Investcorp Credit Management US LLC

Item 5.          Fees and Compensation

General

The Firm generally receives management fees and/or incentive fees (or “performance fees”) in connection
with the investment management and/or collateral management services it provides to the Accounts. The
particular fees applicable to an Account are set forth in the applicable Account Documents.

Prospective investors and clients should be aware that the Firm’s fees change over time and that different
fee schedules would apply if the Firm adopts new or different investment strategies or establishes
additional Accounts in an existing strategy, or a prospective investor or client negotiates a different fee
schedule. Thus, different Accounts (including those with the same investment strategy), and different
investors in the same Pooled Account, could pay different fees based on, among other things, waivers and
investment dates.

Fees

The Firm does not maintain a fixed fee schedule for client Accounts. Specific fee arrangements applicable
to any Account are generally subject to negotiation in the Firm’s sole discretion based on, among other
factors, the nature of the strategy and services to be provided by the Firm, total market value invested with
the Firm, regulatory and reporting requirements, requested customization, and any other relevant factors,
including employment or familial relationships with the Firm, its affiliates or the principals thereof. Fees
are calculated based on various factors, including in the case of certain Accounts, such as CLOs, the total
principal amount of assets held by the Account. Management fees are generally payable in arrears. However,
in the event that an Account pays fees to the Firm in advance, a pro rata portion of such fees will be refunded
in the event that an Account is terminated prior to the end of the applicable billing period based on the
number of days elapsed during such period. In addition, the Firm can waive or reduce fees in respect of an
investor’s investment in a Pooled Account in its sole discretion.

In addition, certain Accounts may invest in one or more other Pooled Accounts or other Accounts managed
by the Firm. In such cases, fees payable by an investing Account in respect of its investment in another
Account will be described in the Account’s applicable investment advisory agreement or Account
Documents. For example, certain Accounts invest directly or indirectly in a CLO managed by the Firm —
in such case, to the extent the Account’s Account Documents provide, the Firm might receive fees only
from the applicable CLO in connection with such investment and not from the applicable Account or vice
versa.

Management Fees. CLO management fees are generally structured such that a portion of the fee is payable
as a senior management fee and another portion is payable as a subordinated management fee. The senior
management fee has a higher priority in a CLO’s priority of payment waterfalls whereas the subordinated
management fee generally ranks below principal and interest payments to senior note holders in the
payment waterfalls. Management fees in respect of other Accounts vary from Account to Account as
described above and may be based on an Account’s total assets, net assets, aggregate principal amount of
loans held, or any other basis, or a combination of any of the foregoing, as negotiated.

Incentive Compensation (Performance-Based Compensation). The Firm receives incentive fees in
connection with Accounts, subject to the terms and conditions of Account Documents. For CLOs, such
compensation constitutes a percentage of a CLO’s cash flow in excess of a specified preferred return or
hurdle rate for the CLO.

In addition, the interests that the Firm or an affiliate of the Firm retain in one or more Accounts when
required by applicable law or contractual obligation provide the Firm with an additional pecuniary interest
in such Account and therefore give rise to conflicts that are similar to those that apply in respect of
performance-based compensation. See “Item 6 – Performance-Based Fees and Side-by-Side Management”

Item 7.          Types of Clients

As discussed in “Item 4 – Advisory Business”, the Firm currently provides discretionary investment
management services to certain Accounts, which includes Pooled Accounts. As described above, the terms
and conditions of the Accounts vary depending on the type of services provided or the type of client, and
these terms and conditions also vary among Accounts. The minimum investment applicable to an Account
is subject to negotiation between the Firm and the Account. The minimum investment in each of the Pooled
Accounts is generally at least $250,000 (with the exception of the Global Income Fund and may be higher
as set forth in the applicable Account Documents). In certain circumstances, such investment minimums
may be reduced.

Each of the Pooled Accounts managed by the Firm are exempt from registration under the U.S. Investment
Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section 3(c)(7) of the
Investment Company Act or another applicable exception, and such Accounts are generally expected to
be organized in jurisdictions outside of the United States (e.g., Guernsey, Ireland and the Cayman Islands).
The securities or interests in the Pooled Accounts are intended to be exempt from registration under the
Securities Act of 1933, as amended (“Securities Act”).

Compliance with the Section 3(c)(7) exception requires that interests in such Pooled Accounts be restricted
to certain investors. Specifically, investors who are eligible to invest in a Pooled Account will generally be
required to be (1) persons who are not “U.S. persons” as defined in Regulation S under the Securities Act,
who are also “Non-United States Persons” as defined in Commodity Futures Trading Commission Rule
4.7, or (2) persons who are both “accredited investors” (as defined in Regulation D under the Securities
Act) and “qualified purchasers” or “knowledgeable employees” of the Firm (each as defined under the
Investment Company Act). Any Pooled Account that relies on a different exception from registration under
the Investment Company Act may impose restrictions on investors that vary from the foregoing.