Napier Park Global Capital US LP

Item 5 Fees and Compensation
Napier Park offers discretionary and non-discretionary investment management and advisory fees
for a percentage of assets under management or fees based on performance as described below and
in Item 6. Fees differ based upon a number of factors, including without limitation, overall fee
arrangements, account complexity and size, assets under management and the terms of the various
Napier Park Funds. Fees for certain of Napier Park Funds in some cases are waived, reduced or
calculated differently with respect to certain investors, including Napier Park employees or
affiliates, at the discretion of Napier Park as permitted by the Napier Park Fund’s offering
documentation and organizational documents. In addition, as discussed below, from time to time,
clients of Napier Park are investors in First Eagle Alternative Credit, LLC (“FEAC”) clients and
will pay customary FEAC fees or expenses as investors therein.

Napier Park may in the future charge other types of fees and use different fee structures, including
variations of performance or incentive fee and allocations. Napier Park may share a portion of
such fees with certain placement, sales or referral agents.

Fees Charged: Credit Strategies Fund Products and CLOs

Each Fund pays Napier Park a management fee, and in certain cases an incentive fee or incentive
allocation (if earned). Fees earned with respect to each Fund may compensate Napier Park or its
affiliates for the provision of certain ancillary services, the responsibility for all or a portion of
which may be subcontracted to other parties. The amount of fees to be paid by a Fund will be set
forth in the offering materials for that Fund. Management Fees payable generally range from 0.5%
to 2.0% per annum of assets under management in respect of asset-based fees, and 15% to 20% of
profits in respect of any performance fees or allocations, typically above a hurdle amount for Credit
Strategies Fund Products. Napier Park may share a portion of such fees with certain sales or referral
agents.

Fees Charged: Private Equity Fund Products

Napier Park may receive a management fee and if earned, an incentive allocation based on
investment returns. The amount of the fees and incentive allocations are disclosed in the relevant
offering materials, but may be subject to negotiation with investors. Management Fees payable
generally range from 0.5% to 2% per annum of assets under management in respect of asset-based
fees, and 10% to 20% of profits in respect of any performance fees or allocations, typically above
a hurdle amount. Napier Park may share a portion of such fees with certain sales or referral agents.

Fees Charges: Managed Accounts

The investment advisory agreement and account documentation relating to each Managed Account
will specify the fees payable to Napier Park. Such fees include management fees and incentive
fees. Management fees payable by Managed Accounts are based on assets under management
and, for certain Managed Accounts, an additional performance fee determined as a percentage of
profits, and currently range from 1.0% to 1.25% per annum of assets under management in respect
of asset-based fees and 15% to 20% of profits in respect of any performance fees, typically above
a hurdle amount. Napier Park may share a portion of such fees with certain sales or referral agents.

Method of Payment of Fees

The Funds will pay any management and incentive fees at such times and in such manner specified
in their respective account documentation. Such fees will be deducted from the Fund and reflected
in an investor’s net asset value per share or capital account, as applicable.

Management fees and incentive fees in respect of any Managed Account are paid as set out in the
respective documentation for the relevant Managed Account and may be customized. It is
expected that a Managed Account’s management fees will be calculated and payable monthly in
arrears and will be deducted from the client’s account. Any incentive fee will be calculated and
payable at the end of each fiscal year and also deducted from the Managed Account.

Additional Compensation Received by Affiliates

Napier Park may also receive fees from an Investment Vehicle (the amount of which will be
specified in the agreement) for the provision of administrative services, the responsibility for all
or a portion of which may be subcontracted to other parties. As of the date of this Disclosure
Brochure, Napier Park does not receive fees for the provisions of any administrative services.
Affiliates of Napier Park also may have relationships with, and provide certain services to, an
Investment Vehicle for which an affiliate receives compensation.

Distribution Fees

Napier Park is affiliated with FEF Distributors, LLC (“FEF Distributors”), a limited purpose
broker-dealer and wholly owned subsidiary of FEIM. FEF Distributors is a placement agent of
private funds advised by Napier Park and is the distributor funds that Napier Park sub-advises.
FEF Distributors performs similar services for Napier Park affiliates including FEIM and FEAC.
FEF Distributors receives compensation for the sale of securities, including asset-based sales
charges, service fees and contingent deferred sales charges from the sale of the registered funds it
distributes and may receive commissions or other compensation attributable to sales of private
funds. These fees and charges are not applied to offset advisory fees. Certain of Napier Park’s
employees (including those who are dedicated to offering Napier Park Investment Vehicles) who
are also FEF Distributors representatives receive compensation that considers the sale of
investment as one of many factors used to determine discretionary compensation. All such
compensation is paid by FEIM or Napier Park, as applicable, from Napier Park’s revenue. In
addition, FEIM has adopted incentive plans and has entered into agreements that provide for cash
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Item 7 Types of Clients
Napier Park provides investment advice to Funds, Managed Accounts and other investment
vehicles. However, the ultimate investors in Funds and Managed Accounts advised by Napier
Park are institutional investors, registered funds, funds of funds, pension plans and state and
municipal government entities.

Credit Strategies Fund Products: Ultimate investors in each Fund are required to make a minimum
capital commitment generally ranging between $250,000 and $10,000,000 for other products,

depending on the product.      The minimum for a specific Fund will be set forth in the offering
materials for that fund.

CLOs: Ultimate investors in each Fund are required to make a minimum capital commitment
generally ranging between $50,000 and $500,000 for other products, depending on the product.
The minimum for a specific Fund will be set forth in the offering materials for that fund.

Private Equity Fund Products:

Real Assets Business: Ultimate investors in each Fund generally were required to make a minimum
capital commitment of $10,000,000.

Managed Accounts:
With respect to the Managed Accounts, the clients are the holders of the Managed Accounts.
Napier Park expects that such clients may include individuals, trusts, institutions, investment funds
and pension plans. Napier Park generally requires a minimum investment of $50 million for both
Discretionary Managed Accounts and Non-Discretionary Managed Accounts.

At its discretion, Napier Park may accept a lower capital commitment from an investor in a
managed account operated by Napier Park.