New Mountain Finance Corporation

5. Fees and Compensation
Management Fees
Investors in the Client (other than NMFC), bore management fees that the Client paid to NMFC
(the “Management Fee”). The Management Fee was payable quarterly in arrears by debiting the
Client and adjusting the capital accounts of relevant investors accordingly.

Other Fees and Expenses
In addition to the foregoing, as set forth in the Client’s Governing Document, all investment
professionals and administrative support staff, when and to the extent engaged in providing
investment advisory and management services to the Client and the compensation and routine
overhead expenses of such personnel allocable to such services, were provided by NMFC, unless
waived by the administrator, an affiliate of New Mountain (in such role, the “Administrator”),
under the Administration Agreement and subsequently reimbursed by New Mountain.
Additionally, New Mountain will cause the Client’s portfolio companies to enter into agreements
regarding group procurement, benefits management, insurance policies (which will from time to
time be pooled across portfolio companies due to scale) and other operational, administrative or

management related matters from a third party or a New Mountain affiliate. Fund expenses,
including certain consultant expenses, can be charged directly to the Client, or can be borne by
both New Mountain and one or more portfolio companies. These programs can benefit NMFC,
its affiliates, or New Mountain. Expenses related to these programs can be charged directly to the
Client, other clients of New Mountain (including NMFC and its subsidiaries), New Mountain, or
affiliated portfolio companies. Portfolio companies can continue to participate in and benefit from
these group procurement programs even after they have been sold.

The Client bore all other costs and expenses related to its ongoing operations as well as
administrative costs, including its allocable share, as determined by the Board, of fees, expenses
(including indemnity) and other amounts: (i) (x) incurred in connection with the establishment of
credit facilities or (y) payable in satisfaction of any obligation under the credit facility agreement
(including interest, fees and expenses), including amounts payable to the custodian for custodial
fees and expenses related to the fund; (ii) payable to accountants, agents and counsel for services
provided to the fund; (iii) and other out-of-pocket fees, expenses and labilities (A) incurred in
connection with proposed or actual investments, (B) related to complying with applicable tax laws
or (C) incurred in connection with all legal and regulatory compliance obligations under federal,
state, local, non-U.S. or other laws and regulations directly related to making, holding or disposing
of investments by the fund (whether such obligations are imposed on the Managing Member or
the fund), including without limitation, the preparation and filing of (I) Form PF under the Advisers
Act, (II) IRS filings under FBAR reporting requirements applicable to the Client, (III) CFTC Form
4.13(a)(3), CPO-PQR, CTA PR and NFA Form PQR filings, and (IV) any other forms, schedules
or other filings with governmental and self-regulatory agencies directly related to the making,
holding or disposing of investments by the fund; and (iv) incurred in connection with any permitted
indemnities payable to any person entitled thereto pursuant to the terms of the credit facility, the
Governing Document or any transaction document relating to an investment and any other
expenses, including extraordinary expenses, as set forth in the Client’s Governing Documents,
subject to the terms of any expense cap that is agreed to between NMFC and the Client from time
to time. Under the terms of these expense caps, NMFC generally is not permitted to recoup any
expenses that it has previously waived or reimbursed.

NMFC can also enter into arrangements on the Client’s behalf with third-party service providers
to provide book-keeping, compliance, and other administrative support services to the Client. To
the extent the Client entered into brokerage arrangements, the Client bore associated expenses.
For a detailed discussion of the factors that we considered in selecting or recommending broker-
dealers for the Client’s transactions and determining the reasonableness of commissions and
compensation for such broker-dealers, please see Item 12, “Brokerage Practices.”

7. Types of Clients
As noted in Item 4, NMFC’s only client was SLP I. The Client was a privately placed pooled
investment vehicle that is excepted from the definition of “investment company” under the 1940
Act pursuant to Section 3(c)(7) of the 1940 Act. As such, its Unaffiliated Members were each, at
the time they acquired their interests, “qualified purchasers” as defined by Section 2(a)(51)(A) of
the 1940 Act. Investors, who are not clients of NMFC, include institutional investors. As of the
date of this Brochure, NMFC does not expect to advise any other clients.