BlueBay Asset Management LLP

Item 5 - Fees and Compensation
Pooled Investment Vehicle Fees
 The current prospectus for each of BlueBay’s Long-only and Alternative funds provides details of the specific schedule of fees payable for
 the relevant fund structure or share class. The standard fee structures applicable to Long-only and Alternative funds are a
 management fee only or a management fee plus performance fee. Fees within the various fund structures will differ between share
 classes, depending on share class characteristics e.g. minimum investment levels, lock-ups, performance fees. However, the following
 criteria generally apply with regards to fees:

      •    An annual management fee of up to 2% of the net asset value is payable and these fees will be payable monthly or
           quarterly in arrears; and
      •    A performance fee, which is based upon the performance of the relevant share class, may be payable annually in arrears.
           This fee is payable if the fund achieves an absolute or relative positive return or exceeds a specific agreed return over the
           previous annual accounting period. The performance fee is generally set up to be within a range of 10%-30% of the net
           outperformance.

 Certain investors that are invested in pooled investment vehicles may pay higher or lower fees or may be subject to higher or lower
 incentive allocations than similarly situated investors that are invested in the same pooled investment vehicle. Amounts may vary as a
 result of negotiations, discussions and/or factors that may include the particular circumstances of the investor, the size and scope of
 the overall relationship, whether the investor has a multi-strategy, multi-asset class or multi-product investment program with
 BlueBay, or as may be otherwise agreed with specific investors.

 The limited partnership agreement for each of BlueBay’s closed ended funds provides details of the specific schedule of fees payable
 for these Advisory Accounts. The fee structures applicable to closed ended funds are Management Fees / General Partner Share
 (GPS) and Performance Fees / Carried Interest (Carry). Full details about the fee structure of private vehicles are provided to
 prospective investors upon request.

 In addition to BlueBay fees, fund clients will incur other fees and expenses. These will be fees charged by third parties in connection
 with the administration of the portfolio, including: transfer agency fees, custodian fees, administrator fees, foreign currency exchange
 fees, brokerage and other transaction costs.

Segregated Account Fees
 BlueBay provides investment management services to several segregated accounts (subject to an agreed and executed investment
 management agreement). Segregated accounts may be managed on a management fee only basis or with a combination of
 management and performance fees. Other fees and expenses may be incurred which are dependent upon the choice of custodian,
 administrator, and/or other third-party service providers that the investor intends to make; and will be borne by the investor.
 BlueBay’s investment management fees for segregated accounts are negotiated in connection with the respective asset class and
 may be modified for portfolios that have special investment constraints or unusual reporting or administrative requirements or
 unique characteristics; the size and scope of the overall client relationship, additional or differing levels of servicing, or as may be
 otherwise agreed with specific clients. A client may therefore pay more or less than the fees set forth in this Brochure, or more or less
 than similar clients or clients invested in similar strategies.

 Management fees for segregated accounts are generally payable quarterly (although monthly payment periods may also apply) and are
 generally based upon the market value of the portfolio managed as of the end of the preceding calendar quarter or the average market
 value of the portfolio managed within the preceding calendar quarter. Performance fees, where applicable, are generally payable
 annually. All client fees are paid in arrears and are billed to the client. Fees charged by BlueBay do not include brokerage
 commissions, transaction costs and other related costs and expenses which may be incurred by the client. Further details on such
 expenses are discussed in the Brokerage Practices section of the Brochure.

 BlueBay's investment management agreements may be terminated by BlueBay or its client, subject to applicable notice provisions
 contained in the investment management agreement.

Fees for Services to Portfolio Companies

 BlueBay, RBC, their respective Affiliates, and their respective officers and directors may (subject to any limitations in an Advisory
 Account’s constitutional documentation) provide Advisory Accounts with services (including but not limited to services that incur deal
 fees, sponsor fees, monitoring fees, transaction fees or other fees for services) and may charge Advisory Accounts therefor, provided

that BlueBay in its reasonable discretion believes in good faith that any such person can provide such services at a reasonable cost as
would be the case if unaffiliated third parties were to provide such services. BlueBay and RBC, and any of their respective Affiliates,
officers and directors may also provide certain services to Portfolio Companies, in which case any fees received will not be shared
with the Advisory Accounts, provided that BlueBay believes that such services can be provided at a reasonable cost as it relates to the
value provided to such Portfolio Company.

Compensation Received by BlueBay
 Compensation received by BlueBay and its affiliates related to various services provided by the Advisory Accounts, including separate
 accounts and accounts that are pooled investment vehicles, will generally be retained by BlueBay and its affiliates. Except to the
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Item 7 – Types of Clients
BlueBay provides investment management services to predominantly institutional clients including but not limited to:

    •    Pension Funds
    •    Corporations
    •    Non-Profit Organisations
    •    Family Offices
    •    Insurance Companies
    •    Sovereign Wealth Funds
    •    Fiduciary Consultants
    •    Distribution Channels

All pooled investment vehicles have minimum investment requirements, and these are noted in the applicable prospectus
or offering memorandum. Segregated accounts typically have a minimum of US$100 million (or equivalent) and may be
managed on a management fee only basis or a combination of management and performance fees. BlueBay may waive
account minimums at its discretion.

BBAM LLP also advises the CLO Clients. Investors in the CLO Clients may include high net worth individuals, banks,
insurance companies, family offices, endowments, pensions, and other institutional investors. Investors in CLOs are
qualified institutional investors. Minimum investment amounts for CLOs are set forth in the Client Documentation.