Blue Owl GPSC Advisors LLC

Item 5 – Fees and Compensation

Management Fees

The Blue Owl Private Funds generally compensate the Blue Owl GPSC Advisers or their affiliates
for their investment management services through an annual management fee with respect to
each Investor, payable quarterly or at the beginning or end of the service period. Management
fees charged with respect to each Investor can be negotiable and typically are equal to a specified
percentage per annum, as described in the relevant Offering Materials.

Subject to the relevant Offering Materials, management fees may be offset by the organizational
expenses borne by a Blue Owl Private Fund in excess of a cap, the placement fees borne by a Blue
Owl Private Fund, and the Investors’ share of any agency fees, placement fees, directors’ fees,
monitoring fees, consulting fees, commitment fees, transaction fees, closing fees and break-up
fees received by the Blue Owl GPSC Advisers or affiliates with respect to any investment made by
the Blue Owl Private Fund. However, the Blue Owl GPSC Advisers or their affiliates are expected
to provide a broad range of financial services to Blue Owl Private Funds, as well as intermediate
structuring vehicles (including wholly owned subsidiaries), Portfolio Investments or prospective
Portfolio Investments, or third parties (including co-investors, tenants, borrowers, or others), for
which they will receive fees that are not subject to any offset of management fees (“Capital
Markets Fees”). For example, Blue Owl Advisers have received in the past, and expect to continue
to receive, arranger fees related to services provided as lead arranger. Certain affiliates are also
expected to receive fees for providing capital markets services, insurance brokerage services,
acting as special servicer, and providing certain title services (together with Capital Markets Fees,
“Affiliated Service Provider Fees”). In each case, these Affiliated Service Provider Fees will not
offset management fees, even though they may be borne, directly or indirectly, by the Blue Owl
Private Funds. Refer to Item 10—Code of Ethics, Participation or Interest in Client Transactions
and Personal Trading and Item 14—Client Referrals and Other Compensation for additional
information about these fees and services.

Where a management fee is subject to offset pursuant to the relevant Blue Owl Private Fund’s
Offering Materials, the Blue Owl GPSC Advisers will typically be paid fees from or with respect to
co-investors and other owners of an investment. As a result, a Blue Owl Private Fund will not
benefit from (and the Blue Owl GPSC Advisers are expected to retain) the portion of any fee
related to, among other items: (i) relevant general partner, affiliated partner or similar fee-free
Investor commitments or (ii) co-investors or potential co-investors (which could include co-
investment vehicles managed by the Blue Owl GPSC Advisers. A Blue Owl GPSC Adviser’s ability
to retain such amounts provides it with an incentive to increase the portion of each relevant
investment held by such persons. Fee offsets are generally performed on a net basis, after giving
effect to certain taxes and other expenses in connection with the receipt of such fees or the
provision of related services.

Management fees are deducted directly from the account of each Blue Owl Private Fund. Should
a Blue Owl Private Fund liquidate during a quarterly period, any prepaid, unearned management
fees will be refunded.

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Each Blue Owl GPSC Adviser, in its discretion, is permitted to waive, alter or rebate the
management fee applicable to all or any Investors.

Certain Blue Owl Private Funds have the ability to require prepayment of management fees semi-
annually in advance but do not currently do so and do not intend to do so.

Performance Fees

Refer to Item 6 – Performance-Based Fees and Side-By-Side Management for discussion of
performance-based compensation.

Additional Expenses

The fees described above cover only the Blue Owl GPSC Advisers’ investment management
services. Blue Owl Private Funds and their Investors also bear, directly and indirectly, certain
additional expenses, in each case as described in the relevant Offering Materials.

Blue Owl Private Funds generally bear their organizational and offering expenses (including a pro
rata share of the organizational and offering expenses of the general partner, the Blue Owl GPSC
Advisers, any feeder funds (and their general partners or managing entities), and any other
related entities).

Blue Owl Private Funds also generally bear their operating expenses, including, but not limited
to:

   •   broken deal expenses;
   •   fees, costs and expenses related to the developing, negotiating, structuring, making,
       holding or disposal of investments, including any financing, legal, accounting, travel
       (including, for certain Blue Owl Private Funds, private air travel), due diligence, advisory,
       placement and consulting fees and costs;
   •   expenses related to a liquidity event, including all business services or related expenses
       for the liquidity event and operation of any vehicle or company associated with the
       liquidity event;
   •   interest or indebtedness and any related expenses;
   •   any insurance, indemnity or litigation expense, including the cost of liability insurance for
       the Blue Owl Private Fund and directors and officers liability insurance;
   •   fees, costs and expenses of any accountants, administrators, auditors, counsel,
       custodians, consultants and other advisors and professionals;
   •   costs associated with late-night meals and travel for Blue Owl employees working on a
       proposed investment or disposition;
   •   Affiliated Service Provider Fees;
   •   reasonable costs related to services provided to such Blue Owl Private Fund by employees
       and other personnel of the Blue Owl GPSC Advisers and their affiliates in-house legal,
...

Item 7 – Types of Clients

The Blue Owl GPSC Advisers provide investment advisory services to the Blue Owl Private Funds.

In addition to the foregoing, the Blue Owl Private Funds can also include one or more “friends
and family” vehicles that have been formed, and may be formed in the future, to facilitate the
ability of a limited number of Investors to obtain exposure to one or more Blue Owl Private Funds.
Such vehicles generally are not expected to directly bear management fees, carried interest or
performance-based compensation but in some instances indirectly bear their portion of the fees
and expenses incurred by the underlying Blue Owl Private Funds and other vehicles in which they
invest.

Investors in the Blue Owl Private Funds include, among others:

   •   pension plans (including public and corporate pension plans);
   •   non-profit organizations (including endowments and foundations);
   •   other investment advisers;
   •   institutions;
   •   corporations, limited liability companies and / or other business entities;
   •   trusts or estates;
   •   pooled investment vehicles;
   •   employees (both current and former);
   •   high net worth individuals (including family offices);
   •   insurance companies;
   •   sovereign wealth funds; and
   •   unions/Taft-Hartley plans.

The Blue Owl GPSC Advisers do not provide investment advisory services to natural person
Investors.

Investors are subject to applicable suitability requirements and generally must be “accredited
investors” (as defined in Regulation D under the U.S. Securities Act of 1933, as amended) and,
where applicable, “qualified purchasers” or “knowledgeable employees” (each as defined under
the Investment Company Act of 1940, as amended (the “1940 Act”)), as specified in the related
Offering Materials.

In addition, Investors must meet certain stated minimum commitments as set out in the Offering
Materials for the relevant Blue Owl Private Fund. These minimum commitments, which can vary
by Blue Owl Private Fund, can be individually waived, increased or decreased at the Blue Owl
GPSC Advisers’ discretion.

The Blue Owl GPSC Advisers can enter into side letters or other arrangements with certain
Investors, which can modify or add to any of the terms in the relevant Blue Owl Private Fund’s
Offering Materials, including fee reductions, waivers or sharing arrangements or other
modifications.
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