation of the applicable Fund or the commencement of the advisory
relationship with a Client, subject to amendment in accordance with the terms of the applicable
Governing Documents. All Investors and prospective Investors in a Fund should review the
Governing Documents of each Fund in which they have invested or intend to invest in
conjunction with this Brochure for complete information on the fees and compensation payable
with respect to a particular Fund. All other Clients should review the Governing Documents in
conjunction with this Brochure for complete information on the fees and compensation payable
with respect to the advisory relationship with the Firm. The Firm reserves the right to reduce,
waive, or modify any fees payable by any Client or Investor in its sole discretion.

Management Fees

The Firm receives a management fee (the “Management Fee”) from each Client as set forth in
each Client’s Governing Documents. The Management Fee is typically based on a percentage of
committed capital or actively invested capital, charged quarterly in advance (and pro-rated for
any period that is less than a full three-month period) and paid directly from the applicable
Client’s assets, current income and disposition proceeds received by the Client and, to the extent
necessary, from drawdowns. The Firm’s services may be terminated by any of the Clients as set
forth in the applicable Governing Documents. Upon termination, depending on the facts and
circumstances and the terms of the applicable Governing Documents, any prepaid, unearned
Management Fees could be refunded or otherwise not become payable, and any earned, unpaid
Management Fees could become due and payable. As a general matter, in accordance with
applicable Governing Documents, Management Fees will be payable during term extensions
unless otherwise agreed with Investors.

The Governing Documents of a Client set forth the list of terms under which Management Fees
will be reduced, offset or otherwise be limited, and consequently Investors should expect to bear
the full specified Management Fee rate in the Governing Documents until they are reduced in the
circumstances specified therein.

Performance-Based Arrangements

A portion of certain Client’s net investment profit is expected to be allocated to the Firm as
“Carried Interest” as further described in Item 6. The manner of calculation of such Carried
Interest is disclosed in the applicable Governing Documents and is expected to vary by Client.
26North Advisory does not receive performance-based compensation.

Transaction Fees

To the extent specified in the applicable Governing Documents, the Firm and/or its affiliates will
be permitted to receive certain supplemental fees and other amounts (“Transaction Fees”)
consisting of: (i) management, consulting, monitoring, advisory, directors, trustees, consent,
amendment or similar fees paid by any portfolio company; (ii) topping, commitment or similar
fees paid by any portfolio company; (iii) closing, investment banking, placement, commitment,
arranging, lending, restructuring, sale, acquisition, disposition, syndication, and transaction fees
and similar fees paid by any portfolio company; and (iv) any other designated net fee payments
received by the Firm or its partners or personnel from portfolio companies or prospective
portfolio companies (including “break-up” or similar fees in connection with unconsummated
transactions), in each case, whether in the form of cash, options, warrants, stock or otherwise.
The types of fees that constitute Transaction Fees are expected to vary among Funds and from
investment to investment. A Fund’s Governing Documents generally will provide that
Transaction Fees received by the Firm and attributable to the Fund’s investment in a portfolio
company will be credited against Management Fees otherwise owed to the Firm in a specified
percentage (e.g., 100%). The remaining amount of such Transaction Fees will be retained by the
Firm. To the extent that such an offset credit would reduce the Management Fee for the relevant
period below zero, the credit will be carried forward for future application against payable
Management Fees and, if a credit remains upon liquidation, the Firm is expected to retain the
benefit, except where the Governing Documents require payment to be made to Investors that
have not elected to waive such amount (e.g., where an adverse tax consequence potentially will
result).

As a matter of practice, the Firm will typically be paid Transaction Fees from, on behalf of or
with respect to co-investors and other owners of an investment, as well as other fees relating to
the structuring and administration of co-investment arrangements. The receipt of such fees will
not reduce the Management Fee payable by any Fund(s) that have also invested in such
investment, and, as a result, a Fund will, in most cases, only benefit with respect to the relevant
allocable portion on a “fully diluted” basis of any such fee. “Fully diluted” basis calculations
generally relate to a Fund’s ownership of a portfolio company’s common equity, including
ownership that arises through the conversion or exercise of certain securities. Therefore, the
value of certain Fund investments into a portfolio company, such as debt or certain debt-like
investments (e.g., non-participating preferred equity), is not a factor when determining a Fund’s
...

Item 7 – Types of Clients

The Firm provides investment advisory services as an investment adviser or sub-adviser to its
Clients. The Funds generally include investment partnerships or other investment entities formed
under U.S. laws and operated as exempt investment pools under the 1940 Act. The Investors
participating in the Funds generally include individuals, banks or thrift institutions, fund of
funds, other investment entities, university endowments, sovereign wealth funds, family offices,
pension and profit-sharing plans, insurance companies, trusts, estates or charitable organizations
or other corporations or business entities and often include, directly or indirectly, principals or
other personnel of the Firm and its affiliates and members of their families, Operations Group
Members or other Service Providers retained by the Firm or a Fund, as well as executives of
portfolio companies. Fund interests are generally offered and sold solely to investors who are
accredited investors as defined in the Securities Act and, to the extent applicable, qualified
purchasers as defined in the 1940 Act. As further described in Item 10, the BDC Adviser
manages the assets of a BDC.

The Firm also provides advisory services as an investment adviser to Separate Accounts.
Separate Accounts include a variety of persons and organizations whose beneficial owners
consist of the same categories and types of investors that participate in the Funds. In addition,
Clients that are Separate Account investors typically satisfy the same standards as Fund
investors, including meeting the qualifications for accredited investor as defined in the Securities
Act and qualified purchasers as defined in the 1940 Act.

In addition, the Firm provides investment advisory services to Insurance Clients and makes,
either directly or indirectly (i.e., through the use of third-party sub-advisers), investments on
behalf of the Insurance Clients across a variety of asset classes in accordance with the Firm’s
investment strategies described herein.

Joshua Harris and various entities under his control, including the Family Office, are the seed
investors in the Firm, and will likely in the future be seed investors in other operating companies,
and certain Funds, including Funds that were created by the Family Office, over which the
Family Office has delegated investment management authority to the Firm (such Funds, the
“Family Office Investments”).

To the extent that there are prescribed minimum investment amounts for any Clients, such
amounts are set forth in the relevant Governing Documents for the particular Client, and the Firm
is generally permitted to waive such minimum investment amount.