Third North Capital LP

ITEM 5 – FEES AND COMPENSATION

Third North charges management fees based on net asset value under management and
performance-based compensation based on net realized and unrealized trading gains. The extent
to and specific manner in which management fees, performance-based compensation and expenses
are charged by Third North is set forth in each Client’s Offering Documents, as applicable. A brief
summary of such fees and expenses is provided below.

The Fund shall pay to Third North a management fee, payable in advance on the first business day
of each calendar quarter (the “Management Fee”), equal to the product of (i) the Fund’s net assets
attributable to the Fund’s limited partner and (ii) the “Management Fee Rate,” which shall be
determined on an annual basis based upon the preparation of an annual budget. The Management

Fee is charged to the capital account of the Fund’s limited partner on the first business day of each
calendar quarter.

Generally, fees for our Managed Accounts, fees range between 0.90% and 1.5%. At the beginning
of each calendar quarter, the Managed Accounts shall each pay to Third North a Management Fee,
the specific calculations of which are provided in each Client’s Offering Documents.

Fees may be modified solely at the discretion of Third North.

For one Managed Account and one limited partner in the Fund, who are related parties by virtue
of common ownership, fees are determined based upon the preparation of an annual budget. Third
North’s fee assessment for this Managed Account and limited partner in the Fund is a fixed fee
prorated across the two based on the end of quarter NAV which ranges from 0.9% to 1.5%.

At the close of each fiscal year, the Fund and the Managed Accounts shall pay to Third North a
performance-based profit allocation (the “Incentive Allocation”), generally ranging from 5% to
20% (annually) based on the performance of the portfolio versus specific benchmarks as well as
from 0% to 10% (annually) of net realized and unrealized trading gains subject to a high-water
mark. The specifics of the calculations of the Fund’s and each Managed Account’s Performance
Fee are provided in each Client’s Offering Documents. Performance based compensation is
generally charged in arrears.

Clients also ordinarily incur certain charges, including expenses, imposed by custodians, brokers
and other third parties, such as commissions, custodial fees and other fees and taxes on brokerage
accounts and securities transactions, where applicable. Such commissions, fees, costs and
expenses are exclusive of and in addition to Third North’s fees and performance-based
compensation, and Third North does not receive any portion of those commissions, fees, costs and
expenses. The Clients pay expenses according to the specific terms of their Offering Documents.

If more than one Client incurs a shared expense, Third North will allocate such shared expense
among the applicable Clients (i) in proportion to the net asset value of each applicable Client; (ii)
in proportion to the size of the investment made by each Client to which the expense relates; or
(iii) in such other manner as Third North considers fair and reasonable.

Third North’s management fees, performance-based compensation and expenses may be reduced
or waived in certain circumstances, including with respect to investments by Third North personnel
and other related persons of Third North in any future Funds or Managed Accounts.

Third North also may allocate a portion of certain Clients’ capital to money market funds,
exchange-traded funds or similar fee-bearing products or private investment funds and accounts
that are managed by other investment managers. In addition to the fees and expenses discussed
above, a Client will indirectly incur similar fees and expenses if Third North invests such Client’s
capital in such products, as these products in turn pay similar fees to their investment managers
and other service providers.

Item 12 describes the factors that Third North considers in selecting or recommending broker-
dealers for Client transactions and determining the reasonableness of their compensation (e.g.,
commissions).

ITEM 7 – TYPES OF CLIENTS

Third North provides investment advice to institutional clients and may, in the future, provide
investment advice to other types of clients, including, among others, private investment funds,
endowments and family offices.

Third North will determine the minimum investment for a Managed Account (and any other
conditions for opening and maintaining a Managed Account) or any other private Funds, on a case-
by-case basis.