Document:

Exhibit 10.3

 Exhibit 10.3 

 

AG TWIN BROOK BDC 

AG TWIN BROOK BDC, INC. 

SUBSCRIPTION DOCUMENTS 

June 2019 

 AG TWIN BROOK BDC, INC. 

Subscription Instructions 
 Basic
Subscription Documents 
 Subscription to invest in shares of common stock of AG Twin Brook BDC, Inc., (the “Company”)
may be made only by means of the completion, execution and delivery of the following basic subscription documents: 
 Subscriber
Information Form: Complete all requested information. 
 Subscription Agreement: Date and sign the signature page. The
Subscription Agreement may be completed by a duly authorized officer or agent on behalf of the subscriber (the “Subscriber”). Any person signing the Subscription Agreement in a representative capacity should type or print on the
last page of the Subscription Agreement the name of the Subscriber, the name of the person signing the Subscription Agreement and the capacity in which he or she is signing. 

IRS Forms W-9 and/or W-8: If you are a “U.S.
person” for U.S. federal income tax purposes,1 complete and sign U.S. Internal Revenue Service (“IRS”) Form(s) W-9 (or any successor
forms) in accordance with the instructions provided by the IRS to certify your U.S. taxpayer identification number. If you are a non-U.S. person for U.S. federal income tax purposes, complete and sign the
appropriate IRS Form(s) W-8 (or any successor forms). Please see Appendix D hereto. 
 Supporting
Documentation: To help the government fight the funding of terrorism and money laundering activities, federal law requires the Company to obtain, verify and record certain identifying information with respect to all Subscribers. Any subscription
application may be rejected if the Subscriber fails to provide required identifying information. To assist the Company in meeting its obligations and to ensure the investment is appropriately authorized, the Subscriber should submit the applicable
documentation set forth in the matrices below. 
  
  

	1 	 For this purpose, a “U.S. person” generally includes (i) a citizen or resident of the United
States, (ii) a partnership, corporation or other entity created or organized under the laws of the United States or any State thereof, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source, or
(iv) any trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all of the substantial decisions of the trust or
(B) the trust has made a valid election to be treated as a U.S. person for U.S. federal income tax purposes. 

  

					
	Subscription Instructions	  		  	

 MATRIX FOR REQUIRED ITEMS 

 

					
	Natural Persons
			
	 US Individuals
	  	 Non-US
Individuals
	  	 IRA

	 •  Unexpired government issued photo ID of each Subscriber showing address, date of
birth and signature
  

•  Signed/Dated Personal W-9
	  	 •  Unexpired government issued photo ID of each Subscriber showing address, date of
birth and signature
  

•  Signed/Dated Personal W-8
	  	 •  Unexpired government issued photo ID of the IRA owner showing address, date of
birth and signature
  

•  Signed/Dated Personal W-9

 
 •  Signed/Dated Custodian W-9
  

•  Certificate of the Trustee/Custodian certifying that the signatory to the subscription
documentation is duly authorized

  

					
	Entities
		
	Corporation	 	 •  Articles of incorporation, certificate of good standing or
government issued business license. (For a corporation formed outside of the United States, as an alternative to the foregoing, the corporation may provide any of: a corporate resolution, bank reference or three years of financial statements.)

 
 •  For a corporation with at
least one beneficial owner that owns more than 10% of such entity, each such beneficial owner must provide the following: name, permanent address, tax identification number and, in the case of a natural person, the applicable information required in
the matrix “Natural Persons” above. If such beneficial owner is an entity, the foregoing information must be provided with respect to each beneficial owner that owns more than 10% of such entity.

 
 •  Any official document issued
by an authorized government body that includes the name of the entity and either the principal office address in the country in which the corporation claims to be resident or in which the corporation was incorporated.

 
 •  Unexpired government issued
photo ID of each person signing the subscription documents.
  

•  Signed/Dated relevant IRS Form.

  

					
	Subscription Instructions	  	2	  	

					
	Partnership	 	 •  Partnership agreement identifying the general partner(s) and/or
authorized persons empowered to sign the subscription documents.
  

•  Certificate of good standing or government issued business license. (For a partnership formed
outside of the United States as an alternative to the foregoing, the entity may provide either a bank reference or three years of financial statements.)
  

•  For a partnership with at least one beneficial owner that owns more than 10% of such partnership,
each such beneficial owner must provide the following: name, permanent address, tax identification number and, in the case of a natural person, the information required in the matrix “Natural Persons” above. If such beneficial owner is an
entity, the foregoing information must be provided with respect to each beneficial owner that owns more than 10% of such entity.
  

•  Any official document issued by an authorized government body that includes the name of the
partnership and either the principal office address in the country in which the partnership claims to be resident or in which the partnership was formed.
  

•  Unexpired government issued photo ID of each person signing the subscription documents.

 
 •  Signed/Dated relevant IRS
Form.

		
	Limited Liability Company	 	 •  Limited liability company certificate of formation, limited
liability company agreement, certificate of good standing or government issued business license. (For a limited liability company formed outside of the United States, as an alternative to the foregoing, the entity may provide either a bank reference
or three years of financial statements.)
  

•  For a limited liability company with at least one beneficial owner that owns more than 10% of such
company, each such beneficial owner must provide the following: name, permanent address, tax identification number and, in the case of a natural person, the information required in the matrix “Natural Persons” above. If such beneficial
owner is an entity, the foregoing information must be provided with respect to each beneficial owner that owns more than 10% of such entity.
  

•  Any official document issued by an authorized government body that includes the name of the
limited liability company and either the principal office address in the country in which the limited liability company claims to be resident or in which the limited liability company was formed.

 
 •  Unexpired government issued
photo ID of each person signing the subscription documents.
  

•  Signed/Dated relevant IRS Form.

		
	Trust	 	 •  Trust deed or agreement or relevant portions thereof showing
appointment and authority of trustee(s) signing the subscription documents.
  

•  Provide an unexpired government issued photo ID of each person signing the subscription
documents.
  
 •  Signed/Dated
relevant IRS Form.

  

					
	Subscription Instructions	  	3	  	

					
	Employee Benefit Plan	 	 •  Certificate of the trustee or an appropriate officer certifying that
the subscription has been authorized and identifying the individual empowered to sign the basic subscription documents.
  

•  Provide an unexpired government issued photo ID of each person signing the subscription
documents.
  
 •  Signed/Dated
relevant IRS Form.

 Delivery Instructions 

Completed and executed subscription documents should be delivered to Angelo, Gordon & Co., L.P. either by email to
AGClientServices@angelogordon.com OR by hard copy to the following address: 
 Angelo, Gordon & Co., L.P. 

245 Park Avenue, 26th Floor 

New York, New York 10167 

Attention: Ms. Ruth Gitlin 

If the executed subscription documents are delivered by email, the sender of such email represents that it is authorized to send such
documents by the person required to execute such documents. 
 All basic subscription documents, evidence of authorization and additional
anti-money laundering disclosure documents will be returned to the Subscriber if this subscription is not accepted. 
 Payments of Capital Calls 

Capital calls will be made pursuant to the terms set forth in the Private Placement Memorandum, as may be amended or supplemented from time to
time (the “Memorandum”). Capital contributions are due within five days after delivery of the initial capital call notice and within 10 days after delivery of each subsequent capital call notice or as may otherwise be set forth in the
Memorandum. Payments for the amount called must be made by wire transfer to an account that will be designated by the Company, which shall initially be: 
  

			
	Beneficiary Bank:	  	Bank of America
		  	100 West 33rd Street
		  	New York, New York 10001
		
	ABA Number:	  	026009593
		
	Swift Code:	  	BOFAUS3N
		
	Account Name:	  	AG Twin Brook BDC, Inc.
		
	Account Number:	  	4451346432

  

					
	Subscription Instructions	  	4	  	

 Acceptance of Subscriptions 

The acceptance of subscriptions is within the absolute discretion of the Company, which may require additional information prior to making a
determination. The Company will seek to notify the Subscriber of its acceptance or rejection of the subscription prior to the date of subscription. If the subscription is rejected, the Company will promptly refund (without interest) to the
Subscriber any subscription payments received by the Company. The Company shall not be liable to the Subscriber for any rejection of its subscription. 

Certain Regulatory Disclosures 
 To
fulfill certain regulatory requirements, the Company is required to furnish prospective investors in the Company with the information attached in Appendix C hereto. 

Certain Regulatory Disclosures – European Union Investors 

To fulfill certain regulatory requirements under the European Union General Data Protection Regulation (2016/679), prospective investors in the
European Union should review the disclosure set forth in Appendix F hereto. 
 Additional Information 

For additional information concerning subscriptions, prospective investors should contact Ms. Ruth Gitlin (telephone: 212-692-2014) at the office of the Company. 

  

					
	Subscription Instructions	  	5	  	

 AG TWIN BROOK BDC, INC. 

Privacy Policy 
 of
Angelo, Gordon & Co., L.P. 
 Angelo, Gordon & Co., L.P. (“Angelo, Gordon”) takes precautions to
maintain the privacy of personal information concerning current individual investors in private investment funds under its management. These precautions include the adoption of certain procedures designed to maintain and secure such investors’
nonpublic personal information from inappropriate disclosure to third parties. U.S. federal regulations require Angelo, Gordon to inform investors of this privacy policy. 

Angelo, Gordon collects nonpublic personal information about investors from the following sources: 

 

	 	•	 	 Information received from investors in subscription documents, transfer documents or other related documents or
forms; 

  

	 	•	 	 Information about an investor’s transactions with a private investment fund, its affiliates, or others; and

  

	 	•	 	 Information Angelo, Gordon may receive from a consumer reporting agency. 

Subject to the policy, Angelo, Gordon does not disclose any nonpublic personal information about the investors in its private investment funds
to anyone, except as permitted by law, regulation or investor consent. Angelo, Gordon restricts access to nonpublic personal information about its investors to those employees and agents of Angelo, Gordon who need to know that information in order
to provide services to its investors. Angelo, Gordon may also disclose such information to its affiliates and to service providers and financial institutions that provide services to such private investment funds. Angelo, Gordon, and each of its
private investment funds, maintain physical, electronic, and procedural safeguards designed to safeguard the investors’ nonpublic personal information and which Angelo, Gordon believes are adequate to prevent unauthorized disclosure of such
information. 
 If you have any questions concerning our privacy policies, please contact Ms. Ruth Gitlin (telephone: 212-692-2014). 

  

					
	Privacy Policy	  		  	

 AG TWIN BROOK BDC, INC. 

Subscriber Information Form 

Each Subscriber for shares of common stock (“Shares”) in AG Twin Brook BDC, Inc., (the “Company”) is
requested to furnish the following information (please print or type): 
 All Subscribers must complete this section: 

 

	1.	 Identity of Subscriber 

Name:                      
                                         
                      

Permanent Address:
                                         
                     
  

                          
              
                                         
                      
  

                          
              
                                         
                      
 Please
check all of the boxes that describe the beneficial owner(s) for whose account the Shares are being acquired. 
  

							
	 ☐   Individual
	  	 ☐   Broker-dealer

		
	 ☐   Joint (spouses)
	  	 ☐   Insurance company

		
	 ☐   Joint (other)
	  	 ☐   Registered investment company

		
	 ☐   Personal trust (taxable to grantor)
	  	 ☐   Tax-exempt
endowment

		
	 ☐   Personal trust (other)
	  	 ☐   Other
tax-exempt organization

		
	 ☐   Individual retirement account
	  	 ☐   Employee benefit plan (self-directed)

		
	 ☐   Charitable trust
	  	 ☐   Employee benefit plan (trustee directed)

		
	 ☐   Private tax-exempt
foundation
	  	 ☐   Fund of Funds

		
	 ☐   Other private fund
	  	 ☐   Banking or thrift institution

		
	 ☐   Family partnership or LLC
	  	 ☐   Sovereign wealth fund or foreign office
institution

		
	 ☐   Business entity (other)
	  	 ☐   Other

 If “Other” or “Business entity (other)” was checked, please describe the entity or
beneficial owner:                    
                                         
                                         
                                         
                                         
                         

  

					
	Subscriber Information Form	  	SI-1	  	

	2.	 Contact Information 

Primary Contact 
  

			
	Name:	  	  

		
	Company Name:	  	  

		
	Mailing Address:	  	  

		
		  	  

		
	Telephone:	  	  

		
	Fax:	  	  

		
	E-mail:	  	  

 Please select one of the following reporting options for this Primary Contact: 

 

			
	 ☐   Standard Reporting
	  	Includes Capital Statements, Investor Letters, Call/Distribution Notices, Tax Reporting, Audited Financial Statements, Subscription Confirmation and Legal Documents (as applicable)
		
	 ☐   Tax/Financials Reporting
	  	Includes Tax Reporting and Audited Financial Statements
		
	 ☐   Legal Reporting
	  	Includes Subscription Confirmation and Legal Documents

 Secondary Contact (optional) 
  

			
	Name:	  	  

		
	Company Name:	  	  

		
	Mailing Address:	  	  

		
		  	  

		
	Telephone:	  	  

		
	Fax:	  	  

		
	E-mail:	  	  

 Please select one of the following reporting options for this Secondary Contact: 

 

			
	 ☐   Standard Reporting
	  	Includes Capital Statements, Investor Letters, Call/Distribution Notices, Tax Reporting, Audited Financial Statements, Subscription Confirmation and Legal Documents (as applicable)
		
	 ☐   Tax/Financials Reporting
	  	Includes Tax Reporting and Audited Financial Statements
		
	 ☐   Legal Reporting
	  	Includes Subscription Confirmation and Legal Documents

  

					
	Subscriber Information Form	  	SI-2	  	

 Additional Contact (optional) 

 

			
	Name:	  	  

		
	Company Name:	  	  

		
	Mailing Address:	  	  

		
		  	  

		
	Telephone:	  	  

		
	Fax:	  	  

		
	E-mail:	  	  

 Please select one of the following reporting options for this Additional Contact: 

 

			
	 ☐   Standard Reporting
	  	Includes Capital Statements, Investor Letters, Call/Distribution Notices, Tax Reporting, Audited Financial Statements, Subscription Confirmation and Legal Documents (as applicable)
		
	 ☐   Tax/Financials Reporting
	  	Includes Tax Reporting and Audited Financial Statements
		
	 ☐   Legal Reporting
	  	Includes Subscription Confirmation and Legal Documents

 Authorized Persons 

Please set forth below the names of persons authorized by the Subscriber to give and receive instructions between the Company and the
Subscriber together with their respective signatures. Such persons are the only persons so authorized until further written notice to the Company, signed by one or more of such persons. 

 

					
	Name	  		  	Signature
			
	     
	  		  	  

			
	  
	  		  	  

			
	  
	  		  	  

			
	  
	  		  	  

  

					
	Subscriber Information Form	  	SI-3	  	

	3.	 Consent to Receive Electronic Delivery of Reports and Other Communications 

The Company and Angelo, Gordon & Co., L.P. (“Angelo, Gordon”) may make reports and other communications available in
electronic form, such as e-mail or by posting on a web site (with notification of the posting by e-mail), as further described in Exhibit I hereto. Do you consent to
receive deliveries of reports and other communications from the Company and Angelo, Gordon exclusively in electronic form (including, but not limited to, posting on a website with notification of the posting by
e-mail) without separate mailing of paper copies? 
 By checking “Yes” below, the
Subscriber acknowledges that it has read and understands the information in Exhibit I hereto and confirms that it consents to electronic delivery of documents, that its computer system meets the requirements described in Exhibit I, that it is able
to access documents presented on Angelo, Gordon’s website or other website indicated by e-mail or via e-mail, and that the Subscriber can either print or
electronically store these documents. 

☐    Yes                  
   ☐    No 
  

	4.	 Amount of Subscription 

$                       
                  
  

	5.	 Source of Funds for this Investment (please check the box that applies) 

☐ Employment
Compensation                    ☐ Savings
                            ☐ Investments 

☐ Inheritance                   
                            ☐ Other
                                         
                

  

					
	Subscriber Information Form	  	SI-4	  	

	6.	 Remitting Bank or Financial Institution 

Capital contributions are due on or before the date specified by the Company in a written notice furnished to investors at least ten days prior
to such specified due date or as may otherwise be set forth in the Memorandum. Payments for the amount called must be made by wire transfer of readily available funds to the account of the Company. Please identify the bank or other financial
institution (the “Wiring Institution”) from which the Subscriber’s funds will be wired. Note that any amounts paid to the Subscriber will be paid to the same account from which its subscription funds were originally
remitted, unless the Company agrees otherwise. 
 If the Wiring Institution is located in the U.S., please answer Question 6(a) below. If
the Wiring Institution is located outside of the U.S., please answer Question 6(b) below. 
  

	 	(a)	 U.S. Wiring Institutions 

 

			
	Beneficiary Bank Name:	  	  

		
	Beneficiary Bank ABA:	  	  

		
	Beneficiary Bank Address:	  	  

		
		  	  

		
		  	  

		
	Account Name:	  	  

		
	Account Number:	  	  

		
	For Further Credit Account Name (if applicable):	  	  

		
	For Further Credit Account Number (if applicable):	  	  

  

					
	Subscriber Information Form	  	SI-5	  	

	 	(b)	 Non-U.S. Wiring Institutions 

					
			
		  	Correspondent/Intermediary Bank Name:	  	  

			
		  	Correspondent/Intermediary Bank ABA and/or SWIFT Code:	  	  

			
		  	Beneficiary Bank Name:	  	  

			
		  	Beneficiary Bank SWIFT Code:	  	  

			
		  	Beneficiary Bank Address:	  	  

			
		  		  	  

			
		  		  	  

			
		  	Beneficiary Bank Account Name:	  	  

			
		  	Beneficiary Bank Account Number OR IBAN Number:	  	  

			
		  	For Further Credit Account Name (if applicable):	  	  

			
		  	For Further Credit Account Number (if applicable):	  	  

  

	 	(c)	 Is the Wiring Institution located in the U.S. or another “AMLSG List Country”2? 

☐    Yes                  
   ☐    No 
 If the answer is “Yes,” please answer Question 6(d) below.    

 If the answer is “No,” please contact the Company for additional information that may be required, which may include
documentation verifying the identity of the Subscriber and/or the beneficial owner of the Shares, certification relating to anti-money laundering policies and procedures and a bank reference letter. 

 

	 	(d)	 Is the Subscriber a customer of the Wiring Institution? 

☐    Yes                  
   ☐    No 
 If the answer is “No,” please contact the Company for additional information that
may be required, which may include documentation verifying the identity of the Subscriber and/or the beneficial owner of the Shares, certification relating to anti-money laundering policies and procedures and a bank reference letter. 

 
  

	2 	 If the Wiring Institution is not located in an AMLSG List Country, the Company may require additional
information. For such list, see: https://www.cima.ky/list-of-equivalent-jurisdictions. 

  

					
	Subscriber Information Form	  	SI-6	  	

	7.	 Information Regarding Actual Ownership of the Shares 

 

	 	(a)	 Is the Subscriber subscribing for Shares with the intent to sell, distribute or transfer the Shares to any
other person or persons? 

☐    Yes                  
   ☐    No 
 Note: Subscribers are generally required to subscribe for Shares with an intent to
beneficially hold such Shares. If the above question is answered “Yes,” the Company may require additional information regarding the intended transferee of the Shares. 

 

	 	(b)	 Will any other person or persons have a beneficial interest in the Shares acquired (other than as a
shareholder, partner or other beneficial owner of equity interests in the Subscriber), including as a result of an agent, custodian, nominee or trustee arrangement? 

☐    Yes                  
   ☐    No 
 Note: If the above question is answered “Yes,” the Company may require additional
information regarding the person or persons which have a beneficial interest in the Shares. 
  

	 	(c)	 Do any of the following apply to the Subscriber: (i) the Subscriber controls, or is controlled by or under
common control with, the Company or Angelo, Gordon, (ii) the Subscriber is an employee or officer of the Company or Angelo, Gordon, (iii) the Subscriber is a member of the immediate family of any of the foregoing or (iv) the
Subscriber is a trust or other entity established for the benefit of any of the foregoing? 

☐    Yes                  
   ☐    No 
 Note: If any of the above questions were answered “Yes,” please provide
identifying information or contact the Company: 
  

                       
                                         
                                         
                                

 

	8.	 Taxable Year-End 

Please provide the Subscriber’s taxable year-end:
                                      

  

					
	Subscriber Information Form	  	SI-7	  	

	9.	 Government Entities 

Is the Subscriber a government entity or an officer, agent or employee thereof acting in his or her official capacity? 

☐    Yes                  
   ☐    No 
 Note: For purposes of this question only, government entities include all state and local
governments, their agencies and instrumentalities, and any investment programs, defined benefit plans as defined in Section 414(j) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), state general funds, pools
of assets or plans sponsored or established by state and local governments, including all public pension plans and any participant-directed plan or program of a government entity, such as ‘‘qualified tuition plans’’ authorized by
Section 529 of the Code, and retirement plans authorized by Section 403(b) or 457 of the Code. 
 If the answer is “Yes,”
is the Subscriber aware of any political contributions it or any of its employees has received from the Company, the Company’s employees, Angelo, Gordon or any of Angelo, Gordon’s employees? 

☐    Yes                  
   ☐    No 
 If the answer is “Yes,” please provide the date of the contribution: 

 

                       
                                         
                                         
                                

 

	10.	 Purchase of Shares Using Financing 

Is the Subscriber subscribing for Shares using the financing of a third party, such as the proceeds of a loan? 

☐    Yes                  
   ☐    No 
  

	11.	 Common Beneficial Ownership with other Investors 

Does the Subscriber have any Affiliated Investors3 in the Company? 

☐    Yes                  
   ☐    No 
 Has the Subscriber agreed to act together with any other person for the purpose of
acquiring, holding, voting or disposing of the Shares? 

☐    Yes                  
   ☐    No 
 If either of the above questions was answered “Yes,” identify the Affiliated
Investor or the investor with which it has agreed to act together: 
  

                       
                                         
                                         
                                

 
  

	3 	 For purposes of question 10: “Affiliated Investor” means any investor who would be deemed to
be a Controlling Person with respect to the Shares held by the Subscriber or who would have an indirect Controlling Person in common. A “Controlling Person” with respect to a security includes any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, has or shares, or is deemed to have or share, (i) voting power, which includes the power to vote, or to direct the voting of, such security; and/or
(ii) investment power which includes the power to dispose, or to direct the disposition of, such security and any person that has the right to become a Controlling Person as described in (i) or (ii) within 60 days, including through the
exercise of an option, the termination of a contract or otherwise. 

  

					
	Subscriber Information Form	  	SI-8	  	

	12.	 Subscriber Qualification 

Subscriptions will be accepted only from persons who qualify as eligible investors within the meaning of applicable U.S. federal and state
securities regulations. Unless otherwise indicated, responses should be given by reference to the specific person for whose account the Shares are being acquired. 

“Accredited Investor” Status 

Each Subscriber must indicate whether it, he or she qualifies as an “accredited investor” pursuant to at least one of the
following tests. (Please check all that apply, or, if none applies, consult the Company.) 
 For Natural Persons: 

 

	 	☐	 The Subscriber is a natural person whose individual net worth, or joint net worth with that
person’s spouse, at the time of purchase exceeds $1,000,000, excluding the value of the Subscriber’s primary residence.4 

 

	 	☐	 The Subscriber is a natural person with individual income (without including any income of the
Subscriber’s spouse) in excess of $200,000 or joint income with spouse of $300,000, in each of the two most recent years and who reasonably expects to reach the same level of income in the current year. 

For Entities: 
  

	 	☐	 The Subscriber is an entity with total assets in excess of $5,000,000 that was not formed for the
purpose of investing in the Company and is one of the following: 

  

	 	☐	 a corporation; 

  

	 	☐	 a partnership; 

  

	 	☐	 a limited liability company; 

 

	 	☐	 a business trust; or 

 

	 	☐	 a tax-exempt organization described in Section 501(c)(3) of the
Code. 

  

	 	☐	 The Subscriber is a personal (non-business) trust, other than an
employee benefit trust, with total assets in excess of $5,000,000 that was not formed for the purpose of investing in the Company and whose decision to invest in the Company has been directed by a person who has such knowledge and experience in
financial and business matters that he is capable of evaluating the merits and risks of the investment. 

  

 

	4 	 An individual need not deduct from his or her net worth the amount of mortgage debt secured by an excluded
primary residence other than (i) the amount by which the mortgage liability exceeds the fair value of the residence and (ii) any increase in the amount of the debt secured by the primary residence in the 60 days preceding the date hereof
unless the increase was a result of the acquisition of the residence. 

  

					
	Subscriber Information Form	  	SI-9	  	

	 	☐	 The Subscriber is an employee benefit plan within the meaning of Title I of the U.S. Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) or an individual retirement account (an “IRA”) which satisfies at least one of the following conditions: 

 

	 	☐	 it has total assets in excess of $5,000,000; 

 

	 	☐	 the investment decision is being made by a plan fiduciary that is a bank, savings and loan association,
insurance company or registered investment adviser; or 

  

	 	☐	 it is a self-directed plan (i.e., a
tax-qualified defined contribution plan in which a participant may exercise control over the investment of assets credited to his or her account) and the decision to invest is made by those participants
investing, and each such participant qualifies as an accredited investor. 

  

	 	☐	 The Subscriber is 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, that has total assets in excess of $5,000,000. 

  

	 	☐	 The Subscriber is licensed, or subject to supervision, by U.S. federal or state examining authorities such as a
“bank”, “savings and loan association”, “insurance company”, or “small business investment company” (as such terms are used and defined in 17 CFR §230.501(a)) or is an account for which a bank or savings
and loan association is subscribing in a fiduciary capacity. 

  

	 	☐	 The Subscriber is registered with the United States Securities and Exchange Commission as a broker or dealer or
an investment company; or has elected to be treated or qualifies as a “business development company” (within the meaning of Section 2(a)(48) of the U.S. Investment Company Act of 1940, as amended (the “Investment Company
Act”), or Section 202(a)(22) of the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”)). 

  

	 	☐	 The Subscriber is an entity in which all of the equity owners are persons described above.

  

	 	☐	 None of the statements in this Question 12(a) (“Accredited Investor” Status) are applicable to the
Subscriber. 

  

					
	Subscriber Information Form	  	SI-10	  	

	13.	 Supplemental Data for Individuals 

If the Subscriber is a natural person, furnish the following supplemental data (other investors may skip to Question 14): 

 

	 	(a)	 Please indicate desired type of ownership interest. 

 

	 	☐	 Individual
                                        ☐
    Joint 

  

	 	(b)	 State of Residence 

Indicate the state, or if the Subscriber is not a United States citizen or permanent resident, the country where the Subscriber has his or her
principal residence. 
  
  

Note: If you are married and live in a community property state, both you and your spouse must sign the Signature Page of the Subscription
Agreement. Community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington and Wisconsin. 
  

	 	(c)	 Please indicate the Subscriber’s date of birth: 

 

                       
                              

 

	 	(d)	 Tax Information for Individuals 

 

	 	(i)	 Is the Subscriber a U.S. citizen, “green card” holder or otherwise a tax resident of the United
States? 

☐    Yes                  
   ☐    No 
  

	 	(ii)	 Please provide the Subscriber’s U.S. Taxpayer Identification Number (SSN, EIN or ITIN, as applicable):

  

                       
                              

Please make sure the Subscriber has completed and signed IRS Form(s) W-9 or the appropriate IRS Form(s) W-8, as applicable, in accordance with the instructions provided by the IRS. See Appendix D. 

  

					
	Subscriber Information Form	  	SI-11	  	

	 	(e)	 Joint Subscriptions (if you are subscribing with another person, please answer the following questions.):

 Please indicate type of ownership interest: 
  

	 	☐	 Joint Tenants (rights of survivorship) 

 

	 	☐	 Tenants in common (no rights of survivorship) 

If you are subscribing with another person, please answer the following questions: 

 

	 	(i)	 Is the other person a U.S. citizen, “green card” holder or otherwise a tax resident of the United
States? 

☐    Yes                  
   ☐    No 
  

	 	(ii)	 Please provide such other person’s U.S. Taxpayer Identification Number (SSN, EIN or ITIN, as applicable):

  

                       
                              

Please make sure such other person has completed and signed IRS Form(s) W-9 or the appropriate IRS Form(s) W-8, as applicable, in accordance with the instructions provided by the IRS. See Appendix D. 

  

					
	Subscriber Information Form	  	SI-12	  	

	14.	 Supplemental Data for Individual Retirement Account (IRA) Investors 

 

	 	(a)	 Is the Subscriber an IRA as defined in Section 408(a) of the Code? 

☐    Yes                  
   ☐    No 
  

	 	(b)	 If the Subscriber is subscribing as a trustee or custodian for an IRA, is the Subscriber a qualified IRA
custodian or trustee? 

☐    Yes                  
   ☐    No 
 Note: If the above question is answered “No,” the Company may require additional
information regarding the Subscriber. 
  

	 	(c)	 Name of qualified IRA trustee or custodian: 

 

                       
                                         
                                         
        
  

	 	(d)	 U.S. Taxpayer Identification Number of qualified IRA trustee or custodian: 

 

                       
                                         
                                         
        
 Please make sure the IRA trustee or custodian has completed and signed IRS Form(s) W-9 or the appropriate IRS Form(s) W-8, as applicable, in accordance with the instructions provided by the IRS. See Appendix D. 

 

	 	(e)	 Is the beneficial owner a U.S. citizen, “green card” holder or otherwise a tax resident of the United
States? 

☐    Yes                  
   ☐    No 
  

	 	(f)	 Please provide the beneficial owner’s U.S. Taxpayer Identification Number (SSN, EIN or ITIN, as
applicable): 

                       
                                         
                                         
        
 Please make sure the beneficial owner has completed and signed IRS Form(s) W-9 or the appropriate IRS Form(s) W-8, as applicable, in accordance with the instructions provided by the IRS. See Appendix D. 

  

					
	Subscriber Information Form	  	SI-13	  	

	15.	 Supplemental Data for Entities and Trusts 

 

	 	(a)	 Legal form of entity:
                                         
                                         
                           

 

	 	(b)	 Jurisdiction of organization:
                                         
                                         
               

  

	 	(c)	 Date of organization:
                                         
                                         
                          

  

	 	(d)	 Briefly identify the Subscriber’s primary business: 

 

                       
                                         
                                         
                                      

 

                       
                                         
                                         
                                      

 

	 	(e)	 Is the Subscriber a limited partnership or limited liability company with at least one beneficial owner that
owns more than 10% of the Subscriber? 

☐    Yes                  
   ☐    No 
 Note:    If the answer is “Yes,” each such beneficial owner
must provide the Company with the following: name, permanent address, tax identification number and, in the case of a natural person, a copy of one of the following: unexpired passport, photo driver’s license, other government issued photo ID
or birth certificate. If such beneficial owner is an entity, the foregoing information must be provided with respect to each beneficial owner that owns more than 10% of such entity. 

 

	 	(f)	 Controlling Person Status 

Is the Subscriber or will the Subscriber be a person (including an entity) that has discretionary authority or control with respect to the
assets of the Company or a person who provides investment advice with respect to the assets of the Company or 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 such person, including by reason of having the power to exercise a controlling influence over the management or policies of such person? 

☐    Yes                  
   ☐    No 

  

					
	Subscriber Information Form	  	SI-14	  	

	 	(g)	 Investor Status (ALL ENTITIES MUST COMPLETE THIS SECTION) 

 

	 	(1)	 Is the Subscriber, or will the Subscriber become, (i) an employee benefit plan subject to the fiduciary
provisions of ERISA, (ii) a “plan” subject to Section 4975 of the Code (a party described in (i) or (ii), a “Plan”), (iii) an entity (e.g., a
fund-of-funds) whose underlying assets include “plan assets” for purposes of ERISA by reason of a Plan’s investment in the Subscriber (a “Plan
Assets Entity”), or (iv) an entity that otherwise constitutes a “benefit plan investor” within the meaning of any U.S. Department of Labor regulation? 

☐    Yes                  
   ☐    No 
 If the answer to the above question is “No”, please skip to question 15(g)(2).

  

	 	i.	 Is the Subscriber an employee benefit plan or trust that is subject to the fiduciary provisions of ERISA (this
includes U.S. pension plans and U.S. profit-sharing and 401(k) plans, “Multiemployer Plans” and “Taft-Hartley Plans” but does not include U.S. governmental plans, certain church plans and
non-U.S. employee pension and welfare benefit plans)? 

☐    Yes                  
   ☐    No 
  

	 	ii.	 Is the Subscriber an IRA, Keogh Plan or other “plan” subject to Section 4975 of the Code?

☐    Yes                  
   ☐    No 
  

	 	iii.	 Is the Subscriber a Plan Assets Entity (including, without limitation, an insurance company investing the
assets of its general account (or the assets of a wholly owned subsidiary of its general account), the underlying assets of which include “plan assets” for purposes of Section 401(c) of ERISA)? 

☐    Yes                  
   ☐    No 
 If the answer to the above question is “Yes”, please indicate the maximum
percentage of the Subscriber’s assets which may represent Plan assets: 
  

                       
                                         
                 
  

	 	iv.	 Have beneficiaries of the Plan been provided the opportunity to decide individually whether or not to
participate, or the extent of their participation, in the Plan’s investment in the Company (i.e., have beneficiaries of the Plan been permitted to determine whether their capital will form part of the specific capital invested by the Plan in
the Company)? 

☐    Yes                  
   ☐    No 
 Note: If the above question is answered “Yes,” the Company may require additional
information regarding the qualifications of each plan participant. 

  

					
	Subscriber Information Form	  	SI-15	  	

	 	(2)	 Is the Subscriber a “governmental plan” within the meaning of Section 3(32) of ERISA or other
“employee benefit plan” within the meaning of Section 3(3) that is subject to any laws or regulations that are similar to the fiduciary provisions of ERISA or Section 4975 of the Code? 

☐    Yes                  
   ☐    No 
 If the answer to the preceding question is “Yes,” is the Subscriber in compliance
with all rules and regulations that constitute the body of law by which it is governed? 

☐    Yes                  
   ☐    No 
 Note: If the above question is answered “No,” the Company may require additional
information regarding the Subscriber’s compliance with applicable rules and regulations. 
  

	 	(h)	 Regulated Institutions (ALL ENTITIES MUST COMPLETE THIS SECTION) 

Is the Subscriber a regulated institution that is subject to legal or regulatory restrictions or limitations on the nature of its investments
(such as a bank or an insurance company)? 

☐    Yes                  
   ☐    No 
 If the answer to the preceding question is “Yes”, has the Subscriber verified that
the proposed subscription is in compliance with applicable laws and regulations? 

☐    Yes                  
   ☐    No 
 Note: If the above question is answered “No,” the Company may require additional
information regarding the Subscriber’s compliance with applicable laws and regulations. 

  

					
	Subscriber Information Form	  	SI-16	  	

	 	(i)	 Tax Information (ALL ENTITIES MUST COMPLETE THIS SECTION) 

 

	 	(1)	 Please provide the Subscriber’s/beneficial owner’s U.S. Taxpayer Identification Number (SSN, EIN or
ITIN, as applicable): 

  

                       
                                         
     
 Please make sure the Subscriber/beneficial owner has (or, with respect to an IRA, the IRA trustee or
custodian has) completed and signed IRS Form(s) W-9 or the appropriate IRS Form(s) W-8, as applicable, in accordance with the instructions provided by the IRS. See
Appendix D. 
  

	 	(2)	 Is the Subscriber exempt from U.S. federal income tax (e.g., a qualified employee benefit plan or trust,
retirement account, charitable remainder trust, or a charitable foundation or other tax-exempt organization described in Section 501(c)(3) of the Code)? 

☐    Yes                  
   ☐    No 
 If the answer above is “Yes,” is the Subscriber subject to taxation on
“unrelated business taxable income” under Sections 511-514 of the Code? 

☐    Yes                  
   ☐    No 
  

	16.	 General Data Protection Regulation (for European Union natural person investors only)

 Personal information is subject to certain legal safeguards specified in the EU General Data Protection Regulation
(2016/679) (“GDPR”) and any national laws implementing the GDPR and the Directive on Privacy and Electronic Communications (2002/58/EC). In connection therewith, the Subscriber should review Appendix F attached hereto. 

 

	 	☐	 Check this box only if the Subscriber does not consent to the Company and/or Advisor using the
Subscriber’s information in order to provide the Subscriber with information regarding investments or products sponsored by the Advisor or its affiliates in which the Subscriber may be interested, as described in Appendix F. This includes
ordinary course references to products sponsored by the Advisor in Company reports and letters. 

  

					
	Subscriber Information Form	  	SI-17	  	

	17.	 “Bad Actor” Disqualification Event Questionnaire 

The purpose of the questionnaire below is to obtain information from the Subscriber in connection with the offering of the Shares under Rule 506 of the
Securities Act regarding certain convictions, orders, bars or expulsions that could either prevent the Company’s use of Rule 506 or require disclosure to potential investors. The Subscriber acknowledges that the SEC may require the Company to
disclose the information provided in this questionnaire to potential investors and consents to such disclosure. 
 Please answer every question. 

If the Subscriber’s answer is “Yes,” please provide details in the explanation. Unless otherwise stated, answers should be given as of the date
the Subscriber signs the Subscription Agreement. Certain questions are necessarily broad in scope, so if the Subscriber has doubts regarding whether something should be included in its response, please err on the side of over-inclusion. The
questionnaire below provides a space after each question for an explanation. Please include a summary of all material facts in the provided space, including but not limited to, as appropriate, (i) the date of the order, conviction, bar,
suspension, expulsion or injunction, (ii) the nature of the offense or conviction (including whether it is a felony or misdemeanor), (iii) the sentence received, (iv) the court or authority issuing the order or judgment or imposing the bar
or suspension and (v) the dates for which the bar, suspension or expulsion is or will be in effect. If any response does not fit in the allotted space, please continue the explanation in the “Continuation Page” attached as Appendix
H of this document. The Company may have additional follow-up questions for the Subscriber in connection with its responses. Note that certain terms used in the questionnaire below, which first appear
bolded and in italics, have technical meanings and are defined immediately below. 
 “affiliated” means a person or entity that
directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with, another person or entity. 

“Affiliated Investor” means any investor in the Company who would be deemed to be a Controlling Person with respect to the Shares held
by the Subscriber or would have an indirect Controlling Person in common. A “Controlling Person” with respect to a security includes any person who, directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares, or is deemed to have or share, (i) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power which includes the power to dispose, or to
direct the disposition of, such security and any person that has the right to become a Controlling Person as described in (i) or (ii) within 60 days, including through the exercise of an option, the termination of a contract or otherwise. 

“final order” means a written directive or declaratory statement issued by a federal or state agency described in Rule 506(d)(1)(iii)
under the Securities Act under applicable statutory authority that provides for notice and an opportunity for a hearing, which constitutes a final disposition or action by that federal or state agency. An order may still be subject to appeal and
still be deemed to constitute a “final order.” 
 “participating in the offering” can encompass, but is not limited to,
activities such as participation or involvement in due diligence activities related to the offering, involvement in the preparation of disclosure documents, and communications with the issuer, prospective investors or other offering participants.
Whether activities are considered participating in the offering is a question of fact. 

  

					
	Subscriber Information Form	  	SI-18	  	

	(a)	 Has the Subscriber or its Controlling Person been convicted, within the past ten years (or five years, in the
case of the Company’s affiliated issuers), of any felony or misdemeanor: 

  

	 	•	 	 in connection with the purchase or sale of any security; 

 

	 	•	 	 involving the making of any false filing with the SEC; or 

 

	 	•	 	 arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer,
investment advisor or paid solicitor of purchasers of securities? 

☐    Yes                  
   ☐    No 
 If “Yes,” please explain: 

 
  

 
  

 
  

 

	(b)	 Is the Subscriber or its Controlling Person subject to any order, judgment or decree of any court of competent
jurisdiction, entered within the past five years, that currently restrains or enjoins it from engaging or continuing to engage in any conduct or practice: 

  

	 	•	 	 in connection with the purchase or sale of any security; 

 

	 	•	 	 involving the making of any false filing with the SEC; or 

 

	 	•	 	 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,” please explain: 

 
  

 
  

 
  

 

	(c)	 Is the Subscriber or its Controlling Person subject to a final order 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 U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that: 

  

	 	•	 	 currently bars it from: 

 

	 	•	 	 association with an entity regulated by such commission, authority, agency or officer; 

 

	 	•	 	 engaging in the business of securities, insurance or banking; or 

 

	 	•	 	 engaging in savings association or credit union activities; or 

 

	 	•	 	 constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative,
or deceptive conduct entered within the past ten years? 

☐    Yes                  
   ☐    No 
 If “Yes,” please explain: 

 
  

 
  

 
  

  

					
	Subscriber Information Form	  	SI-19	  	

	(d)	 Is the Subscriber or its Controlling Person subject to an order of the SEC entered pursuant to
Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or 203(f) of the Advisers Act that currently: 

  

	 	•	 	 suspends or revokes its registration as a broker, dealer, municipal securities dealer or investment adviser;

  

	 	•	 	 places limitations on the activities, functions or operations of, or imposes civil money penalties on, such
person; or 

  

	 	•	 	 bars it from being associated with any entity or from participating in the offering of any penny stock?

☐    Yes                  
   ☐    No 
 If “Yes,” please explain: 

 
  

 
  

 
  

 

	(e)	 Is the Subscriber or its Controlling Person subject to any order of the SEC, entered within the past five
years, that, currently orders it to cease and desist from committing or causing a violation or future violation of: 

  

	 	•	 	 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 

  

	 	•	 	 Section 5 of the Securities Act. 

☐    Yes                  
   ☐    No 
 If “Yes,” please explain: 

 
  

 
  

 
  

 

	(f)	 Is the Subscriber or its Controlling Person currently suspended or expelled from membership in, or suspended or
barred from association with a member of, a securities self-regulatory organization (e.g., 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,” please explain: 

 
  

 
  

 
  

  

					
	Subscriber Information Form	  	SI-20	  	

	(g)	 Has the Subscriber or its Controlling Person filed (as a registrant or issuer), or was the Subscriber or its
Controlling Person named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that, within the past five years, was the subject of a refusal order, stop order, or order suspending the Regulation
A exemption, or is currently the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued? 

☐    Yes                  
   ☐    No 
 If “Yes,” please explain: 

 
  

 
  

 
  

 

	(h)	 Is the Subscriber or its Controlling Person subject to a United States Postal Service false representation
order entered within the past five years, or is the Subscriber or its Controlling Person currently subject to 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,” please explain: 

 
  

 
  

 
  

 

	(i)	 Is the Subscriber or its Controlling Person the subject of any ongoing proceeding, arbitration, action,
indictment or charge that if resolved against it or such person could result in a “Yes” answer to any of the above questions? 

☐    Yes                  
   ☐    No 
 If “Yes,” please explain: 

 
  

 
  

 
  

 

	(j)	 If the Subscriber responded “Yes” to any of the questions above, has the Subscriber or its
Controlling Person obtained a waiver from disqualification under Rule 506(d) either (i) from the SEC or (ii) from the court or regulatory authority that entered the relevant order, judgment or decree? 

☐    Yes                  
   ☐    No 
 If “Yes,” please explain. In the explanation, please include (i) the party
which granted such waiver and (ii) the date such waiver was granted: 
  

 
  

 
  

 

  

					
	Subscriber Information Form	  	SI-21	  	

	(k)	 Has the Subscriber or its Controlling Person agreed with any other person to act together for the purpose of
acquiring, holding, voting or disposing of the Shares? 

☐    Yes                  
   ☐    No 
 If “Yes,” please describe: 

 
  

 
  

 
  

 

	(l)	 Please identify each Affiliated Investor: 

 
  

 
  

 
  

 
  

 
  

 
  

  

					
	Subscriber Information Form	  	SI-22	  	

 Exhibit I 

ELECTRONIC DELIVERY DISCLOSURE AND CONSENT 

Angelo, Gordon & Co., L.P. (“Angelo, Gordon”) offers the Subscriber the convenience of electronic delivery of disclosure and other
documents in connection with an investment in either AG Twin Brook BDC, Inc. (the “Company”). Terms used but not otherwise defined herein shall have the meanings given to them in the Subscriber Information Form to which this Exhibit
I is attached. 
 This electronic delivery disclosure and consent applies to all documents that Angelo, Gordon or the Company may provide to the Subscriber
electronically and describes how Angelo, Gordon and the Company deliver communications electronically. Angelo, Gordon and the Company may change this disclosure by posting the revised version on Angelo, Gordon’s website. 

Some of the documents that Angelo, Gordon or the Company may provide to the Subscriber electronically are (as applicable): 

 

	 	•	 	 Private Placement Memorandum and any amendments thereto 

 

	 	•	 	 Capital call notices 

  

	 	•	 	 Distribution notices 

  

	 	•	 	 Capital account statements 

 

	 	•	 	 Periodic notices, consents, waivers or demands as provided in the Memorandum 

 

	 	•	 	 Privacy policy 

  

	 	•	 	 Audited financial statements of the Company 

 

	 	•	 	 Tax reporting 

  

	 	•	 	 Investor letters 

Other than the Subscriber’s cost of gaining access to the Internet, there are no additional costs to receiving documents electronically. 

Electronic delivery of documents 
 In order to access
documents on Angelo, Gordon’s website and to receive documents electronically, the Subscriber must consent to the electronic delivery of all documents. 

By checking “Yes” to Question 3 of the Subscriber Information Form to which this Exhibit I is attached, the Subscriber is providing consent for
Angelo, Gordon and the Company to provide documents to the Subscriber electronically in connection with its investment in the Company. This consent for electronic delivery covers all documents that Angelo, Gordon and the Company provide the
Subscriber in connection with its investment in the Company and is effective indefinitely until the earlier of the Subscriber’s withdrawal from the Company pursuant to the terms of the Memorandum or the Subscriber’s withdrawal of its
consent to electronic delivery of documents with respect to the Company. The Subscriber should retain a copy of this Exhibit I and the completed Subscriber Information Form for its records. 

  

					
	Subscriber Information Form	  	Exhibit I-1	  	

 The Company or Angelo, Gordon (as appropriate) may, at its discretion, make electronic documents available to the
Subscriber via (1) Angelo, Gordon’s website, (2) access to a website that the Company or Angelo, Gordon will provide in an e-mail notice or
(3) e-mail, and may choose to send paper copies of documents to the Subscriber even though it made or could have made them available to the Subscriber electronically. 

If the Subscriber does not wish to consent to electronic delivery of documents, check “No” to Question 3 of the Subscriber Information Form to which
this Exhibit I is attached. 
 Hardware and Software requirements 

In order to access and retain electronic documents, the Subscriber will need the following computer hardware and software: 

 

	 	•	 	 a computer with an Internet connection; 

 

	 	•	 	 a current web browser that supports the Secure Sockets Layer (SSL) protocol (e.g., Microsoft Internet
Explorer® version 7 or higher and Mozilla Firefox® version 3); 

  

	 	•	 	 Adobe Acrobat Reader version 8.0 and above to open documents in .pdf format; 

 

	 	•	 	 a valid email address (the Subscriber’s primary email address as provided in the Subscriber Information Form
to which this Exhibit I is attached); and 

  

	 	•	 	 sufficient storage space to save the information. 

By giving consent, the Subscriber is confirming that it has access to the necessary equipment and is able to receive, open and print or download copies of any
documents for its records. The Subscriber may print or save a copy of these documents for its records as they may not be accessible online at a later date. 

Withdrawing consent; Requesting paper copies; Updating information 

The Subscriber can request that Angelo, Gordon and the Company send the Subscriber a paper copy of any document that was originally provided electronically,
withdraw its consent to receive future documents electronically, or provide Angelo, Gordon and the Company with updated information about how it can contact the Subscriber electronically by writing to Angelo, Gordon or by sending an email to
agclientservices@angelogordon.com. If the Subscriber’s e-mail address changes, it must provide the Company with the new address by writing to the Company or by sending an email to
agclientservices@angelogordon.com. 

  

					
	Subscriber Information Form	  	Exhibit I-2	  	

 The Subscriber can write to the Company at: 

AG Twin Brook BDC, Inc. 
 c/o
Angelo, Gordon & Co., L.P. 
 245 Park Avenue, 26th Floor 

New York, NY 10167 

Attention: Client Services 
 The Subscriber
can withdraw its consent to electronic delivery, but doing so will not affect the legal effectiveness, validity, or enforceability of the electronic documents that were provided to the Subscriber before its withdrawal became effective. If the
Subscriber withdraws consent for electronic delivery, Angelo, Gordon will provide documents to the Subscriber via mail and/or facsimile. The Subscriber’s withdrawal of consent may be effective either immediately or a reasonable amount of time
thereafter as specified in the Subscriber’s consent withdrawal notice. 

  

					
	Subscriber Information Form	  	Exhibit I-3	  	

 AG TWIN BROOK BDC, INC. 

SUBSCRIPTION AGREEMENT 

AG Twin Brook Manager, LLC 
 c/o Angelo, Gordon & Co.,
L.P. 
 245 Park Avenue, 26th Floor 
 New York, New York 10167

 Ladies and Gentlemen: 
 The undersigned
(the “Subscriber”) hereby acknowledges having received and read the current Private Placement Memorandum, as may be amended or supplemented from time to time (the “Memorandum”) of AG Twin Brook BDC, Inc., a Delaware
corporation (the “Company”). The Company will invest all proceeds of the shares of common stock issued by the Company in accordance with the Memorandum. Prior to or simultaneously with delivery of this Subscription Agreement to AG
Twin Brook Manager, LLC, the investment advisor of the Company (the “Advisor”). Terms used but not otherwise defined herein shall have the meanings given to them in Appendix B hereto. 

Subscription Commitment 
 The Subscriber
hereby subscribes for shares of common stock in the Company (the “Shares”) having a capital commitment in the amount set forth in the accompanying Subscriber Information Form completed and signed by the Subscriber, which shall be
considered an integral part of this Subscription Agreement (the “Subscriber Information Form”). The Subscriber shall make capital contributions, in cash, in installments as called from time to time by the Company, up to an amount
constituting the Subscriber’s “Unfunded Capital Commitment,” determined in accordance with the Memorandum and the Subscriber Information Form. 

The Subscriber understands that this subscription is not binding on the Company until accepted by the Company, and may be rejected, or
accepted in part and rejected in part, by the Company in its absolute discretion. 
 If this application for subscription is accepted,
written confirmation of the Company’s acceptance of the Subscriber’s subscription will be sent to the Subscriber by SEI Global Services, Inc. (the “Administrator”) as soon as practicable after the date on which the Subscriber is
issued shares of the Company. Such written confirmation shall constitute the acceptance and agreement of the Company to this Subscription Agreement. For the avoidance of doubt, the Subscriber acknowledges that it may not receive a countersigned
Subscription Agreement. 
 If so rejected, the Company shall return to the Subscriber, without interest or deduction, any payment tendered
by the Subscriber, and the Company and the Subscriber shall have no further obligation to each other hereunder. The Company shall be held harmless for any rejection of the Subscriber’s subscription. Unless and until rejected by the Company,
this subscription shall be irrevocable by the Subscriber. 
 Representations, Warranties and Covenants – all Investors 

To induce the Company to accept this subscription, the Subscriber hereby makes the following representations, warranties and covenants to the
Company: 
 (a)    The Subscriber represents that it is an “accredited investor,” as such term is defined in
Rule 501(a) of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The information set forth in the accompanying Subscriber Information Form (including, without limitation, any IRS Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and/or W-8IMY and/or W-9, or any successor forms) is accurate and complete as of the date hereof, and the Subscriber agrees to notify the Company

  

					
	Subscription Agreement	  	SA-1	  	

 
immediately if any representation or warranty contained in this Subscription Agreement, or any information provided pursuant to the Subscriber Information Form (including, without limitation, any
IRS Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP,
and/or W-8IMY and/or W-9, or any successor forms) becomes untrue, misleading, or otherwise requires updating at any time (including upon the expiration or obsolescence
of such form). For so long as the Subscriber is a shareholder, the Subscriber further agrees to provide any revised or updated information necessary to cause the Subscriber Information Form to remain true and correct as soon as practicable upon the
Subscriber becoming aware that any such change or revision is necessary. If the Subscriber’s Shares constitute or will at any time in the future constitute more than 15 percent in interest of the Company’s voting securities, the
Subscriber agrees to complete a separate questionnaire regarding any convictions, judgments, suspensions, bars or orders relating to securities offerings, commodity futures business or certain other businesses. Such questionnaire and the information
and representations otherwise provided under this Section shall form a part of this document and shall be subject to, among other things, the indemnification provisions and the duty to update information contained in this Subscription Agreement.

 (b)    Except as disclosed in the accompanying Subscriber Information Form, the Subscriber is acquiring the Shares
for the Subscriber’s own account, does not have any contract, undertaking or arrangement with any person or entity to sell, transfer or grant a participation with respect to any of the Shares, and is not acquiring the Shares with a view to or
for sale in connection with any distribution of the Shares. 
 (c)    The Subscriber understands that the Shares have
not been and may not be registered under the Securities Act or any state law and that, as a BDC, the Company is subject to only certain provisions of the Investment Company Act. The Subscriber agrees to notify the Company prior to any proposed sale,
transfer, distribution or other disposition of the Shares or any beneficial interest therein, and will not sell, transfer, distribute or otherwise dispose of the Shares without the consent of the Company, which may be granted or withheld in the
Company’s sole discretion, and unless the Shares are registered or such sale, transfer, distribution or other disposition is exempt from registration. The Subscriber understands that any such transfers without the consent of the Company are
void ab initio. The Subscriber understands that the Company is under no obligation to assist the Subscriber in obtaining or complying with any exemption from registration. The Company may require that a proposed transferee meet appropriate
financial and other suitability standards and that the transferor furnish a legal opinion satisfactory to the Company and its counsel that the proposed transfer complies with applicable U.S. federal, state and any other applicable securities laws.

 (d)    The Subscriber understands and agrees further that, except as specifically set forth in the Memorandum, its
Shares must be held indefinitely unless such Shares are subsequently registered under the Securities Act, the securities laws of any state and the securities laws of any other applicable jurisdiction or an exemption from registration under the
Securities Act and these laws covering the sale of such interests is available; that even if such an exemption is available, the assignability and transferability of its Shares will be governed by the Memorandum, which imposes substantial
restrictions on transfer; that legends stating that its Shares have not been registered under the Securities Act and these laws and setting out or referring to the restrictions on the transferability and resale of the Shares will be placed on all
documents evidencing such Shares. 

  

					
	Subscription Agreement	  	SA-2	  	

 (e)    In formulating a decision to invest in the Company, the Subscriber has
not relied or acted on the basis of any representations or other information purported to be given on behalf of the Company or the Advisor except as set forth in the Memorandum (it being understood that no person has been authorized by the Company
or the Advisor to furnish any such representations or other information). 
 (f)    To its full satisfaction, the
Subscriber has been provided with any materials the Subscriber has requested relating to the Company, the offering of Shares or any statement made in the Memorandum, and the Subscriber has been afforded the opportunity to ask questions of
representatives of the Company concerning the terms and conditions of the offering and to obtain any additional information necessary to verify the accuracy of any representations or information set forth in the Memorandum. 

(g)    The Subscriber recognizes that there is not now any public market for Shares and that such a market may not
develop; accordingly, it may not be possible for the Subscriber to readily liquidate the Subscriber’s investment in the Company. 

(h)    The Subscriber is not prohibited by any applicable law from holding Shares or any investment interest in the
investments to be pursued by the Company. 
 (i)    If the Subscriber is a natural person, the Subscriber has the legal
capacity to execute, deliver and perform this Subscription Agreement and the Memorandum. 
 (j)    If the Subscriber is
a corporation, partnership, limited liability company, trust or other entity, it is authorized and qualified to become a shareholder of, and authorized to make its capital commitment to, the Company and otherwise to comply with its obligations under
the Memorandum; the person signing this Subscription Agreement on behalf of such entity has been duly authorized by such entity to do so; and this Subscription Agreement has been duly executed and delivered on behalf of the Subscriber and is the
valid and binding agreement of the Subscriber, enforceable against the Subscriber in accordance with its terms. In addition, such Subscriber will, upon request of the Company, deliver any documents, including an opinion of counsel to the Subscriber,
evidencing the existence of the Subscriber, the legality of an investment in the Company and the authority of the person executing this Subscription Agreement on behalf of the Subscriber which may be requested by the Company. 

(k)    Upon the request of the Company, the Subscriber shall provide such information and execute such documents as may be
required in connection with any loan to the Company. 
 (l)    The Subscriber has carefully reviewed and understands the
various risks of an investment in the Company, as well as the fees and conflicts of interest to which the Company is subject, as set forth in the Memorandum. The Subscriber hereby consents and agrees to the payment of the fees so described to the
parties identified as the recipients thereof, and to such conflicts of interest. 
 (m)    The Subscriber believes that
the compensation terms of the Memorandum represent an “arm’s-length” arrangement and the Subscriber is satisfied that it has received adequate disclosure from the Company to enable it to
understand and evaluate the compensation and other terms of the Memorandum and the risks associated therewith. 

  

					
	Subscription Agreement	  	SA-3	  	

 (n)    The Subscriber agrees to provide the Company and/or the administrator
in a timely manner any additional tax information or documentation that the Company or the administrator believes is required or will enable it, the Company or any affiliate of the foregoing to comply with or mitigate any of their respective tax
reporting, tax withholding, and/or tax compliance obligations, or which may arise as a result of a change in law or in the interpretation thereof. 

(o)    The Subscriber acknowledges and understands that if, as a result of any information or other matter which comes to
its attention, any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information
for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the
Financial Reporting Authority of the Cayman Islands (“FRA”) or a nominated officer (appointed in accordance with the Proceeds of Crime Law (Revised) of the Cayman Islands), if the disclosure relates to criminal conduct or money
laundering, or (ii) the FRA or a police constable or a nominated officer, pursuant to the Terrorism Law (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property; and such a report shall
not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise. 

(p)    None of the Subscriber’s subscription funds consist of Proceeds of Municipal Securities or Municipal Escrow
Investments. 
 Anti-Money Laundering and Related Representations, Warranties and Covenants – all Investors 

(a)    The Subscriber represents and warrants that neither the Subscriber nor any holder of any beneficial interest in the
Shares (each a “Beneficial Interest Holder”)5 and, in the case of a Subscriber or Beneficial Interest Holder which is an entity, no Related Person is: 

 

	 	(1)	 A person or entity whose name appears on (i) the List of Specially Designated Nationals and Blocked
Persons, (ii) the List of Foreign Sanctions Evaders, or (iii) the Sectoral Sanctions Identification List, each maintained by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”) or other list
designated by the Company from time to time; 

  

	 	(2)	 A person or entity who appears on the sanctions lists adopted by the United Nations and the European Union to
such extent such sanctions are extended by the U.K. government to its overseas territories; 

  

 

	5 	 Beneficial Interest Holders will include, but not be limited to: (i) shareholders of a corporation;
(ii) partners of a partnership; (iii) members of a limited liability company; (iv) any person controlling or controlled by the Subscriber; (v) investors in a
fund-of-funds; (vi) the grantor of a revocable or grantor trust; (vii) the beneficiaries of an irrevocable trust; (viii) the individual who established an
IRA; (ix) the participant in a self-directed pension plan; (x) the sponsor of any other pension plan; and (xi) any person being represented by the Subscriber in an agent, custodian, representative, intermediary, nominee or similar
capacity. If the Beneficial Interest Holder is itself an entity, the information and representations set forth herein must also be given with respect to its individual beneficial owners. If the Subscriber is a publicly-traded company, it is only
obligated to conduct due diligence as to its beneficial owners that own 5% or more interest in the company. 

  

					
	Subscription Agreement	  	SA-4	  	

	 	(3)	 A person or entity who is a citizen or resident of, which is located in, which is organized or chartered under
the laws of, or whose subscription funds are transferred from or through an account in, a jurisdiction which is the subject of an OFAC embargo (currently, the Crimea Region, Cuba, Iran, North Korea, Sudan, and Syria; hereinafter referred to as
“OFAC Embargoed Territories”) or has been identified by the Secretary of State as a state sponsor of terrorism; 

  

	 	(4)	 A person or entity with which the Company is prohibited to deal under the laws of the United States, including
the sanctions laws administered by OFAC; 

  

	 	(5)	 A Foreign Shell Bank; 

 

	 	(6)	 A person or entity who is a citizen or resident of, or which is located in, or whose subscription funds are
transferred from or through an account in a Non-Cooperative Jurisdiction; 

  

	 	(7)	 A person or entity who is citizen or resident of, located in, or organized or chartered under the laws of, a
jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns;6

  

	 	(8)	 A Senior Foreign Political Figure, any member of a Senior Foreign Political Figure’s Immediate Family or
any Close Associate of a Senior Foreign Political Figure, or a corporation, business or other entity that has been formed for the benefit of the above listed individuals; or 

 

	 	(9)	 A Politically Exposed Person, any member of a Politically Exposed Person’s Immediate Family or a Close
Associate of a Politically Exposed Person. 

 (b)    The Subscriber represents and warrants that
(except as otherwise disclosed to the Company in writing) its subscription funds do not originate from, nor will they be routed through, an account maintained at a Foreign Shell Bank, an Offshore Bank, or a bank organized or chartered under the laws
of a Non-Cooperative Jurisdiction or an OFAC Embargoed Territory. 
 (c)    The
Subscriber represents and warrants that no capital commitment, contribution, or payment to the Company by the Subscriber and no distribution to the Subscriber by the Company shall cause the Company or the Advisor to be in violation of any applicable
anti-money laundering, sanctions, or anti-terrorism laws and regulations including, but not limited to, the USA PATRIOT Act and the sanctions regulations administered by OFAC. 

(d)    If the Subscriber or any Beneficial Interest Holder is a financial institution as defined in the Bank Secrecy Act,
31 U.S.C. § 5312(a)(2)(A) – (X), and is investing in the Company on behalf, directly or indirectly, of any of its customer accounts (as defined in rules under the USA PATRIOT Act), the Subscriber represents and warrants that
it and any Beneficial Interest Holder is aware of the 
  
  

	6 	 The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issues
advisories regarding countries of primary money laundering concern. FinCEN’s advisories are posted at http://www.fincen.gov. 

  

					
	Subscription Agreement	  	SA-5	  	

 
obligations imposed upon it by the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, which comprises Title III of the USA PATRIOT Act, and is and shall remain in
compliance with its obligations thereunder. 
 (e)    If the Subscriber or any Beneficial Interest Holder is a European
person or firm that is subject to local legislation implementing the EC Money Laundering Directives or is established or based in a non-EU jurisdiction (other than the United States) and subject to anti-money
laundering legislation (any of the foregoing anti-money laundering legislation, “Non-U.S. AML Regulations”), the Subscriber represents and warrants that it and any Beneficial Interest
Holder is aware of the obligations imposed on it by Non-U.S. AML Regulations and is and shall remain in compliance with its obligations thereunder. 

(f)    The Subscriber acknowledges and agrees that any monies paid to it will be paid to the same account from which its
subscription funds were originally remitted, unless the Company agrees otherwise. 
 (g)    If the Subscriber is a fund-of-funds, or is purchasing the Shares as agent, custodian, representative, intermediary/nominee or in any similar capacity for any other person, or is otherwise requested
to do so by the Company, it represents and warrants that (i) it is in compliance with all applicable anti-money laundering, sanctions and anti-terrorism laws and regulations, (ii) it shall provide a copy of its anti-money laundering and
know-your-customer policies (collectively, “AML Policies”) to the Company, (iii) its AML Policies are designed to address applicable anti-money laundering, sanctions, and anti-terrorism laws and regulations, and (iv) it is
in compliance with its AML Policies, its AML Policies have been approved by counsel or internal compliance personnel reasonably informed of anti-money laundering policies and their implementation and has not received a deficiency letter, negative
report or any similar determination regarding its AML Policies from independent accountants, internal auditors or some other person responsible for reviewing compliance with its AML Policies. 

(h)    The Subscriber represents and warrants that, with respect to any Beneficial Interest Holder, it (i) has
conducted thorough due diligence (and where appropriate, enhanced due diligence), (ii) has established the identity of those Beneficial Interest Holders and their respective source of funds, and (iii) will retain evidence of any such
identities, any such source of funds and any such due diligence. The Subscriber represents and warrants that it does not know or have any reason to suspect that (i) the monies used to fund any Beneficial Interest Holder’s direct or
indirect investment in the Shares has been or will be derived from or related to any illegal activities, including without limitation money laundering activities; or (ii) the proceeds from any Beneficial Interest Holder’s direct or
indirect investment in the Shares will be used to finance any illegal activities, and the Subscriber has reasonable risk-based procedures in place to ensure itself of the same. 

(i)    The Subscriber understands that the Company and its affiliates may take steps to verify the identity of the
Subscriber and any Beneficial Interest Holder. The Subscriber agrees to promptly notify the Company of any change in information affecting the representations and covenants contained in this section “Anti-Money Laundering and Related
Representations, Warranties and Covenants – all Investors.” The Subscriber also agrees to provide the Advisor, the Company and Angelo, Gordon with any additional information and/or documentation that any of such persons deems necessary or
appropriate to ensure compliance with all applicable laws concerning money-laundering and similar activities. The Subscriber acknowledges that the Company shall be held harmless and be indemnified against any loss arising as a result of a failure to
process the subscription application if any such information that is required by the Company is delayed or not provided by the Subscriber in a timely manner. 

  

					
	Subscription Agreement	  	SA-6	  	

 (j)    The Subscriber acknowledges that the Company, Advisor, Angelo, Gordon
and their affiliates may be obliged under applicable laws to submit information to the relevant regulatory authorities if the Company, Advisor, Angelo, Gordon and/or their affiliates know, suspect or have reasonable grounds to suspect that any
person is engaged in money laundering, drug trafficking or the provision of financial assistance to terrorism and that the Company, Advisor, Angelo, Gordon and/or their affiliates may not be permitted to inform anyone of the fact that such a report
has been made. The Subscriber authorizes and consents to the Company releasing information about the Subscriber and, if applicable, any Beneficial Interest Holder, to appropriate governmental authorities if the Company determines in good faith that
it is in the best interests of the Company in light of applicable anti-money laundering, sanctions, and anti-terrorism laws and regulations. 

(k)    The Subscriber is advised that, by law, the Company may be obligated to “freeze the account” of such
Subscriber, either by prohibiting additional investments from the Subscriber, withholding distributions and/or segregating the assets in the account in compliance with governmental regulations, and the Company may also be required to report such
action and to disclose the Subscriber’s identity to OFAC or other authorities. 
 (l)    The Subscriber further
acknowledges that, notwithstanding anything to the contrary contained in the Memorandum, any side letter or any other agreement, the Company and the Advisor may prohibit additional capital contributions by the Subscriber, restrict distributions to
the Subscriber, suspend the payment of withdrawal proceeds to the Subscriber, or take any other reasonably necessary or advisable action with respect to the Shares, if the Company reasonably deems it necessary to do so to comply with anti-money
laundering, sanctions, or anti-terrorism laws and regulations applicable to the Company, Advisor, Angelo, Gordon, any of their affiliates or any of the Company’s service providers. 

(m)    The Subscriber agrees that neither the Company, Advisor, Angelo, Gordon nor any of their affiliates shall have any
liability to the Subscriber for any loss or liability that the Subscriber may suffer to the extent that it arises out of, or in connection with, compliance by the Company, Advisor, Angelo, Gordon and/or their affiliates in good faith with the
requirements of applicable anti-money laundering, sanctions, and anti-terrorism legislation or regulatory provisions. 
 Representations, Warranties and
Covenants – Benefit Plan Investors 
 For the purpose of the following representations, references to “Subscriber” include
references to the entity for which the Subscriber is investing, where appropriate. If the Subscriber is or will be in the future, or is or will be in the future acting on behalf of, (i) an employee benefit plan (as defined in Section 3(3)
of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to Title I of ERISA, (ii) a “plan” (including an individual retirement account (“IRA”) or Keogh plan) subject
to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) any entity whose underlying assets include plan assets for purposes of ERISA or Section 4975 of the Code by reason of a plan’s
investment in the entity (a “Plan Assets Entity”) or any other plan that is subject to laws or regulations that are similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”), to induce the Company
to accept this subscription, the Subscriber hereby makes the additional representations, warranties and covenants to the Company: 

  

					
	Subscription Agreement	  	SA-7	  	

 (a)    The person executing this Subscription Agreement on behalf of the
Subscriber either is a “named fiduciary” (within the meaning of ERISA) of the Subscriber, or is authorized to act on behalf of a named fiduciary of the Subscriber pursuant to a proper delegation of authority. 

(b)    The execution and delivery of this Subscription Agreement and the consummation of the transactions contemplated
hereunder, and in the Memorandum will not result in a breach or violation of any charter or organizational documents pursuant to which the Subscriber was formed, or any statute, rule, regulation or order of any court or governmental agency or body
having jurisdiction over the Subscriber or any of its assets, or in any material respect, any mortgage, indenture, contract, agreement or instrument to which the Subscriber is a party or otherwise subject. 

(c)    The investment in the Company is permitted by the governing documents of the Subscriber and such documents permit
the Subscriber to invest in entities which will engage in the investment program described in the Memorandum. 

(d)    The Subscriber, through appropriate fiduciaries, has carefully reviewed and understands the various risks of an
investment in the Company, as well as the fees and conflicts of interest to which the Company is subject, as set forth in the Memorandum. The Subscriber hereby consents and agrees to the payment of the fees so described to the parties identified as
the recipients thereof, and to such conflicts of interest. 
 (e)    The Subscriber is aware of and, in deciding to
invest in the Company, has taken into consideration the diversification requirements of Section 404(a)(1)(C) of ERISA or other applicable law, if any, and the decision to invest in the Company is consistent with such provisions. 

(f)    The Subscriber’s decision to invest in the Company was made solely and independently by a fiduciary of the
Subscriber who has no affiliation with the Company or any of its affiliates or employees and without relying on any recommendation of the Company or any of its affiliates or employees as a basis for its decision, and any ongoing evaluation of the
Company as an investment in the Subscriber’s overall portfolio (including any decision to remain invested in the Company or to make additions to or withdrawals from the Company) will be made solely and independently by such a fiduciary, without
relying on any recommendation of the Company or any of its affiliates or employees as a basis for such decision. 

(g)    The appropriate fiduciaries of the Subscriber have considered the investment in the Company in light of the risks
relating thereto and fiduciary responsibility provisions (whether under ERISA or otherwise) applicable to the Subscriber and have determined that, in view of such considerations, the investment is appropriate for the Subscriber and is consistent
with such fiduciaries’ responsibilities (whether under ERISA or otherwise). 
 (h)    The Subscriber, through the
appropriate fiduciaries, has been given the opportunity to discuss the Subscriber’s investment in the Company, and the structure and operation of the Company with the Advisor and has been given all information that the Subscriber or the
appropriate fiduciaries have requested and which the Subscriber or the appropriate fiduciaries deemed relevant to the Subscriber’s decision to participate in the Company. 

(i)    To the extent (x) the Subscriber is an IRA, Keogh plan or other “plan” subject to
Section 4975(e)(1) of the Code (or if the Subscriber is an entity whose underlying assets include the assets of such an account or plan) and (y) the Subscriber’s Shares are being held by a custodian, the Subscriber

  

					
	Subscription Agreement	  	SA-8	  	

 
acknowledges and agrees that (i) the Company may, without further instruction or consent of the Subscriber or any beneficial owner of the Subscriber,
re-register the Subscriber’s Shares in the name of the beneficial owner of such Subscriber upon instruction provided by such custodian that it is no longer willing to custody or act as custodian for the
Subscriber’s Shares and the Subscriber has not simultaneously provided a substitute custodian for such IRA, and (ii) such re-registration may have adverse consequences to the beneficial owner of such
IRA or other plan. 
 (j)    The execution and delivery of this Subscription Agreement, and the acquisition and
redemption of the Shares, do not and will not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a violation of any Similar Law. 

(k)    By signing this Subscription Agreement, each Subscriber that is a Plan Assets Entity (including a Plan Assets
Entity using the assets of an insurance company general account) hereby covenants that if, after its initial acquisition of Shares, at any time the percentage of the assets of such general account or Plan Assets Entity as applicable, that constitute
“plan assets” for purposes of Title I of ERISA or Section 4975 of the Code exceeds the percentage specified by the Subscriber in Question 15(g) of the Subscriber Information Form, then such Subscriber shall promptly notify the Company
of such occurrence in writing. 
 (l)    The Subscriber expressly acknowledges that the Advisor has the authority to
require the redemption, withdrawal or other cancellation of such Shares if the Advisor determines that the continued holding of such interest, in the opinion of the Advisor, could result in the Company being subject to ERISA or Section 4975 of
the Code. 
 Representations, Warranties and Covenants – Governmental Plan Investors and Foreign Plan Investors 

For the purpose of the following representations, references to “Subscriber” include references to the entity for which the
Subscriber is investing, where appropriate. 
 If the Subscriber is or will become, or is or will be acting on behalf of (x) a plan
established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, (y) an employee benefit plan maintained outside of the United States
primarily for the benefit of persons substantially all of whom are nonresident aliens (as described in Section 4(b)(4) of ERISA) or (z) any other benefit plan that is subject to Similar Law, then (i) there is no provision in the
instruments governing such plan or any U.S. federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the plan that could in any respect affect the operation of the Company by the Advisor or prohibit any
action contemplated by the operational documents and related disclosure of the Company, including, without limitation, the investments which may be made pursuant to the Company’s investment strategies, the concentration of investments for the
Company and the payment by the plan of incentive or other fees, and (ii) the plan’s investment in the Company will not conflict with or violate the instruments governing such plan or any U.S. federal, state or local or foreign law, rule,
regulation or constitutional provision applicable to the plan. 

  

					
	Subscription Agreement	  	SA-9	  	

 Representations, Warranties and Covenants – Non-U.S. Investors

 Japanese Investors 

For the purpose of the following representations, warranties and covenants, references to “Japanese Investor” means a Japanese
resident, as defined in the first sentence of Article 6, Paragraph 1, Item 5 of the Foreign Exchange and Foreign Trade Law of Japan, or any person or entity that was solicited in Japan in connection with its subscription of Shares. 

(a)    Each Subscriber who is a Japanese Investor and qualifies as a “qualified institutional investor”
(tekikaku kikan toshika) (“Qualified Institutional Investor”) as defined in Article 10, Paragraph 1 of the Cabinet Office Ordinance Concerning Definitions Provided in Article 2 of the Financial Instruments and Exchange Law of
Japan: 
  

	 	(1)	 hereby agrees that such Subscriber shall not transfer any Shares to another person in any way other than to
other Qualified Institutional Investors; 

  

	 	(2)	 hereby represents and warrants that such Subscriber has received the investment warning that, (i) no
securities registration pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Law of Japan (the “FIEL”) has been made or will be made with respect to the solicitation of the application for the acquisition of
the Shares pursuant to the private placement exemption as provided for in Article 23-13, Paragraph 1 of the FIEL (the “Private Placement Warning for Qualified Institutional Investor”) and
(ii) any such solicitation of the Shares is made on condition that the Shares held by the Qualified Institutional Investors may not be transferred to another person in any way other than to other Qualified Institutional Investors; and

  

	 	(3)	 hereby confirms, undertakes and covenants that, at the time of transfer of the Shares, such Subscriber will
provide the prospective transferee with a written notice which includes the Private Placement Warning for Qualified Institutional Investor, and that such Subscriber will also procure an agreement by which the transferee shall not transfer any of the
Shares to any person in any way other than to other Qualified Institutional Investors. 

 (b)    Each
Subscriber who is a Japanese Investor and does not qualify as a Qualified Institutional Investor: 
  

	 	(1)	 hereby represents and warrants that such Subscriber has received the investment warning that, (i) no
securities registration pursuant to Article 4, Paragraph 1 of the FIEL has been made or will be made with respect to the solicitation of the application for the acquisition of the Shares pursuant to the private placement exemption as provided for in
Article 23-13, Paragraph 4 of the FIEL (the “Private Placement Warning for Non-Qualified Institutional Investor”); and 

 

	 	(2)	 hereby confirms, undertakes and covenants that, at the time of transfer of the Shares, such Subscriber will
provide the prospective transferee with a written notice which includes the Private Placement Warning for Non-Qualified Institutional Investor. 

  

					
	Subscription Agreement	  	SA-10	  	

 (c)    The Subscriber, whether or not a Qualified Institutional Investor,
acknowledges and agrees that the above-mentioned transfer restrictions shall apply to the Subscriber in addition to any other applicable requirements or restrictions provided elsewhere in this Subscription Agreement. 

United Kingdom Investors 

(a)    If the Subscriber is a person domiciled or situated in, or with its registered office in, the United Kingdom, the
Subscriber confirms that: 
  

	 	(1)	 it is a “professional investor” as defined in Article 4(1)(ag) of the Directive 2011/61/EU (with the
reference to the Directive 2004/39/EC being understood to be a reference to Directive 2014/65/EU); or 

  

	 	(2)	 it is a person to whom the Company may lawfully be marketed under the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended) (the “FPO”), including certain persons having professional experience in matters relating to investments, which includes persons who are authorized under the Financial Services and
Markets Act 2000 as set out in Article 19 of the FPO, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts, each as set out in Article 49 of the FPO, and persons who qualify as certified
sophisticated investors as set out in Article 50 of the FPO; and 

  

	 	(3)	 it will not hold the Shares for or on behalf of any other person; and 

 

	 	(4)	 the decision to invest in the Company was made solely by the Subscriber. 

(b)    The Subscriber acknowledges that it will be treated, for the purposes of the Directive 2011/61/EU
(“AIFMD”), as an investor domiciled in the United Kingdom and therefore, for the purposes of assessing the requirements applicable to the Subscriber’s investment in the Company, the laws and regulations of the United Kingdom
implementing the AIFMD and governing the private placement of the Company shall apply to the exclusion of the laws and regulations of any other member state of the European Economic Area (“EEA”). 

Data Protection Representations and Warranties – For EEA Non-Natural Person Investors Only 

(a)    The Subscriber represents and warrants that it has complied with all of its obligations under the GDPR and each
other applicable law relating to the protection of personal data (“Data Protection Legislation”), in respect of any personal data the Subscriber has provided to the Company and/or Angelo, Gordon, their affiliates, representatives
and/or service providers (whether directly or indirectly) in connection with the Subscriber’s investment. 

(b)    The Subscriber undertakes to continue to comply with all Data Protection Legislation in force from time to time for
such period as the Subscriber is a shareholder of the Company, so far as it relates to the Subscriber’s investment in the Company. 

(c)    The Subscriber acknowledges that it is a data controller of all personal data provided by it, whether directly or
indirectly, to the Company and/or Angelo, Gordon, their affiliates, representatives and/or service providers, and accordingly the Subscriber represents and warrants that it has collected, processes, and will transfer all such personal data lawfully
in accordance with Data Protection Legislation. 

  

					
	Subscription Agreement	  	SA-11	  	

 (d)    The Subscriber represents and warrants that it provided or will
provide the privacy notice in the form set out at Appendix F hereto to any individuals whose personal data was or is to be transferred, whether directly or indirectly, to the Company, Advisor, Angelo, Gordon, or any of their affiliates,
representatives and/or service providers, prior to obtaining and transferring that personal data. 
 (e)    The
Subscriber represents and warrants that any personal data transferred, whether directly or indirectly, to the Company, Advisor, Angelo, Gordon, or any of their affiliates, representatives and/or service providers, may be lawfully transferred to a
jurisdiction outside the EEA and that the Subscriber has obtained the data subject’s valid consent in compliance with Data Protection Laws to any such a transfer, having informed the data subject of the possible risks of such transfers. 

Indemnification 
 The Subscriber
understands the meaning and legal consequences of the representations, warranties, agreements, covenants and confirmations set out above and agrees that the subscription made hereby, if accepted by the Company, will be accepted in reliance thereon.
The Subscriber agrees to indemnify and hold harmless the Company and the Advisor (including for this purpose their respective partners, members, other beneficial owners, officers and employees, and each person who controls either of them within the
meaning of Section 20 of the Exchange Act) (each, an “Indemnified Party”) from and against any and all loss, damage, liability or expense, including reasonable costs and attorneys’ fees and disbursements, which an
Indemnified Party may incur by reason of, or in connection with, any representation or warranty made herein (or in the accompanying Subscriber Information Form) not having been true, correct and complete when made or when deemed repeated, or any
breach thereof, any misrepresentation made by the Subscriber or any failure by the Subscriber to fulfill any of the covenants or agreements set forth herein, in the Subscriber Information Form or in any other document provided by the Subscriber to
the Company. This indemnification shall survive the Subscriber’s death or disposition of its Shares of the Company. 
 Miscellaneous 

(a)    The Subscriber agrees that neither this Subscription Agreement, nor any of the Subscriber’s rights, interest or
obligations hereunder, is transferable or assignable by the Subscriber, and further agrees that the transfer or assignment of any Shares acquired pursuant hereto shall be made only in accordance with the provisions hereof, the Memorandum and all
applicable laws. 
 (b)    The Subscriber agrees that, except as permitted by applicable law, it may not cancel,
terminate or revoke this Subscription Agreement or any agreement of the Subscriber made hereunder, and that this Subscription Agreement shall survive the death or legal disability of the Subscriber and shall be binding upon the Subscriber’s
heirs, executors, administrators, successors and assigns. 
 (c)    This Subscription Agreement has been duly
authorized, executed and delivered by the Subscriber and, upon due authorization, execution and delivery by the Company, will constitute the valid and legally binding agreement of the Subscriber enforceable in accordance with its terms against the
Subscriber, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws of general application relating to or 

  

					
	Subscription Agreement	  	SA-12	  	

 
affecting the enforcement of creditors’ rights and remedies, as from time to time in effect, (ii) application of equitable principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law), and (iii) considerations of public policy or the effect of applicable law relating to fiduciary duties. 

(d)    The execution, delivery and performance of this Subscription Agreement and the Memorandum by the Subscriber do not
and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or
any license, permit, franchise or certificate, to which the Subscriber is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the
organizational documents of the Subscriber, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Subscriber is subject. The Subscriber has obtained all authorizations, consents, approvals
and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Subscriber to enter into this Subscription Agreement and the Memorandum and to consummate the transactions contemplated hereby
and thereby. 
 (e)    All of the representations, warranties, covenants, agreements, indemnities and confirmations set
out above and in the Subscriber Information Form shall survive the acceptance of the subscription made herein and the issuance of any Shares. 

(f)    The Subscriber hereby agrees that any representation made hereunder will be deemed to be reaffirmed by the
Subscriber at any time it makes an additional capital contribution to the Company and the act of making such additional contribution will be evidence of such reaffirmation. 

(g)    The Subscriber acknowledges that information concerning the Subscriber contained herein and in the records of the
Company may be provided to Angelo, Gordon and professional advisers for any purpose. 
 (h)    This Subscription
Agreement together with the Subscriber Information Form constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by both parties. 

(i)    Within ten days after receipt of a written request therefor from the Company, the Subscriber agrees to provide such
information and to execute and deliver such documents as the Company may deem reasonably necessary to comply with any and all laws, rules, regulations, orders and ordinances to which the Company is or may be subject. 

(j)    The Subscriber acknowledges and agrees that the Company may release confidential information about it or Related
Person, to any governmental authority, self-regulatory organization or any other person, if the Company, in its sole discretion, determines that it is required to do so or it is in the best interest of the Company to do so. 

(k)    If the Subscriber is subscribing for Shares as a record owner in its capacity as agent, custodian, representative
or nominee on behalf of one or more beneficial owners, it agrees that the representations, warranties and covenants made in this Subscription Agreement are made by it on behalf of itself and the beneficial owners of the Shares subscribed for hereby.

  

					
	Subscription Agreement	  	SA-13	  	

 Notices 

Any notice required or permitted to be given to the Subscriber in relation to the Company shall be sent to the address specified in Question 2,
Contact Information, of the Subscriber Information Form accompanying this Subscription Agreement or to such other address as the Subscriber designates by written notice received by the Company. To the extent required by the Advisers Act, as amended,
the Advisor will notify the Company of any change in the membership of the Advisor within a reasonable time after the change. 
 Governing Law 

This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the Cayman Islands. 

Third Party Rights 
 An Indemnified Party
who is not a party to this Subscription Agreement and who is granted rights pursuant to this Subscription Agreement may, in its own right enforce its rights subject to and in accordance with the provisions of the Contracts (Rights of Third Parties)
Law, 2014, as amended, modified, re-enacted or replaced. 
 Notwithstanding any other term of this
Subscription Agreement, the consent of any Indemnified Party who is not a party to this Subscription Agreement is not required for any amendment to, or variation, release, rescission or termination of this Subscription Agreement. 

  

					
	Subscription Agreement	  	SA-14	  	

 SIGNATURE PAGE 

(Complete and sign) 
 By signing below, the
Subscriber (1) confirms that the information contained in the Subscriber Information Form is accurate and complete, (2) agrees to the terms of the Subscription Agreement (including the subscription for the Shares in the amount set forth
below) and the Memorandum, and (3) requests that the records of the Company reflect the Subscriber’s admission as a shareholder. 
  

					
		  		  	AMOUNT OF SUBSCRIPTION
			
	Dated:
                                         
       	  	$	  	  

			
		  		  	  

		  		  	Print name of Subscriber
			
	  
	  		  	  

		  		  	Signature
			
	  
	  		  	  

		  		  	Print name and title/representative capacity of any person signing on behalf of an entity.
			
	  
	  		  	  

		  		  	 Signature of Spouse or Other Joint Subscriber

(if applicable)

			
	  
	  		  	  

		  		  	Print name of Spouse or Other Joint Subscriber 
(if applicable◆)
			
	  
	  		  	  

		  		  	Signature of IRA custodian or trustee 
(if
applicable◆◆)
			
	  
	  		  	  

		  		  	Print name and representative capacity of any person signing as an IRA custodian or trustee

  

	◆ 	 If you are married and live in a community property state, both you and your spouse must sign. Community
property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington and Wisconsin. 

	◆◆ 	 The signature of the beneficial owner of the IRA is not required on this line. Only the signature
of the IRA custodian or trustee is required on this line. 

  
 Signature Page 

 APPENDIX A 

Definition of “Investments” 

“Investments” means: 
  

	 	(1)	 Securities, other than securities of an issuer that controls, is controlled by, or is under common control
with, the Subscriber that owns such securities, unless the issuer of such securities is: 

  

	 	(a)	 An investment company or a company that would be an investment company but for the exclusions or exemptions
provided by the Investment Company Act, or a commodity pool; or 

  

	 	(b)	 A Public Company (as defined below); 

 

	 	(c)	 A company with shareholders’ equity of not less than $50,000,000 (determined in accordance with generally
accepted accounting principles) as reflected on the company’s most recent financial statements; provided, that such financial statements present the information as of a date within 16 months preceding the date on which the Subscriber acquires
the Shares; 

  

	 	(2)	 Real estate held for investment purposes; 

 

	 	(3)	 Commodity Interests (as defined below) held for investment purposes; 

 

	 	(4)	 Physical Commodities (as defined below) held for investment purposes; 

 

	 	(5)	 To the extent not securities, Financial Contracts (as defined below) entered into for investment purposes;

  

	 	(6)	 In the case of a Subscriber that is a company that would be an investment company but for the exclusions
provided by Section 3(c)(1) or 3(c)(7) of the Investment Company Act, or a commodity pool, any amounts payable to such Subscriber pursuant to a firm agreement or similar binding commitment pursuant to which a person has agreed to acquire an
interest in, or make capital contributions to, the Subscriber upon the demand of the Subscriber; and 

  

	 	(7)	 Cash and cash equivalents (including foreign currencies) held for investment purposes. 

Real estate that is used by the owner or a Related Person (as defined below) of the owner for personal purposes, or as a place of business, or
in connection with the conduct of the trade or business of such owner or a Related Person of the owner, will NOT be considered real estate held for investment purposes; provided, that real estate owned by a Subscriber who is engaged primarily
in the business of investing, trading or developing real estate in connection with such business may be deemed to be held for investment purposes. However, residential real estate will not be deemed to be used for personal purposes if deductions
with respect to such real estate are not disallowed by Section 280A of the Code. 

  

					
	Appendix A	  	A-1	  	

 A Commodity Interest or Physical Commodity owned, or a Financial Contract entered into, by the
Subscriber who is engaged primarily in the business of investing, reinvesting, or trading in Commodity Interests, Physical Commodities or Financial Contracts in connection with such business may be deemed to be held for investment purposes. 

“Commodity Interests” means commodity futures contracts, options on commodity futures contracts, and options on physical
commodities traded on or subject to the rules of: 
  

	 	(a)	 Any contract market designated for trading such transactions under the Commodity Exchange Act and the rules
thereunder; or 

  

	 	(b)	 Any board of trade or exchange outside the United States, as contemplated in Part 30 of the rules under the
Commodity Exchange Act. 

 “Financial Contract” means any arrangement that: 

 

	 	(a)	 takes the form of an individually negotiated contract, agreement, or option to buy, sell, lend, swap, or
repurchase, or other similar individually negotiated transaction commonly entered into by participants in the financial markets; 

  

	 	(b)	 is in respect of securities, commodities, currencies, interest or other rates, other measures of value, or any
other financial or economic interest similar in purpose or function to any of the foregoing; and 

  

	 	(c)	 is entered into in response to a request from a counterparty for a quotation, or is otherwise entered into and
structured to accommodate the objectives of the counterparty to such arrangement. 

 “Physical
Commodities” means any physical commodity with respect to which a Commodity Interest is traded on a market specified in the definition of Commodity Interests above. 

“Public Company” means a company that: 
  

	 	(a)	 files reports pursuant to Section 13 or 15(d) of the U.S. Securities Exchange Act of 1934, as amended; or

  

	 	(b)	 has a class of securities that are listed on a Designated Offshore Securities Market, as defined by Regulation
S of the Securities Act. 

 “Related Person” means a person who is related to the Subscriber as a
sibling, spouse or former spouse, or is a direct lineal descendant or ancestor by birth or adoption of the Subscriber, or is a spouse of such descendant or ancestor; provided, that, in the case of a Family Company, a Related Person includes
any owner of the Family Company and any person who is a Related Person of such an owner. “Family Company” means a company, partnership or trust that owns not less than $5,000,000 in investments and that is owned directly or
indirectly by or for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable
organizations or trusts established for the benefit of such persons. 

  

					
	Appendix A	  	A-2	  	

 For purposes of determining the amount of investments owned by a company, there may be included
investments owned by majority-owned subsidiaries of the company and investments owned by a company (“Parent Company”) of which the company is a majority-owned subsidiary, or by a majority-owned subsidiary of the company and other
majority-owned subsidiaries of the Parent Company. 

  

					
	Appendix A	  	A-3	  	

 APPENDIX B 

Other Definitions 

AMLSG List Country: A country specified in the list published by the Cayman Islands’ Anti-Money Laundering Steering Group. For
such list, see: https://www.cima.ky/list-of-equivalent-jurisdictions. 

Close Associate: With respect to a Senior Foreign Political Figure, a person who is widely and publicly known internationally to
maintain an unusually close relationship with the Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure.
With respect to a Politically Exposed Person, any natural person who is known to hold the ownership of control of a legal instrument or person jointly with a Politically Exposed Person, or who maintains some other kind of close business of 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. 

FATF: The Financial Action Task Force on Money Laundering. 

Foreign Bank: An organization that (a) is organized under the laws of a country outside the United States; (b) engages in the
business of banking; (c) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (d) receives deposits to a substantial extent in the regular course of its
business; and (e) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. 

Foreign Shell Bank: A Foreign Bank without a Physical Presence in any country: does not include a Regulated Affiliate. 

Government Entity: Any government or any state, department or other political subdivision thereof, or any governmental body, agency,
authority or instrumentality in any jurisdiction exercising executive, legislative, regulatory or administrative functions of or pertaining to government. 

Immediate Family: With respect to a Senior Foreign Political Figure or a Politically Exposed Person, typically includes that
person’s parents, siblings, spouse, children and in-laws. 
 Municipal Entity: Any
state, a political subdivision thereof or municipal corporate instrumentality of the above, including (a) any agency, authority or instrumentality of the above, (b) any plan, program or pool of assets sponsored or established by the above
and (c) any other issuer of municipal securities. 
 Municipal Escrow Investments: Proceeds of municipal securities and any
other funds of a Municipal Entity or obligated person, such as a guarantor, that are deposited in an escrow account to pay the principal of, premium, if any, and interest on one or more issues of municipal securities. 

Non-Cooperative Jurisdiction: Any foreign country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an 

  

					
	Appendix B	  	B-1	  	

 
intergovernmental group or organization, such as FATF, of which the United States is a member and with which designation the United States representative to the group or organization continues to
concur. For FATF’s list of non-cooperative countries and territories, see http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions. 

Offshore Bank: A Foreign Bank operating under an Offshore Banking License. 

Offshore Banking License: A license to conduct banking activities which, as a condition of the license, prohibits the licensed entity
from conducting banking activities with the citizens of, or with the local currency of, the country which issued the license. 
 Physical
Presence: A place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking
activities, at which location the Foreign Bank: (a) employs one or more individuals on a full-time basis; (b) maintains operating records related to its banking activities; and (c) is subject to inspection by the banking authority
that licensed the Foreign Bank to conduct banking activities. 
 Politically Exposed Person: Includes: (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; (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 (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. 
 Proceeds of Municipal Securities: Any of the following:
(a) monies derived by a Municipal Entity from the sale of municipal securities; (b) investment income derived from the investment or reinvestment of the monies in (a); (c) any monies of a Municipal Entity or obligated person, such as a
guarantor, held in funds under legal documents for the municipal securities that are reasonably expected to be used as security or a source of payment for the payment of the debt service on the municipal securities, including, reserves, sinking
funds, and pledge funds created for such purposes and (d) the investment income derived from the investment or reinvestment of monies in such funds. 

Publicly Traded Company: An entity whose securities are listed on a recognized securities exchange or quoted on an automated quotation
system in the U.S. or country other than a Non-Cooperative Jurisdiction or a wholly-owned subsidiary of such an entity. 

Qualified Plan: A tax qualified pension or retirement plan in which at least 100 employees participate that is maintained by an
employer that is organized in the U.S. or is a U.S. Government Entity. 
 Regulated Affiliate: A Foreign Shell Bank that: (a) is
an affiliate of a depository institution, credit union, or Foreign Bank that maintains a Physical Presence in the U.S. or a foreign country, as applicable; and (b) is subject to supervision by a banking authority in the country regulating such
affiliated depository institution, credit union, or Foreign Bank. 

  

					
	Appendix B	  	B-2	  	

 Related Person: With respect to any entity, interest holder, director, senior officer,
trustee, beneficiary or grantor of such entity; provided that in the case of an entity that is a Publicly Traded Company or a Qualified Plan, the term “Related Person” shall exclude any interest holder holding less than 5% of any class of
securities of such Publicly Traded Company and beneficiaries of such Qualified Plan. 
 Senior Foreign Political Figure: 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. 
 USA PATRIOT Act: The
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (Pub. L. No. 107-56). 

  

					
	Appendix B	  	B-3	  	

 APPENDIX C 

The following matter has been brought by the Department of Justice, the Internal Revenue Service, the SEC, the Office of the Comptroller of the Currency
and a group of State Attorneys General against Wells Fargo Bank: 
 The Department of Justice (“DOJ”) and the SEC, beginning in November 2006,
requested information from a number of financial institutions, including Wachovia Bank, N.A.’s (now known as Wells Fargo Bank, N.A.) municipal derivatives group, with regard to competitive bid practices in the municipal derivative markets.
Other state and federal agencies subsequently also began investigations of the same practices. On December 8, 2011, a global resolution of the Wachovia Bank investigations was announced by the DOJ, the Internal Revenue Service, the SEC, the
Office of the Comptroller of the Currency and a group of State Attorneys General. The investigations were settled with Wachovia Bank agreeing to pay a total of approximately $148 million in penalties and remediation to the various agencies.

  

					
	Appendix C	  	    	  	

 APPENDIX D 

IRS WITHHOLDING TAX FORMS 
 All
Subscribers are required to submit appropriate tax forms. With respect to Subscribers purchasing interests as either joint tenants with right of survivorship or
tenants-in-common, please note that each individual must sign and complete the appropriate U.S. Internal Revenue Service (“IRS”) Form(s), including any
successor forms. Subscribers who are grantors of a “grantor trust,” and “grantor trusts” with multiple grantors, must provide an IRS Form W-9 or W-8
for each grantor. 
 Please carefully review the instructions accompanying the IRS Form(s) that the Subscriber is completing. The Company will not consider
an IRS Form complete unless the Subscriber has submitted all statements, certifications or other documents required by the applicable IRS Form(s). Please note that Subscribers may be required to provide updated tax forms (and certain other
information from time to time). 
 The most recent versions of the relevant IRS Forms and their instructions are located at the IRS website at
http://www.irs.gov, and are listed below. Subscribers should contact their own tax advisors on how to complete such forms and any attachments. 

IRS Form W-9 and Instructions 

http://www.irs.gov/pub/irs-pdf/fw9.pdf 

http://www.irs.gov/pub/irs-pdf/iw9.pdf 

IRS Form W-8BEN-E and Instructions 

http://www.irs.gov/pub/irs-pdf/fw8bene.pdf 

http://www.irs.gov/pub/irs-pdf/iw8bene.pdf 

IRS Form W-8BEN and Instructions 

http://www.irs.gov/pub/irs-pdf/fw8ben.pdf 

http://www.irs.gov/pub/irs-pdf/iw8ben.pdf 

IRS Form W-8ECI and Instructions 

http://www.irs.gov/pub/irs-pdf/fw8eci.pdf 

http://www.irs.gov/pub/irs-pdf/iw8eci.pdf 

IRS Form W-8EXP and Instructions 

http://www.irs.gov/pub/irs-pdf/fw8exp.pdf 

http://www.irs.gov/pub/irs-pdf/iw8exp.pdf 

IRS Form W-8IMY and Instructions 

http://www.irs.gov/pub/irs-pdf/fw8imy.pdf 

http://www.irs.gov/pub/irs-pdf/iw8imy.pdf 

  

					
	Appendix D	  	    	  	

 APPENDIX E 

Definition of “U.S. Person” 

For purposes of the Subscription Agreement, the term “U.S. Person” means: 
  

	(1)	 Any natural person resident in the United States; 

 

	(2)	 Any partnership or corporation organized or incorporated under the laws of the United States;

  

	(3)	 Any estate of which any executor or administrator is a U.S. person; 

 

	(4)	 Any trust of which any trustee is a U.S. person; 

 

	(5)	 Any agency or branch of a foreign entity located in the United States; 

 

	(6)	 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; 

  

	(7)	 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 

  

	(8)	 Any partnership or corporation if: 

 

	 	(A)	 Organized or incorporated under the laws of any foreign jurisdiction; and 

 

	 	(B)	 Form by a U.S. person principally for the purpose of investing in securities not registered under the Act,
unless it is organized or incorporated, and owned, by accredited investors (as defined in § 230.501(a)) who are not natural persons, estates or trusts. 

  

					
	Appendix E	  	    	  	

 APPENDIX F 

GENERAL DATA PROTECTION REGULATION 

DATA PROTECTION INFORMATION AND DISCLOSURES TO EUROPEAN UNION INVESTORS 

 
  

Why are you receiving this notice? 
 It will be
necessary for you to provide certain personal information to AG Twin Brook BDC, Inc., (the “Company”) and Angelo, Gordon & Co., L.P. (“Angelo, Gordon”, together, “us” or
“we”) about you, or, in the case of a Subscriber that is not a natural person, information relating to your officers, directors, partners, members, ultimate beneficial owners or employees. In accordance with our obligations under
the EU General Data Protection Regulation (2016/679) (“GDPR”), we are giving you this notice to let you know how we treat the personal information you provide. 

If at any point you have questions about this notice or how your personal data will be treated, you should contact Client Services at
AGClientServices@angelogordon.com. 
 Who is responsible for your personal data? 

The Company (and, to a limited extent, the Advisor) will be the “data controller” for the information you provide. This means that we will be
responsible for how your personal data is treated. 
 What personal information will be collected and used? 

The types of personal information relating to you that we may process include: 
  

	 	•	 	 your (or your officers’, directors’, partners’, members’ or employees’) name, address,
and other contact information, date of birth and gender; 

  

	 	•	 	 your (or your officers’, directors’, partners’, members’ or employees’) bank account
details and tax identification details; 

  

	 	•	 	 your place of employment or other source(s) of wealth; 

 

	 	•	 	 your communications with personnel of Angelo, Gordon; 

 

	 	•	 	 information regarding your eligibility to acquire Shares of the Company; and 

 

	 	•	 	 copies of your (or your officers’, directors’, partners’, members’ or employees’)
passport and other official documentation for identity or address verification purposes. 

 What do we use your personal information
for? 
 We need your personal information for the following primary reasons. 

First, we need to obtain and retain certain personal information about you in order to perform our contractual obligations to you as a Subscriber in
the Company. For example: (i) using the information you provide to process and register your initial subscription; (ii) using your name and contact details for updating you on the Company’s performance and other matters relating to
its operation; and (iii) using your bank account details to remit funds to you as necessary. 

  

					
	Appendix F	  	F-1	  	

 Second, we need to obtain and retain personal data from you to comply with our legal and regulatory
obligations. These include, preventing fraud and conducting “Know Your Client”, anti-money laundering, terrorist financing, and conflict checks. The information we require to perform these checks may include copies of your official
identification documents, utility bills, home address, date of birth, Social Security number or other personal information that can help us confirm your identity. 

In addition to the above, we also need your personal information: 
  

	 	•	 	 to exercise and comply with the Company’s and Angelo, Gordon’s rights and obligations at law or under
regulation, where such obligations are not set out under the laws of EU member states, or under contract, including for the establishment, exercise or defense of legal claims; 

 

	 	•	 	 to manage and administer the Company’s and Angelo, Gordon’s business and to improve relationships with
you and other investors in the Company or investors in other funds managed by Angelo, Gordon, and assist with investor relationship management, and for marketing and business development activities and analysis; 

 

	 	•	 	 to communicate with you in respect of the Company or other products offered by Angelo, Gordon or its affiliates,
for risk assessment and control, for statistical and trend analysis, for system administration, operation, testing and support and to operate control systems and management information systems; 

 

	 	•	 	 to help detect, prevent, investigate, and prosecute fraud and/or other criminal activity; 

 

	 	•	 	 to manage Angelo, Gordon’s information technology and to ensure the security of Angelo, Gordon’s
systems; 

  

	 	•	 	 to disclose information to a governmental, tax or regulatory body, financial market, broker or other
intermediaries, counterparties, court, auditors or other third parties and to conduct compliance activities, when any of Angelo, Gordon and the Company think this is in any of their, or someone else’s interests, but where EU law does not
require the Company or Angelo, Gordon to make this disclosure or conduct these activities; 

  

	 	•	 	 to establish, exercise or defend legal claims and in order to protect and enforce Angelo, Gordon’s and the
Company’s rights, property, or safety, or to assist the investors in the Company or investors in other funds managed by Angelo, Gordon, or others to do this; 

 

	 	•	 	 to investigate and respond to any complaints about Angelo, Gordon and its business or any incidents relating to
Angelo, Gordon or the Company or Angelo, Gordon’s business and to help maintain quality and to deal with complaints and disputes; and 

  

	 	•	 	 to make certain assessments about you in order to assess your investment objectives, risk tolerance, and
understanding of investment risk to assess the suitability of an investment in the Company or other product offered by Angelo, Gordon or its affiliates. 

When processing your personal information, each of the Company and Angelo, Gordon will be subject to, and shall comply with, the relevant requirements
contained in the GDPR. 

  

					
	Appendix F	  	F-2	  	

 What happens if you choose not to provide your personal data? 

As explained above, we require your personal data to be able to comply with our legal and regulatory obligations, to operate the fund and to perform your
investment. Accordingly, if you do not provide the information requested, we will not be able to accept your subscription application. 
 Who do we
share your personal information with? 
 The Company and/or Angelo, Gordon may share certain of your personal information with the following
categories of third parties for the following reasons:  
  

	 	•	 	 the Company’s administrator and any of its affiliates and other
sub-processors as may be necessary to provide fund administration services for the purposes of carrying out money laundering checks and administering your investment in the Company; 

 

	 	•	 	 advisers (e.g. auditors, legal counsel and tax advisers) to the Company and/or Angelo, Gordon relating to or in
connection with your subscription to the Company; 

  

	 	•	 	 affiliates of the Company and/or Angelo, Gordon (including their officers, directors, partners or employees) for
the purpose of the management of your investment; and 

  

	 	•	 	 law enforcement agencies, regulatory or tax authorities and other governmental or public agencies or authorities.

 They may in turn use the services of their affiliates or service providers to process your personal information where necessary or
appropriate. Where we share your personal information with a third party, we require the recipients of that personal information to put in place adequate measures to protect it. 

Is your personal data transferred outside of Europe? 

The Company’s operations involve various affiliated entities and non-affiliated service providers based outside of
the European Economic Area (the “EEA”) to enable the Company to operate and fulfil your investment and meet our own legal and regulatory obligations. Sometimes, the data protection laws in the recipient’s jurisdiction are less
protective than those in the EEA. 
 Our non-EEA third-party suppliers to which we transfer personal data to
facilitate and manage your investment are currently located in the following jurisdictions: the British Virgin Islands, the Cayman Islands and the United States of America. 

Our non-EEA affiliates to which we transfer personal data to facilitate and manage your investment are currently
located in: the United States of America, Hong Kong, South Korea and Japan. 
 When we transfer your personal information outside of the EEA to a
jurisdiction with a less robust data protection regime than the EEA, we will take appropriate steps to ensure it is adequately protected in compliance with GDPR. We will do this by entering into appropriate data transfer agreements with third-party
recipients of your personal information incorporating model clauses approved by the European Commission governing such data transfers. Please contact Client Services at AGClientServices@angelogordon.com, if you would like a copy of the model
clauses or further information regarding these transfers. 

  

					
	Appendix F	  	F-3	  	

 How long is your personal information retained? 

We will not retain your personal information for longer than is necessary for the purposes explained above. Generally, we will retain your personal information
specifically concerning your investment for a minimum of 6 years after you have exited your investment in the Company. We may retain your personal information for longer if it is considered necessary, for example, in light of actual or potential
legal action or a regulatory investigation at the time of scheduled erasure. We may retain your name, email address, and other contact details for a longer period for the purposes of marketing further fund raisings to you in the future. 

Your rights in relation to the personal information we process about you 

You have various rights in relation to the personal information we hold about you. These include: 

 

	 	•	 	 the right to request access to your personal information and obtain a copy of the information we hold about you;

  

	 	•	 	 the right to correct your personal information that we hold where it is incomplete or inaccurate;

  

	 	•	 	 the right to have your personal information erased where there is no good reason for us continuing to use or
retain it; 

  

	 	•	 	 the right to request that your personal information is used only for restricted purposes; 

 

	 	•	 	 if the lawful basis for processing your personal information is either our or a third party’s legitimate
interests, the right to object to your personal information being processed; 

  

	 	•	 	 the right to require certain of your personal information to be transferred to you or a third party; and

  

	 	•	 	 the right to lodge a complaint with the relevant data protection authority in your jurisdiction (for example, the
Information Commissioner’s Office in the United Kingdom). 

 If you wish to exercise any of these rights you should contact Client
Services at AGClientServices@angelogordon.com. 
 Questions or complaints 

If you have any questions or complaints regarding the processing of your personal information by the Company and/or Angelo, Gordon, in the first instance,
please contact the Company and/or Angelo, Gordon directly. If you do NOT wish for the Company and/or Angelo, Gordon to also use your information in order to provide you with information regarding investments or products sponsored by Angelo,
Gordon or its affiliates in which you may be interested, please contact Angelo, Gordon. 

  

					
	Appendix F	  	F-4Exhibit 10.4

 Exhibit 10.4 

GLOBAL CUSTODY AGREEMENT 

(Unregistered Investment Companies) 

AGREEMENT, dated as of May 31, 2019 between AG Twin Brook BDC, Inc (“Customer”) and The Bank of New York Mellon Trust Company,
National Association (“Custodian”). 
 ARTICLE I 

DEFINITIONS 
 Whenever used
in this Agreement, the following words shall have the meanings set forth below: 
 1.    “Authorized
Person” shall be any person, whether or not an officer or employee of Customer, duly authorized by Customer to give Oral and/or Written Instructions with respect to one or more Accounts, such persons to be designated in a Certificate of
Authorized Persons which contains a specimen signature of such person. 
 2.    “BNYM Affiliate”
shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation. 

3.    “Book-Entry System” shall mean the Federal
Reserve/Treasury book-entry system for receiving and delivering securities, its successors and nominees. 

4.    “Business Day” shall mean any day on which Custodian,
Book-Entry System and relevant Depositories are open for business. 

5.    “Depository” shall include the Book-Entry System, the Depository Trust Company, Euroclear,
Clearstream Banking S.A. and any other securities depository, book-entry system or clearing agency (and their respective successors and nominees) authorized to act as a securities depository, book-entry system or clearing agency pursuant to
applicable law and identified to Customer from time to time. 
 6.    “Economic Sanctions Compliance
Program” shall mean those programs, policies, procedures and measures designed to ensure compliance with, and prevent violations of, Sanctions. 

7.    “Hedge Fund Investments” shall mean investments by Customer in hedge funds, mutual funds and
other investment or collective investment vehicles. 
 8.    “Oral Instructions” shall mean
instructions received verbally by Custodian. 
 9.    “Sanctions” means all economic
sanctions, laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the United States Office of Foreign Assets Control), the European Union (including any national
jurisdiction or member state thereof) and any other applicable authority with jurisdiction over a Customer. 

10.    “Securities” shall include, without limitation, any common stock and other equity
securities, including Hedge Fund Investments, bonds, debentures, bank loans and other debt securities, notes, mortgages or other obligations, and any instruments representing rights to receive, purchase, or subscribe for the same, or representing
any other rights or interests therein (whether represented by a certificate or held in a Depository, with a Subcustodian or on the books of the issuer). 

11.    “Subcustodian” shall mean a bank or other financial institution (other than a Depository)
which is utilized by Custodian in connection with the purchase, sale or custody of Securities hereunder and identified to Customer from time to time. 

12.    “Written Instructions” shall mean written communications actually received by Custodian by
S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system specified by Custodian as available for use in connection with the services hereunder. 

 ARTICLE II 

APPOINTMENT OF CUSTODIAN; ACCOUNTS; 

REPRESENTATIONS AND WARRANTIES 

1.    Customer hereby appoints Custodian as custodian of all Securities and cash at any time delivered to Custodian during
the term of this Agreement, and authorizes Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian hereby accepts such appointment and agrees to establish and maintain one or more securities accounts and
cash accounts (which accounts will be segregated from the accounts of other customers of Custodian) in which Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account”; collectively, the
“Accounts”) shall be in the name of Customer. 
 2.    Customer hereby represents and warrants and covenants,
which representations and warranties and covenants shall be deemed to be reaffirmed upon each Oral Instructions or Written Instruction given by Customer, that: 

(a)    Customer is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(b)    This Agreement has been duly authorized, executed and delivered by Customer, constitutes a valid and legally
binding obligation of Customer, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on Customer prohibits Customer’s execution or performance of this Agreement; and 

(c)    (i) Either Customer owns the Securities in the Accounts free and clear of all liens, claims, security interests and
encumbrances (except those granted herein) or, if the Securities in an Account are owned beneficially by others, Customer has the right to pledge such Securities to the extent necessary to secure Customer’s obligations hereunder, free of any
right of redemption or prior claim by the beneficial owner. Custodian’s security interest pursuant to Article V hereof shall be a first lien and security interest subject to no setoffs (other than any rights of setoff hereunder), counterclaims
or other liens prior to or on a parity with it in favor of any other party (other than specific liens granted preferred status by statute), and Customer shall take any and all additional steps at Custodian’s request which are required to obtain
or maintain such priority and status, including notifying third parties or obtaining their consent to, Custodian’s security interest. 

(ii) Customer shall take no action to transfer any interest in a Hedge Fund Investment from the nominee name in which such investment is
registered without the express written consent of Custodian, or take any other action that would cause Custodian’s first lien and security interest hereunder to be materially and adversely affected. 

(d)    Customer has established and presently maintains an anti-money laundering program (the “Program”)
reasonably designed to prevent Customer from being used as a conduit for money laundering or other illicit purposes or the financing of terrorist activities, and is in compliance with the Program and all anti-money laundering laws, regulations and
rules now or hereafter in effect that are applicable to it; 
 (e)    Customer has verified the identity of each of its
investors and documented the origin of the assets funding each investor’s account with Customer, and to the best of Customer’s knowledge, no investor has invested in Customer for money laundering or other illicit purposes; and 

(f)    Customer shall promptly notify Custodian in writing if Customer obtains knowledge that any of the foregoing
representations and warranties are no longer true in any material respect. 
 (g)    Customer will not use the services
provided by Custodian hereunder in any manner that is, or will result in, a violation of any law, rule or regulation applicable to Customer, and it will not include in any printed manner nor make any other statement or representation regarding
Custodian’s services under this Agreement except as specifically provided herein 
 3.    Custodian hereby
represents and warrants, which representations and warranties shall be deemed to be reaffirmed upon each Oral or Written Instruction given by Customer to Custodian, that: 

(a)    Custodian is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; and 

 (b)    This Agreement has been duly authorized, executed and delivered by
Custodian, constitutes a valid and legally binding obligation of Custodian, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on Custodian prohibits Custodian’s execution or
performance of this Agreement. 
 ARTICLE III 

CUSTODY AND RELATED SERVICES 

1.    (a)    Subject to the terms hereof, Customer hereby authorizes Custodian to hold any Securities
received by it from time to time for Customer’s account. Custodian shall be entitled to utilize Depositories and Subcustodians to the extent possible in connection with its performance hereunder. An initial list of Subcustodians has been
provided to Customer. Custodian will notify Customer of changes in such list. Securities and cash deposited by Custodian in a Depository will be held subject to the rules, terms and conditions of such Depository. Securities and cash held through
Subcustodians shall be held subject to the terms and conditions of Custodian’s agreements with such Subcustodians. Subcustodians may be authorized to hold Securities in central securities depositories or clearing agencies in which such
Subcustodians participate. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities deposited with Subcustodians will be held in a commingled account in the name of Custodian as custodian or trustee for
its customers. Custodian shall identify on its books and records the Securities and cash belonging to Customer, whether held directly or indirectly through Depositories or Subcustodians. Custodian shall use commercially reasonable methods (taking
into consideration the methods employed by professional custodians in comparable circumstances) so that, in the event of an attachment, bankruptcy, moratorium or any situation similar event affecting the Custodian, any Subcustodian or Depository,
Customer would be entitled to recover, free and clear of all liens, encumbrances and claims, the Customer’s Securities and cash held by Custodian, any Subcustodian or Depository and, wherever applicable, the physical possession of the
Securities held by Custodian, any Subcustodian or Depository. Custodian will require each Subcustodian to separately identify the Securities and cash in its safe-keeping as being held on Custodian’s own account from those held on behalf of
Custodian’s clients, to the extent permitted by the laws and regulations of the local jurisdiction and the procedures of the relevant Subcustodian. In addition, Custodian will keep its books and registers up to date and will make a distinction
in its books and registers between the Securities and cash held on its own account from the Securities and cash held on behalf of its clients, and the Securities and cash held for Customer’s account from Securities and cash held on behalf of
its other clients. 
 (b)    Unless applicable law otherwise requires, Custodian shall hold Securities indirectly
through a Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors, including a receiver or trustee in bankruptcy or similar
authority, except for a claim of payment for the safe custody or administration of Securities or for funds advanced on behalf of Customer by such Subcustodian, and (ii) beneficial ownership of the Securities is freely transferable without the
payment of money or value other than for safe custody or administration. 
 2.    Custodian shall make available to
Customer an advice of daily transactions and a monthly summary of all transfers to or from the Accounts by the 1st business day of each calendar month. Customer may elect to receive advices,
confirmations, reports or statements electronically through the Internet to an email address specified by it for such purpose. By electing to use the Internet for this purpose, Customer acknowledges that such transmissions are not encrypted and
therefore are insecure. Customer further acknowledges that there are other risks inherent in communicating through the Internet such as the possibility of virus contamination and disruptions in service, and agrees that Custodian shall not be
responsible for any loss, damage or expense suffered or incurred by Customer or any person claiming by or through Customer as a result of the use of such methods. 

3.    With respect to all Securities held hereunder, Custodian shall, unless otherwise instructed to the contrary: 

(a)    Receive all income and other payments and advise Customer as promptly as practicable of any such amounts due but
not paid; 
 (b)    Present for payment and receive the amount paid upon all Securities which may mature and advise
Customer as promptly as practicable of any such amounts due but not paid; 
 (c)    Forward to Customer all information
or documents that it may receive from an issuer of Securities which, in the opinion of Custodian, are intended for the beneficial owner of Securities; 

(d)    Execute, as custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax
laws now or hereafter in effect in connection with the collection of bond and note coupons; 

 (e)    Hold directly or through a Depository or Subcustodian all rights and
similar Securities issued with respect to any Securities credited to an Account hereunder; and 
 (f)    Endorse for
collection checks, drafts or other negotiable instruments. 
 (g)    Custodian shall perform the following functions
with respect to Securities consisting of bank loans and the cash receipts and proceeds with respect thereto: 

(i)    Receive funds to purchase bank loans and remit those funds to the recipient borrower or seller of such bank loans
upon Written Instructions of Authorized Person; 
 (ii)    Enter standard bank loan information into Custodian’s
loan tracking system; 
 (iii)    Forward to Customer the agent bank notices received from agent banks with respect to
Customer; and 
 (iv)    Prepare and deliver to Customer a position summary statement, cash flow activity and contract
accrual reports with respect to the bank loans on a mutually agreed upon periodic basis. 

4.    (a)    Custodian shall use reasonable endeavours to deliver or cause to be delivered to
Customer, copies of all notices, proxies and proxy-soliciting materials received by Custodian or its nominee in relation to any of the Securities held by Custodian or its nominee for the account of Customer as
soon as reasonably practicable after such information becoming available to it. Promptly following receipt thereof, Custodian shall notify Customer of such rights or discretionary actions or of the date or dates by when such rights must be exercised
or such action must be taken provided that Custodian has received, from the issuer or the relevant Depository (with respect to Securities issued in the United States) or from the relevant Subcustodian, Depository or a nationally or internationally
recognized bond or corporate action service to which Custodian subscribes, timely notice of such rights or discretionary corporate action or of the date or dates such rights must be exercised or such action must be taken (except for bank loans).
Absent actual receipt of such notice, Custodian shall have no liability for failing to so notify Customer. 

(b)    Whenever Securities (including, but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls) confer optional rights on Customer or provide for discretionary action or alternative courses of action by Customer, Customer shall be responsible for making any decisions relating
thereto and for directing Custodian to act. In order for Custodian to act, it must receive Customer’s Written Instructions at Custodian’s offices, addressed as Custodian may from time to time request, not later than noon at least two
(2) Business Days prior to the last scheduled date to act with respect to such Securities (or such earlier date or time as Custodian may notify Customer). Absent Custodian’s timely receipt of such Written Instructions, Custodian shall not
be liable for failure to take any action relating to or to exercise any rights conferred by such Securities. Custodian shall not and shall procure that no nominee or agent of the Custodian shall vote or consent to any other action in respect of any
of the Securities held by Custodian or its nominees for the account of Customer except in accordance with the Customer’s Written Instructions. 

5.    Custodian will make available to Customer proxy voting services upon the request of, and for the jurisdictions
selected by, Customer in accordance with terms and conditions to be mutually agreed upon by Custodian and Customer. 

6.    Custodian shall promptly advise Customer upon its notification of the partial redemption, partial payment or other
action affecting less than all Securities of the relevant class (except for bank loans). If Custodian, any Subcustodian or Depository holds any such Securities in which Customer has an interest as part of a fungible mass, Custodian, such
Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection
in respect of its other customers. 
 7.    Custodian shall not under any circumstances accept bearer interest coupons
which have been stripped from United States federal, state or local government or agency securities unless explicitly agreed to by Custodian in writing. 

8.    Customer shall be liable for all taxes, assessments, duties and other governmental charges, including any interest
or penalty with respect thereto (“Taxes”), with respect to any cash or Securities held on behalf of Customer or any transaction related thereto. Customer shall indemnify Custodian and each Subcustodian for the amount of any Tax that
Custodian, any such Subcustodian or any other withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments or distributions made to or for the account of
Customer (including any payment of Tax required by reason of an earlier failure to withhold). Custodian shall, or shall instruct the applicable Subcustodian or other withholding agent to, withhold the amount of any Tax which is required to be
withheld under applicable law upon collection of any dividend, interest or other distribution made with respect to any Security and any proceeds or income from the sale, loan or other transfer of any Security. In the event that Custodian or any
Subcustodian is required under applicable law to pay any Tax on behalf of Customer, Custodian is hereby 

 
authorized to withdraw cash from any cash account in the amount required to pay such Tax and to use such cash, or to remit such cash to the appropriate Subcustodian, for the timely payment of
such Tax in the manner required by applicable law. If the aggregate amount of cash in all cash accounts is not sufficient to pay such Tax, Custodian shall promptly notify Customer of the additional amount of cash (in the appropriate currency)
required, and Customer shall directly deposit such additional amount in the appropriate cash account promptly after receipt of such notice, for use by Custodian as specified herein. In the event that Custodian reasonably believes that Customer is
eligible, pursuant to applicable law or to the provisions of any tax treaty, for a reduced rate of, or exemption from, any Tax which is otherwise required to be withheld or paid on behalf of Customer under any applicable law, Custodian shall, or
shall instruct the applicable Subcustodian or withholding agent to, either withhold or pay such Tax at such reduced rate or refrain from withholding or paying such Tax, as appropriate; provided that Custodian shall have received from Customer
all documentary evidence of residence or other qualification for such reduced rate or exemption required to be received under such applicable law or treaty. In the event that Custodian reasonably believes that a reduced rate of, or exemption from,
any Tax is obtainable only by means of an application for refund, then Custodian shall cooperate and assist Customer with filing such application for refund, Custodian and the applicable Subcustodian shall have no responsibility for the accuracy or
validity of any forms or documentation provided by Customer to Custodian hereunder. Customer hereby agrees to indemnify and hold harmless Custodian and each Subcustodian in respect of any liability arising from any underwithholding or underpayment
of any Tax which results from the inaccuracy or invalidity of any such forms or other documentation, and such obligation to indemnify shall be a continuing obligation of Customer, its successors and assigns, notwithstanding the termination of this
Agreement. 
 9.    (a)    For the purpose of settling Securities and foreign exchange transactions,
Customer shall provide Custodian with sufficient immediately available funds for all transactions by such time and date as conditions in the relevant market dictate. As used herein, “sufficient immediately available funds” shall mean
either (i) sufficient cash denominated in the currency of Customer’s home jurisdiction to purchase the necessary foreign currency, or (ii) sufficient applicable foreign currency to settle the transaction. Custodian shall provide
Customer with immediately available funds each day which result from the actual settlement of all sale transactions, based upon advices received by Custodian from its Subcustodians and Depositories. Such funds shall be in the currency of
Customer’s home jurisdiction or such other currency as Customer may specify to Custodian. 
 (b)    Any foreign
exchange transaction effected by Custodian in connection with this Agreement may be entered with Custodian or a BNYM Affiliate acting as principal or otherwise through customary banking channels. Customer may issue standing Written Instructions with
respect to foreign exchange transactions but Custodian may establish, with notice to Customer, rules or limitations concerning any foreign exchange facility made available to Customer. Customer shall bear all risks of investing in Securities or
holding cash denominated in a foreign currency. Without limiting the foregoing, Customer shall bear the risks that rules or procedures imposed by Depositories, exchange controls, asset freezes or other laws, rules, regulations or orders shall
prohibit or impose burdens or costs on the transfer to, by or for the account of Customer of Securities or cash held outside Customer’s jurisdiction or denominated in a currency other than its home jurisdiction or the conversion of cash from
one currency into another currency. Custodian shall not be obligated to substitute another currency for a currency whose transferability, convertibility or availability has been affected by such law, regulation, rule or procedure. Neither Custodian
nor any Subcustodian shall be liable to Customer for any loss resulting from any of the foregoing events, except for any losses arising directly out of the negligence or willful misconduct of Custodian. 

10.    To the extent that Custodian has agreed to provide pricing or other information services in connection with this
Agreement, Custodian is authorized to utilize any vendor (including brokers and dealers of Securities) reasonably believed by Custodian to be reliable to provide such information. Customer understands that certain pricing information with respect to
complex financial instruments (e.g., derivatives) may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market
values may or may not be material. Where vendors do not provide information for particular Securities or other property, an Authorized Person may advise Custodian regarding the fair market value of, or provide other information with respect to, such
Securities or property as determined by it in good faith. Custodian shall not be liable for any loss, damage or expense incurred as a result of errors or omissions made by any vendor selected by Custodian in the exercise of its commercially
reasonable discretion with respect to any pricing or other information utilized by Custodian hereunder, except any loss, damage or expense arising out of the gross negligence or wilful misconduct of Custodian or the failure of Custodian to exercise
reasonable care in the selection of said vendor. 
 11.    As an accommodation to Customer, Custodian may provide
consolidated recordkeeping services pursuant to which Custodian reflects on Account statements Securities not held in Custodian’s vault or for which Custodian or its nominee is not the registered owner
(“Non-Custody Securities”). Non-Custody Securities shall be designated on Custodian’s books as “shares not held” or by other similar
characterization. Customer acknowledges and agrees that it shall have no security entitlement against Custodian with respect to Non-Custody Securities, that Custodian shall rely, without independent
verification, on information provided by Customer regarding Non-Custody Securities (including but not limited to positions and market valuations) and that Custodian shall have no responsibility whatsoever with
respect to Non-Custody Securities or the accuracy of any information maintained on Custodian’s books or set forth on account statements concerning Non-Custody
Securities. 

 12.    From time to time Custodian may make available to Customer or its
agent(s) certain computer programs, products, services, reports or information (including, without limitation, information obtained by Custodian from third parties and information reflecting Custodian’s input, evaluation and interpretation
(collectively, “Tools”). Tools may allow Customer or its agent(s) to perform certain analytic, accounting, compliance, reconciliation and other functions with respect to the Account. By way of example, Tools may assist Customer or its
agent(s) in analyzing the performance of investment managers appointed by Customer, determining on a post-trade basis whether transactions for the Account comply with Customer’s investment guidelines, evaluating assets at risk, and performing
account reconciliations. Tools may be used only for Customer’s internal purposes, and may not be resold, redistributed or otherwise made available to third parties. Tools are the sole and exclusive property of Custodian and its suppliers.
Customer may not reverse engineer or decompile any computer programs provided by the Custodian comprising, or provided as a part of, any Tools. Information supplied by third parties may be incorrect or incomplete, and any information, reports,
analytics or other services supplied by Custodian that rely on information from third parties may also be incorrect or incomplete. All Tools are provided “AS IS”, whether or not they are modified to meet specific needs of Customer and
regardless of whether Custodian is compensated by Customer for providing such Tools. CUSTODIAN DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, CUSTODIAN AND ITS SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE, DAMAGE, LIABILITY OR
CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY OTHER PERSON AS A RESULT OF USE OF, INABILITY TO USE, OR RELIANCE UPON ANY TOOLS, EXCEPT FOR ANY LOSS, COST, EXPENSE, DAMAGE, LIABILITY OR CLAIM ARISING OUT OF NEGLIGENCE OR WILLFUL
MISCONDUCT OF CUSTODIAN. 
 13.    With respect to Securities issued in the United States, the Shareholders
Communications Act of 1985 (the “Act”) requires Custodian to disclose to the issuers, upon their request, the name, address and securities position of its customers who are (a) the “beneficial owners” (as defined in the Act)
of the issuer’s Securities, if the beneficial owner does not object to such disclosure, or (b) acting as a “respondent bank” (as defined in the Act) with respect to the Securities. (Under the Act, “respondent banks” do
not have the option of objecting to such disclosure upon the issuers’ request.) The Act defines a “beneficial owner” as any person who has, or shares, the power to vote a security (pursuant to an agreement or otherwise), or who
directs the voting of a security. The Act defines a “respondent bank” as any bank, association or other entity that exercises fiduciary powers which holds securities on behalf of beneficial owners and deposits such securities for
safekeeping with a bank, such as Custodian. Under the Act, Customer is either the “beneficial owner” or a “respondent bank.” 
  

	☐	 Customer is the “beneficial owner,” as defined in the Act, of the Securities to be held by Custodian
hereunder. 

  

	☐	 Customer is not the beneficial owner of the Securities to be held by Custodian, but is acting as a
“respondent bank,” as defined in the Act, with respect to the Securities to be held by Custodian hereunder. 

 IF NO BOX IS
CHECKED, CUSTODIAN SHALL ASSUME THAT CUSTOMER IS THE BENEFICIAL OWNER OF THE SECURITIES. 
 For beneficial owners of the Securities only: 

 

	☐	 Customer objects 

  

	☐	 Customer does not object 

to the disclosure of its name, address and securities position to any issuer that requests such information pursuant to the Act for the specific purpose of
direct communications between such issuer and Customer. 
 IF NO BOX IS CHECKED, CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A
CONTRARY WRITTEN INSTRUCTION FROM CUSTOMER. 
 With respect to Securities issued outside of the United States, information shall be released to issuers only
if required by law or regulation of the particular country in which the Securities are located. 

 ARTICLE IV 

PURCHASE, SALE AND REDEMPTION OF SECURITIES; 

CREDITS TO ACCOUNT 

1.    (a)    Promptly after each purchase or sale of Securities by Customer, an Authorized Person
shall deliver to Custodian Written Instructions specifying all information necessary for Custodian to settle such purchase or sale. Custodian shall account for all purchases and sales of Securities on the actual settlement date unless otherwise
agreed by Custodian. 
 (b)    With respect to purchases and redemptions of Hedge Fund Investments, upon the Written
Instructions of an Authorized Person Custodian (or its nominee) will as agent for Customer subscribe for and redeem shares, units or other interests and complete, execute and submit all relevant subscription and redemption documentation required by
the relevant issuer; provided that any Written Instructions given to Custodian hereunder shall be in accordance with Custodian’s procedures notified to Customer from time to time; and provided further, that Customer’s delivery to Custodian
of any such Written Instructions to purchase Hedge Fund Investments shall constitute Customer’s representation and warranty that Customer has reviewed and understands the terms of the relevant offering memorandum or subscription agreement (or
similar document) and other document(s) related thereto and agreement to be bound by the terms and conditions thereof (including all representations and warranties to which Customer will be bound as beneficial owner of such Hedge Fund Investment).

 2.    Customer understands that when Custodian is instructed to deliver Securities against payment, delivery of such
Securities and receipt of payment therefor may not be completed simultaneously. Customer assumes full responsibility for all credit risks involved in connection with Custodian’s delivery of Securities pursuant to instructions of Customer. 

3.    Custodian may, as a matter of bookkeeping convenience or by separate agreement with Customer, credit the Account
with the proceeds from the sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt of final payment therefor. All such credits shall be conditional until
Custodian’s actual receipt of final payment and may be reversed by Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be “final” until Custodian shall have received immediately
available funds which under applicable local law, rule and/or practice are irreversible and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction. 

ARTICLE V 
 OVERDRAFTS OR
INDEBTEDNESS 
 1.    If Custodian in its sole discretion advances funds in any currency hereunder or there shall
arise for whatever reason an overdraft in an Account (including, without limitation, overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or if for any other reason
Custodian Customer is indebted to Custodian, Customer agrees to repay Custodian on demand the amount of the advance, overdraft or indebtedness plus accrued interest at a rate ordinarily charged by Custodian to its institutional custody customers in
the relevant currency. 
 2.    If any advance of funds is made by Custodian to purchase, or to make payment on or
against delivery of Securities hereunder, Custodian shall have a continuing security interest in and right of setoff against such Securities and the proceeds thereof, until such time as Custodian is repaid the amount of such advance. If at any time
before such repayment the market value of such Securities is less than the amount of the advance made to finance their purchase, Custodian shall have a continuing security interest in and right of setoff against such additional Securities in the
Account as is necessary for the repayment of such advance by Custodian to be fully secured. In this regard, Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules or regulations as
then in effect. 
 ARTICLE VI 

CONCERNING CUSTODIAN 

1.    (a)    Except as otherwise expressly provided herein, Custodian shall not be liable for any
costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees (collectively, “Losses”), incurred by or asserted against Customer, except those Losses arising out of the negligence or willful
misconduct of Custodian. Custodian shall have no liability whatsoever for the action or inaction of any Depository or issuer of Securities. During the term of this Agreement, the Custodian will remain responsible to Customer for the performance of
its duties in accordance with its standard of care hereunder. Custodian will be solely responsible for, and shall remunerate and reimburse, all fees, costs and other expenses of any such Subcustodian, agent or such other person. Custodian hereby
undertakes to take all reasonable care in selecting, retaining and monitoring any Subcustodian, agent or any other person engaged by Custodian in connection with the performance of its obligations hereunder. With respect to any Losses

 
incurred by Customer as a result of the acts or the failure to act by any Subcustodian (other than a BNYM Affiliate), Custodian shall take appropriate action to recover such Losses from such
Subcustodian; and Custodian’s sole responsibility and liability to Customer shall be limited to amounts so received from such Subcustodian (exclusive of costs and expenses incurred by Custodian). Provided however, that, at Customer’s
election and to the extent practicable under the circumstances and allowable under the Subcustodian agreement and/ or the law pursuant to which a Subcustodian agreement is construed, Customer shall be subrogated to the rights of the Custodian with
respect to any claims against a Subcustodian as a consequence of any such Loss if and to the extent that Customer has not been made whole for any such Loss by such Subcustodian. In no event shall Custodian or Customer be liable to the other party
hereto or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement. 

(b)    Custodian may enter into subcontracts, agreements and understandings with any BNYM Affiliate, whenever and on such
terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Custodian from its obligations hereunder. 

(c)    Customer agrees to indemnify Custodian and hold Custodian harmless from and against any and all Losses sustained or
incurred by or asserted against Custodian by reason of or as a result of any action or inaction, or arising out of Custodian’s performance hereunder, including reasonable fees and expenses of counsel incurred by Custodian in a successful
defense of claims by Customer; provided however, that Customer shall not indemnify Custodian for those Losses arising out of Custodian’s negligence or willful misconduct. This indemnity shall be a continuing obligation of Customer, its
successors and assigns, notwithstanding the termination of this Agreement. 
 2.    Without limiting the generality of
the foregoing, Custodian shall be under no obligation to inquire into, and shall not be liable for, any losses incurred by Customer or any other person as a result of the receipt or acceptance of fraudulent, forged or invalid Securities, or
Securities which are otherwise not freely transferable or deliverable without encumbrance in any relevant market (other than those received from a BNYM Affiliate). 

3.    Custodian may, with respect to questions of law specifically regarding an Account, obtain the advice of counsel and
shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice. 

4.    Custodian shall be under no obligation to take action to collect any amount payable on Securities in default, or if
payment is refused after due demand and presentment. 
 5.    Custodian shall have no duty or responsibility to inquire
into, make recommendations, supervise, or determine the suitability of any transactions affecting any Account. 

6.    Customer shall pay to Custodian the fees and charges as may be specifically agreed upon from time to time and such
other fees and charges at Custodian’s standard rates for such services specified by prior notice from Custodian to Customer.    Customer shall reimburse Custodian for all reasonable costs associated with the conversion of
Customer’s Securities hereunder and the transfer of Securities and records kept in connection with this Agreement. 

7.    Custodian has the right to debit any cash account for any amount payable by Customer and not disputed by Customer in
good faith in connection with any and all obligations of Customer to Custodian arising out of this Agreement. In addition to the rights of Custodian under applicable law and other agreements, at any time when Customer shall not have honored any of
its obligations to Custodian, Custodian shall have the right without notice to Customer to retain or set-off, against such obligations of Customer, any Securities or cash Custodian or a BNYM Affiliate may
directly or indirectly hold for the account of Customer, and any obligations (whether matured or unmatured) that Custodian or a BNYM Affiliate may have to Customer in any currency, provided, however Custodian shall endeavour to provide notice to
Customer prior to exercising any rights hereunder. Any such asset of, or obligation to, Customer may be transferred to Custodian and any BNYM Affiliate in order to effect the above rights. 

8.    (a)    Subject to the terms below, Custodian shall be entitled to rely upon any Written
Instructions or Oral Instructions actually received by Custodian and reasonably believed by Custodian to be duly authorized and delivered. Customer agrees that an Authorized Person shall forward to Custodian Written Instructions confirming Oral
Instructions by the close of business of the same day that such Oral Instructions are given to Custodian. Customer agrees that the fact that such confirming Written Instructions are not received or that contrary Written Instructions are received by
Custodian shall in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by Custodian. 

 (b)    If Custodian receives Written Instructions which appear on their face
to have been transmitted by an Authorized Person via (i) computer facsimile, email, the Internet or other insecure electronic method, or (ii) secure electronic transmission containing applicable authorization codes, passwords and/or
authentication keys, Customer understands and agrees that Custodian cannot determine the identity of the actual sender of such Written Instructions and that Custodian shall conclusively presume that such Written Instructions have been sent by an
Authorized Person. Customer shall be responsible for ensuring that only Authorized Persons transmit such Written Instructions to Custodian and that all Authorized Persons treat applicable user and authorization codes, passwords and/or authentication
keys with reasonable care. 
 (c)    Customer acknowledges and agrees that it is fully informed of the protections and
risks associated with the various methods of transmitting Written Instructions to Custodian and that there may be more secure methods of transmitting Written Instructions than the method(s) selected by Customer. Customer agrees that the security
procedures (if any) to be followed in connection with its transmission of Written Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

(d)     If Customer elects to transmit Written Instructions through an on-line
communication system offered by Custodian, Customer’s use thereof shall be subject to the Electronic Access Terms and Conditions provided by Custodian to Customer or Customer’s agent. If Customer elects (with Custodian’s prior
consent) to transmit Written Instructions through an on-line communications service owned or operated by a third party, Customer agrees that Custodian shall not be responsible or liable for the reliability or
availability of any such service. 
 9.    Upon reasonable request and provided Custodian shall suffer no significant
disruption of its normal activities, Customer shall have access to Custodian’s books and records relating to the Accounts during Custodian’s normal business hours. Upon reasonable request, copies of any such books and records shall be
provided to Customer at Customer’s expense. 
 10.    Custodian shall not either before or for one year after the
termination of this Agreement disclose to any person not authorized by Customer in writing to receive the same any confidential information relating to Customer or its business. Custodian shall not disclose Customer’s confidential information
to personnel responsible for any proprietary trading activity of Custodian or its affiliates. Notwithstanding the immediately preceding sentence, it is understood that Custodian is authorized to supply any information regarding the Accounts which is
required by any law, regulation or rule of any governmental authority having jurisdiction over Custodian, as now or hereafter may be in effect. 

11.    Neither Customer nor Custodian shall be responsible or liable for any failure or delay in the performance of their
respective obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military
disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being
understood that Custodian shall use its best efforts to resume performance as soon as practicable under the circumstances. 

12.    Custodian shall have no duties or responsibilities whatsoever except such duties and responsibilities as are
specifically set forth in this Agreement. 
 ARTICLE VII 

TERMINATION 
 Either party
may terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination, which shall be not less than ninety (90) days after the date of such notice. Upon termination hereof, Customer shall pay to
Custodian such compensation as may be due to Custodian, and shall likewise reimburse Custodian for other amounts payable or reimbursable to Custodian hereunder. Custodian shall follow such reasonable Oral Instructions or Written Instructions
concerning the transfer of custody of records, Securities and other items as Customer shall give; provided, that (a) Custodian shall have no liability for shipping and insurance costs associated therewith, and (b) full payment shall have
been made to Custodian of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Securities or cash remain in any Account, Custodian may deliver to Customer such Securities and cash. Except as otherwise
provided herein, all obligations of the parties to each other hereunder shall cease upon termination of this Agreement. 

 ARTICLE VIII 

MISCELLANEOUS 

1.    Customer agrees to furnish to Custodian a new Certificate of Authorized Persons in the event of any change in the
then present Authorized Persons. Until such new Certificate is received, Custodian shall be fully protected in acting upon Oral Instructions and Written Instructions of such present Authorized Persons. 

2.    Any notice or other instrument in writing, authorized or required by this Agreement to be given to Custodian, shall
be sufficiently given if addressed to Custodian and received by it at its offices at 240 Greenwich Street, New York, New York 10286, or at such other place as Custodian may from time to time designate in writing. 

3.    Any notice or other instrument in writing, authorized or required by this Agreement to be given to Customer shall be
sufficiently given if addressed to Customer and received by it at its offices at Angelo Gordon & Co., LP 42nd Floor (ATTN: AG Twin Brook BDC, Inc), 245 Park Avenue, New York, NY 10167, or at such other place as Customer may from time to
time designate in writing. 
 4.    Each and every right granted to either party hereunder or under any other document
delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise, and no delay in exercising, any right will operate
as a waiver thereof, nor will any single or partial exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other right. 

5.    In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written agreement executed by both
parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by either party without the written consent of the
other. 
 6.    (a)    This Agreement shall be construed in accordance with the substantive laws of
the State of New York, without regard to conflicts of laws principles thereof. Customer and Custodian hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising
hereunder. Customer hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such
proceeding brought in such a court has been brought in an inconvenient forum. Customer and Custodian each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

(b)    The parties hereto agree that the establishment and maintenance of the Account, and all interests, duties and
obligations with respect thereto, shall be governed by the laws of the State of New York. 
 7.    The parties hereto
agree that in performing hereunder, Custodian is acting solely on behalf of Customer and no contractual or service relationship shall be deemed to be established hereby between Custodian and any other person. 

8.    Customer hereby acknowledges that Custodian is subject to federal laws, including the Customer Identification
Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Custodian must obtain, verify and record information that allows Custodian to identify Customer. Accordingly, prior to opening an Account
hereunder Custodian will ask Customer to provide certain information including, but not limited to, Customer’s name, physical address, tax identification number and other information that will help Custodian to identify and verify
Customer’s identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. Customer agrees that Custodian cannot open an Account hereunder unless and until the
Custodian verifies the Customer’s identity in accordance with its CIP. 
 9.    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 only one instrument. 

10.    Custodian’s parent company, The Bank of New York Mellon Corporation, is a global financial organization that
provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions, including audit, accounting, risk, legal, compliance, sales,
administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party service
providers. Notwithstanding anything contained elsewhere in this Agreement, solely in connection with the Centralized Functions, (i) Customer consents to the disclosure of, and authorizes BNY Mellon

 
to disclose, information regarding Customer and its accounts (“Customer-Related Data”) to the BNY Mellon Group and to its third-party service providers who are subject to
confidentiality obligations with respect to such information and (ii) BNY Mellon may store the names and business addresses of Customer’s employees on the systems or in the records of the BNY Mellon Group or its service providers. In
addition, the BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not
distribute the aggregated data in a format that identifies Customer-Related Data with Customer is authorized to consent to the foregoing and confirms that the disclosure to and storage by the BNY Mellon Group of such information does not violate any
relevant data protection legislation. In addition, Custodian may disclose Customer-Related Data as required by law or at the request of any governmental or regulatory authority. 

11.    (a)    Throughout the term of this Agreement, the Customer: (i) shall maintain, and comply
with, an Economic Sanctions Compliance Program which includes measures to accomplish effective and timely scanning of all relevant data with respect to its clients and with respect to incoming or outgoing assets or transactions; (ii) shall
ensure that, to its knowledge after due inquiry, neither the Fund nor any of its affiliates, directors, officers, employees or clients (to the extent such clients are covered by this Agreement) is an individual or entity that is, or is owned or
controlled by an individual or entity that is: (A) the target of Sanctions, or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions; and (iii) shall not, directly or
indirectly, knowingly use the Accounts in any manner that would result in a violation of Sanctions. 
 (b)     Customer
will promptly provide to Custodian such information in its possession as Custodian determines in its reasonable discretion to be necessary or advisable in order to comply with applicable law or regulation in connection with the matters referenced in
this Section 11, including information regarding the Accounts, the assets held or to be held in such Accounts, and the source thereof. Custodian may decline to act or provide services in respect of any Account, and take such other actions as
it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 11. If Custodian declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited
by applicable law or official request, Custodian will inform Customer as soon as reasonably practicable. 

12.    (a)    In the event that Custodian becomes subject to a proceeding under a U.S. special
resolution regime, the transfer of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) from Custodian will be effective to the same extent as the transfer would be effective under the U.S. special
resolution regime if the Agreement (and any interest and obligation in or under, and any property securing, the Agreement were governed by the laws of the United States or a state of the United States; and 

(b)    In the event that Custodian or any BNYM Affiliate becomes subject to a proceeding under a U.S. special resolution
regime, default rights with respect to this Agreement that may be exercised against Custodian are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S. special resolution regime if the Agreement
were governed by the laws of the United States or a state of the United States. 
 -Signature Page to Follow- 

 IN WITNESS WHEREOF, Customer and Custodian have caused this Agreement to be executed by
their respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	AG Twin Brook BDC, Inc

 
			
		
	By:	 	 /s/ Gregory Shalette

	Name:	 	Gregory Shalette
	Title:	 	Deputy General Counsel

 
			
	Tax Identification No: 83-4184014

 
			
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION

 
			
		
	By:	 	 /s/ Rosalyn Y. Davis

			
	Name:	 	Rosalyn Y. Davis
	Title:	 	Vice President

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer - Oral and Written Instructions) 

The undersigned hereby certifies that he/she is the duly elected and acting
                                         
                        of
                                         
   
                                         
                                        (the
“Corporation”), and further certifies that the following officers or employees of the Corporation have been duly authorized in conformity with the Corporation’s Articles of Incorporation and
By-Laws to deliver Oral and Written Instructions to The Bank of New York Mellon Trust Company, National Association (“BNYMNA”) pursuant to the Global Custody Agreement between the Corporation and
BNYMNA dated             , 2019 and that the signatures appearing opposite their names are true and correct: 

 

											
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

							
	 [corporate

seal]
	 		 	  

    
	  	                            
		 		 	Title:	  	
				
		 		 	Date:	  	

 CUSTODY ACCOUNT AGENCY AUTHORIZATION 

Reference is made to the Global Custody Agreement (the “Custody Agreement”) dated as of
            , 2018 between
                                         
                        (“Customer”) and The Bank of New York Mellon Trust Company, National Association
(“BNYMNA”). 
 This is to advise BNYMNA that for the account(s) identified below Customer has duly authorized the following
investment managers (each, an “Investment Manager”) to act as Customer’s agent for the purpose of (a) delivering Oral and Written Instructions to BNYMNA (as defined in the Custody Agreement), and/or (b) buying and selling
foreign currency (on a spot and forward basis) and options to buy and sell foreign currency, as such purposes are designated below, and to confirm to BNYMNA that all actions taken by BNYMNA in reliance upon such authorization (whether in its
capacity as custodian or counterparty) shall be binding on Customer. 
  

															
	Investment Manager	  		  	Account Title/Number	  		  	Inst.    	  		  	F/X    	  	
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	    
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	
								
	  
	  		  	  
	  		  	  
	  		  	  
	  	

  

									
		 		 	  
	  	 	                            	 
				
	 [corporate

seal]
	 		 	
By                         
                                         
   
     
	  			
		 		 	Title:	  			
				
		 		 	Date:	  			

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Oral and Written Instructions) 
  

	Re:	 Account Name: 

Account Number: 
 The
undersigned hereby certifies that he/she is the duly elected and acting
                                         
                            of
                                         
                                         
                                         
                                         
                 (the “Investment Manager”), and further certifies that the following officers or employees of the Investment Manager have been duly
authorized in conformity with the Investment Manager’s organizational documents to deliver oral and written instructions to The Bank of New York Mellon Trust Company, National Association (“BNYMNA”) with respect to the
above-referenced Account, and that the signatures appearing opposite their names are true and correct: 
  

											
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

							
	 [seal]
	 		 	  
	  	                            
				
		 		 	Title:	  	
				
		 		 	Date:	  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer - Foreign Exchange) 

The undersigned hereby certifies that he/she is the duly elected and acting
                                         
                        of
                                         
                                         
                                         
                                         
         (the “Corporation”), and further certifies that the following officers or employees of the Corporation have been duly authorized in conformity with the Corporation’s Articles of
Incorporation and By-Laws to enter into contracts with The Bank of New York Mellon Trust Company, National Association (“BNYMNA”) to buy and sell foreign currency (on a spot and forward basis) and
options to buy and sell foreign currency on behalf of the Corporation or any Account (“F/X Transactions”), and that the signatures appearing opposite their names are true and correct: 

 

											
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	

 and further certifies that the following officers or employees of the Corporation have been duly authorized in conformity with
the Corporation’s Articles of Incorporation and By-Laws to confirm, orally and in writing, the terms of F/X Transactions entered with BNYMNA, and that the signatures appearing opposite their names are
true and correct: 
  

											
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

							
	 [corporate

seal]
	 		 	  

    
	  	                            
		 		 	Title:	  	
				
		 		 	Date:	  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Foreign Exchange) 
  

	Re:	 Account Name: 

Account Number: 
 The
undersigned hereby certifies that he/she is the duly elected and acting
                                         
                        of
                    
                                         
                                         
                                         
                                  (the “Investment Manager”), and
further certifies that the following officers or employees of the Investment Manager have been duly authorized in conformity with the Investment Manager’s organizational documents to enter into contracts with The Bank of New York Mellon Trust
Company, National Association (“BNYMNA”) to buy and sell foreign currency (on a spot and forward basis) and options to buy and sell foreign currency on behalf of the above-referenced Account (“F/X Transactions”), and that the
signatures appearing opposite their names are true and correct: 
  

											
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	

 and further certifies that the following officers or employees of the Investment Manager have been duly authorized in
conformity with the Investment Manager’s organizational documents to confirm, orally and in writing, the terms of F/X Transactions entered by the Investment Manager with BNYMNA, and that the signatures appearing opposite their names are true
and correct: 
  

											
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	
						
	  
	 		  	  
	  		  	  
	  	
	Name	 		  	Title	  		  	Signature	  	

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

							
	 [seal]
	 		 	  
	  	                            
				
		 		 	Title:	  	
				
		 		 	Date:

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