36 North Capital Management LLC

ITEM 5: FEES AND COMPENSATION

A. Advisory Fees

Prior to engaging 36 North to provide advisory services, the client will be required to enter
into a Client Agreement with 36 North, setting forth the terms and conditions and the fees
under which it will render its services. Fees may be subject to negotiation under certain
circumstances as agreed on by 36 North and the client.

36 North, LLC                                                                February 2, 2026
Form ADV Part 2A

36 North offers a tiered fee schedule based on assets under management. However, 36
North’s fees may be negotiated on a per-client basis and vary based on, for instance, the
amount of AUM, the nature and complexity of the client’s circumstances, the services to
be provided, and other factors. For example, a discretionary engagement will typically
have a higher fee than an advisory (i.e., non-discretionary) engagement. Similarly, 36
North will reserve the right to charge an additional or higher fee when providing investment
management or advisory services with respect to alternative asset classes than it does
with respect to traditional asset classes, all else being equal. The manner in which fees
are charged by 36 North is established in a client’s respective Client Agreement. 36 North
generally bills its fees quarterly in advance.

In most cases, 36 North sends an invoice to each client, and the client pays or instructs its
custodian or recordkeeper to do so. 36 North will not typically directly deduct fees from
client accounts. However, 36 North will consider this type of direct billing arrangement
with a client on a case-by-case basis.

   1. Fees for Investment Management Services

36 North generally charges fees for Investment Management Services in one of two ways:

          a. Flat Quarterly Retainer: Clients pay a flat quarterly retainer fee ("Flat
             Quarterly Retainer") in an amount agreed in advance and set forth in the
             Client Agreement. The Flat Quarterly Retainer is billed quarterly in
             advance. 36 North will return any paid but unearned fees paid in advance
             upon the termination of a Client Agreement.

          b. Percentage of Managed Assets: Clients pay an annualized quarterly
             advisory fee ("AUM Fee") in advance based on the fair market value of the
             AUM (as reasonably determined in good faith by 36 North) as of the close
             of business on the last business day of the prior calendar quarter. 36 North
             will return any paid but unearned fees paid in advance upon the termination
             of a Client Agreement.

Investment Management Services fees are billed quarterly and prorated based on the
number of days an account is open during the respective quarter. In addition, 36 North
can reduce or waive its Investment Management Fee entirely for client accounts at 36
North's sole discretion. Further, for Investment Management Services, 36 North's fees do
not include trustee fees, custody fees, brokerage commissions or transaction costs, fees
paid to third-party managers recommended by 36 North, or expenses associated with
investments in Alternative Funds managed by third-party managers.

36 North's investment management fee is structured to be separate from and in addition
to such third-party managers. Typically, 36 North will attempt to negotiate fee schedules

36 North Capital Management, LLC                                               February 2, 2026
Form ADV Part 2A

with some third-party managers under which the third-party manager’s fee increases or
decreases based on the overall amount of assets managed by the third-party managers
for clients of 36 North. In cases where 36 North successfully negotiates fee reductions
based upon volume, these reductions will inure entirely to clients.

   2. Fees for Other Consulting Services

Fees for Other Consulting Services are charged on a one-time/flat fee basis, as agreed
in advance and outlined in the Client Agreement.

B. Billing Method

Typically, 36 North will provide its clients with an invoice for fees due under the Client
Agreement. However, if agreed upon with the client, 36 North’s fees may be deducted
from a designated client account or accounts to facilitate billing. However, the client must
consent in advance to direct debiting of their investment account.

C. Other Fees and Expenses

Clients should be aware that they will be responsible for all fees imposed by the custodian
for trading and other related costs. These can include but are not limited to brokerage
commissions, transaction costs, custodian fees, transfer fees, redemption fees on short
term investments, third-party manager fees, and expenses incurred in connection with an
investment in Alternative Funds managed by such managers, and any taxes or penalties
levied by governmental authorities. 36 North does not receive any portion of these fees
or expenses. Instead, it seeks to negotiate and minimize these fees wherever possible.
When managing clients' assets, 36 North will consider the overall costs to the client. 36
North works to make transaction decisions that are the most economical for a client based
on prevailing facts and circumstances. However, expenses such as short-term
redemption fees can be incurred in some situations, such as unexpected cash needs or
avoiding capital gain distributions. In these situations, 36 North will attempt to avoid these
fees but there may be times when it is determined to be necessary and in the client's best
interest.

All fees paid to 36 North for its services are separate and distinct from the fees and
expenses outlined above.

36 North will always aim to purchase, when available, the lowest cost mutual fund share
class for clients. However, there may be times in the future when 36 North does not have
access to lower-cost share classes. For example, this could happen when the client's
...

ITEM 7: TYPES OF CLIENTS

36 North provides advisory services primarily to institutional investors, including
endowments and foundations, select high net worth individuals and families, trusts,
charitable organizations, and other business entities.

The minimum account size for Investment Management Services is generally
$50,000,000. However, 36 North may accept smaller portfolios or maintain portfolios
whose value has fallen below $50,000,000 in 36 North's discretion.