Blue Owl Strategic Equity Advisors LLC

Item 5 – Fees and Compensation

The Blue Owl Private Funds generally compensate Blue Owl Strategic or its affiliates for their
investment management services through an annual management fee with respect to each Blue
Owl Private Fund Investor, payable quarterly in advance. Management fees charged with respect
to each Investor can be negotiable and are typically 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 Blue Owl Private
Funds’ Investors’ share of any directors’ fees, monitoring fees, commitment fees, transaction
fees, closing fees and break-up fees received by Blue Owl Strategic or its affiliates with respect to
any investment made by a Blue Owl Private Fund. However, Blue Owl Strategic or its 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, Blue Owl Strategic 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 Blue Owl Strategic 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 Blue Owl Credit Strategic. Blue Owl Credit Strategic’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.

Blue Owl Strategic, in its discretion, is permitted to waive, alter or rebate the management fee
applicable to all or any Investors.
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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 Blue Owl Strategic’s investment management services. Blue
Owl Strategic and their Investors also bear, directly and indirectly, certain additional expenses, in
each case as described in the relevant Offering Materials.

Operating expenses for a Blue Owl Private Fund include those related to the operation and
liquidation of such Blue Owl Private Fund including but not limited to:

•   deal related expenses (such as due diligence on an investment and structuring and monitoring
    of an investment) including those deals that Blue Owl Strategic ultimately determines not
    appropriate for investment;
•   third party expenses associated with the purchase, holding or disposing of an asset;
•   research and market data (such as news and quotation equipment, software and services);
•   expenses related to legal, tax, auditors, accountants, administrators, custodians, consultants,
    compliance firms, third party valuation firms, information technology providers and other
    outside advisors and professionals;
•   insurance;
•   regulatory or tax compliance;
•   brokerage, custodial and banking charges;
•   forming and holding a credit facility; hedging investments;
•   meetings of such Blue Owl Private Fund’s advisory board or limited partners;
•   interest expense on borrowed money;
•   taxes, duties and other governmental charges;
•   liquidation of such Blue Owl Private Fund;
•   administrative expenses;
•   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 Blue Owl Strategic and their affiliates in-house legal, compliance,
    finance, operations, accounting, information technology and tax teams, and employees and
    other personnel of Blue Owl Strategic and their affiliates who provide “back office” or “middle
    office” financial, operational, administrative or other services to a Blue Owl Private Fund in
    connection with its Portfolio Investments (including assisting with workouts or providing
    other restructuring services to any Portfolio Investment) or assist with the preparation,
    coordination, administration and/or provision of the foregoing (calculated based on the
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Item 7 – Types of Clients

Blue Owl Strategic provides investment advisory services to the Blue Owl Private Funds.

In addition to the foregoing, the Blue Owl Private Funds may also include one or more “friends
and family” vehicles that have been formed and/or may be formed in the future, to facilitate the
ability of a limited number of investors to obtain exposure to one or more the Blue Owl Private
Funds and other vehicles across Blue Owl’s platform. 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.

Blue Owl Strategic does not provide investment advisory services to natural person investors.

Blue Owl Private Fund 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 fund. These minimum commitments, which can vary by Blue Owl
Private Fund, can be individually waived, increased or decreased at Blue Owl Strategic’s
discretion.

Blue Owl Strategic 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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