Tikehau Capital North America LLC

ITEM 5: FEES AND COMPENSATION

Management Fees. Generally, the Advisers receive or expect to receive annual management fees
pursuant to advisory contracts and other agreements with Clients or their managers (“Management
Fee(s)”). A Management Fee is usually based on a percentage of assets under management, capital
commitments and drawn capital commitments, or another reference amount negotiated with each
Client. The amount of the Management Fee varies depending on the reference amount and depends
on other factors as agreed with each Client and as set forth in the relevant Governing Documents.
Subject to the specifications outlined in the applicable investment management agreements,
Management Fees are also charged in the form of fixed fees. Management fees for CLOs are
generally divided into a senior management fee and a subordinated management fee. Such fees
may be waived by the Advisers in their sole discretion.

Carried Interest and Incentive Fees. Carried interest is a share of the net profits realized on
investments (“Carried Interest”) that is paid by investors and certain co-investment vehicles to
Tikehau as an incentive to maximize performance of the Funds. The amount and method for
calculating Carried Interest for a given Fund is described in the Governing Documents of such
Fund. Tikehau’s Carried Interest allocation is in addition to investments (if any) that Tikehau has
made in a Fund. Where and as provided in their Governing Documents, co-investment vehicles
also pay Carried Interest. Certain employees of the Advisers can indirectly participate in the
Carried Interest payable to Tikehau. In addition, certain employees of the Advisers participate in
the Carried Interest payable to the Funds’ general partners. When Tikehau is an investor in a Fund,
it is not required to pay any Carried Interest. The Advisers have the authority to waive or reduce
the Carried Interest with respect to any investor. The Advisers do not generally negotiate Carried
Interest; however, the Advisers have offered scaled Carried Interest reductions to investors for
early closing or large investment amounts in a Fund.

Unless provided to the contrary in a CLO’s or CFO’s Governing Documents, TSCM is eligible to
receive from each CLO an incentive management fee which is generally calculated as a percentage
of returns in excess of an initial hurdle. This fee is analogous to a Carried Interest.

For advisory services provided to Tikehau Capital and its subsidiaries, the Advisers are
compensated on a cost-plus basis.

Additional details on fees and compensation paid to the Advisers are set forth in each Client’s
relevant Governing Documents, as applicable.

Other Fees and Expenses. Generally, and subject to the terms of the applicable Governing
Documents, each Client will bear organizational expenses, investment-related expenses,
operational expenses and, if applicable, fees to the depository and paying agent (and any other
relevant service provider) and to the central administration (including domiciliation and company
secretary services).

Organizational expenses include (where relevant): incorporation and filing fees; legal, accounting,
regulatory, professional and consulting fees; research; printing costs and reasonable travel
expenses (including without limitation airfare, meals, lodging and other transportation); marketing
and other expenses.

Investment-related expenses include (where relevant): costs and expenses related to the
acquisition, holding, development, management, and disposition of investments, whether or not
any such transaction is successfully completed, including any related taxes; costs and expenses of
financings and refinancing, whether or not any such transaction is successfully completed; and
costs and expenses related to the investigation, research, or identification of, and due diligence
evaluation with respect to, potential investments, whether or not any such transaction is approved
or successfully completed. Where an investment relates to multiple Clients or co-investment
vehicles, expenses will be allocated in the sole discretion of the Advisers (which allocation may
not be pro rata).

Operational expenses include: reasonable legal, accounting, regulatory and other expenses; routine
administrative expenses, including, but not limited to, the cost of the preparation and distribution
of the annual audit, periodic financial reports, tax returns, cash management expenses and insurance
and legal expenses; if applicable, and specifically in connection with the operation of a fund,
reasonable cost of the fees payable to consultants, lawyers and other professional advisers;
applicable taxes; brokerage costs; fees, costs and expenses required to be paid in connection with
any subscription facility or other type of borrowing arrangement, including the legal fees, costs
and expenses of the lawyers for the lender(s), the fees, costs and expenses of the Client’s counsel,
lender’s assumption or transfer fees and required reserves; and other fees, costs and expenses
incurred in relation to the operation and administration, including the reimbursement of reasonable
travel and administration expenses related to governance.

The Advisers pay private placement costs or finders’ fees relating to capital raising of the Funds
out of the Management Fees.

Services to Portfolio Investments. As discussed in Item 10, the Advisers provide certain
consulting and management services to portfolio investments by providing loaned personnel or
directly employing staff at portfolio investments (“Portfolio Staff”). The Advisers pay some or all
costs associated with the Portfolio Staff. The portfolio investments then reimburse the Advisers
for these costs on a pass-through basis, without markup. Such reimbursement does not offset
Management Fees. Generally, the provision of such services to such portfolio investments,
including the economic terms and conditions thereof, are approved by the unrelated third-party
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ITEM 7: TYPES OF CLIENTS

Tikehau’s Clients include CLOs, CFOs, pooled investment vehicles and affiliated holding
companies. TCNA currently also maintains advisory agreements with:

   •   Tikehau Capital and Tikehau Capital UK Limited in which the latter have appointed TCNA
       to be an investment adviser relating to their proprietary investments in the United States
       and Canada on an ongoing basis;

   •   Tikehau IM, the management company of several units of undertakings for collective
       investment in transferable securities (“UCITS”) funds, to manage their investments in
       United States and Canadian fixed-income securities on a discretionary basis as the delegate
       of Tikehau IM, subject to Tikehau IM’s oversight and control as set forth in a sub-advisory
       agreement; and

Investors in the Clients typically include the following types of investors:

   •   Pension and profit-sharing plans;

   •   Investment companies;

   •   Trusts, estates, and charitable organizations; and

   •   High-net worth individuals.