Northern Right Capital Management LP

Item 5: Fees and Compensation

The fees applicable to each of our Funds are set forth in detail in their respective Offering Documents.
The extent to, and specific manner in, which our Investors are responsible for fees, performance-based
compensation and/or expenses are set forth in each Client’s applicable Offering Documents. Such terms
for the Funds are summarized below.

The Funds

Management Fee and Performance Allocation

With respect to the Funds, we generally are entitled to receive a management fee, payable with respect
to each calendar quarter in advance, equal to between one quarter of one percent (1.0% per annum) and
one quarter of two percent (2.0% per annum) of the net asset value of each investor’s capital account.
In addition, the Firm or affiliate may be entitled to receive an annual performance allocation equal to
between 10% and 20% of each limited partner’s allocable share of net profits. Performance allocations

Northern Right Capital Management, L.P.                               Form ADV Part 2A Brochure

are subject to a “high water mark” limitation and the terms and conditions set forth in the applicable
governing documents for each Fund.

The Firm in its sole discretion, may waive or modify the Management Fee or Performance Allocation
for any Client.

SMAs

Management Fee

With respect to each SMA client, we receive or may receive a management fee, payable either monthly
or quarterly in arrears, equal to a percentage (typically from 0.5% to 2% per annum) of the market value
of the Advisory Account (or each investment held in such Advisory Account) as of the end of each such
month or quarter. Management fees charged with respect to SMA clients generally are negotiable based
upon various factors, including, but not limited to, the size of the Advisory Account and the nature of
the advisory services provided. With respect to certain Advisory Accounts, we do not charge or may
not charge any management fee.

Performance Allocation

In addition, the Firm or affiliate may be entitled to receive an annual performance allocation equal to
between 10% and 20% of each limited partner’s allocable share of net profits (if any) or upon the
disposition of an investment held by an SMA Client. Performance allocations are subject to a “high
water mark” limitation. Any performance allocation is subject to the terms and conditions set forth in
the applicable governing documents for each SMA Client. The Firm in its sole discretion, may waive
or modify the Management Fee or Performance Allocation for any Client.

Other Types of Fees or Expenses

The Funds

The Funds will bear, or reimburse the Firm and/or the general partners for advancing, its own expenses
to the maximum extent permitted by applicable law, including, without limitation, the following: (i)
expenses related to the research, execution and monitoring of actual and prospective investments
(whether or not consummated) and the consummation of investments, including, without limitation, the
following: third-party investment sourcing fees; consulting fees; expert fees; fees and expenses of and
related to obtaining research, analytics and market data (including, without limitation, third-party data
sources and any information technology hardware, software and data subscriptions (such as Bloomberg
and FactSet) or other technology incorporated into the cost of obtaining such research and market data);
due diligence expenses including, without limitation, consulting and appraisal fees; investment- and
research-related travel expenses (consistent with the Firm’s travel policy); any outsourced trading
provider fees; brokerage and prime brokerage fees, commissions and expenses (including the costs of
negotiating, documenting and/or amending agreements with prime brokers, ISDAs and other
agreements with trading and financing counterparties); clearing and settlement charges; custodial fees
and expenses; bank service fees; interest expenses and other borrowing costs; fees and expenses of
proxy research and voting services; broken deal expenses; fees and expenses of third-party
professionals, including, without limitation, consultants, investment bankers, attorneys, accountants and
service providers who, in each case, provide services to the Funds or provide services to the Firm, the
general partners or the Principal (on matters that would not have arisen but for their respective advisory
relationships with the Funds); and expenses relating to engagement with a company irrespective of the
outcome of such engagement, such as shareholder and management communication, soliciting proxies,
hiring proxy advisory consultants, hosting shareholder forums, hiring public relations consultants and
proposing or nominating directors or executives, including sourcing, recruiting, standby and
indemnification and other expenses, regardless of whether the nomination is successful; (ii)
organizational fees and expenses and fees and expenses incurred in connection with the offering and

Northern Right Capital Management, L.P.                                 Form ADV Part 2A Brochure

sale of the Interests, including, without

limitation, the following: the preparation and amendment of the Offering Documents; and fees and
expenses of the Firm incurred in connection with “world sky” matters and private placement regimes,
including the European Alternative Investment Fund Managers Directive, and Form D and blue sky and
similar fees and expenses; (iii) operational expenses, including, without limitation, the following: fees
and expenses relating to information technology hardware, software or other technology (including,
without limitation, costs of software licensing, implementation, data management and recovery services
and custom development) used to research investments, evaluate and manage risk, facilitate valuations,
facilitate accounting functions, facilitate compliance with the rules of any self-regulatory organization
...

Item 7: Types of Clients

Our clients are the Funds and SMAs, as described in Item 4 above. The Funds are generally open to,
among others, institutions, pension plans, endowments, high net-worth individuals, financially
sophisticated individuals, and other sophisticated investors. The SMAs, include charitable
organizations, endowments, family offices, high net worth individuals, and other sophisticated
investors. We may in the future provide investment advice to other types of clients.

There are minimum investment requirements for investors in the Funds. In all cases, the minimum
investment required for a Fund is subject to waiver by the Firm to the extent permitted by applicable
law. Details can be found in the respective Offering Documents of the Funds.

Eligible investors and minimums for SMAs are specific to each such Client and are set forth in the
applicable Investment Management Agreement for each such Client.