North Run Capital LP

Item 5 – Fees and Compensation

North Run and/or affiliated general partner entities receive management fees and performance-based
compensation in accordance with the terms of the applicable limited partnership agreements and related
governing documents, as disclosed to investors in the Funds.

For funds that pay a management fee, the fee is generally calculated and paid quarterly in advance based
on the terms set forth in the offering documents. The management fee is not negotiable; however, North

Run may, in its discretion, waive or reduce fees for certain investors, in whole or in part, without notice to
or consent from other investors. North Run does not charge management fees with respect to investments
by its affiliated entities or employees. In the future, North Run may enter into arrangements with clients
other than the Funds on different terms.

Management fees are typically paid through deductions from investors’ capital accounts or, in certain
circumstances, through capital calls made specifically to fund such fees. North Run does not currently
receive fees directly from portfolio companies held by the Funds. If such fees are received in the future,
they are expected to be applied as an offset the management fee as further described in the offering
documents.

In addition to the management fee, investors bear their allocable share of expenses associated with the
operation and administration of the Funds, including, but not limited to, professional services fees for audit,
tax and legal services, regulatory fees and insurance premiums. The Funds may pay or reimburse the
general partner, the management company or affiliates for expenses incurred on behalf of the Funds to the
extent not reimbursed by a portfolio company or prospective portfolio company. In addition, portfolio
companies may be charged for expenses attributable to investments in, or the disposition or prospective
disposition of, such portfolio companies, as determined in good faith by the general partner. The Fund may
also bear expenses related to unsuccessful investment opportunities (“broken deal expenses”), as further
described in the respective limited partnership agreement.

Item 7 – Types of Clients

North Run provides investment advisory services exclusively to the North Run Funds, each of which are
exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940. Investors in the
North Run Funds are admitted at the discretion of each Fund’s general partner and may include
endowments, pension plans, charitable institutions, family offices, other investment funds, and high net
worth individuals, as well as other eligible entities. Certain employees and affiliates of North Run also invest
in the North Run Funds.