Willow Tree Capital Corp Advisors LLC

ITEM 5.          FEES AND COMPENSATION
Fee Schedule, Deduction of Fees, Timing of Payments and Compensation

Willow Tree does not earn management fees or performance compensation in its capacity as a manager of
the Rated Note Feeder.

Side Letters

For the Rated Note Feeder, Willow Tree may enter into agreements with Rated Note Feeder investors,
without the approval of any other Rated Note Feeder investor, that provide for terms that are different from
those described in the Note Purchase Agreement or other Governing Documents (“Side Letters”). Willow
Tree will disclose any material terms of such Side Letter (i.e., any terms or combination of terms that may
disadvantage another Rated Note Feeder investor) to other Rated Note Feeder investors as appropriate or
as required by applicable law. Otherwise, absent an agreement to the contrary, Willow Tree may, but
generally is not required to, disclose the existence or terms of any such Side Letters to any other Rated Note
Feeder investor.

The types of Investors who receive preferential treatment, or have the right to receive preferential treatment,
include, but are not limited to: cornerstone or seed Investors or Investors of strategic importance to the
Rated Note Feeder; Investors complying with specific legal, tax and/or regulatory requirements; and
affiliates of Willow Tree.

Rights or terms that a Side Letter may include, but are not limited to: (1) rights or terms necessary in light
of particular legal, regulatory or public policy characteristics of an Investor; (2) preferential fee terms; (3)
preferential terms relating to liquidity and/or transfer; and (4) enhanced transparency and reporting.

Additional Fees and Expenses

The Rated Note Feeder is responsible for its organizational and offering expenses, which include legal,
compliance, and marketing costs associated with the formation of the vehicle and the issuance of the notes,
and administrative expenses including fees for third-party service providers and agents who provide cash
management, reporting, and administrative services. The Rated Note Feeder also bears annual fees paid to
credit rating agencies to maintain the ratings of the notes, as well as its own accounting, tax, and audit costs.

ITEM 7.          TYPES OF CLIENTS
Willow Tree provides investment advisory services to the Rated Note Feeder.

Investors in the Rated Note Feeder include institutional investors, primarily insurance companies and other
financial institutions. Generally, Investors are required to meet certain eligibility requirements, such as
being: (1) a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940
and (2) an “institutional accredited investor” within the meaning of Rule 501(a)(1), (2), (3),(7), (8) or (9)of
Regulation D under the Securities Act of 1933. Consistent with the Rated Note Feeder’s Governing
Documents, each Noteholder is required to represent that it is a sophisticated investor and is not relying on
Willow Tree for investment, legal, or tax advice. Willow Tree provides advisory services to the Rated Note
Feeder as an advisory client and does not act as a fiduciary or investment adviser to any individual
Noteholder.

Willow Tree generally requires that Investors in the Rated Note Feeder invest no less than $100,000. Willow
Tree may waive this minimum at its sole discretion.