# EDGAR Filing Document

**Accession Number:** 0002112554
**File Stem:** 0001193125-26-247424
**Filing Date:** 2026-5
**Character Count:** 974084
**Document Hash:** e843ec4e8bd079ba25c8673db90278c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247424.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247424

**CONFORMED SUBMISSION TYPE**: 10-12G

**PUBLIC DOCUMENT COUNT**: 42

**FILED AS OF DATE**: 20260529

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Private Credit Co II LLC
- **CENTRAL INDEX KEY:** 0002112554

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56854
- **FILM NUMBER:** 261041601

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on May 29, 2026** 

**File No. [ ]** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549** 

**FORM 10** 

**GENERAL FORM FOR REGISTRATION OF SECURITIES** 

**Pursuant to Section 12(b) or (g) or** 

**the Securities Exchange Act of 1934** 

## Fidelity Private Credit Company II LLC
**(Exact Name of Registrant as Specified in its Charter)** 

---

| | |
|:---|:---|
| **Delaware** | **41-3806186** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **245 Summer Street, Boston, Massachusetts** | **02210** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(Registrant's telephone number, including area code): 617-563-7000** 

***with copies to:***

---

| | |
|:---|:---|
| **William J. Bielefeld, Esq.**<br> **Paul Stevens, Esq.**<br> **Dechert LLP**<br> **1900 K Street, NW**<br> **Washington, DC 20006** | **Nicole Macarchuk**<br> **Fidelity Diversifying Solutions LLC**<br> **245 Summer Street**<br> **Boston, Massachusetts 02210** |

---

**Securities to be registered pursuant to Section 12(b) of the Act:** 

**None** 

**Securities to be registered pursuant to Section 12(g) of the Act:** 

**Common Units** 

**(Title of class)** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
| | | **Page** |
| [EXPLANATORY NOTE](#tx110483_1) | [EXPLANATORY NOTE](#tx110483_1) | 1 |
| [FORWARD-LOOKING STATEMENTS](#tx110483_2) | [FORWARD-LOOKING STATEMENTS](#tx110483_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1. | [Business](#tx110483_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1A. | [Risk Factors](#tx110483_4) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. | [Financial Information Management's Discussion and Analysis of Financial Condition and Results of Operations](#tx110483_5) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. | [Properties](#tx110483_6) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. | [Security Ownership of Certain Beneficial Owners and Management](#tx110483_7) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. | [Directors and Executive Officers](#tx110483_8) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. | [Executive Compensation](#tx110483_9) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. | [Certain Relationships and Related Transactions, and Director Independence](#tx110483_10) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. | [Legal Proceedings](#tx110483_11) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. | [Market Price of and Dividends on the Registrant's Common Equity and Related Unit Holder Matters](#tx110483_12) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. | [Recent Sales of Unregistered Securities](#tx110483_13) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. | [Description of Registrant's Securities to be Registered](#tx110483_14) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. | [Indemnification of Directors and Officers](#tx110483_15) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. | [Financial Statements and Supplementary Data](#tx110483_16) | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#tx110483_17) | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. | [Financial Statements and Exhibits](#tx110483_18) | 114 |

---

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**EXPLANATORY NOTE** 

Fidelity Private Credit Company II LLC (the "Fund") is filing this registration statement on Form 10 (the "Registration Statement") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on a voluntary basis in connection with its election to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act").

<u>Unless indicated otherwise in this Registration Statement or the context requires otherwise, the terms</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fund," "we," "us" or "our" refers to Fidelity Private Credit
Company II LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Adviser" and our "investment adviser" refer to Fidelity Diversifying Solutions LLC, our
investment adviser, a wholly-owned subsidiary of FMR LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Administrator" and our "administrator" refer to Fidelity Diversifying Solutions LLC,
which is also our investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fidelity" refers to the Adviser together with its affiliates, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Unit Holder" refers to a holder of the Fund's Units.

Upon the effective date of this Registration Statement, the Fund will be subject to the proxy rules in Section 14 of the Exchange Act, and the Fund and its directors, officers and principal Unit Holders are subject to the reporting requirements of Sections 13 and 16 of the Exchange Act. Additionally, the Fund will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require the Fund, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and the Fund will be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. Unit Holder reports and other information about the Fund are available on the EDGAR Database on the Securities and Exchange Commission's (the "SEC") Internet site at http://www.sec.gov and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: *publicinfo@sec.gov*.

The Fund will file an election with the SEC to be treated as a BDC under the 1940 Act. Upon such election, the Fund will be subject to the 1940 Act requirements applicable to BDCs. Prior to such election, the Fund will continue to conduct its investment activities and operations pursuant to the exclusion from the definition of an "investment company" in Section 3(c)(7) of the 1940 Act. The Fund is classified as a non-diversified investment company under the 1940 Act, which means that the Fund may invest a higher portion of the Fund's assets in the securities of a single issuer or a few issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund's Units may not be sold without the written consent of the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Units are not currently listed on an exchange, and it is uncertain whether they will be listed; it is unlikely that a secondary market will develop.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Repurchases of Units by the Fund, if any, are expected to be limited.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **An investment in the Fund may not be suitable for investors who may need the money they invest in a specified time frame.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund intends to invest primarily in privately-held companies for which very little public information exists. Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The privately-held companies and below-investment-grade securities ("junk" bonds) in which the Fund will invest will be difficult to value and are illiquid.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund will elect to be regulated as a BDC under the 1940 Act, which imposes numerous restrictions on the activities of the Fund, including restrictions on leverage and on the nature of its investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012, or the "JOBS Act". As a result, the Fund is eligible to take advantage of certain reduced disclosure and other requirements that are otherwise applicable to public companies including, but not limited to, not being subject to the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. See "Emerging Growth Company" at page 26.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The amount of distributions that the Fund may pay, if any, is uncertain.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.** 

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**FORWARD-LOOKING STATEMENTS** 

Statements contained in this Registration Statement (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Fund, the Adviser and Fidelity. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Registration Statement constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond the Fund's control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors the Fund identifies in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Registration Statement and in the Fund's filings with the SEC.

Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Registration Statement should not be regarded as a representation by us that the Fund's plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Registration Statement. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Registration Statement. The Fund does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Exchange Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Registration Statement because the Fund is an investment company.

The following factors are among those that could cause actual results to differ materially from those expressed or forecasted in the Fund's forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geo-political conditions, including revolution, insurgency, terrorism or
war, including those arising out of the ongoing conflicts in Ukraine and the Middle East;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of the Fund's future success on the general economy and its effect on the industries in
which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser to identify suitable investments and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser and its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's ability to maintain our qualification as a BDC and as a regulated investment company
("RIC") under the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on our business of U.S. and international financial reform legislation, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effect of changes in tax laws and regulations and interpretations thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax status of the enterprises in which the Fund may invest.

The safe harbor provisions of Section 21E of the Exchange Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Registration Statement.

**Summary of Risk Factors** 

Investing in the Fund's Units involves a high degree of risk. Some, but not all, of the risks and uncertainties that the Fund faces are summarized below. Please refer to "*Item 1A. Risk Factors*" for a more detailed description of each risk.

**Risks Relating to an Investment in the Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is a relatively new company with limited operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in the Fund is suitable only for certain sophisticated investors that have no need for immediate
liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is managed exclusively by the Adviser and Fund investors should expect to rely solely on the ability of
the Adviser with respect to the Fund's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in the Fund may be considered speculative and involves a high degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will generally make long-term loans and equity investments in small and medium-sized private companies for which very little public information exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There can be no guarantee that the Fund will replicate the historical results achieved by similar strategies
managed by Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund cannot guarantee that it will achieve investment results that will allow it to make a specified level of
cash distributions or year-to-year increases in cash distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic recessions or downturns could impair our portfolio companies and adversely affect the Fund's
operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Board of Directors has the authority to modify or waive certain of the Fund's operating
policies and strategies without prior notice and without investor approval, the effects of which may be adverse to the Fund's business and impact its ability to make distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to general credit risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will be exposed to risks associated with changes in interest rates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuations of the Fund's investments can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fair value pricing is based on subjective judgements, and it is possible that fair value of a security may differ
materially from the value that would be realized if the security were sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may be limited availability of suitable investments for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may seek to obtain indebtedness on an investment-by-investment basis, and leverage may not be available or may be available on less desirable terms in connection with particular investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The greater the total leverage of the Fund relative to its assets, the greater the risk of loss and possibility
of gain due to changes in the values of its investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent that the Fund assumes large positions in the securities of a small number of issuers or industries,
the Fund's net asset value may fluctuate to a greater extent than that of a more diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer.

**Risks Relating to the Fund's Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The privately-held companies and below-investment-grade securities in which the Fund will invest will be
difficult to value and are illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio companies may be highly leveraged, and there is no restriction on the amount of debt a portfolio
company can incur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leveraged companies may experience bankruptcy or similar financial distress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in securities of non-U.S. issuers involves certain
considerations comprising both risks and opportunities not typically associated with investing in securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund generally will not control our portfolio companies and our investments in prospective portfolio
companies may be risky.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may be exposed to losses resulting from default and foreclosure of any such loans or interests in loans
in which it has invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of the Fund's debt investments may contain provisions providing for the payment of payment-in-kind ("PIK") interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to prepayment risk with respect to certain of the loans in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in unsecured loans which are not secured by collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The collateral and security arrangements in relation to such secured obligations as the Fund may invest in will
be subject to such security or collateral having been correctly created and perfected and any applicable legal or regulatory requirements which may restrict the giving of collateral or security by an obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fair value of loans, securities and other investments that are not publicly traded may not be readily
determinable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant number of leveraged loans in the market may consist of "covenant-lite loans."

**Risks Relating to the Private Offering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's common units of beneficial interest ("Units") may be subject to certain restrictions
on transferability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Holders will be required to make capital contributions ("Capital Contributions") to purchase the
Fund's Units each time the Fund delivers a funding notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Unit Holders fail to fund their commitment obligations or to make required Capital Contributions when due, the
Fund's ability to complete its investment program or otherwise continue operations may be substantially impaired.

**Risks Relating to Certain Regulatory and Tax Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to various regulations as a BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund does not maintain its status as a BDC, the Fund would be subject to substantially more regulatory
restrictions under the Investment Company Act of 1940, as amended which would significantly decrease its operating flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any new or changed U.S. federal, state, and local laws and regulations could have material adverse effect on the
Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an
investment in an inefficient or otherwise disadvantageous manner, or changes in licensing requirements, could adversely affect the Fund's ability to implement its investment program and achieve its intended results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under certain circumstances, it would be possible for the Fund to obtain a controlling interest in certain
portfolio companies, thus, the Fund could be treated as a single employer with one or more of its portfolio companies for purposes of controlled group rules under the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund does not qualify for or maintain RIC tax treatment and is subject to corporate income tax, the
resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund expects to invest in debt securities that are rated below investment grade or that would be rated below
investment grade if they were rated, which may present special tax issues.

**Item 1. Business** 

The Fund was formed on January 21, 2026, as a Delaware limited liability company. The Units are offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made.

The Fund will be made available to eligible investors who meet the minimum Capital Commitment requirements and have committed to additional strategic relationships with Fidelity.

The Fund invests in loans targeted at private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Exchange Act and public U.S. operating companies having a market capitalization of less than $250 million.

The Fund will elect to be treated as a BDC under the 1940 Act. The Fund intends to elect to be treated, and qualify annually thereafter, for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. As a BDC and a RIC, the Fund is required to comply with certain regulatory requirements.

See "*Item 1. Business—Regulation as a Business Development Company" and "Item 1. Business—Certain U.S. Federal Income Tax Consequences*."

**The Adviser** 

The Fund's current investment adviser is Fidelity Diversifying Solutions LLC. The Adviser is registered as an investment adviser with the SEC pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers

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Act"). The Adviser provides certain investment advisory and management services to the Fund pursuant to an investment advisory agreement (the "Advisory Agreement").

The Adviser is a wholly-owned subsidiary of FMR LLC ("FMR"). As of December 31, 2025, the Adviser has $18.9B in assets under management. The Adviser is also registered with the U.S. Commodity Futures Trading Commission (the "CFTC") under the Commodity Exchange Act of 1936, as amended, as a commodity pool operator ("CPO") and a commodity trading advisor ("CTA"), and is a member of the National Futures Association. The Adviser leverages the resources of the entire Fidelity organization in managing the Fund.

FMR is the ultimate parent company of the Adviser. At present, the primary business activities of FMR and its subsidiaries are: (i) the provision of investment advisory, management, shareholder, investment information and assistance and certain fiduciary services for individual and institutional investors; (ii) the provision of securities brokerage services; (iii) the management and development of real estate; and (iv) the investment in and operation of a number of emerging businesses.

**The Management Team** 

Founded in 1946, Fidelity has been known for its professional money management and comprehensive client services. Fidelity is one of the world's largest providers of financial services with assets under administration of $18 trillion, including managed assets of $7.1 trillion as of December 31, 2025. The portfolio management team has extensive experience in middle market lending and has sourced, underwritten and/or managed diverse credit and lending teams in a variety of market environments from the nascent cash flow lending markets of the early 2000's, through the great financial crisis of 2007 to 2009, during the recovery and growth of the 2010's, and during the recent pandemic related disruptions. The Adviser emphasizes a consistent and disciplined underwriting process, which is the foundation for its approach to portfolio construction. Leveraging proprietary research insights and performing granular credit and loan to value analysis for each investment are core tenets of the Adviser's credit philosophy. Focusing on capital preservation and minimizing volatility, the Adviser seeks to employ the same underwriting, due diligence and the Adviser's Direct Lending Investment Committee ("Direct Lending Investment Committee") approval process for every investment. The Adviser believes that Fidelity's history and scale, combined with the portfolio management team's experience and strategy enable it to compete across the credit spectrum in the middle market. See "*Conflicts of Interest—Relationship among the Fund, the Adviser and the Portfolio Managers*" for more information about risks related to investing with an affiliate adviser. The Adviser's specific areas of differentiation that drive its competitive advantages are below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fidelity ' s multi-decade history and substantial scale in the credit markets**:
Fidelity has operated through the last twelve recessions, numerous crises, expansions and contractions during its more than 75 years of history. Active in the credit markets since 1971, Fidelity has over $974 billion of fixed income assets
under management as of December 31, 2025. Fidelity also offered its first high yield bond fund in 1977 and was the first mutual fund company to offer an open-ended fund focused on leverage loans in 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Dedicated team of seasoned middle market credit investors**: The portfolio management team of the Adviser is
comprised of professionals that have spent their entire careers in middle market lending. The portfolio managers average more than 20 years of experience, and the portfolio management team's capabilities include sourcing, underwriting and
executing on middle market loans, and most importantly, actively managing credit portfolios through multiple cycles. This includes experience managing investments during periods of growth as well as periods of distress including active engagement
and leadership in restructurings and bankruptcies, providing valuable foresight in connection with the Adviser's Direct Lending Investment Committee's evaluation and approval of new opportunities. The Adviser maintains in-depth oversight throughout the investment process and instills the culture of intense focus on capital preservation and hands-on portfolio management with a focus on proper
risk mitigation throughout the life of an investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ability to operate at scale across the entire lending landscape**: The Adviser seeks to offer
compelling financing solutions for creditworthy issuers regardless of company size. This increases the opportunity set for the Fund and promotes the Adviser's selective investment approach, while providing reliable financing to companies as
they scale. The Adviser's ability to offer attractive financing proposals for small to mid-market businesses as well as upper middle market companies also deepens the relationship with sponsors (each, a
"Sponsor" and collectively, "Sponsors"), a source of investment opportunities for the Adviser. The Adviser intends to target issuers that the Adviser considers to be high quality, regardless of size, and provide financing
structures that afford attractive risk adjusted returns for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access to proprietary credit and equity research platform creates efficient and differentiated diligence**:
As part of the Fidelity organization, the Adviser has access to the extensive research platform of FMR that allows the Adviser to make more informed and efficient investment decisions. FMR has over 490 research professionals in North America, Europe
and Asia that cover equities, fixed income and high yield markets. As part of the due diligence and underwriting process for each potential investment, the Adviser intends to review and analyze relevant FMR industry research and engage directly with
the industry analysts. Using the proprietary insights, the Adviser expects to improve portfolio construction and risk mitigation, allowing it to potentially (i) gain conviction on investments or (ii) avoid investments that have subtle
industry headwinds or competitive pressures, that might otherwise appear attractive. In addition to the portfolio management team's independent industry analysis and broad experience lending to middle market businesses, the Adviser's
access to proprietary Fidelity research differentiates the platform and, we believe, translates into more efficient and informed decision making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disciplined, consistent underwriting process with risk adjusted approach**: The Adviser employs a consistent
and rigorous due diligence and underwriting process to assess each investment. Investments are reviewed in deal team structures where all investment professionals have overlapping responsibilities, which is expected to improve process oversight and
risk mitigation. The Adviser's philosophy and investment approach has been informed by the portfolio management team's extensive experience lending to middle market companies and utilizes a bottoms-up credit approach, with the primary focus being return of capital. For each potential investment, the Adviser will actively engage with company management and ownership and complete detailed credit
and valuation analysis. While the Adviser will independently determine an investment thesis and identify key risks, the Adviser also benefits from significant third-party diligence commissioned for the majority of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access to expert diligence professionals:** The Adviser may independently commission third-party legal,
environmental, insurance, industry, background check and financial diligence on investments where necessary. For every investment, the Adviser may engage its own independent legal counsel to perform legal due diligence, review and comment on loan
documents and structures on the Adviser's behalf. The Adviser also will typically engage with Fidelity analysts regarding industry diligence for each investment and utilize consultants for additional industry insights as needed. The Adviser
may engage environmental consultants to review any environmental diligence performed to provide insight into the risk exposure and ultimate liability. When acting as agent, the Adviser and/or its affiliates will typically engage insurance
consultants to assess the borrower's insurance policies and if they are sufficient given the debt being provided and the borrower's operations, and to confirm the endorsements and insurance certificates properly reflect the liens and
position as a lender. The Adviser may engage internal due diligence counterparts to screen and perform background checks on the borrower's legal entities, and the key management team members. The Adviser may also engage a third party financial
due diligence provider to perform a quality of earnings if none is available from a private equity sponsor or the Adviser determines that an outside review is needed. The Adviser will review all available third-party diligence commissioned by the
private equity sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diligent credit assessment process to optimize returns:** Credit and valuation analysis are synthesized by
the Adviser to determine the appropriate leverage and return profile, to ensure there is sufficient

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downside protection and risk is properly rewarded. Investments will be formally presented to the Direct Lending Investment Committee twice at a minimum before final approval to invest is granted.

**The Administrator** 

Fidelity Diversifying Solutions LLC ("FDS") will also serve as the administrator (the "Administrator") pursuant to an agreement between the Fund and the Administrator (as may be amended from time to time, the "Administration Agreement"). The Administrator has retained a sub-administrator to provide certain administrative services to the Fund and entered into a sub-administration agreement.

**Investment Objective and Strategy** 

The Fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund will seek to achieve these objectives by investing primarily through Private Credit investments (as defined below). The Fund intends to invest across issuers, industries, geographies, and sponsors or ownership groups.

The Adviser's investment strategy is credit driven with a focus on capital preservation. The Adviser seeks to employ a rigorous and consistent due diligence process when assessing each individual issuer. The Adviser intends to evaluate each issuer's ownership and management team, business model, competitive differentiation, historical and projected financial performance, cost structure, key customers and key suppliers, and position within its industry.

The Adviser will utilize its expertise sourcing and investing in loans to private businesses while leveraging the proprietary industry research of the broader Fidelity platform when constructing the Fund's portfolio. Quantitative and qualitative factors will drive each investment decision to seek to achieve the Fund's stated investment objective. The Fund intends to invest across issuers, industries, geographies, and Sponsors or ownership groups.

The majority of the Fund's investments will be loans targeted at private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Exchange Act, and public U.S. operating companies having a market capitalization of less than $250,000,000 ("Portfolio Investments"). The Fund may also invest to a lesser degree in non-U.S. companies. Specific investments may include: (a) directly originated first lien loans, senior secured revolving lines of credit, term loans and delayed draw term loans, (b) directly originated second lien, last out senior, secured or unsecured mezzanine term loans and delayed draw term loans, (c) club deals (investments generally comprised of a small group of lenders), and broadly syndicated leveraged loans (investments generally arranged or underwritten by investment banks or other intermediaries), and (d) other debt (collectively referred to as "Private Credit"). We may also invest to a lesser degree in equity linked instruments (may include debt with warrants, preferred equity investments, or equity co-investments). The Adviser and/or its affiliates may lead and structure the transaction as sole-lender, as the agent of a club credit facility (a group of similar direct lenders that invest in the same tranches), or may participate as a non-agent investor in a large club or syndicated transactions.

Under normal circumstances, the Fund will invest at least 80% of its total assets in Private Credit. If the Fund changes its 80% test, the Fund will provide Unit Holders with at least 60 days' prior notice of such change. Effective June 11, 2026, SEC rules require that the Fund's policy to invest in at least 80% of its assets in private credit investments may only be changed if authorized by a vote of the holders of a majority of the Fund's outstanding voting securities, unless: (1) the Fund conducts a repurchase offer in advance of the proposed change to its 80% investment policy; (2) the Fund provides its Unit Holders with at least 60 days' notice prior to the proposed change to the 80% investment policy in advance of the repurchase offer; and (3) the repurchase offer is not oversubscribed. The Fund will also invest at least 70% of its total assets in investments that meet regulatory requirements of the BDC structure, which will generally include investments in U.S. companies that are

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generally private and may be backed by a sponsor but may also include investments in small capitalization public companies or companies that are non-sponsor. The Adviser will directly originate credit opportunities from a large universe of sponsors, intermediaries and other direct lenders, as well as internal Fidelity resources.

Targeted borrowers will operate within a wide range of industries. Leveraging Fidelity's proprietary industry research and the Adviser's expertise, the Fund will primarily invest in industries where the Adviser's portfolio management team has deep experience with similarly situated companies. The Adviser will target investments structured as first lien senior secured and unitranche credit facilities, while also taking advantage of opportunistic investments in other parts of the capital structure, including last out loans, second lien loans, mezzanine and other junior debt loans, as well as equity investments.

The Fund may enter into hedging transactions, which may utilize instruments such as forward contracts, currency options and interest rate swaps, collars and floors to seek to hedge against fluctuations in the relative values of the Fund's portfolio positions from changes in currency exchange rates and market interest rates. The Fund may also receive or purchase warrants or rights.

Most of the investments that the Fund intends to invest in are unrated or rated below investment grade, which are often referred to as "leveraged loans," "high yield" or "junk" debt investments and may be considered "high risk" or speculative compared to debt investments that are rated investment grade. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the Fund's net asset value and income distributions to Unit Holders. They may also be illiquid and difficult to value.

The Adviser will seek collateral packages in connection with the Fund's secured investments that include liens on the borrower's assets and a pledge of the borrower's stock. In addition, the Adviser expects to seek investment structures that include covenant packages that measure the borrower's key performance metrics but will also be permitted to invest in loans that would not include maintenance covenants. Loans will usually have stated terms of five to seven years, but the expected average life of such securities is usually between three to four years and may contain scheduled amortization payments and/or mandatory excess cash flow payments to reduce exposure and risk over the life of the investment.

The Fund will generally seek to invest in loans that carry variable (*i.e.*, "floating") interest rates. In addition to the cash yields received on its loans from principal and interest payments, the Fund will seek to invest in loans that generally pay additional fees, including but not limited to, closing fees, arrangement fees, prepayment premiums, or amendment fees. In certain cases, loan investments will have equity enhancement features, which may be in the form of warrants or other equity-related securities that are designed to provide the opportunity for capital appreciation.

To seek to enhance returns, the Fund intends to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows the Fund to borrow up to a 2x debt to equity ratio.

The Fund may borrow money and employ leverage in a variety of forms through borrowings, derivatives and other financial instruments for investment, cash management, hedging, or other purposes. In determining whether to borrow or use leverage, the Fund will consider factors such as financial flexibility, maturity, covenant terms, rate structure, market conditions, investment opportunities, and the liquidity and value of the Fund's investments, as well as the risks associated with such borrowings relative to the Fund's investment outlook.

The Fund may borrow on a recourse or non-recourse basis and may obtain financing directly or indirectly, including through one or more subsidiaries. Such financing may include one or more credit facilities or other forms of leverage (including, without limitation, through direct or indirect equity interests in collateralized loan obligations or similar vehicles managed by the Adviser or its affiliates) to meet the capital needs of the Fund

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(collectively, "Asset-Based Facilities"). Asset-Based Facilities may be secured by all or a portion of the Fund's or its subsidiaries' assets.

The Fund may also obtain a credit facility secured by a pledge of Unit Holders' unfunded Capital Commitments (as defined below). Under such credit facility, the lender will be able to call Unit Holders' unfunded Capital Commitments upon the occurrence of an event of default under such credit facility to fund any shortfall owed to the lenders thereto. In addition, in connection with any such credit facility, Unit Holders may be required to confirm the terms of their Capital Commitments to the lender, provide financial information, and execute related documentation.

In addition, the Fund may borrow on an unsecured basis from the Adviser or its affiliates, including through an unsecured revolving line of credit, subject to applicable law. All costs of borrowing and leverage will be borne indirectly by investors through their interests in the Fund, and the use of borrowed funds involves additional risks as well as potential benefits.

Because the Fund is classified as non-diversified under the 1940 Act, the Adviser may invest a significant percentage of the Fund's assets in a single issuer, however the Fund will be subject to diversification requirements applicable to RICs under Subchapter M of the Code.

**Securities Lending**. To the extent permitted by the 1940 Act, the Fund may lend securities to parties such as broker-dealers or other institutions; provided, however, that the value of such loaned securities may not exceed one-third of the Fund's total asset value, including collateral received in respect of such loans. The Fund will not lend securities to affiliates. Securities lending allows the Fund to retain ownership of the securities loaned and, at the same time, earn additional income. The borrower provides the Fund with collateral in an amount at least equal to the value of the securities loaned. The collateral must have a market value at least equal to 100% of the market value of the loaned securities at all times during the duration of the loan. The Fund invests the cash collateral received in accordance with its investment objective, subject to the Fund's agreement with the borrower of the securities. The Fund seeks to maintain the ability to obtain the right to vote or consent on proxy proposals involving material events affecting securities loaned. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If the Fund is not able to recover the securities loaned, the Fund may sell the collateral and purchase a replacement investment in the market. The value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. For the Fund, loans will be made only to parties deemed by the Adviser to be in good standing and when, in the Adviser's judgment, the income earned would justify the risks.

The Fund may retain agents, including National Financial Services LLC ("NFS"), an affiliate of the Fund, to act as securities lending agent. If NFS acts as securities lending agent for the Fund, it is subject to the overall supervision of the Adviser, and NFS will administer the lending program in accordance with guidelines approved by the Directors.

Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market fund. Investing this cash subjects that investment, as well as the securities loaned, to market appreciation or depreciation.

**Cash Management**. The Fund may hold uninvested cash or may invest it in cash equivalents such as money market securities, repurchase agreements, or shares of short-term bond or money market funds, including shares of Fidelity <sup>®</sup> Central Funds (as defined below), or other funds that are advised by the Adviser or its affiliates. Generally, these securities offer less potential for gains than other types of securities.

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the Fidelity <sup>®</sup> funds and other advisory clients. Central Funds are used to invest in particular security types or investment disciplines, or for cash management. Central Funds incur certain costs related to their investment activity (such as custodial fees and expenses), but generally do not pay additional management fees. The investment results of the portions of a Fidelity <sup>®</sup> fund's assets invested in the Central Funds will be based upon the investment results of those funds.

The Fund's investments are subject to a number of risks. See "*Item 1A. Risk Factors*."

*Investment Process* 

The Adviser intends to employ a multi-faceted approach to sourcing transactions through a large network of private equity firms, intermediaries, as well as other direct lending firms. The Adviser believes that Fidelity's scale and track record in the liquid markets, combined with the portfolio management team's long tenure in direct lending, will provide unique and rich access to high credit quality investment opportunities.

Private equity acquisition activity drives a substantial amount of private credit volume in the middle-market, and Fidelity has longstanding relationships with a diverse set of Sponsors that invest across a broad set of industries, geographies and business models. The Adviser expects to enhance these relationships and bolster its sourcing efforts with its differentiated and efficient credit review process that is honed by a team of experienced credit professionals.

Fidelity's existing relationships with liquid issuers, some of which are owned by the same mix of Sponsors, and size in the liquid markets, provide the Adviser with differentiated investment opportunities. The Adviser can leverage these relationships to provide value-added capabilities and better execution on loans in the liquid markets, which can translate into a more robust pipeline of private credit investment opportunities for the Fund.

*Investment Evaluation and Management* 

The Adviser seeks to ensure that the risk/return ratio has not become unfavorable to help avoid unnecessary capital losses through the regular monitoring of a Portfolio's Investments, and the Adviser believes it is a key component to positive long-term performance. Frequent monitoring and oversight are conducted by the portfolio managers to ensure that each position still represents an attractive investment. At the portfolio level, the investment professionals ensure that the overall risk profile, diversification, and positioning is consistent with the Fund's objectives. There is also considerable executive oversight with regular, systematic portfolio reviews with senior management.

The Adviser seeks to employ a disciplined and rigorous process for all credit investments which includes the following key features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting the borrower: Performing detailed credit and valuation analysis; analyzing historical trends and
business drivers; assessing management; and developing a deep understanding of the business operations and cost structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analyzing the industry: Leveraging Fidelity's broad research and analysts' platform and Sponsor
provided third party industry studies (when available) to uncover macro and micro industry forces; understanding the competitive dynamics and market forces; validating the growth and outlook; and assessing public and private competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting the Sponsor or ownership group: Evaluating investment performance; understanding track record and
willingness to invest follow-on capital in times of stress; assessing available dry powder, due diligence quality and relevant sector expertise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirming investment thesis: Validating the sustainability of competitive advantages, revenues and margins;
confirming diversity of products, customers, services, suppliers and institutionalized value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluating the credit structure: Analyzing ability to repay debt; performing loan-to-value analysis and downside case scenarios; and evaluating appropriate risk and reward for a proposed investment.

During the credit underwriting process, the deal team will compile and present diligence findings to the Adviser's Direct Lending Investment Committee at least once before issuing a term sheet and a second time before closing. The Adviser's focus is on downside protection so the deal team and Direct Lending Investment Committee are expected to spend substantial time understanding and validating various downside scenarios, exit options, and structural protections in each and every investment seeking to ensure adequate cushion.

Following the closing of an investment, one or several members of the deal team that originated the loan on behalf of the Fund are generally expected to manage the portfolio moving forward. As part of the portfolio management process, the investment professional seeks to assess liquidity needs daily or weekly, evaluate financial performance on a monthly basis for the majority of accounts (a minority may only report quarterly), scrutinize financial covenant calculations on a quarterly basis (if applicable) and maintain frequent dialogue with the company management and Sponsor regarding company performance, strategic initiatives, acquisitions or other business items.

Systems and technology play a critical role in portfolio monitoring and risk management. The Adviser's proprietary systems enable research professionals access to risk measures and exposures across multiple dimensions, among other things. Compliance modules are also systematically linked to the trading platform as another mechanism to minimize risk.

Risk management efforts are further bolstered by various additional teams of resources. For example, a dedicated compliance team monitors all portfolios and investment professionals; a dedicated counterparty risk team monitors all trading and business counterparties; and a dedicated legal team is able to support the Adviser across a variety of legal questions.

*Direct Lending Investment Committee* 

The investment activities of the Fund are under the direction of the Direct Lending Investment Committee and subject to the oversight of the Fund's board of directors (the "Board"). The Direct Lending Investment Committee currently is comprised of the Fund's three portfolio managers, David Gaito, Therese Icuss and Jeffrey Scott. Additionally, the Head of Fidelity Investments' High Income and Alternatives division (the "High Income and Alternatives division") and/or the Chief Investment Officer of the High Income and Alternatives division meet with the Direct Lending team frequently to discuss the pipeline of opportunities and each has the authority to decline any opportunity at any point at his or her discretion. The day-to-day activities of the Fund are overseen by the Fund's portfolio managers, each of which is an officer or employee of the Adviser or its affiliate.

**The Merger** 

On March 25, 2026, the Fund entered into an Agreement and Plan of Merger (the "Merger Agreement") with Fidelity Private Credit Company LLC, a Delaware limited liability company (the "Predecessor Fund"). Pursuant to the Merger Agreement, subject to the conditions set forth in the Merger Agreement, at the effective time set forth therein, the Predecessor Fund will merge into the Fund, with the Fund continuing as the surviving company (the "Reorganization"). The boards of directors of both the Predecessor Fund and the Fund, in each case including the directors who are not "interested persons" (as such term is defined in the 1940 Act), approved the Merger Agreement and the transaction contemplated thereby. At the effective time of the Reorganization, all existing members of the Predecessor Fund will become Unit Holders of the Fund and the value of each such member's interests in the Predecessor Fund will be converted to a corresponding number of the Fund's Units. Following the Reorganization, Fidelity Private Credit Company II LLC intends to change its name to Fidelity Private Credit Company LLC.

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**Subscriptions and Capital Commitments** 

Pursuant to Subscription Agreements, investors make commitments to purchase Units of the Fund ("Capital Commitments"). The Subscription Agreements provide that investors are required to fund drawdowns on Capital Commitments each time the Fund delivers a drawdown notice. In connection with each drawdown, investors will receive a number of Units corresponding to the Capital Contribution, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board (including any committee thereof) or the officers of the Fund that such offer price is not below the Fund's then current net asset value per Unit of the Fund ("NAV") as required pursuant to the 1940 Act. Capital Commitments will generally be drawn from investors by the Fund as needed, upon 10 Business Days' prior written notice, in such amounts as will be required by the Fund in its sole discretion. Unit Holders of the Fund may waive the 10 Business Days' written notice requirement in their discretion. "Business Day" shall mean any day other than a Saturday, Sunday or a day when banks in the State of New York are authorized or required by law, regulation or executive order to remain closed.

**Advisory Agreement** 

Pursuant to the Advisory Agreement, the Adviser is responsible for, among other things, identifying investment opportunities, monitoring our investments and determining the composition of our portfolio. The Fund will pay the Adviser a fee, payable monthly in arrears, for its services under the Advisory Agreement (the "Advisory Fee"). The monthly Advisory Fee is paid by the Fund at an annual rate of 1.25% of the Fund's net assets as of the beginning of the first business day of the month. Advisers to Fidelity-advised funds or accounts that invest in the Fund ("Participating Accounts") may waive or rebate fees to the extent necessary to avoid duplicative advisory fees charged to Participating Accounts.

**Administration Agreement** 

Under the Administration Agreement, the Administrator is obligated to perform or cause to be performed certain services in exchange for the Administration Fee (as defined below), and the Administrator pays all fees, costs, and expenses incurred by it in connection with its obligations under the Administration Agreement with respect to the Fund, with the exception of certain expenses that are assumed by the Fund.

As compensation for the services of and expenses borne by the Administrator or its affiliates under the Administration Agreement, the Fund shall pay to the Administrator a fee, calculated and payable monthly in arrears (the "Administration Fee") equal to 0.02083% (0.25% on an annualized basis) of the Fund's month-end net asset value.

The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not specifically assumed by the Fund under the Administration Agreement.

*Fund Expenses* 

Fidelity Diversifying Solutions LLC and/or its affiliates shall pay for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Units of the Fund, (ii) the organization of the Fund, (iii) the Reorganization with the Predecessor Fund; (iv) the election to be treated as a BDC under the 1940 Act, and (v) the negotiation, execution and delivery of the LLC Agreement, the Advisory Agreement, the Administration Agreement, and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees.

The Fund will bear the following costs and expenses of the Fund's operations, administration, and transactions, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Advisory Fee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administration Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisers
(including tax advisers), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers
and any applicable legislation implemented by an European Economic Area Member state in connection with such directive), investment bankers, administrative agents, paying agents, depositaries, custodians, directors, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisers, industry experts, operating partners, deal sources (including personnel
dedicated to but not employed by the Administrator, or its affiliates), and other professionals (except to the extent such taxes, fees, costs, and expenses are borne by the Administrator or its affiliates under the Administration Agreement or under
the terms of the Advisory Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the cost of effecting any sales and repurchases of the Units of the Fund and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative
transactions (including interest, fees and related legal expenses) made or entered into by the Fund, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses of any third-party valuation services or valuation agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders,
investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's
assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing, negotiating and
structuring prospective or potential investments that are not ultimately made, including, without limitation any broken deal expenses, legal, research tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory,
consulting and printing expenses or other expenses associated with advisers in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction, reverse termination fees
and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the allocated costs incurred by the Adviser and the Administrator in providing (or arranging for the provision
of) managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service
fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in
connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade
association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements
(including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing,
negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation,

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any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction), or any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Fund directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating
agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) fees and expenses including reasonable travel, entertainment, lodging and meal expenses of, and any legal
counsel or other advisers retained by, or at the discretion or for the benefit of, the Independent Directors (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) costs of preparing financial statements, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and
costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, CFTC and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs
associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing (except to the extent such costs and expenses are
borne by the Administrator or its affiliates under the Administration Agreement or under the Advisory Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) all fees, costs and expenses associated with the preparation and issuance of the Fund's periodic reports
and related statements (*e.g.*, financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and
reporting-related expenses (including other notices and communications) in respect of the Fund and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Fund or the
Adviser or its affiliates in connection with such provision of services thereby) (except to the extent such costs and expenses are borne by the Administrator or its affiliates under the Administration Agreement or the Adviser under the Advisory
Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the costs of any reports, proxy statements or other notices to Unit Holders (including printing and mailing
costs) and the costs of any Unit Holder or Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) costs associated with an exchange listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) any taxes and/or tax-related interest, fees or other governmental
charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Fund and all expenses incurred in connection with any tax audit, investigation,
litigation, settlement or review of the Fund and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) all fees, costs and expenses of any litigation, arbitration or audit involving the Fund any vehicle or its
portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification
(including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all fees, costs and expenses of winding up and liquidating the Fund's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) extraordinary expenses (such as litigation or indemnification).

**Expense Limitation Agreement** 

The Fund has entered into an Expense Limitation Agreement (the "Expense Limitation Agreement") with the Adviser. Effective as of the Fund Reorganization, pursuant to the Expense Limitation Agreement, the Adviser will be obligated to advance all of the Fund's Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 0.50% (on an annualized basis) of the Fund's average net assets (referred to as an "Expense Payment"). Any Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates.

"Other Operating Expenses" means the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third-party valuation agent fees, insurance costs, director fees, Administration Fees (as defined herein), payable by the Fund pursuant to the Administration Agreement, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable, payable by the Fund pursuant to the Investment Advisory Agreement; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund's securities lending program, and dividend expenses related to short sales); (c) interest, financing, and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund's proportional share of expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to Unit Holders of the Fund; (i) all other expenses incidental to holding meetings of the Fund's Unit Holders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Fund's directors and officers with respect thereto.

The Adviser's obligation to make an Expense Payment shall automatically become a liability of the Adviser and the Fund's right to receive an Expense Payment shall be an asset of the Fund on the last calendar day of the applicable month. Any Expense Payment shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates no later than forty-five (45) days after such obligation was incurred.

In consideration of the Adviser's agreement to make Expense Payments, at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation (an "Adviser Reimbursement").

*See "Item 2. Financial Information—Management's Discussion and Analysis of Financial Condition and Results of Operations—Expenses."* 

**Custodian, Transfer and Distribution Paying Agent and Registrar** 

Our securities are held under a custody agreement by State Street Bank and Trust Company. The address of the custodian is 1 Lincoln Street, Boston, Massachusetts, 02111. Fidelity Investments Institutional Operations Company LLC ("FIIOC"), an affiliate of FDS, will act as our transfer agent, distribution paying agent and registrar. The principal business address of our transfer agent is 245 Summer Street, Boston, Massachusetts 02210. The Fund has entered into a transfer agent agreement with FIIOC, pursuant to which FIIOC (or an agent, including an affiliate) performs transfer agency services.

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For providing transfer agency services, FIIOC receives an asset-based fee, calculated and paid monthly on the basis of the ending net assets of units of the fund as of the last business day of the month, with respect to each position in the Fund.

**Existing Portfolio** 

The Fund will file an election with the SEC to be treated as a BDC under the 1940 Act. Upon such election, the Fund will be subject to the 1940 Act requirements applicable to BDCs. Prior to such election, the Fund will continue to conduct its investment activities and operations pursuant to the exclusion from the definition of an "investment company" in Section 3(c)(7) of the 1940 Act.

**Liquidity Events** 

An investment in the Fund is illiquid. No public market for the Units exists, and none is expected to develop in the future. Consequently, Unit Holders may not be able to liquidate their investment other than as a result of a Liquidity Event or pursuant to the Repurchase Program (each, as defined below).

The Fund intends to initiate a repurchase program pursuant to which the Fund will repurchase Units on a quarterly basis pursuant to written tenders by Unit Holders, subject to market conditions and the approval of the Board (the "Repurchase Program"), as described below. The Fund currently expects to make tender offers of up to 10% per year. The Fund may make tender offers greater than the expected 10% per year subject to, among other things, market conditions, investor demand for liquidity, loan repayments, and new capital commitments to the Fund.

In addition, the Board may, in its sole discretion, determine to cause the Fund to conduct a Liquidity Event (as defined below), including an IPO. The Fund's ability to commence and consummate a Liquidity Event is not assured, and will depend on a variety of factors, including the size and composition of the Fund's portfolio and prevailing market conditions at the time.

A "Liquidity Event" includes: (1) an IPO, (2) a merger, (3) an Asset Sale (as defined below), (4) liquidation of the BDC, or (5) another extraordinary corporate transaction. An "Asset Sale" means a sale of all or substantially all of the Fund's assets to, a purchase of all or substantially all of the assets of, or other liquidity event with, another entity or a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of Units in each case for consideration of either cash and/or publicly listed securities of the acquirer, in each case subject to any required approvals and any applicable requirements of the 1940 Act.

Each Unit Holder will be required to agree to cooperate with the Fund and take all actions, execute all documents and provide all consents as may be reasonably necessary or appropriate to consummate an IPO, if elected by the Board, it being understood that the Fund may, without obtaining the consent of any Unit Holders, make modifications to the Fund's constitutive documents, capital structure and governance arrangements so long as, in the reasonable opinion of the Board, (x) the economic interests of the Unit Holders are not materially diminished or materially impaired, (y) such modifications are consistent with the requirements applicable to BDCs under the 1940 Act and (z) such modifications are not inconsistent with the provisions set forth in this Form 10. Upon completion of an IPO, Unit Holders admitted to the Fund prior to the IPO may also be required to enter into a lock-up agreement with the underwriters of the BDC IPO for a period not to exceed one hundred and eighty days (or such longer period as may be required or determined to be advisable by the underwriters of the BDC IPO based on prevailing market conditions and practice at the time), and to take any other actions requested by the Adviser that are reasonably determined by the Adviser to be necessary or advisable in connection with any such BDC IPO.

**Repurchase Program** 

Subject to market conditions and the approval of the Board, the Fund intends to initiate a Repurchase Program pursuant to which it will repurchase Units on a quarterly basis pursuant to written tenders by Unit Holders. With respect to any such repurchase offer, Unit Holders tendering Units must do so by a date specified in the notice

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describing the terms of the repurchase offer. No Unit Holder or other person holding Units acquired from a Unit Holder has the right to require the Fund to repurchase any Units.

There is no minimum portion of a Unit Holder's Units which must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Fund will consider the timing of such an offer, as well as a variety of operational, business and economic factors. In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Fund will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any Unit Holders have requested to tender Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of the Fund's assets (including fees and costs associated with redeeming or otherwise
withdrawing from investment funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the existing conditions of the securities markets and the economy generally, as well as political, national or
international developments or current affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recommendations of the Adviser.

The Fund will repurchase Units from Unit Holders pursuant to written tenders on terms and conditions that the Adviser determines are fair to the Fund and to all Unit Holders. Notice will be provided to Unit Holders describing the terms of the offer, containing information Unit Holders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate. Unit Holders deciding whether to tender their Units during the period that a repurchase offer is open may obtain the Fund's net asset value per Unit by contacting the Adviser during the period. Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Units from Unit Holders by the applicable repurchase offer deadline. Except for the Early Repurchase Deduction, the Fund does not impose any charges in connection with repurchases of Units. Units that have not been outstanding for at least two years will be repurchased at 98% of such net asset value (the "Early Repurchase Deduction"). The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining Unit Holders. Units repurchased will be treated as having been repurchased on a 'first-in-first-out' basis for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable.

Units will be repurchased by the Fund at NAV, which will be after the Advisory Fee and Administration Fee have been deducted from the Fund's assets as of the end of the month in which the repurchase occurs — *i.e.*, the accrued Advisory Fee and Administration Fee for the month in which Fund Units are to be repurchased is deducted prior to effecting the relevant repurchase of Fund Units.

If a repurchase offer is oversubscribed by Unit Holders who tender Units, the Fund will repurchase a *pro rata* portion by value of the Units tendered by each Unit Holder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Fund also has the right to repurchase all of a Unit Holder's Units at any time if the aggregate value of such Unit Holder's Units is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund.

Payment for repurchased Units may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund's investment related expenses as a result of higher portfolio turnover rates.

The Adviser intends to take measures to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Units.

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**Distributions** 

The Fund has adopted an "opt out" dividend reinvestment plan ("DRIP"). As a result, if the Fund declares a cash dividend or distribution, Unit Holders will have their cash dividends or distributions automatically reinvested in additional Units, rather than receiving cash, unless they "opt out." Unit Holders who make an affirmative election to "opt out" will receive their distributions in cash. Units issued pursuant to the DRIP will not reduce a Unit Holder's Capital Commitments to the Fund. The Fund will be entitled to withhold from any distributions, in its sole discretion, amounts to establish appropriate reserves for expenses, obligations, contingencies or liabilities relating to the Fund (for the avoidance of doubt, including in respect of any liquidity needs).

A Unit Holder may elect to "opt out" of the DRIP by notifying Fidelity Investments Institutional Operations Company LLC (the "Plan Administrator") prior to the record date for distributions to Unit Holders. The Plan Administrator will set up an account for each Unit Holder to acquire Units in non-certificated form through the plan if such Unit Holders have elected to receive their distributions in Units.

The Fund will use newly issued Units to implement the DRIP, with such Units to be issued at a per Unit price as determined by the Board (including any committee thereof), which price will be determined prior to the issuance of Units and in accordance with the limitations under Section 23 of the 1940 Act.

There will be no brokerage or other charges to Unit Holders who participate in the plan. The DRIP administrator's fees under the plan will be paid by the Fund.

Unit Holders who elect to receive distributions in the form of Units are generally subject to the same U.S. federal, state and local tax consequences as are Unit Holders who receive their distributions in cash. However, since a participating Unit Holder's cash dividends would be reinvested in Units, such Unit Holder will not receive cash with which to pay applicable taxes on reinvested dividends. A Unit Holder's basis for determining gain or loss upon the sale of Units received in a distribution from the Fund will generally be equal to the cash that would have been received if the Unit Holder had received the distribution in cash. Any Units received in a distribution will have a new holding period for tax purposes commencing on the day following the day on which such Units are credited to the U.S. holder's account. If a Unit Holder elects to tender its Units in full and such full tender is accepted by the Fund, any Units issued to the Unit Holder under the plan subsequent to the expiration of the tender offer will be considered part of the Unit Holder's prior tender, and participant's participation in the plan will be terminated as of the expiration date of the applicable tender offer.

The Fund may terminate the DRIP upon notice in writing to each participant at least thirty (30) days prior to any record date for the payment of any distribution by the Fund.

Distributions prior to the liquidation of the Fund will be in the form of cash or marketable securities. Upon liquidation of the Fund, distributions may also include in-kind distributions of restricted securities and other assets of the Fund.

**Involuntary Repurchases** 

In addition, if the Adviser reasonably concludes that there is a substantial likelihood that a Unit Holder's continued participation in the Fund would result in a violation of or non-compliance with any law or regulation to which the Fund is or would be subject or would otherwise place an undue economic, compliance or other burden on the Fund, the Adviser may, in its sole discretion, purchase for the benefit of the Fund or the Unit Holders, or cause the Company to purchase, some or all of a Unit Holder's Units at any time at a price equal to the net asset value of such Unit Holder's Units as determined by the Board. Any such involuntary repurchase will be made pursuant to Rule 23c-2 under the 1940 Act.

**Valuation** 

The Fund values its investments, upon which its NAV is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a

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liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

Pursuant to Rule 2a-5 of the 1940 Act, the Fund's Board of Directors (the "Board") has designated the Adviser as the valuation designee responsible for valuing all of the Fund's investments, including making fair valuation determinations as needed. The Adviser has established a fair value committee (the "Fair Value Committee") to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of the Fund's investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser's policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment.

Investments that are not publicly traded or whose current market prices or quotations are not readily available are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser's Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors.

The Fund has engaged an independent valuation firm to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser's Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fair Value Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Fund investments, at any time. See *"Item 9. Fair Value Measurements"* below.

**Co-Investment Exemptive Relief** 

The Fund and the Adviser have received an exemptive order from the SEC that permits us to co-invest with certain other persons, including certain affiliated accounts managed and controlled by the Adviser and/or its affiliates. Subject to the 1940 Act and the conditions of the co-investment order issued by the SEC, the Fund

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may, under certain circumstances, co-invest with certain affiliated accounts in investments that are suitable for the Fund and one or more of such affiliated accounts. Even though the Fund and any such affiliated account co-invest in the same securities, conflicts of interest may still arise. If the Adviser is presented with co-investment opportunities that generally fall within the Fund's investment objective and those of one or more affiliated accounts advised by the Adviser and/or its affiliates, whether focused on a debt strategy or otherwise, the Adviser and/or its affiliates will allocate such opportunities among the Fund and such affiliated accounts in a manner consistent with the exemptive order and the applicable allocation policies and procedures.

With respect to co-investment transactions conducted under the exemptive order, initial internal allocations among the Fund and other investment funds affiliated with the Adviser will generally be made, taking into account the allocation considerations set forth in the Adviser's allocation policies and procedures as described above. If the Fund invests in a transaction under the co-investment exemptive order and, immediately before the submission of the order for the Fund and all other funds, accounts, or other similar arrangements advised by the Adviser and its affiliates, the opportunity is oversubscribed, it will be allocated in accordance with the Adviser's allocation policies and procedures.

To the extent consistent with applicable law and/or exemptive relief issued to the Fund, in addition to such co-investments, the Fund and the Adviser or an affiliated account may, as part of unrelated transactions, invest in either the same or different tiers of a portfolio company's capital structure or in an affiliate of such portfolio company. To the extent the Fund holds investments in the same portfolio company or in an affiliate thereof that are different (including with respect to their relative seniority) than those held by the Adviser or an affiliated account, the Adviser may be presented with decisions when the interests of the two co-investors are in conflict. If the portfolio company in which the Fund has an equity or debt investment and in which an affiliated account has an equity or debt investment elsewhere in the portfolio company's capital structure, becomes distressed or defaults on its obligations under the private credit investment, the Adviser may have conflicting loyalties between its duties to the affiliated account, the Fund, certain of its other affiliates and the portfolio company. In that regard, actions may be taken for such affiliated account that are adverse to the Fund, or actions may or may not be taken by the Fund due to such affiliated account's investment, which action or failure to act may be adverse to the Fund. In addition, it is possible that in a bankruptcy proceeding, the Fund's interest may be adversely affected by virtue of such affiliated account's involvement and actions relating to its investment. Decisions about what action should be taken in a troubled situation, including whether to enforce claims, whether to advocate or initiate restructuring or liquidation inside or outside of bankruptcy and the terms of any work-out or restructuring, raise conflicts of interest. In those circumstances where the Fund and such affiliated accounts hold investments in different classes of a company's debt or equity, the Adviser may also, to the fullest extent permitted by applicable law, take steps to reduce the potential for adversity between the Fund and such affiliated accounts, including causing the Fund to take certain actions that, in the absence of such conflict, it would not take, such as (A) remaining passive in a restructuring or similar situations (including electing not to vote or voting pro rata with other security-holders), (B) divesting investments or (C) otherwise taking action designed to reduce adversity.

**Regulation as a Business Development Company** 

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

*Qualifying Assets* 

Under the 1940 Act, a BDC may not acquire any asset other than "Qualifying Assets," unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the Fund's total assets. The principal categories of Qualifying Assets relevant to the Fund's business are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company (as defined below), or from

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any person who is, or has been during the preceding 13 months, an affiliated person of an Eligible Portfolio Company, or from any other person, subject to such rules as may be prescribed by the SEC. An "Eligible Portfolio Company" is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is controlled by a BDC or a group of companies, including a BDC, and the BDC has an affiliated person who is a director of the Eligible Portfolio Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is a small and solvent company having total assets of not more than $4,000,000 and capital and surplus of not less than $2,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securities of any Eligible Portfolio Company controlled by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Securities of an Eligible Portfolio Company purchased from any person in a private transaction if there is no ready market for such securities and the Fund already owns 60% of the outstanding equity of the Eligible Portfolio Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Cash, cash equivalents, "U.S. government securities" or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (1), (2), or (3) above.

*Significant Managerial Assistance* 

A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. However, in order to count portfolio securities as Qualifying Assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group makes available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers, service providers (*e.g.*, the Adviser) or employees, offers to provide, and, if accepted, does so provide significant guidance and counsel

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concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company's officers or other organizational or financial guidance.

*1940 Act Ownership Restrictions* 

The Fund does not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, a BDC generally cannot acquire more than 3% of the voting interests of any investment company, invest more than 5% of the value of its total assets in the securities of one investment company or invest more than 10% of the value of its total assets in the securities of investment companies in the aggregate. Subject to certain exemptive rules, including Rule 12d1-4, the Fund may, subject to certain conditions, invest in other investment companies in excess of such thresholds. For so long as the Fund is an "acquired fund" for purposes of Rule 12d1-4, the Fund will be required to limit its investments in the securities of other investment companies and private funds to no more than 10% of its total assets, subject to certain limited exceptions permitted under Rule 12d1-4. These restrictions may limit the Fund's ability to invest in other investment companies to the extent desired.

*Temporary Investments* 

Pending investment in other types of qualifying assets, (including directly originated loans and broadly syndicated loans, as described above), the Fund's investments can consist of cash, cash equivalents, money market funds (including shares of Fidelity<sup>®</sup> Central funds or other funds that are advised by the Adviser or its affiliates), U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of the Fund's assets would be qualifying assets.

The Fund may invest in mutual funds or exchange-traded funds advised by the Adviser or its affiliates. Depending on the circumstances (which exclude investments in money market funds advised by the Adviser or its affiliates, from which the Adviser or its affiliates may retain any additional management or other fees), the Adviser will contractually waive either (1) its management fee payable by the Fund or (2) up to a portion of its management fee payable by the Fund in an amount equal to such underlying fund's management fee rate multiplied by the Fund's average monthly invested balance in such underlying fund for such month.

*Warrants* 

Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase securities that it may have outstanding at any time. In particular, the amount of units that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase units cannot exceed 25% of the BDC's total outstanding shares.

*Leverage and Senior Securities; Coverage Ratio* 

The Fund is permitted, under specified conditions, to issue multiple classes of indebtedness and one class of equity securities senior to the Fund's Units if the Fund's asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. In connection with the organization of the Fund, the Unit Holders approved the adoption of this 150% threshold pursuant to Section 61(a)(92) of the 1940 Act. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets the Fund holds, the Fund may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, the Fund will be required to make provisions to prohibit any dividend distribution to Unit Holders or the repurchase of such securities or Units unless the Fund meets the applicable asset coverage ratios at the time of the dividend distribution or repurchase. The Fund will also be permitted to borrow amounts up to 5% of the value of the Fund's total assets for temporary or emergency purposes, which borrowings would not be considered

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senior securities. The Fund's sources of leverage may include, without limitation, one or more credit facilities; a subscription credit facility secured by the Fund's right, title and interest in and to the capital commitments of its members, which may be used for various purposes including facilitating timely and efficient drawdowns of capital commitments; and the issuance of notes, debt securities or preferred shares. For a discussion of the risks associated with leverage, see, *e.g.,* "*Item 1A. Risk Factors—Leverage Risk.*"

The Fund intends to utilize one or more credit facilities and/or subscription facilities or enter into other financing arrangements to facilitate investments and the timely payment of the Fund's expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to be determined spreads over the Secured Overnight Financing Rate ("SOFR") (or other applicable reference rate). There can be no assurance that the Fund will be able to enter into credit facilities. Unit Holders will indirectly bear the costs associated with any borrowings under a credit facility or otherwise. In connection with a credit facility or other borrowings, lenders may require the Fund to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on the Fund's operations. In addition, from time to time, the Fund's losses on leveraged investments may result in the liquidation of other investments held by the Fund and may result in additional drawdowns to repay such amounts.

We may enter into total return swaps ("TRS"). A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. The Fund would typically have to post collateral to cover this potential obligation. To the extent the Fund segregates liquid assets with a value equal (on a daily mark-to-market basis) to its obligations under TRS transactions, enters into offsetting transactions or otherwise covers such TRS transactions in accordance with applicable SEC guidance, the leverage incurred through TRS will not be considered a borrowing for purposes of the Fund's overall leverage limitation.

The Fund directly or indirectly through one or more of its subsidiaries may obtain one or more credit facilities or utilize other forms of leverage including, without limitation, through owning directly or indirectly, a Financing CLO to meet the capital needs of the Fund (the "Asset Based Facilities") and such Asset Based Facilities may be secured by a pledge by us or such of the Fund's subsidiaries (including the Financing CLOs) of all or some of the Fund's assets. The amount of the Fund's borrowings and leverage will depend on market conditions and investment opportunities, as well as the types of investments held by us and the liquidity and value of the investments. The Fund may also, from time to time, make secured loans of the Fund's marginable securities to brokers, dealers and other financial institutions.

*Codes of Ethics* 

The Fund and the Adviser have adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establish procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the codes are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the codes' requirements. These codes of ethics are available on the EDGAR database on the SEC's website at http://www.sec.gov. You may also obtain copies of the codes of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

*Affiliated Transactions* 

The Fund may be prohibited under the 1940 Act from conducting certain transactions with the Fund's affiliates without the prior approval of the Directors who are not interested persons and, in some cases, the prior approval

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of the SEC. The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions.

*Other* 

The Fund will be periodically examined by the SEC for compliance with the 1940 Act and be subject to the periodic reporting and related requirements of the Exchange Act.

The Fund is also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore as a BDC, the Fund will be prohibited from protecting any Director or officer against any liability to the Unit Holders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

The Fund is also required to designate a chief compliance officer ("CCO") and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

The Fund is not permitted to change the nature of its business so as to cease to be, or to withdraw its election as, a BDC unless approved by a majority of its outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67% or more of such company's shares present at a meeting if more than 50% of the outstanding shares of such company are present or represented by proxy, or (ii) more than 50% of the outstanding shares of such company.

*Compliance Policies and Procedures and Other Considerations* 

As a BDC, the Fund will not generally be able to issue and sell its Units at a price below net asset value per Unit. It may, however, issue and sell its Units, at a price below the current net asset value of the Units, or issue and sell warrants, options or rights to acquire such Units, at a price below the current net asset value of the Units if the Fund's Board determines that such sale is in the Fund's best interest and in the best interests of its Unit Holders, and its Unit Holders have approved the policy and practice of making such sales within the preceding 12 months. In any such case, the price at which the securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the market value of such securities.

As a BDC, the Fund may also be prohibited under the 1940 Act from knowingly participating in certain transactions with its affiliates, including the Fund's officers, directors, investment adviser, principal underwriters and certain of their affiliates, without the prior approval of the members of the Board who are not interested persons and, in some cases, prior approval by the SEC through an exemptive order (other than pursuant to current regulatory guidance). The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates. Subject to the terms and conditions specified in the exemptive order, the Fund would be able to co-invest alongside certain Fidelity accounts or affiliates of the Adviser.

The Adviser has relief from registration with the CFTC as a CPO under Rule 4.5 with respect to the Fund, and the Adviser is exempt from registration with the CFTC as a CTA with respect to the Fund and will therefore not be required to provide Unit Holders with certified annual reports and other disclosure documents that satisfy the requirements of CFTC rules applicable to registered CPOs and CTAs.

*Emerging Growth Company* 

The Fund is an "emerging growth company," as defined by the JOBS Act. As an emerging growth company, the Fund is eligible to take advantage of certain exemptions from various reporting and disclosure requirements that

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are applicable to public companies that are not emerging growth companies. For so long as the Fund remains an emerging growth company, the Fund will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an auditor attestation report on the Fund's internal control over financial reporting pursuant to
Section 404(b) of the Sarbanes-Oxley Act ("Section 404");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submit certain executive compensation matters to shareholder advisory votes pursuant to the "say on
frequency" and "say on pay" provisions (requiring a non-binding shareholder vote to approve compensation of certain executive officers) and the "say on golden parachute"
provisions (requiring a non-binding shareholder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the
Dodd-Frank Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose certain executive compensation related items, such as the correlation between executive compensation and
performance and comparisons of the chief executive officer's compensation to median employee compensation.

In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. This means that an emerging growth company can delay adopting certain accounting standards until such standards are otherwise applicable to private companies.

The Fund is and will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the first sale of the Fund's common equity securities in a public offering under the Securities Act, (ii) in which the Fund has total annual gross revenue of at least $1,235,000,000, or (iii) in which the Fund is deemed to be a large accelerated filer, which means the market value of the Units that is held by non-affiliates exceeds $700,000,000 as of the date of its most recently completed second fiscal quarter, and (b) the date on which the Fund has issued more than $1,000,000,000 in non-convertible debt during the prior three-year period.

The Fund does not believe that being an emerging growth company will have a significant impact on its business or this offering. The Fund has elected to opt in to the extended transition period for complying with new or revised accounting standards available to emerging growth companies. Also, because the Fund is not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as the Units are not traded on a securities exchange, the Fund will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act even once the Fund is no longer an emerging growth company. In addition, so long as the Fund is externally managed by the Adviser and it does not directly compensate the Fund's executive officers, or reimburse the Adviser or its affiliates for the salaries, bonuses, benefits and severance payments for persons who also serve as one of its executive officers or as an executive officer of the Adviser, the Fund not expect to include disclosures relating to executive compensation in the Fund's periodic reports or proxy statements and, as a result, do not expect to be required to seek Unit Holder approval of executive compensation and golden parachute compensation arrangements pursuant to Section 14A(a) and (b) of the Exchange Act.

*Proxy Voting Policies and Procedures* 

The Fund has delegated to the Adviser the authority to vote the Fund's proxies in accordance with the Adviser's established formal written proxy voting guidelines ("Guidelines"). The Guidelines are designed to ensure that proxies cast on behalf of the Fund are voted in a manner consistent with the best interest of the Unit Holders. The Adviser has also adopted the Guidelines as part of its proxy voting policies and procedures in accordance with Rule 206(4)-6 under the Advisers Act pursuant to which the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interests of clients and not subrogate client interests to its own interests. The Guidelines are reviewed at least annually by the Adviser, and accordingly, are subject to change.

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In evaluating proxies, the Adviser considers factors that are financially material to individual companies and investing funds' investment objectives and strategies in support of maximizing long-term Unit Holder value. This includes considering the company's approach to financial and operational, human, and natural capital and the impact of that approach on the potential future value of the business. The Adviser will vote on proposals not specifically addressed by the Guidelines based on an evaluation of a proposal's likelihood to enhance the long-term economic returns or profitability of the Fund or to maximize long-term Unit Holder value.

In certain non-U.S. jurisdictions and in limited circumstances, the Adviser may determine not to vote proxies where certain restrictions apply. In accordance with the Guidelines, voting of proxies is conducted in a manner consistent with the Adviser's fiduciary obligations to the Fund, and all applicable laws and regulations. In other words, the Adviser votes in a manner consistent with the Guidelines and in the best interests of the Unit Holders, and without regard to any other Fidelity companies' business relationships. The Adviser takes its responsibility to vote proxies in the best interests of the Unit Holders seriously and has implemented policies and procedures to address actual and potential conflicts of interest.

To view the Fund's Guidelines, visit *https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Full-Proxy-Voting-Guidelines-for-Fidelity-Funds-Advised-by-FMRCo-or-FDS.pdf* .

*Reporting Obligations* 

The Fund will be required to comply with periodic reporting requirements under the Exchange Act, and, will make available to Unit Holders annual reports containing audited financial statements, quarterly reports on Form 10-Q, current reports on Form 8-K, and such other reports as the Fund determines to be appropriate or as may be required by law. The Fund is filing this Registration Statement with the SEC voluntarily with the intention of establishing the Fund as a reporting company under the Exchange Act. The Fund is required to comply with all reporting, proxy solicitation and other applicable requirements under the Exchange Act.

Unit Holder reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: *publicinfo@sec.gov*.

**Certain U.S. Federal Income Tax Consequences** 

The following discussion is a brief summary of some of the U.S. federal income tax considerations relevant to an investment in the Fund as a Unit Holder, including U.S. federal income tax considerations relevant to a BDC. It is based upon the Code, the regulations promulgated thereunder, published rulings of Internal Revenue Service ("IRS") and court decisions, all as in effect on the date of this Registration Statement. All of the above authorities are subject to change (possibly retroactively) by legislative or administrative action.

For purposes of this discussion, a "U.S. Holder" is a Unit Holder, that is, for U.S. federal income tax purposes: (a) an individual who is a citizen or resident of the United States; (b) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (c) an estate, the income of which is subject to U.S. federal income taxation regardless of its source or (d) a trust if a court within the United States can exercise primary supervision over its administration and certain other conditions are met. A "Non-U.S. Holder" is a Unit Holder who is not a U.S. Holder.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds the Units, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective investor that is a partner in a partnership that will hold the Units should consult its tax advisor with respect to the purchase, ownership and disposition of such Units.

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THIS SUMMARY DOES NOT DISCUSS ALL OF THE U.S. FEDERAL INCOME TAX CONSIDERATIONS THAT MAY BE RELEVANT TO A PARTICULAR INVESTOR OR TO INVESTORS SUBJECT TO SPECIAL TREATMENT AND DOES NOT CONSTITUTE LEGAL OR TAX ADVICE. ACCORDINGLY, PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE SPECIFIC U.S. FEDERAL, STATE, LOCAL, ESTATE AND FOREIGN TAX CONSEQUENCES OF INVESTING IN THE FUND.

***Taxation of RIC Operations Generally***. The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Fund is able to deduct qualifying distributions to its Unit Holders, so that it is subject to U.S. federal income taxation only in respect of earnings that it retains and does not distribute. In addition, certain distributions made to the Fund's Unit Holders may be eligible for look-through tax treatment determined by reference to the earnings from which the distribution is made.

In order to qualify as a RIC, the Fund must, among other things,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times during each taxable year maintain its election under the 1940 Act to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) derive in each taxable year at least 90% of its gross income from dividends, interest, gains from the sale or
other disposition of stock or securities and other specified categories of investment income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) diversify its holdings so that, subject to certain exceptions and cure periods, at the end of each quarter of
its taxable year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at least 50% of the value of its total assets is represented by cash and cash items (including receivables),
U.S. government securities, the securities of other RICs and "other securities," provided that such "other securities" shall not include any amount of any one issuer, if its holdings of such issuer are greater in value than
5% of the Fund's total assets or greater than 10% of the outstanding voting securities of such issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no more than 25% of the value of its assets may be invested in securities of any one issuer, the securities of
any two or more issuers that are controlled by the Fund (at a 20% voting control threshold) and are engaged in the same or similar or related trades or businesses (excluding U.S. government securities and securities of other RICs), or the securities
of one or more "qualified publicly traded partnerships."

As a RIC, in any taxable year with respect to which the Fund distributes (or is treated as distributing) at least 90% of its investment company taxable income (which includes, among other items, dividends, interest and the excess of any net short-term capital gains over net long-term capital losses and other taxable income other than any net capital gain reduced by deductible expenses), the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income and net capital gains that are distributed to Unit Holders.

If the Fund fails to distribute its income on a timely basis, it will be subject to a nondeductible 4% excise tax. To avoid this tax, the Fund must distribute (or be deemed to have distributed) during each calendar year an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for
a one-year period generally ending on October 31 of the calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any undistributed amounts from previous years on which the Fund paid no U.S. federal income tax.

While the Fund is expected to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% excise tax, it may not be able to distribute amounts sufficient to avoid the imposition of the

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tax entirely. In that event, the Fund will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement. Under certain circumstances, the Adviser may, in its sole discretion, determine that it is in the interests of the Fund to retain rather than distribute some amount of income and capital gains, and accordingly cause the Fund to bear the excise tax burden associated therewith.

Prior to the effectiveness of the Fund's election to be taxed as a RIC, the Fund was taxed as a partnership. Upon the effectiveness of the RIC election, the Fund's portfolio will be treated as being contributed to a new RIC. The Fund may receive net appreciated assets, which may mean the recognition of realized gain at a later date reflecting the reversal of such appreciation, or may receive net depreciated assets, which may have their cost basis reduced to fair market value.

Distributions declared by the Fund in October, November, or December of any year and payable to Unit Holders of record on a specified date in such a month will be deemed to have been paid by the Fund on December 31st of the previous calendar year if the distributions are paid during the following January. Accordingly, distributions received in January may be subject to taxation in the preceding year.

The Fund is generally expected to distribute substantially all of its earnings on at least a quarterly basis, though one or more of the considerations described below could result in the deferral of dividend distributions until the end of the fiscal year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund may make investments that are subject to tax rules that require it to include amounts in income before
cash corresponding to that income is received, or that defer or limit the Fund's ability to claim the benefit of deductions or losses. For example, if the Fund holds securities issued with original issue discount ("OID"), such
discount will be included in income in the taxable year of accrual and before any corresponding cash payments are received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In cases where the Fund's taxable income exceeds its available cash flow, the Fund will need to fund
distributions with the proceeds of sale of securities or with borrowed money, and will raise funds for this purpose opportunistically over the course of the year.

In certain circumstances (*e.g.*, where the Fund is required to recognize income before or without receiving cash representing such income), the Fund may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and for avoiding income and excise taxes. Accordingly, the Fund may have to sell investments at times it would not otherwise consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If the Fund is not able to obtain cash from other sources, it may fail to qualify as a RIC and thereby be subject to corporate-level income tax.

The Fund may invest in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless debt instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt instruments in a bankruptcy or workout context are taxable. The Fund will address these and other issues to the extent necessary in order to continue to maintain its qualification to be subject to tax as a RIC.

Gain or loss realized by the Fund from equity securities and warrants acquired by the Fund, as well as any loss attributable to the lapse of such warrants, generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long the Fund held the particular equity security or warrant.

If the Fund utilizes leverage through the issuance of preferred units or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, distributions on units in certain circumstances.

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Limits on the Fund's payments of distributions on units may prevent the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make distribution payments.

Although the Fund does not presently expect to do so, it will be authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the 1940 Act, it will not be permitted to make distributions to its Unit Holders while its debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. See "*Item 1—Regulation as a Business Development Company—Leverage and Senior Securities; Coverage Ratio*" above. Moreover, the Fund's ability to dispose of assets to meet distribution requirements may be limited by (1) the illiquid nature of its portfolio and/or (2) other requirements relating to its qualification as a RIC, including the diversification tests. If the Fund disposes of assets in order to meet the annual distribution requirement or to avoid the excise tax, it may make such dispositions at times that, from an investment standpoint, are not advantageous.

Certain of the Fund's investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long- term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% gross income test described above.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's deductible expenses in a given taxable year exceed the Fund's investment company taxable income, the Fund may incur a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Any such loss carryforwards will retain their character as short-term or long-term. In the event that the Fund were to experience an ownership change as defined under the Code, the capital loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation. Due to these limits on deductibility of expenses and net capital losses, the Fund may for tax purposes have aggregate taxable income for several taxable years that the Fund is required to distribute and that is taxable to shareholders even if such taxable income is greater than the net income the Fund actually earns during those taxable years.

If in any particular taxable year, the Fund does not qualify as a RIC, all of the Fund's taxable income (including net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to Unit Holders, and distributions will be taxable to Unit Holders as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits.

In the event the Fund invests in foreign securities, it may be subject to withholding and other foreign taxes with respect to those securities. The Fund is not expected to satisfy the requirement to pass through to Unit Holders their share of the foreign taxes paid by the Fund.

*Taxation of U.S. Holders* 

Distributions from the Fund's investment company taxable income (consisting generally of net investment income, net short-term capital gain, and net gains from certain foreign currency transactions) generally will be

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taxable to U.S. Holders as ordinary income to the extent made out of the Fund's current or accumulated earnings and profits. Distributions generally will not be eligible for the dividends received deduction allowed to corporate Unit Holders. Distributions that the Fund reports as net capital gain distributions will be taxable to U.S. Holders as long-term capital gain regardless of how long such U.S. Holders have held their Units. Distributions in excess of the Fund's current and accumulated earnings and profits first will reduce a U.S. Holder's adjusted tax basis in such U.S. Holder's Units and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Holder.

Certain distributions reported by the Fund as section 163(j) interest dividends may be treated as interest income by Unit Holders for purposes of the tax rules applicable to interest expense limitations under Code section 163(j). Such treatment by the Unit Holder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to its business interest income.

Although the Fund intends to distribute any net long-term capital gains at least annually, it may in the future decide to retain some or all of its net long-term capital gains but designate the retained amount as a "deemed distribution." In that case, among other consequences, the Fund will pay corporate-level U.S. federal income tax on the retained amount, each U.S. Holder will be required to include its share of the deemed distribution in income as if it had been distributed to the U.S. Holder, and the U.S. Holder will be entitled to claim a credit equal to its allocable share of the tax paid on the deemed distribution by the Fund. The amount of the deemed distribution net of such tax will be added to the U.S. Holder's tax basis for their Units. Since the Fund expects to pay tax on any retained capital gains at its regular corporate capital gain tax rate, and since that rate is in excess of the maximum rate currently payable by non-corporate U.S. Holders on long-term capital gains, the amount of tax that non-corporate U.S. Holders will be treated as having paid and for which they will receive a credit will exceed the tax they owe on the retained net capital gains. Such excess generally may be claimed as a credit against the U.S. Holder's other U.S. federal income tax obligations or may be refunded to the extent it exceeds a Unit Holder's liability for U.S. federal income tax. A Unit Holder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form to claim a refund for the taxes paid by the Fund. To utilize the deemed distribution approach, the Fund must provide written notice to its Unit Holders. The Fund cannot treat any of its investment company taxable income as a "deemed distribution."

If a U.S. Holder sells or exchanges its Units of the Fund, the holder will recognize gain or loss equal to the difference between its adjusted basis in the Units sold and the amount received. Any such gain or loss will be treated as a capital gain or loss and will be long-term capital gain or loss if the Units have been held for more than one year. Any loss recognized on a sale or exchange of Units that were held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any capital gain distributions previously received (or deemed to be received) thereon.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from us and net gains from redemptions or other taxable dispositions of the Fund's Units) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

The Fund or the applicable withholding agent will be required to withhold U.S. federal income tax ("backup withholding") currently at a rate of 24% from all taxable distributions to any non-corporate U.S. Holder (1) who fails to furnish the Fund with a correct taxpayer identification number or a certificate that such Unit Holder is exempt from backup withholding or (2) with respect to whom the IRS notifies the Fund that such Unit Holder has

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failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle such Unit Holder to a refund, provided that proper information is timely provided to the IRS.

The Fund does not expect to be treated initially as a "publicly offered regulated investment company." Until and unless the Fund is treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) as a result of either (i) the Units and Preferred Units (if any) collectively being held by at least 500 persons at all times during a taxable year, (ii) the Units being continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (iii) the Units being treated as regularly traded on an established securities market for any taxable year, for purposes of computing the taxable income of U.S. Holders that are individuals, trusts or estates, (a) the Fund's earnings will be computed without taking into account such U.S. Holders' allocable shares of the management and incentive fees paid to the Adviser and certain of the Fund's other expenses, (b) each such U.S. Holder will be treated as having received or accrued a dividend from the Fund in the amount of such U.S. Holder's allocable share of these fees and expenses for such taxable year, and (c) each such U.S. Holder will be treated as having paid or incurred such U.S. Holder's allocable share of these fees and expenses for the calendar year.

*Limitations on Deductibility of Certain Losses and Expenses*. If the Fund is not treated as a "publicly offered regulated investment company" for any calendar year, then a U.S. Holder that is an individual, estate or trust may not be able to deduct in respect of its share of expenses that the Fund incurs, to the extent that the expenses would not have been deductible if the holder had incurred them directly. In this case, the Fund would be required to report the relevant income and expenses on Form 1099-DIV, and affected holders will be required to take into account their allocable share of such income and expenses. There is no assurance that the Fund will be treated as a "publicly offered regulated investment company" with respect to any calendar year.

*Tax-Exempt Investors*. The direct conduct by a tax-exempt U.S. Holder of the activities that the Fund is expected to conduct could give rise to unrelated business taxable income ("UBTI"). However, a BDC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its Unit Holders for purposes of determining treatment under current law. Therefore, a tax-exempt U.S. Holder should not be subject to U.S. federal income taxation solely as a result of the holder's ownership of the Fund's Units and receipt of dividends that it pays. Moreover, under current law, if the Fund incurs indebtedness, such indebtedness will not be attributed to portfolio investors in its Units. Therefore, a tax-exempt U.S. Holder should not be treated as earning income from "debt-financed property" and dividends paid by the Fund should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that the Fund incurs. Certain tax-exempt private universities are subject to an additional excise tax on their "net investment income," including income from interest, dividends, and capital gains. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments. In the event that any such proposals were to be adopted and applied to BDCs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if the Fund were to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which the Fund does not currently plan to do, that could result in a tax-exempt U.S. shareholder recognizing income that would be treated as UBTI.

*Non-U.S. Holders*. Dividends that the Fund pays to a non-U.S. Holder, whether paid in cash or in additional Units pursuant to the DRIP, generally will be subject to U.S. withholding tax at a 30% rate unless (i) the holder qualifies for, and complies with the procedures for claiming, an exemption or reduced rate under an applicable income tax treaty, (ii) the holder qualifies, and complies with the procedures for claiming, an exemption by reason of its status as a foreign government-related entity; or (iii) the dividend qualifies for an exemption from U.S. withholding tax under the rules described below. In addition, dividend reinvestments will be made net of any applicable U.S. withholding taxes.

Non-U.S. Holders generally are not subject to U.S. tax on capital gains realized on the sale of the Fund's Units or on actual or deemed distributions of the Fund's net capital gains unless such gains are effectively connected with

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the conduct of a U.S. trade or business by the holder and, if an applicable income tax treaty applies, are attributable to a permanent establishment in the United States, or the holder is present in the United States for 183 or more days during the taxable year of the sale or the receipt of the distributions or gains and certain other conditions are met.

Certain properly reported dividends are generally exempt from withholding of U.S. federal income tax where paid in respect of a RIC's (i) "qualified net interest income" (generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC or the non-U.S. Unit Holder are at least a 10% Unit Holder, reduced by expenses that are allocable to such income) or (ii) "qualified short-term capital gains" (generally, the excess of the RIC's net short-term capital gain, other than short-term capital gains recognized on the disposition of U.S. real property interests, over the RIC's long-term capital loss), as well as if certain other requirements are satisfied. Nevertheless, no assurance can be given as to whether any of the Fund's distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the Fund. Furthermore, in the case of Fund Units held through an intermediary, the intermediary may have withheld U.S. federal income tax even if the Fund reported the payment as an interest-related dividend or short-term capital gain dividend. Since the Fund's Units are subject to significant transfer restrictions, and an investment in the Fund's Units will generally be illiquid, Non-U.S. Holders whose distributions on the Fund's Units are subject to withholding of U.S. federal income tax may not be able to transfer their Units easily or quickly or at all.

A Non-U.S. Holder who is a non-resident alien individual, and who is otherwise subject to withholding of federal income tax, may be subject to information reporting and backup tax withholding of federal income tax on distributions unless the Non-U.S. Holder provides the Fund or the distribution paying agent with an IRS Form W-8BEN, IRS Form W-8BEN-E, or other applicable IRS Form W-8, or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. Holder or otherwise establishes an exemption from backup withholding.

A BDC is a corporation for U.S. federal income tax purposes. Under current law, a Non-U.S. Holder will not be considered to be engaged in the conduct of a business in the United States solely by reason of its ownership in a BDC. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between foreign investors and investments that would otherwise result in such investors being considered to be engaged in the conduct of a business in the United States. In the event that any such proposals were to be adopted and applied to BDCs, the treatment of dividends payable to foreign investors could be adversely affected.

*FATCA Compliance*. A 30% U.S. federal withholding tax may apply to payments of taxable dividends (whether paid in cash or in additional Units pursuant to the DRIP) made to Non-U.S. Holders that hold their Units through such an institution or entity. In general, an exemption from U.S. withholding tax will be available only if the foreign financial institution has entered into an agreement with the U.S. government, or under certain intergovernmental agreements collects and provides to the U.S. tax authorities information about its accountholders (including certain investors in such institution) and if the non-financial foreign entity has provided the withholding agent with a certification identifying certain of its direct and indirect U.S. owners. Any U.S. taxes withheld pursuant to the aforementioned requirements from distributions paid to affected Non-U.S. Holders who are otherwise eligible for an exemption from, or reduction of, U.S. federal withholding taxes on such distributions may only be reclaimed by such Non-U.S. Holders by timely filing a U.S. tax return with the IRS to claim the benefit of such exemption or reduction.

**ERISA CONSIDERATIONS** 

ERISA and the Code impose restrictions on certain transactions involving (i) employee benefit plans (as defined in Section 3(3) of ERISA) that are subject to Title I of ERISA, (ii) plans subject to Section 4975 of the Code, including, among others, individual retirement accounts and Keogh plans, and (iii) any entities whose underlying

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assets include plan assets by reason of a plan's investment in such entities or otherwise (collectively "Plans"). ERISA and the rules and regulations of the U.S. Department of Labor promulgated thereunder contain provisions that should be considered by fiduciaries of those Plans and their legal advisors.

*Fiduciary Duty.* Fiduciaries that are considering an investment in the Fund should consider, among other things, the applicability of the prohibited transaction provisions of ERISA and Section 4975 of the Code to such an investment and confirm that such investment will not constitute or result in a prohibited transaction or any other violation of an applicable requirement of ERISA.

*Plan Assets.* 

The U.S. Department of Labor has promulgated a regulation, modified by Section 3(42) of ERISA (referred to herein as "the Plan Assets Regulation"), which describes when an entity would be deemed to constitute "plan assets" within the meaning of ERISA or Section 4975 of the Code. Under the Plan Assets Regulation, when a Plan acquires an equity interest in an entity that is neither a "publicly offered security" nor a security issued by an investment company registered under the 1940 Act, the assets of the Plan are deemed to include both such equity interest and also an undivided interest in each of the underlying assets of such entity, unless it is established that: (i) the entity is an "operating company," including a "venture capital operating company" (or "VCOC") as defined in the Plan Assets Regulation; or (ii) Benefit Plan Investors (as defined below) in the aggregate hold less than 25% of the total value of each class of equity interest in the entity (the "25% Test"). If the underlying assets of the entity were deemed to constitute "plan assets" subject to ERISA, the obligations and other responsibilities of Plan sponsors, Plan fiduciaries and Plan administrators, and of parties in interest and disqualified persons, under Parts 1 and 4 of Subtitle B of Title I of ERISA and Section 4975 of the Code, as applicable, may be expanded, and there may be an increase in their liability under these and other provisions of ERISA and the Code (except to the extent (if any) that a favorable statutory or administrative exemption or exception applies); in addition, various providers of fiduciary or other services to the entity, and any other parties with authority or control with respect to the entity, could be deemed to be Plan fiduciaries or otherwise parties in interest or disqualified persons by virtue of their provision of such services (and there could be an improper delegation of authority to such providers).

For purposes of the Plan Assets Regulation, "Benefit Plan Investor" means (i) any "employee benefit plan" (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) any "plan" subject to Section 4975 of the Code, or (iii) any entity whose underlying assets are deemed for purposes of ERISA or Section 4975 of the Code to include "plan assets" by reason of such plan investment in the entity or otherwise. For purposes of determining compliance with the 25% Test, the value of equity interests held by a person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such entity's assets, or an affiliate of such person (any of the foregoing a "Controlling Person") is disregarded. In addition, an entity in which Benefit Plan Investors exceed the 25% Test is considered for various purposes to hold "plan assets" only to the extent of the percentage of its equity interests that are held by Benefit Plan Investors.

The Plan Assets Regulation defines the term "publicly-offered security" as a security that is "widely-held," "freely transferrable" and either part of a class of securities registered under the Exchange Act or sold pursuant to an effective registration statement under the Securities Act if the securities are registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the public offering occurred. A security is considered "widely held" only if it is part of a class of securities that is owned by 100 or more investors independent of the issuer and of one another. A security will not fail to be "widely held" because the number of independent investors falls below 100 subsequent to an initial public offering as a result of events beyond the issuer's control. The Plan Assets Regulation provides that whether a security is "freely transferable" is a factual question to be determined on the basis of all relevant facts and circumstances. It is noted that the Plan Assets Regulation only establishes a presumption in favor of the finding of free transferability where the restrictions are consistent with the particular types of restrictions listed in the Plan Assets Regulation.

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In order to ensure that the assets of the Fund are not deemed to include Plan Assets, the Adviser will undertake reasonable efforts to operate the Fund so that (i) it qualifies as a VCOC or other "operating company" (within the meaning of the Plan Asset Rules) or (ii) the Fund otherwise qualifies for an exemption from ERISA. To help in achieving this objective, the Adviser has the right, in its discretion, to reject any proposed investment by a prospective or existing investor, to deny approval for a transfer of Units, and to require any member to withdraw all or any portion of its Units. The Adviser does not intend to restrict participation by "Benefit Plan Investors" and it is not currently anticipated that the Fund will meet the "publicly offered exception." and currently intends to operate the Fund as a VCOC. An entity will qualify as a VCOC if: (i) on its initial valuation date and on at least one day within each annual valuation period, at least 50% of the entity's assets, valued at cost (other than short-term investments pending long-term commitment or distribution to investors), are invested in operating companies in which such entity has the direct contractual right to substantially participate in or substantially influence the management of the operating companies; and (ii) such entity in the ordinary course of its business actually exercises the management rights with respect to at least one of the operating companies during specified 12-month periods. The "initial valuation date" is the date on which an entity first makes an investment that is not a short-term investment of funds pending long-term commitment. An entity's "annual valuation period" is a pre-established period not exceeding 90 days in duration, which begins no later than the first anniversary of the entity's initial valuation date.

The Adviser reserves the right to prevent the underlying assets of the Fund from being treated as "plan assets" for purposes of ERISA or Section 4975 of the Code under the 25% Test and/or the "publicly offered exception" instead of qualifying as a VCOC. In such a case, prior to an offering that is sufficient to qualify Units as a "publicly offered security" for purposes of ERISA, the Fund will endeavor to limit investment by Benefit Plan Investors to less than 25% of the value of each class of equity interests in the Fund, based upon assurances received from investors. Prospective investors will be required to represent whether they are, or are not and will not be, a Benefit Plan Investor or Controlling Person. The Adviser reserves the right to exclude one or more Benefit Plan Investors from, or limit or reduce the size of new or existing investments by Benefit Plan Investors in, the Fund (including by rejecting subscriptions for Units by, or transfers of Units to, any such investors or by requiring any such investors to reduce or terminate their interests in the Fund in whole or in part at any time) if the Adviser determines, in its sole discretion, that participation or continued participation by any such investors could cause the underlying assets of the Fund to be treated as "plan assets." Following the time at which Units qualify as a publicly-offered security, if ever, the Fund's underlying assets would not be considered to be plan assets, as discussed above.

*Reporting of Indirect Compensation.* The descriptions contained herein of fees and compensation are intended to satisfy the disclosure requirements for "eligible indirect compensation" for which the alternative reporting option on Schedule C of Form 5500 Annual Return/Report may be available, to the extent such information is applicable. The Adviser will, upon written request, furnish any other information relating to the Adviser's compensation received in connection with the Fund that is required for a Plan investor to comply with the reporting and disclosure requirements of Title I of ERISA and the regulations, forms and schedules issued thereunder.

*Governmental, Church and Non-U.S. Plans.* Governmental plans, certain church plans and non-U.S. and certain other plans, while not subject to the fiduciary responsibility provisions of ERISA or the provisions of Section 4975 of the Code, may nevertheless be subject to U.S. federal, state, local, non-U.S. or other laws and regulations that are similar to such provisions of ERISA and the Code. This discussion does not address any such plans, and fiduciaries of such plans should consult with their counsel before purchasing any interests in the Fund.

\* \* \*

The foregoing discussion of certain aspects of ERISA is based upon ERISA, judicial decisions, U.S. Department of Labor regulations, rulings and opinions in existence on the date hereof, all of which are subject to change and should not be construed as legal advice. This summary is general in nature and does not address every issue that

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may be applicable to the Fund or to a particular investor. Directors and other fiduciaries of employee benefit plans subject to ERISA should consult with their own counsel with respect to issues arising under ERISA and make their own independent investment decision.

**Item 1A. Risk Factors** 

*Investing in the Fund's Units involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Units. A prospective investor should consider, among other factors, the risk factors set forth below which are subject to or, if applicable, modified by the requirements and obligations described in the Subscription Agreement before making a decision to purchase Units. The risks below are not the only risks the Fund faces. Additional risks and uncertainties not presently known to the Fund or not presently deemed material by the Fund may also impair the Fund's operations and performance. If any of the following events occur the Fund's business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of the Fund's Units could decline, and investors may lose all or part of their investment.* 

**Risks Relating to an Investment in the Fund** 

***Limited Operating History.*** The Fund is a non-diversified, closed-end management investment company that will elect to be regulated as a BDC under the 1940 Act. The Fund has limited operating history as a private investment vehicle and has limited operating history as a BDC. As a result, prospective investors have limited track record or history on which to base their investment decision. There can be no assurance that the results achieved by similar strategies managed by the Adviser or its affiliates will be achieved for the Fund. Past performance should not be relied upon as an indication of future results. Moreover, the Fund is subject to all of the business risks and uncertainties associated with any inexperienced business, including the risk that it will not achieve its investment objectives and that the value of an investor's investment could decline substantially or that the investor will suffer a complete loss of its investment in the Fund.

The investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques previously employed by the Adviser, its affiliates, and the portfolio managers in identifying and managing past investments. In addition, the 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other types of investment vehicles. For example, under the 1940 Act, BDCs are required to invest at least 70% of their total assets primarily in securities of qualifying private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. In addition, in order to qualify as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain source-of-income and asset diversification requirements.

***Risk of Failure to Achieve Investment Objective.*** The Adviser cannot provide assurances that it will be able to identify, choose, make or realize investments of the type targeted for the Fund. There is also no guarantee that the Adviser will be able to source attractive investments for the Fund within a reasonable period of time. There can be no assurance that the Fund will be able to generate returns for the investors or that returns will be commensurate with the risks of the investments. The Fund may not be able to achieve its investment objectives and investors may lose some or all of their invested capital. The failure by the Fund to obtain indebtedness on favorable terms or in the desired amount will adversely affect the returns realized by the Fund and impair the Fund's ability to achieve its investment objective.

***Competition with Other Entities, Including Commercial Banks, Commercial Financing Companies, BDCs, Insurance Companies and Other Private Funds.*** Other entities compete with the Fund to make the types of investments that the Fund plans to make. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than the Fund will have and offer a wider array of financial services. There may be intense competition for investments of the type the Fund intends to make, and

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such competition may result in less favorable investment terms than might otherwise exist. The competitive pressures the Fund faces may have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***Risk of Dependence on Key Personnel of the Adviser.*** The Fund will depend on the diligence, skill, experience and network of business contacts of the Adviser's portfolio management team. There can be no assurances that certain members of the team will continue to provide investment services to the Adviser. The loss of key personnel would limit the Fund's ability to achieve its investment objectives and operate as anticipated. None of the Fund, the Adviser or its Affiliates maintain key person life insurance for any of their personnel.

***Illiquid Investments and Restrictions on Withdrawal****.* Our Units are illiquid investments for which there is not and will likely not be a secondary market. If we make repurchase offers, we will offer to repurchase Units at a price that is estimated by our internal valuation processes to be equal to our net asset value per unit, which may be lower than the price that you paid for our Units. As a result, to the extent asset prices have declined and to the extent you have the ability to sell your Units pursuant to our units repurchase program, the price at which you may sell Units may be lower than the amount you paid in connection with your initial purchase of Units.

***Unit Holders have No Right to Control the Fund's Operations****.* The Fund is managed exclusively by the Adviser. Unit Holders will not make decisions with respect to the management, disposition or other realization of any investment, the day-to-day operations of the Fund, or any other decisions regarding the Fund's business and affairs, except for limited circumstances. Specifically, Unit Holders will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding investments by the Fund or receive any financial information issued directly by the portfolio companies that is available to the Adviser. Unit Holders should expect to rely solely on the ability of the Adviser with respect to the Fund's operations.

***The Fund's Assets are Subject to Recourse****.* The assets of the Fund, including any investments made by and any capital held by the Fund are available to satisfy all liabilities and other obligations of the Fund, as applicable. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and may not be limited to any particular asset, such as the investment giving rise to the liability.

***No Assurance the Fund Will be Able to Obtain Leverage****.* The Fund will seek to regularly employ a significant amount of direct or indirect leverage in a variety of forms through borrowings, derivatives and other financial instruments as part of its investment program. However, there can be no assurance that the Fund will be able to obtain indebtedness at all or to the desired degree or that indebtedness will be accessible by the Fund at any time or in connection with any particular investment. If indebtedness is available to the Fund, there can be no assurance that such indebtedness will be available in the desired amount or on terms favorable to the Fund and/or terms comparable to terms obtained by competitors. The terms of any indebtedness are expected to vary based on the counterparty, timing, size, market interest rates, other fees and costs, duration, advance rates, eligible investments or collateral, ability to borrow in currencies other than the U.S. dollar and Unit Holder creditworthiness and composition. Moreover, market conditions or other factors may cause or permit the amount of leverage employed by the Fund to fluctuate over the Fund's life. Furthermore, the Fund may seek to obtain indebtedness on an investment-by-investment basis, and leverage may not be available or may be available on less desirable terms in connection with particular investments. The instruments and borrowing utilized by the Fund to leverage its investments may be collateralized by other assets of the Fund.

It is expected that the Fund will directly or indirectly incur indebtedness collateralized by the Fund's assets. As a BDC, with certain limited exceptions, the Fund will only be permitted to borrow amounts such that the Fund's asset coverage ratio, as defined in the 1940 Act, equals at least 150% (equivalent to $2 of debt outstanding for each $1 of equity) after such borrowing. If the Fund is unable to obtain and maintain the desired amount of borrowings on favorable terms, the Adviser may seek to realize the Fund's investments earlier than originally expected.

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***No Assurance of the Availability of Leverage****.* The Fund is expected to utilize leverage, however, there can be no assurance that the Fund will be able to obtain indebtedness. If indebtedness is available, there can be no assurance that such indebtedness will be on terms favorable to the Fund and/or terms comparable to terms obtained by competitors, including with respect to costs, duration, size, advance rates and interest rates. Moreover, market conditions or other factors may cause or permit the amount of leverage employed by the Fund to fluctuate over its life. For example, if leverage is obtained later in the Fund's life, the Fund may immediately deploy such leverage in order to achieve the desired borrowing ratio, which may involve making distributions of borrowed funds. If the Fund is unable to, or not expected to be able to, obtain indebtedness in connection with a particular investment, the Fund may determine not to make the investment or may invest a different proportion of its available capital in such investment. This may affect the ability of the Fund to make investments, could adversely affect the returns of the Fund and may impair its ability to achieve its investment objective. In addition, the lender may impose certain diversification or other requirements, and these restrictions are expected to impact the ability of the Fund to participate in certain investments or the amount of the Fund's participation in certain investments.

***Leverage Risk***. The Fund will seek to employ direct or indirect leverage in a variety of forms, including through borrowings, derivatives, and other financial instruments as part of its investment program, which leverage is expected to be secured by the Fund's assets. The greater the total leverage of the Fund relative to its assets, the greater the risk of loss and possibility of gain due to changes in the values of its investments. The extent to which the Fund uses leverage may have other significant consequences to Unit Holders, including the following: (i) greater fluctuations in the net assets of the Fund; (ii) use of cash flow (including Capital Contributions) for debt service and related costs and expenses, rather than for additional investments, distributions, or other purposes; (iii) to the extent that the Fund's cash proceeds are required to meet principal payments, the Unit Holders may be allocated income (and therefore incur tax liability) in excess of cash available for distribution; (iv) in certain circumstances the Fund may be required to harvest investments prematurely or in unfavorable market conditions to service its debt obligations, and in such circumstances the recovery the Fund receives from such harvests may be significantly diminished as compared to the Fund's expected return on such investments; (v) limitation on the Fund's flexibility to make distributions to Unit Holders; (vi) the sale of assets that are pledged to secure the indebtedness; (vii) increased interest expense if interest rate levels were to increase significantly; (viii) during the term of any borrowing, the Fund's returns may be materially reduced by increased costs attributable to regulatory changes; and (ix) banks and dealers that provide financing to the Fund may apply discretionary margin, haircut, financing and collateral valuation policies. Changes by banks and dealers in any of the foregoing may result in large margin calls, loss of financing and forced liquidations of positions at disadvantageous prices. The cost associated with the use of leverage may not be recouped through investments or may significantly reduce the profitability of any investment. Certain types of loans require a fee payment irrespective if the credit facility is actually used and may require an annual fee to extend the facility. There can also be no assurance that the Fund will have sufficient cash flow or be able to liquidate sufficient assets to meet its debt service obligations. As a result, the Fund's exposure to losses, including a potential loss of principal, as a result of which Unit Holders could potentially lose all or a portion of their investments in the Fund, may be increased due to the use of leverage and the illiquidity of the investments generally. Similar risks and consequences apply with respect to indebtedness related to a particular asset or portfolio of assets.

To the extent that the Fund enters into multiple financing arrangements, such arrangements may contain cross-default provisions that could magnify the effect of a default. If a cross-default provision were exercised, this could result in a substantial loss for the Fund.

As a BDC, we generally will be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred Units that we may issue in the future, of at least 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our Unit Holders or the repurchase of such securities or Units unless we meet the applicable asset coverage ratios at the

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time of the dividend distribution or repurchase. If this ratio were to fall below 150%, we could not incur additional debt and could be required to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to you may be significantly restricted or we may not be able to make any such distributions whatsoever. The amount of leverage that we will employ will be subject to oversight by our Board, a majority of whom are Independent Directors with no material interests in such transactions.

Although borrowings by the Fund have the potential to enhance overall returns, they will diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund's cost of funds. In addition, borrowings by the Fund may be secured by the Unit Holders' funded and unfunded capital commitments (including an assignment to the lender of the right to make capital calls, receive and apply Capital Contributions, and enforce remedies and claims related thereto) as well as by the Fund's assets and the documentation relating to such borrowing may provide that during the continuance of a default under such borrowing, the interests of the investors may be subordinated to such borrowing.

***Obtaining a Rating from a Credit Rating Agency****.* The Fund may apply to a credit rating agency to rate the Fund and/or its assets in order to provide the Fund access to different sources of indebtedness or capital as well as to help meet the Fund's risk/return objectives, its overall target indebtedness ratio or other considerations as determined by the Adviser. In connection with such rating, the credit rating agency may review and analyze the Fund's counterparties, the Adviser (in its capacity as the Adviser and Administrator), the investments and expected investments of the Fund, the legal structure of the Fund, the historical and current Unit Holders and Fund performance data. There can be no assurance that the Fund will apply for such a rating, that a credit rating agency will provide a rating or that such a rating will be beneficial to the Fund. In addition, when making investment decisions for the Fund (including establishing the Fund's investment portfolio), the Adviser may consider the implications of the investment portfolio on a credit rating agency's rating of the Fund and tailor the Fund's investment portfolio taking into account such considerations. There is a risk that a rating agency could incorrectly rate, or downgrade ratings which could have a material effect on the Fund, including its assets and its ability to acquire indebtedness.

***Expedited Investment Decisions****.* Investment analyses and decisions by the Adviser may be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to the Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that the Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, the Adviser may rely upon independent consultants and other sources in connection with its evaluation of proposed investments, and no assurance can be given as to the accuracy or completeness of the information provided by such independent consultants or other sources or to the Fund's right of recourse against them in the event errors or omissions do occur.

***Insurance Risk****.* The Adviser has purchased and expects to maintain an omnibus insurance policy or policies which includes coverage in respect of the Fund, the Adviser and their affiliates, as well as Other Clients (as defined below), including certain of their respective indemnified persons (which omnibus insurance policy or policies may provide coverage to the Adviser and its affiliates, as applicable, for events unrelated to the Fund). The premiums for such shared insurance policies generally are borne by the Adviser and the clients covered by such policies, and such shared insurance policy or policies are expected to have an overall cap on coverage for all the insured parties thereunder. To the extent an insurable event results in claims in excess of such cap, the Fund may not receive as much in insurance proceeds as it would have received if separate insurance policies had been purchased for each insured party. Similarly, insurable events may occur sequentially in time while subject to a single overall cap. To the extent insurance proceeds for one such event are applied towards a cap and the Fund experiences an insurable loss after such event, the Fund's receipts from such insurance policy may also be diminished. Insurance policies covering the Fund, the premiums of which are paid in whole or in part by the Fund, may provide insurance coverage to indemnified persons for conduct that would not be covered by indemnification. In addition, the Fund may need to initiate litigation in order to collect from an insurance

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provider, which may be lengthy and expensive for the Fund and which ultimately may not result in a financial award. In addition, the Adviser may cause the Fund to purchase and maintain insurance coverage that provides coverage to the Fund, and certain indemnified persons, in which case, the premiums would be borne by the Fund.

While the Adviser expects to allocate insurance expenses in a manner it determines to be fair and equitable, taking into account any factors it deems relevant to the allocation of such expenses, because of the uncertainty of whether claims will arise in the future and the timing and the amount that may be involved in any such claim, the determination of how to allocate such expenses may require the Adviser to take into consideration facts and circumstances that are subjective in nature. It is unlikely that the Adviser will be able to accurately allocate the expenses of any such insurance policies based on the actual claims related to a particular client, including the Fund.

***Indemnification Risk****.* The Fund is required to indemnify the Adviser, the members of the Board and each other person indemnified under the Limited Liability Company Agreement of the Fund (the "LLC Agreement") for liabilities incurred in connection with the LLC Agreement, the Advisory Agreement and the Fund's activities, except in certain circumstances. So long as the Fund is regulated under the 1940 Act, the indemnification and limitation of liability is limited by the 1940 Act. The Fund will also indemnify certain service providers, including the Administrator and the Fund's auditors, as well as consultants and sourcing, operating and joint venture partners. Such liabilities may be material and may have an adverse effect on the returns to the Unit Holders. The indemnification obligation of the Fund would be payable from the assets of the Fund. The application of the indemnification and exculpation standards may result in Unit Holders bearing a broader indemnification obligation in certain cases than they would in the absence of such standards. As a result of these considerations, even though such provisions will not act as a waiver on the part of any investor of any of its rights which are not permitted to be waived under applicable law, the Fund may bear significant financial losses even where such losses were caused by the negligence or other conduct of such indemnified persons.

***Portfolio Valuation Risk****.* The Adviser, subject to the oversight of the Board, determines the valuation of the Fund's investments. It is expected that most of the Fund's investments will not have readily available market quotations, which will require the Adviser to determine, in accordance with the Adviser's valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the Unit Holders.

In addition, the Adviser may have an interest in determining higher valuations in order to be able to present better performance to prospective investors. In certain cases, the Fund may hold an investment in an issuer experiencing distress or going through bankruptcy. In such a situation, the Adviser may continue to place a favorable valuation on such investment due to the Adviser's determination that the investment is sufficiently secured despite the distressed state or bankruptcy of the issuer. However, no assurances can be given that this assumption is justified or that such valuations will be accurate in the long term. In addition, an investment in a portfolio company may not be permanently written-off or permanently written down despite its distressed state or covenant breach until such portfolio company experiences a material corporate event (*e.g.*, bankruptcy or partial sale) which establishes an objective basis for such revised valuation. In these circumstances, the Adviser has an interest in delaying any such write-offs or write-downs to maintain a higher management fee base and thus, management fees paid to the Adviser.

In addition, the Fund may rely on third-party valuation services to assist in determining the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser's knowledge of the investment, the valuation services may defer to the Adviser's valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. Additionally, the Fund may also choose to discontinue the use of any third-party valuation services at

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any time, which could create a conflict of interest and impair the third-party valuation service's independence. An inaccurate valuation of an investment could have a substantial impact on the Fund.

***Due Diligence Risk****.* When conducting due diligence and making an assessment regarding a potential investment, the Adviser will be required to rely on resources available to it, including internal sources of information as well as information provided by existing and potential obligors, any equity sponsor(s), lenders and other independent sources. The due diligence process may at times rely on limited or incomplete information.

The Adviser will select investments for the Fund in part on the basis of publicly available information filed with various government regulators or information made directly available to the Adviser. Although the Adviser will evaluate all such information and data and seek independent corroboration when it considers it appropriate and reasonably available, the Adviser may not be in a position to confirm the completeness, genuineness or accuracy of such information and data. The Adviser is dependent upon the integrity of the management of the entities filing such information and of such companies and third parties providing such information, as well as the financial reporting process in general. The value of an investment made by the Fund may be affected by fraud, misrepresentation or omission on the part of a company or any related parties to such company, or by other parties to the investment (or any related collateral and security arrangements). Such fraud, misrepresentation or omission may adversely affect the value of the investment and/or the value of the collateral underlying the investment in question and may adversely affect the Fund's ability to enforce its contractual rights relating to that investment or the relevant obligor's ability to repay the principal or interest on the investment.

In addition, the Adviser may rely upon independent consultants or experts in connection with its evaluation of proposed investments. There can be no assurance that these consultants or experts will accurately evaluate such investments. Investment analyses and decisions by the Adviser may be undertaken on an expedited basis in order to make it possible for the Fund to take advantage of short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate and/or incomplete. In addition, the financial information available to the Adviser may not be accurate or provided based upon accepted accounting methods. Accordingly, the Adviser cannot guarantee that the due diligence investigation it carries out with respect to any investment opportunity will reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity which may have a material adverse effect on the performance of the Fund.

***Compliance with Applicable Law****.* Although the Adviser will seek for it and the Fund to comply with all U.S. federal, state and local lending regulations and to obtain all required licenses, there is no assurance that the Adviser or the Fund will be able to obtain all required licenses or always be compliant or that there will not be allegations of non-compliance even if the Adviser and the Fund were or are fully compliant. Any violation of applicable law or failure to comply with regulatory requirements could result in, among other things, revocation of required licenses or registrations, loss of approval status, termination of contracts without compensation, damages, fines, penalties, litigation costs, investigation costs and even restrictions on the ability of the Fund's ability to conduct business.

***Litigation Risk****.* The Adviser will act in good faith and use reasonable judgment in managing the Fund. It is impossible for the Adviser to foresee what allegations may be brought by a regulatory agency or a third party, and the Adviser will seek to avoid litigation, if, in the Adviser's judgment, the circumstances warrant an alternative resolution. If an allegation is brought or litigation is commenced against the Fund, the Fund will incur legal fees and costs to respond to the allegations and to defend any resulting litigation, this could have an adverse effect on the Fund's financial performance.

***Possession of Material Non-Public Information, Limiting the Adviser's Discretion****.* From time to time, the Adviser (in its capacity as investment adviser of investment vehicles, funds or accounts or in connection with investment activities on its own behalf) and its affiliates receive material non-public information with respect to issuers of publicly-traded securities or other securities in connection with, among other examples, acquisitions,

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refinancings, restructurings of such issuers that the Adviser reviews or participates in, oftentimes unrelated to its management of the Fund. In such circumstances, the Fund may be prohibited, by law, contract or by virtue of the Adviser's policies and procedures, from (i) selling all or a portion of a position in such issuer, thereby potentially incurring trading losses as a result, (ii) establishing an initial position or taking any greater position in such issuer, and (iii) pursuing other investment opportunities related to such issuer. In order to prevent the portfolio managers of the Fund from receiving material, non-public information that may prevent them from being able to trade in investments in other accounts the portfolio managers manage, portfolio management personnel (including the portfolio managers, research analysts, and traders) may be subject to information barriers and prevented from accessing certain information regarding Fund investments to which investors are otherwise entitled, such as information about a borrower's business prospects, financial situation and liquidity situation.

***Systems and Operational Risks****.* The Fund depends on the Adviser and the Administrator to develop and implement appropriate systems for the Fund's activities. The Fund also relies heavily and on a regular basis on financial, accounting and other data processing systems to evaluate investments, to monitor its portfolio and capital, and to generate risk management and other reports that are critical to oversight of the Fund's activities. In addition, the Fund relies on information systems to store sensitive information about the Fund, the Adviser, their affiliates and the Unit Holders. Certain of the Fund's and the Adviser's activities will be dependent upon systems operated by third parties, including custodians, market counterparties and other service providers, and the Fund and the Adviser may not be in a position to adequately verify the risks or reliability of such third-party systems. These programs or systems may be subject to certain defects, failures or interruptions, including, but not limited to data or securities price data errors, mathematical or statistical errors, or computer system implementation errors or other errors, omissions, imperfections and malfunctions, including those caused by computer "worms," viruses and power failures. Failures in the systems employed by the Adviser, administrators, custodians, counterparties, exchanges and similar clearance and settlement facilities and other parties could result in mistakes made in the confirmation or settlement of transactions, or in transactions not being properly booked, evaluated or accounted for. Disruptions in the Fund's operations or breach of the Fund's information systems may cause the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory penalties or reputational damage. Any of the foregoing failures or disruptions could have a material adverse effect on the Fund and the Unit Holders' investment therein.

***Reliance on Data; Data Errors****.* The Adviser is highly reliant on the gathering, cleaning, culling and analysis of large amounts of data from third-party and other external sources. It is not possible or practicable, however, to factor all relevant, available data into economic forecasts or trading decisions. The Adviser will use its discretion to determine what data to gather with respect to any investment and what subset of that data the research models take into account to produce forecasts that may have an impact on ultimate investment decisions. In addition, it is inevitable that not all desired or relevant data will be available to, or processed by, the Adviser at all times. In these cases, the Adviser may continue to generate forecasts and make investment decisions based on the data available to it. In addition, the Adviser may determine that certain available data, while potentially useful in generating forecasts or making investment decisions, is not cost effective to gather due to either the technology costs or third-party vendor costs and, in these cases, the Adviser will not utilize the subject data. Investors should be aware that there is no guarantee that the data actually utilized in making investment decisions will be the most accurate data available or even free of errors. Investors should assume that the foregoing limitation and risks associated with gathering, cleaning, culling and analysis of large amounts of data from third party and other external sources are an inherent part of investing with an adviser such as the Adviser.

***Risk Evaluation Models***. The Adviser may develop proprietary risk evaluation models that seek to estimate risk based on numerous factors. These models may, for a variety of reasons, fail to accurately predict risk level, and correlations among, strategies and investments, including because of scarcity of historical data with respect to certain strategies and investments, erroneous underlying assumptions, and estimates for certain data, or other defects in inputs and the models, or because future events may not necessarily follow historical norms. In and of themselves, these risk evaluation models do not manage or reduce risk and, at most, provide certain assistance to the Adviser when determining a course of action.

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***Public Disclosure Obligations****.* The Fund, the Adviser or their respective affiliates, service providers, or agents may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Fund and the Unit Holders, including investments held directly or indirectly by the Fund and the names and level of beneficial ownership of certain of the Unit Holders, to (i) regulatory or taxing authorities of certain jurisdictions, which have or assert jurisdiction over the disclosing party or in which the Fund directly or indirectly invests, or (ii) any lenders, counterparty of, or service provider to, the Adviser or the Fund (and its subsidiaries). Disclosure of confidential information under such circumstances will not be regarded as a breach of any duty of confidentiality and, in certain circumstances, the Fund, the Adviser or any of their affiliates, Service Providers (as defined below) or agents, may be prohibited from disclosing to any Unit Holder that any such disclosure has been made.

***Cybersecurity Risk****.* With the increased use of technologies such as the Internet and cloud computing to conduct business, the Fund and the Adviser are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events that may cause the Fund, the Adviser or their respective service providers to lose or compromise confidential information. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make network services unavailable to intended users). Cyber incidents affecting the Fund's or the Adviser's service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to value its investments, impediments to trading, the inability of Unit Holders to transact business, violations of applicable privacy and other laws, failure to maintain the security, confidentiality or privacy of sensitive data including personal information relating to the unit holders and their beneficial owners, violations of confidentiality obligations, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Adviser anticipates that the Fund's service providers generally will have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund or its Unit Holders. The Fund and its Unit Holders could be negatively impacted as a result. For example, if a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally identifiable information of the Unit Holders may be lost or improperly accessed, used or disclosed.

***Artificial Intelligence and Machine Learning Risks***. The emergence of recent technology developments in artificial intelligence and machine learning technology, including Open AI's release of its ChatGPT application (collectively, "Machine Learning Technology") could pose risks to FMR, the Adviser, the Fund and its investments. These risks could arise if FMR utilizes Machine Learning Technology in connection with its business activities, including investment activities, or if third-party service providers of or any counterparties or competitors to the Fund, whether or not known to FMR, use Machine Learning Technology. FMR will not be in the position to control the manner in which third-party products are developed or maintained or the manner in which third-party services are provided. Furthermore, FMR personnel could utilize Machine Learning Technology in contravention of any policies that FMR has to prohibit or otherwise restrict the use of Machine Learning Technology.

As the use and availability of Machine Learning Technology has grown, the U.S. Congress and a number of U.S. federal agencies have been examining the Machine Learning Technology and their use in a variety of industries,

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including financial services. The legislatures and administrative agencies of a variety of U.S. states and non-U.S. governments have also proposed, and in a number of cases adopted, rules and regulations addressing the use of Machine Learning Technology. Machine Learning Technology similarly faces an uncertain regulatory landscape in many foreign jurisdictions.

Use of Machine Learning Technology by any of the parties described in the previous paragraphs could include the input of confidential information (including material non-public information) into Machine Learning Technology, resulting in such confidential information becoming part of a dataset that is accessible by other third-party Machine Learning Technology applications and users. This use could be in contravention of confidentiality agreements or FMR policies. For more information on risks relating to information security, see also "*Cybersecurity Risk*."

Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the dataset that Machine Learning Technology utilizes to operate. Additionally, certain data in such datasets will inevitably contain a degree of inaccuracies and errors, potentially materially so, and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent that FMR is exposed to the risk of Machine Learning Technology use, any such inaccuracies or errors could have adverse impacts on FMR, the Adviser, the Fund and its portfolio investments. Machine Learning Technology and its applications, including in the private investment and financial sectors, continue to develop rapidly and it is impossible to predict the future risks that may arise from such developments.

***Social Media Risk***. The use of social networks such as Facebook/Instagram (collectively known as Meta), X (formerly Twitter), message boards such as Reddit and other internet channels have become widespread within the U.S. and globally. As a result, individuals now have the ability to rapidly and broadly disseminate information or misinformation without relying on traditional media intermediaries. Information often spreads rapidly across large segments of the U.S. and global population, frequently without any independent verification as to its accuracy, which has led to the spread of misinformation in many cases. The spread of information or misinformation regarding FMR, the Adviser, the Fund, their respective affiliates or the Fund's portfolio investments could result in material and adverse effects on any of the foregoing. Furthermore, certain administrators of or other service providers to social networks, message boards, app stores, websites and other internet outlets have taken actions to ban, block, verify or censor the content disseminated on their networks. Such actions, or similar actions taken by government regulators or courts, could negatively affect FMR, the Adviser, the Fund, their respective affiliates or the Fund's portfolio investments (*e.g.*, if an issuer were to face public backlash or regulatory penalties for taking such actions, or if an issuer were itself the subject of such a ban).

***Electronic Delivery of Information Risk***. Fund information and information with respect to a Unit Holder's investment in the Fund may be delivered to such Unit Holder electronically. There are risks associated with such electronic delivery including, but not limited to, that e-mail messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient.

***Confidential Information***. The Fund's agreements and Subscription Agreements contain confidentiality provisions intended to protect proprietary and other information relating to the Fund's investments. To the extent that such information is publicly disclosed, competitors of the Fund and/or its investments may benefit from such information, thereby adversely affecting the Fund, its investments, the Adviser and the economic interests of the Unit Holders.

As part of the subscription process and otherwise in their capacity as Unit Holders, investors will provide significant amounts of information about themselves to the Adviser and the Fund. Unit Holders should not assume that such information will be kept confidential. For example, subject to any specific legal requirements,

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such information may be made available to third parties that have dealings with the Fund and governmental authorities.

***Technology Systems Risk****.* The Fund depends on the Adviser to develop and implement appropriate systems for its activities. The Fund may rely on computer programs to evaluate certain securities and other investments, to monitor their portfolios, to trade, clear and settle securities transactions and to generate asset, risk management and other reports that are utilized in the oversight of the Fund's activities. In addition, certain of the Fund's and the Adviser's operations interface with or depend on systems operated by third parties, including loan servicers, custodians and administrators, and the Adviser may not always be in a position to verify the risks or reliability of such third-party systems. For example, the Fund and the Adviser generally expect to provide statements, reports, notices, updates, requests and any other communications in electronic form, such as e-mail or posting on a web-based reporting site or other internet service, in lieu of or in addition to sending such communications as hard copies via fax or mail. These programs or systems may be subject to certain defects, failures or interruptions, including, but not limited to, those caused by 'hacking' or other security breaches, computer 'worms,' viruses and power failures. Such failures could cause settlement of trades to fail, lead to inaccurate accounting, recording or processing of trades and cause inaccurate reports, which may affect the Fund's ability to monitor its investment portfolio and its risks. Any such defect or failure could cause the Fund to suffer financial loss, disruption of its business, liability to clients or third parties, regulatory intervention or reputational damage.

***No Registration as an Investment Company***. While the Fund is not registered as an investment company under the 1940 Act, it will be subject to regulation as a BDC under the 1940 Act and will be required to adhere to the provisions of the 1940 Act applicable to BDCs. The Units have not been recommended by any U.S. federal or state, or any non-U.S., securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Registration Statement. Any representation to the contrary is a criminal offense.

***Rights Against Third Parties, Including Third-Party Service Providers****.* The Fund is reliant on the performance of third-party service providers, including the Adviser (in its capacity as the Adviser and Administrator), auditors, legal advisers, lenders, bankers, brokers, consultants, sourcing, operating and joint venture partners and other service providers (collectively, "Service Providers"). Further information regarding the duties and roles of certain of these Service Providers is provided in this Registration Statement. The Fund may bear the risk of any errors or omissions by such Service Providers. In addition, misconduct by such Service Providers may result in reputational damage, litigation, business disruption and/or financial losses to the Fund. Each Unit Holder's contractual relationship in respect of its investment in Units of the Fund is with the Fund only and Unit Holders are not in contractual privity with the Service Providers. Therefore, generally, no Unit Holder will have any contractual claim against any Service Provider with respect to such Service Provider's default or breach. Accordingly, Unit Holders must generally rely upon the Adviser to enforce the Fund's rights against Service Providers. In certain circumstances, which are generally not expected to prevail, Unit Holders may have limited rights to enforce the Fund's rights on a derivative basis or may have rights against Service Providers if they can establish that such Service Providers owe duties to the Unit Holders. In addition, Unit Holders will have no right to participate in the day-to-day operation of the Fund and decisions regarding the selection of Service Providers. Rather, the Adviser will select the Fund's Service Providers and determine the retention and compensation of such providers without the review by or consent of the Unit Holders. The Unit Holders must therefore rely on the ability of the Adviser to select and compensate Service Providers and to make investments and manage and dispose of investments.

***Lack of Diversification Risk****.* The Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that the Fund is not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer. To the extent that the Fund assumes large positions in the securities of a small number of issuers, its net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified

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investment company. Beyond the Fund's asset diversification requirements as a RIC under the Code, the Fund does not have fixed guidelines for diversification, and its investments could be concentrated in relatively few portfolio companies. Although the Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, it maintains the flexibility to operate as a diversified investment company. To the extent that the Fund operates as a non-diversified investment company, it may be subject to greater risk.

The Fund does not have fixed guidelines for diversification by industry or type of security, and investments may be concentrated in only a few industries or types of securities. Further, if the expected amount of leverage is not obtained or deployed, the Fund may be more concentrated in an investment than originally anticipated. As a result, the Fund's investments may be concentrated and the poor performance of a single investment may have pronounced negative consequences to the Fund and the aggregate returns realized by the Unit Holders.

***Consultation with Sourcing and Operating Partners Risk****.* In certain circumstances, sourcing and operating partners may be aware of and consulted in advance in relation to certain investments made by the Fund. While sourcing and operating partners will be subject to confidentiality obligations, they are not restricted from engaging in any activities or businesses that may be similar to the business of the Fund or competitive with the Fund. In particular, sourcing and operating partners may use information available to them as sourcing and operating partners of the Adviser in a manner that conflicts with the interests of the Fund. Except in limited circumstances, the sourcing and operating partners are generally not obligated to account to the Adviser for any profits or income earned or derived from their activities or businesses or inform the Adviser of any business opportunity that may be appropriate for the Fund.

***Timing of Realization of Investments****.* The Adviser, in its discretion, may seek to realize the Fund's investments earlier than originally expected, which may be accomplished through one or more transactions, including transactions with another investment fund or account sponsored or managed by the Adviser or its affiliates, which will be for a price equal to the fair value of such investment. The value of a security in a transaction between the Fund and an account sponsored or managed by the Adviser or its affiliates, subject to approval by the Board, will be determined by the Adviser and verified by one or more third-party valuation services. The Adviser may seek such realizations in order to support the Fund's target risk/return profile with respect to the Fund's unrealized investments, taking into account factors such as, but not limited to, the Fund's expense ratio relative to such assets and the availability of, or repayment obligations with respect to, any credit facilities.

***Risks Relating to the Use of Proceeds****.* While the Fund generally intends to make all distributions of net proceeds in accordance with the terms described in the Fund's private placement memorandum, the amount and timing of distributions from the Fund to the Unit Holders will be at the discretion of the Board, who may also direct that amounts available for distribution be retained in the Fund (i) to be used to satisfy, or establish reserves for, the Fund's current or anticipated obligations (including the Advisory Fee and any other expenses) or (ii) for reinvestment of the cost basis of an investment. Accordingly, there can be no assurance as to the timing and amount of distributions from the Fund.

***Risk of Electronic Delivery of Certain Documents***. Unit Holders will be deemed to consent to electronic delivery of: (i) certain closing documents such as the LLC Agreement and the Subscription Agreements; (ii) any notices or communications required or contemplated to be delivered to the Unit Holders by the Fund, the Adviser, or any of their respective affiliates, pursuant to applicable law or regulation; (iii) certain tax-related information and documents; and (iv) notices, requests, demands, consents or other communications and any financial statements, reports, schedules, certificates or opinions required to be provided to the Unit Holders under any agreements. There are certain costs and possible risks associated with electronic delivery. Moreover, the Adviser cannot provide any assurance that these communication methods are secure and will not be responsible for any computer viruses, problems or malfunctions resulting from the use of such communication methods. See "*Item 1A. Risk Factors—Technology Systems Risks* and *Cybersecurity Risk*" above.

***Risks Relating to Handling of Mail***. Mail addressed to the Fund and received at its registered office will be forwarded unopened to the forwarding address supplied by the Fund to be processed. None of the Fund, the

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Adviser or any of their directors, officers, advisers or Service Providers will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.

***General Credit Risks***. The Fund may be exposed to losses resulting from default and foreclosure of any such loans or interests in loans in which it has invested. Therefore, the value of underlying collateral, the creditworthiness of borrowers and the priority of liens are each of great importance in determining the value of the Fund's investments. In the event of foreclosure, the Fund or an affiliate thereof may assume direct ownership of any assets collateralizing such foreclosed loans. The liquidation proceeds upon the sale of such assets may not satisfy the entire outstanding balance of principal and interest on such foreclosed loans, resulting in a loss to the Fund. Any costs or delays involved in the effectuation of loan foreclosures or liquidation of the assets collateralizing such foreclosed loans will further reduce proceeds associated therewith and, consequently, increase possible losses to the Fund. In addition, no assurances can be made that borrowers or third parties will not assert claims in connection with foreclosure proceedings or otherwise, or that such claims will not interfere with the enforcement of the Fund's rights.

***Volatility of Investment Prices***. The prices of the Fund's investments can be volatile. In addition, price movements may also be influenced by, among other things, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and national and international political and economic events and policies. In addition, governments from time to time intervene in certain markets. Such intervention often is intended directly to influence prices and may cause or contribute to rapid fluctuations in asset prices, which may adversely affect the Fund's returns.

***Syndication and/or Transfer of Investments Risk***. The Fund, directly or through the use of one or more subsidiary investment vehicles, may originate and/or purchase certain debt assets, including ancillary equity assets. The Fund may also purchase certain assets (including, participation interests or other indirect economic interests) that have been originated by other affiliated or unaffiliated parties and/or trading on the secondary market. The Fund may, in certain circumstances, originate or purchase such assets with the intent of syndicating and/or otherwise transferring a significant portion thereof, including to one or more offshore funds or accounts managed by the Adviser or any of its affiliates or to other third-party investment firms. In such instances, the Fund will bear the risk of any decline in value prior to such syndication and/or other transfer. In addition, the Fund will also bear the risk of any inability to syndicate or otherwise transfer such assets or such amount thereof as originally intended, which could result in the Fund owning a greater interest therein than anticipated.

***Raising Additional Capital***. The Fund may need additional capital to fund new investments and grow its portfolio of investments. Unfavorable economic conditions could increase the Fund's funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Fund's ability to grow. In addition, the Fund is required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to investors to maintain its qualification as a RIC. As a result, to the extent Unit Holders do not participate in the DRIP, these earnings will not be available to fund new investments. An inability on the Fund's part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.

***Counterparty Risks***. To the extent that contracts for investment will be entered into between the Fund and a market counterparty as principal (and not as agent), the Fund is exposed to the risk that the market counterparty may, in an insolvency or similar event, be unable to meet its contractual obligations to the Fund. The Fund may have a limited number of potential counterparties for certain of its investments, which may significantly impair the Fund's ability to reduce its exposure to counterparty risk. In addition, difficulty reaching an agreement with any single counterparty could limit or eliminate the Fund's ability to execute such investments altogether. Because certain purchases, sales, hedging, financing arrangements and other instruments in which the Fund will engage are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Fund is subject to the risk that a counterparty will not perform its obligations under the related

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contracts. Although the Fund intends to pursue its remedies under any such contracts, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result.

***Service Provider Risk***

The Fund relies heavily on financial, accounting and other data processing systems developed by the Fund's service providers. While the Adviser generally conducts a review of service providers engaged by the Fund prior to retaining such service providers pursuant to the Adviser's policies, the Adviser may not be in a position to verify the risks or reliability of such service providers' programs or systems and the Adviser's review may fail to identify material issues and concerns related to the service provider in question.

The Adviser conducts appropriate due diligence on any outside vendor that provides products or services to the Adviser and its affiliates and enters into an appropriate contract in accordance with the Adviser's policies and procedures, and any applicable third-party risk management frameworks. The Adviser's relationships with outside vendors are managed so that appropriate controls and oversight are in place to protect Adviser's interests, including safeguarding of private and confidential information regarding the Fund and the Adviser's employees. Despite the Adviser's best efforts, there can be no assurances that the Adviser will be able to identify and address all material risks related to vendors. Furthermore, the Fund may experience losses as a result of the failures or inadequate level of service by vendors.

***Return of Distributions to Satisfy Unpaid Debts of the Fund***. Under Delaware law, the investors could, under certain circumstances, be required to return distributions made by the Fund to satisfy unpaid debts of the Fund that were in existence at the time the distributions were made.

***Changes in the Fund's Investment Objective, Operating Policies or Strategies Without Prior Notice or Investor Approval****.* The Board has the authority to modify or waive certain of the Fund's operating policies and strategies without prior notice (except as required by the 1940 Act) and without investor approval. However, absent investor approval, the Fund may not change the nature of its business so as to cease to be, or withdraw its election as, a BDC. Under Delaware law, the Fund also cannot be dissolved without prior investor approval. The Fund cannot predict the effect any changes to its current operating policies and strategies would have on its business, operating results and value of its Units. Nevertheless, the effects may adversely affect the Fund's business and impact its ability to make distributions.

***Changes to the Fund's Limited Liability Company Agreement Without Prior Investor Approval****.* Our Board may, without a vote of our Unit Holders, subject to certain exceptions, amend or otherwise supplement the LLC Agreement by making an amendment, a supplemental thereto or an amended and restated LLC Agreement, including without limitation to classify the Board, to impose advance notice requirements for Director nominations or for Unit Holder proposals, to require super- majority approval of transactions with significant Unit Holders or other provisions that may be characterized as anti-takeover in nature.

***Allocation of Investment Opportunities and Related Conflicts****.* The Fund generally is prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Independent Directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Fund's outstanding voting securities is an affiliate of the Fund for purposes of the 1940 Act, and the Fund generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the Independent Directors. The 1940 Act also prohibits certain "joint" transactions with certain of the Fund's affiliates, which could include investments in the same issuers (whether at the same or different times), without prior approval of the Independent Directors and, in some cases, the SEC. If a person acquires more than 25% of the Fund's voting securities, the Fund will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit the Fund's ability to transact business with the Fund's officers or Directors or their affiliates. These prohibitions will affect the manner in which investment

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opportunities are allocated between the Fund and other funds managed by the Adviser or its affiliates. Most importantly, the Fund generally is prohibited from co-investing with certain other accounts or affiliates of the Adviser in Fidelity-originated loans and financings unless the Fund co-invests in accordance with the applicable regulatory guidance or an exemptive order it has received from the SEC permitting such co-investment activities. Accordingly, while the Adviser intends to allocate suitable opportunities among the Fund and other accounts or affiliates of the Adviser based on the principles described above, the prohibition on co-investing with affiliates could significantly limit the scope of investment opportunities available to the Fund. In particular, the decision by the Adviser to allocate an opportunity to one or more other accounts or to an affiliate of the Adviser, or the existence of a prior co-investment structure, might cause the Fund to forgo an investment opportunity that it otherwise would have made. Similarly, the Fund generally may be limited in its ability to invest in an issuer in which another account or affiliate of the Adviser had previously invested. The Fund may in certain circumstances also be required to sell, transfer or otherwise reorganize assets in which the Fund has invested with other accounts or affiliates of the Adviser at times that the Fund may not consider advantageous.

The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates. The Fund is permitted to co-invest alongside certain other accounts or other affiliates of the Adviser in accordance with the terms and conditions of the exemptive order.

***Distributions Risk****.* The Fund intends to pay distributions at least quarterly to Unit Holders out of assets legally available for distribution. The Fund cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. If the Fund is unable to satisfy the asset coverage test applicable to it as a BDC, or if the Fund violates certain debt financing agreements, its ability to pay distributions to Unit Holders could be limited. All distributions will be paid at the discretion of the Board and will depend on the Fund's earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, compliance with debt financing agreements and such other factors as the Board may deem relevant from time to time. The distributions the Fund pays to investors in a year may exceed the Fund's taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.

Investors who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of the RIC's net ordinary income or capital gains when they are not. Accordingly, investors should read carefully any written disclosure accompanying a distribution from the Fund and the information about the specific tax characteristics of the Fund's distributions provided to investors after the end of each calendar year, and should not assume that the source of any distribution is the Fund's net ordinary income or capital gains.

***Repurchase Program Risk****.* Subject to market conditions and the approval of the Board, the Fund may from time to time offer to repurchase Units pursuant to written tenders by Unit Holders. The Fund has no obligation to offer to repurchase Units and each repurchase, if any, will only be made at such times, in such amounts and on such terms as may be determined by the Fund, it its sole discretion. Unit Holders may not be able to sell their Units at all in the event the Fund does not offer to repurchase Units, absent a liquidity event. The Fund does not currently intend to undertake a liquidity event, and it is not obligated by its LLC Agreement or otherwise to effect a liquidity event at any time. If less than the full amount of Units requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Units being repurchased.

***Timing of Repurchase May be Disadvantageous****.* In the event a Unit Holder chooses to participate in a Unit repurchase program, if any, the Common Unit Holder will be required to provide us with notice of intent to participate prior to knowing what the NAV per Unit being repurchased will be on the repurchase date. Although a Common Unit Holder will have the ability to withdraw a repurchase request prior to the repurchase date, to the

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extent a Common Unit Holder seeks to sell Units to us as part of our periodic Unit repurchase program, the Common Unit Holder will be required to do so without knowledge of what the repurchase price of our Units will be on the repurchase date.

***Pandemics and Natural Disasters Risk****.* Widespread disease as well as other pandemics and epidemics, and natural or environmental disasters, such as earthquakes, droughts, fires, floods, hurricanes, tsunamis and climate-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. Additionally, market disruptions may result in increased market volatility; regulatory trading halts; closure of domestic or foreign exchanges, markets, or governments; or market participants operating pursuant to business continuity plans for indeterminate periods of time. Further, market disruptions can (i) prevent the Fund from executing advantageous investment decisions in a timely manner, (ii) negatively impact the Fund's ability to achieve its investment objective, as well as the operations of the Fund and the Adviser, and (iii) may exacerbate the risks discussed herein, including political, social, and economic risks.

**Risks Relating to the Fund's Investments** 

Our investments may be risky and, subject to compliance with our 80% test and the 70% test for "qualifying assets" under the requirements for BDCs, there is no limit on the amount of any such investments in which we may invest.

***Risks Associated with Portfolio Companies.***

***General Risks****.* A fundamental risk associated with the Fund's investment strategy is that the companies in whose debt the Fund invests will be unable to make regular payments (*e.g.*, principal and interest payments) when due, or at all, or otherwise fail to perform. Portfolio companies could deteriorate as a result of, among other factors, an adverse development in their business, poor performance by their management teams, a change in the competitive environment, an economic downturn or legal, tax or regulatory changes. Portfolio companies that the Adviser expects to remain stable may in fact operate at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress.

***Highly Leveraged Portfolio Companies****.* Portfolio companies may be highly leveraged, and there is no restriction on the amount of debt a portfolio company can incur. Substantial indebtedness may add additional risk with respect to a portfolio company, and could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii) make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of future operations or other capital needs. In some cases, proceeds of debt incurred by a portfolio company could be paid as a dividend to stockholders rather than retained by the portfolio company for its working capital. Leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy or deterioration in the condition of such companies or their industries. A leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

If a portfolio company is unable to generate sufficient cash flow to meet principal and interest payments to its lenders, it may be forced to take other actions to satisfy such obligations under its indebtedness. These alternative

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measures may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the Fund's investment(s) in such portfolio company. If such strategies are not successful and do not permit the portfolio company to meet its scheduled debt service obligations, the portfolio company may also be forced into liquidation, dissolution or insolvency, and the value of the Fund's investment in such portfolio company could be significantly reduced or even eliminated.

***Issuer/Borrower Fraud****.* Of paramount concern in originating loans is the possibility of material misrepresentation or omission on the part of borrowers or guarantors. Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund or its affiliates to perfect or effectuate a lien on the collateral securing the loan. The Fund or its affiliates will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable but cannot guarantee such accuracy or completeness.

***Reliance on Company Management****.* The Adviser generally will seek to monitor the performance of investments in operating companies either through interaction with the board of the applicable company and/or by maintaining an ongoing dialogue with the company's management team. However, the Fund generally will not be in a position to control any borrower by virtue of investing in its debt and the portfolio company's management will be primarily responsible for the operations of the company on a day-to-day basis. Although it is the intent of the Fund to invest in companies with strong management teams, there can be no assurance that the existing management team, or any new one, will be able to operate the company successfully. In addition, the Fund is subject to the risk that a borrower in which it invests may make business decisions with which the Fund disagrees and the management of such borrower, as representatives of the common equity holders, may take risks or otherwise act in ways that do not serve the interests of the debt investors, including the Fund. Furthermore, in exercising its investment discretion, the Adviser may in certain circumstances commit funds of the Fund to other entities that will be given a mandate to make certain investments consistent with the Fund's investment objectives and that may earn a performance-based fee on those investments. Once such a commitment is made, such entities will have full control over the investment of such funds, and the Adviser will cease to have such control.

***Environmental Matters****.* Ordinary operation or the occurrence of an accident with respect to the portfolio companies in which the Fund invest could cause major environmental damage, which may result in significant financial distress to the Fund's investments and any portfolio company holding such assets, even if covered by insurance. Certain environmental laws and regulations may require that an owner or operator of an asset address prior environmental contamination, which could involve substantial cost and other liabilities. The Fund (and the Unit Holders) may therefore be exposed to substantial risk of loss from environmental claims arising in respect of its investments.

Furthermore, changes in environmental laws or regulations or the environmental condition of an investment may create liabilities that did not exist at the time of its acquisition and that could not have been foreseen. Even in cases where the Fund is indemnified by the seller with respect to an investment against liabilities arising out of violations of environmental laws and regulations, there can be no assurance as to the financial viability of the seller to satisfy such indemnities or the ability of the Fund to achieve enforcement of such indemnities. *See also "Item 1A. Risk Factors—Provision of Managerial Assistance and Control Person Liability" below.*

***No Readily Determinable Valuation***. The Fund expects that many of its Portfolio Investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable and will be valued at fair value as determined in good faith by the Adviser, including to reflect significant events affecting the value of the Fund's investments. Most, if not all, of the Fund's investments (other than cash and cash equivalents) will be classified as Level 3 assets under Topic 820 of the U.S. Financial Accounting Standards Board's Accounting Standards Codification, as amended, Fair Value Measurements and Disclosures. This means that the Fund's portfolio valuations will be based on

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unobservable inputs and the Fund's assumptions about how market participants would price the asset or liability in question. The Fund expects that inputs into the determination of fair value of Portfolio Investments will require significant management judgment or estimation. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. The Fund engages one or more independent valuation firms to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser's Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fund's net asset value could be adversely affected if determinations regarding the fair value of the Fund's investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such loans and securities. In addition, the method of calculating the Advisory Fee may result in conflicts of interest between the Adviser, on the one hand, and investors on the other hand, with respect to the valuation of investments.

***Risks Related to Follow-On Investments in Portfolio Companies****.* Following an initial investment in a portfolio company, the Fund may make additional investments in that portfolio company as "follow-on" investments, in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase or maintain in whole or in part the Fund's equity ownership percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise warrants, options or convertible securities that were acquired in the original or subsequent financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attempt to preserve or enhance the value of the Fund's investment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• invest in various growth or merger and acquisition related initiatives.

The Fund may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments.

The Fund has the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and the Fund's initial investment, or may result in a missed opportunity for the Fund to increase its participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, it may elect not to make a follow-on investment because it may not want to increase its concentration of risk, because it prefers other opportunities or because it is inhibited by compliance with BDC requirements or compliance with the requirements for maintenance of its RIC status.

***Equity Interests in Portfolio Companies***. The Fund does not generally intend to take controlling equity positions in the Fund's portfolio companies. To the extent that the Fund does not hold a controlling equity interest in a portfolio company, it will be subject to the risk that such portfolio company may make business decisions with which the Fund disagrees, and the stockholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to the Fund's interests. Due to the lack of liquidity for the debt and equity investments that the Fund typically holds in portfolio companies, the Fund may not be able to dispose of its

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investments in the event it disagrees with the actions of a portfolio company and may therefore suffer a decrease in the value of its investments.

***Defaults by Portfolio Companies***. A portfolio company's failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on the portfolio company's assets representing collateral for its obligations. This could trigger cross defaults under other agreements and jeopardize the portfolio company's ability to meet its obligations under the debt that the Fund holds and the value of any equity securities the Fund owns. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company.

***Third Party Litigation***. The Fund's investment activities subject it to the normal risks of becoming involved in litigation initiated by third parties. This risk is somewhat greater where the Fund exercises control or influence over a company's direction. The expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would, absent willful misconduct or gross negligence by the Adviser, be borne by the Fund (to the extent not borne by the portfolio companies) and would reduce net assets or could require Unit Holders to return to the Fund distributed capital and earnings. The Adviser and others are indemnified in connection with such litigation, subject to certain conditions.

***Nature of Investments Risk***. The Adviser will have broad discretion in making investments for the Fund. There can be no assurance that the Adviser will correctly evaluate the nature or magnitude of the various factors that could affect the value of and return on the Fund's investments. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Fund's activities and the value of its investments. These factors and others may significantly affect the results of the Fund's activities and the value of its investments.

***Provision of Managerial Assistance and Control Person Liability***. The Fund may obtain rights to participate in the governance of certain of the Fund's portfolio companies. In such instances, the Fund typically could designate board members to serve on the boards of portfolio companies. The designation of representatives and other measures contemplated could expose the assets of the Fund to claims by a portfolio company, its security holders and its creditors, including claims that the Fund is a controlling person and thus is liable for securities laws violations and other liabilities of a portfolio company. The exercise of control over a company may impose additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally characteristic of business ownership may be ignored. If these liabilities were to arise, the Fund might suffer a significant loss. These measures also could result in certain liabilities in the event of the bankruptcy or reorganization of a portfolio company, could result in claims against the Fund if the designated board members violate their fiduciary or other duties to a portfolio company or fail to exercise appropriate levels of care under applicable corporate or securities laws, environmental laws or other legal principles, and could expose the Fund to claims that it has interfered in management to the detriment of a portfolio company. While the Adviser intends to operate the Fund in a way that will minimize the exposure to these risks, the possibility of successful claims cannot be precluded, nor can there be any assurance as to whether laws, rules, regulations and court decisions will be expanded or otherwise applied in a manner that is adverse to portfolio companies and the Fund and its Unit Holders.

***Adverse Developments in the Debt Capital Markets****.* Recent market and economic conditions have been unprecedented and challenging. Continued concerns about the systemic impact of inflation, tariffs and trade embargos, energy costs, the pandemic, geopolitical issues, the availability and cost of credit, sovereign debt levels, the mortgage market and a declining real estate market in the U.S. have contributed to increased market volatility and diminished expectations for the U.S. economy. These conditions, combined with volatile oil prices, declining business and consumer confidence and increased unemployment have contributed to volatility of unprecedented levels. The factors described above have led to an overall reduction in liquidity in the debt capital

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markets, including sources of liquidity that the Fund may wish to utilize. Such conditions could reduce the availability of leverage to the Fund, its investments, and potential purchasers of the Fund's investments or make such leverage more expensive to obtain, thereby adversely affecting the performance of the Fund.

***Market Risk****.* The success of the Fund's activities will be affected by general economic and market conditions, such as interest rates, inflation rates, industry conditions, competition, technological developments, tax laws, availability of credit, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect, among other things, the level and volatility of securities' prices, the liquidity of the Fund's investments and the availability of certain securities and investments. Volatility or illiquidity could impair the Fund's profitability or result in losses. The Fund may maintain substantial trading positions that can be materially adversely affected by the level of volatility in the financial markets—the larger the positions, the greater the potential for loss. Global markets have recently experienced unprecedented volatility and losses. The effects thereof are continuing and there can be no assurance that the Fund will not be materially adversely affected. Furthermore, none of these conditions is within the control of the Adviser.

***Temporary Investments; Use of Cash and Cash Equivalents Risk****.* Pending investment in other types of qualifying assets (including directly originated loans and broadly syndicated loans, as described herein), the Fund's investments can consist of cash, cash equivalents, money market funds (including shares of Fidelity <sup>®</sup> Central funds or other funds that are advised by the Adviser or its affiliates. U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of the Fund's assets would be qualifying assets. Generally, these securities offer less potential for gains than other types of securities.

***Exposure to Foreign Markets Risk***. While the Fund does not expect to invest in securities of issuers located in foreign markets as a principal investment strategy, it may invest in such securities if the Adviser believes it is advantageous to do so. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations may involve significant risks in addition to the risks inherent in U.S. investments. Investments in securities and instruments in emerging and developing markets could involve substantial risks not typically associated with investing in more established markets, including, without limitation, those set forth below under *"— Non-U.S. Securities Risks."*

Foreign investments involve risks relating to local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments, and may be affected by actions of foreign governments adverse to the interests of U.S. investors. Such actions may include expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. From time to time, the Adviser and/or its affiliates may determine that, as a result of regulatory requirements that may apply to it and/or its affiliates due to investments in a particular country, investments in the securities of issuers domiciled or listed on trading markets in that country above certain thresholds (which may apply at the account level or in the aggregate across all accounts managed by the Adviser and/or its affiliates) may be impractical or undesirable. In such instances, the Adviser may limit or exclude investment in a particular issuer, and investment flexibility may be restricted. Additionally, governmental issuers of foreign debt securities may be unwilling to pay interest and repay principal when due and may require that the conditions for payment be renegotiated. There is no assurance that the Adviser will be able to anticipate these potential events or counter their effects. In addition, the value of securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the U.S. dollar.

Emerging markets generally are not as efficient as those in developed countries. In some cases, a market for the security may not exist locally, and transactions will need to be made on a neighboring exchange. Volume and

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liquidity levels in emerging markets are lower than in developed countries. When seeking to sell emerging market securities, little or no market may exist for the securities.

It is anticipated that in most cases, the best available market for foreign securities will be on an exchange or in over-the-counter markets located outside of the United States. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Foreign security trading, settlement and custodial practices (including those involving securities settlement where fund assets may be released prior to receipt of payment) are often less developed than those in U.S. markets and may result in increased investment or valuation risk or substantial delays in the event of a failed trade or the insolvency of, or breach of duty by, a foreign broker-dealer, securities depository, or foreign sub-custodian. In addition, the costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets and tend to be less regulated. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to U.S. issuers. Adequate public information on foreign issuers may not be available, and it may be difficult to secure dividends and information regarding corporate actions on a timely basis. In general, there is less overall governmental supervision and regulation of securities exchanges, brokers, and listed companies than in the United States. Over-the-counter markets tend to be less regulated than stock exchange markets and in, certain countries, may be totally unregulated. Regulatory enforcement may be influenced by economic or political concerns, and investors may have difficulty enforcing their legal rights in foreign countries.

Some foreign securities impose restrictions on transfer within the United States or to U.S. persons. Although securities subject to such transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions.

The risks of foreign investing may be magnified for investments in emerging markets. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

***Credit Risk****.* Performance may be affected by the default or perceived credit impairment of the Fund's investments and by general or sector specific credit spread widening. Credit risks associated with the Fund's investments include (among others): (i) the possibility that earnings of the obligor may be insufficient to meet its debt service obligations; (ii) the obligor's assets declining in value; and (iii) the declining creditworthiness, default and potential for insolvency of the obligor during periods of rising interest rates and economic downturn. An economic downturn and/or rising interest rates could severely disrupt the market for the investments and adversely affect the value of the Fund's investments and the ability of the obligors thereof to repay principal and interest. In turn, this could have a material adverse effect on the performance of the Fund, and, by extension, the Fund's business, financial condition, results of operations and the value of the Units. In the event of a default by a borrower, the Fund will bear a risk of loss of principal and accrued interest on that investment. Any such investment may become defaulted for a variety of reasons, including non-payment of principal or interest, as well as breaches of contractual covenants. A defaulted investment may become subject to workout negotiations or may be restructured by, for example, reducing the interest rate, a write-down of the principal, and/or changes to

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its terms and conditions. Any such process may be extensive and protracted over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery on the defaulted investments. In addition, significant costs might be imposed on the lender, further affecting the value of the investment. The liquidity in such defaulted investment may also be limited and, where a defaulted investment is sold, it is unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest owed on that investment. This would have a material adverse effect on the value of the Fund's portfolio, and, by extension, the Fund's business, financial condition, results of operations and the value of the Units. In the case of secured loans, restructuring can be an expensive and lengthy process which could have a material negative effect on the Fund's anticipated return on the restructured loan. By way of example, it would not be unusual for any costs of enforcement to be paid out in full before the repayment of interest and principal. This would substantially reduce the Fund's anticipated return on the restructured loan.

***Risks Relating to Securities Lending.*** Securities lending involves the risk that the borrower may fail to return the securities loaned in a timely manner or at all. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If the Fund is not able to recover the securities loaned, the Fund may sell the collateral and purchase a replacement investment in the market. The value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased.

***Insolvency of Issuers, Counterparties, and Intermediaries****.* Issuers of securities held by the Fund or counterparties to Fund transactions that become insolvent or declare bankruptcy can pose special investment risks. In each circumstance, risk of loss, valuation uncertainty, increased illiquidity, and other unpredictable occurrences may negatively impact an investment. Each of these risks may be amplified in foreign markets, where security trading, settlement, and custodial practices can be less developed than those in the U.S. markets, and bankruptcy laws differ from those of the U.S.

***Forming Financing CLOs Risk****.* To finance investments, we may securitize certain of our secured loans or other investments, including, without limitation, through owning directly or indirectly an equity interest in one or more collateralized loan obligations managed by the Adviser or any of its affiliates (each, a "Financing CLO"), while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers.

If we create a Financing CLO, we will depend in part on distributions from the Financing CLO's assets out of its earnings and cash flows to enable us to make distributions to Unit Holders. The ability of a Financing CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. Also, a Financing CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the Financing CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the Financing CLO's debt, which could impact our ability to receive distributions from the Financing CLO. If we do not receive cash flow from any such Financing CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the Units.

In addition, a decline in the credit quality of loans in a Financing CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a Financing CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to Unit Holders. To the extent that any losses are incurred by the Financing CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests in the Financing CLO.

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The collateral manager for a Financing CLO that we create may be the Fund, the Adviser or an affiliate, and such collateral manager may be entitled to receive compensation for structuring and/or management services. To the extent the Adviser or an affiliate other than the Fund serves as collateral manager and the Fund is obligated to compensate the Adviser or the affiliate for such services, we, the Adviser or the affiliate will implement offsetting arrangements to assure that we, and indirectly, our Unit Holders, pay no additional fees to the Adviser or the affiliate in connection therewith. To the extent the Fund serves as collateral manager, the Fund will receive no fees for providing such collateral management services.

***Non-Recourse Obligations Risk***. The Fund may invest in non-recourse obligations of issuers. Such obligations are payable solely from proceeds collected in respect of collateral pledged by an issuer to secure such obligations. None of the owners, officers, directors or incorporators of the issuers, board members, any of their respective affiliates or any other person or entity will be obligated to make payments on the obligations. Consequently, the Fund, as holder of the obligations, must rely solely on distributions of proceeds of collateral debt obligations and other collateral pledged to secure obligations for payments due in respect of principal thereof and interest thereon. If distributions of such proceeds are insufficient to make payments on the obligations, no other assets will be available for such payments and following liquidation of all the collateral, the obligations of the issuers to make such payments will be extinguished.

***Covenant-Lite Loans Risk****.* Although the Fund generally expects the transaction documentation of some portion of the Fund's investments to include covenants and other structural protections, a portion of the Fund's investments may be composed of so-called "covenant-lite loans." Generally, covenant-lite loans either do not have certain maintenance covenants that would require the issuer to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the issuer to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Fund to different risks, including with respect to liquidity, price volatility and ability to restructure loans, than is the case with loans that have financial maintenance covenants. As a result, the Fund's exposure to losses may be increased, which could result in an adverse impact on the issuer's ability to comply with its obligations under the loan.

***Debt Guaranteed by a Subsidiary of the Issuer Risk****.* The Fund may invest in debt that is guaranteed by a subsidiary of the issuer. In some circumstances, guarantees of secured debt issued by subsidiaries of a portfolio company and held by the Fund may be subject to fraudulent conveyance or similar avoidance claims made by other creditors of such subsidiaries under applicable insolvency laws. As a result, such creditors may take priority over the claims of the Fund under such guarantees. Under federal or state fraudulent transfer law, a court may void or otherwise decline to enforce such debt and the Fund would no longer have any claim against such portfolio company or the applicable guarantor. In addition, the court might direct the Fund to disgorge any amounts already received from the portfolio company or a guarantor. In some cases, significant subsidiaries of portfolio companies may not guarantee the obligations of the portfolio company; in other cases, a portfolio company may have the ability to release subsidiaries as guarantors of the portfolio company's obligations. The repayment of such investments may depend on cash flow from subsidiaries of a portfolio company that are not themselves guarantors of the portfolio company's obligations.

***Loans with Limited Amortization Requirements Risk****.* The Fund may invest in loans that have limited mandatory amortization requirements. While such a loan may obligate a portfolio company to repay the loan out of asset sale proceeds or with annual excess cash flow, such requirements may be subject to substantial limitations and/or "baskets" that would allow a portfolio company to retain such proceeds or cash flow, thereby extending the expected weighted average life of the investment. In addition, a low level of amortization of any debt over the life of the investment may increase the risk that a portfolio company will not be able to repay or refinance the loans held by the Fund when they come due at their final stated maturity.

***Risks Related to Changes in Interest Rates****.* Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and

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other factors beyond the ability of the Fund to control or to forecast. Debt securities have varying levels of sensitivity to changes in interest rates. When the Fund chooses to borrow money to make investments, the Fund's net investment income will depend, in part, upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invest those funds. As a result, the Fund can offer no assurance that a significant change in market interest rates would not have a material adverse effect on its net investment income in the event the Fund uses debt to finance its investments. In periods of rising interest rates, the Fund's cost of funds would increase, which could reduce its net investment income. The Fund may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to the Fund's debt investments.

***Credit Markets Risk****.* Conditions in the credit markets may have a significant impact on the business of the Fund. The credit markets in the United States have experienced a variety of difficulties and changed economic conditions in recent years that have adversely affected the performance and market value of many securities and financial instruments. There can be no assurance that the Fund will not suffer material adverse effects from broad and rapid changes in market conditions in the future. Among other things, the level of investment opportunities may decline from the Adviser's current expectations. As a result, fewer investment opportunities may be available to the Fund, although if credit markets remain constrained, the Fund may have the opportunity to take larger positions in potential transactions. One possible consequence is that the Fund may take a larger than anticipated period to invest capital, as a result of which, at least for some period of time, the Fund may be relatively concentrated in a limited number of investments. Consequently, during this period, the returns realized by the Unit Holders may be substantially adversely affected by the unfavorable performance of a small number of these investments.

Furthermore, market conditions may unfavorably impact the Fund's ability to secure leverage on terms as favorable as more established borrowers in the market, or to obtain any leverage on commercially feasible terms. To the extent the Fund is able to secure financing for investments, increases in interest rates or in the risk spread demanded by financing sources would make the partial financing of investments with indebtedness more expensive and could limit the Fund's ability to structure and consummate its investments. Although the Adviser believes that the continued unfolding of the credit cycle will result in attractive investment opportunities, it may not be able to time its investments correctly, which could result in further depreciation in values. Furthermore, market conditions could deteriorate further, and the Fund may be limited in its ability to realize investments already made by the Fund due to difficulties in buyers' ability to obtain financing on favorable terms, or to secure financing at all.

***Prepayment Risks****.* The terms of loans in which the Fund invests may permit the borrowers to voluntarily prepay loans at any time, either with no or a nominal prepayment premium. This prepayment right could result in the borrower repaying the principal on an obligation held by the Fund earlier than expected. This may happen when there is a decline in interest rates, an improvement in the credit market conditions, or the borrower's improved credit or operating or financial performance allows the refinancing of certain classes of debt with lower cost debt. The yield of the Fund's investments may be affected by the rate of prepayments differing from the Adviser's expectations. To the extent early prepayments increase, they may have a material adverse effect on the Fund's investment objective and profits. In addition, if the Fund is unable to reinvest the proceeds of such prepayments received in investments expected to be as profitable, the proceeds generated by the Fund will decline as compared to the Adviser's expectations.

***Convertible Securities Risk****.* The Fund may invest in convertible securities, which are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock, in each case, until the convertible security matures or is redeemed, converted or exchanged. Because of their embedded equity component, the value of convertible securities is sensitive to changes in equity volatility and price and a decrease in equity volatility and price could result in a

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loss for the Fund. The debt characteristic of convertible securities also exposes the Fund to changes in interest rates and credit spreads. The value of the convertible securities may fall when interest rates rise or credit spreads widen. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objective. The Fund's exposure to these risks may be unhedged or only partially hedged.

***Structured Credit Instruments Risk****.* The Fund may invest in structured credit instruments. Structured securities are extremely complex and are subject to risks related to, among other things, changes in interest rates, the rate of defaults in the collateral pool, the exercise of redemption rights by more senior tranches and the possibility that a liquid market will not exist in when the Fund seeks to sell its interest in a structured security.

***Derivative Investments Risk****.* The Fund may invest in derivative instruments or "derivatives" that include total return swaps ("TRS") and other swaps, futures, options, structured securities and other instruments and contracts that are derived from, or the value of which is related to, one or more underlying securities, financial benchmarks, currencies or indices. Derivatives allow an investor to hedge or speculate upon the price movements of a particular security, financial benchmark currency or index at a fraction of the cost of investing in the underlying asset. The value of a derivative depends largely upon price movements in the underlying asset. Therefore, many of the risks applicable to trading the underlying asset are also applicable to derivatives of such asset. However, there are a number of other risks associated with derivatives trading. For example, because many derivatives are leveraged, and thus provide significantly more market exposure than the money paid or deposited when the transaction is entered into, a relatively small adverse market movement may expose the Fund to the possibility of a loss exceeding the original amount invested. Derivatives may also expose investors to liquidity risk, as there may not be a liquid market within which to close or dispose of outstanding derivatives contracts.

All derivative instruments involve risks that are in addition to, and potentially greater than the risks of investing directly in securities and other more traditional assets, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Management</u> <u>Risks</u>. Derivative products are specialized instruments that require
investment techniques and risk analyses different from those associated with equities and fixed income securities. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself. In
particular, the use and complexity of derivatives require the maintenance of adequate controls to monitor the transactions entered into and the ability to assess the risk that a derivative adds to the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Counterparty</u> <u>Risks</u>. This is the risk that a loss may be sustained by the Fund as a
result of the failure of the other party to a derivative (usually referred to as a "counterparty") to comply with the terms of the derivative contract. The credit risk for exchange-traded derivatives is generally less than for over-the-counter ("OTC") derivatives, since the clearinghouse, which is the issuer or counterparty to each exchange-traded or cleared derivative transaction is the
counterparty to the derivative transaction. The Fund may post or receive collateral related to changes in the market value of a derivative. The Fund also may invest in derivatives that (i) do not require the counterparty to post collateral,
(ii) require collateral but that do not provide for the Fund's security interest in it to be perfected, (iii) require significant upfront deposits unrelated to the derivatives' intrinsic value, or

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(iv) do not require that collateral be regularly marked-to-market. When a counterparty's obligations are not fully secured by collateral, the Fund runs the risk of having limited recourse if the counterparty defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Documentation</u> <u>Risks</u>. Many derivative instruments also have documentation risk. Because
the contract for each OTC derivative transaction is individually negotiated, the counterparty may interpret contractual terms (*e.g.*, the definition of default) differently than the Fund, and if it does, the Fund may decide not to pursue its
claims against the counterparty to avoid incurring the cost and unpredictability of legal proceedings. The Fund, therefore, may be unable to obtain payments the Adviser believes are owed to the Fund under derivative instruments or those payments may
be delayed or made only after the Fund has incurred the costs of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Liquidity</u> <u>Risks</u>. If a derivative transaction is particularly large or if the relevant
market is illiquid (as is the case with many OTC derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous price. Less liquid derivative instruments also may fall more in price than other securities
during market falls. During periods of market disruptions, the Fund may have a greater need for cash to provide collateral for large swings in the mark-to-market obligations arising under the derivative instruments used by the Fund. These risks may be further exacerbated by requirements under rules
issued pursuant to recently enacted financial reform legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Leverage</u> <u>Risks</u>. Because many derivatives have a leverage component (*i.e.*, a
notional value in excess of the assets needed to establish or maintain the derivative position), adverse changes in the value or level of the underlying asset, rate or index can result in a loss substantially greater than the amount invested in the
derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Tax Uncertainties</u>. The taxation of derivatives, including credit default swaps, TRS and other transactions
in which the Fund may participate, is subject to uncertainties. Such transactions may become subject to new laws and regulations, possibly with retroactive effect, as well as differing interpretations of existing law and regulations by the relevant
taxing authorities. There can be no assurance that such changes in law or interpretation will not have a material adverse effect on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other Risks</u>. Other risks in using derivatives include the risk of mispricing or incorrect valuation of
derivatives. Many derivatives, in particular OTC derivatives, are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. The pricing models used may not produce valuations
that are consistent with the values the Fund realizes when it closes or sells an OTC derivative. Valuation risk is more pronounced when the Fund enters into OTC derivatives with specialized terms because the market value of those derivatives in some
cases is determined in part by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements to counterparties, over- and/or under- collateralization, and/or errors in
calculation of the Fund's net asset value.

The Fund's use of derivatives may not be effective or have the desired result. Derivatives involve the risk that changes in their value may not move as expected relative to the value of the assets, rates or indices they are designed to track. The risk may be more pronounced when outstanding notional amounts in the market exceed the amounts of the referenced assets. For example, the Fund's use of reverse repurchase agreements subjects it to interest costs based on the difference between the sale and repurchase price of the securities involved. Derivatives are also subject to currency and other risks. Moreover, suitable derivatives may not be available in all circumstances. For example, the economic costs of taking some derivatives positions may be prohibitive. In addition, the Adviser may decide not to use derivatives to hedge or otherwise reduce the Fund's risk exposures, potentially resulting in losses for the Fund.

Counterparties to derivatives contracts may have the right to terminate such contracts if the Fund's net asset value declines below a certain level over a specified period of time. The exercise of such a right by the counterparty could have a material adverse effect on the Fund's operations.

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In late October 2020, the SEC adopted Rule 18f-4 related to the use of derivatives and certain other transactions that rescinded and withdrew the guidance of the SEC and the SEC staff regarding asset segregation and coverage. Under Rule 18f-4, the Fund must trade derivatives and other transactions that potentially create senior securities (except reverse repurchase agreements) subject to a value-at-risk ("VaR") leverage limit, certain other testing and derivatives risk management program requirements and requirements related to board reporting. These requirements apply unless the Fund qualifies as a "limited derivatives user," as defined in Rule 18f-4. Reverse repurchase agreements need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the fund's asset coverage ratio (unless the fund determines to treat such agreements and transactions as derivatives for all purposes under the rule). Reverse repurchase agreements are not included in the calculation of whether the Fund is a limited derivatives user (unless the Fund determines to treat such agreements and transactions as derivatives for all purposes under the rule), but if the Fund is subject to the VaR testing, reverse repurchase agreements and similar financing transactions are included for purposes of such testing. These requirements may limit the Fund's ability to use derivatives and reverse repurchase agreements and similar financing transactions as part of the Fund's investment strategies. These requirements may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

***Illiquidity of Fund Investments Risk****.* The market value of the Fund's investments will fluctuate with, among other things, changes in market rates of interest, general economic conditions, economic conditions in particular industries, the condition of financial markets and the financial condition of the issuers of the Fund's investments. In addition, the lack of an established, liquid secondary market for some investments may have an adverse effect on the market value of those investments and on the Adviser's ability to dispose of them. Therefore, no assurance can be given that, if the Adviser decides to dispose of a particular investment, it will be able to dispose of such investment at the prevailing market price.

***Default Risk****.* Defaults by the Fund's investments will harm the Fund's operating results. An investment's failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize an investment's ability to meet its obligations under the debt or equity securities that the Fund holds. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting investment.

***Distressed and Highly Leveraged Companies Risk****.* The Fund may make investments in restructurings that involve, or otherwise invest in the debt securities of, investments that are experiencing, or are expected to experience, severe financial difficulties. These severe financial difficulties may never be overcome and may cause such investments to become subject to bankruptcy proceedings. As such, these investments could subject the Fund to certain additional potential liabilities that may exceed the value of the Fund's original investment. Under certain circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, a preferential payment or a similar transaction under the applicable bankruptcy and insolvency laws. In addition, under certain circumstances, a lender that has inappropriately exercised control of the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions.

The Fund may also invest in highly leveraged companies. Investment in leveraged companies involves a number of significant risks. Leveraged companies in which the Fund invests may have limited financial resources and may be unable to meet their obligations under their debt securities that the Fund holds. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund's realizing any guarantees that the Fund may have obtained in connection with the Fund's investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.

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***Bankruptcy Proceedings Risk****.* The Fund may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings. Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversary proceedings and are beyond the control of the creditors. A bankruptcy filing by an issuer may adversely and permanently affect the issuer. If the proceeding is converted to a liquidation, the value of the issuer may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor's return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs of a bankruptcy proceeding are frequently high and would be paid out of the debtor's estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, the Fund's influence with respect to the class of securities or other obligations the Fund owns may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.

Depending on the facts and circumstances of the Fund's investments and the extent of the Fund's involvement in the management of an investment, upon the bankruptcy of an investment, a bankruptcy court may recharacterize the Fund's debt investments as equity interests and subordinate all or a portion of the Fund's claim to that of other creditors. This could occur even though the Fund may have structured the Fund's investment as senior debt.

***Exit Financing Risk****.* The Fund may invest in portfolio companies that are in the process of exiting, or that have recently exited, the bankruptcy process. Post-reorganization securities typically entail a higher degree of risk than investments in securities that have not undergone a reorganization or restructuring. Moreover, post-reorganization securities can be subject to heavy selling or downward pricing pressure after the completion of a bankruptcy reorganization or restructuring. If the Adviser's evaluation of the anticipated outcome of an investment situation should prove incorrect, the Fund could experience a loss.

***Bankruptcy Involving Non-U.S. Companies Risk****.* Investment in the debt of financially distressed companies domiciled outside the United States involves additional risks. Bankruptcy law and process may differ substantially from that in the United States, resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification, seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for reorganization remains highly uncertain, while other developing countries may have no bankruptcy laws enacted, adding further uncertainty to the process for reorganization.

***Investments in Special Situations Risk****.* The Fund's investments may involve investments in 'event-driven' special situations such as recapitalizations, spinoffs, corporate and financial restructurings, litigation or other liability impairments, turnarounds, management changes, consolidating industries and other catalyst-oriented situations. Investments in such securities are often difficult to analyze, have limited trading histories and have limited in-depth research coverage and, therefore, may present an increased risk of loss to the Fund.

***Creditors' Committee and/or Board Participation Risk***. In connection with some of the investments, the Fund may, but is not obligated to, seek representation on official and unofficial creditors' committees and/or boards (or comparable governing bodies) of the portfolio companies. While such representation may enable the Adviser to enhance the value of the investments, it may also prevent the Fund from disposing of the investments in a timely and profitable manner, because serving on a creditors' committee increases the possibility that the Fund will be deemed an "insider" or a "fiduciary" of the portfolio company. If the Adviser concludes that its obligations owed to the other parties as a committee or group member conflict with its duties owed to the Fund, it may resign from that committee or group, and the Fund may not realize the benefits, if any, of participation on the committee or group. If representation on a creditors' committee or board causes the Fund or the Adviser to be deemed affiliates

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or related parties of the portfolio company, the securities of such portfolio company held by the Fund may become restricted securities, which are not freely tradable. Participation on a creditors' committee and/or board representation may also subject the Fund to additional liability to which they would not otherwise be subject as an ordinary course, third-party investor. The Fund will indemnify the Adviser or any other person designated by the Adviser for claims arising from such board and/or committee representation, which could adversely affect the return on the investments. The Fund will attempt to balance the advantages and disadvantages of such representation when deciding whether and how to exercise its rights with respect to such portfolio companies, but changes in circumstances could produce adverse consequences in particular situations.

***High Yield Securities Risk****.* The Fund may make significant investments in "high yield" debt and preferred securities which are rated lower than investment grade by the various credit rating agencies (or in comparable non-rated securities as determined by the Adviser). Securities that are rated lower than investment grade are subject to greater risk of loss of principal and interest than higher-rated securities and are generally considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with lower-rated securities, the yields and prices of such securities may tend to fluctuate more than those for higher-rated securities. The market for lower-rated securities is thinner and less active than that for higher-rated securities, which can adversely affect the prices at which these securities can be sold. In addition, adverse publicity and investor perceptions about lower-rated securities, whether or not based on fundamental analysis, may be a contributing factor in a decrease in the value and liquidity of such lower-rated securities.

The Fund may invest in debt of issuers that have defaulted or are anticipated to default. Issuers in this situation frequently resort to bankruptcy and other litigation to effect debt restructuring on attractive terms. Such actions may require the issuer to spend material amounts on legal and other litigation costs. During such litigation the issuer may not be able to affect the operation and management of the real estate collateral, and its value may suffer as a result of loss of tenants, failure to make capital improvements or undertake required maintenance. Bankruptcy and other insolvency proceedings are highly complex and may result in undesirable outcomes, such as the return of payments characterized as a "preference," the invalidation of debt as a result of a deemed fraudulent conveyance and the recharacterization or equitable subordination of debt. There can be no assurance that the Fund will obtain favorable results in bankruptcy or insolvency proceedings.

Below investment grade debt securities are often referred to in the financial press as "junk bonds" and may include securities of issuers in default. "Junk bonds" are considered by the rating agencies to be predominately speculative and may involve major risk exposures such as: (i) vulnerability to economic downturns and changes in interest rates; (ii) sensitivity to adverse economic changes and corporate developments; (iii) redemption or call provisions which may be exercised at inopportune times; and (iv) difficulty in accurately valuing or disposing of such securities.

***Investment in Private and Middle-Market Investments Risk***. The Fund will make investments in private and middle-market companies, which involve a number of significant risks. Generally, little public information exists about these companies, and the Fund relies on the ability of the Adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the Adviser is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and the Fund may lose money on the Fund's investments. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities that the Fund holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund's realizing any guarantees the Fund may have obtained in connection with the Fund's investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger

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businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the Fund's investment and, in turn, on the Fund. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, the Fund's executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from the Fund's investments.

***Senior Debt Risk****.* The Fund's investments may incur debt that ranks equally with, or senior to, the Fund's investments in such companies and such investments may not generate sufficient cash flow to service their debt obligations to the Fund. The Fund may invest a portion of the Fund's capital in second lien and subordinated loans issued by the Fund's investments. The Fund's investments may have, or be permitted to incur, other debt that ranks equally with, or senior to, the debt securities in which the Fund invests. Such subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or in general economic conditions. If the Fund makes a subordinated investment in an investment, the investment may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments in respect of the securities in which the Fund invests. These debt instruments would usually prohibit the investments from paying interest on or repaying the Fund's investments in the event of and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of an investment, holders of securities ranking senior to the Fund's investment in that investment would typically be entitled to receive payment in full before the Fund receives any distribution in respect of the Fund's investment. After repaying senior creditors, the investment may not have any remaining assets to use for repaying its obligation to the Fund where the Fund is a junior creditor. In the case of debt ranking equally with debt securities in which the Fund invests, the Fund would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant investment.

Additionally, certain loans that the Fund makes to companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the investment's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the investment under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before the Fund. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. Similarly, investments in "last out" pieces of tranched first lien loans will be similar to second lien loans in that such investments will be junior in priority to the "first out" piece of the same tranched first lien loan with respect to payment of principal, interest and other amounts. The Fund can offer no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens or the "last out" pieces of the tranched first lien loans after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens or the "last out" pieces of unitranche loans, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the investment's remaining assets, if any.

The Fund may make unsecured loans, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on an investment's collateral, if any, will secure the investment's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the investment under its secured loan agreements. The holders of obligations secured by such liens will generally control the

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liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. The Fund can offer no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Fund's unsecured loan obligations after payment in full of all loans secured by collateral. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Fund's unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the investment's remaining assets, if any.

The rights the Fund may have with respect to the collateral securing any junior priority loans, including any "last out" pieces of tranched first lien loans, the Fund makes to the Fund's investments may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund enters into (or the absence of an intercreditor agreement) with the holders of senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to cause the commencement of enforcement proceedings against the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to control the conduct of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approval of amendments to collateral documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• releases of liens on the collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waivers of past defaults under collateral documents.

The Fund may not have the ability to control or direct such actions, even if the Fund's rights as junior lenders are adversely affected.

***Revolver, Delayed-Draw and Line of Credit Investments Risk***. The Fund is expected to, from time to time, incur contingent liabilities in connection with an investment. For example, the Fund expects to participate in one or more investments that are structured as "revolvers," "delayed-draws" or "lines of credit." These types of investments generally have funding obligations that extend over a period of time, and if the portfolio company subsequently draws down on the revolver or delayed-draw facility or on the line of credit, the Fund would be obligated to fund the amounts due. However, there can be no assurance that a borrower will ultimately draw down on any such loan, in which case the Fund may never fund the investment (in full or in part), which may result in the Fund not fully deploying its capital. There can be no assurance that the Fund will adequately reserve for its contingent liabilities and that such liabilities will not have an adverse effect on the Fund.

It is possible that a revolver, delayed-draw or line of credit investment would be bifurcated by the Adviser into separate investments, with certain investors (which may or may not include the Fund) participating in the initial drawdowns and other investors (which may or may not include the Fund) participating in the later drawdowns. In this situation, it is possible that investors that participate in the initial funding of an investment may receive certain economic benefits in connection with such initial funding, such as original issue discount, closing payments, or commitment fees and these benefits are expected to be allocated based on participation in the initial funding, regardless of participation in future funding obligations. Conversely, the investors participating only in the later funding obligations will have the benefit of the most recent portfolio company performance information in evaluating their investment whereas the investors that participated in the initial drawdowns (which may or may not include the Fund) will be obligated in any event to fund such later funding obligations. In certain cases, the Fund may participate in the initial funding of an investment, but may not participate in later-arising funding obligations (*i.e.*, the revolver, delayed-draw or line of credit portions) related to such investment, including because of capacity limitations that an investment vehicle may have for making new revolver, delayed-draw investments or lines of credit. As a result, the Fund may be allocated a smaller or larger portion of revolver, delayed-draw investments or lines of credit than other investors participating in the loan. Where the Fund and any other participating investors have not participated in each funding of an investment on a pro rata basis,

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conflicts of interest may arise between the Fund and the other investors as the interests of the Fund and the other investors may not be completely aligned with respect to such investment. In addition, a revolver, delayed draw investment or line of credit may be senior to the rest of the loan or to the initial funding, and as a result, the interests of the Fund may not be aligned with other participating investors. There can be no assurance that the Fund will adequately reserve for its contingent liabilities and that such liabilities will not have an adverse effect on the Fund.

***Investments in Portfolio Companies in Regulated Industries Risk****.* Certain industries are heavily regulated. The Fund may make loans to borrowers operating in industries that are subject to greater amounts of regulation than other industries generally. These more highly regulated industries may include, among others, energy and power, gaming and healthcare. Investments in borrowers that are subject to a high level of governmental regulation pose additional risks relative to loans to other companies generally. Changes in applicable laws or regulations, or in the interpretations of these laws and regulations, could result in increased compliance costs or the need for additional capital expenditures. If a portfolio company fails to comply with these requirements, it could also be subject to civil or criminal liability and the imposition of fines. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such company. Governments have considerable discretion in implementing regulations that could impact a portfolio company's business, and governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company's business. Additionally, certain portfolio companies may have a unionized workforce or employees who are covered by a collective bargaining agreement, which could subject any such portfolio company's activities and labor relations matters to complex laws and regulations relating thereto. Moreover, a portfolio company's operations and profitability could suffer if it experiences labor relations problems. A work stoppage at one or more of any such portfolio company's facilities could have a material adverse effect on its business, results of operations and financial condition. Any such problems additionally may bring scrutiny and attention to the Fund, which could adversely affect the Fund's ability to implement its investment objective.

***Investments in Original Issue Discount and Payment-In-Kind Interest Risks****.* The Fund's investments may include investments with OID or PIK interest features. To the extent the accretion of OID or PIK income constitutes a portion of the Fund's income, the Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the higher interest rates on investments with PIK interest features reflect the payment deferral and increased
credit risk associated with these instruments, and investments with PIK interest features generally represent a significantly higher credit risk than coupon loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments with OID and PIK interest features may have unreliable valuations because the accruals require
judgments about collectability of the deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an election to defer PIK interest payments by adding them to the principal on such investments increases our
future investment income which increases our net assets and, as such, increases the Adviser's future base Advisory Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market prices of investments with PIK interest features and other zero-coupon instruments are affected to a greater extent by interest rate changes and may be more volatile than instruments that pay interest periodically in cash. While investments with PIK
interest features are usually less volatile than zero coupon debt instruments, investments with PIK interest features are generally more volatile than cash pay securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• even if the conditions for income accrual under U.S. Generally Accepted Accounting Principles are satisfied, a
borrower could still default when actual payment is due upon the maturity of such loan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for accounting purposes, cash distributions to investors representing OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by investors, the 1940 Act does not require that
investors be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the required recognition of OID or PIK interest for U.S. federal income tax purposes may have a negative impact
on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to Unit Holders in order to maintain tax treatment as a RIC for U.S.
federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID may create a risk of non-refundable cash payments to the
Adviser based on non-cash accruals that may never be realized.

***Lack of Liquidity Risk****.* The lack of liquidity in the Fund's investments may adversely affect the Fund's business. The Fund may invest in companies that are experiencing financial difficulties, which difficulties may never be overcome. The Fund's investments will be illiquid in most cases, and the Fund can offer no assurance that the Fund will be able to realize on such investments in a timely manner. A substantial portion of the Fund's investments in leveraged companies are and will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for the Fund to sell such investments if the need arises. In addition, if the Fund is required to liquidate all or a portion of the Fund's portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded the Fund's investments. The Fund may also face other restrictions on the Fund's ability to liquidate an investment in an investment to the extent that the Adviser or any of its affiliates have material nonpublic information regarding such investment.

In addition, the Fund generally expects to invest in securities, instruments and assets that are not, and are not expected to become, publicly traded. The Fund will generally not be able to sell securities publicly unless the sale is registered under applicable securities laws, or unless an exemption from such registration requirements is available.

Investments may be illiquid and long-term. Illiquidity may result from the absence of an established or liquid market for investments as well as legal and contractual restrictions on their resale by the Fund. It is generally expected that the Fund will hold assets to maturity, and the amount of "discretionary sales" of investments generally will be limited. The Fund's investment in illiquid investments may restrict its ability to dispose of investments in a timely fashion and for a fair price. Furthermore, the Fund likely will be limited in the Fund's ability to sell investments because the Adviser may have material, non-public information regarding the issuers of such loans or investments or as a result of other policies of the Adviser. This limited ability to sell investments could materially adversely affect the Fund's investment results. As a result, the Fund's exposure to losses, including a potential loss of principal, as a result of which the Unit Holder could potentially lose all or a portion of the Unit Holder's investment in the Fund, may be increased due to the illiquidity of the Fund's investments generally.

In certain cases, the Fund may also be prohibited by contract from selling its investments for a period of time or otherwise be restricted from disposing of the Fund's investments. Furthermore, certain types of investments expected to be made may require a substantial length of time to realize a return or fully liquidate. The Fund may exit some investments through distributions in kind to the Unit Holders, after which the Unit Holder will still bear the risks associated with holding the securities and must make the Unit Holder's own disposition decisions.

Given the nature of the investments contemplated by the Fund, there is a material risk that the Fund will be unable to realize the Fund's investment objectives by sale or other disposition at attractive prices or will otherwise be unable to complete any exit strategy. In particular, this risk could arise from changes in the financial condition or prospects of the investment, changes in national or international economic conditions, changes in debt and equity capital markets and changes in laws, regulations, fiscal policies or political conditions of countries in which investments are made.

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In connection with the disposition of an investment, the Fund may be required to make representations about the business and financial affairs of the investment or may be responsible for the contents of disclosure documents under applicable securities laws. The Fund may also be required to indemnify the purchasers of such investment or underwriters to the extent that any such representations or disclosure documents turn out to be incorrect, inaccurate or misleading. These arrangements may result in contingent liabilities, for which the Fund may establish reserves or escrows. However, the Fund can offer no assurance that the Fund will adequately reserve for the Fund's contingent liabilities and that such liabilities will not have an adverse effect on the Fund. Such contingent liabilities might ultimately have to be funded by proceeds, including the return of capital, from the Fund's other investments.

***Inability of Investments to Repay or Refinance Outstanding Principal***. The Fund's prospective portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interest rates may make it more difficult for the portfolio companies to make periodic payments on their loans. The portfolio companies in which the Fund expects to invest may be unable to repay or refinance outstanding principal on their loans at or prior to maturity. This risk and the risk of default is increased to the extent that the loan documents do not require the investments to pay down the outstanding principal of such debt prior to maturity. In addition, if general interest rates rise, there is a risk that the Fund's portfolio companies will be unable to pay escalating interest amounts, which could result in a default under their loan documents with the Fund. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***Publicly Traded Securities Risk***. The Fund may invest in publicly traded equity and debt securities. These investments are subject to certain risks, including the risk of loss from counterparty defaults, the risks arising from the volatility of the global fixed-income and equity markets, movements in the stock market and trends in the overall economy, increased obligations to disclose information regarding such companies, increased likelihood of shareholder litigation against such companies' board members, which may include the Adviser personnel, regulatory action by the SEC and increased costs associated with each of the aforementioned risks. When buying a publicly traded security or other publicly traded instruments, the Fund may be unable to obtain financial covenants or other contractual rights that the Fund might otherwise be able to obtain in making privately-negotiated investments. Moreover, the Fund may not have the same access to information in connection with investments in publicly traded securities or other publicly traded instruments, either when investigating a potential investment or after making an investment, as compared to a privately-negotiated investment. Publicly traded securities that are rated by rating agencies are often reviewed and may be subject to downgrade, which generally results in a decline in the market value of such security. Furthermore, the Fund may be limited in its ability to make investments and to sell existing investments in public securities or other publicly traded instruments because the Adviser may have material, non-public information regarding the issuers of those securities or as a result of other the Adviser policies. Accordingly, there can be no assurance that the Fund will make investments in public securities or other publicly traded instruments or, if it does, as to the amount it will invest. The inability to sell such securities or instruments in these circumstances could materially adversely affect the investment results of the Fund.

***Equity Investments Risk****.* When the Fund invests in senior, unitranche, second lien and subordinated loans, the Fund may acquire warrants or other equity securities of investments as well. The Fund may also invest in equity securities directly. To the extent the Fund holds equity investments, the Fund will seek to dispose of them and realize gains upon the Fund's disposition of them. However, the equity interests the Fund receives may not appreciate in value and may decline in value. As a result, the Fund may not be able to realize gains from its equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Fund experiences.

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***Risk of No Controlling Equity Interests****.* Because the Fund generally does not hold controlling equity interests in the Fund's investments, the Fund may not be able to exercise control over the Fund's investments or to prevent decisions by management of the Fund's investments that could decrease the value of the Fund's investments. To the extent that the Fund does not hold controlling equity interests, the Fund will have a limited ability to protect the Fund's position in such investments.

***Minority Investments and Joint Ventures Risk****.* The Fund may make minority equity investments in entities in which the Fund does not control the business or affairs of such entities. In addition, the Fund intends to co-invest with other parties through partnerships, joint ventures or other entities and the Adviser may share the Advisory Fee and/or other forms of compensation with such parties. The Adviser expects that in some cases the Fund will have control over, or significant influence on, the decision making of joint ventures. However, in other cases, in particular with respect to certain terms, amendments and waivers related to the underlying loans, the joint venture partner may have controlling or blocking rights (including because certain decisions require unanimous approval of the joint venture partners) or a tie vote among joint venture partners may be resolved by an appointed third party. Where a joint venture partner or third party has controlling or blocking rights or decision-making power with respect to a joint venture matter, there can be no assurance that the matter will be resolved in the manner desired by the Fund. In addition, these types of voting arrangements may slow the decision-making process and hinder the joint venture's ability to act quickly.

Cooperation among joint venture partners or co-investors on existing and future business decisions will be an important factor for the sound operation and financial success of any joint venture or other business in which the Fund is involved. In particular, a joint venture partner or co-investor may have economic or business interests or goals that are inconsistent with those of the Fund, and the Fund may not be in a position to limit or otherwise protect the value of one or more of the Fund's investments. Disputes among joint venture partners or co-investors over obligations, expenses or other matters could have an adverse effect on the financial conditions or results of operations of the relevant businesses. In addition, the Fund may in certain circumstances be liable for actions of its joint venture partners.

In certain cases, conflicts of interest may arise between the Fund and a joint venture partner, for example, because the joint venture partner has invested in a different level of the issuer's capital structure or because the joint venture partner has different investment goals or timelines. There can be no assurance that a joint venture partner with divergent interests from the Fund will cause the joint venture to be managed in a manner that is favorable to the Fund. In addition, it is anticipated that the Fund could be invested in debt instruments issued by a joint venture entity while one or more other investment funds, pooled investment vehicles or Other Clients managed by the Adviser will be invested in equity interests in such entity or vice versa, which presents certain potential conflicts of interest with respect to the capital structure of such entity.

***Non-U.S. Securities Risk***. The Fund may invest in securities and instruments of non-U.S. issuers. *See "—Exposure to Foreign Markets Risk"* above*.* The Fund's investments in securities and instruments in non-U.S. markets involve substantial risks often not typically associated with investing in U.S. securities. Investments in non-U.S. securities may be adversely affected by changes in currency rates or exchange control regulations, changes in governmental administration or economic or monetary policy (in the United States and abroad) or changed circumstances in dealings between nations. Changes in foreign currency exchange rates relative to the U.S. dollar will affect the U.S. dollar value of the Fund's assets denominated in that currency and thereby will have an impact upon the Fund's total return on such assets. The Fund may utilize options and forward contracts to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective.

Investments in non-U.S. securities will also be subject to risks relating to political and economic developments abroad, including the possibility of expropriations or confiscatory taxation, limitations on the use or transfer of the Fund's assets and the effects of foreign social, economic or political instability. Non-U.S. companies are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available

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information about such companies. Moreover, non-U.S. companies are not subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies.

Securities of non-U.S. issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their American counterparts. Brokerage commissions, dealer concessions and other transaction costs may be higher on foreign markets than in the U.S. In addition, differences in clearance and settlement procedures on foreign markets may occasionally lead to delays in settlements of the Fund's trades effected in such markets.

Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval. The Fund could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for such repatriation or by withholding taxes imposed by the government of an emerging country.

Taxation of dividends, interest and capital gains received by non-residents varies among foreign countries and, in some cases, is comparatively high. In addition, some countries have tax laws and procedures that may permit retroactive taxation so that the Fund could in the future become subject to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

***Hedging Risk****.* The Fund may be subject to risks under hedging transactions. The Fund may engage in hedging transactions to the extent permitted under applicable commodities laws and the 1940 Act. Engaging in hedging transactions would entail additional risks to the Unit Holders. The Fund could, for example, use instruments such as interest rate swaps, caps, collars and floors and, if the Fund were to invest in foreign securities, the Fund could use instruments such as forward contracts or currency options and borrow under a credit facility in currencies selected to minimize the Fund's foreign currency exposure. In each such case, the Fund generally would seek to hedge against fluctuations of the relative values of the Fund's portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of the Fund's portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions could also limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that the Fund would not be able to enter into a hedging transaction at an acceptable price. Use of a hedging transaction could involve counterparty credit risk.

The success of any hedging transactions the Fund may enter into will depend on the Fund's ability to correctly predict movements in currencies and interest rates. Therefore, while the Fund may enter into hedging transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if the Fund had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, the Fund might not seek to (or be able to) establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent the Fund from achieving the intended hedge and expose the Fund to risk of loss. In addition, it might not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. The Fund's ability to engage in hedging transactions may also be adversely affected by rules adopted by the CFTC.

***Force Majeure Risk****.* The Fund's investments may be affected by force majeure events *(i.e.,* events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood,

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earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a company or a counterparty to the Fund or a company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a company of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more companies or its assets, could result in a loss to the Fund, including if its investment in such company is cancelled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). To the extent the Fund is exposed to investments in companies that as a group are exposed to such force majeure events, the risks and potential losses to the Fund are enhanced.

***Custodial Risk***. One or more banks may act as custodians for certain assets of the Fund. If a custodian were to become insolvent, the Fund would, in respect of financial assets credited to securities accounts and held in street name, have only rights in common with other customers of the custodian and would not have ownership of, or rights with respect to, any specific financial assets maintained by the custodian. If any custodian has insufficient financial assets to satisfy all of its customers and its secured creditors, the Fund could suffer losses.

The custodian will maintain custody of the Fund's assets and may provide additional services such as clearance and settlement services. Where consistent with the federal securities laws, certain non-publicly traded instruments may be held in the custody of other financial institutions selected by Fidelity. In the event Fidelity has custody of all or a portion of the Fund's assets, it intends to comply with state and federal custody rules applicable to Fidelity.

***Repurchase Agreements Risk****.* Subject to our investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

***Risk of Assignments and Participations***. The Fund may acquire investments directly, by way of assignment or indirectly by way of participation. The purchaser of an assignment of a loan obligation typically succeeds to all the rights and obligations of the selling institution and becomes a lender under the loan or credit agreement with respect to the loan obligation. In contrast, participations acquired in a portion of a loan obligation held by a selling institution typically result in a contractual relationship only with such selling institution, not with the obligor. Therefore, holders of indirect participation interests are subject to additional risks not applicable to a holder of a direct assignment interest in a loan. In purchasing a participation, the Fund generally would have no right to enforce compliance by the obligor with the terms of the loan or credit agreement or other instrument evidencing such loan obligation, nor any rights of set-off against the obligor, and the Fund may not directly benefit from the collateral supporting the loan obligation in which it has purchased the participation. As a result, the Fund would assume the credit risk of both the obligor and the selling institution, which would remain the legal owner of record of the applicable loan. In the event of the insolvency of the selling institution, the Fund

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may be treated as a general creditor of the selling institution in respect of the participation, may not benefit from any set-off exercised by the selling institution against the obligor and may be subject to any set-off exercised by the obligor against the selling institution. Assignments and participations are typically sold strictly without recourse to the selling institution, and the selling institution generally will make no representations or warranties about the underlying loan, the portfolio companies, the terms of the loans or any collateral securing the loans. Certain loans have restrictions on assignments and participations which may negatively impact the Fund's ability to exit from all or part of its investment in a loan. In addition, if a participation interest is purchased from a selling institution that does not itself retain any portion of the applicable loan, such selling institution may have limited interests in monitoring the terms of the loan agreement and the continuing creditworthiness of the borrower.

***Fraudulent Conveyances and Voidable Preferences by Issuers****.* Under U.S. legal principles, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness (including a bankruptcy trustee), if a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness or for granting security, and that after giving effect to such indebtedness or such security, the issuer (a) was insolvent, (b) was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (c) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate and avoid, in whole or in part, the obligation underlying an investment of the Fund as a constructive fraudulent conveyance. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply to determine whether the issuer was "insolvent" after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was "insolvent" upon giving effect to such incurrence.

In addition, it is possible a court may invalidate, in whole or in part, the indebtedness underlying an investment of the Fund as a fraudulent conveyance, subordinate such indebtedness to existing or future creditors of the obligor or recover amounts previously paid by the obligor in satisfaction of such indebtedness. Moreover, in the event of the insolvency of an issuer of a portfolio company, payments made on its indebtedness could be subject to avoidance as a "preference" if made within a certain period of time (which may be as long as one year) before the portfolio company becomes a debtor in a bankruptcy case.

Even if the Fund does not engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance or preference law, there can be no assurance as to whether any lending institution or other party from which the Fund may acquire such indebtedness, or any prior holder of such indebtedness, has not engaged in any such conduct (or any other conduct that would subject such indebtedness to disallowance or subordination under insolvency laws) and, if it did engage in such conduct, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund so that the Fund's claim against the issuer would be disallowed or subordinated.

***Risk of Default Under a Credit Facility****.* In the event the Fund defaults under a credit facility, the Fund's business could be adversely affected as the Fund may be forced to sell a portion of its investments quickly and prematurely at prices that may be disadvantageous to the Fund in order to meet its outstanding payment obligations and/or support working capital requirements under the credit facility or such future borrowing facility, any of which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under a credit facility could assume control of the disposition of any or all of the Fund's assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

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**Risks Relating to Certain Regulatory and Tax Matters** 

***Regulations Governing the Fund's Operation as a BDC****.* The Fund will not generally be able to issue and sell its Units at a price below net asset value per unit The Fund may, however, sell Units, or warrants, options or rights to acquire the Fund's Units, at a price below the then-current net asset value per unit of the Fund's Units if the Fund's Board determines that such sale is in the Fund's best interests, and if investors approve such sale. In any such case, the price at which the Fund's securities are to be issued and sold may not be less than a price that, in the determination of the Adviser, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing Units or senior securities convertible into, or exchangeable for, its Units, then the percentage ownership of investors at that time will decrease, and investors may experience dilution.

***Investing a Sufficient Portion of Assets in Qualifying Assets****.* The Fund may not acquire any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70% of the Fund's total assets are qualifying assets.

The Fund believes that most of the investments that it may acquire in the future will constitute qualifying assets. However, the Fund may be precluded from investing in what it believes to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If the Fund does not invest a sufficient portion of its assets in qualifying assets, it could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent the Fund, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of its position) or could require the Fund to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If the Fund needs to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. The Fund may not be able to find a buyer for such investments and, even if a buyer is found, the Fund may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

If the Fund does not maintain its status as a BDC, it would be subject to regulation as a registered closed-end management investment company under the 1940 Act. As a registered closed-end management investment company, the Fund would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease its operating flexibility.

***New or Modified Laws or Regulations Governing Our Operations****.* The Fund's portfolio companies and the Fund are subject to regulation by laws at the U.S. federal, state, and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations, and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on the Fund's business. The effects of such laws and regulations on the financial services industry will depend, in large part, upon the extent to which regulators exercise the authority granted to them and the approaches taken in implementing regulations.

Future legislative and regulatory proposals directed at the financial services industry that are proposed or pending in the U.S. Congress may negatively impact the operations, cash flows or financial condition of the Fund or its portfolio companies, impose additional costs on portfolio companies or the Fund intensify the regulatory supervision of the Fund or its portfolio companies or otherwise adversely affect the Fund's business or the business of its portfolio companies. Laws that apply to the Fund, either now or in the future, are often highly complex and may include licensing requirements. The licensing process can be lengthy and can be expected to subject the Fund to increased regulatory oversight. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines, or limitations on the ability of the Fund or the Adviser to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on the Fund. In addition, if the Fund does not comply with applicable laws and regulations, it

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could lose any licenses that it then holds for the conduct of its business and may be subject to civil fines and criminal penalties.

Additionally, changes to the laws and regulations governing Fund operations, including those associated with RICs, may cause the Fund to alter its investment strategy in order to avail itself of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to the Fund's strategies and plans and may shift the Fund's investment focus from the areas of expertise of the Adviser to other types of investments in which the Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on the Fund's results of operations and the value of an investor's investment. If the Fund invests in commodity interests in the future, the Adviser may determine not to use investment strategies that trigger additional regulation by the CFTC or may determine to operate subject to CFTC regulation, if applicable. If the Adviser or the Fund were to operate subject to CFTC regulation, the Fund may incur additional expenses and would be subject to additional regulation.

In addition, certain regulations applicable to debt securitizations implementing credit risk retention requirements that have taken effect in both the U.S. and in Europe may adversely affect or prevent the Fund from entering into securitization transactions. These risk retention rules will increase the Fund's cost of funds under, or may prevent the Fund from completing, future securitization transactions. In particular, the U.S. Risk Retention Rules require the sponsor (directly or through a majority-owned affiliate) of a debt securitization, such as CLOs, in the absence of an exemption, to retain an economic interest in the credit risk of the assets being securitized in the form of an eligible horizontal residual interest, an eligible vertical interest, or a combination thereof, in accordance with the requirements of the U.S. Risk Retention Rules. Given the more attractive financing costs associated with these types of debt securitizations as opposed to other types of financing available (such as traditional senior secured facilities), this increases our financing costs, which increases the financing costs ultimately be borne by the Unit Holders.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension by the U.S. government could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of the Fund or otherwise adversely affect the Fund's business, financial condition and results of operations.

***Licensing Requirements****.* Certain banking and regulatory bodies or agencies in or outside the United States may require the Fund, its subsidiaries, the Adviser and/or certain employees of the Adviser to obtain licenses or authorizations to engage in many types of lending activities including the origination of loans. It may take a significant amount of time and expense to obtain such licenses or authorizations and the Fund may be required to bear the cost of obtaining such licenses and authorizations. There can be no assurance that any such licenses or authorizations would be granted or, if granted, whether any such licenses or authorizations would impose restrictions on the Fund. Such licenses or authorizations may require the disclosure of confidential information about the Fund, Unit Holders or their respective affiliates, including the identity, financial information and/or information regarding the Unit Holders and their officers and directors. The Fund may not be willing or able to comply with these requirements. Alternatively, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for the Fund and/or any relevant portfolio company, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license or authorization. The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect the Fund's ability to implement its investment program and achieve its intended results.

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***Dodd-Frank Act****.* The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and other financial regulations curtailed certain investment activities of U.S. banks. As a result, alternative providers of capital (such as the Fund) were able to access certain investment opportunities on a larger scale. If the restrictions under the Dodd-Frank Act are curtailed or repealed, banks may be subject to fewer restrictions on their investment activities, thereby increasing competition with the Fund for potential investment opportunities. As a result, any changes to the Dodd-Frank Act may adversely impact the Fund.

***The Fund is Subject to Risks Relating to Pay-to-Play Laws, Regulations and Policies****.* Many states, their subdivisions and associated pension plans have adopted so-called "pay-to-play" laws, rules, regulations or policies which prohibit, restrict or require disclosure of payments to, and/or certain contacts with, certain politicians or officials associated with public entities by individuals and entities seeking to do business with related entities, including seeking investments by public retirement funds in collective investment funds such as the Fund. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates for certain elected offices. If the Adviser or the Adviser's respective employees or affiliates violate such pay-to-play laws, rules, regulations or policies, such non-compliance could have an adverse effect on the Fund by, for example, providing the basis for the ability of such government-affiliated pension plan investor to cease funding its obligations to the Fund or to withdraw from the Fund.

***Government Policies, Changes in Laws, and International Trade****.* Governmental regulatory activity, especially that of the Board of Governors of the U.S. Federal Reserve System, may have a significant effect on interest rates and on the economy generally, which in turn may affect the price of the securities in which the Fund plans to invest. High interest rates, the imposition of credit controls or other restraints on the financing of takeovers or other acquisitions could diminish the number of merger tender offers, exchange offers or other acquisitions, and as a consequence have a materially adverse effect on the activities of the Fund. Moreover, changes in U.S. federal, state, and local tax laws, U.S. federal or state securities and bankruptcy laws or in accounting standards may make corporate acquisitions or restructurings less desirable or make risk arbitrage less profitable. Amendments to the U.S. Bankruptcy Code or other relevant laws could also alter an expected outcome or introduce greater uncertainty regarding the likely outcome of an investment situation.

In addition, governmental policies could create uncertainty for the global financial system and such uncertainty may increase the risks inherent to the Fund and its activities. For example, in March 2018, the United States imposed an additional 25% tariff under Section 232 of the Trade Expansion Act of 1962, as amended, on steel products imported into the United States. Furthermore, in May 2019, the United States imposed a 25% tariff on certain imports from China, and China reacted with tariffs on certain imports from the United States. These tariffs and restrictions, as well as other changes in U.S. trade policy, have resulted in, and may continue to trigger, retaliatory actions by affected countries, including imposing trade sanctions on certain U.S. products. A "trade war" of this nature has the potential to increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on imports and exports. Prospective Fund investors should realize that any significant changes in governmental policies (including tariffs and other policies involving international trade) could have a material adverse impact on the Fund and its investments.

***European Union General Data Protection Regulation****.* In Europe, the General Data Protection Regulation ("GDPR") was made effective on May 25, 2018, introducing substantial changes to current European privacy laws. It has superseded the existing Data Protection Directive, which is the key European legislation governing the use of personal data relating to living individuals. The GDPR provides enhanced rights to individuals with respect to the privacy of their personal data and applies not only to organizations with a presence in the European Union (the "EU") which use or hold data relating to living individuals, but also to those organizations that offer services to individual EU investors. In addition, although regulatory behavior and penalties under the GDPR remain an area of considerable scrutiny, it does increase the sanctions for serious breaches to the greater of

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€20,000,000 or 4% of worldwide revenue, the impact of which could be significant. Compliance with the GDPR may require additional measures, including updating policies and procedures and reviewing relevant IT systems, which may create additional costs and expenses for the Fund and therefore the Unit Holders. The Fund may have indemnification obligations in respect of, or be required to pay the expenses relating to, any litigation or action as a result of any purported breach of the GDPR. Unit Holders other than individuals in the EU may not be afforded the protections of the GDPR.

***Benefit Plan Regulatory Risks***. Employee benefit plans subject to the fiduciary responsibility provisions of ERISA, IRAs, Keogh plans and other benefit plans may subscribe for Units in the Fund. However, the Adviser will use reasonable efforts to operate the Fund so that (i) it qualifies as a VCOC or other "operating company" (within the meaning of the U.S. Department of Labor's plan asset regulations) or (ii) the Fund otherwise qualifies for an exemption from ERISA, and, as a result, it is not expected that the Fund will hold "plan assets" subject to ERISA. The Adviser does not intend to restrict participation by "Benefit Plan Investors" (as defined in U.S. Department of Labor Regulations 29 CFR Section 2510.3-101, as modified by Section 3(42) of ERISA (the "Plan Asset Rules")) and intends to operate the Fund as a VCOC. Consequently, the Fund does not anticipate that the Adviser, or any other entity providing services to the Fund will be acting as a "fiduciary," as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, with respect to the assets of any Benefit Plan Investor in the Fund. See "*ERISA Considerations*."

***Additional VCOC Considerations***. The Adviser may intend to operate the Fund so as to qualify as a VCOC. Although the Adviser believes that it should be possible to structure the Fund's investments under such circumstances so that the Fund should qualify as a VCOC, the Adviser cannot give any assurance that the Fund will ultimately be considered to qualify as a VCOC. Accordingly, each fiduciary of a plan subject to Title I of ERISA or Section 4975 of the Code should consult its legal advisors before making an investment in the Fund. As a result of operating the Fund so as to qualify as a VCOC, the Fund may be restricted or precluded from making certain investments. In addition, it could be necessary for the Adviser to liquidate investments at a disadvantageous time in order to avoid holding ERISA "plan assets," resulting in lower proceeds to the Fund than might have been the case without the need to qualify as a VCOC. In the event the Fund does not qualify as a VCOC, the Adviser may limit investments by, or require withdrawals from, "benefit plan investors."

***Potential Controlled Group Liability****.* Under certain circumstances it would be possible for the Fund, along with its affiliates, to obtain a controlling interest (*i.e.*, 80% or more) in certain portfolio companies. This could occur, for example, in connection with a work out of the portfolio company's debt obligations or a restructuring of the portfolio company's capital structure. Thus, there is a risk that the Fund could be treated as a single employer with one or more of its portfolio companies for purposes of controlled group rules under ERISA. In such an event, the Fund could be jointly and severally liable for a portfolio company's liabilities with respect to the underfunding of any pension plans which such portfolio company sponsors or to which it contributes. If the portfolio company were not able to satisfy those liabilities, they could become the responsibility of the Fund, causing it to incur potentially significant, unexpected liabilities for which reserves were not established.

***Being an "Emerging Growth Company****".* The Fund is and will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the first sale of the Fund's common equity securities in a public offering under the Securities Act (i) in which the Fund has total annual gross revenue of at least $1,235,000,000, or (iii) in which the Fund is deemed to be a large accelerated filer, which means the market value of the Fund's Units that is held by non-affiliates exceeds $700,000,000 as of the date of the Fund's most recently completed second fiscal quarter, and (b) the date on which the Fund has issued more than $1,000,000,000 in non-convertible debt during the prior three-year period. For so long as the Fund remains an "emerging growth company," the Fund may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404. The Fund cannot predict if investors will find the Fund's Units less attractive because the Fund will rely on some or all of these exemptions. If some investors find the Fund's Units

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less attractive as a result, there may be a less active trading market for the Fund's Units and the Fund's Unit price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate the Fund since the Fund's financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

***Compliance with the SEC's Regulation Best Interest****.* Broker-dealers must comply with Rule 151-1 under the Exchange Act ("Regulation Best Interest"), which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Units, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. The impact of Regulation Best Interest on broker-dealers participating in our offering cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend this offering to retail customers. Under Regulation Best Interest, high cost, high risk and complex products may be subject to greater scrutiny by broker-dealers and their salespersons. If Regulation Best Interest reduces our ability to raise capital in this offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objective and would result in our fixed operating costs representing a larger percentage of our gross income.

**U.S. Federal Income Tax Risks** 

***RIC Qualification Risks****.* To obtain and maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

***Paying Required Distributions****.* For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to accrete market discount and include such amounts in our taxable income in the current year, instead of upon disposition.

Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our Unit Holders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we

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may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus may become subject to corporate-level income tax. The resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

***Corporate-Level Income Tax***. The Fund expects to make certain investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to U.S. federal and applicable state corporate income taxes. The Fund may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

***Special Tax Issues****.* The Fund may invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues. U.S. federal income tax rules are not entirely clear about certain issues related to such investments such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, to distribute sufficient income to preserve our tax status as a RIC and minimize the extent to which we are subject to U.S. federal income or excise tax.

***"Publicly offered regulated investment company" Tax Issue***. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. The Fund does not currently expect to be treated as a "publicly offered regulated investment company," and there is no expectation the Fund would be so treated in any future taxable year. Each taxable year for which the Fund is not a "publicly offered regulated investment company," a non-corporate Unit Holder's allocable portion of the Fund's affected expenses, including the Fund's management fees, will be treated as an additional noncash but taxable distribution to the Unit Holder and may not be deductible by such Unit Holder.

***Legislative or Regulatory Tax Changes****.* At any time, the U.S. federal income tax laws or regulations governing RICs or investors or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our Unit Holders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Units or the value or the resale potential of our investments.

*The foregoing list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Fund. In addition, as the Fund's investment program develops and changes over time, an investment in the Fund may be subject to additional and different risk factors.* 

**Risks Related to the Private Offering** 

***Illiquid Nature of the Fund's Units****.* The Units may be issued in reliance upon certain exemptions from registration or qualification under applicable Federal and state securities laws and so may be subject to certain restrictions on transferability. There will be no public market for the Units and none is expected to develop. In addition, Unit Holders will not be entitled to withdraw their Capital Contributions, and Units may not be assigned or transferred without the consent of the Adviser, subject to certain exceptions. Accordingly, the Units constitute

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illiquid investments and should only be purchased by persons that are "accredited investors" as such term is defined under the Securities Act, and able to bear the risk of their investment in Units for an indefinite period of time.

***Possibility of the Need to Raise Additional Capital****.* The Fund may need additional capital to fund new investments and grow its portfolio of investments once it has fully invested the net proceeds of this offering. Unfavorable economic conditions could increase the Fund's funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Fund's ability to grow. In addition, the Fund will be required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to Unit Holders to maintain its qualification as a RIC. As a result, to the extent Unit Holders do not participate in the DRIP, these earnings will not be available to fund new investments. An inability on the Fund's part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.

***Failure to Fund Commitments****.* The Fund intends to draw down against the commitments made by Unit Holders. Unit Holders will be required to make Capital Contributions to purchase the Units each time the Fund delivers a funding notice. There can be no assurance, however, that all Unit Holders may fund their commitments in a timely manner. Failure by Unit Holders to fund their commitments when called could result in the Fund being precluded from an investment opportunity and could result in returns being less than might otherwise occur.

***Severe Economic Consequences of Defaulting Unit Holders****.* If Unit Holders fail to fund their commitment obligations or to make required Capital Contributions when due, the Fund's ability to complete its investment program or otherwise continue operations may be substantially impaired. A Unit Holder's failure to fund such amounts when due causes that Unit Holder to become a defaulting Unit Holder. If a substantial number of Unit Holders become defaulting Unit Holders, this may severely limit opportunities for investment diversification and would likely reduce returns to the Fund and restrict the Fund's ability to meet loan obligations. Any single defaulting Unit Holder could cause substantial costs to be incurred by the Fund if such default causes the Fund to fail to meet its contractual obligations or if the Fund must pursue remedial action against such Unit Holder. In the event a Unit Holder fails to make a required Capital Contribution when due, it may be subject to various remedies, including, without limitation, forfeiture of its right to participate in purchasing additional Units on any future drawdown date or otherwise participate in any future investments of the Fund. Without limitation on the rights the Fund may have against the defaulting Unit Holder, the Fund may call for additional Capital Contributions from non-defaulting Unit Holders to make up any shortfall. The non-defaulting Unit Holders could therefore be required to fund any shortfall up to their remaining Capital Commitments, without regard to the underlying value of their investment.

If the Fund fails to meet its contractual obligations related to a Portfolio Investment due to a defaulting Unit Holder, the relevant portfolio company may have a cause of action against the Fund, which may include a claim against assets of the Fund other than the Fund's interest in such portfolio company. A creditor of the Fund (including a portfolio company with respect to which the Fund has failed to meet its contractual obligations) will not be bound to satisfy its claims from the assets attributable to a particular Portfolio Investment and such creditor generally may seek to satisfy its claims from the assets of the Fund as a whole. As a result, if a creditor's claims relating to a particular Portfolio Investment exceed the net assets attributable to that Portfolio Investment, the remaining assets of the Fund will likely be subject to such claim.

***Potential Fluctuations in the Fund's Net Asset Value***. The Fund's net asset value may fluctuate over time and, consequently, a Unit Holder may pay a different price per unit at subsequent closings than some other Unit Holders paid at earlier closings. Consequently, Unit Holders in subsequent closings may receive a different number of Units for the same Capital Contribution that earlier Unit Holders made depending on the net asset value at the relevant time.

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***Possibility of Issuing Multiple Classes of Units***. The Fund's affiliates have applied for exemptive relief from the SEC that, if granted, would permit the Fund to issue multiple classes of Units with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which would be finalized at a later date in the Fund's discretion. There is no assurance that such relief will be granted. If the Fund receives Multi-Class Exemptive Relief, the Fund may offer additional classes of Units in the future in addition to Class I Common Units.

***Controlling Unit Holders***. Upon the initial closing, the Fund expects certain Unit Holders to own a significant portion of Units. Therefore, these entities may be able to exert influence over management and policies and may have significant voting influence on votes requiring Unit Holder approval. This concentration of ownership may also have the effect of delaying, preventing or deterring a change of control of us, could deprive Unit Holders of an opportunity to receive a premium for their Units as part of a sale of us and might ultimately affect the market price of Units, should a market for Units develop.

THE FOREGOING RISK FACTORS DO NOT PURPORT TO BE A COMPLETE EXPLANATION OF ALL OF THE RISKS INVOLVED IN THE OFFERING. POTENTIAL INVESTORS SHOULD READ THIS REGISTRATION STATEMENT AND THE LLC AGREEMENT IN THEIR ENTIRETY BEFORE DETERMINING WHETHER TO SUBSCRIBE FOR UNITS.

**Item 2. Financial Information Management's Discussion and Analysis of Financial Condition and Results of Operations** 

**Overview** 

The Fund was formed on January 21, 2026, as a Delaware limited liability company. The Fund intends to elect to be regulated as a business development company and intends to file an election to be treated as a regulated investment company for U.S. federal income tax purposes. As such, the Fund will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of the Fund's assets in "qualifying assets," source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of the Fund's taxable income and tax-exempt interest. See "*Item 1. Business—Regulation as a Business Development Company*" *and* "*Item 1. Business—Certain U.S. Federal Income Tax Consequences*."

**Revenues** 

The Fund generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments bear interest predominantly at a floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

**Expenses** 

The Adviser and/or its affiliates shall pay, whether directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Units of the Fund, (ii) the organization of the Fund, (iii) the Merger with the Predecessor Fund, (iv) the election to be treated as a BDC under the 1940 Act, and (v) the negotiation,

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execution and delivery of the LLC Agreement, Advisory Agreement, Administration Agreement, and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees and other offering expenses, including costs associated with technology integration between the Fund's systems and those of participating brokers and reasonable due diligence expenses of participating brokers. Each Unit Holder will be solely responsible for its own legal and tax counsel expenses and any other expenses incurred in connection with acquiring and maintaining a Unit in the Fund.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not specifically assumed by the Fund under the Administration Agreement.

From time to time, Fidelity Diversifying Solutions LLC (in its capacity as the Adviser and Administrator) or its affiliates may pay third-party providers of goods or services. The Fund will reimburse Fidelity Diversifying Solutions LLC (in its capacity as the Adviser or Administrator) or such affiliates thereof for any such amounts paid on our behalf. From time to time, Fidelity Diversifying Solutions LLC (in its capacity as the Adviser and Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our Unit Holders, subject to the cap on organization and offering expenses described above.

**Portfolio and Investment Activity** 

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) as of [●], 2026:

---

| | |
|:---|:---|
|  **Investments:** |  |
|  Total investments, beginning of period | $|
|  New investments purchased |  |
|  Net accretion of discount on investments |  |
|  Net realized gain (loss) on investments |  |
|  Investments sold or repaid |  |
|  **Total Investments, End of Period** | $|

---

Our investments consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **[Date]** | **[Date]** | **[Date]** |
|  | **Cost** | **% of Total<br>Investments<br>at Fair<br>Value** | **% of Total<br>Investments<br>at Fair<br>Value** |
|  First Lien Debt | $| $nan% |  |
|  **Total Investments** | $| $— | 100.0% |

---

As of [ ] there were no investments on non-accrual status.

The geographic composition of investments at fair value was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **[Date]** | **[Date]** | **[Date]** |
|  | **% of Total<br>Investments<br>at Fair Value** | **% of Total<br>Investments<br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
|  United States | $— | % |  |
|  **Total** | $— | 100.0% |  |

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The Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. The Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic
sponsor, to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons to other companies in the portfolio company's industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, the Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, the Adviser rates the credit risk of all debt investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (*i.e.*, at the time of origination or acquisition), although it may also take into account the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

1 – The portfolio investment is performing above our underwriting expectations.

2 – The portfolio investment is performing as expected at the time of underwriting. As a general rule, new investments are initially rated a 2.

3 – The portfolio investment is operating below our underwriting expectations and requires closer monitoring. The company may be out of compliance with financial covenants, however, principal or interest payments are generally not past due.

4 – The portfolio investment is performing materially below our underwriting expectations and returns on our investment are likely to be impaired. Principal or interest payments may be past due, however, full recovery of principal and interest payments are expected.

5 – The portfolio investment is performing significantly below expectations and the risk of the investment has increased substantially. The company is in payment default and the principal and interest payments are not expected to be repaid in full.

The following table shows the composition of our debt portfolio on the 1 to 5 rating scale as of [ ]:

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| | |
|:---|:---|
|  | **[Date]** |
| **Rating** | **Fair Value** |
| 1 | $|
| 2 |  |
| 3 |  |
| 4 |  |
| 5 |  |
|  **Total** | $|

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**Results of Operations** 

The following table represents the Fund's operating results:

---

| | |
|:---|:---|
|  | [Date] |
|  Total investment income | $|
|  Net expenses |  |
|  Net investment income |  |
|  Net unrealized appreciation (depreciation) |  |
|  **Net increase (decrease) in net assets resulting from operations** | **$** |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

***Investment Income***

Investment income was as follows:

---

| | |
|:---|:---|
|  | [Date] |
|  Interest income | $|
|  **Total investment income** | **$** |

---

Total investment income was $[X] for the period ended [ ]. The size of our investment portfolio at fair value was $[ ] at [ ].

***Expenses***

Expenses were as follows:

---

| | |
|:---|:---|
|  | [Date] |
|  Professional fees | $— |
|  Custodian fees |  |
|  Other general and administrative |  |
|  **Total expenses** | $|

---

*Other Expenses* 

Total other expenses were $[ ] for the [ ].

***Net Change in Unrealized Appreciation (Depreciation)***

Net change in unrealized appreciation (depreciation) was comprised of the following:

---

| | |
|:---|:---|
|  Net unrealized appreciation (depreciation) on investments | $|

---

For the [ ], the fair value of our debt investments [ ].

**Financial Condition, Liquidity and Capital Resources** 

We generate cash primarily from the net proceeds of our continuous offering of common units, proceeds from net borrowings on our credit facilities, income earned and repayments on principal on our debt investments. The

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primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share Repurchase Program and (v) cash distributions to the holders of our units.

***Equity***

The Fund has the authority to issue an unlimited number of Units. A Unit Holder shall have no liability in excess of its obligation to pay the purchase price for its Units. For the period [●], unit transaction activity is as follows:

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| | |
|:---|:---|
|  | **For the period [ ] through [ ]** |
|  | **Units** |
|  Units issued - initial conversion to unitized LLC |  |
|  Distributions reinvested |  |
|  **Net increase (decrease)** |  |

---

***Borrowings***

The Fund's average outstanding debt and weighted average interest rate paid for the period ended [ ] were [$] and [ %], respectively. Our outstanding debt obligations were as follows:

**Critical Accounting Estimates** 

The preparation of the financial statements requires the Fund to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. A critical accounting estimate made in accordance with GAAP involves a significant level of estimation uncertainty and has, or is likely to have, a material impact on the financial condition or results of operations of the Fund.

**Fair Value Measurements** 

The Fund values its investments in accordance with ASC 820, Fair Value Measurement, which provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

The fair value measurement of an investment that is not publicly traded or that lacks readily available market prices or quotations involves a significant level of estimation uncertainty when the determination of fair value requires subjective judgements or the use of unobservable inputs. Subjective judgments include determining the appropriate valuation method (market, income, or cost approach) and associated technique and, as applicable, selecting market or investment specific events, transaction data, estimated cash flows, or market observation comparable investments. Subjective judgements for loan investments and illiquid debt securities may include selecting publicly-traded securities to compare factors such as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, and the markets in which the portfolio company does business to estimate a fair value. While the valuation method and technique selected seeks to maximize the use of observable inputs developed using market data and minimize the use of unobservable inputs for which market data is not available, many required inputs are often unobservable. Unobservable inputs are developed using the best available information when the valuation recommendation is prepared.

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As the fair value measurement for substantially all of the Fund's investments is determined using subjective judgements and unobservable inputs, changes to the assumptions and estimates underlying the fair value measurements are reasonably likely to have a material impact on the financial condition and results of operations of the Fund.

**Off-Balance Sheet Arrangements** 

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities.

Our investment portfolio contains and is expected to continue to contain debt investments in the form of lines of credit, revolving credit facilities and delayed draw commitments which require us to provide funding when requested by portfolio companies in accordance with the underlying loan agreements. As of [and ], we had unfunded commitments to borrowers in the aggregate principal amount of [ ], [respectively].

From time to time, we may become party to certain legal proceedings in the ordinary course of business. At [ ], we are not aware of any pending or threatened material litigation.

**Quantitative and Qualitative Disclosures About Market Risk** 

We are subject to financial market risks, including valuation risk and interest rate risk.

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, based on, among other things, input from independent third-party valuation firms engaged to review our investments. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we are required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on our investments to be different than the unrealized appreciation (depreciation) reflected in the valuations currently recorded.

***Interest Rate Risk***

Interest sensitivity refers to the change in earnings that may result from changes in the level of interest rates, including changes due to inflation. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure Unit Holders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

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As of [ ], 100% of our debt investments at fair value were at floating rates. Based on our Statement of Assets and Liabilities as of [ ], the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure):

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| | | | |
|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Net Income** |
|  Up 300 basis points | $| $| $|
|  Up 200 basis points |  |  |  |
|  Up 100 basis points |  |  |  |
|  Down 100 basis points |  |  |  |
|  Down 200 basis points |  |  |  |
|  Down 300 basis points |  |  |  |

---

**Related-Party Transactions** 

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer Agent Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expense Limitation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative Agent Expense Allocation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated Unit Holder Investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Placement Agent Agreement.

In addition to the aforementioned agreements, the Fund, the Adviser, and certain of the Adviser's affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund's investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the total Units of the Fund as of [ , 2026].

**Recent Developments** 

On [ ], the Fund filed Form N54-A and elected to be regulated as a BDC.

**Item 3. Properties.** 

The Fund does not own any real estate or other physical properties materially important to its operation. The Fund's corporate headquarters is located at 245 Summer Street Boston, Massachusetts 02210. The Fund believes that its office facilities are suitable and adequate for its business as it is currently conducted.

**Item 4. Security Ownership of Certain Beneficial Owners and Management.** 

As of [ , 2026], 100% of the Fund's total outstanding Units were held by Fidelity <sup>®</sup> funds. As of [ , 2026], the directors, executive officers, and other affiliates of the Fund owned, in the aggregate, none of the total outstanding Units.

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The address for each director, executive officer, and owner is c/o Fidelity Private Credit Company II LLC, 245 Summer Street, Boston, Massachusetts, 02210.

**Item 5. Directors and Executive Officers.** 

The business and affairs of the Fund are managed under the direction and oversight of the Board of Directors (the "Board"). The Board consists of five directors (each, a "Director" and together, the "Directors"), four of whom are not "interested persons" of the Fund, the Adviser or their respective affiliates as defined in Section 2(a)(19) of the 1940 Act. The Fund refers to these individuals as the Fund's "Independent Directors." The Directors are experienced executives who meet periodically throughout the year to oversee the Fund's activities, including, among other things, the oversight of our investment activities, valuation of our assets, review of contractual arrangements with companies that provide services to the Fund, oversight of our financing arrangements and corporate governance activities. The Board appoints the officers who serve at the discretion of the Board. The responsibilities of the Board include valuation of the Fund's assets, corporate governance activities, oversight of the Fund's financing arrangements and oversight of the Fund's investment activities.

**The Board and Executive Officers** 

David B. Jones, an Interested Director, serves as Chair of the Board. The Board believes that its leadership structure is appropriate because the structure allocates areas of responsibility among the individual directors and the committees in a manner that enhances effective oversight.

Each director holds office for the term to which he or she is elected or appointed and until his or her successor is duly elected and qualifies, or until his or her earlier death, resignation, retirement, disqualification or removal.

*Directors* 

The address for each director is c/o Fidelity Private Credit Company II LLC, 245 Summer Street, Boston, Massachusetts 02210.

The following information regarding the Board is as of [April 1, 2026]:

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| | | | |
|:---|:---|:---|:---|
| **Name<sup>\*</sup>**  | **Year of Birth** | **Position** | **Director Since** |
| **Interested Directors** |  |  |  |
| David B. Jones | 1962 | Director | 2026 |
| **Independent Directors** |  |  |  |
| Jennifer M. Birmingham | 1971 | Independent Director | 2026 |
| Matthew J. Conti | 1966 | Independent Director | 2026 |
| Tara C. Kenney | 1960 | Independent Director | 2026 |
| Thomas F. Flannery | 1959 | Independent Director | 2026 |

---

\* Each Director previously served as a director on the Board of Directors of the Predecessor Fund.

*Executive Officers who are not Directors* 

The following information regarding the executive officers who are not directors is as of [April 1, 2026]:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Length of Time<br>Served** |
| Heather Bonner | 1977 | President and Treasurer | Since 2026 |
| Stephanie Caron | 1969 | Chief Financial Officer | Since 2026 |
| Nicole Macarchuk | 1968 | Secretary and Chief Legal Officer | Since 2026 |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Length of Time<br>Served** |
| Ksenia Portnoy | 1980 | Chief Compliance Officer | Since 2026 |
| David Gaito | 1976 | Vice President | Since 2026 |
| Robert Gannon | 1972 | Vice President | Since 2026 |
| Hadi Husain | 1982 | Vice President | Since 2026 |
| Therese Icuss | 1983 | Vice President | Since 2026 |
| Harley Lank | 1968 | Vice President | Since 2026 |
| Christopher Quinlan | 1963 | Vice President | Since 2026 |
| Jeffrey Scott | 1975 | Vice President | Since 2026 |

---

**Biographical Information** 

The following is information concerning the business experience of our Board and executive officers. Our Directors have been divided into two groups—Interested Directors and Independent Directors. Interested Directors are "interested persons" as defined in the 1940 Act.

*Interested Directors* 

David B. Jones. Director and Chairman of the Board of Directors. Mr. Jones also serves as Trustee of other Fidelity<sup>®</sup> funds. Prior to his retirement, Mr. Jones served in a variety of positions at Fidelity Investments (1982-2008), retiring as a Senior Vice President. His duties included new product development, serving as a liaison to the board of trustees of various Fidelity funds, and development of policies and procedures for fund investments in derivatives and complex securities. He also served on the FMR Fair Value Committee, which is responsible for day-to-day valuation activities for various Fidelity funds.

*Independent Directors* 

Jennifer M. Birmingham. Director. Ms. Birmingham also serves as Trustee of other Fidelity<sup>®</sup> funds. Ms. Birmingham serves as Managing Director of Princeton University Investment Company (PRINCO) (2010-present). Previously, Ms. Birmingham served in a variety of positions at Deutsche Bank Asset Management (2002-2010), including Managing Director, Global CFO of DB Advisors and Deutsche Insurance Asset Management, Americas CFO of DWS Americas and various legal entities (2005-2010). Prior to Deutsche Bank, Ms. Birmingham was an employee of Investors Bank and Trust Company (1997-2002) and Deloitte & Touche LLP (1993-1997).

Matthew J. Conti. Director. Mr. Conti also serves as Trustee of other Fidelity<sup>®</sup> funds. Prior to his retirement, Mr. Conti served in a variety of positions at Fidelity Investments, including as a portfolio manager to certain Fidelity<sup>®</sup> funds (2000-2018) and research analyst (1995-2003). Mr. Conti serves as a member of the Board of Directors of the Rose Kennedy Greenway Conservancy (2021-present).

Tara C. Kenney. Director. Ms. Kenney also serves as Trustee of other Fidelity<sup>®</sup> funds. Prior to her retirement, Ms. Kenney served as Senior Vice President of Boston Common Asset Management (2017-2020). Previously, Ms. Kenney served as Managing Director in a variety of roles for Deutsche Asset Management (2003-2016) as well as Scudder Investments where she was a Portfolio Manager (1995-2003). Currently, Ms. Kenney serves as a Board member for a number of non-profit organizations and academic institutions, including Catholic Charities USA (2017-present) and the Kellogg Institute for International Studies at the University of Notre Dame (2002-present). Ms. Kenney is also an adjunct professor of finance at the University of Notre Dame.

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Thomas F. Flannery. Director. Mr. Flannery also serves as Trustee of other Fidelity<sup>®</sup> funds. Prior to his retirement, Mr. Flannery was a Partner at Ernst & Young LLP (1995-2021), and served as Co-Leader, Americas Wealth and Asset Management (2014-2019), and Partner in the Financial Services Office (2006-2021). Previously, Mr. Flannery was a member of the Board of Trustees of Macquarie Asset Management ETF Trust (2023-2025), where he served as the Chair of the Audit Committee and a member of the Nominating and Corporate Governance Committee, and was a member of the Board of Directors of Computershare Trust Company, N.A. (2022-2025).

*Executive Officers Who are not Directors* 

Heather Bonner. President and Treasurer. Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022–present) and is an employee of Fidelity Investments (2022 – present). Ms. Bonner serves as Senior Vice President, Vice President, Treasurer or Director of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Stephanie Caron. Chief Financial Officer. Ms. Caron also serves as Chief Financial Officer of other funds. Ms. Caron is Head of Fidelity Fund and Investment Operations (2024-present) and is an employee of Fidelity Investments. Ms. Caron serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously, Ms. Caron was Head of Investment Services for Strategic Advisers LLC (investment adviser firm, 2019-2024).

David Gaito. Vice President. Mr. Gaito also serves as Vice President of other funds. Mr. Gaito is Head of Direct Lending in the High Income and Alternatives division at Fidelity Investments (2021-present) and is an employee of Fidelity Investments (2021-present). Mr. Gaito serves as Chief Executive Officer, President, Vice President, Assistant Treasurer, or Director of certain Fidelity entities. Prior to joining Fidelity Investments, Mr. Gaito held several senior roles at PNC Corporate and Institutional Banking (1999-2021). He was most recently an executive vice president and division executive for PNC's middle market senior secured lending platform (2019-2021).

Robert Gannon. Vice President. Mr. Gannon also serves as Vice President of other funds. Mr. Gannon is Head of Portfolio Optimization, Direct Lending in the High Income and Alternatives division at Fidelity Investments (2025-present) and is an employee of Fidelity Investments. Previously, Mr. Gannon was Head of Credit Alternatives Investment Services, including Fidelity Agency Services in the High Income and Alternatives division at Fidelity Investments (2021-2025). Mr. Gannon serves as Vice President or Assistant Treasurer of certain Fidelity entities (2022-present).

Hadi Husain. Vice President. Mr. Husain also serves as Vice President of other funds. Mr. Husain is Head of Credit Alternatives Financing in the High Income and Alternatives division at Fidelity Investments (2024-present) and is an employee of Fidelity Investments (2024-present). Mr. Husain serves as Vice President of Fidelity Unlevered Private Credit Fund GP LLC. Prior to joining Fidelity Investments, Mr. Husain was Chief Financial Officer at Above Lending (2023-2024) and Head of Liability Management at Kohlberg Kravis Roberts & Co LLP (2018-2023).

Therese Icuss. Vice President. Ms. Icuss also serves as Vice President of other funds. Ms. Icuss is Managing Director of underwriting and credit in the High Income and Alternatives division at Fidelity Investments (2021-present) and is an employee of Fidelity Investments (2021-present). Ms. Icuss serves as Vice President, Treasurer, Assistant Treasurer, or Director of certain Fidelity entities. Prior to joining Fidelity Investments, Ms. Icuss was co-head of underwriting (2019-2021) and Director (2018-2019) at Twin Brook Capital Partners.

Harley Lank. Vice President. Mr. Lank also serves as Vice President of other funds. Mr. Lank is Head of Fidelity Investments' High Income and Alternatives division (2019-present), is an employee of Fidelity Investments, and a portfolio manager of certain Fidelity funds and other privately offered funds. Mr. Lank serves as Chief Executive Officer, President, Manager or Director of certain Fidelity entities. Previously, Mr. Lank managed various Fidelity funds and products.

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Nicole Macarchuk. Chief Legal Officer and Secretary. Ms. Macarchuk also serves as an officer of other funds and as CLO, Secretary, or Senior Vice President of certain Fidelity entities. Ms. Macarchuk is a Senior Vice President, Deputy General Counsel Head of Asset Management Legal (2024-present) and is an employee of Fidelity Investments (2024-present). Prior to joining Fidelity, Ms. Macarchuk was a Partner at Dechert LLP (law firm, 2022-2024), where she focused her corporate practice on financial services and asset management industry. Prior to joining Dechert LLP, Ms. Macarchuk was Managing Director, Chief Operating Officer and General Counsel for Angel Island Capital, LLC (2019-2022).

Ksenia Portnoy. Chief Compliance Officer. Ms. Portnoy also serves as Chief Compliance Officer of other funds. Ms. Portnoy is a Senior Vice President of Asset Management Compliance (2021-present) and is an employee of Fidelity Investments (2021-present). Prior to joining Fidelity, Ms. Portnoy worked in the asset management divisions of Morgan Stanley Investment Management (investment adviser firm, 2020-2021); and Mizuho (investment adviser firm, 2015-2020).

Christopher Quinlan. Vice President. Mr. Quinlan also serves as Vice President of other funds. Mr. Quinlan is Head of Investment Services for the High Income and Alternatives division at Fidelity Investments (2019-present) and is an employee of Fidelity Investments. Mr. Quinlan serves as Chief Operating Officer, Assistant Treasurer, or Director of certain Fidelity entities. Mr. Quinlan has held a variety of senior roles since he began his career in 1985.

Jeffrey Scott. Vice President. Mr. Scott also serves as Vice President of other funds. Mr. Scott is Managing Director of originations in the High Income and Alternatives division at Fidelity Investments (2021-present) and is an employee of Fidelity Investments (2021-present). Mr. Scott serves as Vice President of Fidelity Unlevered Private Credit Fund GP LLC. Prior to joining Fidelity Investments, Mr. Scott was a Managing Director at Madison Capital Funding (now Apogem Capital) (2013-2021).

*Non-Executive Officers Who are not Directors* 

Joseph Benedetti. Assistant Secretary. Mr. Benedetti also serves as Assistant Secretary of other funds. Mr. Benedetti is a Senior Vice President, Deputy General Counsel (2020-present) and is an employee of Fidelity Investments (2020-present). Mr. Benedetti serves as Assistant Secretary of Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present) and Secretary of certain other Fidelity entities. Previously, Mr. Benedetti was Secretary of Fidelity Diversifying Solutions LLC (2021-2022). Prior to joining Fidelity, Mr. Benedetti was Assistant General Counsel at Invesco (investment adviser firm, 2019-2020) and Senior Vice President and Managing Counsel at OppenheimerFunds Inc. (investment adviser firm, 2017-2019).

Craig S. Brown. Assistant Treasurer. Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity<sup>®</sup> funds (2019-2022).

Andrew Dabrowski. Assistant Vice President. Mr. Dabrowski also serves as Assistant Vice President of other funds. Mr. Dabrowski is a Director in Fidelity's High Income and Alternatives division (2022-present) and is an employee of Fidelity Investments. Prior to joining Fidelity, Mr. Dabrowski was a Vice President in the leveraged finance department at Barclays Investment Bank (2017-2022).

Nati Davidi. Assistant Secretary. Ms. Davidi also serves as Assistant Secretary of other funds. Ms. Davidi is a Vice President, Associate General Counsel (2013-present) and is an employee of Fidelity Investments. Previously, Ms. Davidi served as Assistant Secretary of the North Carolina Capital Management Trust (2016-2022).

Jonathan Davis. Assistant Treasurer. Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer or Director of certain Fidelity entities.

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Laura M. Del Prato. Assistant Treasurer. Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Senior Vice President, Vice President, Assistant Treasurer, or Director of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Colm A. Hogan. Assistant Treasurer. Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity<sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity<sup>®</sup> funds (2016-2018).

Christopher Maher. Assistant Treasurer. Mr. Maher also serves as an officer of other funds. Mr. Maher is a Senior Vice President (2023-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

Stacie M. Smith. Assistant Treasurer. Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Joyce Todisco. Deputy Treasurer. Ms. Todisco also serves as an officer of other funds. Ms. Todisco is a Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Todisco serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2024-present). Prior to joining Fidelity, Ms. Todisco was a Director in the asset and wealth management practice of PricewaterhouseCoopers LLP (2017-2022).

James Wegmann. Assistant Treasurer. Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity<sup>®</sup> funds (2019-2021).

William Yoon. Assistant Vice President. Mr. Yoon also serves as Assistant Vice President of other funds. Mr. Yoon is a Director in Fidelity's High Income and Alternatives division (2022-present) and is an employee of Fidelity Investments. Prior to joining Fidelity, Mr. Yoon was Vice President of direct lending at Apogem Capital (2017-2022).

Christina Zervoudakis. Assistant Secretary. Ms. Zervoudakis also serves as Assistant Secretary of other funds. Ms. Zervoudakis is a Vice President and Assistant General Counsel of FMR LLC (diversified financial services company, 2021-present) and is an employee of Fidelity Investments. Prior to joining Fidelity, Ms. Zervoudakis was Assistant General Counsel at Invesco (investment adviser firm, 2019-2021.

**Committees of the Board** 

The Board has established an Audit Committee and may establish additional committees in the future.

*Audit Committee* 

The Audit Committee (the "Committee") is composed of Ms. Birmingham (Chair), Mr. Conti, Mr. Flannery and Ms. Kenney, each of which is considered independent for the purposes of the 1940 Act. All Committee members must be able to read and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement. At least one Committee member will be an "audit committee financial expert" as defined by the SEC. The Committee meets separately at least annually with the Fund's Treasurer, with the Fund's Chief Financial Officer, with personnel responsible for the internal audit function of

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FMR LLC, and with the Fund's outside auditors. The Committee has direct responsibility for the appointment, compensation, and oversight of the work of the outside auditors employed by the Fund. The Committee assists the Directors in fulfilling their responsibility to oversee: (i) the systems of internal accounting and financial controls of the Fund and the Fund's service providers, (to the extent such controls impact the Fund's financial statements); (ii) the Fund's auditors and the annual audits of the Fund's financial statements; (iii) the financial reporting processes of the Fund; (iv) whistleblower reports; and (v) the accounting policies and disclosures of the Fund. The Committee considers and acts upon (i) the provision by any outside auditor of any non-audit services for any fund, and (ii) the provision by any outside auditor of certain non-audit services to fund service providers and their affiliates to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. In furtherance of the foregoing, the Committee has adopted (and may from time to time amend or supplement) and provides oversight of policies and procedures for non-audit engagements by outside auditors of the Fund. The Committee is responsible for approving all audit engagement fees and terms for the Fund and for resolving disagreements between a fund and any outside auditor regarding any fund's financial reporting. Auditors of the Fund report directly to the Committee. The Committee will obtain assurance of independence and objectivity from the outside auditors, including a formal written statement delineating all relationships between the auditor and the Fund and any service providers consistent with the rules of the Public Company Accounting Oversight Board. It will discuss regularly and oversee the review of internal controls of and the management of risks by the Fund and their service providers with respect to accounting and financial matters (including financial reporting relating to the funds, including a review of: (i) any significant deficiencies or material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect the Fund's ability to record, process, summarize, and report financial data; (ii) any change in the Fund's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and (iii) any fraud, whether material or not, that involves management or other employees who have a significant role in the Fund's or service providers' internal controls over financial reporting). The Committee will also review periodically the Fund's major exposures relating to internal controls over accounting and financial matters and the steps that have been taken to monitor and control such exposures. In connection to such reviews, the Committee will receive periodic reports on the fund's service providers' internal controls over accounting and financial matters. It will also review any correspondence with regulators or governmental agencies or published reports that raise material issues regarding the Fund's financial statements or accounting policies. The Committee reviews at least annually a report from each outside auditor describing any material issues raised by the most recent internal quality control, peer review, or Public Company Accounting Oversight Board examination of the auditing firm and any material issues raised by any inquiry or investigation by governmental or professional authorities of the auditing firm and in each case any steps taken to deal with such issues. The Committee will oversee and receive reports on the Fund's financial reporting process, will discuss with the Adviser , the fund's Treasurer, outside auditors and, if appropriate, internal audit personnel of FMR LLC, their qualitative judgments about the appropriateness and acceptability of accounting principles and financial disclosure practices used or proposed for adoption by the Fund. The Committee will review with FDS, the Fund's Treasurer, outside auditor, and internal audit personnel of FMR LLC and, as appropriate, legal counsel the results of audits of the Fund's financial statements.

**Item 6. Executive Compensation.** 

*(a)* *Compensation of Executive Officers* 

None of the Fund's officers receives direct compensation from the Fund.

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*(b)* *Compensation of Directors* 

The Fund's Independent Directors are entitled to receive from the Fund annual cash retainer fees, annual fees for serving on committees and annual fees for serving as a committee chairperson. These Independent Directors are Jennifer Birmingham, Matthew Conti, Tara Kenney and Thomas Flannery. The below table sets forth compensation expected to be received by each Independent Director for the period from [ ], 2026 to December 31, 2026:

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| | | |
|:---|:---|:---|
| **Annual Cash Retainer** | **Committee Retainer Fee** | **Annual Committee Chair Cash**<br> **Retainer Audit** |
| **$17059** | $**1066** | $**2132** |

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We also reimburse each of the Independent Directors for all reasonable and authorized business expenses in accordance with our policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and each committee meeting not held concurrently with a board meeting.

No compensation is expected to be paid to directors who are "interested persons" with respect to the Fund, as such term is defined in Section 2(a)(19) of the 1940 Act.

**Item 7. Certain Relationships and Related Transactions, and Director Independence.** 

*(a)* *Transactions with Related Persons; Review, Approval or Ratification of Transactions with Related Persons* 

The Fund has entered into a number of business relationships with affiliated or related parties, including the Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, the Fund may rely on exemptive relief granted to the Fund, the Adviser, and Fidelity, which would permit the Fund to co-invest with other funds managed by Fidelity in a manner consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as any regulatory requirements and other pertinent factors.

Various potential and actual conflicts of interest may arise from the overall investment activities of the Adviser and Fidelity for their own accounts and for the accounts of others. The conflicts of interest that may be encountered by the Fund include those discussed below and elsewhere throughout this Registration Statement, although such discussions do not describe all of the conflicts that may be faced by the Fund. Dealing with conflicts of interest is complex and difficult, and new and different types of conflicts may subsequently arise.

**Conflicts of Interest** 

The following inherent or potential conflicts of interest should be considered by prospective investors before subscribing for the Units.

***Relationship among the Fund, the Adviser and the Portfolio Managers*.** The Adviser has a conflict of interest between its responsibility to act in the best interests of the Fund, on the one hand, and any benefit, monetary or otherwise, that results to it or its affiliates from the operation of the Fund, on the other hand. The Adviser may be incentivized not to permanently write down, write off, revalue or dispose of an investment that has poor prospects for improvement in order to receive ongoing Advisory Fees in respect of such investment and to avoid reductions in potential incentive fees if such asset appreciates in the future.

The functions performed by the Adviser are not exclusive. The Adviser, its affiliates and their principals and employees serve as investment adviser, managing member or general partner to other investment funds, pooled investment vehicles and client accounts (the "Other Clients") and conduct investment activities for their own accounts. Other Clients may have investment objectives and investment strategies that are substantially identical to that of the Fund. Due to a difference in fees attributable to the Other Clients, which may be higher than those attributable to the Fund either on percentage terms or in total dollar amounts received by the Adviser and/or its

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affiliates, it is possible that the Adviser could allocate investment opportunities among the Other Clients and the Fund in a manner that favors the performance of Other Clients and adversely impacts the performance of the Fund. In addition, the principals and employees of the Adviser and its affiliates may and do also make investments of their own personal assets in the Fund and in Other Clients of the Adviser and its affiliates.

Investment decisions for the Fund and for such Other Clients are made with a view to achieving their respective investment objectives and after consideration of certain factors which may include their current holdings, availability of cash for investment, and the size of their positions generally. The Adviser, its affiliates and their principals and employees may give advice or take action with respect to the Other Clients that differs from the advice given with respect to the Fund.

The Fund could be disadvantaged because of activities conducted by the Adviser and its affiliates for the Other Clients as a result of, among other things: (i) legal restrictions on the combined size of positions which may be taken for the Fund and Other Clients, thereby limiting the size of the Fund's position; and (ii) the difficulty of liquidating an investment for more than one account where the market cannot absorb the sale of the combined positions.

Frequently, a particular investment may be bought or sold for only the Fund or only one Other Client, or in different amounts and at different times for more than one but less than all Other Clients, and the Fund may or may not be included in such purchase or sale. Likewise, a particular investment may be bought for the Fund or one or more Other Clients when one or more Other Clients are selling the same security. In addition, purchases or sales of the same investment may be made for two or more Other Clients (and possibly for the Fund) on the same date. Certain of the Other Clients have different terms, fees (including incentive fees) and investment objectives from the Fund. In such events, such transactions will be allocated among the Fund and Other Clients in a manner believed by the Adviser and its affiliates to be equitable to each in accordance with its policies. In effecting transactions, it may not always be possible, or consistent with the possibly differing investment objectives of the various Other Clients and of the Fund, to take or liquidate the same investment positions at the same time or at the same prices. In addition, funds or client accounts for which the Adviser or an affiliate serves as adviser or sub-adviser may and do also make investments in the Fund.

As a result of the foregoing, the Adviser, its affiliates and their principals and employees may have conflicts of interest in allocating their time and activity between the Fund and Other Clients, in allocating investments among the Fund and Other Clients and in effecting transactions between the Fund and Other Clients, including ones in which the Adviser, its affiliates and their principals and employees may have a greater financial interest.

In addition, the Adviser, its affiliates and their principals and employees, including employees of the Adviser, may make personal investments in third-party entities (directly or through investment funds managed by third-party managers). Such entities may enter into transactions with the Fund, presenting a conflict of interest for the Adviser between acting in the best interests of the Fund and enhancing the returns of such personal investments.

***Co-Investment Transactions.*** We and the Adviser have received an exemptive order from the SEC that permits us to co-invest with certain other persons, including certain affiliated accounts managed and controlled by the Adviser and/or its affiliates. Subject to the 1940 Act and the conditions of the co-investment order issued by the SEC, the Fund may, under certain circumstances, co-invest with certain affiliated accounts in investments that are suitable for the Fund and one or more of such affiliated accounts. Even though the Fund and any such affiliated account co-invest in the same securities, conflicts of interest may still arise. If the Adviser is presented with co-investment opportunities that generally fall within the Fund's investment objective and those of one or more affiliated accounts advised by the Adviser and/or its affiliates, whether focused on a debt strategy or otherwise, the Adviser and/or its affiliates will allocate such opportunities among the Fund and such affiliated accounts in a manner consistent with the exemptive order and the applicable allocation policies and procedures, as discussed in this Registration Statement.

With respect to co-investment transactions conducted under the exemptive order, initial internal allocations among the Fund and other investment funds affiliated with the Adviser will generally be made, taking into

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account the allocation considerations set forth in the Adviser's allocation policies and procedures as described above. If the Fund invests in a transaction under the co-investment exemptive order and, immediately before the submission of the order for the Fund and all other funds, accounts, or other similar arrangements advised by the Adviser and its affiliates, the opportunity is oversubscribed, it will be allocated in accordance with the Adviser's allocation policies and procedures.

To the extent consistent with applicable law and/or exemptive relief issued to the Fund, in addition to such co-investments, the Fund and the Adviser or an affiliated account may, as part of unrelated transactions, invest in either the same or different tiers of a portfolio company's capital structure or in an affiliate of such portfolio company. To the extent the Fund holds investments in the same portfolio company or in an affiliate thereof that are different (including with respect to their relative seniority) than those held by the Adviser or an affiliated account, the Adviser may be presented with decisions when the interests of the two co-investors are in conflict. If the portfolio company in which the Fund has an equity or debt investment and in which an affiliated account has an equity or debt investment elsewhere in the portfolio company's capital structure, becomes distressed or defaults on its obligations under the private credit investment, the Adviser may have conflicting loyalties between its duties to the affiliated account, the Fund, certain of its other affiliates and the portfolio company. In that regard, actions may be taken for such affiliated account that are adverse to the Fund, or actions may or may not be taken by the Fund due to such affiliated account's investment, which action or failure to act may be adverse to the Fund. In addition, it is possible that in a bankruptcy proceeding, the Fund's interest may be adversely affected by virtue of such affiliated account's involvement and actions relating to its investment. Decisions about what action should be taken in a troubled situation, including whether to enforce claims, whether to advocate or initiate restructuring or liquidation inside or outside of bankruptcy and the terms of any work-out or restructuring, raise conflicts of interest. In those circumstances where the Fund and such affiliated accounts hold investments in different classes of a company's debt or equity, the Adviser may also, to the fullest extent permitted by applicable law, take steps to reduce the potential for adversity between the Fund and such affiliated accounts, including causing the Fund to take certain actions that, in the absence of such conflict, it would not take, such as (A) remaining passive in a restructuring or similar situations (including electing not to vote or voting pro rata with other security-holders), (B) divesting investments or (C) otherwise taking action designed to reduce adversity.

***Transaction Fees and Other Fees****.* In connection with investments made by us, the Adviser and its affiliates may negotiate and receive origination, commitment, documentation, structuring, facility, monitoring, amendment, refinancing, and/or other fees from portfolio investments in which we invest or propose to invest. The Adviser and its affiliates will only retain transaction and other fees if permissible under the 1940 Act, SEC exemptive relief, and other applicable law. Under the terms of our co-investment relief, transaction fees (except for fees contemplated by Section 17(e) or 57(k) of the 1940 Act) received in connection with a co-investment transaction are distributed pro rata to funds that participate in such transaction. The potential for the Adviser and its affiliates to receive economic benefits creates conflicts of interest as the Adviser and its affiliates would have an incentive to invest in investments that provide such benefits. Similarly, the Adviser and its affiliates could be incentivized to waive certain fees in connection with a refinancing in order to receive certain fees in the new transaction, including when we and/or other accounts advised by the Adviser and its affiliates can participate in the original or refinanced investment, or both.

***Broken Deal Expenses*.** Any expenses that may be incurred by the Fund for actual investments as described herein may also be incurred by the Fund with respect to broken deals (*i.e*., investments that are not consummated). The Adviser is not required to and in most circumstances will not seek reimbursement of broken deal expenses (*i.e*., expenses incurred in pursuit of an investment that is not consummated) from third parties, including counterparties to the potential transaction or potential co-investors. Examples of such broken deal expenses include, but are not limited to, reverse termination fees, extraordinary expenses such as litigation costs and judgments, travel and entertainment expenses incurred, costs of negotiating co-investment documentation, and legal, accounting, tax and other due diligence and pursuit costs and expenses. Any such broken deal expenses could, in the sole discretion of the Adviser, be allocated solely to the Fund and not to Other Clients or

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co-investment vehicles that could have made the investment, even when the Other Client or co-investment vehicle commonly invests alongside the Fund in its investments or the Adviser or Other Clients in their investments. In such cases, the Fund's share of expenses would increase. In the event broken deal expenses are allocated to an Other Client or a co-investment vehicle, the Adviser may advance such fees and expenses without charging interest until paid by the Other Client or co-investment vehicle, as applicable.

***Policies and Procedures of the Adviser and its Affiliates****.* Because the Adviser and its affiliates have many different asset management and advisory businesses, the Adviser may be subject to a number of actual and potential conflicts of interest, greater regulatory oversight and more legal and contractual restrictions than that to which it would be subject if it had just one line of business. Certain policies and procedures implemented by the Adviser and its affiliates to mitigate potential conflicts of interest and address certain regulatory requirements and contractual restrictions will from time to time impact the Fund. For example, the Adviser will come into possession of material non-public information with respect to companies, including companies in which the Fund has investments or is considering making investments. The information, which could be of benefit to the Fund, is likely to be restricted to those other businesses and otherwise be unavailable to the Fund. It is also possible that the Fund could be restricted from trading despite the fact that the Fund did not receive such information. The inability to buy or sell securities in such circumstances could materially adversely affect the investment results of the Fund, including but not limited to a material loss with respect to an individual investment or differing results than those obtained by Other Clients with respect to the same investment. Additionally, the Adviser may restrict or otherwise limit the Fund and/or its portfolio companies from entering into agreements with, or related to, companies that either are advisory clients of the Adviser and its affiliates or in which any fund of the Adviser or its affiliates have invested or has considered making an investment. The Adviser will from time to time restrict or otherwise limit the ability of the Fund and/or its portfolio companies from making investments in or otherwise engaging in businesses or activities competitive with companies of other advisory clients of the Adviser or its affiliates, either as a result of contractual restrictions or otherwise. Furthermore, there will be circumstances in which affiliates of the Adviser and its affiliates (including Other Clients) may refrain from taking certain confidential information in order to avoid trading restrictions. There can be no assurance that additional restrictions will not be imposed that would further limit the ability of the Adviser and its affiliates to share information internally.

***Declining an Investment****.* The Adviser may decline an investment opportunity on behalf of the Fund based on various factors including its investment allocation policies and procedures and to the extent the Adviser determines, in its discretion, that such investment may (a) have reputational considerations for the Unit Holders, the Adviser or the Fund, (b) to the Adviser's knowledge, have been the subject of concern or controversy among financial institutions, institutional investors or the public or (c) give rise to other similar considerations. In certain cases, such an investment may be allocated to other affiliated accounts that have consented to the investment or do not, in the Adviser's discretion, have such considerations, in lieu of the investment being allocated to the Fund. Finally, although Fidelity believes its positive reputation in the marketplace provides benefit to the Fund and Other Clients, the Adviser could decline to undertake investment activity or transact with a counterparty on behalf of the Fund for reputational reasons, and this decision could result in the Fund foregoing a profit or suffering a loss.

***Conflicts of Interest Generally****.* If any matter arises that the Adviser, as applicable, determines in its good faith judgment constitutes an actual conflict of interest, the Adviser, as applicable, will take such actions as it determines in good faith may be necessary or appropriate to ameliorate the conflict. (These actions include, by way of example and without limitation, (i) disposing of the investment or refraining from making the investment giving rise to the conflict of interest; (ii) appointing an independent fiduciary to act with respect to the matter giving rise to the conflict of interest; (iii) in connection with a matter giving rise to a conflict of interest with respect to an investment, consulting with the Board regarding the conflict of interest and/or obtaining a waiver or consent from the Board of the conflict of interest or acting in a manner, or pursuant to standards or procedures, approved by or disclosed to the Board with respect to such conflict of interest; (iv) disclosing the conflict to the Unit Holders; (v) implementing certain policies and procedures designed to ameliorate such conflict of interest or

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(vi) remaining passive and/or electing not to be the lead investor of a tranche of securities (even though the Fund may hold the largest stake in the applicable tranche of securities).) There can be no assurance that the Adviser will identify or resolve all conflicts of interest in a manner that is favorable to the Fund. By acquiring Units in the Fund, each Unit Holder will be deemed to have acknowledged and consented to the existence or resolution of any such actual, apparent or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest. For the avoidance of doubt, in some cases after evaluating such conflict or potential conflict, the Adviser may determine that no action is required or that taking action may be adverse to the interests of the Fund, the Adviser or its affiliates.

***Diverse Membership; Relationships with Unit Holders.*** The Fund and investors are generally expected to have conflicting investment, tax and other interests with respect to the investments made by the Fund. Unit Holders may include various types of persons or entities organized in various jurisdictions, and different Unit Holders may have conflicting investment, tax and other interests in respect of their investment in the Fund. The conflicting interests of the Fund and of individual Unit Holders may relate to or arise from, among other things, the nature of investments made by the Fund, the structuring of the acquisition of the Fund's investments, and the timing of disposition of investments, which may be more beneficial for the Fund or Fund investors than for one or more of the other Unit Holders. Such structuring of the Fund's investments and other factors may result in different returns being realized by different Unit Holders. Furthermore, under the U.S. tax audit rules applicable to the Fund, decisions or elections made in connection with certain laws and regulations by the Adviser (or such other person designated by the Adviser) in connection with tax audits (including whether or not to make an election under those rules) may be more beneficial for one type of Unit Holder than for another type of Unit Holder. As a consequence, conflicts of interest among different Unit Holders may arise in connection with decisions made by the Adviser, including in respect of the nature or structuring of investments and the use of leverage that may be more beneficial for one Unit Holder than for another Unit Holder, especially in respect of individual tax situations. In addition, the Fund may face certain tax risks based on positions taken by the Fund, the Adviser on behalf of the Fund, the Fund's subsidiaries and/or a withholding agent.

***Allocation of Personnel*.** The Adviser and its members, officers, personnel and employees will devote as much of their time to the activities of the Fund as they deem necessary to conduct its business affairs in an appropriate manner. By the terms of the Advisory Agreement, the Adviser is not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser. Personnel of the Adviser and its affiliates, including members of the Direct Lending Investment Committee, will work on other projects, serve on other committees and source potential investments for and otherwise assist the investment programs of Other Clients and their portfolio companies, including other investment programs to be developed in the future. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser and its officers, personnel and employees will not be devoted exclusively to the business of the Fund but will be allocated between the business of the Fund and the management of the monies of such other advisees of the Adviser. Time spent on these other initiatives diverts attention from the activities of the Fund, which could negatively impact the Fund and its Unit Holders. Furthermore, personnel of the Adviser and its affiliates derive financial benefit from these other activities, including fees and performance-based compensation. Fidelity personnel outside of the Adviser may share in the fees from the Fund; similarly, personnel of the Adviser and its affiliates may share in the fees and performance-based compensation generated by Other Clients. These and other factors create conflicts of interest in the allocation of time by personnel of the Adviser and its affiliates. The determination of the Adviser and its affiliates of the amount of time necessary to conduct the Fund's activities will be conclusive, and Unit Holders rely on the Adviser's judgment in this regard. The officers and directors will devote such portion of their time to our affairs as is required for the performance of their duties, but they are not required to devote all of their time to us.

***Outside Activities of Principals and Other Personnel and their Related Parties*.** Certain of the principals, personnel and employees of the Adviser may be subject to a variety of conflicts of interest relating to their

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responsibilities to the Fund, Other Clients and their respective portfolio companies, and their outside business activities as members of investment or advisory committees or boards of directors of or advisors to investment funds, corporations, foundations or other organizations. Such positions create a conflict if such other entities have interests that are adverse to those of the Fund, including if such other entities compete with the Fund for investment opportunities or other resources. The other managed accounts and/or investment funds in which such individuals may become involved may have investment objectives that overlap with the Fund. Furthermore, certain principals and employees of the Adviser may have a greater financial interest in the performance of such other funds or accounts than the performance of the Fund. Such involvement may create conflicts of interest in making investments on behalf of the Fund and such other funds and accounts. Although such principals and employees will seek to limit any such conflicts in a manner that is in accordance with their fiduciary duties to the Fund, there can be no assurance they will be resolved favorably for the Fund. Also, Fidelity personnel and employees, including personnel and employees of the Adviser, are generally permitted to invest in alternative investment funds, private equity funds, real estate funds, hedge funds or other investment vehicles, including potential competitors of the Fund. Unit Holders will not receive any benefit from any such investments, and the financial incentives of such Fidelity employees in such other investments could be greater than their financial incentives in relation to the Fund.

Additionally, certain employees and other professionals of Fidelity have family members or relatives employed by such advisers and service providers (or their affiliates) or otherwise actively involved in industries and sectors in which the Fund invests, or have business, financial, personal or other relationships with companies in such industries and sectors (including the advisors and service providers described above) or other industries, which gives rise to potential or actual conflicts of interest. For example, such family members or relatives might be employees, officers, directors or owners of companies or assets that are actual or potential investments of the Fund or other counterparties of the Fund and its portfolio companies and/or assets. Moreover, in certain instances, the Fund or its portfolio companies may issue loans to or acquire securities from, or otherwise transact with, companies that are owned by such family members or relatives or in respect of which such family members or relatives have other involvement. These relationships may influence the Adviser in deciding whether to select or recommend such service providers to perform services for the Fund or portfolio companies (the cost of which will generally be borne directly or indirectly by the Fund or such portfolio companies, as applicable). Notwithstanding the foregoing, to the extent that the Adviser determines appropriate, conflict mitigation strategies may be put in place with respect to a particular circumstance, such as internal information barriers or recusal, disclosure or other steps determined appropriate by the Adviser. The Unit Holders rely on the Adviser to manage these conflicts in its sole discretion.

***Valuation of Assets*.** A majority of securities and other assets in which the Fund will directly or indirectly invest, including secured loan investments, are not expected to have a readily ascertainable market value and will be valued by the Adviser in accordance with its established valuation policies. Such securities and other assets will constitute a substantial portion of the Fund's investments. In addition, when the Adviser determines that the market price does not fairly represent the value of an investment, the Adviser will fair value such investment in accordance with the Fund's policies and procedures. The Adviser has a conflict of interest in determining such valuations, as the Adviser's determination of a fair value for such investments may cause it to receive higher advisory fees.

The Adviser and its affiliates are engaged in advisory and management services for multiple collective investment vehicles and managed accounts, including other investment funds managed by the Adviser and its affiliates. In connection with these activities, the Adviser and its affiliates are required to value assets, including in connection with managing or advising their proprietary and client accounts. In this regard, the Adviser and its affiliates may share information regarding valuation techniques and models or other information relevant to the valuation of a specific asset or category of assets, although they are under no obligation to engage in such information sharing.

***Conflicts with Portfolio Companies.*** In certain instances, the portfolio managers and officers, personnel and employees of the Adviser may serve as board members of certain portfolio companies and, in that capacity, will

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be required to make decisions that they consider to be in the best interests of the portfolio company. In certain circumstances, such as in situations involving bankruptcy or near insolvency of the portfolio company, actions that may be in the best interests of the portfolio company may not be in the best interests of the Fund, and vice versa. Accordingly, in these situations, there may be conflicts of interest between an individual's duties as a portfolio manager or officer or employee of the Adviser and such individual's duties as a board member of the portfolio company. Additionally, the Adviser or affiliates of the Adviser may enter into transactions with a portfolio company (for example, a property lease), which may create a conflict of interest. While it is generally expected that any such transaction would be on arm's length terms, it is possible that the portfolio company may pay higher fees or receive fewer benefits in the transaction than it would if the counterparty to the transaction were a third party.

***Selection of Service Providers.*** The Fund's advisers and Service Providers or their affiliates are expected to provide goods or services to, or have business, personal, financial or other relations with the Adviser, its affiliates, advisory clients and portfolio companies. Such advisers and Service Providers may be investors in the Fund, sources of investment opportunities or co-investors or commercial counterparties or entities in which the Adviser or an affiliate has an investment. Additionally, certain employees of the Adviser or its affiliates may have family members or relatives employed by such advisers and Service Providers. These relationships may influence the Adviser in deciding whether to select or recommend such Service Providers to perform services for the Fund or portfolio companies (the cost of which generally will be borne directly or indirectly by the Fund or such entities, as applicable).

Additionally, affiliates of the Fund's adviser are acting and expected to continue to act in the future as the administrative agent on a number of loans in which the Fund invested or may invest in the future, which may contemplate additional compensation to such affiliates for the service of acting as administrative agent thereunder. The Adviser and its affiliates will only retain compensation as administrative agent if permissible under the 1940 Act, SEC exemptive relief, and other applicable law. Under the documentation for such loans, an entity typically is designated as the administrative agent and/or collateral agent, and this agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. As is typical in such agency arrangements, the agent is the party responsible for administering and enforcing the terms of the loan facility, may take certain actions and make certain decisions in its discretion and generally may take material actions only in accordance with the instructions of a designated percentage of the lenders.

Placement agents affiliated with the Adviser may receive a commission or other compensation in connection with the distribution and sale of Units of the Fund. Third-party placement agents that are not affiliated with the Adviser also may be engaged in connection with the distribution and sale of the Units (including as sub-placement agents) and also may receive a commission or other compensation in connection with such activity. Such affiliated and non-affiliated placement agents may pay their registered representatives who sell the Units some or all of the compensation received by the placement agent. Such placement agents may also appoint affiliated or unaffiliated sub-placement agents or other intermediaries and pay such sub-placement agents or other intermediaries some or all of the compensation received by the placement agent. Sub-placement agents or other intermediaries may charge certain investors a separate placement (or similar) fee pursuant to arrangements between such sub-placement agent or other intermediary and the relevant investor. Certain sub-placement agents or other intermediaries also may act (either directly or through affiliates) as investment advisers to investors they introduce to the Fund, and such sub-placement agents or other intermediaries and their personnel may receive compensation tied to such investment advisory services, including compensation related to a recommendation of an investment in the Fund. Not all funds or other investment vehicles pay the same amount to placement agents and not all placement agents are compensated or compensate their personnel in the same manner or in the same amounts. As a result, placement agents, their personnel or their registered representatives may have an incentive to sell the interests in other funds or investment vehicles in priority to Units of the Fund and may face other conflicts of interest in recommending an investment in the Fund, which may result in the Fund failing to accept its target amount of capital commitments.

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Prospective investors should recognize that each placement agent's, sub-placement agent's, or other intermediary's participation as a placement agent, sub-placement agent, or other intermediary for the Fund may be influenced by its interest in such commissions and compensation. Prospective investors should take such commissions and compensation, and the related potential and actual conflicts of interest, into account when considering and evaluating any recommendations related to an investment in the Fund.

***Data***. The Adviser and its affiliates receive or obtain various kinds of data and information from the Fund, Other Clients and their portfolio companies, including data and information relating to business operations, trends, budgets, customers and other metrics, some of which is sometimes referred to as "big data." The Adviser can be expected to be better able to anticipate macroeconomic and other trends, and otherwise develop investment themes, as a result of its access to (and rights regarding) this data and information from the Fund, Other Clients and their portfolio companies. In light of its relationship with the Fund, Other Clients and their portfolio companies, related parties and service providers, the Adviser may have access to (and rights regarding) data that it would not otherwise obtain in the ordinary course. Although the Adviser believes that these activities improve the Adviser's investment management activities on behalf of the Fund and Other Clients, information obtained from the Fund and its portfolio companies may provide material benefits to the Adviser and its affiliates or Other Clients without compensation or other benefit accruing to the Fund or Unit Holders. For example, information from a portfolio company in which the Fund holds an interest may enable the Adviser to better understand a particular industry and execute trading and investment strategies in reliance on that understanding for the Adviser, its affiliates and Other Clients that do not own an interest in the portfolio company, without compensation or benefit to the Fund or its portfolio companies.

Furthermore, except for contractual obligations to third parties to maintain confidentiality of certain information, and regulatory limitations on the use of material nonpublic information, the Adviser may use data and information from the Fund's activities to assist in the pursuit of the Adviser's various other activities, including to trade for the benefit of the Adviser and/or an Other Client. Any confidentiality obligations in the operative documents do not limit the Adviser's ability to do so. For example, the Adviser's ability to trade in securities of an issuer relating to a specific industry may, subject to applicable law, be enhanced by information of a portfolio company in the same or related industry. Such trading can be expected to provide a material benefit to the Adviser without compensation or other benefit to the Fund or Unit Holders.

The sharing and use of "big data" and other information presents potential conflicts of interest and the Unit Holders acknowledge and agree that any benefits received by the Adviser or its personnel (including fees, costs and expenses) will not reduce the Advisory Fee payable to the Adviser or otherwise be shared with the Fund or Unit Holders. As a result, the Adviser has an incentive to pursue investments that have data and information that can be utilized in a manner that benefits the Adviser, its affiliates or Other Clients.

***Material, Non-Public Information****.* The Adviser and its affiliates will come into possession of confidential information with respect to an issuer. The Adviser may be restricted from buying, originating or selling securities, loans of, or derivatives with respect to, the issuer on behalf of the Fund until such time as the information becomes public or is no longer deemed material such that it would preclude the Fund from participating in an investment. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act for the Fund upon any such information. Therefore, the Fund may not have access to confidential information in the possession of the Adviser that might be relevant to an investment decision to be made for the Fund. In addition, the Adviser, in an effort to avoid buying or selling restrictions on behalf of the Fund or Other Clients, may choose to forego an opportunity to receive (or elect not to receive) information that other market participants or counterparties, including those with the same positions in the issuer as the Fund, are eligible to receive or have received, even if possession of such information would otherwise be advantageous to the Fund.

In addition, affiliates of the Adviser within Fidelity may come into possession of confidential information with respect to an issuer. The Adviser may be restricted from buying, originating or selling securities, loans of, or

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derivatives with respect to, the issuer on behalf of the Fund if the Adviser deemed such restriction appropriate. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to confidential information in the possession of the Adviser or its affiliates that might be relevant to an investment decision to be made by the Fund. Accordingly, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold.

***Loan Agreements with Affiliates****.* The Fund may enter into loan agreements with the Adviser or its affiliates. The Adviser and its affiliates have a conflict of interest between the obligation to act in the Fund's best interest and the Adviser or affiliate's own best interest. Any such loans or advances made to the Fund will be consistent with applicable law, the Adviser's fiduciary obligations to act in the Fund's best interests, the Fund's investment objectives, and the asset coverage ratio requirements under the 1940 Act. The terms associated with any such loans from the Adviser or its affiliates, including the interest charged, shall, in the aggregate, be no more favorable to the Adviser or its affiliates than could be obtained in an arm's-length transaction but will not necessarily be on the same terms or at the same interest rate charged by the Adviser to other funds that it manages. Neither the Adviser nor any of its affiliates is obligated to extend any such loans to the Fund and such loans will not necessarily be made available to the Fund in the same amounts or on the same economic terms as are made available to other funds advised by the Adviser or its affiliates, or at all. In the event that the Fund is required to find third-party financing in place of or in addition to loans from the Adviser and its affiliates, such third-party financing could be at less favorable economic terms than the loans from the Adviser and its affiliates, which could reduce the Fund's returns.

***Buying and Selling Investments or Assets from Certain Related Parties***. The Fund and its portfolio companies may purchase investments or assets from or sell investments or assets to Unit Holders, other portfolio companies of the Fund, portfolio companies of Other Clients or their respective related parties. Purchases and sales of investments or assets between the Fund or its portfolio companies, on the one hand, and Unit Holders, other portfolio companies of the Fund, portfolio companies of Other Clients or their respective related parties, on the other hand, are not, unless required by applicable law, subject to the approval of the Board or any Unit Holder. These transactions involve conflicts of interest, as the Adviser may receive fees and other benefits, directly or indirectly, from or otherwise have interests in both parties to the transaction, including different financial incentives Fidelity may have with respect to the parties to the transaction. For example, there can be no assurance that any investment or asset sold by the Fund to a Unit Holder, other portfolio companies of the Fund, portfolio company of Other Clients or any of their respective related parties will not be valued or allocated a sale price that is lower than might otherwise have been the case if such asset were sold to a third party rather than to a Unit Holder, portfolio company of Other Clients or any of their respective related parties. The Adviser will not be required to solicit third party bids or obtain a third-party valuation prior to causing the Fund or any of its portfolio companies to purchase or sell any asset or investment from or to a Unit Holder, other portfolio companies of the Fund, portfolio company of Other Clients or any of their respective related parties as provided above.

***Other Affiliate Transactions and Investments in Different Levels of Capital Structure****.* From time to time, the Fund and the Other Clients may make investments at different levels of an issuer's capital structure or otherwise in different classes of an issuer's securities or loans, subject to the limitations of the 1940 Act. While less common, subject to applicable law, from time to time the Fund could hold an investment in a different layer of the capital structure than an investor or another party with which the Adviser or its affiliates have a material relationship, in which case the Adviser or its affiliates could have an incentive to cause the Fund or the portfolio company to offer more favorable terms to such parties (including, for instance, financing arrangements). Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities or loans that may be held by such entities. To the extent the Fund holds securities or loans that are different (including with respect to their relative seniority) than those held by an Other Client, the Adviser and its affiliates may be presented with decisions when the interests of the funds are in conflict. For

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example, conflicts could arise where the Fund lends funds to a portfolio company while an Other Client invests in equity securities of such portfolio company. In this circumstance, for example, if such portfolio company were to go into bankruptcy, become insolvent or otherwise be unable to meet its payment obligations or comply with its debt covenants, conflicts of interest could arise between the holders of different types of securities or loans as to what actions the portfolio company should take. Further conflicts could arise after the Fund and Other Clients have made their respective initial investments. For example, if additional financing is necessary as a result of financial or other difficulties, it may not be in the best interests of the Fund to provide such additional financing. If the Other Clients were to lose their respective investments as a result of such difficulties, the ability of the Adviser to recommend actions in the best interests of the Fund might be impaired. Any applicable co-investment order issued by the SEC may restrict the Fund's ability to participate in follow-on financings. The Adviser may in its discretion take steps to reduce the potential for adversity between the Fund and the Other Clients, including causing the Fund and/or such Other Clients to take certain actions that, in the absence of such conflict, it would not take. Such conflicts will be more difficult if the Fund and Other Clients hold significant or controlling interests in competing or different tranches of a portfolio company's capital structure. Equity holders and debt holders have different (and often competing) motives, incentives, liquidity goals and other interests with respect to a portfolio company. In addition, there may be circumstances where the Adviser agrees to implement certain procedures to ameliorate conflicts of interest that may involve a forbearance of rights relating to the Fund or Other Clients, such as where the Adviser or its affiliates may cause the Fund or Other Clients to decline to exercise certain control-and/or foreclosure-related rights with respect to a portfolio company.

Further, the Fund is prohibited under the 1940 Act from participating in certain transactions with certain affiliates (including portfolio companies of Other Clients) without the prior approval of a majority of the independent members of the Board and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the outstanding voting securities will be an affiliate of the Fund for purposes of the 1940 Act and generally the Fund will be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of the Board. However, the Fund may under certain circumstances purchase any such affiliate's loans or securities in the secondary market, which could create a conflict for the Adviser between the Fund's interests and the interests of such affiliate, in that the ability of the Adviser to recommend actions in the Fund's best interest may be limited. The 1940 Act also prohibits certain "joint" transactions with certain affiliates, which could include investments in the same portfolio company (whether at the same or closely related times), without prior approval of the Board and, in some cases, the SEC.

In addition, conflicts may arise in determining the amount of an investment, if any, to be allocated among potential investors and the respective terms thereof. There can be no assurance that any conflict will be resolved in favor of the Fund, and in some cases, subject to applicable law, a decision by the Adviser to take any particular action could have the effect of benefiting an Other Client (and, incidentally, may also have the effect of benefiting the Adviser and its affiliates) and therefore may not have been in the best interests of, and may be adverse to, the Fund. There can be no assurance that the return on the Fund's investment will be equivalent to or better than the returns obtained by the Other Clients participating in the transaction.

***Related Financing Counterparties***. The Fund may invest in companies or other entities in which Other Clients make an investment in a different part of the capital structure (and vice versa) subject to the requirements of the 1940 Act and the Fund's co-investment order. The Adviser and its affiliates take into account various facts and circumstances they deem relevant in selecting financing sources, including whether a potential lender has expressed an interest in evaluating debt financing opportunities, whether a potential lender has a history of participating in debt financing opportunities generally and with the Adviser in particular, the size of the potential lender's loan amount, the timing of the relevant cash requirement, the availability of other sources of financing, the creditworthiness of the lender, whether the potential lender has demonstrated a long-term or continuing commitment to the success of the Adviser, its affiliates and their funds, and such other factors that the Adviser and its affiliates deem relevant under the circumstances. The cost of debt alone is not determinative.

It is possible that Unit Holders, Other Clients, their portfolio companies, co-investors and other parties with material relationships with the Adviser, such as Unit Holders of and lenders to the Adviser and its affiliates and

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lenders to Other Clients and their portfolio companies, could provide additional first lien financing to portfolio companies of the Fund, subject to the requirements of the 1940 Act. The Adviser could have incentives to cause the Fund and its portfolio companies to accept less favorable financing terms from a Unit Holder, Other Clients, their portfolio companies, Fidelity, and other parties with material relationships with the Adviser than it would from a third party. If the Fund or a portfolio company occupies a more senior position in the capital structure than a Unit Holder, Other Client, their portfolio companies and other parties with material relationships with the Adviser, the Adviser could have an incentive to cause the Fund or portfolio company to offer more favorable financing terms to such parties. In the case of a related party financing between the Fund or its portfolio companies, on the one hand, and the Adviser or Other Clients' portfolio companies, on the other hand, to the extent permitted by the 1940 Act, the Adviser could, but is not obligated to, rely on a third party agent to confirm the terms offered by the counterparty are consistent with market terms, or the Adviser could instead rely on its own internal analysis, which the Adviser believes is often superior to third party analysis given the scale of the Adviser and its affiliates in the market. If, however, any of the Adviser, the Fund, an Other Client or any of their portfolio companies delegates to a third party, such as another member of a financing syndicate or a joint venture partner, the negotiation of the terms of the financing, the transaction will be assumed to be conducted on an arms-length basis, even though the participation of the Adviser related vehicle impacts the market terms. For example, in the case of a loan extended to the Fund or a portfolio company by a financing syndicate in which an Other Client has agreed to participate on terms negotiated by a third-party participant in the syndicate, it may have been necessary to offer better terms to the financing provider to fully subscribe the syndicate if the Other Client had not participated. It is also possible that the frequent participation of Other Clients in such syndicates could dampen interest among other potential financing providers, thereby lowering demand to participate in the syndicate and increasing the financing costs to the Fund. The Adviser does not believe either of these effects is significant, but no assurance can be given to Unit Holders that these effects will not be significant in any circumstance. Unless required by applicable law, the Adviser will not seek any consent or approvals from Unit Holders or the Board in the case of any of these conflicts.

The Adviser and its affiliates could cause actions adverse to the Fund to be taken for the benefit of Other Clients that have made an investment more senior in the capital structure of a portfolio company than the Fund (*e.g*., provide financing to a portfolio company, the equity of which is owned by the Fund) and, vice versa, actions may be taken for the benefit of the Fund and its portfolio companies that are adverse to Other Clients. The Adviser and its affiliates could seek to implement procedures to mitigate conflicts of interest in these situations such as (i) a forbearance of rights, including some or all non-economic rights, by the Fund or relevant Other Client (or their respective portfolio companies, as the case may be) by, for example, agreeing to follow the vote of a third party in the same tranche of the capital structure, or otherwise deciding to recuse itself with respect to decisions on defaults, foreclosures, workouts, restructurings and other similar matters, (ii) causing the Fund or relevant Other Client (or their respective portfolio companies, as the case may be) to hold only a non-controlling interest in any such portfolio company, (iii) retaining a third party loan servicer, administrative agent or other agent to make decisions on behalf of the Fund or relevant Other Client (or their respective portfolio companies, as the case may be), or (iv) create groups of personnel within the Adviser and its affiliates separated by information barriers (which may be temporary and limited purpose in nature), each of which would advise one of the clients that has a conflicting position with Other Clients. As an example, to the extent an Other Client holds an interest in a loan or security that is different (including with respect to relative seniority) than those held by the Fund or its portfolio companies, the Adviser may decline to exercise, or delegate to a third party, certain control, foreclosure and other similar governance rights of the other client. In these cases, the Adviser would generally act on behalf of one of its clients, though the other client would generally retain certain control rights, such as the right to consent to certain actions taken by the trustee or administrative or other agent of the investment, including a release, waiver, forgiveness or reduction of any claim for principal or interest; extension of maturity date or due date of any payment of any principal or interest; release or substitution of any material collateral; release, waiver, termination or modification of any material provision of any guaranty or indemnity; subordination of any lien; and release, waiver or permission with respect to any covenants.

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In addition, it is anticipated that in a bankruptcy proceeding the Fund's interests will likely be subordinated or otherwise adverse to the interests of Other Clients with ownership positions that are more senior to those of the Fund. For example, an Other Client that has provided debt financing to an investment of the Fund may take actions for its benefit, particularly if the Fund's Investment is in financial distress, which adversely impact the value of the Fund's subordinated interests.

Although Other Clients can be expected to provide financing to the Fund and its portfolio companies subject to the requirements of the 1940 Act, there can be no assurance that any Other Client will indeed provide any such financing with respect to any particular investment. Participation by Other Clients in some but not all financings of the Fund and its portfolio companies may adversely impact the ability of the Fund and its portfolio companies to obtain financing from third parties when Other Clients do not participate, as it may serve as a negative signal to market participants. Any financing provided by a Unit Holder or an affiliate to the Fund or a portfolio company is not an investment in the Fund.

The respective investment programs of the Fund and the Other Clients may or may not be substantially similar. The Adviser and its affiliates may give advice to, and recommend securities for, Other Clients that may differ from advice given to, or securities recommended or bought for, the Fund, even though their investment objectives may be the same as or similar to those of the Fund. While the Adviser will seek to manage potential conflicts of interest in a fair and equitable manner, the portfolio strategies employed by the Adviser and its affiliates in managing their respective Other Clients are likely to conflict from time to time with the transactions and strategies employed by the Adviser in managing the Fund and may affect the prices and availability of the securities and instruments in which the Fund invests. Conversely, participation in specific investment opportunities may be appropriate, at times, for both the Fund and Other Clients. In any event, it is the policy of the Adviser to allocate investment opportunities and sale opportunities on a basis deemed by the Adviser, in its sole discretion, to be fair and equitable over time.

***Joint Ventures.*** The Fund or the Adviser may partner with one or more unaffiliated banks or other financial institutions to make particular investments or types of investments, with, in some instances, such partners having senior exposure to the investment program and the Fund and Other Clients participating in the junior exposure or vice versa. In doing so, the Adviser would seek to benefit from the larger combined capital base of working with a partner, as well as such partner's sourcing channels and expertise. In addition, the Fund may be an initial economic participant in such an investment program or may join the investment program after it has made investments. As a result, the Fund may or may not share in the returns of the investments that have already been originated and, accordingly the returns realized by the Unit Holders may differ from the returns realized by other participants of such investment program.

The structure of this type of investment program will vary and will be determined on a case-by-case basis in order to accommodate the nature of the arrangements, applicable bank and other regulatory restrictions, particular considerations applicable to the funds and accounts participating in the investment program, tax considerations, and other factors. For example, the investment program may be structured so that the Fund purchases debt of a holding company (the "JV Participant") and the JV Participant then participates in the joint venture or the investments sourced through the joint venture. In such a situation, the equity of the JV Participant is expected to be held by Other Clients. As a result, conflicts of interest may arise between the Fund (as debt holders of the JV Participant) and the Other Clients participating in the investment program (as equity holders of the JV Participant). These conflicts of interest would be magnified in the event of any default, bankruptcy or similar event of financial distress with respect to the JV Participant. Further, the returns realized by the Fund are likely to differ from the returns realized by the Other Clients participating in the investment program. In such a structure, the Fund as a debt holder will have more enhanced downside protection than the Other Clients but will not benefit from all of the upside from the underlying investments, whereas the Other Clients, while being subject to a greater risk of loss, will also benefit from greater upside than the Fund.

The Fund's joint venture partner may be a regulated banking entity, and the joint venture vehicle may be subject to bank regulation as a result of the bank's ownership interest therein. As a result, there is a risk that the joint

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venture could be subject to bank regulatory audit and review, as well as potential fines or other enforcement actions that the Fund, acting on its own, would not otherwise be subject. While the bank joint venture partner would be expected to assume some of these liabilities directly, the JV Participant would nevertheless have some exposure, potentially in respect of larger liabilities. Such liabilities could be significant. Furthermore, the activities of the joint venture may be restricted because of regulatory requirements applicable to the bank or its internal policies designed to comply with, limit the applicability of, or that otherwise relate to such requirements.

The Adviser believes that any such joint venture will be structured in a manner that would not cause a violation of applicable banking laws and regulations. However, it is possible that future changes or clarifications in statutes, regulations or interpretations concerning the permissible activities of bank holding companies, as well as further judicial or administrative decisions and interpretations of present or future statutes or regulations could restrict (or possibly prevent) the banking partner from continuing to participate in the joint venture in the manner originally contemplated. In such event, the Adviser and the applicable banking partner may agree to alter or restrict the investment program or may elect to terminate the investment program altogether. Any such restructuring or termination may adversely affect the returns realized by the Fund in connection with its participation in the investment program.

***Certain Investments Inside the Fund's Mandate that are not Pursued by the Fund****.* Under certain circumstances, the Adviser may determine not to pursue some or all of an investment opportunity within the Fund's mandate pursuant to its investment allocation policies and procedures, including without limitation, as a result of business, reputational or other reasons applicable to the Fund, Other Clients, their respective portfolio companies or the Adviser. In addition, the Adviser may determine that the Fund should not pursue some or all of an investment opportunity, including, by way of example and without limitation, because the Fund has already invested sufficient capital in the investment, sector, industry, geographic region or markets in question, as determined by the Adviser in its good faith discretion, or the investment is not appropriate for the Fund for other reasons as determined by the Adviser in its good faith reasonable sole discretion. In any such case the Adviser or its affiliates could, thereafter, offer such opportunity to other parties, including Other Clients or portfolio companies or limited partners or Unit Holders or Other Clients, joint venture partners, related parties or third parties. Any such Other Clients may be advised by an affiliate of the Adviser, which could determine an investment opportunity to be more attractive than the Adviser believes to be the case. In any event, there can be no assurance that the Adviser's assessment will prove correct or that the performance of any investments actually pursued by the Fund will be comparable to any investment opportunities that are not pursued by the Fund. The Adviser and its affiliates, including their personnel, may receive compensation from any such party that makes the investment, including an allocation of carried interest or referral fees, and any such compensation could be greater than amounts paid by the Fund to the Adviser. In some cases, the Adviser or its affiliates earn greater fees when Other Clients participate alongside or instead of the Fund in an Investment.

***Allocation of Revolver, Delayed-Draw Investment or Line of Credit Obligations***. The Fund generally expects to participate in one or more investments that are structured as "revolvers," "delayed-draws" or "lines of credit" with funding obligations that extend past the initial date of investment. Later funding obligations related to such investments may not be allocated pro rata among all the investors who participated in the initial funding of an investment. In particular, the Fund may participate in the initial funding of an investment, but may not participate in later-arising funding obligations (*i.e*., the revolver, delayed-draw or line of credit portions) related to such investment, including because of capacity limitations that an investment vehicle may have for making new revolver, delayed-draw investments or lines of credit. As a result, the Fund may be allocated a smaller or larger portion of revolver, delayed-draw investments or lines of credit than other investors participating in the loan (or may not be allocated any portion). Unit Holders that participate in the initial funding of an investment may receive certain economic benefits in connection with such initial funding, such as OID, closing payments, or commitment fees and these benefits are expected to be allocated based on participation in the initial funding, regardless of participation in future funding obligations. In addition, where the Fund and any other participating investors have not participated in each funding of an investment on a pro rata basis, conflicts of interest may arise between the Fund and the other investors as the interests of the Fund and the other investors may not be

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completely aligned with respect to such investment. In that regard, the revolver, delayed draw or line of credit portion of an investment may be senior to the investment in the portfolio company made by the Fund, and as a result, the interests of the Fund may not be aligned with other participating investors.

***Insurance****.* The Adviser will cause the Fund to purchase, and/or bear premiums, fees, costs and expenses (including any expenses or fees of insurance brokers) for insurance to insure the Fund and the Board against liability in connection with the activities of the Fund. This includes a portion of any premiums, fees, costs and expenses for one or more "umbrella," group or other insurance policies maintained by the Adviser or its affiliates that cover the Fund and one or more of the Other Clients, the Adviser, and/or its affiliates (including their respective directors, officers, employees, agents, representatives, independent client representative (if any) and other indemnified parties). The Adviser will make judgments about the allocation of premiums, fees, costs and expenses for such "umbrella," group or other insurance policies among the Fund, one or more Other Clients, the Adviser, and/or its affiliates on a fair and reasonable basis, subject to approval by the Board.

***Additional Potential Conflicts of Interest***. The officers, directors, members, managers, employees and personnel of the Adviser, as applicable, may trade in securities for their own accounts, subject to restrictions and reporting requirements as may be required by law or the policies of the Adviser and its affiliates, or otherwise determined from time to time by the Adviser. In addition, certain Other Clients may be subject to the 1940 Act or other regulations that, due to the role of the Adviser or its affiliates, could restrict the ability of the Fund to buy investments from, to sell investments to or to invest in the same securities as, such Other Clients. Such regulations may have the effect of limiting the investment opportunities available to the Fund. Finally, although Fidelity believes its positive reputation in the marketplace provides benefit to the Fund and Other Clients, the Adviser could decline to undertake investment activity or transact with a counterparty on behalf of the Fund for reputational reasons, and this decision could result in the Fund foregoing a profit or suffering a loss.

*The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Fund. Prospective investors should read this Registration Statement and consult with their own advisers before deciding whether to invest in the Fund. In addition, as the Fund's investment program develops and changes over time, an investment in the Fund may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.* 

**Fees** 

In the course of the Fund's investing activities, the Fund will pay administrative fees to the Administrator, incur direct expenses and, as applicable, will reimburse the Adviser for certain expenses it incurs.

**Certain Business Relationships** 

Certain of the current directors and officers of the Fund are directors or officers of the Adviser. See "*(b). Promoters and Certain Control Persons"* below for a description of the Advisory Agreement.

**Indebtedness of Management** 

None.

*(b) Promoters and Certain Control Persons* 

The Adviser may be deemed a promoter of the Fund. The Fund has entered into the Advisory Agreement with the Adviser.

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Under the Advisory Agreement, the Fund expects, to the extent permitted by applicable law and in the discretion of the Board, to indemnify the Adviser and certain of its affiliates. See "*Item 1. Business—Advisory Agreement*."

**Item 8. Legal Proceedings** 

The Fund is not currently subject to any material legal proceedings, nor, to the Fund's knowledge, is any material legal proceeding threatened against us. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund's rights under loans to or other contracts with the Fund's portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon the Fund's financial condition or results of operations.

**Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Unit Holder Matters** 

**Market Information** 

Unless a public offering occurs, the outstanding Units will be offered and sold in transactions exempt from registration under the Securities Act under Section 4(a)(2) of the Securities Act and Regulation D thereunder. See "*Item 10. Recent Sales of Unregistered Securities*" for more information. There is currently no market for the Fund's Units, and the Fund can offer no assurances that a market for the Fund's Units will develop in the future.

Because Units are being acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. The Fund's Units may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Fund's consent is granted, and (ii) the Units are registered under applicable securities laws or specifically exempted from registration (in which case the Unit Holder may, at the Fund's option, be required to provide the Fund with a legal opinion, in form and substance satisfactory to us, that registration is not required). The Fund's Units are privately placed and any transfers require the Fund's prior consent. As a result, it is not expected that Unit Holders will be able to take advantage of transfers under Rule 144. Accordingly, an investor must be willing to bear the economic risk of investment in the Units until the Fund is liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Units may be made except by registration of the transfer on the Fund's books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Units and to execute such other instruments or certifications as are reasonably required by the Fund.

**Holders** 

Please see "*Item 4. Security Ownership of Certain Beneficial Owners and Management"* for disclosure regarding the holders of the Fund's Units.

**Fair Value Measurements** 

The Fund values its investments, upon which its NAV is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee responsible for valuing all of the Fund's investments, including making fair valuation determinations as needed. The Adviser has

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established a Fair Value Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of a fund's investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser's policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment.

Investments that are not publicly traded or whose current market prices or quotations are not readily available are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser's Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors.

The Fund has engaged an independent valuation firm to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser's Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fair Value Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Fund investments, at any time.

Our accounting policy regarding the fair value of our investments is critical because the determination of fair value involves subjective judgments and requires the use of estimates. Due to the inherent uncertainty of determining fair value measurements, the fair values of our investments may differ from the amounts that we ultimately realize or collect from sales or maturities of our investments, and the differences could be material.

**Distributions** 

The Fund has adopted an "opt out" DRIP. As a result, if the Fund declares a cash dividend or distribution, Unit Holders will have their cash dividends or distributions automatically reinvested in additional Units, rather than receiving cash, unless they "opt out." Unit Holders who make an affirmative election to "opt out" will receive their distributions in cash. Units issued pursuant to the DRIP will not reduce a Unit Holder's Capital Commitments to the Fund. The Fund will be entitled to withhold from any distributions, in its sole discretion, amounts to establish appropriate reserves for expenses, obligations, contingencies or liabilities relating to the Fund (for the avoidance of doubt, including in respect of any liquidity needs).

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A Unit Holder may elect to "opt out" of the DRIP by the Plan Administrator prior to the record date for distributions. The Plan Administrator will set up an account for each Unit Holder to acquire Units in non-certificated form through the plan if such Unit Holders have elected to receive their distributions in Units.

The Fund will use newly issued Units to implement the DRIP, with such Units to be issued at a per Unit price as determined by the Board (including any committee thereof), which price will be determined prior to the issuance of Units and in accordance with the limitations under Section 23 of the 1940 Act.

There will be no brokerage or other charges to Unit Holders who participate in the plan. The DRIP administrator's fees under the plan will be paid by the Fund.

Unit Holders who elect to receive distributions in the form of Units are generally subject to the same U.S. federal, state and local tax consequences as are Unit Holders who receive their distributions in cash. However, since a participating Unit Holder's cash dividends would be reinvested in Units, such Unit Holder will not receive cash with which to pay applicable taxes on reinvested dividends. A Unit Holder's basis for determining gain or loss upon the sale of Units received in a distribution from the Fund will generally be equal to the cash that would have been received if the Unit Holder had received the distribution in cash. Any Units received in a distribution will have a new holding period for tax purposes commencing on the day following the day on which such Units are credited to the U.S. holder's account. If a Unit Holder elects to tender its Units in full and such full tender is accepted by the Fund, any Units issued to the Unit Holder under the plan subsequent to the expiration of the tender offer will be considered part of the Unit Holder's prior tender, and participant's participation in the plan will be terminated as of the expiration date of the applicable tender offer.

The Fund may terminate the DRIP upon notice in writing to each participant at least thirty (30) days prior to any record date for the payment of any distribution by the Fund.

**Item 10. Recent Sales of Unregistered Securities** 

As of [ ], the Fund had issued and sold [$] in unit interests.

**Item 11. Description of Registrant's Securities to be Registered** 

**Description of our Units** 

*General.* 

Under the terms of the Fund's LLC Agreement, the Fund is authorized to issue an unlimited number of Units. There is currently no market for the Fund's Units, and the Fund can offer no assurances that a market for its Units will develop in the future. There are no outstanding options or warrants to purchase the Fund's Units. No Units have been authorized for issuance under any equity compensation plans. Under Delaware law, Unit Holders generally are not personally liable for the debts or obligations of the Fund.

*Units.* 

All the Fund's Units have equal rights as to earnings, assets, dividends, subject to any preferential dividend rights of outstanding preferred units, if any. Distributions may be paid to the holders of the Fund's Units if, as and when authorized by the Board and declared by the Fund out of funds legally available therefor. In the event of the Fund's liquidation, termination or winding up, each Unit of the Fund's Units would be entitled to share ratably in all of the Fund's assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of the Fund's preferred Units, if any preferred Units are outstanding at such time. Each Unit is entitled to one vote on all matters submitted to a vote of Unit Holders, including the election of directors. Except as provided with respect to any other class or series of Units, the

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holders of the Fund's Units will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding Units can elect all of the Fund's directors, and holders of less than a majority of such Units will not be able to elect any directors.

*Preferred Units.* 

The Fund may, but does not currently intend to, issue preferred Units.

**Transferability of Units** 

Prior to an IPO (if any), Unit Holders may not sell, assign, transfer or pledge (each, a "Transfer") any Units, rights or obligations unless (i) the Adviser gives consent, which consent may be granted or denied in the sole discretion of the Adviser, and (ii) the Transfer is made in accordance with applicable securities laws. No Transfer will be effectuated except by registration of the Transfer on the Fund's books. Each transferee must agree to be bound by these restrictions and all other obligations as a Unit Holder in the Fund.

Following an IPO, if any, Unit Holders may be restricted from selling or transferring their Units for a certain period of time by applicable securities laws or contractually by a lock-up agreement with the underwriters of the IPO.

**Limited Liability of the Unit Holders** 

No common Unit Holder or former Unit Holder, in its capacity as such, will be liable for any of our debts, liabilities or obligations except as provided hereunder and to the extent otherwise required by law. Each Unit Holder will be required to pay to us any unpaid balance of any payments that he, she or it is expressly required to make to us pursuant to the LLC Agreement or pursuant to such Unit Holder's Subscription Agreement, as the case may be.

**Limitation on Liability of Directors and Officers** 

To the fullest extent permitted by applicable law, none of the Fund's Directors and Officers or employees will be liable to the Fund or to any Unit Holder for any act or omission performed or omitted by any such person (including any acts or omissions of or by another Director, Officer or employee), in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

**Delaware Law and Certain Limited LLC Agreement Provisions** 

***Organization and Duration***

The Fund was formed on January 21, 2026 as Delaware limited liability company. We will remain in existence until dissolved in accordance with the LLC Agreement or pursuant to Delaware law.

***Purpose***

Under the LLC Agreement, we may engage in any lawful act or activity for which limited liability companies may be formed under the laws of the State of Delaware and shall have all the powers available to it as a limited liability company formed under the laws of the State of Delaware.

***Agreement to be Bound by the LLC Agreement; Power of Attorney***

By executing the Subscription Agreement (which signature page constitutes a counterpart signature page to the LLC Agreement), each investor accepted by the Fund is agreeing to be admitted as a member of the Fund and

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bound by the terms of the LLC Agreement. Pursuant to the LLC Agreement, each Unit Holder and each person who acquires Units from a Unit Holder grants any duly authorized representative of the Fund as its true and lawful representative and its attorney-in-fact, in its name, place, and stead.

***Resignation and Removal of Directors; Procedures for Vacancies***

Any director may resign at any time by submitting his or her written resignation to the Board or secretary of the Fund. Such resignation shall take effect at the time of its receipt by the Fund unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective. Any or all of the directors may be removed by the affirmative vote of a majority of the full Board, provided however, that any or all directors appointed by preferred Unit Holders may be removed only by the affirmative vote of at least 66 2/3% in voting power of all the then-outstanding preferred Units of the Fund.

Except as otherwise provided by applicable law, including the 1940 Act, any newly created directorship on the Board that results from an increase in the number of directors, and any vacancy occurring in the Board that results from the death, resignation, retirement, disqualification or removal of a director or other cause, shall be filled by exclusively by the appointment and affirmative vote of a majority of the remaining directors in office, although less than a quorum, or by a sole remaining director. Any director elected to fill a vacancy or newly created directorship shall hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualified, or until his or her death, resignation, retirement, disqualification or removal.

***Action by Unit Holders***

Under the LLC Agreement, whenever action is required to be taken by a specified percentage in interest of the Unit Holders (or any class or group of Unit Holders), such action shall be deemed to be valid if taken upon the written vote or written consent of those Unit Holders (or those Unit Holders included in such class or group) whose Units represent the specified percentage of the aggregate outstanding Units of all Unit Holders (or all Unit Holders included in such class or group) at the time. Each Unit Holder shall be entitled to one vote for each Unit held on all matters submitted to a vote of the Unit Holders.

Only our Board, the Chairman of the Board or our President may call a meeting of Unit Holders. Only business specified in the Fund's notice of meeting (or any supplement thereto) may be conducted at such meeting.

***Amendment of the LLC Agreement; No Approval by Unit Holders***

Except as otherwise provided in the LLC Agreement, the terms and provisions of the LLC Agreement may be amended with the consent of the Board (which term includes any waiver, modification, or deletion of the LLC Agreement) during or after the term of the Fund, together with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If no preferred Units have been issued and are outstanding, the holders of a majority of the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If preferred Units have been issued and are outstanding, (i) in the case of an amendment not affecting the
rights of preferred Unit Holders, the holders of a majority of the Units, (ii) in the case of an amendment not affecting the rights of the Unit Holders (including rights or protections with respect to tax consequences of Unit Holders), the
holders of a majority of the preferred Units, and (iii) in case of an amendment affecting the rights (including rights or protections with respect to tax consequences of Unit Holders) of both the Unit Holders and preferred Unit Holders,
the holders of a majority of the Units and the holders of a majority of the preferred Units.

Notwithstanding clauses (a) or (b) above, certain limited amendments, as set forth in the LLC Agreement, may be made with the consent of the Board and without the need to seek the consent of any Unit Holder or preferred Unit Holder.

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***Merger, Sale or Other Disposition of Assets***

Subject to any restrictions of the 1940 Act and applicable law, the Board shall be entitled, without the approval of any Unit Holders, to cause the Fund to, among other things, sell, exchange or otherwise dispose of all or substantially all of the Fund's assets in a single transaction or series of transactions, or approve on behalf of the Fund, the sale, exchange or disposition of all or substantially all of the Fund's assets. The Board may also cause the sale of all or substantially all of the Fund's assets under foreclosure or other realization without the consent of any Unit Holders.

**Item 12. Indemnification of Directors and Officers** 

The LLC Agreement provides that, to the fullest extent permitted by applicable law, none of our officers, directors or employees will be liable to us or to any Unit Holder for any act or omission performed or omitted by any such person (including any acts or omissions of or by another officer, director or employee), in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

The LLC Agreement provides that we will indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the Fund) by reason of the fact that he or she is or was a director, officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Fund, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

In addition, we will indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Fund to procure a judgment in its favor by reason of the fact that he or she is or was a director, officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Fund, except that no indemnification will be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Fund unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.

Under the indemnification provision of the LLC Agreement, expenses (including attorneys' fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Fund in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it is ultimately determined that he or she is not entitled to be indemnified by the Fund pursuant to the provisions of the LLC Agreement.

So long as we are regulated under the 1940 Act, the above indemnification and limitation of liability is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any director or officer against liability to it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office unless a determination

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is made by final decision of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct. In addition, we have obtained liability insurance for our officers and directors.

**Item 13. Financial Statements and Supplementary Data** 

Set forth below is an index to our financial statements attached to this Registration Statement.

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| | |
|:---|:---|
|  **Financial Statement** | **Page** |
|  [Index to Financial Statements](#fin110483_1) | F-1 |
|  [Report of Independent Registered Public Accounting Firm](#fin110483_2) | F-2 |
|  Statement of Assets and Liabilities |  |
|  Statement of Operations |  |
|  Statement of Changes in Net Assets |  |
|  Statements of Cash Flows |  |
|  Schedule of Investments |  |
|  Notes to Financial Statements |  |

---

**Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure** 

There are not and have not been any disagreements between the Fund and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

**Item 15. Financial Statements and Exhibits.** 

*(a) List separately all financial statements filed* 

The financial statements included in this Registration Statement are listed in Item 13 and commence on page F-1.

*(b) Exhibits* 

---

| | |
|:---|:---|
| 3.1\* | [Amended and Restated Limited Liability Company Agreement of the Fund, dated March 18, 2026](d110483dex31.htm) |
| 10.1\* | [Investment Advisory Agreement](d110483dex101.htm) |
| 10.2\* | [Administration Agreement](d110483dex102.htm) |
| 10.3\* | [Form of Subscription Agreement](d110483dex103.htm) |
| 10.4\*\* | Custodian Agreement |
| 10.5\* | [Expense Limitation Agreement](d110483dex105.htm) |
| 10.6\*\* | Dividend Reinvestment Plan |
| 14.1\* | [Code of Ethics of the Fund and the Adviser](d110483dex141.htm) |

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\* Filed herewith

\*\* To be filed by amendment.

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**SIGNATURES** 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Fidelity Private Credit Company II LLC | Fidelity Private Credit Company II LLC |
| By: | /s/ Heather Bonner |
|  | Name: Heather Bonner |
|  | Title: President and Treasurer (principal executive officer) |

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Date: May 29, 2026

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**FIDELITY PRIVATE CREDIT COMPANY II LLC** 

**INDEX TO [ ] FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#fin110483_2) | F-2 |
|  Statement of Assets and Liabilities as of [ ] |  |
|  Statement of Operations for the period ended [ ] |  |
|  Statement of Changes in Net Assets for the period ended [ ] |  |
|  Statement of Cash Flows for the period ended [ ] |  |
|  Schedule of Investments as of the period ended [ ] |  |
|  Notes to Financial Statements |  |

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*See accompanying notes which are an integral part of the financial statements.* 

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**REPORT OF INDEPENDENT AUDITORS**

## Exhibit 3.1

**Exhibit 3.1** 

**Fidelity Private Credit Company II LLC** 

**Amended and Restated** 

**Limited Liability Company Agreement** 

**Dated as of March 18, 2026** 

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| Section 1.1 | Definitions | 1 |
| ARTICLE II ORGANIZATION; POWERS | ARTICLE II ORGANIZATION; POWERS | 2 |
| Section 2.1 | Formation of Limited Liability Company; Admission; Name and Address | 2 |
| Section 2.2 | Purpose; Powers | 2 |
| ARTICLE III MEMBERS, VOTING, AND CONSENTS | ARTICLE III MEMBERS, VOTING, AND CONSENTS | 2 |
| Section 3.1 | Names, Addresses and Subscriptions | 2 |
| Section 3.2 | Status of Members | 3 |
| Section 3.3 | Admission of New Members; Capital Contributions | 3 |
| Section 3.4 | Management and Control of the Fund | 4 |
| Section 3.5 | Activities of Members | 8 |
| Section 3.6 | Meetings of Members | 9 |
| Section 3.7 | Waiver of Notice | 9 |
| Section 3.8 | Member Voting and Consents | 10 |
| ARTICLE IV INVESTMENTS AND ACTIVITIES | ARTICLE IV INVESTMENTS AND ACTIVITIES | 10 |
| Section 4.1 | Investment Objectives | 10 |
| Section 4.2 | Borrowing | 11 |
| Section 4.3 | Distributions | 12 |
| ARTICLE V CERTAIN RIGHTS AND PREFERENCES OF UNITS | ARTICLE V CERTAIN RIGHTS AND PREFERENCES OF UNITS | 13 |
| Section 5.1 | Classes of Units | 13 |
| Section 5.2 | Class I Units | 13 |
| Section 5.3 | Preferred Units | 13 |
| ARTICLE VI FEES AND EXPENSES; ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT | ARTICLE VI FEES AND EXPENSES; ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT | 13 |
| Section 6.1 | Fund Expenses | 13 |
| Section 6.2 | Investment Advisory Agreement | 13 |
| Section 6.3 | Administration Agreement | 14 |

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| | | |
|:---|:---|:---|
| ARTICLE VII CAPITAL OF THE FUND | ARTICLE VII CAPITAL OF THE FUND | 14 |
| Section 7.1 | Capital Commitments | 14 |
| Section 7.2 | Capital Contributions | 14 |
| ARTICLE VIII DURATION OF THE FUND | ARTICLE VIII DURATION OF THE FUND | 17 |
| Section 8.1 | Term and Termination of the Fund | 17 |
| Section 8.2 | Sale or Merger | 17 |
| ARTICLE IX LIQUIDATION OF ASSETS ON DISSOLUTION | ARTICLE IX LIQUIDATION OF ASSETS ON DISSOLUTION | 17 |
| Section 9.1 | General | 17 |
| Section 9.2 | Liquidating Distributions; Priority | 17 |
| Section 9.3 | Duration of Liquidation | 18 |
| Section 9.4 | Liability for Returns | 18 |
| Section 9.5 | Post-Dissolution Investments | 18 |
| ARTICLE X LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS | ARTICLE X LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS | 18 |
| Section 10.1 | Transfers of Units | 18 |
| Section 10.2 | Admission of Substituted Members | 19 |
| ARTICLE XI LIMITATION OF LIABILITY AND INDEMNIFICATION | ARTICLE XI LIMITATION OF LIABILITY AND INDEMNIFICATION | 20 |
| Section 11.1 | Limitation of Liability | 20 |
| Section 11.2 | Indemnification | 20 |
| Section 11.3 | Nature of Rights | 22 |
| Section 11.4 | Insurance | 22 |
| Section 11.5 | Limitation by Law | 22 |
| ARTICLE XII AMENDMENTS | ARTICLE XII AMENDMENTS | 22 |
| Section 12.1 | Amendments | 22 |
| ARTICLE XIII ERISA MATTERS | ARTICLE XIII ERISA MATTERS | 24 |
| Section 13.1 | VCOC Qualification | 24 |
| Section 13.2 | Disqualified Persons | 24 |

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ii

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| | | |
|:---|:---|:---|
| ARTICLE XIV ADMINISTRATIVE PROVISIONS | ARTICLE XIV ADMINISTRATIVE PROVISIONS | 25 |
| Section 14.1 | Keeping of Accounts and Records; Certificate of Formation; Administrator | 25 |
| Section 14.2 | Valuation | 25 |
| Section 14.3 | Notices | 25 |
| Section 14.4 | Accounting Provisions | 26 |
| Section 14.5 | Tax Provisions | 26 |
| Section 14.6 | General Provisions | 26 |

---

Signature Pages of Members

---

| | |
|:---|:---|
| Appendix I | Definitions |
| Schedule A | Schedule of Directors |
| Schedule B | Schedule of Officers |

---

iii

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**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**FIDELITY PRIVATE CREDIT COMPANY II LLC** 

This Amended and Restated Limited Liability Company Agreement (the "<u>Agreement</u>") of Fidelity Private Credit Company II LLC (the "<u>Fund</u>") is entered into as of March 18, 2026 by and among those Persons who have entered into Subscription Agreements with the Fund and admitted as members of the Fund (the "<u>Members</u>").

RECITALS

WHEREAS, the Fund was formed under the Delaware Limited Liability Company Act (6 Del. C. §18-201, et seq.) (as amended from time to time, the "<u>Delaware Act</u>") pursuant to a Certificate of Formation of the Fund (as amended from time to time hereafter, the "<u>Certificate</u>"), which was filed with the Secretary of State of the State of Delaware on the 21<sup>st</sup> day of January 2026; and

WHEREAS, subsequent to the date hereof, the Fund intends to elect to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") and register the Units (as defined herein) pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), as contemplated by the terms herein, provided that prior to such election and registration the Fund would not be subject the provisions of the 1940 Act or the Exchange Act, respectively; and

WHEREAS, the Fund and the Members previously entered into that certain Limited Liability Company Agreement, dated as of March 4, 2026 (the "Original Agreement"); and

WHEREAS, the Members wish to amend and restate the Original Agreement in its entirety to reflect certain modifications as hereinafter set forth;

NOW, THEREFORE, in order to carry out the intentions expressed above and in consideration of the mutual agreements hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members now hereby agree that the Original Agreement be amended and restated in its entirety as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions. Capitalized terms used herein and not otherwise defined have the meanings assigned to them in APPENDIX I hereto. APPENDIX I also indicates other sections of this Agreement in which certain other terms used in this Agreement are defined.

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ARTICLE II

ORGANIZATION; POWERS

Section 2.1 Formation of Limited Liability Company; Admission; Name and Address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Formation. The Fund was formed as a Delaware limited liability company on January 21, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Admission. Each Person who is to be admitted as a Member pursuant to this Agreement shall accede to this Agreement by, and shall be admitted to the Fund as a Member upon, executing a Subscription Agreement or other written document pursuant to which such Person agrees to become a Member and be bound by this Agreement following the Fund's acceptance of such document, and a counterpart signature page to this Agreement, which shall not require the consent or approval of any other Member. The Fund shall make any necessary filings with the appropriate governmental authorities and take such actions as are necessary under applicable law to effectuate any admission. Each such agreement and/or document described in this Section 2.1(a) may be executed on behalf of a Member by an authorized representative of the Fund, as attorney-in-fact for such Member, with the same force and effect as if executed directly by the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Name. The name of the Fund is "Fidelity Private Credit Company II LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Address. The registered office of the Fund in the State of Delaware, and the registered agent for service of process on the Fund at such address, shall be as specified in the Certificate or as is designated by the Members from time to time in accordance with the Delaware Act. The principal place of business of the Fund shall be 245 Summer Street, Boston, MA 02210, or such other place as the Fund may determine from time to time.

Section 2.2 Purpose; Powers. In furtherance of the investment objectives of the Fund, the Fund may engage in any lawful act or activity for which limited liability companies may be formed under the laws of the State of Delaware and shall have all the powers available to it as a limited liability company formed under the laws of the State of Delaware.

ARTICLE III

MEMBERS, VOTING, AND CONSENTS

Section 3.1 Names, Addresses and Subscriptions. The name, address and e-mail address, the number and class of Units held and the Capital Contribution (as defined below) of each Member are set forth in the books and records of the Fund. The Fund shall maintain such books and records in a manner consistent with this Agreement and shall cause such books and records to be revised to reflect (a) the admission of any additional or substituted Member occurring pursuant to the terms of this Agreement, (b) the withdrawal, or partial withdrawal, of any Member pursuant to the terms of this Agreement, (c) any change in the identity, address or e-mail address of a Member, or (d) any changes in the number of Units owned, any change in a Member's Capital Commitment or a Member's Capital Contribution occurring pursuant to the terms of this Agreement.

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Section 3.2 Status of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Limited Liability. No Member or former Member (as defined below), in its capacity as such, shall be liable for any of the debts, liabilities or obligations of the Fund except as provided in this Section 3.2(a) and to the extent otherwise required by law. Each Member and former Member shall be required to pay to the Fund (i) any Capital Contributions that it has agreed to make to the Fund pursuant to this Agreement and the applicable Subscription Agreement; (ii) the amount of any distribution that it is required to return to the Fund pursuant to the Delaware Act; and (iii) the unpaid balance of any other payments that it is expressly required to make to the Fund pursuant to this Agreement or pursuant to the applicable Subscription Agreement, as the case may be.

As used in this Agreement, "<u>former Members</u>" refers to such Persons who hereafter, from time to time, cease to be Members pursuant to the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effect of Death, Dissolution or Bankruptcy. Upon the death, incompetence, bankruptcy, insolvency, liquidation or dissolution of a Member, the rights and obligations of such Member under this Agreement, to the maximum extent permitted by law, shall inure to the benefit of, and shall be binding upon, such Member's successor(s), estate or legal representative. Each such Person shall be treated as provided in the second sentence of Section 10.2(b) unless and until such Person is admitted as a substituted Member pursuant to Section 10.2. Any Transfer of the Units so acquired by such successor, estate or legal representative shall be subject to the requirements of Article 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Control of Fund. Except as otherwise provided herein, no Member shall have the right or power to: (i) withdraw its Capital Contribution to the Fund; (ii) to the maximum extent permitted by law, cause the dissolution and winding up of the Fund or (iii) demand property in return for its capital contributions. No Member, in its capacity as such, shall take any part in the control of the affairs of the Fund, undertake any transactions on behalf of the Fund, or have any power to sign for or otherwise to bind the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dual Status. A Member may hold both Common Units and, if issued, Preferred Units. A Member who holds both Common Units and Preferred Units shall be treated separately as a Common Unitholder with respect to its Common Units and as a Preferred Unitholder with respect to its Preferred Units, except as otherwise provided in this Agreement.

Section 3.3 Admission of New Members; Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial Closing Date. The Fund will hold an initial closing on such date as may be determined by the Fund in its discretion ("<u>Initial Closing Date</u>"). New Subscribers to the Fund will each enter into a Subscription Agreement pursuant to which the subscriber will agree to purchase Common Units for an aggregate purchase price equal to the portion of its requested capital contribution to the Fund that is accepted by the Fund (its "<u>Capital Contribution</u>"), subject to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subsequent Closings. The Fund may hold closings subsequent to the Initial Closing Date (each such closing a "<u>Subsequent Closing</u>", and each date on which a subsequent closing is held, a "<u>Subsequent Closing Date</u>") and issue additional Units (including Units of any New Class (as defined below)) to any Member (including any Additional Member (as defined below)) on terms and conditions as determined by the Board. The Fund will hold an initial capital drawdown from investors on such date to be determined by the Fund in its discretion (the "<u>Initial Drawdown</u>" and the date on which the Initial Drawdown occurs, the "<u>Initial Drawdown Date</u>") Units shall be issued at a per Unit price in accordance with the 1940 Act, subject to a determination by the Board or the Officers that such price is not below the Fund's then current NAV as may be required pursuant to the 1940 Act.

In addition to all legal remedies available to the Fund, failure by a Member to purchase additional Units when capital is called in respect of a Member's Capital Commitment will (following a cure period of five (5) Business Days) result in that Member being subject to certain default provisions set forth in Section 7.2(e) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Additional Members. One or more additional Members of any New Class or of any existing class of Units (each an "<u>Additional Member</u>") may be admitted into the Fund at any time by acquiring Units in accordance with this Agreement. Any Units acquired by an Additional Member shall be Class I Units, Preferred Units or units of a New Class, as determined by the Board in its discretion. In furtherance of the foregoing, the Members acknowledge and agree that the Fund anticipates issuing Class I Units, Preferred Units and/or units of a New Class to certain Persons in connection with Subsequent Closings as set forth in Section 3.3(b). Prior to the admission of any Additional Member, such Additional Member shall execute a written agreement pursuant to which such Additional Member shall agree to be bound by all of the terms and provisions of this Agreement applicable to Members and shall deliver such additional documentation to the Fund as the Board shall reasonably require to admit such Additional Member to the Fund.

Section 3.4 Management and Control of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of the date hereof, the Fund's board of directors (the "<u>Board of Directors</u>" or the "<u>Board</u>") will be composed of five directors. Thereafter, the number of directors (each, a "<u>Director</u>") shall be determined by a majority of the Directors then in office. Directors need not be Members. The Board may designate a Chair of the Board (the "<u>Chair of the Board</u>"), who shall preside over the meetings of the Board of Directors and meetings of the Unitholders, lead the Board of Directors in fulfilling its responsibilities as set forth in this agreement, and determine the agenda and perform all other duties and exercise all other powers which are or from time to time may be delegated to him or her by the Board of Directors. In the absence of the Chair of the Board, meetings of the Board of Directors and meetings of the Unitholders shall be presided over by the President of the Fund (the "<u>President</u>") to the extent he or she is a Director, or in the absence of the Chair of the Board of Directors and the President, by such other person as the Board of Directors may designate or the Directors present may select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary herein, to the extent required by the 1940 Act, at any time when there are outstanding Preferred Units, the Preferred Unitholders shall have the right, as a class, to elect (a) two additional Directors to the Board, but shall not elect or vote for the other Directors, and (b) if and for so long as dividends on

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the Preferred Units are unpaid in an amount equal to two full years of dividends on the Preferred Units, a majority of the Directors, such majority to be achieved by adding sufficient number of new Directors to the Board, all of whom are elected by the Preferred Unitholders, who, together with the Directors set forth in clause (a), will constitute a majority of the Directors (such Directors under clause (a) or (b), as applicable, the "<u>Preferred Appointed Directors</u>"). In the event any Preferred Units are issued and outstanding, the Preferred Unitholders shall be entitled to elect the Preferred Appointed Directors at a meeting of the Members, which shall be called in the manner as provided in Section 3.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Regular meetings of the Board may be held at such places and times as shall be determined from time to time by the Board. Special meetings of the Board may be called by the President or a majority of the entire Board of Directors. Notice thereof stating the place, date and hour of the meeting shall be given to each Director either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, facsimile or e-mail on twenty-four (24) hours' notice, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances. Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic mail, facsimile transmission, U.S. mail or courier to each Director at his or her business or residence address. Notice by personal delivery, telephone, electronic mail or facsimile transmission shall be given at least twenty-four (24) hours prior to the meeting. Notice by U.S. mail shall be given at least three days prior to the meeting. Notice by courier shall be given at least two days prior to the meeting. Telephone notice shall be deemed to be given when the Director or his or her agent is personally given such notice in a telephone call to which the Director or his or her agent is a party. Electronic mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Fund by the Director. Facsimile transmission notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Fund by the Director and receipt of a completed answer-back indicating receipt. Notice by U.S. mail shall be deemed to be given when deposited in the U.S. mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given when deposited with or delivered to a courier properly addressed. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by statute or this Agreement. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fifty percent (50%) of the total number of Directors shall constitute a quorum for the transaction of business. Except as otherwise provided by law or by this Agreement, the act of a majority of the Directors present (including Directors present by telephone or other electronic means, unless the 1940 Act requires that a particular action be taken only at a meeting of the Board in person) at a meeting at which a quorum is present shall be the act of the Board. In the absence of a quorum, a majority of the Directors present thereat may adjourn such meeting to another time and place. Notice of such adjourned meeting need not be given if the time and place of such adjourned meeting are announced at the meeting so adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Unless otherwise restricted by this Agreement, any one or more members of the Board or any committee thereof may participate in a meeting of the Board or such committee by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. Participation by such means shall constitute presence in person at a meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Unless otherwise restricted by this Agreement, any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or any committee thereof, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee; provided, however, that this Section 3.4(a)(vi) shall not apply to any action of the Board that requires the vote of the Directors to be cast in person at a meeting pursuant to the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As of the date of this Agreement, the names of Directors are set forth on SCHEDULE A. Each Director will hold office until his or her death, resignation, retirement, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Upon and following the election by the Fund to be regulated as a BDC under the 1940 Act, a majority of the Directors will consist of Directors who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) (the "<u>Independent Directors</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any Director may resign at any time by submitting his or her written resignation to the Board of Directors or secretary of the Fund. Such resignation shall take effect at the time of its receipt by the Fund unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective. Any or all of the Directors may be removed by the affirmative vote of fifty percent (50%) or more of the full Board of Directors, provided, however, that any or all of the Preferred Appointed Directors may be removed only by the affirmative vote of at least 66 2/3% in voting power of all the then-outstanding Preferred Units of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Except as otherwise provided by applicable law, including the 1940 Act, any newly created directorship on the Board that results from an increase in the number of Directors, and any vacancy occurring in the Board that results from the death, resignation, retirement, disqualification or removal of a Director or other cause, shall be filled exclusively by the appointment and affirmative vote of a majority of the remaining Directors in office, although less than a quorum, or by a sole remaining Director. Any Director elected to fill a vacancy or newly created directorship shall hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualified, or until his or her death, resignation, retirement, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Subject to the limitations of Section 17(h) of the 1940 Act, a member of the Board, or a member of any committee designated by the Board shall, in the performance of such person's duties, be fully protected in relying in good faith upon records of the Fund and upon such information, opinions, reports or statements presented to the Fund by any of the Fund's officers or employees, or committees of the Board, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Committees of Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Board may designate one or more committees, including but not limited to an Audit Committee (the "<u>Audit Committee</u>"). Each such committee to consist of one or more of the Directors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Audit Committee will operate pursuant to a charter approved by the Board, which will set forth the responsibilities of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any such committee, to the extent provided in the resolution of the Board establishing such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Fund. All committees of the Board shall keep minutes of their meetings and shall report their proceedings to the Board when requested or required by the Board. Each committee of the Board may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such committee. Unless otherwise provided in such a resolution, the presence of the greater of one-third or two members of the committee shall be necessary to constitute a quorum unless the committee shall consist of one or two members, in which event one member shall constitute a quorum, and all matters shall be determined by a majority vote of the members present at a meeting of the committee at which a quorum is present. Unless otherwise provided in such a resolution, in the event that a member and that member's alternate, if alternates are designated by the Board, of such committee is or are absent or disqualified, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in place of any such absent or disqualified member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Management by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The business and affairs of the Fund shall be managed by or under the direction of the Board, except as may be otherwise provided by law. Unless otherwise specified in this Agreement, consent or approval by the Fund shall be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Board may appoint and elect (as well as remove or replace with or without cause), as it deems necessary, a President, a Chief Financial Officer, a Chief Legal Officer, a Chief Compliance Officer, a Treasurer, a Secretary and any other officer of the Fund the Board determines to be necessary or advisable (collectively, the "<u>Officers</u>"). The names of each Officer and such Officer's position as of the date hereof are listed on SCHEDULE B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Officers shall perform such duties and may exercise such powers as may be assigned to them by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unless the Board decides otherwise, if the title of any person authorized to act on behalf of the Fund under this Section 3.4(c) is one commonly used for officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authority and duties that are normally associated with that office, subject to any specific delegation of, or restriction on, authority and duties made pursuant to this Section 3.4(c). Any number of titles may be held by the same person. Any delegation pursuant to this Section 3.4(c) may be revoked at any time by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Board may authorize any Person, including any Officer, to sign on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Powers of Board. Except as otherwise explicitly provided herein, the Board shall have the power on behalf and in the name of the Fund to implement the objectives of the Fund and to exercise any rights and powers the Fund may possess, including the power to cause the Fund to (i) make any elections available to the Fund under applicable tax or other laws, (ii) make any investments permitted under this Agreement, (iii) satisfy any Fund obligations, or (iv) make any disposition of Fund assets. Notwithstanding any other provision of this Agreement, without the consent of any Member or other Person being required, subject to the 1940 Act and applicable law, the Fund is hereby authorized to execute, deliver and perform, and the Officers are, and each hereby is, authorized to execute and deliver, (x) a Subscription Agreement with each Member, (y) the Investment Advisory Agreement, and (z) any amendment of any such document (to the extent such amendment is approved in accordance with the terms of the relevant agreement and is consistent with the terms of this Agreement) and any other agreement, document or other instrument contemplated thereby or related thereto (to the extent that such other agreement, document or other instrument is consistent with the terms of the relevant agreement or this Agreement). Such authorization shall not be deemed a restriction on the power of the Board to cause the Fund to enter into other documents.

Section 3.5 Activities of Members. Notwithstanding any duty otherwise existing at law or in equity, but subject to the provisions of this Agreement and applicable laws (including the 1940 Act), any Member and its respective direct and indirect partners, members, stockholders, officers, directors, managers, trustees, employees, agents and Affiliates may invest, participate, or engage in (for their own accounts or for the accounts of others), or may possess an interest in, other financial ventures and investment and professional activities of every kind, nature and description, independently or with others, whether now existing or hereafter acquired or initiated, including but not limited to: management of other investment vehicles; investment in, financing, acquisition or disposition of securities; investment and management counseling; providing brokerage and investment banking services; or serving as officers, directors, managers, consultants, advisers or agents of other companies, partners of any partnership, members of any limited liability company or trustees of any trust (and may receive fees, commissions, remuneration or reimbursement of expenses in connection with these activities), whether or not such activities may conflict with any interest of the Fund or any of the Members. The fact that a Member may encounter opportunities to purchase, otherwise acquire, lease, sell or otherwise dispose of investment assets, other assets or other business ventures and may take advantage of such opportunities itself or introduce such opportunities to entities in which it has or does not have any interest shall not subject such Member to liability to the Fund or to any of the other Members on account of the lost opportunity. Nothing in this Agreement shall be deemed to prohibit any Member or any Affiliate of any Member from dealing with, or otherwise engaging in business with, any other Member or any Person transacting business with the Fund or any Portfolio Company. Neither the Fund nor any Member shall have any rights, solely by virtue of this Agreement, in or to any activities permitted by this Section 3.5 or to any fees, income, profits or goodwill derived from such activities.

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Section 3.6 Meetings of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Place of Meetings. All meetings of the Members for any purpose shall be at any such place as shall be designated from time to time by the Board and stated in the notice of meeting or in a duly executed waiver of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Meetings. Meetings of Members may be called by the Board, the Chair of the Board or the President. The Board of Directors may postpone, adjourn, reschedule or cancel any meeting of Members previously scheduled by the Board of Directors, the Chair of the Board or the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Business at Meetings. For each meeting, only business specified in the Fund's notice of meeting (or any supplement thereto) may be conducted at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Quorum; Adjournments. Unless otherwise required by law, Members holding a majority of the Units entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings; provided that where a separate vote of Common Units and Preferred Units is required, the holders of a majority of all issued and outstanding Common Units and Preferred Units, as applicable, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to each such matter. Abstentions will be treated as Units that are present and entitled to vote for purposes of determining the number present and entitled to vote with respect to any particular proposal but will not be counted as a vote in favor of such proposal.

If such quorum shall not be present or represented by proxy at any meeting, then either the chair of the meeting or Members entitled to vote thereat (present in person or represented by proxy) shall have the power to adjourn a vote from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented by proxy. At such adjourned meeting at which a quorum shall be present or represented by proxy, any business may be transacted which might have been transacted at the meeting as originally called. If the adjournment is for more than thirty (30) days, or, if after adjournment a new record date is set, then a notice of the adjourned meeting shall be given to each Member entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Remote Participation. Unless otherwise required by law, Members may participate in a meeting of the Members by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation by such means shall constitute presence in person at a meeting. Unless otherwise required by law, the Board may determine that a meeting of Members will be conducted solely by remote participation.

Section 3.7 Waiver of Notice. A written waiver of any notice, signed by a Member or Director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which such notice is to be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting (in person or by remote communication) shall constitute waiver of notice, except attendance for the express purpose at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened.

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Section 3.8 Member Voting and Consents. Whenever action is required by this Agreement to be taken by a specified percentage in interest of the Members (or any class or group of Members), such action shall be deemed to be valid if taken upon the written vote or written consent of those Members (or those Members included in such class or group) whose Units represent the specified percentage of the aggregate outstanding Units of all Members (or all Members included in such class or group) at the time. Each Member shall be entitled to one vote for each Unit held on all matters submitted to a vote of the Members. For these purposes, a "<u>majority-in-interest</u>" shall mean a percentage in interest in excess of 50%.

If at any time Preferred Units have been issued and are outstanding, except as otherwise required by applicable law, any proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) affecting the Common Unitholders but not the Preferred Unitholders shall require approval by the requisite percentage in interest of the Common Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) affecting the Preferred Unitholders but not the Common Unitholders shall require approval by the requisite percentage in interest of the Preferred Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) affecting both Common Unitholders and Preferred Unitholders, shall require approval by the requisite percentage in interest of the Common Unitholders and the Preferred Unitholders, voting together as a single class.

Any action required or permitted to be taken at any meeting of the Members may be taken without a meeting, without a prior notice and without a vote if the consent, setting forth the action to be taken, is given in writing by the Members having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting. Written votes and written consents, and any signature referenced in or contemplated thereby, may be given, granted, or otherwise delivered by electronic transmission.

ARTICLE IV

INVESTMENTS AND ACTIVITIES

Section 4.1 Investment Objectives. The investment objective of the Fund is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve these objectives by investing primarily through directly originated loans to privately owned companies but also with liquid credit investments, like broadly syndicated loans, other select private credit investments. The Fund intends to invest across issuers, industries, geographies, and sponsors or ownership groups. Each investment held by the Fund is referred to herein as an "<u>Investment</u>" and collectively, the "<u>Investments</u>."

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Section 4.2 Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General. The Fund shall have the power to enter into, make and perform all such contracts and other undertakings, and engage in all such activities and transactions as the Board may deem necessary or advisable for or incidental to the carrying out of the Fund's purpose and objectives (and all determinations, decisions and actions made or taken by the Board shall be conclusive and absolutely binding upon the Fund, the Members and their respective successors, assigns and personal representatives), including: (i) to incur and maintain indebtedness for borrowed money (including, whether directly or indirectly through one or more subsidiaries, through one or more credit facilities, the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit ("<u>Financings</u>"), (ii) to incur and maintain other obligations (including in connection with derivative financial instruments), (iii) to arrange and make guarantees to support any such Financings or other obligations and incur reimbursement obligations in respect of any such Financings, other obligations or guarantees, (iv) to pledge or assign or otherwise make available credit support for any such Financings, other obligations or guarantees, (v) to become contingently liable with respect to indebtedness for borrowed money of any Person, (vi) to utilize other forms of leverage (including without limitation, through owning directly or indirectly an equity interest in one or more collateralized loan obligations managed by the Investment Adviser or any of its affiliates (each, a "<u>Financing CLO</u>")) and (vii) to enter into agreements, instruments and documents and take all other actions as the Fund deems necessary or appropriate in connection with incurring or maintaining Financings, other obligations or guarantees, in each such case. Without limiting the generality of the foregoing, the Fund is authorized, at its option and without notice to or consent of any Member, to hypothecate, mortgage, assign, transfer, make a collateral assignment or pledge or grant a security interest to any Lender or other holders of other obligations or guarantees of the Fund any or all assets of the Fund and/or its subsidiaries, any special purpose vehicles (including Financing CLOs), including Investments and deposit or other accounts into which Capital Contributions are credited or deposited (the "<u>Assets</u>").

In furtherance thereof and without limiting the generality thereof, the Fund may, in each case subject to such other conditions as the Fund may reasonably determine, (a) authorize any Lender or holders of such other obligations or guarantees, including any agent or trustee acting on their behalf, as agent and on behalf of the Fund, or in such other capacity as the Fund may specify (i) to exercise any right or remedy of the Fund under this Agreement in respect of any Asset and (ii) to enforce the Members' obligations under their respective Subscription Agreements and this Agreement, and (b) take any other action the Fund reasonably determines to be necessary for the purpose of providing such credit support (collectively, clauses (a) and (b), the "<u>Lender Powers</u>"); provided, that any exercise of such Lender Powers shall be made in accordance with this Agreement. In addition, the Fund is hereby authorized to provide to or receive from any Lender or holders of such indebtedness, or holders of other obligations or guarantees, including any agent or trustee acting on their behalf, financial information related to such Member and other documentation reasonably and customarily required to incur or assume such indebtedness, subject to applicable law, and in connection therewith, each Member hereby agrees to cooperate with the Fund with respect to the provision of such information and documentation.

Subject to applicable law, the Fund is authorized to enter into and maintain guarantees and other credit support of Financings of subsidiaries and other Persons in which the Fund has an interest or otherwise be liable on a joint and several basis and any such obligations in connection therewith may be cross-guaranteed as the Board determines is necessary or convenient in the conduct or promotions of the activities or business of the Fund.

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Notwithstanding anything to the contrary in this Agreement, for so long as the Fund operates as a BDC, the total amount of indebtedness outstanding at any time (including, for this purpose, the Preferred Units) shall not cause the Fund to violate leverage requirements applicable to the Fund, including Section 61 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Beneficiary Rights. Notwithstanding anything herein to the contrary, any Lender or other Person granted a lien with respect to any of the Assets and/or the right to exercise any Lender Power shall be an intended beneficiary of this Agreement and shall be entitled to enforce the provisions of this Section 4.2.

Section 4.3 Distributions. Subject to the discretion of the Board of Directors, the requirements of Section 852(a) of Subchapter M of the Code (as and when applicable), the terms of any Financings or other obligations or Preferred Units and any other applicable legal requirements, the Fund intends with respect to the first taxable period in which the Fund qualifies for treatment as a RIC and annually thereafter, distribute substantially all of its investment company taxable income and net capital gain for each taxable year, which distributions may be in cash, in-kind, or a combination of cash and in-kind. Any distributions in-kind will be distributed among the Members in the same proportion and priority as cash distributions would be distributed among the Members and will be valued in accordance with the valuation policies of the Investment Adviser.

As a RIC, depending on the level of taxable income and net capital gain earned in a year, the Fund may retain certain net capital gain for reinvestment and carry forward taxable income for distribution in the following year and pay any applicable tax.

Anything in this Agreement to the contrary notwithstanding, no distribution shall be made to any Member if, and to the extent that, such distribution would not be permitted under the Delaware Act. Any distribution of securities shall be subject to such conditions and restrictions as the Board of Directors determines are required or advisable to ensure compliance with applicable law. In furtherance of the foregoing, the Board of Directors may require that the Members execute and deliver such documents as the Board of Directors may deem necessary or appropriate to ensure compliance with all federal and state securities laws that apply to such distribution.

Upon liquidation of the Fund pursuant to Article 9, after payment or provision for payment of the Fund's debts and other liabilities and subject to the prior rights of any outstanding Preferred Units, the Fund's remaining net assets will be distributed among Common Unitholders equally on a per Common Unit basis (subject to the payment of the fees pursuant to the Investment Advisory Agreement, the reimbursement of expenses and other fees pursuant to the Administration Agreement, and other Fund expenses).

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ARTICLE V

CERTAIN RIGHTS AND PREFERENCES OF UNITS

Section 5.1 Classes of Units. The Units of the Fund that are outstanding and/or available for issuance will consist of (i) Class I Common Units ("<u>Class</u> <u>I Units</u>") and (ii) Preferred Units, the preferences (if any), limitations and relative rights with respect to which will be as provided in this Agreement. The Units are membership interests in the Fund. The Board may create additional classes of Units (each such class, a "<u>New Class</u>") having such relative rights, powers and duties as may from time to time be established by the Board.

Section 5.2 Class I Units. Except as otherwise provided herein, all Class I Units shall be identical and shall entitle the holders thereof to the same rights and privileges. The holders of the Class I Units will have the voting rights and the distribution rights of Common Unitholders described herein.

Section 5.3 Preferred Units. Without the consent of any Common Unitholder, the Board may cause the Fund to issue one class of Preferred Units, which Preferred Units would have rights senior to those of the Common Units, and such other characteristics as the Board may determine, but, for so long as the Fund operates as a BDC, in a manner that complies with the legal requirements applicable to a BDC. Prior to the issuance of a series of Preferred Units, the Board shall set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption.

ARTICLE VI

FEES AND EXPENSES; ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT

Section 6.1 Fund Expenses. The Fund's primary operating expenses (the "<u>Fund Expenses</u>") include the payment of: (i) investment advisory fees pursuant to the Investment Advisory Agreement; (ii) costs and other expenses payable to the Administrator in performing its administrative obligations under an Administration Agreement; and (iii) other operating expenses as may be incurred by or on behalf of the Fund, as set forth in the Investment Advisory Agreement and the Administration Agreement or approved by the Board of Directors from time to time.

The Investment Adviser and/or its affiliates shall pay, whether directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Units of the Fund, (ii) the organization of the Fund, (iii) the election to be treated as a business development company under the 1940 Act, and (iv) the negotiation, execution and delivery of this Agreement, the Investment Advisory Agreement, Administration Agreement, and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees.

Section 6.2 Investment Advisory Agreement. The Fund entered into an Investment Advisory Agreement with the Investment Adviser for investment advisory and management services, which may be amended from time to time.

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Section 6.3 Administration Agreement. The Fund entered into an Administration Agreement with the Administrator for furnishing the Fund with administrative services necessary to conduct its day-to-day operations, which may be amended from time to time.

ARTICLE VII

CAPITAL OF THE FUND

Section 7.1 Capital Commitments. Each Member shall make a Capital Commitment to the Fund in the amount reflected in its Subscription Agreement.

Section 7.2 Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Drawdown*. Capital Commitments will be drawn from the Members by the Fund as needed, with a minimum of ten (10) Business Days' prior written notice (each, a "<u>Drawdown</u>"). Capital Commitments will be drawn in such amounts and proportions as will be determined by the Fund in its sole discretion ("<u>Drawn Amounts</u>"). Members may waive the ten (10) Business Days' written notice requirement in their discretion. Each Member shall remit to the Fund the amount specified in such Drawdown notice on or before the due date specified therein (each, a "<u>Drawdown Date</u>"). Each Drawdown notice shall specify the aggregate amount then being called for the Fund, and the Capital Contribution. In connection with each Drawdown, the Members will receive a number of Units corresponding to the Capital Contribution, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board (including any committee thereof) or the Officers that such price is not below the Fund's then current net asset value per Unit of the Fund ("<u>NAV</u>") as required pursuant to the 1940 Act. Pending investment or the payment of Fund Expenses, the Adviser may hold such funds in any form it shall choose, including without limitation (a) in a non-interest bearing bank account of the Fund; (b) in a money market or similar cash management account; or (c) in a short term certificate of deposit or in government securities. The Fund may elect, in its sole discretion, to forgive, in whole or in part, a Member's Capital Commitment and at such time the Member shall not have any further obligations in respect of Drawdowns or Capital Contributions hereunder with respect to such forgiven Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Use of Available Cash to Fund Drawdowns*. The Adviser may determine to hold back and use available cash that otherwise would be distributable to a Member pursuant to Section 4.3 to pay all or part of any Capital Contribution that would otherwise be required to be made by such Member or to satisfy other obligations properly incurred in accordance with this Agreement. The amount of such available cash so held back shall be deemed to have been distributed to such Member and then re-contributed to the Fund by such Member as a Capital Contribution for the purpose to which it is applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Re-Investment of Proceeds*. The Adviser may, in its sole and absolute discretion, retain the cost basis of any investment in a Portfolio Company made by the Fund that is the subject of a sale, refinancing or other realization event, notwithstanding anything to the contrary in Section 4.3. Notwithstanding the foregoing, Members shall be obligated to fund remaining Capital Commitments (including without limitation, Capital Contributions required during any suspension or termination of the Fund's investment program and through any

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wind down, dissolution, and termination of the Fund): (A) to cover Fund Expenses, including amounts payable under the Investment Advisory Agreement or Administration Agreement, indemnification obligations and Fund Expenses related to Investments; (B) to fund Investments and Fund Expenses related to Investments that are in process or as to which the Fund has entered into a commitment, definitive agreement, letter of intent, memorandum of understanding or similar document that shall be funded over a period of time in installments or otherwise (whether pursuant to the contractual arrangement(s) underlying such Investment or as otherwise determined appropriate by the Adviser in its discretion and regardless of whether the Fund determined an exact amount of such Investment or an anticipated range of the amount of such Investment), including Capital Contributions that may be required (or determined appropriate by the Adviser in its discretion) to be made to such Investment; (C) to repay amounts owing under any Financings; (D) to enter into any hedging transactions and to repay amounts owed under any such hedging transactions; (E) to effect follow-on Investments (including by disposing of an existing Investment or group of Investments in or related to a Portfolio Company and simultaneously or subsequently acquiring one or more other Investments in the same or any similar Portfolio Company, to the extent that the Adviser determines in its discretion that such transaction is in the interest of the Fund); and (F) in addition to the foregoing, to fund reserves for any of the purposes described in sub-clauses (A) through (E) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Rights to Capital Contributions*. Each Member acknowledges that except as specifically provided in this Agreement (a) no specific time has been agreed upon for the repayment of Capital Contributions, (b) no interest or other rate of return shall accrue on any Capital Contributions, (c) no Member shall have the right to withdraw or to be repaid any Capital Contribution made by it or to receive any other payment with respect to its Units, including without limitation as a result of the withdrawal of such Member from the Fund, (d) no Member shall have the right to demand or receive property other than cash in return for its Capital Contribution, and (e) no Member shall have priority over any other Member either as to the return of its Capital Contribution or as to allocations and distributions of profits, losses or distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Remedies Upon Drawdown Default*. In the event that a Member fails to pay all or any portion of the Drawdown due from the Member on any Drawdown Date, (any such amount, together with the amount of the Member's undrawn Capital Commitment, a "<u>Defaulted Commitment</u>") and such default remains uncured for a period of five (5) Business Days, then the Fund shall be permitted to declare the Member to be in default on its obligations under this Agreement (collectively with any other Members declared to be in default under a Capital Commitment, the "<u>Defaulting Members</u>") and shall be permitted to pursue one or any combination of the following remedies; provided, that any such remedies to be pursued against the Adviser or any of its affiliates shall be determined by the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Participation in Future Drawdowns*. The Fund may prohibit the Defaulting Member from purchasing additional Units on any future Drawdown Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Forfeiture of Units*. 25% of the Units then held by the Defaulting Member may be automatically forfeited and transferred on the books of the Fund to the other Members (other than any other Defaulting Members), *pro rata* in accordance with their respective number of Units held; provided that no Unit shall be transferred to any other Member

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pursuant to this Section 7.2(e)(ii) in the event that such transfer would (i) violate the Securities Act, the 1940 Act or any state (or other jurisdiction) securities or "blue sky" laws applicable to the Fund or such transfer, (ii) constitute a non-exempt "prohibited transaction" under Section 406 of ERISA or Section 4975 of the Code, or (iii) cause all or any portion of the assets of the Fund to constitute "plan assets" under ERISA or Section 4975 of the Code (the "<u>Default Remedy Limitations</u>") (it being understood that this proviso shall operate only to the extent necessary to avoid the occurrence of the consequences contemplated herein and shall not prevent any other Member from receiving a partial allocation of its *pro rata* portion of Units); and provided, further, that any Units that have not been transferred to one or more other Members pursuant to the previous proviso shall be allocated among the participating other Members *pro rata* in accordance with their respective number of Units held. The mechanism described in this Section 7.2(e)(ii) is intended to operate as a liquidated damages provision since the damage to the Fund and the other Members resulting from a default by the Defaulting Member is both significant and not easily susceptible to precise quantification. By entry into this Agreement, the Member agrees to this Section 7.2(e)(ii) and acknowledges that the automatic transfer of one quarter of its Units constitutes a reasonable liquidated damages remedy for any default of the Member's obligations to fund a Drawdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Inability to Vote*. To the maximum extent permitted by applicable law, the Defaulting Member hereby makes, constitutes and appoints the Fund with full power of substitution, its true and lawful proxy to exercise all voting and other rights of such Defaulting Member with respect to the Units, at every meeting of the Members of the Fund and in every written consent in lieu of such meeting in exact proportion to the votes or consents cast by Members other than Defaulting Members or, in the absence of any such Members, in the discretion of the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Shortfall Cover*. The Fund will have the right to cover shortfalls arising from a Defaulting Member in any manner the Fund deems appropriate, including by drawing down additional capital from non-Defaulting Members; provided that (i) the amount of any shortfall funded by a non-Defaulting Member in connection with any investment may not exceed 150% of such non-Defaulting Member's total capital contributions in respect of such investment in the absence of any such shortfall; and (ii) in no event will such non-Defaulting Member's total capital contributions exceed its aggregate Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Other Remedies*. The Fund shall have the right to charge commercially reasonable interest on the defaulted Drawdown amount and withhold distributions payable to the Defaulting Member, and may pursue any other remedies against the Defaulting Member available to the Fund at law or in equity. No course of dealing between the Fund and any Defaulting Member and no delay in exercising any right, power or remedy conferred in this Section 7.2(e) or now or hereafter existing at law or in equity or otherwise shall operate as a waiver or otherwise prejudice any such right, power or remedy. In addition to the foregoing, the Fund may in its discretion institute a lawsuit against the Defaulting Member for specific performance of its obligation to pay any Drawdown and any other payments to be made by the Defaulting Member pursuant to this Agreement and to collect any overdue amounts hereunder. Notwithstanding any other provision of this Agreement, the Member agrees (i) to pay on demand all costs and expenses (including attorneys' fees) incurred by or on behalf of the Fund in connection with the enforcement of this Agreement against the Member sustained as a result of any default by the Member and (ii) that any such payment shall not constitute payment of a Drawdown or otherwise reduce the Member's Capital Commitment.

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The Member agrees that this Section 7.2(e) is solely for the benefit of the Fund and shall be interpreted by the Fund against the Defaulting Member in the discretion of the Fund. The Member further agrees that the Member has no right to, and shall not seek to, enforce this Section 7.2(e) against the Fund or any other investor in the Fund.

ARTICLE VIII

DURATION OF THE FUND

Section 8.1 Term and Termination of the Fund. The term of the Fund shall continue until the dissolution of the Fund in accordance with this Section 8.1, or by operation of law. The Fund shall be dissolved (i) at any time upon the affirmative vote of a majority of the full Board of Directors, (ii) if there are no Members of the Fund, unless the business of the Fund is continued in accordance with this Agreement or the Delaware Act, or (iii) upon the entry of a decree of judicial dissolution under the Delaware Act.

Section 8.2 Sale or Merger. Subject to any restrictions of the 1940 Act and applicable law, the Board shall be entitled, without the approval of any Members, to cause the Fund to, among other things, sell, exchange or otherwise dispose of all or substantially all of the Fund's assets in a single transaction or series of transactions, or approve on behalf of the Fund, the sale, exchange or disposition of all or substantially all of the Fund's assets. The Board may also cause the sale of all or substantially all of the Fund's assets under foreclosure or other realization without the consent of any Members.

ARTICLE IX

LIQUIDATION OF ASSETS ON DISSOLUTION

Section 9.1 General. Following dissolution, the Fund's assets shall be liquidated in an orderly manner. The Board shall be the liquidator to wind up the affairs of the Fund pursuant to this Agreement. The Board as liquidator shall cause the Fund to pay or provide for the satisfaction of the Fund's liabilities and obligations to creditors in accordance with the Delaware Act. In performing their duties, the Board as liquidator is authorized to sell, exchange or otherwise dispose of the assets of the Fund in such reasonable manner as the Board shall determine to be in the best interest of the Members.

Section 9.2 Liquidating Distributions; Priority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Priority. Subject to Section 18-804 of the Delaware Act, the proceeds of liquidation shall be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to pay the costs and expenses of dissolution and liquidation; to pay or provide for the satisfaction of the Fund's debts and other liabilities, including obligations to creditors in accordance with the Delaware Act; and to establish any reserves which the liquidator may deem necessary or advisable for any contingent or unmatured liability of the Fund, including the payment of the fees pursuant to the Investment Advisory Agreement and the reimbursement of expenses and other fees pursuant to the Administration Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second, to the satisfaction of the prior rights of any outstanding Preferred Units, if issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Thereafter, among the Common Unitholders equally on a per Common Unit basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions In-Kind. Notwithstanding the provisions of this Section 9.2, upon the dissolution and the winding-up of the affairs of the Fund, subject to applicable law and Section 4.3, the Board as liquidator may distribute ratably in-kind any assets of the Fund. Notwithstanding any provision of this Agreement to the contrary, the Board as liquidator may compel a Member to accept a distribution of any asset in-kind from the Fund even if the percentage of the asset distributed to the Member exceeds a percentage of the asset that is equal to the percentage in which the Member shares in distributions from the Fund.

Section 9.3 Duration of Liquidation. Such time as the Board determines in its sole discretion shall be allowed for the winding up of the affairs of the Fund in order to minimize any losses otherwise attendant upon such a winding up.

Section 9.4 Liability for Returns. None of the liquidator, the Directors, the Officers, the Investment Adviser and their respective partners, members, stockholders, officers, directors, managers, employees, agents and Affiliates shall be personally liable to any Member for the return of the Capital Contributions of any Member.

Section 9.5 Post-Dissolution Investments. Notwithstanding anything to the contrary set forth in this Article 9, but subject to the other limitations on investments set forth in this Agreement and the Delaware Act, the liquidator may, at any time or times after dissolution, cause the Fund to make additional investments in entities which were Portfolio Companies on the date of dissolution (including any successor to, or subsidiary of, a Portfolio Company), if the liquidator believe that such additional investments are in the best interest of the Members and in furtherance of the winding up of the affairs of the Fund.

ARTICLE X

LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS

Section 10.1 Transfers of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General. A Member may sell, assign, transfer, pledge, mortgage, hypothecate, gift, sale or otherwise dispose of or encumber (collectively, "<u>Transfer</u>") its Units, including a Transfer of solely an economic interest, in whole or in part, provided, that (i) the Investment Adviser has provided its prior written consent, which may be given or withheld in the Investment Adviser's sole discretion, (ii) any purported transferee satisfies applicable eligibility and/or suitability requirements, and (iii) any such Transfer is otherwise made in accordance with applicable laws and in compliance with this Agreement. Any attempted Transfer of all or any part of a Member's Units in violation of this Agreement will be void to the maximum extent permitted by law, and any intended recipient of the Units will acquire no rights in such and will

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not be treated as a Member for any purpose. Each Transfer shall be subject to all of the terms, conditions, restrictions and obligations set forth in this Agreement and shall be evidenced by an assignment agreement executed by the transferor, the transferee(s) and the Fund, in form and substance satisfactory to the Fund. No Transfer will be effectuated except by registration of the Transfer on the Fund's books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reimbursement of Transfer Expenses. As a condition to the effectiveness of any transfer, the transferor or transferee shall pay all reasonable expenses, including out-of-pocket attorneys' fees, incurred in connection with the assignment which may be effected as an offset to amounts otherwise distributable.

Section 10.2 Admission of Substituted Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General. Any transferee of a Member's Units transferred in accordance with the provisions of this Article 10 shall be admitted as a substituted Member upon its execution (whether on its own behalf or via an attorney-in-fact) of an assignment agreement and a Subscription Agreement and counterpart to this Agreement. Any transfer of Units in violation of the foregoing will be void, and any intended transferee will acquire no rights in such Units and will not be treated as a Member for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effect of Admission. The transferee of Units transferred pursuant to this Article 10 that is admitted to the Fund as a substituted Member shall succeed to the rights and liabilities of the transferor Member with respect to such interest and, after the effective date of such admission, the Capital Contribution of the transferor with respect to the applicable class of Units being transferred shall become the Capital Contribution of the transferee, to the extent of the Units transferred. If a transferee is not admitted to the Fund as a substituted Member, (i) such transferee shall have no right to participate with the Members in any votes taken or consents granted or withheld by the Members hereunder, and (ii) the transferor shall remain liable to the Fund for all contributions and other amounts payable with respect to the transferred interest to the same extent as if no Transfer had occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-Compliant Transfer. If a Transfer has been proposed or attempted but the requirements of this Article 10 have not been satisfied, the Fund shall not admit the purported transferee as a substituted Member but, to the contrary, shall (i) continue to treat the transferor as the sole owner of the Units purportedly transferred in all respects, (ii) make no distributions to the purported transferee and incur no liability for distributions made in good faith to the transferor and (iii) not furnish to the purported transferee any tax or financial information regarding the Fund. The Fund shall also not otherwise treat the purported transferee as an owner of any Units (either legal or equitable), unless required by law to do so. To the maximum extent permitted by law, the Fund shall be entitled to seek injunctive relief, at the expense of the purported transferor, to prevent any such purported Transfer.

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ARTICLE XI

LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 11.1 Limitation of Liability. To the fullest extent permitted by applicable law, none of the Fund's Officers, Directors or employees will be liable to the Fund or to any Member for any act or omission performed or omitted by any such person (including any acts or omissions of or by another Officer, Director or employee), in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Section 11.2 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Third Party Actions. The Fund shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Fund) by reason of the fact that he or she is or was a Director, Officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a Director, Officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Fund, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Fund, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Actions by or in the Right of the Fund. The Fund shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Fund to procure a judgment in its favor by reason of the fact that he or she is or was a Director, Officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a Director, Officer, employee or agent of another company, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Fund, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Fund unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Expenses. To the extent that a present or former Director or Officer of the Fund has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 11.2(a) or Section 11.2(b), or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Determinations. Any indemnification under Section 11.2(a) or Section 11.2(b) (unless ordered by a court) shall be made by the Fund only as authorized in the specific case upon a determination that indemnification of the Director or Officer is proper in the circumstances because he or she has met the applicable standard of conduct set forth in such section. Such determination shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the Board of Directors by a majority vote of a quorum consisting of Directors who were not parties to such action, suit or proceeding, even though less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a committee of such Directors designated by majority vote of such Directors, even though less than a quorum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by independent legal counsel in a written opinion, if there are no such Directors, or such Directors so direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Right to Advancement of Expenses. Expenses (including attorneys' fees) incurred by an Officer or Director in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Fund in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Director or Officer to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Fund as authorized in this Section 11.2. Such expenses (including attorneys' fees) incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the Board of Directors deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indemnification Not Exclusive. The indemnification and advancement of expenses provided by, or granted pursuant to the other sections of this Article 11 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of unitholders or disinterested Directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Certain Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of this Article 11, references to "the Fund" shall include, in addition to the resulting company, any constituent company (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its Directors, Officers, and employees or agents, so that any person who is or was a Director, Officer, employee or agent of such constituent company, or is or was serving at the request of such constituent company as a Director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, shall stand in the same position under this Article 11 with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation of its separate existence had continued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of this Article 11, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to "serving at the request of the Fund" shall include any service as a Director, Officer, employee or agent of the Fund which imposes duties on, or involves services by, such Director, Officer, employee or

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agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Fund" as referred to in this Article 11.

Section 11.3 Nature of Rights. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article 11 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

Section 11.4 Insurance. The Fund shall have power to purchase and maintain insurance (at the Fund's expense) on behalf of any person who is or was a Director, Officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a Director, Officer, employee or agent of another fund, partnership, joint venture, trust or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Fund would have the power to indemnify him or her against such liability under the provisions of this Article 11.

Section 11.5 Limitation by Law. If any Indemnified Person or the Fund itself is subject to any federal or state law, rule or regulation which restricts the extent to which any Person may be exonerated or indemnified by the Fund, the limitation of liability provisions set forth in Section 11.1 and the indemnification provisions set forth in Section 11.2 shall be deemed to be amended, automatically and without further action by the Members, to the minimum extent necessary to conform to such restrictions. Without limiting the foregoing, for so long as the Fund is regulated under the 1940 Act, the limitation of liability and indemnification provisions shall be limited to the extent provided by the 1940 Act and by any valid rule, regulation or order of the U.S. Securities and Exchange Commission (the "<u>SEC</u>") thereunder.

ARTICLE XII

AMENDMENTS

Section 12.1 Amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By Consent. Except as otherwise provided in this Agreement, the terms and provisions of this Agreement may be amended with the consent of the Board (which term includes any waiver, modification, or deletion of this Agreement) during or after the term of the Fund, together with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If no Preferred Units have been issued and are outstanding, a majority-in-interest of the Common Unitholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Preferred Units have been issued and are outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of an amendment not affecting the rights of the Preferred Unitholders, a majority-in-interest of the Common Unitholders,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of an amendment not affecting the rights of the Common Unitholders (including rights or protections with respect to tax consequences of Common Unitholders), a majority-in-interest of the Preferred Unitholders, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of an amendment affecting the rights (including rights or protections with respect to tax consequences of Common Unitholders) of both the Common Unitholders and the Preferred Unitholders, a majority-in-interest of the Common Unitholders and a majority-in-interest of the Preferred Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without Consent. Notwithstanding the provisions of Section 12.1(a), the following amendments may be made with the consent of the Board and without the need to seek the consent of any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the duties or obligations of the Board or surrender any right granted to the Board herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any ambiguity or correct or supplement any provision herein which may be inconsistent with any other provision herein or to correct any printing, stenographic or clerical errors or omissions in order that this Agreement shall accurately reflect the agreement among the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to satisfy any requirements, conditions, guidelines or opinions contained in any opinion, directive, order, ruling or regulation of the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Department of the Treasury, the U.S. Internal Revenue Service, the Board of Governors of the U.S. Federal Reserve or any other U.S. federal or state or non-U.S. governmental agency, or in any U.S. federal or state or non-U.S. statute, compliance with which the Board deems to be in the best interest of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as the Board determines in good faith to be necessary or appropriate to enable any Member to comply with any applicable law, rule or regulation; provided, that such amendment does not materially adversely affect the rights granted to or liabilities of any other Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to effect Additional Members becoming a party hereto or the creation or issuance of additional Units or classes of Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to make changes that this Agreement specifically provides may be made by the Board without the consent of any Member, provided, however, that no amendment shall may be made pursuant to clauses (i) through (vi) above if such amendment would (1) subject any Member to any adverse economic consequences without such Member's consent, (2) diminish the rights or protections of one or more Members (including, for the avoidance of doubt, provisions intended to protect one or more Members from suffering certain adverse tax consequences), or (3) diminish or waive in any material respect the duties and obligations of the Board to the Fund or the Members; provided, further, however, that any modification or amendment required solely to effect Additional Members becoming a party hereto or the creation or issuance of additional Units or classes of Units shall not constitute an amendment that would subject any Member to adverse economic consequences or diminish the rights or protections of one or more Members so long as such modification or amendment does not disproportionately affect a single holder of a class of Units in a material adverse manner with respect to the other holders of such class of Units.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consent to Amend Special Provisions. Notwithstanding the provisions of this Section 12.1, any provision in this Agreement that requires the consent, action or approval of a specified percentage in interest of the Members may not be amended without the consent of such specified percentage in interest of Members.

ARTICLE XIII ERISA MATTERS

Section 13.1 VCOC Qualification. The Fund intends to operate so that its assets are not deemed to include Plan Assets. The Fund shall use reasonable efforts to conduct the affairs of the Fund in such a manner that: (i) participation by "benefit plan investors" is not "significant" within the meaning of the Plan Asset Regulations, (ii) the Fund qualifies as a "venture capital operating company" (a "VCOC") or other "operating company", in each case, within the meaning of the Plan Asset Regulations or (iii) the Fund otherwise qualifies for an exemption from ERISA. In furtherance of such objective, the Fund or the Investment Adviser may cancel all or a portion of a Capital Commitment, or limit the Capital Contributions, of any Member, require the sale in whole or in part of any Member's Units or assist in the sale in whole or in part of any Member's Units, or require the withdrawal of all or a portion of a Member's Units. To the extent that participation in the Fund by "benefit plan investors" is "significant" as of the Fund's first long-term investment, the Fund, in its discretion, may (x) require or permit that the initial payments of Capital Contributions of the ERISA Members required to be made pursuant to Section 2.1 be held in escrow accounts that comply with U.S. Department of Labor Advisory Opinion 95 04A until and unless an initial long-term Investment is made that qualifies the Fund as a VCOC or other "operating company", (y) require ERISA Members to fund their Capital Contributions in connection with the Fund's first long-term Investment as early as possible on the date on which such Investment is made, or (z) take such other action that the Fund determines necessary to prevent the Fund from being deemed to hold Plan Assets before the date of the first long-term Investment. Prior to the Fund's receipt of such initial payments, the Fund may require each ERISA Member to pay its ratable share of the investment advisory fees pursuant to the Investment Advisory Agreement, costs and other expenses payable to the Administrator in performing its administrative obligations under an Administration Agreement and other operating expenses as may be incurred by or on behalf of the Fund, as set forth in the Investment Advisory Agreement and the Administration Agreement or approved by the Board of Directors from time to time. The Fund shall notify each ERISA Member as soon as reasonably practicable after determining that the assets of the Fund are or are reasonably likely to be "plan assets" for purposes of ERISA or Section 4975 of the Code.

Section 13.2 Disqualified Persons. Notwithstanding anything that may be contrary herein, at any time when the Fund shall have determined that there is a material likelihood that the assets of the Fund may be deemed to be Plan Assets under the Plan Asset Regulations, as to any specified person, each ERISA Member shall provide to the Fund, as soon as possible upon request by the Fund (which request shall include disclosure of the person involved), a certificate (based on the knowledge of the appropriate fiduciary of such ERISA Member) identifying such persons that are or may be a "party-in-interest" or "disqualified person" (as defined in section 3(14) of ERISA and Section 4975(e)(2) of the Code, respectively) with respect to such ERISA Member as may be reasonably requested by the Fund.

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ARTICLE XIV

ADMINISTRATIVE PROVISIONS

Section 14.1 Keeping of Accounts and Records; Certificate of Formation; Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Accounts and Records. At all times the Fund shall keep proper and complete books of account, in which shall be entered fully and accurately the transactions of the Fund. Such books of account shall be kept on the accrual method of accounting for both tax and accounting purposes and shall be maintained in accordance with U.S. generally accepted accounting principles ("<u>GAAP</u>"). The Fund shall also maintain: (i) an executed copy of this Agreement (and any amendments hereto); (ii) the Certificate (and any amendments thereto); (iii) executed copies of any powers of attorney pursuant to which any document described in clause (i) or (ii) has been executed by the Fund; (iv) a current list of the name, address, Capital Contributions and taxpayer identification number, if any, of each Member; (v) copies of all tax returns filed by the Fund; and (vi) all financial statements of the Fund for each of the prior seven years. These books and records shall at all times be maintained in accordance with the Fund's record retention policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certificate of Formation. The Fund shall file for record with the appropriate public authorities and, if required, publish the Certificate and any amendments thereto.

Section 14.2 Valuation. The fair value of the Fund's assets will be determined pursuant to a valuation policy approved by the Board.

Section 14.3 Notices. Any written notice herein required to be given to the Fund by any of the Members shall be deemed to have been given if delivered in person or if sent by overnight courier service (for delivery within two (2) or fewer Business Days), or by email (including, for the avoidance of doubt, by e-mail containing an electronic link to a notice that such notice is electronically accessible) to the principal office of the Fund in Boston, Massachusetts, or to such other address or email address as the Fund may from time to time specify by notice to the Members.

Any written notice required to be given to a Member shall be deemed to have been given if sent to such Member at the address or email address set forth in the records of the Fund or such other address or email address as such Member shall have specified in writing to the Fund; provided that any call for capital required to be made under Article 3 shall also comply with the specific requirements of such section and the Subscription Agreement.

Notice, payment, demand or other communication shall be deemed to be delivered, given and received for all purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the day of it being sent, where delivered in person, sent by email, and when sent on any Business Day during normal working hours at the place of receipt;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the following Business Day, where sent by email on any Business Day outside normal working hours or on any day which is not a Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on the second Business Day following the date dispatched by Federal Express, DHL or any comparable courier service.

Section 14.4 Accounting Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fiscal Year. For U.S. federal income tax purposes, the Fund's year shall be such date as may be fixed from time to time by resolution of the Board of Directors unless otherwise required by the Code or permitted by applicable law. For financial reporting purposes, the Fund's fiscal year shall be such date as may be fixed from time to time by resolution of the Board of Directors unless otherwise required or permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Independent Auditors. The Fund's independent public auditor shall be an independent registered public accounting firm, as determined by the Board of Directors.

Section 14.5 Tax Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tax Classification. The Fund shall be classified for U.S. federal income tax purposes as a partnership until the effective date of its election, which it shall file with the Internal Revenue Service, to cause the Fund to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tax Information. The Fund will cause to be delivered after the end of each calendar year to each Member who was a Member at any time during such calendar year and is subject to U.S. federal, state, and local tax reporting obligations, information required under the Code that is necessary for the preparation of such Member's U.S. federal, state, and local tax returns.

Each Member agrees that such Member will, upon request by the Fund, execute any forms or documents (including a power of attorney or settlement or closing agreement), provide or update any information (including an appropriately completed and executed Internal Revenue Service Form W-9 or W-8) and take any further action requested by the Fund, and that the Fund may execute any forms or documents or obtain any information on such Member's behalf that relate to such Member's investment in the Fund, in connection with any tax matter affecting the Fund.

Section 14.6 General Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Power of Attorney. Each Member, by execution of this Agreement (including by execution of counterpart signature page hereto directly or via an attorney-in-fact), hereby constitutes and appoints any duly authorized representative of the Fund as its true and lawful representative and its attorney-in-fact, in its name, place and stead (i) to make, execute, sign and file any amendment to the Certificate of the Fund required because of an amendment to this Agreement, in order to effectuate any change in the Members or in the Capital Contributions of the Common Unitholders or otherwise, and all such other instruments, documents and certificates which may from time to time be required by the laws of the U.S., the State of Delaware, or any

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other state or any non-U.S. jurisdiction in which the Fund shall determine to do business, or any political subdivision or agency thereof, to effectuate, implement, and continue the valid and subsisting existence of the Fund, or in connection with any tax filings of the Fund, or any and all instruments, certificates, and other documents that may be deemed necessary or desirable to effect the dissolution and winding-up of the Fund (including a Certificate of Cancellation of the Fund's Certificate); (ii) to make, execute, sign, deliver and acknowledge any instrument, agreement, indemnity or document of any kind (including, without limitation, deeds of accession) in connection with the in-kind distribution of and the transfer of Investments to such Member; (iii) to effect any amendment to this Agreement adopted in accordance with its terms; (iv) to make, execute and sign any documents, instruments and certificates necessary to sell the Common Units of any Defaulting Unitholder; and (v) to file, prosecute, defend, settle or compromise litigation, other claims or arbitration on behalf of the Fund.

Such representatives and attorneys-in-fact shall not, however, have any right, power or authority to amend or modify this Agreement when acting in such capacities, except as contemplated by clause (iii) of the immediately preceding paragraph. By way of clarification, any power of attorney granted by a Member under this Agreement is intended to be ministerial in scope and limited solely to those items permitted under the relevant grant of authority, and such powers of attorney are not intended to be a general grant of power to independently exercise discretionary judgment on the Member's behalf or to vary the economic terms of the Member's investment in the Fund, reduce the Member's legal liability protection, increase the Member's liability exposure to third parties, or undertake any new obligations, undertakings or investments on behalf of the Member (in each case to the extent not already specifically provided for in this Agreement). The power of attorney granted hereby is coupled with an interest and shall (i) be irrevocable for so long as a Member remains a Member, (ii) be deemed to be given to secure a proprietary interest of the donee of the power or performance of an obligation owed to the donee, (iii) survive and shall not be affected by the subsequent death, lack of capacity, dissolution, insolvency, termination or bankruptcy of any Member granting the same or the Transfer of all or any of such Member's Units, and (iv) extend to such Member's successors, assigns and legal representatives. Each Member, at the request of the Fund, shall execute additional powers of attorney on a document separate from this Agreement. In the event of any conflict between this Agreement and any instruments executed, delivered, or filed by the Fund pursuant to this power of attorney, this Agreement shall prevail. The Fund may exercise this power of attorney by a single signature of a duly authorized representative of the Fund acting as attorney-in-fact for all Members with or without listing all of the Members executing an agreement, certificate, instrument, or document.

Except as otherwise specifically provided herein, the powers of attorney granted herein shall not in any manner revoke in whole or in part any power of attorney that the undersigned previously has executed. This power of attorney shall not be revoked by any subsequent power of attorney the undersigned may execute, unless such subsequent power specifically refers to this power of attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

(b)Binding on Successors. This Agreement shall be binding upon and shall inure to the benefit of the respective heirs, successors, permitted assigns and legal representatives of the parties hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Governing Law. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware. In particular, it shall be construed to the maximum extent possible to comply with all of the terms and conditions of the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Severability. If it shall be determined by a court of competent jurisdiction that any provision or wording of this Agreement shall be invalid or unenforceable under the Delaware Act or other applicable law, such invalidity or unenforceability shall not invalidate the entire Agreement. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it enforceable or valid within the requirements of any applicable law, and, in the event such term or provision cannot be so limited, this Agreement shall be construed to omit such invalid or unenforceable provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Submission to Jurisdiction; Venue; Waiver of Jury Trial. Unless the Fund otherwise agrees in writing, any legal action or proceeding with respect to this Agreement may be brought in the courts of the Commonwealth of Massachusetts (to the fullest extent subject matter jurisdiction exists therefore) and, by execution and delivery of this Agreement, each Member hereby irrevocably accepts for him or herself and in respect of his or her property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts. Such Member hereby further irrevocably waives any claim that any such courts lack personal jurisdiction over such Member, and agrees not to plead or claim, in any legal action proceeding with respect to this Agreement in any of the aforementioned courts, that such courts lack personal jurisdiction over such Member. Such Member hereby irrevocably waives any objection that such Member may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the aforesaid courts and hereby further irrevocably, to the extent permitted by applicable law, waives his or her rights to plead or claim and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. UNLESS THE FUND OTHERWISE AGREES IN WRITING, THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Waiver of Partition. Each Member hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Fund's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Securities Law Matters. Each Member understands that in addition to the restrictions on transfer contained in this Agreement, it must bear the economic risks of its investment for an indefinite period because the interests in the Fund have not been registered under the Securities Act or under any applicable securities laws of any state or other jurisdiction and, therefore, may not be sold or otherwise transferred unless they are registered under the Securities Act and any such other applicable securities laws or an exemption from such registration is available.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Member agrees to maintain the confidentiality of the Fund's records, reports and affairs, and all information and materials furnished to such Member by the Fund, the Investment Adviser, the Administrator or their Affiliates with respect to their respective businesses and activities; each Member agrees not to provide to any other Person copies of any financial statements, tax returns or other records or reports, or other information or materials, provided or made available to such Member; and each Member agrees not to disclose to any other Person any information contained therein (including any information respecting Portfolio Companies), without the express prior written consent of the disclosing party; provided that any Member may provide financial statements, tax returns and other information contained therein (i) to such Member's accountants, internal and external auditors, legal counsel, financial advisors and other fiduciaries and representatives (who may be Affiliates of such Member) as long as such Member instructs such Persons to maintain the confidentiality thereof and not to disclose to any other Person any information contained therein, (ii) to potential transferees of such Member's Fund interest that agree in writing, for the benefit of the Fund, to maintain the confidentiality thereof, but only after reasonable advance notice to the Fund, (iii) if and to the extent required by law (including judicial or administrative order); provided that, to the extent legally permissible, the Fund is given prior notice to enable it to seek a protective order or similar relief, (iv) to representatives of any governmental regulatory agency or authority with jurisdiction over such Member, or as otherwise may be necessary to comply with regulatory requirements applicable to such Member; and (v) in order to enforce rights under this Agreement. Notwithstanding the foregoing, the following shall not be considered confidential information for purposes of this Agreement: (a) information generally known to the public; (b) information obtained by a Member from a third party who is not prohibited from disclosing the information; (c) information in the possession of a Member prior to its disclosure by the Fund, the Investment Adviser, the Administrator or their Affiliates; or (d) information which a Member can show by written documentation was developed independently of disclosure by the Fund, the Investment Adviser, the Administrator or their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary set forth herein, nothing in this Agreement in any way limits or restricts any Member from communicating with any governmental agency or entity, or communicating with any official or staff member of a governmental agency or entity, concerning matters relevant to the governmental agency or entity, including reporting any good faith allegation of unlawful employment practices, criminal conduct, or violation of the securities laws; participating in any related proceeding; making any truthful statements or disclosures required by law, regulation or legal process; or requesting or receiving confidential legal advice, nor does it require any Member to notify the Board or the Fund of any of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent permitted by applicable law, and notwithstanding the provisions of this Section 14.6(h), each of the Fund, the Investment Adviser, the Administrator or any of their Affiliates may, in its reasonable discretion, keep confidential from any Member information to the extent such Person reasonably determines that: (i) disclosure of such information to such Member likely would have a material adverse effect upon the Fund or a Portfolio Company due to an actual or likely conflict of business interests between such Member and one or more other parties or an actual or likely imposition of additional statutory or regulatory

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constraints upon the Fund, the Administrator, any of its Affiliates or a Portfolio Company; or (ii) such Member cannot or will not adequately protect against the improper disclosure of confidential information, the disclosure of which likely would have a material adverse effect upon the Fund, the Administrator, any of its Affiliates or a Portfolio Company. Notwithstanding the foregoing, each of the Fund, the Investment Adviser, the Administrator or any of their Affiliates shall, to the extent permitted by law or regulatory authority, promptly provide to each Member all relevant information and documents related to any notice or request (whether written or oral) received from any governmental or regulatory agency involving any pending or threatened Proceeding in connection with the activities or operations of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Members: (i) acknowledge that the Fund, the Administrator, its Affiliates, and their respective direct or indirect members, managers, officers, directors and employees are expected to acquire confidential third-party information (e.g., through Portfolio Company directorships held by such Persons) that, pursuant to fiduciary, contractual, legal or similar obligations, cannot be disclosed to the Fund or the Members; and (ii) agree that none of such Persons shall be in breach of any duty under this Agreement or the Delaware Act as a result of acquiring, holding or failing to disclose such information to the Fund or the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fixing the Record Date. In order for the Fund to determine the Members entitled to notice of or to vote at any meeting of Members or any adjournment thereof, the Board may fix a record date which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, be no more than sixty (60) nor less than ten (10) days prior to the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the Members entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining Members entitled to notice of or to vote at a meeting of Members shall be the close of business on the day next preceding the day on which notice is given or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notices to Members. The Fund will notify the Members (i) as soon as reasonably practicable following any amendment to the PPM, and (ii) within forty-five (45) Business Days of a change in the independent auditors of the Fund (including in the notification a general description of the reasons therefore and the name of the new independent auditors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Contract Construction; Headings; Counterparts. Whenever the context of this Agreement permits, the masculine gender shall include the feminine and neuter genders (and vice versa), and reference to singular or plural shall be interchangeable with the other. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the other provisions, and the parties intend that this Agreement shall be construed and reformed in all respects as if any such invalid or unenforceable provision(s) were omitted or, at the direction of a court, modified in order to give effect to the intent and purposes of this Agreement. References in this Agreement to particular sections of the Code or the Delaware Act or any other statute shall

------

be deemed to refer to such sections or provisions as they may be amended after the date of this Agreement. Captions in this Agreement are for convenience only and do not define or limit any term of this Agreement. It is the intention of the parties that every covenant, term, and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law requiring any covenant, term, or provision to be strictly construed against the drafting party), it being understood that the parties to this Agreement are sophisticated and have had adequate opportunity and means to retain counsel to represent their interests and to otherwise negotiate the provisions of this Agreement. Notwithstanding the provisions of this Agreement or any Subscription Agreement, without any further act, approval or vote of any Member, the Fund may enter into side letters or other writings with individual Members which have the effect of establishing rights under, or, to the extent permitted by law, altering or supplementing, the terms of, this Agreement, any Subscription Agreement of such Member, or any other document entered into by the Fund (an "<u>Other Agreement</u>"). This Agreement, together with the related Subscription Agreement and any Other Agreement (if any) between the Fund and any Member, shall constitute the entire agreement and understanding among the respective parties to such agreements with respect to the subject matter hereof and thereof, and to the extent of any conflict between this Agreement or a Member's Subscription Agreement on the one hand, and an Other Agreement of a Member on the other, the terms of such Other Agreement shall control between the Fund and such Member. There are no representations, warranties or agreements made by the Fund except to the extent set forth in this Agreement, the Subscription Agreements and any such Other Agreement (if applicable). This Agreement or any amendment hereto may be signed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one agreement or amendment, as the case may be.

[Signature pages follow.]

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IN WITNESS WHEREOF, the undersigned has executed this Amended and Restated Limited Liability Company Agreement of Fidelity Private Credit Company II LLC as of the day, month and year first above written.

**FUND:** 

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| | |
|:---|:---|
| **Fidelity Private Credit Company II LLC** | **Fidelity Private Credit Company II LLC** |
| By: | /s/ Heather Bonner |
| Name: | Heather Bonner |
| Title: | President and Treasurer |

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IN WITNESS WHEREOF, the undersigned has executed this Amended and Restated Limited Liability Company Agreement of Fidelity Private Credit Company II LLC as of the day, month and year first above written.

Each of the Persons who has executed a Subscription Agreement, agreeing to purchase Common Units in the Fund, to be admitted to the Fund as a Member and to be bound by the terms of the Agreement:

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| | |
|:---|:---|
| By: | /s/ Heather Bonner |
| an authorized representative of the Fund as attorney-in-fact for such Persons | an authorized representative of the Fund as attorney-in-fact for such Persons |
| Name: | Heather Bonner |
| Title: | President and Treasurer |

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**APPENDIX I** 

**Fidelity Private Credit Company II LLC** 

**DEFINITIONS** 

For purposes of this Agreement, the following terms shall have the meanings set forth below (such meanings to be equally applicable to both singular and plural forms of the terms so defined). Additional defined terms are set forth in the provisions of this Agreement to which they relate.

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| | |
|:---|:---|
| **Additional Member** | As set forth in Section 3.3(c). |
| **Administration Agreement** | That certain administration agreement pursuant to which the Administrator will act as administrator to the Fund, as in effect from time to time. |
| **Administrator** | Fidelity Diversifying Solutions LLC, or any successor thereto. |
| **Affiliate** | With respect to the Person to which it refers, a Person that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, such subject Person. For this purpose, each Officer shall be deemed to be an Affiliate of the Investment Adviser, but Portfolio Companies or portfolio companies of any other investment vehicle advised by the Investment Adviser or its Affiliates shall not be considered Affiliates of the Board, the Investment Adviser, any Officer, any member of the Board or any member or manager of the Investment Adviser. "Affiliated" shall have the corresponding meaning. |
| **Agreement** | As set forth in the introductory paragraph to this Agreement. |
| **Assets** | As set forth in Section 4.2(a). |
| **Audit Committee** | As set forth in Section 3.4(b)(i). |
| **BDC** | A business development company as defined in Section 2(a)(48) of the 1940 Act. |
| **Board or Board of Directors** | As set forth in Section 3.4(a)(i). |
| **Business Day** | Any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. |
| **Capital Commitments** | As set forth in Section 7.2(a). |

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App. I - 1

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---

| | |
|:---|:---|
| **Capital Contribution** | As set forth in Section 3.3(a). |
| **Certificate** | As set forth in the preamble |
| **Chair of the Board** | As set forth in Section 3.4(a)(i). |
| **Class I Units** | Class I common units of limited liability company interests in the Fund. |
| **Code** | The United States Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. |
| **Common Unitholders** | Any Person who has entered into this Agreement and a Subscription Agreement pursuant to which such Person has agreed to purchase Common Units of the Fund. |
| **Common Units** | The Class I Units and any new class of Common Units that may be established by the Fund in the future. |
| **Credit Support** | As set forth in Section 4.2(a). |
| **Default Remedy Limitations** | As set forth in Section 7.2(e)(ii). |
| **Defaulted Commitment** | As set forth in Section 7.2(e). |
| **Defaulting Members** | As set forth in Section 7.2(e). |
| **Delaware Act** | As set forth in the preamble |
| **Director** | As set forth in Section 3.4(a). |
| **Drawn Amounts** | As set forth in Section 7.2(a). |
| **Drawdown** | As set forth in Section 7.2(a). |
| **Drawdown Date** | As set forth in Section 7.2(a). |
| **ERISA Member** | A Member that is and that has identified itself in its Subscription Agreement to the Fund to be: (i) an "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA; (ii) a "plan" as defined in Section 4975(e) of the Code that is subject to the prohibited transaction provisions of Section 4975 of the Code; or (iii) an entity whose underlying assets are treated as Plan Assets under Section 3(42) of ERISA or otherwise for purposes of ERISA or Section 4975 of the Code. |

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App. I - 2

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| | |
|:---|:---|
| **Fund** | As set forth in the introductory paragraph of this Agreement. |
| **Fund Expenses** | As set forth in Section 6.1. |
| **Exchange Act** | The U.S. Securities Exchange Act of 1934, as amended. |
| **Financings** | As set forth in Section 4.2(a). |
| **Financing CLO** | As set forth in Section 4.2(a)(vi). |
| **former Members** | As set forth in Section 3.2(a). |
| **GAAP** | As set forth in Section 14.1(a). |
| **Indemnified Person** | As set forth in Section 11.1. |
| **Independent Director** | As set forth in Section 3.4(a)(viii). |
| **Initial Closing Date** | As set forth in Section 3.3(a). |
| **Initial Drawdown Date** | As set forth in Section 3.3(b). |
| **Investment or Investments** | As set forth in Section 4.1. |
| **Investment Adviser** | Fidelity Diversifying Solutions LLC, or any successor thereto. |
| **Investment Advisory Agreement** | That certain investment advisory agreement pursuant to which the Investment Adviser will act as investment adviser to the Fund, as in effect from time to time |
| **1940 Act** | The Investment Company Act of 1940, as amended. |
| **Lender** | (i) any lender, issuer of letters of credit or provider of other financing or extensions of credit, (ii) any holder of indebtedness, assignments, guarantees or other obligations relating to any of the foregoing, and (iii) any of their respective agents, trustees, successors and assigns. |
| **Lender Power** | As set forth in Section 4.2(a). |
| **majority-in-interest** | As set forth in Section 3.8. |

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App. I - 3

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---

| | |
|:---|:---|
| **Members** | As set forth in the introductory paragraph of this Agreement. |
| **NAV** | As set forth in Section 7.2(a). |
| **New Class** | As set forth in Section 5.1. |
| **Officers** | As set forth in Section 3.4(c). |
| **Other Agreement** | As set forth in Section 14.6(k). |
| **Person** | Any individual, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, statutory or business trust, cooperative or association or any governmental body or agency, and the heirs, executors, administrators, legal representative, successors and assigns of such Person where the context so permits. |
| **Plan Assets** | Has the meaning set forth in Department of Labor Regulations set forth at 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA or pursuant to 29 C.F.R. § 404(c)-1. |
| **Plan Assets Regulation** | The regulation concerning the definition of "plan assets" under ERISA adopted by the United States Department of Labor and codified in Section 3(42) of ERISA and the Department of Labor Regulations set forth at 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, and pursuant to 29 C.F.R. § 404(c)-1. |
| **Portfolio Company** | Any entity in which the Fund holds an investment. |
| **PPM** | The private placement memorandum, as amended or supplemented from time to time, prepared by the Fund with respect to the offering of Units. |
| **Preferred Appointed Directors** | As set forth in Section 3.4(a). |
| **Preferred Unitholders** | Any Person who has entered into this Agreement and a Subscription Agreement pursuant to which such Person has agreed to purchase Preferred Units of the Fund. |
| **Preferred Units** | Preferred units of limited liability company interests in the Fund. |
| **President** | As set forth in Section 3.4(a)(i). |
| **RIC** | A regulated investment company as defined in the Code. |
| **SEC** | As set forth in Section 11.5. |

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App. I - 4

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---

| | |
|:---|:---|
| **Securities Act** | The U.S. Securities Act of 1933, as amended. |
| **Subscription Agreement** | With respect to each Member, the subscription agreement entered into by and between the Fund and such Member, pursuant to which such Member agrees to make a Capital Commitment to the Fund and purchase such Member's Units, in each case, as amended, supplemented, or otherwise modified from time to time. |
| **Subsequent Closing** | As set forth in Section 3.3(b). |
| **Subsequent Closing Date** | As set forth in Section 3.3(b). |
| **Transfer** | As set forth in Section 10.1(a). |
| **Unitholders** | The Common Unitholders and the Preferred Unitholders |
| **Units** | Collectively, the Common Units and the Preferred Units. |
| **VCOC** | As set forth in Section 13.1. |

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App. I - 5

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**SCHEDULE A** 

**Schedule of Directors** 

**<u>Name</u>** 

David B. Jones, Chair

Jennifer M. Birmingham

Matthew J. Conti

Thomas F. Flannery

Tara C. Kenney

Sch. A - 1

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**SCHEDULE B** 

**Schedule of Officers** 

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| | |
|:---|:---|
| **Name** | **Position** |
| Heather Bonner | President and Treasurer |
| Stephanie Caron | Chief Financial Officer |
| Nicole Macarchuk | Secretary and Chief Legal Officer |
| Ksenia Portnoy | Chief Compliance Officer |
| David Gaito | Vice President |
| Robert Gannon | Vice President |
| Hadi Husain | Vice President |
| Therese Icuss | Vice President |
| Harley Lank | Vice President |
| Christopher Quinlan | Vice President |
| Jeffrey Scott | Vice President |
| Andrew Dabrowski | Assistant Vice President |
| Scott Hummel | Assistant Vice President |
| Lisa Kasparian | Assistant Vice President |
| Joseph Palowich | Assistant Vice President |
| William Yoon | Assistant Vice President |
| Joseph Benedetti | Assistant Secretary |
| Nati Davidi | Assistant Secretary |
| Christina Zervoudakis | Assistant Secretary |
| Joyce Todisco | Deputy Treasurer |
| Craig S. Brown | Assistant Treasurer |

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Sch. B - 1

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| | |
|:---|:---|
| **Name** | **Position** |
| Jonathan Davis | Assistant Treasurer |
| Laura M. Del Prato | Assistant Treasurer |
| Colm A. Hogan | Assistant Treasurer |
| Christopher Maher | Assistant Treasurer |
| Stacie M. Smith | Assistant Treasurer |
| James Wegmann | Assistant Treasurer |

---

Sch. B - 2

## Exhibit 10.1

**Exhibit 10.1** 

**<u>INVESTMENT ADVISORY AGREEMENT</u>**

This Investment Advisory Agreement, dated as of March 18, 2026, is made by and between Fidelity Private Credit Company II LLC, a Delaware limited liability company (herein referred to as the "**Fund**"), and Fidelity Diversifying Solutions LLC, a Delaware limited liability company (herein referred to as the "**Adviser**") (this "**Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of Adviser</u>. The Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth, to provide overall investment advisory services for the Fund and in connection therewith to, in accordance with the Fund's investment objective, policies and restrictions as in effect from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determining the composition of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes in accordance with the Fund's investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) identifying investment opportunities and making investment decisions for the Fund, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Fund's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) monitoring the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) performing due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exercising voting rights in respect of portfolio securities and other investments for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) serving on, and exercising observer rights for, boards of directors and similar committees of the Fund's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) negotiating, obtaining and managing financing facilities and other forms of leverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) providing the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for the investment of capital, which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making, in consultation with the Fund's board of directors (the "**Board**"), investment strategy decisions for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonably assisting the Board and the Fund's other service providers with the valuation of the Fund's assets or, if so designated by the Board, performing fair value determinations subject to the oversight of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directing investment professionals of the Adviser or non-investment professionals of the Administrator (as defined below) to provide, or arranging for the provision of, managerial assistance to portfolio companies of the Fund as requested by the Fund, from time to time.

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Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments, the placing of orders for other purchase or sale transactions on behalf of the Fund and causing the Fund to pay investment-related expenses. In the event that the Fund determines to acquire debt financing, the Adviser will arrange for such financing on the Fund's behalf. If it is necessary or appropriate for the Adviser to make investments on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the Investment Company Act of 1940, as amended (the "**1940 Act**")).

Subject to the prior approval of a majority of the Board, including a majority of the Board who are not "interested persons" of the Fund ("**Independent Directors**") and, to the extent required by the 1940 Act and the rules and regulations thereunder, subject to any applicable guidance or interpretation of the U.S. Securities and Exchange Commission (the "**SEC**") or its staff, by the shareholders of the Fund, as applicable, the Adviser may, from time to time, delegate to a sub-adviser or other service provider any of the Adviser's duties, subject to applicable law, under this Agreement, including the management of all or a portion of the assets being managed. The Fund acknowledges that the Adviser makes no warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection herewith, the Adviser agrees to maintain a staff within its organization to furnish the above services to the Fund. The Adviser shall bear all expenses arising out of its duties hereunder, except as provided in this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as specifically provided below and above in Section 1 hereof, the Fund anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Adviser or its affiliates will bear all fees, costs, and expenses incurred that are not assumed by the Fund under this Agreement or under the Administration Agreement by and between the Fund and Fidelity Diversifying Solutions LLC, in its capacity as administrator ("**Administrator**"), as amended from time to time (the "**Administration Agreement**").

In addition to the compensation paid to the Adviser pursuant to Section 5, the Fund shall reimburse the Adviser for all expenses of the Fund incurred by the Adviser as well as the actual cost of goods and services used for or by the Fund and obtained from entities not affiliated with the Adviser. The Adviser, the Administrator, or their affiliates may be reimbursed for administrative services performed on behalf of the Fund pursuant to any separate administration or co-administration agreement. From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. Unless such expenses are specifically assumed by the Adviser, Administrator or their affiliates under the Advisory Agreement or Administration Agreement, the Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Transactions with Affiliates</u>. The Adviser is authorized on behalf of the Fund, from time to time when deemed to be in the best interests of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Best Execution; Research Services</u>.

The Adviser, either itself or through an affiliated company, shall place all orders for the purchase and sale of portfolio securities for the Fund's account with brokers or dealers selected by the Adviser, which may include brokers or dealers affiliated with the Adviser. The Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Fund and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the Fund and/or the other accounts over which the Adviser or its affiliates exercise investment discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund.

Research services furnished to the Adviser by brokers who effect securities transactions for the Fund may be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly, research services furnished to the Adviser by brokers who effect securities transactions for other investment companies, entities or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Fund. It is understood that not all of these research services are used by the Adviser in managing any particular account, including the Fund.

The Adviser and its affiliates may aggregate purchase or sale orders for the assets with purchase or sale orders for the same security for other clients' accounts of the Adviser or of its affiliates, the Adviser's own accounts and hold proprietary positions in accordance with its current aggregation and allocation policy (collectively, the "**Advisory Clients**"), but only if (x) in the Adviser's reasonable judgment such aggregation results in an overall economic or other benefit to the assets taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses and factors and (y) the Adviser's actions with respect to aggregating orders for multiple Advisory Clients, as well as the Fund, are consistent with applicable law. However, the Adviser is under no obligation to aggregate any such orders under any circumstances.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Remuneration</u>. Effective as of the date first written above, the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee, payable monthly in arrears, as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. The monthly management fee is paid by the Fund at an annual rate of 1.25% of the Fund's net assets as of the beginning of the first business day of the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties</u>. The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Investment Advisers Act of 1940, as amended, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Services Not Deemed Exclusive</u>. The Fund acknowledges and agrees that the services of the Adviser to the Fund are not to be deemed exclusive, the Adviser being free to render services to others and engage in other activities, provided, however, that such other services and activities do not, during the term of this Agreement, interfere, in a material manner, with the Adviser's ability to meet all of its obligations with respect to rendering services to the Fund hereunder. The Fund agrees that the Adviser may give advice and take action with respect to any of its other Advisory Clients which may differ from advice given or the timing or nature of action taken with respect to any client or account so long as it is the Adviser's policy, to the extent practicable, to allocate investment opportunities to the client or account on a fair and equitable basis relative to its other Advisory Clients. It is understood that the Adviser shall not have any obligation to recommend for purchase or sale any loans which its principals, affiliates or employees may purchase or sell for its or their own accounts or for any other client or account if, in the opinion of the Adviser, such transaction or investment appears unsuitable, impractical or undesirable for the Fund. Nothing herein shall be construed as constituting the Adviser an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limit of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Adviser, the Adviser shall not be subject to liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security or other investment instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Fund's LLC Agreement or other organizational document and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the directors or any individual director.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written above. Subject to prior termination as provided in Section 9(d), this Agreement shall continue in force until November 30, 2026, or to the extent consistent with the requirements of the 1940 Act, from the date of the Fund's election to be regulated as a BDC under the 1940 Act, and indefinitely thereafter, but only so long as the continuance after such date shall be specifically approved at least annually by vote of the Board or by vote of a majority of the outstanding voting securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be modified by mutual consent subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the SEC or any rules or regulations adopted by, or interpretative releases or no-action letters of, the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the requirements of Sections 9(a) and 9(b), the terms of any continuance or modification of this Agreement must have been approved by the vote of a majority of the Fund's Board who are not parties to the Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval (to the extent required by the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement is terminable (a) by the Fund upon sixty (60) days' written notice to the Adviser (i) upon the affirmative vote of holders of a majority of the outstanding voting securities of the Fund entitled to vote on the matter (as "majority" is defined in Section 2(a)(42) of the 1940 Act) or (ii) by the vote of the Independent Directors; or (b) by the Adviser upon not less than one hundred and twenty (120) days' written notice to the Fund, in each case without cause or penalty. The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Sections 2 or 5 through the date of termination or expiration, and Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement shall terminate automatically in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law</u>. This Agreement shall be governed, construed and interpreted in accordance with the laws of the Commonwealth of Massachusetts, <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Interpretation</u>. The terms "vote of a majority of the outstanding voting securities," "assignment," and "interested persons," when used herein, shall have the respective meanings specified in the 1940 Act, as now in effect or as hereafter amended, and subject to such orders or no-action letters as may be granted by the SEC or its staff.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Any notice hereunder shall be in writing and shall be delivered in person or by telex, email or facsimile (followed by delivery in person) to the parties at the addresses set forth below.

If to the Fund:

Fidelity Private Credit Company II LLC

245 Summer Street

Boston, Massachusetts 02210

Email: Nicole.Macarchuk@fmr.com

Attn: Secretary

If to the Adviser:

Fidelity Diversifying Solutions LLC

245 Summer Street

Boston, Massachusetts 02210

Email: Nicole.Macarchuk@fmr.com

Attn: Secretary

or to such other address as to which the recipient shall have informed the other party in writing.

Unless specifically provided elsewhere, notice given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile, email or mail, on the date on which such facsimile, email or mail is sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, by facsimile, email, or other written form of communication, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which together constitute one and the same instrument. Signatures may be delivered via facsimile, email, or any other electronic signature method complying with applicable law.

[*Remainder of Page Intentionally Left Blank*.]

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**IN WITNESS WHEREOF**, the parties hereto caused their duly authorized signatories to execute this Agreement as of the day and year first written above.

---

| | |
|:---|:---|
| **FIDELITY PRIVATE CREDIT COMPANY II LLC** | **FIDELITY PRIVATE CREDIT COMPANY II LLC** |
| By: | /s/ Heather Bonner |
|  Name:<br> Title: | Heather Bonner<br> President and Treasurer |
| **FIDELITY DIVERSIFYING SOLUTIONS LLC** | **FIDELITY DIVERSIFYING SOLUTIONS LLC** |
| By: | /s/ Christopher J. Rimmer |
|  Name:<br> Title: | Christopher J. Rimmer<br> Treasurer |

---

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## Exhibit 10.2

**Exhibit 10.2** 

**ADMINISTRATION AGREEMENT** 

**BETWEEN** 

**FIDELITY PRIVATE CREDIT COMPANY II LLC** 

**AND** 

**FIDELITY DIVERSIFYING SOLUTIONS LLC** 

This Agreement ("**Agreement**") is made as of March 18, 2026 by and between Fidelity Private Credit Company II LLC, a Delaware limited liability company (the "**Fund**"), and Fidelity Diversifying Solutions LLC, a Delaware limited liability company (the "**Administrator**").

WHEREAS, the Fund is a limited liability company that intends to elect to be treated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (the "**Investment Company Act**");

WHEREAS, the Fund desires to retain the Administrator to provide administrative services to the Fund in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Fund on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Fund and the Administrator hereby agree as follows:

**1. <u>Duties of the Administrator</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Administrator</u>. The Fund hereby retains the Administrator to act as administrator of the Fund, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Fund (the "**Board**"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such retention and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative and compliance services necessary for the operation of the Fund. The administrative and compliance services to be performed by (or overseen by, or arranged for the performance of by) the Administrator at its expense ("**Administrative Services**") shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) supervision of the third-party service providers, including the custodian, accountants, attorneys, and other
parties performing services for or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provision of administrative personnel, office space, office equipment, utilities, and other facilities
necessary for the administration of the Fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the calculation of the Fund's net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintaining and preserving all accounts, books, financial records and other financial documents as are required
of the Fund including maintenance of the general ledger, recording and verification of income, expense accruals and capital gains and losses with respect to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) accounting relating to the Fund and transactions of the Fund for securities and investments, including by not
limited to loans, bonds, and other credit instruments that are issued in private offerings and related equity interests such as warrants or options issued as additional consideration in such transactions. Provide trade settlement support, including
failed trade resolution and cash and security reconciliation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) assist in the preparation of registration statements, financial statements, proxy statements and other
statements or filings as may reasonably be requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) monitor cash positions, and provide projected cash balances, and monitor and process income and reconcile with
custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) calculate the yield, expense ratio, and other such financial and portfolio information as may be requested by
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) determine portfolio distributions, if any, and the tax characterization of such distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintenance of security reference data used by fund accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in conjunction with the Fund's custodian, receiving information and keeping records about all domestic
and foreign corporate actions, including, but not limited to, cash and stock distributions or dividends, stock splits and reverse stock splits, taken by companies whose securities are held by the Fund and transactions involving foreign currencies;

The Administrator shall perform (or oversee, or arrange for, the performance of) all other administrative and compliance services necessary for the operation of the Fund.

The Administrator shall make reports to the Board of its performance of its obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator pursuant to this Agreement, provide any advice or recommendation relating to the securities and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund. Fidelity Diversifying Solutions LLC, in its capacity as both the Fund's investment adviser (the "**Adviser**") and the Administrator, may provide (or arrange for the provision of) on the Fund's behalf significant managerial assistance to those portfolio companies that request such assistance. For the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this Agreement, subject to the oversight of the Board.

**2. <u>Records</u>.** The Administrator agrees to maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company Act, to the extent applicable. The Administrator may delegate the foregoing responsibility to a third party with the consent of the Board, subject to the oversight of the Administrator and the Fund. In compliance with the requirements of Rule 31a-3 under the Investment Company Act, to the extent applicable, the Administrator agrees that all records which it or its delegate maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it or its delegate maintains for the Fund pursuant to Rule 31a-1 under the Investment Company Act, to the

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extent applicable, will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

**3. <u>Confidentiality</u>.** The parties hereto agree that each shall treat all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

**4. <u>Compensation; Allocation of Costs and Expenses</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compensation</u>. As compensation for the Administrative Services provided and the expenses borne by the Administrator or its affiliates under this Agreement, the Fund shall pay to the Administrator a fee, calculated and payable monthly in arrears ("**Administration Fee**") equal to 0.02083% (0.25% on an annualized basis) of the Fund's month-end net asset value. If the Administrator shall serve for less than any whole month, the foregoing compensation shall be prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administrator Expenses</u>. The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not assumed by the Fund under Section 4(c) of this Agreement. For the avoidance of doubt, the costs, fees and expenses borne by the Administrator or its affiliates include but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fees, costs and expenses of the Administrative Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fees, costs and expenses of technology and technology development including, but not limited to, computer
systems and applications, web servicing, and website development and maintenance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) costs and expense of all in-house administrative professional staff
provided by the Administrator or its affiliates, including internal legal, compliance, tax, finance, accounting, audit, technology, or other services and professionals related thereto, as deemed appropriate by the Administrator, and the base
compensation, bonus and benefits, and the routine overhead expenses, of such personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fund Expenses</u>. The Fund will bear the following costs and expenses of the Fund's operations, administration, and transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investment advisory fees to the Adviser, pursuant to the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administration Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisers
(including tax advisers), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers
and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "**AIFMD** ")), investment bankers, administrative agents, paying agents, depositaries, custodians, directors, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisers, industry experts, operating partners, deal sourcers (including personnel dedicated
to but not employed by the Administrator, or its affiliates), and other professionals (except to the extent such taxes, fees, costs, and expenses are borne by the Administrator or its affiliates under this Agreement or under the terms of the
Investment Advisory Agreement);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the cost of effecting any sales and repurchases of the common shares of the Fund and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative
transactions (including interest, fees and related legal expenses) made or entered into by the Fund, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses of any third-party valuation services or valuation agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders,
investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's
assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing, negotiating and
structuring prospective or potential investments that are not ultimately made, including, without limitation any broken deal expenses, legal, research tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory,
consulting and printing expenses or other expenses associated with advisers in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction, reverse termination fees
and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the allocated costs incurred by the Adviser and the Administrator in providing (or arranging for the provision
of) managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service
fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in
connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade
association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements
(including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing,
negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting,
compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not

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reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction), or any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Fund directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating
agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) fees and expenses including reasonable travel, entertainment, lodging and meal expenses of, and any legal
counsel or other advisers retained by, or at the discretion or for the benefit of, the directors who are not interested persons (as defined in the Investment Company Act) of the Fund ()"**Independent Directors** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) costs of preparing financial statements, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and
costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ()"**CFTC**") and other regulatory bodies and other reporting and compliance
costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the Investment Company Act and any other applicable federal and state securities laws, and the compensation of professionals
responsible for the foregoing (except to the extent such costs and expenses are borne by the Administrator or its affiliates under this Agreement or under the Investment Advisory Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) all fees, costs and expenses associated with the preparation and issuance of the Fund's periodic
reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and
reporting-related expenses (including other notices and communications) in respect of the Fund and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Fund or the
Adviser or its affiliates in connection with such provision of services thereby) (except to the extent such costs and expenses are borne by the Administrator under this Agreement or under the Investment Advisory Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing
costs) and the costs of any shareholder or Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) costs associated with an exchange listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) any taxes and/or tax-related interest, fees or other governmental
charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Fund and all expenses incurred in connection with any tax audit, investigation,
litigation, settlement or review of the Fund and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) all fees, costs and expenses of any litigation, arbitration or audit involving the Fund any vehicle or its
portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification
(including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all fees, costs and expenses of winding up and liquidating the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) extraordinary expenses (such as litigation or indemnification).

From time to time, Fidelity Diversifying Solutions LLC, in its capacity as both the Adviser and the Administrator or its affiliates may pay third-party providers of goods or services. Unless such expenses are specifically assumed by the Adviser, Administrator or its affiliates under the Investment Advisory Agreement or Administration Agreement, the Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

Costs and expenses of Fidelity Diversifying Solutions LLC in its capacity as both the Administrator and the Adviser that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

Fidelity Diversifying Solutions LLC and/or its affiliates shall pay, whether directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the units of the Fund, (ii) the organization of the Fund, (iii) the election to be treated as a BDC under the Investment Company Act, and (iv) the negotiation, execution and delivery of this Agreement, the Investment Advisory Agreement, and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees.

**5. <u>Limit of Liability</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Administrator, the Administrator shall not be subject to liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security or other investment instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Fund's LLC Agreement or other organizational document and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Administrator shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Fund. In addition, the Administrator shall not seek satisfaction of any such obligations from the directors or any individual director.

**6. <u>Activities of the Administrator</u>.** The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each of its affiliates are free to render services to others. It is understood that directors, officers, employees and shareholders of the Fund are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

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**7. <u>Duration and Termination</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any time, without the payment of any penalty, on 120 days' written notice, by the Fund or by the Administrator. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled to any amounts owed under Section 4 through the date of termination or expiration, and Section 5 shall continue in force and effect and apply to the Administrator and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect until November 30, 2026, or to the extent consistent with the requirements of the Investment Company Act, from the date of the Fund's election to be regulated as a BDC under the Investment Company Act, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Fund's Board who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act).

**8. <u>Amendments of this Agreement</u>.** This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

**9. <u>Governing Law</u>.** This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of Massachusetts, <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the Investment Company Act, to the extent applicable.

**10. <u>Entire Agreement</u>.** This Agreement contains the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

**11. <u>Notices</u>.** Any notice under this Agreement shall be given in writing, by mail, postage prepaid, by email or electronic transmission, or by delivering it by hand to the other party at its principal office.

**12. <u>Counterparts</u>**. This Agreement may be executed in any number of counterparts by email, facsimile, or other written form of communication, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Signatures may be delivered via facsimile, email, or any other electronic signature method complying with applicable law.

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

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| | |
|:---|:---|
| **FIDELITY PRIVATE CREDIT COMPANY II LLC** | **FIDELITY PRIVATE CREDIT COMPANY II LLC** |
| By: | /s/ Heather Bonner |
| Name: | Heather Bonner |
| Title: | President & Treasurer |

---

---

| | |
|:---|:---|
| **FIDELITY DIVERSIFYING SOLUTIONS LLC** | **FIDELITY DIVERSIFYING SOLUTIONS LLC** |
| By: | /s/ Christopher J. Rimmer |
| Name: | Christopher J. Rimmer |
| Title: | Treasurer |

---

[*Signature Page to Administration Agreement*]

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## Exhibit 10.3

**Exhibit 10.3** 

***SUBSCRIPTION DOCUMENTS*** 

**<u>FIDELITY PRIVATE CREDIT COMPANY II LLC</u>**

***<u>For Internal Use Only:</u>*** 

*Subscription Amount:*<u> </u>

*Subscription Date:*<u> </u>

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**<u>FIDELITY PRIVATE CREDIT COMPANY II LLC</u>**

**SUBSCRIPTION BOOKLET** 

<u>CONTENTS</u> 

(I) Subscription Agreement

(II) Attachment A, Subscriber Information Form and Signature Pages to the Subscription Agreement and Fund Documents

(III) Attachment B, Subscriber Questionnaire

(IV) Attachment C, Tax Forms

(V) Attachment D, Privacy Notice

**In connection with completing this Subscription Booklet, please sign and return original copies of (1) executed item (II) – Attachment A, (2) item (III) – Attachment B, and (3) the executed tax forms listed in item (IV) – Attachment C to the Fund at alternatives@fmr.com.** 

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**SUBSCRIPTION AGREEMENT** 

Subscription Agreement

Fidelity Private Credit Company II LLC 245 Summer Street,

Boston, MA 02210

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to acceptance by Fidelity Diversifying Solutions LLC, a Delaware limited liability company (the "<u>Investment Adviser</u>") and any other conditions precedent set forth herein or in any separate agreement entered into with the undersigned, the undersigned (the "<u>Subscriber</u>") hereby (i) makes an irrevocable capital commitment to Fidelity Private Credit Company II LLC, a Delaware limited liability company (the "<u>Fund</u>"), in the amount set forth on the Signature Pages (a "<u>Capital Commitment</u>") and thereby subscribes to acquire the dollar amount of Class I Common Units (the "<u>Units</u>") of the Fund through periodic capital calls of all or a portion of the Subscriber's Capital Commitment and (ii) agrees to become a Member of the Fund, to be bound by all of the terms and conditions of the Amended and Restated Limited Liability Company Agreement of the Fund, as the same may be amended from time to time (the "<u>Fund Agreement</u>"), and to perform the Subscriber's obligations thereunder in accordance with the terms thereof. Capitalized terms used but not defined herein have their meanings set forth in the Confidential Private Placement Memorandum of the Fund, as the same may be updated and/or supplemented from time to time (the "<u>Memorandum</u>") and the Fund Agreement (together with the Memorandum and this Subscription Agreement, the "<u>Fund Documents</u>").

The Investment Adviser serves as the Fund's investment adviser pursuant to an investment advisory agreement between the Fund and the Investment Adviser (the "<u>Advisory Agreement</u>").

The Subscriber hereby agrees that this Subscription Agreement, and the subscription contemplated herein, is irrevocable, and the Subscriber further understands and agrees that (i) this subscription shall not be deemed accepted by the Fund unless and until the Fund has indicated its acceptance of such subscription by countersigning this Subscription Agreement and (ii) the Fund reserves the right to reject this subscription in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Subscriber understands and agrees that its Capital Commitment to the Fund shall be payable at the times and in the manner and amounts provided in or determined pursuant to the Fund Agreement. The Subscriber further understands and agrees that, in accordance with the terms of the Fund Agreement, upon the failure of the Subscriber to pay all or any portion of any drawdown due from the Subscriber on any drawdown date, the Subscriber will be in default and will be subject to certain rights and remedies available to the Fund as set forth in the Fund Agreement. For the avoidance of doubt, these remedies and rights set forth in the Fund Agreement are in addition to, and not in limitation of, any other rights available to the Fund at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As an inducement to the Fund to accept this Subscription Agreement, the Subscriber hereby represents, warrants and, if applicable, covenants to the Fund, the Investment Adviser, and Fidelity Diversifying Solutions LLC, in its capacity as the administrator to the Fund (the "<u>Administrator</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber, if an entity: (i) is duly formed or created, validly existing and in good standing under the laws of its jurisdiction of organization or creation; (ii) has the power and authority to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Subscriber pursuant to the Fund Documents; (iii) represents that the execution and delivery of this Subscription Agreement and such other documents and the performance of the Subscriber's obligations thereunder and the consummation of the transactions contemplated thereby have been duly authorized; and (iv) represents that the person signing this Subscription Agreement on behalf of the Subscriber has been duly authorized to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Subscriber pursuant to the Fund Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber, if a natural person: (i) is at least 21 years of age; and (ii) has all requisite legal capacity to acquire and hold Units on a capital commitment basis and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Subscriber pursuant to the Fund Documents. If the Subscriber is a natural person (or an entity that is an "alter ego" of a natural person), the Subscriber has received and read a copy of the initial privacy notice with respect to the Fund's collection and maintenance of non-public personal information regarding the Subscriber attached hereto as <u>Attachment E</u>, and the Subscriber hereby requests and agrees, to the extent permitted by applicable law, that the Fund shall refrain from sending to the Subscriber (i) an annual privacy notice, as contemplated by 16 CFR Part 313, §313.5 (the Federal Trade Commission's Final Rules regarding the Privacy of Consumer Financial Information); provided, that, to the extent required by applicable law, the Fund shall keep an annual privacy notice with the books and records of the business and such annual privacy notice shall be available to the Subscriber upon its request, and (ii) any other information regarding the customer relationship, as contemplated by 16 CFR Part 313, §313.9(e)(2). The Subscriber understands that, at any time subsequent to the date hereof, it may elect to receive any information contemplated by clauses (i) and (ii) above, but only to the extent that the Fund is required by applicable law to deliver such information, by providing reasonable prior written notice to the Fund to such effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber is either: (i) acquiring the Units on a capital commitment basis for which the Subscriber has hereby subscribed for the Subscriber's own account, for investment purposes only, not as a nominee or financial intermediary and not with a view to or for the resale or distribution thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in the Units (including, without limitation, an economic interest arising out of a structured note, swap or similar transaction entered into between the Subscriber and any other person with respect to which the Fund constitutes any component of the underlying reference asset); or (ii) subscribing as a nominee or financial intermediary for person(s) acquiring an economic interest in the Fund, as a swap counterparty under a swap or as an issuer of an investment incorporating the Fund as any component of its reference asset, in which case all representations, warranties, acknowledgements and covenants set forth herein that are made by the Subscriber shall be deemed also to be made by the Subscriber on behalf of the person(s) in respect of which the Subscriber is acting in such capacity, and any such person(s) is/are responsible to the Fund, the Investment Adviser, and the Administrator for the representations, warranties, acknowledgements and covenants of such person(s) made in this Subscription Agreement on behalf of such person(s) to the same extent as such person(s) would be had they executed this Subscription Agreement themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subscriber has all governmental, regulatory and administrative registrations and approvals required for the Subscriber to invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber has such knowledge, sophistication and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Fund and has determined that the acquisition of Units on a capital commitment basis is a suitable investment for the Subscriber. The Subscriber recognizes that an investment in the Fund involves certain risks, the Subscriber understands and accepts the risks related to the subscription of Units on a capital commitment basis and the Subscriber is able to bear the economic risks of this investment (including the possible complete loss of the Capital Commitment amount). The Subscriber has adequate means of providing for current needs, contingencies and cash flow requirements and has no need for liquidity with respect to the Subscriber's Units. In addition, the Subscriber has consulted, to the extent necessary, with the Subscriber's own advisors with respect to the investment, tax, and other legal and financial aspects of an acquisition of Units on a capital commitment basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has been furnished a copy of the Memorandum, the Fund Agreement and Part 2A of the Investment Adviser's Form ADV ("<u>Form ADV</u>") and has carefully read and understands the Fund Documents and the Investment Adviser's Form ADV and specifically agrees to and acknowledges the terms of the Fund Documents (including the exculpation and indemnification provisions set forth therein, and that such provisions shall survive the Fund's dissolution); has evaluated the risks of an investment in the Fund, including the risks and conflicts of interest set forth in the Memorandum under "Certain Risks" and "Conflicts of Interest" and the considerations described under "Executive Summary of Principal Terms", "Market Opportunity and Investment Approach", "Summary of Certain Principal Terms of the Offering", "Certain U.S. Federal Income Tax Matters", and "Certain ERISA and Other Benefit Plan Investor Considerations" and has evaluated the risks of an investment in the Fund; and has relied solely on the information contained in the Fund Documents in deciding whether to make a subscription (irrespective of any other materials and information furnished to the Subscriber in connection with such subscription);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has been furnished with any materials relating to the Fund, its operations, the offering of the Units on a capital commitment basis, the Fund Agreement, the investment experience of the Fund's and the Investment Adviser's personnel and any other matters relating to the Fund, the Investment Adviser, the Administrator, and this investment that the Subscriber has requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) understands that certain of the terms and conditions of the Fund and the Units originally set forth in the Memorandum may have been modified and, as modified, will be reflected in the final form of the Fund Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) understands that the Fund has limited financial and operating history upon which the Subscriber may evaluate its performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) acknowledges that the past performance of any investments or investment funds in whose management the Fund, the Investment Adviser or their respective affiliates participated cannot be construed as any indication of the future results of an investment in the Fund, and there can be no assurance that the Investment Adviser will be successful in implementing the Fund's strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) has been afforded the opportunity to ask questions of, and receive answers from, the Fund, the Investment Adviser, and the Administrator to the extent that the Subscriber has deemed necessary or advisable in order to verify the accuracy of the information set forth in the Fund Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) understands that the information provided in this Subscription Agreement will be relied upon by the Fund, including without limitation for the purpose of determining the eligibility of the Subscriber to purchase or hold the Units on a capital commitment basis and/or for the purpose of making any required filings pursuant to applicable securities laws. The Subscriber shall inform the Fund in writing promptly if any such information provided herein (including the schedules hereto and any other documents provided by the Subscriber

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to the Fund in connection with its investment in the Fund) ceases to be true and accurate and agrees to provide, if requested, any additional information that may reasonably be required by the Fund. In addition to the Subscriber's agreement to provide updated information pursuant to other sections of this Subscription Agreement, the Subscriber will furnish to the Fund promptly, upon request, any information about the Subscriber reasonably determined by the Fund to be necessary or required by third parties for the evaluation, structuring, implementation or consummation of the Fund's investments or for the formation, operation, dissolution, winding-up or termination of the Fund, including, without limitation, governmental agencies and authorities, if relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Subscriber is an "accredited investor", as defined in Rule 501(a) of Regulation D ("<u>Regulation D</u>") promulgated under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), for one or more of the reasons listed on <u>Attachment B</u> hereto, and the Subscriber has indicated its accredited investor status on <u>Attachment B</u>. The Subscriber understands that the Units that will be acquired by the Subscriber have not been registered under the 1933 Act, or the applicable securities laws of any states or other jurisdictions, and the Units cannot be resold or transferred unless the Units are subsequently registered under the 1933 Act and the applicable laws of any states or other jurisdictions, or unless an exemption from such registration is available. The Subscriber also understands that the Units and Capital Commitment obligations are not transferable, except with the consent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Subscriber understands that the Fund will elect or has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and the Fund will not qualify as an excepted entity under the 1940 Act, as determined by the Fund. The Subscriber understands that the Fund has filed a registration statement on Form 10 (the "<u>Registration Statement</u>") for the registration of its Units with the SEC under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"). The Registration Statement is not the offering document pursuant to which the Fund is conducting this offering of securities. Accordingly, the Subscriber should rely exclusively on information contained in the Memorandum, together with reports the Fund may file under the 1934 Act from time to time, in making its investment decisions. The Fund expects to enter into separate Subscription Agreements (the "<u>Other Subscription Agreements</u>" and, together with this Subscription Agreement, the "<u>Subscription Agreements</u>") with other investors (the "<u>Other Investors</u>" and, together with the Subscriber, the "<u>Investors</u>"), providing for the sale of Units to the Other Investors. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Units to the undersigned and the Other Investors are to be separate sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber acknowledges that the Investment Adviser is registered with the Commodity Futures Trading Commission (the "<u>CFTC</u>") as a "commodity pool operator" ("<u>CPO</u>"). However, with respect to the Fund, the Investment Adviser is exempt from registration with the CFTC as a CPO under CFTC Rule 4.5. Consequently, unlike a registered CPO, the Investment Adviser is not required to deliver a Disclosure Document or an Annual Report, as these terms are used in the CFTC's rules, to Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Subscriber recognizes that there is not now any public market for the Units and that such a market is not expected to develop. Consequently, the Subscriber is prepared to hold Units in the Fund for a significant period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Subscriber acknowledges that distributions may be made in cash or in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Subscriber is not subscribing for Units on a capital commitment basis as a result of, or subsequent to, any advertisement, article, notice or other communication published in any newspaper, magazine, website or similar media or broadcast over television, radio or internet, or presented at any seminar or general meeting, or any solicitation by a person not previously known to the Subscriber in connection with investments generally.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Subscriber has determined that its subscription is consistent with the obligations which the Subscriber may have to its beneficiaries or beneficial owners, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Subscriber is not subject to any conviction, order, judgment, decree, suspension, expulsion, bar, injunction, investigation or proceeding, and has not filed or been named in a registration statement or Regulation A offering statement, such that the Fund (i) would be unable to rely on Rule 506 of Regulation D under the 1933 Act or (ii) would be required to make disclosures under Rule 506(d) of Regulation D under the 1933 Act, in each case assuming the Subscriber were to own, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, twenty percent (20%) or more of the outstanding voting equity securities of the Fund, calculated on the basis of (1) voting power, which includes the power to vote, or to direct the voting of, such securities; and/or (2) investment power, which includes the power to dispose, or to direct the disposition of, such securities.

The Subscriber may be required, at the Fund's discretion, to complete an additional questionnaire for the purposes of complying with Rule 506(d) of Regulation D prior to the Subscriber's purchase of Units, or at any time after such purchase and while the Subscriber continues to hold such Units. The Subscriber agrees to complete and return such questionnaire to the Fund as soon as practicable. The Subscriber acknowledges that if the Subscriber fails to provide any such representations or information in a timely manner, or any such representations or information cease to be true and correct, the Fund may take any action permitted by the Fund Agreement that it determines is necessary or advisable for the Fund to comply with Rule 506(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Subscriber specifically waives any recourse against the Fund and the Investment Adviser in respect of the private placement of the Units and the operations of the Fund, provided that such person complies with the standard of care set forth in the Fund Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Subscriber confirms that none of the Fund, the Investment Adviser or their respective affiliates guarantees the success of an investment in the Fund or that substantial or total losses will not be incurred on such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Subscriber understands that an investment in the Fund is subject to substantial fees and expenses. The Fund is authorized to retain and pay compensation out of the Fund's assets to the Investment Adviser under the Advisory Agreement and certain affiliates of the Investment Adviser that provide services to the Fund, including, without limitation, the payment of a separate administrative fee (as detailed in the Memorandum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Subscriber specifically agrees and consents to the conflicts of interest to which the Investment Adviser or its respective affiliates may be subject in operating the Fund (as described in the Memorandum, the Fund Agreement, and the Investment Adviser's Form ADV); including, without limitation, the use of service providers affiliated with the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Subscriber acknowledges and agrees that by reason of the other business activities of one or more of the Investment Adviser or its respective affiliates, the Investment Adviser may not be able, or may determine not, to initiate a transaction for the Fund that the Investment Adviser would otherwise have initiated for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Subscriber acknowledges that the Investment Adviser or its respective affiliates may manage other investment funds, investment vehicles and/or accounts in addition to the Fund and that the Investment Adviser may have financial and other incentives to favor certain of such investment funds, investment vehicles and/or accounts over the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Subscriber understands and consents to the brokerage and custody arrangements used by the Fund. The Investment Adviser and its affiliates may place portfolio transactions for the Fund with affiliated broker-dealers, including Fidelity Capital Markets ("<u>FCM</u>"), a division of National Financial Services LLC ("<u>NFS</u>"), a Fidelity Investments registered broker-dealer, or other brokers with whom it is under common control, if it reasonably believes that the quality of the transaction is comparable to what it would be with other qualified broker-dealers, and if the transaction is otherwise permitted under applicable law (including ERISA, as applicable). FCM may, as broker, cross transactions on an agency basis between the Fund and other funds and accounts. When effecting such agency cross transactions, FCM will act as broker for, receive commissions from, and have a potentially conflicting division of loyalties and responsibilities regarding the Fund and the other parties to the transaction; and, by the execution of this Agreement, the Subscriber hereby authorizes and consents to any and all of the foregoing transactions, including any exercise by the Fund of its right to consent to such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Subscriber understands that (i) the Fund may execute trades through alternative trading systems or national securities exchanges, including MEMX, in which affiliates of the Investment Adviser have an interest, (ii) ancillary benefits in the form of increased valuation(s) of its equity interest, or other remuneration (including rebates) may be received by affiliates of the Investment Adviser or the Investment Adviser itself for trades placed on such venues, but it is not possible to predict the likelihood of that occurring or quantify the amount of any such benefit in advance, and (iii) by investing or remaining invested in the Fund, each Subscriber authorizes and consents to the possible execution of trades through affiliated alternative trading systems or exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Subscriber understands that no U.S. federal or state agency, securities or commodity exchange or self-regulatory body has reviewed the private placement of the Units or made any finding or determination as to the fairness of the business terms of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Subscriber represents and warrants that, except as it may disclose in writing to the Fund, the Subscriber is not subject to the U.S. Freedom of Information Act or any similar legislation or regulation in any applicable jurisdiction that could compel the Subscriber to disclose to the public any information regarding the Subscriber's subscription or the Subscriber's Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The Subscriber covenants that the Subscriber will: (i) provide any information, form, certification, or other cooperation and assistance requested by and acceptable to the Fund that is necessary or advisable, as determined by the Fund, for the Fund (A) to prevent withholding or qualify for a reduced rate of withholding or backup withholding in any jurisdiction from or through which the Fund receives payments, (B) to satisfy reporting or other obligations under the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), the regulations of the U.S. Department of the Treasury (the "<u>U.S. Treasury Department</u>" or the "<u>Treasury</u>"), any agreement with the U.S. Treasury Department or any other government division or department or any applicable intergovernmental agreement or implementing legislation, or (C) to make payments (including of distributions) to the Subscriber free of (or at a reduced rate of) withholding or deduction; (ii) update or replace such form, certification or other information in accordance with its terms or subsequent amendments or as requested by the Fund; and (iii) otherwise comply with any reporting obligations imposed by the United States or any other jurisdiction, including reporting obligations that may be imposed by future legislation or regulations. The Subscriber hereby consents to the disclosure by the Fund of the foregoing information to any governmental authority or to any person or entity from which the Fund receives payments. The Subscriber waives any provision under the laws and regulations of any jurisdiction that would, in the absence of such waiver, prevent or inhibit the Fund's compliance with applicable law as described in this paragraph including, but not limited to,

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preventing (i) the Fund from providing any requested information or documentation, or (ii) the disclosure by the Fund or its agents of the provided information or documentation to applicable governmental or regulatory authorities. The Subscriber understands that the Fund intends to elect or has elected to be treated as a "regulated investment company" within the meaning of Section 851 of the Code for U.S. federal income tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain information to the Fund as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Fund, the Subscriber understands that it shall be required to include additional information on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Subscriber certifies that the information contained in the executed Internal Revenue Service ("<u>IRS</u>") relevant Form W-8 (W-8BEN, W, 8IMY, W-8ECI or W-8EXP) or Form W-9 (as applicable) as required to be returned to the Fund pursuant to <u>Attachment C</u> is true, correct, and complete. The Subscriber agrees to furnish to the Fund such additional information, documentation and certifications as the Fund may from time to time request, including, without limitation, information, documentation and certifications requested by the Fund in order for the Fund to reduce withholding pursuant to tax treaties, where applicable, or comply with the provisions of the Foreign Account Tax Compliance Act, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code (which, for the avoidance of doubt, the Fund or a related vehicle may enter in the sole discretion of the Fund), any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation thereof, and any similar reporting regime under relevant non-U.S. law (together, "<u>FATCA</u>"). The Subscriber further agrees to notify the Fund immediately of any change in the information, documentation or certifications provided pursuant to this Section 3(z). In the event of any change in the applicable status of the Subscriber, or in the event that any information, documentation or certifications previously provided to the IRS becomes incorrect or obsolete (including, without limitation, by operation of law), the Subscriber will promptly inform the Fund thereof and execute and deliver updated information, documentation and certifications, including applicable new IRS forms. The Subscriber acknowledges that the information, documentation and certifications provided to the Fund may be disclosed to any applicable tax authority and third parties as appropriate in the judgment of the Fund. The Subscriber waives any provision under the laws and regulations of any jurisdiction that would, in the absence of such waiver, prevent or inhibit the Fund's compliance with applicable law as described in this paragraph including, but not limited to, preventing (i) the Fund from providing any requested information or documentation, or (ii) the disclosure by the Fund or its agents of the provided information or documentation to applicable governmental or regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) If the Subscriber is either an "investment company" as defined under the 1940 Act, or relying on an exclusion from the definition of "investment company" under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, the Subscriber understands and agrees that: (i) it is solely responsible for monitoring purchases and acquisitions of the Fund's shares for purposes of complying with the limits under Section 12(d)(1) (or, if applicable, the conditions under Section 12(d)(1)(E)); and (ii) it will promptly notify the Fund if the purchase or acquisition of the Fund's shares causes it to violate Section 12(d)(1).

If the only "investment security" (as defined under the 1940 Act) held by the Subscriber will be shares of the Fund, the Subscriber will either: (i) seek instructions from its holders with regard to the voting of all proxies with respect to shares of the Fund and vote such proxies only in accordance with such instructions; or (ii) vote the shares of the Fund held by the Subscriber in the same proportion as the vote of all other shareholders of the Fund; and (iii) the Subscriber will refrain from "substituting" (as interpreted under the 1940 Act) the shares of the Fund unless the SEC approves such substitution in the manner provided under the 1940 Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) If the Subscriber is treated as a nominee, then the representations in and provisions of Section 3(y) hereto are made with respect to both itself and its beneficial owner, and if the Subscriber is a disregarded entity for U.S. federal income tax purposes, then the representations in and provisions of Section 3(y) hereto are made with respect to itself and the first entity or individual in the Subscriber's chain of ownership that is not a disregarded entity for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) If the Subscriber is or will be (or is acting on behalf of any person that is or will be) a Benefit Plan Investor, as described below, or a benefit plan that is not subject to Title I of ERISA or Section 4975 of the Code but is subject to any other federal, state, local, non-U.S. or other laws or regulations ("<u>Similar Law</u>") that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code (each of the foregoing, together with Benefit Plan Investors, a "<u>Plan</u>"), then the Subscriber agrees to indicate on the questionnaire that it is a Benefit Plan Investor and further represents and agrees that (A) the decision to invest in the Fund was made by a fiduciary of the Plan that has the authority and discretion to, and is duly authorized to, make a decision to invest in Units on a capital commitment basis on behalf of the Plan, (B) the Plan's acquisition of Units on a capital commitment basis has been duly authorized in accordance with the plan documents governing such Plan, (C) the fiduciary authorizing the acquisition of the Units on a capital commitment basis is responsible for exercising independent judgment in evaluating the acquisition and holding of the Units, has considered its fiduciary duties under Section 404 of ERISA and has concluded that the purchase of such Units is consistent with such duties and is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies, (D) (I) the fiduciary authorizing the acquisition of Units on a capital commitment basis is not related to the Adviser, the Administrator, the Fund or any of their respective employees, representatives or affiliates, and (II) the none of the Adviser, the Administrator, the Fund or any of their respective employees, representatives or affiliates have investment discretion with respect to the investment of the Plan's assets in the Fund, (E) the acquisition and the subsequent holding of such Units do not and will not constitute a "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the Code, that is not subject to an exemption contained in ERISA or adopted by the DOL thereunder, and (F) the provisions of any applicable Similar Law will not apply to the Fund's operation or management as a result of the Plan's investment in Units and the acquisition and holding of Units will not result in a non-exempt prohibited transaction under any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Subscriber agrees promptly to provide to the Fund such information as the Fund may from time to time
reasonably request for purposes of determining whether the assets of the Fund are "plan assets" (as defined in Section 3(42) of ERISA), and the Subscriber represents and warrants that such information it has provided and will
provide to the Fund is true, accurate, and complete in all respects. The Subscriber understands that the Fund and Adviser are relying on such information and assurances in connection with, as applicable, determining whether Benefit Plan Investors
own or will own less than 25% of the value of Units of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Subscriber expressly acknowledges that the Fund has the authority, in its sole discretion, from time to
time, to require capital contributions from Other Investors and not the Subscriber if the Fund determines that the purchase of Units pursuant to a capital contribution, in the opinion of the Fund, could result in the Fund being subject to ERISA or
Section 4975 of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Subscriber is acting on behalf of a Benefit Plan Investor, none of the Fund, the Adviser, or any
affiliate of any of the foregoing has acted as, or otherwise represented or acknowledged that it is acting as, a fiduciary of the Subscriber (or, to the extent applicable, any of its underlying Benefit Plan Investors) with respect to the
Subscriber's decision to purchase or hold any Units, and none of the Fund, the Adviser, or any affiliate of any of the foregoing is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection
with the acquisition or holding of any Units or shall at any time be relied upon as a fiduciary of the Subscriber (or, to the extent applicable, any of its underlying Benefit Plan Investors) with respect to any decision to purchase, or continue to
hold, any Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The representations and warranties set forth in this Section (cc) shall be deemed repeated and reaffirmed on
each day the Subscriber holds its Units. Without limiting the remedies available in the event of a breach, if at any time during the term of the Subscriber's investment in the Fund the representations and warranties set forth in this Section
(cc) shall cease to be true, the Subscriber shall promptly notify the Fund in writing. If at any time during the term of the Subscriber's investment in the Fund the Subscriber's status as a Benefit Plan Investor changes, the Subscriber
shall promptly notify the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. If the Subscriber (or any person or entity on whose behalf such Subscriber is acting) is not a Benefit Plan
Investor on the date the Signature Pages are signed, then the Subscriber agrees to notify the Fund within a reasonable time in advance if the Subscriber becomes a Benefit Plan Investor, and in no event less than thirty (30) days prior to
becoming a Benefit Plan Investor. The term " <u>Benefit Plan Investor</u> " refers to: (a) any "employee benefit plan," as defined in, and subject to the fiduciary responsibility provisions of, the U.S. Employee Retirement
Income Security Act of 1974, as amended (" <u>ERISA</u> ") (an " <u>ERISA Plan</u> "); (b) any "plan," as defined in and subject to Section 4975 of the Code (a " <u>Tax Plan</u> "); and
(c) any entity (a " <u>Plan Assets Entity</u> ") deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any ERISA Plan or Tax Plan (each, a " <u>Plan</u> " and together the,
" <u>Plans</u> ") due to investments made by Plans in such entity. Benefit Plan Investors include, but are not limited to, corporate pension and profit sharing plans, "simplified employee pension plans," Keogh plans for
self-employed individuals (including partners), individual retirement accounts, funded medical benefit plans, funded life insurance plans, church plans that have elected to be subject to ERISA, bank commingled trust funds or insurance company
separate accounts in which Plans have invested, and, under certain circumstances, all or a portion of the general account of an insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Subscriber understands that the Fund has retained Dechert LLP ("<u>Dechert</u>") as counsel to the Fund and the Investment Adviser in connection with the formation of the Fund and the offer and sale of Units on a capital commitment basis in the Fund and that the Investment Adviser may retain Dechert as counsel in connection with the management and operation of the Fund, including, without limitation, making, holding or disposing of investments, or any dispute that may arise between the Subscriber or any other Member, on the one hand, and the Fund and/or the Investment Adviser on the other hand (the "<u>LLC Legal Matters</u>"). The Subscriber understands that Dechert will not represent the Subscriber in connection with the formation of the Fund and the offer and sale of Units on a capital commitment basis in the Fund, unless, subject to applicable law, the Fund (or an affiliate) and the Subscriber otherwise agree and the Subscriber separately engages Dechert. The Subscriber will, if it wishes counsel on any LLC Legal Matter, retain its own independent counsel with respect thereto and will pay all fees and expenses of such

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independent counsel. The Subscriber understands and agrees that Dechert has not investigated or verified the accuracy and completeness of any of the information set forth in the Fund Documents or in the due diligence materials made available to the Subscriber. Dechert is not providing any advice, opinion, representation, warranty or other assurance of any kind as to any matter to any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Subscriber's answers to each question set forth in <u>Attachment B</u> are true and complete to the best information and belief of the Subscriber, and the Subscriber shall promptly notify the Fund of any changes affecting this Agreement or the answers in <u>Attachment B</u> occurring at any time.

By executing this Subscription Agreement, the Subscriber hereby irrevocably designates and appoints the Fund as its true and lawful representative and attorney-in-fact under the provisions of and in accordance with the terms of the Fund Agreement.

*The Subscriber agrees that the foregoing representations and warranties, and all other information regarding the Subscriber set forth herein, may be used as a defense in any actions relating to the Fund or the offering of the Units on a capital commitment basis, and that it is only on the basis of such representations, warranties and other information that the Fund may be willing to accept this Subscription Agreement.* 

*If there should be any material change in any of the foregoing information, representations, warranties or covenants, the Subscriber agrees to inform the Fund as promptly as reasonably practicable. The Subscriber acknowledges that the Fund, the Investment Adviser or their respective affiliates and the Members shall rely on such information, representations, warranties and covenants on an ongoing basis.* 

**THE UNITS ARE SPECULATIVE, ILLIQUID, AND INVOLVE SUBSTANTIAL RISK. THE SUBSCRIBER COULD LOSE ALL OF THE SUBSCRIBER'S INVESTMENT IN THE FUND. THE SUBSCRIBER HAS READ CAREFULLY AND UNDERSTANDS THE FUND DOCUMENTS, AND HAS RELIED ON THE SUBSCRIBER'S OWN ADVISERS WITH RESPECT TO THE SUBSCRIBER'S SUBSCRIPTION AND THE SUITABILITY OF SUCH SUBSCRIPTION FOR THE SUBSCRIBER. THE SUBSCRIBER HAS NOT RELIED ON THE FUND, THE INVESTMENT ADVISER OR ANY OF THEIR RESPECTIVE EMPLOYEES, PRINCIPALS, AGENTS OR AFFILIATES FOR INVESTMENT, TAX OR OTHER LEGAL OR FINANCIAL ADVICE IN CONNECTION WITH THE PURCHASE OF UNITS ON A CAPITAL COMMITMENT BASIS, BUT ONLY ON THE SUBSCRIBER'S OWN ADVISERS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As an inducement to the Fund to accept this Subscription Agreement, the Subscriber hereby represents, warrants and, if applicable, covenants to the Fund, the Investment Adviser, and the Administrator (the "<u>AML Parties</u>") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All evidence of identity provided by the Subscriber to the AML Parties is genuine, and all related information furnished by the Subscriber to the AML Parties is accurate. In order to prevent an investment in the Fund from being used as a means of money laundering, the Fund at its discretion may require a detailed verification of the identity of the Subscriber and source of funds (as well as the Subscriber's direct or indirect beneficial owners, if any). The Subscriber restates and reaffirms the representations and warranties made by the Subscriber in Section 3(c) in the specific context of money-laundering prevention. Unless otherwise stated herein, the Subscriber is not acting as agent, representative, intermediary/nominee or in any similar capacity for any other person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber agrees to provide any information deemed necessary from time to time by any AML Party to comply with applicable anti-money laundering laws, any AML Party's anti-money laundering and sanctions program and/or related responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber (or, if an entity, an authorized officer, director, partner, member, manager or other similar person thereof or on its behalf) certifies that: (i) it is in compliance with all applicable anti-money laundering and sanctions laws and regulations and, if legally required to maintain anti-money laundering policies ("<u>AML Policies</u>") does so as required; and (ii) it has not received a deficiency letter, negative report or any similar determination regarding, and there is no current investigation relating to, its compliance with any applicable anti-money laundering laws and regulations and, if applicable, its AML Policies, from a person responsible for reviewing or auditing compliance therewith or from a regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subscriber represents, warrants and covenants that none of the Subscriber, any person controlling, controlled by, or, to the Subscriber's knowledge, under common control with, the Subscriber, or to the Subscriber's knowledge, any person having a beneficial interest in the Subscriber or that will have a beneficial interest in the Units, is a Prohibited Investor,<sup>1</sup> and that the Subscriber is not investing and will not invest in the Fund on behalf of or for the benefit of any Prohibited Investor. The Subscriber acknowledges that, if, following issuance of the Units to the Subscriber, an AML Party reasonably believes that the Subscriber (or any of Subscriber's direct or indirect beneficial owners) is a Prohibited Investor, has otherwise breached any of the Subscriber's representations, warranties or covenants set forth herein, furnished incorrect information to the Fund, or otherwise caused concerns under any AML Party's anti-money laundering and sanctions program and/or related responsibilities (as applicable), the Fund may freeze the Subscriber's Units, which the Fund may do by declining any additional Capital Contributions and/or segregating the assets attributable to the Subscriber's Units and/or taking such other action as the Fund considers necessary or advisable in order to comply with applicable law, rules or regulations, including requiring the mandatory withdrawal of all or a portion of the Subscriber's Units, prohibiting additional capital contributions by the Subscriber, restricting distributions to the Subscriber, or suspending the payment of withdrawal proceeds.

<sup>1</sup> "Prohibited Investors" include: (1) a Person that is the subject of any sanctions administered or enforced by the United States (including the U.S. Treasury Department's Office of Foreign Assets Control ("<u>OFAC</u>"); the U.S. Department of State; or the U.S. Department of Commerce); the United Nations Security Council; the European Union; or the United Kingdom; (2) a Person located, organized, or ordinarily resident in a jurisdiction that is the subject of comprehensive sanctions administered by the United States (currently, Cuba, Iran, North Korea, Syria, Crimea, or the so-called Donetsk or Luhansk People's Republics regions); (3) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, any SEC-maintained blocked persons list or other lists as required by law, the Administrator, the Investment Adviser or the Fund; (4) a Person with whom U.S. persons are otherwise prohibited from transacting or accepting investments under applicable sanctions; (5) any Foreign Shell Bank (as defined below); and (6) any Person resident in or whose subscription funds are transferred from or through an account in a jurisdiction that is designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering ("<u>FATF</u>"), of which the United States is a member, and with which designation the U.S. representative to the group or organization continues to concur. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Subscriber or any director, officer, partner, member, shareholder, affiliate or beneficial owner of the Subscriber is or becomes a Senior Foreign Political Figure,<sup>2</sup> any member of a Senior Foreign Political Figure's Immediate Family<sup>3</sup> or any Close Associate<sup>4</sup> of a Senior Foreign Political Figure, the Subscriber has provided notice of such status to the AML Parties and will provide any information requested by the AML Parties to conduct enhanced due diligence as may be appropriate in the AML Parties' discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subscriber is not resident in, or organized or chartered under the laws of, a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Interrupt and Obstruct Terrorism (USA PATRIOT) Act of 2001 (the "<u>USA PATRIOT Act</u>") as warranting special measures due to money laundering concerns.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Subscriber's Capital Contributions do not originate from, nor shall they be routed through, an account maintained at a Foreign Shell Bank,<sup>6</sup> an "offshore bank" or a bank organized or chartered under the laws of a jurisdiction that is designated as non-cooperative with international anti-money laundering principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Subscriber's Capital Contributions will not cause the AML Parties to violate applicable anti-money laundering laws or sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber does not know, or have reason to suspect, that the proceeds of its investment will be used (i) to fund or support any unlawful activity; or (ii) in any other manner that would cause the AML Parties to be in violation of applicable anti-money laundering laws or sanctions.

<sup>2</sup> "Senior Foreign Political Figure" means a current or former senior political official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government-owned corporation. In addition, a Senior Foreign Political Figure includes any corporation, business or other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure. Senior executives are individuals with substantial authority over policy, operations or the use of government owned resources. 

<sup>3</sup> "Immediate Family," with respect to a Senior Foreign Political Figure, typically includes such Senior Foreign Political Figure's parents, siblings, spouse, children and in-laws.

<sup>4</sup> "Close Associate" means, with respect to a Senior Foreign Political Figure, a person who is widely and publicly known (or actually known to the Subscriber) to maintain an unusually close relationship with such Senior Foreign Political Figure, and includes a Person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of such Senior Foreign Political Figure. 

<sup>5</sup> The U.S. Treasury Department's Financial Crimes Enforcement Network ("<u>FinCEN</u>") issues advisories regarding countries of primary money laundering concern. FinCEN's advisories are posted at <u>https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets</u>. 

<sup>6</sup> "Foreign Shell Bank" means a Foreign Bank (as defined below) without a Physical Presence (as defined below) in any country, but does not include a Regulated Affiliate (as defined below).

"Foreign Bank" means an organization that: (i) is organized under the laws of a country outside the United States; (ii) engages in the business of banking; (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (iv) receives deposits to a substantial extent in the regular course of its business; and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a non-U.S. bank.

"Physical Presence" means a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank: (i) employs one or more individuals on a full-time basis; (ii) maintains operating records related to its banking activities; and (iii) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities.

"Regulated Affiliate" means a Foreign Shell Bank that: (i) is an affiliate of a depository institution, credit union or Foreign Bank that maintains a Physical Presence in the United States or a non-U.S. country, as applicable; and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union or Foreign Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Subscriber acknowledges and agrees that any distributions paid to the Subscriber by the Fund shall only be paid to the same account from which the Subscriber's Capital Contributions were originally remitted, unless the Fund, in its sole discretion, agrees otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Subscriber acknowledges and agrees that the AML Parties may release confidential information concerning the Subscriber and, if applicable, any person with a direct or indirect beneficial interest in the Subscriber's Units or in the Subscriber itself, to affiliates or agents, as well as regulatory or law enforcement authorities, if any AML Party determines that it is required or advisable to do so in order to ensure compliance with law or if any AML Party considers such disclosure necessary or appropriate in the normal course of business or to enable them properly to conduct their affairs. The Subscriber acknowledges and agrees that any AML Party may share confidential information concerning the Subscriber and, if applicable, any person with a direct or indirect beneficial interest in the Subscriber's Units or in the Subscriber itself, in connection with any actual or potential investment by the Fund to the extent such disclosure is reasonably determined by the Fund to advance the interests of the Fund in the consummation, administration or disposition of any such investment. The Subscriber also agrees that any AML Party may share information with agents, affiliates and other service providers in connection with the services they provide to the Fund, provided that such parties agree to preserve the confidentiality of such confidential information or are otherwise obligated to preserve the confidentiality of such confidential information pursuant to applicable law, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Subscriber, by executing the applicable Signature Pages of this Subscription Agreement, represents and warrants that the Subscriber's Capital Contribution funds were derived from legal sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In addition to the foregoing, each AML Party reserves the right, but is not required, to request such information as such AML Party may deem necessary or advisable to verify the identity of the Subscriber (or the Subscriber's direct or indirect beneficial owners) and/or the Subscriber's source of funds, or to require the Subscriber, if an entity, to provide a copy of its anti-money laundering policies to the applicable AML Party. In the event of any delay or failure by the Subscriber to produce any information so requested, the Fund may, until proper information has been provided, refuse to accept any new Capital Contributions; refuse to process a transfer requested by the Subscriber; and/or delay or withhold distributions. The Fund reserves the right to require the Subscriber to withdraw its investment if at any time the Subscriber fails to provide any additional information requested by any AML Party for verification purposes, for purposes of evaluating the Subscriber's anti-money laundering policies in light of applicable regulation and/or any AML Parties' related anti-money laundering responsibilities, or as may be required by applicable law, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Subscriber agrees that it shall have no claim against any AML Party for any form of damages as a result of any AML Party taking any of the actions referred to in this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Subscriber understands and acknowledges that the Fund, and the Administrator on the Fund's behalf, also reserves the right to refuse to pay any distributions to the Subscriber if the Fund or the Administrator suspects or is advised that the payment of distributions to the Subscriber may be non-compliant with applicable law, rules or regulations, or if such refusal is considered necessary or advisable to ensure the compliance by the Fund or the Administrator with such law, rules or regulations.

**THE SUBSCRIBER AGREES PROMPTLY TO NOTIFY THE AML PARTIES, OR, IN THE CASE OF THE FUND, THE PERSON APPOINTED BY THE FUND TO ADMINISTER THE FUND'S ANTI-MONEY LAUNDERING PROGRAM AS NOTIFIED TO THE SUBSCRIBER BY THE FUND, IF ANY OF THE FOREGOING REPRESENTATIONS, WARRANTIES OR COVENANTS IS NO LONGER ACCURATE OR IF THE SUBSCRIBER IS NOT COMPLYING WITH ANY OF THE FOREGOING COVENANTS, IN EACH CASE IN ALL MATERIAL RESPECTS.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Subscriber received the Fund Documents in the jurisdiction listed in the address of the Subscriber on Attachment A, and if such jurisdiction is a state within the United States, the Subscriber intends that the securities laws of the United States and such applicable state alone shall govern the offer and sale of the Unit to the Subscriber. If the Subscriber is (i) a U.S. Person (as described in Attachment C) that is not a resident of the United States or (ii) not a U.S. Person (as described in Attachment C), the Subscriber represents and warrants that the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has consulted with its own advisors and is fully informed as to the legal and tax requirements within the Subscriber's own country (countries) regarding a purchase of the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acknowledges that no government agency has passed upon the Units or made any findings or determination as to the fairness of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Subscriber hereby agrees to indemnify, to the extent permitted by law, the Fund, the Investment Adviser (and their respective officers, directors, trustees, shareholders, members, partners, employees, representatives and agents) and persons who serve at the Fund's request as partners, members, directors, trustees, officers, employees, agents, advisers or managers, or independent contractors of another organization in which the Fund has any interest as a shareholder, creditor or otherwise, and their respective successors and assigns against any and all losses, damages, liabilities, costs and expenses (including attorneys' fees and expenses) incurred or sustained by reason of, or in connection with: (i) any breach of any representation, warranty, covenant or agreement of the Subscriber contained in this Subscription Agreement; or (ii) any material misrepresentation or misstatement by the Subscriber contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. If the Subscriber is acting as trustee, agent, representative or nominee for a subscriber (a "<u>Beneficial Owner</u>"), the Subscriber understands and acknowledges that the representations, warranties and agreements made herein are made by the Subscriber (a) with respect to the Subscriber as well as (b) with respect to the Beneficial Owner. The Subscriber further represents and warrants that it has all requisite power and authority from said Beneficial Owner to execute and perform the obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Subscriber agrees that on the date designated by the Fund as the date as of which the Subscriber has been admitted to the Fund, the Subscriber shall become a Member of the Fund, and shall be bound by all of the terms and conditions of the Fund Agreement, and shall be required to perform all of the Subscriber's obligations thereunder in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [RESERVED].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The following provisions are applicable even if the Fund does not accept this Subscription Agreement and the Subscriber does not become a Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS SUBSCRIPTION AGREEMENT IS MADE PURSUANT TO, AND SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF DELAWARE, NOTWITHSTANDING THE PLACE WHERE THIS SUBSCRIPTION AGREEMENT OR ANY FUND AGREEMENT IS EXECUTED BY ANY MEMBER OR PROSPECTIVE MEMBER OR THE LOCATION OF ANY OFFICE, VENTURE OR OPERATION OF THE FUND OR ANY MEMBER. ANY ACTION OR PROCEEDING BROUGHT BY THE INVESTMENT ADVISER OR ITS AFFILIATES AGAINST ONE OR MORE MEMBERS OR THE FUND RELATING IN ANY RESPECT TO THIS SUBSCRIPTION AGREEMENT, THE FUND AGREEMENT, THE OPERATION OF THE FUND AND/OR THE OFFERING OF THE UNITS ON A CAPITAL COMMITMENT BASIS MAY — AND ANY ACTION OR PROCEEDING BROUGHT BY ANY OTHER PARTY AGAINST ANY OF THE INVESTMENT ADVISER OR ITS AFFILIATES OR THE FUND RELATING IN ANY RESPECT TO THIS SUBSCRIPTION AGREEMENT, THE FUND AGREEMENT, THE OPERATION OF THE FUND AND/OR THE OFFERING OF THE UNITS ON A CAPITAL COMMITMENT BASIS SHALL — BE BROUGHT AND ENFORCED IN THE COMMONWEALTH OF MASSACHUSETTS OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) IN THE COURTS OF THE UNITED STATES FOR THE COMMONWEALTH OF MASSACHUSETTS, AND THE MEMBERS AND THE FUND IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH STATE AND U.S. FEDERAL COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. THE SUBSCRIBER AND THE FUND IRREVOCABLY WAIVE ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO LAYING THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR IN THE COURTS OF THE UNITED STATES FOR THE COMMONWEALTH OF MASSACHUSETTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) THE SUBSCRIBER HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM AGAINST THE INVESTMENT ADVISER OR ITS AFFILIATES OR THE FUND RELATING IN ANY WAY TO THIS SUBSCRIPTION AGREEMENT, THE FUND AGREEMENT, THE OPERATION OF THE FUND AND/OR THE OFFERING OF THE UNITS ON A CAPITAL COMMITMENT BASIS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OF ANY RIGHTS THAT ANY PERSON MAY HAVE UNDER LAW TO THE EXTENT THAT SUCH RIGHTS MAY NOT BE WAIVED, MODIFIED OR LIMITED UNDER LAW (INCLUDING U.S. FEDERAL SECURITIES LAWS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) THE SUBSCRIBER HEREBY AGREES THAT SERVICE OF PROCESS MAY BE EFFECTED ON THE SUBSCRIBER IN THE SAME MANNER AS NOTICES ARE GIVEN AS SET FORTH IN THE FUND AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber agrees that the Fund, the Investment Adviser, the Administrator, or one or more of the Fund or Investment Adviser or their respective affiliates would be subject to potentially irreparable injury as a result of any breach by the Subscriber of any of the representations, warranties, acknowledgements, covenants or agreements set forth in this Subscription Agreement, and that monetary damages would not be sufficient to compensate or make whole the Fund, the Investment Adviser, or the Administrator for any such breach. Accordingly, the Subscriber agrees that the Fund, the Investment Adviser, or the Administrator, separately or together, shall be entitled to seek equitable and injunctive relief, on an emergency, temporary, preliminary and/or permanent basis, so as to prevent any such breach or the continuation thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subscriber agrees that (i) the representations, warranties, agreements and covenants set forth in this Subscription Agreement shall, in pertinent part, survive the acceptance (or rejection) of this Subscription Agreement and the dissolution of the Fund and (ii) this Subscription Agreement shall be binding upon the Subscriber and the Fund to the extent set forth herein prior to acceptance by the Fund and, if accepted, upon the Subscriber and the Fund, and shall inure to the benefit of the Subscriber, the Fund, the Investment Adviser, the Administrator and their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that any provision of this Subscription Agreement is held to be invalid or unenforceable in any jurisdiction, such provision shall be deemed modified to the minimum extent necessary so that such provision, as so modified, shall no longer be held to be invalid or unenforceable. Any such modification, invalidity or unenforceability shall be strictly limited both to such provision and to such jurisdiction, and in each case to no other. Furthermore, in the event of any such modification, invalidity or unenforceability, this Subscription Agreement shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question and otherwise as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Signature Pages of this Subscription Agreement may be executed in one or more counterparts, each of which shall, however, together constitute the same document. Electronic copies shall have the same binding force as originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber agrees that the Fund is authorized to accept and execute this Subscription Agreement as well as any instructions given by the Subscriber in original signed form or by electronic communication. If instructions are given by electronic communication, the Subscriber shall indemnify the Fund, the Investment Adviser, the Administrator, or their respective affiliates for any losses and damages suffered by them as a result of acting on electronic communication instructions rather than instructions in original signed form. The Subscriber further agrees that the Fund, the Investment Adviser, the Administrator, and their respective affiliates are entitled to rely conclusively on any action taken on the basis of, any notice, consent, request, instruction or other instrument believed in good faith to be genuine or to be signed by properly authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This Subscription Agreement, including the appendices, exhibits and schedules hereto and any side letter or similar agreement entered into by the Subscriber, the Fund, and/or the Investment Adviser in connection with the Subscriber's subscription for Units, and the Fund Agreement contain the entire agreement and understanding of the parties hereto relating to the subject matter hereof, and supersede any prior agreements and understandings of the parties relating to such subject matter. This Subscription Agreement may be amended only in writing, executed by the Subscriber and the Fund. The Subscriber acknowledges and agrees that any notations, alterations, strike-outs, addenda, inserts or verbiage purporting to amend the terms of this Subscription Agreement shall not be effective unless explicitly agreed to by the Fund or its agents. Absent explicit agreement, the issuance of a trade confirmation or contract note shall not be construed as the Fund's acceptance or agreement to any such purported amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No failure or delay on the part of the Fund, the Investment Adviser, or the Administrator in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Failure on the part of the Fund, the Investment Adviser, or the Administrator to challenge any act or omission of the Subscriber or to declare the Subscriber in default with respect to the Fund, the Investment Adviser, or the Administrator, irrespective of how long that failure continues, shall not constitute a waiver by the Fund, the Investment Adviser, or the Administrator of their rights with respect to such default. Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Subscriber has carefully read and understands the Fund Agreement, including without limitation the confidentiality undertakings set forth therein which shall apply to the Subscriber, whether or not this Subscription Agreement is accepted by the Fund. Notwithstanding anything to the contrary set forth herein, nothing in this Subscription Agreement or the Fund Agreement in any way limits or restricts the Subscriber or any Subscriber from communicating with any governmental agency or entity, or communicating with any official or staff member of a governmental agency or entity, concerning matters relevant to the governmental agency or entity, including reporting any good faith allegation of unlawful employment practices, criminal conduct, or violation of the securities laws; participating in any related proceeding; making any truthful statements or disclosures required by law, regulation or legal process; or requesting or receiving confidential legal advice, nor does it require any individual to notify the Adviser or the Fund of any of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. With the exception of the investor notices listed in Section 15 below, all notices or other communications that the Fund or the Subscriber may desire or be required to give hereunder shall be in writing and shall be delivered and effective as set forth in the Fund Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Subscriber agrees and consents to have the Fund, the Investment Adviser and/or the Administrator electronically deliver Account Communications (as defined herein). "<u>Account Communications</u>" means all current and future account statements; the Fund Agreement (including all supplements and amendments thereto); the Memorandum (including all supplements and amendments thereto); notices (including privacy notices); letters or notices to investors; and other tax information such as any applicable state or local tax information; periodic or annual reports; annual audited financial statements; and regulatory communications and other information, documents, data and records regarding each Member's investment in the Fund. Electronic communication by the Fund and/or the Administrator includes email delivery as well as making Account Communications electronically available to the Members on the Administrator's, Investment Adviser's or their affiliates' internet site, if applicable, and providing notice of such availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Subscriber acknowledges that the Fund collects or otherwise processes personal information, including non-public personal information (NPI) (as defined below), relating to the Subscriber for such purposes as are necessary in relation to the Subscriber's investment in the Fund and the provision, administration or management of services to the Fund. This may include, without limitation, processing NPI for the purposes of providing administrative services in connection with the Subscriber's investment, preventing fraud, carrying out money laundering checks or conflict checks, complying with any legal regulations and reporting to and auditing by national and international regulatory bodies (collectively, the "<u>Services</u>").

"<u>Non-public personal information</u>" or "<u>NPI</u>" is any personally identifiable financial information relating to the Subscriber(s) that is not publicly available, as further defined in § 248.3(t) of Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information promulgated by the Securities and Exchange Commission under federal Gramm-Leach-Bliley Act (Public Law 106-102) and implementing regulations, as amended ("<u>Regulation S-P</u>"). For purposes hereof, NPI refers to the non-public personal information concerning the Subscriber (A) set forth in this Subscription Agreement, (B) otherwise disclosed by or on behalf of the Subscriber to the Fund or agents of the Fund, such as the Subscriber's name, address, social security number, assets and income, and (C) information regarding the Subscriber's investment in the Fund, including the Subscriber's capital account statements, forms 1099 and Schedules K-1 and capital call notices, distribution notices, redemption and transfer confirmations. NPI may be collected directly from the Subscriber, through the Administrator, including the Administrator's employees, affiliates, agents or contractors, through the Subscriber's financial adviser or any other third party who communicates with the Fund on the Subscriber's behalf.

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The Fund and its affiliates who process personal information, including the Subscriber's NPI, will handle such information in accordance with applicable U.S. laws and regulations, including, without limitation, those relating to privacy, data protection and/or the processing or use of personal information (the "<u>Privacy Laws</u>"), including, where applicable, Regulation S-P. The Subscriber acknowledges having received and read the Privacy Notice for the Fund (the current version as of the date of this Subscription Agreement of which is included in <u>Attachment D</u> hereto) and agrees to promptly provide this Privacy Notice (or any updated version thereof as may be provided to the Subscriber by or on behalf of the Fund from time to time) to each individual (such as any individual directors, shareholders, beneficial owners, authorized signatories, trustees or others) whose personal information the Subscriber provides to the Fund or any of its affiliates or delegates, including but not limited to the Administrator. The Privacy Notice for the Fund provides information on the Fund's and its affiliates' and delegates' use of NPI and other personal information, as of the date of this Subscription Agreement.

The Subscriber represents and warrants that (a) all NPI and other personal information provided to the Fund, its affiliates and delegates including but not limited to the Administrator by or on behalf of the Subscriber is provided in accordance with applicable Privacy Laws; (b) it has complied, and shall continue to comply, with its obligations relating to the NPI and other personal information regarding individuals that are beneficial owners or otherwise related to the Subscriber under the Privacy Laws; (c) among other things, it (i) has provided adequate notice(s) and such other fair processing information, and (if required under the Privacy Laws) obtained valid consents from, the relevant individuals, in each case, to the extent necessary to authorize the Fund, the Administrator, the Adviser, and their respective affiliates and delegates to process NPI and other personal information regarding those individuals in connection with and as described in this Subscription Agreement; and (ii) shall not, by act or omission, cause any of the Fund, the Administrator, the Adviser or their respective affiliates to violate any Privacy Laws or breach any undertakings in or conditions in any notices provided to, or consents obtained from, data subjects as a result of the Fund, the Administrator, the Adviser or their respective affiliates processing NPI and other personal information for any purpose relating to the Subscriber's investment in the Fund and Subscription Agreement or the Subscriber's ownership of Interests; and (d) it shall ensure that any NPI and other personal information that the Subscriber provides is accurate and up-to-date and the Subscriber shall promptly notify the Fund, the Administrator, and the Adviser if the Subscriber becomes aware that any such data is no longer accurate or up-to-date.

The Subscriber understands, acknowledges and agrees that in addition to sharing personal information, including Subscriber's NPI, as described in the Privacy Notice, the Fund may share such information (i) with the Administrator, the Adviser, and with the Fund's and its affiliates' attorneys, accountants and auditors in furtherance of the Fund's and its affiliates' business and with other service providers such as brokers or financial institutions who may have a need for the information in connection with providing services to the Fund or its affiliates and who agree to protect and use the information only for the purposes of providing such services to the Fund or its affiliates, (ii) in connection with any actual or potential investment, borrowing or other transaction by the Fund or its affiliates to the extent such disclosure is reasonably determined by the Adviser to advance the interests of the Fund or any such affiliate in the consummation, administration or disposition of any such investments, borrowing or other transaction, (iii) as otherwise required or permitted by law or regulation and (iv) with the Subscriber's financial adviser, and if the Subscriber consents as part of the Subscriber Questionnaire (including by listing an Investment Platform Service Provider (as defined below) to receive Subscriber's duplicate reporting, notices and other communications) with the third party service provider of the Subscriber's financial adviser through which the Subscriber is effectuating this investment (such third party service provider, the "<u>Investment Platform Service Provider</u>") and whose platform shall be used by such financial adviser and/or the Subscriber to access the NPI. The Subscriber may revoke the consent for the Fund to share the Subscriber's NPI (including duplicate reporting, notices and other communications) with the Investment Platform Service Provider by e-mailing Fidelity at alternatives@fmr.com.

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**<u>Attachment A</u>**

**SUBSCRIBER INFORMATION FORM** 

***Please return this form to the Fund***

The Subscriber's name, address, email address and telephone numbers are:

The primary contact at the Subscriber is:

The Subscriber's Requested Capital Commitment is $.

The Subscriber's tax year ends on:<u> </u>.

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| | | |
|:---|:---|:---|
| The Subscribe<sup>7</sup> is [check, if applicable]: | ☐ | An "exempt organization" listed in Section 501(a), including a trust described in Section 401(a), of the Code. |
|  | ☐ | An individual retirement account as described in Section 408(a) of the Code or a Roth IRA as described in Section 408A(a) of the Code. |
|  | ☐ | A U.S. person (as described in Attachment (C)) that is not listed in Section 501(a) of the Code. |
|  | ☐ | A non-U.S. person (as described in Attachment C). |

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[Please continue to next page]

<sup>7</sup> If the Subscriber is a disregarded entity for U.S. federal income tax purposes, please complete this section based on the status of the Subscriber's regarded beneficial owner. Any prospective Subscriber that is not a U.S. person as described in Attachment (C) should contact the Fund.

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Subscriber's wire instructions for return of capital and/or distributions:

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| |
|:---|
| Account Name: |
| Account Number: |
| Name of Bank: |
| ABA / Routing Number: |
| SWIFT Code: |
| Reference: |

---

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Duplicate reports, notices and other communications should be sent to the following:

---

| | |
|:---|:---|
| (Name) | (Phone) |
| (Street Address) | (Email) |
| (City/State/Zip Code) |  |

---

(If you would like duplicate reports, notices and other communications sent to additional contacts, please include the name, address and contact information for such party(ies) in a separate sheet.)

**Information Sharing with Investment Platform Service Providers** 

Do you wish to share your NPI with Investment Platform Service Providers as set forth in Section 16 of the Subscription Agreement for the purpose of enabling your financial adviser to manage your account? Please note: if the Subscriber has listed an Investment Platform Service Provider to receive duplicate reporting above, then such Investment Platform Service Provider will receive such duplicate reports, notices and other communications even if Subscriber does not opt-in below to share Subscriber's NPI with the Investment Platform Service Provider hereunder.

☐ Yes ☐ No

**Name of Trustees or Other Fiduciaries Exercising Investment Discretion with Respect to the Trust (To be completed by <u>Trust Subscribers Only</u>)** 

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| | | |
|:---|:---|:---|
| *Name* | *Occupation* | *Business Affiliation* |

---

------

**Authorized Signatories:** 

Set forth below are the names of persons authorized by the Subscriber to give and receive instructions between the Fund and the Subscriber, together with their respective signatures. Such persons are the only persons so authorized until further written notice to the Fund signed by one or more of such persons. **Note: Authorized Signatories do not necessarily need to be Trustees/Fiduciaries. (To be completed by <u>Entity Subscribers Only</u>)**

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| | | |
|:---|:---|:---|
| *Signature* | *Printed Name* | *Title* |

---

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**FIDELITY PRIVATE CREDIT COMPANY II LLC**

**FUND DOCUMENTS** 

**<u>SUBSCRIBER SIGNATURE PAGE</u>**

***Please return this executed page to the Fund***

The undersigned, desiring to become a Subscriber of Fidelity Private Credit Company II LLC, a Delaware limited liability company (the "<u>Fund</u>"), subject to the acceptance of the Subscriber's subscription by the Fund, hereby becomes a party to the Fund Documents of the Fund. The undersigned hereby agrees to all the provisions of said Fund Documents, and agrees that this signature page may be attached to any counterpart copy of said Fund Documents.

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| | |
|:---|:---|
| **INDIVIDUALS** | **ENTITIES** |
| Subscriber Signature | Print Name of Entity |
|  | By: |
| Print Name | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Signatory |
| Additional Subscriber Signature /<br> Signature of Spouse, if joint investment | Print Name |
| Print Name | Print Title |
|  | By: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Signature |
|  | Print Name |
|  | Print Title |

---

------

The foregoing subscription is hereby accepted upon the terms and conditions set forth above this<u> </u>day of<u> </u>, 20 .

The Subscriber's Accepted Capital Commitment is $.

(if blank, the Accepted Capital Commitment will equal the Requested Capital Commitment)

---

| |
|:---|
| **FIDELITY PRIVATE CREDIT COMPANY II<br>LLC** |
| By: |
| Name: |
| Title: |

---

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**<u>Attachment B</u>**

**SUBSCRIBER QUESTIONNAIRE** 

***Please complete and return this Questionnaire to the Fund***

Name of Subscriber (please print):

**PLEASE ANSWER ALL OF THE APPLICABLE QUESTIONS AND PROVIDE ALL OF THE REQUESTED INFORMATION IN THIS <u>ATTACHMENT B</u>. FAILURE TO ANSWER SUCH QUESTIONS/PROVIDE SUCH INFORMATION MAY RESULT IN A DELAY OR REJECTION OF YOUR SUBSCRIPTION FOR UNITS ON A CAPITAL COMMITMENT BASIS. THE FOLLOWING INFORMATION IS REQUIRED TO DETERMINE WHETHER THE SUBSCRIBER NAMED IN THE SUBSCRIPTION AGREEMENT TO WHICH THIS <u>ATTACHMENT B</u> IS ATTACHED AND INCORPORATED WILL BE ELIGIBLE TO INVEST IN THE FUND.** 

**I.**  **<u>Accredited Investor Status</u>** 

The Subscriber hereby represents and warrants that it is correctly and in all respects described by the category or categories indicated by it or its authorized representative below.

***Please check each box that applies under the appropriate subscription header (Individual or Entity).***

**<u>FOR INDIVIDUAL SUBSCRIBERS</u> (INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS)** 

☐ The Subscriber has a net worth (or joint net worth together with the Subscriber's spouse or spousal equivalent) in excess of $1,000,000 and the Subscriber has no reason to believe that the Subscriber's net worth will not remain in excess of $1,000,000 for the foreseeable future.<sup>8</sup> 

☐ The Subscriber had individual income (exclusive of any income attributable to the Subscriber's spouse (or spousal equivalent)) of more than $200,000 for each of the past two (2) years or joint income with the Subscriber's spouse or spousal equivalent in excess of $300,000 in each of those years and the Subscriber reasonably expects to reach the same individual income level, or the same joint income level, as the case may be, in the current year.<sup>9</sup> 

☐ The Subscriber is an Individual Retirement Account, Keogh plan or other self-directed plan (*i.e.*, a tax-qualified defined contribution plan in which a participant may exercise control over the investment of assets credited to his or her account) in which all of the participants are accredited investors (as described in this Part I of Attachment B). 

<sup>8</sup> For these purposes, net worth means the fair market value of the Subscriber's total assets less the Subscriber's total liabilities, except that: (i) the Subscriber must exclude from the Subscriber's assets the value of the Subscriber's primary residence, and (ii) the Subscriber may exclude from the Subscriber's liabilities the amount of indebtedness secured by the Subscriber's primary residence other than any portion that (A) exceeds the fair market value of the Subscriber's primary residence or (B) was incurred within sixty (60) days preceding the applicable Closing Date (other than as a result of the acquisition of the primary residence). 

<sup>9</sup> "<u>Individual income</u>" means adjusted gross income, as reported for U.S. federal income tax purposes, less any income attributable to a spouse (or spousal equivalent) or to property owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any tax-exempt interest income under Section 103 of the Code; (ii) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040; (iii) any deduction claimed for depletion under Section 611 et seq. of the Code; (iv) amounts contributed to an Individual Retirement Account (as defined in the Code) or Keogh retirement plan; and (v) alimony paid. 

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☐ The Subscriber has certain professional certifications, designations or other credentials issued by an accredited educational institution (e.g., Series 7, Series 65 or Series 82 license), which the Securities and Exchange Commission has designated as qualifying an individual for accredited investor status. 

(Please describe):

☐ The Subscriber is a "knowledgeable employee," as defined in Rule 3c-5(a)(4) under the 1940 Act, of the Fund.<sup>10</sup>

**<u>FOR ENTITY SUBSCRIBERS</u>**

☐ The Subscriber is a trust, with total assets in excess of $5,000,000, whose purchase is directed by a person who has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of investing in the Fund. 

☐ The Subscriber is a tax-exempt organization described in Section 501(c)(3) of the Code, a corporation, a Massachusetts or similar business trust, a partnership or a limited liability company, with total assets in excess of $5,000,000. 

☐ The Subscriber is an entity (e.g., Indian tribe, governmental body, fund, or entity organized under the laws of foreign countries) that owns "investments" as defined in Rule 2a51-1(b) under the 1940 Act in excess of $5,000,000.<sup>11</sup> 

<sup>10</sup> If the Subscriber checks this box a separate Knowledgeable Employee Questionnaire may be required to be submitted in addition to this Subscriber Questionnaire. A "knowledgeable employee" includes an employee of the Fund, the Investment Adviser, or an affiliate thereof who, in connection with his/her regular functions or duties, participates in the investment activities of the Fund, Investment Adviser or affiliate thereof, as well as certain executive officers, directors, trustees, general partners, advisory board members, or persons serving in a similar capacity, of the foregoing. 

<sup>11</sup> (1) <u>Net Investments</u>. (A) (1) securities (other than securities of an issuer that controls, is controlled by, or is under common control with, the person that owns such securities); (2) real estate held for investment purposes; (3) commodity interests held for investment purposes; (4) physical commodities held for investment purposes; (5) financial contracts held for investment purposes (to the extent they are not securities); and (6) cash and cash equivalents held for investment, less (B) any outstanding indebtedness incurred to acquire any of the foregoing. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Investments</u>. Includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities, including stocks, bonds and notes, other than securities of an issuer that controls, is controlled by or is under common control with the prospective qualified purchaser (*e.g.*, an interest in a family-owned or closely-held business). Notwithstanding the foregoing, "<u>Investments</u>" includes securities held in (1) a company that files reports under the 1934 Act, or has a class of securities that is listed on a "designated offshore securities market," as defined in Regulation S under the 1933 Act, (2) any registered or unregistered investment company (*i.e.*, a company that would be required to register but for the exclusions or exemptions provided in the 1940 Act), or commodity pool and (3) any company with shareholders' equity of not less than $50,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Real estate held for investment purposes. Real estate is not held for investment purposes if it is used by the prospective qualified purchaser or a related person for personal purposes or as a place of business, or in connection with the conduct of the trade or business of the prospective qualified purchaser or a related person; provided that real estate owned by a prospective qualified purchaser who is engaged primarily in the business of investing, trading or developing real estate in connection with such business may be deemed to be held for investment purposes. Residential real estate shall not be deemed to be used for personal purposes if deductions with respect to such real estate are not disallowed by Section 280A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any "Commodity Interests" held for investment purposes. "<u>Commodity Interests</u>" means any commodity futures contracts, options on commodity futures and options on physical commodities traded on or subject to the rules of (1) any contract market designated for trading such transactions under the U.S. Commodity Exchange Act, as amended (the "<u>CEA</u>"), and the rules thereunder, or (2) any board of trade or exchange outside the United States, as contemplated in Part 30 of the rules made under the CEA. A Commodity Interest or physical commodity owned, or a financial contract entered into, by a prospective qualified purchaser who is engaged primarily in the business of investing, reinvesting or trading in Commodity Interests, physical commodities or financial contracts in connection with such business may be deemed to be held for investment purposes.

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☐ The Subscriber is (a) a family office<sup>12</sup> (i) with assets under management in excess of $5,000,000, (ii) not formed for the specific purpose of acquiring the Units offered and (iii) whose prospective investment is directed by a person with such knowledge and experience in financial and business matters that the family office is capable of evaluating merits and risks of the prospective investment or (b) a family client<sup>13</sup> of such family office whose investment is directed by such family office. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Physical commodities (*e.g.*, gold and silver), with respect to which Commodity Interests are traded on a contract market or board of trade described in (c) above, held for investment purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Financial contracts (*e.g.*, swaps and similar individually negotiated financial transactions), other than securities, held for investment purposes. "Financial Contract" means any arrangement that: (1) takes the form of an individually negotiated contract, agreement or option to buy, sell, lend, swap or repurchase, or other similar individually negotiated transaction commonly entered into by participants in the financial markets; (2) is in respect of securities, commodities, currencies, interest or other rates, other measures of value, or any other financial or economic interest similar in purpose or function to any of the foregoing; and (3) is entered into in response to a request from a counterparty for a quotation, or is otherwise entered into and structured to accommodate the objectives of the counterparty to such arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Subscriber is an excepted investment company (*i.e.*, excluded from the definition of "investment company" pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act) or a commodity pool, any amounts payable to the Subscriber pursuant to a firm agreement or similar binding commitment pursuant to which a person has agreed to acquire an interest in, or make capital contributions to, the Subscriber upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Cash and cash equivalents (*e.g.*, foreign currencies, bank deposits, certificates of deposit, bankers acceptances and the net cash surrender value of an insurance policy) held for investment purposes. Neither cash used by an individual to meet everyday expenses nor working capital used by a business is considered cash held for investment purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Valuation</u>. The value of Investments may be determined by either their fair market value on the most recent practicable date or their cost; provided that, in the case of Commodity Interests, value shall be the initial margin or option premium deposited in connection with such Commodity Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Deductions; "Net Investments</u>". Any outstanding indebtedness incurred to acquire Investments must be deducted from the value of the Investments. In addition, any outstanding indebtedness incurred by an owner of a family company to acquire Investments must be deducted from the value of the family company's Investments. "Net Investments" equals Investments minus such deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Joint Investments</u>. A natural person may include in the amount of such person's Investments any Investments held jointly with such person's spouse, or Investments in which such person shares with such person's spouse a community property or similar shared ownership interest. Spouses who are making a joint investment may include in the amount of each spouse's Investments any Investments owned by the other spouse (whether or not such Investments are held jointly).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Investments of Parents and Subsidiaries</u>. A company may include Investments owned by majority-owned subsidiaries of the company, Investments owned by a company ("<u>Parent Company</u>") of which the company is a majority-owned subsidiary, and Investments owned by other majority-owned subsidiaries of the Parent Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Retirement Plan Investments</u>. A natural person may include in the amount of such person's Investments any Investments held in an individual retirement account or similar account, so long as the Investments in such account are directed by and held for the benefit of such person.

<sup>12</sup> A "family office" means a company (including its directors, partners, members, managers, trustees, and employees acting within the scope of their position or employment) that: (1) has no clients other than family clients; provided that if a person that is not a family client becomes a client of the family office as a result of the death of a family member or key employee (as defined in Rule 202(a)(11)(G)-1(d)) or other involuntary transfer from a family member or key employee, that person shall be deemed to be a family client for purposes of Rule 202(a)(11)(G)-1 of the Advisers Act for one year following the completion of the transfer of legal title to the assets resulting from the involuntary event; (2) is wholly owned by family clients and is exclusively controlled (directly or indirectly) by one or more family members and/or family entities; and (3) does not hold itself out to the public as an investment adviser. 

<sup>13</sup> A "family client" means: (i) any family member; (ii) any former family member; (iii) any key employee; (iv) any former key employee, provided that upon the end of such individual's employment by the family office, the former key employee shall not receive investment advice from the family office (or invest additional assets with a family office-advised trust, foundation or entity) other than with respect to assets advised (directly or indirectly) by the family office immediately prior to the end of such individual's employment, except that a former key employee shall be permitted to receive investment advice from the family office with respect to additional investments that the former key employee was contractually obligated to make, and that relate to a family-office advised investment existing, in each case prior to the time the person became a former key employee; (v) any non-profit organization, charitable foundation, charitable trust (including charitable lead trusts and charitable remainder trusts whose only current beneficiaries are other family clients and charitable or non-profit organizations), or other charitable organization, in each case for which all the funding such foundation, trust or organization holds came exclusively from one or more other family clients; (vi) any estate of a family member, former family member, key employee, or, subject to the condition contained in paragraph (d)(4)(iv) of Rule 202(a)(11)(G)-1 of the Advisers Act, former key employee; (vii) any irrevocable trust in which one or more other family clients are the only current beneficiaries; (viii) any irrevocable trust funded exclusively by one or more other family clients in which other family clients and non-profit organizations, charitable foundations, charitable trusts, or other charitable organizations are the only current beneficiaries; (ix) any revocable trust of which one or more other family clients are the sole grantor; (x) any trust of which: (a) each trustee or other person authorized to make decisions with respect to the trust is a key employee; and (b) each settlor or other person who has contributed assets to the trust is a key employee or the key employee's current and/or former spouse (or spousal equivalent) who, at the time of contribution, holds a joint, community property, or other similar shared ownership interest with the key employee; or (xi) any company wholly owned (directly or indirectly) exclusively by, and operated for the sole benefit of, one or more other family clients; provided that if any such entity is a pooled investment vehicle, it is excepted from the definition of "investment company" under the 1940 Act. See Rule 202(a)(11)(G)-1(d)(4) under the Advisers Act. 

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☐ The Subscriber is either (i) an entity (excluding a trust) in which all of the equity owners, unit owners or participants (*i.e.*, all partners (including limited partners) of a partnership and shareholders of a corporation) are "accredited investors" or (ii) a revocable trust of which each grantor is an accredited investor and has the power to revoke the trust at any time; <u>provided</u> that in either case the Subscriber makes the additional representations, warranties and covenants listed in <u>footnote 14</u>.<sup>14</sup> 

☐ The Subscriber is a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>").

☐ The Subscriber is a registered investment adviser pursuant to state law, a registered investment adviser pursuant to Section 203 of the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>") or an exempt reporting adviser under Section 203(m) or Section 203(l) of the Advisers Act. 

☐ The Subscriber is an investment company registered under the 1940 Act or a business development company as defined in Section 2(a)(48) thereof that was not formed for the specific purpose of investing in the Fund.

☐ The Subscriber is a bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act, acting for its own account or for the account of an "accredited investor."

☐ The Subscriber is a private business development company as defined in Section 202(a)(22) of the Advisers Act.

<sup>14</sup> If the Subscriber is an accredited investor for the reason described in this response, the Subscriber hereby represents, warrants and covenants with respect to each person making investment decisions for the Subscriber that: (i) the Subscriber is sufficiently familiar with each such person's regulatory status and/or asset ownership to make representations on each such person's behalf; (ii) each such person qualifies as an "accredited investor" under one or more of the provisions of this Subscriber Questionnaire; (iii) the Fund may rely on the Subscriber's representations on behalf of each such person hereunder to the same extent as if each such person had completed this Subscriber Questionnaire; and (iv) the Subscriber shall permit no direct or indirect transfer of beneficial interests in the Subscriber or change in investment decision making that at any time would result in any of the representations contained in <u>clauses (i)-(iii)</u> ceasing to be true. 

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☐ The Subscriber is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended, or a rural business investment company ("<u>RBIC</u>") as defined in Section 384(A) of the Consolidated Farm and Rural Development Act. 

☐ The Subscriber is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000. 

☐ The Subscriber is an employee benefit plan within the meaning of Title I of ERISA, if:

☐ (A) the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser;

☐ (B) the employee benefit plan has total assets in excess of $5,000,000; or 

☐ (C) such plan is a self-directed plan with investment decisions made solely by persons that are "accredited investors."

☐ The Subscriber is an insurance company as defined in Section 2(a)(13) of the 1933 Act, acting for its own account or for the account of an "accredited investor."

☐ Other (describe):

**II.**  **<u>Registered and Unregistered Investment Companies</u>** 

A. Section 12(d)(1) of the 1940 Act contains limits on the extent to which Units of the Fund can be purchased
or otherwise acquired by any other registered or unregistered investment company or issuer that would be an investment company under Section 3(a) of the 1940 Act but for the exclusions from that definition provided for in Section 3(c)(1)
or Section 3(c)(7) of the 1940 Act. The Subscriber hereby represents and warrants that (i) it is correctly and in all respects described by the category or categories indicated by it or its authorized representative below; (ii) it is
solely responsible for monitoring purchases and acquisitions of Units for purposes of complying with the limits under Section 12(d)(1); and (iii) it will promptly notify the Fund if the purchase or acquisition of Units causes it to violate
Section 12(d)(1).

***Please check each box that applies\*:***

☐ The Subscriber is registered or required to be registered as an investment company under the 1940 Act.

If checked and the Subscriber is an investment company registered under the 1940 Act, please contact <u>FoFCoE@fmr.com</u> to obtain an investment agreement for purposes of Rule 12d1-4 under the 1940 Act.

☐ The Subscriber has elected to be regulated as a business development company under the 1940 Act.

If checked, please contact <u>FoFCoE@fmr.com</u> to obtain an investment agreement for purposes of Rule 12d1-4 under the 1940 Act.

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☐ The Subscriber is either (i) relying on an exclusion from the definition of "investment company" under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (*i.e.,* private funds) or (ii) an investment company that is not required to be registered as an investment company under the 1940 Act. 

☐ The Subscriber is controlled<sup>15</sup> by an investment company.

If checked, please provide the name of such investment company

☐ The Subscriber is relying, or seeks to rely, on a statutory exemption (e.g., Section 12(d)(1)(F)) or exemptive rule (i.e., Rule 12d1-4) or order that permits it to purchase or otherwise acquire Units in excess of the limits under Section 12(d)(1) of the 1940 Act. Please note, however, that the availability of a statutory exemption or exemptive rule or order may depend on the category or categories indicated above. 

If checked, please specify the exemption

\* **If the Subscriber checked any of the above, please contact the Fund at *<u>FoFCoE@fmr.com</u>***. 

Please specify the name of your adviser and sub-adviser (if applicable):

*<u>Adviser:</u>* 

*<u>Sub-Adviser (if applicable):</u>*

**III.**  **<u>Status for Purposes of ERISA</u>.** 

A. Is the Subscriber a Benefit Plan Investor? A Benefit Plan Investor is (a) any "employee benefit
plan," as defined in, and subject to the fiduciary responsibility provisions of ERISA; (b) any "plan," as defined in and subject to Section 4975 of the Code; and (c) any entity (a " <u>Plan Assets Entity</u> ") deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any of the investors described in (a) or (b) (each, a "Plan" and together the, " <u>Plans</u> ") due to investments
made by Plans in such entity.

☐ Yes ☐ No

**IV** **<u>Description of Subscriber</u>** 

A. <u>FORM PF INVESTOR TYPE</u>: Subscriber must check one box below that most accurately describes the Subscriber
and its beneficial owners:

***Please select one:***

☐ An individual that is a United States Person<sup>16</sup> (including their trusts) ☐ An individual that is not a United States Person (including their trusts) <br> ☐ A broker-dealer ☐ An insurance company

<sup>15</sup> Any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to control such company. 

<sup>16</sup> "United States Person" has the meaning set forth in rule 203(m)-1 under the Advisers Act.

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| | |
|:---|:---|
|  ☐ An investment company registered with the Securities and Exchange Commission | ☐ A Private Fund<sup>17</sup> |
|  ☐ A non-profit | ☐ A pension plan (excluding a governmental pension plan) |
|  ☐ A banking or thrift institution (proprietary) | ☐ A state or municipal Government Entity<sup>18</sup> (excluding a governmental pension plan) |
|  ☐ A state or municipal governmental pension plan | ☐ A sovereign wealth fund or foreign official institution |
|  ☐ A person that is not a United States Person and about which the foregoing beneficial ownership information is not known and cannot reasonably be obtained because the beneficial interest is held through a chain involving one or more third party intermediaries | ☐ Other —Specify:  |

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B. <u>PAY TO PLAY</u>: Please check the appropriate box below if the Subscriber is or is investing on behalf of:

***Please select one, if applicable:***

☐ Any state of the United States or a political sub-division of a state of the United States.

☐ Any agency, authority, or instrumentality of a state of the United States or political subdivision of a state of the United States.

☐ A pool of assets sponsored or established by a state of the United States or political subdivision thereof or any agency, authority or instrumentality thereof, or a general fund of a state of the United States.

☐ Plan or program of any person covered by this Subsection IV.B.

☐ An officer, agent, or employee of a state of the United States or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

If the Subscriber has checked any of the foregoing boxes, the Subscriber certifies that other than Rule 206(4)-5 promulgated under the Advisers Act, there are no other "pay to play" or similar regulations that would be imposed on the Fund or its affiliates in connection with the Subscriber's subscription for Units on a capital commitment basis.

Please check the following box to indicate that the Subscriber is making such a certification. ☐

<sup>17</sup> "Private Fund" means any issuer that would be an investment company as defined in Section 3 of the Investment Company Act of 1940, as amended, but for Section 3(c)(1) or 3(c)(7) of that Act.

<sup>18</sup> "Government Entity" means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision, (ii) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof, and (iii) any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity. 

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**V.**  **<u>Subscriber's Fidelity Person Status</u>** 

***Please answer the below (A-B):***

A. The Subscriber is an executive, employee, owner, officer or affiliate of any of the Fund, Investment Adviser,
FMR LLC, or any of their respective direct or indirect subsidiaries (*i.e.*, "Fidelity Investments"):

☐ Yes ☐ No

B. The Subscriber is a family member or estate planning vehicle of any of the persons identified in Section V.A.
above:

☐ Yes ☐ No

**VI.**  **<u>Election with Respect to Distributions</u>** 

A. The Fund may make quarterly distributions to those Subscribers who elect to receive such
distributions. Please indicate below if the Subscriber elects to receive distributions, rather than cause the Fund to reinvest the associated amounts.

☐ Yes, I elect to receive distributions to the account listed in Attachment A.

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**<u>Attachment C</u>**

**TAX FORMS** 

***Please sign and return a properly completed IRS Form W-8 or Form W-9 (as applicable) to the Fund.***

IRS Forms W-8 and W-9 and related instructions can be obtained from the IRS website at <u>www.irs.gov</u>.

For these purposes, Section 7701(a)(30) of the Code defines a "U.S. Person" as: (i) an individual who is a citizen or resident of the U.S.; (ii) a corporation, partnership or other entity created or organized in the U.S. or under the laws of the U.S. or any political subdivision thereof; (iii) an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust (A) which is subject to the supervision of a court within the U.S. and the control of one or more U.S. Persons as described in Section 7701(a)(30) of the Code or (B) that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. Person.

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**<u>Attachment D</u>**

**Privacy Notice** 

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![LOGO](g110483g25p92.jpg)

Rev. 06/2025 FACTS What do Fidelity Investments and the Fidelity Funds do with your personal information?WHY? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.WHAT? The types of personal information we collect and share depend on the product or service you have with us. This information can include: Social Security number and employment information assets and income account balances and transaction historyWhen you are no longer our customer, we continue to share your information as described in this notice.HOW? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Fidelity Investments and the Fidelity Funds (hereinafter referred to as "Fidelity") choose to share, and whether you can limit this sharing.REASONS WE CAN SHARE DOES FIDELITY CAN YOU LIMIT YOUR PERSONAL INFORMATION SHARE? THIS SHARING?For our everyday business purposes—such as to process your transactions, maintain your account(s), Yes No respond to court orders and legal investigations, or report to credit bureausFor our marketing purposes— Yes No to offer our products and services to youFor joint marketing with other financial companies No We don't shareFor our affiliates' everyday business purposes— Yes No information about your transactions and experiencesFor our affiliates' everyday business purposes— No We don't share information about your creditworthinessFor nonaffiliates to market to you No We don't share QUESTIONS? Call 800.343.3548. If we serve you through an investment professional, please contact them directly. Specific Internet addresses, mailing addresses, and telephone numbers are listed on your statements and other correspondence.

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![LOGO](g110483g81o75.jpg)

WHO WE AREWho is providing this notice? Companies owned by Fidelity Investments and using the Fidelity name to provide financial services to customers, and the Fidelity Funds. A list of companies is located at the end of this notice.WHAT WE DOHow does Fidelity protect my To protect your personal information from unauthorized access and use, we use personal information? security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.How does Fidelity collect my We collect your personal information, for example, when you personal information? open an account or direct us to buy/sell your securities provide account information or give us your contact information tell us about your investment portfolioWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies.Why can't I limit Federal law gives you the right to limit only all sharing? sharing for affiliates' everyday business purposes—information about your creditworthiness affiliates from using certain information to market to you sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.DEFINITIONSAffiliates Companies related by common ownership or control. They can be financial and nonfinancial companies. Fidelity Investments affiliates include companies with the Fidelity name (excluding the Fidelity Funds), as listed below, and other financial companies such as Green Pier Fintech LLC, National Financial Services LLC, Strategic Advisers LLC, and FIAM LLC.Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.Fidelity does not share with nonaffiliates so they can market to you.Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Fidelity doesn't jointly market.OTHER IMPORTANT INFORMATIONIf you transact business through Fidelity Investments life insurance companies, we may validate and obtain information about you from an insurance support organization. The insurance support organization may further share your information with other insurers, as permitted by law. We may share medical information about you to learn if you qualify for coverage, to process claims, to prevent fraud, or otherwise at your direction, as permitted by law. You are entitled to receive, upon written request, a record of any disclosures of your medical record information. Please refer to your statements and other correspondence for mailing addresses.If you establish an account in connection with your employer, your employer may request and receive certain information relevant to the administration of employee accounts.If you interact with Fidelity Investments directly as an individual investor (including joint account holders), we may exchange certain information about you with Fidelity Investments financial services affiliates, such as our brokerage and insurance companies, for their use in marketing products and services, as allowable by law. Information collected from investment professionals' customers is not shared with Fidelity Investments affiliates for marketing purposes, except with your consent and as allowed by law.The Fidelity Funds have entered into a number of arrangements with Fidelity Investments companies to provide for investment management, distribution, and servicing of the Funds. The Fidelity Funds do not share personal information about you with other entities for any reason, except for everyday business purposes in order to service your account. For additional information, please visit Fidelity.com/privacy.WHO IS PROVIDING THIS NOTICE?Empire Fidelity Investments Life Insurance Company; FIAM LLC; Fidelity Brokerage Services LLC; Fidelity Distributors Company LLC; Fidelity Diversifying Solutions LLC; Fidelity Funds, which include funds advised by Strategic Advisers LLC and Fidelity Diversifying Solutions LLC; Fidelity Health Insurance Services, LLC; Fidelity Institutional Wealth Adviser LLC; Fidelity Insurance Agency, Inc.; Fidelity Investments Institutional Operations Company LLC; Fidelity Investments Life Insurance Company; Fidelity Management Trust Company; Fidelity Personal Trust Company, FSB; Fidelity Wealth Technologies LLC; Green Pier Fintech LLC; National Financial Services LLC and Strategic Advisers LLC.Effective June 2025. 1.752018.129 2025–2026 FMR LLC. All rights reserved. PRIV-INS-0625 524812.61.0

## Exhibit 10.5

**Exhibit 10.5** 

**EXPENSE LIMITATION AGREEMENT** 

This Expense Limitation Agreement is made as of March 18, 2026 (the "**Agreement**") by and between Fidelity Private Credit Company II LLC, a Delaware limited liability company (the "**Fund**"), and Fidelity Diversifying Solutions LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund shall elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "**Investment Company Act**").

WHEREAS, the Fund has entered into an investment advisory agreement ("**Investment Advisory Agreement**") and an administration agreement ("**Administration Agreement**") with the Adviser, as each may be amended or restated.

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund that the Adviser shall pay a portion of the Fund's Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 0.50% (on an annualized basis) of the Fund's average net assets.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1. <u>Adviser Expense Payments to the Fund</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser agrees to pay on a monthly basis Other Operating Expenses of the Fund on the Fund's behalf
(each such payment, an "**Expense Payment**") such that Other Operating Expenses of the Fund do not exceed 0.50% (on annualized basis) of the Fund's average net assets ()"**Expense Limitation** "). For purposes of
this Agreement, "**Other Operating Expenses**" means the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third party valuation agent fees, insurance costs, director
fees, Administration Fees payable by the Fund pursuant to the Administration Agreement, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable, payable by the Fund pursuant to
the Investment Advisory Agreement; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund's
securities lending program, and dividend expenses related to short sales); (c) interest, financing and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund's proportional share of
expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to unitholders of the Fund; (i) all other expenses incidental to holding meetings of the Fund's unitholders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the
Fund's directors and officers with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser's obligation to make an Expense Payment shall automatically become a liability of the Adviser
and the Fund's right to receive an Expense Payment shall be an asset of the Fund on the last calendar day of the applicable month. Any Expense Payment shall be paid by the Adviser to the Fund in any combination of cash or other immediately
available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates no later than forty-five (45) days after such obligation was incurred.

**2. <u>Reimbursement of Expense Payments by the Fund</u>** 

In consideration of the Adviser's agreement to make Expense Payments at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation (an "**Adviser Reimbursement**").

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**3. <u>Termination and Survival</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue in force until November 30, 2026 (the "**Initial Term** ").
This Agreement shall renew automatically for successive one-year terms after the Initial Term. The Adviser may not terminate this Agreement before a term's expiration date without the approval of the
Fund's Board of Directors. This Agreement may be terminated without the payment of any penalty, by the Fund's Board of Directors at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the
Investment Advisory Agreement; (ii) the Board of Directors of the Fund makes a determination to dissolve or liquidate the Fund; or (iii) upon a quotation or listing of the Fund's securities on a national securities exchange
(including through an initial public offering) or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with, an entity in which the Fund's unitholders receive shares of a publicly-traded
company which continues to be managed by the Adviser or an affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sections 3 and 4 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to
the contrary, Section 2 of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Fund to the Adviser.

**4. <u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the
provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement
shall be construed in accordance with the laws of the Commonwealth of Massachusetts. For so long as the Fund is regulated as a business development company under the Investment Company Act, this Agreement shall also be construed in accordance with
the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the Commonwealth of Massachusetts or any of the provisions herein conflict with the provisions of the Investment Company Act, the latter
shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's Limited Liability Company Agreement, as may be amended or restated, or to relieve or deprive the Board of Directors
of the Fund of its responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without the
prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by
the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above.

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| | |
|:---|:---|
| **FIDELITY PRIVATE CREDIT COMPANY II LLC** | **FIDELITY PRIVATE CREDIT COMPANY II LLC** |
| By: | /s/ Heather Bonner |
| Name: | Heather Bonner |
| Title: | President and Treasurer |
| **FIDELITY DIVERSIFYING SOLUTIONS LLC** | **FIDELITY DIVERSIFYING SOLUTIONS LLC** |
| By: | /s/ Christopher J. Rimmer |
| Name: | Christopher J. Rimmer |
| Title: | Treasurer |

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## Exhibit 14.1

**Exhibit 14.1**![LOGO](g110483dsp01.jpg)

MNPI Designated Contacts Business Unit, Regional or Supplemental Policies on Inside Asset Management associates: Information Asset Management MNPI Hotline 617-563-3630 Personal Investing – Corporate Issues: Insider Trading India associates: Fidelity Capital Markets – Equity Origination FBS India Ethics Office Information Barriers 8-691-7373 Fidelity Institutional Online Reference – Inside +91-80-6691-7373 Information All other associates: Ethics Office 617-563-5566 800-580-8780 Contacts and Web Resources Other Related Policies General Policy Issues or Violations Ethics Office Global Anti-Corruption Policy 800-580-8780 617-563-5566 Corporate Gifts & Entertainment Policy ethics.office@fmr.com politicallaw@fmr.com Personal Conflicts of Interest Policy Chairman's Line Outside Business Activities Policy 800-242-4762 Compliance and Regulatory Issues Information Protection Policy Your MNPI Designated Contact (See above) Global Policy on Inside Information Page 4 of 4 Fidelity Internal Information Ethics Office MyCompliance.fmr.com Rules for 2026 Employee Investing CODE OF ETHICS FOR PERSONAL INVESTING Fund Access Version GLOBAL POLICY ON INSIDE INFORMATION Fidelity Internal Information

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These Rules for Employee Investing contain the Code of Ethics for Personal Investing and the Global The Rules for Employee Investing are fairly Policy on Inside Information. comprehensive. They cover The Fund Access Version of the Code of Ethics for Personal Investing contains rules about owning and most of the personal investing situations a Fidelity trading securities for personal benefit. This version applies to officers, directors, and employees of employee is likely to Fidelity companies that are involved in the management and operations of Fidelity's funds, or have access experience. Yet it's always to non-public information about the funds, including investment advisors to the funds, the principal possible you will encounter a underwriter of the funds, and anyone designated by the Ethics Office. Keep in mind that if you change situation that isn't fully addressed by the rules. If jobs within Fidelity, a different version of the Code of Ethics may apply to you. that happens, you need to know what to do. The The Global Policy on Inside Information, which applies to every Fidelity employee, contains rules on easiest way to make sure inside information and how to prevent its unauthorized use or dissemination. you are making the right decision is to follow these three principles: 1. Know the policy. 1 \| Code of Ethics for Personal Investing 4 If you think your situation isn't covered, check again. It never hurts to take a second look at the rules. 2. Seek guidance. Rules for All Employees Subject to 4 Additional Rules for Traders, Research 12 Asking questions is always This Code of Ethics Analysts, and Portfolio Managers appropriate. Talk with your What's Required All rules listed above plus the rules in this section manager or the Ethics Office if you're not sure Acknowledging that you understand the rules What's Required about the policy Complying with securities laws Notification a research note of your ownership of covered securities in requirements or how they Reporting violations to the Ethics Office apply to your situation. Disclosing covered securities securities accounts and holdings in personally Disclosing trading trading opportunities to the funds before Additionally, resources are available at MyCompliance Moving covered accounts to Fidelity What's Prohibited to assist you with your Moving holdings in Fidelity funds to Fidelity Trading within seven days of a fund you manage questions. Disclosing transactions of covered securities 3. Use sound judgment. of Disclosing covered securities gifts and transfers of ownership Key Concepts 14 Analyze the situation and weigh the options. Think Getting approval before engaging in private about how your decision securities transactions would look to an outsider. Clearing Surrendering trades 60 in—day advance gains (pre (60--clearance) Day Rule) Understanding and following the Rules for Employee What's Prohibited Investing is one of the most Trading restricted securities important ways we can ensure our customers' Selling short interests always come first. Participating Participating in in an an investment IPO club Investing in a hedge fund Buying Excessive securities trading of certain broker-dealers CONTACT INFORMATION Trading after a research note Ethics Office (including Pre-Clearance) Profiting Influencing from a fund knowledge to benefit of yourself fund transactions or others Phone: +1 (800) 580-8780 Attempting Using a derivative to defraud to get a client around or a fund rule Email: ethics.office@fmr.com Web: MyCompliance.fmr.com Pre-clearance: preclear.fmr.com (internal) or preclear.fidelity.com (external) Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 2

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Other policies you should be aware of (available at 2 \| Global Policy on Inside Information MyCompliance.fmr.com) There are other policies that Scope you need to be familiar with, Policy Requirements including: Call your MNPI Designated Contact if you think you may have become aware of inside information Professional Conduct Policy, Refrain from sharing inside information with anyone else Reporting of Criminal Refrain from trading or transferring any security of the issuer to which the inside information relates Matters Policy, Personal Conflicts of Interest Policy, Comply with any information barriers to which you are made subject and other Fidelity-wide policies Inclusive & Respectful Workplace (prohibiting discrimination and harassment) Policy Electronic Communications Policy, Social Media Policy, and Systems Usage Policy Information Protection Policy Anti-Money Laundering Policy Corporate Gifts & Entertainment Policy Outside Business Activities Policy Global Anti-Corruption Policy and applicable Supplements to the Global Anti-Corruption Policy Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 3

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Fund Access Version Following the rules — in letter and in spirit This Fund Access Version of the Code of Ethics contains rules about owning and trading securities for personal benefit. Certain rules, which are noted, apply both to you and to anyone else who is a covered person (see Key Concepts on page 14). You have a fiduciary duty to never place your personal interests ahead of the interests of Fidelity's clients, including shareholders of the Fidelity funds. This means never taking unfair advantage of your relationship to the funds or Fidelity in attempting to benefit yourself or another party. It also means avoiding any actual or potential conflicts of interest with the funds or Fidelity when managing your personal investments. Because no set of rules can anticipate every possible situation, it is essential that you follow these rules not just in letter, but in spirit as well. Any activity that compromises Fidelity's integrity, even if it does not expressly violate a rule, has the potential to harm Fidelity's reputation and may result in scrutiny or further action from the Ethics Office. WHAT'S REQUIRED To Do Promptly take action on any emails or alerts that you receive from the Ethics Office requiring you Acknowledging that you understand to acknowledge the Code of Ethics. All employees When the rules you begin working for Fidelity, and again each need to acknowledge within 10 days of receipt. year, you are required to: acknowledge that you understand and will comply with all rules that apply to you authorize Fidelity to have access to all your covered accounts (see Key Concepts on page 14) and to obtain and review account and transaction data (including duplicate copies of non-Fidelity account statements) for compliance or employment-related purposes acknowledge that you will comply with any new or existing rules that become applicable to you in the future Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 4

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To Do Complying In addition to complying with securities with these rules laws and other Employees newly subject to this rule company-wide policies, you need to comply with U.S. Within 10 days of hire or of being notified by the securities laws and any other securities laws to which Ethics Office that this version of the Code of Ethics you are subject. applies to you, you will be asked to certify as to your understanding of the applicable Code of Ethics and, in conjunction with your certification, Reporting violations to the you will be required to disclose all your securities Ethics Office accounts and holdings in covered securities not If you become aware that you or someone else has held in an account. Submit the most recent violated any of these rules, you need to promptly statement for each securities account listed to the report the violation. Ethics Office if not held at Fidelity. Current employees To Do Each year, you will be asked to complete an Call the Ethics Office Service Line at Annual Code of Ethics Certification. You will be 617-563-5566 or 800-580-8780. required to confirm that all information Call the Chairman's Line at 800-242-4762 if you previously disclosed is accurate and complete. would prefer to speak on a non-recorded line. As soon as any new securities account is opened, or a preexisting securities account becomes associated with you (such as through marriage Disclosing securities accounts and or inheritance), complete an Account holdings in covered securities Disclosure Form (available at You must disclose all securities accounts — those MyCompliance.fmr.com) with the new that hold covered securities (see Key Concepts on information and submit it promptly to the Ethics Office. page 14) and those that do not. You must also On your next Quarterly Trade Verification, disclose all covered securities held in your covered confirm that the list of disclosed securities accounts and those not held in an account. This accounts in the appropriate section of the report is those rule holdings covers under under not the only your name securities own or control name accounts or (including control, and but trading also accurate and complete. discretion persons (see or Key investment Concepts control) on page of 14) your . It covered includes securities held at other accounts financial held institutions at Fidelity. Information as well as those days regarding old when these you holdings submit must it. not be more than 45 Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 5

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Automatic Moving covered accounts to Fidelity For permission to maintain an external covered investment plan You and your covered persons need to maintain account, submit a completed Account Exception A program in which all covered accounts (see Key Concepts on page 14) Request form (available at MyCompliance.fmr.com) regular periodic purchases at Fidelity Brokerage Services LLC (FBS). to the Ethics Office. Follow the specific instructions (or withdrawals) are made for each type of account and provide a current automatically in (or from) statement for each account. Exceptions — Approval Required covered accounts Comply with any Ethics Office request for duplicate according to a With prior written approval from the Ethics Office, you reporting, such as account statements and predetermined schedule and your covered persons can maintain a covered transaction reports. and allocation. account exceptions at a below broker apply -dealer . Note other that than approval FBS if any must of the be An "automatic investment Moving holdings in Fidelity funds to plan" includes a direct obtained prior to opening any new covered account Fidelity purchase plan, a dividend outside FBS: You and your covered persons need to maintain holdings reinvestment plan, an employee compensation securities that cannot be transferred in shares of Fidelity funds in a Fidelity account. it contains only plan, an automatic investment plan with a it exists solely for investment products or investment Exceptions — No Approval Required public company, or similar services that FBS does not provide — Note: Approval You and your covered persons can continue to program. The term does will not be granted for requests based on ancillary maintain a preexisting interest in either of the not include a schedule of account features or promotional offers following: automated transactions in it exists solely because your covered person's covered securities in a employer also prohibits external covered accounts a Fidelity money market fund covered account which is it is a discretionary managed account (see Key a variable annuity or life insurance product established and controlled Concepts on page 14) whose underlying assets are held in by you or your covered it is associated an ESOP (employee stock Fidelity-advised funds with option person. plan) in which a covered person is a participant through their current employer, or was from a With Exceptions prior — written Approval approval Required from the Ethics Office, previous employer, and for which the employee has options that have not yet vested. you or your covered persons can maintain holdings it is associated with an ESPP (employee stock in Fidelity funds in an account outside Fidelity if any purchase plan) in which a covered person is a of the following apply: participant through their current employer it is required by a direct purchase plan, a dividend the holdings are in a defined benefit or reinvestment plan, an employee compensation plan, contribution plan, such as a 401(k), that is or an automatic investment plan with a public company (each an "automatic investment plan") in administered by a company at which a covered which regularly scheduled purchases are made or person is currently employed planned on a predetermined basis the holdings are in a retirement plan and it is required by a trust agreement transferring them would result in a tax penalty it is associated with an estate of which you or any of the holdings are in a discretionary managed account your covered persons are the executor and (see Key Concepts on page 14) involvement with the account is temporary maintaining the holdings in the external account is transferring the account would be inconsistent with required by a trust agreement other applicable rules the holdings are associated with an estate of which you or any of your covered persons is the executor, To Do and involvement with the account is temporary Transfer assets to an FBS account. you can show that transferring the holdings Close all external covered accounts except for those would create a significant hardship that you have received written permission to To Do maintain. Note that you must disclose all covered accounts which were still open as of your date of hire, Transfer shares of Fidelity funds to a Fidelity even if those accounts are in the process of being account except for those that you have received closed or transferred to an FBS account. written permission to maintain. For permission to maintain shares of Fidelity funds in an account at another financial institution, submit a completed Account Exception Request form (available at MyCompliance.fmr.com). Attach a current statement for each account you list on the form. Forward the form and statement(s) to the Ethics Office. Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 6

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Getting approval before engaging in Disclosing transactions private securities transactions You of covered need to disclose securities transactions of covered securities You approval and your from covered the Ethics pers Office ons n for eed each prior and written every made held at by FBS you that and you your have covered disclosed, persons the Ethics . For accounts Office intended investment in a private placement or other will receive transaction reports automatically. For including private securities non-public transaction limited entities in covered (e.g., limited securities, with approved any Ethics covered Office accounts requests held for outside duplicate FBS, comply partnerships, LLCs, S Corporations, or other legal reporting. For any other transactions in covered investment, entities). This or includes any investment any add whose -on, any terms subsequent materially securities persons purchases (for example, interests if you in or a Fidelity any of your -advised covered differ from any previous approval you may have investment product in a non-brokerage account outside received. information Fidelity), you to need the Ethics to disclose Office this . transaction To Do Before engaging in any private securities Exception transaction, submit a Private Securities Request You do not have to report transactions in a covered form (available at MyCompliance.fmr.com). account if the transactions are being made through Report the final transaction within 30 days an approved discretionary managed account or following the end of the quarter in which it was under an automatic investment plan (see the side completed using a Security Transactions report bar on page 6) and the details of the account or (available at MyCompliance.fmr.com). plan have been provided to the Ethics Office. When requested each quarter, promptly confirm or update your transaction history in private To Do securities transactions on the Quarterly Trade For transactions in covered securities not made Verification. through a covered account, submit a completed Confirm your holdings in completing your Security Transactions report (available at Annual Code of Ethics Certification. MyCompliance.fmr.com) to the Ethics Office For private securities transactions offered by a Fidelity within 30 days following the end of the quarter in company, the Ethics Office will typically preapprove such which the transaction was completed. investments for employees who are offered an opportunity When requested each quarter, promptly confirm to invest. In such cases, you will receive notification that or update your transaction history in covered the offering has been preapproved by the Ethics Office. securities on the Quarterly Trade Verification. Provide the details of any automatic investment Prohibited transaction plan to the Ethics Office. You and your covered persons are prohibited from Disclosing gifts and transfers selling and/or offering your privately held shares into You of ownership need to notify the of Ethics covered Office of securities any covered an IPO. securities donate, or that transfer you or to your another covered party, persons or that give, you or your includes, covered among persons other receive things, from inheritances another of party covered . This charities securities . and donations of covered securities to To Do Complete a Security Transactions report (available at MyCompliance.fmr.com) within 30 days following the end of the quarter during which the gift or transfer was made. When requested each quarter, promptly confirm or update your history of giving, donating, transferring, or receiving covered securities on the Quarterly Trade Verification. Exception You do not have to submit a Security Transactions report for any gifts, donations, or transfers of covered securities if being made to a Fidelity Charitable Giving Account. The Ethics Office will arrange to get reporting from Fidelity Charitable and will update the Quarterly Trade Verification. Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 7

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Delegating pre-clearance Clearing trades in advance Trade only during the regular market hours, or the responsibilities (pre-clearance) after-hours trading session, of the exchange(s) In very limited circumstances, You and your covered persons must obtain pre- where the security in question is traded. you may, with the prior clearance approval before placing any orders to buy, Place requests for pre-clearance after the market has written approval of the sell, or tender a covered security (see "How to Pre- been open for a while, as pre-clearance is not Ethics Office, designate someone to obtain pre- Clear a Trade" in the sidebar). The purpose of this available right at market opening. To find out when clearance approvals for you. rule is to reduce the possibility of conflicts pre-clearance for a given market typically becomes In such a case, the agent is between personal trades in covered securities and available, visit preclear.fmr.com (internal) or responsible for obtaining the trades made by the funds. When you apply for pre- preclear.fidelity.com (external). correct approvals, and you clearance, you are not just asking for approval, you are responsible for maintain- are giving your word that you and your covered Unless an exception listed below applies or the ing reasonable supervision Ethics Office has instructed you otherwise, these over that person's activities persons: pre-clearance rules apply to all your covered related to pre-clearance. do not have any inside information on the security accounts — including Fidelity accounts and any you want to trade (see Global Policy on Inside outside covered accounts that belong to you or any Information on page 15) of your covered persons. are not using knowledge of actual or potential fund Exceptions trades to benefit yourself or others You do not need to pre-clear trades or transactions believe the trade is available to the general investor in certain covered securities. These include: A TRADE on the same terms shares of Fidelity funds will provide any relevant information requested by To avoid errors, use these exchange-traded funds (ETFs) the Ethics Office step-by-step instructions: (note that you and your covered persons are Generally, requests will not be approved if it is restricted from trading in single-stock ETFs) determined that your transaction may take options and futures that are based on an index advantage of trading by the funds or create an (e.g., S&P 100 and S&P 500) or that are based on one or more instruments that are not covered External actual or perceived conflict of interest with fund trades. securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 14 for an on Note: one If of a non your -covered covered person account(s), has authority the non- covered to trade expanded list of non-covered securities) person is also expected to pre-clear trades for that securities being transferred as a gift or a donation covered account. automatic dividend reinvestments subscription rights . The rules of pre-clearance currency warrants It is important to understand the following rules the regular exercise of an employee stock option before requesting pre-clearance for a trade: (note that any resulting sale of the underlying You have to request — and receive — pre- stock at current market prices must be pre- clearance approval during the market session in cleared) which you intend to trade and prior to placing the With the prior written approval of the Ethics Office, trade. there are a few situations where you may be permitted Pre-clearance approval is only good during the to trade without pre-clearing. These situations are: market session for which you receive it. If you do trades in a discretionary managed account (see Key not trade during the market session for which you Concepts on page 14) were granted approval, it expires. trades made through an automatic investment plan, Place day orders only (orders that automatically the details of which have been disclosed to the expire at the end of the trading session). Good-til- Ethics Office in advance cancelled orders (such as orders that stay open when you can show that a repeated rejection of your indefinitely until a security reaches a specified pre-clearance request is causing a significant market price) are not permitted. hardship Check the status of all orders at the end of the To Do market session and cancel any orders that have Before placing any trade in a covered security, not been executed. If any covered person leaves an pre-clear it using the Fidelity Global Pre-Clearance order open and it is executed the next day System, available at preclear.fmr.com (internal) (or later), it will generate a violation that will and preclear.fidelity.com (external). be assigned to you. Immediately cancel any good-til-cancelled orders in your covered accounts. Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 8

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Surrendering 60-day gains to transactions made in a discretionary managed Option transactions under the 60-Day Rule (60-Day Rule) account (see Key Concepts on page 14) that has been approved by the Ethics Office Option transactions can Any sale of covered securities in a covered account will be matched either to a be matched against any purchases of that security, to transactions under an automatic investment plan, and prior purchase of the under- or its equivalent, in the same account during the the details of the plan have been provided to the Ethics lying security or to prior previous 60 days (starting with the earliest purchase Office option transactions in the in the 60-day period). Any gain resulting from any transactions, opposite direction. matched transactions must be surrendered. For to tax-planning provided that there is a When matching an option specific information about how certain option demonstration of how the proposed transaction relates transaction to prior purchases to the covered person's tax strategy; this exception is not of the underlying security, transactions are treated under this rule, see the automatic, is granted on a case-by-case basis, and opening an option position sidebar and the examples below. requires advanced review and written approval of the by selling a call or buying a In addition, the premium received from the opening Ethics Office put is treated as a sale and of an option position in which the expiration of that will be matched to any when the rule would impose a substantial unforeseen purchases of the underlying contract will occur within the next 60 days must be personal financial hardship on the employee; this security made during the surrendered (e.g., selling a call to open or selling a exception is not automatic, is granted on a case-by-case preceding 60 days. put to open that expires within 60 days). basis, and requires advanced review and written When matching an option Gains are calculated differently under this rule than approval of the Ethics Office (note that an employee transaction to prior option they would be for tax purposes. The tax lot of a seeking relief must establish a bona fide financial transactions, a closing position is matched to any position is not a factor in the calculation. Neither hardship, such as unforeseen medical expenses, and like opening positions taken losses nor potential tax liabilities will be offset should be prepared to demonstrate, among other during the preceding 60 days. against the amount that must be surrendered under things, that he or she possesses no other assets to When exercising an option, this rule. meet the financial need) the initial purchase or sale To Do of an option, not the exercise Exceptions Before trading a covered security in a covered account or assignment of the option, This rule does not apply: that might trigger the 60-Day Rule, make sure you is matched to any opposite to transactions in shares of Fidelity funds understand how much may have to be surrendered. transactions made during the to transactions in options and futures on, or ETFs The calculation may be complicated, especially if preceding 60 days. The sale of the underlying securities that track, the following indexes: Dow Jones options or multiple prior purchases are involved. If you received from the exercise Industrial Average, FTSE 100, FTSE 250, Hang have any questions about this provision, call the Ethics of an option will also be Seng, MSCI China, MSCI EAFE, MSCI EM, Office at 617-563-5566 or 800-580-8780. matched to any opposite NASDAQ 100, Nikkei 225, NSE S&P CNX Nifty To request permission for a tax-planning or hardship transactions made during (Nifty 50), Russell 1000, Russell 2000, Russell 3000, exception, you must contact the Ethics Office before the period. S&P 100, S&P 500, S&P Europe 350, S&P MidCap trading. Allow at least two business days for your There is no exception to the 400, and S&P/TSX 60 request to be considered. Approvals will be based on 60-Day Rule for the selling of to transactions in options, futures, and ETFs based fund trading and other pre-clearance tests. You are securities upon the automatic on one or more instruments that are not covered limited to a total of five exceptions per calendar year exercise of an option that is securities (e.g., commodities, currencies, and U.S. across all your covered accounts. in the money at its expiration Treasuries; see Key Concepts on page 14 for an date. To avoid surrendering expanded list of non-covered securities) 60-day gains that would result from an automatic 60 DAYS liquidation, you need to E X A M P L E S cancel the automatic liquidation before it happens. Additional examples are available on MyCompliance in the 60-Day Rule Job Aid. Example 1 The March 25 sale is JAN 20 FEB 2 MAR 1 MAR 25 matched to the February 2 purchase Buy Buy Buy Sell (not the January 20 purchase, which 100 shares 200 shares 200 shares 100 shares was more than 60 days prior). at $16 each at $10 each at $17 each at $15 each Surrendered: $500 ($5 x 100 shares) Example 2 The March 25 call option sale is matched to the February 2 purchase of the underlying security (the call's FEB 2 MAR 25 execution price and expiration date are Buy 100 shares Sell call option to open immaterial). Surrendered: $500 (the at $10 each for 100 shares at $5; premium for selling the option) receive $500 premium Example 3 The March 25 call option purchase is a closing transaction and is matched to the February 2 sale (since that opening transaction was made FEB 2 MAR 25 within 60 days). Surrendered: Sell one call option to Buy an identical call Fidelity Internal Information $200 (difference between premium open at $5; receive option to close at $3; received and premium paid) $500 premium pay $300 premium

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WHAT'S PROHIBITED To Do For written approval to participate in an IPO that may qualify as an exception, submit to the Ethics Selling short Trading restricted securities Office a completed Request Initial Public Offering Selling a security that is on Neither you nor your covered persons may trade a (IPO) Exception form (available at loan to you from a broker- security that Fidelity has restricted. If you have been MyCompliance.fmr.com). dealer (rather than owned by notified not to trade a particular security, neither you Do not participate in any IPO without prior you) at the time you sell it. nor you your are notified covered that persons the restriction may trade has that been security removed until . written approval from the Ethics Office. Option transactions The corresponding shares of has restricted—Participating in an investment club the underlying security (100 exchange Note: Fidelity traded products. trading in all single stock Neither you nor your covered persons may participate shares for the standard US in an investment club or similar entity. option contract) must be held long in the same Short strategy restriction account for each put option The short position in a particular covered security Investing in a hedge fund purchased and each call Neither you nor your covered persons may invest in a option sold to open. This is may not exceed the number of shares of that security hedge fund, alternative investment, or similar true regardless of the overall held in the same account. This restriction includes investment product or vehicle. direction of the trade (e.g., the following actions: selling securities short, buying while a long call spread is a puts to open, selling calls to open, as well as writing Exceptions bullish strategy, the straddles, collars, and spreads. See the sidebar for Investment products corresponding shares of the or vehicles issued or advised underlying security must be additional detail on the treatment of options under by Fidelity. held long in the same this restriction. A hedge fund, alternative investment, or similar account for each call option investment product or vehicle that you or your sold). Exceptions covered persons bought before joining Fidelity. Options cannot be used as Options and futures on, or ETFs that track, the The prior written approval of your manager coverage for other option following indexes: Dow Jones Industrial Average, positions (e.g., the long call and the Ethics Office is required to qualify for FTSE 100, FTSE 250, Hang Seng, MSCI China, option in a bull call spread this exception. Note that even if your request is MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225, cannot be used to cover the approved, neither you nor your covered persons NSE S&P CNX Nifty (Nifty 50), Russell 1000, short call option). can make any further investments in the product. Russell 2000, Russell 3000, S&P 100, S&P 500, S&P You are not permitted to use Europe 350, S&P MidCap 400, and S&P/TSX 60 the same underlying shares To Do of a security to cover two Options, futures, and ETFs based on one or more To request an exception, submit a Private different option transactions instruments that are not covered securities (e.g., Securities Request form (available at (e.g., if you own 100 shares commodities, currencies, and U.S. Treasuries; see MyCompliance.fmr.com) to the Ethics Office. of a stock, you can sell 1 covered call or buy 1 Key Concepts on page 14 for an expanded list of protective put using those non-covered securities) shares to cover your short Excessive trading position, but you cannot Participating in an IPO Excessive trading in covered accounts is strongly execute both option discouraged. In general, anyone trading covered transactions using the same Neither you nor your covered persons are allowed to securities more than 60 times (other than Fidelity underlying shares). participate securities where in an initial no public public market offering in (IPO) a similar of funds) should in expect a quarter additional across scrutiny all their of covered their trades accounts . Note security applies to of equity the issuer securities, previously corporate existed debt . This securities, rule that you and your covered persons also need to and free stock offers through the Internet. comply prospectus with concerning the policies excessive in any Fidelity trading fund . Exceptions The Ethics Office monitors trading activity and Excessive Trading With prior written approval from the Ethics Office, covered may limit accounts the number during of trades a given allowed period (see in your the Employees are limited to 60 you or your covered persons may participate if: sidebar for additional detail). "block trades" in covered covered persons have you or your been securities (excluding Fidelity funds) per calendar quarter offered shares because you already own equity in Exceptions across all covered accounts. the company Trades in a discretionary managed account (see Block trades are you or your covered persons have been offered Key Concepts on page 14) that has been approved transactions that execute on shares because you are a policyholder or depositor by the Ethics Office. the same day, in the same of a mutual company that is reorganizing into a Trades made through an automatic investment plan security, on the same side of that has been disclosed to the Ethics Office in the market, across all stock company advance. covered accounts. you or your covered persons have been offered shares because of employment with the company you or your covered persons want to participate in an IPO of a closed-end fund Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 10

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For example, you may not influence a fund to buy, Buying securities of certain sell, or refrain from trading a security that would broker Neither you -dealers nor your covered persons are allowed to interests affect that or security's the interests price of to a party advance that your has own or seeks to buy company the securities if the Ethics of a Office broker has -dealer restricted or its parent those have a business relationship with Fidelity. securities. Attempting to defraud a client Neither Trading you nor after your a covered research persons note are allowed to or Attempting fund to defraud a fund or an account advised trade business a covered days have security elapsed of an following issuer until the date two full of the Fidelity's by any Fidelity rules and entity securities in any way law is . a violation of publication Fidelity entity of .a For research purposes note of on clarity, that issuer the by any prohibited period begins with the publication of the Using a derivative to get business note and days continues . for an additional two full around If something a is rule prohibited by these rules, then it is the also same against thing these by using rules a to derivative effectively . This accomplish includes Profiting from knowledge of futures, options, and other types of derivatives. fund You may transactions not use your knowledge of transactions in to funds profit or by other the accounts market effect advised of these by any transactions Fidelity entity . Influencing a fund to benefit The yourself funds and or a cco others unts advised by Fidelity are required shareholders to act and in the clients, best respectively interests of .their Accordingly, you funds are or prohibited accounts to from act for influencing the benefit any of of any these party other than their shareholders or clients. HOW WE ENFORCE THE CODE OF ETHICS reviews the forms and dismissal from of Ethics and to decide how you will be notified of the reports it receives. If these employment the rules apply to any outcome. reviews turn up information referral of the matter to given situation for the Appeals If you believe a that is incomplete, civil or criminal purpose of protecting the request of yours has been questionable, or potentially in authorities funds and being consistent incorrectly denied or that an violation of the Code of disclosure of the matter with the general principles action is not warranted, you Ethics, investigate the Ethics the matter Office and will to a regulator as and objectives of the Code may appeal the decision. To may contact you. required by law or of Ethics. make an appeal, you need to If it is determined that you or regulation Exceptions In cases where provide the Ethics Office with any of your covered persons Fidelity takes all Code of exceptions to the Code of a written explanation of your has violated the Code of Ethics violations seriously, Ethics are noted and you reasons for appeal within 30 Ethics, the Ethics Office or and, at least once a year, may qualify for them, you days of when you were may another take appropriate action. Among party other provides the funds' trustees need to get prior written informed of the decision. Be things, subject to applicable with a summary of actions approval from the Ethics sure to include any law, potential actions may taken in response to material Office. The way to request extenuating circumstances or include: violations of the Code of any particular exception is other factors not previously an informational Ethics. You should be aware discussed in the text of the considered. During the review memorandum that other securities laws and relevant rule. If you believe process, you may, at your own a written warning regulations not addressed by that you have a situation expense, engage an attorney a wages, fine, a disgorgement deduction from of the Code of Ethics may also that warrants an exception to represent you. The Ethics profit, or other payment apply to you, depending on that is not discussed in the Office may arrange for senior a limitation or ban on your role at Fidelity. Code of Ethics, you may management or other parties personal trading The Head of Ethics and their submit a written request to to be part of the review designees retain the the Ethics Office. Your process. The Ethics Office will referral of the matter to discretion to interpret and request will be considered notify you in writing about Human Resources grant exceptions to the Code by the Ethics Office, and the outcome of your appeal. Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 11

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Research Additional Analysts, Rules for and Traders, Portfolio Managers Employees trading for the funds (traders), employees making investment recommendations for the funds (research analysts), and employees who manage a fund or a portion of a fund's assets (portfolio managers) WHAT'S REQUIRED Disclosing information about an issuer that is assigned to If y you ou are a research analyst, you must disclose in a Notification covered securities of your in ownership a research of note an research issuer note that is material assigned information to you before you you have or about any are You publishing must check to indicate the box any on ownership, a research either note you by of of your that issuer covered . persons personally trade a security of you an or issuer your (see covered Key persons, Concepts of on any page covered 14) that security is the Exception subject of the research note. You or any of your covered persons may be permitted to trade the assigned security in a covered account without publishing a research Disclosing trading opportunities to note if you have obtained the prior approval of the funds before personally trading both the relevant head of research and the Ethics There are three aspects to this rule: Office. Disclosing information received from an issuer To Do Any time you receive, directly from an issuer, material Publish a research note with the relevant information about that issuer (that is not considered information, and indicate any ownership interest inside information), you must check to see if that in the issuer that you or your covered persons information research note has . If been not, you disclosed must communicate to the funds in that a may have before personally trading a security you information to the funds before you or any of your are assigned to cover. covered persons personally trade any securities of Note: You will not be able to obtain pre- that issuer. clearance approval for your personal trade until two full business days have elapsed To Do (not including the day the note was Confirm whether a Fidelity research note has been published) following the publication of published with the relevant information. your research note. If not, publish a research note or provide the To request an exception to this rule, first contact the information to the relevant head of research. relevant head of research and seek approval. Then If you are a trader, disclose the information to the contact the Ethics Office for approval. Do not analyst covering the issuer. personally trade the security until you have If you think you may have received inside received full approval. information, follow the rules in the Global Policy on Inside Information (see page 15). Recommending In and, add if ition, you are you trading a must portf opportunities olio reco mm manager, end for trade the for funds, the funds, that security a suitable . security before personally trading Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 12

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When the conflicting fund trade is the result of a WHAT'S PROHIBITED proportional slice A personal trade may precede a fund trade in a Trading within seven days of a fund covered security of the same issuer when the fund's you manage trade was conducted as part of the execution of a Neither you nor your covered persons are allowed to proportional slice across the fund for cash trade within seven calendar days (not including the management or rebalancing purposes. day of the trade) before or after a trade is executed in When the covered account is independently any covered security of the same issuer (see Key managed Concepts on page 14) by any of the funds you manage. This exception applies only to discretionary managed accounts (See Key Concepts on page 14) that have received Ethics Office approval. Exceptions When the conflicting personal trade or fund trade When the rule would work to the disadvantage of a is in options or futures on, or ETFs that track, the fund following indexes: Dow Jones Industrial Average, You must never let a personal trade prevent a fund FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI you manage from subsequently trading a covered EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE S&P security of the same issuer, if not making the trade CNX Nifty (Nifty 50), Russell 1000, Russell 2000, would disadvantage the fund. However, you need Russell 3000, S&P 100, S&P 500, S&P Europe 350, S&P MidCap 400, and S&P/TSX 60 approval from the Ethics Office before making any trades under this exception. The Ethics Office will When the conflicting personal trade or fund trade is in options, futures, or ETFs based on one or need to know, among other things, what new more instruments that are not covered securities information arose since the date of the trade in your (e.g., commodities, currencies, and U.S. Treasuries; see covered account. Key Concepts on page 14 for an expanded list of When the conflicting fund trade results from non-covered securities). standing orders A personal trade may precede a fund trade in a To Do covered security of the same issuer when the fund's Before trading personally, consider whether there trade was generated independently by the trading is any likelihood that you may be interested in desk because of a standing instruction to trade trading a covered security of the same issuer in proportionally across the fund's holdings in response your assigned funds within seven calendar days to fund cash flows. from If following a fund personally you the manage day trading of the has fund in recently a covered trade traded . If account so, refrain a . security, trades in you any must covered delay security any covered of the same account issuer for most seven recent calendar fund trade days. following the day of the Contact any situation the Ethics where Office these immediately rules would to work discuss to the disadvantage of the funds. Legal Information The Code of Ethics for Personal Investing constitutes the code of ethics required by Rule 17j-1 under the Investment Company Act of 1940 and by Rule 204A-1 under the Investment Advisers Act of 1940 for the Fidelity funds, investment advisers or principal underwriters, and any other entity designated by the Ethics Office. Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 13

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These KEY of these CONCEPTS definitions rules to a encompass person, security, broad categories, or account and that the is examples not addressed given in are this not section, all inclusive you . can If you contact have any the questions Ethics Office regarding for additional these definitions guidance .or application Covered person Covered account Issuer shares companies) of stock (of both public and private Fidelity is concerned not only of the that you The encompasses term "covered a fairly account" wide range of An bank entity, branch, including foreign its office, wholly or owned term ownership units in a private company or observe the butrequirements also that those in whos Code e accounts. Important factors to note program that offers securities partnership af of fairs Ethics, you are actively involved consider are: or investors other financial . instruments to corporate and municipal bonds observe means that the the Code of Ethics. This your actual or potential investment bonds convertible into stock apply to persons Code owning of Ethics asse can ts over control whether over you an have account, trading including authority, A Discretionary covered account Managed may be Account eligible for on options stocks on and securities stock indexes) (including options which or in which you you have have control an opportunity or influence control power of over attorney, an account or investment certain Code of exceptions, Ethics, with as prior specified written in the security futures (futures on covered to directly or indirectly profit or share approval of the Ethics Office shares securities) of exchange -traded in any profit derived from a securities Specifically, a covered account is a validating that the covered account is (ETFs) funds transaction. This includes: brokerage account or any other type of managed advisor who by a has third discretionary -party investment trading shares of closed-end funds you account that holds, or is capable of authority over that covered account. who your shares spouse your or domestic household partner belongs holding, to, a covered or is controlled security, and that To third qualify -party for investment this exception, advisor the must Exceptions The following are not considered any other immediate family member by investment (including control), trading any discretion of the or exercise all trading discretion over covered securities (please note who shares your household and following: the covered account and will not non that- covered securities securities accounts still holding require (a) financially is under by 18 you or (b) or who is supported financially a covered person securities accept any from order the to employee buy or sell or specific any disclosure): supports you any where corporation a covered or person similar is a entity other covered person. An approved shares of money market funds anyone else the Ethics Office has controlling shareholder or discretionary managed account will funds) (including Fidelity money market designated as a covered person participates in investment decisions by and still be subject to the Code of Ethics This is not an exclusive list, and the entity all unless provisions otherwise in the stated Code of shares of non-Fidelity open-end example, a covered immediate person may family include, members for any your trust covered of which persons: you or any of a Ethics specific exception. in mutual funds in funds non- Fidelity (including 529 shares plans) of who not financially live with you support, but whom or whom you do you – decisions participates for in the making trust investment This Covered definition security applies to all persons shares, issued by debentures, FMR LLC or to other you as securities support financially you support but who or do who not financially live – is a trustee of the trust subject to this version of the Code compensation or a benefit associated with you. If you have any doubt as to – is a settlor who can independently of Ethics. with your employment whether a person would be considered revoke the trust and participate in Covered in which securities a covered include person has securities the U.S. Treasury securities a "covered person" under the Code making investment decisions for the opportunity, directly or indirectly, to obligations of U.S. government of Ethics, contact the Ethics Office. trust profit or share in any profit derived agencies of one year with or remaining less maturities Your Immediate spouse family or domes member tic partner who With Exception prior written approval from the from and encompasses a transaction most in such types securities, of money market instruments, such who shares is related your household, to you in and any anyone of the Ethics Office, a covered account may securities, including, but not acceptances, as certificates and of deposit, commercial banker's paper following ways, whether by blood, where: qualify for an exception from these rules limited to: adoption, or marriage: it is nonprofit shares of Fidelity mutual funds currencies stepchildren, and the account of a (except money market funds), commodities (such as agricultural children, grandchildren is organization a member of and a board a covered or person including a 529 plan shares of Fidelity funds in products or metals), and options parents, stepparents, and committee responsible for the shares of another company's and traded futures on a commodities on commodities exchange that are grandparents provided investments that of the the covered organization, person mutual fund if it is advised by siblings does not participate in investment see Fidelity if this (check is the case) the prospectus to parents-, children-, and decisions with respect to covered interests in a variable annuity or siblings-in-law securities life insurance product in which any A Domestic person in partner a marriage -like it account is an educational that is used institution's in connection of funds the advised underlying by Fidelity, assets are such held as in relationship your relative, with has you reached who the is not age part with of an an investment MBA or other course educational that is Fidelity VIP Funds (check the of majority, and is not married to program, and a covered person prospectus to see if this is the case) any other person. You and your participates in investment decisions interests compensation in Fidelity's plan reflecting deferred domestic together for partner at least must one have year, lived with respect to the account hypothetical investments in with and generally the intent must to be be life partners, The Fidelity terms fund "fund" and "Fidelity fund" interests Fidelity funds in Fidelity's deferred economically interdependent. of mean assets any that investment is advised company or sub advised or pool hypothetical bonus plan (ECI) investments reflecting in by any Fidelity entity. Fidelity funds Fidelity Internal Information CODE OF ETHICS — FUND ACCESS VERSION 14

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Enterprise Compliance MyCompliance.fmr.com Global Policy on Inside Information February 2026 Fidelity expects its associates to act with integrity and maintain high ethical standards. This includes complying with applicable securities laws. Many of these laws prohibit the misuse of inside information, also known as Material, Non-Public Information (MNPI). These laws prohibit trading a security while in possession of inside information, and they impose severe penalties for doing so, including fines, prison sentences, and being barred from employment in the securities industry. Understanding and following the Global Policy on Inside Information helps ensure that your actions comply with these laws and meet Fidelity's expectations. MNPI Designated Purpose offers or sells securities, such as corporations, mutual Contacts You may become aware of inside information in funds, and domestic and foreign governments. Please Ethics Office note that the terms "security" and "issuer" are defined the course of performing your work at Fidelity or 617-563-5566 broadly and may include instruments and entities not outside of the workplace. This policy explains what 800-580-8780 specifically mentioned here. you should do if you think you may have become Asset Management aware of inside information. Importantly, this policy What is material information? 617-563-3630 prohibits you from trading a security if you have become aware of inside information about that Information is generally considered to be material if it is India security or the issuer of that security. likely that a reasonable investor would consider the 8-691-7373 +91-80-6691-7373 Scope information important in making an investment decision. Information may also be material if it is Chairman's Line This policy applies to all regular full-time, regular reasonable to expect that the price of a security would 1-800-242-4762 part-time, and temporary employees of Fidelity change if the information were made public (this is Investments, regardless of job location, known as Price Sensitive Information, or PSI, in some citizenship, or country of residence (collectively jurisdictions). Examples include company earnings, referred to as "associates"). Other business unit, financing activities, product launches or regional, or supplemental policies may also apply discontinuations, bankruptcy, mergers, tender offers, (a list of other relevant policies is provided on page prospective acquisitions or spin-offs, key management 4). changes, major litigation, and potential or actual damages or fines against an issuer. Overview If you believe you may have become aware of inside What is non-public information? information, you must (1) call your MNPI Designated Information is non-public if it is not generally available Contact; (2) refrain from sharing the information with to the public in a widely used medium, such as a press anyone else; (3) refrain from trading any security of the release or public regulatory filing. Also, some issuer to which the information relates; and jurisdictions have specific rules about when non- public (4) comply with any information barriers Fidelity may information becomes public. establish. What is Inside Information? As you can see, the terms security, issuer, material, Inside information is any information about a security, and non-public are broadly defined and may vary from or an issuer of a security, that is both material and non- jurisdiction to jurisdiction. For these reasons, if you public. A security includes, but is not limited to, a have any doubt about whether an instrument or entity financing or investment instrument, such as stocks is a security or issuer, or about whether certain (common or preferred), mutual funds, bonds, notes, information is material or non-public, you should call options, and warrants. An issuer is an entity that your MNPI Designated Contact for guidance. Global Policy on Inside Information Page 1 of 4 Fidelity Internal Information

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Remember – your MNPI Designated Contact is here Associates participating in an outside business activity may encounter inside information while to help you with these issues! serving on a corporate board or from serving as a consultant or advisor to an outside business. How You May Encounter Inside Information Please note that these are only examples, and you may There are a number of ways you may encounter inside receive inside information from other sources or in information, either at work or outside of Fidelity. For other circumstances. example: Clients and Colleagues What You Should Do If You Believe You May Have Received Inside You may learn inside information from a Information conversation with a client in the course of providing business support, such as handling a Contact Your MNPI Designated Contact trade request. While this policy requires you to understand what inside information could be, and be aware of the You may be exposed to inside information about circumstances in which you may receive it, you should a mutual fund that may have an impact on the never make any decisions about inside information on fund's net asset value in the future, such as non- your own – for example, whether information you have public information about a fund's decision to received is material or non- public, or what steps you reconsider the value of certain assets in its should take as a result. portfolio. Instead, if you think you may have received inside information, you must call your MNPI Designated Brokers and Company Employees Contact (telephone numbers are provided on pages 1 Brokers may share inside information when and 4). While it may seem contrary to normal protocol, contacting you about securities offerings. it is important that you not share the information with anyone else, including your manager. By not sharing You may receive inside information when meeting the information, you are protecting not only yourself with employees of public companies, such as and the information, but also other associates and CEOs, CFOs, or Investor Relations Fidelity. representatives. When you talk to your MNPI Designated Contact, reveal the details of the information as your contact Consultants and Other Vendors asks for them, and follow the instructions you receive. In the course of providing consulting services to Your contact will then determine whether the Fidelity, a third-party consultant may reveal inside information requires an information barrier (which are information to you (knowingly or unknowingly), described below) and inform you of that decision. such as non-public information about another of The possession of inside information is not in itself the consultant's public company clients. unlawful or an indication of wrongdoing. However, our goal as a firm is to limit the distribution of inside You may be negotiating a vendor contract, and information only to those associates who have a inside information might be shared with you in the business need to know and are subject to an contract or the negotiations. information barrier. By assisting us in limiting the Outside the Workplace distribution of such information, you can best protect the information and yourself, and reduce the number of You may hear inside information from personal people who are subject to additional compliance sources, such as a spouse, significant other, protocols and restrictions. family member or friend who works at a company that issues publicly-traded securities. Comply with Information Barriers After you contact your MNPI Designated Contact, he or You may overhear conversations that reveal she will determine whether an information barrier is inside information in elevators, restaurants, public required. Information barriers are established as a way transportation or from speaker and mobile phones, of helping the firm and its associates control inside or you may encounter written information that has information and avoid improper communication and been left out in public, such as on a copy machine potential compliance violations. If you are made or train seat. Global Policy on Inside Information Page 2 of 4 Fidelity Internal Information

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subject to an information barrier, the Ethics Office will or on social media (such as Twitter, LinkedIn, or contact you, provide you with a document explaining Facebook). You should also store any documents the terms of the barrier, and require you to containing or reflecting the inside information in a acknowledge and agree to abide by those terms. secure place in accordance with the document- handling procedures of Fidelity's Global Policy on Information barriers are established by identifying Information Protection ("SP2I") Policy. individual associates and groups of people who have received inside information. The information is then Do Not "Tip" or Improperly Disclose Inside protected by employing a combination of information Information handling, storage protocols, and physical or technical The prohibition on communicating with others about barriers around the associates and the information they inside information extends to recommending possess. Information barriers are monitored to detect investments or expressing opinions to anyone, or possible gaps, including reviews of communications soliciting orders from Fidelity clients, on the basis of (such as emails), enhanced physical access and inside information. This is known as "tipping" or "tipping access designations, and additions of associates to the off," which is a serious violation of law. You may information barrier. Surveillance is conducted of become liable for any transactions by anyone to whom associates' personal trading to detect potential misuse you have improperly disclosed inside information, or to of inside information. whom they have made investment recommendations Do Not Trade in the Security or the Issuer or expressed opinions on the basis of that information. If you have received inside information, you are Reporting Potential Violations prohibited from trading any security of the issuer to You should report known or suspected violations of this which the information relates. This is known as "insider policy to your MNPI Designated Contact or call the trading" or "insider dealing," which is a serious violation Chairman's Line at 800-242-4762 to speak of law. You may not buy, sell, transfer, gift, loan or anonymously on an unrecorded line. pledge these securities, even if you have a reason to trade that is independent of the inside information. You also may not modify, suspend, or cancel an automatic investment plan of the security or the issuer of the security or make any recommendations to anyone to deal in the security in any way. These prohibitions apply: Not only to your covered accounts, but also to any account you manage, including accounts at Fidelity; Regardless of whether you receive any financial or other benefit from the account or the trade; and Regardless of whether your trade is in a different direction than the inside information may indicate (e.g., a sale where the inside information indicates you should buy). Remember that shares of mutual funds are also securities subject to these restrictions. You may not trade or transfer shares of mutual funds, whether advised by Fidelity or not, if you believe that you may have become aware of inside information about the mutual fund. Protect Inside Information It is critical that you keep inside information to yourself. You should refrain from discussing inside information in public, including elevators, restaurants, public transportation, on speaker and mobile phones, Global Policy on Inside Information Page 3 of 4 Fidelity Internal Information

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MNPI Designated Contacts Business Unit, Regional or Supplemental Policies on Inside Asset Management associates: Information Asset Management MNPI Hotline 617-563-3630 Personal Investing – Corporate Issues: Insider Trading India associates: Fidelity Capital Markets – Equity Origination FBS India Ethics Office Information Barriers 8-691-7373 Fidelity Institutional Online Reference – Inside +91-80-6691-7373 Information All other associates: Ethics Office 617-563-5566 800-580-8780 Contacts and Web Resources Other Related Policies General Policy Issues or Violations Ethics Office Global Anti-Corruption Policy 800-580-8780 617-563-5566 Corporate Gifts & Entertainment Policy ethics.office@fmr.com politicallaw@fmr.com Personal Conflicts of Interest Policy Chairman's Line Outside Business Activities Policy 800-242-4762 Compliance and Regulatory Issues Information Protection Policy Your MNPI Designated Contact (See above) Global Policy on Inside Information Page 4 of 4 Fidelity Internal Information

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Ethics Office Rules for 2026 Employee Investing CODE OF ETHICS FOR PERSONAL INVESTING Investment Adviser Version GLOBAL POLICY ON INSIDE INFORMATION Fidelity Internal Information

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The Rules for Employee Investing are fairly comprehensive. They cover most of the personal investing situations a Fidelity employee is likely to experience. Yet it's always possible you will encounter a situation that isn't fully addressed by the rules. If that happens, you need to know what to do. The easiest way to make sure you are making the right decision is to follow these three principles: 1. Know the policy. If you think your situation isn't covered, check again. It never hurts to take a second look at the rules. 2. Seek guidance. Asking questions is always appropriate. Talk with your manager or the Ethics Office if you're not sure about the policy requirements or how they apply to your situation. Additionally, resources are available at MyCompliance to assist you with your questions. 3. Use sound judgment. Analyze the situation and weigh the options. Think about how your decision would look to an outsider. Understanding and following the Rules for Employee Investing is one of the most important ways we can ensure our customers' interests always come first. Rules for Employee Investing These Rules for Employee Investing contain the Code of Ethics for Personal Investing and the Global Policy on Inside Information. The Investment Adviser Version of the Code of Ethics for Personal Investing contains rules about owning and trading securities for personal benefit. This version applies to officers, directors, employees, and supervised persons of Fidelity's registered investment advisers, other than the investment advisers to the Fidelity funds (or those associates who are deemed Fund Access for other reasons), including: Fidelity Institutional Wealth Adviser LLC (FIWA) Strategic Advisers LLC (SAI) Impresa Management LLC Ballyrock Investment Advisors LLC Keep in mind that if you change jobs within Fidelity, a different version of the Code of Ethics may apply to you. The Global Policy on Inside Information, which applies to every Fidelity employee, contains rules on inside information and how to prevent its unauthorized use or dissemination. Ethics Office Phone: +1 (800) 580-8780 ethics.office@fmr.com INFORMATION 2 Fidelity Internal Information

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Other policies you should be aware of (available at MyCompliance.fmr.com) There are other policies that you need to be familiar with, including: Professional Conduct Policy, Reporting of Criminal Matters Policy, Personal Conflicts of Interest Policy, and other Fidelity-wide policies Inclusive & Respectful Workplace (prohibiting discrimination and harassment) Policy Electronic Communications Policy, Social Media Policy, and Systems Usage Policy Information Protection Policy Anti-Money Laundering Policy Corporate Gifts & Entertainment Policy Outside Business Activities Policy Global Anti-Corruption Policy and applicable Supplements to the Global Anti-Corruption Policy Code of Ethics for 1 Personal Investing 4 What's Required Acknowledging that you understand the rules Complying with securities laws Reporting violations to the Ethics Office Disclosing securities accounts and holdings in covered securities Moving covered accounts to Fidelity Moving holdings in Fidelity funds to Fidelity Disclosing transactions of covered securities Disclosing gifts and transfers of ownership of covered securities Getting approval before engaging in private securities transactions What's Prohibited Trading restricted securities Selling short Participating in an IPO Participating in an investment club Investing in a hedge fund Excessive trading Profiting from knowledge of client or fund transactions Influencing a client or fund to benefit yourself or others Attempting to defraud a client or fund Using a derivative to get around a rule Key Concepts Scope Policy Requirements Call your MNPI Designated Contact if you think you may have become aware of inside information Global Policy on 2 Inside Information Refrain from sharing inside information with anyone else Refrain from trading or transferring any security of the issuer to which the inside information relates Comply with any information barriers to which you are made subject 3 Fidelity Internal Information

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CODE OF ETHICS — INVESTMENT ADVISER VERSION 4 Fidelity Internal Information Investment Adviser Version Following the rules — in letter and in spirit This Investment Adviser Version of the Code of Ethics contains rules about owning and trading securities for personal benefit. Certain rules, which are noted, apply both to you and to anyone else who is a covered person (see Key Concepts on page 10). You have a fiduciary duty to never place your personal interests ahead of the interests of Fidelity's clients, including shareholders of the Fidelity funds. This means never taking unfair advantage of your relationship to the funds or Fidelity in attempting to benefit yourself or another party. It also means avoiding any actual or potential conflicts of interest with the funds or Fidelity when managing your personal investments. Because no set of rules can anticipate every possible situation, it is essential that you follow these rules not just in letter, but in spirit as well. Any activity that compromises Fidelity's integrity, even if it does not expressly violate a rule, has the potential to harm Fidelity's reputation and may result in scrutiny or further action from the Ethics Office. WHAT'S REQUIRED Acknowledging that you understand the rules When you begin working for Fidelity, and again each year, you are required to: acknowledge that you understand and will comply with all rules that apply to you authorize Fidelity to have access to all your covered accounts (see Key Concepts on page 10) and to obtain and review account and transaction data (including duplicate copies of non-Fidelity account statements) for compliance or employment-related purposes acknowledge that you will comply with any new or existing rules that become applicable to you in the future To Do Promptly take action on any emails or alerts that you receive from the Ethics Office requiring you to acknowledge the Code of Ethics. All employees need to acknowledge within 10 days of receipt.

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Complying with securities laws In addition to complying with these rules and other company-wide policies, you need to comply with U.S. securities laws and any other securities laws to which you are subject. Reporting violations to the Ethics Office If you become aware that you or someone else has violated any of these rules, you need to promptly report the violation. To Do Call the Ethics Office Service Line at 617-563-5566 or 800-580-8780. Call the Chairman's Line at 800-242-4762 if you would prefer to speak on a non-recorded line. Disclosing securities accounts and holdings in covered securities You must disclose all securities accounts — those that hold covered securities (see Key Concepts on page 10) and those that do not. You must also disclose all covered securities held in your covered accounts and those not held in an account. This rule covers not only securities accounts and holdings under your own name or control, but also those under the name or control (including trading discretion or investment control) of your covered persons (see Key Concepts on page 10). It includes accounts held at Fidelity as well as those held at other financial institutions. Information regarding these holdings must not be more than 45 days old when you submit it. To Do Employees newly subject to this rule Within 10 days of hire or of being notified by the Ethics Office that this version of the Code of Ethics applies to you, you will be asked to certify as to your understanding of the applicable Code of Ethics and, in conjunction with your certification, you will be required to disclose all your securities accounts and holdings in covered securities not held in an account. Submit the most recent statement for each securities account listed to the Ethics Office if not held at Fidelity. Current employees Each year, you will be asked to complete an Annual Code of Ethics Certification. You will be required to confirm that all information previously disclosed is accurate and complete. As soon as any new securities account is opened, or a preexisting securities account becomes associated with you (such as through marriage or inheritance), complete an Account Disclosure Form (available at MyCompliance.fmr.com) with the new information and submit it promptly to the Ethics Office. On your next Quarterly Trade Verification, confirm that the list of disclosed securities accounts in the appropriate section of the report is accurate and complete. CODE OF ETHICS — INVESTMENT ADVISER VERSION 5 Fidelity Internal Information

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Automatic investment plan A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) covered accounts according to a predetermined schedule and allocation. An "automatic investment plan" includes a direct purchase plan, a dividend reinvestment plan, an employee compensation plan, an automatic investment plan with a public company, or similar program. The term does not include a schedule of automated transactions in covered securities in a covered account which is established and controlled by you or your covered person. . Moving covered accounts to Fidelity You and your covered persons need to maintain all covered accounts (see Key Concepts on page 10) at Fidelity Brokerage Services LLC (FBS). Exceptions — Approval Required With prior written approval from the Ethics Office, you and your covered persons can maintain a covered account at a broker-dealer other than FBS if any of the exceptions below apply. Note that approval must be obtained prior to opening any new covered account outside FBS: The account contains only securities that cannot be transferred It exists solely for investment products or investment services that FBS does not provide — Note: Approval will not be granted for requests based on ancillary account features or promotional offers It exists solely because your covered person's employer also prohibits external covered accounts It is a discretionary managed account (see Key Concepts on page 10) It is associated with an ESOP (employee stock option plan) in which a covered person is a participant through their current employer, or was from a previous employer, and for which the employee has options that have not yet vested It is associated with an ESPP (employee stock purchase plan) in which a covered person is a participant through their current employer It is required by a direct purchase plan, a dividend reinvestment plan, an employee compensation plan, or an automatic investment plan with a public company (each an "automatic investment plan") in which regularly scheduled purchases are made or planned on a predetermined basis It is required by a trust agreement It is associated with an estate of which you or any of your covered persons are the executor, and involvement with the account is temporary Transferring the account would be inconsistent with other applicable rules To Do Transfer assets to an FBS account. Close all external covered accounts except for those that you have received written permission to maintain. Note that you must disclose all covered accounts which were still open as of your date of hire, even if those accounts are in the process of being closed or transferred to an FBS account. For permission to maintain an external covered account, submit a completed Account Exception Request form (available at MyCompliance.fmr.com) to the Ethics Office. Follow the specific instructions for each type of account and provide a current statement for each account. Comply with any Ethics Office request for duplicate reporting, such as account statements and transaction reports. Moving holdings in Fidelity funds to Fidelity You and your covered persons need to maintain holdings in shares of Fidelity funds in a Fidelity account. Exceptions — No Approval Required You or your covered persons can continue to maintain a preexisting interest in either of the following: A Fidelity money market fund A variable annuity or life insurance product whose underlying assets are held in Fidelity-advised funds Exceptions — Approval Required With prior written approval from the Ethics Office, you or your covered persons can maintain holdings in Fidelity funds in an account outside Fidelity if any of the following apply: The holdings are in a defined benefit or contribution plan, such as a 401(k), that is administered by a company at which a covered person is currently employed The holdings are in a retirement plan and transferring them would result in a tax penalty The holdings are in a discretionary managed account (see Key Concepts on page 10) Maintaining the holdings in the external account is required by a trust agreement The holdings are associated with an estate of which you or any of your covered persons are the executor, and involvement with the account is temporary You can show that transferring the holdings would create a significant hardship To Do Transfer shares of Fidelity funds to a Fidelity account except for those that you have received written permission to maintain. For permission to maintain shares of Fidelity funds in an account at another financial institution, submit a completed Account Exception Request form (available at MyCompliance.fmr.com). Attach a current statement for each account you list on the form. Forward the form and statement(s) to the Ethics Office. Request form (available at CODE OF ETHICS — INVESTMENT ADVISER VERSION 6 Fidelity Internal Information

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Disclosing transactions of covered securities You need to disclose transactions of covered securities made by you and your covered persons. For accounts held at FBS that you have disclosed, the Ethics Office will receive transaction reports automatically. For approved covered accounts held outside FBS, comply with any Ethics Office requests for duplicate reporting. For any other transactions in covered securities (for example, if you or any of your covered persons purchase interests in a Fidelity-advised investment product in a non-brokerage account outside Fidelity), you need to disclose this transaction information to the Ethics Office. Exception You do not have to report transactions in a covered account if the transactions are being made through an approved discretionary managed account or under an automatic investment plan (see the side bar on page 6 for reference) and the details of the account or plan have been provided to the Ethics Office. To Do For transactions in covered securities not made through a covered account, submit a completed Security Transactions report (available at MyCompliance.fmr.com) to the Ethics Office within 30 days following the end of the quarter in which the transaction was completed. When requested each quarter, promptly confirm or update your transaction history in covered securities on the Quarterly Trade Verification. Provide the details of any automatic investment plan to the Ethics Office. Disclosing gifts and transfers of ownership of covered securities You need to notify the Ethics Office of any covered securities that you and your covered persons give, donate, or transfer to another party, or that you and your covered persons receive from another party. This includes, among other things, inheritances of covered securities and donations of covered securities to charities. To Do Complete a Security Transactions report (available at MyCompliance.fmr.com) within 30 days following the end of the quarter during which the gift or transfer was made. When requested each quarter, promptly confirm or update your history of giving, donating, transferring, or receiving covered securities on the Quarterly Trade Verification. Exception You do not have to submit a Security Transactions Report for any gifts, donations, or transfers of covered securities if being made to a Fidelity Charitable® Giving Account®. The Ethics Office will arrange to get reporting from Fidelity Charitable and will update the Quarterly Trade Verification. Getting approval before engaging in private securities transactions You and your covered persons need prior written approval from the Ethics Office for each and every intended investment in a private placement or other private securities transaction in covered securities, including non-public limited entities (e.g., limited partnerships, LLCs, S Corporations, or other legal entities). This includes any add-on, any subsequent investment, or any investment whose terms materially differ from any previous approval you may have received. To Do Before engaging in any private securities transaction, submit a Private Securities Request form (available at MyCompliance.fmr.com). Report the final transaction within 30 days following the end of the quarter in which it was completed using a Security Transactions report (available at MyCompliance.fmr.com). When requested each quarter, promptly confirm or update your transaction history in private securities transactions on the Quarterly Trade Verification. Confirm your holdings in completing your Annual Code of Ethics Certification. For private securities transactions offered by a Fidelity company, the Ethics Office will typically preapprove such investments for employees who are offered an opportunity to invest. In such cases, you will receive notification that the offering has been preapproved by the Ethics Office. Prohibited transaction You and your covered persons are prohibited from selling and/or offering your privately held shares into an IPO. CODE OF ETHICS — INVESTMENT ADVISER VERSION 7 Fidelity Internal Information

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Selling short Selling a security that is on loan to you from a broker- dealer (rather than owned by you) at the time you sell it. Option transactions The corresponding shares of the underlying security (100 shares for the standard US option contract) must be held long in the same account for each put option purchased and each call option sold to open. This is true regardless of the overall direction of the trade (e.g., while a long call spread is a bullish strategy, the corresponding shares of the underlying security must be held long in the same account for each call option sold). Options cannot be used as coverage for other option positions (e.g., the long call option in a bull call spread cannot be used to cover the short call option). You are not permitted to use the same underlying two different option transactions (e.g., if you own 100 shares of a stock, you can sell 1 covered call or buy 1 protective put using those shares to cover your short position, but you cannot execute both option underlying shares). Excessive Trading Employees are limited to 60 "block trades" in covered securities (excluding Fidelity funds) per calendar quarter across all covered accounts. Block trades are transactions that execute on the same day, in the same security, on the same side of the market, across all covered accounts. Trading restricted securities Neither you nor your covered persons may trade a security that Fidelity has restricted. If you have been notified not to trade a particular security, neither you nor your covered persons may trade that security until you are notified that the restriction has been removed. Note: Fidelity has restricted trading in inverse single-stock exchange traded products (securities that provide inverse exposure to the stock of a single company). Short strategy restriction The short position in a particular covered security may not exceed the number of shares of that security held in the same account. This restriction includes the following actions: selling securities short, buying puts to open, selling calls to open, as well as writing straddles, collars, and spreads. See the sidebar for additional detail on the treatment of options under this restriction. Exceptions Options and futures on, or ETFs that track, the following indexes: Dow Jones Industrial Average, FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE S&P CNX Nifty (Nifty 50), Russell 1000, Russell 2000, Russell 3000, S&P 100, S&P 500, S&P Europe 350, S&P MidCap 400, and S&P/TSX 60 Options, futures, and ETFs based on one or more instruments that are not covered securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 10 for an expanded list of non-covered securities) Participating in an IPO Neither you nor your covered persons are allowed to participate in an initial public offering (IPO) of securities where no public market in a similar security of the issuer previously existed. This rule applies to equity securities, corporate debt securities, and free stock offers through the Internet. Exceptions With prior written approval from the Ethics Office, you or your covered person may participate if: you or your covered persons have been offered shares because you already own equity in the company you or your covered persons have been offered shares because you are a policyholder or depositor of a mutual company that is reorganizing into a stock company you or your covered persons have been offered shares because of employment with the company you or your covered persons want to participate in an IPO of a closed-end fund To Do For written approval to participate in an IPO that may qualify as an exception, submit to the Ethics Office a completed Request Initial Public Offering (IPO) Exception form (available at MyCompliance.fmr.com). Do not participate in any IPO without prior written approval from the Ethics Office. Participating in an investment club Neither you nor your covered persons may participate in an investment club or similar entity. Investing in a hedge fund Neither you nor your covered persons may invest in a hedge fund, alternative investment, or similar investment product or vehicle. Exceptions Investment products or vehicles issued or advised by Fidelity. A hedge fund, alternative investment, or similar investment product or vehicle that you or your covered persons bought before joining Fidelity. The prior written approval of your manager and the Ethics Office is required to qualify for this exception. Note that even if your request is approved, neither you nor your covered persons can make any further investments in the product. To Do To request an exception, submit a Private Securities Request form (available at MyCompliance.fmr.com) to the Ethics Office. Excessive trading Excessive trading in covered accounts is strongly discouraged. In general, anyone trading covered securities more than 60 times (other than Fidelity funds) in a quarter across all their covered accounts should expect additional scrutiny of their trades. Note that you and your covered persons also need to comply with the policies in any Fidelity fund prospectus concerning excessive trading. The Ethics Office monitors trading activity and may limit the number of trades allowed in your covered accounts during a given period (see the sidebar for additional detail). Exceptions Trades in a discretionary managed account (see Key Concepts on page 10) that has been approved by the Ethics Office. Trades made through an automatic, regular investment program that has been disclosed to the Ethics Office in advance. CODE OF ETHICS — INVESTMENT ADVISER VERSION 8 Fidelity Internal Information WHAT'S PROHIBITED

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Profiting from knowledge of client or fund transactions You may not use your knowledge of transactions in funds or other accounts advised by any Fidelity entity to profit by the market effect of these transactions. Influencing a client or fund to benefit yourself or others The funds and accounts advised by Fidelity are required to act in the best interests of their shareholders and clients, respectively. Accordingly, you are prohibited from influencing any of these funds or accounts to act for the benefit of any party other than their shareholders or clients. For example, you may not influence a fund to buy, sell, or refrain from trading a security that would affect that security's price to advance your own interest or the interest of a party that has or seeks to have a business relationship with Fidelity. Attempting to defraud a client or fund Attempting to defraud a fund or an account advised by any Fidelity entity in any way is a violation of Fidelity's rules and federal law. Using a derivative to get around a rule If something is prohibited by these rules, then it is also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types of derivatives. The Ethics Office regularly reviews the forms and reports it receives. If these reviews turn up information that is incomplete, questionable, or potentially in violation of this Code of Ethics, the Ethics Office will investigate the matter and may contact you. If it is determined that you or any of your covered persons have violated the Code of Ethics, the Ethics Office or another appropriate party may take action. Among other things, subject to applicable law, potential actions may include: an informational memorandum a written warning a fine, deduction from wages, disgorgement of profit, or other payment a limitation or ban on personal trading referral of the matter to Human Resources dismissal from employment referral of the matter to civil or criminal authorities disclosure of the matter to a regulator as required by law or regulation Fidelity takes all Code of Ethics violations seriously, and, at least once a year, provides business unit compliance with a summary of actions taken in response to material violations of the Code of Ethics. You should be aware that other securities laws and regulations not addressed by the Code of Ethics may also apply to you, depending on your role at Fidelity. The Head of Ethics and their designees retain the discretion to interpret and grant exceptions to the Code of Ethics and to decide how the rules apply to any given situation for the purpose of protecting the funds and being consistent with the general principles and objectives of the Code of Ethics. HOW WE ENFORCE THE CODE OF ETHICS Exceptions In cases where exceptions to the Code of Ethics are noted and you may qualify for them, you need to get prior written approval from the Ethics Office. The way to request any particular exception is discussed in the text of the relevant rule. If you believe that you have a situation that warrants an exception that is not discussed in the Code of Ethics, you may submit a written request to the Ethics Office. Your request will be considered by the Ethics Office, and you will be notified of the outcome. Appeals If you believe a request of yours has been incorrectly denied or that an action is not warranted, you may appeal the decision. To make an appeal, you need to provide the Ethics Office with a written explanation of your reasons for appeal within 30 days of when you were informed of the decision. Be sure to include any extenuating circumstances or other factors not previously considered. During the review process, you may, at your own expense, engage an attorney to represent you. The Ethics Office may arrange for senior management or other parties to be part of the review process. The Ethics Office will notify you in writing about the outcome of your appeal. Legal Information The Code of Ethics for Personal Investing constitutes the code of ethics required by Rule 204A-1 under the Investment Advisers Act of 1940 and is applicable to employees of Fidelity's registered investment advisers, other than investment advisers to the Fidelity funds, and any other entity designated by the Ethics Office. Fidelity is required to provide a copy of this Code of Ethics, and any amendments to it, to all employees covered under it. CODE OF ETHICS — INVESTMENT ADVISER VERSION 9 Fidelity Internal Information

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KEY CONCEPTS These definitions encompass broad categories, and the examples given are not all-inclusive. If you have any questions regarding these definitions or application of these rules to a person, security, or account that is not addressed in this section, you can contact the Ethics Office for additional guidance. Covered person Fidelity is concerned not only that you observe the requirements of the Code of Ethics, but also that those in whose affairs you are actively involved observe the Code of Ethics. This means that the Code of Ethics can apply to persons owning assets over which you have control or influence or in which you have an opportunity to directly or indirectly profit or share in any profit derived from a securities transaction. This includes: you your spouse or domestic partner who shares your household any other immediate family member who shares your house-hold and (a) is under 18, or (b) is supported financially by you or who financially supports you anyone else the Ethics Office has designated as a covered person This is not an exclusive list, and a covered person may include, for example, immediate family members who live with you but whom you do not financially support, or whom you financially support or who financially support you but who do not live with you. If you have any doubt as to whether a person would be considered a covered person under the Code of Ethics, contact the Ethics Office. Immediate family member Your spouse or domestic partner who shares your household, and anyone who is related to you in any of the following ways, whether by blood, adoption, or marriage: children, stepchildren, and grandchildren parents, stepparents, and grandparents siblings parents-, children-, and siblings-in-law Domestic Partner A person in a marriage-like relationship with you who is not your relative, has reached the age of majority, and is not married to any other person. You are your domestic partner must have lived together for at least one year, with the intent to be life partners, and generally must be economically interdependent. Fidelity fund The terms "fund" and "Fidelity fund" mean any investment company or pool of assets that is advised or subadvised by any Fidelity entity. Discretionary managed account A covered account may be eligible for certain exceptions, as specified in the Code of Ethics, with prior written approval of the Ethics Office validating that the covered account is managed by a third-party investment adviser who has discretionary trading authority over that covered account. To qualify for this exception, the third-party investment adviser must exercise all trading discretion over the covered account and will not accept any order to buy or sell specific securities from the employee or any other covered person. An approved discretionary managed account will still be subject to the Code of Ethics and all provisions in the Code of Ethics unless otherwise stated in a specific exception. Issuer An entity, including its wholly owned bank branch, foreign office, or term note program that offers securities or other financial instruments to investors. Covered security This definition applies to all persons subject to this version of the Code of Ethics. Covered securities include securities in which a covered person has the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in such securities, and encompasses most types of securities, including, but not limited to: shares of Fidelity mutual funds (except money market funds), including shares of Fidelity funds in a 529 plan shares of another company's mutual fund if it is advised by Fidelity (check the prospectus to see if this is the case) interests in a variable annuity or life insurance product in which any of the underlying assets are held in funds advised by Fidelity, such as Fidelity VIP Funds (check the prospectus to see if this is the case) interests in Fidelity's deferred compensation plan reflecting hypothetical investments in Fidelity funds interests in Fidelity's deferred bonus plan (ECI) reflecting hypothetical investments in Fidelity funds shares of stock (of both public and private companies) ownership units in a private company or partnership corporate and municipal bonds bonds convertible into stock options on securities (including options on stocks and stock indexes) security futures (futures on covered securities) shares of exchange-traded funds (ETFs) shares of closed-end funds Exceptions The following are not considered covered securities (please note that securities accounts holding non-covered securities still require disclosure): shares of money market funds (including Fidelity money market funds) shares of non-Fidelity open-end mutual funds (including shares of funds in non-Fidelity 529 plans) shares, debentures, or other securities issued by FMR LLC to you as compensation or a benefit associated with your employment U.S. Treasury securities obligations of U.S. government agencies with remaining maturities of one year or less money market instruments, such as certificates of deposit, banker's acceptances, and commercial paper currencies commodities (such as agricultural products or metals), and options and futures on commodities that are traded on a commodities exchange Covered account The term "covered account" encompasses a fairly wide range of accounts. Important factors to consider are: your actual or potential investment control over an account, including whether you have trading authority, power of attorney, or investment control over an account Specifically, a covered account is a brokerage account, or any other type of account that holds, or is capable of holding, a covered security, and that belongs to, or is controlled by (including trading discretion or investment control), any of the following: a covered person any corporation or similar entity where a covered person is a controlling shareholder or participates in investment decisions by the entity any trust of which you or any of your covered persons: – participate in making investment decisions for the trust – is a trustee of the trust – is a settlor who can independently revoke the trust and participate in making investment decisions for the trust Exceptions With prior written approval from the Ethics Office, a covered account may qualify for an exception to these rules where: it is the account of a nonprofit organization and a covered person is a member of a board or committee responsible for the investments of the organization, provided that the covered person does not participate in investment decisions with respect to covered securities it is an educational institution's account that is used in connection with an investment course that is part of an MBA or other educational program, and a covered person participates in investment decisions with respect to the account Fidelity Internal Information CODE OF ETHICS — INVESTMENT ADVISER VERSION 10

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Fidelity Internal Information Global Policy on Inside Information Fidelity expects its associates to act with integrity and maintain high ethical standards. This includes complying with applicable securities laws. Many of these laws prohibit the misuse of inside information, also known as Material, Non-Public Information (MNPI). These laws prohibit trading a security while in possession of inside information, and they impose severe penalties for doing so, including fines, prison sentences, and being barred from employment in the securities industry. Understanding and following the Global Policy on Inside Information helps ensure that your actions comply with these laws and meet Fidelity's expectations. MNPI Designated Contacts Ethics Office 617-563-5566 800-580-8780 Asset Management 617-563-3630 India 8-691-7373 +91-80-6691-7373 Chairman's Line 800-242-4762 MyCompliance.fmr.com Enterprise Compliance Purpose February 2026 You may become aware of inside information in the course of performing your work at Fidelity or outside of the workplace. This policy explains what you should do if you think you may have become aware of inside information. Importantly, this policy prohibits you from trading a security if you have become aware of inside information about that security or the issuer of that security. Scope This policy applies to all regular full-time, regular part-time, and temporary employees of Fidelity Investments, regardless of job location, citizenship, or country of residence (collectively referred to as "associates"). Other business unit, regional, or supplemental policies may also apply (a list of other relevant policies is provided on page 4). offers or sells securities, such as corporations, mutual funds, and domestic and foreign governments. Please note that the terms "security" and "issuer" are defined broadly and may include instruments and entities not specifically mentioned here. What is material information? Information is generally considered to be material if it is likely that a reasonable investor would consider the information important in making an investment decision. Information may also be material if it is reasonable to expect that the price of a security would change if the information were made public (this is known as Price Sensitive Information, or PSI, in some jurisdictions). Examples include company earnings, financing activities, product launches or discontinuations, bankruptcy, mergers, tender offers, prospective acquisitions or spin-offs, key management changes, major litigation, and potential or actual damages or fines against an issuer. Overview If you believe you may have become aware of inside information, you must (1) call your MNPI Designated Contact; (2) refrain from sharing the information with anyone else; (3) refrain from trading any security of the issuer to which the information relates; and (4) comply with any information barriers Fidelity may establish. What is Inside Information? Inside information is any information about a security, or an issuer of a security, that is both material and non-public. A security includes, but is not limited to, a financing or investment instrument, such as stocks (common or preferred), mutual funds, bonds, notes, options, and warrants. An issuer is an entity that What is non-public information? Information is non-public if it is not generally available to the public in a widely used medium, such as a press release or public regulatory filing. Also, some jurisdictions have specific rules about when non- public information becomes public. As you can see, the terms security, issuer, material, and non-public are broadly defined and may vary from jurisdiction to jurisdiction. For these reasons, if you have any doubt about whether an instrument or entity is a security or issuer, or about whether certain information is material or non-public, you should call your MNPI Designated Contact for guidance. Global Policy on Inside Information Page 1 of 4

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Global Policy on Inside Information Page 2 of 4 Fidelity Internal Information Remember – your MNPI Designated Contact is here to help you with these issues! How You May Encounter Inside Information There are a number of ways you may encounter inside information, either at work or outside of Fidelity. For example: Clients and Colleagues You may learn inside information from a conversation with a client in the course of providing business support, such as handling a trade request. You may be exposed to inside information about a mutual fund that may have an impact on the fund's net asset value in the future, such as non-public information about a fund's decision to reconsider the value of certain assets in its portfolio. Brokers and Company Employees Brokers may share inside information when contacting you about securities offerings. You may receive inside information when meeting with employees of public companies, such as CEOs, CFOs, or Investor Relations representatives. Consultants and Other Vendors In the course of providing consulting services to Fidelity, a third-party consultant may reveal inside information to you (knowingly or unknowingly), such as non-public information about another of the consultant's public company clients. You may be negotiating a vendor contract, and inside information might be shared with you in the contract or the negotiations. Outside the Workplace You may hear inside information from personal sources, such as a spouse, significant other, family member or friend who works at a company that issues publicly-traded securities. You may overhear conversations that reveal inside information in elevators, restaurants, public transportation or from speaker and mobile phones, or you may encounter written information that has been left out in public, such as on a copy machine or train seat. Associates participating in an outside business activity may encounter inside information while serving on a corporate board or from serving as a consultant or advisor to an outside business. Please note that these are only examples, and you may receive inside information from other sources or in other circumstances. What You Should Do If You Believe You May Have Received Inside Information Contact Your MNPI Designated Contact While this policy requires you to understand what inside information could be, and be aware of the circumstances in which you may receive it, you should never make any decisions about inside information on your own – for example, whether information you have received is material or non- public, or what steps you should take as a result. Instead, if you think you may have received inside information, you must call your MNPI Designated Contact (telephone numbers are provided on pages 1 and 4). While it may seem contrary to normal protocol, it is important that you not share the information with anyone else, including your manager. By not sharing the information, you are protecting not only yourself and the information, but also other associates and Fidelity. When you talk to your MNPI Designated Contact, reveal the details of the information as your contact asks for them, and follow the instructions you receive. Your contact will then determine whether the information requires an information barrier (which are described below) and inform you of that decision. The possession of inside information is not in itself unlawful or an indication of wrongdoing. However, our goal as a firm is to limit the distribution of inside information only to those associates who have a business need to know and are subject to an information barrier. By assisting us in limiting the distribution of such information, you can best protect the information and yourself, and reduce the number of people who are subject to additional compliance protocols and restrictions. Comply with Information Barriers After you contact your MNPI Designated Contact, he or she will determine whether an information barrier is required. Information barriers are established as a way of helping the firm and its associates control inside information and avoid improper communication and potential compliance violations. If you are made

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subject to an information barrier, the Ethics Office will contact you, provide you with a document explaining the terms of the barrier, and require you to acknowledge and agree to abide by those terms. Information barriers are established by identifying individual associates and groups of people who have received inside information. The information is then protected by employing a combination of information handling, storage protocols, and physical or technical barriers around the associates and the information they possess. Information barriers are monitored to detect possible gaps, including reviews of communications (such as emails), enhanced physical access and access designations, and additions of associates to the information barrier. Surveillance is conducted of associates' personal trading to detect potential misuse of inside information. Do Not Trade in the Security or the Issuer If you have received inside information, you are prohibited from trading any security of the issuer to which the information relates. This is known as "insider trading" or "insider dealing," which is a serious violation of law. You may not buy, sell, transfer, gift, loan or pledge these securities, even if you have a reason to trade that is independent of the inside information. You also may not modify, suspend, or cancel an automatic investment plan of the security or the issuer of the security or make any recommendations to anyone to deal in the security in any way. These prohibitions apply: Not only to your covered accounts, but also to any account you manage, including accounts at Fidelity; Regardless of whether you receive any financial or other benefit from the account or the trade; and Regardless of whether your trade is in a different direction than the inside information may indicate (e.g., a sale where the inside information indicates you should buy). Remember that shares of mutual funds are also securities subject to these restrictions. You may not trade or transfer shares of mutual funds, whether advised by Fidelity or not, if you believe that you may have become aware of inside information about the mutual fund. Protect Inside Information It is critical that you keep inside information to yourself. You should refrain from discussing inside information in public, including elevators, restaurants, public transportation, on speaker and mobile phones, or on social media (such as Twitter, LinkedIn, or Facebook). You should also store any documents containing or reflecting the inside information in a secure place in accordance with the document-handling procedures of Fidelity's Global Policy on Information Protection ("SP2I") Policy. Do Not "Tip" or Improperly Disclose Inside Information The prohibition on communicating with others about inside information extends to recommending investments or expressing opinions to anyone, or soliciting orders from Fidelity clients, on the basis of inside information. This is known as "tipping" or "tipping off," which is a serious violation of law. You may become liable for any transactions by anyone to whom you have improperly disclosed inside information, or to whom they have made investment recommendations or expressed opinions on the basis of that information. Reporting Potential Violations You should report known or suspected violations of this policy to your MNPI Designated Contact or call the Chairman's Line at 800-242-4762 to speak anonymously on an unrecorded line. Global Policy on Inside Information Page 3 of 4 Fidelity Internal Information

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MNPI Designated Contacts Asset Management associates: Asset Management MNPI Hotline 617-563-3630 India associates: FBS India Ethics Office 8-691-7373 +91-80-6691-7373 All other associates: Ethics Office 617-563-5566 800-580-8780 Contacts and Web Resources General Policy Issues or Violations Ethics Office 800-580-8780 617-563-5566 ethics.office@fmr.com politicallaw@fmr.com Chairman's Line 800-242-4762 Compliance and Regulatory Issues Your MNPI Designated Contact (See above) Business Unit, Regional or Supplemental Policies on Inside Information Personal Investing – Corporate Issues: Insider Trading Fidelity Capital Markets – Equity Origination Information Barriers Fidelity Institutional Online Reference – Inside Information Other Related Policies Global Anti-Corruption Policy Corporate Gifts & Entertainment Policy Personal Conflicts of Interest Policy Outside Business Activities Policy Information Protection Policy Global Policy on Inside Information Page 4 of 4 Fidelity Internal Information