Private Credit's Role in a Portfolio

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from the Fund at 1-833-701-2855 or by visiting www.callodinefunds.com. An investor should read the prospectus carefully before investing.

This presentation has been prepared by Callodine Capital Management, LP (“Callodine”), a registered investment adviser and advisor to the Callodine Specialty Income Fund (the “Fund”). Manning & Napier Investor Services, Inc. (MNBD), an affiliate of Callodine, has a selling arrangement in place that allows them to sell the Fund. The Fund is distributed by Distribution Services, LLC which is not affiliated with Callodine Capital Management, LP, any of their affiliates, or any of the individuals named within.

This is neither an offer to sell nor a solicitation to purchase the securities described herein. An offering is made only by the prospectus which must precede or accompany this presentation. Please read the prospectus prior to making an investment decisions and consider the risks other information described therein.

An investment in the Fund involves a high degree of risk, is considered speculative and illiquid, and is not suitable for all investors. There can be no assurance that the Fund’s investment objective will be achieved or that its investment program will be successful. Investors could lose some of or all of their investment. No public market for Shares exists, and none is expected to develop in the future. Investors should generally not expect to be able to sell their Shares (other than through the limited repurchase process), regardless of how the Fund performs. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved, including risks that are inherent in securities investments generally as well as those risks that are specific to an investment in the Fund.

Investing in the Fund will involve several risks due to the nature of the Fund’s investments, including issuer-specific risk, foreign investment risk, and the risk that the investment approach may not be successful. As with any fund that invests in equities, the value of your investment will fluctuate in response to stock market movements. The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. Additionally, the Fund may at times invest more heavily in a particular sector. As a result, the Fund may be more susceptible to adverse economic or political occurrence affecting one or more of these issues or sectors and, therefore, may experience increased volatility.

A significant portion of the Fund’s investments may be originated. The results of the Fund’s operations depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Fund investments in non-performing and sub-performing loans may be subject to additional bankruptcy related risks and returns on such investments may not be realized for a considerable period of time. The Fund’s performance with respect to real estate lending will depend on the ability of its borrowers to repay their loans. In turn, the Fund’s borrowers are subject to local, regional, and national real estate market and economic conditions beyond their control and beyond the control of the Fund. Fund investments in asset-backed securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. In addition, the underlying assets are subject to prepayments that shorten the securities’ weighted average maturity and may lower their return.

Investment in private and small or middle-market companies involves a number of significant risks as there is generally little public information available about these companies. Such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns.

The Fund will invest a portion of its assets in debt and debt-related securities, which include unsecured loans. All debt or debt related securities are exposed to credit risk, including default risk. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Most of the credit instruments in which the Fund invests will be rated below investment grade by rating agencies, and many will have no credit rating at all. Credit instruments that are rated below investment grade (i.e., “high yield” securities or “junk bonds”) involve additional risks, including higher risk of default and loss of principal. The Fund's investments in preferred and convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities, as well as equity market risk. The Fund’s investments are expected to include royalty streams or debt backed by royalty streams or revenue interests paid by small and middle-market businesses, which are highly speculative and involve a high degree of risk of credit loss.

Investments in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory, and other conditions as well as the risks related to the use of different financial standards. The Fund may invest a portion of its assets in real estate investment trusts (REITs), which are subject to risks associated with the direct ownership of real estate; interest rate risk, liquidity risk, and changes in property value, among others. The Fund may also invest a portion of its assets in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly traded companies. MLPs are subject to additional risks, including risks associated with the specific industry or industries in which the partnership invests. To the extent that an MLPs interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, the potential tax benefits from investing in MLPs depends on their continued treatment as partnerships for federal income tax purposes. The fund’s use of leverage may not be successful and may create additional risks, including the risk of magnified return volatility and the potential for unlimited loss.

The Fund is a closed-end investment company operating as an “interval fund” and, as such, has adopted a fundamental policy to make quarterly repurchase offers at per-class NAV per Share of not less than 5% and not more than 25% of the Fund’s outstanding Shares on the repurchase request deadline, unless such offer is suspended or postponed in accordance with regulatory requirements. It is possible that a repurchase offer may be oversubscribed, in which case Shareholders may only have a portion of their Shares repurchased. The Fund expects its initial repurchase offer to commence in the third quarter following the commencement of its operations. The Fund intends to make regular quarterly distributions to its shareholders of substantially all of its income, commencing in the first full quarter of the Fund’s operations. There is no assurance that distributions paid by Fund will be maintained at the targeted level of that dividends will be paid at all. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as from offering proceeds, borrowings, and amounts from the Fund’s affiliates that are subject to repayment by investors. The Callodine Specialty Income Fund has no operating history and the Shares have no history of public trading.

The information in this presentation may contain projections or other forward-looking statements regarding future events, targets, forecasts or expectations regarding the strategies described herein, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and actual results may be significantly different from those shown here. The presentation set forth in these materials is subject to change without notice, including, without limitation, the terms of the Fund and any portfolio construction targets set forth herein, as well as market conditions and events. The views expressed reflect the current views of Callodine as of the date hereof and Callodine does not undertake to advise you of any changes in the views expressed herein.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index of U.S. domestic investment-grade debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. Index returns do not reflect any fees or expenses.

The S&P 500 Total Return Index is an unmanaged, capitalization-weighted measure comprised of 500 leading U.S. companies to gauge U.S. large cap equities. The Index returns do not reflect any fees or expenses. The index accounts for the reinvestment of regular cash dividends, but not for the withholding of taxes.

Index returns provided by Morningstar, Inc. Index data referenced herein is the property of S&P Dow Jones Indices LLC, a division of S&P Global Inc., its affiliates ("S&P") and/or its third party suppliers and has been licensed for use by Manning & Napier. S&P and its third party suppliers accept no liability in connection with its use. Data provided is not a representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of these parties shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. For additional disclosure information, please see: https://go.manning-napier.com/benchmark-provisions.

The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index that measures the performance of the U.S. institutional leveraged loan market. The index is unmanaged, does not reflect fees or expenses, and cannot be invested in directly.

Morningstar, Inc. is a global investment research firm providing data, information, and analysis of stocks and mutual funds. © Morningstar, Inc. 2026. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.

General Morningstar Category - Private Debt – General funds are debt funds that have at least 15% of their assets invested in illiquid securities, with a focus on debt extended to private companies. Funds in this category may hold a variety of debt types, including mezzanine, real estate, distressed, infrastructure, venture debt, leveraged loans, collateralized loan obligations, and direct lending, among others. Funds primarily focused on direct lending, however, are classified separately within a dedicated category.

The data presented is for informational purposes only. It is not to be considered a specific stock recommendation. Unless otherwise noted,, analysis provided by Manning & Napier. Past performance does not guarantee future results. 

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