Document:

Exhibit 10.3

 Exhibit 10.3 

FUND ACCOUNTING SERVICING AGREEMENT 

THIS AGREEMENT is made and entered into as of the 8th day of August, 2019, by and between
MUZINICH BDC, INC., a Delaware corporation (the “Fund”), and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services, a Wisconsin limited liability company (“Fund Services”). 

WHEREAS, the Fund is a closed-end management investment fund that has elected to be regulated as a
business development company under the Investment Company Act of 1940 (the “1940 Act”); 
 WHEREAS, the Fund desires to retain
Fund Services to provide accounting services with respect to the Fund; and 
 WHEREAS, Fund Services is willing to provide accounting
services with respect to the Fund on the terms and conditions hereafter set forth. 
 NOW, THEREFORE, in consideration of the promises and
mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 

 

	1.	 Engagement of Fund Services 

The Fund hereby engages Fund Services to provide the accounting services specified herein on the terms and conditions set forth in this
Agreement, and Fund Services hereby accepts such engagement and agrees to perform the services and duties set forth in this Agreement. 
  

	2.	 Services and Duties of Fund Services 

Fund Services shall provide the following fund accounting services: 
  

	 	A.	 Portfolio Accounting Services: 

 

	 	(1)	 Maintain portfolio records on a trade date basis using security trade information communicated from the Fund.

  

	 	(2)	 At least quarterly (each such date is referred to herein as a “valuation date”), obtain prices from a
pricing source designated by the Fund and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Fund’s Board of Directors (the “Board of Directors”), or a designee
thereof, shall provide, in good faith, the fair value for such securities. 

  
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	 	(3)	 Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on
investments for the accounting period. 

  

	 	(4)	 Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic
distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date. 

  

	 	B.	 Expense Accrual and Payment Services: 

 

	 	(1)	 For each valuation date, calculate the expense accrual amounts as directed by the Fund as to methodology, rate
or dollar amount. 

  

	 	(2)	 Record payments for expenses upon receipt of written authorization from the Fund. 

 

	 	(3)	 Account for expenditures and maintain expense accrual balances at the level of accounting detail, as agreed
upon by Fund Services and the Fund. 

  

	 	(4)	 Provide expense accrual and payment reporting. 

 

	 	C.	 Fund Valuation and Financial Reporting Services: 

 

	 	(1)	 Account for Fund share repurchases, tenders, sales, exchanges, transfers, dividend reinvestments, and other
Fund share activity as reported by the Fund’s transfer agent on a timely basis. 

  

	 	(2)	 Apply equalization accounting as directed by the Fund. 

 

	 	(3)	 Determine net investment income (earnings) for the Fund as of each valuation date. Account for periodic
distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date. 

  

	 	(4)	 Maintain a general ledger and other accounts, books, and financial records for the Fund in the form as agreed
upon. 

  

	 	(5)	 Calculate the net asset value of the Fund according to the accounting policies and procedures set forth in the
registration statement filed under the Securities Act of 1933 and/or Securities Exchange Act of 1934 or other operative documents. 

  

	 	(6)	 Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund
operations as of each valuation date and at such time as requested by the Fund. 

  
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	 	(7)	 Communicate, at an agreed upon time, the per share price for each valuation date to parties as agreed upon from
time to time. 

  

	 	(8)	 Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances. 

  

	 	D.	 Tax Accounting Services: 

 

	 	(1)	 Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for
Internal Revenue Service defined regulated investment companies. 

  

	 	(2)	 Maintain tax lot detail for the Fund’s investment portfolio. 

 

	 	(3)	 Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Fund.

  

	 	(4)	 Provide the necessary financial information to support the taxable components of income and capital gains
distributions to the Fund’s transfer agent to support tax reporting to the shareholders. 

  

	 	E.	 Compliance Control Services: 

 

	 	(1)	 Support the Fund’s reporting obligations to regulatory bodies and support financial statement preparation
by making the Fund’s accounting records available to the Fund (including for purposes of provision thereof to the Securities and Exchange Commission (the “SEC”), and the Fund’s outside auditors, as determined by the Fund).

  

	 	(2)	 Maintain accounting records according to the 1940 Act and regulations provided thereunder.

  

	 	(3)	 Assist the Fund’s Chief Executive Officer and Chief Financial Officer in connection with establishing and
maintaining “internal control over financial reporting” (as defined in Rules 13a-15(f) and 15-d(f) under the Securities Exchange Act of 1934 (the “1934
Act”)) for the Fund. 

  

	 	(4)	 In order to assist the Fund in satisfying the requirements of Rule
38a-1 under the 1940 Act (the “Rule”), Fund Services will provide the Fund’s Chief Compliance Officer with reasonable access to USBFS’s fund records relating to the services provided by it
under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving Fund Services that affect or could affect the Fund. 

  
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	 	(5)	 Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (“SOX Act”) or any rules or regulations promulgated
by the U.S. Securities and Exchange Commission (“SEC”) thereunder, provided the same shall not be deemed to change USBFS’s standard of care as set forth herein. 

 

	 	(6)	 Cooperate with the Fund’s independent public accounting firm and take all reasonable action in the
performance of its obligations under this Agreement to ensure that the necessary information is made available to such firm for the expression of its opinion on the Fund’s financial statements without any qualification as to the scope of its
examination. 

  

	 	(7)	 Fund Services will provide the Fund with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1)
through access to USBFS’s CCO Portal to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Fund acknowledges and agrees that such reports are confidential and
that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports. 

 

	 	F.	 Fund Services will perform the following accounting functions on a monthly basis: 

 

	 	(1)	 Reconcile cash and investment balances of the Fund with the Fund’s custodian, and provide the Fund with
the beginning cash balance available for investment purposes. 

  

	 	(2)	 Transmit or mail, and make available on an online portal, a copy of the portfolio valuation to the Fund.

  

	 	G.	 In addition, Fund Services will: 

 

	 	(1)	 Prepare monthly security transactions listings. 

 

	 	(2)	 Supply various statistical data as requested by the Fund on an ongoing basis. 

 

	 	(3)	 Prepare a monthly reconciliation between the Fund’s cash portfolio as held on USBFS’s accounting
records and the Fund’s internal records. 

  

	 	(4)	 Pay Fund expenses upon written authorization from the Fund. 

  
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	3.	 License of Data; Warranty; Termination of Rights 

 

	 	A.	 Any valuation information and valuations received by Fund Services from independent pricing services being
provided to the Fund by Fund Services pursuant hereto (collectively, the “Data”) is being licensed, not sold, to the Fund. The Fund has a limited license to use the Data only for purposes necessary to valuing the Fund’s assets and
reporting to regulatory bodies and the Fund’s stockholders (the “License”). The Fund does not have any license nor right to use the Data for purposes beyond the intentions of this Agreement including, but not limited to, resale to
other users or use to create any type of historical database. The License is non-transferable and not sub-licensable. The Fund’s right to use the Data cannot be
passed to or shared with any other entity. 

 The Fund acknowledges the proprietary rights that Fund Services and its
suppliers have in the Data. 
  

	 	B.	 THE FUND HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY
OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER; PROVIDED, HOWEVER, THAT THE FOREGOING SHALL NOT RELIEVE Fund Services FROM ANY OBLIGATION UNDER SECTION 9 BELOW. 

 

	 	C.	 Fund Services may stop supplying some or all Data to the Fund if USBFS’ suppliers terminate any agreement
to provide Data to Fund Services. Also, Fund Services may stop supplying some or all Data to the Fund if Fund Services reasonably believes that the Fund is using the Data in violation of the License, or breaching its duties of confidentiality
provided for hereunder, or if any of USBFS’ suppliers demand that the Data be withheld from the Fund. Fund Services will provide notice to the Fund of any termination of provision of Data as soon as reasonably possible. 

 

	4.	 Pricing of Securities 

 

	 	A.	 For each valuation date, Fund Services shall obtain prices from a pricing source recommended by Fund Services
and approved by the Fund and apply those prices to the portfolio positions of the Fund. For those securities where market quotations are not readily available, the Board of Directors shall provide, in good faith, the fair value for such securities
and Fund Services shall apply those fair values to the relevant portfolio positions. 

 If the Fund desires to provide a
price that varies from the price provided by the pricing source, the Fund shall promptly notify and supply Fund Services with the price of any such security on each valuation date. All pricing changes made by the Fund will be in writing and must
specifically identify the securities to be changed by CUSIP, ISIN, LXID or other recognized industry data reference provider, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are
effective. 

  
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	 	B.	 In the event that the Fund at any time receives Data containing evaluations, rather than market quotations, for
certain securities or certain other data related to such securities, the following provisions will apply: (i) evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based
analytical modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method, including
those used by Fund Services and its suppliers, may consistently generate approximations that correspond to actual “traded” prices of the securities; (ii) methodologies used to provide the pricing portion of certain Data may rely on
evaluations; however, the Fund acknowledges that there may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for use in certain applications; and
(iii) the Fund assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness of using Data containing evaluations, regardless of any efforts made by Fund Services and its suppliers in
this respect. The provisions in this Section 4 shall not have any effect upon the services Fund Services is required to provide or the standard of care and liability Fund Services has set forth in Section 9 of this Agreement.

  

	5.	 Changes in Accounting Procedures 

Any resolution passed by the Board of Directors that affects accounting practices and procedures under this Agreement shall be effective upon
written receipt of notice and acceptance by Fund Services. 
  

	6.	 Changes in Equipment, Systems, Etc. 

Fund Services reserves the right to make changes from time to time, as it deems adivisable, relating to its systems, programs, rules, operating
schedules and equipment, so long as such changes do not adversely affect the services provided to the Fund under this Agreement or the Fund’s internal control over financial reporting. 

 

	7.	 Compensation 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on
Exhibit A hereto (as amended from time to time by consent of both parties to this agreement). The Fund shall pay all fees and reimbursable miscellaneous expenses as are reasonably incurred by Fund Services in performing its duties hereunder
and as are described in Exhibit A hereto. In the event any additional requirements are imposed upon Fund Services hereunder due to the adoption of any new or amended industry, regulatory or other applicable rules, the parties shall, acting in
good faith, mutually agree upon any additional compensation in respect thereof. The Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense

  
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subject to a good faith dispute. The Fund shall notify Fund Services in writing within thirty (30) calendar days following receipt of each invoice if the Fund is disputing any amounts in
good faith. The Fund shall settle such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth
above, unpaid invoices may, in USBFS’s discretion, be assessed a finance charge of 11⁄2% per month after the due date. Notwithstanding anything to the
contrary, amounts owed by the Fund to Fund Services shall only be paid out of assets and property of the Fund 
 Notwithstanding anything to
the contrary herein, Exhibit A reflects all fees to be paid by and all expenses to be reimbursed by the Fund in favor of the Fund Services collectively, pursuant to (a) this Agreement, and (b) that a certain Administration Servicing
Agreement to be entered into between the Fund and Fund Services on or about the date hereof (the “Administration Servicing Agreement”), and, for the avoidance of doubt, in all cases the amounts payable hereunder shall be without
duplication of any amounts payable under the Administration Servicing Agreement. 
  

	8.	 Representations and Warranties 

 

	 	A.	 The Fund hereby represents and warrants to Fund Services, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that: 

  

	 	(1)	 It 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 respective obligations hereunder; 

  

	 	(2)	 This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; and 

  

	 	(3)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

  
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	 	B.	 Fund Services hereby represents and warrants to the Fund, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that: 

  

	 	(1)	 It 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; 

  

	 	(2)	 This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all
requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties; and 

  

	 	(3)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

  

	9.	 Standard of Care; Indemnification; Limitation of Liability 

 

	 	A.	 Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund
Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication
or power supplies beyond USBFS’ control, except a loss arising out of or relating to USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its
duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold harmless Fund Services from
and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys’ fees) that Fund Services may sustain or incur or that may be asserted against Fund Services by
any person arising out of or related to (X) any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction
provided to Fund Services by the Fund’s investment adviser or by any duly authorized officer of the Fund, as approved by the Board of Directors of the Fund, or (Y) the Data, or any information, service, report, analysis or publication
derived therefrom, except for any and all claims, demands, losses, expenses, and liabilities arising out of or 

  
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relating to USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this
Agreement,. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund Services” shall include USBFS’
directors, officers and employees. 

 The Fund acknowledges that the Data is intended for use as an aid in making informed
judgments concerning securities. The Fund accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing
contained herein shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors. 
 Fund Services
shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that the Fund may sustain or incur or that may be asserted
against the Fund by any person arising out of or relating to USBFS’ refusal or failure to comply with the terms of this Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement.
This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term the “Fund” shall include its entity’s directors,
officers and employees. 
 In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund
Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption
that materially impacts USBFS’ services under this Agreement. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services as soon as
practicable. Fund Services agrees that it shall, at all times, have reasonably adequate business continuity and disaster recovery contingency plans, systems and processes, including without limitation arrangements with appropriate parties, and shall
make reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect USBFS’ premises and operating capabilities, books and
records maintained on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall obtain and provide the Fund, at such times as they may reasonably require,
copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement. 

  
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 Notwithstanding the above, Fund Services reserves the right to reprocess and correct
administrative errors at its own expense. Fund Services shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund about the actions it intends to take to correct the error prior to taking
such actions. A “material administrative error” means any error which the Fund or the Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. 

Subject to each party’s indemnification obligations with respect to third partyclaims (as described above), neither party to this
Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement. 
  

	 	B.	 In order that the indemnification provisions contained in this section shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any
claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify
the indemnitee except with the indemnitor’s prior written consent. 

  

	 	C.	 The indemnity and defense provisions set forth in this Section 9 shall indefinitely survive the
termination and/or assignment of this Agreement. 

  

	 	D.	 If Fund Services is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein
shall be deemed to relieve Fund Services of any of its obligations in such other capacity. 

  

	10.	 Proprietary and Confidential Information 

Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of
the Fund all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all shareholder trading information, and not to use such records and information
for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval may not be withheld where Fund Services may be exposed to civil
or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted regulatory authorities provided 

  
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to the extent permitted by law, Fund Services shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Administrator; provided, however, that in the case of
(i) and (ii) above, Fund Services shall reasonably cooperate with the Fund in its efforts to maintain the confidentiality of any such information. Records and other information which have become known to the public through no wrongful act of
Fund Services or any of its directors, officers, employees, agents or representatives, and information that was already in the possession of Fund Services on an unrestricted basis prior to receipt thereof from the Fund or its agent, shall not be
subject to this paragraph. Fund Services acknowledges that it may come into possession of material nonpublic information with respect to the Fund, its portfolio companies or other privately or publicly held companies and confirms that it has in
place effective procedures to prevent the use of such information in violation of applicable insider trading laws. 
 Further, Fund Services
will adhere to privacy policies adopted and as may be modified from time to time by UBSFS subject to oversight by the Fund’s Chief Compliance Officer, as required by Title V of the Gramm-Leach-Bliley Act, as may be modified from time to
time (the “GLB Act”). In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized
access to or use of, records and information relating to the Fund and its shareholders. In addition, Fund Services has implemented and will maintain an effective information security program reasonably designed to protect information relating to
Shareholders (such information, “Personal Information”), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) ensure the security and
confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use
of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security Program”). The Information Security Program complies and shall comply with reasonable information
security practices prevailing within the registered investment company servicing industry. Upon written request from the Fund, Fund Services shall provide a written description of its Information Security Program. Fund Services shall promptly notify
the Fund in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for
purposes of this provision as a “Security Breach”). Fund Services shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. Fund
Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible for such Security Breach. 
 In
addition to, and without limiting the foregoing, Fund Services will promptly cooperate with the Fund or any of their affiliates’ regulators at USBFS’s expense (only if Fund Services is determined to be responsible for such Security Breach)
to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. 

  
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 Notwithstanding any other provision in this Agreement, the obligations set forth in this
Section 10 shall survive termination of this Agreement. 
 Notwithstanding the foregoing, Fund Services will not share any nonpublic
personal information concerning any of the Fund’s shareholders to any third party unless specifically directed by the Fund or allowed under one of the exceptions noted under the GLB Act. 

 

	11.	 Term of Agreement; Amendment 

This Agreement shall become effective as of the date first written above and will continue in effect for a period of three (3) years.
However, this Agreement may be terminated by either party upon giving one hundred and twenty (120) days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing,
this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party. This Agreement may not
be amended or modified in any manner except by written agreement executed by the parties and authorized or approved by the Board of Directors. 
  

	12.	 Records 

Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem
advisable and is agreeable to the Fund, but not inconsistent with any requirements of applicable laws, rules and/or regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Fund
Services agrees that all such records prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with
such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to comply with the Fund’s disclosure
controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Fund and assist the Fund as necessary by providing
information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund’s “internal control over financial reporting” (as defined in Sections 13a-15(f) or 15a-15(f) of the 1934 Act). 
  

	13.	 Governing Law 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the
extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the
1940 Act or any rule or order of the SEC thereunder. 

  
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	14.	 Duties in the Event of Termination 

In the event that, in connection with termination, a successor to any of USBFS’ duties or responsibilities hereunder is designated by the
Administrator by written notice to Fund Services, Fund Services will promptly, upon such termination, except in the case of a material breach by Fund Services, in which case all expenses shall be borne by Fund Services, and at the expense of the
Fund, transfer to such successor all relevant books, records, correspondence and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which Fund
Services has maintained the same, the Fund shall pay any reasonable and documented expenses incurred in connection with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision
for assistance from USBFS’ personnel in the establishment of books, records and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund. 

 

	15.	 No Agency Relationship 

Fund Services shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or
authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund, or to conduct business in the name, or for the account, of the Fund. 

 

	16.	 Data Necessary to Perform Services 

The Fund or its agents shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such
form as mutually agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations hereunder, Fund Services will coordinate with all other service providers of the Fund as may be
requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Administrator or the Fund, nothing herein shall be deemed to relieve Fund Services of any of its
obligations in such capacity. 
  

	17.	 Notification of Error 

The Fund will notify Fund Services of any material discrepancy between the records of Fund Services and the Fund, including, but not limited
to, failing to account for a security position in the Fund’s portfolio, by the later of: within five (5) business days after receipt of any reports rendered by Fund Services to the Fund within five (5) business days after discovery of
any error or omission not covered in the balancing or control procedure, or within five (5) business days of receiving notice from any shareholder. 

  
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	18.	 Compliance with Laws 

The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with
the 1940 Act, the Internal Revenue Code of 1986, as amended, the SOX Act, the USA PATRIOT Act of 2001 and the policies and limitations of the Fund relating to its respective portfolio investments as set forth in the registration statement.
USBFS’ services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Directors’ oversight responsibility with respect thereto. 

The foregoing shall not affect USBFS’s responsibilities for compliance and related matters delegated to Fund Services by the Fund as
expressly provided herein. Fund Services shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the deadline imposed, or
extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements. 
  

	19.	 Assignment 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this
Agreement may not be assignable by the Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors. 

 

	20.	 Notices 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the
date delivered personally or by courier service, or upon delivery after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent by email (so long as no error message is received in response thereto), or
on the date sent and confirmed received by facsimile transmission to the other party’s address set forth below: 
 Notice to Fund
Services shall be sent to: 
 U.S. Bancorp Fund Services, LLC 

777 East Wisconsin Avenue 

MK-WI-J1S 

Milwaukee, WI 53202 

Chief Counsel 

Email: michael.dahm@usbank.com 

  
 14 

 and notice to the Fund shall be sent to: 

Muzinich BDC, Inc. 

c/o Muzinich BDC Adviser, LLC 

450 Park Ave. 

New York, NY 10022 

Email: legal@muzinich.com 
  

	21.	 Invalidity 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. 

 

	22.	 Multiple Originals 

This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such
counterparts shall together constitute but one and the same instrument. 
  

	23.	 Entire Agreement 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement
of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly
authorized officer on one or more counterparts as of the date written above. 
  

									
	MUZINICH BDC, INC.	  		  	U.S. BANCORP FUND SERVICES, LLC
					
	By:	  	 /s/ Paul Fehre
	  	    	  	By:	  	 /s/ Anita M. Zagrodnik

	Name:	  	Paul Fehre	  		  	Name:	  	Anita M. Zagrodnik
	Title:	  	Chief Financial Officer and Treasurer_	  		  	Title:	  	Senior Vice President

  
 16 

 Exhibit A to the Fund Accounting Servicing Agreement - MUZINICH BDC, Inc. 

  
 17Exhibit 10.4

 Exhibit 10.4 
  

 

[Document #] 
 (for
Muzinich use only) 
 MUZINICH BDC, INC. 

SUBSCRIPTION AGREEMENT 
  

 
  

 

	
	 Name of Subscriber:
                                         
                                         
                   

	
	 Requested Capital Commitment:
$                                         
                                      

 (See the instructions on page ii of this Subscription Agreement.) 

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 Directions for the Completion of the Subscription Documents
	  	 	ii	 
		
	 Subscription Agreement
	  	 	1	 
		
	 Schedule 1 to Subscription Agreement: Subscriber Information (For All Subscribers)
	  	 	23	 
		
	 Schedule 2 to Subscription Agreement: Status as Benefit Plan Investor or Other Plan Investor
(For ERISA Stockholders, including IRAs, and Other Plan Investors Only)
	  	 	33	 
		
	 Annex A to Subscription Agreement: Subscriber Questionnaire for Individual Investors (including
IRAs)
	  	 	37	 
		
	 Annex B to Subscription Agreement: Subscriber Questionnaire for Institutional
Investors
	  	 	40	 
		
	 Exhibit A: Anti-Money Laundering Questionnaire
	  	 	45	 
		
	 Appendix A: Privacy Policy of the Company
	  	 	51	 

  
 - i - 

 Directions for the Completion of the Subscription Documents 

The attached Subscription Agreement (including the Annexes, Schedules and Exhibits attached thereto, the “Subscription
Documents”) relates to the offering by Muzinich BDC, Inc. (the “Company”) to you (the “Subscriber”) of common shares, par value $0.001, of the Company
(“Shares”). Shares are being offered to qualified investors pursuant to the Confidential Offering Memorandum of the Company. Capitalized terms not defined in these directions shall have the meanings given to
them in the Subscription Agreement. 
 Subscription Documents that are missing requested information or signatures will not be considered
for acceptance unless and until such information or signatures are provided. 
  

	1.	 For Individual Subscribers (including IRAs). 

 

	 	1.1.	 Fill in the name of the Subscriber and the amount of the Capital Commitment on page 1 of the Subscription
Agreement. 

  

	 	1.2.	 Initial each category that applies to the Subscriber in Section 8.10 on pages 12 and 13 of the
Subscription Agreement and, if applicable, provide the requested information in the last set of blanks. 

  

	 	1.3.	 Fill in the name of the Subscriber and the date (print name of Subscriber) on page 20 of the Subscription
Agreement and sign in the blank provided. For individuals investing through an IRA, the name and signature of, and other information relating to, the Custodian/Trustee of the IRA is required on page 20. 

 

	 	1.4.	 All Subscribers must complete Schedule 1; IRA subscribers must also complete Schedule 2. 

 

	 	1.5.	 Complete Annex A by checking the appropriate box or boxes. 

 

	 	1.6.	 Complete Exhibit A. 

 

	2.	 For Institutional Subscribers. 

 

	 	2.1.	 Fill in the name of the Subscriber and the amount of the Capital Commitment on page 1 of the Subscription
Agreement. 

  

	 	2.2.	 Initial each category that applies to the Subscriber in Section 8.10 on pages 12 and 13 of the
Subscription Agreement and, if applicable, provide the requested information in the last set of blanks. 

  

	 	2.3.	 Fill in the name of the Subscriber and the date (print name and title of authorized signatory) on page 20 of
the Subscription Agreement and sign in the blank provided. 

  

	 	2.4.	 All Subscribers must complete Schedule 1 and Benefit Plan Investors and Other Plan Investors (each as defined
in Schedule 2) must also complete Schedule 2. 

  

	 	2.5.	 Complete Annex B by checking the appropriate box or boxes. 

 

	 	2.6.	 Complete Exhibit A. 

  
 - ii - 

FOR ALL SUBSCRIBERS 

	3.	 Required IRS Certifications – For all Subscribers: Institutional and Individual Investors.
Fill in, sign (print name and title of authorized signatory, if applicable) and date the applicable form of the U.S. Internal Revenue tax form W-9, W-8BEN, W-8BEN-E, W-8EXP, W-8IMY or W-8ECI (please use the most
recent version of the applicable tax form). These tax forms are available on request from the Company and may also be obtained from www.irs.gov. 

  

	4.	 Delivery of Subscription Documents. Please deliver two completed and original signed
copies of the Subscription Documents and any required evidence of authorization to the Company at the following address: 

Muzinich BDC, Inc. 
 450 Park Ave,

 New York, NY 
 10022 

Attn: Gary Klayn, 

gklayn@muzinich.com 
  

	5.	 If the Company accepts your subscription (in whole or in part), the Company will countersign the Subscription
Agreement and deliver a copy of it to you following the Closing at the address you provide in the Subscription Documents. 

  

	6.	 Inquiries. If you have questions concerning any of the information requested, you should ask your
attorney, accountant or other financial advisor. Inquiries regarding subscription procedures should be directed to Paul Fehre at (212) 888-3413, e-mail:
pfehre@muzinich.com. 

  

  
 - iii - 

FOR ALL SUBSCRIBERS 

  

 
 [Document
#] 
 (for Muzinich use only) 

Subscription Agreement 
  

 
  

Name of Subscriber 
  

	
	$                                   
 

 Amount of Capital Commitment 

Muzinich BDC, Inc. 
 450 Park Avenue 

New York, New York, 10022 
 USA 

Ladies and Gentlemen: 
 The undersigned
subscriber (the “Subscriber”) understands that (i) Muzinich BDC, Inc., a Delaware corporation (the “Company”), has been formed for the purpose of generating current
income and, to a lesser extent, capital appreciation through investments in secured debt, including first lien, second lien and unitranche debt, as well as unsecured debt, including mezzanine debt and, to a lesser extent, in equity instruments of
private companies, as described in the Confidential Offering Memorandum of the Company, as such document may be amended, amended and restated or supplemented from time to time (together with any appendices and supplements thereto, the
“Offering Document”). Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained in this subscription agreement (the “Subscription
Agreement”), the Subscriber irrevocably subscribes for and agrees to purchase shares of common stock of the Company (“Shares”), on the terms and conditions described herein, in the Confidential Offering Memorandum, in
the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), and in the Company’s Bylaws (the “Bylaws” and together with the Certificate of
Incorporation, the “Governing Documents”). 
 1.    Subscription for Shares.  The
Subscriber hereby subscribes to purchase Shares in the Company with a capital commitment in the amount set forth above (the “Capital Commitment”), subject to Section 15.11, on the terms described or
appearing in the Offering Document and the Governing Documents. Subject to the terms of this Subscription Agreement and the Governing Documents, the Subscriber’s obligation to pay for Shares it agrees to purchase hereunder shall be
unconditional, complete and binding upon the completion of the Closing (as defined below), provided, however, that for the convenience of the Company, the Subscriber’s Capital Commitment shall be payable in installments as provided herein. The
Subscriber acknowledges and agrees that it has received full and adequate consideration on the Closing Date for the entirety of its Capital Commitment and hereby waives any and all defenses of nonconsideration as to any capital drawdown occurring
after the Closing Date, including any defenses resulting from any insolvency or bankruptcy proceeding of the Company, any material or total decrease in value of the Shares or any inability of the Company to actually issue Shares. 

  
 - 1 - 

FOR ALL SUBSCRIBERS 

 2.    Other Subscription Agreements.  The Subscriber
acknowledges that the Company has entered into and/or expects to enter into separate subscription agreements (the “Other Subscription Agreements” and, together with this Subscription Agreement, the
“Subscription Agreements”) with other subscribers (“Other Subscribers”), providing for the commitment to purchase by Other Subscribers of Shares in the Company upon the
drawdown of Capital Commitments by the Company thereunder, whereby each such Other Subscriber has become and/or shall become, as applicable, upon its initial purchase of Shares thereunder, a stockholder of the Company (together with the Subscriber
(upon its initial purchase of Shares hereunder, collectively, “Stockholders”) at the Closing or at other closings. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sale of
Shares to the Subscriber and Other Subscribers hereunder and thereunder, respectively, will be separate sales. The Subscription Agreements are substantially identical to each other. 

3.    Closing.  The closing of the commitment by the Subscriber to purchase Shares as provided for in
Section 1 (the “Closing”), shall take place at the offices of the Company, 450 Park Ave., New York, NY 10022, or at such other location as may be notified by the Company to the Subscriber in writing, on the
date that this Subscription Agreement (having been properly and fully completed and signed by the Subscriber) has been accepted by the Company (the date of such acceptance, which shall be indicated on the signature page hereto, being hereinafter
referred to as the “Closing Date”). 
 4.     Capital Drawdowns. 

4.1    Definitions.  On each Capital Drawdown Date (as defined in Section 4.3(a)), the
Subscriber shall purchase from the Company, and the Company shall issue to the Subscriber, a number of Shares equal to the Drawdown Share Amount at an aggregate price equal to the Drawdown Purchase Price; provided, however, that in no
circumstance will a Subscriber be required to purchase Shares for an amount in excess of its Unfunded Capital Commitment. 

“Drawdown Purchase Price” shall mean, for the Subscriber in respect of a Capital Drawdown Date, an amount in U.S.
dollars determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the Company from all Subscribers on that Capital Drawdown Date, by (ii) a fraction, the numerator of which is the Unfunded Capital
Commitment of the Subscriber and the denominator of which is the aggregate Unfunded Capital Commitments of all Subscribers that are not Defaulting Subscribers (as defined in Section 5) or Excluded Subscribers (as defined in
Section 4.3(f)). 
 “Drawdown Share Amount” shall mean, for the Subscriber in respect of a Capital Drawdown
Date, a number of Shares determined by dividing (i) the Drawdown Purchase Price for that Capital Drawdown Date by (ii) the applicable Price Per Share. 

“Price Per Share” shall mean, for any Capital Drawdown Date or Catch-Up Date
(as defined in Section 4.2), the Price Per Share determined by the Company’s Board of Directors (the “Board”) in accordance with the methodology set out in “Offering Summary – Drawdowns / Commitment
Period” in the Offering Document (as that methodology may be changed from time to time in a manner consistent with the limitations of the Investment Company Act of 1940, as amended (the “Investment Company
Act”)) as of the last day of the Company’s fiscal quarter or such other date as determined by the Board preceding the Capital Drawdown Date. The Price Per Share shall be at least equal to the net asset value per share in
accordance with the limitations under Section 23 of the Investment Company Act. The Board may set the Price Per Share above the net asset value per share based on a variety of factors, including without limitation the total amount of the
Company’s organizational and other expenses (including actual and/or accrued expenses, which may include any estimates thereof). 

  
 - 2 - 

FOR ALL SUBSCRIBERS 

 “Unfunded Capital Commitment” shall mean, with respect to a
Subscriber, the amount of such Subscriber’s Capital Commitment as of any date reduced by the aggregate amount of contributions made by that Subscriber at all previous Capital Drawdown Dates and all
Catch-Up Dates pursuant to Section 4.1 and Section 4.2, respectively. 

4.2    Subsequent Closings; Catch-up Purchases.  The
Company may enter into Other Subscription Agreements with Other Subscribers after the Initial Closing Date (as defined in Section 4.3(e) below), with any closing thereunder referred to as a “Subsequent Closing” and any
Other Subscriber whose subscription has been accepted at such Subsequent Closing referred to as a “Subsequent Subscriber.” Notwithstanding the provisions of Sections 4.1 and 4.3, on one or more dates to be determined by the
Company that occurs on or following the Subsequent Closing but no later than the next succeeding Drawdown Date (each, a “Catch-Up Date”), each Subsequent Subscriber shall be required to
purchase from the Company a number of Shares with an aggregate purchase price necessary to ensure that, upon payment of the aggregate purchase price for such Shares by the Subsequent Subscriber in the aggregate over all applicable Catch-Up Dates, such Subsequent Subscriber’s Invested Percentage shall be equal to the Invested Percentage of prior Subscribers (other than any Defaulting Subscribers or Excluded Subscribers) (the “Catch-Up Purchase Price”). For the purposes of this Section 4.2, “Invested Percentage” means, with respect to a Subscriber, the quotient determined by dividing (i) the
aggregate amount of contributions made by such Subscriber pursuant to Section 4.1 and this Section 4.2 by (ii) such Subscriber’s Capital Commitment. Upon payment of all or a portion of the
Catch-Up Purchase Price by the Subscriber on a Catch-Up Date, the Company shall issue to each such Subsequent Subscriber a number of Shares determined by dividing
(i) the portion of the Catch-Up Purchase Price contributed at such Catch-Up Date by (ii) the Price Per Share as of the
Catch-Up Date. For the avoidance of doubt, in the event that a Catch-Up Date and a Capital Drawdown Date occur on the same calendar day, the Catch-Up Date (and the application of the provisions of this Section 4.2) shall be deemed to have occurred immediately prior to the relevant Capital Drawdown Date. 

At each Capital Drawdown Date following any Subsequent Closing, all Subscribers, including Subsequent Subscribers, shall purchase Shares in
accordance with the provisions of Section 4.1, provided, however, that nothing in this Subscription Agreement shall prohibit the Company from issuing Shares to all Subscribers, including Subsequent Subscribers, at a per share price greater than
the net asset value per Share. 
 In the event that any Subscriber is permitted by the Company to make an additional capital commitment to
purchase Shares on a date after its initial subscription has been accepted, such Subscriber will be required to enter into a separate subscription agreement with the Company, it being understood and agreed that such separate subscription agreement
will be considered to be an Other Subscription Agreement, and such subscriber will be considered to be an Other Subscriber, in each case, for the purposes of this Subscription Agreement. 

4.3    Funding Notices.  (a) Subject to Section 4.3(e), purchases of Shares will take
place on dates selected by the Company in its sole discretion (each, a “Capital Drawdown Date”) and shall be made in accordance with the provisions of Section 4.1. 

  
 - 3 - 

FOR ALL SUBSCRIBERS 

 (b) The Company shall deliver to the Subscriber, at least ten (10) Business Days prior
to each Capital Drawdown Date or Catch-Up Date, as applicable, a notice (each, a “Funding Notice”) setting forth (i) the Capital Drawdown Date or
Catch-Up Date, as applicable, (ii) a description of the proposed use of proceeds, (iii) the Drawdown Share Amount (in the case of a Capital Drawdown Date), or the aggregate number of Shares to be
sold to all Subsequent Subscribers on such date (in the case of a Capital Drawdown Date), (iv) the Drawdown Purchase Price (in the case of a Capital Drawdown Date), or the aggregate purchase price for such Shares being sold to all Subsequent
Subscribers on such date (in the case of a Catch-up Purchase), (v) the Price Per Share, and (vi) the account to which the Drawdown Purchase Price or Catch-Up
Purchase Price, as applicable should be wired. 
 For the purposes of this Subscription Agreement, the term “Business Day”
shall have the meaning ascribed to it in Rule 14d-1(g)(3) under the Securities Act of 1934, as amended (the “Exchange Act”). 

(c) The delivery of a Funding Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber’s obligation to pay
the Drawdown Share Purchase Price or Catch-Up Purchase Price, as applicable, identified in each Funding Notice. 

(d) On each Capital Drawdown Date or Catch-Up Date, as applicable, the Subscriber shall pay the
Drawdown Purchase Price or Catch-Up Purchase Price to the Company by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Funding Notice. 

(e) At the end of the period beginning on the date of the initial closing in respect of capital commitments to the Company (such date, the
“Initial Closing Date”) and ending on the third anniversary thereof, which period may be extended by the Board for one year in its discretion (such period, including any such extension thereof, the “Commitment
Period”), the Subscriber will be released from any further obligation to fund Funding Notices, except to the extent necessary to: (A) pay Company expenses, including management fees, any amounts that may become due under any
borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the extent they relate to the Commitment Period, (B) complete investments in any transactions for which there are binding
written agreements as of the end of the Commitment Period (including investments that are funded in phases), (C) fund follow-on investments made in existing portfolio companies, (D) seek to maintain or
protect the value of, or cover expenses related to, investments (including, without limitations, through currency hedging transactions, (E) fund obligations under any Company guarantee or indemnity made during the Commitment Period and/or
(F) fund any Defaulted Commitments. 
 (f) Notwithstanding anything to the contrary contained in this Subscription Agreement, the
Company shall have the right (a “Limited Exclusion Right”) to exclude any Subscriber (such Subscriber, an “Excluded Subscriber”) from purchasing Shares from the Company on any Capital Drawdown Date if,
in the reasonable discretion of the Company, there is a substantial likelihood that such Subscriber’s purchase of Shares at such time would (i) result in a violation of, or noncompliance with, any law or regulation to which such
Subscriber, the Company, Muzinich BDC Adviser, LLC (the “Adviser”), any Other Subscriber or a portfolio company would be subject or (ii) cause the investment by “Benefit Plan Investors” to be
“significant” (each within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and certain Department of Labor regulations) and the assets of the
Company to be considered “plan assets” under ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). 

  
 - 4 - 

FOR ALL SUBSCRIBERS 

 (g) If at any time the Company determines, after consultation with the affected Subscriber
and counsel to the Company, that there is a reasonable likelihood that the continuing participation in the Company by such Subscriber would cause a Material Burden, (i) such Subscriber will, upon the written request of the Company, use
commercially reasonable efforts to dispose of such Subscriber’s Capital Commitment and/or Shares in the Company (or such portion of its Capital Commitment and/or Shares as the Company shall determine is sufficient to prevent or remedy such
Material Burden) to any person at a price per Share equal to or greater than the net asset value per Share, in a transaction that complies with Section 8.6 (in which case the Company shall use commercially reasonable efforts to work with such
Subscriber to facilitate the transaction). 
 “Material Burden” shall mean (i) a material violation of a
statute, rule, regulation or governmental administrative policy of a U.S. federal or state or non-U.S. governmental authority or stock exchange regulatory organization applicable to a Subscriber that is
reasonably likely to have a material adverse effect on a portfolio company or any affiliate thereof or on the Company, any related investment fund or Muzinich Parties (as defined below), the Adviser or any of their respective affiliates or on any
Subscriber or any affiliate of any such Subscriber or, with respect to a Stockholder that is a “Benefit Plan Investor” as defined in Section 3(42) of ERISA (an “ERISA Stockholder”), on the ERISA Stockholder,
the sponsor of such ERISA Stockholder or any of such sponsor’s affiliates, (ii) an occurrence, without the Company’s consent, that is reasonably likely to subject a portfolio company or any affiliate thereof or the Company, the
Adviser or any of their respective affiliates or any Subscriber or any affiliate of any such Subscriber or, with respect to an ERISA Stockholder, the ERISA Stockholder, the sponsor of such ERISA Stockholder or any of such sponsor’s affiliates,
to any material non-tax regulatory requirement to which it would not otherwise be subject, or that is reasonably likely to materially increase any such regulatory requirement beyond what it would otherwise
have been or (iii) an occurrence that is reasonably likely to constitute or otherwise result in a non-exempt “prohibited transaction” under ERISA or Section 4975 of the Code or a violation
of any law substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”). 

(h) If any Subscriber is excused from funding a capital drawdown pursuant to Sections 4.3(f) or (g) above, the Company is authorized to
issue an additional capital drawdown on the non-excused Subscribers sufficient to make up such shortfall, provided that no Subscriber shall ever be required to fund capital drawdowns in excess of its Unfunded
Capital Commitment. 
 5.    Remedies Upon Subscriber Default.  In the event that a Subscriber fails to pay all
or any portion of the purchase price due from such Subscriber on any Capital Drawdown Date (such amount, together with the full amount of such Subscriber’s remaining Capital Commitment, a “Defaulted Commitment”) and such
default remains uncured for a period of ten (10) Business Days, the Company shall be permitted to declare such Subscriber to be in default of its obligations under this Subscription Agreement (any such Subscriber, a “Defaulting
Subscriber”) and shall be permitted to pursue one or any combination of the following remedies: 
 (a) The Company may prohibit
the Defaulting Subscriber from purchasing additional Shares on any future Capital Drawdown Date; 
 (b) Twenty-five percent (25%) of the
Shares then held by the Defaulting Subscriber shall be automatically transferred on the books of the Company, without any further action being required on the part of the Company or the Defaulting Subscriber, to the Other Subscribers (other than any
defaulting Other Subscriber), pro rata in accordance with their respective Capital Commitments; provided, however, that notwithstanding anything to the contrary contained in this Subscription Agreement, no Shares shall

  
 - 5 - 

FOR ALL SUBSCRIBERS 

 
be transferred to any Other Subscriber pursuant to this Section 5(b) in the event that such transfer would (i) violate the Securities Act or any state (or other jurisdiction) securities
or “Blue Sky” laws applicable to the Company or such Transfer, (ii) constitute or otherwise result in a non-exempt “prohibited transaction” under Section 406 of ERISA or
Section 4975 of the Code or a violation of any Similar Law or (iii) cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code (it being understood that this
proviso shall operate only to the extent necessary to avoid the occurrence of the consequences contemplated herein and shall not prevent the Subscriber from receiving a partial allocation of its pro rata portion of Shares); provided
further, that any Shares that have not been transferred to one or more Other Subscribers pursuant to the previous proviso shall be allocated among the participating Other Subscribers pro rata in accordance with their respective Capital
Commitments. The mechanism described in this Section 5(b) is intended to operate as a liquidated damage provision, since the damage to Other Subscribers resulting from a default by the Defaulting Subscriber is both significant and not easily
susceptible to precise quantification. By entry into this Subscription Agreement, the Subscriber agrees to this transfer and acknowledges that it constitutes a reasonable liquidated damage remedy for any default in the Subscriber’s obligation
of the type described; and 
 (c) The Company may pursue any other remedies against the defaulting Subscriber available to the Company,
subject to applicable law. 
 (d) If any Subscriber fails to pay all or any portion of the purchase price due on any Capital Drawdown Date,
the Company is authorized to issue an additional capital drawdown on the non-defaulting or non-delinquent Subscribers to make up such shortfall, provided that no
Subscriber shall ever be required to fund capital drawdowns in excess of its Unfunded Capital Commitment. 
 6.    Credit
Facility.  In connection with any financings, borrowings, indebtedness, or guarantees of the Company and any of its affiliates that are party thereto (each, a “Credit Facility”), the Company shall be
authorized to directly or indirectly collateralize such financings, borrowings, indebtedness or guaranty, and pledge, mortgage, assign, transfer and/or grant security interests in, directly or indirectly to the lender of such indebtedness or
guaranty, (i) investments in portfolio companies and the proceeds thereof and any other assets, (ii) the Unfunded Capital Commitments; (iii) the Company’s right to initiate capital calls and collect on the Unfunded Capital
Commitment of any Subscriber hereunder; (iv) the Capital Commitments made to the Company; (v) the Company’s rights to enforce the funding of a Capital Commitment hereunder and under the Other Subscription Agreements; and (vi) a
Company collateral account into which the payment by any Subscriber of its Unfunded Capital Commitment is to be made. Any such collateral pledge may be made directly by the Company to the lender of the Credit Facility or indirectly to such lender by
first pledging such collateral to a subsidiary or agent of the Company, which subsidiary or agent then on pledges such rights ultimately to the lender under the Credit Facility. To the extent that the Company or any of its subsidiaries has
outstanding obligations under a Credit Facility that relies upon any of the collateral referred to in clauses (ii) through (vi) above, and with the knowledge that the Credit Facility lender is relying on each of the following agreements and
undertakings of the Subscribers in this Section 6 in connection with the extension of credit to the Company, each Subscriber shall be obligated to fund any remaining portion of its Unfunded Capital Commitment when due pursuant to this
Subscription Agreement (whether called by the Company or directly by the lender under the Credit Facility) without defense, counterclaim or offset of any kind, including any defense arising under Section 365(c) of the U.S. Bankruptcy Code, if
applicable, provided that such agreement to fund shall not act as a waiver by such Subscriber of its right to assert independently any claim that the Subscriber may have against any other Subscriber or the Company. In the event that, as a result of
any such pledge, mortgage, assignment, transfer or grant of a security interest, a Subscriber makes a payment directly to the Company account as requested by a lender under a Credit Facility, such payment shall be deemed to be a Capital Contribution
of such Subscriber to the Company in all respects. 

  
 - 6 - 

FOR ALL SUBSCRIBERS 

 Each Subscriber hereby (i) acknowledges that the Company has informed such Subscriber
that the Company may enter into a Credit Facility at any time, including during and/or after the Commitment Period, and that such Credit Facility may include a pledge of collateral referred to in clauses (ii) through (vi) above and, directly or
indirectly, grant the related lender the right to initiate capital calls in the name of the Company when an event of default under such Credit Facility exists, which each Subscriber shall fund, to the Company, consistent with the terms hereof and
its obligations hereunder; (ii) acknowledges that for so long as the Credit Facility is in place, except with the prior consent of the lender thereunder, the Company may have agreed not to amend, modify, cancel, terminate, reduce, suspend or
waive any of such Subscriber’s obligations under this Subscription Agreement in a manner that could be materially adverse to the rights of the lender contemplated by this paragraph; and (iii) agrees, if requested by the Company, to provide
to the Company: (A) to the extent publicly available, as soon as reasonably available after the end of such Subscriber’s fiscal year, a copy of such Subscriber’s annual report, if available, or such Subscriber’s balance sheet as
of the end of such fiscal year and the related statements of operations for such fiscal year prepared or reviewed by independent public accountants in connection with such Subscriber’s annual reporting requirements; (B) from time to time,
a certificate confirming the remaining amount of such Subscriber’s Unfunded Capital Commitment; and (C) such other consents and documents as may be reasonably requested by the Company to acknowledge the same. 

7.    Representations and Warranties of the Company.  The Company represents and warrants to the Subscriber
(as of the date this Agreement is accepted by Company) that: 
 7.1.    Formation and
Standing.  The Company is duly formed, validly existing and in good standing as a corporation under the laws of its jurisdiction of organization, has all requisite power and authority to carry on its business as now
conducted and as proposed to be conducted as described in this Subscription Agreement, the Offering Document and the Governing Documents and is duly qualified to transact business and is in good standing in every jurisdiction in which the character
of its business makes such qualification necessary, except where the failure to so qualify would not have a material adverse effect on its business operations. 

7.2.    Authorization of Agreement, etc.  The execution, delivery and performance by the Company
of this Subscription Agreement have been authorized by all necessary action, and this Subscription Agreement, when duly executed and delivered by the Subscriber and the Company, will constitute a legal, valid and binding agreement of the Company,
enforceable against the Company in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally or to general
principles of equity. The execution, delivery and performance by the Company of the Governing Documents have been authorized by all necessary action, and the Governing Documents will constitute legal, valid and binding documents of the Company,
enforceable against the Company in accordance with their terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally or to general
principles of equity. 
 7.3.    Compliance with Laws and Other Instruments.  Each of
(a) the execution and delivery of this Subscription Agreement by the Company, the performance by the Company of its obligations under this Subscription Agreement and the consummation by the Company of the transactions contemplated hereby and
(b) the execution and delivery of the Governing Documents by the Company, the performance by the Company of its obligations under the Governing Documents and the 

  
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FOR ALL SUBSCRIBERS 

 
consummation by the Company of the transactions contemplated thereby: (i) does not conflict with or result in any breach or violation of or default under the organizational documents
governing the Company, as applicable, (ii) does not conflict with or result in any breach or violation of or default under any material agreement or other instrument to which the Company is a party or by which the Company, or any of its
properties or rights are bound, or any material license, permit, franchise, judgment, decree, award, statute, rule or regulation applicable to the Company or its business, properties or rights, other than such conflicts, breaches, violations or
defaults that would not have a material adverse effect on the Company or otherwise are not material to the performance of the obligations of the Company under this Subscription Agreement or the Governing Documents, (iii) does not violate any
applicable material statute or regulation, other than such violations that would not have a material adverse effect on the Company or otherwise are not material to the performance of the obligations of the Company under this Subscription Agreement
or the Governing Documents or (iv) does not require the filing or registration with, or the approval, authorization, license or consent of, any court or governmental department, agency or authority, or any third party which has not already been
duly and validly made or obtained, except where the failure to make such filing or registration or obtain such approval, authorization, license or consent would not have a material adverse effect on the Company. 

7.4.    No Legal Action Pending, etc.  There is no legal action, suit, arbitration or other legal,
administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local or foreign) pending or, to the knowledge of the Company, threatened against (a) the Company, (b) the Adviser or
(c) Muzinich & Co., Inc., that in the case of each of (a), (b) and (c), if adversely determined, is reasonably likely to have a material adverse effect on the Company or the Adviser. 

7.5.    Issuance of Shares.  The Shares of the Company have been duly authorized for
issuance and, when issued and delivered against payment therefore in accordance with the terms, conditions, requirements and procedures described in the Governing Documents and the Subscription Agreement, will be validly issued and fully paid and non-assessable. 
 7.6.    Certain Conflicts of
Interest.  The Company confirms that all service and other contractual arrangements (excluding arrangements specifically contemplated in the Governing Documents or the Subscription Agreements) that involve the payment of any
fee or expense by the Company between (i) the Company and (ii) the Adviser or its affiliates, shall be reviewed by the Board in accordance with the Investment Company Act and the rules and regulations promulgated thereunder. 

8.    Representations, Warranties and Covenants of the Subscriber.  The Subscriber represents, warrants and
covenants to the Company and the Adviser, as of the date that this Subscription Agreement is signed by the Subscriber, as of the Closing Date, as of each date on which it makes a capital contribution to the Company and on the subsequent dates
specified below (to the extent specified below) that: 
 8.1.    Authorization of Purchase and Compliance with Laws
and Other Instruments.  The persons signing this Subscription Agreement (taking into account the power of attorney granted to the Company pursuant to Section 10 of this Subscription Agreement) on the Subscriber’s
behalf are duly authorized to sign and enter into this Subscription Agreement on the Subscriber’s behalf. 

8.1.1.    If the Subscriber is an Entity:  (a) it is duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this Subscription Agreement are within its powers, have been duly authorized by all necessary action on its behalf, require
no action by or in respect of, or filing with, any governmental body, 

  
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FOR ALL SUBSCRIBERS 

 
agency or official, or any third party (except as disclosed in writing to the Company as of the date that this Subscription Agreement is signed by the Subscriber) and do not and will not
contravene, or constitute a default under, (i) any provision of its certificate of incorporation, limited liability company operating agreement, limited partnership agreement or other comparable organizational documents or (ii) any
provision of applicable law, rule or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Subscriber or any material agreement or other instrument to which the Subscriber is a party or by which
the Subscriber or any of its respective properties is bound, or any material license, permit or franchise applicable to the Subscriber or its business, properties or rights other than such contraventions or defaults that do not impair or otherwise
affect the Subscriber’s ability to perform its obligations under this Subscription Agreement or are not material to the Subscriber’s financial condition; and (c) this Subscription Agreement constitutes the legal, valid and binding
obligation of the Subscriber enforceable against the Subscriber in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights
generally or to general principles of equity. Neither the execution, delivery or performance of this Subscription Agreement by the Subscriber, nor the consummation of the transactions contemplated hereby, will result in the creation or imposition of
any lien or encumbrance upon any of the assets or properties of such Subscriber. 
 8.1.2.    If the Subscriber is
an Individual:  (a) the execution, delivery and performance by the Subscriber of this Subscription Agreement are within such person’s legal right and power, require no action by or in respect of, or filing
with, any governmental body, agency or official, or any third party (except as disclosed in writing to the Company as of the date that this Subscription Agreement is signed by the Subscriber), and do not and will not contravene, or constitute a
default under, any provision of applicable law, rule or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Subscriber or any material agreement or other instrument to which the Subscriber is a
party or by which the Subscriber or any of its respective properties is bound, other than contraventions or defaults that do not impair or otherwise affect the Subscriber’s ability to perform its obligations under this Subscription Agreement or
are not material to the Subscriber’s financial condition; and (b) this Subscription Agreement constitutes the legal, valid and binding obligation of the Subscriber enforceable against the Subscriber in accordance with its terms, subject to
any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors’ rights generally or to general principles of equity. Neither the execution, delivery or performance of this
Subscription Agreement by the Subscriber, nor the consummation of the transactions contemplated hereby, will result in the creation or imposition of any lien or encumbrance upon any of the assets or properties of such Subscriber. If the individual
subscribing in the Company is investing assets on behalf of an IRA, the individual who established the IRA has signed the signature page of this Subscription Agreement and confirms that such individual (i) has directed the custodian or trustee
of the IRA to execute the acknowledgement on the signature page and (ii) has signed below to indicate that he or she has reviewed, directed and certifies to the accuracy of the representations and warranties made herein with respect to the IRA
and the individual Subscriber. 
 8.2.    No Legal Action Pending, etc.  There is no legal
action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local, or foreign) pending or, to the knowledge of the Subscriber, threatened against the Subscriber that,
if adversely determined, is reasonably likely to impair or otherwise affect the Subscriber’s ability to perform its obligations under this Subscription Agreement or is reasonably likely to have a material adverse effect on the Subscriber’s
financial condition. 

  
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FOR ALL SUBSCRIBERS 

 8.3.    Acknowledgment of Risks; Access to
Information.  The Subscriber hereby acknowledges it has been provided and has carefully reviewed the Offering Document and the Governing Documents. The Subscriber understands the risks of, and other considerations relating to, the
purchase of Shares, including, without limitation, the information appearing in the Confidential Offering Memorandum under the headings “Risk Factors” and “Brokerage Allocation and Other
Practices” and in the Form 10 Registration Statement under the heading “Certain U.S. Federal Income Tax Consequences,” and the effect of the provisions of Section 5 of this Subscription
Agreement (relating to Subscribers that default on their obligations to make Capital Commitments). The Subscriber also has been afforded the opportunity to obtain any additional information necessary to verify the accuracy of the information in the
Offering Document and the Governing Documents. The Company has answered all of the Subscriber’s inquiries, if any. In deciding to acquire Shares, the Subscriber has not relied upon any information from the Company or the Adviser or any of their
respective partners, members, officers, counsel, representatives or agents (including, without limitation, any placement agent of the Company, the “Placement Agent”) or any other person, other than information contained in
the Offering Document or Governing Documents and in the answers provided by the Company to such inquiries. The Subscriber was not solicited to invest in the Company by any form of general solicitation, holds a
pre-existing substantive business relationship with representatives of the Company, and has previously provided information regarding the Subscriber’s financial situation and sophistication as an
investor. 
 8.4.    Evaluation and Ability to Bear Risks.  The Subscriber’s decision to
invest in the Company was made by the Subscriber as person(s) who (a) are independent of the Company, the Adviser and the Placement Agents and their respective affiliates, (b) are authorized to make such investment decisions, and
(c) have relied on their own tax, legal and financial advisers with regard to all matters relating to the Subscriber’s investment in the Company (including federal, state and local tax matters) and not on any advice or recommendation of
the Company, the Adviser or the Placement Agent or any of their respective affiliates, notwithstanding anything in Section 8.3 to the contrary. The Subscriber’s prior investment experience and its general knowledge about the management,
proposed operations and prospects of the Company enable the Subscriber, together with the Subscriber’s advisers, to make an informed decision with respect to the merits and risks of an investment in the Company. The Subscriber is able to bear
the economic risk of its acquisition of Shares, including a complete loss of its investment in the Company. The Subscriber acknowledges and agrees that (i) it is not a client of the Adviser with respect to its investment in the Company,
(ii) the Adviser provides services (including any reporting to or consultation with investors of the Company) solely to the Company, including any reporting to or consultation with investors thereof (except as may be described in the Offering
Document). 
 8.5.    Purchase of an Investment.  The Subscriber represents and warrants that it
is committing to acquire Shares for investment purposes only and not with a view to the resale or distribution of all or any part of such Shares and the Subscriber has no present intention, agreement or arrangement to divide its participation with
others or to sell, assign, transfer or otherwise dispose of all or any part of such Shares and/or any right or obligation to purchase such Shares. The Subscriber understands that it must bear the economic risk of its investment in Shares for an
indefinite period of time, because, among other reasons, the offering and sale of Shares has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws
and that they may not be resold or otherwise disposed of unless they are registered thereunder or an exemption from registration is available. The Subscriber also understands that transfers of Shares and/or any right or obligation to purchase such
Shares are further restricted by the provisions of this Subscription Agreement and the Governing Documents, and may be restricted by applicable state and non-U.S. securities laws, that no market exists or is
expected to develop for the Shares. 

  
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FOR ALL SUBSCRIBERS 

 8.6.    Share Transfer Restrictions. 

(a) The Subscriber may not sell, offer for sale, exchange, transfer, assign, pledge, hypothecate or otherwise dispose of (each, a
“Transfer”) any of its Shares or its Capital Commitment unless (i) the Company provides prior written consent; provided, that the Company shall not unreasonably withhold, condition or delay its consent to any Transfer by
the Subscriber to an affiliate of the Subscriber; (ii) the Transfer is made in accordance with applicable securities laws, and (iii) the Transfer is otherwise in compliance with the transfer restrictions set forth in clauses
(A) through (D) below. No Transfer will be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the Company. Following
an IPO and/or listing, the Subscriber may be restricted from selling or disposing of its Shares by applicable securities laws or contractually by a lock-up agreement with the underwriters of the IPO. Transfer
restrictions include: 
 (A) Prior to any IPO and/or listing, no Transfer of the Subscriber’s Capital Commitment or all or any fraction
of the Subscriber’s Shares may be made without (1) registration of the Transfer on the Company books and (2) the prior written consent of the Company. For the avoidance of doubt, the Company may withhold consent if any such transfer
would have adverse tax, regulatory or other consequences, including without limitation in cases where (1) the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all
obligations under the Subscription Agreement or (2) the Company is not provided with evidence satisfactory to the Company in form and substance to the Company, which the Company may require to be in the form of an opinion of counsel (who may be
counsel for the Company or the Subscriber) that: 
  

	 	(I)	 such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities or
“Blue Sky” laws applicable to the Company or the Shares to be Transferred; 

  

	 	(II)	 such Transfer would not cause all or any portion of the assets of the Company to constitute “plan
assets” for purposes of ERISA or Section 4975 of the Code; 

  

	 	(III)	 such Transfer will not violate any law, regulation or other governmental rule applicable to such Transfer; and

  

	 	(IV)	 such Transfer will not (A) subject the Company, the Adviser or any of their affiliates or any officer,
director or employee of the Company or the Adviser or any of their affiliates to additional regulatory requirements the compliance with which would subject the Company or such other Person to material expense or burden (unless such affected person
consents to such Transfer). 

 (B) The Subscriber agrees that it will pay all reasonable expenses, including
attorneys’ fees, incurred by the Company in connection with any Transfer of all or any fraction of its Shares, prior to the consummation of such Transfer. 

(C) Any person that acquires all or any fraction of the Capital Commitment and/or Shares of the Subscriber in a Transfer permitted under this
Subscription Agreement shall be obligated to pay to the Company the appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest. The Subscriber agrees that,
notwithstanding the Transfer of all or any fraction of its Capital Commitment and/or Shares, as between it and the Company it will remain liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it
(without taking into account the Transfer of all or a fraction of such Capital Commitment and/or Shares) prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction thereof, becomes a holder of such Capital
Commitment and/or Shares. 

  
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FOR ALL SUBSCRIBERS 

 (D) The Company shall not recognize for any purpose any purported Transfer of all or any
fraction of the Capital Commitment and/or Shares and shall be entitled to treat the transferor of Capital Commitment and/or Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in
good faith to it, unless the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the
seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (1) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement
to be bound thereby, and (2) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Offering Document and all applicable laws and regulations applicable to the transferee and the transferor.

 8.7.    State Governing Subscription.  (For U.S. domestic Subscribers only. Does not
apply to foreign Subscribers.) The Subscriber was offered Shares in the state listed as the Subscriber’s address on Schedule 1. 

8.8.    Obligation to Make Payments and Compliance with Laws and Regulations.  The Subscriber
confirms that (a) the Subscriber is obligated to pay the Company any amounts that the Company is required to withhold or pay with respect to or on behalf of the Subscriber and that exceed amounts then available for distribution to the
Subscriber, whether or not the Subscriber has withdrawn from the Company or the Company has terminated or dissolved, (b) to the extent that the Subscriber owes any amounts to the Company hereunder, the Subscriber understands and agrees that the
Company may withhold such amounts from any distributions that otherwise would be made to the Subscriber under the Governing Documents and this Subscription Agreement in satisfaction thereof (it being understood that such amounts shall be deemed
distributed), without waiver of any other rights the Company may have hereunder or thereunder, and (c) the Subscriber is responsible for compliance with all tax, exchange control, reporting and other laws and regulations applicable to its
investment in the Company. 
 8.9.    Prohibited Categories.  The Subscriber: (i) is not
registered as an investment company under the Investment Company Act; (ii) has not elected to be regulated as a “business development company” under the Investment Company Act; and (iii) either (A) is not relying on the exception
from the definition of “investment company” under the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities
of a company that has elected to be regulated as a business development company under the Investment Company Act. 

8.10.    Applicable Categories.  The Subscriber hereby certifies to the Company that the
categories initialed below apply to the Subscriber. (The Subscriber must initial each applicable category.) 

____    The Subscriber is a Benefit Plan Investor (as defined in Schedule 2). 

____    The Subscriber is an Other Plan Investor (as defined in Schedule 2 – e.g., a “governmental” plan).

 ____    The Subscriber is a Tax-Exempt Partner (i.e., exempt from income
taxation under §501 of the Internal Revenue Code). 

  
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FOR ALL SUBSCRIBERS 

 ____    The Subscriber is a BHC Subscriber1 (i.e, a bank holding company registered under the BHC Act or a non bank subsidiary thereof). 

____    The Subscriber is a Foundation Partner (as defined in
§509 of the Internal Revenue Code). 
 ____    The Subscriber is a “United States person” for U.S. federal
income tax purposes. 
 ____    The Subscriber is a “charitable remainder trust” within the meaning of
Section 664 of the Code. 
 ____    The Subscriber is or may become 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 the foregoing, 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.) 

____    The Subscriber is subject to the Freedom of Information Act, 5 U.S.C § 552
(“FOIA”), any state public records access laws, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any similar statutory or legal right that might result in the disclosure of
confidential information relating to the Company (together with FOIA, “Public Disclosure Laws”). Please indicate the relevant Public Disclosure Laws to which the Subscriber is subject. 

 
  

 
  

 
  

8.11.    Sale of Shares.  The Subscriber understands and agrees that the Company may cause the
Subscriber to sell all or a portion of its Shares in accordance with the provisions of the Governing Documents and this Subscription Agreement, including Section 4.3 hereof. 

8.12.    Swaps.  The Subscriber represents and warrants that Subscriber will not enter into a
swap, structured note or other derivative instrument, the return from which is based in whole or in part, directly or indirectly, on the return with respect to the Company or its Shares (a “Swap”) with a
counterparty or counterparties (each, a “Counterparty”), such that the Counterparty would be deemed to be: (i) a beneficial owner of Shares in the Company for purposes of the Investment Company Act;
(ii) the beneficial owner of Shares in the Company for purposes of the Commodity Exchange Act, as amended, or the rules of the CFTC; (iii) an offeree or purchaser of Shares for purposes of the Securities Act; (iv) a client of the
Adviser for purposes of the Investment Advisers Act of 1940, as amended (the “Advisers Act”); (iv) a purchaser of Shares for purposes of the Exchange Act (including, without limitation the anti-fraud rules thereunder); or
(v) a holder of Shares who is an investor in a Plan. 
  

	1 	 A BHC Subscriber is defined as a subscriber that is a bank holding company, as defined in Section 2(a) of
the Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as
defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign
banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account. 

  
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FOR ALL SUBSCRIBERS 

 8.13.    Correctness of Information.  The
Subscriber represents and warrants that the information it has provided in this Subscription Agreement, its Annexes, Schedules and Exhibits (collectively “Attachments”) (which Attachments are incorporated in this Subscription
Agreement by reference as if expressly set forth herein), and, to its knowledge, in any U.S. Internal Revenue Service or other tax form delivered to the Company or the Adviser, is true, accurate and complete and may be relied upon by the Company for
any purpose, including the establishment of subscriber-related facts underlying claims of exemption from the registration provisions of federal and state securities laws. The Subscriber acknowledges that the Company and the Adviser are relying on
such information in connection with (a) the acceptance of the Subscriber’s subscription hereunder, (b) not registering the offer and sale of Shares under the Securities Act or any state securities laws, (c) if applicable,
determining whether Benefit Plan Investors (as defined in Schedule 2) own less than 25% of the value of Shares, as determined under the Plan Asset Regulation (as defined in Schedule 2), from time to time, and (d) the management of the
Company’s business. If at any time during the term of the Company any of the representations and warranties contained in this Subscription Agreement (including the Annexes, Schedules and Exhibits attached hereto) shall cease to be true, the
Subscriber will promptly notify the Company in writing. 
 9.    Power of Attorney; Appointment of Company as
Attorney-in-fact and Agent. 
 (a) The Subscriber
hereby constitutes and appoints the Company its true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for the Subscriber and in
the Subscriber’s name, place and stead, in any and all capacities and to take any and all other actions as are authorized by the power of attorney contained in this Subscription Agreement. The power of attorney granted hereby shall be deemed an
irrevocable special power of attorney, coupled with an interest, which the Company may exercise for the Subscriber by the signature of the Company or by listing the Subscriber as a Stockholder executing any instrument with the signature of the
Company as attorney-in-fact for the Subscriber. This grant of authority shall survive the assignment by the Subscriber of the whole or any portion of the
Subscriber’s Shares, except where the assignment is of all of the Subscriber’s Shares in the Company and the assignee thereof, with the consent of the Company, is admitted as a Stockholder; provided, however, this power of attorney shall
survive the delivery of such assignment for the sole purpose of enabling any such attorney-in-fact to effect such substitution. The Company, as attorney-in-fact for the Subscriber, may make, execute, sign, acknowledge, swear to, record and file: 

(i) all certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing
or pledging arrangement, including any Credit Facility; 
 (ii) all certificates and other instruments deemed advisable by
the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become and/or to continue as a business development company under the Investment Company Act, and 

(iii) all other instruments or papers not inconsistent with the terms of this Subscription Agreement which the Company
considers advisable. 

  
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FOR ALL SUBSCRIBERS 

 10.    Agents; Nominees.  In the event (as indicated on Schedule
1) that the Subscriber is acting as an agent pursuant to a power-of-attorney (“Agent”), or nominee (a
“Nominee”) for an individual or entity that will be the beneficial owner of the Shares, (i) in the case of an Agent, the Agent represents and warrants that the representations, warranties, and agreements
made in this Subscription Agreement are made by the Agent with respect to and on behalf of the beneficial owner as the Subscriber, and (ii) in the case of a Nominee who will be the Subscriber, the Nominee makes such representations on behalf of
the Nominee, as the Subscriber, and the beneficial owner of the Shares subscribed for hereby. The Agent or Nominee, as the case may be, represents and warrants that the Agent or Nominee has all requisite power and authority from said beneficial
owner to execute and perform the obligations on behalf of the beneficial owner (and, as applicable, on its own behalf as record owners of the Shares) under this Subscription Agreement and the Governing Documents, and hereby agrees to indemnify and
hold harmless the Company, the Adviser and their respective affiliates, against any and all loss, liability, claim, damage, cost, and expense whatsoever (including, but not limited to, legal fees and expenses) arising out of, or resulting from, or
based upon, any misrepresentation or breach of warranty of this Section 10. 
 11.    Company
Elections.  The Subscriber understands that the Company intends to file elections to be treated as (i) a “business development company” under the Investment Company Act and (ii) a regulated investment company
within the meaning of Code Section 851, for U.S. federal income tax purposes; pursuant to those elections, the Subscriber will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Company, the Subscriber understands that it will be required to include additional information on
its income tax return as provided in Treasury Regulation §1.852-7. 
 12.    Early
Termination.  If the Company’s Board determines that there has been a significant adverse change in the regulatory or tax treatment of the Company or its stockholders that in its judgment makes it inadvisable for the Company
to continue in its present form, then the Board will endeavor to restructure or change the form of the Company to preserve (insofar as possible) the overall benefits previously enjoyed by stockholders as a whole or, if the Board determines it
appropriate (and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act), (i) cause the Company to change its form and/or jurisdiction of organization or (ii) wind down and/or liquidate and
dissolve the Company. 
 13.    Muzinich Name and Mark.  The Subscriber acknowledges that: (i) the
“Muzinich” name and mark are the property of the Muzinich & Co., Inc. or its affiliates; (ii) the Company’s authority to use such name and mark may be withdrawn by Muzinich & Co., Inc. or its affiliates without
compensation to the Company; (iii) no Subscriber shall, by virtue of its ownership of Shares in the Company, hold any right, title or interest in or to such name and mark; and (iv) following the dissolution and liquidation of the Company,
all right, title and interest in and to such name and mark shall be held solely by Muzinich & Co., Inc. or its affiliates. 

14.    No Third-Party Beneficiaries.  Except as provided with respect to a lender under a Credit Facility
in accordance with Section 6, or such parties entitled to indemnification in Section 10 and/or Section 15.2, the provisions of this Subscription Agreement are not intended to be for the benefit of or enforceable by any third party.
Without limiting the foregoing, no third party shall, except as permitted by law and this Subscription Agreement, have any right to (i) enforce or demand enforcement of a Subscriber’s Capital Commitment, obligation to return distributions,
or obligation to make other payments to the Company as set forth in this Subscription Agreement or (ii) demand that the Company issue any capital call. 

  
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FOR ALL SUBSCRIBERS 

 15.    Miscellaneous Provisions. 

15.1.    Amendments and Waivers.  This Subscription Agreement may be amended only with the written
consent of the Subscriber and the Company. The observance of any provision of this Subscription Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party hereto that is entitled to
the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of such party waiving such term or condition. No waiver by any party hereto of any provision of this Subscription
Agreement in any one or more instances shall be deemed to be or construed as a waiver of the same or other provision of this Subscription Agreement on any future occasion. No delay or omission in the exercise of any power, remedy or right herein
provided or otherwise available to any party hereto shall impair or affect the right of such party thereafter to exercise the same. Any extension of time or other indulgence granted to any party hereto shall not otherwise alter or affect any power,
remedy or right with respect to the other party hereto, or the obligations of the party hereto to whom such extension or indulgence is granted. All remedies, either under this Subscription Agreement or by law or otherwise afforded, shall be
cumulative and not alternative. 
 15.2.    Survival of Representations and Warranties;
Indemnity.  All representations and warranties contained herein or in any Attachments hereto made by the Subscriber shall survive indefinitely following the execution and delivery of this Subscription Agreement, and the issue and
sale of Shares. The Subscriber shall and hereby does agree to indemnify and hold the Company, the Adviser and their affiliates and each of their respective controlling persons, officers, directors, members, partners, and employees, free and harmless
from and in respect of any and all claims, actions, demands, causes of action, liabilities, losses and expenses whatsoever (including, without limitation, attorneys’ fees) arising from the breach or alleged breach of any of the representations,
warranties or covenants made by or on behalf of Subscriber in this Subscription Agreement or in any Attachments hereto, or in the Governing Documents. Any claims for indemnity may be offset against subsequent distributions subject to applicable law.

 15.3.    Successors and Assigns.  This Subscription Agreement shall be binding upon and inure
to the benefit of and be enforceable by the respective successors of the parties hereto. However, the Subscriber shall not transfer this Subscription Agreement or any of its rights in, to or under this Subscription Agreement and any attempted
transfer shall be void and without force or effect. 
 15.4.    Notices.  All notices, requests
and other communications hereunder must be in writing and shall be deemed to have been duly given only if delivered (a) in person, (b) by registered or certified mail (c) by private courier, (d) by facsimile or (e) by e-mail. All notices to the Company shall be delivered to Muzinich BDC, Inc., c/o Muzinich BDC Adviser, LLC, 450 Park Avenue, New York, NY 10022, Attention: Legal Department, telecopier number (212)888-4368 or email legal@muzinich.com. All notices to the Subscriber shall be delivered to the address, telecopier number and email address provided by the Subscriber in Section 5 of Schedule 1 attached
hereto. The Subscriber may designate a new address for notices by giving written notice to that effect to the Company. The Company may designate a new address for notices by giving written notice to that effect to the Subscriber. A notice given in
accordance with the foregoing clauses (a), (b) and (c) shall be deemed to have been effectively given three Business Days after such notice is mailed by registered or certified mail, return receipt requested, or one Business Day after such
notice is sent by overnight FedEx or other one-day provider, to the proper address, or at the time delivered when delivered in person or by private courier. A notice given by facsimile or email shall be deemed
to have been effectively given when sent unless the sender receives a message relating to an error in transmission. 

  
 - 16 - 

FOR ALL SUBSCRIBERS 

 15.5.    Applicable Law.  Subject to
Section 8.7, this Agreement shall be construed in accordance with the laws of the State of Delaware and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of Delaware, or any of the
provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. 

15.6.    Arbitration.  Any dispute relating to this Subscription Agreement which cannot be
amicably resolved between the parties shall be resolved by binding arbitration conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association then prevailing, and the decision of the arbitrators shall be final
and binding on all the parties. Notwithstanding the foregoing, the parties agree that no consequential, indirect, exemplary or punitive damages shall be awarded in any such arbitration. The costs of the arbitration (other than fees and expenses of
counsel, which shall be the responsibility of the parties retaining such counsel) shall be shared equally by the parties, subject to the indemnification provisions set forth in Section 15.2. The parties agree that exclusive venue for any
arbitration pursuant to this Section 15.6 shall be New York, New York and that notice of such arbitration may be provided in the manner set forth in Section 15.4. 

15.7.    No Independent Legal Representation.  Dechert LLP
(“Dechert”) has acted as legal counsel to the Company in connection with the offering of Shares. Dechert also acts as legal counsel to the Adviser and its affiliates. Conflicts could arise due to these multiple
representations. The Subscriber understands that, in connection with the offering and subsequent advice provided to the Company, Dechert will not represent Stockholders of the Company, and no independent legal counsel has been retained to represent
the Stockholders of the Company. The Subscriber hereby acknowledges and agrees that in the event that any dispute or controversy arises between any Subscriber and the Company or between any Subscriber and the Adviser and/or any of its affiliates
that Dechert represents, then each Subscriber agrees that Dechert may represent the Company or the Adviser and/or its affiliates in any such dispute or controversy to the fullest extent permitted by applicable law, regulation or professional rules
in the relevant jurisdictions and each Subscriber hereby consents to such representation. 
 15.8.    Headings,
etc.  The table of contents and the headings of the sections of this Subscription Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof. 

15.9.    Severability.  In the event any provision of this Subscription Agreement is determined to
be invalid or unenforceable, such provision shall be deemed severed from the remainder of this Subscription Agreement and replaced with a valid and enforceable provision as similar in intent as reasonably possible to the provision so severed, and
shall not cause the invalidity or unenforceability of the remainder of this Subscription Agreement. 

15.10.    Entire Agreement.  This Subscription Agreement, together with its Attachments (which
Attachments are incorporated in this Subscription Agreement by reference), constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and any other prior or contemporaneous written or oral agreements,
statements or assurances with respect to this subject matter are hereby rescinded and terminated. 

15.11.    Irrevocability and Acceptance.  This Subscription Agreement is and shall be irrevocable
by the undersigned but will not be binding on the Company unless and until it is agreed to and accepted by the Company. The Company in its sole discretion may accept this Subscription Agreement with respect to the Capital Commitment in whole or in
part. Acceptance will be given either by delivery of this Subscription Agreement to the Subscriber with the form of acceptance executed by the Company or by such execution and written notice thereof to the Subscriber. This Subscription Agreement
will expire if it is not accepted by the Company on or prior to nine months from the date Subscriber has executed this Subscription Agreement. 

  
 - 17 - 

FOR ALL SUBSCRIBERS 

 15.12.    Counterparts; Facsimile or PDF
Signatures.  This Subscription Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. Facsimile or PDF counterpart signatures to
this Subscription Agreement shall be acceptable and binding. 
 15.13.    Electronic Delivery of
Communications.  The Subscriber hereby acknowledges and agrees that the Company and/or the Adviser may deliver and make reports, statements and other communications, including, without limitation, the Offering Documents, this
Subscription Agreement, Form 1099s and other tax-related information and documentation (“Account Communications”), available to the Subscriber in electronic form, such as e-mail or by posting on a web site. It is the Subscriber’s affirmative obligation to notify the Company in writing if the Subscriber’s e-mail address(es) listed in
Section 5 of Schedule 1 change(s). The Subscriber may revoke or restrict its consent to electronic delivery of Account Communications at any time by notifying the Company, in writing, of the Subscriber’s intention to do so, and will
thereafter receive such Account Communications in paper form. 
 16.    Compliance with the U.S. Patriot Act. 

16.1.    Compliance with the U.S. Patriot Act.  The Subscriber hereby understands that to help the
United States government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each Subscriber who opens an account, all as set forth
on Schedule 1. The responses provided on such Schedule are deemed to be made in this Subscription Agreement as if expressly set forth herein. 

17.    Confidentiality. 

(a) The Subscriber acknowledges that the Offering Document and other information relating to the Company have been submitted to the Subscriber
on a confidential basis for use solely in connection with the Subscriber’s consideration of the purchase of Shares. The Subscriber agrees that, without the prior written consent of the Company (which consent may be withheld at the sole
discretion of the Company), the Subscriber shall not (i) reproduce the Offering Document or any other information relating to the Company, in whole or in part, or (ii) disclose the Offering Document or any other information relating to the
Company to any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general or limited) or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled
investment fund, it shall only be permitted to disclose the Offering Document or other information related to the Company to its limited partners or underlying investors if the Subscriber has required its limited partners or underlying investors to
enter into confidentiality undertakings no less onerous than the provisions of this Section 17), except to the extent (A) such information has become generally available to the public other than as a result of the breach of this
Section 17 by the Subscriber or any agent or affiliate of the Subscriber; (B) such information may be required to be included in any report, statement or testimony required to be submitted to any municipal, state or national regulatory
body having jurisdiction over the Subscriber; (C) such information may be required in response to any summons or subpoena or in connection with any litigation; (D) necessary to comply with any law, order, regulation or ruling applicable to
the Subscriber; (E) it is necessary to disclose such information to the Subscriber’s employees and professional advisors (including the Subscriber’s auditors and counsel and, for an ERISA Stockholder, such Persons as are

  
 - 18 - 

FOR ALL SUBSCRIBERS 

 
necessary for the proper administration of the ERISA plan), so long as such Persons are advised of the confidentiality obligations contained herein; and (F) such information may be required
in connection with an audit by any taxing authority. The Subscriber further agrees to return the Offering Document and any other information relating to the Company if no purchase of Shares is made or upon the Company’s request therefore. The
Subscriber acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this section by it, and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be
entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach. 
 (b) The Subscriber further
acknowledges that all information received in connection with this Subscription Agreement and the Company is confidential, and agrees that in the event the Subscriber receives material non-public information,
the Subscriber shall not engage in any securities trading on the basis of such information in violation of applicable law. 

18.    Compliance with Laws; Disclosure.  The Company and/or the Adviser may disclose information concerning the
Company or the Stockholders to the extent necessary to comply with applicable laws and regulations or policies, including any anti-money laundering or anti-terrorist laws or regulations or policies related thereto, and each Subscriber hereby agrees
to provide the Company, promptly upon request, all information that the Company reasonably deems necessary to enable the Company and/or the Adviser to comply with any such laws, regulations and/or policies. The Subscriber consents to disclosure by
the Company and its agents of information pertaining to the Subscriber to relevant third parties as the Company or its agents reasonably deem appropriate or necessary in connection with the operations of the Company, including without limitation, to
governmental, regulatory, national security, courts, law enforcement or other authorities, banks, financial intermediaries and counterparties, including, without limitation, to parties outside of the jurisdiction in which the information was
initially collected by the Company. The Subscriber hereby agrees to provide the Company and/or U.S. Bancorp Fund Services, LLC (or any successor transfer agent and/or administrator to the Company), promptly upon request, all information requested in
connection with their anti-money laundering and know-your-customer requirements. Each Subscriber hereby represents and warrants that the Subscriber has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of information concerning the Subscriber, necessary to disclose such information to the Company, and as required for the Company to
use and disclose such information in connection with the performance of its obligations hereunder, and that the disclosure of such information does not violate any applicable laws, regulations, by-laws or
ordinances. The Subscriber shall fully indemnify the Company and the Company shall have no liability for any action taken or omitted by it in reliance upon the foregoing representation and warranty for claims or complaints for failure to comply with
any applicable law that regulates the collection, processing, use or disclosure of information concerning the Subscriber. 

  
 - 19 - 

FOR ALL SUBSCRIBERS 

 SIGNATURE PAGE 
  

			
	 INDIVIDUAL SUBSCRIBER:
	  	INSTITUTIONAL SUBSCRIBER*:
		
	 ______________________________________

Name of Individual Subscriber
	  	 ______________________________________
 Name of
Institutional Subscriber

		
	 Signature:_____________________________
	  	By:___________________________________
		
	 Print Name:____________________________
	  	Print Name:____________________________
		
	 Date: _________________________________
	  	Title: _________________________________
		
	 	  	Date: _________________________________

  

	*	 If IRA, must be in the form of: (the name of the IRA Custodian) for the benefit of (the name of the
individual) and must also be acknowledged by custodian or trustee below. 

 Acknowledgment by IRA Custodian or Trustee with
respect to Investment for an IRA: 
 By signing below, the undersigned custodian or trustee of the IRA for the benefit of the Individual Subscriber
named above (the “Client IRA”) acknowledges that investment in the Company is being made through the Client IRA from the below referenced account and certifies that the Client IRA has directed the custodian or trustee
to sign this Subscription Agreement on behalf of the IRA. The trustee or custodian’s contact, account reference number and Tax ID are set forth below. 
  

					
	 Name of IRA Holder:
	  	 
		
	 Name and Address of Custodian:
	  	 
		
	 Name of Registered Representative (if applicable)
	  	 
		
	 Registered Representative Mailing Address
	  	 
		
	 Registered Representative E-Mail Address
	  	 
		
	 Contact Individual:
	  	 
		
	 IRA Account or Other Reference Number:
	  	 
		
	 Trustee/Custodian’s Tax I.D. Number:
	  	 
		
	 Acknowledgement by Custodian:
	  	 
			
	 	  	By:	  	  
			
	 	  	Name: 	  	  
			
	 	  	Title:	  	  

  

	
	  

ALL SUBSCRIBERS, PLEASE FOLLOW THESE INSTRUCTIONS:

 
 ALL SUBSCRIBERS: If you do not complete the applicable
Schedule(s) or Annexes attached hereto, your Subscription Agreement shall be deemed incomplete and will be returned to you.
  

INDIVIDUAL SUBSCRIBERS: Please complete Schedules 1 and 2 (if applicable) and Annex A attached hereto. 

 
 INSTITUTIONAL SUBSCRIBERS: Please complete Schedules 1 and 2 (if applicable)
and Annex B attached hereto.
  

  
 - 20 - 

FOR ALL SUBSCRIBERS 

 THIS SUBSCRIPTION AGREEMENT SHALL NOT BE EFFECTIVE UNLESS AND UNTIL IT IS COUNTERSIGNED BY THE COMPANY: 

[Company’s signature page follows] 

  
 - 21 - 

FOR ALL SUBSCRIBERS 

 SIGNATURE PAGE OF THE COMPANY: 

Agreed to and Accepted by 
 MUZINICH BDC, INC. 

 

			
	as of ______________________________, 20___	 	$___________________________
		 	Amount of Commitment Accepted

 By: _________________________________________________ 

Print Name: __________________________________________ 
 Title:
________________________________________________ 

  
 - 22 - 

FOR ALL SUBSCRIBERS 

 Schedule 1 to Subscription Agreement: 

Subscriber Information 

(For All Subscribers) 

Instructions: Please complete the applicable parts of this Schedule. 

Name and Address (please print) 
  

 
 Name (Print both names if joint registration) 

 
  

Street Address/Address of Principal Office (No P.O. Boxes) 
  

					
	 	 		  	    (            )
	City                                      
                              State           
                         Zip Code	 	    Telephone No.

 1.    Investment.  Please indicate below the amount of the Subscriber’s
Capital Commitment in the Company. 
 Amount of Capital Commitment: $________________ 

Payment made by wire direct to: 
  

			
	 U.S.
Bank

	 ABA#
	  	
[    ]

	
DDA#
	  	
[    ]

	 Ultimate Acct Name:
	  	 Muzinich BDC, Inc.

	
FFC:
	  	
Account Name

 2.    Primary Contact Person for this Account. 

Name: ________________________________________________ 

Address: ______________________________________________ 

Telephone Number: _____________________________________ 

Telefax Number (if available): _____________________________ 

E-mail Address: _________________________________________ 

  
 - 23 - 

FOR ALL SUBSCRIBERS 

 3.    Persons authorized to act for the Subscriber
(i.e. authorized to invest in funds, request redemptions or withdrawal, direct payment of funds, etc.).  In addition to the persons authorized by the power of attorney contained
in Section 9 of the Subscription Agreement, the Subscriber hereby authorizes the person(s) noted below to act individually on behalf of this account unless otherwise noted. Please provide name, specimen signatures and titles in the form that
such person would sign documents on behalf of this account, and telephone numbers. Without limiting the power of attorney contained in Section 9 of the Subscription Agreement, if there are circumstances under which more than one signature is
required to take action with respect to this account, please state such circumstances. Requests to change the identity of persons authorized to act on behalf of a Subscriber which is a corporation, partnership, trust, estate or other fiduciary must
be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the Subscriber. The Subscriber agrees that the Company may rely on the information provided herein until it receives written notice of
superseding instructions. 
  

							
		 	 3.1
  

__________________________
  

Signature
  

__________________________
  

Name (and title, if applicable)
  

__________________________
  

Telephone number
  

3.3
  

__________________________
  

Signature
  

__________________________
  

Name (and title, if applicable)
  

__________________________
  

Telephone number
	  	 3.2
  

__________________________
  

Signature
  

__________________________
  

Name (and title, if applicable)
  

__________________________
  

Telephone number
  

3.4
  

__________________________
  

Signature
  

__________________________
  

Name (and title, if applicable)
  

__________________________
  

Telephone number
	  	

  
 - 24 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

 4.    Tax Information: 

Please provide your Taxpayer I.D. Number/Social Security Number (as applicable): 

Tax ID/SSN: _____________________________ 

For Joint Accounts, please provide the Taxpayer I.D. or Social Security Number (as applicable) for each Joint Account Holder. 

Name: _______________
                         Tax ID: _______________ 

Name: _______________
                         Tax ID: _______________ 

The Subscriber is a (please check the appropriate box): 

☐ Corporation 
 ☐
Limited Partnership 
 ☐ General Partnership 

☐ Limited Liability Company     

☐ S-Corporation     

☐ Charitable Trust     

☐ Tax-Exempt Endowment     

☐ Private Tax-Exempt Foundation 

☐ Employee Benefit Plan (self-directed) 

☐ Employee Benefit Plan (trustee directed)     

☐ Fund of Funds 
 ☐
Personal Trust 
 ☐ Other Tax Exempt Organization_____________________________ 

☐ Other _____________________________ 

Tax year ends: ____________________ 

State (if applicable) and country of residence for tax purposes: ____________________ 

For a domestic self-directed employee benefit plan (e.g. Keogh or self-directed 401k): 

Keogh or Plan Account Number _______________ 

Tax year ends ____________________ 

Plan or Custodian Taxpayer I.D. Number ______________________________ 

  
 - 25 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

 Cost Basis Election: 

All Subscribers, please elect a cost basis reporting method that will apply with respect to your investment in the Shares by checking the applicable box below
(if you do not elect a cost basis method below, the default method that will apply to your Shares is First In, First Out (FIFO)): 
 ☐
First In, First Out (FIFO) (This is the default method if no election is made.) 
 ☐ Average Cost Basis 

☐ Specific Share Identification (SSI) 

☐ SSI – First In, First Out (SSI – FIFO) 

☐ SSI – Highest In, First Out (SSI – HIFO) 

☐ SSI – Low Cost Long Term 

☐ SSI – Low Cost 

☐ SSI – Low Cost Short Term 

☐ SSI – High Cost Long Term 

☐ SSI – High Cost Short Term 

☐ SSI – Last In, First Out (SSI – LIFO) 

☐ SSI – Proportional 

☐ SSI – Manual Selection 
 If you wish
to change your cost basis election at any time in the future, please contact the Company and provide your account number, current cost-basis election and revised cost-basis election. The Company will provide the information to U.S. Bancorp to
implement the change. 

  
 - 26 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

 5.    Statements and Other
Correspondence.  Statements and other correspondence should be sent to (give name, address, fax number and email address, if available): 
  

			      		      		      
		  	Primary Contact	  		  	Secondary Contact
				
	Name	  	  
	  		  	  

				
	 Company
 (if applicable)
	  	  
	  		  	  

				
	 Title
 (if applicable)
	  	  
	  		  	  

				
	Address	  	  
	  		  	  

				
	Phone	  	  
	  		  	  

				
	Fax	  	  
	  		  	  

				
	E-mail	  	  
	  		  	  

        Type of Correspondence Contacts should receive (please check all that
apply): 
  

					
	 	 	Primary Contact	 	Secondary Contact
	 Funding

Notices
	 	 	 	 
	Annual Financial Statements	 	 	 	 
	Quarterly Reports	 	 	 	 
	 1099s and Tax

Information
	 	 	 	 
	 Original Legal

Documents
	 	 	 	 
	 Copy of Legal

Documents
	 	 	 	 
	 Amendments or

Other Documents
 to be Signed
	 	 	 	 
	 Other Investor

Correspondence
	 	 	 	 
	 Distribution

Notice
	 	 	 	 

  
 - 27 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

 6.    Distributions.  Please indicate where cash
distributions should be sent (please check and complete one): 
  

					
	For All Subscribers	 	☐ Wire distributions to:	 	☐ Send check to:
			
	Bank Name:	 		 	
		 	  
	 	  

			
	Bank Address:	 		 	
		 	  
	 	  

			
	Bank ABA #:	 		 	
		 	  
	 	  

			
	Account Number:	 		 	
		 	  
	 	  

			
	Account Name:	 		 	
		 	  
	 	  

			
	Reference:	 		 	
		 	  
	 	  

			
	Contact Name:	 		 	
		 	  
	 	  

			
	Phone:	 		 	
		 	  
	 	  

			
	Email:	 		 	
		 	  
	 	  

			
	SWIFT Code:	 		 	
		 	  
	 	  

			
	Comments:	 		 	
		 	  
	 	  

			
	For Non-US Subscribers Only:	 	  
	 	  

			
	US Correspondent Bank Name:	 		 	
		 	  
	 	  

			
	US Correspondent Bank’s Routing Codes (either ABA # or CHIPS #):	 		 	
		 	  
	 	  

			
	Beneficiary’s Bank’s Name:	 		 	
		 	  
	 	  

			
	Beneficiary’s Bank’s Routing Codes (either BIC # or UID #):	 		 	
		 	  
	 	  

			
	Beneficiary’s Name:	 		 	
		 	  
	 	  

			
	Beneficiary’s Account Number:	 		 	
		 	  
	 	  

			
	Additional Reference Information:	 		 	
		 	  
	 	  

 7.    Service of Process.  (For foreign Subscribers only. Does not
apply to U.S. domestic Subscribers.) If the Subscriber is either a foreign entity or is not a permanent resident of the United States, the Subscriber hereby irrevocably appoints the following as an agent within the United States to receive
service of process on behalf of the Subscriber in connection with the enforcement of the obligation of the Subscriber to make capital contributions to the Company, or otherwise in connection with the Subscriber’s subscription to contribute
capital to the Company: 
  

			
	 	 	
	 	 	
	 	 	

  
 - 28 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

 8.    Additional Information. Please indicate your agreement with the
statements below by checking “yes” or “no”. 
  

	 	8.1	 You understand that the entire amount of your investment may be lost. 

 

	 	    	 ☐  Yes    ☐  No 

 

	 	8.2	 You have prior experience investing in, and are familiar with, the types of investments in which the Company
will invest. ☐  Yes    ☐  No 

  
  

	 	8.3	 Following your investment in the Company, you will have adequate means of providing for your current needs and
contingencies and you have no need for liquidity in this investment. ☐  Yes    ☐  No 

  

	 	8.4	 If you are an Individual Investor, your investment in the Company represents less than 5% of your net worth
(excluding principal residence). ☐  Yes    ☐  No 

 If
not, estimate percentage of net worth (excluding principal residence)                 %. 

9.    Subscriber Status as Agent or Nominee 

(The Subscriber must initial each applicable category.) 

____    The Subscriber is acquiring the Shares for its own account, risk and beneficial interest. 

OR 

____    The Subscriber is acting as an Agent or Nominee on behalf of the beneficial owner. 

10.    Questionnaire regarding the Beneficial Owner of the Shares for Purposes of Rule 506(d) Under Regulation D of the Securities
Act 
 Please complete the below questions on behalf of each beneficial owner2 of the Shares in
the Company. 
 (Please Check Each as Applicable) 
  

	 	10.1	 Has the beneficial owner, within the last ten (10) years, been convicted of a felony or misdemeanor
(a) in connection with the purchase or sale of any security, (b) involving the making of any false filing with the SEC or (c) 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 

 
  

	2 	 For purposes of this Section, the term “beneficial owner” is interpreted in the same
manner as under Rule 13d-3 of the U.S. Securities Exchange Act of 1934, as amended, and includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, under Rule 13d-3 has or shares, or is deemed to have or share: (a) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (b) investment power, which
includes the power to dispose of, or to direct the disposition of, such security. Beneficial ownership includes both direct and indirect interests, determined as under Rule 13d-3. In addition, where holders of
Shares have voting agreements in place, they may be required to aggregate their Shares to determine if they are beneficial owners of 20% or more of Shares in accordance with Rule 13d-3 and Rule 13d-5(b), and who within the voting group is deemed the beneficial owner. 

  
 - 29 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

	 	10.2	 Is the beneficial owner subject to any order, judgment or decree of any court of competent jurisdiction,
entered in the last five (5) years, that restrains or enjoins the beneficial owner from engaging in or continuing to engage in any conduct or practice (a) in connection with the purchase or sale of any security, (b) involving the
making of a false filing with the SEC or (c) 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 

 

	 	10.3	 Is the beneficial owner subject to a Final Order3 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: 

 

	 	(a)	 bars the beneficial owner from: 

 

	 	(1)	 association with an entity regulated by such commission, authority, agency, or officer; 

 

	 	(2)	 engaging in the business of securities, insurance, or banking; or 

 

	 	(3)	 engaging in savings association or credit union activities; or 

 

	 	(b)	 constitutes a Final Order based on a violation of any law or regulation that prohibits fraudulent,
manipulative, or deceptive conduct within the last ten (10) years? 

  

	 	 	 ☐  Yes    ☐  No 

 

	 	10.4	 Is the beneficial owner subject to an order of the SEC pursuant to Section 15(b) or 15B(c) of the Exchange
Act or Section 203(e) or (f) of the Advisers Act that (a) suspends or revokes the beneficial owner’s registration as a broker, dealer, municipal securities dealer or investment adviser, (b) places limitations on the
beneficial owner’s activities, functions or operations, or (c) bars the beneficial owner from being associated with any entity or from participating in the offering of any penny stock? 

 

	 	 	 ☐  Yes    ☐  No 

 

	 	10.5	 Is the beneficial owner subject to any order of the SEC, entered in the last five (5) years, that orders
the beneficial owner to cease and desist from committing or causing a violation or future violation of (a) 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 (b) Section 5 of the Securities Act? 

  

	 	 	 ☐  Yes    ☐  No 

 

	3 	 The term “Final Order” means a written directive or declaratory statement issued by a
federal or state agency described in (iii) above pursuant to applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

  
 - 30 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

	 	10.6	 Is the beneficial owner suspended or expelled from membership in, or suspended or barred from association with
a member of, 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 

 

	 	10.7	 Has the beneficial owner filed as a registrant or issuer, or has the beneficial owner been named as an
underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the last five (5) years, (a) was the subject of a refusal order, stop order, or order suspending the Regulation A exemption or
(b) is currently the subject of an investigation or a proceeding to determine whether such a stop order or suspension order should be issued? 

  

	 	 	 ☐  Yes    ☐  No 

 

	 	10.8	 Is the beneficial owner subject to (a) a United States Postal Service false representation order entered
into within the last five (5) years, or (b) 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 

 

	 	10.9	 If the answer is “yes” to any of questions 10.1 through 10.8 above, has the beneficial owner obtained
a waiver from disqualification under Rule 506(d)(2) either (a) from the SEC or (b) from the court or regulatory authority that entered the relevant order, judgment or decree? 

 

	 	 	 ☐  Yes    ☐  No 

If the answer is “Yes” to any of questions 10.1 through 10.9 above, provide an explanation of the matter in question and attach a
copy of the order, judgment or other relevant documentation. 
  

	
	 
	 
	 
	 
	 

 The Subscriber hereby confirms that the foregoing statements are true, accurate and complete. The
Subscriber further acknowledges, represents, warrants and agrees that (a) the Company is relying on these responses in order to satisfy certain obligations the Company has under federal securities laws, including in connection with SEC filings
made by or with respect to the Company, (b) the Subscriber has acted with reasonable care in conducting due diligence (including, in light of the circumstances, making factual inquiry into the existence of any disqualification) to confirm the
veracity of the responses, and (c) for so long as the Subscriber holds any Shares in the Company, the Subscriber will notify the Company in writing as soon as reasonably practicable if there is any change in any of the responses set forth
herein or if the Subscriber or beneficial owner becomes aware of any pending or threatened proceeding, judgment, order, or other action or circumstance that is reasonably likely to result in any change in the responses set forth in this
Section 10. 

  
 - 31 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

 11.    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 

  
 - 32 - 

SCHEDULE 1 – FOR ALL SUBSCRIBERS 

 Schedule 2 to Subscription Agreement: 

Status as Benefit Plan Investor or Other Plan Investor 

(For ERISA Stockholders, including IRAs, and Other Plan Investors Only) 

(a)    Overview 

The U.S. Department of Labor (the “DOL”) has promulgated a regulation, 29 C.F.R.
Section 2510.3-101 (as modified by Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the “Plan Assets
Regulation”). Pursuant to the Plan Assets Regulation, the term “Benefit Plan Investor” includes: (i) any employee benefit plan (as defined in Section 3(3) of ERISA) subject to Part 4 of Subtitle B of
Title I of ERISA; (ii) any plan, account or arrangement that is subject to Section 4975 of the Code; (e.g., an individual retirement account); and (iii) any entity whose underlying assets include plan assets by reason of the
investment in the entity by any employee benefit plan or other plan described in (i) or (ii), or otherwise. For purposes of determining whether an entity is described in the foregoing clause (iii), (i) the value of equity interests held by a
person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such assets (or any affiliate of any
such person) is disregarded, and (ii) only that portion of the equity interests of an entity described in clause (iii) of the preceding sentence investing in another entity that are held by Benefit Plan Investors are included in the
testing of such other entity. Benefit Plan Investors also include that portion of any insurance company’s general account assets that are considered “plan assets” for purposes of ERISA or Section 4975 of the Code. 

(b)    Status as Benefit Plan Investor (Please Check Each as Applicable) 

(i)    Is the Subscriber or will the Subscriber be an employee benefit plan that is subject to Part 4 of Subtitle B of
Title I of ERISA? 
 ☐    Yes 

☐    No 

(ii)    Is the Subscriber or will the Subscriber be a plan to which Section 4975 of the Code applies? 

☐    Yes 

☐    No 

(iii)    Is the Subscriber an insurance company general account? 

☐    Yes 

☐    No 

(iv)    If the answer to the above question (iii) is “yes”, please indicate the maximum percentage (if any)
of the Subscriber’s assets that constitutes or may in the future constitute assets of Benefit Plan Investors: 

_______ % 

  
 - 33 - 

SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY 

 (v)    Is the Subscriber or will the Subscriber be an entity (other than
an insurance company general account) whose underlying assets include plan assets by reason of a plan’s investment in the entity? 

☐    Yes 

☐    No 

(vi)    If the answer to the above question (v) is “yes”, please indicate the maximum percentage of the
Subscriber’s assets that constitutes or may in the future constitute assets of Benefit Plan Investors: 
 _______ %

 (vii)    If the Subscriber is investing as a trustee or custodian for an Individual Retirement Account
(“IRA”), is the Subscriber a qualified IRA custodian or trustee? If yes, the Acknowledgement by IRA Custodian or Trustee with respect to Investment for an IRA on the signature page must be completed. 

☐    Yes 

☐    No 

(viii)    Is the Subscriber a participant-directed plan? 

☐    Yes 

☐    No 

(ix)    If the answer to the above question (viii) is “yes”, have individual plan participants influenced
or will they influence the investor’s decision to invest the participants’ funds in the Company? 

☐    Yes 

☐    No 

Without limiting the remedies available in the event of a breach, the Subscriber expressly agrees to disclose promptly to the Company in writing any
changes with respect to the answers set forth above, to re-confirm such information at any time upon the request of the Company (or other person acting on behalf of the Company), and to provide such other
information reasonably requested by the Company (or other person acting on behalf of the Company) for purposes of determining whether the Company is holding “plan assets.” 

(x)    Is the Subscriber, or is the Subscriber acting on behalf of, a “governmental plan” within the meaning of
Section 3(32) of ERISA, a “foreign plan,” or another plan or retirement arrangement that is not subject to Part 4, subtitle B of Title I of ERISA and with respect to which Section 4975 of the Code does not apply, but is subject
to laws similar to ERISA or Section 4975 of the Code or an entity or that is deemed to hold the assets of such a plan (each, an “Other Plan Investor”)? 

☐    Yes 

☐    No 

(xi)    If the answer to the above question (x) is “yes”, the Subscriber hereby represents and warrants to
and agrees with the Company to the extent applicable, that its assets will not constitute the assets of such Other Plan Investor under the provisions of applicable law. 

  
 - 34 - 

SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY 

 (xii)    Is the Subscriber obligated to file an annual return/report on
an Internal Revenue Service Form 5500? 
 ☐    Yes 

☐    No 

Subscribers answering “yes” to the above question (xii) are requested to provide the following information: 

 

			
	Subscriber’s plan name:	 	 
		
	Subscriber’s plan number:	 	 
		
	Name of plan sponsor:	 	 
		
	EIN of plan sponsor:	 	 
		
	Name of plan trustee:	 	 

 (c)    For ERISA Stockholders and Other Plan Investors. If the Subscriber is,
or is acting on behalf of, a Benefit Plan Investor or an Other Plan Investor (each, a “Plan”), as an inducement to the Company’s sale, issuance of, or consent to transfer of, the Shares to the Subscriber,
the Subscriber represents and warrants that: 
 (1)    ☐    The decision to invest in the
Company was made by a fiduciary of the Plan that has the authority and discretion to, and is duly authorized to, make such investment on behalf of the Plan (the “Fiduciary”); 

(2)    ☐    The Plan’s subscription for Shares contemplated hereby is duly authorized by
and otherwise in accordance with the Plan’s governing instruments; 
 (3)    ☐    The
Adviser has acted not as an “investment adviser” or otherwise as a fiduciary (within the meaning of Section 3(21) of ERISA, Section 4975 of the Code or other similar law) with respect to the decision of the Plan to invest in the
Company; 
 (4)    ☐    The acquisition of Shares by the Subscriber will not constitute or
otherwise result in a non-exempt prohibited transaction under Part 4 of Title I of ERISA or under Section 4975 of the Code, or a violation of any Similar Law applicable to the Subscriber. 

(5)    ☐    The Fiduciary (i) is responsible for the decision to invest in the Company;
(ii) is independent of the Company, the Adviser and all of their respective affiliates; (iii) is qualified to make such investment decision and have to the extent it deems necessary has consulted its own investment advisors and legal
counsel regarding the investment in the Company; and (iv) in making its decision to invest in the Company, has not relied on any advice or recommendation of the Company, the Adviser or any of their affiliates; 

(6)    ☐    The Subscriber acknowledges that it is intended that the Company will not hold ERISA
“plan assets” as defined by the Plan Assets Regulation. Accordingly, the Subscriber acknowledges that the Company has the authority to require the sale of any Shares if the continued holding of such Shares, in the opinion of the Company,
could result in the Company being subject to, or violating, ERISA or Section 4975 of the Code; 

  
 - 35 - 

SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY 

 (7)    ☐    The Subscriber agrees to from time
to time hereafter to deliver to the Company, in writing, all of the information that the Company may reasonably request in order to avoid violations of any provision of ERISA, Section 4975 of the Code or any other laws applicable to the
Subscriber, and promptly will notify the Company, in writing, of any change in the information so furnished. 
 The undersigned agrees to notify the
Company promptly of any changes in the foregoing information which may occur prior to or following an investment in the Company. 
  

	
	        
	Name of Subscriber (please print)
	
	        
	By: Name of Fiduciary
	
	        
	By: (Name of Signer, Title/Capacity)

  
 - 36 - 

SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY 

 Annex A to Subscription Agreement: 

Subscriber Questionnaire for Individual Investors (including IRAs) 

1.    Subscriber as an Individual Investor. The Subscriber’s investment in the Company is being made (please
check one and any corresponding box underneath the appropriate category): 
  

	 	☐	 as an individual. 

  

	 	☐	 with the Subscriber’s spouse (please check
one)1: 

  

	 	☐	 as joint tenants with rights of survivorship. 

 

	 	☐	 as tenants in common. 

 

	 	☐	 as community property. 

 

	 	☐	 through a revocable trust established to facilitate distribution of the Subscriber’s estate and there are
___ living grantor(s) and ___ beneficiary (ies) other than the grantors (determined by treating any person indirectly owning an interest in the trust through one or more pass-through entities (i.e., limited liability companies treated
as a partnership for income tax purposes, partnerships, S corporations and trusts) as if such person were a beneficiary). 

If the Subscriber is investing through a revocable trust, the Subscriber further represents that: (Please indicate whether the following
representations are applicable by checking the appropriate box.) 
 substantially all of the value of each beneficial owner’s
interest (direct or indirect) in the trust is not attributable to such trust’s interest (direct or indirect) in the Company. 

(Please check one.)    ☐  Yes    ☐  No 

 

	 	☐	 through an Individual Retirement Account (For U.S. domestic Subscribers only. Does
not apply to foreign Subscribers.)  

  

	 	☐	 through the Subscriber’s self-directed Keogh Plan Account. 

 

	 	☐	 through another self-directed employee benefit plan as defined in Title I of ERISA. 

 
  

	1 	 Any Co-Owner other than a spouse must submit a separate subscription
agreement. 

  
 - 37 - 

ANNEX A – FOR INDIVIDUAL SUBSCRIBERS ONLY 

 2.    Subscriber’s Net Worth.  (Please indicate
whether the following representation is applicable by checking the appropriate box.) The Subscriber has a net worth, individually or jointly with the Subscriber’s spouse, which exceeds $1,000,000 at the time of the Closing (excluding
the value of the investor’s primary residence)2, or had an individual income in excess of $200,000 in each of the two most recent years or joint income with the Subscriber’s spouse of
$300,000 in each of those years and the Subscriber has a reasonable expectation of reaching the same income level in the current year. 

(Please check
one)    ☐  Yes    ☐  No 

3.    Subscriber Status as U.S./Foreign Person.  (Please read Section 3.1
and check the box if you are described in such section. If not, check the box at 3.2.)  
 3.1    ☐
For U.S. Persons. Subscriber is a natural person who is (i) a citizen of the United States or (ii) a resident of the United States, even if not a citizen. 

3.2    ☐ For Foreign Persons. The Subscriber is not a person described in Section 3.1. 

4.    Required IRS Certification.  (Please read Section 4.1 if you are a
U.S. domestic Subscriber or Section 4.2 if you are a foreign Subscriber and indicate whether either representation is applicable to you by checking the box next such statement ) 

4.1    ☐ IRS/W-9 Certification for U.S. Subscribers. The
Subscriber is a person described in Section 3.1 and has attached hereto a properly completed and duly executed copy of Form W-9 “Request for Taxpayer Identification Number and Certification” in
accordance with the instructions accompanying such form. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete
and/or any information the Subscriber provided on Form W-9 becomes inaccurate. NOTE: Subscribers should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or
eliminate withholding or other taxes. 
 4.2    ☐ IRS/W-8
Certification for Foreign Subscribers (i.e. persons who cannot make the certification in 3.1 above). Attached hereto is a properly completed and duly executed copy of Form
W-8BEN or such other Form W-8 applicable to the Subscriber. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed
and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided thereon becomes inaccurate. In addition, upon request of the Company, the Subscriber will provide the Company with a
new properly completed and duly executed copy of Form W-8BEN or such other Form W-8 applicable to the Subscriber within every three calendar years of the date on which
it initially invested in the Partnership. NOTE: Subscribers should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes. 

 
  

	2 	 For purposes of calculating net worth hereunder, an individual need not deduct from his or her net worth the
amount of mortgage debt secured by an excluded primary residence, except to the extent that the amount of the mortgage liability exceeds the fair value of the residence. The Subscriber must also subtract from his or her net worth any indebtedness
secured by his or her primary residence that was obtained within sixty days preceding the effective date of his or her subscription, unless such indebtedness was used to acquire the residence (in which case, the rule set forth in the preceding
sentence would govern the application of such indebtedness when calculating the Subscriber’s net worth). 

  
 - 38 - 

ANNEX A – FOR INDIVIDUAL SUBSCRIBERS ONLY 

 5.    Anti-Money Laundering Confirmation.  (Please
indicate your response to the following representation by checking the appropriate box below. Also, please complete Exhibit A.) 

5.1    The Subscriber does not know or have any reason to suspect that (i) the monies used to fund the
Subscriber’s acquisition of Shares have been or will be derived from or related to any activities that may contravene U.S. federal, state or international laws or regulations, including but not limited to, anti-money laundering laws or
regulations; and (ii) the proceeds from the Subscriber’s acquisition of Shares will be used to finance any illegal activities. 

(Please check one)    I ☐ agree ☐ disagree with the above statement. 

5.2    (Please indicate your response to the following representation by checking “yes” or “no”
in the appropriate box below.) The Subscriber represents that he is not, and is not acting on behalf of any other person in connection with this subscription that is, (i) named on the List of Specially Designated Nationals and Blocked
Persons maintained by the U.S. Office of Foreign Assets Control (OFAC) (the “SDN List”), or is otherwise subject to sanctions administered by OFAC3,
(ii) a senior non-U.S. political figure or an immediate family member or close associate4 of such figure; (iii) a
non-U.S. bank that does not have a physical presence in any country (unless such bank is subject to the supervision of a banking authority that regulates an affiliate that does have a physical presence in a
country); or (iv) otherwise prohibited from investing in the Company pursuant to applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations, rules or orders (categories (i) through (iii) together, a
“Prohibited Investor”). 
 (Please check one)    ☐
Yes     ☐ No 
 5.3    The Subscriber agrees to provide the Company, promptly upon
request, all information that the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders. 

5.4    The Subscriber consents to the disclosure to regulators and law enforcement authorities by the Company and its
affiliates and agents of such information about me as the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders. 

5.5    The Subscriber acknowledges that if, following his/her investment in the Company, the Company reasonably believes
that he is a Prohibited Investor or otherwise engaged in suspicious activity or he refuses to provide promptly information that the Company requests, the Company has the right or may be obligated to prohibit additional investments, segregate the
assets constituting the investment in accordance with applicable regulations or immediately require the Subscriber to withdraw from the Company. The Subscriber further acknowledges that he will have no claim against the Company or any of its
affiliates or agents for any form of damages as a result of any of the foregoing actions. 
 END OF ANNEX A 

 
  

 

	3 	 This information may be found online at www.treas.gov/ofac. 

	4 	 A person who is widely and publicly known to maintain an unusually close relationship with the senior non-US political figure, including a person who is in a position to conduct substantial financial transactions on behalf of such figure. 

  
 - 39 - 

ANNEX A – FOR INDIVIDUAL SUBSCRIBERS ONLY 

 Annex B to Subscription Agreement: 

Subscriber Questionnaire for Institutional Investors 

1.    Accredited Investor Questionnaire.  The Subscriber is an “accredited investor” within the meaning
of Rule 501(a) of Regulation D (“Regulation D”) promulgated pursuant to Section 4(a)(2) of the Securities Act because it is (please indicate by checking the applicable boxes): 

 

	 	☐	 an employee benefit plan as defined in Title I of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), and (check appropriate box): 

  

	 	☐	 the investment decision is made by a plan fiduciary as defined in Section 3(21) of ERISA, which is either
a bank, savings and loan association, insurance company or registered investment adviser and the name of the plan fiduciary is _________________________; or 

  

	 	☐	 the plan has total assets in excess of $5,000,000; or 

 

	 	☐	 the plan is a self-directed plan, with investment decisions made solely by persons that are “accredited
investors” within the meaning of Regulation D. 

  

	 	☐	 a plan that is established and maintained by a state, its political subdivisions or any agency or
instrumentality of a state or its political subdivisions, for the benefit of its employees, if the plan has total assets in excess of $5,000,000. 

  

	 	☐	 an insurance company as defined in Section 2(13) of the Securities Act. 

 

	 	☐	 an investment company registered under the Investment Company Act. 

 

	 	☐	 a business development company (as defined in Section 2(a)(48) of the Investment Company Act).

  

	 	☐	 a private business development company as defined in Section 202(a)(22) of the Advisers Act.

  

	 	☐	 a Small Business Investment Company licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the Small Business Investment Act of 1958. 

  

	 	☐	 a bank (as defined in Section 3(a)(2) of the Securities Act) or a savings and loan association or other
institution (as defined in Section 3(a)(5)(A) of the Securities Act), whether acting in regard to this investment in its individual or a fiduciary capacity. 

 

	 	☐	 a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). 

  

	 	☐	 an organization described in Section 501(c)(3) of the Code, with total assets in excess of $5,000,000.

  

	 	☐	 a corporation, a Massachusetts or similar business trust, partnership or limited liability company, not formed
for the specific purpose of acquiring Shares, with total assets in excess of $5,000,000. 

  
 - 40 - 

ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY 

	 	☐	 a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares,
whose purchase of Shares is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment.

  

	 	☐	 an entity in which all of the equity owners are “accredited investors” within the meaning of
Regulation D. (NOTE: This paragraph should only be checked if the Subscriber cannot establish it is an accredited investor under one of the categories described above. If the Subscriber checks this box, each equity owner of the Subscriber’s
securities must complete and submit to the Company a copy of Annex A or B, as applicable, along with an original executed signature page and may be requested to complete, execute and submit to the Company its own Subscription Agreement. If
necessary, please request additional copies of this Subscription Agreement from the Company.)  

 2.    The
Subscriber  (Please check each applicable subsection below.) 
 ☐ was ☐ was not formed,
organized, reorganized, capitalized or recapitalized for the specific purpose of acquiring Shares; 
 ☐ is ☐ is not operated for
the specific purpose of acquiring Shares; 
 ☐ is ☐ is not an investment entity for which the Subscriber’s stockholders,
partners, members or other beneficial owners can have individual discretion as to their participation or non-participation through the Subscriber in (i) the Subscriber’s purchase or Shares or
(ii) particular investments made by the Company; 
 ☐ will ☐ will not have more than 40% of the value of the
Subscriber’s total assets (or, if the Subscriber is a private investment fund with binding, unconditional capital commitments from the Subscriber’s partners or members, more than 40% of the Subscriber’s committed capital) invested in
the Company upon making this investment. 
 3.    Funds Invested by the Subscriber.  (For domestic
and foreign Subscribers.) The funds invested by the Subscriber in the Company ☐ do ☐ do not and will not (please check one) constitute the assets of (a) an employee benefit plan (as defined in Section 3(3)
of ERISA) whether or not subject to Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code, or (c) an entity whose underlying assets include assets of a plan described in (a) or (b). 

4.    Relationship with the Placement Agent.  The Subscriber ☐ is ☐ is not (please check
one) an employee benefit plan maintained by the Placement Agent(s) or its/their affiliates. 
 5.    Subscriber Status as
U.S./Foreign Person.  (Please read Section 6.1 and check the box if you are described in such section. If not, check the box next to Section 6.2.)
 
 6.1    ☐ For U.S. Persons. Subscriber is (i) an entity created or organized in the
U.S. that is treated for U.S. income tax purposes as a partnership or corporation, (ii) a trust the administration of which a court within the United States is able to exercise primary supervision over or for which one or more United States
persons (including individual citizens or residents of the U.S.) have the authority to control all substantial decisions, or (iii) an estate the income of which is subject to tax in the United States. 

6.2    ☐ For Foreign Persons. The Subscriber is not a Person described in Section 6.1. 

  
 - 41 - 

ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY 

 6.    Required IRS Certification.  (Please read Section 7.1
if you are a U.S. domestic Subscriber and Section 7.2 if you are a foreign Subscriber and indicate whether either representation is applicable to you by checking the box next such statement.) 

7.1    ☐ IRS/W-9 Certification for U.S.
Subscribers. The Subscriber is a person of the type described in Section 6.1 and has attached hereto a properly completed and duly executed copy of Form W-9 “Request for Taxpayer
Identification Number and Certification” in accordance with the instructions accompanying such form. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form
in the event that such form has become obsolete and/or any information the Subscriber provided on Form W-9 becomes inaccurate. NOTE: Subscribers should consult their tax adviser regarding other forms
that may be delivered to the Company to reduce or eliminate withholding or other taxes. 
 7.2    ☐ IRS/W-8 Certification for Foreign Subscribers (i.e. persons who cannot make the certification in Section 6.1 above). Attached hereto is a properly
completed and duly executed copy of Form W-8BEN-E or such other Form W-8 applicable to the Subscriber. The Subscriber agrees to
promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided thereon becomes inaccurate. In
addition, upon request of the Company, the Subscriber will provide the Company with a new properly completed and duly executed copy of Form W-8BEN-E or such other Form W-8 applicable to the Subscriber within every three calendar years of the date on which it initially invested in the Company. NOTE: Subscribers should consult their tax adviser regarding other forms that may
be delivered to the Company to reduce or eliminate withholding or other taxes.  
 7.    U.S. Patriot Act
Confirmation. 
 8.1    (Please indicate your response to the representation by checking in the appropriate
box below Also, please complete Exhibit A.) The Subscriber does not know or have any reason to suspect that (a) the monies used to fund the Subscriber’s acquisition of Shares have been or will be derived from or related to any illegal
activities, including but not limited to, money laundering activities and (b) the proceeds from the Subscriber’s acquisition of Shares will be used to finance any illegal activities. 

(Please check one)    I ☐ agree ☐ disagree with the above statement. 

8.2    (Please check either 8.2.1 or 8.2.2) 

8.2.1     ☐  The Subscriber is NOT acting on behalf of one or more clients in connection with this
subscription and neither the Subscriber nor its authorized contact persons are (a) named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control (OFAC) (the
“SDN List”)1, (b) residing in or organized in a country of, or owned or controlled by a government of a country subject to sanctions administered by OFAC,2 (c) a non-U.S. shell bank3 or providing banking services indirectly to a non-US shell bank, (d) a senior non-U.S. 

 
  
  

 

	1 	 This information may be found online at www.treas.gov/ofac. 

	2 	 This information may be found online at www.treas.gov/ofac. 

	3 	 A non-US shell bank is a non-US
bank without a physical presence in its country of domicile/ incorporation. 

  
 - 42 - 

ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY 

 
political figure or an immediate family member or close associate4 of such figure or (e) otherwise prohibited from investing in the
Company pursuant to applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations, rules or orders (categories (a) through (e) together, “Prohibited Investors”). 

- OR - 

8.2.2    ☐    If the Subscriber is acting on behalf of one or more clients in connection with
this subscription, the Subscriber is a financial institution subject to the anti-money laundering program requirements of the USA Patriot Act, and Subscriber represents that it has (a) implemented a customer identification program as required
under Section 326 of the Patriot Act and the regulations promulgated thereunder, (b) conducted the required due diligence on client(s) on whose behalf the Subscriber is acting, and (c) determined that such client(s) are NOT Prohibited
Investors. 
 8.3    The Subscriber agrees to provide the Company, promptly upon request, all information that the
Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders. 

8.4    The Subscriber consents to the disclosure to regulators and law enforcement authorities by the Company and its
affiliates and agents of such information about the Subscriber and its constituents as the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules
and orders. 
 8.5    The Subscriber acknowledges that if, following its investment in the Company, the Company
reasonably believes that the Subscriber (or its clients) are a Prohibited Investor or are otherwise engaged in suspicious activity or refuse to provide promptly information that the Company requests, the Company has the right or may be obligated to
prohibit additional investments, segregate the assets constituting the investment in accordance with applicable regulations or immediately require the Subscriber to withdraw from the Company. The Subscriber further acknowledges that it will have no
claim against the Company or any of its affiliates or agents for any form of damages as a result of any of the foregoing actions. 

8.    Pay To Play Matters. 

9.1     If the Subscriber is, or is an entity substantially owned by, a “government entity”5 (e.g., a single investor vehicle) and the investment decisions of such entity are made or directed by such government entity, please provide the name of the government entity: 

 
  

 
  
  

 
  
  

 

	4 	 A person who is widely and publicly known to maintain an unusually close relationship with the senior non-US political figure, including a person who is in a position to conduct substantial financial transactions on behalf of such figure. 

	5 	 Any U.S. state or political subdivision of a U.S. state, including: 

	 	(i)	 Any agency, authority, or instrumentality of the U.S. state or political subdivision; 

	 	(ii)	 A pool of assets sponsored or established by the U.S. state or political subdivision or any agency, authority
or instrumentality thereof, including, but not limited to a “defined benefit plan” as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a U.S. state general fund; 

	 	(iii)	 Any participant-directed investment program or plan sponsored or established by a U.S. state or political
subdivision or any agency, authority or instrumentality thereof, including, but not limited to, a “qualified 

  
 - 43 - 

ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY 

 9.2    Please note that, if the Subscriber enters the name of a
government entity in Section 9.1, the Company will treat the Subscriber as if it were the government entity for purposes of Rule 206(4)-5 of the Investment Advisers Act (the “Pay to Play
Rule”). 
 9.3    If the Subscriber is (i) a government entity, (ii) acting as trustee,
custodian or nominee for a beneficial owner that is a government entity, or (iii) an entity described in Section 9.1, the Subscriber hereby certifies that: 

☐    other than the Pay to Play Rule, no “pay to play” or other similar compliance
obligations would be imposed on the Company, the Adviser or their affiliates in connection with the Subscriber’s subscription; 
 -
OR - 
 ☐    If the Subscriber cannot make the above certification, indicate in the space
below all other “pay to play” laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company, the Adviser or their affiliates, employees or Placement Agents would be subject to in connection with the Subscriber’s
subscription: 
  

	
	 
	 

 
			
	 	 	

 END OF ANNEX B 
  

 
  
  

 

	 	tuition plan” authorized by section 529 of the Internal Revenue Code (26 U.S.C. 529), a retirement plan authorized by section 403(b) or 457 of the Internal Revenue Code (26 U.S.C. 403(b) or 457), or any similar
program or plan; and 

	 	(iv)	 Officers, agents, or employees of the U.S. state or political subdivision or any agency, authority or
instrumentality thereof, acting in their official capacity. 

  
 - 44 - 

ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY 

 Exhibit A: 

Anti-Money Laundering Questionnaire 

To help the government fight the funding of terrorism and money laundering activities, federal law requires us to obtain, verify, and record information
that identifies each investor in the Company. We accordingly require that you provide the information and documents requested by the appropriate questionnaire(s) below (i.e., the Investor Profile Form – Individual Accounts, Investor Profile
Form – Corporation, Partnership, Trust, and/or, as indicated, the Foreign Due Diligence Questionnaire). This information will be used to verify your identity. 

  
 - 45 - 

EXHIBIT A – ANTI-MONEY LAUNDERING QUESTIONNAIRE 

 Investor Profile Form - Individual Accounts 

(Please complete a separate Investor Profile Form for each Joint Account Holder) 

 

											
	 1.  
	 	 Subscriber

Name:                         
                                         
                                         
                                         
                                         
                                         
        

		 		 	(Must provide full first name; no initials allowed)
		
	 2.  
	 	Address of Domicile (must be residential or business street address):
		
		 	
                   
                                         
                                         
                                         
                                         
                                         
                               

		
		 	
                   
                                         
                                         
                                         
                                         
                                         
                               

		
		 	
                   
                                         
                                         
                                         
                                         
                                         
                               

		
	 3.  
	 	Place of Birth:                                
                                         
                                         
                                         
                                         
                            
		
	 4.  
	 	Date of Birth:                                
                                         
                                         
                                         
                                         
                             
		
	 5.  
	 	Passport
Number:                                        
                                         
                                         
                                         
                                         
              
		
	 6.  
	 	Source of
Wealth:                                        
                                         
                                         
                                         
                                         
             
			
	 7.  
	 	Current Occupation and Business Affiliations:	  	
		
		 	
                   
                                         
                                         
                                         
                                         
                                         
                               

			
	 8.  
	 	 Is the Subscriber a non-U.S.
Person?  ☐  Yes  ☐  No
 (If Yes, Complete Foreign Due Diligence Questionnaire)
	  	
		
	 9.  
	 	Verification Documents (Please provide a copy of one of the following and check the corresponding box):
				
		 	 CurrentValid Passport:  ☐
	  		  	
			
		 	 CurrentValid Driver’s License with Photo and
Signature:  ☐
	  	
		
		 	Other government issued identification bearing a
photograph:  ☐  Describe:                                
                                         
                                         
            
		
		 	
                   
                                         
                                         
                                         
                                         
                                         
                               

				
		 	Subscriber Signature	  		  	
		
		 	I hereby certify the information above and any information provided in connection herewith is true and correct.
		
		 	
                   
                                         
                                         
                                         
                                         
                                         
                               

		 	
  Name                
                                         
   Signature                                     
               Date

		 		 		 		  		  	

  
 - 46 - 

EXHIBIT A – ANTI-MONEY LAUNDERING QUESTIONNAIRE 

 Investor Profile Form - Corporation, Partnership, Trust or Other Entity 

 

							
	1.      	 	 Subscriber

Name:                         
                                         
                                         
                                         
                                         
                  

		 	(enter legal name)	 		 	
		
		 	 (a) Subscriber is
 (check
one, if
 applicable):        ☐ ERISA

                          
 ☐ Govt. Pension Plan

                          
 ☐ U.S. Publicly Traded Company (on NYSE, Nasdaq or ASE)

                          
 ☐ U.S. Registered Broker-Dealer

				
		 	 Note: If entity is a pension fund regulated by the Department of Labor, a federal or state instrumentality, a bank or broker-dealer
registered with the SEC or a U.S. company publicly traded on the NYSE or Nasdaq, the balance of the information on this Investor Profile Form need not be completed, but please execute this Investor Profile Form on the following page.

 
 IF NONE OF THE ABOVE, COMPLETE THE BALANCE OF FORM
	 		 	
		 	  

(b)   Type of Subscriber:          
                                         
                                         
                                         
                                         
         
 (i.e. corporate cash account, foundation or endowment, insurance assets,
etc.)
  

(c)   Place of Incorporation or Formation:      
                                         
                                         
                                         
                          
  

(d)   Date of Incorporation or
Formation:                                       
                                         
                                         
                                   

 
 (e)   Principal business
activity:                                       
                                         
                                         
                                         
         

		
	2.      	 	Principal Business Street Address:
		
		 	                                    
                                         
                                         
                                         
                                         
                     
		
		 	                                    
                                         
                                         
                                         
                                         
                     
		
		 	                                    
                                         
                                         
                                         
                                         
                     
		
	3.	 	Taxpayer I.D. Number (or foreign government ID
number):                                       
                                         
                                         
    
		
	4.	 	Source of Investment
Funds:                                        
                                         
                                         
                                         
            
		
		 	                                    
                                         
                                         
                                         
                                         
                     
		
	5.	 	 Is Subscriber a non-U.S. Financial Institution? ☐ Yes ☐ No

(If Yes, Complete Foreign Due Diligence Questionnaire)

			
		
	6.      	 	
Authorized Subscriber Contacts:                   
                                         
                                         
                                         
                       
 (if the
Subscriber was formed within the previous 6 months fill out Investor Profile Form – Individual Investor for at least one
authorized signer on account)

		
		 	
(a)   Name:              
                                         
                                         
                                         
                                         
                   

		 	 (Must provide full first name; no initials allowed)

  
 - 47 - 

EXHIBIT A – ANTI-MONEY LAUNDERING QUESTIONNAIRE 

			
		
		 	
(b)   Title/Relationship:           
                                         
                                         
                                         
                                         
        

		
	7.      	 	Is Subscriber account to be held in the name of a registered investment adviser, a commingled fund or an intermediary that is not a registered broker-dealer or a registered investment company? ☐ Yes ☐ No
		
	8.	 	 Verification Documents (Please provide a copy of each of the following documents that apply:

 
 Recent Audited Financial Statement(s) or Annual
Report:                                        
                                         
                                         
       
  
 Client’s Organizational
Documents (Certificate of Incorporation, Limited Partnership Agreement, Trust Agreement or
equivalent):                                       
                                         
                                         
                                         
                                        

 
 In the case of a trust, provide evidence of the existence of the trust (e.g. a copy of
the trust instrument)
  
 Subscriber Representative Signature

 
 I hereby certify the information above and any information provided in connection
herewith is true and correct.

		
		 	                                      
                                         
                                         
                                         
                                         
                  
		 	   Name,
Title                                        
                Signature                        
                                
Date

  
 - 48 - 

EXHIBIT A – ANTI-MONEY LAUNDERING QUESTIONNAIRE 

 FOREIGN DUE DILIGENCE QUESTIONNAIRE 

 

					
	   Subscriber

  Name:
	  	 	  	 
			
	  Custodian:	  	 	  	 

					
	
	 
	
	  List all nominal and beneficial owners of the account holding an interest therein of 25% or greater:
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
	
	   1.       Individual subscribing
in his/her own name acting on his/her own behalf  ☐  Check Box

	
	   2.       Individual subscribing
on behalf of other persons  ☐  Check Box

			
	
                          
  List of other

                          
  persons:
	  	 	  	
			
		  	 	  	
			
		  	 	  	
			
		  	 	  	
			
		  	 	  	
	
	   3.       Closely held
entity     ☐ Check Box
  
   List persons who
exercise control over subscriber (either because of signing authority or significant economic interest):

			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
	
	
  4.       Trust     ☐ Check
Box
  
   List persons who control funds in trust:

			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
		  		  	
	 
	  Attach an Investor Profile Form – Individual Account for all individuals listed above.

 [signature page follows] 

  
 - 49 - 

EXHIBIT A – ANTI-MONEY LAUNDERING QUESTIONNAIRE 

					
	Subscriber Signature
	
	I hereby certify the information above and any information provided in connection herewith is true and correct.
			
	Name:                                     
                    	  	Signature:                                    
             	  	Date:                                     
            

  
 - 50 - 

EXHIBIT A – ANTI-MONEY LAUNDERING QUESTIONNAIRE 

 Appendix A: Privacy Policy of the Company 

I.        Privacy of Company Investor Information Policy 

Policy Summary 
 As a BDC and its
SEC-registered investment adviser, Muzinich BDC, Inc. (the “Company”) and Muzinich BDC Adviser, LLC (the “Adviser”), respectively (and collectively for purposes of this policy only, the
“Firm”), must comply with SEC Regulation S-P which requires that such regulated entities adopt policies and procedures to protect the “nonpublic personal information” (NPI) of natural
person “consumers” and “customers” and to disclose to such persons the Firm’s policies and procedures for protecting that information. The Firm takes seriously its responsibility to maintain the confidentiality of investor
information, whether the investor is a natural person or an entity. This policy sets forth both the Firm’s policies with respect to confidentiality of Company investor information as well as how it ensures compliance with Regulation S-P. 
 Background – Regulation S-P 

Regulation S-P requires that the Firm have administrative, technical and physical safeguards which assist its
supervised personnel in maintaining the confidentiality of NPI collected from current, former or prospective Company investors (collectively, “Investors”) in the Company. All Investor NPI is subject to these privacy policies and
procedures. 
 Regulation S-P requires that the Firm have in place processes that (i) ensure the security and
confidentiality of customer records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of customer records and information; and (iii) protect against unauthorized access to or use of
customer records or information that could result in substantial harm or inconvenience to any customer. 
 Background – Confidential Investor
Information 
 In the course of its capital raising, asset management and related operational activities, the Firm gains access to non-public information about Company Investors. For Regulation S-P purposes, NPI includes nonpublic “personally identifiable financial information” plus any list,
description or grouping of Investors that is derived from nonpublic personally identifiable financial information. Such information may include personal financial and account information and data or analyses derived from such non-public personal information (collectively, referred to as “Confidential Investor Information”). 
 Non-Disclosure of Confidential Investor Information 
 The Firm does not share Confidential Investor Information with any
third parties, except in the following circumstances: 
  

	 	i.	 As necessary to provide the service that the Investor requested or authorized, or to maintain and service the
Investor’s account. The Firm will require that any financial intermediary, agent or sub-contractor utilized by the Firm (such as brokers or fund administrators) comply with substantially similar standards
for non-disclosure and protection of Confidential Investor Information and use the information provided by the Firm only for the performance of the specific service requested by the Firm.

  
 - 51 - 

APPENDIX A – PRIVACY POLICY 

	 	Ii.	 As required by regulatory authorities or law enforcement officials who have jurisdiction over the Firm, or as
otherwise required or permitted by any applicable law. In the event the Firm is compelled to disclose Confidential Investor Information, the Firm, if permitted by law, may provide prompt notice to the affected Investors, so that the Investors may
have the opportunity to seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained and the Firm is compelled to disclose Confidential Investor Information, the Firm shall disclose only such
information, and only in such detail, to the extent legally required as determined by the Firm in its reasonable judgment. 

  

	 	iii.	 To the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.

 Non-Disclosure Obligations of Supervised Persons 

Supervised Persons are prohibited, during and after cessation of their employment with the Firm, from disclosing Confidential Investor Information to any
person or entity outside the Firm other than cases where, during their employment, one of the circumstances above is applicable. 
 A Supervised Person is
permitted to disclose Confidential Investor Information only to such other Supervised Persons who need to have access to such information to deliver services to the client. Supervised Persons are prohibited from making unauthorized copies of any
documents or files containing Confidential Investor Information and, upon termination of their employment with the Firm, must return all such documents to the Firm. 

Any Supervised Person who violates the non-disclosure policy described above will be subject to disciplinary action,
including possible discharge, whether or not he or she benefited from the disclosed information. 
 Security of Confidential Personal Information 

The Firm restricts access to Confidential Investor Information to those Supervised Persons who need to know such information to provide the Firm services
regarding Investors. 
 Any Supervised Persons in possession of Confidential Investor Information is required to keep such information in the Firm’s
offices at all times unless he or she shall have received prior approval from the CCO. Any Confidential Investor Information removed from the Firm’s offices must be kept in a secure compartment or receptacle at all times when not in use. All
printed copies of Confidential Investor Information will be shredded or otherwise destroyed when no longer required to be retained in accordance with the Firm’s document retention and recordkeeping policies. All electronic or computer files
containing any Confidential Investor Information shall be firewall protected from access by unauthorized persons. Any conversations involving Confidential Investor Information, if appropriate at all, must be conducted by Supervised Persons in
private, and care must be taken to avoid any unauthorized persons overhearing or intercepting such conversations. 
 Privacy Notices 

  
 - 52 - 

APPENDIX A – PRIVACY POLICY 

 Regulation S-P requires the Firm to deliver a Privacy Notice that
describes the Firm’s then-current privacy practices to each natural person Company Investor at the beginning of the relationship as such, and at least once each calendar year thereafter. 

The Privacy Notice must include, at a minimum, the following information: 
  

	 	•	 	 The categories of nonpublic personal information the Firm collects. 

 

	 	•	 	 The categories of nonpublic personal information the Firm may disclose. 

 

	 	•	 	 The categories of affiliates and nonaffiliated third parties to which the Firm discloses nonpublic personal
information. 

  

	 	•	 	 The categories of nonpublic personal information about former customers that the Firm discloses and the
categories of affiliates and nonaffiliated third parties to which the Firm discloses this information. 

  

	 	•	 	 The categories of nonpublic personal information that the Firm may disclose under agreements with third party
service providers and joint marketers and the categories of third parties providing the services. 

  

	 	•	 	 An explanation of the Investor’s right to opt out of the disclosure of nonpublic personal information to
nonaffiliated third parties, and the methods by which an Investor may opt out. 

  

	 	•	 	 A description of the Firm’s policies and practices for protecting the confidentiality and security of
nonpublic personal information. 

 The Firm’s Chief Compliance Officer (“CCO”) is responsible for ensuring that, if
applicable, a Privacy Notice is delivered to each natural person Investor at the times stated above. 
 Enforcement and Exceptions 

The Firm’s CCO is responsible for reviewing, maintaining and enforcing these policies and procedures and granting any exceptions hereto. 

  
 - 53 - 

APPENDIX A – PRIVACY POLICY

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