Claren Road Private Credit Solutions LLC

FEES AND COMPENSATION

1. Fees

Claren Road PCS and its affiliates that will serve as the general partner of the Funds, will
receive management fees and performance fees or carried interest profit allocations from the
Funds as set forth in the applicable Fund’s Governing Documents. Claren Road PCS also
receives management fees and performance fees or carried interest profit allocations from SMA
Clients as specified in detail in the applicable SMA Agreement. Claren Road PCS will have
discretion to and will reduce or waive management and performance fees for certain Clients.

Any performance fees or carried interest profit allocations are subject to regulation under Rule
205-3 under the Advisers Act. Therefore, Claren Road PCS will seek to ensure that Clients,
including investors in the Funds that are directly or indirectly assessed performance fees or are
subject to carried interest profit allocations, satisfy the qualifications of Rule 205-3 under the
Advisers Act and have been advised of such fees or allocations and their risks.

Claren Road PCS, its affiliates and equity owners, and certain of their respective professionals
and employees may invest in or alongside the Clients. Fees assessed or profit allocations on
such investments may be substantially reduced or, as is more typical, waived altogether for
these investors.

In no event will a Client pay fees six or more months in advance. To the extent fees are paid in
advance, the Client will receive a pro rata refund if Claren Road PCS is terminated as
investment adviser prior to the end of a billing cycle.

2. Expenses

Claren Road PCS is responsible for and will pay or cause to be paid overhead expenses,
including: office rent; utilities; furniture and fixtures; stationery; secretarial/ internal
administrative services; compensation; entertainment expenses; employee insurance and
payroll taxes.

The Funds will bear the following expenses, as applicable, and without limitation, fees, costs,
expenses, liabilities, charges, and other obligations arising from, relating to, associated with,
or attributable to: (1) activities with respect to the sourcing, diligencing, evaluating, bidding
on, structuring, negotiating, consummating, financing, acquiring, managing, monitoring,
operating, holding, hedging, restructuring, trading, selling, valuing, or disposing of, as
applicable, portfolio companies and a Fund’s actual and potential investments (including
follow-on investments) or seeking to do any of the foregoing (including, without limitation,
any associated fees of third parties in connection therewith, travel costs, costs related to seeking
prospective investments (including costs of attending industry conferences and subscription
costs for market or industry research or software and third party research), business
development and entertainment costs and any fees and expenses related to transactions that are,
or were intended to be, offered or syndicated to co-investors), whether or not any contemplated
transaction is consummated; (2) legal, accounting, research, auditing, administration (including
fees and expenses associated with a Fund’s third-party administrator, investor portal, customer
relationship and deal management software as well as administration or reporting software, if
any), information, banking, appraisal, advisory, valuation (including third-party valuations or
appraisals), consultants performing investment initiatives and other similar consultants, tax and

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other professional services; (3) any unconsummated investment or disposition opportunity (i.e.,
broken deal expenses) and/or any unconsummated investment that would have been allocable
to co-investors had such investments been made; (4) broker, dealer, finder, underwriting
(including both commissions and discounts), sourcing, loan administration, custodial,
depository, trustee, record keeping, paying agent, private placement fees, sales commissions,
investment banker, finder and similar services (including retainer, periodic, finder’s,
performance-based and/or success-based fees); (5) financing, commitment, origination and
similar fees and expenses; (6) the preparation, distribution or filing of the Fund’s related or
investment-related financial statements or other reports, tax returns, tax estimates, and
Schedules K-1 (and related reports or filings); (7) indebtedness of, or guarantees made by,
Claren Road PCS, a Fund’s general partner (the “General Partner”) or any of their respective
affiliates on behalf of a Fund (including any credit facility, letter of credit or similar credit
support), including interest with respect thereto, or seeking to put in place any such
indebtedness or guarantee; (8) the preparation or filing of administrative, compliance or
regulatory filings or reports with the U.S. Securities and Exchange Commission (including,
without limitation, Form PF, Form 13H, Form 13F, Section 16 filings, Schedule 13D filings,
Schedule 13G filings and any other filings directly or indirectly resulting from an investment
by a Fund, if applicable) and any other national, state, provincial or local regulatory agencies
or authorities in any country or territory; (9) compliance with any law, rule or regulation, policy,
directive, contract, or other legal obligation (including, without limitation, the offering
documents and any side letters) related to the activities of a Fund (including legal, regulatory
and/or compliance expenses incurred by the General Partner or its affiliates in connection with
the operation of a Fund) (including in relation to privacy, data protection, know-your-customer,
anti-money laundering, sanctions or anti-terrorism considerations); (10) compliance with
environmental, social and governance policies and any other similar policies, directives or
regulations that the General Partner determines, in its sole discretion, are applicable to a Fund
...

TYPES OF CLIENTS

As described above in Item 4, Claren Road PCS provides investment advice to SMA Clients
and will in the future provide investment advice to the Funds, interests in which will be offered
to investors on a private placement basis. Investment advice is provided directly to the Funds
and not to individual investors in the Funds. SMA Clients and investors in the Funds may
respectively include institutional investors such as pension plans (corporate, state, and foreign),
sovereign wealth funds, endowments, foundations, banks, pooled investment vehicles (e.g.,
funds of funds), trusts, estates, charitable organizations, asset management firms, limited
partnerships and limited liability companies and corporate or business entities.

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