Chenavari Credit Partners LLP

ITEM 5: FEES AND COMPENSATION

Description

Chenavari charges management fees based on assets under management as well as performance fees based
on investment appreciation on the portfolios that it manages. Management fees have historically been 0.5%
to 1.5% of assets under management. Performance fees have historically been twenty percent (20%) of the
appreciation in the applicable account. In addition, performance fees are often subject to a high water mark
and may incorporate equalisation or a similar adjustment methodology. Chenavari may, in its discretion, offer
a different fee structure to any investment advisory client or to any particular investor in any pooled investment
fund that it manages. Investors should refer to the final offering document or private placement memorandum

Firm Brochure –Part 2A of Form ADV                   5                         31 March 2026

(collectively, the “Offering Documents”) of a particular vehicle or account agreement with Chenavari for more
information on applicable fees.

Chenavari or any of its affiliates may also occasionally receive origination fees and/or ongoing investment
monitoring fees (such as without being limited to directorship fees and expenses) relating to its Private
Equity/Private Debt investment activities.

Fee Billing

Each Fund pays fees in consideration for the services provided. Management fees are typically paid on a
monthly or quarterly basis. Performance fees are typically paid on an annual basis, or upon a redemption by an
investor of its interests in a Fund other than at year-end, or as part of the applicable waterfall at the time of
amortisation of the investment for a closed-end vehicle.

Other Fees or Expenses

In general, all administration, custody, brokerage, agent and similar fees, and all other operating, organisational
and offering expenses of a Fund, or account with respect to a client other than a Fund, are typically paid directly
by such Fund or account. In some instances, certain Fund costs and expenses may be limited to a level specified
in the Fund’s relevant offering documents.

Each of the Funds will typically bear all costs, expenses and liabilities necessary to carry on the business, purpose
and activity for which it was formed. These may include, inter alia:

    -   Management and performance fees to be paid to Chenavari
    -   fees and expenses incurred in connection with the formation and ongoing Fund structuring
    -   marketing fees and expenses
    -   Regulatory fees and expenses
    -   organisational expenses
    -   execution software tools
    -   costs and expenses related to investments or prospective investments
    -   interest and commitment fees
    -   costs of audits of financial statements
    -   fees and expenses for financial and tax accounting
    -   fees and expenses of any administrator
    -   fees and expenses of any custodian
    -   primer broker and general brokerage and transaction fees
    -   fees and expenses of any outside legal counsel
    -   costs of any outside appraisers, accountants, attorneys or other experts
    -   expenses incurred in obtaining pricing services
    -   fees paid to any directors
    -   auditing and accounting fees and expenses
    -   costs of any insurance
    -   third-party expenses incurred in connection with transactions not consummated
    -   litigation expenses
    -   applicable taxes
    -   research costs (see further below)

Since 3 January 2018, the provision of investment research has been considered an inducement in the United
Kingdom due to the introduction of the Markets in Financial Instruments Directive, (“MiFID II”). Subsequently,
the Firm is permitted to receive investment research if certain conditions are met, namely, research can only
be received if it is explicitly paid for in one (or a combination) of the following defined ways:

Firm Brochure –Part 2A of Form ADV                     6                         31 March 2026

1) Direct payments by the Firm from its own resources; or
2) Direct payments from a Research Payment Account (“RPA”), controlled by the Firm and funded by the client.

The Firm’s policy is to pay for all eligible research through a combination of payments from its own resources
and through an RPA arrangement funded by direct charges to the client.

Participation or Interest in Client Transaction

Neither Chenavari nor any of its supervised persons receives any referral fee, commissions or other similar
compensation in connection with any sales of securities or other investment products.

ITEM 7: TYPES OF CLIENTS

Chenavari currently provides investment management services to US and non-US pooled investment funds,
including as a sub-advisor to manage a portion of the portfolio of a fund managed by other investment advisers,
as well as separate account mandates on behalf of institutional investors, multi-managers and family offices
globally.

In addition, with respect to CLO mandates, Chenavari provides investment management services to the benefit
of noteholders subscribing for notes issued by the special purpose vehicles.