Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/62EB581A9C906EB997BCAFF347D3E8B0/242504127.pdf Number of Pages: 4 Markdown Content: www.chenavaritoroincomefund.com # Chenavari Toro Income Fund Limited tlir@chenavari.com +44 207 259 3600 +44 20 7 23 5 360 6 80 Victoria Street, London, SW1E 5JL > Chenavari Toro Income Fund Limited is regulated by the Guernsey Financial Services Commission as a closed ended collective In ves tment Scheme Chenavari Credit Partners LLP Key Terms Net Target Return 9%-11 % p.a. Investment Manager Carne Global AIFM Solutions (C .I) Limited, regulated by the Jersey Financial Services Commission Investment Adviser Chenavari Credit Partners LLP Listing Specialist Fund Segment of the London Stock Exchange and admitted to the Daily Official List of The International Stock Exchange Fund Type Closed -ended investment fund TIDM TORO ISIN GG 00 BWBSDM 98 Domicile Guernsey Management Fees 1% p.a. of NAV Performance Fees 15 % of NAV total returns with a high watermark Inception Date 8 May 2015 Dividend Quarterly ISA and SIPP Eligible Yes Service Providers Administrator Ocorian Administration (Guernsey) Limited Sub -Administrator U.S. Bank Global Fund Services (Ireland) Limited (U .S. Bank) Custodian J.P. Morgan Chase Bank N.A., Jersey Branch Registrar Computershare Investor Services (Guernsey) Limited Corporate Broker J.P. Morgan Cazenove The investment objective of Chenavari Toro Income Fund Limited (the “Company” or “Toro”) is to generate attractive, risk -adjusted returns, through investing, and in some cases, trading opportunistically, in structured credit markets or asset backed transactions via two sub -strategies : Public Asset Backed Securities (ABS) and ABS / CLO Risk Retention . Core Strategy : European ABS and CLO across the Capital Structure 1) ) ABS/CLO Risk Retention Strategy : The Company has invested, on a buy -to -hold basis, in originators of securitisation vehicles by retaining the requisite retention securities in such vehicles, pursuant to the relevant risk retention requirements in the EU or the US . 2) Public ABS/CLOs Strategy : Opportunistically invest or trade in primary and secondary ABS markets to seek out opportunities that aim to unlock significant value from ABS investments that the Portfolio Manager considers to be mispriced by the market relative to their intrinsic value ## Investment Objective ## Investment Strategy 1S ## Summary ## Performance 1,2 APRIL 2026 Total returns are net of accrued liabilities, fees and expenses and include dividends reinvested . Please note, share class returns are representative of the EUR share class and the methodology for calculating the share performance with dividends reinvested sourced from Bloomberg is reinvesting any dividend at the ex -dividend date, rather than at month -end, with performance now calculated on a daily basis . Past performance is not indicative of future returns . Figures provided by Chenavari are estimated and unaudited and should not be relied upon and are based upon long -term performance projections of the investment strategy and market conditions at the time of modelling and are therefore, subject to change . Investors should not place any reliance on target returns or yields when deciding whether to invest . Please refer to the Prospectus for full risk factors . There is no guarantee that the Company will continue to invest as shown . Allocations may change at any time without notification . ‡With dividend reinvested . ^Monthly performance prior to May 2015 is representative of Toro Capital IA Limited . Returns are net of fees, accrued liabilities and expenses and include dividend reinvested . Investors’ attention is drawn to the fact that performance realised in 2009 and 2010 took advantage of the dislocation in the European ABS Market, in particular deeply discounted prices at that time . ¹10 .21 % YTD reflects Toro Capital IA until September 2015 ; 4.53 % YTD performance reflects Chenavari Toro Income Fund Limited from May 2015 . LLong Leverage is defined as the maximum loss on long credit risk positions (assuming recovery is equal to 0): e.g. on a long bond position the long leverage is equal to market value . *Portfolio breakdown as a % of NAV (excluded unsettled trades in Taurus) . 4These are indicative forward -looking returns . The unaudited yield is based on long -term performance projections of the investment strategy and market conditions at the time of modelling and therefore, subject to change . There is no guarantee that this yield to maturity can be achieved . Source : Chenavari (1), Bloomberg (2) and Intex (3), as at 30 April 2026 Performance Inc Dividends ‡ 1M 3M 6M 1Y Since Inception Annualised NAV 1 2.33% -4.30% -7.63% -10.54% 75.38% 5.25% TORO LN (EUR Share) 2 3.47% -13.61% -13.41% 1.21% 107.60% 6.87% TORG LN (GBP Share) 2 1.56% -11.12% -13.71% -2.51% 64.78% 12.10% Key Facts Fund Net Asset Value (€) 1 178.3m Market Capitalisation (€) 2 164.6m Shares Outstanding 1 315.0m Cumulative Distributions (€) 1 274.8m NAV per Share (€) 1 € 0.5660 TORO LN (EUR Share) 2 € 0.5225 TORG LN (GBP Share) 2 £ 0.4550 Premium/Discount to NAV 2 -7.69% Dividend Yield 2 12.90% Portfolio Breakdown 1* Strategy Returns 13 Yield to maturity 4 ABS / CLO Risk Retention 20.96% Public ABS / CLO 13.14% Others 3.57% Total 15.70% Adjusted to current share price 17.01% Page 1 2026 (YTD) 2025 2024 2023 2022 2021 2020 2019 2018 -5.95% 1.33% 15.12% 12.30% -6.05% 16.99% -7.60% 10.65% 6.66% 2017 2016 2015 2014 2013 2012 2011 2010 2009 9.29% 3.85% 10.21% | 4.53% 24.85% 32.92% 32.42% 24.71% 90.56% 80.12% Risk Limits 1L Current Level Limit Leverage 1.11 1.3x Top 1 Position 12.4% 20% Top 5 Positions 25.5% 50% Public ABS / CLO , 48.1% Spanish Real Estate (SpRED) , 4.1% Cash, Collateral & Hedges , 15.3% ABS / CLO Risk Retention , 32.4% -60% -10% 40% 90% 140% 190% > Apr-15 > Aug-15 > Dec-15 > Apr-16 > Aug-16 > Dec-16 > Apr-17 > Aug-17 > Dec-17 > Apr-18 > Aug-18 > Dec-18 > Apr-19 > Aug-19 > Dec-19 > Apr-20 > Aug-20 > Dec-20 > Apr-21 > Aug-21 > Dec-21 > Apr-22 > Aug-22 > Dec-22 > Apr-23 > Aug-23 > Dec-23 > Apr-24 > Aug-24 > Dec-24 > Apr-25 > Aug-25 > Dec-25 > Apr-26 NAV NAV w/ div. reinvest Share Share w/ div. reinvest www.chenavaritoroincomefund.com # Chenavari Toro Income Fund Limited ## Market Commentary & Portfolio Manager Commentary Stock Markets ## Credit Indices ## CLO Spreads Market Commentary April had a clear two -stage feel, but throughout the month the Strait of Hormuz and oil price remained the macro fulcrum . Early in the month, markets were driven by hopes that ceasefire efforts could contain the Middle East conflict and cap the energy shock, with Brent trading as low as $90 /bbl after the truce headlines . Risk assets were also responding positively to the prospect of easier physical flows . However, as the month progressed, the narrative shifted from de -escalation to disappointment that the disruption would not resolve quickly . The Strait remained impaired and physical oil markets continued to show scarcity signals . Renewed blockade headlines kept energy risk premia embedded in rates and inflation expectations . Major central banks (Fed, ECB, BoE) held rates steady in April, but the policy reaction function appeared to shift . The discussion was less focussed solely on eventual cuts and increasingly on whether further tightening could be required if the oil shock leaks into broader inflation . Equities nevertheless shrugged off these geopolitical concerns, rallying sharply into month - end on robust Q1 earnings with many corporates topping revenue and EPS expectations . Europe looked more exposed than the US as higher imported energy costs threatened inflation while policymakers warned of weaker growth and a possible stagflation shock . Rates were caught between the opposing forces of oil driven inflationary shock and a growth shock from weaker activity . In terms of performance for the month, ITRX Xover tightened by 60 .5bps, ending the month at 292 .5. Stocks closed the month higher with the S&P 500 advancing 10 .4% to 7209 ; its best monthly performance since Nov - 2020 . The European ELLI broke its 4 month losing streak to advance 1.28 pts this month to close at 95 .76 , above where it was when the Iran conflict started at the end of February . Despite the index level rally, sector dispersion persists, with building materials and consumer -linked credits underperforming as market participants remained concerned about inflationary pressure from oil price shocks . BWIC volumes for April were light at around $1.0bn up for bids over the month (vs $1.7bn prior) . This was partly driven by the holiday calendar and the Creditflux /LSTA conferences . On top of the light supply, the heavy April payment cycle left market participants cash rich and looking to reinvest interest proceeds . Combined with the broader market strength and a recovery in loan markets, there was a strong grind tighter across the stack moving close to YTD tights by month end . Demand has still been focused on tier 1, clean profiles . The basis between tier 1 and tail profiles was still prominent but as the rally continued and tier 1 profiles traded at/above par, the weaker profiles started to participate, especially in IG . We saw a weak BBB rallying more than 4 points from end of Feb to 98 h/+mh 300 s as participants reached for the last available discount . As the cleanest T1 BBs started to trade tighter than 500 , some weaker profiles began to trade in mh 700 s. That said, the worst tail profile BBs are still languishing in the 800 s - 900 s. Generic CLO spreads for the month closed tighter at 115 bps (- 7bps), 180 bps (-15 bps), 205 bps (-25 bps), 315 bps (-40 bps), 525 bps (-75 bps), 875 bps (-75 bps) for the AAA, AA, A, BBB, BB and B tranches, respectively . Monthly Activity & Outlook The net performance of the Chenavari Toro Income Fund was +2.33 % in April, with the performance split across strategies as follows : Public ABS strategy was +1.28 % and the ABS/CLO Risk Retention was +1.05 %. The broad recovery in loan prices and the rally across the CLO capital structure have contributed to April's performance . April equity interest payments have also been stronger than modelled . We continue to be cautious and do not expect to reinvest equity interest back into equity, thus decreasing our equity exposure over time . Our BB portfolio consists mainly of bonds in cleaner deals and higher coupons than the prevalent BB spread . We see this as a way to be defensively positioned and have a lower beta over generic spread moves . Looking forward, we see collateral dispersion to remain a prominent theme and managers with strong credit selection skills should outperform . We also see relative value in select deals with strong structural protection and look to deploy capital into tranches with sufficient credit enhancement in those deals . During the April payment window, the annualised payment on NAV of the horizontal/vertical risk positions within Taurus were 46 .2% for TORO 2, 75 .2% for TORO 3, 4.6% for TORO 6, 47 .4% for TORO 8, 43 .1% for TORO 9 and 36 .9% for TORO 10 . Dividend Declaration Ex Date Record Date Payable Date Amount* Type 29 -Apr -26 07/05/2026 08/05/2026 05/06/2026 € 0.0138 Regular Cash/Scrip Dividend 29 -Jan -26 05/02/2026 06/02/2026 06/03/2026 € 0.0154 Regular Cash/Scrip Dividend 29 -Oct -25 06/11/2025 07/11/2025 05/12/2025 € 0.0166 Regular Cash/Scrip Dividend 25 -Jul -25 07/08/2025 08/08/2025 05/09/2025 € 0.0176 Regular Cash/Scrip Dividend 30 -Apr -25 08/05/2025 09/05/2025 06/06/2025 € 0.0178 Regular Cash/Scrip Dividend Announcements  There were no significant announcements during the month . > Source :Bloomberg . > *Per ordinary share .For further information regarding these announcements, please visit www .chenavaritoroincomefund .com . > (1)Source :Chenavari, the sum of dividend per share amounts that have gone ex -dividend over the last 12 months, based on the dividend frequency > divided by the last price (as at 30 April 2026 ) > (2)Source :Bloomberg, the latest announced dividend amount annualised, based on the dividend frequency divided by the last price (as at 30 April 2026 ) # Recent Announcements & Last Five Dividend Declarations # Dividend Analysis Page 2 > Source: Bloomberg as at 30 April 2026 > Source: CitiVelocity as at 30 April 2026 Dividend Analysis 12 Month Yield 1 12.90% Indicated Yield 2 10.56% > Source: Bloomberg as at 30 April 2026 > APRIL 2026 > 3,000 > 3,500 > 4,000 > 4,500 > 5,000 > 5,500 > 6,000 > 6,500 > 7,000 > 7,500 > Apr-23 Apr-24 Apr-25 Apr-26 > S&P 500 EURO STOXX 50 > 100 > 200 > 300 > 400 > 500 > Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 > ITRX XOVER CDSI GEN 5Y Corp > CDX HY CDSI GEN 5Y SPRD Corp > 0 > 200 > 400 > 600 > 800 > 1000 > 1200 > 1400 > 1600 > 1800 > Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 > AAA BBB BB B > 0% > 2% > 4% > 6% > 8% > 10% > 12% > 14% > 16% > Apr-21 > Oct-21 > Apr-22 > Oct-22 > Apr-23 > Oct-23 > Apr-24 > Oct-24 > Apr-25 > Oct-25 > Apr-26 > Indicated Dividend Yield 12-month Dividend Yield www.chenavaritoroincomefund.com # Chenavari Toro Income Fund Limited # Rating Breakdown * # Top 10 Sector ^Geographical Breakdown # Top 10 Positions # Historical Performance 1‡ APRIL 2026 Performance Overview Current Month Last Month % Change NAV 1 € 0.5660 € 0.5531 2.33% TORO LN (EUR Share) 2 € 0.5225 € 0.5050 3.47% TORG LN (GBP Share) 2 £ 0.4550 £ 0.4480 1.56% Year YTD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 80.12% 8.95% 6.74% 18.60% 9.26% 8.01% 5.03% 5.36% 2010 90.56% 8.45% 7.06% 10.47% 13.52% 4.26% 2.16% 2.48% 1.89% 4.46% 5.15% 3.45% 3.56% 2011 24.71% 7.19% 7.12% 3.00% 3.90% 3.02% 0.98% 1.01% -3.80% 0.12% -1.48% 0.83% 0.95% 2012 32.42% 2.58% 3.04% 2.20% 1.22% 1.11% 1.15% 1.95% 2.12% 2.87% 3.76% 4.33% 2.14% 2013 32.92% 3.22% 3.21% 1.82% 1.74% 3.47% 1.08% 1.70% 1.07% 2.28% 4.20% 2.44% 2.62% 2014 24.85% 3.82% 2.48% 2.46% 3.98% 2.26% 2.02% 0.83% 0.99% 2.17% 0.76% 0.25% 0.46% 2015 10.21% | 4.53% 1.28% 1.68% 5.93% 1.03% 2.06% 0.14% 0.45% 0.63% 0.28% 0.02% 0.52% 0.34% 2016 3.85% -0.34% -2.44% 0.69% 0.92% 0.95% -0.04% 0.29% 1.13% 1.23% 0.54% 0.67% 0.24% 2017 9.29% 1.41% 0.88% 1.21% 0.56% 0.30% 1.49% 0.28% 0.50% 0.51% 0.98% 0.33% 0.48% 2018 6.66% 1.37% 0.38% 0.09% 0.39% 0.38% -0.81% 1.14% 0.45% 0.76% 2.31% -0.07% 0.10% 2019 10.65% 1.15% 0.66% 1.06% 1.90% 0.68% 0.74% 1.62% 0.41% 0.53% -0.12% 0.43% 1.11% 2020 -7.60% 1.22% -0.54% -22.72% -0.37% 6.28% 2.39% 4.06% 0.53% 1.50% 2.38% -0.15% 0.91% 2021 16.99% 1.63% 1.77% 1.24% 0.14% 0.24% -0.20% 8.02% 0.12% 0.28% 1.72% 0.64% 0.46% 2022 -6.05% 0.92% -0.79% 0.35% 0.90% -3.24% -4.06% 0.67% 2.52% -4.94% 1.51% 0.22% 0.03% 2023 12.30% 3.46% 0.59% -0.79% 1.26% 0.53% 0.19% 2.41% 0.86% 0.49% 0.22% 1.25% 1.25% 2024 15.12% 4.64% 0.26% 0.32% 0.71% -0.28% 0.67% 0.77% 1.10% 1.21% 2.68% 2.19% -0.02% 2025 1.33% 3.57% 3.60% 0.90% -1.60% 2.21% 0.92% 0.45% -0.58% -2.35% -3.71% 0.32% -2.10% 2026 -5.95% -1.72% -2.45% -4.14% 2.33% Source : Chenavari (1) and Bloomberg (2), as at 30 April 2026 . Pursuant to CFTC rule 4.22 (h)(ii), the change in the net asset value per outstanding unit of participation as at the end of the reporting period is above . Page 3 Source : Chenavari, as at 30 April 2026 . There is no guarantee that the Company will continue to invest as shown . Allocations may change at any time without notification . Figures provided by Chenavari are estimated and unaudited and should not be relied upon . Positions excludes cash, collateral and hedges . This is on an aggregated basis, rather than individual positions . Toro may, from time to time, acquire and temporarily hold certain loan assets as part of its investment strategy, including in connection with structured credit transactions that may subsequently be securitised into CLOs managed by the Investment Manager or its affiliates . Taurus is the wholly owned Originator subsidiary of Toro which holds the Toro CLO risk retention pieces . Portfolio breakdown as a % of NAV (excluding loans temporarily held or warehoused by Toro and/or Taurus pending sales to a CLO) . ^Gross fund sector exposure as % NAV on look through basis of the underlying exposures .*Present value of the management fee rebates are allocated as “B” rating for the junior fee rebates and “AAA” rating for the senior fee rebates . Total returns are net of accrued liabilities, fees and expenses and include dividends reinvested . Please note, share class returns are representative of the EUR share class and the methodology for calculating the share performance with dividends reinvested sourced from Bloomberg is reinvesting any dividend at the ex -dividend date, rather than at month -end, with performance now calculated on a daily basis . Past performance is no guarantee of future returns . Figures provided by Chenavari are estimated and unaudited and should not be relied upon and are based upon long -term performance projections of the investment strategy and market conditions at the time of modelling and are therefore, subject to change . Investors should not place any reliance on target returns in deciding whether to invest in the Company . Please refer to the Prospectus for full risk factors . ‡With dividend reinvested . ^Monthly performance prior to May 2015 is representative of Toro Capital IA Limited . Returns are net of fees, accrued liabilities and expenses and include dividend reinvested . Investors’ attention is drawn to the fact that performance realised in 2009 and 2010 took advantage of the dislocation in the European ABS Market, in particular deeply discounted prices at that time . *10 .21 % YTD reflects Toro Capital IA until September 2015 ; 4.53 % YTD performance reflects Chenavari Toro Income Fund Limited from May 2015 15.3% 8.9% 2.6% 3.8% 7.4% 17.8% 6.7% 0.4% 33.2% 4.1% 0% 5% 10% 15% 20% 25% 30% 35% Cash & Equivalents AAA AA A BBB BB B C-CCC ABS / CLO Equity SPRED 13.8% 13.0% 10.0% 9.4% 8.9% 7.4% 7.2% 3.9% 3.1% 3.0% 1.1% 0.7% 3.3% 15.3% 0% 5% 10% 15% 20% United Kingdom France Germany Netherlands Luxembourg United States Spain Ireland Italy Sweden Belgium Finland Other Cash, Collateral & Hedges 12.36% 3.65% 3.48% 3.23% 2.79% 2.53% 2.06% 1.92% 1.77% 1.52% 0% 2% 4% 6% 8% 10% 12% 14% TCLO 10X SUB TCLO 9X SUB SpRED_Zouen TCLO 8X ER TCLO 11 WAREHOUSE SUB TCLO 10X Junior Fee TCLO 2X SUB EUMAX VI C TCLO 3X M1 MNMNT 2X E 8.3% 5.2% 4.7% 4.7% 4.2% 4.2% 4.0% 3.7% 3.1% 2.8% 0% 5% 10% Commercial Services Real Estate Mortgage-backed securities Healthcare-Services Pharmaceuticals Chemicals Retail Food Telecommunications Diversified Finan Serv This material is not for distribution to retail clients and is directed exclusively to Chenavari Investment Managers’ professional clients and eligible counterparties, as defined in the Markets in Financial Instruments Directive (2004 /39 /EC) Article 4(1) (12 ). Chenavari Investment Managers is the trading name collectively of Chenavari Credit Partners LLP (“Chenavari”), Chenavari Investment Managers (Luxembourg Sarl and Chenavari Asset Management SAS, (‘Chenavari’) . The information contained herein is confidential information . By accepting this information, the recipient agrees that it will not divulge any such information to any other party . Any reproduction of this information, in whole or in part, is prohibited . The distribution of this document in certain jurisdictions may be restricted by law ; therefore, those into whose possession this document comes should inform themselves about and observe any such restrictions . The content herein does not take into account the particular investment objectives, financial situation, risk appetite, tax status or needs of individual clients . Chenavari disclaims any and all liability relating to any decision based upon or for reliance placed upon this document . This document has been prepared for general information purposes only and has not been delivered for registration in any jurisdiction, nor has its content been reviewed by any regulatory authority in any jurisdiction . The information contained herein does not constitute : (i) a binding legal agreement ; (ii) legal, regulatory, tax, accounting or other advice ; (iii) an offer, recommendation or solicitation to buy or sell shares in any fund or any security, commodity, financial instrument or derivative linked to, or otherwise included in, a portfolio managed or advised by Chenavari ; or (iv) an offer to enter into any other transaction whatsoever . This document does not constitute due diligence reporting and Chenavari bears no responsibility for any investment research and/or investment decisions, nor will Chenavari be liable for any decision made or actions taken by you or others based upon the contents of this document and neither Chenavari nor any of its partners, directors, officers, employees or representatives accept any liability whatsoever for any loss or damage of any kind and howsoever arising . The information, estimates, forecasts or opinions supplied herein are supplied for private use and information, and for discussion purposes only and do not constitute and may not be used for the purposes of, an offer to sell or the solicitation of an offer to buy nor shall there be any sale of units or shares issued by any fund managed or promoted by Chenavari or its affiliates in any jurisdiction in which such offer, solicitation or sale would be unlawful . The units or shares issued by a fund managed or promoted by Chenavari are offered or otherwise made available only in accordance with applicable private placement or offering rules . The information supplied by Chenavari contained herein shall not be deemed to constitute investment advice and should not be relied upon as the basis for a decision to enter into a transaction or as the basis for an investment in units or shares issued by a fund managed or promoted by Chenavari as an investment in funds or units of these funds may not be suitable or lawful for all investors . Prospective investors should : (i) consult their financial, accounting, tax and legal advisors prior to any investment in units or shares issued by a fund managed or promoted by Chenavari ; and (ii) inform themselves as to (a) the appropriateness of said investment in units or shares, (b) the legal requirements within their own jurisdictions for the purchase or holding of said investment, (c) any foreign exchange restrictions which may affect them, and (d) the income and other tax consequences which may apply in their own jurisdictions relevant to the purchase, holding or disposal of units or shares of the relevant fund or investment vehicle . Chenavari makes no representation or warranty, express or implied, as to, or assumes any liability responsibility for, the accuracy, reliability or completeness of any information, so obtained and supplied, or any information, estimates, forecasts or opinions prepared on the basis of such information . Furthermore, Chenavari shall not be under any obligation or assume any liability towards any person to update or correct any inaccuracy or incompleteness of the information, estimates, forecasts or opinions prepared on the basis of such information . Chenavari shall not be in any way responsible, or assume any liability for, any act or omission made by any person in reliance on this document or any information contained herein . This document shall not in any event be deemed to be complete and exhaustive information on the subjects covered . Chenavari makes no representations and/or warrants that the information contained in this document is either up to date and/or accurate and expressly disclaims all liability for errors and/or omissions . The information contained in the document is not related to any particular investment objective, financial position or specific interest of any recipient and is not intended to be relied upon or used by any counterparty, investor or other party . Where indicated, the information sourced relating to Chenavari has been provided for information or illustration purposes only, and Chenavari shall not be held responsible for the content of such information . Although some information has been provided by Chenavari, the information contained herein may be based on information furnished by third parties, the accuracy and completeness of which, has not been verified by Chenavari or any other person . These materials may also contain historical market data ; however, historical market trends are not reliable indicators of future market behaviour . Any historical investment results of any person or entity described in this material are not indicative of future investment results . Such results are intended only to give potential investors information concerning the general experience of the relevant person or entity and is not intended as a representation or warranty by Chenavari, or any other person or entity as to the actual composition or performance of any future investment . This document contains information about Chenavari, its respective staff and affiliates and the historical performance information of investment vehicles managed by Chenavari . Such information has been included to provide prospective investors with information as to Chenavari’s general portfolio management experience . Prospective investors should not view past performance as indicative of future results . Chenavari may receive or pay fees or rebates, in compliance with the Markets in Financial Instruments Directive, as implemented in each state of the European Economic Area . The offer, purchase or sale of units in any fund managed by Chenavari is accepted only from eligible investors on the basis of any current prospectus and subscription document . The fund interests or securities referred to herein have not been, nor will they be, registered or qualified under the U.S. Securities Act of 1933 , as amended (the “U .S. Securities Act”) or any applicable securities laws of any state or other political sub divisions of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. Person, except pursuant to an exemption from, or in a transaction not subject to the requirements of, the U.S. Securities Act and any applicable U.S. state securities laws . The Fund has not been registered and does not intend to register under the U.S. Investment Company Act of 1940 , as amended (the “Investment Company Act”) in reliance on the exemption from such registration pursuant to Section 3(c)( 7) thereunder and certain interpretations of Section 7(d) of the Investment Company Act by the staff of the U.S. Securities and Exchange Commission . Accordingly, the Interests are offered and sold only : (i) outside the United States to persons other than U.S. Persons in offshore transactions that meet the requirements of Regulation S under the U.S. Securities Act ; or (ii) to U.S. Persons who are (a) “accredited investors” as defined in Rule 501 of Regulation D promulgated under the U.S. Securities Act and (b) “qualified purchasers” within the meaning of Section 2(a)( 51 ) of the Investment Company Act . Except as otherwise disclosed in the fund’s prospectus, its interests have not been registered for distribution in any other jurisdiction . In Switzerland, the Fund is considered a foreign investment scheme pursuant to Art . 119 of the Swiss Federal Collective Investment Schemes Act (CISA) . No application has been submitted to the Federal Financial Market Supervisory Authority (FINMA) to obtain approval within the meaning of Art . 120 CISA to offer or distribute the investment in or from Switzerland to “Non -Qualified Investors”, and no other steps have been taken in this respect . Consequently, investors do not benefit from the specific investor protection and/or FINMA supervision pursuant to the CISA and its implementing ordinances . Any offer or sale must therefore be in strict compliance with Swiss law, and in particular with the provisions of the Collective Investment Schemes Act and its implementing ordinances, and FINMA circular 2013 /9 on the distribution of collective investment schemes . No person or entity is authorised to offer or sell the Shares or distribute any Fund Documentation, including the Prospectus, the Articles of Incorporation and annual reports issued by the Fund from time to time, or promotional material relating to the Fund in or from Switzerland other than to "Qualified Investors", as defined in Article 10 of the CISA and Articles 6 and 6a of the CISO and any circulars issued by FINMA . The fund has appointed as its Swiss Representative, Oligo Swiss Fund Services SA, Av . Villamont 17 , 1005 Lausanne, Switzerland, Tel : +41 21 311 17 77 , email : info@oligofunds .ch . The Fund’s paying agent is Banque Cantonale de Genève . Any Fund Documentation may be obtained free of charge from the Swiss Representative in Lausanne . In respect of the shares or units distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss Representative . iTraxx ® is a registered trademark of International Index Company Limited (IIC) and has been licensed for the use by Eurex . IIC does not approve, endorse or recommend Eurex or iTraxx ® Europe 5- year Index Futures, iTraxx ® Europe HiVol 5-year Index Futures and iTraxx ® Europe Crossover 5-year Index Futures . The STOXX® indices, the data included therein and the trademarks used in the index names are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors which is used by Eurex Frankfurt AG under licence . Eurex ' derivatives based on the STOXX® indices are in no way sponsored, endorsed, sold or promoted by STOXX and its licensors and neither STOXX nor its licensors shall have any liability with respect thereto . Standard & Poor's S&P 500 ® Index is a registered trademark of Standard & Poor's, a division of the McGraw -Hill Companies Inc . The Markit CDX .NA .IG 5-year SHORT TOTAL RETURN INDEX and the trademarks used in the Index name referenced herein are the intellectual property of Markit North America Inc . ("Markit") . The Index is used under licence from Markit . Representative . This document has been prepared, issued and approved by Chenavari Credit Partners LLP (‘CCP’) incorporated in England and Wales (Number OC 337434 ), with its registered office at 80 Victoria Street, London, SW 1E 5JL . CCP is authorised and regulated by the Financial Conduct Authority with RFN 484392 , the Commodities and Futures Trading Commission (No . 0426351 ), and the Securities Exchange Commission (No . 801 -72662 ). Chenavari Investment Managers (Luxembourg) Sarl is incorporated in Luxembourg (No . B143992 ) with its principal place of business at 2 Boulevard de la Foire, L-1528 Luxembourg, and is authorised and regulated by the Conseil de Surveillance du Secteur Financier No . A00001375 and S00001017 . Chenavari Asset Management SAS is registered with the Registry of Commerce and Companies of Paris (Number 913 407 243 ) and is authorised and regulated by the Autorité des Marchés Financiers (AMF) No . GP -20230001 . Chenavari Investment Management (Middle East) Limited, a private company limited by shares and incorporated in the Abu Dhabi Global Market (No . 20550 ). Registered address : 3508 , 35 th Floor, Al Maqam Tower, Abu Dhabi Global Market Square, Al Maryah Islands, Abu Dhabi, United Arab Emirates . Regulated by the Abu Dhabi Financial Services Regulatory Authority, FSP no . 240066 . Copyright in this document belongs to Chenavari and all other intellectual property rights are reserved . ## Disclaimer Hypothetical performance results have many inherent limitations, some of which are described below . No representation is made that the Company will, or is likely to, achieve profits or losses similar to those shown . In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading programme . One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight . In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading . For example, the ability to withstand losses or to adhere to a particular trading programme in spite of trading losses are material points which can also adversely affect actual trading results . There are numerous other factors related to the markets in general or to the implementation of any specific trading programme which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results . To the best of our knowledge and belief, the information contained in this document is accurate and complete Jackie Jordan – Chief Compliance Officer | Chenavari Credit Partners LLP | Commodity Pool Operator Page 4