501 North LLC

Item 5 - Fees and Compensation

Advisory Services and Fees

The Firm generally charges fees to Private Fund clients in accordance with the fee schedule in
each Private Fund’s Offering Documents. The fees paid by the Private Funds vary by share class,
but generally include a management fee of 2.0% (paid monthly or quarterly) and an incentive
allocation equal to 20% of the investment proceeds of the applicable Private Fund after 100% of
each limited partner’s aggregate capital contributions are returned, subject to a preferred return.

The Firm may enter into side letter arrangements with one or more Private Fund investors,
providing such investors with different or preferential rights or terms, including but not limited to,

different or preferential fee structures, co-investment rights, redemption and liquidity or transfer
rights. Except as otherwise agreed with an investor or otherwise set out in the Private Fund’s
Offering Documents or as required by law or governing regulation, the Firm or its affiliates are
not required to disclose the terms of side letter arrangements with other investors in the same
Private Fund. Similarly, the Firm, in its sole discretion, can negotiate, waive or reduce any
management fee or performance-based fees, or calculate such fees differently, with respect to any
client or Private Fund investor, including, without limitation, any employee, related party or
affiliate of the Firm.

Payment of Fees

The management fees and performance-based compensation payable by the Private Funds to the
Firm are deducted from each limited partner’s account.

Additional Fees and Expenses

In addition to the management fees and performance-based compensation paid to the Firm for
investment advisory services, each Private Fund client is responsible for costs and expenses related
to the Private Fund’s operations and investment activities, as set forth in the Private Fund’s
Offering Documents, including, without limitation: (i) out-of-pocket expenses associated with the
organization and maintenance of the Private Fund; (ii) accounting and auditing fees; (iii)
administrator fees; (iv) legal, compliance and regulatory-related expenses; (v) consultant or
advisory fees; (vi) portfolio company monitoring fees; (vii) investor reporting and printing
expenses; (viii) broken-deal fees; (ix) transaction expenses, including brokerage and custodian
fees; (x) investment-related travel and accommodation expenses; (xi) D&O professional liability
insurance costs; and (xii) litigation costs.

Private Fund clients will also bear the cost of certain organizational, administrative, offering and
operational expenses, including expenses related to the organization and formation of any co-
investment vehicle or parallel vehicle that may be created to facilitate investments alongside a
Private Fund. Additionally, if at any time the Firm or a general partner creates any holding
company, special purpose vehicle or other similar structuring vehicle to facilitate investments,
Private Fund clients will typically bear all expenses related to the vehicle’s organization and
formation and other expenses incurred solely for the benefit of the created vehicle. Private Funds
may incur expenses attributable to investments that do not proceed to completion. While co-
investors can participate in these transactions and benefit from the sourcing of investments from
such Private Funds, broken deal expenses may, in the relevant general partners’ sole discretion, be
borne fully by the relevant Private Funds. Unless provided for in the applicable Offering
Documents, the Firm is responsible for the costs and expenses of its own internal overhead,
including the cost of its office space, supplies, salaries or other compensation of its employees (but
excluding those of a service provider, and costs of consultants, advisors and others retained to
provide services for the Private Funds).

Private Fund clients may also bear fees and expenses charged by (i) the sub-managers of the
underlying pooled investment vehicles to which the Firm may allocate Private Fund assets and (ii)
the sub-advisers that the Firm may engage with respect to certain Private Fund investments. Such
sub-managers and sub-advisers may also charge management fees and/or performance-based

compensation and such fees and expenses will be borne by the Private Funds. In certain
circumstances, the Firm may invest the assets of one Private Fund client in an affiliated Private
Fund. However, fees are always waived at the underlying fund level in such circumstances.

Prepayment of Fees

Certain Private Funds may call capital for purposes of paying management fees in advance.
Management fees are non-refundable unless the Private Fund is terminated pursuant to its terms,
in which case the unearned pro rata portion of the management fee (based on days remaining in
the billing period) will be returned to the Private Fund and made available for distribution to
limited partners in connection with its liquidation. Performance-based compensation may be
subject to clawback from the Private Fund’s general partner in certain circumstances.

Additional Compensation and Conflicts of Interest

The Firm does not receive a brokerage commission or any compensation attributable to the sale of
securities or investment products and the Firm’s personnel do not receive such compensation. The
Firm is under common control with multiple broker-dealers.

For information on the Firm’s brokerage practices, refer to “Brokerage Practices” in Item 12 of
this brochure.

Item 7 - Types of Clients

The Firm provides advisory services to Private Funds. Investors in the Private Funds may include
individuals, high-net-worth individuals, banks, thrift institutions, corporations, pension and profit
sharing plans, trusts, estates or charitable organizations.

Investors in the Private Funds are generally required to make minimum initial investments,
depending on the Private Fund, of at least $1 million at the time of subscription, subject to the

Firm’s right to accept lesser amounts. In addition, each Private Fund maintains minimum
subscription amount requirements, and investors should refer to the applicable Private Fund
Offering Documents for a complete description.