# EDGAR Filing Document

**Accession Number:** 0002076022
**File Stem:** 0001104659-25-070766
**Filing Date:** 2025-7
**Character Count:** 930336
**Document Hash:** de89fe51ec9e620dd79079b43fd7a40a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-070766.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001104659-25-070766

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 26

**FILED AS OF DATE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EP Private Capital Fund I
- **CENTRAL INDEX KEY:** 0002076022

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24109
- **FILM NUMBER:** 251151231

**BUSINESS ADDRESS:**
- **STREET 1:** 600 STEAMBOAT ROAD
- **STREET 2:** SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** (203) 340-8500

**MAIL ADDRESS:**
- **STREET 1:** 600 STEAMBOAT ROAD
- **STREET 2:** SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

?xml version='1.0' encoding='ASCII'? EP Private Capital Fund I - 2076022 - 2025

**As filed with the Securities and Exchange Commission on July 25, 2025**

**Investment Company Act File No. 811-24109**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

☒ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

☐ **AMENDMENT NO.**

**EP Private Capital Fund I**

**(Exact name of registrant as specified in charter)**

**600 Steamboat Road, Suite 202**

**Greenwich, CT 06830**

**(203) 340-8500**

**(Address and telephone number, including area code, of principal executive offices)**

**Thomas P. Majewski 600 Steamboat Road, Suite 202 Greenwich, CT 06830**

**(Name and address of agent for service)**

***COPIES TO:***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Thomas J. Friedmann, Esq.<br>Dechert LLP<br>One International Place, 40th Floor<br>100 Oliver Street<br>Boston, MA 02110<br>(617) 728-7120** |  | &nbsp;&nbsp;**Philip T. Hinkle, Esq.<br>Alexander C. Karampatsos, Esq.<br>Dechert LLP<br>1900 K Street, NW<br>Washington, DC 20006<br>(202) 261-3460** |

---

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☐ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in &nbsp;&nbsp;&nbsp;&nbsp; connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box):

☐ when declared effective pursuant to Section 8(c) of the Securities Act.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment
 Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

☐ 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 7(a)(2)(B) of Securities Act.

☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding
 this filing).

------

This Registration Statement has been filed by Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended. Shares of Registrant are not being registered under the Securities Act of 1933, as amended (the "1933 Act") and will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of, and/or Regulation D under, the 1933 Act. Investments in Registrant may only be made by individuals or entities meeting the definition of an "accredited investor" in Regulation D under the 1933 Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, shares of Registrant.

The information required to be included in this Registration Statement by Part A – Information Required in a Prospectus and Part B – Information Required in a Statement of Additional Information of Form N-2 is contained in the memorandum (the "Memorandum") that follows.

**EP PRIVATE CAPITAL FUND I**

**PRIVATE PLACEMENT MEMORANDUM**

July 25, 2025

600 Steamboat Road

Suite 202

Greenwich, CT 06830

(844) 810-6501

EP Private Capital Fund I (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. Shares of beneficial interest of the Fund (the "Shares") are not being registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any of the States of the United States, since such Shares will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act and analogous exemptions under state securities laws. Investment in the Fund may be made only by persons that are "accredited investors" within the meaning of Regulation D under the Securities Act. Shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured financial institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Neither the SEC nor any state securities commission has approved or disapproved these securities or determined if this Private Placement Memorandum (this "Memorandum") is truthful or complete. Any representation to the contrary is a criminal offense.

This Memorandum shall not constitute an offer to sell or the solicitation of an offer to buy, and there shall not be any sale of Shares, in any jurisdiction in which such offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make such offer, solicitation, or sale. No person has been authorized to make any representations concerning the Fund that are inconsistent with those contained in this Memorandum. Prospective investors should not rely on any information not contained in this Memorandum. You should not assume that the information provided by this Memorandum is accurate as of any date other than the date shown below.

This Memorandum is intended solely for the use of the person to whom it has been delivered for the purpose of evaluating a possible investment by the recipient in the Shares described herein and is not to be reproduced or distributed to any other persons (other than professional advisers of the prospective investor receiving this document). Notwithstanding the foregoing, but subject to restrictions reasonably necessary to comply with federal or state securities laws, an investor may disclose to any and all persons, without limitation, the tax treatment and tax structure of the Fund and the offering of the Shares and all materials of any kind that are provided to the investor relating to such tax treatment and structure.

Prospective investors should not construe the contents of this Memorandum as legal, tax, or financial advice. Each prospective investor should consult his or her own professional advisers as to the legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund for such investor.

Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws, pursuant to registration or exemption therefrom and subject to the restrictions described herein. The Fund does not intend to list Shares on a securities exchange, and it is not expected that there will be a public market for the Shares. As a result, Fund shareholders' (the "Shareholders") ability to sell Shares will be limited. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.

Purchases of Shares are suitable only for persons of substantial financial means who can make a long-term investment, can bear the risk of loss of their total investment in the Shares, and have no need for short-term liquidity with respect to such investment. Shares will be marketed and made available to these types of investors (subject to the terms of this Memorandum, any documents referenced herein, and applicable marketing laws and regulations in all relevant jurisdictions). However, Eagle Point Credit Management LLC (the "Adviser") reserves the right to reject any prospective investor for any reason.

Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. **Investing in our Shares may be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment.** Before buying any of the Shares, you should read the discussion of the principal risks of investing in the Fund, which are summarized in ***"Memorandum Summary—Summary Risk Factors"*** and in ***"Risk Factors."***

This Memorandum concisely provides the information that a prospective investor should know about the Fund before investing. Investors are advised to read this Memorandum carefully and to retain it for future reference. When available, the Fund's annual and semi-annual reports and other information filed with the SEC can be obtained upon request and without charge by calling the Fund at (800) 227-4618. The contact information provided above may be used to request additional information about the Fund and to make Shareholder inquiries.

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined that this Memorandum is truthful or complete. Any representation to the contrary is a criminal offense.**

**Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.**

**You should rely only on the information contained in this Memorandum. The Fund has not authorized anyone to provide you with different information.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [MEMORANDUM SUMMARY](#v1) | [4](#v1) |
| [SUMMARY OF TERMS](#v2) | [10](#v2) |
| [SUMMARY OF FEES AND EXPENSES](#v3) | [17](#v3) |
| [THE FUND](#v4) | [18](#v4) |
| [BUSINESS](#v5) | [18](#v5) |
| [RISK FACTORS](#v6) | [23](#v6) |
| [LIMITS OF RISK DISCLOSURES](#v7) | [54](#v7) |
| [MANAGEMENT](#v8) | [55](#v8) |
| [FUND EXPENSES](#v9) | [58](#v9) |
| [DETERMINATION OF NET ASSET VALUE](#v10) | [60](#v10) |
| [CONFLICTS OF INTEREST](#v11) | [61](#v11) |
| [REPURCHASES AND TRANSFERS OF SHARES](#v12) | [65](#v12) |
| [Description of Capital Structure](#v13) | [67](#v13) |
| [U.S. FEDERAL INCOME TAX MATTERS](#v14) | [70](#v14) |
| [ERISA CONSIDERATIONS](#v15) | [83](#v15) |
| [PURCHASES OF SHARES](#v16) | [83](#v16) |
| [INVESTOR RELATIONS SERVICES](#v17) | [84](#v17) |
| [DISTRIBUTIONS](#v18) | [84](#v18) |
| [DISTRIBUTION REINVESTMENT PLAN](#v19) | [85](#v19) |
| [REGULATION AS A CLOSED-END MANAGEMENT INVESTMENT COMPANY](#v20) | [85](#v20) |
| [ADDITIONAL INFORMATION ABOUT THE FUND](#v30) | [102](#v30) |
| [INQUIRIES](#v31) | [102](#v31) |

---

**MEMORANDUM SUMMARY**

*The following summary highlights some of the information contained in this Memorandum. It is not complete and may not contain all the information that is important to a decision to invest in our securities. You should read carefully the more detailed information set forth under **"Risk Factors"** and the other information included in this Memorandum and any applicable supplement. Except where the context suggests otherwise, the terms:*

● *"EP Private Capital Fund I," the "Fund," "we," "us" and "our" refer to EP Private Capital Fund I, a Delaware statutory trust and any consolidated subsidiaries;* 

● *"Eagle Point Credit Management" and "Adviser" refer to Eagle Point Credit Management LLC, a Delaware limited liability company; and* 

● *"Eagle Point Administration" and "Administrator" refer to Eagle Point Administration LLC, a Delaware limited liability company.* 

**EP Private Capital Fund I**

We are an externally managed, non-diversified closed-end management investment company that has registered as an investment company under the 1940 Act. We intend to elect to be treated, and to qualify annually, as a regulated investment company, or "RIC," under Subchapter M of the Internal Revenue Code of 1986, as amended, or the "Code."

Our primary investment objective is to generate high current income, with a secondary objective to generate capital gains. We seek to achieve our investment objective by investing primarily in Portfolio Debt Securities (as described below). We intend to use leverage, as described herein.

Please refer to the section **"*Business – Investment Objectives, Strategies, and Policie****s*" for a more detailed description of the Fund's investment strategies and the instruments in which the Fund may invest.

The Adviser's Investment Committee is ultimately responsible for our day-to-day investment management and the implementation of our investment strategy and process. All final investment decisions are made by the Investment Committee or, in some cases, other senior members of the Adviser's investment team pursuant to delegated authority. The Investment Committee is led by Mr. Majewski, Managing Partner and founder of the Adviser, and is also comprised of Daniel W. Ko, Senior Principal and Portfolio Manager, and Daniel M. Spinner, Senior Principal and Portfolio Manager. See ***"Management — Investment Committee"*** for additional information regarding the experience of the members of the Investment Committee.

**Summary Risk Factors**

The value of our assets, as well as the net asset value of our securities, will fluctuate. An investment in our securities should be considered risky, and you may lose all or part of your investment in us. Investors should consider their financial situation and needs, other investments, investment goals, investment experience, time horizons, liquidity needs and risk tolerance before investing in our securities. An investment in our securities may be speculative in that it involves a high degree of risk and should not be considered a complete investment program. We are designed primarily as a long-term investment vehicle, and our securities are not an appropriate investment for a short-term trading strategy. We can offer no assurance that returns, if any, on our investments will be commensurate with the risk of investment in us, nor can we provide any assurance that enough appropriate investments that meet our investment criteria will be available.

The following is a summary of certain principal risks of an investment in us. See ***"Risk Factors"*** for a more complete discussion of the risks of investing in our securities, including certain risks not summarized below.

●  ***Risks of Investing in Certain Pooled Issuers and other Structured Debt Securities.*** Portfolio Debt Securities and other structured finance securities are generally backed by a pool of credit-related assets that serve as collateral. Accordingly, such securities present risks similar to those of other types of credit investments, including default (credit), interest rate and prepayment risks. In addition, such may be governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments.

●  ***Ability to Extend Financing on Advantageous Terms; Competition and Supply.*** The success of the Fund's investment program will depend in part on the ability of the Fund to obtain access to potentially scarce investments on advantageous terms. In extending financing to borrowers, lenders will compete with a broad spectrum of competitors, some of which may be willing to lend money on terms more favorable to borrowers. Such competing lenders may include private investment funds, public funds, commercial and investment banks, commercial financing companies and other entities. Some competitors may have a lower cost of funds or access to additional funding sources. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships. Also, the Adviser may ultimately choose not to compete for investment opportunities based on interest rates. Ultimately, increased competition for, or a diminution in the available supply of, qualifying borrowers may result in lower yields on financing extended to such borrowers, which could reduce returns to the Fund.

●  ***Investments in Unsecured Debt.*** Certain of the Fund's investments are expected to constitute unsecured debt. While unsecured debt ranks senior to common stock or preferred equity of an issuer, unsecured debt effectively ranks subordinate in priority of payment to secured debt and may not have the benefit of financial covenants common for secured debt. Unlike secured debt, unsecured debt does not have the benefit of a lien with respect to specific collateral. In any liquidation, dissolution, bankruptcy or similar proceeding involving an issuer, the holders of the issuer's secured debt may assert rights against the assets pledged to secure that debt in order to receive full payment of their debt before the assets may be used to pay other creditors of the issuer, including the Fund. Accordingly, unsecured debt typically involves a heightened level of risk of loss of principal.

●  ***Investments in Secured Debt*.** The assets of the portfolio of the Fund may include secured debt, which involve various degrees of risk of a loss of capital. The factors affecting an issuer's secured debt, and its overall capital structure, are complex. Some secured loans may not necessarily have priority over all other debt of an issuer. For example, some secured loans may permit other secured obligations (such as overdrafts, swaps or other derivatives made available by members of the syndicate to the company), or involve secured loans only on specified assets of an issuer. Issuers of secured loans may have two tranches of secured debt outstanding each with secured debt on separate collateral. In the event of Chapter 11 filing by an issuer, the U.S. Bankruptcy Reform Act of 1978, as amended, authorizes the issuer to use a creditor's collateral and to obtain additional credit by grant of a priority lien on its property, senior even to liens that were first in priority prior to the filing, as long as the issuer provides what the presiding bankruptcy judge considers to be "adequate protection" which may but need not always consist of the grant of replacement or additional liens or the making of cash payments to the affected secured creditor. The imposition of priority liens on the Fund's collateral would adversely affect the priority of the liens and claims held by the Fund and could adversely affect the Fund's recovery on the affected debt. Any secured debt is secured only to the extent of its lien and only to the extent of underlying assets or incremental proceeds on already secured assets. Moreover, underlying assets are subject to credit, liquidity, and interest rate risk.

●  ***Subordinated Securities Risk.*** Certain debt securities in which we may invest are subordinated to more senior tranches of debt. Accordingly, such debt securities are subject to increased risks of default relative to the holders of superior priority interests in the same issuer. In addition, certain securities are under-collateralized in that the face amount of the issuer's debt and equity exceeds its total assets. With respect to certain investments that we expect to acquire, we will be in a first loss or subordinated position with respect to realized losses on the underlying assets held by the issuers of such securities.

●  ***High Yield Investment Risk.*** Certain investments that we acquire are expected to be rated below investment grade or unrated. Such securities are sometimes referred to as "higher yield" or "junk" securities and are considered speculative with respect to timely payment of interest and repayment of principal. The senior secured loans and other credit-related assets underlying certain investments may also be higher yield investments. Investing in such investments involves greater credit and liquidity risk than investment grade obligations, which may adversely impact our performance.

●  ***Leverage Risk.*** The use of leverage can create risks. Leverage can increase market exposure, increase volatility in the Fund, magnify investment risks, and cause losses to be realized more quickly. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet asset coverage requirements when it may not be advantageous to do so. To the extent that we issue indebtedness or preferred shares of beneficial interest in the future (i.e., senior securities), our common Shareholders would be subordinated to the rights of such senior security holders. In particular, dividends, distributions and other payments to common Shareholders would be subject to prior payments due to such senior security holders. In addition, the 1940 Act provides preferred Shareholders and, in certain cases, debt holders, with voting rights that are equal or superior to the voting rights of our common Shareholders.

●  ***Credit Risk.*** The Fund will invest primarily in credit and credit-related instruments. Such investments generally fluctuate in value based upon broader market factors, such as changes in interest rates, and also based on developments affecting the perceived creditworthiness and ability of the borrower to repay the principal and interest owed with respect to the underlying indebtedness. If a credit investment in our portfolio declines in price and/or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status, our NAV and/or income would be adversely impacted.

●  ***Risks of Default on Underlying Assets.*** A default and any resulting loss on an underlying asset will reduce its fair value and, consequently, the fair value of the related investment and the Fund's portfolio. A wide range of factors could adversely affect the ability of the issuer of an underlying asset to make interest or other payments on that asset. Any defaults and losses will have a negative impact on the fair value of the Fund's investments and will reduce the cash flows that the Fund receives from its investments.

●  ***Risk of Inability to Identify Sufficient Number of Investment Opportunities.*** There can be no assurance that the Adviser will be able to find suitable opportunities consistent with its investment approaches. The Adviser may be unable to find a sufficient number of attractive opportunities to meet its investment objectives. Among other things, market conditions may limit the availability of investment opportunities and the competition for investment opportunities (including among other accounts managed by the Adviser's affiliate) may be high. Such limitations may cause delays in deploying the Fund's capital and may negatively impact the Fund's returns.

●  ***Key Personnel Risk*.** We are dependent upon the key personnel of the Adviser, including the members of the Investment Committee, for our future success.

●  ***Conflicts of Interest Risk*.** Our executive officers and Trustees, and the Adviser and certain of its affiliates and their officers and employees, including the members of the Investment Committee, have several conflicts of interest as a result of the other activities in which they engage.

●  ***Prepayment Risk.*** Investments held by the Fund may be prepaid more quickly than expected. Prepayment rates are influenced by changes in interest rates and a variety of factors beyond the Fund's control and consequently cannot be accurately predicted. Early prepayments give rise to increased reinvestment risk, as the Fund might realize excess cash from prepayments earlier than expected. If the Fund is unable to reinvest such cash in a new investment with an expected rate of return at least equal to that of the investment repaid, this may reduce the Fund's net income and the fair value of that asset.

●  ***Liquidity Risk.*** Generally, there is no public market for many of the investments we target. As such, we may not be able to sell such investments quickly, or at all. If we are able to sell such investments, the prices we receive may not reflect the Adviser's assessment of their fair value or the amount paid for such investments by us.

●  ***Real Estate Investment-Related Risks.*** The Fund may invest in Portfolio Debt Securities and other securities or instruments issued by REITs or other real estate-related issuers, which investments will be subject to the risks incident to the ownership and operation of real estate. Such risks include the risks associated with both the domestic and international general economic climates; local real estate conditions; risks due to dependence on cash flow; risks and operating problems arising out of the absence of certain construction materials; changes in supply of, or demand for, competing properties in an area (as a result, for instance, of over-building); the financial condition of tenants, buyers and sellers of properties; changes in availability of debt financing; energy and supply shortages; changes in the tax, real estate, environmental, and zoning laws and regulations; various uninsured or uninsurable risks; the ability of clients or third-party borrowers to manage the real properties; and natural disasters and events such as COVID-19. Developments such as migration away from urban centers, an increase in work-from-home and greater reliance on telecommuting technologies, e-commerce and remote learning may result in long-lasting and fundamental changes in the demand for residential and commercial real estate in various locales. A shrinking tax base and a rise in budget deficits may compel certain state and local governments to implement property tax increases, which may have a detrimental effect on companies in the real-estate related sector.

●  ***Incentive Fee Risk.*** Our incentive fee structure may incentivize the Adviser to pursue speculative investments and use leverage in a manner that adversely impacts our performance.

●  ***Fair Valuation of Our Portfolio Investments.*** Generally, there is no public market for many of the investments we target. As a result, the Adviser values these securities at fair value in accordance with the requirements of the 1940 Act. The Adviser's determinations of the fair value of our investments have a material impact on our net earnings through the recording of unrealized appreciation or depreciation of investments and may cause our NAV on a given date to understate or overstate, possibly materially, the value that we ultimately realize on one or more of our investments. The Fund currently intends to calculate its NAV per Share quarterly.

●  ***Non-Diversification Risk.*** We are a non-diversified investment company under the 1940 Act and expect to hold a narrower range of investments than a diversified fund under the 1940 Act.

●  ***Market Risk.*** Political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of our investments. A disruption or downturn in the capital markets and the credit markets could impair our ability to raise capital, reduce the availability of suitable investment opportunities for us or adversely and materially affect the value of our investments, any of which would negatively affect our business. These risks may be magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide.

●  ***Banking Risk.*** The possibility of future bank failures poses risks of reduced financial market liquidity at clearing, cash management and other custodial financial institutions. The failure of banks which hold cash on behalf of the Fund, the Fund's underlying obligors, the sponsors or managers of the issuers in which the Fund invests, or the Fund's service providers could adversely affect the Fund's ability to pursue its investment strategies and objectives. For example, if an underlying obligor has a commercial relationship with a bank that has failed or is otherwise distressed, such company may experience delays or other disruptions in meeting its obligations and consummating business transactions. Additionally, if an issuer's manager or sponsor has a commercial relationship with a distressed bank, the manager may experience issues conducting its operations or consummating transactions on behalf of the issuer it manages, which could negatively affect the performance of such issuers (and, therefore, the performance of the Fund).

●  ***Interest Rate Risk*.** The price of certain of our investments, particularly debt or preferred equity investments with a fixed coupon or dividend rate, may be significantly affected by changes in interest rates, including increases and decreases in interest rates caused by governmental actions and/or other factors. In general, rising interest rates will negatively affect the price of a fixed rate instrument and falling interest rates will have a positive effect on the price of a fixed rate instrument. If general interest rates rise, there is a risk that the Fund's floating rate investments (or an issuer's underlying obligors) will be unable to pay escalating interest amounts, which could result in a default under their loan documents and credit losses to the Fund. Rising interest rates could also cause issuers 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. If interest rates fall, the Fund's floating rate investments would generally be expected to generate a lower rate of income.

●  ***Refinancing Risk.*** If we incur debt financing and subsequently refinance such debt, the replacement debt may be at a higher cost and on less favorable terms and conditions. If we fail to extend, refinance or replace such debt financings prior to their maturity on commercially reasonable terms, our liquidity will be lower than it would have been with the benefit of such financings, which would limit our ability to grow, and holders of our Shares would not benefit from the potential for increased returns on equity that incurring leverage creates.

●  ***Tax Risk.*** If we fail to qualify for tax treatment as a RIC under Subchapter M of the Code for any reason, or otherwise become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to Shareholders, and the amount of income available for payment of our other liabilities.

●  ***Counterparty Risk.*** We may be exposed to counterparty risk, which could make it difficult for us or the investments in which we hold to collect on obligations, thereby resulting in potentially significant losses.

●  ***Global Economy Risk.*** Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

●  ***Foreign Investing Risk.*** We may invest in securities of foreign issuers (or U.S. issuers that hold foreign assets) to the extent consistent with our investment strategies and objectives. Investing in foreign entities may expose us to additional risks, including exchange control regulations, political and social instability, expropriation, foreign taxes, less liquid and transparent markets, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, we, and the issuers in which we invest, may have difficulty enforcing creditor's rights in foreign jurisdictions.

●  ***Global Risks.*** Due to highly interconnected global economies and financial markets, the value of our securities and our underlying investments may go up or down in response to governmental actions and/or general economic conditions throughout the world. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact us and its investments.

●  ***Shares Not Listed; No Market for Shares*.** The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

●  ***Closed-end Fund; Liquidity Risk*.** The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There is no secondary market for the Fund's Shares and the Fund expects that no secondary market will develop. You should not invest in the Fund if you need a liquid investment. Closed-end funds differ from open-end management investment companies, commonly known as mutual funds, in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV.

●  ***Limitations on Transfer Risks*** . No Shareholder will be permitted to transfer its Shares without the consent of the Fund. The transferability of Shares will be subject to certain restrictions contained in the Declaration of Trust and will be affected by restrictions imposed under applicable securities laws.

●  ***Shareholder Default Risk*** . As Shareholders will not be required to contribute the full amount of their Commitments to the Fund at the time of their admission and will be required to make incremental contributions pursuant to capital calls issued from time to time by the Fund, there will be a substantial period of time during which Shareholders may be obligated to provide capital without receiving any return and regardless of the performance of the Fund. If a Shareholder fails to pay when due all or any portion of their Commitments (as defined below) or other payment required to be made to the Fund, the Fund could be unable to pay its obligations when due. As a result, the Fund could be subjected to significant penalties that could materially adversely affect the returns to Shareholders.

**Our Corporate Information**

Our offices are located at 600 Steamboat Road, Suite 202, Greenwich, CT 06830, and our telephone number is (203) 340-8500.

**SUMMARY OF TERMS**

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|:---|:---|
| **Issuer** | EP Private Capital Fund I (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company. |
| **The Offering** | The Fund is seeking $250 million in investor capital commitments and may accept additional commitments, in its discretion, thereafter. An investment in the Fund is available solely to investors who are "accredited investors" as defined in Regulation D under the Securities Act. Subscriptions are irrevocable and may be accepted or rejected in the Fund's discretion. No shares of the Fund may be sold to persons other than the initial investor (or its affiliates), unless mutually agreed by such investor and the Adviser. |
| **Capital Calls** | Capital commitments may be called in the discretion of the Adviser over a two-year period (each, a "Commitment Period") to fund investments and for other corporate purposes. An investor may make one or more additional capital commitments, each of which shall be irrevocable and, solely with respect to the amount of such additional capital commitment, subject to a Commitment Period for two years after such commitment.<br>At least 120 days before the end of the applicable Commitment Period for a capital commitment (the initial capital commitment and any additional capital commitment), the Adviser will notify the investor of the extension of the Commitment Period of the initial capital commitment amount for an additional year. Unless the investor objects to such extension at least 60 days before the end of the applicable Commitment Period, the Commitment Period will be extended for a period of one year.<br>A capital commitment may be drawn upon after the expiration of a Commitment Period solely to make: (i) investments committed to or in progress prior to the end of the Commitment Period (including, for example, investments in delayed draw loans and revolving credit facilities and unsettled trades); (ii) investments under consideration by the Adviser prior to the end of the Commitment Period pursuant to an executed term sheet; (iii) short term cash equivalent investments; or (iv) investments (A) deemed necessary, desirable, or appropriate by the Adviser in order to preserve, protect, enhance or support an existing investment, including but not limited to any financing transaction with respect to any investments and any refinancing or restructuring of any existing investments intended to preserve, protect, enhance or support existing Portfolio Debt Securities or other investments or (B) that are follow-on investments in entities or issuers in which the Fund has previously invested, or that are with counterparties with whom the Fund has previously invested, or affiliates of such entities or counterparties or are otherwise related to existing investments, including underlying portfolio companies of issuers of Portfolio Debt Securities; provided, that (a) no amount can be drawn down pursuant to clause (iv) following one year after the end of the applicable Commitment Period, unless, at least 120 days before the end of the year after the Commitment Period, the Adviser notifies the investor of the total dollar amount that can be drawn down pursuant to clause (iv) and the investor does not object to such amount at least 90 days before the end of the year after the Commitment Period, and (b) the amounts drawn down for the investments described in clause (iv) of this paragraph made after the end of the Commitment Period will not exceed 15% of the aggregate capital commitment amount and (c) any amount drawn down for a single investment/issuer described in clause (iv) that exceeds 3% of the aggregate capital commitment amount requires the Adviser to notify the investor.<br>|

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|:---|:---|
|  | The Adviser generally intends to call and deploy substantially all of an investor's capital commitment, and obtain leverage thereon, within one year.<br>The Adviser will provide at least 10 business days' notice in the case of capital calls for an amount greater than $5,000,000 and at least 5 business days' notice in the case of capital calls for an amount equal to or less than $5,000,000. |
| **Investor Eligibility and Suitability** | Each prospective investor in the Fund will be required to certify to the Fund that the Shares are being acquired for the account of an "accredited investor" as defined in Regulation D under the Securities Act (or another category of investor to which offers and sales of securities may be made pursuant to an exemption from the registration provision of the Securities Act). Investors who are "accredited investors" are referred to in this Memorandum as "Eligible Investors."<br>An investment in the Fund involves a considerable amount of risk. A shareholder may lose money. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to the investor's investment objectives and personal situation and (ii) consider factors such as the investor's personal net worth, income, age, risk tolerance and liquidity needs. The Fund is an illiquid investment.<br> **** |
| **Distributions** | We intend to make regular quarterly ordinary income distributions in cash of substantially all of our "investment company taxable income" (which generally consists of ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, and excluding any deduction for distributions paid to Shareholders) to Shareholders. We also intend to make at least annual distributions in cash of all or a portion of our "net capital gains" (which is the excess of net long-term capital gains over net short-term capital losses).<br>If a record date for a particular distribution occurs before an investor's date of settlement, such investor who purchases shares in this offering will not be entitled to receive such distribution. |
| **Distribution Reinvestment Plan** | We have adopted an "opt in" distribution reinvestment plan ("DRIP") pursuant to which Shareholders may elect to have the full amount of their cash distributions reinvested in additional Shares. Shares will be issued pursuant to the DRIP at a price equal to their net asset value. If Shareholders elect to participate in the DRIP, distributions on Shares are automatically reinvested in additional Shares by the Fund or a third-party acting on the Fund's behalf (the "DRIP Agent"). Participants in our DRIP are free to elect or revoke reinstatement in the DRIP on 90 days' notice to the DRIP Agent. Holders of our Shares who receive distributions in the form of additional Shares are nonetheless required to pay applicable federal, state or local taxes on the reinvested distribution and will not receive a corresponding cash distribution with which to pay any applicable tax. See **"*Distribution Reinvestment Plan*."** |
| **Leverage** | We may use leverage as and to the extent permitted by the 1940 Act. We are permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, preferred shares, or notes and leverage attributable to reverse repurchase agreements or similar transactions. We may raise additional capital in the future by borrowing under a credit facility, issuing preferred shares or debt securities or through other leveraging instruments.  |

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|:---|:---|
|  | Certain instruments that create leverage are considered to be senior securities under the 1940 Act. With respect to senior securities that are equity (i.e., preferred shares), we are required to have an asset coverage of at least 200%, as measured at the time of the issuance of any such preferred shares and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares.<br>With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, we are required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness.<br>In addition, while any senior securities remain outstanding, we generally must make provisions to prohibit any distribution to our Shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratio at the time of the distribution or repurchase; provided that, under the 1940 Act, the foregoing does not apply to any indebtedness which is privately arranged and not intended to be publicly distributed.<br>We may enter into a credit facility or issue debt or preferred equity instruments that impose additional contractual covenants and other restrictions (including, with respect to any secured instruments, a lien on our assets). Such covenants and restrictions may also include additional asset coverage or portfolio composition requirements that go beyond those required by the 1940 Act.<br>We currently expect to enter into a credit facility and issue preferred shares within the first year of operations. Over the long term, the Adviser expects the Fund to operate within a target debt (including preferred equity) to equity ratio between 0.5x and 0.6x, although the actual amount of leverage is expected to vary between 0.4x and 0.7x over time. The Fund's underlying investments may also utilize leverage. See ***"Risk Factors – Risks Related to Our Investments."*** |
| **Preferred Shares** | The Declaration of Trust provides that the Board may, subject to the Fund's fundamental policies and restrictions and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than Shares (including preferred interests, debt securities or other senior securities), by action of the Board without the approval of Shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit.<br>Under the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an "asset coverage" of at least 200%. Asset coverage means the ratio by which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. Additional or more restrictive asset coverage requirements or portfolio composition requirements (i.e., beyond those required under the 1940 Act) may also be imposed under the governing instrument for a particular series of preferred shares. The terms of the preferred shares, including their dividend rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund's Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the dividend rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. If the dividend rate as redetermined on the Fund's preferred shares plus the expenses of issuance approaches or exceeds the Fund's current income after expenses on the investment of proceeds from the preferred shares, the Fund's leveraged capital structure would result in a lower rate of current income to Shareholders than if the Fund were not so structured. |

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|:---|:---|
| **Board of Trustees** | The Fund has a Board of Trustees (each member a "Trustee" and, collectively, the "Board" or "Board of Trustees") that has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Trustees are not "interested persons" (as defined by the 1940 Act) of the Fund or the Adviser. See ***"Management."*** |
| **The Adviser** | Eagle Point Credit Management LLC serves as the Fund's investment adviser.<br>The Fund and the Adviser have entered into an investment advisory agreement (the "Investment Advisory Agreement") that has an initial term expiring two years after its effective date. Thereafter, the Investment Advisory Agreement will continue in effect from year to year if its continuation is approved annually by the Board of Trustees, including a majority of the independent Trustees. The Board, or the Fund's Shareholders, may terminate the Investment Advisory Agreement on 60 days' prior written notice to the Adviser. |

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|:---|:---|
| **Management Fee and Incentive Fee** | We pay the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee.<br>**Base management fee**. Our base management fee is payable quarterly in arrears at an annual rate of the Fund's net assets per the below schedule (the "Management Fee"), provided, that, if the Fund calculates its net asset value more frequently than quarterly, the Management Fee shall be calculated on the same frequency as the net asset value is calculated.<br>**Incentive fee**. The incentive fee is payable quarterly in arrears and at a rate of the Fund's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter per the below schedule, subject to a preferred return, or "hurdle," of 2.00% of the Fund's NAV (8.00% annualized) and a "catch up" feature (the "Incentive Fee"). For this purpose, "Pre-Incentive Fee Net Investment Income" means (a) interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees) accrued during the calendar quarter, minus (b) the Fund's operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to Eagle Point Administration, and any interest expense and/or dividends paid on any issued and outstanding debt or preferred stock, but excluding organizational and offering expenses and the incentive fee). No Incentive Fee is payable to the Adviser on capital gains, whether realized or unrealized. In addition, the amount of the Incentive Fee is not affected by any realized or unrealized losses that the Fund may suffer. |

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| | | |
|:---|:---|:---|
| **Fund Net Assets** | **Management Fee** | **Incentive Fee** |
| Less than $350 million | 0.75% | 6.00% |
| $350 million and greater | 0.675% | 5.40% |

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|:---|:---|
|  | The Management Fee and Incentive Fee determined in accordance with the above schedule shall apply to 100% of the Fund's net asets.<br>See ***"Management — Management Fee and Incentive Fee."*** |
| **Fees and Expenses** | Subject to the Expense Limitation and Reimbursement Agreement, described below, the Fund will bear all expenses incurred in the business of the Fund, including any charges, allocations and fees to which the Fund is subject as an investor. The Fund will also bear all of its organizational costs, subject to a maximum of $300,000 (with any excess paid or reimbursed by the Adviser). See ***"Summary of Fees and Expenses" and "Fund Expenses."*** |
| **Expense Limitation Agreement** | The Adviser will pay, directly or indirectly, Fund operating expenses or waive fees due by the Fund to the Adviser or affiliates of the Adviser to cap ordinary operating expenses of the Fund (excluding the Management Fee, the Incentive Fee, organizational expenses, fees associated with leverage (such as interest/dividend payments and other fees on borrowings and preferred shares), registration and other regulatory fees, taxes, and extraordinary expenses (as determined in the sole discretion of the Adviser)) per annum of the Fund's average net assets, as measured at the end of each fiscal year, as follows. |

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|:---|:---|
| **Average Net Assets** | **Ordinary Operating<br>Expenses Cap** |
| Less than $100 million | 0.80% |
| $100 million up to $300 million | 0.50% |
| $300 million and greater | 0.40% |

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|:---|:---|
| **Valuation** | The Fund initially intends to calculate the NAV of the Shares on a quarterly basis. Generally, there is no public market for many of the investments we target. As a result, the Adviser values these securities at fair value in accordance with the requirements of the 1940 Act. Because such valuations, and particularly valuations of securities that are not publicly traded like those we hold, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The Adviser's determinations of fair value may differ materially from the values that would have been used if an active public market for these securities existed. The Adviser's determinations of the fair value of our investments have a material impact on our net earnings through the recording of unrealized appreciation or depreciation of investments and may cause our NAV on a given date to understate or overstate, possibly materially, the value that we may ultimately realize on one or more of our investments. See ***"Conflicts of Interest — Valuation."*** |
| **Unlisted Closed-End Fund Structure; Limited Liquidity** | The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. To meet daily redemption requests, mutual funds are subject to more stringent regulatory limitations than closed-end funds. The Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. |
|  | Liquidity will be provided by the Fund only through limited repurchase offers described below. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. See ***"Other Risks of the Fund — Closed-End Fund; Liquidity Risks."*** |
| **Repurchases of Shares by the Fund** | The Fund does not currently intend to list its Shares on any securities exchange and does not expect any secondary market for them to develop in the foreseeable future. Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof, other than as described herein. Shareholders may not exchange their shares of the Fund for shares of any other registered investment company. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks. See ***"Repurchases and Transfers of Shares."*** |
|  | Commencing after the expiration of the Commitment Period for the initial capital commitment, including any extensions thereof, the Fund will offer to repurchase Shares from shareholders quarterly in an amount equal to 12.5% of the Fund's net asset value, calculated as of the prior calendar quarter end. If the Fund has previously repurchased shares, then the foregoing 12.5% limitation shall be calculated based on the net asset value plus the aggregate amount of all such prior repurchases; provided, that, for the avoidance of doubt, no repurchase amount shall exceed the net asset value of the Fund on the applicable repurchase date. |

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|:---|:---|
|  | Such repurchases will be offered at the Fund's net asset value per share as of March 31, June 30, September 30 and December 31, as applicable. Each repurchase offer will generally commence at least 20 business days prior to the applicable repurchase date. Repurchases of Shares from Shareholders by the Fund will be paid in cash.<br>See ***"Repurchases and Transfers of Shares."*** |
| **Summary of Taxation** | The Fund intends to elect to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. For each taxable year that the Fund so qualifies, the Fund will generally not be subject to U.S. federal income tax on its taxable income and gains that it distributes as dividends for U.S. federal income tax purposes to Fund Shareholders. The Fund intends to distribute its income and gains in a way that it should not be subject to an entity-level income tax on certain undistributed amounts. These distributions generally will be taxable as ordinary income or capital gains to the Shareholders, whether or not they are reinvested in Shares. U.S. federally tax-exempt investors generally will not recognize unrelated business taxable income with respect to an investment in Shares as long as they do not borrow to make such investment.<br>If the Fund fails to qualify as a RIC or fails to distribute dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of the sum of its net ordinary income and net short-term capital gains to Shareholders in any taxable year, the Fund would be subject to tax as an ordinary corporation on its taxable income (even if such income and gains were distributed to its Shareholders) and all distributions out of earnings and profits to Shareholders generally would be characterized as ordinary dividend income. In addition, the Fund could be required to recognize unrealized gains, incur substantial entity-level taxes and make certain distributions (which could be subject to interest charges) before requalifying for taxation as a RIC. |
| **ERISA Plans and Similar Tax-Exempt Entities** | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section 4975 of the Code, including employee benefit plans, individual retirement accounts (each, an "IRA"), and 401(k) and Keogh Plans may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund are not considered to be "plan assets" of such plans investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules of ERISA and the Code. Thus, the Adviser will not be a fiduciary within the meaning of ERISA with respect to the assets of any ERISA Plan (as defined below) that becomes a shareholder, solely as a result of the ERISA Plan's investment in the Fund. See ***"ERISA Considerations."*** |
| **Reports to Shareholders** | The Fund furnishes to Shareholders as soon as practicable after the end of each calendar year information on Form 1099-DIV or Form 1099-B, as appropriate, and as required by law, to assist the Shareholders in preparing their tax returns. The Fund prepares, and transmits or makes available to Shareholders, an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. The Fund also intends to transmit to Shareholders a quarterly shareholder statement within 30 days after the Fund's first, second, and third fiscal quarters. |
| **Term** | The Fund's term is perpetual unless and until terminated under the terms of the Fund's organizational documents. |

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**SUMMARY OF FEES AND EXPENSES**

The following table is intended to assist you in understanding the costs and expenses that an investor in Shares will bear directly or indirectly. The expenses shown in the table under "Annual Fund Expenses" are estimated based on projected amounts for the Fund's first full year of operations and assume that the Fund (i) has average net assets of $125,000,000 and (ii) incurs leverage in an amount equal to 35.5% of the Fund's total assets. Actual expenses will depend on the number of Shares the Fund sells in this offering and the amount of leverage the Fund employs, if any. Whenever this Memorandum contains a reference to fees or expenses paid by "us" or "EP Private Capital Fund I," or that "we" will pay fees or expenses, our Shareholders will indirectly bear such fees or expenses. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown.

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|:---|:---|
| **Shareholder Transaction Fees:** |  |
| **Annual Fund Expenses (as a percentage of net assets attributable to Shares):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 1.36%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payments on borrowed funds | 3.79%<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 0.88%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total annual expenses** | 6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees waived | 0.16%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total annual fund operating expenses after fee waiver | 5.87%<sup>(4)</sup> |

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(1) We pay the Adviser a fee for its services under the Investment Advisory
 Agreement consisting of two components — a base management fee and an incentive fee.

See ***"Management — Management Fee and Incentive Fee."***

(2) "Interest payments on borrowed funds" assumes the issuance
 of preferred shares and/or indebtedness in an amount equal to 35.5% of our total assets, including dividends and/or interest payable on
 such preferred shares and/or indebtedness at an assumed interest rate of 6.9%, which is based on comparable preferred and debt offerings
 with a similar borrower profile. In the event that the Fund were to issue additional preferred shares or incur greater indebtedness, the
 Fund's borrowing costs, and correspondingly its total annual expenses would increase.

(3) "Other
 expenses" includes our overhead expenses, including payments under the Administration Agreement based on our allocable portion of
 overhead and other expenses incurred by Eagle Point Administration and payment of fees in connection with outsourced administrative functions,
 and are based on estimated amounts for the current fiscal year. See  ***"Management — The Administrator."*** "Other expenses" also includes the ongoing expenses to the independent accountants
 and legal counsel of the Fund, compensation of Independent Trustees, tax compliance costs, valuation agent costs, printer costs, custody
 costs, insurance costs, organizational and permissible offering costs, and cost and expenses relating to rating agencies.

(4) After giving effect to the Expense Limitation Agreement and organizational expense cap.

See "***Fund Expenses - Expense Limitation Agreement***" and "***Fund Expenses - Organizational Expenses***."

**EXAMPLE:**

The following example is furnished in response to the requirements of the SEC and illustrates the various costs and expenses that you would pay, directly or indirectly, on a $1,000 investment in Shares for the time periods indicated. The Example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested at NAV, and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be\*:

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|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Total Expenses Incurred | $60 | $179 | $295 | $575 |

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**\*** **The example should not be considered a representation of future returns or expenses, and actual returns and expenses may be greater or less than those shown.** The example assumes that the estimated "other expenses" set forth in the Annual Fund Expenses table are accurate, and that all dividends and distributions are reinvested at NAV. Our actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

**THE FUND**

We are an externally managed, non-diversified closed-end management investment company that has registered as an investment company under the 1940 Act. As a registered closed-end management investment company, we are required to meet certain regulatory tests. See **"*Regulation as a Closed-End Management Investment Company."*** In addition, we intend to elect to be treated, and to qualify annually, as a RIC under Subchapter M of the Code.

Our investment activities are managed by the Adviser and supervised by our Board of Trustees. Under the Investment Advisory Agreement, we have agreed to pay the Adviser an annual base management fee based on our net assets as well as an incentive fee based on our "Pre-Incentive Fee Net Investment Income." See **"*Management — Management Fee and Incentive Fee.*"** We have also entered into an administration agreement, which we refer to as the "Administration Agreement," under which we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement. See **"*Management."***

An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the minimum investment amounts, sales loads, if applicable, and ongoing fees and expenses for each Share class may be different. The fees and expenses for the Fund are set forth in ***"Summary of Fees and Expenses."*** The Fund may offer additional classes of Shares in the future.

**BUSINESS**

**Investment Objectives, Strategies, and Policies**

Our primary investment objective is to generate high current income, with a secondary objective to generate capital gains. We seek to achieve our investment objective by investing primarily in Portfolio Debt Securities (as described below).

The Adviser defines "Portfolio Debt Securities" as primarily debt (including convertible debt) and preferred equity securities or instruments issued by funds and investment vehicles primarily to finance a portion of their underlying investment portfolios. These funds and investment vehicles include business development companies ("BDCs"), registered closed-end investment companies, unregistered private funds, real estate investment trusts ("REITs"), similar investment vehicles (including special purpose vehicles) and companies, and sponsors of such vehicles (collectively referred to as "funds and investment vehicles"). Under current market conditions, the Adviser generally expects that the majority of Portfolio Debt Securities in which the Fund invests will be backed by portfolios of U.S.-based credit-related assets.

Portfolio Debt Securities may consist of loans under which such a fund or investment vehicle (or special purpose vehicle thereof) is a borrower and debt and preferred equity securities or instruments which are convertible into common equity and other securities or instruments that the Adviser believes, in its discretion, are consistent with the foregoing. Portfolio Debt Securities may trade on an exchange or over-the-counter ("OTC") markets (e.g., Rule 144A or registered) or be structured as private placements. Portfolio Debt Securities may be proactively originated by the Adviser or its affiliates, allowing the Fund to seek more favorable economics in the form of original issue discount while negotiating the Portfolio Debt Securities' key terms and conditions, or through the secondary market. Portfolio Debt Securities may include conversion rights, warrants or other similar rights, and may be fixed rate or floating rate (or otherwise shift from fixed rate to floating rate, or vice versa), and may be term or perpetual in nature. In addition, the coupon or interest rate applicable to any Portfolio Debt Security or other investment will depend on the then current market conditions and negotiations with the applicable issuer.

The Fund may invest in Portfolio Debt Securities of any credit quality, duration or maturity, including instruments that are unrated or are rated in the highest or lowest credit rating categories (*i.e.*, "junk" bonds or securities considered below investment grade). The Portfolio Debt Securities that the Adviser expects to target will typically have one or more of the following characteristics: (i) meaningful asset coverage and/or other credit support, including, in some cases, a statutory or contractual minimum "asset coverage ratio," such as those applicable to BDCs and closed-end investment companies registered under Investment Company Act or an "embedded asset coverage ratio" which typically reflects credit support from the equity of the issuer and equity in underlying assets; (ii) senior secured, senior unsecured or preferred equity status in an issuer's capital structure; (iii) an investment-grade rating from a nationally recognized statistical rating organization (or otherwise have characteristics similar to those of a security that has an investment-grade rating); and (iv) maturities between five and seven years. The actual structure and characteristics of any particular Portfolio Debt Security or other investment acquired by the Fund will be determined based on the documents governing such security or instrument and may vary from the foregoing depending on applicable market conditions or other factors.

***Subsidiaries*.** The Fund may invest in one or more wholly owned subsidiaries (each, a "Subsidiary" and collectively, the "Subsidiaries"). The Fund may form a Subsidiary in order to, among other things, pursue its investment objective and strategy in a more tax-efficient manner or for the purpose of facilitating its use of permitted borrowings. Except as otherwise provided, references to the Fund's investments will also refer to any Subsidiary's investments. The Fund will comply with provisions of Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary. The Fund will comply with provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with any Subsidiary (*i.e*., the Fund's leverage will be considered on an aggregate basis with the leverage of the Subsidiaries). The Fund and any Subsidiary will comply with provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. The Fund does not presently intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets, other than entities wholly owned by the Fund. The Investment Advisory Agreement governs Subsidiary entities and their assets. The Subsidiaries have not engaged a separate investment adviser, and therefore no management fees will be incurred by the Fund in connection with the Subsidiaries.

***Portfolio Construction Process.*** Our Adviser will allocate our assets in accordance with the Fund's investment objectives, as described above. The Adviser considers numerous factors in determining our allocations, including but not limited to, the availability of suitable origination and acquisition opportunities, the relative attractiveness (i.e., expected risk-adjusted return) of individual investments, portfolio level credit risk, efficiencies achieved by deploying or retaining capital, macroeconomic conditions (e.g., changes in interest rates or inflation), and applicable regulatory limitations. The Adviser also monitors and actively manages the Fund's existing investment portfolio. The Adviser may seek to dispose of the Fund's investments prior to maturity for risk management purposes or to otherwise rotate into more attractive opportunities. As a result of the foregoing, the Fund's asset allocations are expected to change over time.

***Investment Restrictions*.** The Fund is subject to the following investment restrictions, which are fundamental and may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund, as defined below:

● No more than 10% of the Fund's Total Target Assets (defined below), measured at the time of investment, may be invested in Portfolio Debt Securities issued by any single issuer; provided, that, with respect to up to two issuers, the Fund may exceed such threshold and make investments in Portfolio Debt Securities of each such issuer of up to 15% of the Fund's Total Target Assets, measured at the time of investment. "Total Target Assets" means 160% of the aggregate capital commitment to the Fund (i.e., assuming a target debt (including preferred equity) to equity ratio of 0.6:1).

● No more than 5% of the Fund's Total Target Assets, measured at the time of investment, may be invested in shares of common stock or similar common equity-like interests of issuers of Portfolio Debt Securities (not taking into account any shares or interests resulting from the exercise of warrants or conversion rights, or other similar instruments or rights, related to a Portfolio Debt Security investment).

● No more than 5% of the Fund's Total Target Assets, measured at the time of investment, may be invested in underlying portfolio companies of issuers of Portfolio Debt Securities.

● No more than 40% of the Fund's Total Target Assets, measured at the time of investment, may be invested in Level I and Level II Portfolio Debt Securities (as determined by the Adviser in accordance with its written valuation policies and procedures).

● The Fund will invest in U.S. dollar-denominated investments only.

● The Fund will not invest in derivative investments.

● The Fund will not invest in securities of issuers in emerging markets.

● The Fund will not engage in short selling.

● The Fund will not invest in securities issued by any shareholder of the Fund or such shareholder's subsidiaries.

*Investment Company Act Fundamental Policies*

In addition, as required by the 1940 Act, the Fund's stated fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund, are listed below. As defined by the 1940 Act, the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the Shareholders duly called, (a) of 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy; or (b) of more than 50% of the outstanding voting securities of the Fund, whichever is less. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) borrow money, except as permitted by (i) the 1940 Act, or interpretations
 or modifications by the Securities and Exchange Commission ("SEC"), SEC staff or other authority with appropriate jurisdiction,
 or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) engage in the business of underwriting securities issued by others,
 except to the extent that the Fund may be deemed to be an underwriter in connection with the disposition of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) purchase or sell physical commodities or contracts for the purchase
 or sale of physical commodities. Physical commodities do not include futures contracts with respect to securities, securities indices,
 currency or other financial instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) purchase or sell real estate, which term does not include securities
 of companies which deal in real estate or mortgages or investments secured by real estate or interests therein, except that the Fund reserves
 freedom of action to hold and to sell real estate acquired as a result of the Fund's ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) make loans, except to the extent permitted by (i) the 1940 Act,
 or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or
 other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction. For purposes of this investment policy,
 the purchase of debt obligations (including acquisitions of loans, loan participations or other forms of debt instruments) shall not constitute
 loans by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) issue senior securities, except to the extent permitted by (i) the
 1940 Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive
 or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) invest in any security if as a result of such investment, 25% or more
 of the value of the Fund's total assets, taken at market value at the time of each investment, are in the securities of issuers
 in any particular industry or group of industries except (a) securities issued or guaranteed by the U.S. government and its agencies
 and instrumentalities or tax-exempt securities of state and municipal governments or their political subdivisions (however, not including
 private purpose industrial development bonds issued on behalf of non-government issuers), or (b) as otherwise provided by the 1940
 Act, as amended from time to time, and as modified or supplemented from time to time by (i) the rules and regulations promulgated
 by the SEC under the 1940 Act, as amended from time to time, and (ii) any exemption or other relief applicable to the Fund from the
 provisions of the 1940 Act, as amended from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) engage in short sales, purchases on margin, or the writing of put or
 call options, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority
 with appropriate jurisdiction or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate
 jurisdiction.

In addition, the Fund has adopted a fundamental policy that, commencing after the expiration of the two-year capital commitment period for the initial capital commitment, including any extensions thereof, the Fund will offer to repurchase Shares from shareholders quarterly in an amount equal to 12.5% of the Fund's net asset value, calculated as of the prior calendar quarter end. If the Fund has previously repurchased shares, then the foregoing 12.5% limitation shall be calculated based on the net asset value plus the aggregate amount of all such prior repurchases; provided, that, for the avoidance of doubt, no repurchase amount shall exceed the net asset value of the Fund on the applicable repurchase date.

The latter part of certain of our fundamental investment policies (i.e., the references to "except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction") provides us with flexibility to change our limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow our Board of Trustees to respond efficiently to these kinds of developments without the delay and expense of a Shareholder meeting.

With respect to investment policy (7) above, the Adviser will, on behalf of the Fund, analyze the characteristics of a particular issuer and instrument and assign an industry classification consistent with those characteristics. The Adviser may, but need not, consider industry classifications provided by third parties, and the classifications applied to Fund investments will be informed by applicable law. The definition of what constitutes a particular "industry" is an evolving one, particularly for industries or sectors within industries that are new or are undergoing rapid development. Some securities could reasonably fall within more than one industry category. The Fund's industry concentration policy does not preclude it from focusing investments in issuers in broad economic sectors. The Fund will consider the investments of its underlying pooled investment vehicles when determining the Fund's compliance with its own concentration policies.

Whenever an investment policy or investment restriction set forth in this Memorandum states a maximum percentage of assets that may be invested in any security or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of our acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values, assets or other circumstances will not compel us to dispose of such security or other asset.

The Fund's investment objectives and investment policies and strategies, except for the investment restrictions and policies designated as fundamental, are not fundamental and may be changed by the Board of Trustees without shareholder approval.

**Other Investment Techniques**

***Leverage.*** We may use leverage as and to the extent permitted by the 1940 Act. We are permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred shares and leverage attributable to reverse repurchase agreements or similar transactions. Certain instruments that create leverage are considered to be senior securities under the 1940 Act. With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, we are required under current law to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness. With respect to senior securities that are equity (i.e. preferred shares), we are required under current law to have an asset coverage of at least 200%, as measured at the time of the issuance of any such preferred shares and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares.

In the event we fail to meet our applicable asset coverage ratio requirements, we may not be able to incur additional debt and/or issue preferred stock, and could be required by law or otherwise to sell a portion of our investments to repay some debt or redeem preferred shares (if any) when it is disadvantageous to do so, which could have a material adverse effect on our operations, and we may not be able to make certain distributions or pay dividends of an amount necessary to be subject to tax as a RIC for U.S. federal income tax purposes. In addition, we may borrow for temporary or other purposes as permitted under the 1940 Act, which indebtedness would be in addition to the asset coverage requirements described above.

We may raise additional capital in the future by borrowing under a credit facility, issuing preferred shares or debt securities or through other leveraging instruments. Subject to the limitations under the 1940 Act, we may incur additional leverage opportunistically or not at all and may choose to increase or decrease our leverage. We may use different types or combinations of leveraging instruments at any time based on the Adviser's assessment of market conditions and the investment environment, including forms of leverage other than preferred shares, debt securities and/or credit facilities. We currently intend to issue preferred shares within one year of the date of this Memorandum based on current market conditions and assuming that we are able to obtain suitable terms; however, we are not obligated to do so. In addition, we may borrow for temporary, emergency or other purposes as permitted under the 1940 Act, which indebtedness would generally not be subject to the asset coverage requirements described above. By leveraging our investment portfolio, we may create an opportunity for increased net income and capital appreciation. However, the use of leverage also involves significant risks and expenses, which will be borne entirely by our Shareholders, and our leverage strategy may not be successful. For example, the more leverage is employed, the more likely a substantial change will occur in our NAV per share of our Shares. See **"*Risk Factors — Risks Related to Our Investments — We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us.*"**

To the extent the income derived from investments purchased with funds received from leverage exceeds the cost of leverage, our return will be greater than if leverage had not been used. Conversely, if the income from the securities purchased with such funds is not sufficient to cover the cost of leverage or if we incur capital losses, our return will be less than if leverage had not been used, and therefore the amount available for distribution to holders of our shares of beneficial interest as dividends and other distributions will be reduced or potentially eliminated. The Adviser may determine to maintain our leveraged position if it expects that the long-term benefits of maintaining the leveraged position will outweigh the current reduced return. We may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a line of credit. Either of these requirements will increase the cost of borrowing over the stated interest rate. In addition, capital raised through borrowing will be subject interest costs that may or may not exceed the income and appreciation on the assets purchased.

In connection with any credit facility, the lender may impose specific restrictions as a condition to borrowing. The credit facility fees may include up front structuring fees and ongoing commitment fees (including fees on amounts undrawn on the facility) in addition to the traditional interest expense on amounts borrowed. The credit facility may involve a lien on our assets. Similarly, to the extent we issue notes, we may be subject to fees, covenants and investment restrictions required by a national securities rating agency, as a result. Such covenants and restrictions imposed by a rating agency or lender may include asset coverage or portfolio composition requirements that are more stringent than those imposed on us by the 1940 Act. While it is not anticipated that these covenants or restrictions will significantly impede the Adviser in managing our portfolio in accordance with our investment objectives and policies, if these covenants or guidelines are more restrictive than those imposed by the 1940 Act, we would not be able to utilize as much leverage as we otherwise could have, which could reduce our investment returns. In addition, we expect that any notes we issue or credit facility we enter into would contain covenants that may impose geographic exposure limitations, credit quality minimums, liquidity minimums, concentration limitations and currency hedging requirements on us. These covenants would also likely limit our ability to pay distributions in certain circumstances, incur additional debt, change fundamental investment policies and engage in certain transactions, including mergers and consolidations. Such restrictions could cause the Adviser to make different investment decisions than if there were no such restrictions and could limit the ability of the Board of Trustees and our Shareholders to change fundamental investment policies.

Our willingness to utilize leverage, and the amount of leverage we incur, will depend on many factors, the most important of which are investment outlook, market conditions and interest rates. Successful use of a leveraging strategy may depend on our ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy will be successful during any period in which it is employed. Any leveraging cannot be achieved until the proceeds resulting from the use of leverage have been invested in accordance with our investment objectives and policies. See ***"Risk Factors — Risks Related to Our Investments — We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us."***

***Illiquid Transactions.*** Generally, investments will be purchased or sold by us in private markets, including securities that are not publicly traded or that are otherwise illiquid and securities acquired directly from the issuer.

***Co-Investment with Affiliates.*** In certain instances, we co-invest on a concurrent basis with other accounts managed by the Adviser and certain of the Adviser's affiliates, subject to compliance with applicable exemptive relief, regulations and regulatory guidance and the Adviser's written allocation procedures. Exemptive relief granted by the SEC permits us to participate in certain negotiated co-investments alongside other accounts managed by the Adviser and certain of the Adviser's affiliates subject to certain conditions including (i) that a majority of our Trustees who have no financial interest in the transaction and a majority of our Trustees who are not "interested persons," as defined in the 1940 Act, of us approve the co-investment and (ii) the price, terms and conditions of the co-investment are the same for each participant, subject to the terms of the applicable exemptive order. A copy of the Adviser's application for exemptive relief, including all of the conditions, and the related order are available on the SEC's website at *www.sec.gov*.

**RISK FACTORS**

*Investing in our securities involves a number of significant risks. In addition to the other information contained in this Memorandum, you should consider carefully the following information before making an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance and the value of our securities. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected and the value of our securities may be impaired. In such case, the price of our securities could decline, and you may lose all or part of your investment.*

**Risks Related to Our Investments**

***We have no operating history as a closed-end investment company.***

We are a non-diversified, closed-end management investment company with no operating history. As a result, we do not have significant financial information on which you can evaluate an investment in us or our prior performance. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objectives, achieve its desired portfolio composition, or raise sufficient capital and that the value of your investment could decline substantially or become worthless. The Fund currently anticipates investing proceeds from the sale of its Shares within three to six months of the receipt of such proceeds, depending on the availability of appropriate investment opportunities consistent with our investment objectives and market conditions. During this period, we will invest in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. We expect will have returns substantially lower than the returns that we anticipate earning from our targeted investments.

***If the Fund is unable to raise sufficient capital, a Shareholder's investment will be impacted and it may lead to higher fees.***

The amount of proceeds the Fund raises in the offering may be substantially less than the amount the Fund would need to create its desired portfolio of investments, and it may not achieve the economies of scale necessary to operate in a cost effective manner. If the Fund is unable to raise substantial funds, the Fund will make fewer investments resulting in less diversification in terms of the type, number and size of investments that it makes. As a result, the value of a shareholder's investment may be reduced in the event the Fund's assets under-perform. Moreover, the potential impact of any single asset's performance on the overall performance of the portfolio increases. In addition, the Fund's ability to achieve its investment objective could be hindered, which could result in a lower return on the investments. Further, the Fund will have certain fixed operating expenses, including certain expenses as a closed-end management investment company, regardless of whether the Fund is able to raise substantial funds in this offering. The Fund's inability to raise substantial funds would increase its fixed operating expenses as a percentage of gross income, causing Shareholders to incur higher fees and reducing the Fund's net income and limiting its ability to make distributions.

***Risk of Inability to Identify Sufficient Number of Investment Opportunities.***

There can be no assurance that the Adviser will be able to find suitable opportunities consistent with its investment approaches. The Adviser may be unable to find a sufficient number of attractive opportunities to meet its investment objectives. Among other things, market conditions may limit the availability of investment opportunities and the competition for investment opportunities (including among other accounts managed by the Adviser's affiliate) may be high. Such limitations may cause delays in deploying the Fund's capital and may negatively impact the Fund's returns.

***Expedited Transactions.***

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 or incomplete. Furthermore, the Adviser is unlikely to have sufficient time to fully evaluate information which is available. There is a significantly increased risk of making poor investments when they are made on an expedited basis.

***Credit Investments.***

The Fund will invest primarily in credit and credit-related instruments. Such investments generally fluctuate in value based upon broader market factors, such as changes in interest rates, and also based on developments affecting the perceived creditworthiness and ability of the borrower to repay the principal and interest owed with respect to the underlying indebtedness. If a credit investment in our portfolio declines in price and/or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status, our NAV and/or income would be adversely impacted.

***Evolving and New Investment Approaches.***

The Adviser's investment approach and trading techniques will be continually evolving, and the investment positions reflecting new strategies and trading techniques will be incorporated into the Fund's portfolio from time to time. The Adviser is not restricted from using the Fund's capital to develop or incubate new strategies or approaches, even if the Adviser has limited experience in the type of markets or instruments involved. The strategies and approaches developed by the Adviser may not be successful and the resources devoted to the implementation of new approaches or strategies may diminish the effectiveness of the Adviser's implementation of the Adviser's established approaches or strategies. In addition, any new investment strategy or hedging technique developed by, or security type purchased by, the Adviser may be more speculative than current strategies, techniques and security types, and may subject the Fund to additional risks.

***Reliance on Industry Data Sources and Quantitative Models.***

The Adviser may rely on the financial information made available by the issuers, servicers, counterparties, intermediaries, third-party modeling firms, third-party data providers, or trustees of securities in which the Fund will invest or other sources for both valuation and investment purposes. Investors such as the Fund could incur material losses as a result of the difficulty in creating or sourcing useable data in order to create adequate investment models. The Adviser is expected to utilize third-party data sources in connection with its use of third-party and proprietary financial models to aid in the selection and monitoring of investments and to determine the risk profile of the Fund. The success of the Fund's investment and trading activities will depend on the viability of this data and these analytical models, among other factors. There can be no assurance that the models are currently viable, or, if the models are currently viable, that they will remain viable during the existence of the Fund. The Adviser utilizes this data and creates models based upon its best estimate of the impact of macroeconomic market factors on the markets in which the Fund may invest. Also, there can be no assurance that the investment professionals utilizing the models will be able to (i) determine that any model is or will become not viable, or not completely viable, (ii) ensure that the models will accurately capture these relationships between asset classes and types and continue to do so over time or (iii) notice, predict or adequately react to any change in the viability of a model. The use of a model that is not viable or not completely viable could, at any time, have a material adverse effect on the performance of the Fund. In addition, the use of quantitative models could be adversely impacted by unforeseeable software or hardware malfunction and other technological failures, power loss, software bugs, malicious code such as "worms," viruses or system crashes or various other events or circumstances within or beyond the control of the Adviser. Certain of these events or circumstances may be difficult to detect.

***Certain Risks Relating to the Fund's Investments in Portfolio Debt Securities.***

*Dependence on Issuer Sponsors.* The Adviser may at times be dependent on relationships with sponsors of funds and other investment vehicles to identify potential investment opportunities in Portfolio Debt Securities. If such sponsors find new sources of debt capital that are more advantageous to them, or if the Adviser suffers reputational harm such that sponsors do not want to work with the Adviser, the Adviser could have difficulty finding and sourcing new investment opportunities. In addition, sponsors may experience financial distress, which may be related or unrelated to the issuers in which the Fund invests. Once in financial distress, such sponsors may be unable to provide the same level of managerial, operating or financial support to funds and other investment vehicles, resulting in an increased risk of default or inability to repay remaining principal.

*Funding Defaults.* Issuers of Portfolio Debt Securities may experience investor funding defaults, poor investment performance, financing limitations and other events that may impair their ability to meet their obligations under a Portfolio Debt Security. Such events could impair the Portfolio Debt Securities in which the Fund invests.

*Need for Follow-up Funding.* The Fund may be called upon to provide follow-up funding for or may have the opportunity to increase its exposure to an issuer of Portfolio Debt Securities or an underlying portfolio company thereof. There can be no assurance that the Fund will wish to make such follow-on investments or have available capital to do so, and the inability to make such follow-on investments may have a substantial negative impact on such issuer or other issuer in need of capital or may diminish the Fund's ability to influence such issuer's or other issuer's future development.

*Ability to Extend Financing on Advantageous Terms; Competition and Supply.* The success of the Fund's investment program will depend in part on the ability of the Fund to obtain access to potentially scarce investments on advantageous terms. In extending financing to borrowers, lenders will compete with a broad spectrum of competitors, some of which may be willing to lend money on terms more favorable to borrowers. Such competing lenders may include private investment funds, public funds, commercial and investment banks, commercial financing companies and other entities. Some competitors may have a lower cost of funds or access to additional funding sources. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships. Also, the Adviser may ultimately choose not to compete for investment opportunities based on interest rates. Ultimately, increased competition for, or a diminution in the available supply of, qualifying borrowers may result in lower yields on financing extended to such borrowers, which could reduce returns to the Fund.

***Our investments in certain investment vehicles result in additional expenses to us.***

We invest in structured finance securities and may invest, to the extent permitted by law, in the securities and other instruments of other investment companies, including private funds, and, to the extent we so invest, will bear our ratable share of any such investment expenses, including management and performance fees. In addition to the management and performance fees borne by our investments, we also remain obligated to pay management and incentive fees to the Adviser with respect to the assets invested in the securities and other instruments of other investment vehicles. With respect to each of these investments, each holder of our Shares bears his or her share of the management and incentive fee of the Adviser as well as indirectly bearing the management and performance fees charged by the underlying advisor and other expenses of any investment vehicles in which we invest. The Fund will not make a new commitment to invest in limited partnership interests or similar equity instruments of any commingled private fund if, measured in the aggregate, annual investment expenses of such investments (as estimated by the Adviser in good faith at the time of commitment) would exceed, on a pro forma basis, 0.10% of the greater of the Fund's most recently determined net asset value or total committed equity capital.

In the course of our investing activities, we pay management and incentive fees to the Adviser and reimburse the Adviser for certain expenses it incurs. As a result, investors in our securities invest on a "gross" basis and receive distributions on a "net" basis after expenses, potentially resulting in a lower rate of return than an investor might achieve through direct investments.

***Our investments may be less transparent to us and our Shareholders than direct investments in the collateral.***

We intend to invest in certain pooled vehicles other related investments. Generally, there may be less information available to us regarding the collateral held by such vehicles than if we had invested directly in the debt of the underlying obligors. As a result, our Shareholders do not know the details of the collateral of certain of the issuers in which we invest or receive reporting issued with respect to such issuers. In addition, certain of the information contained in periodic reports and other financial information furnished to us as investor is unaudited. Our investments are also subject to the risk of leverage associated with the debt issued by such issuers and, in some cases, the repayment priority of senior debt holders in such issuers.

***The managers of the funds and other investment vehicles in which we invest may not continue to serve as managers.***

We are dependent on the skill and expertise of the managers to the funds and other investment vehicles in which we invest. We cannot assure you that, for any issuer we invest in, the manager in place when we invest in such securities will continue to manage such vehicle through the life of our investment. In some cases, the managers are subject to removal or replacement by other holders of the vehicle's securities without our consent, and may also voluntarily resign as manager or assign their role as manager to another entity (subject to applicable regulatory restrictions). There can be no assurance that any removal, replacement, resignation or assignment of any particular manager's role will not adversely affect the returns on the securities in which we invest. In some cases (including certain Portfolio Debt Securities), our investment documentation contains a "change in control" covenant, which requires the issuer to offer to repay our investment in full upon the termination of the manager and/or the departure of the manager's key personnel.

***Investments in Unsecured Debt.***

Certain of the Fund's investments are expected to constitute unsecured debt. While unsecured debt ranks senior to common stock or preferred equity of an issuer, unsecured debt effectively ranks subordinate in priority of payment to secured debt and may not have the benefit of financial covenants common for secured debt. Unlike secured debt, unsecured debt does not have the benefit of a lien with respect to specific collateral. In any liquidation, dissolution, bankruptcy or similar proceeding involving an issuer, the holders of the issuer's secured debt may assert rights against the assets pledged to secure that debt in order to receive full payment of their debt before the assets may be used to pay other creditors of the issuer, including the Fund. Accordingly, unsecured debt typically involves a heightened level of risk of loss of principal.

***Investments in Secured Debt*.**

The assets of the portfolio of the Fund may include secured debt, which involve various degrees of risk of a loss of capital. The factors affecting an issuer's secured debt, and its overall capital structure, are complex. Some secured loans may not necessarily have priority over all other debt of an issuer. For example, some secured loans may permit other secured obligations (such as overdrafts, swaps or other derivatives made available by members of the syndicate to the company), or involve secured loans only on specified assets of an issuer. Issuers of secured loans may have two tranches of secured debt outstanding each with secured debt on separate collateral. In the event of Chapter 11 filing by an issuer, the U.S. Bankruptcy Reform Act of 1978, as amended, authorizes the issuer to use a creditor's collateral and to obtain additional credit by grant of a priority lien on its property, senior even to liens that were first in priority prior to the filing, as long as the issuer provides what the presiding bankruptcy judge considers to be "adequate protection" which may but need not always consist of the grant of replacement or additional liens or the making of cash payments to the affected secured creditor. The imposition of priority liens on the Fund's collateral would adversely affect the priority of the liens and claims held by the Fund and could adversely affect the Fund's recovery on the affected debt. Any secured debt is secured only to the extent of its lien and only to the extent of underlying assets or incremental proceeds on already secured assets. Moreover, underlying assets are subject to credit, liquidity, and interest rate risk.

***Distressed Investments***.

The Fund may invest in securities and obligations of bankrupt entities or entities experiencing financial difficulties that involve a substantial degree of risk. The Fund may lose a substantial portion or all of its investment in such an entity or may be required to accept cash or securities with a value less than the Fund's investment. It may be difficult to obtain information as to the true financial condition of entities experiencing significant financial or business difficulties. Investments in distressed companies also may be adversely affected by state and federal laws relating to fraudulent conveyances, voidable preferences, lender liability and the bankruptcy courts' discretionary power to disallow, subordinate or disenfranchise particular claims. The market prices of instruments issued by distressed companies may be subject to abrupt and erratic market movements and above average price volatility, and the spread between the bid and ask prices of such instruments may be greater than normally expected. It may take a number of years for the market prices of such securities to reflect their intrinsic values. Some of such securities in the Fund's portfolio may not be widely traded, and the Fund's positions in such securities may be substantial in relation to the market for such securities. Funding a plan of reorganization involves additional risks, including risks associated with equity ownership in the reorganized entity. Investments in distressed securities made in connection with an attempt to influence a restructuring proposal or plan of reorganization in a bankruptcy case may involve substantial litigation.

***Lower-Rated Fixed Income Securities May Be Regarded as Predominantly Speculative.***

The Fund may invest in securities that are rated below investment-grade. Securities that are rated below investment-grade are sometimes referred to as "high yield" or "junk." High-yield debt securities will have greater credit and liquidity risk than investment grade obligations. High-yield debt securities are generally unsecured and may be subordinated to certain other obligations of the issuer thereof. The lower rating of high-yield debt securities and below investment grade loans reflects a greater possibility that adverse changes in the financial condition of an issuer or in general economic conditions or both may impair the ability of the issuer thereof to make payments of principal or interest.

Risks of high-yield debt securities may include (among others): (i) limited liquidity and secondary market support; (ii) substantial marketplace volatility resulting from changes in prevailing interest rates; (iii) subordination to the prior claims of banks and other senior lenders; (iv) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the Fund to reinvest premature redemption proceeds in lower-yielding debt obligations; (v) the possibility that earnings of the high-yield debt security issuer may be insufficient to meet its debt service; (vi) the declining creditworthiness and potential for insolvency of the issuer of such high-yield debt securities during periods of rising interest rates and/or economic downturn; and (vii) greater susceptibility to losses and real or perceived adverse economic and competitive industry conditions than higher grade securities. An economic downturn or an increase in interest rates could severely disrupt the market for high-yield debt securities and adversely affect the value of outstanding high-yield debt securities and the ability of the Issuers thereof to repay principal and interest.

Issuers of high-yield debt securities may be highly leveraged and may not have available to them more traditional methods of financing. The risk associated with acquiring (directly or indirectly) the securities of such issuers generally is greater than is the case with highly rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of high-yield debt securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During such periods, timely service of debt obligations also may be adversely affected by specific issuer developments, or the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of high-yield debt securities because such securities may be unsecured and may be subordinated to obligations owed to other creditors of the issuer of such securities. In addition, the Fund may incur additional expenses to the extent it (or the Adviser) is required to seek recovery upon a default on a high yield bond (or any other debt obligation) or participates in the restructuring of such obligation.

As a result of the limited liquidity of high-yield debt securities, their prices have at times experienced significant and rapid decline when a substantial number of holders (or a few holders of a significantly large "block" of the bonds) decided to sell. In addition, the Fund may have difficulty disposing of certain high-yield debt securities because there may be a thin trading market for such securities. To the extent that a secondary trading market for non-investment grade high-yield debt securities does exist, it is generally not as liquid as the secondary market for highly rated securities. Reduced secondary market liquidity may have an adverse impact on the Fund's direct or indirect ability to dispose of particular issues in response to a specific economic event such as deterioration in the creditworthiness of the issuer of such securities.

***Investing in Investment Grade Debt Securities Involves Particular Risks*.**

Certain credit investments in which the Fund intends to invest are may be rated investment-grade (or otherwise exhibit characteristics similar to investment-grade rated fixed income debt securities). The credit ratings on investment grade debt securities are intended to reflect (but will not necessarily reflect) relatively less credit and liquidity risk than non-investment grade securities such as high-yield debt securities or mezzanine debt securities. Risks of investment grade debt securities may include (among others): (i) marketplace volatility resulting from changes in prevailing interest rates; (ii) the absence, in many instances, of collateral security; (iii) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the Fund to reinvest premature redemption proceeds in lower-yielding debt obligations; and (iv) the declining creditworthiness and the greater potential for insolvency of the issuer of such investment debt securities during periods of rising credit spreads or interest rates or economic downturn.

***Equity Securities.***

The Fund may invest in equity, preferred equity, and equity-related securities, including securities that are convertible into equity securities. Equity securities in general fluctuate in value in response to many factors, including the activities, results of operations and financial condition of individual companies, the business market in which individual companies compete, industry market conditions, interest rates and general economic environments and movements in the equity markets in general. As a result, the Fund may suffer losses if it invests in equity instruments of issuers whose performance diverges from the Adviser's expectations or if equity markets generally move in a single direction. In addition, the shares of publicly-listed business development companies and registered closed-end investment companies have historically, on average, traded at a discount to their net asset value. As a result, it is possible that the Fund will not realize the net asset value per share of common stock in connection with any such investment in a publicly-listed business development company or registered closed-end investment company. Further, shares of publicly-listed business development companies and registered closed-end investment companies may be thinly traded, giving rise to liquidity risk.

***Convertible Securities Risks*.**

Convertible securities (including contingent convertible securities) are preferred stock or debt obligations that are convertible into common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities have both equity and fixed income risk characteristics. Like all fixed income securities, the value of convertible securities is susceptible to the risk of market losses attributable to changes in interest rates. Generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price of the convertible security, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security, like a fixed income security, tends to trade increasingly on a yield basis, and thus may not decline in price to the same extent as the underlying common stock. In the event of conversion, the resulting investment will be subject to all of the risks of equity securities. See "—*Equity Securities*."

We may also invest in contingent convertible securities. Contingent convertible securities are a form of hybrid debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain "triggers." In certain circumstances, the principal of contingent convertible securities may be written down to zero even when the underlying equity may retain value. The value of contingent convertible securities is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; (ii) supply and demand for the contingent convertible securities; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market or the financial markets in general. Investments in contingent convertible securities may be considered speculative.

***Corporate Debt Securities.***

Corporate debt securities exist in great variety, differing from one another in quality, maturity, and call or other provisions. Lower-grade bonds, whether rated or unrated, usually offer higher interest income, but also carry increased risk of default. Corporate bonds may be secured or unsecured, senior to or subordinated to other debt of the issuer, and, occasionally, may be guaranteed by another entity. In addition, they may carry other features, such as those described under "*—Convertible Securities Risks*," or have special features such as the right of the holder to shorten or lengthen the maturity of a given debt instrument, rights to purchase additional securities, rights to elect from among two or more currencies in which to receive interest or principal payments, or provisions permitting the holder to participate in earnings of the issuer or to participate in the value of some specified commodity, financial index, or other measure of value.

***Bridge Financings.***

From time to time, the Fund may invest in loans made to companies, single-purpose or limited-purpose entities or natural persons on a short-term, senior or subordinated basis or otherwise invest on an interim basis in portfolio companies in anticipation of a future issuance of equity or long-term debt securities or other financing or syndication. Such bridge loans would typically be convertible into or refinanced by a more permanent, long-term financing. However, for reasons not always in the Fund's control, such long-term securities issuance or other financing or syndication may not occur and such bridge loans and interim investments may remain outstanding. In such event, economic provisions of such loans or the terms of such interim investments may not adequately reflect the risk associated with the position by the Fund.

***Exchange-Traded Funds.***

The Fund may invest in exchange-traded funds ("ETFs"), which may involve substantial risks and may be subject to wide and sudden fluctuations in market value, with a resulting fluctuation in the amount of profits and losses. ETFs represent shares of ownership in either funds or unit investment trusts that hold portfolios of common stocks, bonds or other instruments, which are designed to generally correspond to the price and yield performance of an underlying index. A primary risk factor relating to ETFs is that the general level of stock or bond prices may decline, thus affecting the value of an equity or fixed income ETF, respectively. An ETF may also be adversely affected by the performance of the specific sector or group of industries on which it is based. Moreover, although index ETFs are designed to provide investment results that generally correspond to the price and yield performance of their underlying indices, ETFs may not be able to exactly replicate the performance of the indices because of various sources of tracking error, including their expenses and a number of other factors.

***Licensing Requirements.***

Certain federal and local banking and regulatory bodies or agencies may require the Fund, 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 Portfolio Debt Securities. There can be no assurance that any such licenses or authorizations will be granted. Additionally, 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 issuer and/or any relevant borrower, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license. The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an originated 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.

***Fraud.***

Of paramount concern in extending financing or investing in Portfolio Debt Securities and other credit investments in the primary market is the possibility of material misrepresentation or omission on the part of the borrower. Such inaccuracy or incompleteness may adversely affect the valuation of the assets supporting the Portfolio Debt Securities or other credit investments or, in the case of secured financing, may adversely affect the ability of the Fund to perfect or effectuate a lien on underlying collateral securing the financing. The Fund and Adviser will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness.

***Risks of Default on Underlying Assets.***

A default and any resulting loss on an underlying asset will reduce its fair value and, consequently, the fair value of the related investment and the Fund's portfolio. A wide range of factors could adversely affect the ability of the issuer of an underlying asset to make interest or other payments on that asset. Any defaults and losses will have a negative impact on the fair value of the Fund's investments and will reduce the cash flows that the Fund receives from its investments.

***Credit Risk.***

If a credit investment in the Fund's portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor experiences a decline in its financial status the Fund's income may be adversely impacted. Non-payment would result in a reduction of income and a reduction in the value of the applicable credit investment experiencing non-payment. With respect to investments in credit investments that are secured, there can be no assurance that liquidation of collateral would satisfy the issuer's obligation in the event of non-payment of scheduled dividend, interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, there could be delays or limitations with respect to its ability to realize the benefits of any collateral securing a credit investment. To the extent that the credit rating assigned to a security is downgraded, the market price and liquidity of such security may be adversely affected. With respect to investments in credit investments that are unsecured, such unsecured debt effectively ranks subordinate to the issuer's secured debt, and there can be no assurance that the issuer will have sufficient assets to repay its unsecured debt after it has repaid its secured debt. The Fund may experience a loss of some or all of its investment.

***Prepayment Risk.***

Investments held by the Fund may be prepaid more quickly than expected. Prepayment rates are influenced by changes in interest rates and a variety of factors beyond the Fund's control and consequently cannot be accurately predicted. Early prepayments give rise to increased reinvestment risk, as the Fund might realize excess cash from prepayments earlier than expected. If the Fund is unable to reinvest such cash in a new investment with an expected rate of return at least equal to that of the investment repaid, this may reduce the Fund's net income and the fair value of that asset.

***Bankruptcy Risk.***

In the event of a bankruptcy or insolvency of an issuer or borrower in which the Fund invests, a court or other governmental entity may determine that the claims of Fund are not valid or not entitled to the treatment the Fund expected when making its initial investment decision.

Various laws enacted for the protection of debtors may apply to the Fund's investment portfolio. Similar avoidance provisions to those described below are sometimes available with respect to non-U.S. issuers or borrowers, but there is no assurance that this will be the case which may result in a much greater risk of partial or total loss of value in that underlying asset.

If a court in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer or borrower, such as a trustee in bankruptcy, were to find that such issuer or borrower did not receive fair consideration or reasonably equivalent value for incurring the indebtedness constituting underlying assets and, after giving effect to such indebtedness, the issuer or borrower: (i) was insolvent; (ii) was engaged in a business for which the remaining assets of such issuer or borrower constituted unreasonably small capital; or (iii) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could decide to invalidate, in whole or in part, the indebtedness constituting the underlying assets as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of the issuer or borrower or to recover amounts previously paid by the issuer or borrower in satisfaction of such indebtedness. In addition, in the event of the insolvency of an issuer or borrower, payments made on underlying assets could be subject to avoidance as a "preference" if made within a certain period of time (which may be as long as one year under U.S. Federal bankruptcy law or even longer under state laws) before insolvency.

The Fund's underlying assets may be subject to various laws for the protection of debtors in other jurisdictions, including the jurisdiction of incorporation of the issuer or borrower and, if different, the jurisdiction from which it conducts business and in which it holds assets, any of which may adversely affect such issuer's or borrower's ability to make, or a creditor's ability to enforce, payment in full, on a timely basis or at all. These insolvency considerations will differ depending on the jurisdiction in which an issuer or borrower or the related underlying assets are located and may differ depending on the legal status of the issuer or borrower.

***Equitable Subordination.***

The Fund, in its capacity as an investor in (or a lender to) the issuers of its investments, may be subject to the risk of equitable subordination. Under common law principles that in some cases form the basis for lender liability claims, if a lender (i) intentionally takes an action that results in the undercapitalization of a borrower or issuer to the detriment of other creditors of such borrower or issuer, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence as a stockholder to dominate or control a borrower or issuer to the detriment of other creditors of such borrower or issuer, a court may elect to subordinate the claim of the offending lender to the claims of the disadvantaged creditor or creditors (a remedy called "equitable subordination"). The Fund does not intend to engage in conduct that would form the basis for a successful cause of action based upon the equitable subordination doctrine; however, the Fund may be subject to claims from creditors of an obligor that debt obligations of such obligor should be equitably subordinated.

***Recharacterization*.**

Under Title 11 of the Bankruptcy Code, a court may use its equitable powers to "recharacterize" the claim of a lender, i.e., notwithstanding the characterization by the lender and borrower of a loan advance as a "debt," to find that the advance was in fact a contribution in exchange for equity. Typically, recharacterization occurs when an equity holder asserts a claim based on a loan made by the equity holder to the borrower at a time when the borrower was in such poor financial condition so that other lenders would not make such a loan. In effect, a court that recharacterizes a claim makes a determination that the original circumstance of the contribution warrants treating the holder's advance not as debt but rather as equity. In determining whether recharacterization is warranted in any given circumstance, courts may look at the following factors: (i) the names given to the instruments (if any) evidencing the indebtedness; (ii) the presence or absence of a fixed maturity or scheduled payment; (iii) the presence or absence of a fixed rate of interest and interest payments; (iv) the source of repayments; (v) the adequacy or inadequacy of capital; (vi) the identity of interest between the creditor and the equity holders; (vii) the security (if any) for the advances; (viii) the borrower's ability to obtain financing from outside lending institutions; (ix) the extent to which the advances were subordinated to the claims of outside creditors; (x) the extent to which the assets were used to acquire capital assets; and (xi) the presence or absence of a sinking fund to provide for repayment. These factors are reviewed under the circumstances of each case, and no one factor is controlling. The Fund may be subject to claims from creditors of an obligor that debt obligations of such obligor held by the Fund should be recharacterized.

***Risks Associated with Foreclosure.***

Certain investments held by the Fund may be secured by collateral. To the extent the Fund needs to foreclose on such Portfolio Debt Securities or other credit investments the Fund may, directly or indirectly, own such collateral and may be subject to the risks incident to the ownership and operation of such assets. In addition, the Fund may, directly or indirectly, incur the burdens of ownership. There is no assurance that there will be a ready market for resale of such assets or that such collateral will be sufficient to satisfy such defaulted loan obligation.

***Real Estate Investment-Related Risks.***

The Fund may invest in Portfolio Debt Securities and other securities or instruments issued by REITs or other real estate-related issuers, which investments will be subject to the risks incident to the ownership and operation of real estate. Such risks include the risks associated with both the domestic and international general economic climates; local real estate conditions; risks due to dependence on cash flow; risks and operating problems arising out of the absence of certain construction materials; changes in supply of, or demand for, competing properties in an area (as a result, for instance, of over-building); the financial condition of tenants, buyers and sellers of properties; changes in availability of debt financing; energy and supply shortages; changes in the tax, real estate, environmental, and zoning laws and regulations; various uninsured or uninsurable risks; the ability of clients or third-party borrowers to manage the real properties; and natural disasters and events such as COVID-19. Developments such as migration away from urban centers, an increase in work-from-home and greater reliance on telecommuting technologies, e-commerce and remote learning may result in long-lasting and fundamental changes in the demand for residential and commercial real estate in various locales. A shrinking tax base and a rise in budget deficits may compel certain state and local governments to implement property tax increases, which may have a detrimental effect on companies in the real-estate related sector.

***Banking Risk.***

The possibility of future bank failures poses risks of reduced financial market liquidity at clearing, cash management and other custodial financial institutions. The failure of banks which hold cash on behalf of the Fund, the Fund's underlying obligors, the sponsors or managers of the issuers in which the Fund invests, or the Fund's service providers could adversely affect the Fund's ability to pursue its investment strategies and objectives. For example, if an underlying obligor has a commercial relationship with a bank that has failed or is otherwise distressed, such company may experience delays or other disruptions in meeting its obligations and consummating business transactions. Additionally, if an issuer's manager or sponsor has a commercial relationship with a distressed bank, the manager may experience issues conducting its operations or consummating transactions on behalf of the issuer it manages, which could negatively affect the performance of such issuers (and, therefore, the performance of the Fund).

***Diversification and Focused Portfolio Risk*.**

The current investment strategy of the Fund is focused on certain types of transactions. The Fund's portfolio may hold investments in a limited number of credit investments. As the Fund's portfolio may be less diversified, it is more susceptible to failure if one or more of the credit investments in which it is invested experiences a high level of defaults. Similarly, the aggregate returns that the Fund may realize may be significantly adversely affected if a small number of investments perform poorly. Further, the Fund may also invest in multiple Portfolio Debt Securities managed by the same fund sponsor, thereby increasing its risk of loss in the event the fund sponsor were to fail, experience the loss of key portfolio management employees or sell its business. In addition, because the Fund's portfolio is focused on securities issued by funds or other investment vehicles and related investments, and the funds or other investment vehicles in which it invests may hold loans that are focused in a limited number of industries, a downturn in the fund industry or in any particular industry that the funds or other investment vehicles in which the Fund invests are focused could significantly impact aggregate returns. Although the Adviser will regularly monitor the concentration of the Fund's investment portfolio and its exposure to any given fund sponsor, focused exposures may arise in the portfolio. The risk that payments on the Fund's investments could be adversely affected to a significant degree by defaults on debt obligations will increase to the extent that its investments (and the underlying investments of such investments) are focused in a particular company, investment, industry, jurisdiction, region, asset class or fund sponsor.

***We are subject to risks associated with our wholly-owned subsidiaries.***

We may invest indirectly through wholly-owned subsidiaries to invest in securities of U.S. and non-U.S. issuers that are issued in private offerings without registration with the SEC pursuant to Regulation S under the Securities Act"), or for other general corporate purposes. Such wholly-owned subsidiaries would not be separately registered under the 1940 Act and would not be subject to all the investor protections of the 1940 Act. In addition, changes in the laws of the Cayman Islands or other jurisdiction in which a subsidiary may be domiciled could result in the inability of a subsidiary to operate as anticipated.

***We and our investments are subject to interest rate risk.***

Since we may borrow money under and since we may incur additional leverage (including through preferred shares and/or debt securities) to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds.

Interest rates may increase or decrease due to governmental actions, among other factors. In a rising interest rate environment, any additional leverage that we incur may bear a higher interest rate than our current leverage. There may not, however, be a corresponding increase in our investment income. Any reduction in the level of rate of return on new investments relative to the rate of return on our current investments, and any reduction in the rate of return on our current investments, could adversely impact our net investment income, reducing our ability to service the interest obligations on, and to repay the principal of, our indebtedness, as well as our capacity to pay distributions to our Shareholders.

The fair value of certain of our investments, particularly debt or preferred equity investments with a fixed coupon or dividend rate, may be significantly affected by changes in interest rates. In general, rising interest rates will negatively affect the price of a fixed rate instrument and falling interest rates will have a positive effect on the price of a fixed rate instrument. In the event of a significantly rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may adversely affect the cash flows from investments held in the Fund and/or such investments' fair value.

Although senior secured loans are generally floating rate instruments, our investments in senior secured loans (directly or indirectly) are sensitive to interest rate levels and volatility. Furthermore, in the event of a significantly rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may adversely affect our cash flow, fair value of our assets and operating results. In the event that our interest expense were to increase relative to income, or sufficient financing became unavailable, our return on investments and cash available for distribution to Shareholders or to make other payments on our securities would be reduced. In addition, future investments in different types of instruments may carry a greater exposure to interest rate risk.

*SOFR Risk.* Since the discontinuation of LIBOR, CLOs (and the collateral they hold) have generally issued debt based on Term SOFR. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level data collected from various sources. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). Term SOFR is a forward-looking term rate determined with reference to certain SOFR derivatives.

Both SOFR and Term SOFR are fundamentally different from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR or related derivatives markets, like Term SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR or such SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates like Term SOFR, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR or Term SOFR in the future, including following the discontinuation of synthetic LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

*Interest Rate Environment.* The senior secured loans in which we may invest (or the loans comprising the collateral of certain vehicles in which we invest) typically have floating interest rates. A sustained high interest rate environment may increase loan defaults, resulting in losses for the instruments in which we invest. In addition, increasing interest rates may lead to higher prepayment rates, as corporate borrowers look to avoid escalating interest payments or refinance floating rate loans. See "— ***Risks Related to Our Investments — Prepayment Risk****.*" Further, a general rise in interest rates will increase the financing costs of certain investments.

For detailed discussions of the risks associated with a high interest rate environment, see ***"— Risks Related to Our Investments — We and our investments are subject to interest rate risk" and "— Risks Related to Our Investments — We and our investments are subject to risks associated with investing in high-yield and unrated, or "junk," securities."***

***We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us.***

We may incur leverage, directly or indirectly, through one or more special purpose vehicles, indebtedness for borrowed money, as well as leverage in the form of preferred shares, debt securities and other structures and instruments, in significant amounts and on terms that the Adviser and our Board of Trustees deem appropriate, subject to applicable limitations under the 1940 Act. Such leverage may be used for the acquisition and financing of our investments, to pay fees and expenses and for other purposes. Such leverage may be secured and/or unsecured. Any such leverage does not include leverage embedded or inherent in the structures in which we invest. Accordingly, there is a layering of leverage in our overall structure.

The more leverage we employ, the more likely a substantial change will occur in our NAV. Accordingly, any event that adversely affects the value of an investment would be magnified to the extent leverage is utilized. For instance, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could also negatively affect our ability to make distributions and other payments to our securityholders. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. The cumulative effect of the use of leverage with respect to any investments in a market that moves adversely to such investments could result in a substantial loss that would be greater than if our investments were not leveraged.

As a registered closed-end management investment company, we are required to meet certain asset coverage requirements, as defined under the 1940 Act, with respect to any senior securities. With respect to senior securities representing indebtedness (i.e., borrowings or deemed borrowings), other than temporary borrowings as defined under the 1940 Act, we are required under current law to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness. With respect to senior securities that are equity (i.e., preferred shares), we are required under current law to have an asset coverage of at least 200%, as measured at the time of the issuance of any such preferred shares and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares. If legislation were passed that modifies this section of the 1940 Act and increases the amount of senior securities that we may incur, we may increase our leverage to the extent then permitted by the 1940 Act and the risks associated with an investment in us may increase.

If our asset coverage declines below 300% (or 200%, as applicable), we would not be able to incur additional debt or issue preferred shares, and could be required by law to sell a portion of our investments to repay some debt or redeem preferred shares when it is disadvantageous to do so, which could have a material adverse effect on our operations, and we may not be able to make certain distributions or pay dividends of an amount necessary to be subject to tax as a RIC. The amount of leverage that we employ will depend on the Adviser's and our Board of Trustees' assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us. To the extent that we issue indebtedness or preferred shares of beneficial interest in the future (i.e., senior securities), our common Shareholders would be subordinated to the rights of such senior security holders. In particular, dividends, distributions and other payments to common Shareholders would be subject to prior payments due to such senior security holders. In addition, the 1940 Act provides preferred Shareholders and, in certain cases, debt holders, with voting rights that are equal or superior to the voting rights of our common Shareholders.

*Effects of Leverage.* Assuming that the Fund (i) has average net assets of $125,000,000; (ii) incurs leverage in the form of preferred shares and/or borrowings in an amount equal to 35.5% of the Fund's total assets; and (iii) that the Fund bears expenses relating to such preferred shares and/or borrowings at an annual weighted average effective interest rate of 6.9% (which is based on comparable preferred and debt offerings with a similar borrower profile), the annual return that the Fund's portfolio must experience (net of expenses not related to preferred shares or borrowings) in order to cover the costs of such leverage would be approximately 2.4%. These figures are estimates based on current market conditions, used for illustration purposes only. Actual expenses associated with preferred shares and borrowings used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example above.

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of the Fund's leverage due to senior securities on corresponding Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Return on Portfolio (Net of Expenses not related to preferred shares or borrowings) | (10.00)% | (5.00)% | 0.0% | 5.0% | 10.0% |
| Corresponding Share Total Return | -19.29% | -11.54% | -3.79% | 3.96% | 11.71% |

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Corresponding Share total return is composed of two elements — the Share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying dividends on preferred shares and interest expenses on the Fund's borrowings) and gains or losses on the value of the securities the Fund owns.

***We and our investments are subject to risks associated with investing in high-yield and unrated, or "junk," securities; lower-rated fixed income securities may be regarded as predominantly speculative.***

We may invest in securities and other instruments that are rated below investment-grade. Securities that are rated below investment-grade are sometimes referred to as "high yield" or "junk." High-yield debt securities will have greater credit and liquidity risk than investment grade obligations. High-yield debt securities are generally unsecured and may be subordinated to certain other obligations of the issuer thereof. The lower rating of high-yield debt securities and below investment grade loans reflects a greater possibility that adverse changes in the financial condition of an issuer or in general economic conditions or both may impair the ability of the issuer thereof to make payments of principal or interest.

Risks of high-yield debt securities may include (among others):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) limited liquidity and secondary market support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) substantial marketplace volatility resulting from changes in prevailing
 interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) subordination to the prior claims of banks and other senior lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the operation of mandatory sinking fund or call/redemption provisions
 during periods of declining interest rates that could cause the Fund to reinvest premature redemption proceeds in lower-yielding debt
 obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the possibility that earnings of the high-yield debt security issuer
 may be insufficient to meet its debt service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the declining creditworthiness and potential for insolvency of the
 issuer of such high-yield debt securities during periods of rising interest rates and/or economic downturn; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) greater susceptibility to losses and real or perceived adverse economic
 and competitive industry conditions than higher grade securities.

An economic downturn or an increase in interest rates could severely disrupt the market for high-yield debt securities and adversely affect the value of outstanding high-yield debt securities and the ability of the issuers thereof to repay principal and interest.

Issuers of high-yield debt securities may be highly leveraged and may not have available to them more traditional methods of financing. The risk associated with acquiring (directly or indirectly) the securities of such issuers generally is greater than is the case with highly rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of high-yield debt securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During such periods, timely service of debt obligations also may be adversely affected by specific issuer developments, or the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of high-yield debt securities because such securities may be unsecured and may be subordinated to obligations owed to other creditors of the issuer of such securities. In addition, the Fund may incur additional expenses to the extent it (or the Adviser) is required to seek recovery upon a default on a high yield bond (or any other debt obligation) or participate in the restructuring of such obligation.

***We are subject to risks associated with loan assignments and participations.***

The Fund may acquire interests in loans either directly (by way of assignment ("Assignment")) or indirectly (by way of participation) or through the acquisition of interests in lease agreements that have the general characteristics of loans and are treated as loans for withholding tax purposes. The purchaser by 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 debt obligation. In contrast, participations ("Participations") acquired by the Fund in a portion of a debt obligation held by a selling institution (the "Selling Institution") typically result in a contractual relationship only with such Selling Institution, not with the obligor. The Fund would have the right to receive payments of principal, interest and any fees to which it is entitled under the Participation only from the Selling Institution and only upon receipt by the Selling Institution of such payments from the obligor. In purchasing a Participation, the Fund generally will have no right to enforce compliance by the obligor with the terms of the loan or credit agreement or other instrument evidencing such debt obligation, nor any rights of setoff against the obligor, and the Fund may not directly benefit from the collateral supporting the debt 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. In the event of the insolvency of the Selling Institution, the Fund will be treated as a general creditor of the Selling Institution in respect of the Participation and may not benefit from any setoff between the Selling Institution and the obligor.

The holder of a Participation in a debt obligation may not have the right to vote to waive enforcement of any default by an obligor. Selling Institutions commonly reserve the right to administer the debt obligations sold by them as they see fit and to amend the documentation evidencing such debt obligations in all respects. However, most participation agreements with respect to bank loans provide that the Selling Institution may not vote in favor of any amendment, modification or waiver that (1) forgives principal, interest or fees, (2) reduces principal, interest or fees that are payable, (3) postpones any payment of principal (whether a scheduled payment or a mandatory prepayment), interest or fees or (4) releases any material guarantee or security without the consent of the participant (at least to the extent the participant would be affected by any such amendment, modification or waiver).

A Selling Institution voting in connection with a potential waiver of a default by an obligor may have interests different from ours, and the Selling Institution might not consider our interests in connection with its vote. In addition, many participation agreements with respect to bank loans that provide voting rights to the participant further provide that, if the participant does not vote in favor of amendments, modifications or waivers, the Selling Institution may repurchase such Participation at par.

Purchasers of loans are predominately commercial banks, investment funds and investment banks. As secondary market trading volumes increase, new loans frequently contain standardized documentation to facilitate loan trading that may improve market liquidity. There can be no assurance, however, that future levels of supply and demand in loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue. Because holders of such loans are offered confidential information relating to the borrower, the unique and customized nature of the loan agreement, and the private syndication of the loan, loans are not purchased or sold as easily as publicly traded securities are purchased or sold.

***The lack of liquidity in our investments may adversely affect our business.***

High-yield investments, including many of the securities in which we expect to invest, will have limited liquidity. Prices of high-yield investments have at times experienced significant and rapid decline when a substantial number of holders (or a few holders of a significantly large "block" of the securities) decided to sell. In addition, we (or the investments in which we hold) may have difficulty disposing of certain high-yield investments because there may be a thin trading market for such securities. To the extent that a secondary trading market for non-investment grade high-yield investments does exist, it would not be as liquid as the secondary market for highly rated investments. Reduced secondary market liquidity would have an adverse impact on the fair value of the securities and on our direct or indirect ability to dispose of particular securities in response to a specific economic event such as deterioration in the creditworthiness of the issuer of such securities.

As secondary market trading volumes increase, new loans frequently contain standardized documentation to facilitate loan trading that may improve market liquidity. There can be no assurance, however, that future levels of supply and demand in loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue. Because holders of such loans are offered confidential information relating to the borrower, the unique and customized nature of the loan agreement, and the private syndication of the loan, loans are not purchased or sold as easily as publicly traded securities are purchased or sold. Although a secondary market may exist, risks similar to those described above in connection with an investment in high-yield debt investments are also applicable to investments in lower rated loans.

Certain of the securities in which we intend to invest are subject to certain transfer restrictions that impose certain financial and other eligibility requirements on prospective transferees. Other investments that we may purchase in privately negotiated transactions may also be illiquid or subject to legal restrictions on their transfer. As a result of this illiquidity, our ability to sell certain investments quickly, or at all, in response to changes in economic and other conditions and to receive a fair price when selling such investments may be limited, which could prevent us from making sales to mitigate losses on such investments.

***We may be exposed to counterparty risk.***

We may be exposed to counterparty risk, which could make it difficult for us or the funds and other investment vehicles in which we invest to collect on the obligations represented by investments and result in significant losses.

We may hold investments that would expose us to the credit risk of our counterparties or the counterparties of the issuers in which it invests. In the event of a bankruptcy or insolvency of such a counterparty, we or an issuer in which such an investment is held could suffer significant losses, including the loss of that part of our or the issuer's portfolio financed through such a transaction, declines in the value of our investment, including declines that may occur during an applicable stay period, the inability to realize any gains on our investment during such period and fees and expenses incurred in enforcing our rights. If the issuer enters into or owns synthetic securities, the issuer may fall within the definition of "commodity pool" under CFTC rules, and the manager of the issuer may be required to register as a commodity pool operator with the CFTC, which could increase costs for the issuer and reduce amounts available to pay interest or principal on our investment.

Furthermore, we may invest in unsecured notes which are linked to loans or other assets held by a bank or other financial institution on its balance sheet (so called "credit-linked notes"). Although the credit-linked notes are tied to the underlying performance of the assets held by the bank, such credit-linked notes are not secured by such assets, and we have no direct or indirect ownership of the underlying assets. Thus, as a holder of such credit-linked notes, we would be subject to counterparty risk of the bank which issues the credit-linked notes (in addition to the risk associated with the assets themselves). To the extent the relevant bank experiences an insolvency event or goes into receivership, we may not receive payments on the credit-linked notes, or such payments may be delayed.

***We are subject to risks associated with defaults on an underlying asset held by the issuers in which we invest.***

A default and any resulting loss on an underlying asset held by an issuer in which we invest may reduce the fair value of our corresponding investment. A wide range of factors could adversely affect the ability of the borrower of an underlying asset to make interest or other payments on that asset. To the extent that actual defaults and losses on the collateral of an investment exceed the level of defaults and losses factored into its purchase price, the value of the anticipated return from the investment will be reduced. The more deeply subordinated the tranche of securities in which we invest, the greater the risk of loss upon a default.

In addition, the collateral of our portfolio companies may require workout negotiations or restructuring in the event of a default or liquidation. Any such workout or restructuring is likely to lead to a substantial reduction in the interest rate of such asset and/or a substantial write-down or write-off of all or a portion the principal of such asset. Any such reduction in interest rates or principal could negatively affect the fair value of our portfolio.

***We may be subject to risks associated with investments in other investment companies, including investments in debt securities issued by other investment companies.***

We may invest in securities of other investment companies, including closed-end funds, BDCs, mutual funds, and ETFs, and may otherwise invest indirectly in securities consistent with our investment objectives subject to statutory limitations prescribed by the 1940 Act. These limitations include in certain circumstances a prohibition on us acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of our total assets in securities of any one investment company or more than 10% of our total assets in securities of all investment companies. Subject to applicable law and/or pursuant to an exemptive order obtained from the SEC or under an exemptive rule adopted by the SEC, we may invest in certain other investment companies and business development companies beyond these statutory limits or otherwise provided that certain conditions are met. To the extent that we invest in the common equity of such issuers, we will indirectly bear our proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the fees and expenses that we regularly bear.

Investing in Portfolio Debt Securities issued by the Underlying Funds may expose the Fund to risks, including the risk that the Fund may suffer losses due to the investment practices or operations of the Underlying Funds. The Underlying Funds also are subject to specific additional risks, depending on the nature of the specific Underlying Fund.

***We and our investments are subject to risks associated with non-U.S. investing.***

While we intend to invest primarily in securities of U.S. issuers, we may invest in securities of non-U.S. issuers or issuers with underlying non-U.S. assets to the extent consistent with our investment strategies and objectives.

Investing in foreign entities may expose us to additional risks not typically associated with investing in U.S. entities and issuers. These risks include changes in exchange control regulations, political and social instability, restrictions on the types or amounts of investment, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, we, and the funds and other investment vehicles in which we invest, may have difficulty enforcing creditor's rights in foreign jurisdictions.

In addition, international trade tensions may arise from time to time which could result in trade tariffs, embargoes or other restrictions or limitations on trade. The imposition of any actions on trade could trigger a significant reduction in international trade, supply chain disruptions, an oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies or industries, which could have a negative impact on the value of the securities that we hold.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have failed to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in periods when our assets are uninvested. Our inability to make intended investments due to settlement problems or the risk of intermediary counterparty failures could cause it to miss investment opportunities. The inability to dispose of an investment due to settlement problems could result either in losses to the funds due to subsequent declines in the value of such investment or, if we have entered into a contract to sell the security, could result in possible liability to the purchaser. Transaction costs of buying and selling foreign securities also are generally higher than those involved in domestic transactions. Furthermore, foreign financial markets have, for the most part, substantially less volume than U.S. markets, and securities of many foreign companies are less liquid and their prices more volatile than securities of comparable domestic companies.

The economies of individual non-U.S. countries may also differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, volatility of currency exchange rates, depreciation, capital reinvestment, resources self-sufficiency and balance of payments position.

*Global Risks.* Due to highly interconnected global economies and financial markets, the value of our securities and our underlying investments may go up or down in response to governmental actions and/or general economic conditions throughout the world. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact us and its investments.

***Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution or to make payments on our other obligations.***

As a registered closed-end management investment company, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by the Adviser. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of an issuer's inability to meet its repayment obligations to us with respect to the affected investments. This could result in realized losses in the future and ultimately in reductions of our income available for distribution or to make payments on our other obligations in future periods.

If our distributions exceed our taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to our Shareholders. A return of capital distribution will generally not be taxable to our Shareholders. However, a return of capital distribution will reduce a Shareholder's cost basis in the Shares on which the distribution was received, thereby potentially resulting in a higher reported capital gain or lower reported capital loss when those Shares are sold or otherwise disposed of. To the extent that the amount of any return of capital distribution exceeds a Shareholder's tax basis in our Shares, such excess generally will be treated as gain from a sale or exchange of those Shares.

***A portion of our income and fees may not be qualifying income for purposes of the income source requirement.***

Some of the income and fees that we may recognize will not satisfy the qualifying income requirement applicable to RICs. In order to ensure that such income and fees do not disqualify us as a RIC for a failure to satisfy such requirement, we may need to recognize such income and fees indirectly through one or more entities classified as corporations for U.S. federal income tax purposes. Such corporations will be subject to U.S. corporate income tax on their earnings, which ultimately will reduce our return on such income and fees.

***The Fund's turnover rate may result in additional costs.***

The Fund will not be restricted in effecting transactions by any limitation with regard to its portfolio turnover rate. Higher turnover may result in higher transaction costs such as brokerage commissions, markups, fees and other transaction-related costs.

***Investing in senior secured loans indirectly through securities of pooled issuers involves particular risks.***

We obtain exposure to underlying senior secured loans and other debt instruments through our investments but may obtain such exposure directly or indirectly through other means from time to time. Such debt instruments may become nonperforming or impaired for a variety of reasons. For example, nonperforming or impaired loans may require substantial workout negotiations or restructuring that may entail a substantial reduction in the interest rate and/or a substantial write-down of the principal of the loan. In addition, because of the unique and customized nature of a loan agreement and the private syndication of a loan, certain loans may not be purchased or sold as easily as publicly traded securities, and, historically, the trading volume in the loan market has been small relative to other markets. Loans may encounter trading delays due to their unique and customized nature, and transfers may require the consent of an agent bank and/or borrower. Risks associated with senior secured loans include the fact that prepayments generally may occur at any time without premium or penalty.

In addition, the portfolios of certain issuers in which we invest may contain middle market loans (such as BDCs, certain collateralized loan obligations and similar securitization vehicles (collectively, "CLOs"), and certain private credit vehicles) or other higher-risk assets. Loans to middle market companies may carry more inherent risks than loans to larger, publicly traded entities. These companies generally have more limited access to capital and higher funding costs, may be in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from public capital markets or from traditional sources, such as commercial banks. Middle market companies typically have narrower product lines and smaller market shares than large companies. Therefore, they tend to be more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies may also experience substantial variations in operating results. The success of a middle market business may also depend on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on the obligor. Accordingly, loans made to middle market companies may involve higher risks than loans made to companies that have greater financial resources or are otherwise able to access traditional credit sources. Middle market loans are less liquid and have a smaller trading market than the market for broadly syndicated loans and may have default rates or recovery rates that differ (and may be better or worse) than has been the case for broadly syndicated loans or investment grade securities. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced with respect to middle market loans or other higher-risk assets in any issuer in which we may invest. As a consequence of the forgoing factors, the securities issued by pooled vehicles that primarily invest in middle market loans (or hold significant portions thereof) or other higher-risk assets are generally considered to be a riskier investment than securities issued by vehicles that primarily invest in broadly syndicated loans.

Covenant-lite loans may comprise a significant portion of the senior secured loans underlying the issuers in which we invest. Over the past decade, the senior secured loan market has evolved from one in which covenant-lite loans represented a minority of the market to one in which such loans represent a significant majority of the market. Generally, covenant-lite loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent that the issuers that we invest in hold covenant-lite loans, such issuers may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

***Our investments in structured finance securities involve certain risks.***

Our investments will include structured finance securities. Structured finance securities are generally backed by an asset or a pool of assets (typically senior secured loans and other credit-related assets in the case of a CLO) that serve as collateral. We and other investors in structured finance securities ultimately bear the credit risk of the underlying collateral. Most structured finance securities are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of junior tranches which are the focus of our investment strategy, and scheduled payments to junior tranches have a priority in right of payment to subordinated/equity tranches.

Structured finance securities may present risks similar to those of the other types of debt obligations and, in fact, such risks may be of greater significance. For example, investments in structured vehicles, including CBOs and equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities, such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage related securities, trust preferred securities and emerging market debt. The pool of high yield securities underlying CBOs is typically separated into tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates, whereas the lower tranches, with greater risk, pay higher interest rates.

***Our portfolio of investments may lack diversification among structured finance securities which may subject us to a risk of significant loss if one or more of these securities experience a high level of defaults on collateral.***

Our portfolio may hold investments in a limited number of structured finance securities. Beyond the asset diversification requirements associated with our qualification as a RIC under the Code, we will not have fixed guidelines for diversification, we will not have any limitations on the ability to invest in any one structured finance security, and our investments may be concentrated in relatively few structured finance securities. As our portfolio may be less diversified than the portfolios of some larger funds, we are more susceptible to risk of loss if one or more of the securities in which we are invested experiences a high level of defaults on its collateral. Similarly, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. We may also invest in multiple structured finance securities managed by the same issuer, thereby increasing our risk of loss in the event the issuer were to fail, experience the loss of key portfolio management employees or sell its business.

***The structured finance securities in which we invest may hold loans that are concentrated in a limited number of industries.***

The structured finance securities in which we invest may hold loans that are concentrated in a limited number of industries. As a result, a downturn in the industry or in any particular industry that the structured finance securities in which we invest are concentrated could significantly impact the aggregate returns we realize.

***Failure by a structured finance security in which we are invested to satisfy certain tests will harm our operating results.***

The failure by an issuer of a structured finance security in which we invest to satisfy financial covenants, including with respect to adequate collateralization and/or interest coverage tests, would lead to a reduction in its payments to us. In the event that a structured finance security fails certain tests, holders of senior debt would be entitled to additional payments that would, in turn, reduce the payments we, as holder of junior debt or equity tranches, would otherwise be entitled to receive. Separately, we 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 structured finance security or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

***Asset-Backed Securities*.**

The Fund may invest in asset-backed securities ("ABS"). ABS are securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. ABS also include home equity line of credit loans and other second lien mortgages. ABS are often subject to more rapid repayment than their stated maturity date would indicate as a result of the pass-through of prepayments of principal on the underlying loans. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, the Fund's ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the securities. In the event of a default, the Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed. The value of some ABS may be particularly sensitive to changes in prevailing interest rates. While asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations. ABS may also be subject to increased volatility and may become illiquid and more difficult to value even when there is no default or threat of default due to the market's perception of the creditworthiness of the issuers and market conditions impacting asset-backed securities more generally.

***Mortgage-Backed Securities*.**

The Fund may invest in mortgage-backed securities ("MBS"). Investing in MBS involves the risks typically associated with investing in traditional fixed-income securities (including interest rate and credit risk) as well as the risk of principal prepayment and exposure to real estate. The rate of prepayments on underlying mortgages affects the price and volatility of a MBS, and may have the effect of shortening or extending the effective maturity of such security. Different types of MBS are subject to varying degrees of prepayment risk. Residential MBS generally provide for prepayment of principal at any time due to, among other reasons, prepayments on the underlying mortgage loans. As a result of prepayments, the Fund may be required to reinvest assets at an inopportune time resulting in a lower return. The risks of investing in such instruments reflect the risks of the underlying obligors, as well as the real estate that secures the instruments. If the Fund purchases MBS that are "subordinated" to other interests in the same mortgage pool, the Fund as a holder of those securities may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless; the risk of such defaults is generally higher in the case of mortgage pools that include so-called "sub-prime" mortgages. An unexpectedly high or low rate of prepayments on a pool's underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination; the risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities.

***Investing in Mezzanine Debt Securities Involves Particular Risks.***

Mezzanine debt securities are generally unrated or below investment grade rated investments that have greater credit and liquidity risk than more highly rated debt obligations. Mezzanine debt securities are typically issued in traditional private placements or in connection with acquisitions and other business combinations and have no trading market. Moreover, mezzanine debt securities are generally unsecured and subordinate to other obligations of the obligor and are subject to many of the same risks as those associated with high-yield debt securities. Adverse changes in the financial condition of the obligor of mezzanine debt securities or in general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. Issuers of mezzanine debt securities may be highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations.

***Payment-In-Kind and Original Issue Discount.***

To the extent that the Fund invests in OID instruments, including PIK loans and zero coupon bonds, investors will be exposed to the risks associated with the inclusion of such non-cash income in taxable and accounting income prior to receipt of cash, including the following risks:

● the interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan;

● the interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments;

● market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash;

● PIK instruments may have unreliable valuations because the accruals require judgments about ultimate collectability of the deferred payments and the value of the associated collateral; and

● for U.S. federal income tax purposes, we may be required to make distributions of OID income without receiving any cash and such distributions may have to be paid from offering proceeds or the sale of assets without investors being given any notice of this fact.

**Risks Relating to an Investment in Our Securities**

***We and the Adviser could be the target of litigation.***

We or the Adviser could become the target of securities class action litigation or other similar claims. The outcome of any such proceedings could materially adversely affect our business, financial condition, and/or operating results and could continue without resolution for long periods of time. Any litigation or other similar claims could consume substantial amounts of our management's time and attention, and that time and attention and the devotion of associated resources could, at times, be disproportionate to the amounts at stake. Litigation and other claims are subject to inherent uncertainties, and a material adverse impact on our financial statements could occur for the period in which the effect of an unfavorable final outcome in litigation or other similar claims becomes probable and reasonably estimable. In addition, we could incur expenses associated with defending ourselves against litigation and other similar claims, and these expenses could be material to our earnings in future periods.

***The impact of tax legislation on us, our Shareholders and our investments is uncertain.***

Any new legislation and any Treasury Regulations, administrative interpretations or court decisions interpreting such legislation could affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our Shareholders and could have other adverse consequences. You are urged to consult with your tax advisor with respect to the impact of any such legislation or other regulatory or administrative developments and proposals and their potential effect on your investment in us.

***Legislative or regulatory tax changes could adversely affect us, our Shareholders, and our investments.***

At any time, the federal income tax laws governing RICs 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 Shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the resale potential of our investments.

***Our preferred shares (if any), the indebtedness incurred in connection with borrowings and/or debt securities (if any) may cause the NAV of our Shares to be more volatile.***

Any indebtedness incurred and, to the extent that we issue preferred shares or debt securities, such indebtedness, preferred shares or debt securities may cause the NAV of our Shares to become more volatile. If the dividend rate on our outstanding preferred shares or interest rate payable on indebtedness were to approach the net rate of return on our investment portfolio, the benefit of leverage to the common Shareholders would be reduced. If the dividend rate on the preferred shares or interest rate payable on indebtedness were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the Shareholders than if we had not issued preferred shares. Any decline in the NAV of our investments would be borne entirely by Shareholders. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to Shareholders than if we were not leveraged. We might be in danger of failing to maintain the required asset coverage of the preferred shares or indebtedness or of losing our ratings, if any, on the preferred shares or indebtedness or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred shares or interest rate payable on indebtedness. In order to counteract such an event, we might need to liquidate investments in order to make payments under future indebtedness or in order to fund a redemption of some or all of the preferred shares or debt. In addition, we would pay (and Shareholders would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares or our borrowings, including higher advisory fees if our total return exceeds the dividend rate on the preferred shares.

**Risks Relating to Our Business and Structure**

***Our investment portfolio is recorded at fair value in accordance with the 1940 Act. As a result, there will be uncertainty as to the value of our portfolio investments.***

Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined by the Adviser in accordance with written valuation policies and procedures, subject to oversight by our Board of Trustees, in accordance with Rule 2a-5 under the 1940 Act. Typically, there is no public market for the type of investments we target. We expect a majority of our investments to be categorized as Level 2 and Level 3 assets. We value these securities based on relevant information compiled by the Adviser and third-party pricing services (when available), and with the oversight of our Board of Trustees.

In certain cases, under the Adviser's valuation procedures, the Adviser may rely on the value of an investment as reported to it by the third-party sponsor, custodian or administrator of such investment (for example, the net asset value reported to the Fund in the case of an equity interest in a third-party managed investment vehicle). In such cases, there can be no assurance that the valuation of these investments as determined under the Fund's valuation procedures will in all cases be accurate to the extent that the Fund and the Adviser do not generally have access to all necessary underlying financial and other information to independently determine the value of the Fund's ultimate interests in such investment.

The determination of fair value and, consequently, the amount of unrealized gains and losses in our portfolio, are to a certain degree subjective and dependent on a valuation process approved and overseen by our Board of Trustees. Certain factors that may be considered in determining the fair value of our investments include non-binding indicative bids and the number of trades (and the size and timing of each trade) in an investment. Valuation of certain investments is also based, in part, upon third-party valuation models which take into account various market inputs. Investors should be aware that the models, information and/or underlying assumptions utilized by the Adviser or such models will not always correctly capture the fair value of an asset. Because such valuations, and particularly valuations of securities that are not publicly traded like those we hold, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The Adviser's determinations of fair value may differ materially from the values that would have been used if an active public market for these securities existed. The Adviser's determinations of the fair value of our investments have a material impact on our net earnings through the recording of unrealized appreciation or depreciation of investments and may cause our NAV on a given date to understate or overstate, possibly materially, the value that we may ultimately realize on one or more of our investments. See ***"Conflicts of Interest — Valuation."***

***Our financial condition and results of operations depend on the Adviser's ability to effectively manage and deploy capital.***

Our ability to achieve our investment objectives depends on the Adviser's ability to effectively manage and deploy capital, which depends, in turn, on the Adviser's ability to identify, evaluate and monitor, and our ability to acquire, investments that meet our investment criteria.

Accomplishing our investment objectives on a cost-effective basis is largely a function of the Adviser's handling of the investment process, its ability to provide competent, attentive and efficient services and our access to investments offering acceptable terms, either in the primary or secondary markets. Even if we are able to grow and build upon our investment operations, any failure to manage our growth effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. The results of our operations will depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if we cannot successfully operate our business or implement our investment policies and strategies as described in this Memorandum, it could adversely impact our ability to pay dividends or make distributions. In addition, because the trading methods employed by the Adviser on our behalf are proprietary, Shareholders will not be able to determine details of such methods or whether they are being followed.

***We are reliant on Eagle Point Credit Management continuing to serve as the Adviser.***

The Adviser manages our investments. Consequently, our success depends, in large part, upon the services of the Adviser and the skill and expertise of the Adviser's professional personnel, in particular, Thomas P. Majewski. Incapacity of Mr. Majewski could have a material and adverse effect on our performance. There can be no assurance that the professional personnel of the Adviser will continue to serve in their current positions or continue to be employed by the Adviser. We can offer no assurance that their services will be available for any length of time or that the Adviser will continue indefinitely as our investment adviser.

***Proprietary Trading May Result in Competition for Investment Opportunities.***

The Adviser and its principals, affiliates and employees may trade in the securities markets for their own accounts and the accounts of their clients, and in doing so may take positions opposite to, or ahead of, those held by the Fund or may be competing with the Fund for positions in the marketplace. Such trading may result in competition for investment opportunities or create other conflicts of interest on behalf of one or more such persons in respect of their obligations to the Fund.

***The Adviser and the Administrator each has the right to resign on 90 days' notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.***

The Adviser has the right, under the Investment Advisory Agreement, and the Administrator has the right under the Administration Agreement, to resign at any time upon 90 days' written notice, whether we have found a replacement or not. If the Adviser or the Administrator resigns, we may not be able to find a new investment adviser or hire internal management, or find a new administrator, as the case may be, with similar expertise and ability to provide the same or equivalent services on acceptable terms within 90 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations, as well as our ability to make distributions to our Shareholders and other payments to securityholders, are likely to be adversely affected. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser and the Administrator and their affiliates. Even if we are able to retain comparable management and administration, whether internal or external, the integration of such management and their lack of familiarity with our investment objectives and operations would likely result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

***Our success will depend on the ability of the Adviser and certain of its affiliates to attract and retain qualified personnel in a competitive environment.***

Our growth will require that the Adviser and certain of its affiliates attract and retain new investment and administrative personnel in a competitive market. The Adviser's and such affiliates' ability to attract and retain personnel with the requisite credentials, experience and skills will depend on several factors including its ability to offer competitive compensation, benefits and professional growth opportunities. Many of the entities, including investment funds (such as private equity funds, mezzanine funds and business development companies) and traditional financial services companies, with which the Adviser will compete for experienced personnel have greater resources than the Adviser has.

***There are significant actual and potential conflicts of interest which could impact our investment returns.***

Our executive officers and interested Trustees, and the Adviser and certain of its affiliates and their officers and employees, including the members of the Investment Committee, have several conflicts of interest as a result of the other activities in which they engage. For example, the members of the Adviser's investment team are and may in the future become affiliated with entities engaged in business activities similar to ours and may have conflicts of interest in allocating their time. Moreover, each member of the Investment Committee is engaged in other business activities which divert their time and attention. The professional staff of the Adviser will devote as much time to us as such professionals deem appropriate to perform their duties in accordance with the Investment Advisory Agreement. However, such persons may be committed to providing investment advisory and other services for other clients, and engage in other business ventures in which we have no interest. As a result of these separate business activities, the Adviser has conflicts of interest in allocating management time, services and functions among us, other advisory clients and other business ventures. See ***"Conflicts of Interest."***

***Our incentive fee structure may incentivize the Adviser to pursue speculative investments, use leverage when it may be unwise to do so, or refrain from de-levering when it would otherwise be appropriate to do so.***

The incentive fee payable by us to the Adviser may create an incentive for the Adviser to pursue investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns. The incentive fee payable to the Adviser is based on our Pre-Incentive Fee Net Investment Income, as calculated in accordance with our Investment Advisory Agreement. This may encourage the Adviser to use leverage to increase the return on our investments, even when it may not be appropriate to do so, and to refrain from de-levering when it would otherwise be appropriate to do so. Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of our securities. See ***"— Risks Related to Our Investments — We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us."***

***We may be obligated to pay the Adviser incentive compensation even if we incur a loss or with respect to investment income that we have accrued but not received.***

The Adviser is entitled to incentive compensation for each fiscal quarter based on our Pre-Incentive Fee Net Investment Income, if any, for the immediately preceding calendar quarter above a performance threshold for that quarter. Accordingly, since the performance threshold is based on a percentage of our NAV, decreases in our NAV make it easier to achieve the performance threshold. Our Pre-Incentive Fee Net Investment Income for incentive compensation purposes excludes realized and unrealized capital losses or depreciation that we may incur in the fiscal quarter, even if such capital losses or depreciation result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. In addition, Pre-Incentive Fee Net Investment Income includes accrued income that we have not yet received in cash. The Adviser is not obligated to return the Incentive Fee based on accrued income that is later determined to be uncollectible in cash.

Any incentive fee payable by us that relates to our Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued, but not yet received, including OID, which may arise if we receive fees in connection with the origination of a loan or possibly in other circumstances, or contractual PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. To the extent we do not distribute accrued PIK interest, the deferral of PIK interest has the simultaneous effects of increasing the assets under management and increasing the base management fee at a compounding rate, while generating investment income and increasing the incentive fee at a compounding rate. In addition, the deferral of PIK interest would also increase the loan-to-value ratio at a compounding rate if the issuer's assets do not increase in value, and investments with a deferred interest feature, such as PIK interest, may represent a higher credit risk than loans on which interest must be paid in full in cash on a regular basis.

For example, if an entity defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the incentive fee will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in us paying an incentive fee on income that we never received.

***The Adviser's liability is limited under the Investment Advisory Agreement, and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.***

Under the Investment Advisory Agreement, the Adviser does not assume any responsibility to us other than to render the services called for under the agreement, and it is not responsible for any action of our Board of Trustees in following or declining to follow the Adviser's advice or recommendations. The Adviser maintains a contractual and fiduciary relationship with us. Under the terms of the Investment Advisory Agreement, the Adviser, its officers, managers, members, agents, employees and other affiliates are not liable to us for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser's duties under the Investment Advisory Agreement. In addition, we have agreed to indemnify the Adviser and each of its officers, managers, members, agents, employees and other affiliates from and against all damages, liabilities, costs and expenses (including reasonable legal fees and other amounts reasonably paid in settlement) incurred by such persons arising out of or based on performance by the Adviser of its obligations under the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser's duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

***The Adviser may not be able to achieve the same or similar returns as those achieved by other portfolios managed by the members of the Investment Committee.***

Although the members of the Investment Committee manage other investment portfolios, including accounts using investment objectives, investment strategies and investment policies similar to ours, we cannot assure you that we will be able to achieve the results realized by such portfolios.

***We may experience fluctuations in our NAV and quarterly operating results.***

We could experience fluctuations in our NAV due to a number of factors, including the timing of distributions to our Shareholders, fluctuations in the value of the securities that we hold, our ability or inability to make investments that meet our investment criteria, the interest and other income earned on our investments, the level of our expenses (including any interest or dividend rate payable on the debt securities or preferred shares we may issue), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, our NAV and results for any period should not be relied upon as being indicative of our NAV and results in future periods.

***Our Board of Trustees may change our operating policies and strategies without shareholder approval, the effects of which may be adverse.***

Our board of trustees has the authority to modify or waive our current operating policies, investment criteria and strategies, other than those that we have deemed to be fundamental, without prior shareholder approval. We cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, NAV, operating results and value of our securities. However, the effects of any such changes could adversely impact our ability to pay dividends and cause you to lose all or part of your investment.

***We will be subject to corporate-level income tax if we are unable to maintain our RIC status for U.S. federal income tax purposes.***

We can offer no assurance that we will be able to maintain RIC status. To obtain and maintain RIC tax treatment under the Code, we must meet certain annual distribution, income source and asset diversification requirements.

The annual distribution requirement for a RIC will be satisfied if we distribute dividends to our Shareholders each tax year of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because we use debt financing, we are subject to certain asset coverage requirements under the 1940 Act and may be subject to financial covenants that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirement. If we are unable to obtain cash from other sources, we could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

The income source requirement will be satisfied if we obtain at least 90% of our income for each tax year from dividends, interest, gains from the sale of our securities or similar sources.

The asset diversification requirement will be satisfied if we meet certain asset composition requirements at the end of each quarter of our tax year. Failure to meet those requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments are expected to be in securities for which there will likely be no active public market, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to qualify for RIC tax treatment for any reason and remain or become 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.

***We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.***

For federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as OID or market discount, which may arise if we acquire a debt security at a significant discount to par, or payment-in-kind interest, which represents contractual interest added to the principal amount of a debt security and due at the maturity of the debt security. We also may be required to include in income certain other amounts that we have not yet, and may not ever, receive in cash. Our investments in payment-in-kind interest may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the issuer of the security could still default when our actual collection is scheduled to occur upon maturity of the obligation.

Since, in certain cases, we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the annual distribution requirement necessary to maintain RIC tax treatment under the Code. In addition, since our incentive fee is payable on our income recognized, rather than cash received, we may be required to pay advisory fees on income before or without receiving cash representing such income. The use of PIK and OID securities may provide certain benefits to the Adviser, including increasing management fees and incentive fee compensation.

Accordingly, 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. Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash. Further, the interest rates on PIK loans may be higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

***Our cash distributions to Shareholders may change and a portion of our distributions to Shareholders may be a return of capital.***

The amount of our cash distributions may increase or decrease at the discretion of our Board, based upon its assessment of the amount of income generated, the amount of cash available to us for this purpose and other factors. Unless we are able to generate sufficient cash through the successful implementation of our investment strategy, we may not be able to sustain a given level of distributions and may need to reduce the level of our cash distributions in the future. Further, to the extent that the portion of the cash generated from our investments that is recorded as interest income for financial reporting purposes is less than the amount of our distributions, all or a portion of one or more of our future distributions, if declared, may comprise a return of capital. Accordingly, Shareholders should not assume that the sole source of any of our distributions is net investment income. See ***"— Risks Related to Our Investments — Prepayment Risk"*** and ***"— Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution or to make payments on our other obligations."***

***Because we expect to distribute substantially all of our ordinary income and net realized capital gains to our Shareholders, we may need additional capital to finance the acquisition of new investments and such capital may not be available on favorable terms, or at all.***

In order to maintain our RIC status, we are required to distribute at least 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. As a result, these earnings will not be available to fund new investments, and we will need additional capital to fund growth in our investment portfolio. If we fail to obtain additional capital, we could be forced to curtail or cease new investment activities, which could adversely affect our business, operations and results. Even if available, if we are not able to obtain such capital on favorable terms, it could adversely affect our net investment income.

***A disruption or downturn in the capital markets and the credit markets could impair our ability to raise capital and negatively affect our business.***

We may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors in which we invest or operate, including conditions affecting interest rates and the availability of credit. Unexpected volatility, illiquidity, governmental action, currency devaluation or other events in the global markets in which we directly or indirectly hold positions could impair our ability to carry out our business and could cause us to incur substantial losses. These factors are outside our control and could adversely affect the liquidity and value of our investments, and may reduce our ability to make attractive new investments.

In particular, economic and financial market conditions significantly deteriorated for a significant part of the past decade as compared to prior periods. Global financial markets experienced considerable declines in the valuations of equity and debt securities, an acute contraction in the availability of credit and the failure of a number of leading financial institutions. As a result, certain government bodies and central banks worldwide, including the U.S. Treasury Department and the U.S. Federal Reserve, undertook unprecedented intervention programs, the effects of which remain uncertain. Although certain financial markets have improved, to the extent economic conditions experienced during the past decade recur, they may adversely impact our investments. Signs of deteriorating sovereign debt conditions in Europe and elsewhere and uncertainty regarding the U.S. economy more generally could lead to further disruption in the global markets. Trends and historical events do not imply, forecast or predict future events, and past performance is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Adviser will prove correct, and actual events and circumstances may vary significantly.

We may be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as "systemic risk" and may adversely affect financial intermediaries with which we interact in the conduct of our business.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which it invests. For example, if a bank in which the Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to the Fund or an issuer fails, the Fund or the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by the Fund and issuers in which the Fund invests remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

We also may be subject to risk arising from a broad sell off or other shift in the credit markets, which may adversely impact our income and NAV. In addition, if the value of our assets declines substantially, we may fail to maintain the minimum asset coverage imposed upon us by the 1940 Act. See ***"— Risks Related to Our Investments — We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us"*** and ***"Regulation as a Closed-End Management Investment Company."*** Any such failure would affect our ability to issue preferred shares, debt securities and other senior securities, including borrowings, and may affect our ability to pay distributions on our equity, which could materially impair our business operations. Our liquidity could be impaired further by an inability to access the capital markets or to obtain additional debt financing. For example, we cannot be certain that we would be able to obtain debt financing on commercially reasonable terms, if at all. ***See*** "— ***If we are unable to obtain, and/or refinance debt capital, our business could be materially adversely affected.***" In previous market cycles, many lenders and institutional investors have previously reduced or ceased lending to borrowers. In the event of such type of market turmoil and tightening of credit, increased market volatility and widespread reduction of business activity could occur, thereby limiting our investment opportunities. Moreover, we are unable to predict when economic and market conditions may be favorable in future periods. Even if market conditions are broadly favorable over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business.

***If we are unable to refinance and/or obtain additional debt capital, our business could be materially adversely affected.***

We have obtained debt financing in order to obtain funds to make additional investments and grow our portfolio of investments. Such debt capital may take the form of a term credit facility with a fixed maturity date or other fixed term instruments, and we may be unable to extend, refinance or replace such debt financings prior to their maturity. If we are unable to refinance and/or obtain additional debt capital on commercially reasonable terms, our liquidity will be lower than it would have been with the benefit of such financings, which would limit our ability to grow our business. In addition, holders of our Shares would not benefit from the potential for increased returns on equity that incurring leverage creates. Any such limitations on our ability to grow and take advantage of leverage may decrease our earnings, if any, and distributions to Shareholders. In addition, in such event, we may need to liquidate certain of our investments, which may be difficult to sell if required, meaning that we may realize significantly less than the value at which we have recorded our investments. Furthermore, to the extent we are not able to raise capital and are at or near our targeted leverage ratios, we may receive smaller allocations, if any, on new investment opportunities under the Adviser's allocation policy.

Debt capital that is available to us in the future, if any, including upon the refinancing of then-existing debt prior to its maturity, may be at a higher cost and on less favorable terms and conditions than costs and other terms and conditions at which we can currently obtain debt capital. In addition, if we are unable to repay amounts outstanding under any such debt financings and are declared in default or are unable to renew or refinance these debt financings, we may not be able to make new investments or operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects third parties or us, and could materially damage our business.

***We may be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.***

We are classified as "non-diversified" under the 1940 Act. As a result, we can invest a greater portion of our assets in obligations of a single issuer than a "diversified" fund. We may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence. In particular, because our portfolio of investments may lack diversification among the issuers of securities and related investments, we are susceptible to a risk of significant loss if one or more of these issuers and related investments experience a high level of defaults on the collateral that they hold.

***Regulations governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage.***

Under the provisions of the 1940 Act, we are permitted, as a registered closed-end management investment company, to issue senior securities (including debt securities, preferred shares and/or borrowings from banks or other financial institutions); provided we meet certain asset coverage requirements (i.e., 300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred shares under current law). See ***"— Risks Related to Our Investments — We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us"*** for details concerning how asset coverage is calculated. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales or redemptions may be disadvantageous. Also, any amounts that we use to service or repay our indebtedness would not be available for distributions to our Shareholders.

We are not generally able to issue and sell Shares at a price below the then current NAV per share (exclusive of any distributing commission or discount). We may, however, sell Shares at a price below the then current NAV per share (1) in connection with a rights offering to our existing Shareholders, (2) with the consent of the majority of our Shareholders, (3) upon the conversion of a convertible security in accordance with its terms or (4) under such circumstances as the SEC may permit.

***Significant Shareholders may control the outcome of matters submitted to our Shareholders or adversely impact us and our Shareholders.***

To the extent any shareholder, individually or acting together with other Shareholders, controls a significant number of our voting securities (as defined in the 1940 Act) or any class of voting securities, they may have the ability to control the outcome of matters submitted to our Shareholders for approval, including the election of Trustees and any merger, consolidation or sale of all or substantially all of our assets, and may cause actions to be taken that you may not agree with or that are not in your interests or those of other securityholders.

The Adviser has entered into, and may in the future enter into additional, business arrangements with certain of our Shareholders. In such cases, such Shareholders may have an incentive to vote shares held by them in a manner that takes such arrangements into account (subject to any contractual voting restrictions or other similar arrangements). As a result of these relationships and separate business activities, the Adviser has conflicts of interest in allocating management time, services and functions among us, other advisory clients and other business activities.

***We are subject to the risk of legislative and regulatory changes impacting our business or the markets in which we invest.***

*Legal and regulatory changes*. Legal and regulatory changes could occur and may adversely affect us and our ability to pursue our investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations may be imposed by the CFTC, the SEC, the U.S. Federal Reserve, other banking regulators, other governmental regulatory authorities or self-regulatory organizations that supervise the financial markets that could adversely affect us. In particular, these agencies are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. We also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this Memorandum and may result in our investment focus shifting from the areas of expertise of the members of the Investment Committee to other types of investments in which the investment team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment.

*Loan Securitizations*. Section 619 of the Dodd-Frank Act, commonly referred to as the "Volcker Rule," generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund, or "covered funds," (which have been broadly defined in a way which could include many CLOs). Given the limitations on banking entities investing in CLOs that are covered funds, the Volcker Rule may adversely affect the market value or liquidity of any or all of the investments held by us. Although the Volcker Rule and the implementing rules exempt "loan securitizations" from the definition of covered fund, not all CLOs will qualify for this exemption.

In June 2020, the five federal agencies responsible for implementing the Volcker Rule adopted amendments to the Volcker Rule's implementing regulations, including changes relevant to the treatment of securitizations (the "Volcker Changes"). Among other things, the Volcker Changes ease certain aspects of the "loan securitization" exclusion, and create additional exclusions from the "covered fund" definition, and narrow the definition of "ownership interest" to exclude certain "senior debt interests." Also, under the Volcker Changes, a debt interest would no longer be considered an "ownership interest" solely because the holder has the right to remove or replace the manager following a cause-related default.

***The SEC staff could modify its position on certain non-traditional investments, including investments in structured finance securities and funds and other investment vehicles.***

The staff of the SEC from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in structured finance securities and investments in certain types of funds and other investment vehicles. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in certain securities could adversely impact our ability to implement our investment strategy and/or our ability to raise capital through public offerings, or could cause us to take certain actions that may result in an adverse impact on our Shareholders, our financial condition and/or our results of operations. We are unable at this time to assess the likelihood or timing of any such regulatory development.

**General Risk Factors**

***General Economic and Financial Conditions May Negatively Affect the Fund's Investment Activity.***

The success of any investment activity is influenced by general economic and financial conditions that may affect the level and volatility of equity prices, interest rates and the extent and timing of investor participation in the markets for both equity and interest-rate-sensitive securities. Unexpected volatility, illiquidity, governmental action, currency devaluation or other events in the global markets in which the Fund directly or indirectly holds positions could impair the Fund's ability to carry out its business and could cause the Fund (and therefore the Funds) to incur substantial losses.

***Inflation.***

Inflation and rapid fluctuations in inflation rates, as has recently occurred in the U.S., have had in the past, and may in the future have, negative effects on economies and financial markets. Wage and price controls have been imposed at times in certain countries in an attempt to control inflation, which could significantly affect the operation of the issuers of securities or other investments in which the Fund invests. Governmental efforts to curb inflation often have negative effects on the level of economic activity. As such, inflation and rapid fluctuations in inflation rates can adversely affect the financial performance of the Fund (and therefore the Funds). In addition, the market value of the Fund's investments may decline in times of higher inflation rates given that the most commonly used methodologies for valuing investments (e.g., discounted cash flow analysis) are sensitive to rising inflation and real interest rates. There can be no assurance that inflation will not continue to be a serious problem and have an adverse impact on the performance of the Fund (and therefore the Funds) and its investments. Were significant inflation to continue, the effect on the Adviser's strategy could be materially adverse.

***Terrorist actions, natural disasters, outbreaks or pandemics may disrupt the market and impact our operations.***

Terrorist acts, acts of war, natural disasters, outbreaks or pandemics may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. For example, many countries have experienced outbreaks of infectious illnesses in recent decades, including swine flu, avian influenza, SARS and COVID-19.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. The responses to viral illnesses outbreaks have varied as has their impact on human health, local economies and the global economy, and it is impossible at the outset of any such outbreak to estimate accurately what the ultimate impact of any such outbreak will be. Protective measures taken by governments and the private sector to mitigate the spread of such illness, including travel restrictions and outright bans, quarantines, and work-at-home arrangements, and the spread of any such illness within our offices and the offices of our service providers, could seriously impair our operational capabilities, potentially harming our business and our operating results.

***We are subject to risks related to cybersecurity and other disruptions to information systems.***

We are highly dependent on the communications and information systems of the Adviser, the Administrator and their affiliates as well as certain other third-party service providers. We, and our service providers, are susceptible to operational and information security risks. While we, the Adviser and the Administrator have procedures in place with respect to information security, technologies may become the target of cyber-attacks or information security breaches that could result in the unauthorized gathering, monitoring, release, misuse, loss or destruction of our and/or our Shareholders' confidential and other information, or otherwise disrupt our operations or those of our service providers. Disruptions or failures in the physical infrastructure or operating systems and cyber-attacks or security breaches of the networks, systems or devices that we and our service providers use to service our operations, or disruption or failures in the movement of information between service providers could disrupt and impact the service providers' and our operations, potentially resulting in financial losses, the inability of our Shareholders to transact business and of us to process transactions, inability to calculate our NAV, misstated or unreliable financial data, violations of applicable privacy and other laws, regulatory fines, penalties, litigation costs, increased insurance premiums, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. Our service providers' policies and procedures with respect to information security have been established to seek to identify and mitigate the types of risk to which we and our service providers are subject. As with any risk management system, there are inherent limitations to these policies and procedures as there may exist, or develop in the future, risks that have not been anticipated or identified. There can be no assurance that we or our service providers will not suffer losses relating to information security breaches (including cyber-attacks) or other disruptions to information systems in the future.

**Other Risks of the Fund**

***Shares Not Listed; No Market for Shares*.** The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

***Closed-end Fund; Liquidity Risk.*** The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There is no secondary market for the Fund's Shares and the Fund expects that no secondary market will develop. You should not invest in the Fund if you need a liquid investment. Closed-end funds differ from open-end management investment companies, commonly known as mutual funds, in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV.

***Limitations on Transfer Risks***. No Shareholder will be permitted to transfer its Shares without the consent of the Fund. The transferability of Shares will be subject to certain restrictions contained in the Declaration of Trust and will be affected by restrictions imposed under applicable securities laws.

***Shareholder Default Risk*.** As Shareholders will not be required to contribute the full amount of their Commitments to the Fund at the time of their admission and will be required to make incremental contributions pursuant to capital calls issued from time to time by the Fund, there will be a substantial period of time during which Shareholders may be obligated to provide capital without receiving any return and regardless of the performance of the Fund. If a Shareholder fails to pay when due all or any portion of their Commitments or other payment required to be made to the Fund, the Fund could be unable to pay its obligations when due. As a result, the Fund could be subjected to significant penalties that could materially adversely affect the returns to all Shareholders.

***Substantial Repurchases*.** Substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable in order to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material adverse effect on the net asset value of the Fund. To the extent the Fund obtains repurchase proceeds by disposing of its interest in certain more liquid investments, the Fund will thereafter hold a larger proportion of its assets in illiquid investments. This could adversely affect the ability of the Fund to fund subsequent repurchase requests of Shareholders or to conduct future repurchases at all. In addition, substantial repurchases of Shares could result in a sizeable decrease in the Fund's net assets, resulting in an increase in the Fund's total annual operating expense ratio.

***Possible Exclusion of a Shareholder Based on Certain Detrimental Effects*.** The Fund may repurchase and/or redeem Shares in accordance with the terms of its Agreement and Declaration of Trust and the 1940 Act, including Rule 23c-2, held by a Shareholder or other person acquiring Shares from or through a Shareholder, if:

● ownership of the Shares by the Shareholder or other person likely will cause the Fund to be in violation of, require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

● continued ownership of the Shares by the Shareholder or other person may be harmful or injurious to the business or reputation of the Fund, the Board of Trustees, the Adviser or any of their affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences;

● any of the representations and warranties made by the Shareholder or other person in connection with the acquisition of the Shares was not true when made or has ceased to be true; or

● the Shareholder is subject to special regulatory or compliance requirements, such as those imposed by the U.S. Bank Holding Company Act of 1956, as amended, certain Federal Communications Commission regulations, or ERISA (as hereinafter defined) (collectively, "Special Laws or Regulations"), and the Fund determines that the Shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of continuing to hold the Shares.

**LIMITS OF RISK DISCLOSURES**

The above discussions of the various risks associated with the Fund and the Shares are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund, as the above discussion does not address unknown risks that may be material to the Fund. Prospective investors should read this entire Memorandum and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, an investment in the Fund may be subject to risk factors not described in this Memorandum. Additional risks and uncertainties not currently known to the Fund also may materially adversely affect the Fund's business, financial condition and/or operating results. The Fund will update this Memorandum to account for any material changes in the risks involved with an investment in the Fund.

**MANAGEMENT**

Our Board of Trustees is responsible for the overall management and supervision of our business and affairs, including the appointment of advisers. Our Trustees may appoint officers who assist in managing our day-to-day affairs.

**The Board of Trustees**

The Board of Trustees currently consists of six members, four of whom are not "interested persons" (as defined in the 1940 Act) of us. We refer to these Trustees as our "Independent Trustees." The responsibilities of the Board of Trustees include oversight of the 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 Adviser**

Our Board of Trustees is responsible for the overall management and supervision of our business and affairs, including the appointment of advisers and sub-advisers. Pursuant to the Investment Advisory Agreement, our Board of Trustees has appointed Eagle Point Credit Management as our investment adviser.

The Adviser is registered as an investment adviser with the SEC. As of December 31, 2024, the Adviser, collectively, with certain of its affiliates, had over $12 billion of assets under management (including capital commitments that were undrawn as of such date) for investment.

The Adviser is primarily owned indirectly by certain of the Trident Funds (as defined below) through intermediary holding companies. Additionally, certain senior employees of Eagle Point Credit Management and an unaffiliated institutional investor (which is also a limited partner of a CLO equity-focused private fund managed by the Adviser) hold indirect ownership interests in the Adviser. The Adviser is ultimately governed through intermediary holding companies by a board of managers, or the "Adviser's Board of Managers," which includes Mr. Majewski and certain principals of Stone Point. The Adviser is located at 600 Steamboat Road, Suite 202, Greenwich, CT 06830.

Eagle Point Credit Management was established in 2012 by Thomas P. Majewski and Stone Point as the investment adviser of the Trident Funds (and related investment vehicles), a series of private equity funds that focus on companies in the financial services industry, and which we refer to collectively as the "Trident Funds." Stone Point, an investment adviser registered with the SEC, is a specialized private equity firm focused on the financial services industry.

In addition to managing our investments, the Adviser and its affiliates and the members of the Investment Committee manage investment accounts for other clients, including other closed-end management investment companies that are registered under the 1940 Act, privately offered pooled investment vehicles and institutional separate accounts. Many of these accounts pursue an investment strategy that substantially or partially overlaps with the strategy that we pursue. The Adviser's affiliation with Stone Point and certain of the Trident Funds, and the management of other vehicles and accounts by the Adviser's affiliates, give rise to certain conflicts of interest. See ***"Conflicts of Interest."***

**Management Fee and Incentive Fee**

We pay the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee.

**Base management fee**. Our base management fee is payable quarterly in arrears at an annual rate of the Fund's net assets per the below schedule (the "Management Fee"), provided, that, if the Fund calculates its net asset value more frequently than quarterly, the Management Fee shall be calculated on the same frequency as the net asset value is calculated.

**Incentive fee**. We pay the Adviser an incentive fee based on our performance. The incentive fee is payable quarterly in arrears and at a rate of the Fund's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter per the below schedule, subject to a preferred return, or "hurdle," of 2.00% of the Fund's NAV (8.00% annualized) and a "catch up" feature (the "Incentive Fee"). For this purpose, "Pre-Incentive Fee Net Investment Income" means (a) interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees) accrued during the calendar quarter, minus (b) the Fund's operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to Eagle Point Administration, and any interest expense and/or dividends paid on any issued and outstanding debt or preferred stock, but excluding organizational and offering expenses and the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments payment-in-kind interest and zero-coupon securities), accrued income that we have not yet received in cash. The Adviser is not obligated to return the Incentive Fee based on income it receives on deferred interest that is later determined to be uncollectible in cash. No Incentive Fee is payable to the Adviser on capital gains, whether realized or unrealized. In addition, the amount of the Incentive Fee is not affected by any realized or unrealized losses that the Fund may suffer.

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| | | |
|:---|:---|:---|
| **Fund Net Assets** | **Management Fee** | **Incentive Fee** |
| Less than $350 million | 0.75% | 6.00% |
| $350 million and greater | 0.675% | 5.40% |

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The Management Fee and Incentive Fee determined in accordance with the above schedule shall apply to 100% of the Fund's net assets.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 2.00% (8.00% annualized) of our NAV per quarter. For such purposes, our quarterly rate of return is determined by dividing our Pre-Incentive Fee Net Investment Income by our reported net assets as of the prior period end.

The incentive fee in each calendar quarter is paid to the Adviser as follows:

● no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle of 2.00% (8.00% annualized) of our NAV;

● If the Fund's net assets are less than $350 million, 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle but is less than 2.1277% % of our NAV in any calendar quarter. We refer to this portion of our Pre-Incentive Fee Net Investment Income as the "catch-up." If the Fund's net assets are $350 million or greater, 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle but is less than 2.1141% of our NAV in any calendar quarter. The "catch-up" is meant to provide the Adviser with 6.00% or 5.40%, as applicable, of our Pre-Incentive Fee Net Investment Income as if a hurdle did not apply; and

● If the Fund's net assets are less than $350 million, 6.00% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1277% of our NAV in any calendar quarter is payable to the Adviser (that is, once the hurdle is reached and the catch-up is achieved, 6.00% of all Pre-Incentive Fee Net Investment Income thereafter is paid to the Adviser). If the Fund's net assets are $350 million or greater, 5.40% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1141% of our NAV in any calendar quarter is payable to the Adviser (that is, once the hurdle is reached and the catch-up is achieved, 5.40% of all Pre-Incentive Fee Net Investment Income thereafter is paid to the Adviser).

You should be aware that a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase of the amount of incentive fees payable to the Adviser with respect to Pre-Incentive Fee Net Investment Income.

The payment of periodic dividends on any preferred shares we may issue is not subject to Pre-Incentive Fee Net Investment Income meeting or exceeding any hurdle rate.

Since the Fund is newly organized, no fees have been paid to the Adviser.

**The Administrator**

*The Administrator*

Pursuant to the Administration Agreement, our Board of Trustees has appointed Eagle Point Administration LLC as our administrator. Eagle Point Administration LLC has its principal office at 600 Steamboat Road, Suite 202, Greenwich, CT 06830.

*Administrator Services*

Under the Administration Agreement, the Administrator performs, or arranges for the performance of, our required administrative services, which include being responsible for the financial records which we are required to maintain and preparing reports to our Shareholders. In addition, the Administrator provides us with accounting services; assists us in determining and publishing our NAV; oversees the preparation and filing of our tax returns; monitors our compliance with tax laws and regulations; and prepares, and assists us with any audits by an independent public accounting firm of, our financial statements. The Administrator is also responsible for the printing and dissemination of reports to our Shareholders; provides support for our investor relations; generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others; and provides such other administrative services as we may from time to time designate. Payments under the Administration Agreement are equal to an amount based upon our allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and our allocable portion of the compensation of our chief financial officer and chief compliance officer and our allocable portion of the compensation of support staff. Our allocable portion of such total compensation is based on an allocation of the time spent on us relative to other matters. To the extent the Administrator outsources any of its functions, we pay the fees on a direct basis, without profit to the Administrator. Certain accounting and other administrative services have been delegated by the Administrator to Harmonic Fund Services for which the fee is calculated based on our net assets (subject to an annual minimum).

**The Dividend Disbursement Agent**

Harmonic Fund Services serves as our dividend disbursement agent, as well as agent for our DRIP. The principal business address of Harmonic Fund Services is Cayman Corporate Centre, 4th Floor, 27 Hospital Road, George Town, Grand Cayman KY1-1102, Cayman Islands.

**The Custodian**

Pursuant to the Custodian Agreement, our Board of Trustees has appointed Computershare Trust Company, N.A. as our custodian. The principal business address of Computershare Trust Company, N.A. is 9062 Old Annapolis Road, Columbia, Maryland 21045.

**Investment Committee**

The Adviser's Investment Committee is ultimately responsible for our day-to-day investment management and the implementation of our investment strategy and process. All final investment decisions are made by the Investment Committee or, in some cases, other senior members of the Adviser's investment team pursuant to delegated authority. The Investment Committee is led by Mr. Majewski, Managing Partner and founder of the Adviser and Eagle Point Credit Management, and is also comprised of Daniel W. Ko, Senior Principal and Portfolio Manager, and Daniel M. Spinner, Senior Principal and Portfolio Manager.

Biographical information on the members of the Investment Committee is set forth below:

***Thomas P. Majewski*.** Mr. Majewski is the Founder and Managing Partner of the Adviser. He manages the Adviser and its affiliates ("Eagle Point" or the "firm") and oversees all of the firm's investment offerings and is the lead Portfolio Manager for Eagle Point's multi-credit strategies. Mr. Majewski is Chairman of the firm's Investment Committee.

Mr. Majewski has over 30 years of experience in credit and structured finance. He led the creation of some of the earliest refinancing CLOs, pioneering techniques that are now commonplace in the market. Prior to founding Eagle Point in 2012, Mr. Majewski held leadership positions within the fixed income divisions at J.P. Morgan, Merrill Lynch, Bear Stearns, and Royal Bank of Scotland. He was the US Country Head at AMP Capital/AE Capital, where he oversaw a diverse portfolio of credit and other private investments on behalf of Australian investors. Mr. Majewski began his career in the securitization group at Arthur Andersen.

Mr. Majewski also serves as a director and Chief Executive Officer of Eagle Point Credit Company Inc.; director, Chairman and Chief Executive Officer of Eagle Point Income Company Inc.; and trustee, Chairman and Chief Executive Officer of each of Eagle Point Enhanced Income Trust, Eagle Point Institutional Income Fund and Eagle Point Defensive Income Trust.

Mr. Majewski holds a BS in Accounting from Binghamton University.

***Daniel W. Ko*.** Mr. Ko is a Senior Principal and Portfolio Manager at the Adviser. He is a member of the firm's Investment Committee.

Mr. Ko has over 17 years of experience in structured finance. Prior to joining Eagle Point in 2012, he was a Vice President in Bank of America's (f/k/a Bank of America Merrill Lynch) CLO structuring group, where he modeled cash flows, negotiated deal terms with debt and equity investors, and coordinated the rating process. Mr. Ko was also responsible for exploring non-standard structuring initiatives, including financing trades with dynamic leverage, emerging market CBOs and European CLOs. Earlier, he managed their legacy CLO, TruPS CDO, and ABS CDO portfolios and started in their CDO/CLO structuring group.

Mr. Ko holds a BS in Finance and Accounting, magna cum laude, from The Wharton School of the University of Pennsylvania.

***Daniel M. Spinner (CAIA)***. Mr. Spinner is a Senior Principal and Portfolio Manager at the Adviser. He is a member of the firm's Investment Committee.

Mr. Spinner has over 27 years of experience in credit and advising, financing, and investing in alternative asset management firms and funds. He has been involved in the credit markets for the majority of his career. Prior to joining Eagle Point in 2013, Mr. Spinner oversaw the Private Equity, Special Opportunities Credit, and Real Estate allocations for the 1199SEIU Benefit and Pension Funds. He was also a Managing Director in the Financial Institutions Group at Bear Stearns focused on alternative asset managers, and a co-founder and President of Structured Capital Partners (a financial holding company formed to invest in CLO and structured credit managers). Mr. Spinner started his career in the Financial Institutions Group at Chase Manhattan Bank.

Mr. Spinner holds a BA in Business Management, summa cum laude, from Gettysburg College and an MBA from Columbia Business School.

**FUND EXPENSES**

The Adviser's investment team, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. We bear all other costs and expenses of our operations and transactions, including, but not limited to:

● the Fund's organizational expenses;

● the cost of calculating our NAV (including the cost and expenses of any independent valuation firm);

● debt service and other costs of borrowings or other financing arrangements;

● dividends on preferred shares, if any, and any expenses relating to the offering of any preferred shares, including costs related to the use of one or more dealer managers and/or underwriters;

● fees and expenses, including legal, consulting or other third-party professional fees and expenses, and travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective investments and, if necessary, enforcing our rights;

● amounts payable to third parties relating to, or associated with, evaluating, monitoring, making and disposing of investments;

● brokerage fees and commissions;

● federal and state registration fees and any applicable exchange listing fees;

● federal, state and local taxes;

● costs associated with offering or repurchasing our Shares and other securities (including, but not limited to, preferred shares and indebtedness), including costs related to the use of one or more dealer managers and/or underwriters;

● The base management fee and any incentive fee;

● distributions on our shares or other securities;

● administration fees payable to the Administrator under the Administration Agreement;

● direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administrative functions;

● transfer agent and custody fees and expenses;

● any fees and expenses relating to escrow agent services;

● Independent Trustee fees and expenses;

● the costs of any reports, proxy statements or other notices to our Shareholders, including printing costs;

● any applicable distribution and/or shareholder servicing fees;

● costs of holding shareholder meetings;

● litigation, indemnification and other non-recurring or extraordinary expenses;

● fees and expenses associated with marketing, distribution, training and investor relations efforts;

● dues, fees and charges of any trade association of which we are a member;

● fees and expenses associated with independent audits and outside legal costs;

● fidelity bond, Trustees and officers/errors and omissions liability insurance, and any other insurance premiums;

● costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; and

● all other expenses reasonably incurred by us or the Administrator in connection with administering our business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under the Advisory Agreement or incurred by the Administrator in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Chief Operating Officer and their respective support staff.

**Expense Limitation Agreement**

The Fund and the Adviser have entered into an Expense Limitation Agreement (the "Expense Limitation Agreement"), which shall continue in existence unless terminated pursuant to the terms thereof. The Adviser may not terminate the Expense Limitation Agreement.

Pursuant to the Expense Limitation Agreement, the Adviser will pay, directly or indirectly, Fund operating expenses or to waive fees due by the Fund to the Adviser or affiliates of the Adviser to cap ordinary operating expenses of the Fund (excluding the Management Fee, the Incentive Fee, organizational expenses, fees associated with leverage (such as interest/dividend payments and other fees on borrowings and preferred shares), registration and other regulatory fees, taxes, and extraordinary expenses (as determined in the sole discretion of the Adviser)), per annum of the Fund's average net assets, as measured at the end of each fiscal year, as follows.

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| | |
|:---|:---|
| **Average Net Assets** | **Ordinary Operating<br>Expenses Cap** |
| Less than $100 million | 0.80% |
| $100 million up to $300 million | 0.50% |
| $300 million and greater | 0.40% |

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**Organizational Expenses**

The Fund pays for its organizational expenses, including legal fees and SEC and state registration and other regulatory fees incurred connection with the organization of the Fund, up to $300,000. The Adviser, the Administrator, or their affiliates will bear any organizational expenses in excess of that amount. The Fund may pay organizational expenses in the form of direct payments to third-party vendors. The Fund may also pay organizational expenses to affiliates of the Fund, the Adviser or the Administrator in the form of reimbursement ("Affiliate Organizational Expense Reimbursement").

Affiliate Organizational Expense Reimbursement will not be included in the calculation of operating expenses under the Expense Limitation Agreement.

**DETERMINATION OF NET ASSET VALUE**

The NAV per share of our Shares is determined by dividing the value of our portfolio investments, cash and other assets (including interest accrued but not collected) less all of our liabilities (including accrued expenses and fees, the aggregate liquidation preference of any preferred shares, borrowings, and interest payables) by the total number of outstanding Shares. The most significant estimate inherent in the preparation of our financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. There is no single method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board of Trustees has elected to designate the Adviser as "valuation designee" to perform fair value determinations in respect of our portfolio investments that do not have readily available market quotations.

We account for our investments in accordance with GAAP, and fair value our investment portfolio in accordance with the provisions of the FASB ASC Topic 820 *Fair Value Measurements and Disclosures* of the Financial Accounting Standards Board's Accounting Standards Codification, as amended, which defines fair value, establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. Fair value is the estimated 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 (i.e., the exit price).

In determining the value of publicly-traded securities, such securities are generally valued utilizing the official closing price from the applicable exchange at the measurement date. Public non-traded securities are typically valued based on recent market transactions involving the same security on or around the measurement date. If observable transactions are limited (or if there are none), the Adviser will consider utilizing broker quotations or an independent valuation agent. Privately placed investments are generally fair valued utilizing valuations provided by an independent valuation agent as an input. In addition to the techniques described above, the Adviser may from time to time use other valuation techniques and methodologies when determining fair value measurements. A third-party valuation firm's advice is only one factor considered in the valuation of an investment, and the Adviser does not rely on such advice in determining the fair value of our investments in accordance with the 1940 Act.

Our investment portfolio is valued on an at least quarterly basis. Fair valuations are ultimately determined by the Adviser's valuation committee, which is comprised of a majority of non-investment personnel, in accordance with the Adviser's valuation policies and procedures. Our Board of Trustees oversees the valuation designee and the process that it uses to determine the fair value of our assets. In this regard, the Board of Trustees receives periodic and, as applicable, prompt reporting regarding certain material valuation matters, as required by Rule 2a-5 under the 1940 Act.

The Fund has the sole right to change the frequency of determination of net asset value at the Board's discretion.

**CONFLICTS OF INTEREST**

**Affiliations of the Adviser and the Administrator**

Our executive officers and Trustees, and the Adviser and certain of its affiliates and their officers and employees, including the members of the Investment Committee, have several conflicts of interest as a result of the other activities in which they engage. The Adviser and the Administrator are affiliated with other entities engaged in the financial services business. In particular, the Adviser and the Administrator are affiliated with other Eagle Point advisers and Stone Point, and certain members of the Adviser's Board of Managers are principals of Stone Point. See ***"Management – Control Persons."*** The Adviser and the Administrator are primarily owned indirectly by certain of the Trident Funds through intermediary holding companies. The Trident Funds and other private equity funds managed by Stone Point invest in financial services companies. Additionally, an unaffiliated insurance company which is a shareholder of the Fund indirectly owns a portion of the limited liability company interests in the Adviser.

The Adviser and its affiliates engage and may in the future engage in a variety of business activities, including investment management, financing, and software analytics. As such, the Adviser and its affiliates may have multiple business relationships with sponsors of funds and investment vehicles that encompass a range of activities, such as (i) investing in Portfolio Debt Securities issued by an issuer sponsored by such a sponsor on behalf of the Fund, (ii) financing or investing in other securities issued by other vehicles managed by such sponsor or an affiliate thereof for other Eagle Point-managed accounts, or (iii) otherwise providing advisory, research or data services to such sponsor for compensation. For example, a conflict of interest can occur if the Fund holds investments in an issuer sponsored by a sponsor with which the Adviser or its affiliates have a material relationship. In this circumstance, the Adviser could, due to its relationship with such sponsor, have an incentive to prefer the interests of such person over the interests of the Fund. While the Adviser believes such relationships are helpful in sourcing investment opportunities for the Fund, any of these potential transactions, activities and relationships can result in the Adviser having a conflict of interest that may not currently be foreseen, which conflict may not be resolved in a manner that is always or exclusively in the best interest of the Fund or Fund Shareholders.

Also, under the Personnel and Resources Agreement, Eagle Point Credit Management makes available the personnel and resources, including portfolio managers and investment personnel, to the Adviser as the Adviser may determine to be reasonably necessary to the conduct of its operations. These relationships may cause the Adviser's, the Administrator's and certain of their affiliates' interests, and the interests of their officers and employees, including the members of the Investment Committee, to diverge from our interests and may result in conflicts of interest that may not be foreseen, which conflicts may not be resolved in a manner that is always or exclusively in our best interest. The Adviser has entered into, and may in the future enter into additional, business arrangements with our Shareholders. In such cases, such Shareholders may have an incentive to vote shares held by them in a manner that takes such arrangements into account.

**Other Accounts**

The Adviser is responsible for the investment decisions made on our behalf. There are no restrictions on the ability of the Adviser and certain of its affiliates (including other Eagle Point advisers and Stone Point) to manage accounts for multiple clients, including accounts for affiliates of the Adviser or their directors, officers or employees, following the same, similar or different investment objectives, philosophies and strategies as those used by the Adviser for our account. In those situations, the Adviser and its affiliates may have conflicts of interest in allocating investment opportunities between us and any other account managed by such person. See ***"— Allocations of Opportunities"*** below. Such conflicts of interest would be expected to be heightened where the Adviser manages an account for an affiliate or its directors, officers or employees. In addition, certain of these accounts may provide for higher management fees or have incentive fees or may allow for higher expense reimbursements, all of which may contribute to a conflict of interest and create an incentive for the Adviser to favor such other accounts. Further, accounts managed by the Adviser and certain of the Adviser's affiliates hold, and may in the future be allocated, certain investments which conflict with the positions held by other accounts, such as us. For example, another Eagle Point-managed account could hold a senior debt position in an issuer's capital structure while the Fund holds a subordinated position. In these cases, when exercising the rights of each account with respect to such investments, the Adviser and/or its affiliates will have a conflict of interest as actions on behalf of one account may have an adverse effect on another account managed by the Adviser or such affiliate, including us. In such cases, such conflicts may not be resolved in a manner that is always or exclusively in our best interests.

In addition, other Eagle Point advisers, Stone Point and their affiliates, and the investment funds managed by such affiliates, may also invest in companies that compete with the Adviser and that therefore manage other accounts and funds that compete for investment opportunities with us.

Our executive officers and Trustees, as well as other current and potential future affiliated persons, officers and employees of the Adviser and certain of its affiliates, may serve as officers, trustees or principals of, or manage the accounts for, other entities with investment strategies that substantially or partially overlap with the strategy that we pursue. Accordingly, they may have obligations to investors in those entities, the fulfillment of which obligations may not be in the best interests of us or our Shareholders.

Further, the professional staff of the Adviser and Administrator will devote as much time to us as such professionals deem appropriate to perform their duties in accordance with the Investment Advisory Agreement and Administration Agreement, respectively. However, such persons are also committed to providing investment advisory and other services for other clients including other funds, unregistered pooled investment vehicles, and separately managed accounts, and engage in other business ventures in which we have no interest.

Certain of the Adviser's, the Administrator's and their affiliates' senior personnel and ultimate managers serve and may serve as officers, trustees, managers or principals of other entities that operate in the same or a related line of business as the Adviser, the Administrator, and their affiliates, or that are service providers to firms or entities such as the Adviser, the Administrator, the Fund, and certain of the issuers in which we invest. Accordingly, such persons may have obligations to investors in those entities the fulfillment of which may not be in our best interest. In addition, certain of such persons hold direct and indirect personal investments in various companies, including certain investment advisers and other operating companies, some of which do or may provide services to the Adviser, the Administrator, us, or other accounts serviced by the Adviser, the Administrator, or their affiliates, or to any issuer in which the Fund may invest. The Fund may pay fees or other compensation to any such operating company or financial institution for services received. Further, these relationships may result in conflicts of interest that may not be foreseen or may not be resolved in a manner that is always or exclusively in our best interest.

In addition, payments under the Administration Agreement are equal to an amount based upon our allocable portion of the Administrator's overhead. See ***"Management — The Administrator"*** above.

As a result of these separate business activities and payment structure, the Adviser and Administrator have conflicts of interest in allocating management and administrative time, services and functions among the Fund, other accounts that they provide services to, their affiliates and other business ventures or clients.

**Allocation of Investment Opportunities**

As a fiduciary, the Adviser owes a duty of loyalty to its clients and must treat each client fairly. When the Adviser purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. To this end, the Adviser and its affiliated advisers have adopted and reviewed policies and procedures pursuant to which they allocate investment opportunities appropriate for more than one client account in a manner deemed appropriate in their sole discretion to achieve a fair and equitable result over time. Pursuant to these policies and procedures, when allocating investment opportunities, the Adviser and its affiliated advisers may take into account regulatory, tax or legal requirements applicable to an account. In allocating investment opportunities, the Adviser and its affiliated advisers may use rotational, percentage or other allocation methods provided that doing so is consistent with the Adviser's and its affiliated advisers' internal conflict of interest and allocation policies and the requirements of the Investment Advisers Act of 1940, or the "Advisers Act," the 1940 Act and other applicable laws. In addition, an account managed by the Adviser, such as us, is expected to be considered for the allocation of investment opportunities together with other accounts managed by affiliates of the Adviser. There is no assurance that such opportunities will be allocated to any particular account equitably in the short-term or that any such account, including us, will be able to participate in all investment opportunities that are suitable for it.

**Allocation of Expenses and Selection of Service Providers**

From time to time, the Adviser and the Administrator will be required to determine how certain costs and expenses are to be allocated among the Fund and certain other accounts. Often, an expense is relevant only to the Fund and would be borne only by us. However, it is sometimes the case that costs and expenses are relevant to more than one account. To the extent the Fund, on the one hand, and Adviser, Administrator and/or one or more accounts, on the other hand, incur costs or expenses that are applicable to more than one of them, the Adviser and the Administrator will allocate such costs and expenses in a manner that they determine to be fair and reasonable, notwithstanding their potential interest in the outcome, and may make corrective allocations should they determine that such corrections are necessary or advisable. Further, the Adviser and the Administrator and their affiliates, and their respective personnel and the investment funds serviced by such persons, have interests in companies that provide services to asset management firms such as the Adviser, and to other businesses. Because of these relationships, such persons have a conflict of interest when considering service providers with respect to the Fund and have an incentive to select those service providers in which such persons have an interest. The selection of such a service provider may result in the Fund bearing fees and expenses paid to a service provider that is affiliated with, or otherwise has a relationship with, the Adviser, the Administrator or their affiliates.

In addition, the Adviser and the Administrator have a conflict of interest where a service provider provides services directly to the Adviser and/or the Administrator or an affiliate thereof, and separately provides services to the Fund, in that the Adviser, the Administrator and/or an affiliate thereof may potentially obtain services at a lower cost than it otherwise could have as a result of the service provider's work performed on behalf of, and the compensation paid to the service provider by, the Fund. In addition, the Adviser and the Administrator and their affiliates may use some of the same service providers as are retained on behalf of the Fund and, in some cases, fee rates, amounts or discounts may be offered to the Adviser, the Administrator and/or their affiliates by a third-party service provider which differ from those offered to the Fund as a result of scheduled or ad hoc rate changes, differences in the scope, type or nature of the service or transaction, alternative fee arrangements and negotiation.

**Leverage**

We may incur leverage, directly or indirectly, through one or more special purpose vehicles, indebtedness for borrowed money, as well as leverage in the form of preferred shares, debt securities and other structures and instruments, in significant amounts and on terms that the Adviser and our Board of Trustees deem appropriate, subject to applicable limitations under the 1940 Act. Such leverage may be used for the acquisition and financing of our investments, to pay fees and expenses and for other purposes. Such leverage may be secured and/or unsecured. Any such leverage does not include leverage embedded or inherent in the issuers in which we invest. The more leverage we employ, the more likely a substantial change will occur in our NAV. Accordingly, any event that adversely affects the value of an investment would be magnified to the extent leverage is utilized.

Our incentive fee structure may incentivize the Adviser to pursue speculative investments and use leverage in a manner that adversely impacts our performance. The incentive fee payable to the Adviser is based on our Pre-Incentive Fee Net Investment Income, as calculated in accordance with our Investment Advisory Agreement. This may encourage the Adviser to use leverage to increase the return on our investments, even when it may not be appropriate to do so, and to refrain from de-levering when it would otherwise be appropriate to do so. Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of our securities.

**Valuation**

There is not a public market for many of the investments we target. As a result, the Adviser reviews and determines, in good faith, in accordance with the 1940 Act, the value of, these securities based on relevant information compiled by itself and/or third-party pricing services (when available) as described under ***"Determination of Net Asset Value."*** Our Interested Trustees are associated with the Adviser and have an interest in the Adviser's economic success. The participation of the Adviser's investment professionals in our valuation process, and the interest of our Interested Trustees in the Adviser, could result in a conflict of interest as the base management fee paid to the Adviser is based, in part on the value of our assets.

**Co-Investments and Related Party Transactions**

In the ordinary course of business, we may enter into transactions with persons who are affiliated with us by reason of being under common control of the Adviser or its affiliates, including other Eagle Point advisers and Stone Point. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between us, the Adviser and its affiliates and our employees, officers and Trustees. We will not enter into any such transactions unless and until we are satisfied that doing so is consistent with the 1940 Act, applicable SEC exemptive rules, interpretations or guidance, or the terms of the exemptive order (discussed below), as applicable. Our affiliations may require us to forgo attractive investment opportunities.

We intend to co-invest on a concurrent basis with other accounts managed by certain of our Adviser's affiliates, subject to compliance with applicable regulations and regulatory guidance and our written allocation procedures. Exemptive relief granted by the SEC permits us to participate in certain negotiated co-investments alongside other accounts managed by Eagle Point and its affiliates, subject to certain conditions including (i) that a majority of our Trustees who have no financial interest in the transaction and a majority of our Trustees who are not "interested persons," as defined in the 1940 Act, of ours approve the co-investment and (ii) the price, terms and conditions of the co-investment are the same for each participant, subject to the applicable terms of the exemptive order. The Adviser may determine not to allocate certain potential co-investment opportunities to the Fund after taking into account regulatory requirements or other considerations. See ***"— Allocations of Opportunities"*** above. A copy of the application for this exemptive relief, including all of the conditions, and the related order are available on the SEC's website at *www.sec.gov*.

**Stone Point-Related Investments**

Portfolio companies of investment funds managed by Stone Point and other affiliates of Stone Point may engage in lending activities, which could result in us investing in issuers that include securities or loans underwritten by such a portfolio company or affiliate. In addition, the CLOs and certain other securities in which we expect to invest are collateralized principally of senior secured loans, which in many cases may be issued to operating companies that are primarily owned by private equity funds, including funds that may be managed by Stone Point or its affiliates. In addition to the above, because portfolio companies of such investment funds engage in a wide range of businesses, such entities may engage in other activities now or in the future that create a conflict of interest for the Adviser with respect to its management of us. Any of these potential transactions and activities may result in the Adviser having a conflict of interest that may not be resolved in a manner that is always or exclusively in our best interest or in the best interest of our Shareholders.

**Material Non-Public Information**

By reason of the advisory and/or other activities of the Adviser and its affiliates, the Adviser and its affiliates may acquire confidential or material non-public information or be restricted from initiating transactions in certain securities. The Adviser will not be free to divulge, or to act upon, any such confidential or material non-public information and, due to these restrictions, it may not be able to initiate a transaction for our account that it otherwise might have initiated. As a result, we may be frozen in an investment position that we otherwise might have liquidated or closed out or may not be able to acquire a position that we might otherwise have acquired.

**Code of Ethics and Compliance Procedures**

In order to address the conflicts of interest described above, we have adopted a code of ethics under Rule 17j-l of the 1940 Act. Similarly, the Adviser has separately adopted the "Adviser Code of Ethics." The Adviser Code of Ethics requires the officers and employees of the Adviser to act in the best interests of the Adviser and its client accounts (including us), act in good faith and in an ethical manner, avoid conflicts of interests with the client accounts to the extent reasonably possible and identify and manage conflicts of interest to the extent that they arise. Personnel subject to each code of ethics may 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 code's requirements. In addition, our code of ethics and the Adviser's Code of Ethics are incorporated by reference as exhibits to the registration statement of which this Memorandum is a part, and are available on the EDGAR Database on the SEC's website at *www.sec.gov.*

Our Trustees and officers, and the officers and employees of the Adviser, are also required to comply with applicable provisions of the U.S. federal securities laws and make prompt reports to supervisory personnel of any actual or suspected violations of law.

In addition, the Adviser has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. The Adviser has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time.

**REPURCHASES AND TRANSFERS OF SHARES**

**No Right of Redemption**

No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof, other than as described herein. The Fund does not currently intend to list its Shares on any securities exchange and does not expect any secondary market for them to develop in the foreseeable future. Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. Shareholders may not exchange their shares of the Fund for shares of any other registered investment company. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks.

**Repurchases**

Commencing after the expiration of the Commitment Period for the initial capital commitment, including any extensions thereof, the Fund will offer to repurchase Shares from Shareholders quarterly in an amount equal to 12.5% of the Fund's net asset value, calculated as of the prior calendar quarter end. The Fund may extend multiple offers to repurchase Shares in a quarter in an aggregate amount of 12.5% of the Fund's net asset value. If the Fund has previously repurchased shares, then the foregoing 12.5% limitation shall be calculated based on the net asset value plus the aggregate amount of all such prior repurchases; provided, that, for the avoidance of doubt, no repurchase amount shall exceed the net asset value of the Fund on the applicable repurchase date. Such repurchases will be offered at the Fund's net asset value per share as of March 31, June 30, September 30 and December 31, as applicable.

The Adviser currently expects that each repurchase offer will generally commence at least 20 business days prior to the date on which the Fund's Shares to be repurchased are valued. When the Fund will repurchase Shares, notice will be provided to Shareholders describing, among other things, the terms of the offer and containing information on how to participate. To the extent that the Fund has multiple Shareholders, if a repurchase offer is oversubscribed by Shareholders who tender Shares, the Fund may repurchase a pro rata portion by value of the Shares tendered by each Shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law.

Repurchases of Shares from Shareholders by the Fund will be paid in cash. Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Shares from Shareholders by the applicable repurchase offer deadline. The Fund does not impose any charges in connection with repurchases of Shares.

Shares will be repurchased by the Fund after the Management Fee has been deducted from the Fund's assets as of the end of the quarter in which the repurchase occurs — i.e., the accrued Management Fee for the month in which Fund shares are to be repurchased is deducted prior to effecting the relevant repurchase of Fund shares.

Payment for repurchased Shares 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, subject to policies as may be established by the Board of Trustees, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Shares.

**Mandatory Repurchases and Redemptions**

The Fund may also repurchase and/or redeem Shares of a Shareholder without consent or other action by the Shareholder or other person, in accordance with the terms of its Agreement and Declaration of Trust and the 1940 Act, including Rule 23c-2 under the 1940 Act, if the Fund determines that:

● ownership of Shares by a Shareholder or other person is likely to cause the Fund to be in violation of, require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

● continued ownership of Shares by a Shareholder may be harmful or injurious to the business or reputation of the Fund, the Board of Trustees, the Adviser or any of their affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences;

● any of the representations and warranties made by a Shareholder or other person in connection with the acquisition of Shares was not true when made or has ceased to be true; or

● with respect to a Shareholder subject to Special Laws or Regulations, the Shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of continuing to hold any Shares.

**Transfers of Shares**

Shares may be transferred only:

&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) by operation of law as a result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Shareholder; 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;(2) under certain limited circumstances, with the written consent of the Fund, which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances.

A transferor of Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. In connection with any such transfer of Shares, the Fund may require the transferor to obtain, at the transferor's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request.

In subscribing for Shares, a Shareholder agrees to indemnify and hold harmless the Fund, the Board of Trustees, the Adviser, each other Shareholder and any of their affiliates against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which those persons may become subject by reason of, or arising from, any transfer made by that Shareholder in violation of these provisions or any misrepresentation made by that Shareholder or a substituted Shareholder in connection with any such transfer.

**Description of Capital Structure**

The information contained under this heading is only a summary and is subject to the provisions contained in the Fund's Declaration of Trust and By-Laws and applicable laws, which are on file with the SEC.

**Shares of Beneficial Interest**

The Fund's Declaration of Trust authorizes the Fund's issuance of an unlimited number of shares of beneficial interest of each class. Shareholders are entitled to the same limitation of personal liability extended to Shareholders of private corporations organized for profit incorporated in the State of Delaware and therefore generally will not be personally liable for the Fund's debts or obligations.

**Shares**

Under the terms of the Declaration of Trust, all shares, when consideration for the shares is received by the Fund, will be fully paid and nonassessable. Dividends and distributions may be paid to Shareholders if, as and when authorized and declared by the Board. Except as otherwise provided by the Board, shares will have no preemptive or other right to subscribe to any additional shares or other securities issued by the Fund. No Shareholder will be permitted to transfer its Shares without the consent of the Fund. The transferability of Shares will be subject to certain restrictions contained in the Declaration of Trust and will be affected by restrictions imposed under applicable securities laws. The Declaration of Trust provides that the Board shall have the power to cause the Fund to repurchase or redeem shares. In the event of the Fund's dissolution, after the Fund pays or adequately provides for the payment of all claims and obligations of the Fund, and upon the receipt of such releases, indemnities and refunding agreements deemed necessary by the Board, each share will be entitled to receive, according to its respective rights, a *pro rata* portion of the Fund's assets available for distribution for the applicable class, subject to any preferential rights of holders of the Fund's outstanding preferred shares, if any. Each whole share will be entitled to one vote as to any matter on which it is entitled to vote and each fractional share will be entitled to a proportionate fractional vote. However, to the extent required by the 1940 Act or otherwise determined by the Board, classes of the Fund will vote separately from each other. Shareholders shall be entitled to vote on all matters on which a vote of Shareholders is required by the 1940 Act, the Declaration of Trust or a resolution of the Board. There will be no cumulative voting in the election of or removal of Trustees. Under the Declaration of Trust, the Fund shall hold shareholder meetings to the extent required by the 1940 Act, regulation, or pursuant to special meetings called by the Board or a majority of Shareholders.

**Preferred Shares**

The Declaration of Trust provides that the Board may, subject to the Fund's fundamental policies and restrictions and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than Shares (including preferred interests, debt securities or other senior securities), by action of the Board without the approval of Shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit.

Under the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an "asset coverage" of at least 200%. Asset coverage means the ratio by which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. Additional or more restrictive asset coverage requirements or portfolio composition requirements (i.e., beyond those required under the 1940 Act) may also be imposed under the governing instrument for a particular series of preferred shares. The terms of the preferred shares, including their dividend rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund's Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the dividend rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. If the dividend rate as redetermined on the Fund's preferred shares plus the expenses of issuance approaches or exceeds the Fund's current income after expenses on the investment of proceeds from the preferred shares, the Fund's leveraged capital structure would result in a lower rate of current income to Shareholders than if the Fund were not so structured.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred Shareholders would not be entitled to any further participation in any distribution of assets by the Fund.

Preferred shares could be issued with rights and preferences that would adversely affect common Shareholders. Preferred shares could also be used as an anti-takeover device. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (i) immediately after issuance of preferred shares and before any distribution is made with respect to the shares and before any purchase of shares is made, the aggregate involuntary liquidation preference of such preferred shares together with the aggregate involuntary liquidation preference or aggregate value of all other senior securities must not exceed an amount equal to 50% of the Fund's total assets after deducting the amount of such distribution or purchase price, as the case may be; and (ii) the holders of preferred shares, if any are issued, must be entitled as a class to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred shares are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares.

**Credit Facility or other Debt Securities**

To the extent permitted by the 1940 Act, the Fund may enter into additional definitive agreements with respect to a credit facility, unsecured notes, or other forms of indebtedness. The Fund expects that the governing instrument for such indebtedness (such as the credit agreement or indenture) would contain covenants that, among other things, likely will limit the Fund's ability to pay dividends in certain circumstances, incur additional debt and/or engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act (described below). To the extent that the Fund enters into a secured credit facility, the Fund would generally be required to pledge its assets. The Fund expects that any credit facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund will enter into an agreement for a credit facility or other indebtedness on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such credit facility or other indebtedness may in the future be replaced or refinanced by one or more credit facilities having substantially different terms.

With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, we are required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness.

**Certain Provisions in the Declaration of Trust and By-Laws**

The information contained under this heading is only a summary. Please refer to the provisions in Fund's Declaration of Trust and By-Laws, which are on file with the SEC, for more information.

**Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses**

Pursuant to the Declaration of Trust, Trustees and officers of the Fund is not subject in such capacity to any personal liability to the Fund or Shareholders, unless the liability arises from bad faith, willful misfeasance, gross negligence or reckless disregard for the Trustee's or officer's duty.

Except as otherwise provided in the Declaration of Trust, the Fund will indemnify and hold harmless any current or former Trustee or officer of the Fund against any liabilities and expenses (including reasonable attorneys' fees) relating to the defense of any claim, action, suit or proceeding with which such person is involved or threatened while and with respect to acting in the capacity of a Trustee or officer of the Fund, except with respect to matters in which such person did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund. In accordance with the 1940 Act, the Fund will not indemnify any Trustee or officer for any liability to which such person would be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of his or her position. The Fund will provide indemnification to Trustees and officers prior to a final determination regarding entitlement to indemnification as described in the Declaration of Trust.

Pursuant to the Declaration of Trust, the Fund will advance the expenses of defending any action for which indemnification is sought if the Fund receives an undertaking by the indemnitee which provides that the indemnitee will reimburse the Fund unless it is subsequently determined that the indemnitee is entitled to such indemnification.

**Number of Trustees; Appointment of Trustees; Vacancies; Removal**

The Declaration of Trust provides that the number of Trustees shall be no less than one and no more than nine, as determined in writing by a majority of the Trustees then in office. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation or removal. Subject to the provisions of the 1940 Act, individuals may be appointed by the Trustees at any time to fill vacancies on the Board by the appointment of such persons by a majority of the Trustees then in office. Each Trustee shall hold office until his or her successor shall have been appointed pursuant to the Declaration of Trust. Trustees shall be elected by the affirmative vote of a plurality of the Shares voted at a meeting of the Shareholders to the extent Shareholders are entitled to vote to elect Trustees.

A Trustee may be removed from office for cause only, and not without cause, by action taken by a majority of the remaining Trustees or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation or removal.

**Action by Shareholders**

Under the Declaration of Trust and By-Laws, shareholder action can be taken at an annual or special meeting of Shareholders or by written consent. In addition, the Fund's Declaration of Trust prohibits derivative actions on behalf of the Fund by any person who is not a Trustee or shareholder of the Fund, except that such provision does not apply to any claims asserted under the U.S. federal securities laws including, without limitation, the 1940 Act.

No shareholder may maintain a derivative action on behalf of the Fund unless holders of at least a majority of the outstanding shares join in the bringing of such action. A Shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. The foregoing requirements shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

The Declaration of Trust provides that the state courts in Delaware shall be the exclusive forum in which certain types of litigation (excluding claims arising under federal securities laws) may be brought, which may require Shareholders to have to bring an action in an inconvenient or less favorable forum. In addition, the Declaration of Trust provides that claims arising under federal securities laws must be brought in federal court. Further, there may be questions regarding the enforceability of this provision because the Securities Act and the 1940 Act allow claims to be brought in state and federal courts.

The Declaration of Trust provides that Shareholders waive any and all right to trial by jury in any claim, suit, action or proceeding.

**Amendment of Declaration of Trust and By-Laws**

Subject to the provisions of the 1940 Act and except as provided in the Declaration of Trust, the Board may amend the Declaration of Trust without any vote of Shareholders. Pursuant to the Declaration of Trust and By-Laws and subject to the provisions therein, the Board has the exclusive power to amend or repeal the bylaws or adopt new bylaws.

**No Appraisal Rights**

In certain extraordinary transactions, some jurisdictions provide the right to dissenting Shareholders to demand and receive the fair value of their shares, subject to certain procedures and requirements set forth in such statute. Those rights are commonly referred to as appraisal rights. The Declaration of Trust provides that shares shall not entitle Shareholders to appraisal rights.

**Conflict with Applicable Laws and Regulations**

The Declaration of Trust provides that if and to the extent that any provision of the Declaration of Trust conflicts with any provision of the 1940 Act, the RIC provisions of the Code, and the regulations thereunder, the Delaware Statutory Trust Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

**U.S. FEDERAL INCOME TAX MATTERS**

The following is a summary of certain U.S. federal income tax consequences generally applicable to the purchase, ownership and disposition of our Shares, which collectively will be referred to as "stock" in this section. Unless otherwise stated, this summary deals only with our securities held as capital assets for U.S. federal tax purposes (generally, property held for investment).

As used herein, a "U.S. holder" means a beneficial owner of the securities that is for U.S. federal income tax purposes any of the following:

● an individual citizen or resident of the United States;

● a corporation (or any 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 or other political subdivision thereof (including the District of Columbia);

● a trust if it (a) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable United States Treasury regulations or "Treasury Regulations," to be treated as a United States person; or

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

The term "non-U.S. holder" means a beneficial owner of the securities (other than a partnership or any other entity or other arrangement treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.

An individual may, subject to exceptions, be deemed to be a resident of the United States for U.S. federal income tax purposes, as opposed to a non-resident alien, by, among other ways, being present in the United States (i) on at least 31 days in the calendar year, and (ii) for an aggregate of at least 183 days during a three-year period ending in the current calendar year, counting for such purposes all of the days present in the current year, one-third of the days present in the immediately preceding calendar year, and one-sixth of the days present in the second preceding calendar year. Individuals who are residents for such purposes are subject to U.S. federal income tax as if they were United States citizens.

This summary does not represent a detailed description of the U.S. federal income tax consequences applicable to you, as a holder of our securities, if you are a person subject to special tax treatment under the U.S. federal income tax laws, including, without limitation:

● a dealer in securities or currencies;

● a financial institution;

● a RIC;

● a real estate investment trust;

● a tax-exempt organization;

● an insurance company;

● a person holding the securities as part of a hedging, integrated, conversion or constructive sale transaction or a straddle;

● a trader in securities that has elected the mark-to-market method of accounting for their securities;

● a person subject to alternative minimum tax;

● a partnership or other pass-through entity for U.S. federal income tax purposes;

● a U.S. holder whose "functional currency" (as defined in Section 985 of the Code) is not the U.S. dollar;

● a controlled foreign corporation, or a "CFC;"

● a passive foreign investment company, or a "PFIC;"

● a United States expatriate or foreign persons or entities (except to the extent set forth below); or

● a holder that is subject to special tax accounting rules under Section 451(b) of the Code.

If a partnership (including any entity classified or arrangement treated as a partnership for U.S. federal income tax purposes) holds the securities, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner in a partnership holding our securities, you should consult your own tax advisors regarding the tax consequences of an investment in our securities.

This summary is based on the Code, Treasury Regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different from those summarized below. This summary does not represent a detailed description of the U.S. federal income tax consequences that may be applicable to you in light of your particular circumstances and does not address the effects of any aspects of U.S. estate or gift, or state, local or non-U.S. income, estate, or gift tax laws. It is not intended to be, and should not be construed to be, legal or tax advice to any particular purchaser of our securities. We have not sought and will not seek any ruling from the Internal Revenue Service, or the "IRS." No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects set forth below. **You should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you of the ownership of our securities, as well as the consequences to you arising under the laws or other guidance of any other taxing jurisdiction.**

**Important U.S. Federal Income Tax Considerations Affecting Us**

We intend to elect to be treated, and to qualify annually, as a RIC under the Code. Accordingly, we must satisfy certain requirements relating to sources of our income and diversification of our total assets and certain distribution requirements to maintain our RIC status and to avoid being subject to U.S. federal income or excise tax on any undistributed taxable income. To the extent we qualify for treatment as a RIC and satisfy the applicable distribution requirements, we will not be subject to U.S. federal income tax on income paid to our Shareholders in the form of dividends or capital gain dividends.

To qualify as a RIC for U.S. federal income tax purposes, we must derive at least 90% of our gross income each tax year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, net income derived from an interest in a qualified publicly traded partnership, or other income derived with respect to our business of investing in stock, securities and currencies, or the "90% Gross Income Test." A "qualified publicly traded partnership" is a publicly traded partnership that meets certain requirements with respect to the nature of its income. To qualify as a RIC, we must also satisfy certain requirements with respect to the diversification of our assets. We must have, at the close of each quarter of the tax year, at least 50% of the value of our total assets represented by cash, cash items, U.S. government securities, securities of other RICs and other securities that, in respect of any one issuer, do not represent more than 5% of the value of our assets nor more than 10% of the voting securities of that issuer. In addition, at those times, not more than 25% of the value of our assets may be invested in securities (other than U.S. government securities or the securities of other RICs) of any one issuer, or of two or more issuers, which we control and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified publicly traded partnerships, or the "Asset Diversification Tests." If we fail to satisfy the 90% Gross Income Test, we will nevertheless be considered to have satisfied the test if (i) (a) such failure is due to reasonable cause and not due to willful neglect and (b) we report the failure pursuant to Treasury Regulations to be adopted, and (ii) we pay a tax equal to the excess amount by which our gross non-qualifying income exceeds one-ninth of our gross qualifying income. If we fail to meet any of the Asset Diversification Tests with respect to any quarter of any tax year, we will nevertheless be considered to have satisfied the requirements for such quarter if we cure such failure within six months and either (i) such failure is de minimis or (ii) (a) such failure is due to reasonable cause and not due to willful neglect and (b) we report the failure under Treasury Regulations to be adopted and pay an excise tax. If we fail to qualify as a RIC for more than two consecutive taxable years and then seek to re-qualify as a RIC, we generally would be required to recognize gain to the extent of any unrealized appreciation in our assets unless we elect to pay U.S. corporate income tax on any such unrealized appreciation during the succeeding 5-year period.

As a RIC, we generally will not be subject to federal income tax on our investment company taxable income (as that term is defined in the Code) and net capital gains (the excess of net long-term capital gains over net short-term capital loss), if any, that we distribute in each tax year as dividends to Shareholders, provided that we distribute dividends of an amount at least equal to the sum of 90% of our investment company taxable income, determined without regard to any deduction for dividends paid, plus 90% of our net tax-exempt interest income for such tax year, or the "90% Distribution Requirement." We intend to distribute to our Shareholders, at least annually, substantially all of our investment company taxable income, net tax-exempt income and net capital gains. In order to avoid incurring a nondeductible 4% federal excise tax obligation, the Code requires that we distribute (or be deemed to have distributed) by December 31 of each calendar year dividends of an amount generally at least equal to the sum of (i) 98% of our ordinary income (taking into account certain deferrals and elections) for such calendar year, (ii) 98.2% of our capital gain net income, adjusted for certain ordinary losses and generally computed on the basis of the one-year period ending on October 31 of such calendar year (unless we have made an election under Section 4982(e)(4) of the Code to have our required distribution from net income measured using the one-year period ending on November 30 of such calendar year) and (iii) 100% of any ordinary income and capital gain net income from prior calendar years (as previously computed) that were not paid out during such calendar years and on which we incurred no U.S. federal income tax, or the "Excise Tax Distribution Requirement." Any dividends declared by us during October, November or December of any calendar year, payable to Shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for federal income tax purposes as if it had been paid by us, as well as received by our U.S. Shareholders, on December 31 of the calendar year in which the distribution was declared.

We may incur in the future the 4% federal excise tax on a portion of our income and capital gains. While we intend to distribute income and capital gains to minimize our exposure to the 4% federal excise tax, we may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we generally will be liable for the 4% federal excise tax only on the amount by which we do not meet the Excise Tax Distribution Requirement.

If we do not qualify as a RIC or fail to satisfy the 90% Distribution Requirement for any tax year, we would be subject to corporate income tax on our taxable income, and all distributions from earnings and profits, including distributions of net capital gains (if any), will be taxable to the Shareholder as ordinary income. Such distributions generally would be eligible (i) to be treated as qualified dividend income in the case of individual and other non-corporate Shareholders and (ii) for the dividends received deduction, or the "DRD," in the case of certain corporate Shareholders. In addition, in order to requalify for taxation as a RIC, we may be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.

For purposes of the 90% Gross Income Test, income that we earn from equity interests in certain entities that are not treated as corporations or as qualified publicly traded partnerships for U.S. federal income tax purposes (*e.g.*, certain CLOs that are treated as partnerships) will generally have the same character for us as in the hands of such an entity; consequently, we may be required to limit our equity investments in any such entities that earn fee income, rental income, or other nonqualifying income.

To the extent we use debt financing, we may be prevented by covenants contained in our debt financing agreements from making distributions to our Shareholders in certain circumstances. In addition, under the 1940 Act, we are generally not permitted to make distributions to our Shareholders while certain debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Restrictions on our ability to make distributions to our Shareholders may prevent us from satisfying the 90% Distribution Requirement or the Excise Tax Distribution Requirement and, therefore, may jeopardize our qualification for taxation as a RIC, or subject us to the 4% U.S. federal excise tax.

Some of the income and fees that we may recognize will not satisfy the 90% Gross Income Test. In order to ensure that such income and fees do not disqualify us as a RIC for a failure to satisfy such test, we may be required to recognize such income and fees indirectly through one or more entities treated as corporations for U.S. federal income tax purposes. Such corporations will be subject to U.S. corporate income tax on their earnings, which ultimately will reduce our return on such income and fees.

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt instruments that are treated under applicable tax rules as having OID (which may arise if we receive warrants in connection with the origination of a loan or possibly in other circumstances), we must include in income each tax 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 tax year. We may also have to include in income other amounts that we have not yet received in cash, such as contractual PIK interest (which represents contractual interest added to the loan balance and due at the end of the loan term) and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Because any OID or other amounts accrued will be included in our investment company taxable income for the tax year of accrual, we may be required to make a distribution to our Shareholders in order to satisfy the 90% Distribution Requirement or the Excise Tax Distribution Requirement, even though we will not have received any corresponding cash amount.

We may invest (directly or indirectly) a portion of our net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we 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 in order to seek to ensure that we distribute sufficient income that we do not become subject to U.S. federal income or excise tax.

Some of the CLOs in which we invest may constitute PFICs for U.S. federal income tax purposes. Because we acquire interests treated as equity for U.S. federal income tax purposes in PFICs (including equity tranche investments and certain debt tranche investments in CLOs that are PFICs), we may be subject to federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by us to our Shareholders. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from any such excess distributions or gains. If we invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Code, or a "QEF," in lieu of the foregoing requirements, we will be required to include in income each tax year our proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to us. Alternatively, we can elect to mark-to-market at the end of each tax year (as well as on certain other dates described in the Code) our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares, and as an ordinary loss any decrease in such value to the extent it does not exceed prior increases included in our ordinary income. Under either election, we may be required to recognize in a tax year taxable income in excess of our distributions from PFICs and our proceeds from dispositions of PFIC stock during that tax year, and we may be required to distribute such taxable income in order to satisfy the 90% Gross Income Test, the Excise Tax Distribution Requirement or the 90% Distribution Requirement. Our ability to make either election will depend on factors beyond our control and is subject to restrictions which may limit the availability of the benefit of these elections. Treasury Regulations generally treat our income inclusion with respect to a PFIC with respect to which we have made a QEF election, as qualifying income for purposes of determining our ability to be subject to tax as a RIC if (i) there is a current distribution out of the earnings and profits of the PFIC that are attributable to such income inclusion or (ii) such inclusion is derived with respect to our business of investing in stock, securities, or currencies. As such, we may be restricted in our ability to make QEF elections with respect to our holdings in issuers that could be treated as PFICs in order to limit our tax liability or maximize our after-tax return from these investments.

If we hold 10% or more of the interests treated as equity (by vote or value) for U.S. federal income tax purposes in a foreign corporation that is treated as a CFC, we may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to our pro rata share of the corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution during such tax year. This deemed distribution is required to be included in the income of a U.S. Stockholder of a CFC regardless of whether the shareholder has made a QEF election with respect to such CFC. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Shareholders. A "U.S. Stockholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined voting power or value of all classes of shares of a foreign corporation. If we are treated as receiving a deemed distribution from a CFC, we will be required to include such deemed distribution in our investment company taxable income regardless of whether we receive any actual distributions from such CFC, and we must distribute such income in order to satisfy the Excise Tax Distribution Requirement or the 90% Distribution Requirement. Treasury regulations generally treat our income inclusion with respect to a CFC as qualifying income for purposes of determining our ability to be subject to tax as a RIC either if (i) there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii) such inclusion is derived with respect to our business of investing in stock, securities, or currencies. As such, we may limit and/or manage our holdings in issuers that could be treated as CFCs in order to limit our tax liability or maximize our after-tax return from these investments.

FATCA generally imposes a U.S. federal withholding tax of 30% on U.S. source periodic payments, including interest and dividends to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its United States account holders and its United States owners.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If our deductible expenses in a given taxable year exceed our investment company taxable income, we 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 underwriting fees paid to us are not deductible. Due to these limits on deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several taxable years that we are required to distribute and that is taxable to our Shareholders even if such taxable income is greater than the net income we actually earn during those taxable years.

For federal income tax purposes, we are generally permitted to carry forward a net capital loss in any taxable year to offset our own capital gains, if any. These amounts are available to be carried forward to offset future capital gains to the extent permitted by the Code and applicable tax regulations. Any such loss carryforwards will retain their character as short-term or long-term. In the event that we were to experience an ownership change as defined under the Code, our capital loss carryforwards and other favorable tax attributes, if any, may be subject to limitation.

Gain or loss realized by us from the sale or exchange of warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. The treatment of such gain or loss as long-term or short-term will depend on how long we held a particular warrant. Upon the exercise of a warrant acquired by us, our tax basis in the stock purchased under the warrant will equal the sum of the amount paid for the warrant plus the strike price paid on the exercise of the warrant.

We may invest in equity securities of certain funds and other investment vehicles that are treated as partnerships (other than qualified publicly traded partnerships) for U.S. federal income tax purposes ("underlying partnerships"). Consequently, our income, gains, losses, deductions and expenses will depend upon the corresponding items recognized by such underlying partnerships. In addition, our proportionate share of the assets of each such underlying partnership will be treated as if held directly by us. In these instances, we will be required to meet the Diversification Tests with respect to the assets of such underlying partnerships. We may be required to recognize items of taxable income and gain prior to the time that any corresponding cash distributions are made to us (including in circumstances where investments by an underlying partnership, such as investments in debt instrument with OID, generate income prior to a corresponding receipt of cash). In such case, we may have to dispose of assets (including when it is not advantageous to do so) that we otherwise would have continued to hold in order to generate cash for distributions to Shareholders. In addition, we may have to dispose of an investment in an underlying partnership or devise other methods of cure (such as holding the investment through a taxable subsidiary) to the extent the underlying partnership earns income of a type that may not satisfy the 90% Gross Income Test or holds assets that could cause us not to satisfy the Diversification Tests.

We may invest in equity securities of certain funds (such as BDCs and certain registered closed-end investment companies) that are treated as RICs for U.S. federal income tax purposes ("underlying RICs"). We will not be able to offset gains distributed by one underlying RIC in which we invest against losses in another underlying RIC in which we invest. Redemptions or sales of shares in an underlying RIC could also cause additional distributable gains to Shareholders. A portion of any such gains may be short-term capital gains that would be distributable as ordinary income to Shareholders and would not be offset by our capital loss carryforwards, if any. Capital loss carryforwards of an underlying RIC, if any, would not offset our net capital gains. Further, a portion of losses on sales or redemptions of shares in the underlying RICs may be deferred indefinitely under the wash sale rules.

If we invest in equity securities of REITs, we may receive cash in excess of the REIT's earnings; if we distribute these amounts, these distributions could constitute a return of capital to Shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require us to accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, we may be required to dispose of assets (including when it is not advantageous to do so) that we otherwise would have continued to hold in order to generate cash for distributions to Shareholders. Dividends received by us from a REIT generally will not constitute qualified dividend income.

Because of the nature of the rules governing how REITs report their income and the timing of REITs issuing year-end tax information, to the extent we invest in REITs, we may need to estimate the character of distributions paid to Shareholders from REIT distributions. In addition, after the calendar year-end, REITs may recharacterize the nature of the distributions paid during that year. As a result, the composition our distributions as reported initially may differ from the final composition determined after calendar year-end and reported to Shareholders on their year-end tax information statements.

We might invest directly or indirectly in residual interests in real estate mortgage investment conduits, or "REMICs," or equity interests in taxable mortgage pools, or "TMPs." Under a notice issued by the IRS in October 2006 and Treasury Regulations that have not yet been issued (but may apply with retroactive effect) a portion of our income from a REIT that is attributable to the REIT's residual interest in a REMIC or a TMP (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC will generally be allocated to Shareholders of the RIC in proportion to the dividends received by such Shareholders, with the same consequences as if the Shareholders held the related REMIC or TMP residual interest directly.

In general, excess inclusion income allocated to Shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income, or "UBTI," to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. Shareholder, will not qualify for any reduction in U.S. federal withholding tax. A Shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

Certain of our investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) convert dividends that would otherwise constitute qualified dividend income into ordinary income, (ii) treat dividends that would otherwise be eligible for deductions available to certain U.S. corporations under the Code as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv) convert long-term capital gains into short-term capital gains or ordinary income, (v) convert an ordinary loss or deduction into a capital loss (the deductibility of which is more limited), (vi) cause us to recognize income or gain without a corresponding receipt of cash, (vii) adversely alter the characterization of certain complex financial transactions, and (viii) produce income that will not qualify as good income for purposes of the 90% Gross Income Test. While we may not always be successful in doing so, we will seek to avoid or minimize the adverse tax consequences of our investment practices.

**Taxation of Securityholders**

*Taxation of U.S. Resident Holders of Our Shares*. Dividends and distributions on our shares are generally subject to federal income tax as described herein, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when our NAV reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when our NAV also reflects unrealized losses. Certain dividends and distributions declared by us in October, November or December to Shareholders of record of such month of a calendar year and paid by us in January of the following calendar year will be treated by Shareholders as if received on December 31 of the calendar year in which they were declared. In addition, certain other distributions made after the close of our tax year may be "spilled back" and treated as paid by us (except for purposes of the nondeductible 4% federal excise tax) during such tax year. In such case, Shareholders will be treated as having received such dividends in the tax year in which the distributions were actually made.

Shareholders receiving any distribution from us in the form of additional shares will generally be treated as receiving a taxable distribution in an amount equal to the fair market value of the additional shares received pursuant to the DRIP.

We inform Shareholders of the source and tax status of all distributions promptly after the close of each calendar year.

For federal income tax purposes, distributions paid out of our current or accumulated earnings and profits will, except in the case of distributions of qualified dividend income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by us (whether paid in cash or reinvested in additional Shares) to individual taxpayers are taxed at rates applicable to net long-term capital gains. This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by us, and there can be no assurance as to what portion of our dividend distributions will qualify for favorable treatment. For this purpose, "qualified dividend income" means dividends received from United States corporations and "qualified foreign corporations," provided that we satisfy certain holding period and other requirements in respect of the stock of such corporations. The maximum individual rate applicable to qualified dividend income is either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. Given our investment strategies, it is not anticipated that a significant portion of our dividends will be eligible to be treated as qualified dividend income.

Dividends distributed from our investment company taxable income which have been reported by us and received by certain of our corporate Shareholders will qualify for the DRD to the extent of the amount of qualifying dividends received by us from certain domestic corporations for the tax year. A dividend received by us will not be treated as a qualifying dividend (i) to the extent the stock on which the dividend is paid is considered to be "debt-financed" (generally, acquired with borrowed funds), (ii) if we fail to meet certain holding period requirements for the stock on which the dividend is paid or (iii) to the extent we are under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the DRD may be disallowed or reduced if an otherwise eligible corporate shareholder fails to satisfy the foregoing requirements with respect to Shares or by application of the Code. Given our investment strategies, it is not anticipated that a significant portion of our dividends will be eligible for the DRD.

Capital gain dividends distributed to a shareholder are characterized as long-term capital gains, regardless of how long the shareholder has held our shares. A distribution of an amount in excess of our current and accumulated earnings and profits will be treated by a shareholder as a return of capital which is applied against and reduces the shareholder's tax basis in our shares. To the extent that the amount of any such distribution exceeds a shareholder's tax basis in our shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions of gains from the sale or other disposition of our investments that we owned for one year or less are characterized as ordinary income.

Certain distributions reported by us as Section 163(j) interest dividends may be treated as interest income by Shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by Shareholders 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 we are eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of our business interest income over the sum of our (i) business interest expense and (ii) other deductions properly allocable to our business interest income.

Individuals (and certain other non-corporate entities) are generally eligible for a 20% deduction with respect to taxable ordinary dividends from REITs through 2025. Applicable Treasury Regulations allow a RIC to pass through to its shareholders such taxable ordinary REIT dividends. Accordingly, individual (and certain other non-corporate) shareholders of a RIC that has received taxable ordinary REIT dividends may be able to take advantage of this 20% deduction with respect to any such amounts passed through.

We may elect to retain our net capital gains or a portion thereof for investment and be subject to tax at corporate rates on the amount retained. In such case, we may designate the retained amount as undistributed net capital gains in a notice to our Shareholders who will be treated as if each received a distribution of the pro rata share of such net capital gain, with the result that each shareholder will: (i) be required to report the pro rata share of such net capital gain on the applicable tax return as long-term capital gains; (ii) receive a refundable tax credit for the pro rata share of tax paid by us on the net capital gain; and (iii) increase the tax basis for the Shares held by an amount equal to the deemed distribution less the tax credit.

The benefits of the reduced tax rates applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to noncorporate Shareholders.

The IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, we intend to allocate capital gain dividends, if any, between our common shares and preferred shares in proportion to the total dividends paid to each class with respect to such tax year.

Selling Shareholders will generally recognize gain or loss in an amount equal to the difference between the amount realized on the sale and the shareholder's adjusted tax basis in the shares sold. The gain or loss will generally be a capital gain or loss. The current maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is: (i) the same as the maximum ordinary income tax rate for gain recognized on the sale of capital assets held for one year or less; or (ii) generally 15% or 20% (depending on whether the shareholder's income exceeds certain threshold amounts) for gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain dividends).

The repurchase of Shares may result in a taxable gain or loss to the tendering shareholder. Different tax consequences may apply for tendering and non-tendering Shareholders in connection with a repurchase offer. For example, if a shareholder does not tender all of his or her shares, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes and may result in deemed distributions to non-tendering Shareholders. On the other hand, Shareholders holding shares as capital assets who tender all of their shares (including shares deemed owned by Shareholders under constructive ownership rules) will be treated as having sold their shares and generally will recognize capital gain or loss. See "— ***Income from Repurchases and Transfers of Shares****.*"

Any loss realized upon the sale or exchange of Shares with a holding period of six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (or amounts designated as undistributed capital gains) with respect to such shares. In addition, all or a portion of a loss realized by a shareholder on a sale or other disposition of Shares may be disallowed under "wash sale" rules to the extent the shareholder acquires other Shares (whether through the reinvestment of distributions or otherwise) within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of our shares. Any disallowed loss will result in an adjustment to the shareholder's tax basis in some or all of the other Shares acquired.

Certain commissions or other sales charges paid upon a purchase of our shares cannot be taken into account for purposes of determining gain or loss on a sale of such shares within 90 days after their purchase to the extent a sales charge is reduced or eliminated in a subsequent acquisition of our shares on or before January 31 of the calendar year following the calendar year in which the sale is made, pursuant to a reinvestment right. Any disregarded amounts will result in an adjustment to a shareholder's tax basis in some or all of any other shares of our stock acquired.

We or your financial intermediary is also generally required by law to report to each Shareholder and to the IRS cost basis information for Shares sold by or repurchased from the Shareholder. This information includes the adjusted cost basis of the shares, the gross proceeds from disposition and whether the gain or loss is long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method selected by us, unless a Shareholder, before the sale or redemption, informs us that it has selected a different IRS-accepted method offered by us. These requirements, however, will not apply for investments through a tax-advantaged account. Shareholders should consult their financial intermediaries and tax advisers to determine the best cost basis method for their tax situation, and to obtain more information about how these cost basis reporting requirements apply to them.

If a U.S. holder acquires a note for an amount that is less than its principal amount, the amount of the difference generally will be treated as "market discount" for U.S. federal income tax purposes, unless that difference is less than a specified de minimis amount. Under the market discount rules, a U.S. holder will be required to treat any principal payment on, or any gain on the sale, exchange, retirement or other disposition of, a note as ordinary income to the extent of the market discount that the U.S. holder has not previously included in income and are treated as having accrued on the note at the time of the payment or disposition. In addition, a U.S. holder may be required to defer, until the maturity of a note or its earlier sale or other disposition in a taxable transaction, the deduction of all or a portion of the interest expense on any indebtedness attributable to the note. A U.S. holder may elect, on a note-by-note basis, to deduct such deferred interest expense in a tax year prior to the tax year of disposition. If a U.S. holder makes this election, it will only apply to any note with respect to which it is made, and such election is irrevocable without the consent of the IRS. U.S. holders should consult their own tax advisors before making this election.

Any market discount on a note will be considered to accrue ratably during the period from the date of acquisition to the maturity date of the note, unless a U.S. holder elects to accrue such market discount on a constant interest method. In addition, a U.S. holder may make a separate election to include market discount in income currently as it accrues, on either a ratable or constant yield method, in which case the rule described above regarding deferral of interest deductions will not apply. If a U.S. holder makes this election, it will apply to all debt instruments acquired with market discount (including, if applicable, a note) that the U.S. holder acquires on or after the first day of the first tax year to which the election applies. A U.S. holder may not revoke this election without the consent of the IRS. U.S. holders should consult their own tax advisors before making either such election.

If a U.S. holder acquires a note for an amount in excess of its stated principal amount, the U.S. holder will be considered to have purchased the note at a "premium." A U.S. holder generally may elect to amortize such premium over the remaining term of the note on a constant yield method as an offset to interest when includible in taxable income under the U.S. holder's regular accounting method. If a U.S. holder makes this election, it will apply to all debt instruments acquired with premium (including, if applicable, a note) that the U.S. holder acquires on or after the first day of the first tax year to which the election applies. A U.S. holder may not revoke this election without the consent of the IRS. If a U.S. holder does not elect to amortize premium on the note, that premium will decrease the gain or increase the loss the U.S. holder would otherwise recognize on disposition of the note.

*Medicare Tax on Net Investment Income.* A 3.8% tax is imposed under Section 1411 of the Code on the "net investment income" of certain U.S. citizens and residents and on the undistributed net investment income of certain estates and trusts, to the extent that such taxpayer'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. Among other items, net investment income generally includes payments of interest or dividends on, and net gains recognized from the sale, exchange, redemption, retirement or other taxable disposition of our securities (unless the securities are held in connection with certain trades or businesses), less certain deductions. Prospective investors in our securities should consult their own tax advisors regarding the effect, if any, of this tax on their ownership and disposition of our securities.

*Taxation of Tax-Exempt Holders of Our Stock.* A U.S. shareholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive UBTI. The direct conduct by a tax-exempt U.S. shareholder of the activities that we propose to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its Shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. shareholder should not be subject to U.S. federal income taxation solely as a result of such shareholder's direct or indirect ownership of Shares and receipt of distributions with respect to such shares (regardless of whether we incur indebtedness). Moreover, under current law, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. shareholder. Therefore, a tax-exempt U.S. shareholder should not be treated as earning income from "debt-financed property" and distributions that we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. Certain tax-exempt private universities are subject to an additional 1.4% 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 RICs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which we do not currently plan to do, that could result in a tax-exempt U.S. shareholder recognizing income that would be treated as UBTI.

*Taxation of Non-U.S. Holders of Our Stock.* Whether an investment in the Shares is appropriate for a non-U.S. holder will depend upon that person's particular circumstances. An investment in the shares by a non-U.S. holder may have adverse tax consequences. Non-U.S. holders should consult their tax advisors before investing in our stock.

Subject to the discussions below, distributions of our "investment company taxable income" to non-U.S. holders (including interest income and net short-term capital gain) are generally expected to be subject to withholding of U.S. federal taxes at a 30% rate (or lower rate provided by an applicable treaty) to the extent of our current and accumulated earnings and profits. If the distributions are effectively connected with a U.S. trade or business of the non-U.S. holder, we will not be required to withhold U.S. federal tax if the non-U.S. holder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. Special certification requirements apply to a non-U.S. holder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors. Backup withholding will not be applied to payments that have been subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. In addition, distribution reinvestments will be made net of any applicable U.S. withholding taxes.

In addition, with respect to certain distributions made by RICs to non-U.S. holders, no withholding is required and the distributions generally are not subject to U.S. federal income tax if (i) the distributions are properly reported in a notice timely delivered to our Shareholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. Depending on the circumstances, we may report all, some or none of our potentially eligible dividends as derived from such qualified net interest income or as qualified short-term capital gain, and a portion of our distributions, which may be significant (e.g., interest from non-U.S. sources or non-U.S. CLOs or any foreign currency gains) would be ineligible for this potential exemption from withholding. Moreover, in the case of Shares held through an intermediary, the intermediary may have withheld U.S. federal income tax even if we reported the payment as derived from such qualified net interest income or qualified short-term capital gain. Hence, no assurance can be provided as to whether any amount of our dividends or distributions will be eligible for this exemption from withholding or if eligible, will be reported as such by us.

Actual or deemed distributions of our net long-term capital gains to a non-U.S. holder, and gains realized by a non-U.S. holder upon the sale of our stock, will not be subject to federal withholding tax and generally will not be subject to U.S. federal income tax unless, (i) the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. holder and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. holder in the United States or (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the distributions or gains and certain other conditions are met.

If we distribute our net capital gains in the form of deemed rather than actual distributions (which we may do in the future), a non-U.S. holder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the non-U.S. holder would be required to obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the non-U.S. holder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate non-U.S. holder, distributions (both actual and deemed), and gains realized upon the sale of our stock that are effectively connected with a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

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

Non-U.S. holders may also be subject to U.S. estate tax with respect to their investment in our shares.

Non-U.S. persons should consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the shares.

*Publicly Offered RIC.* Until and unless we are treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) as a result of either (i) Shares and our preferred stock (if any) collectively are held by at least 500 persons at all times during a taxable year, (ii) Shares are treated as regularly traded on an established securities market or (iii) Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) for purposes of computing the taxable income of U.S. Shareholders that are individuals, trusts or estates, (i) our earnings will be computed without taking into account such U.S. Shareholders' allocable shares of the management and incentive fees paid to our Advisor and certain of our other expenses, (ii) each such U.S. shareholder will be treated as having received or accrued a dividend from us in the amount of such U.S. shareholder's allocable share of these fees and expenses for the calendar year, (iii) each such U.S. shareholder will be treated as having paid or incurred such U.S. shareholder's allocable share of these fees and expenses for the calendar year, and (iv) each such U.S. shareholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate.

*Tax Shelter Reporting Regulations.* Under applicable Treasury Regulations, if a U.S. holder recognizes a loss with respect to our securities of $2 million or more for a non-corporate U.S. holder or $10 million or more for a corporate U.S. holder in any single tax year (or a greater loss over a combination of tax years), the U.S. holder may be required to file with the IRS a disclosure statement on IRS Form 8886.

Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but, under current guidance, equity owners of RICs are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. holders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. holders of our securities should consult their own tax advisors to determine the applicability of these Treasury Regulations in light of their individual circumstances.

*Information Reporting and Backup Withholding.* A U.S. holder (other than an "exempt recipient," including a C corporation and certain other persons who, when required, demonstrate their exempt status) may be subject to backup withholding at a rate of 24% on, and will be subject to information reporting requirements with respect to, payments of principal or interest (including OID, if any) on, and proceeds from the sale, exchange, redemption or retirement of, our securities. In general, if a non-corporate U.S. holder subject to information reporting fails to furnish a correct taxpayer identification number or otherwise fails to comply with applicable backup withholding requirements, backup withholding at the applicable rate may apply.

If you are a non-U.S. holder, generally, the applicable withholding agent is generally required to report to the IRS and to you payments of interest, including OID (if any), on our securities and the amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which you reside under the provisions of a treaty or agreement. In general, backup withholding will not apply to payments of interest on your securities if you have provided to the applicable withholding agent the required certification that you are not a U.S. person and the applicable withholding agent does not have actual knowledge or reason to know that you are a U.S. person. Information reporting and, depending on the circumstances, backup withholding will apply to payment to you of the proceeds of a sale or other disposition (including a retirement or redemption) of your securities within the United States or conducted through certain U.S.-related financial intermediaries, unless you certify under penalties of perjury that you are not a U.S. person or you otherwise establish an exemption, and the applicable withholding agent does not have actual knowledge or reason to know that you are a U.S. person.

You should consult your own tax advisor regarding the application of information reporting and backup withholding in your particular circumstance and the availability of and procedure for obtaining an exemption from backup withholding. Backup withholding is not an additional tax, and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

*FATCA Withholding on Payments to Certain Foreign Entities.* FATCA generally imposes a U.S. federal withholding tax of 30% on payments of dividends made with respect to Shares to certain non-U.S. entities (including, in some circumstances, where such an entity is acting as an intermediary) that fail to comply (or be deemed compliant) with certain certification and information reporting requirements. FATCA withholding taxes apply to all withholdable payments without regard to whether the beneficial owner of the payment would otherwise be entitled to an exemption from withholding taxes pursuant to an applicable tax treaty with the United States or under U.S. domestic law. If FATCA withholding taxes are imposed with respect to any payments of interest or proceeds made under our debt securities, holders that are otherwise eligible for an exemption from, or reduction of, U.S. federal withholding taxes with respect to such interest or proceeds will be required to seek a credit or refund from the IRS in order to obtain the benefit of such exemption or reduction, if any. Securityholders may be requested to provide additional information to enable the applicable withholding agent to determine whether withholding is required.

Proposed Treasury Regulations eliminate the application of withholding imposed under FATCA with respect to payments of gross proceeds. The Fund and any other applicable withholding agent may rely on the Proposed Treasury Regulations until final regulations are issued. Prospective holders in our securities should consult their own tax advisors regarding the effect, if any, of the FATCA rules for them based on their particular circumstances.

**Income from Repurchases and Transfers of Shares**

A repurchase or transfer of Shares by the Fund generally will be treated as a taxable transaction for U.S. federal income tax purposes, either as a "sale or exchange," or, under certain circumstances, as a "dividend." In general, a repurchase of a Shareholder's Shares by the Fund should be treated as a sale or exchange of the Shares if the receipt of cash results in a meaningful reduction in the shareholder's proportionate interest in the Fund, or results in a "complete redemption" of the shareholder's Shares, or otherwise results in a distribution that is "not essentially equivalent to a dividend", in each case applying certain constructive ownership rules in the Code. Alternatively, if a shareholder does not tender all of his or her Shares, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes, and the gross amount of such repurchase may constitute a dividend to the shareholder to the extent of such shareholder's pro rata share of the Fund's current and accumulated earnings and profits.

If the repurchase of a shareholder's Shares qualifies for sale or exchange treatment, the shareholder will recognize gain or loss equal to the difference between the amount received in exchange for the repurchased Shares and the adjusted tax basis of those Shares. Such gain or loss will be capital gain or loss if the repurchased Shares were held by the shareholder as capital assets, and generally will be treated as long-term capital gain or loss if the repurchased or transferred Shares were held by the shareholder for more than one year, or as short-term capital gain or loss if the repurchased or transferred Shares were held by the shareholder for one year or less.

Notwithstanding the foregoing, any capital loss realized by a shareholder will be disallowed to the extent the Shares repurchased or transferred by the Fund are replaced (including through reinvestment of dividends) either with Shares or substantially identical securities within a period of 61 days beginning 30 days before and ending 30 days after the repurchase or transfer of the Shares. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired. The deductibility of capital losses may be subject to statutory limitations.

If the repurchase or transfer of a shareholder's Shares does not qualify for sale or exchange treatment, the shareholder may be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the shareholder's tax basis in the relevant Shares. The tax basis in the Shares repurchased or transferred by the Fund, to the extent remaining after any dividend and return of capital distribution with respect to those Shares, will be transferred to any remaining Shares held by the shareholder.

The Fund (or the financial intermediary) generally will be required to report to the IRS and each shareholder the cost basis and holding period for each respective shareholder's Shares repurchased or transferred by the Fund. The Fund has elected the average cost method as the default cost basis method for purposes of this requirement. If a shareholder wishes to accept the average cost method as its default cost basis calculation method in respect of Shares in its account, the shareholder does not need to take any additional action. If, however, a shareholder wishes to affirmatively elect an alternative cost basis calculation method in respect of its Shares, the shareholder must contact the Fund's administrator to obtain and complete a cost basis election form. The cost basis method applicable to a particular stock repurchase or transfer may not be changed after the valuation date established by the Fund in respect of that repurchase or transfer. Shareholders should consult their financial intermediaries and tax advisors regarding their cost basis reporting options and to obtain more information about how the cost basis reporting rules apply to them.

A sale of Shares, other than in the context of a repurchase or transfer of Shares by the Fund, generally will have the same tax consequences as described above in respect of a stock repurchase that qualifies for "sale or exchange" treatment. The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC. The Fund could also recognize income in connection with its liquidation of portfolio securities to fund Share repurchases. Any such income would be taken into account in determining whether the distribution requirements are satisfied, and to the extent that additional distributions are required, could generate additional taxable income for those Shareholders receiving such additional distributions. Furthermore, if the Fund is unable to liquidate portfolio securities in a manner that would enable the Fund to meet the income and asset diversification tests, the Fund could fail to qualify as a RIC, with the adverse consequences as set forth above.

***The preceding discussion of material U.S. federal income tax considerations is for general information only and is not tax advice. We urge you to consult your own tax advisor with respect to the particular tax consequences to you of an investment in our securities, including the possible effect of any pending legislation or proposed regulations****.*

**ERISA CONSIDERATIONS**

Employee benefit plans and other plans subject to ERISA or the Code, including corporate savings and 401(k) plans, IRAs and Keogh Plans (each, an "ERISA Plan") may purchase Shares. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, prohibited transactions and other standards. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund are not considered to be "plan assets" of any ERISA Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, neither the Fund nor the Adviser will be a fiduciary within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any ERISA Plan that becomes a Shareholder, solely as a result of the ERISA Plan's investment in the Fund.

The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisers regarding the consequences under ERISA of an investment in the Fund through an ERISA Plan.

**PURCHASES OF SHARES**

**Eligible Investors**

Each prospective investor in the Fund will be required to certify to the Fund that the Shares are being acquired for the account of an "accredited investor" as defined in Regulation D under the Securities Act (or another category of investor to which offers and sales of securities may be made pursuant to an exemption from the registration provision of the Securities Act). As stated previously in this Memorandum, investors who are "accredited investors" as defined in Regulation D (or are included in such other category of investor) are referred to in this Memorandum as "Eligible Investors." Existing Shareholders who purchase additional Shares will be required to qualify as Eligible Investors at the time of each additional purchase. Qualifications that must be met in becoming a Shareholder are set out in the subscription agreement that must be completed by each prospective investor.

**Capital Calls**

Capital commitments may be called in the discretion of the Adviser during each Commitment Period to fund investments and for other corporate purposes. An investor may make one or more additional capital commitments, each of which shall be irrevocable and, solely with respect to the amount of such additional capital commitment, subject to a Commitment Period for two years after such commitment.

At least 120 days before the end of the applicable Commitment Period for a capital commitment (the initial capital commitment and any additional capital commitment), the Adviser will notify the investor of the extension of the Commitment Period of the initial capital commitment amount for an additional year. Unless the investor objects to such extension at least 60 days before the end of the applicable Commitment Period, the Commitment Period will be extended for a period of one year.

A capital commitment may be drawn upon after the expiration of a Commitment Period solely to make: (i) investments committed to or in progress prior to the end of the Commitment Period (including, for example, investments in delayed draw loans and revolving credit facilities and unsettled trades); (ii) investments under consideration by the Adviser prior to the end of the Commitment Period pursuant to an executed term sheet; (iii) short term cash equivalent investments; or (iv) investments (A) deemed necessary, desirable, or appropriate by the Adviser in order to preserve, protect, enhance or support an existing investment, including but not limited to any financing transaction with respect to any investments and any refinancing or restructuring of any existing investments intended to preserve, protect, enhance or support existing Portfolio Debt Securities or other investments or (B) that are follow-on investments in entities or issuers in which the Fund has previously invested, or that are with counterparties with whom the Fund has previously invested, or affiliates of such entities or counterparties or are otherwise related to existing investments, including underlying portfolio companies of issuers of Portfolio Debt Securities; provided, that (a) no amount can be drawn down pursuant to clause (iv) following one year after the end of the applicable Commitment Period, unless, at least 120 days before the end of the year after the Commitment Period, the Adviser notifies the investor of the total dollar amount that can be drawn down pursuant to clause (iv) and the investor does not object to such amount at least 90 days before the end of the year after the Commitment Period, and (b) the amounts drawn down for the investments described in clause (iv) of this paragraph made after the end of the Commitment Period will not exceed 15% of the aggregate capital commitment amount and (c) any amount drawn down for a single investment/issuer described in clause (iv) that exceeds 3% of the aggregate capital commitment amount requires the Adviser to notify the investor.

The Adviser will provide at least 10 business days' notice in the case of capital calls for an amount greater than $5,000,000 and at least 5 business days' notice in the case of capital calls for an amount equal to or less than $5,000,000.

**The Adviser generally intends to call and deploy substantially all of an investor's capital commitment, and obtain leverage thereon, within one year**

**INVESTOR RELATIONS SERVICES**

In exchange for providing investor relations services to Shareholders, the Fund may retain an investor relations provider and pay for investor relations services as such services are provided. Investor relations services are non-investment advisory services and may include assisting with investor calls, investor account maintenance, operational matters pertaining to shareholder account transactions and communications with Shareholders.

**DISTRIBUTIONS**

We intend to make regular quarterly ordinary income distributions in cash of substantially all of our "investment company taxable income" (which generally consists of ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, and excluding any deduction for distributions paid to Shareholders) to Shareholders. We also intend to make at least annual distributions in cash of all or a portion of our "net capital gains" (which is the excess of net long-term capital gains over net short-term capital losses). At times, in order to maintain a stable level of distributions, we may distribute less than all of our net investment income, distribute accumulated undistributed income or make a distribution comprised in full or in part of a return of capital in addition to current net investment income.

In addition to the regular quarterly distributions, and subject to available taxable earnings of the Fund, the Fund may make periodic special distributions. A special distribution represents the excess of the Fund's net taxable income over the Fund's aggregate quarterly distributions paid during the year.

If a record date for a particular distribution occurs before an investor's date of settlement, such investor who purchases shares in this offering will not be entitled to receive such distribution.

**DISTRIBUTION REINVESTMENT PLAN**

We have adopted an "opt in" distribution reinvestment plan ("DRIP") pursuant to which Shareholders may elect to have the full amount of your cash distributions reinvested in additional Shares. Shares will be issued pursuant to the DRIP at a price equal to their net asset value. There is no sales load or other charge for distributions reinvestment. If Shareholders elect to participate in the DRIP, distributions on Shares are automatically reinvested in additional Shares by Harmonic Fund Services, or the "DRIP Agent." Holders of our Shares who receive distributions in the form of additional Shares are nonetheless required to pay applicable federal, state or local taxes on the reinvested distribution and will not receive a corresponding cash distribution with which to pay any applicable tax. Reinvested distributions increase our Shareholders' equity on which a management fee is payable to the Adviser.

Participants in our DRIP are free to elect or revoke reinstatement in the DRIP on 90 days' notice to the DRIP Agent. A request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution.

We and the DRIP Agent reserve the right to amend or terminate the DRIP upon written notice to each participant at least 30 days before the record date for the payment of any dividend or distribution by us.

All correspondence or additional information about the DRIP should be directed to Harmonic Fund Services, (345) 949-0090 or by mail: Harmonic Fund Services, Cayman Corporate Center, 4th floor, 27 Hospital Road, PO Box 940GT, Grand Cayman, KY1-1102, Cayman Islands.

**REGULATION AS A CLOSED-END MANAGEMENT INVESTMENT COMPANY**

**General**

As a registered closed-end management investment company, we are subject to regulation under the 1940 Act. Under the 1940 Act, unless authorized by vote of a majority of our outstanding voting securities, we may not:

● change our classification to an open-end management investment company;

● alter any of our fundamental policies, which are set forth below in  ***"— Investment Restrictions"*** ; or

● change the nature of our business so as to cease to be an investment company.

A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company.

As with other companies regulated by the 1940 Act, a registered closed-end management investment company must adhere to certain substantive regulatory requirements. A majority of our trustees must be persons who are not "interested persons" of us, as that term is defined in the 1940 Act. We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the closed-end management investment company. Furthermore, as a registered closed-end management investment company, we are prohibited from protecting any trustee or officer against any liability to us or our Shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates absent exemptive relief or other prior approval by the SEC.

**Privacy Policy**

We are committed to protecting your privacy. This privacy notice explains our privacy policies and those of our affiliated companies. The terms of this notice apply to both current and former Shareholders. We will safeguard, according to strict standards of security and confidentiality, all information we receive about you. With regard to this information, we maintain procedural safeguards that are reasonably designed to comply with federal standards. We have implemented procedures that are designed to restrict access to your personal information to authorized employees of the Adviser, the Administrator and their affiliates who need to know your personal information to perform their jobs, and in connection with servicing your account. Our goal is to limit the collection and use of information about you. While we may share your personal information with our affiliates in connection with servicing your account, our affiliates are not permitted to share your information with non-affiliated entities, except as permitted or required by law.

When you purchase Shares and in the course of providing you with products and services, we and certain of our service providers, such as a transfer agent, may collect personal information about you, such as your name, address, social security number or taxpayer identification number. This information may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or information captured on applicable websites.

We do not disclose any personal information provided by you or gathered by us to non-affiliated third parties, except as permitted or required by law or for our everyday business purposes, such as to process transactions or service your account. For example, we may share your personal information in order to send you annual and semiannual reports, proxy statements and other information required by law, and to send you information we believe may be of interest to you. We may disclose your personal information to unaffiliated third-party financial service providers (which may include a custodian, transfer agent, accountant or financial printer) who need to know that information in order to provide services to you or to us. These companies are required to protect your information and use it solely for the purpose for which they received it or as otherwise permitted by law. We may also provide your personal information to your brokerage or financial advisory firm and/or to your financial adviser or consultant, as well as to professional advisors, such as accountants, lawyers and consultants.

We reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where we believe in good faith that disclosure is required by law, such as in accordance with a court order or at the request of government regulators or law enforcement authorities or to protect our rights or property. We may also disclose your personal information to a non-affiliated third party at your request or if you consent in writing to the disclosure.

**MANAGEMENT OF THE FUND**

Our Board of Trustees is responsible for the overall management and supervision of our business and affairs, including the appointment of advisers and sub-advisers. Our Trustees may appoint officers who assist in managing our day-to-day affairs.

**The Board of Trustees**

The Board of Trustees currently consists of six members, four of whom are not "interested persons" (as defined in the 1940 Act) of us. We refer to these Trustees as our "Independent Trustees."

**Duties of Trustees; Meetings and Committees**. Under our Declaration of Trust, our Board of Trustees is responsible for managing our affairs, including the appointment of investment advisers. The Board of Trustees appoints officers who assist in managing our day-to-day affairs. The Board of Trustees generally meets quarterly.

The Board of Trustees has appointed Thomas P. Majewski as Chair. The Chair presides at meetings of the Board of Trustees and may call meetings of the Board and any committee whenever he deems necessary. The Chair participates in the preparation of the agenda for meetings of the Board of Trustees and the identification of information to be presented to the Board of Trustees with respect to matters to be acted upon by the Trustees. The Chair also acts as a liaison with our management, officers and attorneys and the other Trustees generally between meetings. The Chair may perform such other functions as may be requested by the Board of Trustees from time to time. Except for any duties specified in this Memorandum or pursuant to our Declaration of Trust or bylaws, or as assigned by the Board of Trustees, the designation of a Trustee as Chair does not impose on that Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on any other Trustee, generally.

The Board of Trustees believes that this leadership structure is appropriate because it allows the Board of Trustees to exercise informed judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Trustees and the full Board of Trustees in a manner that enhances effective oversight. The Board of Trustees also believes that having a majority of Independent Trustees is appropriate and in the best interest of our Shareholders. Nevertheless, the Board of Trustees also believes that having interested persons serve on the Board of Trustees brings corporate and financial viewpoints that are, in the Board of Trustees' view, crucial elements in its decision-making process. In addition, the Board of Trustees believes that Thomas P. Majewski, Managing Partner and founder of the Adviser, provides the Board of Trustees with the Adviser's perspective in managing and sponsoring us. The leadership structure of the Board of Trustees may be changed, at any time and in the discretion of the Board of Trustees, including in response to changes in circumstances or our characteristics. A Trustee may be removed from office for cause only, and not without cause, by action taken by a majority of the remaining Trustees or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation or removal.

**Committees of the Board of Trustees**. Under our Declaration of Trust, our Board of Trustees is responsible for managing our affairs, including the appointment of investment advisers. The Board of Trustees appoints officers who assist in managing our day-to-day affairs.

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| | |
|:---|:---|
| **Audit** | **Nominating** |
| Scott W. Appleby | Scott W. Appleby, Chair |
| Kevin F. McDonald<br> Paul E. Tramontano | Kevin F. McDonald<br> Paul E. Tramontano |
| Jeffrey L. Weiss, Chair | Jeffrey L. Weiss |

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***Audit Committee***

All of the members of the audit committee are Independent Trustees, and each member is financially literate with at least one having accounting or financial management expertise. The Board of Trustees has adopted a written charter for the audit committee. The audit committee recommends to the full Board of Trustees the independent registered public accounting firm for us, oversees the work of the independent registered public accounting firm in connection with our audit, communicates with the independent registered public accounting firm on a regular basis and provides a forum for the independent registered public accounting firm to report and discuss any matters it deems appropriate at any time. Jeffrey L. Weiss serves as Chair of the audit committee.

The audit committee also functions as our qualified legal compliance committee and is responsible for the confidential receipt, retention and consideration of any report of evidence of (1) a material violation of applicable federal or state securities law, (2) a material breach of fiduciary duty arising under federal or state law or (3) a similar material violation of any federal or state law by us or any of our officers, Trustees, employees or agents that has occurred, is ongoing or is about to occur.

***Nominating Committee***

The nominating committee is comprised of all of the Independent Trustees. The nominating committee periodically reviews the committee structure, conducts an annual self-assessment of the Board of Trustees and makes the final selection and nomination of candidates to serve as Independent Trustees. In addition, the nominating committee makes recommendations regarding the compensation of the Fund's Independent Trustees for approval by the Board of Trustees as there is no separate compensation committee of the Fund. The Board of Trustees nominates and selects our Interested Trustees and the officers. Scott W. Appleby serves as Chair of the nominating committee.

In reviewing a potential nominee, the nominating committee will generally apply the following criteria: (1) the nominee's reputation for integrity, honesty and adherence to high ethical standards; (2) the nominee's business acumen, experience and ability to exercise sound judgment; (3) a commitment to understand the Fund and the responsibilities of a trustee of an investment company; (4) a commitment to regularly attend and participate in meetings of the Board of Trustees and its committees; (5) the ability to understand potential conflicts of interest involving management of the Fund and to act in the interests of all Shareholders; and (6) the absence of a real or apparent conflict of interest that would impair the nominee's ability to represent the interests of all the Shareholders and to fulfill the responsibilities of an Independent Trustee. The nominating committee does not necessarily place the same emphasis on each criteria and each nominee may not have each of these qualities.

As long as an existing Independent Trustee continues to serve on the Board, in the opinion of the nominating committee, to satisfy these criteria, we anticipate that the nominating committee would favor the re-nomination of an existing Independent Trustee rather than nominate a new candidate. Consequently, while the nominating committee will consider nominees recommended by Shareholders to serve as Independent Trustee, the nominating committee may only act upon such recommendations if there is a vacancy on the Board of Trustees or a committee and it determines that the selection of a new or additional Independent Trustee is in our best interests. In the event that a vacancy arises or a change in membership is determined to be advisable, the nominating committee will, in addition to any Shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the nominating committee. The nominating committee may retain a consultant to assist it in a search for a qualified candidate. The nominating committee has adopted procedures for the selection of Independent Trustees.

The nominating committee has not adopted a formal policy with regard to the consideration of diversity in identifying trustee nominees. In determining whether to recommend a trustee nominee, the nominating committee considers and discusses diversity, among other factors, with a view toward the needs of the Board as a whole. The nominating committee generally conceptualizes diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skills and other qualities that contribute to the Board, when identifying and recommending trustee nominees. The nominating committee believes that the inclusion of diversity as one of many factors considered in selecting trustee nominees is consistent with the goal of creating a Board of Trustees that best serves the Fund's needs and the interests of the Shareholders. The nominating committee will consider any factors that it may deem are in the best interests of the Fund and the Shareholders, which may include the individual's professional experience, education, skills and other individual qualities or attributes.

In filling Board vacancies, the nominating committee will consider nominees properly recommended by the Fund's Shareholders. Nominee recommendations should be submitted to the Fund at its mailing address stated below and should be directed to the attention of the nominating committee.

Shareholders may communicate with the Trustees as a group or individually. Any such communication should be sent to the Board of Trustees or an individual Trustee c/o the Secretary of the Fund at the following address: 600 Steamboat Road, Suite 202, Greenwich, CT 06830. The Secretary may determine not to forward any letter to Trustees that does not relate to the business of the Fund.

**Risk Oversight**. As a registered investment company, we are subject to a variety of risks, including investment risks, financial risks, compliance risks and operational risks. As part of its overall activities, the Board of Trustees oversees the management of our risk management structure by various departments of the Adviser and the Administrator, as well as by our chief compliance officer. The responsibility to manage our risk management structure on a day-to-day basis is subsumed within the Adviser's overall investment management responsibilities. The Adviser has its own, independent interest in risk management.

The Board of Trustees recognizes that it is not possible to identify all of the risks that may affect us or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board of Trustees discharges risk oversight as part of its overall activities. In addressing issues regarding our risk management between meetings, appropriate representatives of the Adviser communicate with the Chair of the Board of Trustees, the relevant committee chair or our chief compliance officer, who is directly accountable to the Board of Trustees. As appropriate, the Chair of the Board of Trustees and the committee chairs confer among themselves, with our chief compliance officer, the Adviser, other service providers and external fund counsel to identify and review risk management issues that may be placed on the Board of Trustees' agenda and/or that of an appropriate committee for review and discussion with management.

**Compliance Policies and Procedures**. We have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. The chief compliance officer is responsible for administering the policies and procedures.

***Biographical Information about each Trustee****.*

Information about our Trustees is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup><br> and Age** | **Position(s)<br> Held with<br>the Fund** | **Principal Occupation(s) —<br>During Past 5 Years** | **Other<br>Directorships<sup>(3)</sup>** |
| ***<u>Interested Trustees</u>*** |  |  |  |
| Thomas P. Majewski<sup>(2)</sup><br>Age: 50 | Trustee, Chief Executive Officer, and Principal Executive Officer<br>Since inception<sup>(4)</sup><br>| Managing Partner of Eagle Point Credit Management LLC (including certain affiliated advisers) since September 2012. Chief Executive Officer of Eagle Point Credit Company Inc. since May 2014, Eagle Point Income Company Inc. since October 2018, Eagle Point Institutional Income Fund since January 2022, Eagle Point Enhanced Income Trust since October 2023 and Eagle Point Defensive Income Trust since February 2024. | Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust<br>|

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| | | | |
|:---|:---|:---|:---|
| James R. Matthews<sup>(2)</sup><br> Age: 58 | Trustee | Managing Director of Stone Point Capital LLC. | Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust |
| ****<br> ***<u>Independent Trustees</u>*** |  |  |  |
| Scott W. Appleby<br> Age: 60 | Trustee Since inception<sup>(4)</sup> | President of Appleby Capital, Inc., a financial advisory firm, since April 2009.<br>| Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust<br>|
| Kevin F. McDonald<br> Age: 59 | Trustee Since inception<sup>(4)</sup> | Chief Operating Officer of AltaRock Partners, an asset management firm, since January 2019.<br>| Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust<br>|

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| | | | |
|:---|:---|:---|:---|
| Paul E. Tramontano<br> Age: 63 | Trustee | Executive Managing Director at Cresset Asset Management, LLC and Board Member since April 2023; Senior Managing Director and Wealth Manager at First Republic Investment Management from October 2015 to April 2023.<br>| Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust<br>|
| Jeffrey L. Weiss<br> Age: 64 | Trustee Since inception<sup>(4)</sup> | Private Investor since June 2012; Managing Partner of Colter Lewis Investment Partners since January 2018. | Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust |

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<sup>(1)</sup> The business address of each Trustee is c/o EP Private Capital Fund I, 600 Steamboat Road, Suite 202, Greenwich, CT 06830.

<sup>(2)</sup> Mr. Majewski is an interested trustee due to his position with the Adviser. Mr. Matthews is an interested Trustee due to his position with Stone Point, which is an affiliate of the Adviser.

<sup>(3)</sup> Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust are each considered to be in the same fund complex as us and, as a result, each trustee serves as a director/trustee of five investment companies in the same complex.

<sup>(4)</sup> Each Trustee holds an indefinite term until the Trustee's resignation, removal, or death.

Other than as disclosed in the table above, none of our Trustees serves, nor have they served during the last five years, on the board of trustees/directors of another company registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), (or subject to the reporting requirements of Section 15(d) of the Exchange Act), or registered under the 1940 Act (including any other companies in a fund complex with us).

In addition to the description of each Trustee's "Principal Occupation(s)" set forth above, the following provides further information about each Trustee's specific experience, qualifications, attributes or skills that led to the conclusion that they should serve as a Trustee. The information in this section should not be understood to mean that any of the Trustees is an "expert" within the meaning of the federal securities laws.

Although the nominating committee has general criteria that guides its choice of candidates to serve on the Board of Trustees (as discussed above under "— ***Committees of the Board of Trustees***"), there are no specific required qualifications for membership on the Board of Trustees. The Board of Trustees believes that the different perspectives, viewpoints, professional experience, education and individual qualities of each Trustee represent a diversity of experiences and a variety of complementary skills. When considering potential nominees to fill vacancies on the Board of Trustees, and as part of its annual self-evaluation, the Board of Trustees reviews the mix of skills and other relevant experiences of the Trustees.

***Independent Trustees***

***Scott W. Appleby.*** Mr. Appleby is the President of Appleby Capital, Inc. and has more than 22 years of banking experience at Appleby Capital, Deutsche Bank, Robertson Stephens, ABN Amro and Paine Webber. As a senior equity analyst, Mr. Appleby has written on global exchanges, alternative asset managers and financial technology. Mr. Appleby was also one of the first Internet analysts and, in 1997, the first analyst to cover the electronic brokerage industry. Mr. Appleby remains an active writer and speaker on financial technology and Wall Street trends. Mr. Appleby serves on a number of private company and community boards. Mr. Appleby holds an M.B.A. from Cornell University and a B.S. from the University of Vermont.

Mr. Appleby also serves as an independent director/trustee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust and is a member of the audit committee and the chair of the nominating committee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

***Kevin F. McDonald.*** Mr. McDonald is the Chief Operating Officer of AltaRock Partners as of January 2019. Mr. McDonald previously served as Director of Business Development and Investor Relations of Folger Hill Asset Management, LP from December 2014 to July 2018. Mr. McDonald was a Principal of Taylor Investment Advisors, LP, which he co-founded, from 2002 to March 2017, and served as the Chief Executive Officer from 2006 to December 2014. Previously, Mr. McDonald was a Director at Larch Lane Advisors LLC from 1999 to 2001. Mr. McDonald was a Vice President in the futures and options group at JP Morgan Securities from 1994 to 1999 and served as an Assistant Treasurer and proprietary fixed-income trader at BSI Bank (subsidiary of Generali S.P.A.) from 1991 to 1994. Mr. McDonald began his career at Chemical Bank in 1989 where he was a credit analyst in the corporate finance group. Mr. McDonald holds a B.A. from the University of Virginia.

Mr. McDonald also serves as an independent director/trustee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust and is a member of the audit committee and the nominating committee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

***Paul E. Tramontano.*** Mr. Tramontano has served as Executive Managing Director at Cresset Asset Management, LLC since April 2023. Mr. Tramontano was previously a Senior Managing Director and Wealth Manager at First Republic Investment Management from October 2015 to April 2023. Prior to joining First Republic Investment Management, Mr. Tramontano was the founder and Co-Chief Executive Officer at Constellation Wealth Advisors LLC for eight years and was responsible for managing the firm's East Coast operations as well as serving on both the investment and executive management committees. Prior to forming Constellation Wealth Advisors, Mr. Tramontano spent 17 years at Citi Smith Barney, most recently as a Managing Director and Senior Advisor of Citi Family Office. Mr. Tramontano holds a B.S. from Villanova University and attended the Certified Investment Management program at the Wharton School of Business at the University of Pennsylvania.

Mr. Tramontano also serves as an independent director/trustee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust and is a member of the audit committee and the nominating committee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

***Jeffrey L. Weiss.*** Mr. Weiss has served as the Managing Partner of Colter Lewis Investment Partners since January 2018 and is also a private investor (since 2012). Mr. Weiss is a former Managing Director at Lehman Brothers and Barclays, where he also held a number of senior leadership positions. From 2008 to 2012, Mr. Weiss served as Global Head of Financial Institutions at Barclays. Prior to joining Barclays, Mr. Weiss spent 25 years with Lehman Brothers, most recently as a Managing Director. From 2005 to 2008, Mr. Weiss served on the management committee of Lehman Brothers and from 2007 to 2008 Mr. Weiss was responsible for the financial institutions group businesses at Lehman Brothers. Mr. Weiss holds a B.S. from the University of Wisconsin.

Mr. Weiss also serves as an independent director/trustee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust and is the chair of the audit committee and a member of the nominating committee of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

***Interested Trustees***

***Thomas P. Majewski****.* Mr. Majewski is the Founder and Managing Partner of the Adviser. He manages the Adviser and its affiliates ("Eagle Point" or the "firm") and oversees all of the firm's investment offerings. Mr. Majewski is Chairman of the firm's Investment Committee.

Mr. Majewski has over 29 years of experience in credit and structured finance. He led the creation of some of the earliest refinancing CLOs, pioneering techniques that are now commonplace in the market. Prior to founding Eagle Point in 2012, Mr. Majewski held leadership positions within the fixed income divisions at J.P. Morgan, Merrill Lynch, Bear Stearns, and Royal Bank of Scotland. He was the US Country Head at AMP Capital/AE Capital, where he oversaw a diverse portfolio of credit and other private investments on behalf of Australian investors. Mr. Majewski began his career in the securitization group at Arthur Andersen.

Mr. Majewski also serves as a director and Chief Executive Officer of Eagle Point Credit Company Inc.; director, Chairman and Chief Executive Officer of Eagle Point Income Company Inc.; and trustee, Chief Executive Officer and Principal Executive Officer of Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

Mr. Majewski holds a BS in Accounting from Binghamton University.

***James R. Matthews.*** Mr. Matthews was appointed to the Board as a representative of the Adviser and the Trident private equity funds (the "Trident Funds"). Mr. Matthews is currently a Managing Director of Stone Point, which manages the Trident Funds. Mr. Matthews is a member of the Adviser's Board of Managers and he formerly served as a member of the Adviser's investment committee. He joined Stone Point in 2011 from Evercore Partners Inc., where he was a Senior Managing Director and Co-Head of Private Equity. From 2000 to 2007, Mr. Matthews was with Welsh, Carson, Anderson & Stowe, where he was a General Partner and focused on investments in the information services and business services sectors.

Previously, Mr. Matthews was a General Partner of J.H. Whitney & Co. and started his career as an Analyst in the mergers and acquisitions group of Salomon Brothers Inc. Mr. Matthews is a director of various portfolio companies of the Trident Funds. Mr. Matthews holds a B.S. from Boston College and an M.B.A. from the Harvard Graduate School of Business Administration.

Mr. Matthews also serves as Chairman of the Board of Directors of Eagle Point Credit Company Inc., as a director of Eagle Point Income Company Inc., and as a trustee of Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

**Executive Officers**

Information regarding our executive officers who are not Trustees is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and<br>Age<sup>(1)</sup>** | **Position(s) Held with the<br>Fund** | **Term of Office<sup>(2)</sup><br> and Length of<br>Time Served** | **Principal Occupation(s) —<br>During Past 5 Years** |
| Lena Umnova<br> Age: 46<br>| Chief Financial Officer, Principal Accounting Officer and Chief Operating Officer<br>| Since inception | Chief Accounting Officer of Eagle Point Credit Management LLC since 2019; Chief Financial Officer and Chief Operating Officer of Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust since July 2025.<br>|
| Nauman S. Malik<br>Age: 45 | Chief Compliance Officer | Since inception | Chief Compliance Officer of Eagle Point Credit Company Inc. since September 2015, Eagle Point Income Company Inc. since October 2018, Eagle Point Institutional Income Fund since January 2022, Eagle Point Enhanced Income Trust since October 2023 and Eagle Point Defensive Income Trust since February 2024; General Counsel of Eagle Point Credit Management LLC (including certain affiliated advisers) since June 2015; Chief Compliance Officer of Eagle Point Credit Management LLC (including certain affiliated advisers) from September 2015 to March 2020.<br>|
| Courtney B. Fandrick<br> Age: 42 | Secretary | Since inception | Secretary of Eagle Point Credit Company Inc. since September 2015, Eagle Point Income Company Inc. since October 2018, Eagle Point Institutional Income Fund since January 2022, Eagle Point Enhanced Income Trust since October 2023 and Eagle Point Defensive Income Trust since February 2024; Chief Compliance Officer of Eagle Point Credit Management LLC (including certain affiliated advisers) since April 2020; Deputy Chief Compliance Officer of Eagle Point Credit Management LLC (including certain affiliated advisers) from December 2014 to March 2020. |

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<sup>(1)</sup> The business address of each of our officers is c/o EP Private Capital Fund I, 600 Steamboat Road, Suite 202, Greenwich, Connecticut 06830. All of our officers are officers or employees of the Adviser or affiliated companies.

<sup>(2)</sup> Each of our officers holds office until his or her successor is chosen and qualifies, or until his or her earlier resignation or removal.

***Lena Umnova***. Ms. Umnova has served as our Chief Financial Officer and Chief Operating Officer since inception. Ms. Umnova also serves as Chief Accounting Officer of Eagle Point Credit Management LLC. Prior to joining Eagle Point Credit Management LLC in 2015, Ms. Umnova was at Mariner Investment Group, J.P. Morgan's Alternative Investment Services and Paloma Partners LLC. Ms. Umnova received her M.B.A. from University of Bridgeport and B.S. in Economics from Grodno State University, Belarus.

Ms. Umnova also serves as the Chief Financial Officer and Chief Operating Officer of Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

***Nauman S. Malik***. Mr. Malik has served as our Chief Compliance Officer since inception. Mr. Malik also serves as Senior Principal and General Counsel of Eagle Point Credit Management LLC, Eagle Point Income Management LLC, Eagle Point Enhanced Income Management LLC and Eagle Point Defensive Income Management LLC. He was the Chief Compliance Officer of Eagle Point Income Management LLC from October 2018 to March 2020 and Chief Compliance Officer of Eagle Point Credit Management LLC from September 2015 to March 2020. Prior to joining Eagle Point Credit Management LLC, Mr. Malik was a corporate attorney with Dechert LLP. Mr. Malik received his J.D. from Georgetown University Law Center and his B.S. in finance from the University of Pennsylvania's Wharton School.

Mr. Malik also serves as the Chief Compliance Officer of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

***Courtney B. Fandrick***. Ms. Fandrick has served as our Secretary since inception. Ms. Fandrick also serves as Principal and Chief Compliance Officer of Eagle Point Credit Management LLC, Eagle Point Income Management LLC, Eagle Point Enhanced Income Management LLC and Eagle Point Defensive Income Management LLC. She was the Deputy Chief Compliance Officer of Eagle Point Income Management LLC from October 2018 to March 2020 and Deputy Chief Compliance Officer of Eagle Point Credit Management LLC from December 2014 to March 2020. Prior to joining the Adviser in December 2014, Ms. Fandrick was Senior Compliance Associate at Bridgewater Associates, LP, an investment advisory firm. Ms. Fandrick received her B.A. in Mathematics and Statistics from Miami University and her MBA from University of Phoenix.

Ms. Fandrick also serves as the Secretary of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

**Trustee Compensation**

The following is the estimated compensation paid to the Trustees for the calendar year ended September 30, 2025, assuming the Fund would have been in existence for the full calendar year. Independent Trustees are also reimbursed for reasonable out-of-pocket expenses incurred in attending Board and committee meetings.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate<br>Compensation<br>from the<br>Fund<sup>(1)(2)(3)</sup>** | **Aggregate<br>Compensation<br>from the<br>Fund Complex<sup>(2)(3)</sup>** |
| **Independent Trustees** |  |  |
| Scott W. Appleby | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233900<sup>(4)</sup> |
| Kevin F. McDonald | $20000 | $220000<sup>(4)</sup> |
| Paul E. Tramontano | $20000 | $220000<sup>(4)</sup> |
| Jeffrey L. Weiss | $24000 | $255500<sup>(4)</sup> |
| **Interested Trustees** |  |  |
| Thomas P. Majewski | $– | $– |
| James R. Matthews | $– | $– |

---

<sup>(1)</sup> The business address of each our Trustees is c/o EP Private Capital Fund I, 600 Steamboat Road, Suite 202, Greenwich, CT 06830.

<sup>(2)</sup> Each Trustee holds an indefinite term until the Trustee's resignation, removal, or death.

<sup>(3)</sup> No compensation is, or is expected to be, paid by us to trustees who are "interested persons" of us, as such term is defined in the 1940 Act, or our officers. We have obtained Trustees' and officers' liability insurance on behalf of our Trustees and officers.

<sup>(4)</sup> Amounts include compensation in respect to Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

**Securities Ownership of Trustees**

The following table shows the dollar range of Shares beneficially owned by each Trustee in the Fund as of December 31, 2024, unless otherwise noted:

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of<br>Shares in the Fund\*** | **Aggregate Dollar Range of<br>Equity Securities in All<br>Registered Investment<br>Companies Overseen by<br>Trustee in Family of<br>Investment Companies\*** |
| ***Independent Trustees*** |  |  |
| Scott W. Appleby | None | None |
| Kevin F. McDonald | None | None |
| Paul E. Tramontano | None | None |
| Jeffrey L. Weiss | None | None |
| ***Interested Trustees*** |  |  |
| Thomas P. Majewski | None | None |
| James R. Matthews | None | None |

---

**\*** The Fund's family of investment companies includes Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust and Eagle Point Defensive Income Trust.

**Miscellaneous**

The Trust and the Adviser have adopted codes of ethics under Rule 17j-1 of the Act that permit personnel subject to their particular codes of ethics to invest in securities, including securities that may be purchased or held by the Fund.

**Approval of the Investment Advisory Agreement**

The Investment Advisory Agreement will remain in effect for an initial period of two years and continue on an annual basis thereafter so long as such continuance is approved annually by the Board or by vote of a majority of the outstanding voting securities of the Fund; provided that in either event the continuance is also approved by a majority of the Independent Trustees by vote cast at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement is terminable without penalty, on 60 days' prior written notice: by the Board; by vote of a majority of the outstanding voting securities of the Fund; or by the Adviser. The Investment Advisory Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

The Investment Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence in the performance of its duties or reckless disregard of its obligations and duties under the Investment Advisory Agreement, the Adviser is not liable for any loss the Fund sustains for any investment, adoption of any investment policy, or the purchase, sale or retention of any security.

**Other Accounts Managed by the Members of the Adviser's Investment Committee**

Because the members of the Adviser's Investment Committee may manage assets for other investment companies, pooled investment vehicles, and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive additional performance-based fees on certain accounts. In those instances, the members of the Adviser's Investment Committee may have an incentive to favor the higher and/or additional performance-based fee accounts over the Fund. In addition, a conflict of interest could exist to the extent the Adviser has proprietary investments in certain accounts, where members of the Adviser's Investment Committee have personal investments in certain accounts or when certain accounts are investment options in the Adviser's employee benefits and/or deferred compensation plans. The members of the Adviser's Investment Committee may have an incentive to favor these accounts over others. If the Adviser manages accounts that engage in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the Fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

The following table shows information regarding accounts (other than the Fund) managed by each named member of the Adviser's Investment Committee as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Thomas P. Majewski** | **Number of<br>Accounts** | **Total Assets in<br>Accounts<br>($ million)** | **Number of<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee** | **Total Assets in<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee<br>($ million)** |
| Registered Investment Companies | 5 | $2467.0 | 4 | $1925.2 |
| Other Pooled Investment Vehicles | 0 | $3725.4 | 10 | $3017.1 |
| Other Accounts | 1 | $6641.9 | 31 | $2393.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Daniel W. Ko** | **Number of<br>Accounts** | **Total Assets in<br>Accounts<br>($ million)** | **Number of<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee** | **Total Assets in<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee<br>($ million)** |
| Registered Investment Companies | 5 | $2467.0 | 4 | $1925.2 |
| Other Pooled Investment Vehicles | 0 | $3725.4 | 10 | $3017.1 |
| Other Accounts | 1 | $6641.9 | 31 | $2393.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Daniel M. Spinner** | **Number of<br>Accounts** | **Total Assets in<br>Accounts<br>($ million)** | **Number of<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee** | <br> **Total Assets in<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee<br>($ million)** |
| Registered Investment Companies | 5 | $2467.0 | 4 | $1925.2 |
| Other Pooled Investment Vehicles | 0 | $3725.4 | 10 | $3017.1 |
| Other Accounts | 1 | $6641.9 | 31 | $2393.5 |

---

● Total Assets are estimated and unaudited and may vary from final audited figures. Total assets exclude amounts invested in the equity of another investment vehicle managed by the member of the Adviser's Investment Committee so as to avoid double counting.

**Securities Ownership of Members of the Adviser's Investment Committee**

The members of the Adviser's Investment Committee own no securities issued by the Fund.

**Compensation of Members of the Adviser's Investment Committee**

The investment professionals are paid out of the total revenues of the Adviser and certain of its affiliates, including the advisory fees earned with respect to providing advisory services to us. Professional compensation at the Adviser is structured so that key professionals benefit from strong investment performance generated on the accounts that the Adviser and such affiliates manage and from their longevity with the Adviser. Each member of the Adviser's Investment Committee has indirect equity ownership interests in the Adviser and related long-term incentives. Members of the Investment Committee also receive a fixed base salary and an annual market and performance-based cash bonus. The bonus is determined by the Adviser's Board of Managers, and is based on both quantitative and qualitative analysis of several factors, including the profitability of the Adviser and the contribution of the individual employee. Many of the factors considered by management in reaching its compensation determinations will be impacted by our long-term performance and the value of our assets as well as the portfolios managed for the Adviser's and such affiliates' other clients.

**Investment Advisory Agreement**

***Services.*** Subject to the overall supervision of our Board of Trustees, the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, us. Under the terms of our Investment Advisory Agreement, the Adviser:

● determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

● identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective investments);

● executes, closes, services and monitors the investments we make;

● determines the securities and other assets that we purchase, retain or sell; and

● provides us with such other investment advisory, research and related services as we may from time to time reasonably require for the investment of our funds.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and both it and its members, officers and employees are free to furnish similar services to other persons and entities so long as its services to us are not impaired.

The Investment Advisory Agreement was approved by the Board of Trustees at a meeting held on July 9, 2025. A discussion regarding the basis for the Board of Trustees' previous approval of the Investment Advisory Agreement will be included in our annual report for the period ended September 30, 2025, which will be publicly filed with the SEC.

***Duration and Termination.*** Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for an initial period of two years and continue on an annual basis thereafter if approved annually by our Board of Trustees or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our Trustees who are not "interested persons" of any party to such agreement, as such term is defined in Section 2(a)(19) of the 1940 Act. The Investment Advisory Agreement will automatically terminate in the event of its assignment. The Investment Advisory Agreement may also be terminated by our Board of Trustees or the affirmative vote of a majority of our outstanding voting securities without penalty upon not less than 60 days' written notice to the Adviser and by the Adviser upon not less than 90 days' written notice to us.

***Indemnification.*** The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Investment Advisory Agreement or otherwise as our investment adviser.

**Proxy Voting Policies and Procedures**

We have delegated our proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines will be reviewed periodically by the Adviser and our Independent Trustees, and, accordingly, are subject to change. For purposes of these Proxy Voting Policies and Procedures described below, "we," "our" and "us" refers to Eagle Point Credit Management LLC.

***Introduction***

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, we recognize that we must vote client securities in a timely manner free of conflicts of interest and in the best interests of our clients.

These policies and procedures for voting proxies for our investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

***Proxy Policies***

Based on the nature of our investment strategy, we do not expect to receive proxy proposals but may from time to time receive amendments, consents or resolutions applicable to investments held by us. It is our general policy to exercise our voting or consent authority in a manner that serves the interests of the Fund's Shareholders. We may occasionally be subject to material conflicts of interest in voting proxies due to business or personal relationships we maintain with persons having an interest in the outcome of certain votes. If at any time we become aware of a material conflict of interest relating to a particular proxy proposal, our chief compliance officer will review the proposal and determine how to vote the proxy in a manner consistent with interests of the Fund's Shareholders.

***Proxy Voting Records***

Information regarding how we voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge: (1) upon request, by calling toll free (844) 810-6501; and (2) on the SEC's website at *http://www.sec.gov*. You may also obtain information about how we voted proxies by making a written request for proxy voting information to: Eagle Point Credit Management LLC, 600 Steamboat Road, Suite 202, Greenwich, CT 06830.

**Privacy Policy**

We are committed to protecting your privacy. This privacy notice explains our privacy policies and those of our affiliated companies. The terms of this notice apply to both current and former Shareholders. We will safeguard, according to strict standards of security and confidentiality, all information we receive about you. With regard to this information, we maintain procedural safeguards that are reasonably designed to comply with federal standards. We have implemented procedures that are designed to restrict access to your personal information to authorized employees of the Adviser, the Administrator and their affiliates who need to know your personal information to perform their jobs, and in connection with servicing your account. Our goal is to limit the collection and use of information about you. While we may share your personal information with our affiliates in connection with servicing your account, our affiliates are not permitted to share your information with non-affiliated entities, except as permitted or required by law.

When you purchase Shares and in the course of providing you with products and services, we and certain of our service providers, such as a distributor or transfer agent, may collect personal information about you, such as your name, address, social security number or taxpayer identification number. This information may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or information captured on applicable websites.

We do not disclose any personal information provided by you or gathered by us to non-affiliated third parties, except as permitted or required by law or for our everyday business purposes, such as to process transactions or service your account. For example, we may share your personal information in order to send you annual and semiannual reports, proxy statements and other information required by law, and to send you information we believe may be of interest to you. We may disclose your personal information to unaffiliated third party financial service providers (which may include a custodian, transfer agent, accountant or financial printer) who need to know that information in order to provide services to you or to us. These companies are required to protect your information and use it solely for the purpose for which they received it or as otherwise permitted by law. We may also provide your personal information to your brokerage or financial advisory firm and/or to your financial adviser or consultant, as well as to professional advisors, such as accountants, lawyers and consultants.

We reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where we believe in good faith that disclosure is required by law, such as in accordance with a court order or at the request of government regulators or law enforcement authorities or to protect our rights or property. We may also disclose your personal information to a non-affiliated third party at your request or if you consent in writing to the disclosure.

**Third Parties**

To assist in its responsibility for voting proxies, the Adviser may from time to time retain experts in the proxy voting and corporate governance area as proxy research providers ("Research Providers"). The services provided to the Adviser by the Research Providers would include in depth research, global issuer analysis, and voting recommendations. While the Adviser may review and utilize recommendations made by the Research Providers in making proxy voting decisions, it is in no way obligated to follow any such recommendations. In addition to research, the Research Providers could provide vote execution, reporting and recordkeeping. The Board would carefully monitor and supervise the services provided by any Research Providers.

**BROKERAGE ALLOCATION AND FEES**

Since we expect to acquire and dispose of most of our investments in privately negotiated transactions or in the over-the-counter markets, we generally do not expect to pay a stated brokerage commission. However, to the extent a broker-dealer is involved in a transaction, the price paid or received by us may reflect a mark-up or mark-down. Subject to policies established by our Board of Trustees, the Adviser will be primarily responsible for selecting brokers and dealers to execute transactions with respect to the publicly traded securities portion of our portfolio transactions and the allocation of brokerage commissions. The Adviser does not expect to execute transactions through any particular broker or dealer but will seek to obtain the best net results for us under the circumstances, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. The Adviser generally will seek reasonably competitive trade execution costs but will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements and consistent with Section 28(e) of the Exchange Act, the Adviser may select a broker based upon brokerage or research services provided. In return for such services, we may pay a higher commission than other brokers would charge if the Adviser determines in good faith that such commission is reasonable in relation to the services provided.

Since the Fund is newly-organized and has not yet commenced operations, it has not paid brokerage commissions.

**ADMINISTRATOR**

***The Administrator and the Administration Agreement***

The Board of Trustees has appointed Eagle Point Administration LLC as our administrator (the "Administrator"). Eagle Point Administration LLC has its principal office at 600 Steamboat Road, Suite 202, Greenwich, CT 06830. We have entered into the Administration Agreement, pursuant to which the Administrator furnishes us with office facilities, equipment and clerical, bookkeeping and record-keeping services at such facilities. Under the Administration Agreement, the Administrator performs, or arranges for the performance of, our required administrative services, which include being responsible for the financial records which we are required to maintain and preparing reports to our Shareholders. In addition, the Administrator provides us with accounting services; assists us in determining and publishing our NAV; oversees the preparation and filing of our tax returns; monitors our compliance with tax laws and regulations; and prepares, and assists us with any audits by an independent public accounting firm of, our financial statements. The Administrator is also responsible for the printing and dissemination of reports to our Shareholders; provides support for our investor relations; generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others; and provides such other administrative services as we may from time to time designate. Payments under the Administration Agreement are equal to an amount based upon our allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and our allocable portion of the compensation of our chief financial officer and chief compliance officer and our allocable portion of the compensation of any administrative support staff. Our allocable portion of such total compensation is based on an allocation of the time spent on us relative to other matters. To the extent the Administrator outsources any of its functions, we pay the fees on a direct basis, without profit to the Administrator. The Administrator has the ability to delegate responsibilities to sub-administrators. Certain accounting and other services have been delegated by the Administrator to Harmonic Fund Services, or "Sub-Administrator," for which the fee is calculated based on our net assets (subject to a monthly minimum). The Administration Agreement may be terminated by us without penalty upon not less than 60 days' written notice to the Administrator and by the Administrator upon not less than 90 days' written notice to us. The Administration Agreement will remain in effect if approved by the Board of Trustees, including by a majority of our Independent Trustees, on an annual basis.

When considering the approval of the Administration Agreement, the Board of Trustees considers, among other factors, (i) the reasonableness of the compensation paid by us to the Administrator and any third-party service providers in light of the services provided, the quality of such services, any cost savings to us as a result of the arrangements and any conflicts of interest, (ii) the methodology employed by the Administrator in determining how certain expenses are allocated to the Fund, (iii) the breadth, depth and quality of such administrative services provided, (iv) certain comparative information on expenses borne by other companies for somewhat similar services known to be available and (v) the possibility of obtaining such services from a third party.

Since the Fund is newly organized, no fees have been paid to the Administrator (or any sub-administrator).

***Limitation on Liability and Indemnification***

The Administration Agreement provides that the Administrator and its officers, directors, employees agents, control persons and affiliates are not liable to us or any of our Shareholders for any act or omission by it or its employees in the supervision or management of our investment activities or for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) or losses sustained by us or our Shareholders, except that the foregoing exculpation does not extend to any act or omission constituting willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations under the Administration Agreement. The Administration Agreement also provides for indemnification by us of the Administrator's members, directors, officers, employees, agents, control persons and affiliates for liabilities incurred by them in connection with their services to us, subject to the same limitations and to certain conditions.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

KPMG LLP, an independent registered public accounting firm located at 345 Park Avenue, New York, NY 10154, provides audit services, tax return preparation, and assistance and consultation with respect to the preparation of filings with the SEC.

**LEGAL COUNSEL**

Certain legal matters in connection with the securities offered by the Memorandum will be passed upon for us by Dechert LLP, Boston, Massachusetts. Dechert LLP also represents the Adviser.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

Under the 1940 Act, a control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. To the knowledge of the Fund and except as noted below, as of July 25, 2025, no persons were deemed to control the Fund.

---

| | |
|:---|:---|
| Name | Percentage of Shares |
| Northrop Grumman Pension Master Trust | 100% |

---

As of July 25, 2025, the Trustees and Officers of the Fund as a group owned less than 1% of the outstanding shares of beneficial interest of each class of the Fund.

**REPORTS TO SHAREHOLDERS**

The Fund will furnish to its Shareholders as soon as practicable after the end of each taxable year such information as is necessary for such Shareholders to complete Federal and state income tax or information returns, along with any other tax information required by law. The Fund will prepare and transmit to its Shareholders, a semi-annual and an audited annual report within 60 days after the close of the period for which it is being made, or as otherwise required by the 1940 Act. The Fund also intends to transmit to Shareholders a quarterly shareholder statement within 30 days after the Fund's first, second, and third fiscal quarters.

**FISCAL YEAR**

For accounting purposes, the fiscal year of the Fund is the 12-month period ending on September 30<sup>th</sup>. The 12-month period ending October 31<sup>st</sup> of each year will be the taxable year of the Fund unless otherwise determined by the Fund.

**FINANCIAL STATEMENTS**

The Fund will issue financial statements on a semi-annual basis prepared in accordance with generally accepted accounting principles.

**ADDITIONAL INFORMATION ABOUT THE FUND**

Each share of beneficial interest represents a proportional interest in the assets of the Fund. Each share of the Fund has one vote at shareholder meetings, with fractional shares voting proportionally, on matters submitted to the vote of Shareholders. There are no cumulative voting rights. Shares do not have pre-emptive or conversion or redemption provisions.

**INQUIRIES**

Inquiries concerning the Fund and shares of beneficial interest of the Fund (including information concerning subscription and repurchase procedures) should be directed to:

EP Private Capital Fund I

600 Steamboat Road, Suite 202

Greenwich, CT 06830

Attention: Investor Relations

Telephone: (866) 661-6615

**PART C: OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

**Financial Statements**

---

| | |
|:---|:---|
| **Part A:** | Not applicable, as Registrant has not yet commenced operations. |

---

---

| | |
|:---|:---|
| **Part B:** | Not applicable, as Registrant has not yet commenced operations. |

---

**Exhibits**

[(a)(1)](tm2520085d1_ex99-xax1.htm) [Certificate of Trust dated June 27, 2025 (filed herewith).](tm2520085d1_ex99-xax1.htm)

[(a)(2)](tm2520085d1_ex99-xax2.htm) [Amended and Restated Declaration of Trust dated July 9, 2025 (filed herewith).](tm2520085d1_ex99-xax2.htm)

[(b)](tm2520085d1_ex99-xb.htm) [By-laws dated July 9, 2025 (filed herewith).](tm2520085d1_ex99-xb.htm)

(c) Not applicable.

(d) Provisions
 of the instruments defining the rights of holders of securities are incorporated by reference
 to [Exhibit (a)(2)](tm2520085d1_ex99-xax2.htm) and [Exhibit (b)](tm2520085d1_ex99-xb.htm) to the Registrant's Registration
 Statement.

[(e)](tm2520085d1_ex99-xe.htm) [Distribution Reinvestment Plan (filed herewith).](tm2520085d1_ex99-xe.htm)

(f) Not
 applicable.

[(g)](tm2520085d1_ex99-xg.htm) [Investment Advisory Agreement between the Registrant and Eagle Point Credit Management LLC (filed herewith).](tm2520085d1_ex99-xg.htm)

(h) Not
 applicable.

(i) Not applicable.

[(j)](tm2520085d1_ex99-xj.htm) [Custodial Agreement between the Registrant and Computershare Trust Company, N.A. (filed herewith).](tm2520085d1_ex99-xj.htm)

[(k)(1)](tm2520085d1_ex99-xkx1.htm) [Administration Agreement between the Registrant and Eagle Point Administration LLC (filed herewith).](tm2520085d1_ex99-xkx1.htm)

---

| | |
|:---|:---|
| [(k)(2)](tm2520085d1_ex99-xkx2.htm) | [Sub-Administration Agreement among the Registrant, Eagle Point Administration LLC and Harmonic Fund Services (filed herewith).](tm2520085d1_ex99-xkx2.htm) |

---

[(k)(3)](tm2520085d1_ex99-xkx3.htm) [Expense Limitation Agreement (filed herewith).](tm2520085d1_ex99-xkx3.htm)

[(k)(4)](tm2520085d1_ex99-xkx4.htm) [Organizational Expense Support Agreement (filed herewith).](tm2520085d1_ex99-xkx4.htm)

(l) Not applicable.

(m) Not applicable.

(n) Not applicable.

(o) Not applicable.

[(p)](tm2520085d1_ex99-xp.htm) [Form of Subscription Agreement (filed herewith).](tm2520085d1_ex99-xp.htm)

(q) Not
 applicable.

[(r)(1)](tm2520085d1_ex99-xrx1.htm) [Code of Ethics of Registrant (filed herewith).](tm2520085d1_ex99-xrx1.htm)

---

| | |
|:---|:---|
| [(r)(2)](https://www.sec.gov/Archives/edgar/data/1896036/000110465925036031/tm2512212d1_ex99-xrx2.htm) | [Code of Ethics of Eagle Point Credit Management LLC (incorporated by reference to Eagle Point Institutional Income Fund's Registration Statement on Form N-2, SEC File Nos. 333-286608 and 811-23758, filed on April 17, 2025).](https://www.sec.gov/Archives/edgar/data/1896036/000110465925036031/tm2512212d1_ex99-xrx2.htm) |

---

(s) Not
 applicable.

**Item 26. Marketing Arrangements**

Not applicable.

**Item 27. Other Expenses of Issuance and Distribution**

Not applicable.

**Item 28. Persons Controlled by or Under Common Control with Registrant**

None.

**Item 29. Number of Holders of Securities**

Set forth below is the number of record holders as of July 25, 2025 of the securities of the Fund.

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Beneficial Interest | 1 |

---

**Item 30. Indemnification**

Article V of the Amended and Restated Declaration of Trust of EP Private Capital Fund I, a Delaware statutory trust, provides for indemnification of the Trustees, officers and agents of the Trust, subject to certain limitations. The Amended and Restated Declaration of Trust is incorporated by reference to Exhibit (a)(2).

The Investment Advisory Agreement provides that the Adviser will not be liable for or any error of judgment or mistake of law or for any loss suffered by the Fund, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser or from reckless disregard by the Adviser of its obligations or duties under the Investment Advisory Agreement. The Investment Advisory Agreement is incorporated by reference as Exhibit (g) to the Registrant's Registration Statement.

The Registrant has entered into indemnification agreements with its officers and trustees. The indemnification agreements are intended to provide the Registrant's officers and trustees the maximum indemnification permitted under Delaware law and the 1940 Act. Each indemnification agreement provides that the Registrant shall indemnify the trustee who is a party to the agreement (an "Indemnitee"), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, other than a proceeding by or in the right of the Registrant.

**Item 31. Business and Other Connections of Investment Adviser**

A description of any other business, profession, vocation or employment of a substantial nature in which the Adviser, and each managing director, director or executive officer of the Adviser, is or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the sections entitled ***"Management."*** Additional information regarding the Adviser and its officers and directors is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-77721), under the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference.

**Item 32. Location of Accounts and Records**

All accounts, books, and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Registrant, EP Private Capital Fund I, 600 Steamboat Road, Suite 202, Greenwich, CT 06830;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Harmonic Fund Services, Cayman Corporate Centre, 4th Floor, 27 Hospital Road, George Town, Grand Cayman KY1-1102, Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;(3) the Custodian, Computershare Trust Company, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) the Adviser, Eagle Point Credit Management LLC, 600 Steamboat Road, Suite 202, Greenwich, CT 06830.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the Township of Greenwich, in the State of Connecticut, on the 25th day of July, 2025.

---

| | |
|:---|:---|
| **EP Private Capital Fund I** | **EP Private Capital Fund I** |
| By: | /s/ Thomas P. Majewski |
|  | Thomas P. Majewski |
|  | Trustee, Chief Executive Officer and Principal Executive Officer |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [(a)(1)](tm2520085d1_ex99-xax1.htm) | [Certificate of Trust](tm2520085d1_ex99-xax1.htm) |
| [(a)(2)](tm2520085d1_ex99-xax2.htm) | [Amended and Restated Declaration of Trust](tm2520085d1_ex99-xax2.htm) |
| [(b)](tm2520085d1_ex99-xb.htm) | [By-laws](tm2520085d1_ex99-xb.htm) |
| [(e)](tm2520085d1_ex99-xe.htm) | [Distribution Reinvestment Plan](tm2520085d1_ex99-xe.htm) |
| [(g)](tm2520085d1_ex99-xg.htm) | [Investment Advisory Agreement](tm2520085d1_ex99-xg.htm) |
| [(j)](tm2520085d1_ex99-xj.htm) | [Custodial Agreement](tm2520085d1_ex99-xj.htm) |
| [(k)(1)](tm2520085d1_ex99-xkx1.htm) | [Administration Agreement](tm2520085d1_ex99-xkx1.htm) |
| [(k)(2)](tm2520085d1_ex99-xkx2.htm) | [Sub-Administration Agreement](tm2520085d1_ex99-xkx2.htm) |
| [(k)(3)](tm2520085d1_ex99-xkx3.htm) | [Expense Limitation Agreement](tm2520085d1_ex99-xkx3.htm) |
| [(k)(4)](tm2520085d1_ex99-xkx4.htm) | [Organizational Expense Support Agreement](tm2520085d1_ex99-xkx4.htm) |
| [(p)](tm2520085d1_ex99-xp.htm) | [Form of Subscription Agreement](tm2520085d1_ex99-xp.htm) |
| [(r)(1)](tm2520085d1_ex99-xrx1.htm) | [Code of Ethics of Registrant](tm2520085d1_ex99-xrx1.htm) |

---

---

| | |
|:---|:---|
| EX-101 | Inline Interactive Data File - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| EX-101.INS | XBRL Taxonomy Instance Document |
| EX-101.SCH | XBRL Taxonomy Schema Document |
| EX-101.DEF | XBRL Taxonomy Definition Linkbase Document |
| EX-101.LAB | XBRL Taxonomy Label Linkbase Document |
| EX-101.PRE | XBRL Taxonomy Presentation Linkbase Document |

---

## Ex-99.(A)(1)

**Exhibit 99.(a)(1)**

**CERTIFICATE OF TRUST**

**of**

**EP PRIVATE CAPITAL FUND I**

(a Delaware Statutory Trust)

This Certificate of Trust of EP Private Capital Fund I (the "Trust"), dated as of June 27, 2025, is being duly executed and filed on behalf of the Trust by the undersigned, as the sole Trustee, for the purpose of organizing a statutory trust pursuant to the Delaware Statutory Trust Act (12 Del. Code §3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **NAME.** The name of the statutory trust formed by this Certificate of Trust is EP Private Capital Fund I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **REGISTERED OFFICE AND REGISTERED AGENT.** The business address of the registered office of the Trust in the State of Delaware is and the name of the Trust's registered agent at such address is Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **EFFECTIVE DATE.** This Certificate shall be effective upon the date and time of filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **REGISTERED INVESTMENT COMPANY.** The Trust will register as an investment company under the Investment Company Act of 1940, as amended, within 180 days following the first issuance of shares of beneficial interest of the Trust.

**IN WITNESS WHEREOF,** the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

Thomas P. Majewski, not in his individual

capacity but as Trustee

---

| | |
|:---|:---|
| By: | /s/ Thomas P. Majewski |
|  | Thomas P. Majewski |

---

## Ex-99.(A)(2)

**Exhibit 99.(a)(2)**

**EP PRIVATE CAPITAL FUND I**

**AMENDED AND RESTATED DECLARATION OF TRUST**

**Dated as of July 9, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | THE TRUST |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. | &nbsp;&nbsp;&nbsp;Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;Trust Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. | &nbsp;&nbsp;&nbsp;Definitions | 2 |
| ARTICLE II | TRUSTEES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. | &nbsp;&nbsp;&nbsp;Number | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. | &nbsp;&nbsp;&nbsp;Term and Election | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. | &nbsp;&nbsp;&nbsp;Resignation and Removal | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. | &nbsp;&nbsp;&nbsp;Vacancies | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. | &nbsp;&nbsp;&nbsp;Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. | &nbsp;&nbsp;&nbsp;Trustee Action by Written Consent | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. | &nbsp;&nbsp;&nbsp;Officers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. | &nbsp;&nbsp;&nbsp;Chair | 5 |
| ARTICLE III | POWERS AND DUTIES OF TRUSTEES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. | &nbsp;&nbsp;&nbsp;General | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. | &nbsp;&nbsp;&nbsp;Investments | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. | &nbsp;&nbsp;&nbsp;Issuance and Repurchase of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. | &nbsp;&nbsp;&nbsp;Borrow Money or Utilize Leverage | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. | &nbsp;&nbsp;&nbsp;Delegation; Committees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. | &nbsp;&nbsp;&nbsp;Collection and Payment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. | &nbsp;&nbsp;&nbsp;Expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. | &nbsp;&nbsp;&nbsp;Bylaws | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. | &nbsp;&nbsp;&nbsp;Miscellaneous Powers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. | &nbsp;&nbsp;&nbsp;Further Powers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. | &nbsp;&nbsp;&nbsp;Sole Discretion; Good Faith | 7 |
| ARTICLE IV | ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. | &nbsp;&nbsp;&nbsp;Advisory and Management Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. | &nbsp;&nbsp;&nbsp;Distribution Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. | &nbsp;&nbsp;&nbsp;Parties to Contract | 8 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE V | LIMITATIONS OF LIABILITY AND INDEMNIFICATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. | &nbsp;&nbsp;&nbsp;No Personal Liability of Shareholders, Trustees, etc. | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. | &nbsp;&nbsp;&nbsp;Mandatory Indemnification | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. | &nbsp;&nbsp;&nbsp;No Bond Required of Trustees | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. | &nbsp;&nbsp;&nbsp;No Duty of Investigation; No Notice in Trust Instruments, etc. | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. | &nbsp;&nbsp;&nbsp;Reliance on Experts, etc. | 10.0 |
| ARTICLE VI | SHARES OF BENEFICIAL INTEREST |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. | &nbsp;&nbsp;&nbsp;Beneficial Interest | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. | &nbsp;&nbsp;&nbsp;Other Securities | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. | &nbsp;&nbsp;&nbsp;Rights of Shareholders | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. | &nbsp;&nbsp;&nbsp;Exchange Privilege | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. | &nbsp;&nbsp;&nbsp;Trust Only | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. | &nbsp;&nbsp;&nbsp;Issuance of Shares | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. | &nbsp;&nbsp;&nbsp;Register of Shares | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. | &nbsp;&nbsp;&nbsp;Transfer Agent and Registrar | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. | &nbsp;&nbsp;&nbsp;Transfer of Shares | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. | &nbsp;&nbsp;&nbsp;Notices | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. | &nbsp;&nbsp;&nbsp;Derivative Actions | 13.0 |
| ARTICLE VII | DETERMINATION OF NET ASSET VALUE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. | &nbsp;&nbsp;&nbsp;Net Asset Value | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. | &nbsp;&nbsp;&nbsp;Distributions to Shareholders | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. | &nbsp;&nbsp;&nbsp;Power to Modify Foregoing Procedures | 14.0 |
| ARTICLE VIII | CUSTODIANS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. | &nbsp;&nbsp;&nbsp;Appointment and Duties | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. | &nbsp;&nbsp;&nbsp;Central Certificate System | 14.0 |
| ARTICLE IX | REPURCHASES OF SHARES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. | &nbsp;&nbsp;&nbsp;Repurchase of Shares | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. | &nbsp;&nbsp;&nbsp;Disclosure of Holding | 15.0 |
| ARTICLE X | SHAREHOLDERS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. | &nbsp;&nbsp;&nbsp;Meetings of Shareholders | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. | &nbsp;&nbsp;&nbsp;Voting | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. | &nbsp;&nbsp;&nbsp;Notice of Meeting and Record Date | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. | &nbsp;&nbsp;&nbsp;Quorum and Required Vote | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. | &nbsp;&nbsp;&nbsp;Proxies, etc. | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. | &nbsp;&nbsp;&nbsp;Reports | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. | &nbsp;&nbsp;&nbsp;Inspection of Records | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. | &nbsp;&nbsp;&nbsp;Shareholder Action by Written Consent | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. | &nbsp;&nbsp;&nbsp;Delivery by Electronic Transmission or Otherwise | 17.0 |

---

ii

---

| | | |
|:---|:---|:---|
| ARTICLE XI | DURATION; TERMINATION OF TRUST; AMENDMENT; ETC. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. | &nbsp;&nbsp;&nbsp;Duration | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. | &nbsp;&nbsp;&nbsp;Termination | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. | &nbsp;&nbsp;&nbsp;Amendment Procedure | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. | &nbsp;&nbsp;&nbsp;Subsidiaries | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. | &nbsp;&nbsp;&nbsp;Extraordinary Transactions | 18.0 |
| ARTICLE XII | MISCELLANEOUS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. | &nbsp;&nbsp;&nbsp;Filing | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. | &nbsp;&nbsp;&nbsp;Resident Agent | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. | &nbsp;&nbsp;&nbsp;Governing Law | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. | &nbsp;&nbsp;&nbsp;Exclusive Delaware Jurisdiction | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. | &nbsp;&nbsp;&nbsp;Counterparts | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. | &nbsp;&nbsp;&nbsp;Reliance by Third Parties | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. | &nbsp;&nbsp;&nbsp;Provisions in Conflict with Law or Regulation | 20.0 |

---

iii

**EP Private Capital Fund I**

**<u>AMENDED AND RESTATED DECLARATION OF TRUST</u>**

AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") made as of the 9th day of July 2025, by the Trustees hereunder, and by the Shareholders as hereinafter provided.

WHEREAS, the Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, the Trust is authorized to issue an unlimited number of its Shares all in accordance with the provisions hereinafter set forth;

WHEREAS, this Declaration amends and restates in its entirety that certain Declaration of Trust dated as of June 27, 2025;

WHEREAS, each Trustee has agreed to manage all property coming into his or her hands as a Trustee of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration and the Bylaws shall constitute the governing instrument of the Trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as a Trustee hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the Shareholders from time to time of Shares as hereinafter set forth.

ARTICLE I<br> <u>THE TRUST</u>

1.1. <u>Name</u>. This Trust shall be known as the "EP Private Capital Fund I" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

1.2. <u>Trust Purpose</u>. The purpose of the Trust is to conduct, operate and carry on the business of a closed-end management investment company registered under the 1940 Act. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a closed-end management investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Act, and in connection therewith the Trust shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

1.3. <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms "<u>Affiliated Person</u>," "<u>Assignment</u>," "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given them in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Bylaws</u>" shall mean the Bylaws of the Trust, as amended from time to time by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Commission</u>" shall mean the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Continuing Trustees</u>" shall mean trustees who either (i) have been members of the Board of Trustees for a period of at least thirty-six months (or since the commencement of the Fund's operations, if less than 36 months) or (ii) were nominated to serve as members of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Declaration</u>" shall mean this Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Delaware General Corporation Law</u>" means the Delaware General Corporation Law, 8 <u>Del</u>. <u>C</u>. § 100, <u>et</u>. <u>seq</u>., as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Delaware Statutory Trust Act</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>. § 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Exchange Listing</u>" shall mean the quotation or listing of the Trust's securities on a national securities exchange (including through an initial public offering).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Fiscal Year</u>" means each period commencing on October 1 of each year and ending on September 30 of the following year (or on the date of a final distribution made in accordance with Section 11.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Fundamental Policies</u>" shall mean the investment policies and restrictions designated as fundamental policies in the Confidential Private Placement Memorandum or in the Trust's filings with the Commission, as such may be amended from time to time in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Majority Shareholder Vote</u>" shall mean "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust voted on any matter to be voted on by the Shareholders with all shares entitled to vote voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Private Placement Memorandum</u>" shall mean the Private Placement Memorandum, if any, relating to the offering of the Shares, as filed with the Commission, as may be amended and supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Trust</u>" shall mean the statutory trust governed by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Trustees</u>" shall mean the signatory to this Declaration, so long as he shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

ARTICLE II<br> <u>TRUSTEES</u>

2.1. <u>Number</u>. As of the date hereof, the number of Trustees shall be six (6) and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, or by resolution approved at a duly constituted meeting, provided that the number of Trustees shall be no less than one (1) and no more than nine (9). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. Trustees need not own Shares and may succeed themselves in office.

2.2. <u>Term and Election</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to an Exchange Listing of any class of the Trust's Shares, if any, the term of office of a Trustee shall continue until death, resignation or removal of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees. Each Trustee elected shall hold office until his or her successor shall have been duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, this Section 2.2(b) shall come into effect if, and only if, the Trust is required to hold annual meetings of Shareholders pursuant to any applicable law, rule or regulation. Notwithstanding Section 2.2(a), effective upon and following the occurrence of an Exchange Listing of any class of the Trust's Shares, if any, and if the Trust is required to hold annual meetings of Shareholders pursuant to any applicable law, rule or regulation: the Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of Trustees of one class shall expire at each annual meeting of Shareholders, and in all cases as to each Trustee such term shall extend until his or her successor shall be elected and shall qualify or until his or her earlier resignation, removal from office, death or incapacity, except as may be provided in a resolution or resolutions of the Board of Trustees providing for any series of preferred shares with respect to any Trustees elected (or to be elected) by the holders of such series and except as otherwise required by applicable law. Trustees already in office shall be assigned to each class at the time such classification becomes effective, in accordance with a resolution or resolutions adopted by the Board of Trustees. Class I Trustees shall initially serve for a term expiring at the first annual meeting of shareholders following the time at which the initial classification of the Board of Trustees becomes effective, Class II Trustees shall initially serve for a term expiring at the second annual meeting of shareholders following the time at which the initial classification of the Board of Trustees becomes effective and Class III Trustees shall initially serve for a term expiring at the third annual meeting of shareholders following the time at which the initial classification of the Board of Trustees becomes effective. At each annual meeting of shareholders commencing with the first annual meeting of shareholders following the time at which the initial classification of the Board of Trustees becomes effective, the Trustees of the class to be elected at each annual meeting of shareholders shall be elected for a three-year term. If the total number of such Trustees is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Trustees in each class as nearly equal as possible, and any such additional Trustees of any class elected to fill a newly created Trusteeship resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class, but in no case shall a decrease in the total number of Trustees remove or shorten the term of any incumbent Trustee.

2.3. <u>Resignation and Removal</u>. Any of the Trustees may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chair (if any), the Chief Executive Officer, or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause only, and not without cause, and only by action taken by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an "interested person" as defined in the 1940 Act a majority of the remaining Trustees that are not "interested persons" as defined in the 1940 Act) or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal, or any right to damages on account of a removal.

2.5. <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the Bylaws or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be a majority of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the members.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting except as otherwise may be provided by law.

2.6. <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing or by electronic transmission and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

2.7. <u>Officers</u>. The Trustees shall elect a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Principal Accounting Officer, a Chief Operating Officer, and a Chief Compliance Officer and may also elect such other officers or assistant officers as may be elected or authorized by the Trustees. Officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may elect or appoint or may authorize the Chair, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the 1940 Act (collectively, the "federal securities laws"), all officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control.

2.8. <u>Chair</u>. The Trustees may designate a Chair and a Vice Chair of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time.

ARTICLE III<br> <u>POWERS AND DUTIES OF TRUSTEES</u>

3.1. <u>General</u>. The Trustees shall manage or direct the management of the Trust Property and the business of the Trust with such powers of delegation as may be permitted by this Declaration. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

3.2. <u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any Person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

3.3. <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to cause the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust whether capital or surplus or otherwise. Subject to the further provisions of this Article III, any restriction set forth in the Bylaws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the Commission, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any class of Shares of the Trust (each, a "Class") to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate, classify, reclassify and change in any manner any Class and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be different from any existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes as the Trustees may deem desirable.

3.4. <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other Person, firm, association or corporation.

3.5. <u>Delegation; Committees</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

3.6. <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

3.7. <u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

3.8. <u>Bylaws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of the Trust.

3.9. <u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, they shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; and (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept on behalf of the Trust.

3.10. <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Trust Property.

3.11. <u>Sole Discretion; Good Faith</u>. Notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision, except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws: (i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or (ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

ARTICLE IV<br> <u>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

4.1. <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

4.2. <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

4.3. <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the Bylaws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

ARTICLE V<br> <u>LIMITATIONS OF LIABILITY AND INDEMNIFICATION</u>

5.1. <u>No Personal Liability of Shareholders, Trustees, etc.</u> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

5.2. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Declaration, the Trust hereby agrees to indemnify and hold harmless each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any and all, losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed, claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any indemnitee may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position. Notwithstanding the foregoing, with respect to any claim, demand, action, suit or other proceeding (or part thereof) commenced by any indemnitee, indemnification shall be mandatory only if the commencement of such claim, demand, action, suit or other proceeding (or part thereof) by such indemnitee was authorized by a majority of the Trustees in their sole discretion or was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, and without requiring a preliminary determination of the ultimate entitlement to indemnification, the Trust shall make advance payments (which shall be unsecured and interest free) in connection with expenses (including legal fees and expenses) incurred by any indemnitee in appearing at, participating in or defending any claim, demand, action, suit or proceeding with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking by the indemnitee to repay the Trust such amounts if it ultimately shall be determined that the indemnitee is not entitled to indemnification as authorized by this Section 5.2. The Trust shall have no obligation to advance any amounts in connection with any claim, demand, action, suit or other proceeding (or part thereof) commenced by an indemnitee unless such commencement was (1) authorized by a majority of the Trustees in their sole discretion or (2) instituted by the indemnitee to enforce his or her rights to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude or restrict any other right (including any right of indemnification or advancement) which any indemnitee or any other person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

5.3. <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

5.4. <u>No Duty of Investigation; No Notice in Trust Instruments, etc.</u> No purchaser, lender, transfer agent or other Person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

5.5. <u>Reliance on Experts, etc.</u> Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.

ARTICLE VI<br> <u>SHARES OF BENEFICIAL INTEREST</u>

6.1. <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest. Such Shares of beneficial interest shall have no par value unless the Trustees otherwise determine. Shares may be issued in different Classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

6.2. <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and cause the Trust to issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. The Trustees are also authorized to take such actions and retain such any person as they see fit to offer and sell such securities. To the extent that the Trustees authorize and issue preferred shares of any Class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

6.3. <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees on behalf of the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, redemption or conversion rights.

6.4. <u>Exchange Privilege</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to exchange such Shares for Shares of one or more other Classes.

6.5. <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

6.6. <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

6.7. <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each Class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable Class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

6.8. <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

6.9. <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only in accordance with this Section 6.9 and by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any Shares held by a Shareholder may be transferred only (1) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder or (2) with the consent of the Trustees (which may be withheld in the Trustees' sole and absolute discretion and which may be provided for pursuant to a general policy or on a case-by-case basis). If a Shareholder transfers Shares with the approval of the Trustees, the Trustees will as promptly as practicable take all necessary actions so that each transferee or successor to whom or to which the Shares are transferred is admitted to the Trust as a Shareholder. The admission of any transferee as a substituted Shareholder will be effective upon the execution and delivery by, or on behalf of, the substituted Shareholder of an investor application form. Each Shareholder and transferee agrees to pay all expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with any transfer. In connection with any request to transfer Shares, the Trust may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Trustees as to such matters as the Trustees may reasonably request. If a Shareholder transfers all of its Shares, it will not cease to be a Shareholder unless and until the transferee is admitted to the Trust as a substituted Shareholder in accordance with this Section 6.9. The Trustees hereby delegate to the officers of the Trust all power and authority to approve and effect transfers of Shares pursuant to this Section 6.9. Notwithstanding the foregoing, the Trustees may approve such other transfers and transfer processes and procedures as the Trustees believe are appropriate. Each Shareholder will indemnify and hold harmless the Trust, the Trustees and any Affiliated Person of the Trust or the Trustees against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer. A Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with the transfer, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

6.10. <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

6.11. <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least fifty percent (50%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 6.11 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

ARTICLE VII<br> <u>DETERMINATION OF NET ASSET VALUE</u>

7.1. <u>Net Asset Value</u>. The net asset value of each outstanding Share shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Private Placement Memorandum or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Private Placement Memorandum or as may otherwise be determined by the Trustees.

7.2. <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time distribute ratably among the Shareholders of any Class, or any series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any Class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any Class of shares or series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, additional Shares of any Class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 7.2 may be among the Shareholders of record of the applicable Class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

7.3. <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the Code, the 1940 Act, any securities exchange or association registered under the Securities Exchange Act of 1934, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

ARTICLE VIII<br> <u>CUSTODIANS</u>

8.1. <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

8.2. <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular Class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

ARTICLE IX<br> <u>REPURCHASES OF SHARES</u>

9.1. <u>Repurchase of Shares</u>. Except as otherwise provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally, the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the Private Placement Memorandum.

9.2. <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

ARTICLE X<br> <u>SHAREHOLDERS</u>

10.1. <u>Meetings of Shareholders</u>. The Trust will not hold annual Shareholder meetings unless required by the 1940 Act or any other applicable law, rule or regulation. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer and shall be called by the Trustees for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate at least a majority of the outstanding Shares, such request specifying the purpose or purposes for which such meeting is to be called. Any Shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate or may be held virtually. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered and waiver of notice shall occur according to the provisions of the Trust's Bylaws. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. In the event of a Shareholder meeting requested by Shareholders of the Trust, the Secretary shall inform the requesting Shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Trust's proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request, and such meeting shall not be held, unless the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

10.2. <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Act in the absence of the contrary provision in the Declaration shall require any vote. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more Classes or series of Shares shall require approval by the required vote of all the affected Classes and series of Shares voting together as a single Class; provided, however, that as to any matter with respect to which a separate vote of any Class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that Class or series of Shares shall apply in addition to a vote of all the affected Classes and series voting together as a single Class. Shareholders of a particular Class or series of Shares shall not be entitled to vote on any matter that affects only one or more other Classes or series of Shares. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal of Trustees.

10.3. <u>Notice of Meeting and Record Date</u>. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered, and waiver of notice shall occur according to the provisions of the Trust's Bylaws, including via electronic transmission to a Shareholder at his or her address as it is registered with the Trust. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. For purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by the Chair, the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than one hundred and twenty (120) days after the record date. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

10.4. <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided from time to time in the Bylaws, the presence in person or by proxy of Shares entitled to cast one-third (33-1/3%) of the votes entitled to be cast shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more Classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such Class or series of Shares present in person or represented by proxy at the meeting shall be the act of Shareholders of such Class or series with respect to such matter. Notwithstanding the foregoing, Trustees shall be elected by the affirmative vote of a plurality of the Shares voted at a meeting of the Shareholders to the extent Shareholders are entitled to vote to elect Trustees.

10.5. <u>Proxies, etc.</u> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

10.6. <u>Reports</u>. The Trustees shall as long as the Trust continues operations cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. The Trustees shall, as long as the Trust continues operations, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

10.7. <u>Inspection of Records</u>. The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted stockholders of a corporation formed under the Delaware General Corporation Law.

10.8. <u>Shareholder Action by Written Consent</u>. Any action required or permitted to be taken at any meeting of the Shareholders 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 or by electronic transmission by the Shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Shareholders entitled to vote thereon were present and voted.

10.9. <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

ARTICLE XI<br> <u>DURATION; TERMINATION OF TRUST; AMENDMENT; ETC.</u>

11.1. <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.

11.2. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may be dissolved only upon approval of not less than a majority of the Trustees. Upon the dissolution of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all claims and obligations of the Trust in accordance with Section 3808 of the Delaware Statutory Trust Act, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and liquidation of the Trust, including the distribution to the Shareholders of any assets of the Trust, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

11.3. <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in subsection (b) of this Section 11.3, the Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration. Shareholders shall have the right to vote: (i) on any amendment which would eliminate their right to vote granted in this Declaration, (ii) on any amendment to this Section 11.3(a), (iii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith and (iv) on any amendment submitted to them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.

11.4. <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

11.5 <u>Extraordinary Transactions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in paragraph (b) of this Section 11.5 the affirmative vote or consent of at least seventy-five percent (75%) of the Trustees of the Trust and at least seventy-five percent (75%) of the Shares outstanding and entitled to vote thereon shall be necessary to authorize any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The merger, conversion, consolidation, or share exchange or sale of exchange of all or substantially all of the assets of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Shareholder proposal as to specific investment decisions made or to be made with respect to the assets of the Trust or a series or class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in paragraph (a) of this Section 11.5, so long as each action is approved by both a majority of the entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees, and so long as all other conditions and requirements, if any, provided for in the Bylaws and applicable law have been satisfied, then no vote or consent of the Shares outstanding shall be required to approve any of the actions listed in paragraph (a)(i) of this Section 11.5 unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment to this Declaration to make Shares of the Trust "redeemable securities" and any other proposal to convert the Trust from a "closed-end company" to an "open-end company" (as defined in the 1940 Act) each must be approved by (i) the affirmative vote of Shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter prior to an Exchange Listing; and (ii) the affirmative vote of Shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter upon and following the occurrence of an Exchange Listing.

ARTICLE XII<br> <u>MISCELLANEOUS</u>

12.1. <u>Filing</u>. This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or Secretary of the Trust stating that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

12.2. <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be Corporation Service Company. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary of the State.

12.3. <u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

12.4. <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that, except for any claims, suits, actions or proceedings arising under federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Act, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section 12.4, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

12.5. <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

12.6. <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any Bylaws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

12.7. <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, if applicable, with the regulated investment company provisions of the Code (if applicable) or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| By: | /s/ Scott W. Appleby |
|  | Scott W. Appleby |
|  | Trustee |
| By: | /s/ Kevin F. McDonald |
|  | Kevin F. McDonald |
|  | Trustee |
| By: | /s/ Paul E. Tramontano |
|  | Paul E. Tramontano |
|  | Trustee |
| By: | /s/ Jeffrey L. Weiss |
|  | Jeffrey L. Weiss |
|  | Trustee |
| By: | /s/ Thomas P. Majewski |
|  | Thomas P. Majewski |
|  | Trustee |
| By: | /s/ James R. Matthews |
|  | James R. Matthews |
|  | Trustee |

---

## Ex-99.(B)

**<br>Exhibit 99.(b)**

------

**EP PRIVATE CAPITAL FUND I**

**BYLAWS**

**Dated as of July 9, 2025**

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I SHAREHOLDER MEETINGS | ARTICLE I SHAREHOLDER MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. | Chair | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. | Proxies; Voting | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. | Notice of Meeting and Fixing Record Dates | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. | Inspectors of Election | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. | Records at Shareholder Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. | Postponement, Adjournment and Change of Place of Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. | Meetings by Remote Communication | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. | Meeting Proposals | 3 |
| ARTICLE II TRUSTEES | ARTICLE II TRUSTEES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. | Annual and Regular Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. | Chair; Records | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. | Nominations | 4 |
| ARTICLE III OFFICERS | ARTICLE III OFFICERS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. | Officers of the Trust | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. | Election and Tenure | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. | Removal and Resignation of Officers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. | Bonds and Surety | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. | Chief Executive Officer and Vice Presidents | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. | Secretary | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. | Chief Financial Officer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. | Chief Compliance Officer | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. | Other Officers and Duties | 7 |
| ARTICLE IV MISCELLANEOUS | ARTICLE IV MISCELLANEOUS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. | Depositories | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. | Signatures | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. | Seal | 7 |
| ARTICLE V SHARE TRANSFERS | ARTICLE V SHARE TRANSFERS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. | Transfer Agents, Registrars and the Like | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. | Transfer of Shares | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. | Registered Shareholders | 8 |

---

-i-

**Table of Contents**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE VI AMENDMENT OF BYLAWS | ARTICLE VI AMENDMENT OF BYLAWS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. | Amendment and Repeal of Bylaws | 8 |

---

-ii-

**EP Private Capital Fund I**

**<u>BYLAWS</u>**

These Bylaws (the "Bylaws") are made and adopted pursuant to Section 3.8 of the Amended and Restated Declaration of Trust of EP Private Capital Fund I (the "Trust"), dated as of July 9, 2025, as from time to time amended (the "Declaration"). All words and terms capitalized in these Bylaws shall have the meaning or meanings set forth for such words or terms in the Declaration.

**ARTICLE I**

**<u>SHAREHOLDER MEETINGS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Chair</u>. The Chair of the Board of Trustees, if any, shall act as chair at all meetings of the shareholders of the Trust ("Shareholders"); in the Chair's absence, the Trustee or Trustees present at each meeting may elect a temporary chair for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Proxies; Voting</u>. Shareholders may vote either in person or by duly executed proxy and each full Share represented at the meeting shall have one vote and each fractional Share shall be entitled to a vote of such fraction, all as provided in Article X of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Notice of Meeting and Fixing Record Dates</u>. Notice of all meetings of Shareholders, stating the time, place (including that the meeting will be held by remote communication, as applicable) and purposes of the meeting, shall be sent or otherwise given to each Shareholder of record entitled to vote thereat at its registered address, not less than ten (10) nor more than one hundred and twenty (120) days before the date of the meeting. Business transacted at any special meeting of Shareholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date of mailing of notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date. Notice of any meeting of Shareholders shall be deemed waived by any Shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the person acting as chair at any meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of the Trust's shares of beneficial interest ("Shares") present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as chair. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting and the voting power of each Share, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, shall determine the results, and shall do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the person acting as chair of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to stockholders of a Delaware business corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Postponement, Adjournment and Change of Place of Meetings</u>. Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may, in its sole discretion, which may be delegated to the officers of the Trust, postpone or change the place of such meeting (including by specifying that the meeting will be held by remote communication) one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so postponed or changed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Section 1.3. Any Shareholders' meeting may be adjourned by the chair of the meeting, the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chair of the meeting, the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that the meeting will be held by remote communication, as applicable) as determined by the Board of Trustees or by the chair of the meeting or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the sole discretion of such Trustees, chair, officers or authorized persons and announced at the meeting. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chair of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Meetings by Remote Communication</u>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held solely by means of remote communication. If authorized by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Meeting Proposals</u>. To be properly brought before an annual meeting (if any) of Shareholders, business must be either (i) brought before the annual meeting by or at the direction of the Board of Trustees, (ii) pursuant to the notice of meeting, or (iii) otherwise properly brought before the annual meeting by a Shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of these Bylaws. In addition to any other applicable requirements, for business to be properly brought before an annual meeting by a Shareholder, the Shareholder must have given timely notice thereof in writing to the Secretary of the Trust. To be timely, the Shareholder's notice must be delivered by a nationally recognized courier service or mailed by first class U.S. mail, postage or delivery charges prepaid, and received at the principal executive offices of the Trust addressed to the attention of the Secretary of the Trust not less than ninety (90) days nor more than one hundred twenty (120) days in advance of the anniversary of the date the Trust's proxy statement was released to the Shareholders in connection with the previous year's annual meeting of Shareholders; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual meeting has been changed by more than thirty (30) days from the date contemplated at the time of the previous year's proxy statement, notice by the Shareholder must be received by the Secretary of the Trust not later than the close of business on the later of (x) the ninetieth (90th) day prior to such annual meeting and (y) the seventh (7<sup>th</sup>) day following the day on which public announcement of the date of such meeting is first made. A Shareholder's notice to the Secretary shall set forth (i) as to each matter the Shareholder proposes to bring before the annual meeting (a) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting and (b) any material interest of the Shareholder in such business, and (ii) as to the Shareholder giving the notice (a) the name and record address of the Shareholder and (b) the class, series and number of shares of beneficially owned by the Shareholder. Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting except in accordance with the procedures set forth in this Article I. The presiding officer at an annual meeting shall, if the facts warrant, determine and declare to the annual meeting that business was not properly brought before the annual meeting in accordance with the provisions of this Article I, and, if such officer should so determine, such officer shall so declare to the annual meeting and any such business not properly brought before the meeting shall not be transacted.

**ARTICLE II**

**<u>TRUSTEES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Annual and Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Except as may be required by applicable law, neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Chair; Records</u>. The Chair, if any, shall act as chair at all meetings of the Trustees; in the absence of a Chair, the Trustees present shall elect one Trustee to act as chair of the meeting. The results of all actions taken at a meeting of the Trustees, or by unanimous written consent of the Trustees, shall be recorded by the Secretary or such other person as the Board of Trustees or Secretary may from time to time designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Nominations</u>. Nominations of persons for election to the Board of Trustees at a meeting of Shareholders of the Trust may be made only (i) by or at the direction of the Board of Trustees, (ii) pursuant to the notice of meeting or (iii) by a Shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of these Bylaws. Such nominations by any Shareholder shall be made pursuant to timely notice in writing to the Secretary of the Trust. To be timely, the Shareholder's notice must be delivered by a nationally recognized courier service or mailed by first class United States mail, postage or delivery charges prepaid, and received at the principal executive offices of the Trust addressed to the attention of the Secretary of the Trust not less than ninety (90) days nor more than one hundred twenty (120) days in advance of the anniversary of the date the Trust's proxy statement was released to the Shareholders in connection with the previous year's annual meeting of Shareholders; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual meeting has been changed by more than thirty (30) days from the date contemplated at the time of the previous year's proxy statement, notice by the Shareholder must be received by the Secretary of the Trust not later than the close of business on the later of (x) the ninetieth (90<sup>th</sup>) day prior to such annual meeting and (y) the seventh (7<sup>th</sup>) day following the day on which public announcement of the date of such meeting is first made. Such Shareholder's notice to the Secretary shall set forth (i) as to each person whom the Shareholder proposes to nominate for election or reelection as a Trustee, (a) the name, age, business address and residence address of the person, (b) the principal occupation or employment of the person, (c) the class and number of shares of capital stock of the Trust that are beneficially owned by the person and (d) any other information relating to the person that is required to be disclosed in solicitations for proxies for election of Trustees pursuant to the rules and regulations of the Securities and Exchange Commission under Section 14 of the Securities Exchange Act of 1934, as amended, and (ii) as to the Shareholder giving the notice (a) the name and record address of the Shareholder and (b) the class and number of shares of the Trust that are beneficially owned by the Shareholder. The Trust may require any proposed nominee to furnish such other information as may reasonably be required by the Trust to determine the eligibility of such proposed nominee to serve as a Trustee of the Trust. No person shall be eligible for election as a Trustee of the Trust unless nominated in accordance with the procedures set forth herein. The presiding officer at an annual meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the foregoing procedure, and if he or she should so determine, he or she shall so declare to the meeting and the defective nomination shall be disregarded.

**ARTICLE III**

**<u>OFFICERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Officers of the Trust</u>. The officers of the Trust shall consist of a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Principal Accounting Officer, a Chief Operating Officer and a Chief Compliance Officer and may also include such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same person, except that the same person may not be both Chief Executive Officer and Secretary. No officer of the Trust need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Principal Executive Officer, Chief Executive Officer, Secretary, Chief Financial Officer, Principal Accounting Officer, Chief Operating Officer and Chief Compliance Officer and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Removal and Resignation of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, Chief Executive Officer or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, Chief Executive Officer or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Chief Executive Officer and Vice Presidents</u>. The Chief Executive Officer shall be a principal executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of Chief Executive Officer of a corporation. Subject to direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the Chief Executive Officer, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the Chief Executive Officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject to the direction of the Trustees, and of the Chief Executive Officer, each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Chief Financial Officer</u>. Except as otherwise directed by the Trustees, the Chief Financial Officer shall be responsible for the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise, under the supervision of the Trustees and the Chief Executive Officer, all powers and duties normally incident to the office in a Delaware business corporation. The Chief Financial Officer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Chief Financial Officer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Chief Financial Officer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer. The Chief Financial Officer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Chief Financial Officer's possession, shall be subject at all times to the inspection and control of the Trustees. The Chief Financial Officer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any class of securities of the Trust on behalf of such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Chief Compliance Officer</u>. The Trustees shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the Investment Company Act of 1940, as amended. The Chief Compliance Officer, subject to the direction of and reporting to the Board of Trustees, shall be responsible for the oversight of the Trust's compliance with the Federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Trustees, including a majority of the trustees who are not Interested Persons of the Trust. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as the Trustees may assign to him or her from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the Chief Executive Officer.

**ARTICLE IV**

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Depositories</u>. In accordance with Section 8.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or these Bylaws or as the Trustees may provide from time to time by resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

**ARTICLE V**

**<u>SHARE TRANSFERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Transfer of Shares</u>. The Shares shall be subject to the limitations on transfer as provided in Section 6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of proper evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

**ARTICLE VI**

**<u>AMENDMENT OF BYLAWS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Amendment and Repeal of Bylaws</u>. In accordance with Section 3.8 of the Declaration, the Trustees shall have the exclusive power to amend or repeal these Bylaws or adopt new Bylaws at any time. Action by the Trustees with respect to the Bylaws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

Adopted: July 9, 2025

## Ex-99.(E)

**Exhibit 99.(e)**

**EP PRIVATE CAPITAL FUND I<br> DISTRIBUTION REINVESTMENT PLAN**

**<u>Introduction</u>**

This Distribution Reinvestment Plan ("Plan") for EP Private Capital Fund I (the "Fund") permits a holder of the Fund's common shares of beneficial interest (each, a "Common Share" and, collectively "Common Shares") to elect to participate in the Plan (*i.e*., "opt-in") (each, a "Participant" and collectively, "Participants"). For any Participant, dividends and/or distributions on such Shareholder's Common Shares will be reinvested by Harmonic Fund Services ("Dividend Disbursing Agent"), as agent for Shareholders in administering the Plan, in additional Common Shares, as set forth below. Participation in the Plan is completely voluntary, and may be terminated or resumed at any time without penalty by notice if received and processed by the Dividend Disbursing Agent prior to the dividend record rate; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on a Shareholder's behalf and may re-invest that cash in additional Common Shares. If a Shareholder wishes for all dividends declared on its Common Shares to be automatically reinvested pursuant to the Plan, such Shareholder should complete and submit the opt-in Plan request form.

**<u>Plan Details</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. The Dividend Disbursing Agent will reinvest Common Shares into the account of each Participant in the
Plan in the same name in which such Participant is registered. Whenever the Fund declares a dividend or other distribution (together,
a "Dividend") payable in cash, non-participants in the Plan will receive cash and Participants will receive the equivalent
in Common Shares. The Common Shares will be acquired by the Dividend Disbursing Agent for the Participants' accounts through receipt
of additional unissued but authorized Common Shares from the Fund ("Newly Issued Common Shares"). Participants may elect to
reinvest Dividends in Common Shares or receive Dividends in cash.

&nbsp;&nbsp;&nbsp;&nbsp;2. Newly Issued Common Shares will be issued at their net asset value ("NAV") determined on the
valuation date fixed by the Board of Trustees of the Fund for such distribution. It is contemplated that the Fund will pay quarterly dividends.
No upfront sales load will be payable with respect to Common Shares purchased pursuant to the Plan. Participants in the Plan may purchase
fractional Common Shares so that 100% of the Dividends will be used to acquire Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Dividend Disbursing Agent maintains all Participants' accounts in the Plan and furnishes written
confirmation of all transactions in the accounts, including information needed by Participants for tax records. Common Shares in the account
of each Participant will be held by the Dividend Disbursing Agent on behalf of the Participant, and each shareholder proxy will include
those shares purchased or received pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;4. In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the
beneficial owners, the Dividend Disbursing Agent will administer the Plan on the basis of the number of Common Shares certified from time
to time by the record shareholder's name and held for the account of beneficial owners who participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;5. There will be no charges with respect to Common Shares issued directly by the Fund. The automatic reinvestment
of Dividends will not relieve Participants of any Federal, state or local income tax that may be payable (or required to be withheld)
on such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to Participants
with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the
Participants.

&nbsp;&nbsp;&nbsp;&nbsp;7. All correspondence or questions concerning the Plan should be directed to the Dividend Disbursing Agent.
Opt-in and opt-out forms will be provided by the Dividend Disbursing Agent or the Fund.

## Ex-99.(G)

**Exhibit 99.(g)**

**EP PRIVATE CAPITAL FUND I**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement is hereby made as of the 9th day of July, 2025 (the "<u>Agreement</u>"), between EP Private Capital Fund I, a Delaware statutory trust (together with the successors thereto, the "Fund"), and Eagle Point Credit Management LLC, a Delaware limited liability company (the "<u>Adviser</u>").

**WITNESSETH:**

**WHEREAS,** the Fund is a newly formed statutory trust that intends to operate as a closed-end management investment company;

**WHEREAS,** the Fund intends to file a registration statement on Form N-2 (the "<u>Registration Statement</u>") with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under and pursuant to the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

**WHEREAS,** the Adviser is engaged in rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

**WHEREAS,** the Fund desires to retain the Adviser to provide investment advisory services to the Fund, and the Adviser is willing to provide or procure such services, on the terms and conditions hereinafter set forth.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**

**<u>APPOINTMENT</u>**

The Fund hereby appoints the Adviser to act as investment adviser to the Fund for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such appointment and agrees to provide the advisory services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**

**<u>SERVICES OF THE ADVISER</u>**

1. <u>Advisory Duties of the Adviser</u>. Subject to the supervision of the board of trustees of the Fund (the "<u>Board of Trustees</u>"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund (a) in accordance with the investment objective, policies and restrictions that are set forth in the Fund's filings with the SEC, as the same may be amended from time to time, (b) in accordance with the 1940 Act, the Advisers Act and all other applicable federal and state law, and (c) in accordance with the Fund's certificate of trust, amended and restated declaration of trust and bylaws (collectively, the "organizational documents"), each as amended or restated from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund (including performing due diligence on prospective investments); (iii) execute, close, service and monitor the Fund's investments; (iv) determine the securities and other assets that the Fund will purchase, retain or sell; and (v) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds. 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 and the placement of orders for other purchase or sale transactions on behalf of the Fund, subject to the oversight and approval of the Board of Trustees. In the event that the Fund determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board of Trustees. If it is necessary or convenient for the Adviser to make investments on behalf of the Fund through a subsidiary or special purpose vehicle or otherwise form such subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle, and to make such investments through such subsidiary or special purpose vehicle, in accordance with the 1940 Act.

2. <u>Subadvisers</u>. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may, through a subadvisory agreement or other arrangement, delegate to a subadviser any of the duties enumerated in this Agreement, including the management of all or a portion of the assets being managed hereby. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the members of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may adjust such duties, the portion of assets being managed, and the fees to be paid by the Adviser; provided that, in each case, the Adviser shall continue to oversee the services provided by such company or employees and any such delegation shall not relieve the Adviser of any of its obligations hereunder.

3. <u>Books and Records</u>. The Adviser agrees to maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act or such longer period as the Fund may direct, all records relating to the services rendered by the Adviser under this Agreement and the Fund's investments made by the Adviser as are required by Section 31 under the 1940 Act, and rules and regulations thereunder, and by other applicable legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodities Exchange Act, and the respective rules and regulations thereunder, and the Fund's compliance policies and procedures, and to preserve such records for the periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance policies and procedures. In compliance with the requirements of Rule 31a-3 under the 1940 Act, any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered promptly to the Fund on request.

4. <u>Brokerage Commissions</u>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a member of a national securities exchange, broker or dealer an amount of commission or other compensation for effecting a securities transaction in excess of the amount of commission or other compensation another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that the amount of such commission or other compensation is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund's portfolio, and constitutes the best net result for the Fund.

5. <u>Proxy Voting</u>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best interest of the Fund and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Fund has been provided with a copy of the Adviser's proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Fund. The Adviser shall be responsible for reporting the Fund's proxy voting activities, as required, through periodic filings on Form N-PX.

6. <u>Advisory Services Not Exclusive</u>. The Adviser's services to the Fund pursuant to this Agreement are not exclusive, and it is understood that the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage in other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed that officers or directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other investment companies. Whenever the Fund and one or more other funds, accounts or investment companies advised by the Adviser have available funds for investment, and the responsibility for the management of all of the assets of the Fund has not been delegated to a subadviser, investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall be allocated in a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The Fund recognizes that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of for the Fund.

**<u>ARTICLE III</u>**

**<u>EXPENSES</u>**

1. <u>Expenses Borne by Adviser</u>. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Fund.

2. <u>Expenses Borne by the Fund</u>. The Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation and to the extent applicable, those relating to: (a) the Fund's organizational expenses; (b) calculating the Fund's net asset value (including the costs and expenses of any independent valuation firm); (c) debt service and other costs of borrowings or other financing arrangements; (d) dividends on preferred stock, if any, and any expenses relating to the offering of any preferred stock; (e) fees and expenses, including legal, consulting or other third-party professional fees and expenses and reasonable travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective investments and, if necessary, enforcing the Fund's rights; (f) reasonable amounts payable to third parties relating to, or associated with, evaluating, monitoring, making and disposing of investments; (g) brokerage fees and commissions; (h) any applicable federal and state registration fees and any applicable exchange listing fees; (i) federal, state and local taxes; (j) costs of offerings or repurchases of the Fund's shares of beneficial interest and other securities (including, but not limited to, preferred stock and indebtedness), including costs related to the use of one or more placement agents, dealer managers and/or underwriters, as applicable; (k) the management fee and incentive fee payable under the Investment Advisory Agreement; (l) distributions on the Fund's shares of beneficial interest or other securities; (m) administration fees payable to an administrator (the "Administrator") under an administration agreement (as may be amended or restated from time to time) (the "Administration Agreement"); (n) any fees and expenses relating to transfer agent, custodial, and escrow agent services; (o) independent trustee fees and expenses; (p) the costs of any reports, proxy statements or other notices to the Fund's shareholders, including printing costs; (q) the costs of holding shareholder meetings; (r) litigation, indemnification and other non-recurring or extraordinary expenses; (s) [reserved]; (t) [reserved]; (u) dues, fees and charges of any trade association of which the Fund is a member (to the extent applicable); (v) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administration functions; (w) fees and expenses associated with independent audits and outside legal costs; (x) the Fund's fidelity bond; (y) the Fund's ratable share of trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (z) costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; and (aa) all other expenses reasonably incurred by the Fund or the Administrator in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under this Agreement or incurred by the Administrator in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's chief compliance officer, chief financial officer, chief operating officer and their respective support staff. The Fund shall not advance expenses of the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) for defending or responding to a claim brought by one or more investors in the Fund against the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser).

**<u>ARTICLE IV</u>**

**<u>COMPENSATION</u>**

Effective commencing on the date that the Fund files its Registration Statement with the SEC, the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee consisting of two components: a base management fee (the "<u>Base Management Fee</u>") and an incentive fee (the "<u>Incentive Fee</u>"), each 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. To the extent permitted by applicable law, the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time.

1. <u>Base Management Fee</u>. The Base Management Fee shall be calculated and payable quarterly in arrears at an annual rate equal to 0.75% of the Fund's net assets at the end of the most recently completed calendar quarter, provided, that, to the extent the Fund's net assets equal or exceed $350 million, the Base Management Fee shall be calculated and payable quarterly in arrears at an annual rate equal to 0.675% of the Fund's net assets at the end of the most recently completed calendar quarter. If the Fund calculates its net asset value more frequently than quarterly, the Base Management Fee shall be calculated on the same frequency as the net asset value is calculated. The Base Management Fee for any partial calculation period shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such calculation period relative to the total number of days in such calculation period).

The Base Management Fee shall be offset by 100% of any advisory fees, organization or success fees, breakup fees, servicing fees, directors' fees, monitoring fees, introduction fees, consulting fees, origination fees, transaction fees, commitment fees, agent fees, exit fees, placement fees and other similar fees (whether paid in cash, securities or other property) (collectively, the "<u>Transaction Fees</u>") paid to the Adviser (including any subsidiary of the Adviser), any entity that has the same beneficial ownership as the Adviser, or any director, officer or employee thereof in respect of the Fund's share of an actual or proposed investment (in each case, net of any amounts necessary to reimburse the applicable Adviser party for all previously unreimbursed out-of-pocket costs incurred by them in connection with generating such fees and net of any amounts reimbursed to the Fund) (an "<u>Offset</u>"). If the amount of an Offset exceeds the Base Management Fee due as of any quarter, the excess portion shall be carried forward to offset future Base Management Fees.

2. <u>Incentive Fee</u>. The Incentive Fee shall be payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income of the Fund for the immediately preceding calendar quarter, subject to a "hurdle" and a "catch up" feature. For this purpose, "<u>Pre-Incentive Fee Net Investment Income</u>" means (a) interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees) accrued during the calendar quarter, minus (b) the Fund's operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement, and any interest expense and/or dividends paid on any issued and outstanding debt or preferred stock, but excluding organizational and offering expenses and the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized or unrealized capital gains or realized or unrealized losses.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Fund's net assets at the end of the immediately preceding calendar quarter, shall be compared to a "hurdle rate" of 2.00% (8.00% annualized) of the Fund's net asset value per quarter. The Fund shall pay the Adviser an Incentive Fee with respect to the Fund's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no Incentive Fee in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed 2.00% of the Fund's net asset value; (2) 100% of the Fund's Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than (a) 2.1277% of the Fund's net asset value in any calendar quarter in which the Fund's net assets are less than $350 million or (b) 2.1141% of the Fund's net asset value in any calendar quarter in which the Fund's net assets equal or exceed $350 million; and (3) either (a) 6.00% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1277% of the Fund's net asset value in any calendar quarter in which the Fund's net assets are less than $350 million or (b) 5.40% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1141% of the Fund's net asset value in any calendar quarter in which the Fund's net assets equal or exceed $350 million.

3. <u>Effective Date of Fee Calculation</u>. The effective date of this Article IV shall be the date the Fund files its Registration Statement with the SEC.

**<u>ARTICLE V</u>**

**<u>ADDITIONAL OBLIGATIONS OF THE FUND</u>**

1. <u>Documents</u>. The Fund has delivered, or shall deliver, to the Adviser copies of each of the following documents and shall deliver to it all future amendments and supplements thereto, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's certificate of trust, as filed with the Secretary of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's amended and restated declaration of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Certified resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Registration Statement as filed with the SEC and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notification of Registration of the Fund under the 1940 Act on Form N-8A as filed with the SEC and all amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Private Placement Memorandum of the Fund.

**<u>ARTICLE VI.</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Article VI to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of the Adviser's duties, by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder) or by reason of an internal dispute at the Adviser. Nothing in this Agreement shall in any way constitute a waiver or limitation by the Fund of any rights or remedies which may not be so limited or waived in accordance with applicable law.

**<u>ARTICLE VII.</u>**

**<u>MISCELLANEOUS</u>**

1. <u>Covenants of the Adviser</u>. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act. The Adviser hereby agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments.

2. <u>Adviser Personnel</u>. The Adviser shall authorize and permit any of its directors, officers and employees who may be elected or appointed as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such trustees, officers or employees. The Adviser shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Adviser shall prepare and provide such reports on the Fund and its operations as may be reasonably requested by the Board of Trustees from time to time.

3. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

4. <u>Name</u>. The Fund agrees that the Fund (to the extent that it lawfully can) shall cease to use the name "Eagle Point" or "EP" upon such date as the Adviser ceases to act as the investment adviser to the Fund, unless an affiliate of the Adviser serves as the investment adviser.

5. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act) and (b) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act.

This Agreement may be terminated at any time, without the payment of any penalty, by (x) (i) the Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (y) the Adviser upon not less than 90 days' written notice. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Article VI 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 Article IV through the date of termination or expiration, and Article VI shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

6. <u>Amendment</u>. This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), or the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party.

7. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be given in writing, addressed and delivered or mailed to the other party at its principal office.

8. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

*[signature page follows]*

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

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| | | |
|:---|:---|:---|
| **Ep Private Capital Fund I** | **Ep Private Capital Fund I** | **Ep Private Capital Fund I** |
| By: | /s/ Thomas P. Majewski | /s/ Thomas P. Majewski |
|  | Name: | Thomas P. Majewski |
|  | Title: | Chief Executive Officer |

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| | | |
|:---|:---|:---|
| **EAGLE POINT CREDIT MANAGEMENT LLC** | **EAGLE POINT CREDIT MANAGEMENT LLC** | **EAGLE POINT CREDIT MANAGEMENT LLC** |
| By: | /s/ Thomas P. Majewski | /s/ Thomas P. Majewski |
|  | Name: | Thomas P. Majewski |
|  | Title: | Managing Partner |

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## Ex-99.(J)

**Exhibit 99.(j)**

**CUSTODIAL AGREEMENT**

THIS CUSTODIAL AGREEMENT (this "<u>Agreement</u>") dated as of July 25, 2025, is entered into between EP Private Capital Fund I (the "<u>Owner</u>") and COMPUTERSHARE TRUST COMPANY, N.A., as custodian (in such capacity, the "<u>Custodian</u>").

<u>W</u> <u>I T N E S S E T H</u>:

WHEREAS, the Owner has acquired or will acquire, from time to time, certain securities and cash (the "Assets");

WHEREAS, the Owner has acquired or will acquire, from time to time, certain Assets that are contractual rights owned by the Owner to receive distributions from one or more counterparties, the terms of which are notified by the Owner or its designated agent to the Custodian; (the "Contract Rights");

WHEREAS, the Owner has acquired or will acquire, from time to time, certain securities that are Assets and that are not represented by a physical certificate and are not book entry securities (the "Uncertificated Securities");

WHEREAS, the Owner desires to deposit the Assets (other than Contract Rights and Uncertificated Securities) with the Custodian to hold on the Owner's behalf and to direct the Custodian with respect to the transfer and release thereof and to retain the Custodian to perform the Recordkeeping Duties (as defined below) with respect to the Contract Rights and Uncertificated Securities;

WHEREAS, the Owner desires to appoint the Custodian as the foreign custody ‎manager under the terms of this Agreement to perform certain functions with respect ‎to the custody of the Owner's Foreign Securities, and the parties hereto wish to amend the ‎Existing Agreement to facilitate such appointment;

NOW, THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) The Owner hereby appoints the Custodian as custodian of the Assets pursuant to the terms of this Agreement and the Custodian accepts such appointment. The Custodian hereby agrees to accept the Assets delivered to the Custodian by the Owner pursuant to the terms hereof, and agrees to hold, release and transfer the same in accordance with the provisions of this Agreement. The Custodian's services hereunder shall be conducted through its Corporate Trust Services ‎division (including, as applicable, any agents or Affiliates utilized thereby).‎ There shall be a segregated non-interest bearing securities account established by the Custodian on behalf of the Owner which will be designated the "EP Private Capital Fund I - Custodial Account" (referred to herein as the "<u>Custody Account</u>") and into which the Assets shall be held and which shall be governed by and subject to this Agreement. In addition, on and after the date hereof, the Custodian may establish any number of subaccounts to the Custody Account deemed necessary or appropriate by the Custodian and Owner in administering the Custody Account (each such subaccount, a "<u>Subaccount</u>" and collectively with the Custody Account, the "<u>Account</u>"). All Assets held in the Account shall be segregated from other securities held and non-cash property in the possession of the Custodian and shall be marked so as to clearly identify them as property of the Owner. All Assets to be delivered in physical form to the Custodian shall be delivered to the address set forth in Section 12 hereof and all Assets to be delivered in book-entry form to the Custodian shall be delivered in accordance with delivery instructions separately provided by the Custodian. The Custodian shall not be responsible for any other assets of the Owner held or received by the Owner or others or any assets not delivered to Custodian as set forth herein and accepted by the Custodian as hereinafter provided. The Custodian shall have no obligation to accept or hold any security or other asset pursuant to the terms of this Agreement to the extent it reasonably determines that such security or asset does not fall within the definition of "Asset" or holding such security or asset would violate any law, rule, regulation or internal policy applicable to the Custodian. For the avoidance of doubt, unless otherwise agreed by the Custodian from time to time, other than delivery of the physical certificate in the possession of the Custodian to the Owner, the Custodian shall have no obligations in connection with the transfer or re-registration of any physical certificates representing Assets in connection with any transfer thereof and the Owner shall be responsible for all aspects of transferring or re-registering such Assets. Assets or proceeds thereof shall be withdrawn from and credited to the Account only upon Proper Instructions pursuant to Section 4 hereof. The Custodian shall be entitled to utilize agents and /or sub-custodians to the extent possible in connection with its performance hereunder (subject to Custodian's due care in selecting such agents and/or sub-custodians), including the establishment of the Account, and Custodian shall identify on its books and records the Assets belonging to Owner, whether held directly or indirectly through agents or sub-custodians. The Custodian shall deliver written notice to the Owner of any change in sub-custodian utilized pursuant to the immediately preceding sentence. Any sub-custodian or clearing institution, other than a foreign sub-custodian, utilized by the Custodian shall be a "bank" as defined by section 202(a)(2) of the Investment Advisers Act of 1940 (the "**<u>Act</u>**") [15 U.S.C. 80b-202(a)(2)].

The Custodian shall not be required to credit or deposit Uncertificated Securities and Contract Rights in the Account but shall instead maintain a record (in book-entry form or in such other form as it shall deem necessary or desirable) of such Uncertificated Securities and Contract Rights owned by the Owner containing such information as the Owner and the Custodian may reasonably agree, provided that the Owner shall have furnished to the Custodian such documents evidencing the Owner's investment in each such Uncertificated Security or rights under each such Contract Right, together with a description of the material terms of any such Uncertificated Security or Contract Right as requested by the Custodian (collectively, such documents and information are referred to herein as the "Investment Documents"). The Custodian's sole duties as it relates to such Uncertificated Securities and Contract Rights of the Owner shall be to (i) maintain a record of such Uncertificated Securities and Contract Rights (based on the information provided to the Custodian pursuant to the preceding sentence) (the "Recordkeeping Duties") and (ii) to retain and hold the Investment Documents in respect of each Uncertificated Security and Contract Right held by the Owner as a document custodian and in a manner consistent with the manner in which the Custodian holds all other Assets of the Owner pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the Account (including income, if any, earned on the Assets or the investments of funds in such account) will be owned by the Owner, for federal income tax purposes. Such Owner is required to provide to the Custodian (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of the Custodian as may be necessary (i) to reduce or eliminate the imposition of U.S. withholding taxes and (ii) to permit Custodian to fulfill its tax reporting obligations under applicable law with respect to the Account or any amounts paid to Owner. If, to the knowledge of the Owner, any IRS form or other documentation previously delivered becomes obsolete or inaccurate in any respect, the Owner shall timely provide to the Custodian accurately updated and complete versions of such IRS forms or other documentation. Computershare Trust Company, N.A., both in its individual capacity and in its capacity as Custodian, shall have no liability to Owner or any other person in connection with any tax withholding amounts paid or withheld from the Account pursuant to applicable law arising from Owner's failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Account absent the Custodian having first received (i) the requisite Proper Instructions, and (ii) the IRS forms and other documentation required by this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Custodian receives instructions from the Owner to effect a securities transaction as contemplated in 12 CFR 12.1, the Owner acknowledges that upon its written request and at no additional cost, it has the right to receive the notification from the Custodian after the completion of such transaction as contemplated in 12 CFR 12.4(a) or (b). The Owner agrees that, absent specific request, such notifications shall not be provided by the Custodian hereunder, and in lieu of such notifications, the Custodian shall make available periodic account statements in the manner required by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Custodian shall not invest immediately available funds held hereunder in the absence of Proper Instructions and shall not be liable for not investing or reinvesting funds in accordance with this Agreement in the absence of Proper Instructions, which may include standing instructions. In connection with investments of available cash pursuant to Proper Instructions, the Custodian may without liability use a broker-dealer of its own selection, including a broker-dealer owned by or affiliated with the Custodian or any of its affiliates, unless otherwise instructed by the Owner. The Custodian is not responsible for the assets of the Owner which have been placed in accounts with brokers, prime brokers, counterparties, futures commission merchants and other intermediaries. The Custodian or any of its affiliates may receive reasonable compensation with respect to any such investment. It is expressly agreed and understood by the parties hereto that the Custodian shall not in any way whatsoever be liable for losses on any investments, including, but not limited to, losses from market risks due to premature liquidation or resulting from other actions taken pursuant to this Agreement, unless any such loss results from the bad faith, gross negligence or willful misconduct of the Custodian in respect of its duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Owner shall instruct the Custodian in writing with regard to (a) the exercise of any rights or remedies with respect to the Assets, including, without limitation, waivers and voting rights, and (b) taking any other action in connection with the Assets, including, without limitation, any purchase, sale, conversion, redemption, exchange, retention or other transaction relating to the Assets. The Custodian shall notify the Owner immediately in writing upon receiving written notice of any action requiring the vote or consent of the Owner, or requiring any similar action on the part of the Owner, in respect of any of the Assets. In the absence of any instructions provided to the Custodian by the Owner, the Custodian shall have no obligation to take any action with respect to the Assets. Notwithstanding anything herein to the contrary, under no circumstances shall the Custodian be obligated to bring legal action or institute proceedings against any person on behalf of the Owner. The Custodian shall not be obligated to settle any trade of Assets unless there are sufficient immediately available funds credited to the Account at the time of such trade settlement, and the Custodian shall not be obligated to settle any trade of Assets in reliance on contractual, expected or predetermined funds that are not immediately available at the time of settlement. The Owner must maintain sufficient funds in the Account in order for the Custodian to facilitate the settlement of any securities transaction in accordance with Proper Instructions. The Custodian shall be entitled to decline any Proper Instruction and shall not be required to settle any transaction that would result in an overdraft of the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Custodian shall hold the Assets in safekeeping and shall release and transfer the same only in accordance with Proper Instructions. "<u>Proper Instructions</u>" shall mean written instructions or cabled, telexed, facsimile or electronically transmitted instructions in respect of any of the matters referred to in this Agreement purported to be signed (except in the case of electronically transmitted instructions) by one or more persons duly authorized to sign on behalf of the Owner as set forth in the Authorized Signers List on Exhibit A hereto (each such person (an "<u>Authorized Signer</u>") and, in the case of electronically transmitted instructions, in accordance with such authentication procedures as may be agreed by the Custodian and the Owner from time to time, and in the case of any instructions to credit an Asset to the Accounts or to release any Asset from the Accounts, in accordance with the terms hereof. Any electronically delivered instructions, including by email or facsimile, received from any Authorized Signer shall constitute Proper Instructions, subject in all cases to the Owner's authentication procedures. Any Authorized Signers List of the Owner first executed and delivered to the Custodian on or about the date of this Agreement shall remain in effect for the duration of this Agreement unless and until a replacement Authorized Signers List of the Owner is delivered to the Custodian by the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Custodian shall be obligated only for the performance of such duties as are specifically set forth in this Agreement and the Custodian shall satisfy those duties expressly set forth herein so long as it acts in good faith and without gross negligence, reckless disregard of its duties or willful misconduct. The Custodian may rely and shall be protected in acting or refraining from acting on any written notice, request, waiver, consent or instrument believed by it to be genuine and to have been signed or presented by the proper party or parties. The Custodian shall have no duty to determine or inquire into the happening or occurrence of any event or contingency, and it is agreed that its duties are purely ministerial in nature. The Custodian may consult with and obtain advice from legal counsel as to any provision hereof or its duties hereunder and shall not be liable for action taken or omitted by it in good faith and the advice of such counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon. The Custodian shall not be liable for any action taken or omitted by it in good faith and reasonably believed by it to be authorized hereby, except for actions arising from the gross negligence, reckless disregard of its duties or willful misconduct of the Custodian. The Custodian shall have no liability for loss arising from any cause beyond its control, including ‎but not limited to, the interruption, suspension or restriction of trading on or the closure of any ‎securities markets, ‎power or other mechanical or technological failures or interruptions, work stoppages, acts of God, natural disasters, fire, war, terrorism, riots, ‎rebellions,‎ the ‎act, failure or neglect of any agent or correspondent selected with due care by the Custodian, any ‎delay, error, omission or default of any mail, telegraph, cable or wireless agency or operator; or ‎the acts or edicts of any government or governmental agency or other group or entity exercising ‎governmental powers. Notwithstanding anything in this Agreement to the contrary, in no event shall the Custodian be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits).

Without limiting the generality of the foregoing, the Custodian shall not be subject to any fiduciary or other implied duties and the Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility and, accordingly, shall have no duty to, or liability for its failure to, provide investment recommendations or investment advice to the parties hereto. It is the intention of the parties hereto that the Custodian shall never be required to use, advance or risk its own funds or otherwise incur financial liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder. The Custodian may exercise any of its rights or powers hereunder or perform any of its duties hereunder either directly or, by or through affiliates, agents or attorneys, and the Custodian shall not be responsible for any misconduct or negligence on the part of any non-affiliated agent or attorney appointed hereunder with due care by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of this Agreement or any part hereof (except with respect to the Custodian's obligations hereunder) or for the transaction or transactions requiring or underlying the execution of this Agreement, the form or execution hereof or for the identity or authority of any person executing this Agreement or any part hereof (except with respect to the Custodian) or depositing the Assets (except with respect to the Custodian's obligations related thereto). The Custodian shall not be deemed to have notice or knowledge of any matter hereunder unless written notice thereof is received by the Custodian. It is expressly acknowledged by the Owner that application and performance by the Custodian of its various duties hereunder may be based upon, and in reliance upon, data, information and notice provided to it by the Owner and/or any related bank agent, obligor or similar party with respect to the Assets, and the Custodian shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate). The Custodian shall not be liable for the actions or omissions of, or any inaccuracies in the records of, the Owner or any clearing agency or depository or any other Person and without limiting the foregoing, the Custodian shall not be under any obligation to monitor, evaluate or verify compliance by the Owner or any other Person with any agreement or applicable law.

The Custodian acknowledges that, for the purposes of the Account described herein, it shall be deemed to meet the qualifications of a "qualified custodian" as defined in Rule 206-4(2) under the Investment Advisers Act of 1940, as amended (the "**Rule**"). For the avoidance of doubt and notwithstanding anything herein to the contrary, the Owner agrees that the Custodian shall not have nor shall be implied to have any duties with respect to furnishing reports of the Owner or other information as contemplated by the Act or the Rule, and the Custodian shall only be obligated to furnish information to the Owner or to any third party to the extent directed by the Owner pursuant to Proper Instructions as set forth in this Agreement and agreed to by the Custodian, or as the Owner and Custodian may otherwise agree. The Owner shall promptly notify the Custodian in the event it has knowledge or receives notice that the Assets of the Owner hereunder are or will be (or are or will be deemed to be) "plan assets" subject to the United States Employee Retirement Income Security Act of 1974, as amended (or any such substantially similar applicable federal, state, or local law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Owner agrees to indemnify, defend and hold the Custodian, its officers, directors, employees and agents (collectively, "<u>Indemnified Persons</u>") harmless from and against any and all losses, claims, damages, demands, expenses, costs, causes of action, judgments or liabilities that may be incurred by any Indemnified Person arising directly out of or in connection with this Agreement, including the reasonable and documented legal costs and expenses (including, without limitation, the expenses of any experts, counsel or agents) of (a) investigating, preparing for or defending itself against any action, claim or liability in connection with its performance hereunder or thereunder or (b) enforcement of the Owner's indemnification obligations hereunder. The Owner also hereby agrees to hold the Custodian harmless from any liability or loss resulting from any taxes or other governmental charges, and any expense related thereto, which may be imposed, or assessed with respect to any Assets in the Account and also agrees to hold the Custodian and its respective nominees harmless from any liability as record holder of Assets in the Account. The Owner may remit payment for expenses and indemnities owed to the Custodian hereunder or, in the absence thereof, the Custodian may from time to time deduct payment of such amounts from the Account in accordance with the terms of Section 8 of this Agreement. In no event, however, shall the Owner be obligated to indemnify any Indemnified Person and hold any Indemnified Person harmless if a court of competent jurisdiction determines that such losses, claims, damages, demands, expenses, costs, causes of action, judgments or liabilities were incurred by any Indemnified Person as a result of its own bad faith, willful misconduct, gross negligence or reckless disregard of its duties hereunder. The provisions of this section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Custodian shall be entitled to be paid by the Owner a fee as compensation for its services as set forth in the separate Fee Letter (the "<u>Fee Letter</u>") agreed to by the parties hereto. Except as otherwise noted, this fee covers account acceptance, set up and termination expenses, plus usual and customary related administrative services such as safekeeping, investment, collection and distribution of assets, including normal record-keeping/reporting requirements. Any additional services beyond those specified in this Agreement, or activities requiring excessive administrator time or out-of-pocket expenses, shall be performed only after reasonable prior notice is given to the Custodian by the Owner and shall be deemed extraordinary expenses for which related costs, transaction charges and additional fees will be billed at the Custodian's standard charges for such items. The Owner agrees to pay or reimburse the Custodian for all reasonable and documented out-of-pocket costs and expenses (including without limitation reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made, in connection with the preparation, negotiation or execution of this Agreement, or in connection with or pursuant to consummation of the transactions contemplated hereby, or the administration of this Agreement or performance by the Custodian of its duties and services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Owner hereby grants to the Custodian a lien on all Assets for all indebtedness that may become owing to the Custodian hereunder, which lien may be enforced by the Custodian by set-off or appropriate foreclosure proceedings. In this regard, if the Owner is unwilling or unable to pay the Custodian any amounts due hereunder or to indemnify any indemnified party hereunder, the Custodian may, in its sole discretion, withdraw any cash in the account, or, if insufficient and solely after providing written notice of a default hereunder and a reasonable opportunity to cure, liquidate a portion of the Assets, and the Custodian shall use such cash or deduct from such proceeds any fees, expenses and indemnities that it (or any indemnified party) may be due hereunder. The Owner hereby consents to and authorizes such action by the Custodian, and the Custodian shall have no liability for any action taken pursuant to this authorization. The Custodian agrees to provide Owner with written notice prior to taking any action pursuant to this Section 8. Except as expressly otherwise provided in this Section 8, the parties hereto acknowledge and agree that the Custodian has no lien, encumbrance or security interest over the Assets (including any cash) held in the Account whether arising by agreement, operation of law or otherwise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Custodian may at any time resign hereunder by giving written notice of its resignation to the Owner at least sixty (60) days prior to the date specified for such resignation to take effect, and upon the effective date of such resignation, the Assets hereunder shall be delivered by it to such person as may be designated in writing by the Owner, whereupon all the Custodian's obligations hereunder shall cease and terminate. If no such person shall have been designated by such date, all obligations of the Custodian hereunder shall, nevertheless, cease and terminate. The Custodian's sole responsibility thereafter shall be to keep safely all Assets then held by it and to deliver the same to a person designated by the Owner or in accordance with the direction of a final order or judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Owner may remove the Custodian at any time by giving the Custodian at least thirty (30) days' prior written notice. Upon receipt of the identity of the successor custodian as designated by the Owner in writing, the Custodian shall either deliver the Assets then held hereunder to the successor custodian, less the Custodian's fees, costs and expenses or other obligations owed to the Custodian, or hold such Assets (or any portion thereof), pending distribution, until all such fees, costs and expenses or other obligations are paid. Upon delivery of the Assets to the successor custodian, the Custodian shall have no further duties, responsibilities or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Agreement shall be construed in accordance with, and governed by, the laws of the State of New York, without giving effect to the conflict of law principles thereof. The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any New York State or Federal Court sitting in the Borough of Manhattan in the City of New York in any proceeding arising out of or relating to this Agreement, and the parties hereby irrevocably agree that all claims in respect of any such proceeding may be heard and determined in any such New York State or Federal court. The parties hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such proceeding. The parties agree that a final non-appealable judgment in any such proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement may not be assigned or transferred by the Owner. This Agreement shall remain in full force and effect until the earlier to occur of (a) the transfer or release of all of the Assets in accordance with the written instructions of the Owner in respect thereto and (b) the transfer by the Owner of its rights and interests in the Assets. The parties hereto shall not be bound by any modification, amendment, termination, cancellation, recission or supersession of this Agreement unless the same shall be in writing and signed by the Custodian and the Owner. Any organization or entity into which the Custodian may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Custodian, shall be the successor of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Any delivery of physical Assets or Investment Documents or any notices or other communications hereunder (including Proper Instructions delivered to the Custodian) shall be in writing and given at the addresses stated below, by prepaid first class mail, overnight courier or facsimile.

If to the Owner:

EP Private Capital Fund I

c/o Eagle Point Credit Management LLC

600 Steamboat Road, Suite 202

Greenwich, CT 06830

Attn: Ms. Lena Umnova

Tel: +1 203-340-8542

Email: lumnova@EaglePointCredit.com

If to the Custodian:

With respect to the delivery of physical Assets or Investment Documents:‎

Computershare Trust Company, N.A.

Attn: CTSO Mail Room‎

‎1505 Energy Park Drive

St. Paul, MN 55108

Ref: EP Private Capital Fund I

Email: SASCustodyteam@computershare.com ‎

For all other purposes:‎

Computershare Trust Company, N.A.‎

Corporate Trust Services Division ‎

‎9062 Old Annapolis Road‎

Columbia, Maryland 21045 ‎

Attn: Securities Custody Services ‎

Ref: EP Private Capital Fund I

Fax: (410) 715-3748 ‎

Email: SASCustodyteam@computershare.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PARTIES HERETO. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Owner acknowledges that in ‎accordance with laws, regulations and executive ‎orders of the United States or any state or political ‎subdivision thereof as are in effect from time to ‎time applicable to financial institutions relating to ‎the funding of terrorist activities and money ‎laundering, including without limitation the USA ‎Patriot Act (Pub. L. 107-56) and regulations ‎promulgated by the Office of Foreign Asset ‎Control (collectively, "AML Law"), the Custodian is ‎required to obtain, verify, and record information ‎relating to individuals and entities that establish a ‎business relationship or open an account with the ‎‎Custodian. The Owner hereby agrees that it shall ‎provide the Custodian with such identifying ‎information and documentation as the Custodian ‎may request from time to time in order to enable ‎the Custodian to comply with all applicable ‎requirements of AML Law, including, but not limited to, the Owner's name, physical address, tax identification number and other information that will help the Custodian to identify and verify the Owner's identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their ‎respective successors and assigns. This Agreement shall be valid, binding, and enforceable against a ‎party when executed and delivered by ‎an authorized individual on behalf of the party by means of ‎‎(i) an original manual signature; (ii) a faxed, ‎scanned, or photocopied manual signature, or (iii) any ‎other electronic signature permitted by the federal ‎Electronic Signatures in Global and National ‎Commerce Act, state enactments of the Uniform Electronic ‎Transactions Act, and/or any other ‎relevant electronic signatures law, including any relevant provisions of ‎the UCC ‎ (collectively, ‎‎"Signature Law"), in each case to the extent ‎applicable. Each faxed, scanned, or photocopied ‎manual signature, or other electronic signature, shall for ‎all purposes have the same validity, legal ‎effect, and admissibility in evidence as an original manual ‎signature. Each party hereto shall be ‎entitled to conclusively rely upon, and shall have no liability with ‎respect to, any faxed, scanned, or ‎photocopied manual signature, or other electronic signature, of any ‎other party and shall have no ‎duty to investigate, confirm or otherwise verify the validity or authenticity ‎thereof. This Agreement ‎may be executed in any number of counterparts, each of which shall be ‎deemed to be an original, ‎but such counterparts shall, together, constitute one and the same instrument. ‎For the avoidance of ‎doubt, original manual signatures shall be used for execution or indorsement of ‎writings when ‎required under the UCC or other Signature Law due to the character or intended character ‎of the ‎writings.‎

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. ‎(a)‎ ‎ The Owner hereby appoints the Custodian as "Foreign Custody Manager" ‎‎(as that term is defined in Rule 17f-5(a)(3) as promulgated under the ‎Investment Company Act of 1940, as amended ("1940 Act")) and delegates ‎to the Foreign Custody Manager, subject to the conditions of Rule 17f-5(b) ‎under the 1940 Act, the responsibilities set forth in this Section 16 for certain ‎of its Foreign Securities and cash, including, notwithstanding anything in ‎this Custodial Agreement to the contrary, for the purpose of maintaining ‎Foreign Securities and cash with foreign Sub-Custodians. The Custodian ‎hereby accepts its appointment as Foreign Custody Manager and the ‎delegation of related responsibilities and subject to Section 19 of the ‎Custodial Agreement, agrees to exercise reasonable care, prudence and ‎diligence in carrying out such responsibilities. The Owner acknowledges ‎that the Custodian has appointed JPMorgan Chase Bank, National ‎Association ("JP Morgan") as global Sub-Custodian to provide custodial and ‎safekeeping services in respect of the Custodian's clients' assets, which may ‎include the Owner's Foreign Securities and cash. JP Morgan maintains a ‎global subcustody network whereby foreign sub-custodians and securities ‎depositories may be appointed to safekeep the Custodian's client's assets in ‎certain foreign markets. It is understood and agreed that the Custodian will ‎subcontract the performance of certain responsibilities hereunder, including ‎without limitation, the selection of "eligible foreign custodians" and the ‎negotiation of written contracts with such foreign custodians, with ‎JPMorgan. In acting as a Foreign Custody Manager, Custodian shall not ‎supervise, recommend or advise the Owner relative to the investment, ‎purchase, sale, retention or disposition of any assets in any particular ‎country, including with respect to prevailing country risks.‎

‎(b)‎ In connection with the foregoing, the Foreign Custody Manager shall:‎

‎(i)‎ make available to the Owner written reports notifying the Owner of ‎the placement of Foreign Securities and cash with particular Sub-‎Custodians and, promptly after receipt of notice or otherwise obtaining ‎actual knowledge thereof, a written report notifying the Owner of any ‎material change in the arrangements with Sub-Custodians;‎

‎(ii)‎ in selecting a Sub-Custodian, first have determined that Foreign ‎Securities and cash placed and maintained in the safekeeping of such ‎Sub-Custodian shall be subject to reasonable care, based on the ‎standards applicable to custodians in the relevant market, after having ‎considered all factors relevant to the safekeeping of such Foreign ‎Securities and cash, including, notwithstanding anything to the contrary ‎in the Existing Agreement, and without limitation, the following: (1) ‎the Sub-Custodian's practices, procedures, and internal controls, ‎including, but not limited to, the physical protections available for ‎certificated securities (if applicable), the method of keeping custodial ‎records, and the security and data protection practices; (2) whether the ‎Sub-Custodian has the requisite financial strength to provide reasonable ‎care in the provision of custodial services; (3) the Sub-Custodian's ‎general reputation and standing; and (4) whether the Owner will have ‎jurisdiction over and be able to enforce judgments against the Sub-‎Custodian, such as by virtue of offices in the United States or consent to ‎service of process in the United States;‎

‎(iii)‎ make reasonable efforts to determine that the written contract with a ‎Sub-Custodian requires that the Sub-Custodian shall provide reasonable ‎care in the provision of custodial services based on the standards ‎applicable to custodians in the relevant market; and‎

‎(iv)‎ have established a system to monitor the continued appropriateness of ‎maintaining Foreign Securities and cash with particular Sub-Custodians ‎and of the governing contractual arrangements; it being understood, ‎however, that in the event that the Foreign Custody Manager shall have ‎determined that the existing Sub-Custodian in a given country would no ‎longer afford Foreign Securities and cash reasonable care and that no ‎other Sub-Custodian in that country would afford reasonable care, the ‎Foreign Custody Manager shall promptly so advise the Owner and ‎shall then act in accordance with the Appropriate Instructions of Eagle ‎Point with respect to the disposition of the affected Foreign Securities ‎and cash.‎

Subject to (b)(i)-(iv) above, the Foreign Custody Manager is hereby authorized to place ‎and maintain Foreign Securities and cash upon receipt of Appropriate Instructions from the ‎Owner with Sub-Custodians pursuant to a written contract deemed appropriate by ‎the Foreign Custody Manager.‎

‎(c)‎ In cases where due to (i) applicable law in a market, or (ii) market practice or ‎market conditions it is not practicable to have the sub-custodial services ‎performed by a Foreign Custodian, the Foreign Custody Manager shall ‎promptly advise the Owner of the circumstances.‎

‎(d)‎ Except as expressly provided herein, the Owner shall be solely responsible to ‎assure that the maintenance of Foreign Securities and cash hereunder complies ‎with the rules, regulations, interpretations and exemptive orders as ‎promulgated by or under the authority of the SEC.‎

‎(e)‎ Foreign Custody Manager represents to the Owner that it is a U.S. Bank as ‎defined in Rule 17f-5(a)(7)(iii). The Owner represents to Foreign Custody ‎Manager that: (1) certain Foreign Securities and cash being placed and ‎maintained in Custodian's custody are subject to the 1940 Act, as the same ‎may be amended from time to time; (2)(i) it has determined that it is ‎reasonable to rely on Custodian to perform the functions of a Foreign Custody ‎Manager, and (ii) the Board or investment adviser of the Owner shall have ‎determined that the Owner may maintain Foreign Securities and cash in each ‎country in which such Foreign Securities and cash shall be held hereunder and ‎determined to accept Country Risk. For purposes hereof, "Country Risk" shall ‎mean the risk of investing or holding assets in a particular country or market, ‎including but not limited to risks arising from nationalization, expropriation, ‎capital controls, currency restrictions, or other governmental actions; the ‎country's financial infrastructure including prevailing custodial, tax and ‎settlement practices; laws applicable to the safekeeping and recovery of ‎financial assets and cash held in custody; the regulation of the banking or ‎securities industries, including changes in market rules; currency devaluations ‎or fluctuations and market conditions affecting the orderly execution of ‎securities transactions or the value of assets. Nothing contained herein shall ‎require Foreign Custody Manager to make any selection or to engage in any ‎monitoring on behalf of the Owner that would entail consideration of Country ‎Risk.‎

‎(f)‎ Foreign Custody Manager shall provide to the Owner such information ‎relating to Country Risk as is specified in Appendix 1 hereto. The Owner ‎hereby acknowledges that: (i) such information is solely designed to inform the ‎Owner of market conditions and procedures and is not intended as a ‎recommendation to invest or not invest in particular markets; and (ii) Foreign ‎Custody Manager has gathered the information from sources it considers ‎reliable, but that Foreign Custody Manager shall have no responsibility for ‎inaccuracies or incomplete information. ‎

(g)‎ The Foreign Custody Manager shall be responsible for performing the ‎delegated responsibilities defined herein only with respect to countries in ‎which the Owner has requested, and Custodian has agreed, to open a ‎segregated account and hold assets in such market using JP Morgan's global ‎subcustody network. The available markets and associated Foreign Sub-‎Custodians are subject to change from time to time, and will be provided upon ‎request. Upon the receipt by the Foreign Custody Manager of Appropriate ‎Instructions to place or maintain Foreign Securities in an eligible country, the ‎Foreign Custody Manager shall be deemed to have been delegated by the ‎applicable fund's Board on behalf of such fund responsibility as Foreign ‎Custodial Manager with respect to that country and to have accepted such ‎delegation. Execution of this agreement by each Owner signatory hereto ‎shall, to the extent any particular fund has or will have foreign assets, be ‎deemed to be an Appropriate Instruction to place or maintain Foreign ‎Securities in each eligible country in which the Custodian has previously ‎placed or currently maintains such signatory's Foreign Securities pursuant to ‎the terms of this Agreement. ‎

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. ‎(a)‎ Foreign Custody Manager shall, for consideration by the Owner, provide an ‎analysis of the custodial risks associated with maintaining the Owner's ‎Foreign Securities and cash with each Eligible Securities Depository used by ‎JP Morgan as of the date hereof (or, in the case of an Eligible Securities ‎Depository not used by JP Morgan as of the date hereof, prior to the initial ‎placement of the Owner's Foreign Securities at such Eligible Securities ‎Depository) and at which any Foreign Securities of the Owner are held or are ‎expected to be held. The foregoing analysis will be provided to the Owner via ‎www.ctslink.com. In connection with the foregoing, (i) the Owner shall ‎notify Foreign Custody Manager of any Eligible Securities Depositories at ‎which it does not choose to have its Foreign Securities and cash held and ‎hereby covenants that it will not issue any Appropriate Instructions to Foreign ‎Custody Manager to hold its Foreign Securities at such Eligible Securities ‎Depositories, (ii) the Owner hereby waives, and releases Foreign Custody ‎Manager from, any liability that Foreign Custody Manager may incur to Eagle ‎Point in connection with any Appropriate Instructions delivered to Foreign ‎Custody Manager in contravention of such notification, and (iii) the Owner ‎shall be solely liable for any Appropriate Instructions delivered to Foreign ‎Custody Manager in contravention of such notice. Foreign Custody Manager ‎shall monitor the Custodial risks associated with maintaining Foreign ‎Securities at each such Eligible Securities Depository on a continuing basis ‎and shall notify the Owner or its adviser of any material changes in such risks ‎as soon as reasonably practicable. "Eligible Securities Depository" shall have ‎the same meaning as in Rule 17f-7(b)(1)(i)-(vi) as the same may be amended ‎from time to time, or that has otherwise been made exempt pursuant to an SEC ‎exemptive order.‎

‎(b)‎ Subject to Section 5 of the Custodial Agreement, Foreign Custody Manager ‎shall exercise reasonable care in performing the requirements set forth in ‎Section 17(a) above.‎

‎(c)‎ A list of Securities Depositories that are currently used shall be available upon ‎request. In the exercise of diligence, Foreign Custody Manager shall determine ‎the eligibility under Rule 17f-7 of each Securities Depository included on the ‎aforementioned list and shall promptly advise the Owner if any Securities ‎Depository ceases to be eligible. Foreign Custody Manager may modify the ‎list of Securities Depositories from time to time upon notice to the Owner.‎

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. (a) The Owner now owns or hereafter may from time to time acquire or manages a portfolio of ‎commercial, syndicated or participated bank loans (the "Loan Assets") and hereby appoints the Custodian as its agent‎ ‎to assist the Owner in connection with monitoring the Loan Assets on an ongoing basis as provided herein and provide to the Owner certain reports, schedules, calculations and other data, (in each case in such form and content, and in such greater detail, as may be mutually agreed upon by the Custodian and the Owner from time to time), based upon information and data received from the Owner. The Custodian's duties and obligations pursuant to this Section 18 are solely to the Owner and the Custodian shall provide all calculations, reports and other data only to the Owner, or its designee. The Custodian shall have no duties or obligations to report to, or perform any services for, any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall
 perform the following functions from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) create
 a Loan Asset database (the "Asset Database") of certain characteristics (to the
 extent required for the performance of its obligations hereunder, and otherwise as reasonably
 agreed to by the Owner) of the Loan Assets based upon information provided to the Custodian
 by the Owner (or its designee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) update
 the Asset Database periodically to reflect any assignments or terminations, purchases or
 sales or other dispositions of Loan Assets, in each case based upon such information regarding
 purchases, sales or other dispositions furnished to the Custodian by the Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon
 receipt of documents related to the Loan Assets as may be delivered, or as may be caused
 to be delivered, to it from time to time by the Owner or by the seller of Loan Assets identified
 by the Owner, save such documents in electronic format onto disks and/or onto the Custodian's
 secure computer system, and maintain in a manner so as to permit retrieval and access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notify
 the Owner upon receiving any documents, legal opinions or any other information including,
 without limitation, any notices, reports, requests for waiver, consent requests or any other
 requests relating to corporate actions affecting the Loan Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reconcile
 cash and Loan Asset balances on a daily basis. All information with respect to actual cash
 received or actual account balances shall be based on information provided to the Custodian
 by the Owner (or its designee). In the event of a discrepancy between the expected and the
 actual activity, the Custodian shall begin research within 2 business days of the discrepancy
 date of such transaction and will continue to follow up with agent bank and the Owner until
 (i) such discrepancy is resolved, (ii) the Owner directs otherwise, or (iii) no further action
 may be taken by the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide
 a monthly report of transaction activity and monthly portfolio Loan Asset balance report,
 in each case with such contents and in such form as reasonably agreed to by the Owner and
 the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) provide
 the Owner with access to the information in the Asset Database in electronic format, the
 format and scope of such information to be reasonably agreed to by the Owner and the Custodian;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) assist
 the Owner in the performance of such other calculations and the preparation of such other
 reports that are reasonably requested in writing by the Owner and agreed to by the Custodian,
 which agreement shall not be unreasonably withheld and that the Custodian determines, in
 its sole discretion, may be provided without unreasonable burden or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owner shall reasonably cooperate with the Custodian in connection with the matters described herein, including calculations reasonably requested hereunder. Without limiting the generality of the foregoing, the Owner shall use reasonable efforts to supply, in a timely fashion, any information maintained by it that the Custodian may from time to time reasonably request with respect to the Loan Assets and reasonably required to permit the Custodian to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Owner shall review and, to the best of its knowledge, verify the contents of any reports and/or statements required to be prepared by the Custodian. To the extent any of the information in such reports or statements conflicts with data or calculations in the records of the Owner, the Owner shall notify the Custodian of such discrepancy and use reasonable efforts to assist the Custodian in reconciling such discrepancy. The Owner further agrees to provide to the Custodian during the term of this Agreement, on a timely basis, any information in its possession relating to the Loan Assets and any changes, proposed purchases, sales or other dispositions thereof as to enable the Custodian to perform its duties hereunder. The Custodian will be entitled to rely on and assume the accuracy of such information provided by the Owner and shall have no duty to independently obtain such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may request written instructions (or verbal instructions, followed by written confirmation thereof) from the Owner, as to the course of action desired by it and shall act, and shall be fully protected in acting, in accordance with instructions received by the Owner. If the Custodian does not receive such instructions within five business days after it has requested them, the Custodian shall be under no duty to take any such courses of action and shall wait until such time as the Owner provides appropriate instructions.

[SIGNATURE PAGE FOLLOWS]

Executed as of the date first above written.

---

| |
|:---|
| **EP Private Capital Fund I, as Owner** |
| By: |
| Name: |
| Title: |
| **COMPUTERSHARE TRUST COMPANY, N.A., as Custodian** |
| By: |
| Name: |
| Title: |

---

## Ex-99.(K)(1)

**Exhibit 99.(k)(1)**

**EP PRIVATE CAPITAL FUND I**

**ADMINISTRATION AGREEMENT**

This Administration Agreement is hereby made as of the 9th day of July, 2025 (the "<u>Agreement</u>"), between EP Private Capital Fund I, a Delaware statutory trust (together with any successor thereto, the "<u>Fund</u>"), and Eagle Point Administration LLC, a Delaware limited liability company (the "<u>Administrator</u>").

**WITNESSETH:**

**WHEREAS,** the Fund is a newly formed Delaware statutory trust that intends to operate as a closed-end management investment company;

**WHEREAS,** the Fund intends to file a registration statement on Form N-2 (the "<u>Registration Statement</u>") with the Securities and Exchange Commission (the "<u>SEC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

**WHEREAS,** the Fund desires to retain the Administrator to provide administrative services to the Fund, and the Administrator is willing to provide or procure such services, on the terms and conditions hereafter set forth.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**

**<u>APPOINTMENT</u>**

The Fund hereby appoints the Administrator to act as administrator to the Fund for the period and on the terms set forth in this Agreement. The Administrator hereby accepts such appointment and agrees to provide the administrative services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**

**<u>SERVICES OF THE ADMINISTRATOR</u>**

1. <u>Administrative Services</u>. Subject to the supervision and the overall control of the board of trustees of the Fund (the "<u>Board of Trustees</u>"), the Administrator shall act as administrator of the Fund, and furnish, or arrange for others to furnish, the administrative services, personnel and facilities necessary for the operation of the Fund, for the period and on the terms and conditions set forth in this Agreement. Without limiting the generality of the foregoing, the Administrator shall provide the Fund with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board of Trustees, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Fund, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, escrow agents, accountants, attorneys, underwriters, brokers and dealers, dealer managers, corporate fiduciaries, insurers, banks, regulators and other persons in any other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Board of Trustees of its performance of 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, provide any advice or recommendation relating to the securities, instruments and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund. The Administrator shall be responsible for the financial and other records that the Fund is required to maintain and shall prepare reports to shareholders, and reports and other materials filed with the SEC. The Administrator shall provide the Fund with accounting services; shall assist the Fund in determining and publishing the Fund's net asset value; shall oversee the preparation and filing of the Fund's tax returns; shall coordinate the preparation and filing of tender offers on behalf of the Fund; shall monitor the Fund's compliance with tax and other applicable laws and regulations; and shall prepare, and assist the Fund with any audits by an independent public accounting firm of, the Fund's financial statements. The Administrator shall also be responsible for the printing and dissemination of reports to shareholders of the Fund and the maintenance of the Fund's website (if applicable); shall provide support for the Fund's investor relations; shall generally oversee the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others; and shall provide such other administrative services as the Fund may from time to time designate.

2. <u>Books and 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, if required by the 1940 Act, will maintain and keep such books, accounts and records in accordance with the 1940 Act. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it 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 maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act shall be preserved for the periods prescribed by Rule 31a-2 under the 1940 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 confidentially 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 pursuant to Regulation S-P of the SEC, 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>Administrative Services Not Exclusive</u>. The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each affiliate thereof is free to render services to others. It is understood that trustees, 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.

**<u>ARTICLE III</u>**

**<u>COMPENSATION; ALLOCATION OF COSTS AND EXPENSES</u>**

1. <u>Compensation</u>. In full consideration of the provision of the services of the Administrator, the Fund shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel (for the avoidance of doubt, including salaries and related payroll expenses) and facilities hereunder.

2. <u>Allocation of Costs and Expenses</u>. The Fund shall bear all other costs and expenses of its operations and transactions not specifically assumed by Eagle Point Credit Management LLC (the "Adviser") pursuant to that certain Investment Advisory Agreement, dated as of July 9, 2025, by and between the Fund and the Adviser, as the same may be amended or restated from time to time (the "<u>Investment Advisory Agreement</u>"), including, without limitation and to the extent applicable, those relating to: (a) the Fund's organizational expenses; (b) calculating the Fund's net asset value (including the costs and expenses of any independent valuation firm); (c) debt service and other costs of borrowings or other financing arrangements; (d) dividends on preferred stock, if any, and any expenses relating to the offering of any preferred stock; (e) fees and expenses, including legal, consulting or other third-party professional fees and expenses and travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective investments and, if necessary, enforcing the Fund's rights; (f) amounts payable to third parties relating to, or associated with, evaluating, monitoring, making and disposing of investments; (g) brokerage fees and commissions; (h) any applicable federal and state registration fees and any applicable exchange listing fees; (i) federal, state and local taxes; (j) costs of offerings or repurchases of the Fund's shares of beneficial interest and other securities (including, but not limited to, preferred stock and indebtedness), including costs related to the use of one or more placement agents, dealer managers and/or underwriters, as applicable; (k) the management fee and incentive fee payable under the Investment Advisory Agreement; (l) distributions on the Fund's shares of beneficial interest or other securities; (m) administration fees payable to the Administrator under this Agreement; (n) any fees and expenses relating to transfer agent, custodial, and escrow agent services; (o) independent trustee fees and expenses; (p) the costs of any reports, proxy statements or other notices to the Fund's shareholders, including printing costs; (q) the costs of holding shareholder meetings; (r) litigation, indemnification and other non-recurring or extraordinary expenses; (s) fees and expenses associated with marketing and investor relations efforts; (t) any applicable distribution and/or shareholder servicing fees; (u) dues, fees and charges of any trade association of which the Fund is a member; (v) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administration functions; (w) fees and expenses associated with independent audits and outside legal costs; (x) the Fund's fidelity bond; (y) trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (z) costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; and (aa) all other expenses reasonably incurred by the Fund or the Administrator in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under the Investment Advisory Agreement or incurred by the Administrator in performing its obligations under this Agreement, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's chief compliance officer, chief financial officer, chief operating officer and their respective support staff. To the extent the Administrator outsources any of its functions, including to any sub-administrator, the Fund shall pay the fees associated with such functions on a direct basis, without profit to the Administrator.

**<u>ARTICLE IV</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any such person or entity or with the Administrator, including without limitation, its members) shall not be liable to the Fund or its shareholders for any act or omission by the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any such person or entity or with the Administrator, including without limitation its members) in connection with the performance of any of its duties or obligations under this Agreement or otherwise acting as administrator for the Fund, and the Fund shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any such person or entity or with the Administrator, including without limitation, the Adviser, each of whom shall be deemed a third-party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Fund. Notwithstanding the preceding sentence of this Article IV to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

**<u>ARTICLE V</u>**

**<u>MISCELLANEOUS</u>**

1. <u>Administrator Personnel</u>. The Administrator shall authorize and permit any of its directors, officers or employees who may be elected or appointed as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed. Services to be furnished by the Administrator under this Agreement may be furnished through the medium of any of such trustees, officers or employees. The Administrator shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Administrator shall prepare and provide such reports on the Fund and its operations as may be reasonably requested by the Board of Trustees from time to time.

2. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Administrator shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

3. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund and (b) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, by the Fund upon not less than 60 days' written notice or by the Administrator upon not less than 90 days' written notice.

4. <u>Amendment</u>. This Agreement may be amended pursuant to a written instrument by mutual consent of the Fund and the Administrator.

5. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, to the other party at its principal office.

6. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **EP Private Capital Fund I** | **EP Private Capital Fund I** | **EP Private Capital Fund I** | **EP Private Capital Fund I** |
| By: | /s/ Lena Umnova | /s/ Lena Umnova | /s/ Lena Umnova |
|  | Name: Lena Umnova | Name: Lena Umnova | Name: Lena Umnova |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer | Title: Chief Financial Officer |
| **EAGLE POINT ADMINISTRATION LLC** | **EAGLE POINT ADMINISTRATION LLC** | **EAGLE POINT ADMINISTRATION LLC** | **EAGLE POINT ADMINISTRATION LLC** |
|  | **By:** | **Eagle Point Parent LLC,** | **Eagle Point Parent LLC,** |
|  |  | **its sole member** | **its sole member** |
|  | By: | /s/ Kenneth Onorio | /s/ Kenneth Onorio |
|  |  | Name: | Kenneth Onorio |
|  |  | Title: | Chief Financial Officer |

---

## Ex-99.(K)(2)

**Exhibit 99.(k)(2)**

**<u>SUB-ADMINISTRATION AGREEMENT</u>**

**THIS AGREEMENT** is made this 24th day of July, Two Thousand and Twenty-Five.

**BETWEEN EAGLE POINT ADMINISTRATION LLC**, a limited liability company established in and under the laws of Delaware (the "**Administrator**") of the first part, **EP PRIVATE CAPITAL FUND I**, a Delaware statutory trust (the "**Fund**") of the second part and solely with respect to Clauses 7 and 11.5 hereof, and **HARMONIC FUND SERVICES**, a company incorporated in and under the laws of the Cayman Islands whose business address is at Cayman Corporate Centre, 4<sup>th</sup> Floor, 27 Hospital Road, George Town, Grand Cayman KY1-1102, Cayman Islands ("**Harmonic**") of the third part.

**WHEREAS** the Administrator acts as administrator to the Fund and is responsible for providing various administrative services to the Fund; and

**WHEREAS** the Administrator wishes to appoint Harmonic as sub-administrator and Harmonic has agreed to provide the services set out in Appendix 1 to the Administrator with respect to the Fund on the terms and conditions of this Agreement.

**NOW IT IS HEREBY AGREED** as follows:

**1.** **INTERPRETATION** 

1.1 In this Agreement and in all amendments hereto, the following words and expressions will, where not inconsistent
with the context, have the following meanings:

"**1933 Act**" means the Securities Act of 1933, as amended.

"**1934 Act**" means the Securities Exchange Act of 1934, as amended.

"**1940 Act**" means the Investment Company Act of 1940, as amended.

"**Affiliate**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any person other than Harmonic, means any other person who directly or indirectly controls,
is controlled by or is under common control with, that person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to Harmonic, means (i) any other person who directly or indirectly controls Harmonic
(such person being a "Holding Company"), (ii) any other person who directly or indirectly is controlled by Harmonic, (iii) any
other person who directly or indirectly is under common control with Harmonic, (iv) any other person who directly or indirectly is
under common control with the Holding Company (such person being an "Additional Holding Company"), (v) any other person
who directly or indirectly controls the Additional Holding Company, and (vi) any other person who directly or indirectly is controlled
by the Additional Holding Company.

For the purposes of parts (a) and (b) of this definition, the terms controls, is controlled by, or under common control with mean (i) the direct or indirect ownership of in excess of 50% of the equity interests (or interests convertible into or otherwise exchangeable for equity interests) in a person, or (ii) the direct or indirect ownership of in excess of 50% of the voting securities of a person or securities carrying the direct or indirect right to elect in excess of 50% of the board of directors or other governing body of a person (whether by securities ownership, contract or otherwise).

"**Board of Trustees**" means the Board of Trustees of the Fund.

"**Code**" means the United States Internal Revenue Code of 1986 and the regulations promulgated and rulings issued thereunder.

"**Declaration of Trust**" means the Declaration of Trust of the Fund for the time being in force.

"**ERISA**" means the United States Employee Retirement Income Security Act of 1974 and the regulations promulgated and rulings issued thereunder.

"**Fee**" means the management fee and/or incentive fee to be paid by the Fund to the Manager, as applicable and as set forth in the Fund's registration statement.

"**Fee Calculation**" means such Fee calculation as Harmonic agrees in writing to perform pursuant to the services specified in Appendix 1 and 2 from time to time.

"**Gross Negligence**" means as such term is interpreted under the laws of the State of Delaware.

"**Harmonic Party**" means Harmonic, together with its Affiliates, successors, agents and delegates and their respective directors, officers, independent contractors and employees.

"**Losses**" means all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever.

"**Manager**" means **Eagle Point Credit Management LLC**, any successor thereof or any other entity that serves as investment adviser to the Fund pursuant to an investment advisory agreement.

"**Net Asset Value**" means the net asset value of the Fund calculated in accordance with the terms of the Fund's registration statement;

"**Net Asset Value per Share**" means the net asset value per Share of each class of the Fund calculated in accordance with the terms of the Fund's registration statement;

"**Plan**" means an "employee benefit plan" within the meaning of Section 3(3) of ERISA or a "plan" within the meaning of Section 4975 (e)(1) of the Code.

"**Plan Asset Regulations**" means United States Department of Labor Regulation at 29C.F.R. section 2510.3-101.

"**Proper Instructions**" means instructions from the Board of Trustees or the Administrator in the English language sent by facsimile or email, signed or sent or purporting to be signed or sent by such one or more persons as the Board or Trustees or the Administrator will from time to time authorise to give such instructions. A certified copy of a resolution of the Board or Trustees or the Administrator, or an officer's certificate of the Administrator, will be conclusive evidence of the authority of any such person to act until Harmonic is in receipt of written notice to the contrary.

"**Share**" means a common share of beneficial interest of any class and (if relevant) series in the Fund.

"**Shareholder**" means the holder of a Share.

"**Subscription Booklet**" means the subscription agreement completed by a Shareholder or prospective Shareholder.

1.2 Words importing the singular will include the plural, and *vice versa*, and words importing the masculine
gender will include the feminine and neuter genders, and *vice versa*, and words importing persons will include partnerships, trusts
and bodies corporate, and *vice versa*.

1.3 Expressions defined in this Agreement will bear the same meanings in any appendix, annexure or amendment
thereto which does not contain a different definition for that expression, unless the context otherwise requires.

1.4 Any reference in this Agreement to legislation or subordinate legislation is to such legislation or subordinate
legislation at the date hereof and as amended and/or re-enacted and/or succeeded and/or replaced from time to time.

1.5 Any reference to a Clause or Appendix is to the relevant Clause or Appendix of or to this Agreement. Each
Appendix forms part of this Agreement and shall have effect as if set out in full in the body of this Agreement and any reference to this
Agreement includes each Appendix.

**2.** **APPOINTMENT OF HARMONIC** 

The Administrator hereby appoints Harmonic, and Harmonic hereby agrees to act as sub-administrator and to perform the services set out in Appendix 1 and Appendix 2 from time to time. The performance of such services shall commence from the date hereof or such later date as shall be agreed between the parties in writing.

**3.** **PROPER INSTRUCTIONS CONFLICTS** 

In the event that Harmonic receives conflicting Proper Instructions from the Board of Trustees and the Administrator, Proper Instructions from the Board of Trustees will prevail to the extent practicable.

**4.** **REMUNERATION OF HARMONIC** 

Harmonic will be paid by way of remuneration for its services, pursuant to this Agreement, fees at such rates, at such times, in such currency and in such place, as set forth in Appendix 2, as may be subsequently amended in accordance with Clause 16. Harmonic will also be entitled to receive from the Fund an amount equal to all out-of-pocket pre-approved expenses properly incurred by Harmonic in respect of the services provided pursuant to this Agreement.

**5.** **DUTIES OF THE Administrator** 

The Administrator will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with all reasonable expedition supply Harmonic with all such information as Harmonic may require to enable
it to perform its services hereunder and for it to comply with applicable laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly approve any Fee Calculation, and any accrual in relation thereto prepared by Harmonic, provided
that failure by the Administrator to object to any such Fee Calculation within 30 days after being provided with notice of it will be
deemed to constitute approval for the purpose of this Agreement.

**6.** **RIGHTS OF HARMONIC** 

Harmonic may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with prior written consent of the Administrator and the Fund, appoint an agent or delegate (which shall
be an Affiliate) to perform all or any of its duties hereunder (including in such appointment powers of sub-delegation) provided that
such Affiliate shall be monitored by Harmonic. The fees and other remuneration of such agent or delegate will be paid by Harmonic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use the name of the Fund solely in the performance of its duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide non-executive directors, a registered office or company secretary, or act as administrator or
sub-administrator, registrar or subscription, withdrawal, transfer, accounting or valuation agent, or in any other capacity for any other
company, corporation, partnership or body of persons on such terms as may be arranged with such company, corporation, partnership or body
of persons, and will not be deemed to be affected with notice of, or to be under any duty to disclose to the Administrator, the Fund or
the Manager, any fact or thing which may come to the knowledge of Harmonic or any agent or delegate of Harmonic in the course of so doing,
or in any manner whatever otherwise than in the course of carrying out the duties of sub-administrator hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) contract or enter into any financial, banking or other transaction with the Fund or any Shareholder or
any company or body whose securities are held by, or for the account of, the Fund or any other person. Harmonic may likewise be interested
in any such contract or transaction provided it is on normal commercial terms negotiated at arm's length.

**7.** **LIABILITY OF HARMONIC AND INDEMNITIES** 

7.1 No Harmonic Party will incur liability by refusing in good faith to perform any duty or obligation herein
which, in its reasonable judgment, is improper or unauthorised, provided that in performing its duties and obligations hereunder no Harmonic
Party will be required to do, or procure the doing of, anything contrary to, or in breach of, or which constitutes any offence against,
any applicable law or regulation.

7.2 No Harmonic Party will be liable for any Losses the Fund or the Administrator may sustain as a result
of the performance or non-performance of the services provided under this Agreement other than to the extent directly caused by the actual
fraud, Gross Negligence or wilful default of any Harmonic Party.

7.3 The Fund will indemnify (on a full indemnity basis) and hold harmless each Harmonic Party from and against
any and all Losses (other than Losses arising out of or in any way relating to, from or through the actual fraud, Gross Negligence or
wilful default on the part of a Harmonic Party) which may be imposed on, incurred by or asserted against a Harmonic Party in performing
its obligations or duties hereunder. Harmonic will indemnify and hold harmless the Fund, the Manager, the Administrator and their Affiliates
from and against any and all Losses resulting from the actual fraud, Gross Negligence, or wilful default on the part of a Harmonic Party
in the performance or non-performance of its obligations and duties under this Agreement.

7.4 In performing any Fee Calculation and any accrual in relation thereto, no Harmonic Party will be liable
for any Losses suffered by the Fund, the Administrator or the Manager by reason of the method of calculation agreed with the Administrator,
or by reason of a Harmonic Party acting upon Proper Instructions. Approval by the Administrator of any Fee Calculation, and any accrual
in relation thereto, will be conclusive evidence of the fact that the Fee Calculation or accrual has been determined in accordance with
the requirements of the Administrator for the purpose of this Agreement, and no Harmonic Party (in the absence of actual fraud, Gross
Negligence or wilful default on the part of a Harmonic Party) will be liable for any Losses suffered by the Fund, the Administrator or
the Manager as a result of such Fee Calculation.

7.5 In calculating the Net Asset Value, each Harmonic Party may rely upon such automatic pricing services
as it will determine, and will not be liable for any Losses suffered by the Fund by reason of any error in calculation resulting from
any inaccuracy in the information provided.

7.6 In calculating the Net Asset Value each Harmonic Party may use pricing information supplied by the Administrator
or any Affiliate thereof (including an Affiliate which is a broker, market maker or other intermediary), and will not be liable for any
Losses suffered by the Fund by reason of any error in calculation resulting from any inaccuracy in the information.

7.7 In calculating the Net Asset Value, each Harmonic Party may use particular pricing services, brokers,
market makers or other intermediaries, and no Harmonic Party will be liable for any Losses suffered by the Fund by reason of any error
in calculation resulting from any inaccuracy in the information provided.

7.8 No Harmonic Party will be liable for any Losses suffered by the Fund, whether caused by delays or otherwise,
resulting from illegible or unclear communications from, or on behalf of, the Administrator, the Fund, the Manager, Shareholders, prospective
Shareholders or any agents thereof, provided always that such Harmonic Party will, where practicable, make reasonable efforts to contact
such person and clarify such communication.

7.9 No Harmonic Party will be liable for the failure by the Fund, the Administrator or the Manager to adhere
to any investment objective, investment policy, investment restrictions or borrowing restrictions for, or imposed upon, the Fund, except
to the extent directly caused by the actual fraud, Gross Negligence or wilful default on the part of a Harmonic Party in performing its
duties hereunder.

7.10 No Harmonic Party will be responsible for the loss of, or damage to, any documents or other property of
the Fund, or for any failure to fulfil its duties hereunder if loss, damage or failure is caused by, or directly or indirectly due to,
war, terrorism, enemy action, the act of government or other competent authority, or any investment exchange or clearing house, riot,
civil disturbance, rebellion, storm, tempest, accident, fire, strike, explosion, lock-out or the breakdown, failure or malfunction of
any telecommunications or computer service, or any occurrence or event (whether similar or not) beyond the reasonable control of Harmonic.

7.11 Appendix 4 sets out Harmonic's policy for acceptance of (i) documents or Proper Instructions
sent by electronic transmission, and (ii) documents signed electronically.

7.12 A person who is not a party to this Agreement may not, in its own right or otherwise, enforce any term
of this Agreement except that each Harmonic Party that is not a party to this Agreement may in its own right enforce Clause 7 (and its
sub-clauses) subject to and in accordance with the provisions of the Contracts (Rights of Third Parties) Act 2014, as amended, modified,
re-enacted or replaced. Notwithstanding any other term of this Agreement, the consent of any person who is not a party to this Agreement
(including without limitation any Harmonic Party who is not also a party) is not required for any amendment to, or variation, release,
rescission or termination of this Agreement.

7.13 Notwithstanding anything to the contrary contained in this Agreement or elsewhere, and for the avoidance
of doubt, it is specifically agreed that under no circumstances will either party be liable for any indirect or consequential loss or
loss of profit whatsoever of the other party or any other person.

7.14 Harmonic shall not be required to take any legal action on behalf of the Fund unless expressly agreed
in writing. In no circumstances will Harmonic take any such action unless the Harmonic Parties are fully indemnified to Harmonic's satisfaction
for all reasonable and documented costs and liabilities which are incurred in connection with such action.

7.15 It is hereby acknowledged that certain investments and the cash of the Fund may be held by custodians,
brokers and banks from time to time appointed by the Fund ("Custody Entity"). Harmonic has no control over such investments
and/or cash and will have no responsibility or liability for any Losses or damage which the Fund or any Shareholder may sustain or suffer
as a result of the acts, omissions, liquidation, bankruptcy or insolvency of any Custody Entity.

7.16 Harmonic may refer any legal question to its own external legal advisers for the time being, on any matter
of difficulty arising in connection with this Agreement, and may reasonably act on any opinion given by such legal advisers without being
responsible for the correctness thereof or for any result which may follow from so doing.

7.17 Each Harmonic Party shall be entitled, for all purposes, to rely on Proper Instructions and the authenticity
and accuracy of all information and communications of whatever nature received by Harmonic in good faith in connection with the performance
of their respective duties pursuant to this Agreement. No Harmonic Party shall be responsible or liable to any person for any Losses arising
by virtue of any actions taken, or omitted to be taken, by it in consequence of any Proper Instructions, and/or any such information or
communication not being authentic and/or accurate and/or from the apparent author and/or sender provided such Harmonic Party has acted
in good faith.

7.18 Notwithstanding any other provision in this Agreement, in no event shall the liability of any Harmonic
Party, whether based on a claim in contract, tort, breach of statutory duty or otherwise arising out of, or in relation to, providing
the services set out in this Agreement ("Harmonic Party Maximum Aggregate Liability") exceed an amount equal to (i) (if
this Agreement has been in force for the prior 12-month period at the date of claim) four times the prior 12-month annualized fee amount
actually received by Harmonic in respect of the fees payable to Harmonic as set out in Appendix 3 or (ii) (if this Agreement has
not been in force for the prior 12-month period at the date of claim) four times the amount actually received by Harmonic in respect of
the fees payable to Harmonic as set out in Appendix 2 for the period from commencement date of the Agreement until date of claim; provided
that the foregoing shall not serve as a cap on liability for losses directly attributable to a Harmonic Party's actual fraud, wilful
default or Gross Negligence.

7.19 No person shall be found to have committed actual fraud, wilful default or Gross Negligence under this
Agreement unless or until a court of competent jurisdiction has reached a determination to the effect.

7.20 Harmonic will have no responsibility for making any independent determination as to whether a Shareholder
is eligible to invest in the Fund, but will be entitled to rely exclusively on the truthfulness of the representations, warranties and
information of the Shareholder in the Subscription Booklet and the determinations and instructions of the Administrator. Harmonic will
have no responsibility for compliance by the Fund, the Administrator or the Manager with any applicable securities laws or regulations
in any jurisdiction. Harmonic will not be liable for any actions taken by the Fund, the Administrator or the Manager that would cause
the Fund to violate any applicable securities laws or regulations in any jurisdiction and, in particular, Harmonic will not be liable
for ensuring that the Fund's registration statement and/or the Subscription Booklet (as amended from time to time) comply with any
applicable securities laws or regulations in any jurisdiction.

7.21 No Harmonic Party will be liable for any Losses incurred as a result of an act or omission of any person
providing services with respect to the Fund (including but not limited to any person acting as administrator or sub-administrator of the
Fund) prior to the date of the appointment of Harmonic ("Appointment Date"). Harmonic will be entitled to rely upon the completeness
and accuracy of all data and documentation provided to Harmonic and relating to any period up to the Appointment Date, including but not
limited to valuations, audited or unaudited accounts and reports, financial books, records and registers ("Historic Data").
The Fund will indemnify and hold harmless each Harmonic Party from and against any and all Losses which may be imposed on, incurred by
or asserted against a Harmonic Party by a third party by reason of it reasonably relying on such Historic Data in performing its obligations
or duties hereunder and Harmonic is expressly relieved from any duty or obligation to verify the accuracy or completeness of Historic
Data.

**8.** **ERISA** 

8.1 Notwithstanding any other provisions contained in this Agreement, the Administrator acknowledges that
the services to be provided with respect to the Fund by each Harmonic Party, pursuant to the terms of this Agreement, do not constitute
fiduciary advice to the Fund or the Manager or their Affiliates; no Harmonic Party exercises any discretion or control with respect to
the management or disposition of the assets of the Fund; and no Harmonic Party will, in any circumstances, be required to undertake any
action that could possibly characterise such Harmonic Party as a fiduciary, as defined in Section 3(21) of ERISA, of the Fund or
any Plan whose assets are invested in the Fund.

8.2 Notwithstanding any other provisions contained in this Agreement, the Administrator and the Fund agree
to indemnify (on a full indemnity basis) and hold harmless each Harmonic Party from and against any and all Losses (other than Losses
directly resulting from the actual fraud, Gross Negligence or wilful default on the part of a Harmonic Party) which may be imposed on
any Harmonic Party as a result of the assets of the Fund being deemed to constitute the assets of any Plan, within the meaning of the
Plan Asset Regulations. The provisions of this Clause will remain in effect and will be enforceable by Harmonic after the termination
of this Agreement.

**9.** **CONFIDENTIALITY AND DATA PROTECTION** 

or court of competent jurisdiction, either before or after the termination of this Agreement, disclose to any person (other than its legal
advisor, Affiliate and any agent or delegate appointed pursuant to Clause 6(a)) any information relating to the other parties or to the
affairs of such parties without the consent of those other parties.

9.2 The obligations of each of the parties contained in Clause 9.1 above will continue without time limit
but will cease to apply to any information which is in the public domain (otherwise than by breach by any party of its obligations herein)
or which the disclosing party developed independently without reference to any confidential information of the other party or which was
disclosed by a third party without breach of this Agreement.

9.3 Notwithstanding anything herein to the contrary, the Administrator and/or the Fund shall be permitted
to disclose the identity of Harmonic as a service provider, redacted copies of this Agreement, and such other information as may be required
for and in the Fund's registration statement, filings with regulatory authorities and agencies, and communications with Shareholders,
prospective shareholders (including in connection with due diligence requests) and the Fund's other service providers, or as may
otherwise be required by applicable law, rule, or regulation.

9.4 Notwithstanding anything to the contrary contained in this Clause, Harmonic will be entitled to use the
name of the Fund solely to the extent set out in Clause 6(b) above.

9.5 No party will, either before or after the termination of this Agreement, do or commit any act or matter
or thing which would or might prejudice or bring into disrepute the business or reputation of the other party or any of its directors,
partners and/or members.

9.6 The Administrator acknowledges and agrees that Harmonic, subject always to the confidentiality obligations
to the Administrator and the Fund under the confidentiality provisions of this Clause, by itself or through an agent or delegate, may
generate, collect, receive, transfer, disclose, process and store materials, data, information and content relating to the Administrator,
the Fund and/or the business of the Fund, or its principals, affiliates, Shareholders, beneficial owners, directors, officers, employees
and agents ("Data") whether confidential or not, either in original format, on servers maintained by Harmonic, or its agent
or delegate, or by third party service providers on Harmonic's behalf, within or outside of the Cayman Islands and/or in any other jurisdictions
whether or not Harmonic or its agent or delegate has a presence in such jurisdictions, including jurisdictions which may not have equivalent
data protection requirements to the Cayman Islands. In this regard, subject to applicable law, the Administrator explicitly consents to
the transfer of all Data into and out of any such jurisdiction. The Administrator further acknowledges and agrees that Harmonic may be
obliged to retain such Data for a period of time after the termination of this Agreement and may be requested, required or compelled to
disclose such Data to third parties as set out in the confidentiality provisions of this Clause.

9.7 Certain data received by Harmonic in the course of performing services hereunder may be "Personal
Data" in scope of Regulation (EU) 2016/679 (known as the European Union General Data Protection Regulation). Appendix 5 sets out
Harmonic's particular obligations in relation to such Personal Data.

9.8 Certain information received by Harmonic in the course of performing services hereunder may be "Personal
Information" as defined by Cal. Civ. Code §§ 1798.100–1798.199 (known as the California Consumer Privacy Act of 2018).
Appendix 6 sets out Harmonic's particular obligations in relation to such Personal Information.

9.9 Harmonic shall promptly notify the Administrator and the Fund in writing of any breach of security, misuse
or misappropriation of, or unauthorised access to, (in each case, whether actual or alleged) any Data, systems utilised by Harmonic in
its provision of services to the Fund, Harmonic's cybersecurity systems, or any other confidential information.

**10.** **WARRANTIES** 

10.1 Each of the Administrator and Harmonic hereby represents and warrants that, as at the date hereof and
for the duration of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a duly established legal entity in its jurisdiction of incorporation or formation, and all necessary
approvals, permits, authorisations and licences from the authorities required by it under the laws and regulations of its jurisdiction
of incorporation or formation to enter into and perform this Agreement have been obtained, and all actions have been taken by it to comply
with all legal and other requirements necessary to ensure that by entering into this Agreement and performing its obligations hereunder,
it would not infringe any laws or regulations applicable to it or the terms of any such approval, permit, authorisation or licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of
any necessary consents), in order to enable it lawfully to enter into, exercise its rights, and perform and comply with its obligations
under this Agreement, and ensure that those obligations are valid, legally binding and enforceable, have been taken, fulfilled and done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has the necessary power and authority to enter into this Agreement, and to exercise its rights, and
observe and perform its obligations hereunder, and the execution of this Agreement by it has been duly authorised so that upon execution,
this Agreement will constitute valid and binding obligations of it in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) its entry into, exercise of its rights, and/or performance of or compliance with its obligations under
this Agreement do not, and will not, contravene or constitute a default under its constitutional documents or under any other agreement,
contract, instrument or other form of commitment binding upon it.

10.2 The Administrator represents and warrants that, as at the date hereof and for the duration of this Agreement
it has provided and will provide Harmonic with all information necessary to enable Harmonic to perform its services and duties hereunder.

**11.** **TERMINATION** 

11.1 This Agreement shall continue in force until terminated by a party, giving to the other parties not less
than 60 days' notice in writing (or such shorter notice as the parties may agree), expiring at any time provided that a party may
terminate this Agreement forthwith by notice in writing taking immediate or subsequent effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any party has committed a material breach or is in persistent breach of any of the terms of this Agreement
(including the representations and warranties) and has not remedied such breach within 15 days after service of notice by the other parties
requiring it to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Harmonic or the Administrator (as the case may be) goes into liquidation (except a voluntary liquidation
for the purposes of reconstruction, amalgamation or merger on terms previously approved in writing by the other parties) or has a receiver
or its equivalent in any jurisdiction appointed over all or any of its assets.

11.2 Termination of this Agreement will be without prejudice to any claims or rights which any of the parties
may have by reason of any breach of another party's obligations and, without prejudice to the generality of the foregoing, any indemnity
provisions and provisions limiting liability will survive termination of this Agreement.

11.3 Upon termination, the Administrator will arrange for, if required, notification to the Shareholders and,
if applicable, for the Fund's registration statement, Subscription Booklet and any advertising or sales material which refers to
Harmonic to be promptly amended.

11.4 Upon termination of this Agreement, Harmonic will, subject to compliance with applicable law, hand over
to the Administrator and the Fund, or to such person as it may direct, all documents belonging to the Administrator and the Fund that
are in the possession of Harmonic.

11.5 In the event that, in connection with termination, a successor to any of Harmonic's duties or responsibilities
hereunder is designated by the Administrator by written notice to Harmonic, Harmonic will promptly, upon such termination, except in the
case of a material breach by Harmonic, in which case all expenses should be borne by Harmonic, and at the expense of the Fund, transfer
to such successor all relevant books, records, correspondence, and other data established or maintained by Harmonic under this Agreement
in a form reasonably acceptable to the Administrator (if such form differs from the form in which Harmonic has maintained the same, the
Fund (or Harmonic, in the event of termination following its material breach of this Agreement) shall pay any reasonable and documented
expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities,
including provision for assistance from Harmonic's personnel in the establishment of books, records, and other data by such successor.
The Fund or Administrator shall be entitled to request, and Harmonic shall furnish in response to such request, the services contemplated
herein for six (6) months following the termination of the agreement at the rates provided herein in order to allow for a smooth
transition, except if the agreement is terminated by Harmonic upon the breach of the Administrator of any material term of this Agreement.

**12.** **NOTICES** 

12.1 With the exception of Proper Instructions (which will be forwarded to such address or email address as
may be notified in writing by Harmonic to the Administrator from time to time) each of the parties chooses as its email address ("notice
address") for the purposes of the giving of any notice, the serving of any process, and for any other purpose arising from this Agreement,
its respective email address set forth below. The parties agree to use reasonable best efforts to communicate primarily through email
for all matters related to this Agreement. Notices and other formal communications should be sent to the email addresses specified below.
If email communication is not feasible or effective, such as in cases of sustained electronic disruptions or formal legal notices where
delivery confirmation is essential, physical mail may be used as an alternative method of delivery.

<u>Administrator and the Fund</u>:

Attention: Lena Umnova

Email: <u>konorio@eaglepointcredit.com</u>; <u>lumnova@eaglepointcredit.com</u>; and <u>legal@eaglepointcredit.com</u>

<u>Harmonic</u>:

Attention: <u>allen.bernardo@harmonic.ky</u>

12.2 Each of the parties will be entitled from time to time, by written notice to the others, to change its
notice address.

12.3 Any notice given by one party to the others ("the addressee") which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is delivered by hand during the normal business hours of the addressee at the addressee's notice
address for the time being will be presumed (until the contrary is proved by the addressee) to have been received by the addressee at
the time of delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is posted by registered post to the addressee's notice address for the time being will be presumed
(until the contrary is proved by the addressee) to have been received by the addressee on the tenth day after the date of posting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is delivered by email during the normal business hours of the addressee will be presumed (until the contrary
is proved by the recipient) to have been received immediately upon confirmation of delivery.

**13.** **RECORDS** 

Harmonic is authorised to maintain all accounts, corporate books, records or other documents relating to the Administrator, the Fund or their affairs on computer records, and to produce at any time during the course of legal proceedings, copies or reproductions of these documents made by photographic, photostatic or data processing procedures as juridical proof thereof.

Harmonic shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Administrator, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Harmonic agrees that all such records prepared or maintained by Harmonic relating to the services to be performed by Harmonic hereunder are the property of the Administrator and/or the Fund, as applicable, and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Administrator and/or the Fund on and in accordance with its request. Harmonic agrees to provide any records to the Administrator necessary for the Fund to comply with its disclosure controls and procedures and internal control over financial reporting adopted in accordance with the Sarbanes-Oxley Act of 2002. Notwithstanding the foregoing, Harmonic may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction.

**14.** **TELEPHONE RECORDING** 

Subject to compliance with applicable laws Harmonic may record all telephone conversations between it and the Administrator and any person acting on behalf of or at the direction of the Administrator, or it and any Shareholder, and any such tape recordings may be submitted in evidence in any proceedings relating to this Agreement.

**15.** **UPDATES TO AND APPROVAL OF FUND DOCUMENTS** 

The Administrator hereby represents and warrants to Harmonic that it will comply with the specific duties and obligations set out in Appendix 3.

**16.** **ASSIGNMENT AND AMENDMENT** 

This Agreement may not be assigned or amended by any party hereto without the prior written consent of the other parties provided that no consent shall be required for any assignment by Harmonic of its rights and obligations pursuant to this Agreement to a suitably licensed Harmonic Affiliate.

**17.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which when executed and delivered will constitute an original, and all such counterparts together constituting but one and the same agreement.

**18.** **SEVERANCE** 

If any provision will be determined to be void or unenforceable, in whole or in part, for any reason whatsoever, such invalidity or unenforceability will not affect the remaining provisions or any part thereof contained within the Agreement, and such void or unenforceable provisions will be deemed to be severable from any other provision or part thereof.

**19.** **ENTIRE AGREEMENT** 

This Agreement cancels and supersedes all prior negotiations and agreements entered into between the parties relating to the matters set forth herein and, save in the event of actual fraud or fraudulent misrepresentation, no party will be bound by any undertakings, representations, warranties, promises or the like not recorded herein.

**20.** **WAIVER** 

No concession, privilege or additional benefit which a party (the "Grantor") may at any time grant to the other parties will be deemed to constitute a novation or an amendment of this Agreement, or a waiver of the rights of the Grantor hereunder, and no provision of this Agreement may be waived otherwise than by an instrument in writing signed by all parties.

**21.** **PROPER LAW AND JURISDICTION** 

This Agreement will be governed by, and construed in accordance with, the laws of the Cayman Islands and the courts of the Cayman Islands will have exclusive jurisdiction to resolve any disputes relating to the terms of this Agreement.

**22.** **INSURANCE** 

Harmonic shall maintain commercial general liability insurance and professional liability (including cyber liability and technology errors and omissions) insurance in commercially reasonable amounts.

**IN WITNESS WHEREOF** this Agreement has been executed on the day and year first above written.

---

| |
|:---|
| /s/ Kenneth Onorio |
| Name: KENNETH ONORIO |
| /s/ Lena Umnova |
| Name: Lena Umnova |
| /s/ Allen Bernardo |
| Name: Allen Bernardo |
| Title: Director |

---

**APPENDIX 1**

**Services**

Harmonic will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine, in accordance with the method of calculation agreed upon by the Administrator and pursuant
to Proper Instructions, any Fee payable and any accrual in relation thereto, and determine as of each valuation point, the Net Asset Value
and Net Asset Value per Share, in accordance with the Fund's valuation policies and procedures as in effect from time to time and
in accordance with the information supplied to it by or on behalf of the Administrator and any Custody Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conduct daily cash, position and trade reconciliations, and supervise the maintenance of the Fund's
general ledger, including oversight of expense payments and of the declaration and payment of distributions to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) keep the accounts of the Fund and maintain the books and records of the Fund as required under Rule 31a-3
of the 1940 Act and otherwise, for the proper conduct of the financial affairs of the Fund, all in accordance with the information supplied
to it by or on behalf of the Administrator and any Custody Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assist the Administrator with preparing the annual and quarterly financial statements of the Fund for
inclusion in Form 10-Q, Form 10-K and Form 8-K filings, as applicable, in accordance with the information supplied to it
by or on behalf of the Administrator and assist and liaise with the auditor in respect thereof, provided that Harmonic shall be afforded
a reasonable opportunity to review a final draft of the annual financial statements prior to finalisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly deliver, or procure the delivery of, the Net Asset Value and Net Asset Value per Share to the
Administrator or to any other person as may reasonably be requested by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) assist the Administrator with the preparation of required tax or information returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide the Administrator's personnel upon request with information about the Fund's performance
and administration, including the Fund's total return, expense ratio and portfolio turnover rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) arrange for a representative of Harmonic to attend at telephone board meetings and telephone general meetings
of the Shareholders when so required by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) act as liaison among all Fund service providers, including, but not limited to, custodians, depositaries,
transfer agents and dividend reinvestment plan administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) monitor arrangements under distribution and/or shareholder services or similar plans, and review calculations,
prepared by the Fund's transfer agent, of fees due to distributors, custodians and other service providers pursuant to such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) process dividend reinvestment plan transactions in accordance with terms and conditions of any dividend
reinvestment plan and facilitate all payments required thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) calculate and facilitate dividend payments to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) distribute annual dividend income report (Form 1099) to shareholders, as authorized and directed
by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) monitor and communicate activity under share repurchase or tender offer programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) keep the Fund's governing documents, including its Declaration of Trust, bylaws and minute books,
but only to the extent such documents are provided to Harmonic by the Administrator, the Fund or its representatives for safe-keeping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) assist the Administrator with preparing various compliance reports and tests applicable to the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Section 12(d)(1) of the 1940 Act – Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Section 12(d)(2) of the 1940 Act – Insurance Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Section 12(d)(3) of the 1940 Act – Securities-Related Businesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Section 18 of the 1940 Act – Asset Coverage Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Section 35(d)(1) of the 1940 Act – Names Rule test

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) maintain awareness of operational service issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) assist the Administrator with monitoring Fund compliance with the policies and investment limitations as set forth in its registration
statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications in the form
reasonably advised and requested by the Administrator in connection with: (i) any certification required of the Fund pursuant to
the Sarbanes-Oxley Act of 2002 (the "SOX Act") or any rules or regulations promulgated by the SEC thereunder, and (ii) the
operation of Harmonic's compliance program as it relates to the Fund, provided the same shall not be deemed to change Harmonic's
standard of care as set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) in order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act ("Rule 38a-1"),
Harmonic will provide the Fund's Chief Compliance Officer with reasonable access to Harmonic's records relating to the services
provided by it under this Agreement, and will provide quarterly compliance reports and related certifications in the form advised by the
Administrator from time to time regarding any Material Compliance Matter (as defined in Rule 38a-1) involving Harmonic that affect
or could affect the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) assist the Administrator with preparing reports and other documents required by the SEC and any U.S. stock exchanges on which the
Fund's shares may be listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assist in producing materials requested by the SEC and other regulatory bodies (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) maintain records of all materials produced pursuant to the services provided under this Agreement as requested
by the SEC and other regulatory bodies (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) assist the Administrator with the preparation of financial data for inclusion in the Fund's registration
statement(s) filed under the 1933 Act and/or the 1934 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) provide supporting financial and portfolio information, as required, to facilitate the Fund's monthly
publishing of Net Asset Value, distributions to Shareholders, status of the Fund's offering and portfolio updates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) assist the Fund's Chief Executive Officer and Chief Financial Officer in connection with establishing and maintaining internal
control over financial reporting (as defined in Rules 13a-15(f) and 15-d(f) under the 1934 Act) for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) supervise the maintenance of the Fund's general ledger and the preparation of the Fund's financial statements, including
oversight of expense payments, of the determination of net asset value of the Fund's shares, and of the declaration and payment
of dividends and other distributions to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) compute the total return (based on both net asset value and market value, to the extent applicable) and expense ratio of the Fund
and, to the extent applicable, the Fund's portfolio turnover rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) assist the Administrator with preparing quarterly and annual financial statements, which include without limitation the following
items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule of Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Consolidated Balance Sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Statement of Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Statement of Changes in Net Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement of Cash Flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notes to the quarterly and annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Financial highlights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) assist the Administrator with preparing Form 1099 Miscellaneous, 1042 or 1042-S for payments to trustees and other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) assist the Administrator with the preparation of tax schedules, which include without limitation, the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fiscal Distribution Schedule (including recorded ROSCOP journal entry to general ledger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Excise Distribution Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) provide the Fund's management and Fund's independent accountant with tax reporting information pertaining to the Fund
and available to Harmonic as required in a timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) assist the Administrator with preparing Fund financial statement tax footnote disclosures for the review and approval of Fund management
and/or the Fund's independent accountant.

For the avoidance of doubt, it is acknowledged and agreed by the Fund and the Administrator that Harmonic shall not be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing such anti-money laundering, anti-terrorism financing and anti-proliferation financing duties
in relation to the Fund and each Shareholder as are required under applicable laws and regulations (including provision of Money Laundering
Reporting Officer and Money Laundering Compliance Officer for the Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) providing the Fund with certain reports and information about Shareholders, or effecting regulatory filings,
to enable the Fund to discharge its obligations related to "Automatic Exchange of Information" under applicable laws and regulations.

Such duties in (a) and (b) immediately above shall be performed by a separate service provider appointed by the Fund.

## Ex-99.(K)(3)

**Exhibit 99.(k)(3)**

**EXPENSE LIMITATION AGREEMENT**

This Expense Limitation Agreement (the "**Agreement**") is made this 9th day of July, 2025, by and between EP Private Capital Fund I, a Delaware statutory trust (the "**Fund**"), and Eagle Point Credit Management LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated July 9, 2025, entered into between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**"); and

WHEREAS, the Fund and the Adviser have determined that it may be appropriate and in the best interests of the Fund for the Adviser to pay certain expenses of the Fund, as set forth herein;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1. <u>Expense Limitation</u>**

For so long as this Agreement remains in effect, the Adviser or any affiliate of the Adviser will pay, directly or indirectly, Fund operating expenses or waive fees due by the Fund to the Adviser or affiliates of the Adviser to cap ordinary operating expenses of the Fund (excluding the base management fee, the incentive fee, organizational expenses, fees associated with leverage (such as interest/dividend payments and other fees on borrowings and preferred shares), registration and other regulatory fees, taxes, and extraordinary expenses (as determined in the sole discretion of the Adviser) (each, an "**Expense**" and any payment of an Expense by the Adviser or any affiliate of the Adviser, an "**Expense Limitation Payment**")), per annum of the Fund's average net assets, as measured at the end of each fiscal year, as follows.

---

| | |
|:---|:---|
| **Average Net Assets** | **Ordinary Operating Expenses Cap ("Expense Cap")** |
| Less than $100 million | 0.80% |
| $100 million up to $300 million | 0.50% |
| $300 million and greater | 0.40% |

---

In connection with any Expense Limitation Payment, the Adviser may deliver a notice in the form of <u>Appendix A</u> to this Agreement. The Adviser may pay Expenses directly, reimburse the Fund for such Expenses incurred and paid, or waive a portion of all fees due to the Adviser under the Investment Advisory Agreement or any affiliate of the Adviser during each quarterly calculation period.

**2. <u>Termination and Survival</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective
 as of the date of this Agreement.

&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 Trustees of the Fund makes a determination to dissolve or liquidate
 the Fund; or (iii) an initial public offering or other listing of the Fund's common
 shares of beneficial interest on a national securities exchange, a sale of all or substantially
 all of the Fund's assets or a transaction or series of transactions, including by way
 of merger, consolidation recapitalization, reorganization, or sale of stock, in each case
 for consideration of either cash and/or publicly listed securities of the acquirer.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Sections 2 and 3 of this Agreement shall
 survive any termination of this Agreement.

**3. <u>Miscellaneous</u>**

&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;(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;(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 State of New York. For so long as the Fund is a registered
 investment company under the 1940 Act, this Agreement shall also be construed in accordance
 with the applicable provisions of the 1940 Act. In such case, to the extent the applicable
 laws of the State of New York or any of the provisions herein conflict with the provisions
 of the 1940 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 Amended and Restated
 Agreement and Declaration of Trust or By-Laws, as each may be amended or restated, or to
 relieve or deprive the Board of Trustees of the Fund of its responsibility for and control
 of the conduct of the affairs of the Fund.

&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;(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;(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 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.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

---

| | |
|:---|:---|
| **EP PRIVATE CAPITAL FUND I** | **EP PRIVATE CAPITAL FUND I** |
| By: | /s/ Lena Umnova |
| Name: Lena Umnova | Name: Lena Umnova |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **EAGLE POINT CREDIT MANAGEMENT LLC** | **EAGLE POINT CREDIT MANAGEMENT LLC** |
| By: | /s/ Kenneth Onorio |
| Name: Kenneth Onorio | Name: Kenneth Onorio |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

*[Signature Page to Expense Limitation Agreement]*

<u>Appendix A</u>

<u>Form of Notice of Expense Limitation Payment or Reimbursement</u>

◻ **Expense Limitation Payment**

---

| | |
|:---|:---|
| Expense Limitation Payment Effective Date: | __ |
| Expense Limitation Payment Amount: | __ |

---

◻ **Reimbursement Payment**

---

| | |
|:---|:---|
| Reimbursement Effective Date: | __ |
| Reimbursement Amount: | __ |

---

## Ex-99.(K)(4)

**Exhibit 99.(k)(4)**

**ORGANIZATIONAL EXPENSE<br> SUPPORT AGREEMENT**

This Organizational Expense Support Agreement (the "**Agreement**") is made this 9th day of July, 2025, by and between EP Private Capital Fund I, a Delaware statutory trust (the "**Fund**"), and Eagle Point Credit Management LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that is registered as an investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated July 9, 2025, entered into between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**"); and

WHEREAS, the Fund and the Adviser have determined that it may be appropriate and in the best interests of the Fund for the Adviser to pay certain expenses of the Fund, as set forth herein.

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>**

1. The Fund will pay for its organizational expenses, including legal fees and U.S. Securities and Exchange Commission and state registration and other regulatory fees incurred connection with the organization of the Fund ("**Organizational Expenses**"), up to $300,000. The Adviser and Eagle Point Administration LLC, the Fund's administrator (the "**Administrator**"), or their affiliates will bear any Organizational Expenses in excess of $300,000.

2. Subject to this limit, the Fund may pay Organizational Expenses in the form of direct payments to third-party vendors and may pay Organizational Expenses directly or in the form of reimbursement to affiliates of the Fund, the Adviser or the Administrator or their respective affiliates that have paid Organizational Expenses on the Fund's behalf (such reimbursement by the Fund is herein referred to as an "**Affiliate Organizational Expense Reimbursement**"). In connection with any Affiliate Organizational Expense Reimbursement, the Adviser may deliver a notice in the form of <u>Appendix A</u> to this Agreement.

**2. <u>Termination and Survival</u>**

(a) This Agreement shall become effective as of the date of this Agreement.

(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 Trustees of the Fund makes a determination to dissolve
or liquidate the Fund; or (iii) an initial public offering or other listing of the Fund's common shares of beneficial interest
on a national securities exchange, a sale of all or substantially all of the Fund's assets or a transaction or series of
transactions, including by way of merger, consolidation recapitalization, reorganization, or sale of stock, in each case for consideration
of either cash and/or publicly listed securities of the acquirer.

(c) Sections 2 and 3 of this Agreement shall survive any termination of this Agreement.

**3. <u>Miscellaneous</u>**

(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.

(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.

(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 State of New York. For so long as the Fund is a registered investment company under
the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the
extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the 1940 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
Amended and Restated Agreement and Declaration of Trust or By-Laws, as each may be amended or restated, or to relieve or deprive the Board
of Trustees of the Fund of its responsibility for and control of the conduct of the affairs of the Fund.

(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.

(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.

(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 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.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

---

| | |
|:---|:---|
| **EP PRIVATE CAPITAL FUND I** | **EP PRIVATE CAPITAL FUND I** |
| By: | /s/ Lena Umnova |
| Name: Lena Umnova | Name: Lena Umnova |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **EAGLE POINT CREDIT MANAGEMENT LLC** | **EAGLE POINT CREDIT MANAGEMENT LLC** |
| By: | /s/ Kenneth Onorio |
| Name: Kenneth Onorio | Name: Kenneth Onorio |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

*[Signature Page to Organizational Expense Support Agreement]*

<u>Appendix A</u>

<u>Form of Notice of Organizational Expense Payment or Affiliate Organizational Expense Reimbursement</u>

◻ **Organizational Expenses Paid on the Fund's Behalf**

---

| | |
|:---|:---|
| Organizational Expense Payment Effective Date: | _____ |
| Organizational Expense Payment Amount: | _____ |

---

◻ **Affiliate Organizational Expense Reimbursement**

Affiliate Organizational Expense Reimbursement Effective Date: _____

---

| | |
|:---|:---|
| Affiliate Organizational Expense Reimbursement Amount: | _____ |

---

## Ex-99.(P)

**Exhibit 99.p**

**EP PRIVATE CAPITAL FUND I**

(the "**Fund**")

**FORM OF SUBSCRIPTION** 

**DOCUMENT**

EP Private Capital Fund I

Subscription Instructions

**EP PRIVATE CAPITAL FUND I** 

**SUBSCRIPTION INSTRUCTIONS**

If, after you have carefully reviewed the Private Placement Memorandum of EP Private Capital Fund I (the "**Fund**"), as the same may be amended or supplemented from time to time (the "**Memorandum**"), dated July [ ], 2025, as provided to you by Eagle Point Credit Management LLC (the "**Adviser**"), you have decided to purchase common shares of beneficial interest of the Fund ("**Shares**"), please follow the instructions below.

The information requested in this Subscription Document (as defined below) is necessary, among other things, to ensure exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "**Securities Act**"), and Regulation D thereunder. Such information will be kept confidential but may be reviewed by the Adviser, the Fund's administrator and their respective directors, officers, employees and counsel. All parts of the Subscription Document must be completed correctly and executed or they will not be accepted.

Only persons who are "accredited investors" as defined under Regulation D of the Securities Act are eligible to participate in the Fund. The Subscriber Questionnaire attached hereto requires subscribers to make a representation as to their qualification as an accredited investor and provides additional information.

Capitalized terms used, but not defined, in these instructions shall have the meaning ascribed to them in the Memorandum or the Subscription Agreement (as defined below), as the case may be.

If you have any questions concerning this Subscription Document or would like assistance in completing it, please contact the Adviser by telephone at [ ] or by email at [ ], Attention: [ ].

EP Private Capital Fund I

Subscription Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. General Description of the Subscription Document**

This document is comprised of: (a) a Subscription Agreement ("**<u>Subscription Agreement</u>**"); (b) a Subscriber Questionnaire (**<u>Attachment 1</u>**); (c) an Anti-Money Laundering Certification (**<u>Exhibit A to Attachment 1</u>**); (d) Signature Pages (**<u>Attachment 2</u>**); (e) Definitions (**<u>Attachment 3</u>**); and (f) a form of an Agreement for Additional Capital Commitments (**<u>Attachment 4</u>**).

***Every subscriber must carefully review the representations and warranties contained in Section 6 of the Subscription Agreement. If any representation or warranty cannot be made, please contact the Adviser.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Subscription Agreement and Tax Forms**

Every subscriber must deliver a dated, completed and executed Subscription Agreement. Please read the Subscription Agreement carefully and complete all required items, as well as the appropriate signature page.

All U.S. persons should also submit a properly completed IRS Form W-9.

All joint purchasers (if applicable) must execute the applicable signature page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Subscriber Questionnaire (Attachment 1)**

Every subscriber must deliver a dated, completed and executed Subscriber Questionnaire.

**<u>Each joint purchaser must complete a Subscriber Questionnaire and sign the Subscription Agreement</u>**.

In addition, depending on the responses made to certain items in the Subscriber Questionnaire, a subscriber may need to complete and submit additional Subscriber Questionnaires (*e.g.*, in respect of the subscriber's beneficial owners). **Please review the instructions in the Subscriber Questionnaire carefully to determine whether any additional questionnaires must be submitted.**

Each subscriber must also deliver the documentation required by **<u>Exhibit A</u>** to the Subscriber Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Delivery of Subscription Document**

Please return all completed components of this Subscription Document, including all tax forms, to the Administrator and Adviser pursuant to the following contact details:

<u>Administrator (electronic copies only)</u>:

Eagle Point Administration LLC

600 Steamboat Road, Suite 202

Greenwich, CT 06830

Attention: [ ]

Telephone: [ ]

Facsimile: [ ]

Email: [ ]

<u>Adviser (electronic copies only)</u>:

Eagle Point Credit Management LLC

600 Steamboat Road, Suite 202

Greenwich, CT 06830

Attention: Investor Relations

Email: [ ]

EP Private Capital Fund I

Subscription Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Payment of Commitment Amount**

If your subscription is accepted by the Adviser, you will be notified of the acceptance of your capital commitment to the Fund (your "**Capital Commitment**"). The Adviser may require you to fund all or a part of your Capital Commitment (using such wire details as the Adviser provides in the relevant drawdown notice) on such dates as the Adviser determines in its discretion in accordance with the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Privacy Policy**

The Adviser and the Fund (collectively, "**Eagle Point**") have adopted a privacy policy to maintain the privacy of their current and prospective subscribers.

BY DISCLOSING YOUR PERSONAL INFORMATION TO EAGLE POINT, YOU CONSENT TO THE COLLECTION, STORAGE AND PROCESSING OF YOUR PERSONAL INFORMATION BY EAGLE POINT IN A MANNER CONSISTENT WITH ITS PRIVACY POLICY.

Eagle Point will provide you with a notice of its privacy policy annually to the extent required by law, and if any material changes occur to its privacy policy, Eagle Point will notify you as promptly as practicable of such changes. If you have any questions about the privacy policy, please call a representative of Eagle Point at (203) 340-8500.

EP Private Capital Fund I

Subscription Agreement

**EP PRIVATE CAPITAL FUND I**

**SUBSCRIPTION AGREEMENT**

**IN MAKING AN INVESTMENT DECISION SUBSCRIBERS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY U.S. FEDERAL OR STATE OR NON-U.S. SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND OTHER APPLICABLE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. SUBSCRIBERS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.**

To the undersigned subscriber:

EP Private Capital Fund I, a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), as a non-diversified, closed-end management investment company (the "**Fund**"), and Eagle Point Credit Management LLC, as the Fund's adviser (the "**Adviser**"), hereby agree with the undersigned (referred to herein as "**you**" or the "**Subscriber**") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Sale and Purchase of Fund Shares</u>**. The Fund has been formed as a statutory trust under the laws of the State of Delaware and is governed by an Amended and Restated Declaration of Trust, as may be amended, supplemented or modified from time to time (the "**Declaration of Trust**"). Capitalized terms used in this Subscription Agreement (this "**Agreement**") without definition have the meanings set forth in the Declaration of Trust or the Fund's Private Placement Memorandum, as the same may be amended or supplemented from time to time (the "**Memorandum**").

Subject to the terms and conditions hereof, including, without limitation, the acceptance of this Agreement by the Adviser on behalf of the Fund, and in reliance upon the representations, warranties and covenants of the respective parties contained herein, (a) you irrevocably offer to subscribe for and agree to purchase from the Fund Shares for the amount indicated on the signature page of this Agreement and captioned as your "Requested Capital Commitment" (subject to any provisions of this Agreement which may provide otherwise), which shall become contractually binding upon acceptance by the Adviser in its sole discretion, (b) you agree to become a shareholder of the Fund (a "**Shareholder**"), (c) you agree to adhere to and be bound by the terms of this Agreement in respect of the Shares to be acquired by you hereunder, and (d) the Fund and the Adviser agree to sell you Shares and agree that you shall be admitted as a Shareholder, upon the terms and conditions, and in consideration for your agreement to adhere to and be bound by the terms and provisions of this Agreement, for the amount of, and with a capital commitment to the Fund in the amount equal to, the amount accepted by the Adviser as set forth adjacent to the Adviser's signature on the Signature Page hereto and captioned "Capital Commitment Accepted", which amount may be less than, but shall not exceed, your Requested Capital Commitment (your "**Capital Commitment**"). You hereby agree that the Adviser may permit you to increase your Capital Commitment to the Fund subject to such terms and conditions as may be set forth in the Memorandum or this Agreement from time to time. Any such additional Capital Commitment shall be made pursuant to the form of an Agreement for Additional Capital Commitment (**<u>Attachment 4</u>**) or such other form as the Adviser may accept at such time. In addition, you hereby agree that subject to the terms and conditions hereof, your obligation to subscribe for Shares and fund your Capital Commitment shall be complete and binding upon the execution and delivery of this Agreement.

EP Private Capital Fund I

Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Commitment Period</u>**. Subject to the terms and conditions hereof, you agree that the Capital Commitment may be called in the discretion of the Adviser over a two-year period (the "**Commitment Period**") to fund investments and for other corporate purposes. At least 120 days before the end of the relevant Commitment Period for a Capital Commitment (the initial Capital Commitment and any additional Capital Commitment), the Adviser will notify the Subscriber of the extension of the Commitment Period of the Capital Commitment amount for an additional year. Unless the Subscriber objects to such extension at least 60 days before the end of the Commitment Period, the Commitment Period will be extended for a period of one year.

A Capital Commitment may be drawn upon after the expiration of a Commitment Period solely to make: (i) investments committed to or in progress prior to the end of the Commitment Period (including, for example, investments in delayed draw loans and revolving credit facilities and unsettled trades); (ii) investments under consideration by the Adviser prior to the end of the Commitment Period pursuant to an executed term sheet; (iii) short term cash equivalent investments; or (iv) investments (A) deemed necessary, desirable, or appropriate by the Adviser in order to preserve, protect, enhance or support an existing investment, including but not limited to any financing transaction with respect to any investments and any refinancing or restructuring of any existing investments intended to preserve, protect, enhance or support existing Portfolio Debt Securities or other investments or (B) that are follow-on investments in entities or issuers in which the Fund has previously invested, or that are with counterparties with whom the Fund has previously invested, or affiliates of such entities or counterparties or are otherwise related to existing investments, including underlying portfolio companies of issuers of Portfolio Debt Securities; provided, that (a) no amount can be drawn down pursuant to clause (iv) following one year after the end of the Commitment Period, unless, at least 120 days before the end of the year after the Commitment Period, the Adviser notifies the Subscriber of the total dollar amount that can be drawn down pursuant to clause (iv) and the Subscriber does not object to such amount at least 90 days before the end of the year after the Commitment Period, (b) the amounts drawn down for the investments described in clause (iv) of this paragraph made after the end of the Commitment Period will not exceed 15% of the aggregate Capital Commitment amount and (c) any amount drawn down for a single investment/issuer described in clause (iv) that exceeds 3% of the aggregate Capital Commitment amount requires the Adviser to notify the Subscriber.

The Adviser will provide at least 10 business days' notice in the case of capital calls for an amount greater than $5,000,000 and at least 5 business days' notice in the case of capital calls for an amount equal to or less than $5,000,000

Notwithstanding anything to the contrary in this Agreement or in any other definitive documentation of the Fund, upon the Adviser becoming aware of the occurrence of a Key Person Event (as defined below), the Adviser shall give prompt written notice to the Subscriber and any active Commitment Periods shall be automatically suspended. While a Commitment Period is suspended, the Adviser may not draw down any unfunded Capital Commitment ("Unfunded Commitments") and may not retain and utilize distributable cash for any purpose other than the purposes permissible following the termination of the Commitment Period. For purposes of the foregoing, "**Key Person Event**" shall mean both Key Persons failing to devote substantially all of their business time to the business affairs of the Adviser and its affiliates, or such portion of their business time as is reasonably necessary for the Adviser and its affiliates to conduct the business and affairs of the Fund. "**Key Person**" shall mean each of Mr. Thomas Majewski and Mr. Daniel Spinner.

A Commitment Period may be reinstated if, within ninety (90) days, the Subscriber affirmatively votes to reinstate the Commitment Period, in which case, the Commitment Period shall be reinstated as of the effective date of such vote. If the Commitment Period is not reinstated, the suspension of the Commitment Period shall become permanent following such ninety (90) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Closing; Admission as a Shareholder</u>**. The closing of your acquisition of Shares, and your admission as a Shareholder, shall take place on such date and at such time as the Adviser shall designate (the "**Closing Date**"). As of the Closing Date, to the extent the Adviser accepts your Capital Commitment, the Adviser shall list you as a Shareholder of the Fund on the Fund's books and records and shall deliver to you evidence of the Adviser's acceptance of this Agreement to reflect your admission as a Shareholder with a Capital Commitment equal to the "Capital Commitment Accepted" as set forth on the signature page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Subscriber</u>**. The Adviser hereby confirms that State Street Bank and Trust Company is executing this Agreement solely in its capacity as directed trustee of the Subscriber. For the avoidance of doubt, the representations of the Subscriber in this Agreement are made by the named fiduciary of the Subscriber and not by State Street Bank and Trust Company.

EP Private Capital Fund I

Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Representations and Warranties of the Fund and the Adviser**. The Adviser, for itself and on behalf of the Fund, represents and warrants to the Subscriber that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Formation and Standing</u>. The Fund is a statutory trust duly formed, validly existing and in good
standing under the laws of the State of Delaware, and has all requisite power and authority to carry on its business as now conducted.
The Adviser is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware,
and has all requisite power and authority to act as Adviser of the Fund and to carry out the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Authorization of Agreement, etc</u>. The execution, delivery and performance of this Agreement
have been authorized by all necessary action on behalf of the Fund, and this Agreement is a legal, valid and binding agreement of the
Fund, enforceable against the Fund in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Compliance with Laws and Other Instruments</u>. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby will not conflict with or result in any violation of or default under any agreement
or other instrument to which the Fund is a party or by which it or any of its properties are bound, or any permit, franchise, judgment,
decree, statute, order, rule or regulation applicable to the Fund or its business or properties that would have any material adverse
effect on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Offer of Shares</u>. Neither the Fund nor anyone acting as its agent has taken or will take any action
that would subject the issuance and sale of Shares to the registration requirements of the Securities Act of 1933, as amended (the "**Securities Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Litigation</u>. There is no action, proceeding or investigation pending or, to the knowledge of the
Fund, threatened against the Fund or the Adviser (a) that questions the validity of this Agreement or any action taken or to be taken
pursuant to this Agreement, or (b) that would otherwise have a material adverse effect on the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Representations, Warranties and Covenants of the Subscriber</u>**. You represent and warrant to the Fund and the Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Entity Subscribers</u>. If the Subscriber is an entity: (a) you are duly organized, validly existing
and in good standing under the laws of your jurisdiction of organization; (b) the execution, delivery and performance by you of this
Agreement is within your powers, have been duly authorized by all necessary action on your behalf, require no action by or in respect
of, or filing with, any governmental body, agency or official, or any third party (except as disclosed in writing to the Adviser as of
the date that this Agreement is signed by you) and do not and will not contravene, or constitute a default under, (i) any provision
of your certificate of incorporation, limited liability company operating agreement, limited partnership agreement or other comparable
organizational documents or (ii) any provision of applicable law, rule or regulation or of any agreement, judgment, injunction,
order, decree or other instrument binding upon you or any agreement or other instrument to which you are a party or by which you or any
of your respective properties is bound, or any license, permit or franchise applicable to you or your business, properties or rights;
and (c) this Agreement constitutes the legal, valid and binding obligations of the Subscriber enforceable against you in accordance
with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect
relating to creditors' rights generally or to general principles of equity. Neither the execution, delivery nor performance of this
Agreement by you, nor the consummation of the transactions contemplated hereby, will result in the creation or imposition of any lien
or encumbrance upon any of your assets or properties.

EP Private Capital Fund I

Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Individual Subscribers</u>. If the Subscriber is an individual: (a) the execution, delivery and
performance by you of this Agreement is within your legal right and power, require no action by or in respect of, or filing with, any
governmental body, agency or official, or any third party (except as disclosed in writing to the Adviser as of the date that this Agreement
is signed by you), and do not and will not contravene, or constitute a default under, any provision of applicable law, rule or regulation
or of any agreement, judgment, injunction, order, decree or other instrument binding upon you or any agreement or other instrument to
which you are a party or by which you or any of your respective properties is bound; and (b) this Agreement constitutes the legal,
valid and binding obligations of the Subscriber enforceable against you in accordance with its terms, subject to any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to
general principles of equity. Neither the execution, delivery nor performance of this Agreement by you, nor the consummation of the transactions
contemplated hereby, will result in the creation or imposition of any lien or encumbrance upon any of your assets or properties.

If the Subscriber is investing assets on behalf of an individual retirement account ("**IRA**"), the individual who established the IRA has signed the Signature Page of this Agreement and confirms that such individual (i) has directed the custodian or trustee of the IRA to execute the acknowledgement on the signature page and (ii) has signed below to indicate that he or she has reviewed, directed and certifies to the accuracy of the representations and warranties made herein with respect to the IRA and the individual Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Compliance with Laws and Other Instruments</u>. The execution and delivery of this Agreement by you,
the consummation of the transactions contemplated hereby and the performance of your obligations hereunder do not and will not conflict
with, or result in any violation of or default under, any provision of any charter, bylaws, trust agreement, partnership agreement or
other governing instrument applicable to you, or any agreement or other instrument to which you are a party or by which you or any of
your properties are bound, or any permit, franchise, judgment, decree, statute, order, rule or regulation applicable to you or your
business or properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Review of Fund Documents and Access to Information</u>. You have been furnished with and hereby acknowledge
receipt of a copy of this Agreement and the Memorandum. You hereby acknowledge that you have been provided an opportunity to ask questions
of, and you have received answers thereto satisfactory to you from, the Fund, the Adviser and their representatives regarding the terms
and conditions of the offering of Shares, and you have obtained all additional information requested by you of such persons to verify
the accuracy of all information furnished to you regarding the offering of Shares.

You hereby acknowledge that you have read and understand the risks of, and other considerations relating to, a purchase of Shares, including, without limitation, the risks set forth in the Memorandum. You are entering into this Agreement relying solely on the terms and conditions of the offering of the Shares set forth in this Agreement. Neither the Adviser nor anyone else on the Fund's behalf has made any representations or warranties of any kind or nature to induce you to enter into this Agreement except as specifically set forth in such documents. You are not relying upon the Adviser for guidance with respect to tax or other legal considerations and you have sought independent legal, investment and tax advice to the extent that you have deemed necessary or appropriate in connection with your decision to subscribe for Shares. You have been afforded an opportunity to ask questions of, and receive answers from, the Adviser or persons authorized to act on their behalf, concerning the terms and conditions of the purchase of Shares and have been afforded the opportunity to obtain any additional information (to the extent the Adviser or such other persons had such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of information otherwise furnished by the Adviser or such other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Evaluation of and Ability to Bear Risks</u>. You have such knowledge and experience in financial affairs
that you are capable of evaluating the merits and risks of acquiring Shares. Your financial situation is such that you can afford to bear
the economic risk of holding Shares for an indefinite period of time, and you can afford to suffer the complete loss of your investment
in the Fund.

EP Private Capital Fund I

Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Acquisition for Investment</u>. You are acquiring Shares for investment purposes only and not with
a view to the resale or distribution of all or any part of such Shares and you have no present intention, agreement or arrangement to
divide its participation with others or to sell, assign, transfer or otherwise dispose of all or any part of such Shares. You hereby agree
that you shall not, directly or indirectly, engage in a transfer of all or any part of such Shares (or solicit any offers to buy, purchase
or otherwise acquire or take a pledge of all or any part of the Shares) except in accordance with (a) the registration provisions
of the Securities Act or an exemption from such registration provisions, and (b) any applicable state or non-U.S. securities laws.
You further understand that no market exists or is expected to develop for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Beneficial Ownership</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. You are acquiring Shares for your own account or for one or more separate accounts maintained by you and
not as agent, nominee, trustee, partner or otherwise on behalf of, for the account of, or jointly with any other person or entity (other
than as set forth on the signature page hereto); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the event that the Subscriber is acting as an agent pursuant to a power-of-attorney ()"**Agent** "),
or nominee (a "**Nominee**") for an individual or entity that will be the beneficial owner of Shares (a "**Beneficial Owner** "), (i) in the case of an Agent, the Agent represents and warrants that the representations, warranties and agreements
made in this Subscription Agreement are made by the Agent with respect to and on behalf of the Beneficial Owner as the Subscriber, and
(ii) in the case of a Nominee who will be the Subscriber, the Nominee makes such representations, warranties and agreements on behalf
of the Nominee, as the Subscriber, and the Beneficial Owner of Shares subscribed for hereby. The Agent or Nominee, as the case may be,
represents and warrants that the Agent or Nominee has all requisite power and authority from said Beneficial Owner to execute and perform
the obligations on behalf of the Beneficial Owner (and, as applicable, on its own behalf as record owners of Shares) under this Subscription
Agreement, and hereby agrees to indemnify and hold harmless the Fund, the Adviser and their respective affiliates, against any and all
loss, liability, claim, damage, cost and expense whatsoever (including, but not limited to, legal fees and expenses) arising out of, or
resulting from, or based upon, any misrepresentation or breach of warranty of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>No General Solicitation</u>. You received the Memorandum and this Agreement, and first learned of the
Fund, in the jurisdiction listed as the residence or principal place of business address on the signature page hereto. The Shares
were not offered to the Subscriber by any means of general solicitation or general advertising. In that regard, the Subscriber is not
subscribing for Shares: (a) as a result of or subsequent to becoming aware of any advertisement, article, notice or other communication
published in any newspaper, magazine or similar medium, generally available electronic communication, broadcast over television or radio
or generally available to the public on the Internet or Worldwide Web; (b) as a result of or subsequent to attendance at a seminar
or meeting called by any of the means set forth in (a); or (c) as a result of or subsequent to any solicitations by a person not
previously known to the Subscriber in connection with investment in securities generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Subscriber Qualification</u>. You are an "accredited investor" as such term is defined
in Rule 501 of Regulation D promulgated under the Securities Act and you have so indicated in the Subscriber Questionnaire attached
hereto as <u>Attachment 1</u> (together with all attachments thereto, collectively, the "**Subscriber Questionnaire** ")
the manner in which you so qualify as an accredited investor.

You understand and agree that if at any time during the term of the Fund the representations and warranties set forth in this Section 6.9 shall cease to be true, you shall promptly notify the Adviser in writing.

EP Private Capital Fund I

Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Investment Company Status</u>. You are permitted to acquire and hold more than 3% of the outstanding
voting securities of a closed-end management investment company registered under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Capital Contributions</u>. You hereby agree to make Capital Contributions to the Fund at the request
of the Adviser in an amount up to and including the total amount of your total Unfunded Commitment as provided in the Memorandum and this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Withdrawal; Transfer Restrictions; Unfunded Commitment Termination</u>. You acknowledge and agree that
you will not be permitted to withdraw all or any portion of your investment in Shares except pursuant to repurchases as set forth in the
Memorandum. You acknowledge and agree that you will not be permitted to transfer all or any part of your Shares without the prior written
consent of the Adviser as provided for in the Memorandum and this Agreement, and that any such transfer shall otherwise be in the manner
as set forth in the Memorandum and this Agreement. You acknowledge and agree that the Adviser may compel you to terminate your Unfunded
Commitment, in each case as provided in the Memorandum and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Anti-Money Laundering Laws</u>. Many jurisdictions, including the United States, have in place, and
are in the process of changing or creating anti-money laundering or similar laws, regulations and policies (whether or not with force
of law), and many investment funds, investment advisers and other financial intermediaries are in the process of changing or creating
responsive disclosure and compliance policies, which may apply to the Fund, the Adviser or the Administrator (collectively, "**Anti-Money Laundering Laws** "). The Fund and the Administrator will comply with any Anti-Money Laundering Laws to which either is or may
become subject and it is the policy of both of them to interpret Anti-Money Laundering Laws broadly in favor of disclosure; the Fund or
the Administrator could be requested or required, or otherwise determine it is appropriate, to obtain certain assurances from you, disclose
information pertaining to the Fund and/or you to governmental, regulatory or other authorities or to financial intermediaries or others
or engage in due diligence or take other related actions in the future pursuant to such Anti-Money Laundering Laws. You understand, acknowledge,
represent and agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that, to your knowledge, the acceptance of your Agreement together with the related payments shall not
breach any applicable Anti-Money Laundering Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to provide promptly to the Fund, the Adviser and/or the Administrator upon request, documentation verifying
your and any beneficial owner's identity, including requests before and after acceptance of the subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to hold harmless and indemnify each of the Fund, the Adviser and the Administrator against any losses
arising from the failure to process your application if you do not provide such information promptly after requested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to provide such additional information or take such other actions as may be required to comply with any
Anti-Money Laundering Laws and consent to disclosure by the Fund, the Adviser, the Administrator and their agents to relevant third parties,
including among others both private and governmental entities, of information pertaining to you and to any other action, including without
limitation, withdrawing your Shares in the Fund, that is necessary to comply with any Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>OFAC and Financial Sanctions Matters</u>. The Subscriber should check the OFAC website at before making the following representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Subscriber represents that the amounts contributed, or to be contributed, by it to the Fund were not
and are not directly or indirectly derived from activities that may contravene federal, state or international laws and regulations, including
Anti-Money Laundering Laws.

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Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Federal regulations and Executive Orders administered by the U.S. Treasury Department's Office of
Foreign Assets Control ()"**OFAC**") prohibit, among other things, the engagement in transactions with, and the provision
of services to, certain foreign countries, territories, entities and individuals.<sup>1</sup> The lists of OFAC prohibited countries,
territories, persons and entities can be found on the OFAC website at . In addition, the programs administered
by OFAC ()"**OFAC Programs**") prohibit dealing with individuals or entities in certain countries regardless of whether
such individuals or entities appear on the OFAC lists.

The Subscriber represents and warrants that, to the best of its knowledge, none of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any person controlling or controlled by the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. if the Subscriber is a privately held entity, any person having a beneficial interest in the Subscriber;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. any person for whom the Subscriber is acting as agent or nominee in connection with this investment

is (i) a country, territory, individual or entity named on an OFAC list or United Nations ("**UN**") sanctions list, nor is a person or entity prohibited under the OFAC Programs or other U.S. or UN legislation or (ii) a senior foreign political figure,<sup>2</sup> or any immediate family member<sup>3</sup> or close associate<sup>4</sup> of a senior foreign political figure as such terms are defined in the footnotes below.

Please be advised that the Fund may not accept any amounts from a prospective Subscriber if it cannot make the representation set forth in the preceding paragraph. If an existing Subscriber cannot make these representations, the Fund may require the withdrawal of its Shares.

The Subscriber agrees promptly to notify the Fund and the Administrator should the Subscriber become aware of any change in the information set forth in these representations. The Subscriber is advised that, by law, the Fund and/or the Administrator may be obligated to "freeze the account" of such Subscriber, either by prohibiting additional investments from the Subscriber, suspending distributions and/or segregating the assets in the account in compliance with governmental regulations, and the Fund and/or the Administrator may also be required to report such action and to disclose the Subscriber's identity to OFAC or other applicable authorities. The Subscriber further acknowledges that the Adviser and/or the Administrator may, by written notice to the Subscriber, suspend the payment of distributions or other amounts payable to such Subscriber if the Adviser reasonably deems it necessary to do so to comply with Anti-Money Laundering Laws applicable to the Fund, the Adviser, the Administrator and their affiliates, subsidiaries, or associates or any of the Fund's other service providers.

<sup>1</sup> These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs.

<sup>2</sup> A "**senior foreign political figure**" is defined as a senior 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.

<sup>3</sup> "**Immediate family**" of a senior foreign political figure typically includes the figure's parents, siblings, spouse, children and in-laws.

<sup>4</sup> A "**close associate**" of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the 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 the senior foreign political figure.

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Subscription Agreement

If the Subscriber is a non-U.S. banking institution (a "**Foreign Bank**") or if the Subscriber receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, the Subscriber represents and warrants to the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which the
Foreign Bank is authorized to conduct banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Foreign Bank employs one or more individuals on a full-time basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Foreign Bank maintains operating records related to its banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct
banking activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical
presence in any country and that is not a regulated affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Tax Matters</u>. The Subscriber represents that either (a) for U.S. federal income tax purposes,
it is not a partnership, grantor trust or S corporation (a "**flow-through entity**") or, (b) if it is a flow-through
entity, substantially all of the value of each beneficial owner's interest in the Subscriber is not attributable to the Subscriber's
Shares in the Fund and the Subscriber was not formed for a principal purpose of investing in the Fund; <u>provided</u> that if the Subscriber
is unable to make either such representation, it shall have so indicated to the Adviser in writing at least five (5) Business Days'
prior to the date hereof and shall have provided the Fund with evidence (including opinions of counsel), satisfactory in form and substance
to the Fund, relating to the status of the Fund under Section 7704 of the Code. The Subscriber further (i) represents that it
has provided to the Adviser a properly executed IRS Form W-9, (ii) agrees to provide such additional information and documentation
as the Adviser or Administrator may from time to time request about the Subscriber or its beneficial owners, including in connection with
the Fund's obligations under, and compliance with, applicable laws and regulations, (iii) acknowledges and agrees that such
information may be provided to the United States and other applicable governmental agencies, (iv) acknowledges and agrees that failure
to provide requested information may subject the Subscriber to liability for any resulting U.S. or other withholding taxes, U.S. or other
tax information reporting and/or mandatory withdrawal, transfer or other termination of the Subscriber's Shares in the Fund and
further acknowledges that the Fund, the Adviser and the Administrator may take such action as each of them considers necessary in relation
to the Subscriber's Shares, distribution and/or withdrawal proceeds to ensure that any withholding tax payable by the Fund, and
any related costs, interest, penalties and other losses and liabilities suffered by the Fund, the Adviser, the Administrator, or any other
investor, or any agent, delegate, employee, director, officer or affiliate of any of the foregoing persons, arising from the Subscriber's
failure to provide any requested documentation or other information to the Fund, the Adviser or the Administrator, is economically borne
by the Subscriber, and (v) agrees to waive any provision of law that would prevent any such reporting, disclosure, withholding or
termination. The Subscriber acknowledges that (i) the Fund is not paying management or performance fees or making carried interest
allocations and (ii) the U.S. Internal Revenue Service might assert that certain aspects of such arrangements should be considered
income to the Fund or the Subscriber. The Subscriber should consult its own tax advisors regarding the tax consequences of such arrangements.

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Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Form ADV</u>. You acknowledge receipt of Part 2A of the Adviser's Form ADV on
or before the date of execution of this Agreement. You represent and warrant that you have carefully read and understand the risks and
potential conflicts of interest disclosures set forth in the Adviser's Form ADV, Part 2A as they apply to the Fund. The
Subscriber acknowledges that it also may access the Adviser's Form ADV Part 2A at .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Disclosure of Information</u>. Personal data must be supplied by you to the Fund, the Adviser and their
respective affiliates and delegates, including but not limited to the Administrator, in order for an investment in the Fund to be made
and for the investment in the Fund to continue. If the required personal data is not provided, you will not be able to invest in the Fund.
You acknowledge receipt of the Fund's privacy policy and agree to promptly provide the privacy policy (or any updated version thereof
as may be provided from time to time) to each individual (such as any individual directors, shareholders, beneficial owners, authorized
signatories, trustees or others) whose personal data the Subscriber provides to the Fund, the Adviser or their respective affiliates or
delegates, including but not limited to the Administrator. You represent and warrant that all personal data provided to the Fund, the
Adviser or their respective affiliates and delegates, including but not limited to the Administrator, by or on behalf of the Subscriber
is provided in accordance with applicable laws and regulations, including, without limitation, those relating to privacy or the use of
personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 <u>Verification of Identity</u>. You acknowledge and agree that Shares in the Fund may not be issued until
such time as the Fund, the Adviser and/or the Administrator has received and is satisfied with all the information and documentation requested
to verify your and any beneficial owner's identity. Where, at the sole discretion of the Adviser, Shares are issued prior to the
Fund, the Adviser and/or the Administrator having received all the information and documentation required to verify identity, the Fund,
the Adviser or the Administrator reserves the right to refuse to make any payments or distributions to you, until such time as the Fund,
the Adviser and/or the Administrator has received and is satisfied with all the information and documentation requested to verify identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 <u>Instructions of Subscriber</u>. You hereby authorize and instruct the Fund, the Adviser and the Administrator
to accept and execute any instructions in respect of the Shares to which this Agreement relates given by you (or any of your authorized
persons as notified to the Fund, the Adviser and/or the Administrator) in written form, by e-mail or by other electronic means. If instructions
are given by you (or any of your authorized persons) by e-mail or by other electronic means, you undertake to send the original letter
of instructions to the Fund, the Adviser or the Administrator if so requested and agree to keep each of the Fund, the Adviser and the
Administrator indemnified against any loss of any nature whatsoever arising to any of them as a result of any of them acting upon instructions
submitted by e-mail or by other electronic means. The Fund, the Adviser and the Administrator may rely conclusively upon and shall incur
no liability in respect of any loss arising from (i) the non-receipt of any instructions relating to your Shares delivered by e-mail
or other electronic means or (ii) any action taken upon any notice, consent, request, instructions or other instrument believed in
good faith to be genuine or to be signed by properly authorized persons on your behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 <u>Communications in Electronic Format</u>. You hereby acknowledge and agree that the Fund, the Adviser
or the Administrator may deliver and make reports, statements and other communications including, without limitation, the Memorandum,
this Agreement, the Adviser's Form ADV, current and future account statements, offering documents, letters to investors, financial
statements, the privacy policy, and other tax related information and documentation, regulatory communications and other information,
documents, data and records regarding your investment in the Fund ()"**Account Communications** "), available to the Subscriber
in electronic form, such as e-mail or by posting on a password protected web site. It is the Subscriber's affirmative obligation
to notify the Fund and Adviser in writing if the Subscriber's e-mail address(es) change(s). The Subscriber may revoke or restrict
its consent to electronic delivery of Account Communications at any time by notifying the Fund, in writing, of the Subscriber's
intention to do so, and will thereafter receive such Account Communications in paper form. The Fund, the Adviser, and the Administrator
will not be liable for any interception of Account Communications. In addition, there are risks, such as systems outages, that are associated
with electronic delivery.

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Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 <u>Legal Counsel</u>. You acknowledge that neither Dechert LLP nor any other legal services provider used
by the Fund or the Adviser (the "**Firms**") represents you with respect to your investment in the Fund (including your
decision to invest in the Fund) or the ongoing operations of the Fund, and that you have been advised to consult your own counsel. You
further acknowledge that you have read and understand the disclosures in the Memorandum relating to the Firms, including the potential
conflicts that may arise in connection with the Firms' respective representation of the Fund and its affiliates.

You hereby acknowledge and agree that in the event that any dispute or controversy arises between you or any Other Subscriber and the Fund, or between you or any Other Subscriber and the Adviser and/or any of its affiliates that a Firm represents, then you and each such Other Subscriber agrees that such Firm may represent the Fund or such Adviser and/or its affiliates in any such dispute or controversy to the fullest extent permitted by applicable law, regulation or professional rules in the relevant jurisdictions and you and each such Other Subscriber hereby consents to such representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 <u>Swaps</u>. You represent and warrant that you will not enter into a swap, structured note or other
derivative instrument, the return from which is based in whole or in part, directly or indirectly, on the return with respect to the Fund
or its Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 <u>CFTC and NFA Representations</u>. If you are a commodity pool, your investment in the Fund is directed
by an entity that is: (a) not required to be registered in any capacity with the CFTC or to be a member of the National Futures Association
(" **NFA** "); (b) exempt from such registration; or (c) duly registered with the CFTC in an appropriate capacity
or capacities and is a member in good standing of the NFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 <u>No Legal Action Pending, etc</u>. There is no legal action, suit, arbitration or other legal,
administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local or foreign) pending or, to the
knowledge of the Subscriber, threatened against the Subscriber that, if adversely determined, is reasonably likely to impair or otherwise
affect the Subscriber's ability to perform its obligations under this Agreement or is reasonably likely to have a material adverse
effect on the Subscriber's financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 <u>Correctness of Information</u>. You represent and warrant that the information you have provided in
this Agreement and the documents provided to you in connection herewith (including the Subscriber Questionnaire and other Attachments
hereto) (together with this Agreement, the "**Subscription Document**") and, to your knowledge, any U.S. Internal Revenue
Service or other tax form delivered to the Adviser, is true, accurate and complete and may be relied upon by the Adviser and Fund for
any purpose, including the establishment of subscriber-related facts underlying claims of exemption from the registration provisions of
federal and state securities laws. You acknowledge that the Fund, and the Adviser are relying on such information in connection with (a) you
being admitted as a Shareholder, (b) not registering the offer and sale of the Shares under the Securities Act or any state securities
laws, and (c) the management of the Fund's business. If at any time during the term of the Fund any of the representations
and warranties contained in the Subscription Document shall cease to be true, you will promptly notify the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 <u>Credit Facilities</u>. You acknowledge that the Fund (or a subsidiary) intends to enter into one or
more asset-based loan facilities, bridge loans (including a loan from any partner), capital call loan facilities or hybrid credit facilities
(" **Credit Facilities**") for the purpose of financing investments, paying expenses or for any other purpose for which
capital may be drawn. Borrowings under any such Credit Facility may be secured by (i) a direct or indirect pledge or charge of the
Shareholders' Unfunded Commitments and/or (ii) the pledge, charge or grant of security interest in Fund investments and other
assets. You acknowledge that you may be required, among other things, to provide certain financial and other information to lenders under
any such Credit Facility, as set forth in the Memorandum.

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Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Reaffirmation of Representations, Warranties and Covenants</u>**. You agree that the foregoing representations, warranties and covenants shall be deemed to be reaffirmed by you on an ongoing basis. If any of such representations, warranties or covenants cease to be true, you shall promptly notify the Fund and the Adviser of the facts pertaining to such changed circumstances. You agree to provide such information and execute and deliver such documents as the Fund, the Adviser or their affiliates, may reasonably request from time to time to verify the accuracy of your representations and warranties herein or to comply with any law or regulation to which the Fund, the Adviser or their affiliates may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. You understand the meaning and legal consequences of the representations, warranties, covenants, agreements and confirmations set forth above and agree that the subscription made hereby may be accepted in reliance thereon and on the information contained in the Subscriber Questionnaire. To the maximum extent permitted by law (including ERISA (if applicable)), you agree to indemnify and hold harmless the Fund, the Adviser and the Adviser's members, directors, managers, officers and employees, and each person who controls the Fund and each of such entities within the meaning of Section 20 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") (collectively, the "**Indemnitees**"), from and against any and all expense, loss, damage or liability, including all attorneys' fees and disbursements (the "**Losses**"), which such parties may incur by reason of, or in connection with, any representation, warranty, covenant or agreement by you contained herein (including the Subscriber Questionnaire) not being true when made or any failure by you to fulfill any of the covenants or agreements set forth herein, in the Subscriber Questionnaire, or in any other document related to your subscription. Your indemnity obligation under this Section 8 shall be in addition to any other obligation that you may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Amendments and Waivers</u>**. This Agreement may be amended and the observance of any provision hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of you and the Adviser (on behalf of the Fund). You acknowledge and agree 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 in writing by the Adviser, the Fund, or their respective agents. Absent such explicit agreement, the issuance of an acceptance of your Capital Commitment shall not be construed as the Adviser's acceptance or agreement to any such purported amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Survival of Provisions and Representations, Warranties and Covenants</u>**. The provisions of this Agreement, including your irrevocable commitment and obligation to make aggregate Capital Contributions to the Fund equal to your Capital Commitment and all representations, warranties and covenants contained herein or made in writing by you or by or on behalf of the Fund or the Adviser in connection with the transactions contemplated by this Agreement, shall survive the execution and delivery of this Agreement and the issue and sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Successors and Assigns</u>**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto. However, the Subscriber shall not transfer this Agreement or any of its rights in, to or under this Agreement without the consent of the Adviser and any attempted transfer shall be void and without force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Notices</u>**. Whenever any notice is required or permitted to be given under any provision of this Agreement, such notice shall be in writing, signed by or on behalf of the Person giving the notice, shall be mailed by prepaid registered or certified mail or sent by reputable overnight delivery service or electronic mail, or posted on a website (with notification of such posting) to the Person or Persons to whom such notice is to be given. Except as otherwise provided herein, any such notice shall be deemed to have been given the earlier of (a) receipt by addressee (which receipt shall be deemed to have occurred upon verbal or electronic confirmation received by the Person giving the notice), (b) notification to the Person or Persons to whom such notice is to be given of posting on a website, (c) one (1) Business Day after delivery to any overnight courier, (d) one (1) Business Day after the Person giving notice has sent such notice via electronic mail and has not received any evidence of a failure of such notice to have been sent and (e) seventy-two (72) hours after such notice is mailed. All notices, requests, demands and other communications hereunder shall be addressed, (i) if to you, at the address (including e-mail address) set forth below your signature, or to such other address (including e-mail address) as you shall have furnished to the Adviser in writing, and (ii) if to the Fund or the Adviser, to it at c/o Eagle Point Credit Management LLC, 600 Steamboat Road, Suite 202, Greenwich, CT 06830, United States, or to such other address (including e-mail address), as the Fund shall have furnished to you in writing, provided that any notice to the Fund shall be effective only if and when received by the Adviser.

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Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Third Party Rights</u>**. Each of the Adviser and each Indemnitee that is not a party to this Agreement and any indemnitee specified in Section 6.7(b) or Section 6.14(c) may enforce any rights granted to it pursuant to this Agreement, including, without limitation, any rights arising under Section 6.7(b), Section 6.14(c) or Section 8 hereof, in its own right as if it were a party to this Agreement. Except as otherwise expressly provided in this Section 13, a person who is not a party to this Agreement shall not have any rights to enforce any term of this Agreement. Notwithstanding any term of this Agreement, the consent of or notice to any person who is not a party to this Agreement shall not be required for any termination, rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this Agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Applicable Law; Waiver of Jury Trial</u>**. THIS AGREEMENT SHALL BE INTERPRETED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

TO THE EXTENT PERMITTED BY LAW, EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE, AND ENFORCEMENT HEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Headings</u>**. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Severability</u>**. In the event any provision of this Agreement is determined to be invalid or unenforceable, such provision shall be deemed severed from the remainder of this Agreement and replaced with a valid and enforceable provision as similar in intent as reasonably possible to the provision so severed, and shall not cause the invalidity or unenforceability of the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Entire Agreement</u>**. This Agreement (and all attachments hereto, including the Subscriber Questionnaire), as may be amended, modified or supplemented by one or more letter agreements or other written agreements between the parties dated as of the date hereof or thereafter, contain the entire agreement of the parties with respect to the subject matter of this Agreement, and there are no representations, warranties, covenants or other agreements except as stated or referred to herein and therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Counterparts</u>**. This Agreement may be executed in any number of counterparts, each of which (including executed counterparts received by PDF (including DocuSign or similar method)) shall be deemed an original and all of which taken together shall constitute a single instrument.

***[Rest of page intentionally left blank.]***

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

**<u>Attachment 1</u>**

**<u>Subscriber QUESTIONNAIRE</u>**

(TO BE COMPLETED BY BOTH INDIVIDUAL<sup>1</sup> AND ENTITY SUBSCRIBERS)

**Acknowledgement**

◻ The Subscriber confirms that the Subscriber has reviewed the Subscription Agreement in its entirety.

**The Subscriber is (please check one):**

◻ An individual. (An individual includes a natural person and a revocable grantor trust.)

◻ An entity.

**This Subscriber Questionnaire is being completed by (please check one):**

*Please carefully read this Subscriber Questionnaire and ensure that an additional questionnaire is completed by each person for whom a questionnaire is required.*

◻ The Subscriber

◻ An agent of the Beneficial Owner of the Shares acting pursuant to a power-of-attorney. (In such case, the responses to this Subscriber Questionnaire must be made by the agent with respect to and on behalf of the Beneficial Owner as the Subscriber.)

◻ A nominee of the Beneficial Owner of the Shares. (The responses to this Subscriber Questionnaire must be made by the Nominee on behalf of itself and the Beneficial Owner of the Shares.)

◻ A Joint Subscriber (please provide name):

◻ An agent of the Subscriber (please provide name):

**<u>Entity Subscribers</u>**

1. ***<u>Organizational Data</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Legal form of entity:

◻ Corporation ◻ Partnership ◻ Limited Liability Company (LLC) ◻ Trust

◻ Other (specify): _________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Jurisdiction of organization: ___________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Date of organization: _________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Briefly identify your primary business: ___________________________________

<sup>1</sup> Individual purchasers include natural persons and revocable grantor trusts.

Attachment 1- 1

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

2. ***<u>Miscellaneous Information</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Total number of shareholders, partners or other holders of equity or beneficial interests or other securities
(including any debt securities): ______________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Are you a wholly owned or majority owned subsidiary of another entity?

◻ Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Have the shareholders, partners or other holders of equity or beneficial interests in you, in your capacity
as Subscriber been provided the opportunity to decide individually whether or not to participate, or the extent of their participation,
in your investment in the Fund (i.e., can your equity holders determine whether their capital will form part of the specific capital invested
by you in the Fund)?

◻ Yes ◻ No

***If the answer "Yes", please have each of your equity holders complete the Subscriber Questionnaire.***

You agree to notify the Adviser and/or the Administrator of any change with respect to the foregoing information and to provide such further information as the Adviser and/or the Administrator may reasonably require.

**I. Verification of "Accredited Investor" Status.**

Shares will be sold only to Subscribers who are "accredited investors," as defined in Rule 501 under the Securities Act. For additional information regarding the definition of "accredited investor," please refer to Rule 501 under the Securities Act. Please indicate the basis of the Subscriber's "accredited investor" status by checking the most applicable statement. If no statements apply, consult the Adviser.

The Subscriber is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ an individual (or the grantor, in the case of a revocable grantor trust) who
had an income in excess of $200,000 for each of the last two years (or joint income with the Subscriber's spouse or spousal equivalent<sup>2</sup>
in excess of $300,000 in each of those years) and who reasonably expects to reach the same income level in the current year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ◻ an individual (or the grantor, in the case of a revocable grantor trust) whose
net worth, or joint net worth with the Subscriber's spouse or spousal equivalent at the time of purchase, exceeds $1,000,000;<sup>3</sup>

<sup>2</sup> The term "**spousal equivalent**" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

<sup>3</sup> For purposes of determining the Subscriber's net worth, the Subscriber must exclude the value of his or her primary residence and any indebtedness secured by the primary residence up to its fair market value (i.e., any indebtedness secured by the residence that is in excess of the value of the home should be considered a liability and deducted from the Subscriber's net worth). The Subscriber must also subtract from his or her net worth any indebtedness secured by his or her primary residence that was obtained within the sixty (60) days preceding the effective date of his or her subscription, unless such indebtedness was used to acquire the residence (in which case, the rule set forth in the preceding sentence would govern the application of such indebtedness when calculating the Subscriber's net worth).

Attachment 1- 2

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ◻ a "knowledgeable employee" with respect to the Fund within the meaning
of Rule 3c-5 under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ◻ an individual holding, in good standing, a FINRA Series 7, Series 82
or Series 65 license or any such other professional certification, designation or credential from an accredited education institution
that has been designated by an order of the SEC as qualifying an individual for accredited investor status. Please list each such professional
certification, designation or other credential held by the Subscriber:

_______________________________

*The Adviser, in its sole discretion, may request information regarding the professional certification, designation or credential based upon which the Subscriber is accredited*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ◻ a family office, as defined in Rule 202(a)(11)(G)-1 of the Advisers Act,<sup>4</sup>
that has total assets under management in excess of $5,000,000, that was not formed for the specific purpose of acquiring the Shares
offered and whose purchase is directed by persons having such knowledge and experience in financial and business matters that they are
capable of evaluating the merits and risks of the prospective investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ◻ a family client, as defined in Rule 202(a)(11)(G)-1 of the Advisers Act,<sup>5</sup>
of a family office meeting the requirements set forth in (e) above, and the Subscriber's investment in the Shares is directed
by such family office in accordance with (e) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ◻ a bank, as defined in Section 3(a)(2) of the Securities Act, or a
savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, in each case whether
acting in its individual or fiduciary capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ◻ a broker or dealer registered pursuant to Section 15 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ◻ an insurance company as defined in Section 2(a)(13) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) ◻ an investment company registered under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) ◻ (i) a business development company as defined in Section 2(a)(48)
of the Investment Company Act, (ii) a Small Business Investment Company licensed by the United States Small Business Administration
under Section 301(c) or (d) of the Small Business Investment Company Act of 1958 or (iii) a rural business investment
company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) ◻ an employee benefit plan established and maintained by a state, its political
subdivisions, or any agency or instrumentality of a state or its political subdivisions, if such plan has total assets in excess of $5,000,000.  ***If the Subscriber is a participant directed plan, please contact the Administrator*** ;

<sup>4</sup> The term "**family office**" means a company (including its directors, partners, members, managers, trustees and employees acting within the scope of their position or employment) that: (i) has no clients other than family clients as defined in Rule 202(a)(11)(G)-1 of the Advisers Act (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 or other involuntary transfer from a family member or key employee, that person shall be deemed to be a family client for one year following the completion of the transfer of legal title to the assets resulting from the involuntary event); (ii) is wholly owned by family clients and is exclusively controlled (directly or indirectly) by one or more family members and/or family entities; and (iii) does not hold itself out to the public as an investment adviser.

<sup>5</sup> Generally, the term "**family clients**" under Rule 202(a)(11)(G)-1 of the Advisers Act includes family members and key employees of the family office, among other defined persons. See Rule 202(a)(11)(G)-1 of the Advisers Act for further details.

Attachment 1- 3

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) ◻ any employee benefit plan within the meaning of Title I of ERISA, which satisfies
at least one of the following conditions: (i) it has total assets in excess of $5,000,000, or (ii) the investment decision
is being made by a plan fiduciary (as defined in Section 3(21) of ERISA) which is a bank, savings and loan association, insurance
company or registered investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) ◻ a private business development company as defined in Section 202(a)(22)
of the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) ◻ a corporation, a partnership, a Massachusetts or similar business trust, or
an organization described in Section 501(c)(3) of the Code, in each case not formed for the specific purpose of acquiring Shares,
with total assets in excess of $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) ◻ a personal (non-business) trust, other than an employee benefit trust, with
total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares, whose purchase is directed by persons
having such knowledge and experience in financial and business matters that they are capable of evaluating the merits and risks of the
prospective investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) ◻ an investment adviser that is (i) registered under the Advisers Act, (ii) registered
pursuant to the laws of a U.S. state or (iii) an exempt reporting adviser under Section 203(l) (i.e., a venture capital
fund adviser) or Section 203(m) (i.e., a private fund adviser) of the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) ◻ an entity in which each and every one of the equity owners is an accredited
investor.  ***If the Subscriber checked this statement and is unable to check any other category herein, please provide a list of all equity owners and a completed Subscriber Questionnaire from each equity owner;*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) ◻ an entity owning greater than $5,000,000 in Investments (as defined under the
Investment Company Act and summarized in <u>Attachment 3</u>) (net of acquisition debt), not formed for the specific purpose of acquiring
Shares.

If the Subscriber does **<u>not</u>** qualify in an accredited investor category listed above, please check the space provided below.

---

| | |
|:---|:---|
| ◻ | The Subscriber does **<u>not</u>** qualify in any accredited investor category listed above. |

---

**II.** **ADDITIONAL SUBSCRIBER INFORMATION** 

1. ***"<u>Senior Political Figure" Status</u>***

Are you a "senior political figure," or an immediate family member or close associate of a senior political figure? A senior political figure is a senior official in the executive, legislative, administrative, military or judicial branches of a government (whether elected or not), a senior official of a political party or a senior executive of a government-owned corporation, and any entity formed by or for the benefit of any of the foregoing.

◻ Yes ◻ No

Attachment 1- 4

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

2. ***<u>Status as a Non-U.S. Bank</u>***

Is the Subscriber a non-U.S. bank?

◻ Yes ◻ No

3.***<u>Bank Holding Fund Status</u>***

Is the Subscriber a BHC Subscriber?<sup>6</sup>

◻ Yes ◻ No

4.  ***<u>Government Entity Status</u>*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is the Subscriber a "governmental entity" within the meaning of Rule 206(4)-5 under the
Advisers Act (the "**Pay to Play Rule** ")?<sup>7</sup>

◻ Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Subscriber is acting as agent, representative or nominee for one or more Subscribers, are any such
Subscribers a "governmental entity" within the meaning of the Pay to Play Rule?

◻ Yes ◻ No ◻ Not Applicable

If "Yes," please indicate the names of any such Subscribers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Is the Subscriber an entity substantially owned by a government entity (e.g., a single investor vehicle)
and the investment decisions of such entity are made or directed by such government entity?

◻ Yes ◻ No

If "Yes," please indicate the names of any such government entity:

***Please note that if the Subscriber answers yes to this question (c), the Fund will treat the Subscriber as if it were the government entity for purposes of the Pay to Play Rule.***

<sup>6</sup> A "**BHC Subscriber**" is a bank holding company, as defined in Section 2(a) of the U.S. Bank Holding Company Act of 1956, as amended, a foreign banking organization subject to the non-banking restrictions of the U.S. Bank Holding Company Act, or a non-bank subsidiary of either of the foregoing.

<sup>7</sup> A "**governmental entity**" is defined in Rule 206(4)-5 as any state or political subdivision of a state: including: (i) any agency, authority, or instrumentality of the state or political subdivision; (ii) a pool of assets sponsored or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to, a "defined benefit plan" as defined in section 414(j) of the Code (26 U.S.C. 414(j)), or a state general fund; (iii) a plan or program of a government entity; and (iv) officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

Attachment 1- 5

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Subscriber is (i) a government entity, (ii) acting as trustee, custodian or nominee for
a beneficial owner that is a government entity, or (iii) an entity described in (c) above, the Subscriber hereby certifies that
(please check "Not Applicable" if this item does not apply to the Subscriber):

◻ Not Applicable

**- OR -**

◻ other than the Pay to Play Rule, no "pay to play" or other similar compliance obligations would be imposed on the Fund, the Adviser or their affiliates in connection with the Subscriber's subscription;

**- OR -**

---

| | |
|:---|:---|
| ◻ | If the Subscriber cannot make the above certification, indicate in the space below all other "pay to play" laws, rules or guidelines, or lobbyist disclosure laws or rules, the Fund, the Adviser or their affiliates, employees or placement agents would be subject to in connection with the Subscriber's subscription: |

---

5. ***<u>Sources of Information About the Offering</u>***

How did the Subscriber learn about the offering?

◻ From a broker, dealer or investment adviser, please state the name of the institution and the person who introduced the offering to you:

◻ By some other means, please explain in the space provided below:

6. ***<u>Institutional Customer Status</u>***

Does the Subscriber have total assets of $50 million or more?

◻ Yes ◻ No

7. ***<u>Public Disclosure Laws</u>***

Is the Subscriber subject to the Freedom of Information Act, 5 U.S.C. § 552 ("**FOIA**"), any state public records access laws, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any similar statutory or legal right that might result in the disclosure of confidential information relating to the Fund (together with FOIA, "**Public Disclosure Laws**")?

◻ Yes ◻ No

If the Subscriber is subject to Public Disclosure Laws, please indicate the relevant laws to which the Subscriber is subject.

Attachment 1- 6

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

8. ***<u>Controlling Person Status</u>***

Is the undersigned or will the undersigned be, (a) a person (including an entity) that has discretionary authority or control with respect to the assets of the Fund, (b) a person who provides investment advice with respect to the assets of the Fund, or (c) an "affiliate" of such a person?

For purposes of this representation and agreement, an "affiliate" is any person controlling, controlled by or under common control with any person described in clauses (a) and (b) above, including by reason of having the power to exercise a controlling influence over the management or policies of such person.

◻ Yes ◻ No

10. ***<u>Disqualifying Events for Purposes of Rule 506(d)</u>***

Please respond to the questions below for purposes of the Fund's compliance with Rule 506(d) under Regulation D of the Securities Act in connection with "disqualifying events" of certain beneficial owners of the Fund's securities.<sup>8</sup> Please respond to the questions below with respect to the beneficial owner of the Shares acquired pursuant to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Has the beneficial owner, within the last ten (10) years, been convicted of a felony or misdemeanor
(i) in connection with the purchase or sale of any security, (ii) involving the making of any false filing with the Securities
and Exchange Commission, or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities
dealer, investment adviser or paid solicitor of purchasers of securities?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Is the beneficial owner subject to any order, judgment or decree of any court of competent jurisdiction,
entered in the last five (5) years, that restrains or enjoins the beneficial owner from engaging in or continuing to engage in any
conduct or practice (i) in connection with the purchase or sale of any security, (ii) involving the making of a false filing
with the Securities and Exchange Commission, or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

<sup>8</sup> For purposes of this Item 10, the term "**beneficial owner**" is interpreted in the same manner as under Rule 13d-3 of the Securities Exchange Act of 1934 and includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, under Rule 13d-3 has or shares, or is deemed to have or share (a) voting power, which includes the power to vote, or to direct the voting of, the Shares; and/or (b) investment power, which includes the power to dispose of, or to direct the disposition of, the Shares. Beneficial ownership includes both direct and indirect interests, determined as under Rule 13d-3.

Attachment 1- 7

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Is the beneficial owner subject to a Final Order<sup>9</sup> of a state securities commission (or an
agency or officer of a state performing like functions), a state authority that supervises or examines banks, savings associations, or
credit unions, a state insurance commission (or an agency or officer of a state performing like functions), an appropriate federal banking
agency, the CFTC, or the National Credit Union Administration, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) bars the beneficial owner from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) association with an entity regulated by such commission, authority, agency, or officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) engaging in the business of securities, insurance, or banking; 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;(C) engaging in savings association or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) constitutes a Final Order based on a violation of any law or regulation that prohibits fraudulent, manipulative,
or deceptive conduct within the last ten (10) years?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Is the beneficial owner subject to an order of the Securities and Exchange Commission pursuant to Section 15(b) or
15B(c) of the Exchange Act or Section 203(e) or (f) of the Advisers Act that (i) suspends or revokes the beneficial
owner's registration as a broker, dealer, municipal securities dealer or investment adviser, (ii) places limitations on the
beneficial owner's activities, functions or operations, or (iii) bars the beneficial owner from being associated with any entity
or from participating in the offering of any penny stock?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Is the beneficial owner subject to any order of the Securities and Exchange Commission, entered in the
last five (5) years, that orders the beneficial owner to cease and desist from committing or causing a violation or future violation
of (i) any scienter-based anti-fraud provision of the federal securities laws (including without limitation Section 17(a)(1) of
the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c)(1) of the Exchange
Act and Section 206(1) of the Advisers Act, or any other rule or regulation thereunder) or (ii) Section 5 of
the Securities Act?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

<sup>9</sup> The term "**Final Order**" means a written directive or declaratory statement issued by a federal or state agency described in (c) above pursuant to applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

Attachment 1- 8

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Is the beneficial owner suspended or expelled from membership in, or suspended or barred from association
with a member of, a securities self-regulatory organization or "SRO" (i.e., a registered national securities exchange or a
registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and
equitable principles of trade?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Has the beneficial owner filed as a registrant or issuer, or has the beneficial owner been named as an
underwriter in, any registration statement or Regulation A offering statement filed with the Securities and Exchange Commission that,
within the last five (5) years, (i) was the subject of a refusal order, stop order, or order suspending the Regulation A exemption
or (ii) is currently the subject of an investigation or a proceeding to determine whether such a stop order or suspension order should
be issued?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Is the beneficial owner subject to (i) a United States Postal Service false representation order
entered into within the last five (5) years, or (ii) a temporary restraining order or preliminary injunction with respect to
conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail
by means of false representations?

◻ Yes ◻ No

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the answer is "yes" to any of questions (a) through (h) above, has the beneficial
owner obtained a waiver from disqualification under Rule 506(d)(2) either (i) from the Securities and Exchange Commission
or (ii) from the court or regulatory authority that entered the relevant order, judgment or decree?

◻ Yes ◻ No ◻ Not Applicable

If yes, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

The Subscriber hereby confirms that the foregoing statements are true, accurate and complete. The Subscriber further acknowledges, represents, warrants and agrees that (a) the Fund is relying on these responses in order to satisfy certain obligations the Fund has under federal securities laws, including in connection with SEC filings made by or with respect to the Fund, (b) the Subscriber has acted with reasonable care in conducting due diligence (including, in light of the circumstances, making factual inquiry into the existence of any disqualification) to confirm the veracity of its responses, and (c) for so long as the Subscriber holds any Shares of the Fund, the Subscriber will notify the Fund in writing as soon as reasonably practicable if there is any change in any of the responses set forth herein or if the beneficial owner becomes aware of any pending or threatened proceeding, judgment, order, or other action or circumstance that is reasonably likely to result in any change in the responses set forth herein.

Attachment 1- 9

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire

**IV.** **TAX AND CERTAIN ADDITIONAL INFORMATION** 

1.  ***<u>All Subscribers</u>*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please
indicate the last day of your taxable year: __________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) U.S. Taxpayer Identification Number (if any):<sup>10</sup> __________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber is ◻ or is not ◻ *(please check the appropriate box)* tax **-** exempt under Section 501(a) of
the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Is Subscriber a partnership, grantor trust or S corporation for U.S. federal income tax purposes (a "flow-through
entity")?

◻ Yes ◻ No

If the answer to the above question is "yes", is substantially all of the value of each beneficial owner's interest in the Subscriber attributable to the Subscriber's Shares in the Fund or was the Subscriber formed for a principal purpose of investing in the Fund?

◻ Yes ◻ No

**Every subscriber must provide such additional information as the Fund may from time to time request. Failure to provide information may subject a subscriber to liability for any resulting U.S. withholding taxes, U.S. tax information reporting, and/or mandatory withdrawal, transfer or other termination of the Subscriber's Shares.**

\* \* \*

<sup>10</sup> If Subscriber is a disregarded entity with a separate Taxpayer Identification Number, please provide the Taxpayer Identification Numbers of Subscriber and its sole owner.

Attachment 1- 10

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**<u>Exhibit A to<br> Subscriber Questionnaire</u>**

**Anti-Money Laundering Supplement** 

**Verification of Identity Requirements**

To comply with applicable anti-money laundering and Treasury Department's Office of Foreign Assets rules and regulations, and requirements under Anti-Money Laundering Laws, you are required to provide the following information to the Fund.

**1.** **Bank Information for Account from which Subscription Payment Made** 

Bank Name:  

Bank Address:  

ABA No:

SWIFT:

Account Name:  

Account Number:  

Further Credit:  

Further Credit Account No:  

Source of Funds:  

Purpose of Subscription:  

**\*\*You must wire the payment from an account in your name\*\***

**2.** **Wiring Instructions for Receipt by Subscriber of Payments and Distributions** 

◻ Same as above

Bank Name:  

Bank Address:  

ABA No:

SWIFT:

Account Name:  

Account Number:  

Further Credit:  

Further Credit Account No:  

**\*\*Payments must be paid to an account in your name\*\***

Exhibit A-1

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**3. Verification of Signature Requirements (all Purchasers)**

In order to verify the signature(s) on the subscription agreement, as well as the authority for all future requests relating to the investment, please provide a list of authorized signatories as requested on the signature page hereto, or for *individual subscribers*, a copy of your passport or other Government issued document (e.g., driver's license) bearing your name, picture and signature.

Please note that the copy of your identification document must be certified if you are not a national of an "approved country<sup>\*</sup>."

**4.** **Identity Verification Materials** 

The information and documentation required to enable the Administrator to determine the Subscriber's anti-money laundering and anti-terrorist financing verification status is set out below. Please note that pursuant to applicable laws and regulations, in respect of any paper or electronic document provided to the Administrator pursuant to this Subscriber Questionnaire, the Subscriber shall be deemed to certify, to the best of his/her/its knowledge, that the information in the document provided is complete and correct.

**<u>Section A. Simplified Due Diligence</u>**

All documents listed in Section B. Identity Verification Requirements will <u>not</u> normally be required if the Subscriber falls within one of the following categories and the Fund assesses the Subscriber relationship as being low risk. Documents are acceptable in electronic form, rather than paper form, where approved by the Fund on a risk-based approach. Subscriber should tick the appropriate box (one only) to indicate which category is applicable and complete and provide the information and documentation required:

◻ Subscriber is a central or local government, statutory body or agency of government, in a FATF Member Country (as defined in Appendix 2).

Name of Country/Territory: _________________________________________________

**Note:** A paper or electronic copy of appropriate documentation evidencing this status must be provided to the Administrator; or

◻ Subscriber is a Financial Institution (as defined in Appendix 2) and is required to comply with the AMLR (as defined in Appendix 2).

**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status must be provided to the Administrator; or

◻ Subscriber is a majority-owned subsidiary of a Financial Institution which is required to comply with the AMLR.

**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status and ownership structure must be provided to the Administrator; or

◻ Subscriber is acting in the course of a business in relation to which a regulatory authority exercises regulatory functions and it is based or incorporated in, or formed under the law of, an FATF Member Country.

Name of Regulatory Authority: ___________________________________________

Name of Country/Territory: _______________________________________

**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status must be provided to the Administrator; or

<sup>\*</sup> Austria, Belgium, Bermuda, Cayman Islands, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain and Sweden, together with Australia, Canada, Channel Islands, Hong Kong, Iceland, Isle of Man, Japan, New Zealand, Norway, Singapore, Switzerland, Turkey, the United Kingdom and the United States of America are each an "**approved country**".

Exhibit A-2

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

◻ Subscriber is a majority-owned subsidiary of the business in relation to which a regulatory authority exercises regulatory functions and it is based or incorporated in, or formed under the law of an FATF Member Country.

Name of Regulatory Authority: ____________________________________________

Name of Country/Territory: ___________________________________________

**Note:** A paper or electronic copy of appropriate documentation evidencing this regulatory status and ownership structure must be provided to the Administrator; or

---

| | |
|:---|:---|
| ◻ | Subscriber is a company that is listed on a stock exchange included in Appendix 1 ("**Stock Exchange**") and subject to disclosure requirements which impose requirements to ensure adequate transparency of beneficial ownership. |

---

Name of Stock Exchange: _________________________________________________

**Note**: A paper or electronic copy of appropriate documentation evidencing this listing status must be provided to the Administrator; or

◻ Subscriber is a majority-owned subsidiary of a company that is listed on a Stock Exchange and subject to disclosure requirements which impose requirements to ensure adequate transparency of beneficial ownership.

Name of Stock Exchange: _________________________________________________

**Note**: A paper or electronic copy of appropriate documentation evidencing this listing status and ownership structure must be provided to the Administrator; or

◻ Subscriber is a pension fund for a professional association or trade union or is acting on behalf of employees of an entity referred to any of the categories above.

**Note**: A paper or electronic copy of a certificate of registration, approval or regulation by a government regulatory or fiscal authority in the jurisdiction in which the fund is established must be provided to the Administrator; or

---

| | |
|:---|:---|
| ◻ | There is an Eligible Introducer who is prepared to provide an introduction for the Subscriber and (where applicable) each Beneficial Owner. The categories of persons/entities who/which is qualified to act as an Eligible Introducer are as noted above under Section A, as set out in the Eligible Introducer Form (Appendix 3). |

---

**Note**: The Eligible Introducer should complete the Eligible Introducer Form (Appendix 3) and provide the original to the Administrator; or

---

| | |
|:---|:---|
| ◻ | Payment has been made by wire transfer from an account held in Subscriber's name from a regulated financial institution in a FATF Member Country. If relying on this exception: (i) the Subscriber must provide Bank Account Wire Details information and the Administrator should be provided with evidence of proof of actual payment (e.g. a wire transfer confirmation or SWIFT payment form) and (ii) identity verification materials may be required from Subscriber prior to any onward payments being made by the Fund to the Subscriber (or any other third party) or prior to the Subscriber's Shares being transferred. |

---

**In addition, as noted above, if Subscriber is acting as agent or nominee for a principal, Subscriber must also provide the Administrator with the original of a Nominee Representation Letter (addressed to the Administrator acting on behalf of the Fund) as set out in Appendix 3.**

**<u>Section B. Identity Verification Requirements</u>**

If the Subscriber does not qualify for Simplified Due Diligence (Section A) the Subscriber should refer to the appropriate section of the Standard Identification Verification for Individuals/Companies/ Partnerships/Trusts in Appendix 4 and provide the Administrator with all information and documentation referred to therein.

If the Subscriber is a Politically Exposed Person, any Family Member of a Politically Exposed Person, or any Close Associate of a Politically Exposed Person (all as such terms are defined in Appendix 2), enhanced due diligence status shall apply and Subscriber should refer to the appropriate section of the Standard Identification Verification for Individuals/Companies/ Partnerships/Trusts in Appendix 4 and provide the Administrator with all information and documentation referred to therein and further the Administrator will be required to verify source of wealth and source of funds.

Exhibit A-3

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**In addition, as noted above, if Subscriber is acting as agent or nominee for a principal, but does not meet the criteria noted above under Section A, the Subscriber must complete Appendix 4 and provide the relevant documentation as required, as well as provide the Administrator with the original of a Nominee Representation Letter (addressed to the Administrator acting on behalf of the Fund) as set out in Appendix 3.**

**<u>Updated Documentation</u>**

The Administrator will contact Subscriber to obtain updated documentation when such documents become expired, no longer meet applicable legal and regulatory requirements, or in accordance with requirements for periodic reviews based on Subscriber's risk rating.

\* \* \*

Exhibit A-4

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**APPENDIX 1**

**Stock Exchanges**

---

| | |
|:---|:---|
| Abu Dhabi Securities Exchange | Irish Stock Exchange |
| American Stock Exchange | Isle of Man Stock Exchange |
| Amsterdam Stock Exchange | Johannesburg Stock Exchange |
| Athens Stock Exchange | Korea Stock Exchange |
| Australian Securities Exchange | Kuala Lumpur Stock Exchange |
| Barbados Stock Exchange | London Stock Exchange |
| Bahamas International Stock Exchange | Luxembourg Stock Exchange |
| Bahrain Stock Exchange | Madrid Stock Exchange |
| Barcelona Stock Exchange | Malta Stock Exchange |
| Berlin Stock Exchange | Mexican Stock Exchange |
| Bermuda Stock Exchange | Montreal Exchange |
| Bilbao Stock Exchange | Munich Stock Exchange |
| Bolsa de Comercio de Buenos Aires | Nagoya Stock Exchange |
| Bolsa de Comercio de Santiago | NASDAQ |
| Bolsa de Valores de Caracas | NASDAQ Dubai |
| Bolsa de Valores de Lima | National Stock Exchange |
| Bolsa de Valores de Panama | New York Stock Exchange |
| Borsa Istanbul | New Zealand Stock Exchange |
| Borsa Italiana SPA | NYSE Arca |
| Boston Stock Exchange | OMX Nordic Exchange |
| British Virgin Islands Stock Exchange | Osaka Securities Exchange |
| Channel Islands Securities Exchange | Oslo Stock Exchange |
| Chicago Stock Exchange | Philadelphia Stock Exchange |
| Copenhagen Stock Exchange | Rio de Janeiro Stock Exchange |
| Dubai Financial Market | Sao Paulo Stock Exchange (Bovespa) |
| Dusseldorf Stock Exchange | Shanghai Stock Exchange |
| Euronext Brussels | Shenzhen Stock Exchange |
| Euronext Lisbon | Singapore Exchange |
| Euronext NV | Stuttgart Stock Exchange |
| Euronext Paris | SWX Swiss Exchange |
| Frankfurt Stock Exchange | Taiwan Stock Exchange |
| Fukuoka Stock Exchange | Tel Aviv Stock Exchange |
| Gibraltar Stock Exchange | The Stock Exchange of Thailand |
| Hamburg and Hannover Stock Exchange | Tokyo Stock Exchange |
| Helsinki Stock Exchange | Toronto Stock Exchange |
| Hong Kong Stock Exchange | Valencia Stock Exchange |
| Iceland Stock Exchange | Vienna Stock Exchange |
| International Securities Exchange |  |

---

Exhibit A-1

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**APPENDIX 2**

**Definitions**

**AMLR** means anti-money laundering regulations promulgated by FinCEN.

**Beneficial Owner** means the natural person who ultimately owns or controls the Subscriber or on whose behalf a transaction or activity is being conducted and includes but is not restricted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a legal person other than a company whose securities are listed on a Stock Exchange, a
natural person who ultimately owns or controls, whether through direct or indirect ownership or control, 10% or more of the shares or
voting rights in the legal person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any legal person, a natural person who otherwise exercises ultimate effective control over
the management of the legal person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a legal arrangement, the trustee or other person who exercises ultimate effective control
over the legal arrangement.

**Close Associate** of a Politically Exposed Person means any natural person who is known to hold the ownership or control of a legal instrument or person jointly with a Politically Exposed Person, or who maintains some other kind of close business or personal relationship with a Politically Exposed Person, or who holds the ownership or control of a legal instrument or person which is known to have been established to the benefit of a Politically Exposed Person.

**Family Member** of a Politically Exposed Person includes the spouse, parent, sibling or child of a Politically Exposed Person.

**FATF Member Country** means country member of FATF, as listed at <u>http://www.fatf-gafi.org/about/membersandobservers/</u>.

**Financial Institution** refers to the definition of "financial institution" under 31 U.S.C. § 5312(a)(2) of the Bank Secrecy Act of the United States.

**FinCEN** means the Financial Crimes Enforcement Network at the U.S. Department of the Treasury.

**Politically Exposed Person** includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a person who is or has been entrusted with prominent public functions by a foreign country, for example
a Head of State or of government, senior politician, senior government, judicial or military official, senior executive of a state-owned
corporation, and important political party official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person who is or has been entrusted domestically with prominent public functions, for example a Head
of State or of government, senior politician, senior government, judicial or military official, senior executive of a state-owned corporation,
and important political party official; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person who is or has been entrusted with a prominent function by an international organization like
a member of senior management, such as a director, a deputy director and a member of the board or equivalent functions.

Exhibit A-2

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**APPENDIX 3**

**Eligible Introducer's Form or Nominee Representation Letter**

***(To be completed by the Introducer/Nominee on Company Letterhead)***

To: Eagle Point Administration LLC

600 Steamboat Road, Suite 202

Greenwich, CT 06830

Attention: [ ]

Telephone: [ ]

Facsimile: [ ]

[ ]

Dear Sirs,

[**Name and [Business or Residential] Address of Client**] (the "**Subscriber**")

We confirm that we are a [***type of financial institution e.g. a bank***]<sup>1</sup> regulated and operating in [***name of FATF Member Country***] and subject to the anti-money laundering and anti-terrorist financing regime of this jurisdiction.

We confirm that the Subscriber (a) is a [describe type of entity]; (b) has a relationship with this company/firm and has had such since [***date***]; and (c) [***Describe nature and intended purpose of business relationship with Subscriber***].

We confirm that we have obtained and maintain satisfactory evidence of the identity of the Subscriber [and its beneficial owners], and have verified the identity of the Subscriber [and its beneficial owners] and its [their] source of funds, in accordance with applicable anti-money laundering and anti-terrorist financing requirements.

We confirm that we will provide to you a copy of the evidence of the identity of the Subscriber [and the beneficial owners] and relevant documentation, upon your request, without delay, and will not destroy such evidence before notifying you.

We confirm that we are not aware that (i) the Subscriber has been found to be or has been suspected of activity that would presently constitute a money laundering and/or terrorist financing offence, (ii) the source of funds is not legitimate; or (iii) the Subscriber is, or is associated with, a Politically Exposed Person.

We confirm that we are compliant with the anti-money laundering and anti-terrorist financing requirements of this jurisdiction as set out in paragraph 1.

Yours faithfully

Name:   Job Title:  

Signature:   Date:  

<sup>1</sup> See Section A. Simplified Due Diligence for the types of entities that can be relied upon as Eligible Introducers/Nominees.

Exhibit A-3

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**APPENDIX 4**

**Standard Identification Verification for Individuals/ Companies/ Partnerships/ Trusts**

**<u>Where the Subscriber is an individual</u>:**

---

| |
|:---|
| (One of the following) paper or electronic copy of a current valid Passport, National ID Card, Driver's License (bearing photo and signature) |
| (One of the following) Bank Reference (dated within the previous 90 days) or Professional Character Reference (dated within the previous 90 days) or Utility Bill (dated within the previous 90 days) or Bank Statement (dated within the previous 90 days) etc. that confirms the Subscriber's address (originals required<sup>15</sup>) |
| If applicable, original or paper or electronic copy of Power of Attorney or Account Authorization (where acting on behalf of a legal person or arrangement), together with specimen signatures with name and title printed underneath for each authorized signatory |

---

**<u>Where the Subscriber is a legal person</u>:**

---

| |
|:---|
| Paper or electronic copy of Certificate of Incorporation/Establishment |
| Paper or electronic copy of Constitutional Documents (e.g. Memorandum and Articles of Association or equivalent) |
| Paper or electronic copy of Board Resolution (or equivalent) authorizing the investment |
| Paper or electronic copy of Authorized Signatory List with specimen signatures or Powers of Attorney or Letters of Authority with specimen signatures (if applicable) |
| Paper or electronic copy of the Register of Directors (or equivalent) |
| Identification verification information from two persons who are a Director or equivalent senior managing officer position and any other natural person exercising ultimate effective control over the management of the Subscriber (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below); and |
| Identification verification information for all persons with a direct or indirect interest in the Subscriber of more than 10% (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below). Where there are one or more entities in a chain of ownership meeting this criteria, you may instead provide either (a) a structure chart, or (b) ownership register for each entity in the chain together with identification verification information for the top person in the chain |

---

<sup>15</sup> If a document is presented in an electronic form, it may be regarded as an original if it is evident that it was issued or created in such an electronic form

Exhibit A-4

EP Private Capital Fund I

Subscription Agreement – Subscriber Questionnaire – Exhibit A

**<u>Where the Subscriber is a Partnership which is not a legal person</u>:**

---

| |
|:---|
| Paper or electronic copy of Partnership Agreement |
| Paper or electronic copy of Partnership mandate for making the investment (e.g. Partnership Resolution or General Partner Resolution) |
| Paper or electronic copy of Authorized Signatory List with specimen signatures or Powers of Attorney or Letters of Authority with specimen signatures (if applicable) |
| Identification verification information for the beneficial owners/controllers of the Subscriber; i.e. the General Partner, or other person with principal control over the partnership, or any person on whose instructions the authorized signatories are to act (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below).<br> Identification verification information for all persons with a direct or indirect interest in the Subscriber of more than 10% (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below). Where there are one or more entities in a chain of ownership meeting this criteria, you may instead provide either (a) a structure chart, or (b) ownership register for each entity in the chain together with identification verification information for the top person in the chain |

---

**<u>Where the Subscriber is a Trust</u>:**

---

| | |
|:---|:---|
| ◻ | Paper or electronic copy of the Trust Deed or Declaration (or equivalent) |
| ◻ | Paper or electronic copy of Trust mandate for making the investment (e.g. Trustee Minute) |
| ◻ | Paper or electronic copy of Authorized Signatory List with specimen signatures or Powers of Attorney or Letters of Authority with specimen signatures (if applicable) |
| ◻ | Identification verification information for the Trustees, Settlors, Protector, Enforcer, beneficiaries or class of beneficiaries (with a fixed and/or vested interest) or any other natural person exercising ultimate effective control over the trust (if an individual, as per the requirements for Individual Subscribers set out above, or if another legal person or arrangement, as per the requirements for those types of Subscribers set out above and below). Where there are one or more entities in a chain of ownership meeting this criteria, you may instead provide either (a) a structure chart, or (b) ownership register for each entity in the chain, together with identification verification information for the top person in the chain. |

---

Exhibit A-5

EP Private Capital Fund I

Subscription Agreement –Signature Pages

**<u>Attachment 2</u>**

**<u>sIGNATURE PAGES</u>**

**IN WITNESS WHEREOF**, the foregoing Agreement is hereby executed and delivered by the undersigned on ___________, whereupon this Agreement shall become binding upon the Subscriber. By signing below, the Subscriber hereby acknowledges the accuracy of all representations contained herein. **this agreement shall not be effective unless and until it is accepted and countersigned by the FUND.**

---

| | |
|:---|:---|
| **Subscriber** | **Requested Capital Commitment** |
| | $|
| Name of Subscriber | |
| Title: | |

---

**SUBSCRIBER INFORMATION**

Beneficial Owner/Account Name (if different from Subscriber):  

Principal Address and Address for Notices:  

Telephone:   E-mail:  

**AUTHORIZED SIGNATORIES AND AUTHORIZED PERSONS**

*Please provide an executed list of persons other than the Subscriber who are authorized to sign on behalf of the Subscriber (together with such persons' specimen signatures) and, if different, of persons otherwise authorized to provide instructions, or receive notices and information, regarding the Capital Commitment made hereunder and the Subscriber's Shares in the Fund.*

***[Signature page of the Fund follows.]***

Attachment 2-1

EP Private Capital Fund I

Subscription Agreement –Signature Pages

**<u>FUND'S ACCEPTANCE OF SUBSCRIPTION AGREEMENT</u>**

This Agreement is executed and delivered on _________, by **EP PRIVATE CAPITAL FUND I**.

**NAME OF SUBSCRIBER:**

**TOTAL CAPITAL COMMITMENT REQUESTED:** $

**Capital Commitment Accepted**: $

**INITIAL CAPITAL CONTRIBUTION REQUIRED:** $

**INITIAL CAPITAL FUNDING DATE:**

**EP PRIVATE CAPITAL FUND I**

By:   <br> Name: <br> Title:

Attachment 2-2

EP Private Capital Fund I

Subscription Agreement –Signature Pages

**<u>ADDITIONAL REPRESENTATION WITH RESPECT TO INVESTMENT FOR AN IRA</u>**

If the Subscriber is an IRA, the individual who established the IRA: (i) has directed the custodian or trustee of the Subscriber to execute the Subscription Agreement on the signature page; and (ii) has signed below to indicate that he or she has reviewed, directed and certifies to the accuracy of the representation and warranties made by the Subscriber herein.

____________________________________

Type in Name

____________________________________

Signature

Name and Address of Custodian and Contact Individual:

___________________________

___________________________

___________________________

Account or other Reference Number:

___________________________

Trustee/Custodian's Tax I.D. Number:

___________________________

**<u>IRA CUSTODIAN/TRUSTEE ACKNOWLEDGEMENT</u>**

The undersigned, being the custodian or trustee of the above-referenced individual retirement account, hereby accepts and agrees to the Capital Commitment made hereunder.

---

| | | |
|:---|:---|:---|
| By: |  |  |
|  | Signature of Authorized Signatory | Name of Custodian |
|  | Name of Authorized Signatory |  |

---

Attachment 2-3

EP Private Capital Fund I

Subscription Agreement – Definitions

**<u>Attachment 3</u>**

**<u>Definitions</u>**

**<u>U.S. Person</u>**. A "U.S. Person" for purposes of this Subscription Document is a person who is a person included in the definition of "U.S. Person" under Rule 902 of Regulation S under the Securities Act.

Under Regulation S, "**U.S. Person**" generally includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any natural person resident in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any partnership or corporation organized or incorporated under the
laws of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any estate of which any executor or administrator is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any trust of which any trustee is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any agency or branch of a non-U.S. entity located in the United
States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any non-discretionary account or similar account (other than an
estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any discretionary account or similar account (other than an estate
or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any partnership or corporation if:

&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) organized or incorporated under the laws of any non-U.S. jurisdiction;
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;(B) formed by a U.S. Person principally for the purpose of investing
in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as
defined in Rule 501(a) of Regulation D under the Securities Act) who are not natural persons, estates or trusts.

Notwithstanding the preceding paragraph, "U.S. Person" shall not include: (i) any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; (ii) any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person, if (A) an executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with respect to the assets of the estate, and (B) the estate is governed by non-United States law; (iii) any trust of which any professional fiduciary acting as trustee is a U.S. Person if a trustee who is not a U.S. Person has sole or shared investment discretion with respect to the trust assets and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person; (iv) an employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country; (v) any agency or branch of a U.S. Person located outside the United States if (A) the agency or branch operates for valid business reasons, and (B) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and (vi) certain international organizations as specified in Rule 902(k)(2)(vi) of Regulation S under the Securities Act.

In addition, a discretionary or similar account managed or held for the benefit of a U.S. Person as defined above will be treated as a U.S. Person, irrespective of whether the discretion is exercised within or outside the United States.

Attachment 3-1

EP Private Capital Fund I

Subscription Agreement – Additional Capital Commitments

**<u>Attachment 4</u>**

**<u>AGREEMENT FOR ADDITIONAL CAPITAL COMMITMENT</u>**

EP Private Capital Fund I

c/o Eagle Point Credit Management LLC

600 Steamboat Road, Suite 202

Greenwich, CT 06830

Attn: Investor Relations

Telephone: 345-949-0090

Facsimile: 345-945-1335

Email: [ ]

Reference is made to the Subscription Agreement dated _____________________ (the "**Subscription Agreement**") by and between the undersigned (the "**Subscriber**") and EP Private Capital Fund I (the "**Fund**") pursuant to which the Subscriber irrevocably committed to make a Capital Commitment to the Fund in an amount equal to $_____________________ (the "**Prior Capital Commitment**").

Unless otherwise indicated, capitalized terms used herein shall have the meanings ascribed to them in the Subscription Agreement. The Subscriber hereby irrevocably offers to subscribe and make an additional Capital Commitment to the Fund in the amount indicated below and hereby agrees to the following:

1. The Subscriber agrees that (i) by signing below, it is making an irrevocable offer to make an additional
Capital Commitment to the Fund in the amount of $______________________, and (ii) its request to make an additional Capital Commitment
is not valid unless accepted by the Fund (such amount accepted by the Fund, the "**Follow-On Capital Commitment** ").

2. The Subscriber acknowledges and agrees that it is making its Follow-On Capital Commitment to the Fund
on the terms and conditions contained in the Subscription Agreement. For the avoidance of doubt, the Subscriber hereby acknowledges and
agrees that the Subscriber shall have the obligation to make one or more Capital Contributions to the Fund as set forth in the Subscription
Agreement.

3. The Subscriber represents and warrants that (i) it has already properly completed and executed the
Subscription Agreement, and (ii) all information that it provided, and all of its representations and warranties made, in such Subscription
Agreement (including the Subscriber Questionnaire attached thereto) are true and correct in all respects on the date hereof. The Subscriber
agrees to promptly notify the Adviser and the Administrator should there be any change in any of the foregoing information.

This letter agreement (this "**Letter Agreement**") shall be construed and governed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. This Letter Agreement may be executed in one or more counterparts, and may be executed and delivered by electronic mail, portable document format (PDF) or other electronic means (including DocuSign or similar method) and all such counterparts so executed shall constitute an original agreement binding on all the parties but together shall constitute but one instrument.

Attachment 4-1

EP Private Capital Fund I

Subscription Agreement – Additional Capital Commitments

**IN WITNESS WHEREOF**, the foregoing Letter Agreement is hereby executed and delivered by the undersigned on _________________, whereupon this Letter Agreement shall become binding upon the Subscriber. By signing below, the Subscriber hereby acknowledges the accuracy of all representations contained herein.

---

| | |
|:---|:---|
| **Name of Subscriber** | **Name of Subscriber** |
| By: |  |
|  | Name: |
|  | Title: |

---

***[Signature page of the Fund follows.]***

Attachment 4-2

EP Private Capital Fund I

Subscription Agreement – Additional Capital Commitments

**<u>ACCEPTANCE OF ADDITIONAL CAPITAL COMMITMENT</u>**

This Letter Agreement is executed and delivered, and the foregoing additional Capital Commitment is hereby accepted on behalf of the Fund in the amount set forth below, on _________________ by **EP PRIVATE CAPITAL FUND I.**

**Follow-On Capital Commitment Accepted Herewith:**

---

| | | |
|:---|:---|:---|
| By: |  | **$** |
|  | Name: |  |
|  | Title: |  |

---

Attachment 4-3

## Ex-99.(R)(1)

**Exhibit 99.(r)(1)**

**EXHIBIT B<br> Rule 17j-1 Code of Ethics**

**OF EAGLE POINT CREDIT COMPANY INC., eAGLE POINT INCOME COMPANY Inc., EAGLE POINT INSTITUTIONAL INCOME FUND, Eagle Point Enhanced Income Trust, eagle point defensive income trust and Eagle Point Private Capital Fund i**

In accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended ("***Investment Company Act***"), this Code of Ethics ("***Code***") has been adopted by the Board of Directors/Trustees (the "***Board***") of Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust, Eagle Point Defensive Income Trust and Eagle Point Private Capital Fund I, each a closed-end, externally managed investment companies registered as investment companies under the Investment Company Act of 1940 (the ***"Investment Company Act")*** (together with any successor thereto, the "***Companies***").

A separate Code of Ethics that is compliant with both Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended, governs Eagle Point Credit Company Inc., Eagle Point Income Company Inc., Eagle Point Institutional Income Fund, Eagle Point Enhanced Income Trust, Eagle Point Defensive Income Trust and the Companies' investment adviser (the "***Adviser***"). Directors/Trustees, officers and employees of the Adviser are considered "access persons" for purposes of the Adviser's Code of Ethics and may be considered Access Persons of the Companies. This Code contains several carve outs from its requirements for Access Persons of the Companies that are also access persons of the Adviser.

This Code is designed to ensure that those individuals with access to information regarding the portfolio securities activities of the Companies do not intentionally use that information for their personal benefit and to the detriment of the Companies. It is not the intention of this Code to prohibit personal securities activities by Access Persons.

**1.** **DEFINITIONS** 

Capitalized terms used in and not otherwise defined in this Code are defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "**Access Person**" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any directors/trustees and officers of the
 Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each employee (if any) of the Companies
 (or of any company in a Control relationship with the Companies) who, in connection with
 his or her regular functions or duties, makes, participates in, or obtains information regarding,
 the purchase or sale of Covered Securities by the Companies, or whose functions relate to
 the making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any natural person in a Control relationship
 with the Companies who obtains information concerning recommendations made to the Companies
 with regard to the purchase or sale of Covered Securities by the Companies.

A list of the Company's Access Persons will be maintained by the Company's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "**Automatic Investment Plan** "
 means a program in which regular periodic purchases (or withdrawals) are made automatically
 in (or from) investment accounts in accordance with a predetermined schedule or allocation,
 including a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Beneficial ownership** "
 means any interest in a security for which an Access Person or any member of his or her immediate
 family sharing the same household can directly or indirectly receive a monetary ()"**pecuniary** ")
 benefit. The term shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of
 the Securities Exchange Act of 1934, as amended (the "**Exchange Act** ").
 Accordingly, a person will generally be considered the beneficial owner of a security if
 that person has the right to enjoy a direct or indirect economic benefit from the ownership
 of the security. For example, a person is normally regarded as the beneficial owner of securities
 held in (a) the name of his or her spouse, domestic partner, minor children, or other
 relatives living in his or her household, (b) a trust, estate, or other account in which
 he or she has a present or future interest in the income, principal or right to obtain title
 to the securities, or (c) the name of another person or entity by reason of any contract,
 understanding, relationship, agreement or other arrangement whereby he or she obtains benefits
 substantially equivalent to those of ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "**CCO**" means the person
 or persons designated by the Board to fulfill the responsibilities assigned to the CCO hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) "**Control**" has the same
 meaning as that set forth in Section 2(a)(9) of the Investment Company Act, which
 presumes that a person who owns beneficially, either directly or through a controlled company,
 more than 25% of the voting securities of a company, controls that company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "**Covered Security** "
 means any "security" as defined in Section 2(a)(36) of the Investment Company
 Act (a broad definition that includes any interest or instrument commonly known as a security),<sup>1</sup>
 but *excluding*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bankers' acceptances, bank certificates
 of deposit, commercial paper and high quality short-term debt instruments, including repurchase
 agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares of open-end investment companies
 registered under the Investment Company Act (other than exchange traded funds)<sup>2</sup>
 that are not advised by the Adviser.

A purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security. Shares of exchange traded funds, whether registered as open-end investment companies or unit investment trusts, are deemed to be Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "**IPO**" means an offering
 of securities registered under the Securities Act of 1933, as amended ()"**Securities Act** "), the issuer of which, immediately before the registration, was not subject
 to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) "**Investment Personnel**" or
 "**Investment Person**" of the Companies or the Adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any employee of the Companies (or of any
 company in a Control relationship with the Companies) who, in connection with his or her
 regular functions or duties, makes or participates in making recommendations regarding the
 purchase or sale of securities by the Companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any natural person who controls the Companies
 and who obtains information concerning recommendations made to the Companies regarding the
 purchase or sale of securities by the Companies.

<sup>1</sup> "**Security**" as defined in Section 2(a)(36) of the Investment Company Act includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities, or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency. "**Security**" also includes shares of closed-end investment companies, shares of exchange traded funds (as defined in footnote 2), various derivative instruments, limited partnership interests and private placement of common or preferred stocks or debt instruments.

<sup>2</sup> "**Exchange traded funds,**" or "**ETFs,**" are registered investment companies that operate pursuant to an order from the United States Securities and Exchange Commission (**"SEC"**) exempting the ETF from certain provisions of the Investment Company Act so that the ETF may issue securities that trade in a secondary market, and which are redeemable only in large aggregations called creation units. An ETF registers with the SEC under the Investment Company Act either as an open-end management investment company or as a unit investment trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) "**Limited Offering** "
 means an offering or a private placement of securities that is exempt from registration under
 the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant
 to Rule 504, Rule 505, or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) "**Security Held or to be Acquired by the Company**" means (1) any Covered Security or (2) any option to purchase
 or sell, and any security convertible into or exchangeable for, a Covered Security that,
 in either case, within the most recent 15 days is or has been held by the Companies or is
 being considered by the Companies or its Adviser for purchase by the Companies.

2. **GENERAL PRINCIPLES** 

Rule 17j-1(b) makes it unlawful for any affiliated person<sup>3</sup> of or principal underwriter for the Companies, or any affiliated person of an investment adviser or principal underwriter for the Companies, in connection with the purchase and sale, directly or indirectly, by such person of a Security Held or to be Acquired by the Companies to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Employ any device, scheme or artifice
 to defraud the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Make any untrue statement of a material
 fact to the Companies or omit to state a material fact necessary in order to make the statements
 made to the Companies, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Engage in any act, practice or course
 of business which operates or would operate as a fraud or deceit on the Companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Engage in any manipulative practice with
 respect to the Companies.

No Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above. The interests of the Companies and their shareholders and investors are paramount and come before the interests of any Access Person. Personal investing activities of all Access Persons must be conducted in a manner that avoids actual or potential conflicts of interest with the Companies and their shareholders. Access Persons shall not use their positions, or any investment opportunities presented by virtue of such positions, to the detriment of the Companies and its shareholders.

**3.** **SUBSTANTIVE RESTRICTIONS** 

The following substantive restrictions are imposed on personal trading activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *<u>Investments in IPOs and Limited Offerings.</u>* <sup>4</sup> Investment Personnel are generally prohibited
 from participating in IPOs and Limited Offerings. However, an Investment Person may participate
 in an IPO or a Limited Offering if he or she obtains written approval from the CCO before
 directly or indirectly acquiring Beneficial Ownership in any securities in an IPO or Limited
 Offering. The CCO may approve the participation of an Investment Person in an IPO or Limited
 Offering if he or she determines that it is clear that, in view of the nature of the security,
 the nature of the offering, the market for such security, and other factors deemed relevant,
 such participation by the Investment Person will not create a material conflict with the
 Companies. A record of any decision to permit investment by an Investment Person in an IPO
 or Limited Offering, including the reasons for the decision, shall be kept in accordance
 with the requirements of Section 7(F), below.

<sup>3</sup> An "**affiliated person**" of a company is broadly defined by Section 2(a)(3) of the Investment Company Act to include any person that owns 5% or more of the company's outstanding voting securities, any person controlling, controlled by or under common control with the company, and any officer, director/trustee, partner or employee of the company.

<sup>4</sup> Any Investment Personnel of the Company otherwise subject to a code of ethics compliant with Rule 17j-1 adopted by the Adviser or a principal underwriter of the Company need not comply with this provision of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *<u>Disgorgement.</u>* Any profits
 derived from securities transactions in violation of paragraph (A) shall be forfeited
 and paid to the Companies for the benefit of their respective shareholders.

**4.** **REPORTING REQUIREMENTS** 

To enable the Companies to determine with reasonable assurance whether the provisions of Rule 17j-1(a) and this Code are being observed by its Access Persons, the following reporting requirements apply, except as noted in Section 4(D) below.

Any report required to be submitted pursuant to this Section 4 may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the securities to which the report relates.

Reports under this Code shall not relieve any Access Person from responsibility to report other information required to be reported by law or to comply with other applicable requirements of the federal and state securities laws and other laws.

The Companies may require Access Persons to comply with their reporting requirements using an on-line, secure third-party platform.

The Code of Ethics of the Adviser requires disclosure by Access Persons (as defined therein), but no duplicative disclosure is required by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *<u>Initial Holdings Report.</u>* Within 10 days after a person becomes an Access Person, he or she shall disclose in writing,
 in a form acceptable to the CCO, all direct or indirect Beneficial Ownership interests of
 such Access Person in Covered Securities ()"**Initial Holdings Report** ").
 Information to be reported must be current as of a date no more than 45 days prior to an
 individual becoming an Access Person and is to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal
 amount of each Covered Security in which the Access Person had any direct or indirect Beneficial
 Ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with
 whom the Access Person maintained an account in which any securities were held for the direct
 or indirect benefit of the Access Person as of the date the person became an Access Person;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the
 Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *<u>Quarterly Transaction Report.</u>* Each Access Person shall report in writing to the CCO within 30 days of the end of each calendar
 quarter in a form acceptable to the CCO ()"**Quarterly Transaction Report** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the
 quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial
 Ownership:

&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 date of the transaction, the title,
 the interest rate and maturity date (if applicable), the number of shares and the principal
 amount of each Covered Security involved;

&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 nature of the transaction (*i.e.,* purchase, sale or any other type of acquisition or disposition);

&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 price of the Covered Security at
 which the transaction was effected;

&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 name of the broker, dealer or bank
 with or through which the transaction was effected; 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;(v) The date that the report is submitted
 by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established
 by the Access Person in which any securities were held during the quarter for the direct
 or indirect benefit of the Access Person:

&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 name of the broker, dealer or bank
 with which the Access Person established the account;

&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 date the account was established;
 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;(iii) The date that the report is submitted
 by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *<u>Annual Holdings Report.</u>* Each Access Person shall report annually, no later than January 31 of each year, the
 following information, which must be current as of December 31 of the prior calendar
 year ()"**Annual Holdings Report** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal
 amount of each Covered Security in which the Access Person had any direct or indirect beneficial
 ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with
 whom the Access Person maintains an account in which any securities are held for the direct
 or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) *<u>Exceptions from Reporting Requirements.</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A person need not submit reports pursuant
 to this Section 4 with respect to transactions effected for, and Covered Securities
 held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An Access Person need not make a Quarterly
 Transaction Report with respect to transactions effected pursuant to an Automatic Investment
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Access Person of the Companies that
 is also an "access person" of the Adviser or a principal underwriter to the Companies
 (as that term is defined in Rule 17j-1) need not submit reports pursuant to this Section 4
 provided that such person is otherwise subject to a code of ethics compliant with the terms
 of Rule 17j-1 adopted by the Adviser or the principal underwriter of the Companies,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An Independent Director/Trustee of the Companies
 (i.e., a director/trustee who is not an "interested person" of the Companies
 as that term is defined in Section 2(a)(19) of the Investment Company Act), and who
 would be required to make a report solely by reason of being a director/trustee of the Companies,
 need not make:

&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) An Initial Holdings Report or an Annual
 Holdings Report; 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;(ii) A Quarterly Transaction Report unless
 the director/trustee knew or, in the ordinary course of fulfilling his or her official duties
 as a director/trustee of the Companies, should have known that, during the 15-day period
 immediately preceding or after the director/trustee's transaction in a Covered Security,
 the Companies purchased or sold such Covered Security or the Companies considered purchasing
 or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) An Access Person need not make a Quarterly
 Transaction Report if the report would duplicate information contained in broker trade confirmations
 or account statements received by the Companies with respect to the Access Person provided
 such broker trade confirmations or account statements are received by the due date required
 for a Quarterly Transaction Report and broker trade confirmations or account statements contain
 all of the information required to be included in the Quarterly Transaction Report.

**5.** **COMPLIANCE PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *<u>Notification to Access Persons:</u>* The CCO shall notify each Access Person that he or she is subject to this reporting requirement,
 of his or her classification as "Access Person" and/or "Investment Personnel"
 under this Code, and shall deliver a copy of this Code to each Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *<u>Review of Reports.</u>* The CCO
 (or his designee) shall review any reports received pursuant to this Code within 30 days
 of their submission.

**6.** **REPORT TO THE BOARD** 

The Company's CCO shall report to the Board at each meeting regarding the following matters (to the extent not previously reported to the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Issues arising under this Code, including
 but not limited to material violations of this Code, violations that are material in the
 aggregate, and any sanctions imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With respect to any transaction not required
 to be reported to the Board by the operation of Section 6(A) that the Company's
 CCO believes nonetheless may evidence violation of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Board shall consider reports made
 hereunder and upon discovering that a violation of this Code has occurred, the Board may
 impose such sanctions, in addition to any disgorgement required pursuant to Section 3(B) hereof,
 as they deem appropriate, including, among other things, a letter of sanction, suspension,
 or termination of the employment of the violator.

The Companies' CCO shall report to the Board on an annual basis concerning existing personal investing procedures, violations during the prior year and any recommended changes in existing restrictions or procedures.

The Board shall review this Code and the operation of these policies at least once a year.

**7.** **RECORDKEEPING** 

The Companies shall maintain the following records at its principal office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) This Code and any related procedures,
 and any Code that has been in effect during the past five years shall be maintained in an
 easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A record of any violation of the Code
 and of any action taken as a result of the violation, to be maintained in an easily accessible
 place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A copy of each report under this Code
 by (or duplicate brokerage statements and/or confirmations for the account of) an Access
 Person, to be maintained for at least five years after the end of the fiscal year in which
 the report is made or the information is provided, the first two years in an easily accessible
 place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A record of all persons, currently or
 within the past five years, who are or were required to make or to review reports made pursuant
 to Section 4, to be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A copy of each report by the Companies
 CCO to the Board, to be maintained for at least five years after the end of the fiscal year
 in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) A record of any decision, and the reasons
 supporting the decision, to approve an acquisition by an Investment Person of securities
 offered in an IPO or in a Limited Offering, to be maintained for at least five years after
 the end of the fiscal year in which the approval is granted.

**8.** **APPROVAL REQUIREMENTS** 

This Code and any material changes to this Code must be approved by the Companies Board. Each such approval must be based on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1. Before approving this Code or any amendment thereto, the Board must receive a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent its Access Persons from violating this Code. Before initially retaining any investment adviser, sub-adviser or principal underwriter for the Companies, the Companies' Board must approve the Code of Ethics of such investment adviser, sub-adviser or principal underwriter for the Companies (unless the entity is not required by Rule 17j-1 to adopt a Code of Ethics), and must approve any material change to that Code of Ethics within six months after the adoption of the change. For the avoidance of doubt, the Companies' officers may make such non-material changes to this Code as they may determine necessary or appropriate, provided that the amended Code shall be reviewed with the Board at the next regularly scheduled meeting.

\* \* \*