CVC Credit Partners US CLO Management LLC

5. Fees and Compensation

As a general matter the Client Agreements for each Client detail the fees payable by such Client. These
fees are typically negotiated, will vary from Client to Client, and typically include a management fee and
incentive fees, which are at the rates and under the terms described in the relevant governing documents.

The discussion below summarizes representative fee arrangements. All fees are negotiated with CLOs
before the advisory relationship commences. The governing documents of each CLO include detailed
information regarding fees and expenses paid by the Client.

Clients and investors should review the provisions related to fees and expenses in the relevant governing
documents and offering materials for further information regarding the nature and total amount of fees and
expenses they will incur. All Clients will incur expenses that are allocated among multiple Clients or among
clients and CVC Credit, in the manner described below. Investors in the CLOs will indirectly bear fees and
expenses of the CLO, including a pro rata share of the fees and expenses described below, for the time
period they are invested in the CLO. The amount and nature of fees and expenses incurred by the CLOs,
and indirectly borne by investors, can vary significantly.

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                                                                                      Form ADV 2A | Page 5 of 59

CLO Management Services

With respect to its CVC Credit-managed CLOs (“US CLOs”):

    •   The Manager receives a senior management fee that is typically up to 20 basis points, calculated
        as a percentage of assets under management of such US CLO.

    •   The Manager receives a subordinated management fee that is typically up to 35 basis points and
        is calculated as a percentage of assets under management of such US CLO.

    •   The Manager also charges the US CLOs an incentive fee, which is generally 20% of distributions
        which would otherwise be payable to the equity class of securities for each US CLO when such
        class of securities has achieved a specified internal rate of return on investment.

All fees attributable to US CLOs managed by the Manager are paid quarterly to the Manager by an
independent trustee for the US CLO in accordance with the terms of the applicable indenture. Management
fees attributable to US CLOs are calculated by the trustee and confirmed by the Manager.

Types of Expenses Charged to CVC Credit Clients

The Manager’s advisory fees are not inclusive of all the fees and expenses that Clients (and, indirectly,
investors) may pay. The fees and/or expenses that Clients may possibly pay will typically fall into three
general categories: (1) organizational expenses, (2) operational expenses, and (3) investment-related
expenses. A summary of these expenses, which is not intended to be exhaustive, is provided below. The
relevant Client Agreement may set forth specific expenses that will (or will not) be borne by a Client, and
the provisions of Client Agreements will supersede this brochure to the extent of any direct conflict.

Organizational Expenses

Organizational expenses typically include fees, costs and expenses in connection with establishing and
organizing a Client. This expense category generally includes the following:

    •   Legal, accounting, and filing fees, costs and expenses incurred in connection with the formation,
        organization and establishment of, or sale of interests in, the Client and its general partner (if any);

    •   Expenses incurred in connection with any amendments, restatements or other modifications to, or
        the monitoring of compliance with, Client Agreements, side letters and other constituent or related
        documents of the Client and the general partner (if any) and other comparable compliance and
        compliance monitoring-related activities, including compliance with any applicable environmental,
        social and governance and climate change related requirements;

    •   Fees, costs and expenses incurred in connection with the marketing and offering of interests in the
        Client (including legal, accounting, filing, access to, and use of, databases, client relationship
        management systems (“CRM”) or data rooms for posting the Client documents and due diligence
        materials, travel and travel-related expenses (which may include expenses for the use of first-class
        (or private aircraft where equivalent in price) or business class travel or the equivalent on domestic
        or short-haul flights (e.g., U.S. domestic or European regional flights) and equivalent ground
        transportation), accommodations, closing dinners, meals, and entertainment expenses incidental
        to roadshows and printing); and

    •   Any CVC Services (as defined below) that would be organizational expenses pursuant to any of
        the foregoing. Please refer to the sub-heading “Services by CVC and/or CVC Personnel” below for
        further details on such in-house services.

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                                                                                       Form ADV 2A | Page 6 of 59

In addition, the Manager is subject to regulatory requirements that include provisions that can be vague or
ambiguous and that permit more than one reasonable interpretation. The Manager’s determination of how
to interpret such provisions as they relate to a Client could be expected to impact the amount of regulatory
compliance or other costs that are allocated to that Client. While the Manager will interpret such provisions
in good faith and in a manner consistent with its legal obligations (and, when appropriate, in consultation
with external legal counsel), the interpretations the Manager adopts will not necessarily be, and need not
...

7. Types of Clients

The Manager provides investment advice to CLOs and investments in these vehicles are generally available
only to institutional investors such as banks, thrift institutions, pension and profit-sharing plans, sovereign
wealth funds, trusts, estates, charitable organizations, university endowments, corporations, limited
partnerships and limited liability companies or other business entities.