Permira Credit LLC

Item 5 - Fees and Compensation
General
The Adviser generally receives Collateral Management Fees (as defined below) from its Clients. A Client
also typically reimburses the Adviser and its affiliates for certain expenses and/or makes other payments to
the Adviser, which will not reduce the Collateral Management Fees payable to the Adviser. Additionally,
consistent with the Organizational Documents of a Client, a Client typically bears certain out-of-pocket
expenses incurred by the Adviser in connection with the services provided to the Client. Details about such
fees and expenses are contained in the Organizational Documents of such Client. Further details about
certain common fees and expenses are set forth below.

Collateral Management Fees
As compensation for services rendered to its Clients, the Adviser receives from each such Client a collateral
management fee that typically consists of (1) a base fee component (the “Senior Collateral Management
Fee”); (2) a subordinated fee component (the “Subordinated Collateral Management Fee”); and (3) an
incentive fee component (“Incentive Collateral Management Fee” and, collectively, the “Collateral
Management Fees”). The Senior Collateral Management Fee and the Subordinated Collateral Management
Fee are calculated based on a percentage of the collateral principal amount with respect to such Client and
are payable quarterly in arrears by a Client, subject to the priority of payments as detailed in the
Organizational Documents of each Client. The Adviser is typically entitled to an Incentive Collateral
Management Fee if certain return thresholds have been reached by a Client. The Incentive Collateral
Management Fee is calculated as a percentage of proceeds that, if not distributed as an Incentive Collateral
Management Fee, would otherwise be distributed to certain Note holders, subject to the priority of payments
as detailed in the Organizational Documents of each Client.
The Adviser is permitted to direct that some or all of the Collateral Management Fees be paid to an affiliate
of the Adviser or to one or more third parties or other entities as set out in a Client’s Organizational
Documents.
The precise amount of, and the manner and calculation of, the Collateral Management Fees for each Client
are agreed between the Adviser and each Client and are set forth in such Client’s Organizational
Documents. Collateral Management Fees may be reduced during the life of a Client. The Collateral
Management Fees and other fees and distributions described herein are generally subject to modification,
waiver, deferral, rebate or reduction by the Adviser in its sole discretion, both voluntarily and on a
negotiated basis with selected Note holders via side letter and/or other arrangements, which, to the extent
permitted by applicable law, may not be disclosed to other investors of the same Client. The fee structures
described herein may be modified from time to time. Fees may differ from one Client to another, as well as
among investors in the same Client.
Client Expenses
Consistent with its Organizational Documents, each Client will bear all expenses relating to it, including,
but not limited to, fees, costs and expenses of the following: (a) legal advisers, tax advisers, consultants,
rating agencies, accountants, brokers and other professionals retained by the Client (or the Adviser on behalf
of the Client), (b) asset pricing and asset rating services, compliance services and software, and accounting,
programming, data entry services directly related to the management of the collateral, services performed
in connection with daily cash and position reconciliations, compliance testing, data, waterfall and portfolio
modelling and oversight of the collateral obligations (including determining whether or not such collateral
obligation is a debt obligation or debt security where the relevant obligor is in violation of principles related
to applicable standards, as further described in the Organizational Documents), workout loans, collateral
enhancement obligations, exchanged securities, equity securities or other portfolio investments, and review
and assistance with respect to reporting functions, auditing functions, responding to corporate actions from
any custodian, account maintenance functions or other functions primarily performed by any custodian,
collateral administrator, independent accountants or other service providers or agents of the Client, (c)
stamp duty and similar transfer taxes, regulatory and governmental charges, insurance premiums or
expenses, (d) any and all costs and expenses incurred in connection with the acquisition or disposition of
investments on behalf of the Client (whether or not actually consummated) and management thereof,
including attorneys’ fees and disbursements, (e) preparing reports to note holders (including any ad hoc or
periodic sustainability reporting provided to note holders generally), (f) reasonable travel expenses
(including without limitation airfare, meals, lodging and other transportation) undertaken in connection
with the performance by the Adviser of its duties pursuant to any Organizational Document or related
agreement (including for the avoidance of doubt, travel expenses incurred in connection with the attendance
of the Adviser’s officers and employees at any bank or due diligence meetings) for the avoidance of doubt

and in each case, whether or not an acquisition or disposition of investments is actually consummated as a
result of such outgoings, (g) expenses and costs in connection with communications or meetings with any
investors or potential investors (including, for the avoidance of doubt expenses and costs in connection with
any investor conferences), (h) any broker or brokers in consideration of brokerage services provided to the
Adviser in connection with the sale or purchase of any collateral obligation, collateral enhancement
...

Item 7 - Types of Clients
The Adviser provides advisory services to the Manager which provides investment advisory services to
various types of pooled investment vehicles, including CLOs. These CLOs are securitized asset vehicles
exempt from registering as investment companies under the Investment Company Act of 1940 (the
“Investment Company Act”), as described above in response to Item 4 - Advisory Business. Securities or
interests issued by Clients of the Adviser are expected to be exempt from registration under the Securities
Act of 1933 (as amended, the “Securities Act”).
The Clients generally have minimum investment requirements for third-party investors as described in the
respective Organizational Documents. For example, investors must generally meet the definition of
“qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act (or qualified Firm
personnel).