Arini Capital Management US LLC

Item 5 - Fees and Compensation
Arini generally charges each applicable Advisory Client an asset-based investment management fee
calculated on the value of that Advisory Client’s assets under management, which are generally
paid in advance. In addition, certain Advisory Clients also pay Arini a performance-based fee or
incentive allocation. These fees/allocations are compensation to Arini that is based on a share of
capital gains on or capital appreciation of the assets of the respective Advisory Client. Fund
Investors generally are subject to these management fees and/or performance-based fees or
incentive allocations, as applicable, through their investment in a particular Fund. Arini fees are
generally deducted from each Private Investment Fund account by the respective Fund’s
administrator. The specific manner in which fees are charged by and paid to Arini is established in
written agreements with the Funds. For the details concerning applicable fees, including the
calculation and payment of the fees, for Advisory Clients, please refer to the respective Fund’s
offering documents.

Arini generally charges performance-based compensation to applicable Advisory Clients. Details
regarding the calculation and payment of the performance-based compensation for specific
Advisory Clients are contained within the respective Advisory Client’s governing documents.

Arini US has entered into a cost-plus service agreement with Arini UK with respect to the advisory
services provided through the sub-advisory agreement for the current financial year.

For managing CLOs, Arini receives management fees and may receive performance-based fees in
connection with its serving as collateral manager, sponsor and/or originator to the CLOs. The
specific fee rates and the methodology for calculating and billing these fees are described in detail
in the governing documents of the CLOs.

With respect to certain Advisory Clients, the performance-based compensation is paid to Arini’s
affiliate (instead of Arini). Accordingly, to the extent applicable, Arini and such affiliate are
collectively referred to in this Item 5 and Item 6 as “Arini”.

The management fee for certain Advisory Clients may have transaction fee offsets. For applicable
Advisory Clients, the specific information regarding the transaction fee offsets is contained within
the respective Advisory Client’s governing documents.

Some Fund Investors pay more or less than other Fund Investors for the same management services,
depending, for example, on when a Fund Investor subscribes (e.g., on a Fund’s inception date),
investment strategy, number of related investment accounts or total client assets under management
with Arini. In this regard, Arini has waived or modified fees (and may continue to do so) for
Advisory Clients owned by, or Fund Investors that are, members, principals, employees or affiliates
of Arini and relatives of such persons and certain early, large or strategic investors.

In addition to paying investment management fees and/or incurring performance-based
fees/allocations, as applicable, as laid out in the applicable governing documents, Advisory Clients,

including the Funds, typically pay all of their own operating and investment expense including, but
not limited to, fees and expenses related to the below items:

Organizational and Offering Costs

The organizational and ongoing expenses in connection with the offer, issuance and placement of
the investments; explanatory and other memoranda; costs relating to obtaining investor identity
information or investor licenses in various countries, as required; costs relating to the preparation,
execution and amendment of legal documentation constituting the Funds, and legal documentation
entered into by the Funds, including with service providers; costs of stationery; fees of the general
partner and the board of directors of the Funds; costs of the meetings of the general partner and
meetings of the board of directors of the Funds and travel expenses to such meetings and any other
reasonable expenses approved by the general partner or the board of directors of the Funds.

Trading/Transaction Expenses

Professional fees (including, without limitation, fees and expenses of consultants, finders, financial
advisers, investment bankers, attorneys, accountants, rating agencies and other experts) relating to
the investments of the Funds and other fees and expenses relating to the acquisition, holding and
disposition of investments of the Funds, without limitation, exchange listing and securities licensing
fees, as applicable; third-party research; portfolio pricing services; travel related to management of
investment activities; broken deal expenses (including, without limitation, legal, tax, accounting,
brokers, consultants, due diligence experts, investment bankers, lenders, custodians, attorneys, ESG
advisors, third-party diligence software and other service providers and similar professionals and
experts), whether or not any contemplated transaction or project is consummated and whether or
not such activities are successful or otherwise completed; expenses relating to the Funds’
borrowings, including, without limitation, borrowings of cash or securities; expenses relating to
prime brokerage and other margin facilities to the Funds; custodial and depositary fees and
expenses; expenses relating to short sales; clearing and settlement charges; expenses relating to
reorganizations and restructurings involving the Funds’ investments; extraordinary expenses;
expenses relating to operating investment arrangements including, without limitation, subsidiary
companies necessary for accessing certain markets or instruments; expenses relating to investor and
public relations; expenses of registering or qualifying the investments for sale or purchase; exchange
memberships; exchange fees, transaction fees, brokerage fees and commissions or other costs of
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Item 7 - Types of Clients
As previously described in Item 4, Arini’s clients consist of Private Investment Funds and CLOs.
The underlying investors in the Funds are typically institutional investors (e.g., trusts, endowments,
foundations, corporations, banks, insurance companies, public and private pension plans, private
fund-of-funds, etc.) and high net worth investors meeting the terms of the exceptions and
exemptions under which the Funds operate and wishing to invest in accordance with the Funds’
investment objectives. Additionally, certain Arini employees may invest in the Funds. With respect
to the Funds, any initial and additional subscription minimums are disclosed in the relevant offering
documents.

In connection with the formation and management of an Advisory Client, Arini may form certain
related entities. Arini may establish vehicles to address tax, legal or regulatory issues or
requirements of certain investors in such Advisory Client or for other purposes. Arini may also form
parallel funds to invest alongside an Advisory Client. In addition, Arini may form alternative
investment vehicles, holding companies or other special purpose vehicles for the purpose of
facilitating certain investments by one or more Advisory Clients. Please refer to the governing
documents of the applicable Advisory Client for complete details regarding entities that Arini may
form in connection with the formation and management of such Advisory Client.