Executive summary DIF unit holder base Product features Asset realisations Fund fees Alignment of interests Recent information releases Directors and officers Annual asset management fees for the DIF Mezzanine Debt Trust are 0.7%. No fees are charged on commitments. Asset management fees are applied only once unit holder / investor monies are invested. A performance fee of 20% of returns in excess of 10.7% applies over and above asset management fees. There is no 'catch-up' applied on performance fees. Table: Direct investment portfolio returns and fees Asset management fee bps on NIV Reimbursement fee bps on NIV Hurdle Rate Performance fee % of gain over hurdle rate DIF Mezzanine Debt Trust 70 10 10.7% 20% DIF Senior Debt Trust 70 10 10.7% 20% Note: Asset management fees are payable only on invested monies. Note: No 'catch-up' applied to performance fees.

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