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

Established in 2005 Established in 1981 A leading player in global leveraged One of ’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 , 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 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) 30.7% NB Global Floating Rate Income Fund (GBP) 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% 10.0% 9.8% 9.7% 9.8%9.3% 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% -0.79% -1.06% -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

Alvaro Ruiz Dominic David Francie Andrew Molly Lowell Arlene Erica Spenser CVC Credit Mitchell Othman Edward Catalin Nolasco Connelly Deregowski Ward Milano Whiteman Thomas Kenny Davis Samms Partners Glynn Alaoui Michel Cibu Investment Investment Investment Director Director Director / Investment Investment Investment Investment Director Director Director Director Investment 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 ◼ 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 <= 7.5% Investment Vehicle ◼ Western Europe >= 60% ◼ CVC Capital Portfolio Company Debt Obligations <= 25% Investment Limits ◼ Single asset exposure <= 7.5% (1 exception of 15% to be sold down to ◼ Leverage up to 1:1 7.5% within 12 months)

◼ Management Fee3: 1.0% p.a. on NAV Management Fees and ◼ Incentive Fee3: 15% of total annual return above a 5% hurdle rate subject to a high watermark Expenses ◼ Running Company expenses of up to 0.15% p.a. of NAV

◼ Contractual quarterly tender for a maximum of 24.99% of outstanding shares on NAV basis5 Contractual Quarterly ◼ Annual limit of 50% of outstanding shares4 Tender ◼ Tender fee: 1.0% of IPO issue price ◼ Minimum holding period of 6 months prior to utilisation of direct NAV-based liquidity mechanism5

◼ Weekly NAV estimates and monthly NAV report with summary statistics on Portfolio Reporting ◼ Portfolio look through reporting (to facilitate Solvency II calculations)

(1) Source: Bloomberg, as at 31 December 2019. Does not include C-Shares. (2) The target return and target dividend are targets only. The target dividend yield and target return are based on the placing price at the IPO once net placing proceeds were fully invested. The target return includes returns from dividends. Please refer to the disclaimer and the risk disclosures at the end of this presentation. (3) Management Fees and Incentive Fees are paid at the Investment Vehicle level. (4) The Company’s tender offer is subject to certain restrictions including but not limited to a successful redemption of a pro rata amount of the Investment Vehicle investment, tender fees until the end of year 5 and annual 15 approval to renew by shareholder vote. (5) See Tender Circular document dated 27 February 2017, available at: www.ccpeol.com. 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 83 12% Senior Secured Bonds

Weighted Average EBITDA >€400m 4% Loans (2nd Lien) 4% Current Yield 5.7% Structured 13% Cash Weighted Average Portfolio Market Price2 94.7 63% 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% Chemicals, Plastics & Rubber 9% 24% 31% France 10% Broadcasting & Entertainment

Electronics 11% Netherlands 10% U.S. 14% 3% Healthcare, Education & Childcare 4% 7% 14% Spain 5% 6% Hotel, Gaming & Leisure 5% 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 ) / 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% 10% 15.4% 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%) (0.4%) (0.6%) (0.4%) (0.5%) (0.3%) (1.8%) (0.4%) (0.4%) (0.6%) (1.2%) (0.4%) (0.6%) (0.0%) (0.4%) (0.5%) (3.9%) (1.1%) (0.4%) (1.4%) (5%) (2.0%) (1.8%) (0.9%) (0.9%) 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% Return 100% 11.5% 100% 11.0% 100% 1.3% 100% 2.9% 100% 10.8%

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 94 100 60 ✓ 40 64 Ireland 59 46 20 36 Netherlands 42 ✓ 12 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 100% $1,126 $207 $1,200 90% $1,008 $986 $167 $952 80% 43% 41% $1,000 50% $105 $121 55% 53% $826 $119 70% 62% 61% 62% 64% 68% $800 $731 $677 $663 $694 $144 60% $200 $142 50% 14% 19% $600 $173 $146 $1,150 9% $959 40% $881 $887 15% $400 $832 30% 31% $683 22% 21% 32% 33% 30% 24% 23% $531 $504 $516 $552 20% 21% $200 23% 11% 10% 6% 9% 10% 7% 6% 3% 5% 6% 4% 5% 5% 5% 6% 6% 6% $0 0% 3% 5% 5% 2% 1% 1% 1% 1% 1% 1% 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 $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 $1.8 tr 2,000 15% 1,500 10% 1,000 $10bn of ETF inflows vs. $101bn of outflows 5% 500 from actively managed funds since 2014(5) 0 0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Debt Corporate U.S.of Ownership 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)

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

2Q02 2Q03 2Q04 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19 2Q01 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 Established Network of Investment Access & 13+ Years of Credit Investing + Professionals Analysis ✓ Dedicated sourcing and trading ✓ Long tenure at CVC and deep roots in 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 Daily price transparency and on-exchange trading Transparency  ✓

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

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

NAV based liquidity restrictions: (3) ■ Gates at the Investment Vehicle Level (4) Direct NAV Based ■ Aggregate cap of 50% p.a. 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 Vehicle”)(1) Subscription Ordinary Shares (“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.

34 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

36 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

37 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

38 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

39 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.

41 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

42 Appendix F Glossary & Additional Footnotes APPENDIX F – GLOSSARY & ADDITIONAL FOOTNOTES Glossary of Terms (1/2)

“Articles” the articles of association of the Company;

“CCP” Cordatus Credit Partners;

“CRP II” Cordatus Recovery Partners II ;

“CEC” or “CECO” CVC European Credit Opportunities S.àr.l, a company incorporated in Luxembourg with registered number B0158090 and established as a Luxembourg compartmentalised securitisation company (société de titrisation) within the meaning of the Securitisation Law;

“CLO” an asset backed security issued as part of a securitisation of a pool consisting primarily of loans which are held by the issuer, with rights to the collateral and payments in order of seniority of the relevant tranche of security;

“Companies Law” the Companies (Jersey) Law, 1991, as amended, extended or replaced and any ordinance, statutory instrument or regulation made thereunder;

“Company” CVC Credit Partners European Opportunities Limited, a closed- ended investment company incorporated in Jersey under the Companies Law on 20 March 2013 with registered number 112635;

“Compartment” one or more of the compartments within the Investment Vehicle as may be in existence for time to time;

“CVC” refers to CVC Capital Partners SICAV-FIS S.A. and each of its direct and indirect subsidiaries (“CVC SIF”), and, as the context might require, CVC Capital Partners Advisory Group Holding Foundation and each of its direct and indirect subsidiaries, which are engaged by CVC SIF to provide investment advisory and other corporate support services, and CVC Credit Partners Group Holding Foundation and each of its direct and indirect subsidiaries, which hold the majority interest in CVC Credit Partners LP. References to the “CVC network”, “CVC personnel” and similar terms may include individuals employed by any of these CVC entities;

“CVC Capital” CVC Capital Partners SICAV-FIS S.A.;

44 APPENDIX F – GLOSSARY & ADDITIONAL FOOTNOTES Glossary of Terms (2/2)

CVC Credit Partners” refers to CVC Credit Partners LP and its subsidiaries, which include CVC Credit Partners LLC, a US investment adviser registered with the SEC, and two FCA regulated investment managers in the UK, CVC Credit Partners Investment Management Limited and CVC Credit Partners Limited. CVC Credit Partners funds may be advised and/or managed by any of these entities, or a combination of them;

“CVC Capital Partners” CVC’s private equity business;

“CVC Cordatus” CVC Cordatus Investment Management Limited;

“Investment Vehicle” or “Compartment A” Compartment A of CECO;

“Investment Vehicle Manager” CVC Credit Partners Investment Management Limited;

“IPO” the of the Company in June 2013;

“London Stock Exchange” or “LSE” London Stock Exchange plc;

“NAV” the Gross Assets of the Company less its liabilities (including accrued but unpaid fees);

“Securitisation Law” the Luxembourg Law of 22 March 2004 on securitisation, as amended;

“Share” a redeemable ordinary share of no par value in the capital of the Company issued as Shares of such class (denominated in such currency) as the Directors may determine in accordance with the Articles and having such rights and being subject to such restrictions as are contained in the Articles;

“Sterling” or “£” the lawful currency of the United Kingdom;

“Sterling Share” a Sterling denominated Share;

“USD” or “$” the lawful currency of the United States of America.

45 APPENDIX F – GLOSSARY & ADDITIONAL FOOTNOTES Additional Footnotes (1/2)

CVC European Credit Opportunities Tactical Investing Across Strategies – Footnotes (Page 19) (1) 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 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. In September 2011, the Investment Vehicle incurred €414,000 of expenses. The track record returns are shown gross of such expenses which in the opinion of the investment manager more accurately reflects actual gross return performance. In September 2011 the performance gross of formation expenses is -2.0% and net is -2.3%. In all of the other months the differences are not material. The following expenses have been attributed to categories above: (i) from October 2014 interest incurred as part of the leverage facility held by the Investment Vehicle; and (ii) from July 2013 FX hedging. The attribution of expenses as between these strategies is necessarily subjective to a certain degree. CVC Credit Partners considers that the attribution shown represents a fair and reasonable allocation of such expenses between the respective strategies. Consistent with existing practice, the Investment Vehicle will continue to produce financial statements in accordance with Luxembourg GAAP where the formation expenses are amortised over five years. For the period from inception to 22 September 2011 certain assumptions have been made with respect to the accrual of receipts and payments to enable the performance data of CEC for the period from inception to 31 Decmber 2019 presented above to be calculated in accordance with consistent accounting standards. The Investment Vehicle Manager considers the effect of these assumptions to be immaterial. (2) Average Allocation is the average of the month end allocation in the relevant year. (3) 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 the relevant 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 which may have been prepared on a different basis. (4) Return is calculated as the Attribution percentage divided by the Average Allocation for a specific category in a specific year. (5) Cash as a percentage of the portfolio includes drawn leverage. Underlying data available upon request. 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. Gross performance does not include fees.

CVC European Credit Opportunities Tactical Investing Across Strategies (Cont’d) – Footnotes (Page 20) Source: CVC Credit Partners. As at 31 December 2019. Gross performance does not include fees. (1) Average Allocation is the average of the month end allocation in the relevant year. (2) Return is calculated as the Attribution percentage divided by the Average Allocation for a specific category in a specific year. (3) Cash as a percentage of the portfolio includes drawn leverage. (4) 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 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. In September 2011, the Investment Vehicle incurred €414,000 of expenses. The track record returns are shown gross of such expenses which in the opinion of the investment manager more accurately reflects actual gross return performance. In September 2011 the performance gross of formation expenses is -2.0% and net is -2.3%. In all of the other months the differences are not material. The following expenses have been attributed to categories above: (i) from October 2014 interest incurred as part of the leverage facility held by the Investment Vehicle; and (ii) from July 2013 FX hedging. The attribution of expenses as between these strategies is necessarily subjective to a certain degree. CVC Credit Partners considers that the attribution shown represents a fair and reasonable allocation of such expenses between the respective strategies. Consistent with existing practice, the Investment Vehicle will continue to produce financial statements in accordance with Luxembourg GAAP where the formation expenses are amortised over five years. For the period from inception to 22 September 2011 certain assumptions have been made with respect to the accrual of receipts and payments to enable the performance data of CEC for the period from inception to 31 December 2019 presented above to be calculated in accordance with consistent accounting standards. The Investment Vehicle Manager considers the effect of these assumptions to be immaterial. Underlying data available upon request. 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. (5) Fees include management fees and performance fees.

46 APPENDIX F – GLOSSARY & ADDITIONAL FOOTNOTES Additional Footnotes (2/2)

S&P European Leveraged Loan Indices (ELLI)

Four indices comprise the S&P European Leveraged Loan Indices (ELLI): Multi-Currency Index: all facilities; LBO Index: facilities to issuers backed by a private equity firm; Euro Index: Euro denominated facilities; Euro LBO Index: Euro denominated facilities to issuers backed by a private equity firm. Each of the indices reflects the market-weighted performance of institutional leveraged loan portfolios investing in European credits in that segment. All the index components are loans syndicated to European loan investors. The ELLI series represents the only European leveraged loan indices that utilise real-time market weightings, spreads and interest payments.

HFRX Global Hedge Fund EUR Index

The HFRX Global Hedge Fund EUR Index is denominated in EUR and is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. ('HFR') utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximise representation of the Hedge Fund Strategy Universe. Construction of each Index employs state-of-the-art quantitative techniques and qualitative analysis. Multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding hedge fund strategy.

Credit Suisse Western European Leveraged Loan Index

All Denominations is designed to mirror the investible universe of the Western European leveraged loan market, with loans denominated in $US and Western European currencies.

Credit Suisse Western European High Yield Index

All Denominations is designed to mirror the investible universe of the Western European high yield debt market, with issues denominated in $US, Euro and British Pounds.

47