Title: Fair Oaks Income Factsheet URL Source: https://documentscdn.financialexpress.net/Literature/93266DE3296728C25DBCB64E29D00493/242075265.pdf Number of Pages: 8 Markdown Content: Background and investment objective The investment objective of Fair Oaks Income Ltd (the “Company”) is to generate attractive, risk-adjusted returns, principally through income distributions. The Company will implement its investment policy by investing in FOMC LP (“Fund”) and FOIF II LP (“Fund II”). The investment policy of the Company is to seek exposure to US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange (now the Specialist Fund Segment of the Main Market of the London Stock Exchange) on 12 June 2014. Fund performance 1 # €148.3 million Ordinary Share Class market capitalisation # €156.3 million Total Company market capitalisation # 12–14% Target total return Ordinary shares Price per Share €3.84 NAV per Share €4.14 Premium / (Discount) to NAV -7.31% Annualised inception to date NAV return 1 9.0% Annualised inception to date price return 1 8.1% Share Class market capitalisation €148.3 million Shares in issue 386.7 million Fund facts Type of fund Closed-ended investment fund Listing and trading LSE Main Market – SFS Launch date 12-Jun-14 Launch price $1 per Ordinary Share Dividend Quarterly Dealing Daily during LSE opening hours NAV calculation As of the last business day of each month Currency $ denominated ISA and SIPP eligible Yes Management fee 1.0% of NAV p.a. Effective management fee after discounts 0.4% of NAV p.a. Performance fee 15% over a 7% hurdle Catch-up No Ordinary Share ISIN GG00BNNLWT35 Service providers Investment advisor Fair Oaks Capital Limited Board of Directors Fully independent Administrator Apex Fund and Corporate Services (Guernsey) Limited Custodian BNP Paribas Securities Services S.C.A. Joint brokers Numis Securities Ltd Liberum Capital Ltd Auditor KPMG (Channel Islands) Limited 1 MONTH 3 MONTH 1 YEAR 5 YEAR ORDINARY SHARE PRICE (FAIR) +6.13% -3.68% +0.71% +47.10% ORDINARY SHARE NAV (FAIR) +2.17% +0.58% +5.90% +52.46% JP MORGAN LEVERAGED LOAN INDEX +1.28% +1.11% +6.45% +36.25% JP MORGAN HIGH YIELD INDEX +1.68% +0.85% +9.41% +25.79% 1 Investment opportunity The General Partner of the Master Funds (the “GP”) believes that diversified portfolios of secured bank loans may provide an attractive risk-return profile when financed with well-structured long-term financing. The GP believes the key to successful investment in secured bank loans is an understanding of, and focus on, the credit quality of the underlying corporate borrowers. To this end, portfolio financing structures (such as CLOs) need to be managed efficiently and effectively in order to enhance returns without introducing any mark-to-market or other non-credit risks. Contact information FAIR OAKS CAPITAL LIMITED 1 Old Queen Street London SW1H 9JA IR@fairoakscap.com James Glass DEUTSCHE NUMIS 45 Gresham Street London EC2V 7BF fairoaks@numis.com James Shields PANMURE LIBERUM Ropemaker Place 25 Ropemaker Street London EC2Y 9LY james.shields@panmureliberum.com Data as at 30-Apr-26 Please refer to the footnotes for the important information on page 8. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. 50% 70% 90% 110% 130% 150% 170% 190% 210% 230% 250% Jun-14 Jun-16 Jun-18 Jun-20 Jun-22 Jun-24 Total Return (Share Price) Total Return (NAV) Company performance 1 The Ordinary Share NAV was €4.14 at the end of April, marking a +2.17% increase for the month. The Ordinary Shares closed at a price of €3.84, a +6.13% increase for the month. The Realisation Share NAV was $52.93c as of April 30 th . Market commentary In April, the trailing 12-month loan default rate declined modestly from 1.4% to 1.3% in the US and remained unchanged at 1.4% in Europe. The distress ratio improved in both regions, falling from 7.8% to 6.3% in the US and from 6.6% to 5.5% in Europe. 2 Despite ongoing geopolitical uncertainty, global risk assets rallied strongly in April, driven by strong US corporate earnings pushing the S&P 500 almost 10% higher from end of March, while AI-fuelled momentum in semiconductor-heavy markets saw Korea and Taiwan surge significantly further. 3 Loans participated in this recovery, with the US and European leveraged loan indices rising 1.29% and 1.82% respectively. 4 We believe that the impact of the Iran conflict on oil prices, supply chains, inflation, consumer confidence and rates will continue into June and that this positive risk environment potentially offers an opportunity for CLO managers to adjust portfolios ahead of second quarter results which will be reported in July and August. For existing CLO equity, the combination of a partial recovery in collateral prices and tighter liability spreads proved supportive. CLO collateral quality remained broadly positive, with a quality bias in portfolio construction providing additional resilience. 5 European AAA secondary spreads tightened 5bps to 120bps and BB spreads tightened 31bps to 606bps, 6 improving the outlook for refinancing and reset windows deferred during the March widening, although primary issuance remained light at €3.4bn new issue and €2.6bn refi/reset. 7 More broadly, the volatile market backdrop has created opportunities for CLO managers to acquire discounted assets and a partial recovery in liability execution have made incremental new issuance increasingly attractive. 8,9 Company update All investments made their scheduled distributions in April 2026. The Master Fund’s share of quarterly distributions from investments was €8.5m, or €0.21 per Ordinary Share, down from €9.8m in January 2026 and €9.3m in April 2025. The Company announced the Board’s intention to make a number of changes to the Ordinary Shares, including a re-denomination of the Ordinary Shares from USD into Euro, a 10-for-1 share consolidation and a revised dividend policy. The shareholder EGM and separate Class Meeting to consider these proposals was scheduled for 30 April 2026 and all resolutions were passed. On May 4th, the Master Fund acquired the subordinated notes and the F-rated notes of Fair Oaks Loan Funding VII, a new €381m European CLO. Fair Oaks Loan Funding VII price its liabilities tightly across the capital structure, with the AAA tranche printing at 130bps over Euribor and the deal achieving a weighted average liability (AAA-BB) cost of 174bps, compared to an average of 182bps for other European CLOs that priced in the preceding two weeks. 10 The transaction has a 1.5-year non-call period and a 4.5-year reinvestment period extending to January 2031, extending the Master Fund’s reinvestment optionality. CLO portfolio rating and currency breakdown (Apr-26) 11 Top 10 issuers and portfolio data 12 Rating breakdown 11,14 > 2 ISSUER COMPANY RATING (Moody’s) % GROSS 14 MOODY’S INDUSTRY CLASSIFICATION COUNTRY > Ineos Group B2 1.12% Chemicals, Plastics & Rubber United States > Groupe Inovie B3 1.04% Healthcare & Pharmaceuticals France > Sante Cie B2 0.90% Healthcare & Pharmaceuticals France > Ziggo B1 0.89% Telecommunications Netherlands > Mehilainen Yhtioet Oy B2 0.88% Healthcare & Pharmaceuticals Finland > Exact B2 0.87% High Tech Industries Netherlands > McAfee B1 0.86% High Tech Industries United States > Altadia B3 0.86% Construction & Building Spain > Polygon International B3 0.84% Environmental Industries Sweden > Adco B2 0.84% Services: Business Germany > TOTAL NUMBER OF ISSUERS IN THE PORTFOLIO: 513 > WEIGHTED AVERAGE ASSET SPREAD 12 :3.49% > WEIGHTED AVERAGE COST OF CLO FINANCING (SOFR / EURIBOR+) 13 :1.80% Industry diversification by Moody’s (top 10) 11 Please refer to the footnotes for the important information on page 8. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. > CLO Equity subject to ESG investment restrictions: > 100% 14.5% 14.5% 7.9% 6.9% 6.5% 5.9% 5.4% 5.4% 3.9% 3.4% 0% 2% 4% 6% 8% 10% 12% 14% 16% Healthcare & Pharmaceuticals Services: Business High Tech Industries Construction & Building Beverage, Food & Tobacco Chemicals, Plastics & Rubber Telecommunications Services: Consumer Hotel, Gaming & Leisure Banking, Finance, Insurance & Real Estate 0% 0% 1% 2% 5% 16% 47% 24% 3% 1% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Baa3 and above Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 and below NR BB Rated CLO Notes, 1% B Rated CLO Notes, 38% Subordinated Notes, 61% USD, 10% EUR, 90% 3 Cash and cash equivalents 26 : €1,466,408.40 Fund holdings (Apr-26) Please refer to the footnotes for the important information on page 8. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. CLO CONTROL EQUITY 15,16 Nominal amount 17 Current market valuation 18 Deal name Reinvestment end date %Defaults 19 % CCC (Moody’s) 20 Loans trading below 80c 21,22 Weighted average collateral bid price 22 Last cash payment (annualised yield on current market price) 23 Relevant OC test cushion 24 USD Equity $1,862,400 38.0% ALLEG 2021-1A SUB 2026 0.61% 4.50% 5.51% $96.5 26.0% 4.60% $20,728,817 68.0% ALLEG 2025-1X SUB 2030 0.00% 2.40% 3.11% $97.7 28.7% 5.12% Weighted average 27 65.5% 0.03% 2.50% 3.23% $97.6 28.5% 5.10% EUR Equity €20,151,600 34.3% FOAKS 1X SUB 25 2025 0.00% 4.90% 4.35% €96.3 51.2% 3.80% €33,825,900 25.9% FOAKS 2X SUB 25 2025 0.00% 5.30% 4.32% €96.4 48.2% 2.72% €25,189,500 39.8% FOAKS 3X SUB 25 2026 0.00% 4.81% 4.13% €96.1 43.2% 4.25% €20,151,600 51.9% FOAKS 4X SUB 25 2026 0.00% 5.20% 4.59% €96.2 37.3% 4.48% €19,144,020 71.3% FOAKS 5X SUB 25 2028 0.00% 1.68% 2.46% €97.2 22.1% 4.23% €18,265,986 77.3% FOAKS 6X SUB 25 2030 0.00% 0.00% 1.75% €97.8 14.2% 5.05% Weighted average 27 46.8% 0.00% 3.22% 3.37% €96.8 32.9% 4.20% Total weighted average 27 49.1% 0.00% 3.10% 3.35% $96.9 32.2% 4.35% 4 Fund holdings (Apr-26) Please refer to the footnotes for the important information on page 8. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. CLO MEZZANINE Nominal amount 17 Current market valuation 18 Deal name Reinvestment end date Original rating Current rating %Defaults 19 % CCC (Moody’s) 20 Loans trading below 80c 21,22 Weighted average collateral bid price 22 Coupon Current yield (based on current market price) Relevant OC test cushion 24 EUR Mezz €1,396,800 99.0% FOAKS 2X ER 25 2025 BB Mezz 0.00% 5.30% 4.32% €96.4 Euribor+5.91% 8.20% 2.72% €3,663,550 96.2% FOAKS 4X F 25 2026 B Mezz 0.00% 5.20% 4.59% €96.2 Euribor+9.25% 11.91% 4.48% €7,363,017 95.9% FOAKS 6X F 25 2030 B Mezz 0.00% n.a. 1.75% €97.8 Euribor+8.05% 10.70% 5.05% €1,486,970 94.8% ACLO 12X F 2029 B Mezz 0.00% 4.25% 3.38% €96.4 Euribor+8.25% 11.07% 4.96% €1,724,024 99.0% AVOCA 16X FRR 2029 B Mezz 0.24% n.a. 3.03% €97.5 Euribor+8.42% 10.73% 3.48% €1,257,101 99.6% AVOCA 18X FR 2029 B Mezz 0.72% n.a. 3.81% €97.3 Euribor+8.28% 10.53% 3.83% €1,436,686 98.8% TRNTE 8X F 2029 B Mezz 0.00% 3.00% 2.38% €97.8 Euribor+8.42% 10.76% 4.96% €5,121,600 96.8% ARESE 22X F 2030 B Mezz 0.00% 1.00% 0.98% €97.5 Euribor+8.17% 10.72% 4.56% €4,656,000 99.2% AVOCA 15X FRR 2030 B Mezz 0.33% 3.92% 4.00% €97.3 Euribor+8.26% 10.55% 4.45% €6,518,400 88.9% SNDPE 15X F 2030 B Mezz 1.40% n.a. 4.95% €95.9 Euribor+8.16% 11.70% 3.88% €4,190,400 96.3% BCKTP 1X F 2030 B Mezz 0.00% 2.30% 2.65% €97.1 Euribor+8.13% 10.73% 5.07% €7,822,080 93.2% AQUE 11X F 2030 B Mezz 0.03% 2.94% 2.11% €96.7 Euribor+8.06% 11.05% 3.94% €1,862,400 95.9% OCPE 14X F 2030 B Mezz 0.00% n.a. 1.03% €98.0 Euribor+8.08% 10.68% 4.63% €1,955,520 94.9% AQUE 14X F 2030 B Mezz 0.00% 2.52% 1.69% €97.6 Euribor+8.10% 10.82% 5.13% Total weighted average 27 95.3% 0.24% 3.07% 2.82% €97.0 Euribor+8.16% 10.89% 4.41% Exposure, % Currency Moody’s Rating Maturity Spread Healthcare & Pharmaceuticals 14.5% Groupe Inovie 1.04% EUR B3 2028 4.0% - 5.0% Sante Cie 0.90% EUR B2 2031 3.3% Mehilainen Yhtioet Oy 0.88% EUR B2 2031/2032 3.4% - 3.4% Services: Business 14.5% Marcel 0.77% USD B2 2030 2.8% - 3.3% UDG Healthcare 0.70% EUR B2 2028 4.0% Granite France 0.67% EUR B3 2028 5.0% High Tech Industries 7.9% Exact 0.87% EUR B2 2030 3.0% Claranet International 0.79% EUR B3 2028 4.5% Rocket Software 0.72% EUR B3 2028 3.8% Construction & Building 6.9% Altadia 0.86% EUR B3 2029 4.7% Quimper 0.74% EUR B1 2030 3.0% Tarkett Participation SASU 0.70% EUR B2 2031 3.1% Beverage, Food & Tobacco 6.5% Refresco 0.77% USD B1 2029 2.8% - 3.0% Ecotone 0.63% EUR B3 2029 4.0% Peralta Inversiones Globales SL 0.61% EUR B2 2031 3.5% Chemicals, Plastics & Rubber 5.9% Ineos Group 1.12% USD B2 2027/2031 2.6% - 3.5% Ineos Quattro 0.79% EUR B3 2029 4.0% - 4.5% Windsor 0.72% EUR B1 2030 2.8% Telecommunications 5.4% Ziggo 0.89% EUR B1 2029 3.0% Masorange 0.80% EUR Ba1 2031 2.3% Virgin Media 0.76% USD Ba3 2029 3.3% - 3.5% Services: Consumer 5.4% McAfee 0.86% USD B1 2029 3.0% - 3.5% Inspired 0.68% USD B2 2031 2.8% - 3.0% Galileo Global Education Finance 0.64% EUR B2 2031 3.0% Hotel, Gaming & Leisure 3.9% Etraveli Group 0.73% EUR B2 2031 3.8% Merlin Entertainments Group 0.64% EUR B3 2029 3.8% Betclic Everest Group (BetClic) 0.52% USD Ba3 2031 2.5% - 3.0% Banking, Finance, Insurance & Real Estate 3.4% Foncia Groupe 0.67% EUR Caa1 2028/2029 3.5% - 5.3% Diot-Siaci BidCo 0.55% EUR B2 2032 3.3% Paysafe 0.55% USD B2 2028 2.9% - 3.0% 5 # Quarterly Analysis Please refer to the footnotes for the important information on page 8. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. Largest exposures in top 10 sectors (CLO equity investments, Apr-26) CLO loan and financing maturity profile 10 €0m €100m €200m €300m €400m €500m €600m €700m €800m €900m > 2027 and before > 2028 > 2029 > 2030 > 2031 > 2032 > 2033 > 2034 > 2035 > 2036 > 2037 > 2038 > 2039 CLO loan investments (EUR) CLO financing (EUR) $0m $50m $100m $150m $200m $250m > 2027 and before > 2028 > 2029 > 2030 > 2031 > 2032 > 2033 > 2034 > 2035 > 2036 > 2037 > 2038 > 2039 CLO loan investments (USD) CLO financing (USD) Deal name AAA spread 28 Average cost of financing 28 Callable as of Reinvestment end date Maturity date ALLEG 2021-1A SUB 1.34% 1.74% 20-Jul-27 20-Jul-30 20-Jul-34 ALLEG 2025-1X SUB 1.18% 1.59% 17-Apr-27 17-Apr-30 17-Apr-38 FOAKS 1X SUB 0.85% 1.78% 15-Oct-22 15-Jul-25 15-Apr-34 FOAKS 2X SUB 0.88% 1.69% 15-Nov-22 15-Oct-25 15-Apr-34 FOAKS 3X SUB 1.00% 1.80% 19-May-23 15-Apr-26 15-Oct-34 FOAKS 4X SUB 0.97% 1.87% 15-Jul-23 15-Jul-26 15-Jan-35 FOAKS 5X SUB 1.24% 1.87% 29-Jan-27 10-Nov-28 15-Oct-36 FOAKS 6X SUB 1.35% 1.98% 15-Jan-27 15-Jan-30 15-Jul-39 FOAKS 7X SUB 1.30% 1.74% 30-Dec-27 15-Jan-31 15-Jul-39 6 # SOFR+1.19% Master Fund’s weighted average AAA spread # vs. # SOFR+1.28% Current US AAA primary spread 29 # Euribor+1.04% Master Fund’s weighted average AAA spread # vs. # Euribor+1.33% Current Euro AAA primary spread 29 # Quarterly Analysis # Master Fund received €8.5 million worth of distributions this quarter, equivalent to €0.21 cents per ordinary share. Please refer to the footnotes for the important information on page 8. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. CLO financing (CLO equity investments, Apr-26) Master Fund distribution update, Apr-26 Over-collateralisation test headroom 31 Annualised global equity distribution (over par) 30 -1% 1% 2% 3% 4% 5% 6% 7% > ALLEG 2021-1X SUB > ALLEG 2025-1X SUB > FOAKS 1X SUB > FOAKS 2X SUB > FOAKS 3X SUB > FOAKS 4X SUB > FOAKS 5X SUB > FOAKS 6X SUB Oct-25 Jan-26 Apr-26 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q25 4Q25 1Q26 2Q26 Master Fund Weighted Average Global Weighted Average Master Fund Average Global Average Modelled gross returns of CLO equity positions at current valuations, assuming 2% default rate compared to current default rates, 1.34% and 1.43% 32 in the US and Europe, respectively. # 14.6% Gross return to maturity 33 # 19.3% Gross return to call 33 Fair Oaks Income – “Dot-com” Scenario – Modelled gross returns, +10% (based on share price), +8% (based on NAV) 34 Key assumptions 0% 2% 4% 6% 8% 10% > Jan-99 > Jul-99 > Jan-00 > Jul-00 > Jan-01 > Jul-01 > Jan-02 > Jul-02 > Jan-03 > Jul-03 > Jan-04 > Jul-04 c 20c 40c 60c 80c 100c > Jan-99 > Jul-99 > Jan-00 > Jul-00 > Jan-01 > Jul-01 > Jan-02 > Jul-02 > Jan-03 > Jul-03 > Jan-04 > Jul-04 0% 1% 2% 3% 4% 5% > Jan-99 > Jul-99 > Jan-00 > Jul-00 > Jan-01 > Jul-01 > Jan-02 > Jul-02 > Jan-03 > Jul-03 > Jan-04 > Jul-04 c 20c 40c 60c 80c 100c 120c > Jan-99 > Jul-99 > Jan-00 > Jul-00 > Jan-01 > Jul-01 > Jan-02 > Jul-02 > Jan-03 > Jul-03 > Jan-04 > Jul-04 0% 20% 40% 60% 80% 100% > Jan-99 > Jul-99 > Jan-00 > Jul-00 > Jan-01 > Jul-01 > Jan-02 > Jul-02 > Jan-03 > Jul-03 > Jan-04 > Jul-04 50c 70c 90c 110c > Jan-99 > Jul-99 > Jan-00 > Jul-00 > Jan-01 > Jul-01 > Jan-02 > Jul-02 > Jan-03 > Jul-03 > Jan-04 > Jul-04 US Europe Default vector Recovery rate CCC exposure CCC price Prepayment rate Reinvestment price 7 # Quarterly Analysis Fair Oaks Income – “GFC” Scenario – Modelled gross returns, 0% (based on share price), -2% (based on NAV) 32 Key assumptions c 20c 40c 60c 80c 100c > Jan-08 > Sep-08 > May-09 > Jan-10 > Sep-10 > May-11 > Jan-12 > Sep-12 > May-13 c 20c 40c 60c 80c 100c 120c > Jan-08 > Sep-08 > May-09 > Jan-10 > Sep-10 > May-11 > Jan-12 > Sep-12 > May-13 US Europe % 50% 100% 150% > Jan-08 > Sep-08 > May-09 > Jan-10 > Sep-10 > May-11 > Jan-12 > Sep-12 > May-13 US Europe Default vector Recovery rate CCC exposure CCC price Prepayment rate Reinvestment price c 20c 40c 60c 80c 100c > Jan-08 > Jul-08 > Jan-09 > Jul-09 > Jan-10 > Jul-10 > Jan-11 > Jul-11 > Jan-12 > Jul-12 > Jan-13 > Jul-13 0% 5% 10% 15% 20% > Jan-08 > Jul-08 > Jan-09 > Jul-09 > Jan-10 > Jul-10 > Jan-11 > Jul-11 > Jan-12 > Jul-12 > Jan-13 > Jul-13 US Europe 0% 5% 10% 15% 20% > Jan-08 > Jul-08 > Jan-09 > Jul-09 > Jan-10 > Jul-10 > Jan-11 > Jul-11 > Jan-12 > Jul-12 > Jan-13 > Jul-13 US Europe Please refer to the footnotes for the important information on page 8. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. Important information: The Net Asset Value and the portfolio valuations contained in this report are estimates and are based on unaudited estimated valuations. The final Net Asset Value and portfolio valuations of the Company may be materially different from the estimated values, which should only be taken as indicative values which have been provided for information only and upon which no reliance should be placed. The level of default for each portfolio holding is expressed as at a particular date and so may increase in the future. Actual results, performance or achievements may differ materially from estimated results, performance or achievements. Except as required by applicable law, the Company expressly disclaims any obligation to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise. This document is for information purposes only and is not an offer to invest. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions. Inception to date performance figures include share performance prior to the re-designation of the Company’s initial share class in 2017 and are calculated by reference to the estimated NAV on 12 June 2014, the date of admission to trading of the Company's initial share class. Due to applicable legal restrictions, electronic versions of these materials are not directed at, or accessible by, US Persons (as defined in Regulation S under the US Securities Act of 1933) or persons located in the United States, Australia, Canada, Japan, the EEA (except the UK, Luxembourg, Sweden and Finland) or South Africa, or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Past performance is no indication of future results. Inherent in any investment is the potential for loss. Target returns and distributions are hypothetical targets only and are neither guarantees nor predictions or projections of future performance. There can be no assurance that such targeted returns will be achieved or that the Company (or the master fund in which it invests) will be able to implement its investment strategy, achieves its investment objective or avoid substantial losses. Neither the Company nor any class of shares of the Company has been approved by the Swiss Financial Market Supervisory Authority (“FINMA”) for offering to non-qualified investors pursuant to Art. 120 para. 1 of the Swiss Federal Act on Collective Investment Schemes of 23 June 2006, as amended (“CISA”). In addition, the Company has not and does not intend to appoint a Swiss representative or a Swiss paying agent for the shares of the Company offered in Switzerland. Accordingly, the shares of the Company may only be offered or advertised and this document may only be made available, in Switzerland to qualified investors within the meaning of CISA who are not high-net-worth individuals (or private investment structures established for high-net-worth individuals) having opted out to professional client status under Art. 5 para. 1 of the Swiss Federal Act on Financial Services. Investors in the shares of the Company do not benefit from the specific investor protection provided by CISA and the supervision by the FINMA in connection with the approval for offering. > 8Copyright © 2026 Fair Oaks Capital Ltd. All rights reserved. Footnotes All references to “Fund II” are to “FOIF II LP”, Master Fund II. All references to “Fund” are to “FOMC LP”, Master Fund. 1) Price and NAV returns includes reinvestment of dividends. Net of fund expenses and fees. 2) Pitchbook LCD as at 30-Apr-26. Default rate by principal value. Distress ratio by issuer count. 3) Bloomberg, “Record-Setting Momentum Rally Is Drawing Doubters”, as at 26-Apr-26. 4) Pitchbook LCD as at 30-Apr-26. US and European Leveraged Loan Index Factsheets. 5) Fair Oaks Capital, Bloomberg & Intex as at 01-May-26. Universe of European CLOs with AAA factors >0.85 and not more than 1 year post RP. 6) JP Morgan as at 30-Apr-26. Euro CLOIE AAA and BB Discount Margins (To-Maturity). 7) Pitchbook LCD as at 30-Apr-26. CLO Databank. 8) Pitchbook LCD, “Global CLO Roundup: Refinancing/reset deals rebound in US as new issuance stalls”, 07-Apr-26 9) Pitchbook LCD, “LCD News Today, Europe: April 29, 2026”, 29-Apr-26. 10) Creditflux, “Fair Oaks issues tight in mezz as European CLO spreads narrow”, 04-May-26. 11) Intex. Portfolio currency and rating breakdown based on latest NAV, original ratings and currency denominations of all CLO investments, excluding cash. Industry diversification and rating breakdown based on Moody’s sectors and ratings and loan par value weighted by Fund's ownership of Income Notes (excluding unsettled positions). 12) Intex. Based on loan par value weighted by Master Fund’s proportional ownership of Income Notes (excluding unsettled positions). 13) Intex. Based on CLO liability spreads weighted by Master Fund's proportional ownership of Income Notes (excluding unsettled positions). 14) Based on Moody’s company ratings. Due to rounding errors, the percentages may not sum to 100%. 15) Table excludes the sub-fee notes and any investments in CLO warehouses held in the portfolio. 16) Vehicles managed by the General Partner own a majority of the CLO equity in the transaction. 17) Includes the Company’s proportional ownership of investments held by Master Fund II and Master Fund. 18) Valuations are independently sourced by a third-party service provider, except for valuations for FOLF 1X SUB, FOLF 2X SUB, FOLF 3X SUB, FOLF 4X SUB, FOLF 5X SUB, FOLF 6X SUB and their respective Z and M (fee) notes which are provided by Wollemi Investments I LP. 19) Intex. Balance of defaulted assets as of latest trustee report. 20) Intex. Based on loan facility rating. 21) Intex. Based on current loan balance of the respective CLO. 22) Based on month-end prices from Markit but where prices are not available, we may use the latest price from the monthly trustee reports to calculate the weighted average. 23) Distributions received from fee notes are included in the calculation. 24) Intex. Based on latest available trustee report. Difference between latest available value and threshold for BB over-collateralization test for CLO subordinated notes and relevant over-collateralisation test for mezzanine investments. 25) Fair Oaks Capital acts as CLO manager for the deal. 26) Total includes cash at Fair Oaks Income Limited. The cash balance is pro-forma for the latest dividend announced. 27) Weighted averages are by market value except for current market valuation and coupon which are weighted by par value. Weighted average calculation uses the Bloomberg EUR/USD foreign exchange rate on 30-Apr-26 (1.732). FOLF VII has been excluded from the weighted average AAA spread calculation for the period, as the transaction had not yet closed. 28) Intex. Spreads are shown over SOFR/Euribor. 29) JP Morgan as at 30-Apr-26. AAA primary spreads. 30) Fair Oaks Capital, Intex and Bank of America data as at 30-Jan-26. Market returns are calculated using weighted average annualised quarterly distribution yields for US and European CLO equity tranches across the January, April, July and October payment periods. 31) Intex as at 30-Apr-26. 32) Pitchbook as at 30-Apr-26. Default rate by principal value. Distress ratio by issuer count. 33) Intex as at 30-Apr-26. Assuming 2% annual default rate after 12m, linear increase from 0.94% to 2% in year 1. 70c recovery rate, 25% prepayment rate, reinvestment in new loans with 3.5% spread at 99.5c. Call scenario assumes loans are called at 97.5c. Other assumptions available on request. 34) Fair Oaks analysis based on FAIR portfolio as of 30-Apr-26. Analysis based on Intex. Additional details and modelling assumptions available on request.