Callodine Credit Management LLC

Item 5 – Fees and Compensation

Private Funds: As compensation for its advisory services provided to the Private Funds, Callodine Credit
receives a management fee based on the assets under management, payable quarterly in advance, as set
forth in the offering documents of each respective Private Fund. The management fee is generally not
negotiable, although Callodine Credit retains the discretion to waive fees for one or more investors, in whole
or in part. Callodine Credit does not collect a management fee from its affiliated and employee investors.

All Investment Related Fees, in connection with each Private Fund’s allocable portion of an investment,
received by Callodine Credit or its affiliates (other than the portion thereof allocable to the Callodine Credit
Commitment) will be applied to reduce future Management Fees otherwise payable with respect to the
Limited Partners. Investment Related Fees means all transaction fees, syndication fees, director fees,
break-up fees, monitoring fees, commitment fees, termination fees, closing fees, origination fees,
amendment fees, waiver or consent fees and other similar fees in connection with the consummation,
holding or disposition of an investment or the termination of a proposed but unconsummated investment
(net of any expenses incurred by the Investment Adviser or its affiliates); provided, however, that Investment
Related Fees will not include any administration, loan servicing or agency fees or reimbursement of costs
or expenses in connection with such activities. For the avoidance of doubt, any fees earned by Callodine
Credit or its affiliates which are not subject to offset as described above shall be retained by Callodine
Credit or its affiliates, as applicable. The Funds retain all Investment Related Fees, in connection with
each Fund’s allocable portion of an investment, either directly or through a management fee offset,
described above. The Funds’ do not retain Investment Related Fees for the portion of loans not allocated
to the Fund. After allocating investments to the Funds, there may be instances where there is additional
capacity in a loan. In these instances, CCF may syndicate the additional capacity to co-investments and
may earn a syndication fee on that portion of the loan. These syndication fees are compensation earned
by CCF, that are not allocated to the Funds.

Expenses

In addition to the management fee, an investor in the Funds bears its allocable share of expenses
associated with the operations of the Funds.

The Funds will collectively bear up to the aggregate expense cap detailed in the Fund Offering Documents
legal and other expenses incurred by the General Partner, the Investment Adviser and their respective
affiliates in connection with (i) the organization of the Private Funds, any Parallel Funds (including, the
Offshore Fund(s), if established), any Feeder Funds and related entities, and (ii) the offering of interests
therein (“Organizational Expenses”). Organizational Expenses in excess of the cap may be paid by the
Funds, as applicable but be borne by the Investment Adviser and its affiliates through a 100% offset against
Management Fees otherwise payable to the Investment Adviser.

The Funds will also be responsible for the payment (or reimbursement of the General Partner and/or the
Investment Adviser) of all costs, expenses and liabilities relating to its operations, including, but not limited
to: (i) Management Fees; (ii) expenses related to, or incurred in connection with, any investment (or
proposed investment which is not consummated including any broken deal expenses) including, without
limitation, the fees and expenses of outside counsel, accountants, consultants, experts and other third party
service providers (including, without limitation, third party valuation, pricing services, monitoring), third party
research expenses (including market data, research analytics, newswire fees), rating expenses, origination
fees, loan servicing, loan administration, due diligence expenses, investment banking and finders’ fees,
appraisal fees, clearing and settlement charges, brokerage fees, custodial fees, monitoring fees, stamp and

transfer taxes, hedging costs and travel expenses; (iii) expenses associated with the operation and
administration of the Funds including, without limitation, outside counsel, third party valuation, accounting
(including, without limitation, shadow accountants), audit, tax planning and tax return preparation and other
out-of-pocket expenses and the fees and expenses of any third party fund administrator and the
Independent Advisor; (iv) expenses associated with reporting and providing information to Limited Partners;
(v) expenses associated with Limited Partner and L.P. Advisory Committee meetings and the reasonable
out-of-pocket expenses of the members of the L.P. Advisory Committee in connection with their services;
(vi) compliance expenses relating to the operation of the Fund or its investments including, without
limitation, expenses relating to regulatory filings (or portions thereof) that the Investment Adviser, the
General Partner or their respective affiliates are required to make in connection therewith (including, if
applicable, Form PF expenses, and, if applicable, expenses in connection with Alternative Investment Fund
Manager Directive reporting); (vii) the costs of forming and operating any Alternative Investment Vehicle
(including, without limitation, administration costs); (viii) the costs of operating any Feeder Fund (including,
without limitation, administration costs); (ix) commitment fees, principal payments, interest amounts and
other fees and amounts payable in connection with subscription and other credit facilities or borrowings,
including, without limitation, investment banking and finders’ fees in connection therewith; (x) insurance
costs (including, without limitation, directors and officers, errors and omissions, fidelity, general liability and
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Item 7 – Types of Clients

As noted in Item 4 above, we currently provide investment advisory services to the Private Funds and the
Interval Fund.

The Private Funds are exempt from registration under Section 3(c)(7) of the Investment Company Act.
Investors, which currently include endowments, pension plans, charitable institutions, family offices, other
funds, and high net worth individuals and other entities, are admitted to the Callodine Credit Funds at the
discretion of such Funds’ general partner, as applicable. Some employees of CCF have investments in
the Private Funds.

CABL II is closed to new investors. The minimum investment for the PABL Fund is $1,000,000 although
the General Partner may waive the minimum investment amount, in its discretion.

Interests in the Funds may only be purchased by investors that are “accredited investors,” as defined in
Regulation D under the Securities Act of 1933, and either “qualified purchasers,” as defined in Section
2(a)(51)(A) of the Investment Company Act of 1940, for purposes of Section 3(c)(7) thereunder, or a
“knowledgeable employee” as that term is defined in Rule 3c-5 of the 1940 Act.

Minimum investment amounts for the Interval Fund are outlined in the Interval Fund’s prospectus.