Evolution Credit Partners Management LLC

Item 5: Fees and Compensation

Evolution receives compensation from the Clients calculated as a percentage of the assets managed and/or
on performance achieved with respect to the Clients, or specific interests therein, as provided in the
governing documents of the relevant Clients. Pooled Investment Vehicles and the Managed Accounts are
subject to management fees per annum, which are charged on a quarterly basis, in advance or in arrears
and subject to step-up and step-down provisions, based on invested capital, as outlined in the Clients’
governing documents,

Additionally, the Clients are subject to performance fees that vary by investment strategy. If it is determined
by the Firm that affiliates of Evolution receive performance fees in excess of the Clients’ performance fee
obligation, these amounts will be returned to the Clients based upon specific time periods in the governing
documents. In some circumstances, the Firm does negotiate fees and other terms in “side letters” for the
Clients in accordance with the relevant governing documents. Where applicable, the Firm may, in its
discretion, elect to reduce or waive the management fee or the performance fee or allocation with respect
to any investor in the Clients. Any affiliate of the Firm does not pay management fees.

Evolution deducts the management fee described above from the Pooled Investment Vehicles’ accounts
quarterly in advance or in arrears as provided in their governing documents. Because investors in the Pooled
Investment Vehicles generally are not permitted to make intra-quarter redemptions and management fees
are prorated for any periods shorter than a full payment period, investors do not pay a management fee in
excess of what they owe for any period. As described in Item 6 below, Evolution may receive a performance
fee allocation from the Pooled Investment Vehicles on a quarterly or annual basis or a shorter period
coinciding with an earlier date if an investor redeems their interest. Certain Managed Accounts will receive
a fixed management fee at the close of investments managed by the Firm on a non-discretionary basis. The
Firm may also receive structuring and other fees from co-investment partners. Certain Managed Accounts
will receive performance fees upon liquidation of investments managed on a discretionary basis. The Clients
also generally make a performance allocation with respect to liquidating investors at the time distributions
are made to such investors.

In addition to management and performance fees paid to Evolution and/or its affiliates, Clients generally also
incur other fees and expenses that they pay to unaffiliated third parties directly, such as brokerage and other
transaction-related costs to trading counterparties, and custodial fees paid directly to the account’s
custodian. See also Item 12: Brokerage Practices.

The recipients of this Brochure should refer to the governing documents of the Clients for specific
information about expenses borne by the Clients.

Neither Evolution nor any of its supervised people accept compensation for the sale of securities or other
investment products.

Item 6: Performance-Based Compensation and Side by Side Management

Evolution and/or its affiliate(s) accept performance-based compensation from its Clients. Because Evolution
and its affiliates manage or will manage more than one Client account, the potential exists for one Client
to be favored over another Client. Evolution, its affiliates, and their investment personnel have a greater
incentive to favor Clients that pay Evolution or its affiliates higher performance-based compensation. In
addition, principals and certain employees of Evolution have personal investments in one or more of the

Clients, and such investments are not proportionate among the various Clients. Accordingly, Evolution has
an incentive to favor Clients in which its principals or employees have a greater interest.

Evolution has adopted and implemented policies and procedures intended to address conflicts of interest
relating to the management of multiple Client accounts and Clients in which Evolution’s principals or
employees invest. In particular, Evolution has adopted an investment allocation policy designed to achieve
equitable allocation among Clients over time. Evolution will not take compensation into account when
allocating investment opportunities. Further, in allocating investment opportunities among Clients,
Evolution considers a number of factors as stipulated in the allocation policy, including, without limitation,
the relative amounts of capital available for new investments, Client suitability and eligibility, regulatory and
legal requirements, tax considerations, investment guidelines, and the investment programs and portfolio
positions of the accounts for which participation is appropriate. Assuming these criteria are met across all
Clients, any investment opportunity will be allocated on a pro-rata basis based upon each Client’s target
portfolio investment size.

Item 7: Types of Clients

Evolution advises certain private fund Clients that rely on certain exclusions from the definition of
“investment company” in the Investment Company Act of 1940, as amended.

Investors in the Clients may include but are not limited to high-net-worth individuals, or other natural
persons meeting eligibility requirements, banks or thrift institutions, investment companies, pension and
profit-sharing plans, trusts, estates or charitable organizations, corporations or business entities other than
those listed previously, private funds or other entities.

Evolution determines in its sole discretion any requirements for entering into an investment advisory
agreement with the Clients, including whether the Clients are large enough to implement its desired
investment program. The Pooled Investment Vehicles have minimum investment requirements. Managed
Account minimums are separately negotiated on a case-by-case basis with each prospective Managed
Account investor. Evolution reserves the right to waive or reduce any such minimum at its sole discretion.