Invesco RR Fund LP

Item 5 - Fees and Compensation

        IRRF or its affiliates generally receives a fee from a CLO that consists of two
        components – a base management fee and a performance fee. The rates, calculation
        method, and payment method for the IRRF’s fees are set forth in the CLO’s
        Organizational Documents.
        Fees charged with respect to a CLO are negotiated with its investors, prior to any
        investment in such CLO. The amount of such fees is calculated and billed by the
        trustee or administrator of the CLO. Full disclosure of these fees is found in the CLO’s
        Organizational Documents and may vary as between CLOs.
        IRRF does not receive a fee from the CLO Warehouse.

     Other Fees

        IRRF’s advisory fees are not inclusive of all the fees and expenses that CLOs (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 in
        connection with establishing and organizing a Client (2) operational expenses which
        include, ongoing costs and expenses in connection with operating a Client, including
        those that are transactional and regulatory in nature, and (3) investment-related
        expenses in connection with the pursuit or sourcing of particular investments and
        ongoing investment costs. The Organizational Documents may set forth specific
        expenses that will (or will not) be borne by a Client, and the provisions of the
        Organizational Document will supersede this brochure to the extent of any direct
        conflict.
        In addition to fees listed above, Clients are responsible for paying custodial fees,
        brokerage commissions, and/or other commission equivalents related to
        transactions in their advisory accounts.

                                    Invesco RR Fund L.P.

        Certain expenses are incurred on behalf of multiple Clients, and on occasion, an
        expense will be incurred on behalf of IRRF or an affiliate of IRRF as well as one or more
        Clients. To address the potential conflicts of interest associated with the allocation of
        such expenses, IRRF will make any such allocation determination on a fair and
        reasonable manner using its good faith judgment, notwithstanding its interest (if any)
        in the allocation. IRRF has adopted an expense allocation policy designed to ensure
        equitable allocation of expenses among Clients and, as applicable, IRRF.

Item 7 - Types of Clients

        IRRF provides investment advisory services to pooled investment vehicles that are
        structured as CLOs and investments in these vehicles are generally available only to
        institutional investors and certain high net worth investors that are “qualified
        institutional buyers” and “qualified purchasers” or non- “U.S. persons” or, in the case
        of employees, “accredited investors” and “knowledgeable employees”, within the
        meaning of the Securities Act and the Investment Company Act of 1940 (the “1940
        Act”), as applicable. These CLOs are typically exempt from registration with the SEC
        as investment companies pursuant to Section 3(c)(1) or Section 3(c)(7) of the 1940

                                    Invesco RR Fund L.P.

        Act. The terms and conditions of each Client account may vary from Client to Client
        depending on the type of services provided or the type of client, and these terms and
        conditions are negotiated by IRRF in each case.
        IRRF also provides investment advisory services to warehouse financing facilities.
        Certain Clients, such as CLO vehicles, generally impose certain terms and conditions
        on their investors as described in more detail in the Organizational Documents.

        Please note that this Brochure should not be deemed to be a general solicitation and
        does not constitute an offer to sell or a solicitation of an offer to buy any type of
        interest in any entity advised by IRRF. Investors and other recipients should be aware
        that while this Brochure may include information about a Client, as necessary or
        appropriate, it is not a complete discussion of the features, risks or conflicts associated
        with the fund or vehicle. The Organizational Documents for each Client contains more
        complete information about the fund or vehicle, and such offering documents may be
        provided to current and eligible prospective investors only by IRRF or another
        authorized party. This Brochure is designed solely to provide information about IRRF
        for the purpose of compliance with certain obligations under the Advisers Act and, as
        such, responds to relevant regulatory requirements under the Advisers Act, which
        may differ from the information provided in offering documents for a fund or vehicle.
        To the extent that there is any conflict between discussions herein and similar or
        related discussions in any applicable Organizational Document, the Organizational
        Documents shall govern.