Blue Owl Insurance Advisors LLC

Item 5 – Fees and Compensation

Management Fees

•   Blue Owl Private Funds

    The Blue Owl Private Funds generally compensate BOIA or its affiliates for their investment
    management services through an annual management fee with respect to each Investor,
    payable on monthly or quarterly basis 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 Investors’
    share of any directors’ fees, monitoring fees, commitment fees, transaction fees, closing fees
    and break-up fees received by BOIA or affiliates with respect to any investment made by the
    Blue Owl Private Fund. However, BOIA 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, BOIA 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
    BOIA 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
    BOIA). BOIA’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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    BOIA, in its discretion, is permitted to waive, alter or rebate the management fee applicable
    to all or any Investors.

•   BOIA SMA Clients

    Client fee schedules can be negotiated and as such will vary based upon a wide variety of
    factors including the type of client mandate, services provided, investment amount and other
    factors as may be agreed with the particular BOIA SMA Client.

    Depending on the structure of the BOIA SMA Client’s account, management fees can be
    deducted directly from the account or invoiced to the client and may be charged in advance
    or arrears, as agreed to with the BOIA SMA Client. BOIA SMA Clients initiated or terminated
    during a calendar quarter will be charged a prorated fee for the period (if fees are paid in
    arrears) or have any prepaid, unearned fees refunded (if fees are paid in advance).

    Subject to the relevant investment management agreement, management fees may be offset
    by the BOIA SMA Client’s share of any directors’ fees, origination fees, monitoring fees,
    commitment fees, transaction fees, closing fees and break-up fees received by BOIA or its
    affiliates with respect to any investment made by the BOIA SMA Client.

    BOIA or their affiliates, are also expected to provide services to BOIA SMA Clients and
    receive Affiliated Service Provider Fees that will not offset management fees.

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 BOIA’s investment management services. The Blue Owl
Private Funds and their Investors and the BOIA SMA Clients also bear, directly and indirectly,
certain additional expenses, in each case as described in the relevant Offering Materials and/or
investment management agreement.

•   Blue Owl Private Funds

    Each Blue Owl Private Fund typically pays, or reimburses BOIA for, operating expenses and
    organizational expenses related to such Blue Owl Private Fund. Expenses permitted to be
    charged to a specific Blue Owl Private Fund are set out in the relevant Offering Materials.

    As set forth more fully in relevant Offering materials, operating expenses for a Blue Owl
    Private Fund typically include all fees, costs, expenses and liabilities related to or attributable
    to the operation, administration and liquidation of such Blue Owl Private Fund (or any
    subsidiary thereof), including but not limited to the following:

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   •   fees, costs, expenses, liabilities and obligations relating to the Blue Owl Private Fund
...

Item 7 – Types of Clients

BOIA provides investment advisory services to the Blue Owl Private Funds and the BOIA SMA
Clients.

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.

BOIA SMA Clients currently offers its advisory services to a wide range of institutional clients,
which mainly consist of insurance companies but may include banks, corporate entities, pension
funds, charitable institutions, foundations and endowments, sovereign funds, investment funds,
and limited partnerships. Investors in the Blue Owl Private Funds include, among others,
insurance companies.

BOIA does 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 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 BOIA’s discretion.

BOIA 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.

As a general rule, a minimum account size of $200 million is required for a BOIA SMA Client. In
certain circumstances, however, a smaller account size may be agreed upon and will be reflected
in the terms of the applicable client investment guidelines or Offering Materials.

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