Ivy Evergreen LLC

Item 5 – Fees and Compensation
The Funds will generally pay the Firm management fees for its investment advisory services
(“Management Fees”). Management Fees are charged as a percentage of committed capital
during the commitment period and on outstanding capital contributions thereafter. Annualized
Management Fees rates are disclosed in each Fund’s offering documents and generally are up
to 2%, charged directly to a Fund, annually in advance. In addition, the Firm may earn incentive
fees as discussed in Item 6, below. Fees may be waived, reduced or calculated differently for a
Fund investor at Ivy’s discretion.

In addition to paying management and performance fees, the Funds also pay other investment
expenses such as registration and custodial fees, commissions and related costs, interest
costs, insurance costs, indemnification and litigation costs, taxes, duties and other
governmental charges, legal fees, internal and external accounting fees, audit and tax
preparation fees, and transaction and due diligence expenses (whether or not the transaction
or investment is consummated). Investors will be allocated their pro rata share of such

additional fees and expenses for the time period they are invested. Such expenses are
disclosed more fully in each Fund’s governing documents.

The Firm and its affiliates may receive certain transaction and similar fees from entities in
which a client invests. In certain instances, a portion of the management fees payable by
clients of the Firm may be reduced by the net proceeds of all such fees allocable to that client.

Item 7 – Types of Clients
We provide investment advice to the Funds. Interests in the Funds are offered pursuant to
applicable exemptions from registration under the Securities Act of 1933 (“Securities Act”) and
the Investment Company Act of 1940 (“1940 Act”). Investors in the Funds are generally
“qualified purchasers” as defined in the 1940 Act, and include foundations, endowments,
funds of funds, family offices and high-net-worth individuals.

The minimum commitment by each Fund investor is $50,000, unless waived by the General
Partner in its sole discretion.

Item 8 – Method of Analysis, Investment Strategies and Risk of Loss
Investment Strategies and Methods of Analysis
Ivy seeks to generate a consistent high level of income and to achieve capital appreciation by
investing in short-term and long-term higher yielding debt structures and offering non-market
correlated instruments that have limited exposure to interest rate and price risk. Investments
are in both short-term and long-term income-producing opportunities, primarily in the North
American markets, which may include, but are not limited to, cash-flow-based lending,
receivables, asset-backed lending, structured credit, real estate lending, secondary
opportunities, other opportunistic credit strategies, and specialty finance, which may include
consumer essential or discretionary receivables, non-traditional asset-based lending and
lender finance. Fund investments will not be subject to any investment limitations, including

diversification limitations; however, Ivy expects to invest in a broad range of fixed income
opportunities, including bank loans, public and private corporate debt securities and trade
claims, as well as investments in debt of performing distressed companies. The Funds may
also invest in the less liquid segment of the North American corporate debt markets, primarily
targeting investment opportunities in high yield and leveraged loans where significant
discounts to underlying credit risk exist. In this regard, Ivy expects to generate an illiquidity
premium for investors over traditional fixed income opportunities such as broadly syndicated
bank loans as it believes that less liquid segment of the corporate debt markets has the
potential to generate attractive returns in normal market conditions and that returns from these
instruments could be higher during periods of market dislocation. In addition, while the Funds
will target investment opportunities primarily in debt instruments, it may also make
investments in public and private equity, warrants, real estate and distressed assets as well as
other asset classes.

In pursuing its investment objective as set out above, a Fund may also, when it is deemed
efficient or otherwise advisable by Ivy, invest its assets in funds that are sponsored and advised
by Ivy, a General Partner or their respective affiliates and with respect to which the General
Partner, Ivy or their respective affiliates may act as general partner or managing member or
otherwise receive compensation in the form of management fees, performance fees or
allocation or carried interest.

Material Risks
Investing in a Fund involves various risks, including the risk of loss that all investors (also
referred to as “Limited Partners”) should be prepared to bear. Thus, before purchasing an
Interest, investors should also consider risk factors associated with an investment in a Fund
some of which are described below. The risks of loss described herein should not be
considered to be an exhaustive list of all the risks which Investors should consider. Investors
should refer to the applicable Offering Documents for additional information on risk factors
and risk of loss.

General

Reliance Upon the Manager. Investors place funds with the Firm which in turn relies on the
expertise of its principals (“Principals”). Purchasers of Interests do not and will not participate
in the investment decision-making process and the success or failure of a Fund is dependent
entirely upon the Firm’s and its principals’ ability to identify appropriate investment strategies
and select successful portfolio managers. If any of the Principals were to become unavailable
for any reason, the Manager and, therefore, a Fund would be adversely affected.

Subsequent Closings. Investors that are admitted (or that increase their Capital Commitment)
after the Initial Closing Date of a Fund will generally be admitted on the basis of a Fund’s net
asset value and will not be required to contribute to existing Limited Partners their
proportionate share of any capital calls made and fees and expenses incurred prior to the time
of admission (or additional Capital Commitment). Such newly admitted Limited Partners (or
those that increase Capital Commitments) will participate in existing investments and may,
therefore, dilute or reduce the value of each Limited Partner’s proportionate indirect interest in
those investments.

Failure to Meet a Capital Call. A Fund would generally require that Capital Contributions be
made by Limited Partners over an extended period of time. Failure by a Limited Partner to meet
a capital call could result in a Fund defaulting on a capital call for a Fund’s investment or
reduce the amount of the investment which a Fund may make in such investment. In addition,
if a Limited Partner fails to meet a capital call, the General Partner may require each non-
defaulting Limited Partner to make an additional Funded Contribution (but not in excess of
each such non-defaulting Limited Partner’s available Capital Commitment) to make up for the
shortfall.

Withdrawal Restrictions. There are severe restrictions on withdrawals from a Fund (which
may be settled in in-kind distributions rather than cash) and on transfers of Interests. The prior
written consent of the General Partner is required for a transfer of the Interest of any Limited
Partner. A subscription for Interests should be considered only by Investors financially able to
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