CVC Credit Partners European Opportunities Limited - Q1 2020

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CVC Credit Partners European Opportunities Limited - Q1 2020
CVC Credit Partners European Opportunities Limited
Q1 2020
CVC Credit Partners European Opportunities Limited - Q1 2020
CONTENTS

               1   CVC Overview                                 4
                   •   Subchapter

               2   CVC European Credit Opportunities Overview   8
                   •   Subchapter

               3   Portfolio & Performance Overview             17
                   •   Subchapter

                   Appendix                                     23

2
CVC Credit Partners European Opportunities Limited - Q1 2020
I. CVC Overview
CVC Credit Partners European Opportunities Limited - Q1 2020
CVC OVERVIEW

    CVC
    Global Alternatives Asset Manager1

        Credit                                                                                                                                                 European Private Equity

    Established in 2005                                                                                                                                      Established in 1981
    A leading player in global leveraged                                                                                                                     One of Europe’s largest and most
    finance across liquid ($20bn) and illiquid                                                                                                               established private equity platform with 24
                                                                                               2
    strategies ($5bn)2                                                                $25bn                                                                  global offices
    Over 4,000 monitored and invested credits                                                                                                                Over 200 private equity investments
                                                                                                                                 $35bn

                                                                                                    $80 billion AUM

        Asian Private Equity                                                                                                                                   Strategic Opportunities & Growth
                                                                                          $8bn
    Established in 1999                                                                                                                                      Established in 2014
                                                                                                        $12bn
    One of the largest and longest-established                                                                                                               Strategic Opportunities investing in high-
    pan-Asian regional office networks                                                                                                                       quality, stable businesses with longer
                                                                                                                                                             holding periods ($10bn)

                                                                                                                                                             Growth equity investing in high-growth
                                                                                                                                                             tech-enabled companies ($2bn)

        CVC manages funds for over                 750 investors from across the world
        who place their trust in CVC to grow and protect their capital

    1     There can be no assurance any investment objectives will be successful.
    2     All amounts as at 30 September 2019. Commitment figure used for Pooled-Closed End Funds and Separately Managed Accounts in ramping phase. Includes warehouse figure for
          certain investment vehicles managed by CVC Credit. Underlying figures not in U.S. Dollars are converted using a spot rate as at 30 September 2019. Includes Managed Funds,
4         Separately Managed Account Arrangements and CLOs managed by CVC Credit Partners Investment Management Limited, CVC Credit Partners European Investment Fund
          Management Limited, CVC Credit Partners European CLO Management LLP and CVC Credit Partners U.S. CLO Management LLC, on a discretionary and non-discretionary basis.
CVC Credit Partners European Opportunities Limited - Q1 2020
CVC OVERVIEW

    CVC Credit
    Diversified Risk / Return Strategies for Our Investors1

                                   Our Mission Statement                                                                                            $3bn

                                                                                                                                             $2bn
                                  Consistently achieve exceptional
                                                                                                                                          $1bn
                                  performance for our investors through a                                                                 $1bn
                                                                                                                                                     $25bn AUM2
                                  collaborative team approach across our
                                  integrated platform and the CVC Network                                                                                          $18bn

                          Liquid Credit | $20 billion AUM                                                                            Illiquid Credit | $5 billion AUM

        Global Bank Loans                         Long / Short Credit                       Multi-Credit Strategy                            Private Debt                            Special Situations

         Senior secured loans &
                 bonds                                                                                                                  Senior secured middle-                       Stressed and distressed
                                                     Event-driven, senior
                                                                                             Blended credit strategies                  market loans across the                      credit, invested across a
             Structured credit                         secured focus
                                                                                                                                            U.S. & Europe                              longer term horizon
                    CLOs

    1   There can be no assurance any investment objectives will be successful.
    2   All amounts as at 30 September 2019. Commitment figure used for Pooled-Closed End Funds and Separately Managed Accounts in ramping phase. Includes warehouse figure for
        certain investment vehicles managed by CVC Credit. Underlying figures not in U.S. Dollars are converted using a spot rate as at 30 September 2019. Includes Managed Funds,
5       Separately Managed Account Arrangements and CLOs managed by CVC Credit Partners Investment Management Limited, CVC Credit Partners European Investment Fund
        Management Limited, CVC Credit Partners European CLO Management LLP and CVC Credit Partners U.S. CLO Management LLC, on a discretionary and non-discretionary basis.
CVC OVERVIEW

        The CVC Difference
        Fully Integrated Platform Across A Global Network of 24 Offices1

                                                                                                                         300+

                                                                                                                            750
                         193                                                                                                          63
                       CVC Capital                                                                                                 CVC Credit
                       Investment                                                                                                  Investment
                      Professionals2                                                                                              Professionals3

    1    As at 30 September 2019.
    2    Number of professionals as at September 2019. CVC Capital has completed over 300 investments since inception.
6   3    Number of professionals as at November 2019.
II. CVC European Credit Opportunities Overview
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

    Fund Overview

     CVC Credit                       Investment in European Senior Secured Loans and other sub-investment grade corporate credit
     Partners
                                      ◼     Largest LSE-listed closed ended investment company focused on this strategy
     European
     Opportunities                          – €509m market capitalisation2
     Limited1                               – Main market listing (admission date: 25 June 2013)
                                            – GBP, EUR and USD share classes (Tickers: CCPG LN and CCPE LN) 3

                                      ◼     The Company invests in CVC Credit’s European Credit Opportunities investment vehicle (“CEC” or “Investment
                                            Vehicle” 4) which has been investing since April 2009 and has generated an annualised gross return of 10.8% ITD
                                            (9.4% net ITD) 5

     What is Different?               Daily secondary market share trading and quarterly NAV based liquidity6
                                      ◼     Company share purchases on a NAV basis via contractual quarterly tenders6

                                      ◼     Direct connection to the liquidity of the underlying loans and bonds

                                      ◼     Timing mirrors Investment Vehicle redemptions7,8

                                      ◼     Paid for with back-to-back redemptions of the underlying Investment Vehicle

                                      ◼     Up to 24.99% of the outstanding shares per quarter subject to a cap of 50% p.a.

     (1)   CVC Credit Partners European Opportunities Limited is also referred to as the “Company” in this document.
     (2)   Source: Bloomberg. As at 31 December 2019. Market capitalisation of GBP share class converted to EUR at a flat rate as at 31 December 2019.
     (3)   There are presently no USD shares in issue.
     (4)   CVC European Credit Opportunities S.àr.l. Compartment A , the investment vehicle, was established in September 2011, and between April 2009 and September 2011 the portfolio was held
           by CRPII.
     (5)   Source: CVC Credit Partners. As at 31 December 2019. CEC began with significant investment by employees of CVC and initially charged its investors only a management fee, but during the
           second half of 2011 adopted terms that better represent the market, including an incentive allocation borne by its investors.
     (6)   The Company conducts tender activities on a quarterly basis, subject to pre-determined rules (including but not limited to a successful redemption of a pro rata amount of the Investment
           Vehicle investment) and an annual shareholder vote to re-approve arrangements. Subject to payment of tender fees.
8    (7)   50 days notice (45 days at the Investment Vehicle level and 5 days for the Company to aggregate and deliver redemption notices).
     (8)   There will be an additional settlement period from quarter end for the shares to settle.
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

    Fund Snapshot – Key Attributes

           Active Management, Attractive Stable & Secured Yield, Opportunistic Upside with Downside Protection

                      8-10%                                                         5.7%                                                         87%                                                         76%
                                                                                                                                              Floating     Rate2                                         Senior Secured2
              Total Target Gross Return1                                           Current Yield2

                                                                                                                                                                                                              61%
                          9.4%                                                     €984m                                                      €150m+                                                    Performing Credit
                      Net Return p.a.
                      Since Inception3
                                                                           Dedicated Strategy           AUM4                      of CVC Partner Capital Invested                                             39%
                                                                                                                                                                                                      Credit Opportunities5

                                                                                            Quarterly NAV based liquidity
    For illustrative and discussion purposes only and subject to change.
    (1)      Target returns are hypothetical in nature and are shown for illustrative and informational purposes only. This summary is not intended to forecast or predict future events, but rather to indicate
             the returns for the asset classes indicated herein that CVC Credit has observed in the market generally over the course of an investment cycle.
    (2)      As at 31 December 2019.
    (3)      Source: CVC Credit Partners. As at 31 December 2019. CEC began with significant investment by employees of CVC and initially charged its investors only a management fee, but during the
             second half of 2011 adopted terms that better represent the market, including an incentive allocation borne by its investors.
    (4)      As at 31 December 2019.
9   (5)      As at 31 December 2019. Current portfolio strategy attribution is not indicative of future attribution. Please see Appendix for important disclosures regarding the limitations of target returns and
             related performance.
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

     Performance Overview

      ▪         Identified long term market opportunity in credit driven by structural change
      ▪         European bias strategy with a core focus on floating rate senior secured assets across diversified large liquid capital structures
      ▪         Dynamic strategy allocating across Performing Credit and Credit Opportunities predominantly to European loans, with proven
                active and flexible risk management across the credit spectrum within differing market environments
                   ▪ Performing Credit: European banks historic dominance of debt finance shifting to institutional market
                   ▪ Credit Opportunities: Accelerated asset disposals across multiple industries and geographies
      ▪         Strong alignment with CVC with over €150 million of CVC partner capital invested in the strategy1

      CVC European Credit Opportunities Vehicle Cumulative Net Returns2                                                                                                                 Annualised Return Since Inception

          325
                   9.4% Net Return                                                                                                                                                                             CEC Net Returns4
          300
                   since inception                                                                                                                                                                                        9.4%
          275
          250                                                                                                                                                                                                 S&P ELLI (excl. FX)3
                                                                                                                                                                                                                             7.8%
          225
          200                                                                                                                                                                                     CS European LLI (Hedged to €)3
                                                                                                                                                                                                                           7.6%
          175
          150                                                                                                                                                                                                       HFRX Global3
                                                                                                                                                                                                                           1.5%
          125
          100
             Mar-09      Oct-09      May-10     Dec-10      Jul-11      Feb-12    Sep-12      Apr-13     Nov-13      Jun-14      Jan-15    Aug-15      Mar-16     Oct-16     May-17      Dec-17      Jul-18      Feb-19       Sep-19
                                                                CEC A (Net)                CS WELLI (Hedged to €)                S&P ELLI (excl. FX)               HFRX
                           Apr-09 –
                                                2010                 2011            2012              2013               2014              2015                2016             2017               2018               2019
                            Dec-09
           Net
                             29.2%             19.1%                 4.5%           14.0%              7.6%               3.1%              5.1%                9.5%             9.2%               0.3%               2.0%
           Returns2

     (1)        As at 31 December 2019.
     (2)        Data is as at 31 December 2019. Returns to September 2014 generated without leverage. Returns post-September 2014 generated with approximately 15% of AUM provided by a debt facility.
                Includes audited and unaudited results, and also includes estimates by CVC Credit Partners. CVC Credit Partners makes no representations or guarantees regarding the accuracy or
                completeness of such investment performance information. Past performance is not an accurate indicator of current or future returns and potential investors should have no
                expectation that past performance can or will be replicated in the future.
     (3)        The S&P ELLI (excluding FX), HFRX Global Index and Credit Suisse European Leveraged Loan Index (Hedged to €) are widely recognised, unmanaged indices of market activity and have
                been included as a general indicator of market performance. There are significant differences between the types of investments made or expected to be made by the Vehicle and the
10              investments covered by such index.
     (4)        CEC began with significant investment by employees of CVC and initially operated with a reduced economic structure. Returns as at 31 December 2019.
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

     Investment Strategy
     Proven & Flexible Strategy Across the Credit Spectrum

                                        Performing Credit                                                                                                                       Credit Opportunities

     ◼ Stable Income Generation                                                                                                                  ◼ Capital Gains and Income Generation

            – 8% annualised gross return (ITD)1                                                                                                         –          16% annualised gross return (ITD)1

     ◼ Senior Secured                                                                                                                            ◼ Senior Secured & Subordinated

     ◼ Floating Rate                                                                                                                             ◼ Floating and Fixed Rate

     ◼ Large Cap Liquid Issuers                                                                                                                  ◼ Event-Driven Opportunistic

     ◼ Sourced in Primary & Secondary                                                                                                            ◼ Sourced Directly by CVC Credit

                     4 – 7% Target Gross Return2                                                                                                             7 – 20%+ Target Gross Return2

     Past performance is provided for illustrative purposes only and not indicative of future results, which may vary. There can be no assurance that the Vehicles will achieve comparable results or be able to
     avoid losses, including loss of all capital.
     (1)       As at 31 December 2019. The annualised returns presented herein are on a “gross” basis and accordingly do not reflect the management fees, performance fees, taxes and expenses that are borne by investors
               in CVC Credit Partners European Opportunities Limited. The annualised returns presented herein have been calculated: (i) to assist prospective investors with their review of the performance data contained
               herein; (ii) on a reasonable efforts basis by CVC Credit Partners and, so far as possible, reconciled against the audited attribution files for CVC Credit Partners European Opportunities Limited, in each case
               maintained by the CVC Credit Partners’ operations team. CVC Credit Partners European Opportunities Limited notes that such annualised returns presented were therefore not necessarily experienced by an
               actual investor in the relevant CVC Credit Partners European Opportunities Limited and may be inconsistent with the audited performance data for such CVC Credit Partners European Opportunities Limited
11             which may have been prepared on a different basis.
     (2)       Target returns are hypothetical in nature and are shown for illustrative and informational purposes only. This summary is not intended to forecast or predict future events, but rather to indicate the returns for the
               asset classes indicated herein that CVC Credit has observed in the market generally over the course of an investment cycle.
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

     Performance vs. Listed Market Peers

     NAV Performance1                                                                                                Share / Exchange Price Performance1

     40.0%                                            CVC Credit Partners European Opportunities (GBP)               35.0%                                      CVC Credit Partners European Opportunities (GBP)
                36.6%
                                                      CVC Credit Partners European Opportunities (EUR)                                                          CVC Credit Partners European Opportunities (EUR)
     35.0%                                            Alcentra European Floating Rate Income Fund (GBP)                      29.6%                              Alcentra European Floating Rate Income Fund (GBP)
                                                                                                                     30.0%
                                                      NB Global Floating Rate Income Fund (GBP)                                                                 NB Global Floating Rate Income Fund (GBP)
                      30.7%                                                                                                          27.3%

     30.0%                 28.1%
                                                                                                                     25.0%

     25.0%                                                                                                                             20.3%
                                 22.5%
                                                                                                                     20.0%

     20.0%
                                                                                                                                                                                       14.8%
                                                                                                                     15.0%
                                                                                                                                             12.5%
     15.0%                                                                                                                                                                                     11.3%
                                                                                                                                                             10.0%                                                        10.5%

                                                  9.8%                        9.7%             9.8% 9.3%
                                                                                                                     10.0%                                                                                    8.1% 8.2%
     10.0%                                                                           8.8%                     8.5%

                                                                                                                                                                                                  4.6%
                                               4.7%                                    4.8%                5.1%      5.0%                                3.9%                 3.9%
       5.0%                          2.9%                                                                                                                              2.2%
                                        1.4%                                                2.7%                                                                                                                     2.2%
                                                                  2.3%                                                                           -3.5%                                                 1.3%
                                                         1.0%                                                                                                        0.5%
                                                             0.1%                                                                                    -5.0%
       0.0%                                                                                                          0.0%

                                                                      -1.3%
                                                                                                                                                                                   -2.5%
      -5.0%                                                                                                          -5.0%
                  2014 - 2020              2019                2018                  2017            2016                     2014 - 2020             2019                  2018               2017               2016
                     YTD                                                                                                         YTD

     For illustrative purposes only.
     (1)      Source: Morningstar and Winterflood (as at 7 January 2019).

12
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

     Outperformance Across both Up & Down Markets1

     CVC European Credit Opportunities Up-Market Performance1
     2.00%                                                    2.00%                                                     2.00%                                                     2.00%
                                                                                                                                                            1.69%

     1.50%          1.35%                                     1.50%                                                     1.50%           1.32%                                     1.50%          1.31%
                                                                              1.23%
                                        1.01%                                                     0.92%
     1.00%                                                    1.00%                                                     1.00%                                                     1.00%                      0.83%

     0.50%                                                    0.50%                                                     0.50%                                                     0.50%

     0.00%                                                    0.00%                                                     0.00%                                                     0.00%
               CVC European           CS WELLI                           CVC European S&P ELLI (excl.                             CVC European           CS WEHY                            CVC European     HFRX
                  Credit              (Hedged)                              Credit         FX)                                       Credit                                                    Credit
               Opportunities                                             Opportunities                                            Opportunities                                             Opportunities

     CVC European Credit Opportunities Down-Market Performance1
     0.00%                                                     0.00%                                                     0.00%                                                     0.50%

                                                                                                                                                                                                  0.08%
                                                                                                                                                                                   0.00%
                                                                                                                        -0.50%
                                                                                                                                        -0.44%

     -0.50%                                                   -0.50%                                                                                                              -0.50%

                                                                                                                        -1.00%
                                                                                                                                                                                  -1.00%
                                        -0.70%                                                    -0.70%
                    -0.75%                                                                                                                                                                                   -1.06%
                                                                              -0.79%
                                                                                                                                                           -1.33%
     -1.00%                                                   -1.00%                                                    -1.50%                                                    -1.50%
               CVC European           CS WELLI                           CVC European S&P ELLI (excl.                              CVC European           CS WEHY                            CVC European    HFRX
                  Credit              (Hedged)                              Credit         FX)                                        Credit                                                    Credit
               Opportunities                                             Opportunities                                             Opportunities                                             Opportunities

       Past performance is provided for illustrative purposes only and not indicative of future results, which may vary. There can be no assurance that comparable results or ability to avoid
       losses, including loss of all capital, will be achieved.
       (1)    Relative to benchmark performance shown. The Up/Down Capture analyses is representative of performance April 2009 to 31 December 2019. Up-market performance is defined as a month in
13            which the return of the relevant index was positive, and down-market performance is defined as a month in which the return of the relevant index was negative. Note: Please see Section
              “Glossary, Disclaimers & Additional Footnotes” for relevant footnotes.
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

     Experienced & Diversified Team1

                                                  Andrew Davies                                                                                                           Mark DeNatale
                                                  Partner                                                                                                                 Partner
     Portfolio                                    Head of Europe                                                                                                          Global Head of Special Situations
     Managers                                     Senior Portfolio Manager                                                                                                Senior Portfolio Manager

                                                  18 years experience                                                                                                     26 years experience
                                                                   Europe                                                                                                                         U.S.
                                                                                                                                                                                                                        Cary
                            Neale            Ran           Guillaume            Sue              Pieter         Stuart       Gretchen             Tom              Oscar              Caroline          David                              Kevin             Scott
                                                                                                                                                                                                                         Ho
                         Broadhead        Landmann         Tarneaud            Player           Staelens        Levett      Bergstresser        Newberry         Anderson              Benton         DeSantis                           O’Meara            Bynum
                                                                                                                                                                                                                   Snr. MD / Head
                        Snr. Managing   Snr. Managing    Snr. Managing       Managing          Managing       MD / Trader     Partner,           Partner,      Snr. Managing       Snr. Managing    Snr. Managing                      Snr. Managing    Snr. Managing
                                                                                                                                                                                                                       of CLO
                           Director      Director / PM    Director / PM   Director/Asst. PM   Director / PM                   Snr. PM            Snr. PM        Director / PM       Director / PM    Director / PM                      Director / PM    Director / PM
                                                                                                                                                                                                                     Origination
                          33 Years         21 Years         16 Years          35 Years          18 Years       24 Years       32 Years          35 Years          28 Years            22 Years         21 Years                          18 Years          15 Years
                                                                                                                                                                                                                      23 Years

                                            Chris           Josefa            Natalia           Simone                       Jonathan             David             Justin             Eric                             LynnAnn
                         Andrew Tully                                                                           Hamza                                                                                 Miklavz                             Brian           Andrew
                                           Fowler          Llinares           Nowak             Zacchi                         Stanley            Rous             Sughrue          Ballantine                           Loufik
                          Managing                                                                               Filali                                                                                Bevc                               Miller         Eversfield
                                          Managing         Managing          Managing          Managing                      Managing           Managing          Managing           Director                           Director /
                           Director                                                                            Director                                                                               Director                           Director         Director
                                           Director         Director          Director          Director                    Director / PM        Director      Director/Asst. PM                                        Asst. PM
                           23 Year                                                                             17 Years                                                                               15 Years                           14 Years         16 Years
                                          20 Years         21 Years          18 Years          14 Years                       23 Years          21 Years           17 Years          22 Years                           14 Years

     CVC Credit            Mitchell       Othman            Edward
                                                                           Alvaro Ruiz          Dominic           David        Francie           Andrew
                                                                                                                                                                   Catalin
                                                                                                                                                                                      Molly            Lowell             Arlene           Erica          Spenser
                                                                            Nolasco             Connelly      Deregowski        Ward             Milano                             Whiteman          Thomas              Kenny            Davis           Samms
     Partners               Glynn          Alaoui           Michel
                                                                           Investment          Investment      Investment      Director          Director
                                                                                                                                                                    Cibu
                                                                                                                                                                                     Director /      Investment         Investment      Investment       Investment
     Investment            Director       Director          Director
                                                                             Director            Director        Director
                                                                                                                                                                   Director
                                                                                                                                                                                      Trader           Director           Director        Director         Director
                           12 Years       11 Years          9 Years                                                                                               12 Years
     Team                                                                   11 Years             9 Years        10 Years      11 Years           11 Years                           11 Years          15 Years           14 Years        12 Years         10 Years

                             Chloe           Alex            Moris             Kevin           Alessio Di        Irene                                              Costa            Brendan           Irina                              Joseph
                                                                                                                            David Wang         Sara Garre                                                             Michael Mattei                       Max Liu
                              Qiao           Roy          Nachmias             Wong                Vito          Huete                                             Trikas             Lynch          Romanova                            Azevedo
                                                                                                                             Investment        Investment                                                               Investment                       Investment
                          Investment     Investment       Investment        Investment         Investment     Investment                                         Investment         Investment        Analyst                           Investment
                                                                                                                            Director, Trader     Director                                                                 Analyst                         Executive
                            Director       Director         Director          Director           Director      Executive                                          Executive          Executive                                           Executive
                                                                                                                               10 Year           9 Year                                                                   3 Year                           4 Years
                            8 Years        7 Years          7 Years           7 Years            6 Years        5 Years                                            5 Years            3 Year             7 Years                          5 Years

                             Renu           Julian                            Susana
                                                         Tom Hayhurst                                                         Andrew             Amanda
                             Shiva        Lilienthal                          Carlini
                                                           Associate                                                           Soulas            Steffey
                          Investment     Investment                         Investment
                                                                                                                            Junior Trader      Junior Trader
                           Executive      Executive                           Analyst
                                                            8 Years                                                           4 Years             1 Year
                            4 Years        4 Years                            4 Years

                        15+                                                                   25                                                               36                                                                    14
          Languages Spoken Across the                                     Years of Average Investment                                   Dedicated Operations & Finance                                             Dedicated Legal & Compliance
            Investment Professionals                                              Experience2                                                   Professionals                                                              Professionals

      For informational purposes only.
      (1) Years of professional experience as at January 2020.
      (2) Managing Director and above.
14
CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW

     Key Terms

      Company                                 ◼ Limited liability company incorporated in Jersey

      Listing                                 ◼ London Stock Exchange Main Market – Premium Listing on the Official List on 26 June 2013

      Shares in Issue                         ◼ 131m EUR shares and 324m GBP shares1

      Market Capitalisation                   ◼ €127.0m (Euro Class) / £343.6m (Sterling Class) 1

      Investment Vehicle                      ◼ Compartment A of CVC European Credit Opportunities S.àr.l. domiciled in Luxembourg

      Investment Vehicle
                                              ◼ CVC Credit Partners Investment Management Limited
      Manager

      Target Return                           ◼ 8 – 12% p.a. over the medium term (net of fees and expenses) 2

      Target Dividend                         ◼ 5.5% p.a. paid quarterly (from February each quarter) 2

                                              ◼ Senior Secured Obligations >= 50%
                                                                                                                                                                            ◼ Structured credit = 60%
                                                                                                                                                                            ◼ CVC Capital Portfolio Company Debt Obligations
III. Portfolio & Performance Overview
PORTFOLIO & PERFORMANCE OVERVIEW

     Portfolio Snapshot (December 2019)

     Portfolio Overview1                                                                                                Asset Class Exposure1
      # of Positions                                                                        131                                                                                                Loans (1st Lien)
                                                                                                                                                      4%
      # of Corporate Credits                                                                                                                  12%
                                                                                            83                                                                                                 Senior Secured Bonds

                                                                                                                                         4%
      Weighted Average EBITDA                                                             >€400m                                                                                               Loans (2nd Lien)
                                                                                                                                        4%
                                                                                                                                                                                               Structured
      Current Yield                                                                        5.7%
                                                                                                                                        13%                           63%                      Cash
      Weighted Average Portfolio Market Price2                                             94.7
                                                                                                                                                                                               Other
      Weighted Average Debt / EBITDA3                                                      5.0x

      % Floating Rate Assets                                                               86.7%

      Industry Exposure1                                                                                                Geography Exposure1
                                                                            Healthcare & Pharmaceuticals

                                                                            Retail Store                                                                                                         UK

                                     13%                                    Diversified/Conglomerate Service                                        9%
                                                                                                                                                                                                 Germany
                                                                            Chemicals, Plastics & Rubber                                     9%                     24%
                 31%
                                             10%                                                                                                                                                 France
                                                                            Broadcasting & Entertainment

                                                                            Electronics                                                 11%                                                      Netherlands
                                              10%                           Insurance
                                                                                                                                                                                                 U.S.
                 3%                                                                                                                                                    14%
                                                                            Healthcare, Education & Childcare
                  4%                       7%                                                                                                 14%                                                Spain
                    5%                                                      Hotel, Gaming & Leisure
                           5% 6% 6%                                                                                                                        14%
                                                                            Business Services                                                                                                    Other

                                                                            Other

     (1)   Source: CVC Credit Partners. As at 31 December 2019. Past performance is not an accurate indicator of current or future returns and investors should have no expectation that past performance
           can or will be replicated in the future.
     (2)   Average market price of the portfolio weighted against the size of each position.
     (3)   As at 30 September 2019. The weighted average debt (through the debt tranche CVC Credit Partners holds in the capital structure) / EBITDA for each position in the portfolio.
17
PORTFOLIO & PERFORMANCE OVERVIEW

     Monthly Performance Data1

     Monthly Fund Net Returns
                                                                                                                                                                                                                                                    Benchmark3
     Year               Jan             Feb              Mar             Apr             May              Jun              Jul            Aug              Sep             Oct             Nov              Dec        Net Return2 CS WELLI S&P ELLI

     2019              0.6%            0.9%             0.1%            1.0%           (0.9%)            0.2%           (0.3%)          (0.6%)            0.4%           (0.8%)           0.5%             1.5%              2.0%                 5.0%     4.5%

     2018              0.8%            0.5%             0.2%            0.6%            0.2%             0.6%            1.0%            0.6%            0.17%           (0.9%)          (1.8%)          (1.5%)              0.3%                 0.5%     1.4%

     2017              2.2%            0.8%             0.6%            0.9%            1.2%             0.8%            1.1%            0.3%             0.3%            0.4%            0.4%             0.0%              9.2%                 3.3%     4.1%

     2016             (0.5%)           (1.6%)           2.2%            1.6%            1.0%            (0.8%)           2.0%            0.9%             0.6%            0.9%            1.5%             1.3%              9.5%                 6.5%     5.7%

     2015              0.9%            1.2%             1.2%            1.2%            0.8%            (0.3%)           0.8%            (0.1%)           0.1%            0.2%            (0.3%)          (0.4%)             5.1%                 3.1%     4.5%

     2014              0.7%            0.4%             0.3%            0.4%            0.5%             0.7%            0.2%            0.2%            (0.2%)          (0.3%)           (0.1%)           0.2%              3.1%                 2.0%     3.0%

     2013              1.1%            0.7%             0.8%            1.4%            0.7%            (0.8%)           0.3%            0.5%             0.7%            0.7%            0.7%             0.4%              7.6%                 8.7%     9.1%

     2012              3.7%            1.4%             1.0%            0.5%            (1.1%)           0.6%            1.2%            1.5%             1.1%            0.8%            1.5%             1.1%             14.0%                 10.4%    9.5%

     2011              4.0%            1.8%            (0.4%)           1.3%            2.6%            (1.0%)          (0.3%)           (2.9%)          (1.6%)           2.2%            (2.1%)           1.2%              4.5%                 -0.6%    0.4%

     2010              7.9%            (1.2%)           3.1%            3.3%            (2.5%)          (1.6%)           1.3%            1.9%             1.8%            1.8%            0.6%             1.5%             19.1%                 8.5%     8.4%

     2009                                                              (0.3%)           0.3%             3.5%            6.7%            5.1%             2.7%            3.2%            1.7%             3.1%             29.2%                 42.7%    36.7%

     (1)    Source: CVC Credit Partners. As at 31 December 2019. Note: All statistics are unaudited and subject to revision. The information set forth above was compiled from sources CVC Credit Partners believes to be reliable; however CVC
            Credit Partners makes no representations or guarantees hereby with respect to the accuracy or completeness of such data. Please read the Disclaimer. Past performance is not an accurate indicator of current or future returns
            and potential investors should have no expectation that past performance can or will be replicated in the future.
     (2)    CEC began with significant investment by employees of CVC and initially charged its investors only a management fee, but during the second half of 2011 adopted terms that better represent the market, including an incentive
            allocation borne by its investors.
18   (3)    The S&P ELLI (excluding FX) and Credit Suisse European Leveraged Loan Index (Hedged to €) are widely recognised, unmanaged indices of market activity and have been included as a general indicator of market performance.
            There are significant differences between the types of investments made or expected to be made by the Vehicle and the investments covered by such index. Note: Please see Section “Glossary, Disclaimers & Additional Footnotes”
            for relevant footnotes.
PORTFOLIO & PERFORMANCE OVERVIEW

     Tactical Investing Across Strategies1,2

     Annualised Allocation by Strategy (ITD)                                       Annualised Return by Strategy (ITD)3                                Annualised Net Return Attribution (ITD)

      100%                                                                        20%                                                                  18%

                                                                                                                                                                           9.4%
                                                                                                                                                                       Annualised net
                                                                                                                                                       15%
       80%                                  39%                                   16%                                                                                   return since
                                                                                                                                                                         inception

                                                                                                                                                       12%

       60%                                                                        12%

                                                                                                                                                                           3.3%
                                                                                                                                                         9%

       40%                                                                          8%                                                 16%
                                            49%
                                                                                                                                                         6%

                                                                                                                                                                           8.0%
       20%                                                                          4%                  8%
                                                                                                                                                         3%

                                            12%
         0%                                                                         0%                                                                   0%                -0.5%

                                                                         Performing Credit                Credit Opportunities           Cash/Expenses 4,5

     For illustrative purposes only.                                                                                                                    -3%
     Note: Please see Section “Glossary, Disclaimers & Additional Footnotes” at the end of this presentation for relevant footnotes.

19
PORTFOLIO & PERFORMANCE OVERVIEW

     Tactical Investing Across Strategies (Cont’d)

     Historic Net Return Attribution1,2
     35%
                     29.2%
     30%

     25%
                                                        19.1%
     20%                                                                                                                    14.0%

     15%               29.5%
                                                                                                                                                                                                                                                                           9.5%                              9.2%                                                                                                     9.4%
                                                          16.2%                                                                                                  7.6%
                                                                                                                                15.4%
     10%
                                                                                                                                                                                                                                        5.1%                                 7.7%
                                                                                             4.5%                                                                  5.6%                             3.1%                                                                                                       8.9%                                                                                                     8.0%
      5%                                                                                                                                                                                                                                 3.7%                                                                                                    0.3%                              2.0%
                                                                                              3.7%                                                                                                    1.9%
                                                                                                                                                                                                                                                                             4.2%                                                                 0.8%
                                                           3.7%                                                                 3.2%                               3.8%                                                                   3.0%                                                                  2.5%                                                                 3.3%                              3.3%
                        0.4%                                                                 1.8%                                                                                                    2.7%                                                                                                                                         1.0%
      0%               (0.3%)                             (0.3%)                            (0.4%)                             (0.6%)                             (1.8%)                            (0.4%)                               (0.4%)
                                                                                                                                                                                                                                                                           (0.4%)
                                                                                                                                                                                                                                                                                                                                                                                                                      (0.5%)
                                                                                            (0.6%)                                                                                                                                      (1.2%)                                                                (0.4%)                              (0.6%)                            (0.0%)                            (1.4%)
                       (0.4%)                             (0.5%)                                                               (3.9%)                                                               (1.1%)                                                                                                                                                                          (0.4%)
                                                                                                                                                                                                                                                                            (2.0%)                            (1.8%)                              (0.9%)                            (0.9%)
     (5%)
                   2009 (Apr-                            2010                               2011                               2012                              2013                               2014                               2015                               2016                               2017                               2018                               2019                          ITD
                     Dec)                                                                                                                                                                                                                                                                                                                                                                                     Annualised
                                                                                                                      Performing Credit                                           Credit Opportunities                                              Cash/Expenses                                         Fees

                        2009 (Apr – Dec)                            2010                              2011                              2012                              2013                              2014                              2015                              2016                              2017                              2018                              2019                     ITD Annualised

                     Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return   Allocation Attribution   Return

     Performing        1%        0.4%         32%       18%        3.6%         20%       29%        1.8%         6%        30%        3.2%         11%       56%        3.8%         7%        57%        2.7%         5%        44%        3.0%         7%        44%        4.2%         9%        47%        2.5%         5%        45%        1.0%         2%        51%        3.3%         7%        39%        3.3%         8%

     Credit Ops       68%       29.5%         43%       69%       16.2%         24%       48%        3.7%         8%        61%       15.4%         25%       33%        5.7%         17%       38%        1.9%         5%        46%        3.7%         8%        47%        7.7%         16%       44%        8.9%         20%       45%        0.8%         2%        41%        0.0%         0%        49%        8.0%         16%

     Cash/Expenses
     (3)(4)           31%        -0.3%                  13%        -0.3%                  23%        -0.4%                   9%        -0.6%                  11%        -0.1%                   5%        -0.4%                  10%        -0.4%                   9%        -0.4%                   9%        -0.4%                  10%        -0.6%                   8%        -0.4%                  12%        -0.5%

     Total Gross
                      100% 29.6%                       100% 19.5%                        100%        5.1%                  100% 18.0%                        100%        9.4%                  100%        4.2%                  100%        6.3%                  100% 11.5%                        100% 11.0%                        100%        1.3%                  100%        2.9%                  100% 10.8%
     Return

     Fees                        -0.4%                             -0.5%                             -0.6%                             -3.9%                             -1.8%                             -1.1%                             -1.2%                             -2.0%                             -1.8%                             -0.9%                             -0.9%                             -1.4%

     Total Net
                     100% 29.2%                        100% 19.1%                        100%        4.5%                  100% 14.0%                        100%        7.6%                  100%        3.1%                  100%        5.1%                  100%        9.5%                  100%        9.2%                  100%        0.3%                  100%        2.0%                  100%        9.4%
     Return

     For illustrative purposes only.
     Note: Please see Section “Glossary, Disclaimers & Additional Footnotes” for relevant footnotes.

20
PORTFOLIO & PERFORMANCE OVERVIEW

     Dynamic Allocation Across Strategies

                                                                                           IPO of CVC Credit Partners
                                                       CRP II / CEC Roll                   European Opportunities Ltd.
      100%

       90%

       80%

       70%

       60%

       50%

       40%

       30%

       20%

       10%

        0%
         30-Apr-09 30-Nov-09 30-Jun-10 31-Jan-11 31-Aug-11 31-Mar-12 31-Oct-12 31-May-13 31-Dec-13 31-Jul-14 28-Feb-15 30-Sep-15 30-Apr-16 30-Nov-16 30-Jun-17 31-Jan-18 31-Aug-18 31-Mar-19 31-Oct-19

                                                                                     Performing Credit         Credit Opportunities         Cash

     For illustrative purposes only.
     Source: CVC Credit Partners. As at 31 December 2019. CVC Credit Partners adopted the categorisation of investment strategies described above in September 2011 and accordingly the attribution of
     investment returns as between strategies above in respect of the periods prior to such date has been made retrospectively by CVC Credit Partners for the purposes of this Presentation and the
     Prospectus. The attribution of investment returns as between these strategies is necessarily subjective to a certain degree. CVC Credit Partners considers that the attribution shown above represents a
21   fair and reasonable allocation of investment returns between the respective strategies. Cash includes the liquidity facility instalments effective from 15 October 2014. The Credit Opportunities target
     return represents the combination of the Credit Opportunities strategy with a 7 - 15% return profile and the Special Situations strategy with a 15 - 40% return profile.
PORTFOLIO & PERFORMANCE OVERVIEW

     Dynamic Portfolio Investing Across the Capital Structure

                                                                                   IPO of CVC Credit Partners
                                                     CRP II / CEC Roll             European Opportunities Ltd.
     100%

      90%

      80%

      70%

      60%

      50%

      40%

      30%

      20%

      10%

      0%
       30-Apr-09 30-Nov-09 30-Jun-10 31-Jan-11 31-Aug-11 31-Mar-12 31-Oct-12 31-May-13 31-Dec-13 31-Jul-14 28-Feb-15 30-Sep-15 30-Apr-16 30-Nov-16 30-Jun-17 31-Jan-18 31-Aug-18 31-Mar-19 31-Oct-19

                                                  Senior Secured Loan           Senior Secured Bond            2nd Lien         CLO          Mezzanine & Other Subordinated Debt   Cash

     For illustrative purposes only.
     Source: CVC Credit Partners. As at 31 December 2019. Cash includes the liquidity facility instalments effective from 15 October 2014.

22
Appendix
Appendix A
Market Overview
APPENDIX A – MARKET OVERVIEW

     European Bank Non-Core Asset Sales Continue to Present Opportunities

     Recent acceleration of bank divestments account for only a relatively small portion of the estimated non-
     core legacy assets that still remain on balance sheet:
     ▪ €2.1 trillion of European non-core loans and €1.1 trillion face value of European non-performing loans (“NPLs”)(1)
     Banks need to boost their returns with few reaching ‘breakeven’, requiring them to sell non-core loans and
     refocus resources on viable business lines
     ▪        ECB continues to put pressure on banks to advance resolution of bad-debt issues

     Volume of European Secondary Loans Sold(1)                                                      NPLs by Country(2)
     €bn
                                                                                                                          2016 (€bn)   CVC Capital Office
     160
                                                                                                     Italy                   202               ✓
     140
                                                                                                     Germany                 135               ✓
     120
                                                                                                     France                  116               ✓
     100                                                                                             Spain                   120               ✓
         80                                                                                          Greece                  105
                                                                              140
         60                                                                            118           Russia                  80
         40
                                                                  94                          100
                                                                                                     United Kingdom          60                ✓
                                                      64                                             Ireland                 59
         20                              46
                            36
                12
                                                                                                     Netherlands             42                ✓
          0
                2010       2011         2012        2013         2014         2015     2016   2017   Other                   165
                                                                                                     Total                  €1.1tn

     For informational purposes only.
     (1)     Source: PwC Bank Restructuring Conference 2018.
25   (2)     Source: PwC European Portfolio Advisory Group Market Update (May 2017).
APPENDIX A – MARKET OVERVIEW

     Market Technicals

     Global Leveraged Loan Markets Have Reached Record Levels ($bn)(1)                                                              CLOs Continue to Dominate Global Leveraged Loan Markets(2)
                                                                                                                          $1,357
     $1,400                                             U.S.       Europe                                                                                                    Finance Co.   Insurance Co.   Hedge, Distressed & High-Yield Funds   Loan Mutual Funds   CLO
                                                                                                                           $207
                                                                                                                                    100%
     $1,200                                                                                                 $1,126
                                                                                                                                                        90%
                                                                                       $986       $1,008
                                                                       $952                                   $167                                      80%                                         41%
     $1,000                                                                                                                                                                      50%
                                                                                                                                                                                           43%
                                                           $826                        $105         $121                                                                                                      55%      53%
                                                                        $119                                                                            70%                                                                      62%      61%       62%      64%
                $731                                                                                                                                                                                                                                                  68%
      $800                 $677                 $694                                                                                                    60%
                                      $663                  $144

      $600       $200                            $142                                                                                                   50%                                14%      19%
                            $173       $146                                                                               $1,150                                                  9%
                                                                                                              $959                                      40%                                                   15%
                                                                        $832           $881         $887
      $400                                                                                                                                              30%                                                            31%
                                                            $683                                                                                                                           33%                                   22%      21%       24%
                                                                                                                                                                                 32%                30%                                                      23%
                 $531                            $552                                                                                                                                                                                                                 21%
                            $504       $516                                                                                                             20%                                                   23%
      $200
                                                                                                                                                        10%                                                             9%       10%      11%       7%       6%       3%
                                                                                                                                                                                 6%         5%       6%                           5%
                                                                                                                                                                                                              4%        5%                 5%       6%       6%       6%
         $0                                                                                                                                                                      3%         5%       5%       2%        1%        1%       1%       1%       1%       1%
                                                                                                                                                                        0%
                2009       2010       2011      2012       2013        2014            2015        2016       2017         2018                                                 2009       2010    2011      2012     2013      2014     2015      2016     2017      2018

     Evolution of the Global Leveraged Loan & HY Market ($bn)(3)                                                                    U.S. Mutual Fund & ETF Ownership of Corporate Debt on the Rise(4)
      4,000
                                                                                                                          $3.5 tr                                        30%
      3,500                                                                                     $3.2 tr $3.3 tr $3.3 tr

                                                                                                                                     Ownership of U.S. Corporate Debt
                                                                                      $3.0 tr                                                                            25%
      3,000                                                                 $2.7 tr
      2,500                                                       $2.3 tr                                                                                                20%
                        $2.1 tr $2.1 tr $2.2 tr $2.1 tr $2.1 tr
      2,000 $1.8 tr                                                                                                                                                      15%
      1,500
                                                                                                                                                                         10%
      1,000
                                                                                                                                                                                                            $10bn of ETF inflows vs. $101bn of outflows
        500                                                                                                                                                              5%
                                                                                                                                                                                                             from actively managed funds since 2014(5)
           0                                                                                                                                                             0%
                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018                                                                                           2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
         U.S. Institutional Loans       European Institutional Loans             U.S. High Yield           European High Yield                                                                                      Mutual Funds & ETFs

      For informational purposes only.
      (1) Source: S&P Global Market Intelligence - Global Leveraged Lending Report (2018 4Q).
      (2) Source: S&P Global Market Intelligence - Quarterly Leveraged Lending Review (2018 4Q).
      (3) Source: Credit Suisse, Leveraged Finance Strategy Monthly, as of January 8, 2019. European Institutional Loans and High Yield converted as at 31 December 2018 FX rate.
26    (4) Source: Federal Reserve. From Jan. 2005 to Dec. 2017.
      (5) Source: J.P. Morgan as at 30 November 2018. Reflects flows from 2014 to November 2018.
APPENDIX A – MARKET OVERVIEW

     Market Fundamentals

     Net Primary Dealer Inventories in Corporate Debt (USD billions)(1)
       $120
       $105
        $90
        $75
        $60
        $45
        $30
        $15
          $-
               2006          2007               2008           2009            2010         2011              2012           2013                 2014                  2015               2016                   2017               2018

     U.S. and European Average LBO Equity Contribution(2)                                                            U.S. and European Total Debt / EBITDA Multiples(2)

                                                           48%                           49%              48%                       5.9x                                        U.S.        Europe
        US      Europe                     47%
                               46% 45%
                                                   44%                                            44%
                         42%                                       42%                         42%
                                         41%                               41% 40%42% 41%               41%
                      39%                                                                                                5.4x                                                                                                                           5.4x
                                                 38%     38%             37%
                                                                 36%                                                                                                                                                                                 5.2x
                                                                                                                                              5.1x                                                                                            5.1x
        33%    33%                                                                                                                                                                                                5.0x          5.0x 4.9x 5.0x
     31%    31%                                                                                                                 4.9x                                                                          4.9x          4.9x
                                                                                                                                                                                                  4.7x 4.7x              4.7x
                                                                                                                                                                                       4.6x
                                                                                                                      4.4x                                                 4.4x 4.4x       4.5x
                                                                                                                                                                    4.2x
                                                                                                                                                     4.1x 4.1x
                                                                                                                                                                 3.9x
                                                                                                                                           3.7x

      2006     2007   2008     2009      2010    2011    2012    2013    2014    2015   2016   2017     2018          2006      2007       2008      2009        2010       2011       2012        2013       2014       2015     2016     2017      2018

     For informational purposes only.
     (1) Source: The Federal Reserve Bank of New York. Includes commercial paper, investment grade and non-investment grade bonds, notes and debentures. As at 26 December 2018.
27   (2) Source: S&P LCD. Global Leveraged Lending Review (Q4 2018).
APPENDIX A – MARKET OVERVIEW

     European Leveraged Loan Market – Relative Value

      Weighted Average New-Issue Spreads Europe vs. U.S.(1)                                                                                          European Secondary Market Spreads Bonds vs. Loans(2)
      (bps p.a.)                                                                                                                                     (bps p.a.)
      600                                                                                                                                            2,000

                                                                                                                                                     1,750

      500
                                                                                                                                                     1,500

      400                                                                                                                                            1,250

                                                                                                                                                     1,000

      300
                                                                                                                                                      750

      200                                                                                                                                             500

                                                                                                                                                      250

      100
                                                                                                                                                        0

         0                                                                                                                                            -250
                                                                                                                                                          2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
             2Q01

                    2Q02

                           2Q03

                                  2Q04

                                         2Q05

                                                2Q06

                                                       2Q07

                                                              2Q08

                                                                       2Q09

                                                                              2Q10

                                                                                     2Q11

                                                                                             2Q12

                                                                                                    2Q13

                                                                                                           2Q14

                                                                                                                  2Q15

                                                                                                                         2Q16

                                                                                                                                2Q17

                                                                                                                                       2Q18

                                                                                                                                              2Q19

                                                                                                                                                                         Difference          European Loans            European High Yield

                                                                     Europe                 U.S.

     For informational purposes only.
     (1)     Source: S&P LCD – Global Leveraged Lending Report Q2 2019.
28   (2)     Source: Loan Spreads: S&P LCD – ELLI Spread to Maturity, HY Bond Spreads: Bloomberg (CS Western European High Yield Index, STW). As at 2 August 2019.
Appendix B
Additional CVC Credit Information
APPENDIX B – ADDITIONAL CVC CREDIT INFORMATION

     Utilising the CVC Network through Due Diligence

           Proprietary Credit Database                                                         Risk-Mitigation
           ✓ c.4,000 credits monitored since new issue                                         ✓ Deep understanding of distinct business
           ✓ Every stressed and distressed credit                                                environments that exist in local markets
             began its life as a new issue                                                     ✓ 300+ equity investments
                                                                                                                                                                                             Differentiated
           Deep Relationship Network Established
           13+ Years of Credit Investing
           ✓ Dedicated sourcing and trading
                                                                                +              Established Network of Investment
                                                                                               Professionals
                                                                                               ✓ Long tenure at CVC and deep roots in
                                                                                                                                                                                               Access &
                                                                                                                                                                                                Analysis
             professionals                                                                       their local markets

           Underwriting Expertise                                                              “Partner of Choice”
           ✓ Conservative credit culture                                                       ✓ Strong relationships with major banks
           ✓ Dedicated sector investment analysts                                              ✓ $34 billion of financing activity in 2018(2)

                                             Superior access to information drives better informed credit decisions

     For informational purposes only.
     (1) All interaction and collaboration with CVC Capital Partners is subject to the Firm’s Information Barrier Policies & Procedures and Compliance approval. There is no guarantee that the team
           will be able to leverage CVC Capital Partners expertise and network on any future investment opportunity.
30   (2) As at December 2018. For CVC Capital Partners Europe/U.S., CVC Strategic Opportunities, CVC Growth Partners.
APPENDIX B – ADDITIONAL CVC CREDIT INFORMATION

   Proprietary Technology Solutions
   Knowledge Derived from Continually Monitoring Over 4,000 Credits

      CreditWatch – Driving Synergy                                                                                       Risk Management Dashboards
      ◼      Proprietary Research & Trading System
                                                                                                                          ◼      Updated on a daily-basis; data extracted from proprietary database and
      ◼      Structured platform integrates vast information archive                                                             WSOWeb
      ◼      Allows Portfolio Managers and credit professionals to:                                                       ◼      Tracks positions and recommendations across every portfolio in the platform
             –       Monitor industry trends                                                                              ◼      Tracks trade history
             –       Receive analyst commentary                                                                           ◼      Tracks asset exposure across portfolios, strategies and region
             –       Evaluate current holdings                                                                            ◼      Monitors watchlist items across all portfolios
             –       Analyse comparable companies

31 Note: CVC Credit may at any time enhance or supplement the ongoing portfolio management activities described herein as deemed appropriate by CVC Credit.
Appendix C
Access & Terms
APPENDIX C – ACCESS & TERMS

     Access & Terms

                                                       CVC European Credit
                                                                                                                                                    CVC Credit Partners European Opportunities Ltd
                                                       Opportunities S.àr.l.

        Exposure                                                                             Actively managed debt portfolio of mainly European leveraged loans and high yield bonds

        Management Fees                                                                                                                                  1.0% p.a.

        Performance Fees                                                                                15% of the increase in NAV in excess of 5% p.a. subject to a high watermark

                                               Notes (Preferred Equity Certificates)
        Format                                Issued By Luxembourg Securitisation                                                                                    LSE Listed Jersey Company Shares
                                                             Vehicle

                                              Up to 1.0% for 24 months, subject to
        Redemption Fees                                                                                                                                                                       N/A
                                                    the Manager’s discretion

        Daily Price
        Transparency                                                                                                                 ✓                                    Daily price transparency and on-exchange trading

        Daily Secondary
        Market Liquidity                                                                                                             ✓                                    Secondary market liquidity for small size (1)

        Direct NAV Based
        Liquidity                                                      ✓                                                              ✓                                    Quarterly NAV based liquidity with 90 days notice (2)

                                                                                                                                                                           NAV based liquidity restrictions:
                                                                                                                                                                           ■ Gates at the Investment Vehicle Level(3)
        Direct NAV Based                                                                                                                                                   ■ Aggregate cap of 50% p.a.(4) purchased through NAV based
        Liquidity                                                      ✓                                                              ✓                                      liquidity mechanism and any Company share buy backs
        Restrictions                                                                                                                                                       ■ Annual shareholder vote to approve direct liquidity arrangements
                                                                                                                                                                           ■ Minimum holding period of 6 months prior to utilisation of direct
                                                                                                                                                                             NAV-based liquidity mechanism(5)

     For informational purposes only.
     (1)     There can be no guarantee that the ability of the market makers to redeem the shares on an NAV basis will translate into improved secondary market liquidity in the shares or that a liquid secondary market for the shares will
             develop.
     (2)     Quarterly NAV based sales (subject to certain restrictions) with 90 days notice is the same time line as redemptions for the Investment Vehicle and is consistent with the typical redemption arrangement for credit hedge funds.
     (3)     Manager will have the right to gate or suspend redemptions if it determines in its sole discretion that market liquidity is such that the remaining investors will be prejudiced by any realisations of underlying assets.
33   (4)     Calculated on the amount of shares in issue as at the beginning of each calendar year.
     (5)     See Tender Circular document dated 27 February 2017, available at: www.ccpeol.com.
APPENDIX C – ACCESS & TERMS

     Investment Vehicle & Company Structure

                 CVC European Credit
                  Opportunities S.àr.l                                                                        CVC Credit
                                                                                                          Partners European
                                                                       Investment
                                                                                                          Opportunities Ltd
                          (“Investment                                   Vehicle
                                                                      Subscription                                                               Ordinary Shares
                           Vehicle”)(1)
                                                                                                                (“Company”)                                        Investors
                     Luxembourg Company

                                                                                                            Jersey Closed Ended
                       Investment Vehicle                                                                   Investment Company
                      Manager: CVC Credit
                      Partners Investment
                        Management Ltd

      For illustrative purposed only.
      (1)       The Investment Vehicle is a S.àr.l. investment vehicle domiciled in Luxembourg which will issue preferred equity certificates.

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Appendix D
Principal Risk Factors
APPENDIX D – PRINCIPAL RISK FACTORS

     Principal Risk Factors

     An investment in the Company will carry a number of risks, including the risk that the entire investment may be lost. Set out below is a non-exhaustive list of the material risks that should be considered by
     recipients of this presentation.

     The list below does not constitute a comprehensive description of all the material risks applicable to the Company or its shares, and the recipient should consider taking independent advice prior to any
     investment decision. The recipient should also check with his advisors the regulatory, legal, accounting, and tax treatment of any potential investment in the Company before making any investment
     decision.

     1.    Risks relating to the Company
             ▪   The ability of the Company to meet its investment objective will depend on the Investment Vehicle Manager’s ability to successfully manage the Investment Vehicle in accordance with its
                 investment objective and investment policy
             ▪   The Company has no control over the Investments made by the Investment Vehicle
             ▪   The Company’s target return and target dividend yield are based on estimates and assumptions that are inherently subject to significant business and economic uncertainties and
                 contingencies, and the actual return and dividend yield may be materially lower than the targeted return and target dividend yield
             ▪   No reliance should be placed by investors on the past performance of the Company.
             ▪   Global capital markets have been experiencing volatility, disruption and instability. Material changes affecting global debt and equity capital markets may have a negative effect on the
                 Company’s business, financial condition, results of operations, NAV and/or the market price of the Shares
             ▪   The Company Net Asset Value is calculated based on the Investment Vehicle NAV and, as such, is subject to valuation risk and the Company can provide no assurance that the NAVs it
                 records from time to time will ultimately be realised
             ▪   The Company and the Investment Vehicle are reliant on third party service providers to carry on their businesses and a failure by one or more service providers could materially disrupt the
                 businesses of the Company and/or the Investment Vehicle
             ▪   The Company’s Investment Vehicle Interests may be redeemed or otherwise retired without the consent of the Company and will mature in 2030
             ▪   The Company’s Investment Vehicle Interests in which the Company invests are not traded on a stock exchange and the Company relies on the operation of the redemption facilities offered by
                 the Investment Vehicle in order to realise its investments
             ▪   The interests of the direct investors in the Investment Vehicle (excluding the Company) may not always coincide with the interests of Shareholders
             ▪   The investment objective, investment policy, Investment Limits or Borrowing Limit of the Investment Vehicle may materially change and the Company may not be able to redeem its entire
                 holding of Company Investment Vehicle Interests on a single redemption date
             ▪   Risk of compulsory conversion between Share classes

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APPENDIX D – PRINCIPAL RISK FACTORS

     Principal Risk Factors

     2.   Risks relating to the Investment Vehicle
           ▪   No reliance should be placed by investors on the past performance of the Investment Vehicle
           ▪   Substantial redemptions by investors in the Investment Vehicle may cause a liquidation of the Investments which may distort the balance of the Investment Vehicle’s liquid and illiquid
               Investments
           ▪   The Investments may be difficult to value accurately and, as a result, Investment Vehicle Interest Holders, such as the Company, may be subject to valuation risk
           ▪   The Investment Vehicle may mandatorily redeem an entire Series of Investment Vehicle Interests without the consent of the investors (including the Company)
           ▪   There is a risk that the assets of the Investment Vehicle may be made available to satisfy the liabilities of other Compartments of CECO
           ▪   CECO, and, by extension, the Investment Vehicle, is subject to limited regulatory supervision in Luxembourg
           ▪   Investment Vehicle Interest Holders other than the Company may receive information regarding the Investment Vehicle that is not received by the Company and therefore not disclosed to
               Shareholders

     3.   Risks relating to the investment strategy of the Investment Vehicle
           ▪   Market factors may result in the failure of the investment strategy followed by the Investment Vehicle
           ▪   The investment strategy of the Investment Vehicle includes investing in sub-investment grade and unrated debt obligations which are subject to a greater risk of loss of principal than higher-
               rated securities
           ▪   In the event of a default in relation to an Investment, the Investment Vehicle will bear a risk of loss of principal and accrued interest
           ▪   The illiquidity of Investments may have an adverse impact on their price and the Investment Vehicle’s ability to trade in them or require significant time for capital gains to materialise
           ▪   The Investment Vehicle may hold a relatively concentrated Portfolio
           ▪   The Investment Vehicle is exposed to foreign exchange risk, which may have an adverse impact on the value of their assets and on their results of operations
           ▪   The hedging arrangements of the Investment Vehicle may not be successful
           ▪   Under certain hedging contracts that the Investment Vehicle may enter into, the Investment Vehicle may be required to grant security interests over some of its assets to the relevant
               counterparty as collateral
           ▪   The investment objective, investment policy, investment strategy, Investment Limits, Borrowing Limit and/or emphasis of the Investment Vehicle may change over time
           ▪   The use of leverage by the Investment Vehicle may increase the volatility of returns and providers of leverage would rank ahead of investors in the Investment Vehicle in the event of insolvency
           ▪   Interest rate fluctuations could expose the Investment Vehicle to additional costs and losses
           ▪   In the event of the insolvency of an underlying obligor in respect of an Investment, the return on such Investment to the Investment Vehicle may be adversely impacted by the insolvency regime
               or insolvency regimes which may apply to that underlying obligor and any of its assets

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APPENDIX D – PRINCIPAL RISK FACTORS

     Principal Risk Factors

           ▪   The Investment Vehicle may be subject to losses on Investments as a result of insolvency or clawback legislation and/or fraudulent conveyance findings by courts
           ▪   The collateral and security arrangements attached to an Investment may not have been properly created or perfected, or may be subject to other legal or regulatory restrictions
           ▪   The Investments will be based in part on valuations of collateral which are subject to assumptions and factors that may be incomplete, inherently uncertain or subject to change

     4.   Risks relating to the Investment Vehicle Manager
           ▪   The performance of the Investment Vehicle depends heavily on the skills of the Investment Vehicle Manager and its key personnel
           ▪   The Investment Vehicle Manager may provide services to other clients which conflict directly or indirectly with the activities of the Investment Vehicle and could prejudice investment
               opportunities available to, and investment returns achieved by the Investment Vehicle. The Investment Vehicle Manager may also encounter potential conflicts of interest in connection with the
               other activities of CVC Credit
           ▪   The due diligence process that the Investment Vehicle Manager plans to undertake in evaluating specific investment opportunities for the Investment Vehicle may not reveal all facts that may
               be relevant in connection with such investment opportunities and any corporate mismanagement, fraud or accounting irregularities may materially affect the integrity of the Investment Vehicle
               Manager’s due diligence on investment opportunities
           ▪   Performance fee arrangements with the Investment Vehicle Manager could encourage riskier investment choices that could cause significant losses for the Investment Vehicle

     5.   Risks relating to the Shares
           ▪   The Shares may trade at a discount to their Net Asset Value and Shareholders may be unable to realise their Shares on the market at the Net Asset Value per share or at any other price
           ▪   Shareholders have no right to have their Shares redeemed or repurchased by the Company
           ▪   The existence of a liquid market in the Shares cannot be guaranteed
           ▪   Contractual Quarterly Tenders will be subject to certain restrictions and so Shareholders should not have an expectation that all or any of the Shares they make available for sale to the
               Company will be purchased through the Contractual Quarterly Tender facility
           ▪   Shareholders in certain jurisdictions may not be eligible to participate in Contractual Quarterly Tenders and to receive the cash proceeds thereof
           ▪   Sterling and US Dollar Shares will be exposed to exchange rate fluctuations
           ▪   Shareholders’ percentage voting rights in the Company may increase as a result of Tender Purchases and as a result there is a risk that a Shareholder may acquire 30 per cent. of the voting
               rights in the Company and then be obliged under the Takeover Code to make a general offer to all the remaining Shareholders to acquire their Shares
           ▪   Issuance of additional Shares could have a detrimental effect on the Net Asset Value and the market price of the issued Shares
           ▪   The Shares will be subject to purchase and transfer restrictions in secondary transactions in the future

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APPENDIX D – PRINCIPAL RISK FACTORS

     Principal Risk Factors

     Risks relating to Law, Regulation and Taxation
            ▪   Changes in law or regulations, or a failure to comply with any laws or regulations, may adversely affect the respective businesses, investments and performance of the Company, Investment
                Vehicle, CVC Credit Investment Services and Investment Vehicle Manager
            ▪   The European Directive on Alternative Investment Fund Managers may impair the ability of the Company to market its Shares to EU investors of the Company and gives rise to the risk that an
                EU regulatory authority may determine that the Company has a third party alternative investment fund manager. The timing of any resulting licensing requirements could be problematic for the
                on-going operation of the Company and the regulatory obligations applicable to the relevant third party may create significant additional compliance costs.
            ▪   Final regulations implementing the “Volcker Rule” in the United States of America were issued in December 2013 and became effective by operation of law on 1 April 2014, subject to a
                conformance period. The final Volcker Rule regulations revised the November 2011 proposed regulations and include certain changes to the treatment of foreign funds and non-U.S. bank
                investors. If the Volcker Rule applies to an investor’s ownership of Shares, the investor may be forced to sell its shares, or the continued ownership of such shares may be subject to certain
                restrictions.
            ▪   If the Company or the Investment Vehicle become subject to tax on a net income basis in any tax jurisdiction, including Jersey, the United Kingdom and Luxembourg, the Company’s financial
                condition and prospects could be materially and adversely affected
            ▪   The Company may be unable to maintain its non-UK tax resident status, which would adversely affect its financial and operating results, the value of the Shares and the after-tax return to
                shareholders
            ▪   Changes in taxation legislation, or the rate of taxation, may adversely affect the Company and the Investment Vehicle
            ▪   UK taxpaying shareholders may be subject to income tax under the UK offshore funds regime in any tax year on amounts of income attributable to them to the extent such amounts are greater
                than the dividends actually paid out by the Company in the period
            ▪   Different regulatory, tax or other treatment of the Company or the Shares in different jurisdictions, or changes to such treatment in different jurisdictions, may adversely impact shareholders in
                certain jurisdictions
            ▪   The Company is not, and does not intend to become, registered in the United States as an investment company under the U.S. Investment Company Act and related rules
            ▪   Certain payments to the Company will in the future be subject to 30 per cent. withholding tax unless the Company agrees to certain reporting and withholding requirements and certain
                shareholders will be required to provide the Company with required information so that the Company may comply with its obligations under FATCA
            ▪   The Anti Tax Avoidance Directive (ATAD) and related ATAD legislation may have a negative effect on Luxembourg securitisation vehicles such as the Investment Vehicle
            ▪   Proposed reforms to various interest rate benchmarks may affect the amounts received by the Company from its holdings of Investment Vehicle Interests

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Appendix E
Disclaimer
APPENDIX E – DISCLAIMER

     Disclaimer (1/2)

     This presentation (the "Presentation") shall mean and include the slides that follow, the oral presentation of the slides, the question-and-answer session that follows that oral presentation, hard copies of
     this document and any other materials distributed at, or in connection with, that presentation. This Presentation is provided to a limited number of institutional investors solely as a basis for discussion of the
     principal terms and conditions of the securities/transaction described herein. This Presentation is confidential to the intended recipient and may not be copied or passed on, in whole or in part, or its
     contents discussed with any person outside the group of affiliates of the intended recipient or their professional advisors.

     Capitalised terms used in this Presentation, unless otherwise defined herein, have the meaning provided for in the Glossary of Terms.

     The Presentation is published by the Company. Any matters contained in the Presentation relating to CVC Credit Partners, CVC, the Investment Vehicle Manager or the markets in which the Investment
     Vehicle invests have been prepared by the Investment Vehicle Manager. The Company has relied upon and assumed (without independent verification) the accuracy of such information. The Presentation
     is not an offering of, or a solicitation of an offer to buy, securities in any jurisdiction and any investor that subsequently acquires any interest may only rely on the terms of and disclosure in a final form
     prospectus (the “Prospectus”). The Presentation has not been approved by any supervisory authority and no regulatory approvals have been obtained.

     The information contained in the Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness,
     accuracy, completeness or correctness of the information or opinions expressed herein. The Company has, however, taken reasonable steps to ensure that this Presentation and the information contained
     herein is not misleading, false or deceptive.

     Persons into whose possession this Presentation has come are deemed to have ensured that their receipt of this Presentation is in compliance with the laws applicable to them. Nothing contained herein
     shall be deemed to be binding against, or to create any liability, obligations or commitment on the part of the Company, its directors and officers or CVC Credit Partners. Neither the existence nor the
     contents of this document is to be construed as investment, legal or tax advice and neither the Company, CVC Credit Partners nor any of their respective directors, officers, employees, partners, members,
     shareholders, advisers, agents or affiliates make any representation or warranty, express or implied as to the fairness, correctness, accuracy or completeness of this Presentation, and nothing contained
     herein shall be relied upon as a promise or representation whether as to past or future performance or otherwise. The market value of any structured instrument, such as the investment, may be affected by
     changes in economic, financial, and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any
     issuer or reference issuer. There is no certainty that the parameters and assumptions used can be duplicated with actual trades or investments. There can be no assurance that the strategy described
     herein will meet its objectives generally, or avoid losses. Accordingly, prospective investors should have a high level of financial sophistication and the ability to understand and accept investment risks.
     Prior to making any potential investment, potential investors should, at their own expense, consult with their own legal, investment, accounting, regulatory, tax and other advisors to determine the
     consequences of the potential investment opportunity described herein and to arrive at an independent evaluation of such potential investment opportunity.

     The Presentation contains certain “forward-looking statements” regarding the belief or current expectations of the Company, CVC Credit Partners and members of its senior management about the
     Company’s financial condition, results of operations and business. Such forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions
     and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company and are difficult to predict, that may cause the actual results, performance,
     achievements or developments of the Company or the industry in which it operates to differ materially from any future results, performance, achievements or developments expressed or implied from the
     forward-looking statements. The statements herein are not intended to predict any future events. Past performance is not an indication of future performance. This communication is only addressed to, and
     directed at, persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive ("Qualified Investors"). For the
     purposes of this provision, the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each member state of the European Economic Area
     which has implemented the Prospectus Directive.

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APPENDIX E – DISCLAIMER

     Disclaimer (1/2)

     In addition, in the United Kingdom, this communication is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments who
     fall within the definition of "investment professional" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) who are high net
     worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order, and (iii) other persons to whom it may otherwise lawfully be
     communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this communication relates is available only to and will only be engaged in
     with such persons. This communication must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the European Economic Area
     other than the United Kingdom, by persons who are not Qualified Investors. This document is an advertisement and not a prospectus, and investors should not subscribe for or purchase any shares
     referred to in the presentation, except on the basis of the information to be contained in the Prospectus which is expected be published in due course and which will, following publication, be made
     available to the public in accordance with any applicable legal and regulatory requirements.

     The information and opinions contained in the Presentation do not purport to be comprehensive, are provided as at the date of the document and are subject to change without notice. Neither the
     Company nor CVC Credit Partners, nor any other person is under any obligation to update or keep current the information contained herein. No part of the Presentation, nor the fact of its publication,
     should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

     The target dividend, target return and target allocation of the Company or the Investment Vehicle referred to in this Presentation are based on performance projections produced by CVC Credit Partners to
     the best of their knowledge and belief. There is no guarantee that these projections will be achieved and past or targeted performance is no indication of current or future performance results. The return,
     dividend and allocation figures quoted are targets only and are based over the long-term on the performance projections of the investment strategy and market interest rates at the time of modelling and
     therefore are subject to change. There is no guarantee that such target dividend, target return and target allocation of the Company or the Investment Vehicle can be achieved. Investors should not place
     any reliance on such targets in deciding whether to invest in the Company.

     This Presentation is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, South Africa or Japan or to US Persons as defined in Regulation S under
     the US Securities Act ("US Persons"). The information contained herein does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia,
     Canada, South Africa or Japan or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

     The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and, as such, holders of the Company's securities will
     not be entitled to the benefits of the Investment Company Act. The securities discussed herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US
     Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold in the United States or to, or for the account or benefit of, US
     persons absent registration or an exemption from registration under the US Securities Act in a manner that would not require the Company to register under the US Investment Company Act 1940. No
     public offering of securities will be made in the United States. No securities may be offered or sold, directly or indirectly, into the United States to US persons absent registration or an exemption from
     registration under the US Securities Act and in a manner that would not require the Company to register under the US Investment Company Act of 1940

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