Half-Yearly Financial Report 2021

CVC Credit Partners

European Opportunities Limited

Half Yearly Financial Report 30 June 2021

CVC CREDIT PARTNERS

2	CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED HALF YEARLY FINANCIAL REPORT 30 JUNE 2021

WHY INVEST IN CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES?

Generating income and growing your capital

CVC Credit Partners European Opportunities Limited ("CCPEOL" or the "Company") is an investment fund that aims to provide shareholders with income and potential for capital upside by focusing on European performing credit as well as select opportunistic credit investments.

A part of the CVC Credit Platform, the CVC Credit Partners Investment Management Limited (the "Investment Vehicle Manager") has a strong track record in investing in these asset classes which provides CCPEOL's investors with stability and inflation protection. The key features of CCPEOL is its ability to provide attractive, risk-adjusted returns which includes a reliable income stream that allows the fund to enhance and preserve capital. The Company also offers investors additional liquidity through its quarterly tender mechanism.

What we offer

Reliable income

We seek to generate high cash income via a stable and attractive dividend, as well as offer the potential for capital appreciation. CCPEOL distributes quarterly dividends to shareholders based on a target of 5p / 5c per GBP and EUR share respectively per annum.

Strong track record

CCPEOL has a proven, long-term track record and has typically outperformed during periods of market volatility. Since the strategy's inception in 2009 and the subsequent listing in 2013, we have achieved a net total return of 9.17%1 per annum.

Liquidity

In addition to the daily liquidity offered by the market, we offer investors liquidity via a quarterly tender mechanism that allows redemptions at NAV less 1p / 1c per GBP/ EUR share respectively.

Inflation protection

We mainly invest in loans, which are typically floating rate instruments, which allows CCPEOL to act as a hedge against inflation risk.We believe now more than ever, that it's the better place to be, due to heightened inflation risk and growing expectations of rising central bank interest rates.

Capital Preservation	Stability
Our focus is on downside protection and capital	Offering more security and less volatility than
preservation. We invest primarily in senior	equity markets, CCPEOL offers investors a way
secured credits at the top of the capital structure,	of accessing the European corporate credit loan
increasing the chance of strong recoveries in	markets, typically an asset class dominated by
the event of a rise in defaults, and our portfolio	institutional investors. Since its establishment
typically holds around 100 positions in large	in 1998, the Credit Suisse Leveraged Loan Index
companies diversified by geography and sector	has only had one down year, demonstrating the
across the UK, continental Europe and the US.	stability of the asset class.
Attractive, risk-adjusted returns even in the	Part of the CVC Credit Platform
current low-income environment	The Investment Vehicle is managed by CVC
CCPEOL targets attractive risk-adjusted returns	Credit, a leading global investment management
for its shareholders and has a medium-term	firm with over $28bn in AUM across performing
target return of 8% per annum. We rotate our	credit and private credit strategies, allowing
portfolio between investing in senior secured	shareholders the opportunity to gain exposure
loans and more opportunistic credit investments,	to institutional-quality credit investments. CVC
meaning we're able to simultaneously target a	Credit is part of the CVC platform, a world leader
reliable income while maintaining the potential	in private equity and credit with $114.8 billion of
to generate capital upside for our shareholders.	AUM, $162.7 billion of funds committed and a
	global network of 24 local offices.

In executing it's investment strategy, the Investment Vehicle utilises leverage and it's borrowings, as a percentage of the Company's NAV2, as at 30 June 2021 stood at 30.60% (31 December 2020: 27.67%). The Investment Vehicle Manager is entitled to receive a management fee of between 0.75% to 0.90% of NAV3 and a performance fee of 15% of performance that exceeds the higher of a 5% performance hurdle and a high water mark.

1. up to June 2021
2. Pro-ratedfor the Company's interest in the net assets of the Investment Vehicle of 60.17% as at 30 June 2021 (31 December 2020: 58.71%).
3. The Investment Vehicle management fee 0.90%, which reduces by a further 5 basis points each time the Investment Vehicle's NAV exceeds €500m, €750m and €1bn, respectively, to a minimum of 0.75% per annum.

CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED HALF YEARLY FINANCIAL REPORT 30 JUNE 2021	3

CONTENTS

Financial Highlights ..........................................................................................	4
Half Yearly Board Report -
- Chairman's Statement ...........................................................................	6
- Investment Vehicle Manager's Report ......................................................	8
- Executive Report ...................................................................................	14
Climate-related financial disclosures...................................................................	21
Directors' Statement of Responsibilities..............................................................	24
Independent Review Report...............................................................................	26
Condensed Statement of Comprehensive Income................................................	27
Condensed Statement of Financial Position.........................................................	28
Condensed Statement of Changes in Net Assets.................................................	29
Condensed Statement of Cash Flows.................................................................	30
Notes to the Condensed Financial Statements....................................................	31
Supplemental Financial Information..................................................................	50
Company Information.......................................................................................	53