Mountain Point Credit Management LLC

Item 5. Fees and Compensation

General

Mountain Point generally receives advisory fees in connection with the investment management services it
provides to the Accounts. The particular fees applicable to an Account are set forth in the investment advisory
agreement applicable to such Account or, in the case of a Private Fund, are also described in the applicable
Governing Documents or disclosure documents, as applicable.

Prospective investors and clients should be aware that Mountain Point’s fees may change over time and
that different fee schedules may apply if Mountain Point adopts new investment strategies or establishes
additional Accounts in an existing strategy, or a prospective investor or client negotiates a different fee
schedule. Thus, different Accounts, and different investors in the same Private Fund, may pay different fees
based on, among other things, waivers and investment dates.

Fees

Mountain Point does not maintain a fixed fee schedule for client Accounts. Specific fee arrangements
applicable to any Account are generally subject to negotiation in Mountain Point’s sole discretion based on,
among other factors, the nature of the strategy and services to be provided by Mountain Point, total market
value invested with Mountain Point, regulatory and reporting requirements, requested customization, and any
other relevant factors, including employment or familial relationships with Mountain Point, its affiliates or the
principals thereof. In addition, Mountain Point may waive or reduce fees in respect of an investor’s investment
in a Private Fund in its sole discretion.

Management Fees. Management fees in respect of an Account may 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.

Payment Terms. In no event will an Account pay fees to Mountain Point six or more months in advance. To the
extent any fees are paid in advance, Mountain Point will give the applicable Account a pro rata refund if
Mountain Point is terminated as investment manager prior to the end of a payment period.

It is important that investors refer to the respective Governing Documents or other disclosure documents, as
applicable, for a complete understanding of fees and other forms of compensation. The information contained
herein is a summary only and is qualified in its entirety by such materials.

Expenses of the Investment Manager

Mountain Point is generally responsible for the payment of its normal operating overhead and administrative
expenses, including, but not limited to, the compensation of its employees, office rental, secretarial, clerical

and bookkeeping expenses, and travel and entertainment expenses (excluding investment-related travel
expenses).

Other Expenses

Each Account, including each Private Fund, pays certain other fees, expenses and costs (in addition to the
Firm’s management fee and incentive allocation (if applicable)), which may include among others: (1)
organizational and offering expenses (including expenses associated with the organization of investment
subsidiaries or other subsidiaries); (2) fees, costs and expenses related to the purchase, holding, monitoring,
transfer and disposition of assets (to the extent not reimbursed); (3) costs and expenses related to
indebtedness incurred by an Account; (4) fees, costs and expenses related to financing vehicles and other
types of pooled investment vehicles, to the extent an Account has a direct or indirect equity interest therein;
(5) taxes, fees or other governmental charges levied against an Account; (6) other investment-related
expenses; (7) auditing and tax preparation expenses; (8) custodial expenses; (9) brokerage commissions or
fees; (10) fees and expenses of external accountants, external counsel and other third-party professionals
(including, if applicable, fees incurred in connection with specific transactions, whether consummated or
not); (11) third-party administration fees and third-party valuation fees; (12) fees paid to the agent (which may
be Mountain Point or its affiliate) on certain loan or other debt transactions; (13) costs of insurance; (14)
litigation and indemnity expenses; (15) costs of dissolving and winding up; and (16) extraordinary expenses.

In addition, each Private Fund that is a feeder fund generally bears, indirectly, its pro rata share of legal and other
expenses incurred in the formation of the relevant master fund and each other feeder fund that invests in the
same master fund, and the offering of interests in each.

In the case of each Private Fund, a more detailed description of the expenses borne by the Private Fund is
included in such Private Fund’s Governing Documents. In certain cases, as described in the applicable
Governing Documents, certain such expenses may be paid to Mountain Point or its affiliates to the extent of
services provided by them to a Private Fund (e.g., certain administrative and compliance expenses and overhead
of Mountain Point or its affiliates).

Certain of the expenses borne by an Account may also be incurred by, or allocable to, other Accounts or
Mountain Point or its affiliates. Therefore, from time to time, Mountain Point will be required to determine in
its sole discretion how certain costs and expenses are to be allocated among multiple Accounts and/or
Mountain Point and its affiliates. To the extent an Account, on the one hand, and Mountain Point, its affiliates
and/or one or more other Accounts, on the other hand, incur costs or expenses that are applicable to more
than one of them, Mountain Point will allocate such costs and expenses in a manner that it determines to be
fair and reasonable, notwithstanding its interest in the outcome. Mountain Point may also make corrective
allocations should it determine such corrections are necessary or advisable. In such cases, Mountain Point
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Item 7. Types of Clients

As discussed in “Item 4 – Advisory Business,” Mountain Point currently provides discretionary investment
management services to a Private Fund. The minimum initial investment (or capital commitment) is
$5,000,000 for most institutional investors. In certain circumstances, such investment minimums may be
reduced by the General Partner in its sole discretion.

Because the Private Fund managed by Mountain Point is 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 may be organized in jurisdictions outside of
the United States (e.g., the Cayman Islands, etc.). Compliance with the Section 3(c)(7) exception requires
that interests in such Private Funds to be restricted to certain investors. Specifically, investors who are eligible
to invest in the Private Fund must be (1) persons who are not “U.S. persons” as defined in Regulation S under
the Securities Act of 1933, as amended (“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 Private Fund that relies on
a different exception from registration under the Investment Company Act may impose restrictions on
investors that vary from the foregoing.