Chenavari Investment Managers Luxembourg SARL

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

Firm Brochure –Part 2A of Form ADV                 7                       31 March 2021

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 investor in any AIF that it manages. Investors should refer to the final
offering document or private placement memorandum (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 of the AIFs 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 an AIF 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

Each AIF pays fees to its Directors by way of remuneration for their services to the AIF and the
trading subsidiaries of the AIF (if applicable). Current Directors’ fees of each AIF are disclosed in
each Directorship Services Agreement if not the relevant Offering Document.

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

Each of the AIFs 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, but are not limited to:

Firm Brochure –Part 2A of Form ADV                    8                          31 March 2021

- Management and performance fees payable to Chenavari entities
- 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 concluded
- litigation expenses
- applicable taxes
- research costs via research payment account

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 risk management services to AIFs on behalf of institutional investors,
multi-managers and family offices and HNWI globally.

Firm Brochure –Part 2A of Form ADV                   9                         31 March 2021