Primary Investment

6 May 2015

Chenavari Capital Solutions Limited (the "Company")

Primary investment

The Company announces its ninth primary regulatory capital investment.

Primary transaction

The Company has today invested €16 million in a thick first loss tranche providing exposure to a revolving €2.35 billion portfolio of mid-market corporate loans originated by a German corporate and investment bank (the "Bank"). The portfolio will be subject to replenishment for 5.5 years.

The purpose of the transaction is to manage the risk weighted assets of the Bank. The Investment Advisor has assessed the full through-the-cycle default and recovery histories of the mid-market loan book, and is satisfied regarding the robustness of the Bank's underwriting, monitoring and recovery processes. The exposure benefits from the Bank's solid origination in its home market, and from robust downside protection due to the high detachment point of the tranche.

The transaction forms part of a series of mid-market corporate loan regulatory capital transactions issued by the Bank, which have generally experienced strong historical performance.

The Company will invest in the transaction through the purchase of Credit Linked Notes issued by the Bank. Therefore the Company has hedged counterparty risk in line with the provisions of the Prospectus dated 23 September 2013.

Upon acquisition, the transaction represents approximately 9% of the Company's net asset value. Following the transaction, the Company is now approximately 92% invested (based on the Company's net asset value as at 31 March 2015).

Enquiries:

Kirstie McLaren

Chenavari Investment Managers

Email: Investor-relations@chenavari.com

Telephone: +44 20 7259 3600