Carlyle Aviation Securities Partners LLC

Item 5. Fees and Compensation
The following provides a general description of the most common management fees, performance-
based fees or allocations, fund expenses, and fee waivers applicable to the Advisory Clients. With
respect to any such Advisory Client, while the description below is generally applicable, fees and
expenses vary, and the Advisory Client or its investors should review the applicable governing
documents for further information.
Advisory Clients also typically bear certain out-of-pocket expenses incurred by the Adviser or its
affiliates in connection with the services provided to such Advisory Clients. The following sections
discuss the most common fees and expenses in more detail.
Management Fees and Performance-Based Fees
The fees applicable to the Fund are set forth in detail in the Fund’s offering documents. Prospective
investors are therefore urged to carefully review the offering documents and to raise any questions
with us.
The precise amount of, and the manner and calculation of, the management fees for the Fund is
disclosed in the organizational and offering documents of the Fund. The Fund is charged an annual
management fee, payable monthly, that is calculated as a percentage of net asset value
(“Management Fees”).
Certain classes of the Fund are subject to an incentive allocation, which is subject to hurdle rates
that vary across the unit classes of the Fund (“Performance Compensation”). Performance
Compensation is typically paid when an investment is realized (i.e., an investor redemption from
the Fund) or on an annual basis in accordance with the Fund’s governing documents.
The managed account that is owned by an institutional investor is subject to Management Fees,
payable quarterly, that are calculated as a percentage of the account’s average daily market value.
For the Fund, fees and compensation paid to the Adviser are generally deducted from the assets
on a monthly basis and Performance Compensation is generally deducted on an annual basis or at
such a time that an investor redeems their interest in the Fund. For the managed account, fees are
paid by the Advisory Client directly as we do not have custody of such assets. For loans that are
arranged by the Adviser, loan arranger fees are paid by the borrower at the time that the loan is
arranged.
Additional Fees and Expenses
In general, each Advisory Client bears its own expenses, including, without limitation, the
Management Fee; the Performance Compensation (if applicable); investment expenses, whether
or not such investments are consummated (such as brokerage commissions or mark-ups/mark-
downs (discussed in Item 12 below), expenses relating to clearing and settlement charges, custodial
fees, bank service fees and interest expenses); investment-related travel and accommodation
expenses (which are travel expenses related to the purchase, sale or transmittal of, or due diligence
regarding, the Advisory Client’s investments, whether or not such investments are consummated,
incurred by the Adviser); professional fees, costs and expenses (including, without limitation,
expenses incurred by or owed to consultants, investment bankers, attorneys, accountants and other

experts) relating to investments; fees and expenses associated with the board of directors of the
Fund; registered office expenses of the Fund; fees and expenses relating to software tools,
programs or other technology utilized in managing the Advisory Client (including, without
limitation, software for monitoring risk, certain types of compliance (to the extent permitted by
applicable law) and the overall portfolio; third-party software licensing; implementation;
cybersecurity, data management and recovery services; and custom development costs); sector or
industry research and market data (including, without limitation, any computer hardware and
connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining
such research and market data); deal sourcing and industry research subscriptions; order
management systems; administrative expenses (including, without limitation, fees and expenses
of the Advisory Client’s administrators or similar service providers that perform anti-money
laundering or “know-your-customer” diligence in connection with the onboarding and ongoing
participation of investors in an Advisory Client as well as the cost of effecting transfers of interests
in Advisory Clients by investors); the cost of directors and officers, including errors and omissions
liability insurance for the directors, the Adviser and the Fund (as applicable); legal fees and related
expenses; external accounting and valuation expenses (including, without limitation, the cost of
accounting software packages); audit and tax preparation expenses; fees of the members of the
board of directors of the Advisory Client who are not associated with the Adviser; costs of
providing electronic access to Advisory Client reports and information and printing and mailing
reports and notices; entity-level taxes; corporate licensing; regulatory expenses (including, without
limitation, filing preparation and fees, including for filings required to be made by the Adviser on
behalf of its Advisory Clients), to the extent permitted by applicable law; organizational expenses
(including expenses related to the negotiation, drafting, amendment, and tracking of side letters
and similar agreements with investors as well as any “most-favored-nations” elections related
thereto); expenses incurred, if any, in connection with or relating to the offering and sale of
securities of the Advisory Client and other similar expenses related to the Advisory Client (other
than any fees payable to any placement agent, which will be paid by the Adviser indirectly by
reducing the Management Fees owed to the Adviser); indemnification expenses; and extraordinary
expenses.
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Item 7. Types of Clients
The Adviser provides investment advice to the Fund and serves as the manager of a separately
managed account that is owned by an institutional investor.
From time to time, the Adviser may also arrange loans from institutional investors directly to the
purchasers of commercial aircraft.
Investment advice is provided directly or indirectly to the Advisory Clients and not individually
to their investors. Advisory Clients include investment entities formed under foreign laws that
operate as exempt investment pools under the U.S. Investment Company Act of 1940, as amended
(the “1940 Act”). The governing documents for the applicable Advisory Client outline the
minimum size of investments, which can be reduced or waived on a discretionary basis in the sole
discretion of the Adviser.
The Adviser typically requires that each third-party investor in an Advisory Client be an
“accredited investor” as defined under Regulation D of the Securities Act of 1933, as amended
(the “Securities Act”), and (ii) “qualified purchasers” as defined in Section 2(a)(51)(A) of the
1940 Act, or other “knowledgeable employees.”