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Presentations Or Guarantees Regarding the Accuracy Or Completeness of Such Investment Performance Information

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Presentations Or Guarantees Regarding the Accuracy Or Completeness of Such Investment Performance Information 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 I. CVC Overview 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 2 strategies ($5bn) $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 OVERVIEW CVC Credit Diversified Risk / Return Strategies for Our Investors1 Our Mission Statement $3bn Consistently achieve exceptional $2bn $1bn performance for our investors through a $1bn collaborative team approach across our $25bn AUM2 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 & Senior secured middle- Stressed and distressed bonds 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 2 Opportunities – €509m market capitalisation 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 6 What is Different? Daily secondary market share trading and quarterly NAV based liquidity ◼ 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. Dedicated Strategy AUM4 of CVC Partner Capital Invested Since Inception3 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 300 CEC Net Returns4 since inception 9.4% 275 250 S&P ELLI (excl. FX)3 225 7.8% 200 CS European LLI (Hedged to €)3 175 7.6% 150 HFRX Global3 125 1.5% 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.
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