Document:

Exhibit 10.6

 

DISTRIBUTION REINVESTMENT PLAN

 

OF

nORTH
HAVEN private income fund LLC

 

North Haven Private Income Fund
LLC, a Delaware limited liability company (the “Company”), has adopted the following plan (the “Plan”),
to be administered by State Street Bank and Trust Company and its affiliates or such other administrator as the Company may appoint (the
 “Plan Administrator”), with respect to distributions declared by its board of directors (the “Board of Directors”)
on common units of the Company (the “Common Units”).

 

A unitholder who participates
in the Plan (each a “Participant”) will be subject to the terms below. Unitholders who do not wish to participate in
the Plan must “opt out” of the Plan as set forth below.

 

1.        
     All cash distributions hereafter declared by the Board of Directors, net of any applicable withholding tax, shall be
automatically reinvested in additional Common Units of same class of Common Units to which the distribution relates, and no action
shall be required on such Participant’s part to receive a distribution in Common Units.

 

2.        
     Such distributions shall be payable on such date or dates as may be fixed from time to time by the
Board of Directors to unitholders of record at the close of business on the record date established by the Board of Directors for
the distribution involved.

 

3.        
     With respect to each distribution pursuant to this Plan, the Board of Directors shall, subject to the
provisions of the Investment Company Act of 1940, as amended, issue new Common Units of same class of Common Units to which the
distribution relates for the accounts of Participants. The number of Common Units of such class of Common Units to be issued to a
Participant is determined by dividing the total dollar amount of the distribution payable to such unitholder by the most recent
price per Common Unit of such class of Common Units as determined by the Company or, if more recent, the most recent net asset value
of such class of Common Units as determined by the Board of Directors of the Company (including any committee thereof), subject, in
each case, to adjustment to the extent required by Section 23 of the 1940 Act; the Plan Administrator shall be notified of the
price per Common Unit by the Company.

 

4.             The Plan Administrator may establish an account for the Common Units acquired pursuant to the Plan for
each Participant or may otherwise record the ownership of the Common Units acquired pursuant to the Plan. Each Participant’s
Common Units acquired pursuant to the Plan may be held together with the units of other Participants in non-certificated form. The
Plan Administrator shall not issue unit certificates to any Participant.

 

5.        
     The Plan Administrator shall confirm to each Participant each acquisition made pursuant to the Plan as soon
as practicable but not later than 30 business days after the payable date. Each Participant may from time to time have an undivided
fractional interest (computed to four decimal places) in a Common Unit, and distributions on fractional units shall be credited to
each Participant. In the event of termination of a Participant’s account under the Plan, the Plan Administrator shall adjust
for any such undivided fractional interest in cash at the time of termination.

 

6.          
   In the event that the Company makes available to its unitholders rights to purchase additional Common Units or other
securities, the Common Units held by the Plan Administrator for a Participant under the Plan shall be added to any other Common
Units of the same class held by such Participant in calculating the number of rights to be issued to such Participant. Transaction
processing may be either curtailed or suspended until the completion of any in-kind distribution, stock split or limited liability
company action.

 

    

     

    

 

7.          
   The Plan Administrator’s service fee, if any, and expenses for administering the Plan shall be paid for by the
Company. Except as explicitly provided herein, there will be no brokerage charges or other charges to Participants.

 

8.             Each Participant may elect to receive distributions in cash by notifying the Plan
Administrator in writing so long as such notice is received by the Plan Administrator no later than 10 calendar days prior to the
record date for such distribution to unitholders, otherwise the election will be effective only with respect to any subsequent
distribution. Those Participants who hold Common Units through a broker or other financial intermediary may opt out of the
Plan and receive distributions in cash by notifying their broker or other financial intermediary of their election.

 

9.     
       Each Participant may terminate his, her or its account under the Plan by so notifying the Plan
Administrator by submitting a letter of instruction terminating the Participant’s account under the Plan to the Plan
Administrator. Such termination shall be effective immediately if the Participant’s notice is received by the Plan
Administrator no later than 10 calendar days prior to the record date for an applicable distribution; otherwise, such termination
shall be effective only with respect to any subsequent distributions. The Plan may be terminated or amended by the Company upon
written notice at least 30 days prior to any record date for the payment of any distributions by the Company. Upon any termination,
the Plan Administrator shall cause the Common Units held for each Participant under the Plan to be delivered to the Participant.

 

10.          
For the avoidance of doubt, any distributions reinvested pursuant the Plan on behalf of a Participant shall have no effect on the
amount of any capital commitment of such Participant to the Company.

 

11.          
These terms and conditions may be amended or supplemented by the Company at any time but, except when necessary or appropriate to
comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other applicable
regulatory authority, only by appropriate written notice at least 30 days prior to the effective date thereof. The amendment or
supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator
receives written notice of the termination of the Participant’s participation in the Plan. Any such amendment may include an
appointment in the place and stead of the Plan Administrator of a successor agent under these terms and conditions, with full power
and authority to perform all or any of the acts to be performed by the Plan Administrator under these terms and conditions. Upon any
such appointment of any agent for the purpose of receiving distributions, the Company shall be authorized to pay to such successor
agent, for each Participant’s account, all distributions payable on Common Units held in the Participant’s name or under
the Plan for retention or application by such successor agent as provided in these terms and conditions.

 

12.          
The Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure its full and
timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no
responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan
Administrator’s negligence, bad faith or willful misconduct or that of its employees or agents.

 

13.          
These terms and conditions shall be governed by the laws of the State of Delaware.

 

Adopted January 7, 2022

 

    2Subscription Agreement

 

Exhibit 10.7 

 

Confidential

 

 

 

North Haven Private Income Fund LLC 

 

Class S Units

 

 

Subscription Booklet

 

 

If you decide not to participate in this offering,
please return this Subscription Booklet and the Confidential Private Placement Memorandum (together with all amendments thereof and supplements
thereto) received in connection with this offering to the placement agent or distributor from which you received these materials.

 

If you are an employee, affiliate, or director
of Morgan Stanley or any affiliate of Morgan Stanley, or a spouse, a minor child, or a child residing in the same residence as such an
employee or director, please notify the contact listed in Section 4 in the General Instructions below.

 

     

     

    

 

Table of Contents

 

Checklist and Required Documentation For Subscription
Documents

 

Please check the list below prior to submitting
the subscription documents to be sure that all required documents have been completed and executed.

 

	TO BE READ and COMPLETED BY ALL
    SUBSCRIBERS (unless otherwise indicated)

    Please note: The Subscriber Questionnaire
    starts on Page S-1

	Document	Page
	 ̈General
    Instructions	Page
    S-iii
	 ̈Notice
    and Glossary of U.S. Statutes Referenced in this Subscription Booklet	Pages S-1
    through S-2
	 ̈Subscription
    Agreement	Pages S-3
    through S-17
	 ̈Subscriber
    Questionnaire	Page S-1
	 ̈–
    Section A:General Information	Pages S-2
    through S-9
	 ̈–
    Section B:Subscriber Qualification and Consent to Electronic Delivery of Periodic Reporting and/or Tax Information	Pages S-10
    through S-17
	 ̈–
Section C:Supplemental Information for Individuals (Natural Persons only)1	Pages S-18
    through S-19
	 ̈–
    Section D:Supplemental Information for Entities (Entities only)2	Pages S-20
    through S-25
	 ̈–
    Section E:Subscriber Signature Page 	Pages S-26
    through S-28
	 ̈Form of
    Company Acceptance of Subscription	Page S-29
	 ̈Appendix
    1:Internal Revenue Service Forms W-9 and W-8BEN	App
    1-1
	 ̈Appendix
    2:Politically Exposed Persons (“PEP”) Questionnaire and Investor Anti-Money Laundering Documentation Supplement	App
    2-1
	 ̈Appendix
    3 - Beneficial Owner(s) (10% or More) and Key Controller Certification	App
    3-1
	 ̈Annex
    1:Definitions	Annex
    1-1
	 ̈Annex
    2:Non-U.S. Subscriber Representations	Annex
    2-1
	 ̈Annex
    3:European Economic Area Subscriber Representations	Annex
    3-1
	 ̈Annex
    4:U.S. Customer Privacy Notice	Annex
    4-1
	 ̈Annex
    5:Wire Instructions	Annex
    5-1

 

 

1
To be completed by, or on behalf of, a Subscriber who is a natural person subscribing in his/her own name, including if
the shares are being purchased for the account of a natural person with the assets of an IRA, 401(k) account or Keogh Plan.

2
To be completed by, or on behalf of, a Subscriber that is a corporation, partnership, limited liability company, trust or
other association or entity, including an individual retirement account (“IRA”), 401(k) account or Keogh Plan subscribing
in its own name, but not including cases where a natural person is subscribing in his/her own name using the assets of an IRA, 401(k)
account or Keogh Plan.

 

    S-ii 

     

    

 

General Instructions

 

General Instructions

 

1.            Contents
and Purpose

 

This
Subscription Booklet relates to the offering of Class S Units (the “Units”), of North Haven Private Income Fund
LLC, a Delaware limited liability company (the “Company”). MS Capital Partners Adviser Inc. is the investment
adviser of the Company (in such capacity, the “Adviser”), and MS Administrative Services LLC is the administrator
of the Company (in such capacity, the “Administrator”).

 

This Subscription Booklet contains all the materials
that a Subscriber needs to tender a subscription to the Company. For a full list of documents, please see the Table of Contents on Page ii.

 

For purposes of this Subscription Booklet, the
 “Subscriber” is the person or entity for whose account the Units are being purchased. Another person or entity with
investment authority may execute the subscription documents on behalf of the Subscriber, but should indicate the capacity in which it
is doing so and the name of the Subscriber. Each Subscriber must be an “accredited investor,” as such term is defined in
Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

 

Subscribers will be required to make a minimum
capital contribution of $10,000; provided, that the Company reserves the right to accept capital contributions in lower amounts or decline
to accept particular capital contributions, in its sole discretion.

 

2.            Instructions

 

Prior
to completing this Subscription Booklet, prospective investors should read the Confidential Private Placement Memorandum of the
Company, as amended, modified, or otherwise supplemented from time to time (the “Memorandum”), together with reports
the Company may file under the Securities Exchange Act of 1934, as amended (the “1934 Act”). Each Subscriber should
then do the following:

 

2.1.            General
Subscription Matters – Required Documentation & Signatories

 

		·	Attach
                                            any required documentation as set forth on Appendix 2 hereof.

 

		·	Read
                                            the Subscription Agreement, and, in particular, carefully review the representations, warranties
                                            and covenants contained therein.

 

		·	Complete
                                            the Subscriber Questionnaire.

 

		·	Complete
                                            and sign the Subscriber Signature Page (Section E)

 

		·	Complete
                                            the Affirmative Indication of Independent Judgment (Section B)

 

		·	Complete
                                            Appendices 2 and 3, as applicable.

 

2.2.            Tax
Matters

 

		·	Read
                                            the instructions to the applicable Internal Revenue Service Tax Forms, which are attached
                                            in Appendix 1 hereto. The relevant IRS Forms and their instructions can also be accessed
                                            on the IRS website at http://www.irs.gov.

 

		‒	If
                                            the Subscriber is a “United States person” for U.S. federal income tax purposes
                                            (e.g., a U.S. citizen or a U.S. resident), please complete and execute Form W-9 in accordance
                                            with the instructions accompanying the form.

 

		‒	If
                                            the Subscriber is not a “United States person” for U.S. federal income tax purposes
                                            (e.g., a nonresident alien), please complete and execute Form W-8BEN, Form W-8BEN-E,
                                            Form W-8IMY, Form W-8EXP or Form W-8ECI, as applicable. If the Subscriber
                                            is claiming benefits under an income tax treaty, please provide a U.S. taxpayer identification
                                            number on Form W-8BEN or Form W-8BEN-E, as applicable.

 

    S-iii 

     

    

 

General Instructions

 

		‒	Please
                                            note that if the W-8BEN, Form W-8BEN-E, Form W-8IMY, Form W-8EXP or Form W-8ECI,
                                            as applicable, does not contain such U.S. taxpayer identification number or is otherwise
                                            missing information or has been incorrectly filled out, the income tax treaty benefits claimed
                                            will not be applied. Instead the Company will withhold at full U.S. tax rates.

 

3.            Circumstances
in Which Each Beneficial Owner of an Entity Must Also Complete a Subscriber Questionnaire

 

Each of the beneficial owners of an entity Subscriber
(in addition to the entity Subscriber itself) must also complete the Subscriber Questionnaire and sign the Subscriber Signature Page if
any of the following circumstances apply:

 

		·	the
                                            entity was formed for the purpose of purchasing the Units;

 

		·	the
                                            entity’s Requested Capital Contribution to the Company (as set forth on the entity’s
                                            signature page to the Subscription Agreement) constitutes 25% or more of the entity’s
                                            total assets or committed capital; or

 

		·	the
                                            entity is participant-directed (as described in Section A of the Subscriber Questionnaire).

 

If any of these circumstances apply, please attach
as exhibits to this Subscription Booklet a Subscriber Questionnaire for each beneficial owner of the entity.

 

4.            Submission
of Documents and Questions:

 

If you have questions regarding the completion
of this Subscription Booklet, the questions should be directed to:

 

North Haven Private Income Fund LLC
Contact 

E-mail: NHPIF@seic.com

 

    S-iv 

     

    

 

Notice

 

Notice

 

Subscribers will be required to make a minimum
capital contribution of $10,000; provided, that the Company reserves the right to accept capital contributions in lower amounts or decline
to accept particular capital contributions, in its sole discretion. No Subscriber, however, should anticipate that the Company will
grant any waiver with respect to the minimum capital contribution requirement.

 

The Company will elect to be regulated as a business
development company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and is not
registered as an “investment company” under the Investment Company Act.

 

THE UNITS REFERRED TO IN THIS SUBSCRIPTION
AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), NOR UNDER ANY APPLICABLE
STATE SECURITIES LAWS. SUCH UNITS ARE BEING OFFERED AND SOLD (I) in the United States under
the exemption provided by Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D promulgated thereunder and other
exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, and (ii) outside of the
United States in accordance with Regulation S of THE 1933 aCT. NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE
SECURITIES COMMISSION HAS PASSED ON ANY ASPECT OF THE OFFERING OF SUCH UNITS, AND ANY REPRESENTATION TO THE CONTRARY IS ILLEGAL.

 

A PURCHASER OF UNITS SHOULD BE PREPARED TO
BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME BECAUSE THE UNITS HAVE NOT BEEN REGISTERED UNDER THE 1933 ACT
AND, THEREFORE, CANNOT BE SOLD UNLESS THEY ARE SUBSEQUENTLY REGISTERED OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. THERE IS NO OBLIGATION
OF THE ISSUER TO REGISTER THE UNITS UNDER THE 1933 ACT OR UNDER ANY APPLICABLE STATE SECURITIES LAWS.

 

TO HELP THE U.S. GOVERNMENT AND OTHER GOVERNMENTS
FIGHT THE FUNDING OF TERRORISM AND MONEY LAUNDERING ACTIVITIES, U.S. FEDERAL LAW AND APPLICABLE LAW OF OTHER JURISDICTIONS MAY NOW
OR IN THE FUTURE REQUIRE THE COMPANY TO OBTAIN, VERIFY AND RECORD INFORMATION THAT IDENTIFIES EACH SUBSCRIBER. WHAT THIS MEANS FOR THE
SUBSCRIBER: WHEN THE SUBSCRIBER SUBSCRIBES FOR UNITS, THE COMPANY WILL ASK FOR THE SUBSCRIBER’S NAME, ADDRESS AND DATE OF BIRTH
(IN THE CASE OF NATURAL PERSONS), COPIES OF FORMATION DOCUMENTS (IN THE CASE OF ENTITIES) AND OTHER IDENTIFYING INFORMATION RELATED TO
THE SUBSCRIBER (WHICH, IN THE CASE OF ENTITIES, MAY INCLUDE INFORMATION RELATED TO THE SUBSCRIBER’S BENEFICIAL OWNERS
AND CONTROLLING PERSONS). THE COMPANY MAY ALSO ASK TO SEE THE SUBSCRIBER’S DRIVERS LICENSE (IN THE CASE OF NATURAL PERSONS)
OR OTHER DOCUMENTS THAT PROVIDE VERIFICATION OF SUCH IDENTIFYING INFORMATION.

 

MORGAN STANLEY DOES NOT PROVIDE LEGAL, TAX OR
ACCOUNTING ADVICE. EACH PROSPECTIVE INVESTOR SHOULD OBTAIN INDEPENDENT TAX ADVICE BASED ON ITS PARTICULAR SITUATION.

 

The term “dollar” and the symbol
 “$,” whenever used in this Subscription Booklet, shall mean the United States dollar.

 

    S-1 

     

    

 

Notice

 

	Glossary
    of U.S. Statutes Referenced In This Subscription Booklet 
	 
	Abbreviation
    	Statute
	1933
    Act	U.S.
    Securities Act of 1933, as amended
	1934
    Act	U.S.
    Securities Exchange Act of 1934, as amended
	Advisers
    Act	U.S.
    Investment Advisers Act of 1940, as amended
	Code	U.S.
    Internal Revenue Code of 1986, as amended
	Commodity
    Exchange Act	U.S.
    Commodity Exchange Act, as amended
	ERISA	U.S.
    Employee Retirement Income Security Act of 1974, as amended
	FATCA	Foreign
    Account Tax compliance provisions of the U.S. Internal Revenue Code of 1986, as amended
	Investment
    Company Act	U.S.
    Investment Company Act of 1940, as amended
	Small
    Business Act	U.S.
    Small Business Investment Act of 1958, as amended

 

    S-2 

     

    

 

Subscription Agreement (All Subscribers)

 

Subscription Agreement (All Subscribers)

 

North Haven Private Income Fund LLC

 

The undersigned (the “Subscriber”) and North Haven
Private Income Fund LLC (the “Company”) hereby agree as set forth below.

 

	1.	Sale
                                            and Purchase of Units. Subject to the terms and conditions hereof, and in reliance upon
                                            the representations and warranties of the respective parties contained herein, (a) the
                                            Company agrees to sell to the Subscriber and, to the fullest extent permitted by applicable
                                            law, the Subscriber irrevocably subscribes for and agrees to purchase from the Company Class S
                                            Units of the Company (the “Units”), and upon the terms and conditions,
                                            and in consideration for the Subscriber’s agreement to be bound by the terms and provisions
                                            of this Subscription Agreement, at the initial purchase price of $20.00 per Unit, and on
                                            subsequent closes at the current net asset value per Unit as set forth in the applicable
                                            addendum to this Agreement.

 

Notwithstanding anything to the contrary
contained herein, the Subscriber may elect to void this Subscription Agreement by providing written notice to the board of directors
of the Company (the “Board”) no later than the date that is two Business Days prior to the Closing (as defined below).
The Subscriber hereby acknowledges that failure to notify the Board of its election to void this Subscription Agreement in writing by
the date that is two Business Days prior to the Closing, to the fullest extent permitted by law, will result in the Subscriber being
deemed to have waived such rights.

 

The Company reserves the right, in
its sole discretion (for any reason or for no reason), to reject this or any other subscription, in whole or in part, in any order and
at any time prior to the Closing (as defined below). Subject to the terms and conditions hereof, the Subscriber’s obligation to
subscribe and pay for the Units shall be unconditional, complete and binding upon the acceptance by the Company of this Subscription
Agreement. If this subscription is rejected in full, or in the event the closing applicable to the Subscriber does not occur (in which
event this subscription shall be deemed to be rejected), this Subscription Agreement shall thereafter have no force or effect.

 

In the event that the Subscriber is
permitted by the Company to purchase additional Units on a date after its initial subscription has been accepted, the Subscriber shall
be required to execute an addendum to this Subscription Agreement covering such additional investment.

 

The Company was formed as a Delaware
limited liability company pursuant to the Delaware Limited Liability Company Act on March 4, 2021. MS Capital Partners Adviser Inc.
is the investment adviser of the Company (in such capacity, the “Adviser”), Eaton Vance Management is the investment
sub-adviser of the Company (in such capacity, the “Sub-Adviser”) and MS Private Credit Administrative Services LLC
is the administrator of the Company (in such capacity, the “Administrator”).

 

The Company’s registration statement
on Form 10 (the “Registration Statement”) for the registration of its Units with the U.S. Securities and Exchange
Commission (the “SEC”) under the 1934 Act is not the offering document pursuant to which the Company is conducting
this offering of securities. Accordingly, the Subscriber should rely exclusively on information contained in the Confidential Private
Placement Memorandum of the Company, as amended, modified or otherwise supplemented from time to time, including any addenda thereto
(the “Memorandum”), together with reports the Company may file under the 1934 Act from time to time, in making its
investment decisions.

 

The Subscriber agrees to be bound
by all the terms and provisions of the Memorandum, the Company’s Certificate of Formation (the “Certificate of Formation”)
and the Company’s Amended and Restated Limited Liability Company Agreement (as amended, modified or otherwise supplemented from
time to time, the “LLC Agreement”), substantially in the form previously provided to you.

 

	2.	Other Subscription Agreements. The
                                            Company has entered into or expects to enter into separate subscription agreements (the “Other
                                            Subscription Agreements” and, together with this Subscription Agreement, the “Subscription
                                            Agreements”) with other purchasers (the “Other Subscribers”),
                                            providing for the sale to the Other Subscribers of Units at the Closing or at other Closings.
                                            This Subscription Agreement and the Other Subscription Agreements are separate agreements,
                                            and the sales of Units to the Subscriber and the Other Subscribers are separate sales.

 

    S-3 

     

    

 

Subscription Agreement (All Subscribers)

 

	3.	Closing. The closing of the subscription
                                            for and commitment to purchase by the Subscriber of the Units as provided for in Section 1
                                            (the “Closing”) shall take place at the offices of the Adviser, 1585
                                            Broadway, 39th Floor, New York, New York 10036, on the date that this Subscription Agreement
                                            (having been also signed by the Subscriber) has been accepted by the Company and the Subscriber’s
                                            capital contribution has been made (the date of such acceptance, which shall be indicated
                                            on the Company’s Acceptance provided to the Subscriber, being hereinafter referred
                                            to as the “Closing Date”). On the Closing Date, the Subscriber shall be
                                            registered as a Class S unitholder of the Company (a “Unitholder”).

 

	4.	Distributions; Distribution Reinvestment
                                            Plan. As described more fully in the Memorandum, the Company generally intends to distribute
                                            on a monthly basis, out of assets legally available for distribution, substantially all of
                                            its available earnings in such amount so the Company will not have to pay corporate-level
                                            income tax, subject to the discretion of the Board and applicable legal restrictions. The
                                            Company has adopted an “opt out” distribution reinvestment plan (as it may be
                                            amended, the “Distribution Reinvestment Plan”), pursuant to which Unitholders
                                            will have their cash distributions automatically reinvested in additional units of same class
                                            of units to which the distribution relates unless they specifically “opt out”
                                            of the Distribution Reinvestment Plan and elect to receive distributions in cash. A Unitholder
                                            may elect to “opt out” of the Distribution Reinvestment Plan or change their
                                            election by notifying the plan administrator and the Company’s transfer agent and registrar
                                            in writing so that such notice is received by the plan administrator no later than 10 calendar
                                            days prior to the record date for distributions to unitholders.

 

	5.	Representations, Warranties and Covenants
                                            of the Subscriber. The Subscriber represents, warrants and covenants to the Company as
                                            of the date that this Subscription Agreement is signed by the Subscriber, as of the Closing
                                            Date and on the subsequent dates specified below (as and to the extent specified below) that:

 

		5.1	Subscriber’s Units. Except
                                            as disclosed in the accompanying Subscriber Questionnaire, the Subscriber’s Units are
                                            being acquired for its own account for investment purposes only, and not with a view to,
                                            or for, resale, distribution, fractionalization, pledge assignment or transfer thereof, in
                                            whole or in part.

 

		5.2	Due
                                            Execution. This Subscription Agreement and the Subscriber Questionnaire attached
                                            hereto have each been duly executed and delivered by the Subscriber, and this Subscription
                                            Agreement constitutes a valid, legal and binding agreement of the Subscriber, enforceable
                                            against the Subscriber in accordance with its terms.

 

		5.3	Authorization of Purchase, etc.
                                            If the Subscriber is not a natural person, the Subscriber is duly organized, formed or
                                            incorporated, as the case may be, and validly existing and in good standing, under the laws
                                            of the Subscriber’s jurisdiction of organization, formation or incorporation, and the
                                            Subscriber has all requisite power and authority to execute, deliver and perform the Subscriber’s
                                            obligations under this Subscription Agreement and to subscribe for and purchase the Units
                                            hereunder. The purchase by the Subscriber of the Units and the Subscriber’s execution,
                                            delivery and performance of this Subscription Agreement have been authorized by all necessary
                                            corporate or other action on the Subscriber’s behalf.

 

		5.4	Compliance with Laws and Other Instruments.

 

		(a)	If the Subscriber is not a natural person,
                                            the execution and delivery of this Subscription Agreement, the consummation of the transactions
                                            contemplated hereby, and the performance of the Subscriber’s obligations hereunder
                                            do not and will not conflict with, or result in any violation of or default under, any provision
                                            of any certificate of incorporation, memorandum and articles of association, by-laws, trust
                                            agreement, partnership agreement or other organizational or governing instrument applicable
                                            to the Subscriber, or any agreement or other instrument to which the Subscriber is a party
                                            or by which the Subscriber or any of the Subscriber’s properties are bound, or any
                                            permit, franchise, judgment, decree, statute, order, rule or regulation applicable to
                                            the Subscriber or to the Subscriber’s business or properties.

 

		(b)	If the Subscriber is a natural person,
                                            the execution and delivery of this Subscription Agreement, the consummation of the transactions
                                            contemplated hereby, and the performance of the Subscriber’s obligations hereunder
                                            are within the Subscriber’s legal right, power and capacity, require no action by or
                                            in respect of, or filing with, any governmental body, agency, or official (except as disclosed
                                            in writing to the Company and which have been obtained or fully complied with), and do not
                                            and will not conflict with, contravene, or constitute a default under or breach of, any provision
                                            of applicable law or regulation or of any agreement, judgment, injunction, order, decree,
                                            regulation or other instrument to which the Subscriber is a party or by which the Subscriber
                                            or any of the Subscriber’s assets or properties are bound and no consent, approval,
                                            authorization or order of, or filing with, any court, arbitrator or governmental agency or
                                            body under any such agreement, judgment, injunction, order, decree, regulation or other instrument
                                            is required for the execution and delivery of this Subscription Agreement, the consummation
                                            of the transactions contemplated hereby, and the performance of the Subscriber’s obligations
                                            hereunder.

 

    S-4 

     

    

 

Subscription Agreement (All Subscribers)

 

		5.5	The
                                            Memorandum, etc. The Subscriber satisfies all applicable criteria for investing
                                            in the Company that may be set forth in the Memorandum. The Subscriber has been furnished
                                            with, and has carefully read, a copy of the Memorandum, the LLC Agreement and this Subscription
                                            Agreement. The Subscriber has reviewed such documents and the Subscriber understands the
                                            risks of, and other considerations relating to, the purchase of the Units, including the
                                            risks set forth under the heading “Section IX—Potential Conflicts of Interest,”
                                            “Section XI—Risk Factors” and “Section XIII—Material
                                            U.S. Federal Income Tax Considerations” in the Memorandum.

 

		5.6	Access to Information. The Subscriber
                                            has been provided an opportunity to ask questions of, and the Subscriber has received answers
                                            thereto satisfactory to the Subscriber from, the Company and its representatives regarding
                                            the terms and conditions of the offering of the Units, and the Subscriber has obtained any
                                            and all additional information requested by the Subscriber of the Company and its representatives
                                            to verify the accuracy of all information furnished to the Subscriber regarding the offering
                                            of the Units. The Subscriber is not relying on the Company, the Adviser or any of their partners,
                                            members, officers, counsel, agents or representatives for legal, investment or tax advice.
                                            The Subscriber has sought independent legal, investment and tax advice to the extent that
                                            the Subscriber has deemed necessary or appropriate in connection with the Subscriber’s
                                            decision to subscribe for the Units.

 

		5.7	No Reliance on Other Information.
                                            Other than as set forth in the Memorandum, any reports the Company may file under the 1934
                                            Act from time to time, and any separate agreement in writing with the Company executed in
                                            conjunction with the Subscriber’s subscription for the Units, the Subscriber is not
                                            relying upon any information (including the Registration Statement, any advertisement, article,
                                            notice or other communication published in any newspaper, magazine or similar media or broadcast
                                            over television or radio, and any seminars or meetings whose attendees have been invited
                                            by any general solicitation or advertising), representation, warranty or agreement by the
                                            Company, the Adviser, any affiliate of the foregoing or any agent of the foregoing, written
                                            or otherwise, in determining to invest in the Company and expressly acknowledges that neither
                                            the Company, the Adviser, any affiliate of the foregoing nor any agent of the foregoing has
                                            made any representations or warranties in connection therewith.

 

		5.8	Evaluation of and Ability to Bear
                                            Risks; No Borrowing. The Subscriber has such knowledge and experience in financial and
                                            business affairs that the Subscriber is capable of evaluating the merits and risks of purchasing,
                                            and other considerations relating to, the Units to be purchased by the Subscriber pursuant
                                            to this Subscription Agreement. The Subscriber’s financial situation is such that the
                                            Subscriber can afford to bear the economic risk of holding the Units for an indefinite period
                                            of time, and the Subscriber can afford to suffer the complete loss of the Subscriber’s
                                            Units and investment. The Subscriber is an “accredited investor” as such term
                                            is defined in rule 501 of Regulation D promulgated under the 1933 Act and, if resident
                                            in the European Economic Area (the “EEA”), a “professional investor”
                                            as such term is defined in article 4 of the Directive 2011/61/EU of the European Parliament
                                            and of the Council of 8 June 2011 (the “AIFMD”). The Subscriber is
                                            not borrowing or otherwise financing its acquisition of Units under this Subscription Agreement.

 

    S-5 

     

    

 

Subscription Agreement (All Subscribers)

 

		5.9	Transfer Restrictions.

 

		(a)	The Subscriber understands that the offering
                                            and sale of the Units are intended to be exempt from registration under the 1933 Act, applicable
                                            U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private
                                            placement exemption from registration provided in Section 4(a)(2) of the 1933 Act,
                                            exemptions under applicable U.S. state securities laws and exemptions under the laws of any
                                            non-U.S. jurisdictions. The Subscriber will not, directly or indirectly, transfer, assign,
                                            sell or pledge all or any part of any Units acquired by Subscriber (or solicit any offers
                                            to buy, purchase or otherwise acquire or take a pledge of all or any part of such Units)
                                            except in accordance with (i) the registration provisions of the 1933 Act or an exemption
                                            from such registration provisions and (ii) any applicable state or non-U.S. securities
                                            laws. The Subscriber understands that the Subscriber must bear the economic risk of the Subscriber’s
                                            investment in the Units for an indefinite period of time because, among other reasons, the
                                            offering and sale of the Units have not been registered under the 1933 Act and, therefore,
                                            the Units cannot be sold other than through a privately negotiated transaction unless they
                                            are subsequently registered under the 1933 Act or an exemption from such registration is
                                            available.

 

		(b)	The Subscriber may sell, assign, transfer
                                            or otherwise dispose of (in each case, a “Transfer”) its Units, provided
                                            that the transferee satisfies applicable eligibility and/or suitability requirements and
                                            the Transfer is otherwise made in accordance with applicable securities, tax, anti-money
                                            laundering and other applicable laws and in compliance with the LLC Agreement. No Transfer
                                            will be effectuated except by registration of the Transfer on the Company’s books.
                                            Each transferee must agree to be bound by the restrictions set forth in the LLC Agreement
                                            and all other obligations as an investor in the Company.

 

		(c)	While the Company does not intend to list
                                            its Units on a national securities exchange, should there be a quotation or listing of the
                                            Units on a national securities exchange, including following an initial public offering (an
                                            “Exchange Listing”), the Subscriber agrees that it will be subject to a lock-up
                                            restriction pursuant to which the Subscriber will be prohibited from selling or otherwise
                                            transferring its Units immediately after the date of such event. This restriction shall remain
                                            in place for at least 180 days following the Exchange Listing, and the Subscriber agrees
                                            that the specific terms of such restriction, and any other limitations on the sale of Units
                                            in connection with or following an Exchange Listing, will be agreed in advance between the
                                            Board and the Adviser, acting on behalf of the Company’s unitholders, and the institutions
                                            acting as underwriters or market makers, acting on the Company’s behalf, in connection
                                            with such Exchange Listing, and that the Subscriber will be bound by any such terms and limitations.
                                            There can be no assurance that our Units will be listed on a national securities exchange
                                            or offered in an initial public offering.

 

		5.10	Private
                                            Placement. The Subscriber acknowledges and is aware of the following:

 

		(a)	The Company has no operating history,
                                            and an investment in the Units is speculative and involves a high degree of risk of loss
                                            of the entire investment in the Company.

 

		(b)	The Units will not be, and investors in
                                            the Company have no rights to require that the Units be, registered under the 1933 Act or
                                            any state securities laws; there will be no public (primary or secondary) market for the
                                            Units; and the undersigned will not be able to avail itself of the provisions of Rule 144
                                            adopted by the SEC under the 1933 Act with respect to the resale of the Units.

 

		(c)	No state or federal agency or other governmental
                                            authority has made any finding or determination as to the fairness of the terms of the offering
                                            and sale of the Units.

 

		5.11	Certain ERISA and other Benefit
                                            Plan Matters. If the Subscriber is or will be (or is acting on behalf of any person or
                                            entity that is or will be) a Benefit Plan Investor (as such term is defined in Section D
                                            of the Subscriber Questionnaire) or a benefit plan that is not subject to Title I of ERISA
                                            or Section 4975 of the Code but is subject to any other federal, state, local, non-U.S.
                                            or other laws or regulations (“Similar Law”) that are similar to the fiduciary
                                            responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975
                                            of the Code (each of the foregoing, together with Benefit Plan Investors, a “Plan”),
                                            then the Subscriber agrees to indicate on the questionnaire that it is a Benefit Plan Investor
                                            and further represents and agrees that (A) the decision to invest in the Company was
                                            made by a fiduciary of the Plan that has the authority and discretion to, and is duly authorized
                                            to, make a decision to invest in Units on behalf of the Plan, (B) the Plan’s acquisition
                                            of Units has been duly authorized in accordance with the plan documents governing such Plan,
                                            (C) the fiduciary authorizing the acquisition of the Units is responsible for exercising
                                            independent judgment in evaluating the acquisition and holding of the Units, has considered
                                            its fiduciary duties under Section 404 of ERISA and has concluded that the purchase
                                            of such Units is consistent with such duties and is capable of evaluating investment risks
                                            independently, both in general and with regard to particular transactions and investment
                                            strategies, (D) (I) the fiduciary authorizing the acquisition of Units is not related
                                            to the Adviser, the Administrator, the Company or any of their respective employees, representatives
                                            or affiliates, and (II) the none of the Adviser, the Administrator, the Company or any
                                            of their respective employees, representatives or affiliates have investment discretion with
                                            respect to the investment of the Plan’s assets in the Company, (E) the acquisition
                                            and the subsequent holding of such Units do not and will not constitute a “prohibited
                                            transaction” within the meaning of Section 406 of ERISA or Section 4975 of
                                            the Code, that is not subject to an exemption contained in ERISA or adopted by the DOL thereunder,
                                            and (F) the provisions of any applicable Similar Law will not apply to the Company’s
                                            operation or management as a result of the Plan’s investment in Units and the acquisition
                                            and holding of Units will not result in a non-exempt prohibited transaction under any applicable
                                            Similar Law.

 

    S-6 

     

    

 

Subscription Agreement (All Subscribers)

 

The Subscriber agrees promptly to provide
to the Company such information as the Company may from time to time reasonably request for purposes of determining whether the assets
of the Company are “plan assets” (as defined in Section 3(42) of ERISA). The Subscriber expressly acknowledges that
the Company has the authority, in its sole discretion, from time to time, to require capital contributions from Other Subscribers and
not the Subscriber if the Company determines that the purchase of Units pursuant to a capital contribution, in the opinion of the Company,
could result in the Company being subject to ERISA or Section 4975 of the Code.

 

If the Subscriber is acting on behalf
of a Benefit Plan Investor, none of the Company, the Adviser, or any affiliate of any of the foregoing has acted as, or otherwise represented
or acknowledged that it is acting as, a fiduciary of the Subscriber (or, to the extent applicable, any of its underlying Benefit Plan
Investors) with respect to the Subscriber’s decision to purchase or hold any Units, and none of the Company, the Adviser, or any
affiliate of any of the foregoing is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in
connection with the acquisition or holding of any Units or shall at any time be relied upon as a fiduciary of the Subscriber (or, to
the extent applicable, any of its underlying Benefit Plan Investors) with respect to any decision to purchase, or continue to hold, any
Units.

 

The representations and warranties
set forth in this Section 5.11 shall be deemed repeated and reaffirmed on each day the Subscriber holds its Units. Without
limiting the remedies available in the event of a breach, if at any time during the term of the Subscriber’s investment in the
Company the representations and warranties set forth in this Section 5.11 shall cease to be true, the Subscriber shall promptly
notify the Company in writing. If at any time during the term of the Subscriber’s investment in the Company the Subscriber’s
status as a Benefit Plan Investor changes, the Subscriber shall promptly notify the Company in writing.

 

		5.12	Matters Relating to IRA Subscribers.

 

		(a)	If the Subscriber is investing assets
                                            on behalf of an individual retirement account (an “IRA”), the Subscriber
                                            (i.e., such individual and the IRA) acknowledges, confirms and agrees that (a) the Subscriber
                                            has, and at all relevant times will have, sufficient funds available to fulfill any payment
                                            obligations required as a condition to its investment in the Company, as well as any additional
                                            obligations or liabilities that may arise in connection with such investment in the Company,
                                            (b) Subscriber is solely responsible for maintaining sufficient funds in the IRA to
                                            fulfill any and all payments required as a condition to the Subscriber’s investment
                                            in the Company, as well as any obligations or liabilities that may arise in connection with
                                            such investment in the Company and (c) the Company will not be in a position to comply
                                            with requests for additional information (including valuations) made by custodians of IRAs.
                                            The Subscriber agrees, to the fullest extent of the law, not to hold the Company, Morgan
                                            Stanley or any of their affiliates responsible for any of the foregoing. The Subscriber understands
                                            that an investment in the Company is illiquid, and that the Subscriber may not be able to
                                            sell its Units, even if such action is required for the Subscriber to satisfy the minimum
                                            distribution rules applicable to IRAs under the Code.

 

    S-7 

     

    

 

Subscription Agreement (All Subscribers)

 

		5.13	Distributions In-Kind. Without
                                            prejudice to Section 9.2(b) of the LLCA, in the event the Company determines to
                                            make a distribution in-kind pursuant to Section 4.3 of the LLCA, the Company shall provide
                                            advance notice of such proposed distribution in-kind to each investor in the Company and
                                            agrees that Subscriber may elect, and if the Subscriber is an IRA shall be deemed to have
                                            elected by execution of this Subscription Agreement, to have the Company use its commercially
                                            reasonable efforts to effect the sale of any such securities to be distributed to such Subscriber
                                            (including, without limitation, shares of capital stock, partnership interests and other
                                            equity and/or debt like instruments) on behalf of (and as agent for) the Subscriber and the
                                            Subscriber shall be entitled to receive the net realized market value of such distribution
                                            in-kind when received by the Company. If the Subscriber is an IRA, the Subscriber acknowledges
                                            and agrees that, to the extent the Subscriber receives a distribution-in-kind of a security
                                            that is not a marketable security (either because the Subscriber elected to receive such
                                            distribution-in-kind or because of the Company’s failure to effect the sale of such
                                            security despite having taken commercially reasonable efforts to do so), Morgan Stanley Wealth
                                            Management as the IRA custodian may not be able to hold such security as part of the Individual
                                            Retirement Account. As a result, the Subscriber understands that such security may be delivered
                                            to the Subscriber’s beneficial owner in lieu of the Subscriber, resulting in a distribution
                                            to such beneficial owner from such IRA, which is generally reportable on IRS Form 1099-R,
                                            subject to ordinary income taxes and, if the distribution occurs before such beneficial owner
                                            reaches age 59 1⁄2, may be subject to an early distribution penalty tax.

 

		5.14	Controlling Persons. Except
                                            as indicated on Question 4(i) of Section A of the Subscriber Questionnaire,
                                            the Subscriber is not a “controlling person” with respect to the Company.

 

		5.15	Correctness of Information.
                                            All information furnished by the Subscriber on the signature page hereof, in the Subscriber
                                            Questionnaire, and in any U.S. Internal Revenue Service or other tax form (including any
                                            tax form attached hereto) delivered to the Company or the Adviser is true, accurate and complete
                                            as of (a) the date this Subscriber Agreement is signed by the Subscriber and (b) the
                                            Closing Date, and shall be true, accurate and complete as of each date that the Subscriber
                                            receives a distribution from the Company. The Subscriber agrees to promptly notify the Company
                                            in the event that any such information shall cease to be true, accurate and complete. If
                                            the Subscriber is not a natural person, the Subscriber has delivered true and complete (as
                                            of the date of delivery) copies of the following organizational and authorization documents
                                            requested in the Subscriber Information Form attached hereto: (i) all organizational
                                            documents of the Subscriber, (ii) all documents authorizing the Subscriber to acquire
                                            Units in the Company and (iii) evidence of the authority of each person executing the
                                            documents referred to in Section 5.17 below to act on behalf of the Subscriber.

 

The Subscriber acknowledges that the Company is relying
on the accuracy and completeness of the information furnished in this Subscription Agreement in connection with the Subscriber’s
subscription, and that the Company may present this Subscription Agreement or such other information to such parties as the Company,
in its sole discretion, deems appropriate if called upon, in each case to establish that (x) the proposed offer and sale of the
Units is exempt from registration under the 1933 Act or meets the requirements of applicable U.S. state securities laws, (y) the
Company is exempt from registration under the Investment Company Act or (z) the Company, the Adviser and their respective affiliates
are in compliance with the Advisers Act. Furthermore, the Subscriber understands that the offering of Units may be reported to the SEC
or to U.S. state securities or “blue sky” commissioners pursuant to the requirements of applicable U.S. federal law and of
various U.S. state securities or “blue sky” laws or regulations (including to meet the requirements for an exemption from
registration thereunder) or if the Company or the Adviser consider such disclosure necessary or appropriate in their normal course of
business or to enable them properly to conduct their affairs.

 

    S-8 

     

    

 

Subscription Agreement (All Subscribers)

 

		5.16	Owners of Grantor Trusts and Disregarded
                                            Entities. If you are treated for U.S. federal income tax purposes as a grantor trust
                                            under Sections 671-679 of the Code or a “disregarded entity” within the meaning
                                            of U.S. Treasury Regulation Section 301.7701-2(c), you hereby represent and warrant
                                            that the person treated for U.S. federal income tax purposes as the owner of your Units has
                                            signed this Subscription Agreement in the place provided in the attached Signature Page,
                                            and by signing this Subscription Agreement, such person hereby agrees that the covenants
                                            and agreements of the Subscriber contained in this Subscription Agreement shall be binding
                                            upon such person to the same extent as if made directly by such person to the Company and
                                            the Adviser. If you have not provided an executed copy of such signature page you hereby
                                            represent that you are not a disregarded entity, as described above.

 

		5.17	For Grantors of Revocable Trusts.
                                            By signing this Subscription Agreement each grantor of the subscribing revocable trust (the
                                            “Subscribing Trust”) hereby acknowledges that, as of the date of this
                                            Subscription Agreement, such grantor has reviewed all information pertaining to such grantor
                                            provided by such grantor or the Subscribing Trust to the Company in connection with the Subscribing
                                            Trust’s subscription for the Units hereunder, and such grantor hereby certifies that
                                            such information, including, without limitation, information contained herein and information
                                            incorporated herein by reference, is true, correct and complete as of the respective dates
                                            referred to herein and may be relied upon by the Company and the Adviser in determining the
                                            Subscribing Trust’s and such grantor’s suitability as an investor in the Company.
                                            Each grantor of the Subscribing Trust hereby agrees that each covenant and agreement of the
                                            Subscribing Trust contained herein is binding upon such grantor and enforceable against such
                                            grantor as if made directly by such grantor to the Company and the Adviser.

 

		5.18	Power
                                            of Attorney. To the fullest extent permitted by applicable law, the Subscriber
                                            does hereby irrevocably constitute and appoint the officers of the Company with full power
                                            of substitution, acting jointly or severally, the true and lawful attorneys-in-fact and agent
                                            of the Subscriber, to execute, acknowledge, verify, swear to, deliver, record and file, in
                                            its or its assignee’s name, place and stead, all instruments, documents and certificates
                                            that may from time to time be required by the laws of the State of Delaware, the United States,
                                            the State of New York, any other jurisdiction in which the Company conducts or plans to conduct
                                            business, or any political subdivision or agency thereof or that the Company determines to
                                            be necessary or desirable, to effectuate, implement and continue the valid existence and
                                            investment and other activities of the Company, including the power and authority to execute,
                                            verify, swear to, acknowledge, deliver, record and file:

 

		(a)	any and all filings required to be made
                                            by the Subscriber under the 1934 Act with respect to any of the Company’s securities
                                            that may be deemed to be beneficially owned by the Subscriber under the 1934 Act;

 

		(b)	all
                                            certificates and other instruments deemed advisable by the Company to comply with the provisions
                                            of this Subscription Agreement and applicable law and permit the Company to become or to
                                            continue as a business development company;

 

		(c)	all
                                            conveyances and other instruments necessary or appropriate to effect the dissolution and
                                            liquidation of the Company;

 

		(d)	all
                                            other instruments or papers not inconsistent with the terms of this Subscription Agreement
                                            that may be required by law to be filed on behalf of the Company;

 

		(e)	certificates
                                            of assumed name and such other certificates and instruments as may be necessary under the
                                            fictitious or assumed name statutes from time to time in effect in the State of Delaware
                                            and in all jurisdictions in which the Company conducts or plans to conduct business; and

 

		(f)	any
                                            amendment or modification to any of the foregoing and all other certificates, instruments
                                            and documents which said attorney-in-fact determines in its sole discretion are necessary
                                            or desirable to effect the provisions of this Subscription Agreement or any Other Subscription
                                            Agreement and the purposes of the Company.

 

    S-9 

     

    

 

Subscription Agreement (All Subscribers)

 

To the fullest extent permitted by
applicable law, this power of attorney is irrevocable, is coupled with an interest and is given to secure the performance of obligations
owed to the donee of the power hereunder and shall survive and not be affected by the death, dissolution, insolvency, bankruptcy, incapacity
or disability of the Subscriber and shall extend to the Subscriber’s successors and assigns. To the fullest extent permitted by
applicable law, any attempted revocation by a Subscriber of any power of attorney granted under this Subscription Agreement shall constitute
a default by such Subscriber hereunder, and the Company shall be entitled to any right or remedy provided by law or equity in respect
of such default, including the recovery from such Subscriber of all costs and expenses (including attorneys’ fees) incurred by
or on behalf of the Company as a result of such default, and the institution of an action for specific performance of such Subscriber’s
obligations hereunder (it being understood that a remedy at law may be inadequate in respect of such default). To the fullest extent
permitted by applicable law, this power of attorney may be exercised by such attorney-in-fact and agent for all Subscribers (or any of
them) by a single signature of any officer of the Company acting as attorney-in-fact with or without listing all of the Subscribers executing
an instrument. Any person dealing with the Company may conclusively presume and rely upon the fact that any instrument referred to above,
executed by such attorney-in-fact and agent, is authorized and binding, without further inquiry. If required, the Subscriber shall execute
and deliver to the Company, within five Business Days after receipt of a request therefor, such further designations, powers of attorney
or other instruments as the Company shall determine to be necessary for the purposes hereof consistent with the provisions of this agreement.
To the fullest extent permitted by applicable law, the Subscriber hereby waives any and all defenses that may be available to contest,
negate or disaffirm the actions of the Company taken in good faith under this power of attorney.

 

		5.19	Compliance with Anti-Money Laundering
                                            Regulations, etc. To comply with applicable U.S. and other anti-money laundering
                                            laws and regulations, all payments and contributions by the Subscriber to the Company and
                                            all payments and distributions to the Subscriber from the Company will only be made in the
                                            Subscriber’s name and to and from a bank account of a bank based or incorporated in
                                            or formed under the laws of the United States or that is regulated in and either based or
                                            incorporated in or formed under the laws of the United States and that is not a “foreign
                                            shell bank” within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311
                                            et seq.), as amended by Title III of the USA PATRIOT Act, as further amended from time to
                                            time, and the regulations promulgated thereunder by the U.S. Department of the Treasury,
                                            as such regulations may be amended from time to time (the “Bank Secrecy Act”).

 

The Subscriber acknowledges that, pursuant
to anti-money laundering laws and regulations or requests from regulatory authorities within their respective jurisdictions, the Company,
the Adviser and/or any administrator acting on behalf of the Company may be required to collect further documentation verifying the Subscriber’s
identity, including, where Subscriber is a legal entity, Subscriber’s beneficial owner(s)3 and key controllers4
as defined by Financial Crimes Enforcement Network’s (“FinCEN”) U.S. Customer Due Diligence Rule, if applicable,
and the source of funds used to purchase the Units before, and from time to time after, acceptance by the Company of this Subscription
Agreement. The Subscriber agrees to provide the Company at any time it is a Unitholder with such information as the Company determines
to be necessary or appropriate to comply with the anti-money laundering laws and regulations of any applicable jurisdiction, or to respond
to requests for information concerning the identity of Subscribers from any governmental authority, self-regulatory organization or financial
institution in connection with its anti-money laundering compliance procedures, or to update such information. The Subscriber is advised
that the Company may provide information to the FinCEN, a bureau of the U.S. Department of Treasury, and other U.S. government and state
regulators, where appropriate, in connection with a request for information on behalf of a law enforcement agency investigating terrorist
activity or money laundering.

 

 

3
Beneficial Owner(s) (for purposes of this Subscription Agreement and as defined under FinCEN’s Customer Due Diligence
Rule) means each individual, who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
owns 25% or more (10% or more for higher risk customers) of the equity interests of a legal entity Subscriber.

4
Key Controller (for purposes of this Subscription Agreement and as defined under FinCEN’s Customer Due Diligence Rule)
means a single individual with significant responsibility to control, manage, or direct a legal entity Subscriber, including an executive
officer or senior manager or any other individual who regularly performs similar functions.

 

    S-10 

     

    

 

Subscription Agreement (All Subscribers)

 

The Company will use reasonable best
efforts to not knowingly sell the Units to any natural person or entity acting, directly or indirectly, in contravention of any applicable
money laundering regulations or conventions of the United States or other international jurisdictions, or on behalf of terrorists, terrorist
organizations or narcotics traffickers, including those persons or entities that are included on any relevant lists maintained by the
United Nations, European Union, North Atlantic Treaty Organization, Financial Action Task Force on Money Laundering, Organization for
Economic Cooperation and Development, Office of Foreign Assets Control of U.S. Department of the Treasury (“OFAC”),
SEC, U.S. Federal Bureau of Investigation, U.S. Central Intelligence Agency and U.S. Internal Revenue Service, or other similar or successor
entities, in each case as may be amended from time to time; or on behalf of a foreign shell bank or a U.S. financial institution that
has established, maintains, administers or manages an account in the United States for, or on behalf of, a foreign shell bank (“Prohibited
Investments”).

 

The Subscriber represents and warrants
that to the best of its knowledge the proposed subscription for the Units, whether made on its own behalf or, if applicable, as an agent,
trustee, representative, intermediary, nominee, or in a similar capacity on behalf of any other person or entity, nominee account or
beneficial owner, whether a natural person or entity (each, an “Underlying Beneficial Owner”), is not a Prohibited
Investment, and further represents and warrants that it will promptly notify the Company of any change in the Subscriber’s status
or the status of any Underlying Beneficial Owner with respect to its representations and warranties regarding Prohibited Investments.
The Subscriber further represents and warrants that neither the Subscriber nor any Underlying Beneficial Owner is on the List of Specially
Designated Nationals and Blocked Persons or any U.S. Executive Order administered by OFAC. (See http://www.treas.gov/ofac), or
any United Nations, European Union and HM Treasury sanctions lists, as amended from time to time. The Subscriber will provide the Company
with additional anti-money laundering information and materials if requested, which may include a copy of the Subscriber’s policies
and procedures relating to compliance with applicable anti-money laundering/OFAC rules and regulations.

 

If the Subscriber is introducing the
Underlying Beneficial Owner, the Subscriber has carried out thorough due diligence as to and established the identities of all Underlying
Beneficial Owners (and, if an Underlying Beneficial Owner is not a natural person, the identities of any direct or indirect owner, or
other investor, director, senior officer, trustee, beneficiary or grantor of such Underlying Beneficial Owner, or other person who controls
such Underlying Beneficial Owner (to the extent applicable)) and their source of funds, in accordance with the anti-money laundering
requirements of the Subscriber’s jurisdiction, holds the evidence of such identities, and will make such information available
to the Company or the relevant regulatory authority upon their reasonable request. The Subscriber has taken all reasonable steps to ensure
that its beneficial holders or underlying investors, as applicable, are able to certify to the representations hereunder.

 

To the best of the Subscriber’s
knowledge, neither the Subscriber nor any person directly or indirectly controlling, controlled by or under common control with the Subscriber;
nor any person having a beneficial interest in the Subscriber; nor any person for whom the Subscriber acts as agent or nominee in connection
with the Units:

 

		(a)	is a resident in, or organized or chartered
                                            under the laws of (i) a jurisdiction that is designated by the U.S. Secretary of the
                                            Treasury under USA PATRIOT Act as warranting special measures because of money laundering
                                            concerns or (ii) a jurisdiction that is designated as non-cooperative with international
                                            anti-money laundering efforts by a multinational or inter-governmental group such as the
                                            Financial Action Task Force; or

 

    S-11 

     

    

 

Subscription Agreement (All Subscribers)

 

		(b)	is
                                            a “Politically Exposed Person,”5 “immediate
                                            family” member or “close associate” of a Politically Exposed Person, except
                                            as otherwise disclosed to the Company in writing.

 

No part of the funds used by the Subscriber
to invest in the Company or make any other payments to the Company has been, is, or will be, directly or indirectly derived from, or
related to, any activities that contravene applicable laws and regulations, including anti-money laundering laws and regulations.

 

The Subscriber represents and warrants
that it is not named on a list of prohibited entities and individuals maintained under the European Union or United Kingdom regulations
and is not operationally based or domiciled in a country or territory in relation to which current sanctions have been issued by the
United Nations, the European Union or the United Kingdom.

 

The representations and warranties
set forth in this Section 5.18 shall be deemed repeated and reaffirmed by the Subscriber as of each date that the Subscriber
receives a distribution from the Company. If at any time while the Subscriber is a Unitholder the representations and warranties set
forth in this Section 5.18 shall cease to be true, the Subscriber shall promptly so notify the Company in writing.

 

		5.20	Tax
                                            Matters. The Subscriber agrees that it shall provide such information, cooperation and
                                            assistance, including but not limited to executing and filing forms or other statements (including
                                            making representations), as is reasonably requested by the Company to assist the Company
                                            or any entity in which the Company owns a direct or indirect interest to satisfy any applicable
                                            law or tax reporting or compliance requirements or to qualify for an exception from or reduced
                                            rate of tax or other tax benefit or be relieved of liability for any tax or to determine
                                            the extent of, and fulfill, its withholding obligations. The Subscriber agrees to furnish
                                            the Company with any representations and forms as shall reasonably be requested by the Company
                                            to assist it in obtaining any exemption, reduction or refund of any withholding or other
                                            taxes and other charges (i.e., penalties and interest) imposed by any taxing authority or
                                            other governmental agency upon the Company or amounts paid to the Company. The Subscriber
                                            represents that it has provided the Company with a correctly and fully completed and executed
                                            Form W-9 or an applicable Form W-8 and corresponding statements (as appropriate).
                                            The Subscriber agrees that, from time to time, as reasonably requested in writing by the
                                            Company or upon a change in circumstances that renders any Internal Revenue Service Form previously
                                            delivered obsolete, inaccurate in any material respect or invalid, the Subscriber shall deliver
                                            to the Company the applicable Internal Revenue Service Form, as updated. The Subscriber understands
                                            that the Company intends to elect or has elected to be treated as a “regulated investment
                                            company” within the meaning of Section 851 of the Code for U.S. federal income
                                            tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain
                                            information to the Company as required under U.S. Treasury Regulation §1.852-6(a) and
                                            other regulations. If the Subscriber is unable or refuses to provide such information directly
                                            to the Company, the Subscriber understands that it shall be required to include additional
                                            information on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.

 

		5.21	Non-U.S.
                                            Residents Only. If the Subscriber is a resident of one of the jurisdictions set forth
                                            on Annex 2 hereto, the Subscriber makes the representations specified on Annex
                                            2 hereto for such jurisdiction.

 

		5.22	Compliance
                                            with Rule 506(d). The Subscriber represents that neither the Subscriber nor anyone
                                            who is treated as a beneficial owner of the Units hereby being purchased by the Subscriber
                                            under Rule 506(d) or Rule 506(e) of the 1933 Act has been subject to
                                            any of the events specified on pages S-16 and S-17 of the Subscriber Questionnaire during
                                            the time periods specified therein. Furthermore, the Subscriber agrees to provide the Company
                                            with prompt written notice of the occurrence of any event specified on pages S-16 and
                                            S-17 of the Subscriber Questionnaire with respect to the Subscriber or any such beneficial
                                            owner.

 

 

	5	A
                                            “Politically Exposed Person” means (1) a prominent public figure who is a natural
                                            person currently or formerly entrusted with a senior public role or function (e.g., a senior
                                            official in the executive, legislative, military, administrative, or judicial branches of
                                            government); (2) an immediate family member, which includes the spouse/partner, parent, grandparent,
                                            sibling, child, step-child, or in-law of a prominent public figure; (3) a known close associates,
                                            which includes those individuals that are widely- and publicly-known to maintain a close
                                            relationship to the prominent public figure. These known close relationships can occur with
                                            anyone and in any capacity, but some examples include distant relatives, advisors, partners
                                            outside the family unit, employees, business associates and representatives/agents.

 

    S-12 

     

    

 

Subscription Agreement (All Subscribers)

 

		5.23	Marijuana-Related Businesses.
                                            The Subscriber shall promptly notify the Company at MSIM.AML@morganstanley.com if the Subscriber
                                            is a “Marijuana-Related Business,”6 is involved with a Marijuana-Related
                                            Business or derives revenue from or substantially invests in a Marijuana-Related Business.

 

		5.24	Common Control. To the best
                                            of the Subscriber’s knowledge, the Subscriber does not control, and is not controlled
                                            by or under common control with, any Other Subscriber or Unitholder, except as disclosed
                                            in writing to the Company. If at any time while the Subscriber is a Unitholder the Subscriber
                                            controls, or is controlled by or under common control with, any Other Subscriber or Unitholder,
                                            the Subscriber shall promptly so notify the Company in writing.

 

		5.25	LLC Agreement. The Subscriber
                                            acknowledges, agrees and confirms that the Subscriber (i) has received a copy of the
                                            LLC Agreement and has reviewed the same and understands its contents; and (ii) agrees
                                            to become a party to, to be bound by, and to comply with the terms, conditions and provisions
                                            of the LLC Agreement in the same manner as if Subscriber were an original signatory and named
                                            as a Member (as defined in the LLC Agreement) thereunder. The execution of this Subscription
                                            Agreement shall be deemed to be a counterpart signature to the LLC Agreement pursuant to
                                            Section 2.1(b) of the LLC Agreement.

 

		5.26	Consent to Electronic Delivery.
                                            The Subscriber acknowledges that it has received this Subscription Agreement electronically
                                            as a pdf document and that it has read Section B of the Subscriber Questionnaire attached
                                            hereto relating to consents to electronic delivery of periodic reporting and/or tax information
                                            in respect of the Units.

 

	6.	Representations, Warranties and Covenants
                                            of the Company. The Company hereby represents, warrants and covenants to the Subscriber,
                                            as of the Closing, that:

 

		6.1	(i) The Company is duly organized,
                                            validly existing and in good standing under the laws of the State of Delaware; (ii) the
                                            Company has all requisite power and authority to sell the Units as provided herein; (iii) the
                                            sale of the Units does not violate or conflict with any provision document or instrument
                                            by which the Company is bound as of the Closing; (iv) the sale of the Units has been
                                            duly authorized by all necessary action on the Company’s behalf; and (v) this
                                            Subscription Agreement has been duly executed and delivered by the Company and constitutes
                                            a legal, valid and binding agreement of the Company;

 

		6.2	The Company will have full power to
                                            conduct its business as described in the Memorandum; and

 

		6.3	Neither the execution nor the delivery
                                            of this Subscription Agreement, nor the consummation of the transactions as contemplated
                                            herein, nor compliance with the terms, conditions or provisions hereof will result in a breach
                                            or violation of any of the terms or provisions or constitute a default under any agreement
                                            or instrument to which the Company is a party.

 

	7.	Payment and Brokerage Accounts.

 

		7.1	Subject to brokerage account requirements
                                            set forth below, the Company intends to distribute all payments of wire transfers to the
                                            bank account in the name of the Subscriber from which funds were originally paid. Checks
                                            will not be used to make payments to the Subscriber, and checks will not be accepted from
                                            the Subscriber.

 

 

6
For purposes of these Terms and Conditions, a “Marijuana-Related Business” includes: (1) an individual or entity directly
involved in the manufacturing, production, sale or distribution of marijuana, whether medicinal, recreational, or any other use; (2)
an individual or entity that derives a substantial source of wealth, compensation, revenue or income from marijuana-related activity
(e.g., service providers that cater largely to Marijuana-Related Businesses, commercial lessors that lease property to Marijuana-Related
Businesses, etc.); or (3) an individual or entity that is directly and predominately involved in supplying products, equipment or material
intended or designed for use in furtherance of the manufacturing, production, sale, use or distribution of marijuana (e.g., marijuana
LED grow-lights, marijuana grow tents, hydroponics, etc.).

 

    S-13 

     

    

 

Subscription Agreement (All Subscribers)

 

		7.2	The Subscriber will make payments in
                                            accordance with the wire instructions set forth on Annex 5 hereto. The Subscriber
                                            represents that subscription funds will be wired to the Company from the account listed in
                                            the remitting wiring bank section of the subscriber questionnaire.

 

	8.	Amendments
                                            and Waivers. This Subscription Agreement may be amended, and the observance of
                                            any provision hereof may be waived (either generally or in a particular instance and, to
                                            the fullest extent permitted by applicable law, either retroactively or prospectively), only
                                            with the written consent of the Subscriber and the Company.

 

	9.	Survival
                                            of Representations and Warranties; Indemnity. All representations, warranties and covenants
                                            contained herein or made in writing by the Subscriber, or by or on behalf of the Company
                                            in connection with the transactions contemplated by this Subscription Agreement shall survive
                                            the execution and delivery of this Subscription Agreement, any investigation at any time
                                            made by or on behalf of the Company or the Subscriber, and the issue and sale of Units. Unless
                                            the Company agrees otherwise in writing, the Subscriber shall and hereby does indemnify and
                                            hold harmless the Company, the Adviser, the Sub-Adviser, the Administrator, their affiliates
                                            and their respective directors, officers, employees, representatives and agents (together,
                                            the “Indemnified Parties” and each, an “Indemnified Party”)
                                            from and against any and all losses, expenses, liabilities and other claims and damages relating
                                            to or arising out of any breach of any representation, warranty or covenant made by the Subscriber
                                            in this Subscription Agreement, except in the case of gross negligence, willful misconduct
                                            or fraud by such Indemnified Parties.

 

	10.	No Joint Liability Among the Company,
                                            the Adviser and the Administrator. The Company shall not be liable for the fulfillment
                                            of any obligation of the Adviser or the Administrator under or in connection with this Subscription
                                            Agreement. The Adviser shall not be liable for the fulfillment of any obligation or for the
                                            accuracy of any representation of the Company or the Administrator under or in connection
                                            with this Subscription Agreement. The Administrator shall not be liable for the fulfillment
                                            of any obligation or for the accuracy of any representation of the Company or the Adviser
                                            under or in connection with this Subscription Agreement. There shall be no joint and several
                                            liability of the Company, the Adviser and the Administrator for any obligation under or in
                                            connection with this Subscription Agreement.

 

	11.	Successors
                                            and Assigns. This Subscription Agreement is not transferable or assignable by the Subscriber,
                                            except with the Company’s consent. This Subscription Agreement shall be binding
                                            upon and inure to the benefit of and be enforceable by the respective heirs, successors and
                                            permitted assigns of the parties hereto.

 

	12.	Notices.
                                            Each notice relating to this Subscription Agreement shall be in writing and shall be delivered
                                            (a) in person, by registered or certified mail or by private courier, overnight or next
                                            day express mail or (b) by fax, e-mail or other electronic means, with such confirmation
                                            as the Company deems appropriate under the circumstances. All notices to any Subscriber shall
                                            be delivered to such Subscriber at its last known address, fax number, e-mail address or
                                            other electronic “address,” as applicable, as set forth in the records of the
                                            Company. Subscriber may request to receive paper copies via regular mail by submitting a
                                            request to the Company. All notices to the Company shall be delivered to the Company c/o
                                            MS Capital Partners Adviser Inc., 1585 Broadway, New York, NY 10036, Attention: Investor
                                            Relations. Any Subscriber may designate a new address, fax number, e-mail address and/or
                                            other electronic “address” for notices by giving written notice to that effect
                                            to the Company. The Company may designate a new address, fax number, e-mail address or other
                                            electronic “address” for notices by giving written notice to that effect to each
                                            of the Subscribers. Unless otherwise specifically provided in this Subscription Agreement,
                                            a notice given in accordance with the foregoing clause (a) shall be deemed to have been
                                            effectively given three Business Days after such notice is mailed by registered or certified
                                            first class mail, return receipt requested and postage pre-paid, and one Business Day after
                                            such notice is sent by FedEx or other one-day service provider, to the proper address, or
                                            when delivered in person or by delivery service pre-paid. Unless otherwise specifically provided
                                            in this Subscription Agreement, a notice given in accordance with the foregoing clause (b) shall
                                            be deemed to have been effectively given when sent and confirmed in such manner as the Company
                                            deems appropriate under the circumstances.

 

    S-14 

     

    

 

Subscription Agreement (All Subscribers)

 

	13.	Applicable
                                            Law. THIS SUBSCRIPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO
                                            SHALL BE INTERPRETED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
                                            OF DELAWARE.

 

	14.	Venue;
                                            Waiver of Jury Trial. To the fullest extent permitted by applicable law, and unless otherwise
                                            agreed by the Company in writing, the Subscriber hereby irrevocably and unconditionally (i) consents
                                            to and accepts for itself and in respect of its property, generally, the exclusive jurisdiction
                                            of the courts of the State of New York located in New York County or the U.S. District Court
                                            for the Southern District of New York located in New York County for the resolution of all
                                            matters arising out of or related to this Subscription Agreement and agrees that any legal
                                            action or proceeding arising out of or related to this Subscription Agreement seeking any
                                            relief whatsoever shall be brought in the foregoing courts and not in any other court in
                                            any other jurisdiction, (ii) waives any claim that such courts lack personal jurisdiction
                                            over it, and agrees not to plead or claim, in any legal action or proceeding arising out
                                            of or related to this Subscription Agreement, that such courts lack personal jurisdiction
                                            over it, (iii) waives any objection that it may now or hereafter have to the laying
                                            of venue of any of the aforesaid actions or proceedings arising out of or related to this
                                            Subscription Agreement brought in the aforesaid courts and hereby further irrevocably waives,
                                            to the fullest extent permitted by applicable law, and agrees not to plead or claim in any
                                            such court the claim that any such action or proceeding has been brought in an inconvenient
                                            forum and (iv) WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
                                            THAT THE SUBSCRIBER MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION DIRECTLY
                                            OR INDIRECTLY BASED UPON OR ARISING OUT OF OR DIRECTLY OR INDIRECTLY RELATED TO THIS SUBSCRIPTION
                                            AGREEMENT.

 

	15.	Confidentiality.

 

		15.1	Subscriber acknowledges that the Memorandum
                                            and other information relating to the Company, the Adviser, the Administrator and their respective
                                            affiliates (the “Confidential Information”) have been submitted to Subscriber
                                            on a confidential basis for use solely in connection with Subscriber’s consideration
                                            of the purchase of Units and Subscriber agrees to maintain the confidentiality of such Confidential
                                            Information. In addition, Confidential Information may include non-public information regarding
                                            any person in which the Company holds, or contemplates acquiring, any investments and non-public
                                            information regarding certain other investment vehicles whose investment adviser is the Adviser
                                            or an affiliate of the Adviser. Subscriber agrees to comply with all laws, including securities
                                            laws, concerning Confidential Information, and Subscriber agrees that it shall not trade
                                            in the securities of any issuer about which Subscriber receives material non-public information
                                            under this Subscription Agreement or in its capacity as a holder of Units and shall refrain
                                            from such trading until any material non-public information no longer constitutes material
                                            non-public information. Subscriber agrees that, without the prior written consent of the
                                            Company (which consent may be withheld at the sole discretion of the Company), Subscriber
                                            shall not (a) reproduce the Memorandum or any other Confidential Information, in whole
                                            or in part, or (b) disclose the Memorandum or any other Confidential Information to
                                            any person who is not an affiliate of the Subscriber, or an employee, agent, advisor, or
                                            other representative of the Subscriber or its affiliates, as determined by the Company in
                                            its sole discretion, responsible for matters relating to the Company or who otherwise have
                                            a need to know such information in connection with their responsibilities with such Subscriber
                                            and who are under an obligation to keep such information confidential on the terms set forth
                                            herein; provided that a Subscriber so disclosing Confidential Information pursuant
                                            to this clause agrees to be responsible for any breach of the terms of this Section 15
                                            by any such affiliate or representative, except to the extent (i) such information
                                            is in the public domain (other than as a result of any action or omission of Subscriber or
                                            any person to whom the Subscriber has disclosed such information) or (ii) such information
                                            in the opinion of legal counsel of the Subscriber (which such legal counsel, in the case
                                            of a Subscriber which is an institutional investor, may be staff or in-house counsel regularly
                                            employed by such institutional investor) is required by applicable law or regulation to be
                                            disclosed, in which case Subscriber shall first notify the Company of such requirement (unless
                                            such notification is prohibited by law) so that the Company may pursue a protective order
                                            or other appropriate remedy or waive compliance with the terms of this Section 15,
                                            and if a protective order or other appropriate remedy is not obtained, or if the Company
                                            waives compliance with the terms of this Section 15, then Subscriber shall disclose
                                            only that portion of Confidential Information that Subscriber is advised by counsel is legally
                                            required to be disclosed and shall use its commercially reasonable efforts to protect the
                                            confidentiality of such information disclosed, including by requesting that confidential
                                            treatment be accorded such information. Subscriber further agrees to return the Memorandum
                                            and any other information relating to the Company upon the Company’s request therefor.
                                            Subscriber acknowledges and agrees that monetary damages would not be sufficient remedy for
                                            any breach of this Section 15 by Subscriber 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.

 

    S-15 

     

    

 

Subscription Agreement (All Subscribers)

 

		15.2	To the extent that the Freedom of Information
                                            Act, 5 U.S.C. § 552, (“FOIA”), any state public records access law,
                                            any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any
                                            other similar statutory or regulatory requirement would potentially cause the Subscriber
                                            or any of its affiliates to disclose information relating to the Company, its affiliates
                                            and/or any of the Company’s investments, the Subscriber hereby agrees that it will
                                            promptly notify the Company of such requested disclosure, and the Subscriber (i) shall
                                            take commercially reasonable steps to oppose and prevent the requested disclosure unless
                                            (A) such Subscriber is advised by counsel (which in the case of a Subscriber that is
                                            an institutional investor may be in-house counsel regularly employed by such institutional
                                            investor) that there exists no reasonable basis on which to oppose such disclosure, (B) the
                                            Company does not object in writing to such disclosure within ten Business Days (or such lesser
                                            time period as stipulated by the applicable law) of such notice or (C) such disclosure
                                            solely relates to fund level, aggregate performance information (i.e., aggregate cash flows,
                                            total returns and the year of formation of the Company), and does not include (I) any
                                            Confidential Information relating to individual portfolio entities, (II) copies of this
                                            Subscription Agreement and related documents or (III) any other Confidential Information
                                            not referred to in clause (C) above; and (ii) acknowledges and agrees that notwithstanding
                                            any other provision of this Subscription Agreement the Company may in order to prevent any
                                            such potential disclosure that the Company determines in good faith is likely to occur (1) withhold
                                            all or any part of the information otherwise to be provided to the Subscriber other than
                                            the fund level, aggregate performance information specified in clause (C) above, (2) provide
                                            to the Subscriber access to such information only via an Internet website in password protected,
                                            non-downloadable- non-printable format, (3) to the maximum extent permitted by law,
                                            require the Subscriber to return any copies of any such information provided to it by the
                                            Company and/or (4) make any such information available to the Subscriber at the Company’s
                                            offices (or, at the request of the Company, the offices of counsel to the Company) or at
                                            the office of another third-party that has agreed to keep such information confidential;
                                            provided, that the Company shall not withhold any such information if the Subscriber
                                            confirms in writing to the Company, based on the advice of counsel, that compliance with
                                            the procedures provided for in this Section 15.2 is legally sufficient to prevent
                                            such potential disclosure. For greater certainty, it is understood that a Subscriber that
                                            is subject to FOIA, any state public records access law, any state or other jurisdiction’s
                                            laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement
                                            and that maintains an established policy that was previously provided to the Company in writing,
                                            or regular practice with respect to the disclosure of the fund level, aggregate performance
                                            information permitted to be disclosed pursuant to clause (C) of this Section 15.2
                                            may disclose such information without prior notice to the Company.

 

	16.	Headings;
                                            Terms Generally. The cover page, 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. When the words or phrases “include” and “including”
                                            and words or phrases of similar import are followed by a list of one or more items, such
                                            list shall be deemed to be illustrative only and shall not be deemed to be an exclusive listing.
                                            The word “shall” shall be construed to have the same meaning and effect as the
                                            word “will.”

 

	17.	Entire
                                            Agreement. This Subscription Agreement and the other agreements or documents referred
                                            to herein contain the entire agreement of the parties with respect to the subject matter
                                            hereof, and there are no representations, covenants or other agreements except as set forth
                                            herein.

 

    S-16 

     

    

 

Subscription Agreement (All Subscribers)

 

	18.	Counterparts;
                                            Signatures. This Subscription Agreement may be executed in any number of counterparts,
                                            each of which shall be deemed an original and all of which taken together shall constitute
                                            one and the same instrument. To the fullest extent permitted by law, any signature on the
                                            signature page of this Subscription Agreement may be an original or electronically transmitted
                                            signature. The Subscriber may execute the signature page of this Subscription Agreement
                                            by applying an electronic signature using DocuSign or any similar program required by the
                                            Company (the “Execution Program”). Where the Subscriber executes the Subscription
                                            Agreement using the Execution Program, the Subscriber acknowledges and confirms that:

 

		18.1	the Execution Program, as applied to
                                            the Subscription Agreement employed authentication processes by which the reliability and
                                            valid delivery of the Subscriber’s electronic signature was determined (the “Authentication
                                            Processes”); and

 

		18.2	the Subscriber considers that such
                                            Authentication Processes constituted reasonable steps on the part of the Company to verify
                                            the reliability of the Subscriber’s signature.

 

	19.	Severability.
                                            If any provision of this Subscription Agreement is invalid or unenforceable under any applicable
                                            law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
                                            and shall be deemed modified to conform with such applicable law. Any provision hereof which
                                            may be held invalid or unenforceable under any applicable law shall not affect the validity
                                            or enforceability of any other provision hereof, and to this extent the provisions hereof,
                                            shall be severable.

 

	20.	Third
                                            Party Rights. Notwithstanding any other term of this Subscription Agreement, the consent
                                            of any person who is not a party to this Subscription Agreement (including, without limitation,
                                            any Indemnified Party) is not required for any amendment to, or variation, release, rescission
                                            or termination of this Subscription Agreement.

 

    S-17 

     

    

 

Subscriber Questionnaire

 

Subscriber Questionnaire

 

The Subscriber understands that the Company is
relying on the accuracy and completeness of the information furnished by the Subscriber, among other reasons, to establish that (i) the
proposed offer and sale of the Units is exempt from registration under the 1933 Act, meets the requirements of applicable state securities
laws, or both, (ii) the assets of the Company do not constitute “plan assets” for purposes of ERISA or any Similar Law,
(iii) the proposed offer and sale of the Units is not a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975
of the Code, or any Similar Law, and (iv) each of the Company, the Adviser and their respective affiliates is in compliance with
any law, rule, regulation, executive order or policy applicable to such person (including without limitation any anti-money laundering
laws, the USA PATRIOT Act or any privacy laws).

 

This
Subscriber Questionnaire contains five parts. Prospective Subscribers should complete all applicable parts (including the Subscriber
Signature Page) and provide additional documentation where indicated.

 

		·	Section A:
                                            General Information (to be completed by all Subscribers)

 

		·	Section B:
                                            Subscriber Qualification and Consent to Electronic Delivery of Periodic Reporting and/or
                                            Tax Information (to be completed by all Subscribers)

 

		·	Section C:
                                            Supplemental Information for Individuals (to be completed by all Subscribers that are
                                            natural persons)

 

		·	Section D:
                                            Supplemental Information for Entities (to be completed by all Subscribers that are entities)

 

		·	Section E:
                                            Subscriber Signature Page (to be completed by all Subscribers)

 

Capitalized terms used but not otherwise defined
herein shall respectively bear the meanings ascribed to them in the Subscription Agreement to which the Subscriber Questionnaire is attached.

 

    S-1 

     

    

 

	
	Subscriber Questionnaire
Section A: General Information (All Subscribers)

 S-2
28649968.4

1. Identity of Subscriber
Full legal name of Subscriber:
Telephone Number:     Email Address:

If IRA or Keogh Plan, natural person who established plan:
Primary Subscriber Classification (check applicable category):
 ☐ Individual
 ☐ Tenants in Common
 ☐ Joint Tenants
 ☐ Tenants by the Entirety
 ☐ Community Property
 ☐ Individual Retirement Account (IRA)†
 ☐ 401(k) Account
 ☐ Keogh Plan
 ☐ General Partnership
 ☐ Limited Partnership
 ☐ Corporation
 ☐ Limited Liability Company
 ☐ Massachusetts or Similar Business Trust
 ☐ Foundation
 ☐ Private Foundation
 ☐ Estate
 ☐ Endowment
 ☐ Employee Benefit Plan
 ☐ Employee Benefit Plan Trust
 ☐ Personal Holding Company or Personal
Investment Vehicle
 ☐ Trust
Please Specify Type: ☐ Revocable Trust ☐ Complex Trust ☐ Simple Trust ☐ Grantor Trust
 ☐ Non-Grantor Trust (other than Employee Benefit Plan Trust) - Please Specify Type:
  ☐ Other entity type - Please Specify Type:

 † If the Subscriber is an IRA, the Individual who established the IRA: (i) has directed the custodian or trustee of
the Subscriber to execute the Subscription Agreement on the Subscriber Signature Page and (ii) has signed the
signature  page  to this  Subscription Agreement as such  to indicate  that he  or she has reviewed, directed and
certifies to the accuracy of the representations and warranties made by the Subscriber herein.
Jurisdiction in which Subscriber received this Subscription Booklet
(if United States, indicate state):

Business Address (for entities) or Residential Address (for individuals)
(Note: A fixed address is required for anti-money laundering purposes; a Post Office box cannot be
accepted):

Number and Street   Apt./Suite

City State Zip Code Country
Section A: To be completed by all subscribers
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	Subscriber Questionnaire
Section A: General Information (All Subscribers)

 S-3
28649968.4
Mailing Address (if different from above):

Number and Street Apt./Suite

City State Zip Code Country

2. Contact Information
a) Primary Contact
Name:
(Prefix: Mr., Mrs., Dr. etc.) (First Name) (Middle Name/Initial) (Last Name) (Suffix: Jr., III, Ph.D. etc.)
Position or title:
Company name:
Mailing Address (if different from above):

Number and Street  Apt./Suite

City State Zip Code Country
Telephone
Number:
   Email
Address:

b) If you have been referred by Morgan Stanley Wealth Management (“MSWM”) Representative,
please indicate name below
If yes, please complete section:
Name:
(Prefix: Mr., Mrs., Dr. etc.) (First Name) (Middle Name/Initial) (Last Name) (Suffix: Jr., III, Ph.D. etc.)
Morgan Stanley Representative Number:

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	Subscriber Questionnaire
Section A: General Information (All Subscribers)

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28649968.4
c) Additional Contact (Optional)
If you would like to provide more than one additional contact, please attach the information to this
subscription document
Name:
(Prefix: Mr., Mrs., Dr. etc.) (First Name) (Middle Name/Initial) (Last Name) (Suffix: Jr., III, Ph.D. etc.)
Position or title:
Company name:
Mailing Address (if different from above):

Number and Street  Apt./Suite

City State Zip Code Country
Telephone
Number:
   Email
Address:

d) Delivery Information for Communications with Subscriber
Please check the appropriate box to indicate to whom the listed information is to be sent.
 All Contacts
Primary
Contact
Morgan Stanley
Contact
Additional
Contact
Drawdown/Distribution/
Fee Notices ☐ ☐ ☐ ☐
Quarterly Reporting
(Statements & Reports) ☐ ☐ ☐ ☐
Tax Related Information
(1099-DIV, etc.) ☐ ☐ ☐ ☐

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	Subscriber Questionnaire
Section A: General Information (All Subscribers)

 S-5
28649968.4
3. Wire Payment Information
Please provide either a) Brokerage Wire Payment Information or b) Bank Wire Payment
Information.  Morgan Stanley Wealth Management clients should provide brokerage wire payment
information.
Required Items

a) Brokerage Wire Payment Information
Brokerage Firm’s Bank Name:
(For Morgan Stanley Brokerage Accounts, please use Citibank)
Brokerage Firm’s ABA/Routing Number or SWIFT Code
ABA Routing Number (nnn-nnn-nnn):

SWIFT Code:

Brokerage Firm’s Name:

Brokerage Firm’s Country
(location):

Brokerage Firm’s Bank Account
Number:

Brokerage Account Name:

Brokerage Account Number:

Reference Information:

b) Bank Wire Payment Information
Beneficiary Bank Name:

Beneficiary Bank Country
(location):

Beneficiary Bank ABA/Routing Number or SWIFT Code
ABA Routing Number (nnn-nnn-nnn):

SWIFT Code:

Beneficiary Account Name:

Beneficiary Account Number:

Reference Information:

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Section A: General Information (All Subscribers)

 S-6
28649968.4
If your bank account resides outside of the United States, you must provide U.S. Intermediary wire
instructions below
U.S. Intermediary Bank Name:

U.S. Intermediary Bank Address:

U.S. Intermediary Bank ABA/Routing Number or SWIFT Code
ABA Routing Number (nnn-nnn-nnn):

SWIFT Code:

U.S. Intermediary Bank Account Number:
(If ABA = “021-000-089” or SWIFT = “CITIUS33”, then “Intermediary Account #” must be completed)

c) Please provide a brief explanation of source of funds for this investment:

d)   Please indicate whether you are borrowing or are otherwise financing your acquisition of Units
hereunder.
 ☐  Yes ☐  No
If answered “Yes,” please indicate the amount financed and what, if any, collateral was given to secure the
financing:

4. Additional Information
a) Please provide the Subscriber’s jurisdiction of residence for
tax purposes.
(city, state, country)
b) United States tax status (choose one):
 ☐ Individual/sole proprietor or single-member LLC
 ☐ C-Corporation
 ☐ S-Corporation
 ☐ Partnership
 ☐ Trust/Estate
 ☐ Simple Trust
 ☐ Grantor Trust
 ☐ Complex Trust
 ☐ Limited Liability Company
 ☐ Central Bank of Issue
 ☐ Private Foundation
 ☐ Disregarded Entity
 ☐ Government
 ☐ Tax-Exempt Organization
 ☐ Other (please
explain):

 ☐  Yes ☐  No c) Is the Subscriber treated as a partnership or a disregarded entity for U.S. federal income
tax purposes?
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NOTE:  If  the  answer  to  Question 4(d)  is  yes,  complete  Politically  Exposed  Persons
(“PEP”) Questionnaire in Appendix 2.

If the answer to Question 4(g) is “Yes”, please identify the name of the public company and the
Subscriber’s relationship to that company:

Name:
Relationship:
In addition, if the answer to Question 4(g) is “Yes” the Subscriber agrees to update the Company
as to any change in their status as above referenced “Corporate Insider.”

 ☐  Yes ☐  No h) Is the Subscriber acting on behalf of one or more Underlying Beneficial Owner(s)?
A Subscriber acts on behalf of one or more Underlying Beneficial Owner(s) if the
Subscriber  is  acting  as  an  agent,  representative,  intermediary,  nominee  or  in  a
 ☐  Yes ☐  No d) Is  the  Subscriber  or any  related  person  of the  Subscriber, including  any  underlying
beneficial  owner  or  control  person  or  any  person  for  whom  the  Subscriber  acts  as
agent/nominee in connection with an investment, a Politically Exposed Person (or an
immediate  family  member  or  close  associate  of  a  Politically  Exposed  Person),  as
defined in Annex 1?
NOTE: Public officials acting in their official capacity when establishing a relationship
between a government entity and the Company are excluded from the definition of a
 “Politically Exposed Person”

 ☐  Yes ☐  No e) Is the Subscriber a Marijuana-Related Business7, involved with a Marijuana-Related
Business,  or  derives  revenue  from  or  substantially  invests in  a  Marijuana-Related
Business?
 ☐  Yes ☐  No f) Is the Subscriber or any Underlying Beneficial Owner of the Subscriber an employee,
 “affiliate” or director of Morgan Stanley or of any affiliate of Morgan Stanley? For
purposes of this paragraph, the term “affiliate” shall include any person, directly or
indirectly,  through  one  or  more  intermediaries,  controlling,  controlled  by  or  under
common control with Morgan Stanley.

NOTE: If the answer to Question 4(f) is “Yes,” please notify the contact listed in Section
4 of the “General Instructions” in the Subscription Booklet.

 ☐  Yes ☐  No g) Is the Subscriber currently a senior officer, director or owner of 10% or more of the
voting shares of a public company or other person identifiable as a “Corporate Insider”
of a public company?

7 A Marijuana-Related Business includes: 1) an individual or entity directly involved in the manufacturing, production, sale or distribution
of marijuana, whether for medicinal, recreational, or any other use; 2) an individual or entity that derives a substantial source of wealth,
compensation,  revenue  or  income  from  marijuana-related  activity  (e.g.,  service  providers  that  cater  largely  to  Marijuana-Related
Businesses, commercial lessors that lease property to Marijuana-Related Businesses, etc.); or 3) an individual or entity that is directly
and  predominantly  involved  in  supplying  products,  equipment  or  material  intended  or  designed  for  use  in  furtherance  of  the
manufacturing, production, sale, use or distribution of marijuana (e.g., marijuana LED grow-lights, marijuana grow tents, hydroponics,
etc.).
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 S-8
28649968.4
similar  capacity  for  any  other  person,  nominee  account  or  beneficial  owner,
whether  a  natural  person  or  Entity  (each  such  natural  person  or  Entity,  an
 “Underlying Beneficial Owner”)

If the answer to Question 4(h) is “Yes,” please indicate the following:

 ☐  Yes ☐  No (i) The representations, warranties and agreements made in this Subscription Booklet,
including  the representations  and  warranties  contained  in  the  Subscription
Agreement  and  the  information  contained  in  this  Subscriber  Questionnaire,  are
true, complete and accurate with respect to the Underlying Beneficial Owner(s).
 ☐  Yes ☐  No (ii) Section  B of  the  Subscriber  Questionnaire  is  true,  complete  and  accurate  with
respect  to  the  assets  held  by  the  Underlying  Beneficial  Owner(s)  and  to  the
qualification of each Underlying Beneficial Owner as an “accredited investor” as
defined in Regulation D under the 1933 Act.
 ☐  Yes ☐  No (iii) Was  any  Underlying  Beneficial  Owner  formed  for  the  specific  purpose  of
purchasing the Units?
 ☐  Yes ☐  No (iv) Does  any  Underlying  Beneficial  Owner’s allocable  portion  of  the  Capital
Contribution constitute 25% or more of such Underlying Beneficial Owner’s total
assets, or 25% or more of such Underlying Beneficial Owner’s committed capital?
 ☐  Yes ☐  No (v) Is  any  Underlying  Beneficial  Owner  (i)  a  participant-directed  contribution  plan
(such as a 401(k) plan) or (ii) a partnership or other investment vehicle (x) in which
its partners or participants have or will have any discretion to determine whether or
how much  of  such  Underlying  Beneficial  Owner’s  assets  are  invested  in  any
investment made or to be made by such Underlying Beneficial Owner (including
the Subscriber’s Capital Contribution) or (y) that is otherwise an entity managed to
facilitate the individual decisions of its beneficial owners to invest in the Company?

NOTE: If the answer to Question 4(h) (iii), (iv) or (v) above is “Yes,” with respect to any Underlying
Beneficial Owner, each beneficial owner of such Underlying Beneficial Owner must complete a copy of
this Subscriber Questionnaire (as if such person were directly purchasing the Units).

 ☐  Yes ☐  No

i) Is the Subscriber or any Underlying Beneficial Owner, or will the Subscriber or
any  Underlying  Beneficial  Owner  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, an “affiliate”
of any person is any person controlling, controlled by or under common control
with  such  first  person,  including  by  reason  of  having  the  power  to  exercise  a
controlling influence over the management or policies of such person.
 ☐  Yes ☐  No

j) Is the Subscriber a private investment company that is not registered under the
Investment Company Act in reliance on Sections 3(c)(1) or 3(c)(7) thereof?
If the answer to Question 4(j) is “Yes,” please indicate the following:
 ☐  Yes ☐  No (i) Was the Subscriber formed on or before April 30, 1996?
If the answer to Question 4(j)(i) is “Yes,” please indicate the following:
 ☐  Yes ☐  No (ii) Has  the  Subscriber  obtained  consent  of  its  indirect  and  direct  Underlying
Beneficial  Owners  to  be  treated  as  a  “qualified  purchaser”  as  provided  in
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Section  2(a)(51)(C)  of  the  Investment  Company  Act  and  the  rules  and
regulations thereunder?

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Section B: Subscriber Qualification (All Subscribers)
 S-10
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Subscriptions  will  be  accepted  only  from  persons  who  qualify  as  eligible  investors  within  the  meaning  of
applicable federal and state securities regulations.
Unless otherwise indicated, responses should be given by reference to the specific person for whose account
the Units are being acquired. In the case of an Individual Retirement Account (“IRA”) or similar individual
self-directed estate planning or investment vehicle, the response should be given with respect to the applicable
account owner of such trust, IRA or similar vehicle, as the case may be.
Investor Accreditation
Units will be sold only to Subscribers that are “accredited investors” as defined in Regulation D under the
1933 Act.
Please  indicate  the  basis  of  “accredited  investor”  status  of  the Subscriber  by  checking all applicable
statements below, or, if none apply, please notify the contact listed in Section 4 of the “General Instructions”
in the Subscription Booklet:
For Natural Persons:
(i) ☐ a natural person whose individual net worth, or joint net worth with his  or her spouse or spousal
equivalent, exceeds $1,000,000.8
(ii) ☐ a natural person who had an individual annual income in excess of $200,000 in each of the two most
recent years, or a joint annual income with his or her spouse or spousal equivalent in excess of $300,000
in each of those years, and has a reasonable expectation of reaching the same income level in the current
year.9
(iii) ☐ a director, executive officer, or general partner of the Company, or any director, executive officer,
or general partner of a general partner of the Company.
(iv) ☐ a natural person holding in good standing one or more professional certifications or designations or
credentials from an  accredited educational institution that the  SEC has  designated  as qualifying an
individual for accredited investor status.

For Entities:
(v) ☐ a  bank  as  defined in  Section  3(a)(2) of the 1933  Act, or any savings  and loan association or other
institution as defined in Section 3(a)(5)(A) of the 1933 Act whether acting in its individual or fiduciary
capacity or an insurance company as defined in Section 2(a)(13) of the 1933 Act.
(vi) ☐ an investment adviser registered pursuant to Section 203 of the Investment Advisers Act or the laws
of a state or relying on the exemption from registering with the SEC under Section 203(l) or (m) of the
Investment Advisers Act.

8 For purposes of calculating the Subscriber’s net worth: (i) the Subscriber’s primary residence  must not be included as an asset; (ii)
indebtedness secured by the Subscriber’s primary residence, up to the estimated fair market value of the primary residence may not be
included  as  a  liability  (except  that  if  the  amount  of  such  indebtedness  outstanding  at  the  time  of  calculation  exceeds  the  amount
outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess must
be included as a liability); and (iii) indebtedness that is secured by the Subscriber’s primary residence in excess of the estimated fair
market value of the residence must be included as a liability.
9 One measure of “individual annual income” is “adjusted gross income,” as reported for U.S. federal income tax purposes, less any income
attributable to a spouse or to property owned by a spouse and increased by the following amounts (but not including any amounts
attributable to a spouse or to property owned by a spouse, if applicable): (i) the amount of any tax-exempt interest income received, (ii)
the amount of losses claimed as a limited partner in a limited partnership, (iii) any deduction claimed for depletion, (iv) alimony paid
and (v) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the
provisions of Section 1202 of the Code.
Section B: To be completed by all subscribers
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Section B: Subscriber Qualification (All Subscribers)
 S-11
28649968.4
(vii) ☐ a broker or dealer registered pursuant to Section 15 of the 1934 Act.
(viii) ☐ an investment company registered under the Investment Company Act.
(ix) ☐ a business development company as defined in Section 2(a)(48) of the Investment Company Act, a Small
Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c)
or (d) of the Small Business Act or a Rural Business Investment Company as defined in section 384A
of the Consolidated Farm and Rural Development Act.
(x) ☐ an  employee  benefit  plan  within  the  meaning  of  Section  3(3)  of  ERISA  (including  an  individual
retirement plan), which satisfies at least one of the following conditions: (i) the investment decision is
made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, a savings and
loan association, an insurance company or a registered investment adviser, (ii) the employee benefit
plan has total assets in excess of $5,000,000 or (iii) the employee benefit plan is a self-directed plan
(i.e., a tax-qualified defined contribution plan in which a participant may exercise control over the
investment of assets credited to his or her account), with investment decisions made solely by persons
who are “accredited investors” as defined in Rule 501 under the 1933 Act.
(xi) ☐ an employee benefit plan established and maintained by a state, its political subdivisions or any agency
or  instrumentality  of  a  state  or  its  political  subdivisions,  if  such  plan  has  total  assets  in  excess  of
$5,000,000.
(xii) ☐ a private business development company as defined in Section 202(a)(22) of the Advisers Act.
(xiii) ☐ an organization described in Section 501(c)(3) of the Code, in each case not formed for the purpose of
acquiring the Units, with total assets in excess of $5,000,000.
(xiv) ☐ a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the
Units, whose purchase of the Units is directed by persons having such knowledge and experience in
financial and business matters that they are capable of evaluating the merits and risks of a prospective
investment in the Units.
(xv) ☐ a trust of which each and every grantor is an individual who is an “accredited investor,” as defined in
Rule 501 under the 1933 Act, or an entity that is an “accredited investor,” in each case who can amend
or  revoke  the  trust  at  any  time.
NOTE: Please complete the ENTITY AI DRILLDOWN section below.
(xvi) ☐ an entity in which each and every one of the equity owners is (i) a natural person who is an “accredited
investor” as defined in Rule 501 under the 1933 Act or (ii) an entity that is an “accredited investor” as
described  above.
NOTE: Please complete the ENTITY AI DRILLDOWN section below.
(xvii) ☐ an entity, of a type not listed in (v) through (xvi) above not formed for the specific purpose of
acquiring the securities offered, owning investments in excess of $5,000,000.
(xviii) ☐ a “family office,” as defined in rule 202(a)(11)(G)-1 under the Advisers Act: (A) with assets under
management in excess of $5,000,000, (B) that is not formed for the specific purpose of acquiring the
securities offered, and (C) prospective investment is directed by a person who has such knowledge and
experience in financial and business matters that such family office is capable of evaluating the merits
and risks of the prospective investment.
(xix) ☐ Any “family client,” as defined in rule 202(a)(11)(G)-1 under the Advisers Act, of a family office
meeting the requirements in item (xviii) above and whose prospective investment in the Company is
directed by such family office pursuant to item (xviii)(C).
(xx) ☐ none of the above. Please notify the contact listed in Section 4 of the “General Instructions” in the
Subscription Booklet.

NOTE: If the Subscriber’s accreditation is based upon item number (xv) or number (xvi), the Subscriber must
make the representations set forth below.
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Section B: Subscriber Qualification (All Subscribers)
 S-12
28649968.4

ENTITY AI DRILLDOWN: For Subscribers who checked number (xv) or (xvi) above.

Total number of grantors of the Subscriber (if applicable):
Total number of equity owners of the Subscriber (if applicable):
If there are more than 3 grantor/equity owners, please attach additional sheets, as necessary
Grantor/equity owner #1 – Name:
Grantor/equity owner #2 – Name:
Grantor/equity owner #3 – Name:
The Subscriber hereby represents that each grantor/equity owner listed above is an “accredited investor,” as
defined in Rule 501 of Regulation D under the 1933 Act, because:
NOTE: A roman numeral, not a checkmark or other mark, must be written in the blank line(s) below. The
number written in is for the grantor or equity owner, not for the Subscriber.
· If the Subscriber’s grantor or equity owners are natural persons, Subscribers should review Accredited
Investor representations (i) through (iv) under the “For Natural Persons” section in Section B and insert
the applicable roman numeral(s) for the Subscriber’s grantor or equity owners in the designated
space(s) below.
· If the Subscriber’s grantors or equity owners are entities, Subscribers should review Accredited
Investor representations (v) through (xx) under the “For Entities” section in Section B and insert the
applicable roman numeral(s) for the Subscriber’s grantors or equity owners in the designated space(s)
below.
· If Accredited Investor representation(s) (xv) or (xvi) are provided for a grantor or equity owner, then
additional pages of S-12 must be provided for the grantors or equity owners of that entity grantor or
equity owner, in order for them to similarly provide their applicable Accredited Investor
representation(s).

Grantor/equity owner #1, if completing Section B(1) of this “Subscriber Questionnaire” truthfully and
accurately, indicate the roman numeral option you would have selected

Grantor/equity owner #2, if completing Section B(1) of this “Subscriber Questionnaire” truthfully and
accurately, indicate the roman numeral option you would have selected
      Grantor/equity owner #3, if completing Section B(1) of this “Subscriber Questionnaire” truthfully and
accurately, indicate the roman numeral option you would have selected

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 S-13
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Consent to Electronic Delivery of Periodic Reporting and/or Tax Information
For Primary Contact of Subscriber
· If  you  choose  not  to  consent  to  electronic  delivery  of  periodic  reporting  (including  statements,
commentary  and  notices)  and/or  tax  information via the  Company’s  investor  portal  (the  “Investor
Portal”) or if you subsequently withdraw your consent to such electronic delivery, paper copies of
such periodic reporting or tax information will be furnished to you via U.S. Mail or UPS / FedEx.
· Such  consent  applies  to  all  periodic  reporting  or  tax  information,  as  applicable,  required  to  be
furnished to you by the Company after this consent is given until you withdraw consent.
· Notwithstanding your consent, you are entitled to receive paper copies of such periodic reporting and
tax  information  upon  request.  The  Company  will  NOT  treat your  request  for  paper  copies  as  a
withdrawal  of  consent.  If  you  wish  to  withdraw  consent,  you  understand  that  you  must  do  so
affirmatively.
· You may withdraw consent by contacting MS Capital Partners Adviser Inc., 1585 Broadway, New
York, NY 10036, Attn: Morgan Stanley Investor Servicing Team (or at such updated address as
the  Company  may  communicate  to  the  Subscribers  from  time  to  time),  or  via  email  to
NHPIF@seic.com. The  withdrawal  of  consent  will  be  effective  within  60  (sixty)  calendar  days  of
receipt by the Company and will be confirmed in writing by the Company (including the date on which
the withdrawal will take effect). A withdrawal of consent does not apply to any periodic reporting or
tax information that was furnished electronically before the withdrawal takes effect.
· You can contact MS Capital Partners Adviser Inc., 1585 Broadway, New York, NY 10036, Attn:
Morgan  Stanley  Investor  Servicing  Team (or  at  such  updated  address  as  the  Company  may
communicate  to  the  Subscribers  from  time  to  time),  or  via  email  to NHPIF@seic.com to
communicate any changes in your contact information. The Company will email you if the contact
information for the Company changes.
· If the Subscriber has received the Subscription Booklet (including this Subscriber Questionnaire) as
a pdf (portable document format) file in an email attachment or in any other electronic format, the
receipt thereof reasonably demonstrates that the Subscriber can access any tax information in the
electronic  format  in  which  it  will  be  furnished  to  the  Subscriber.  If  the  Subscriber  received  the
Subscription Booklet in a non-electronic format, the Subscriber confirms that it consents to electronic
delivery of any tax information in respect of the Units and that it is able to access documents delivered
through electronic means.
· If you consent to the electronic delivery of periodic reporting and/or tax information via the Investor
Portal, such periodic reporting and/or tax information may be posted to the Investor Portal as a PDF
(portable document format) file. You may download a free copy of Adobe Acrobat Reader, which will
allow  you  to  view  any  such  periodic  reporting  and/or  tax  information,  by  visiting
http://get.adobe.com/reader. This page contains information about the system requirements needed
to use the software. Alternatively, you may be able to use an alternative PDF reader software. Certain
tax information may be required to be printed and attached to a federal, state, or local income tax
return.
For all Contacts of Subscriber other than the Primary Contact
· All periodic reporting (including statements, commentary and notices) and/or tax information to be
provided to you will be delivered electronically via the Investor Portal. Paper copies of such periodic
reporting or tax information will not be furnished to you via U.S. Mail or UPS / FedEx, even if you no
longer  wish  to  continue  receiving  such  period  reporting  or  tax  information  electronically  via the
Investor Portal.
· You can contact MS Capital Partners Adviser Inc., 1585 Broadway, New York, NY 10036, Attn:
Morgan  Stanley  Investor  Servicing  Team (or  at  such  updated  address  as  the  Company  may
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28649968.4
communicate  to  the  Subscribers  from  time  to  time),  or  via  email  to NHPIF@seic.com,  to
communicate any changes in your contact information. The Company will email you if the contact
information for the Company changes.
· The periodic reporting and/or tax information delivered to you electronically via the Investor Portal
may be posted to the Investor Portal as a PDF (portable document format) file. You may download
a free copy of Adobe Acrobat Reader, which will allow you to view any such periodic reporting and/or
tax information, by visiting http://get.adobe.com/reader. This page contains information about the
system requirements needed to use the software. Alternatively, you may be able to use an alternative
PDF reader software. Certain tax information may be required to be printed and attached to a federal,
state, or local income tax return.
Instructions: Please check the box below and reply to the email by which the Subscriber received this
Subscription Agreement (including a copy of the completed consent) or upload the signed consent to the
secure website through which the Subscriber downloaded this Subscription Agreement to confirm that (a)
the Subscriber consents to electronic receipt of periodic reporting and/or tax information in respect of its
Units in the Company and (b) the Subscriber is able to open the pdf document sent to the Subscriber’s
email address or posted to the Company’s secure website.

 ☐ I  consent to  electronic  delivery  of  any  tax  information  circulated  by  the  Company  on  such  terms  and
conditions  as  described  in  this  Consent  to  Electronic  Delivery  of  Periodic  Reporting and/or  Tax
Information form.

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Section B: Subscriber Qualification (All Subscribers)
 S-15
28649968.4
Affirmative Indication of Independent Judgment
(Pursuant to FINRA Rule 2111)10
In  connection  with  the  proposed  investment  in  the  Company,  the  undersigned,  on  behalf  of  the  Subscriber,
acknowledges and represents to Morgan Stanley & Co. LLC, a registered broker-dealer, and any affiliated broker-
dealers that may assist in the placement of Units (collectively, “Morgan Stanley”) that:
 ☐  Yes ☐  No 1) The Subscriber qualifies as an Institutional Account, as defined in FINRA Rule 4512(c):11
If  the  Subscriber  answers  “Yes”  to  Question  1  above,  Subscriber  hereby  represents  and
warrants as follows:
a) The Subscriber (i) is capable of evaluating investment risks independently, both in
general and with regard to all transactions and investment strategies involving a security
or securities, including private equity funds and other alternative investments; and (ii)
will exercise independent judgment in evaluating an investment in the Company, unless
it has otherwise notified Morgan Stanley in writing;
b) The Subscriber has consulted appropriate internal and/or external advisers to the
Subscriber, other than Morgan Stanley, in connection with the Subscriber’s investment
in the Company;
c) The Subscriber will notify Morgan Stanley immediately at the address below if
anything in this Subscriber Questionnaire ceases to be true; and
d) The signatory below is authorized to sign on behalf of the Subscriber named below.
 ☐  Yes ☐  No 2) Is the Subscriber a client of Morgan Stanley Private Wealth Management Ltd., Morgan
Stanley Bank International Limited, Bank Morgan Stanley AG, Bank Morgan Stanley
AG, Hong Kong Branch (or Morgan Stanley Asia Limited, as the case may be) or Bank
Morgan Stanley AG, Singapore Branch (or Morgan Stanley Asia (Singapore) Pte., as the
case may be)?
By executing this subscription booklet, the undersigned affirms that the above statements are accurate but does
not waive any rights afforded under U.S. federal or state securities laws, including any rights under Section 10(b)
of the 1934 Act and the rules and regulations promulgated thereunder.
NOTE: This letter shall apply with respect to an investment in the Company by the Subscriber, whether for its
own  account  or  for  the  account  of  any  beneficial  owner  that  has  delegated decision  making  authority  to  the
Subscriber.
If you cannot respond to Question 1 or 2 above, please contact the person listed in Section 4 of the “General
Instructions” in the Subscription Booklet.

10 Available at http://www.finra.org/Industry/Regulation/FINRARules/.
11 “Institutional Account” means the account of: (1) a bank, savings and loan association, insurance company or registered investment
company; (2) an investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state
securities commission (or any agency or office performing like functions); or (3) any other person (whether a natural person, corporation,
partnership, trust or otherwise) with total assets of at least $50 million as of the date of execution of this Certificate whether such assets
are invested for such person’s own account or under management for the account of others.
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Section B: Subscriber Qualification (All Subscribers)
 S-16
28649968.4
Rule 506(D) Events
The Subscriber represents that neither the Subscriber nor anyone who is treated as a beneficial owner of the Units
hereby being purchased by the Subscriber under Rule 506(d) or Rule 506(e) of the 1933 Act has been subject to
any of the following specified events during the time periods specified therein. Furthermore, prior to the final
Closing, the Subscriber agrees to provide the Company with prompt written notice of the occurrence of any of the
following specified events with respect to the Subscriber or any such beneficial owner.
(i) Conviction, within the ten year period ending on the date hereof, of any 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;
(ii) Any order, judgment or decree of any court of competent jurisdiction, entered within the five year period
ending on the date hereof, that, at this date, restrains or enjoins the Subscriber from engaging 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 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;
(iii) A final order of a state securities commission (or an agency or officer of a state performing like functions); a
state authority that supervises or examines banks, savings associations, or credit unions; a state insurance
commission (or an agency or officer of a state performing like functions); an appropriate federal banking
agency; the  U.S. Commodity Futures Trading Commission (the “CFTC”); or the National Credit Union
Administration that:
(A) On the date of this letter, bars the Subscriber 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 entered within the ten year period ending on the date hereof;
(iv) An order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (15
U.S.C.78o(b) or 78o-4(c)) or section 203(e) or (f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-
3(e) or (f)) that, as of the date hereof:
(A) Suspends or revokes the Subscriber’s registration as a broker, dealer, municipal securities dealer or
investment adviser;
(B) Places limitations on the activities, functions or operations of the Subscriber; or
(C) Bars the Subscriber from being associated with any entity or from participating in the offering of any
penny stock;
(v) Any order of the SEC entered within the five-year period ending on the date hereof that, as of the date hereof,
orders the Subscriber 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 1933 Act, section 10(b) of the 1934 Act and rule 10b-5 thereunder, section
15(c)(1) of the 1934 Act and section 206(1) of the Investment Advisers Act, or any other rule or
regulation thereunder; or
(B) Section 5 of the 1933 Act.
22-3981-2 C2.1 P94

	
	Subscriber Questionnaire
Section B: Subscriber Qualification (All Subscribers)
 S-17
28649968.4
(vi) Suspension or expulsion from membership in, or suspension or bar 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;
(vii) Filing (as a registrant or issuer), or being or being named as an underwriter in, any registration statement or
Regulation A offering statement filed with the SEC that, within the five-year period ending on the date hereof,
was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, as of
the date hereof, the subject of an investigation or proceeding to determine whether a stop order or suspension
order should be issued; or
(viii) A United States Postal Service false representation order entered within the five year period ending on the
date hereof, or, as of the date hereof, 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.
Please check all that apply with respect to the events listed above:
 ☐  The Subscriber has been subject to such an event but, prior to the date hereof, (i) the court or regulatory
authority that entered the relevant order, judgment or decree has advised in writing (whether contained in
the relevant judgment, order or decree or separately to the SEC or its staff) that disqualification under
paragraph (d)(1) of Rule 506 under the 1933 Act should not arise as a consequence of such order, judgment
or decree or (ii) the SEC has issued an exemption from paragraph (d)(1) of Rule 506 with respect to such
event. The Subscriber shall provide a copy of such written advice or exemption to:
c/o North Haven Private Income Fund LLC
Attn: Orit Mizrachi
1585 Broadway
New York, NY 10036
 ☐  The Subscriber has not been subject to such an event.
22-3981-2 C2.1 P95

	
	Subscriber Questionnaire
Section C: To be completed by individuals (natural persons only)

 S-18
28649968.4
To be completed by, or on behalf of, a Subscriber who is a natural person subscribing in his/her own name,
including if the Units are being purchased for the account of a natural person with the assets of an IRA, 401(k)
account or Keogh Plan.
1. Primary Subscriber Information (joint subscriber, if any, to complete information separately in Section 2
below)
Required Items
Legal Name of Primary Subscriber: First Name    Last Name

Date of birth of Subscriber (mm/dd/yyyy):       Citizenship:

Government-Issued Identification: Provide – Type of ID (e.g. EIN, social security number, taxpayer
identification number, Company Registration Number, Passport Number, etc.) / ID Number / and Country of
Issuance:

   /
/

(type of ID)  (EIN, social security #, taxpayer ID #)  (country of issuance)

Country of residence:

 If the United States, state of residence for U.S. Income Tax purposes:

 If Canada, indicate province:

Occupation:

Name of business:

Nature of business:

Position and duties:

2. Joint Subscriber Information (if any):
Full legal name of Joint Subscriber:
(Prefix: Mr., Mrs., Dr. etc.) (First Name) (Middle Initial) (Last Name) (Suffix: Jr., III, Ph.D. etc.)
Business name (if applicable):
Date of birth (mm/dd/yyyy):    Citizenship:
Government-Issued Identification: Provide – Type of ID (e.g. EIN, social security number, taxpayer
identification number, Company Registration Number, Passport Number, etc.) / ID Number / and Country of
Issuance:
    /      /
(type of ID)  (EIN, social security #, taxpayer ID #)  (country of issuance)
Section C: To be completed by individuals (natural persons only)
22-3981-2 C2.1 P96

	
	Subscriber Questionnaire
Section C: To be completed by individuals (natural persons only)

 S-19
28649968.4
Country of
residence:
 If the United States, state of residence for U.S. Income Tax purposes:
 If Canada, indicate province:
Occupation:
Name of business:
Position and duties:

Residential Address: (Required for anti-money laundering purposes; a Post Office box cannot be accepted):

Number and Street   Apt./Suite

City State  Zip Code  Country
Telephone Number:     Email Address:
Mailing Address (if different from residential address):

Number and Street  Apt./Suite

City  State  Zip Code  Country

3. Additional Information
 ☐  Yes ☐  No a) Is the Subscriber purchasing Units in the Company with funds that constitute, directly or
indirectly, assets of any employee benefit plan or IRA subject to ERISA or to Section 4975
of the Code?
 ☐  Yes ☐  No b) Is the Subscriber subscribing as a trustee or custodian for an IRA? If yes, please complete
the Additional Representation with Respect to Investment for an IRA on the Subscriber
Signature Page.

22-3981-2 C2.1 P97

	
	Subscriber Questionnaire
Section D: Supplemental Information for Entities (Entities only)

 S-20
28649968.4
To be completed by, or on behalf of, a Subscriber that is a corporation, partnership, limited liability company,
trust or other association or entity, including an individual retirement account (“IRA”), 401(k) account or Keogh
Plan subscribing in its own name, but not including cases where a natural person is subscribing in his/her own
name using the assets of an IRA, 401(k) account or Keogh Plan.
1. Supplemental General Information

Full legal name of subscriber (First & Last Name)

Date of incorporation or formation (mm/dd/yyyy):

State of Incorporation or Formation:

Country of Incorporation or Formation:
Government-Issued Identification: Provide – Type of ID (e.g. EIN, TIN, Co. Registration Number,
taxpayer identification number, Company Registration Number, Passport Number, etc.) / ID Number / and
Country of Issuance:

    /      /
(Type of ID)                                            (ID Number)                                                 (Country of Issuance)
Nature of business:

2. Beneficial owner information of Subscriber
 ☐  Yes ☐  No ☐  N/A a) If the Subscriber is a privately held entity and is not a trust, do any of the
Subscriber’s beneficial  owners,  directly  or  indirectly  through
intermediaries, hold 10% or more of any voting or non-voting class of the
Subscriber’s equity interests?
 ☐  Yes ☐  No ☐  N/A b) If  the  Subscriber is  a  trust,  does  the  Subscriber  have  any  beneficiaries,
settlors/grantors and/or trustees that have, directly or indirectly, an equity
interest of 10% or more in the trust?
 ☐  Yes ☐  No c) Is the Subscriber subscribing for Units with the intent to sell or transfer the
Units to any other person or persons?
 If the answer is “Yes” to Question 2(c), please notify the contact listed in
Section 4 of the “General Instructions” in the Subscription Booklet

Section D:  To be completed by subscribers that are entities only
22-3981-2 C2.1 P98

	
	Subscriber Questionnaire
Section D: Supplemental Information for Entities (Entities only)

 S-21
28649968.4
3. Anti-Money Laundering Information
 ☐  Yes ☐  No a) Is the Subscriber a fund-of-funds entity?
 ☐  Yes ☐  No b) Are  the Units being  purchased  by  an  agent,  nominee,  trustee,  custodian  or
otherwise on behalf of, or for the account of, third parties?
If  yes,  Anti-Money  Laundering  documentation,  as  outlined  in Appendix  2,
should also be provided for the underlying party.
 ☐  Yes ☐  No c) Will any other person or persons other than the Subscriber have a beneficial
interest in the Units acquired (other than as a shareholder, partner, member,
trust  beneficiary  or  other  beneficial  owner  of  equity  interests  in  the
Subscriber)?

Please refer to Investor Anti-Money Laundering Documentation Supplement in Appendix 2 for required
documentation to be provided.

22-3981-2 C2.1 P99

	
	Subscriber Questionnaire
Section D: Supplemental Information for Entities (Entities only)

 S-22
28649968.4
4. Benefit Plan Accounts
 ☐  Yes ☐  No a) Is the Subscriber, or will the Subscriber be, a “Benefit Plan Investor”? A Benefit
Plan Investor is defined as: (i) any employee benefit plan subject to Part 4 of Title
I of ERISA; (ii) any plan to which Code Section 4975 applies (which includes a
trust described in Code Section 401(a) that is exempt from tax under Code Section
501(a), a plan described in Code Section 403(a), an IRA or annuity described in
Code Section 408 or Section 408A, a medical savings account described in Code
Section 220(d), a health savings account described in Code Section 223(d) and an
education savings account described in Code Section 530); (iii) any entity whose
underlying assets include plan assets by reason of a plan’s investment in the entity
(generally because 25 percent or more of a class of equity interests in the entity is
owned by plans). Benefit Plan Investors also include that portion of any insurance
company’s general account assets that are considered “plan assets” and (except if
the entity is an investment company registered under the Investment Company
Act) the assets of any insurance company separate account or bank common or
collective trust in which plans invest, as well as entities deemed to hold the assets
of any of the foregoing accounts.
 b) If the answer to Question 4(a) is “Yes”, please indicate whether:
 ☐  Yes ☐  No
 ☐  Yes ☐  No
 ☐  Yes ☐  No
(1) The Subscriber is or will be an “employee benefit plan,” as defined in Section
3(3) of ERISA that is subject to the fiduciary responsibility provisions of
ERISA.
(2) The  Subscriber is  or  will be  a  “plan”  as  defined  in and that is  subject to
Section 4975 of the Code, including, for example, an IRA.
(3) The  Subscriber  is,  or  will  be,  an  entity,  including  an  insurance  company
separate or general account or an investment fund, the underlying assets of
which include “plan assets” that are subject to Part 4 of Subtitle B of Title I
of ERISA or Section 4975 of the Code by reason of a plan’s investment in
such entity.
 (4) If  the  Subscriber  answered  “Yes”  to  4(b)(3) above,  the  percentage  of the
assets  of the  Subscriber that  are  held  on  behalf  of  Benefit  Plan  Investors
subject to Part 4 of Subtitle B of Title I of ERISA or Section 4975 of the
Code during the period of investment in the Company do not, and will not,
exceed:

   %
  If the answer to Question 4(b)(2) is “Yes”, the Subscriber MUST complete Section
C of the Subscriber Questionnaire and the Additional Representation with Respect to
Investment for an IRA on the Subscriber Signature Page.
 ☐  Yes ☐  No c) Is the Subscriber (i) a bank as defined in section 202 of the Investment Advisers
Act or similar institution that is regulated and supervised and subject to periodic
examination by a state or federal agency; (ii) an insurance carrier which is qualified
under  the  laws  of  more  than  one  state  to  perform  the  services  of  managing,
acquiring or disposing of assets of a plan; (iii) an investment adviser registered
under the Investment Advisers Act or, if not registered as an investment adviser
under the Investment Advisers Act by reason of paragraph (1) of section 203A of
such Act, is registered as an investment adviser under the laws of the state (referred
to in such paragraph (1)) in which it maintains its principal office and place of
22-3981-2 C2.1 P100

	
	Subscriber Questionnaire
Section D: Supplemental Information for Entities (Entities only)

 S-23
28649968.4
business; (iv) a broker-dealer registered under the 1934 Act, or (v) an independent
fiduciary that holds, or has under management or control at least $50 million?
 ☐  Yes ☐  No d) If the Subscriber is not a Benefit Plan Investor subject to Title I of ERISA or
Section 4975 of the Code, please indicate whether such Subscriber is or will be
subject to any other federal, state, local, non-U.S. or other laws or regulations that
are  similar  to  the  fiduciary  responsibility  or  prohibited  transaction  provisions
contained in Title I of ERISA or Section 4975 of the Code that would apply to
the  management  or  operation  of  the  Company  as  a  result  of  the  Subscriber’s
investment in the Company.

22-3981-2 C2.1 P101

	
	Subscriber Questionnaire
Section D: Supplemental Information for Entities (Entities only)

 S-24
28649968.4
5. Additional Information (all questions from 5(a) through 5(h) must be answered)
 ☐  Yes ☐  No a) Was the Subscriber formed for the specific purpose of acquiring the Units?
If the answer to 5(a) is “Yes”, please notify the contact listed in Section 4 of the “General Instructions”
in the Subscription Booklet and attach as an exhibit to this Subscription Booklet a completed Subscriber
Questionnaire for each beneficial owner of the Subscriber.

 ☐  Yes ☐  No b) Is the Subscriber a participant-directed defined contribution plan (such as a 401(k)
plan)  or  a  partnership  or  other  investment  vehicle  (i)  in  which  its  partners  or
participants have or will have any discretion to determine whether or how much of
the Subscriber’s assets are invested in any investment made or to be made by the
Subscriber (including the Subscriber’s Capital Contribution) or (ii) that is otherwise
an entity managed to facilitate the individual decisions of its beneficial owners to
invest in the Company?
If  the  answer  to  5(b)  is  “Yes”,  please  attach  as  an  exhibit  to  this  Subscription  Booklet  a  completed
Subscriber Questionnaire for each Beneficial Owner of the Subscriber.

 ☐  Yes ☐  No c) Is the Subscriber subject to the Bank Holding Company Act (the “BHC Act”) or
directly or indirectly “controlled” (as that term is defined in the BHC Act) by a
company that is subject to the BHC Act under the BHC Act?

 ☐  Yes ☐  No d) Does the Subscriber intend to enter, or has entered into, a swap, structured note or
other derivative instrument with any third party, the return from which is or will be
based in whole or in part on the return of the Company?

 ☐  Yes ☐  No If “Yes”, does any such third party include a Benefit Plan Investor (as defined in
4(b) above)?

If the answer to 5(d) is “Yes,” each counterparty that is an entity must complete a copy of this Subscriber
Questionnaire, in each case as if such counterparty were directly purchasing the Units.

 ☐  Yes ☐  No e) If the Subscriber is a grantor trust and is a “United States person” for U.S. federal
income  tax  purposes  (as  defined  in Annex  1),  the  Subscriber  is  submitting  such
documentation (e.g., Form W-8BEN, W-8BEN-E, W-8IMY, W-8ECI, W-8EXP or
W-9) and information pertaining to each grantor or other owner that permits the
Company to reliably associate each such grantor’s or other owner’s indirect share of
the Company’s income with such grantor or other person.

 ☐  Yes ☐  No f) Is the Subscriber or any Underlying Beneficial Owner subject to the U.S. Freedom
of Information Act, Section 552(a) of Title 5, United States Code (“FOIA”), any state
public records access laws, any state or other jurisdiction’s laws with similar intent
or effect to FOIA, or any other similar statutory or legal right that might result in the
disclosure of confidential information relating to the Company?

If the answer to 5(f) is “Yes,” please indicate the relevant laws to which the Subscriber
(or  any  Underlying  Beneficial  Owner)  is  subject  and  provide  any  additional
explanatory information in the space provided below.

22-3981-2 C2.1 P102

	
	Subscriber Questionnaire
Section D: Supplemental Information for Entities (Entities only)

 S-25
28649968.4

 ☐  Yes ☐  No g) To the best of the Subscriber’s knowledge, does the Subscriber control, or is the
Subscriber controlled by or under common control with, any other investor in the
Company?

If the answer to 5(g) is “Yes,” please identify such related investor(s) below.

 ☐  Yes ☐  No

h) Will  any  other  person  or persons  have  a  beneficial  interest in  the Units to  be
acquired hereunder (other than as a shareholder, partner, policy owner or other
beneficial owner of equity interests in the Subscriber)? (By way of example, and
not limitation, “nominee” Subscribers or Subscribers who have entered into swap
or other synthetic or derivate instruments or arrangements with regard to the Units
to be acquired herein would be required to check “Yes” to the left.)

22-3981-2 C2.1 P103

	
	Section E: Subscriber Signature Page
(if applicable)
 S-26
28649968.4

Subscriber Signature Page
To be signed by all subscribers:
Execution of this signature page constitutes execution by the Subscriber of this Subscription Booklet. This
Subscription Agreement shall become a binding agreement between the Subscriber and the Company on the
date accepted by the Company. With the signature(s) below, the Subscriber acknowledges, represents and
agrees that it has carefully read, and is familiar with, this Subscription Booklet and the Memorandum, and
agrees that signing below constitutes the receipt and agreement to the terms of this Subscription Booklet and
the execution of this Subscription Booklet. The Subscriber hereby confirms that the information provided in
the  Subscriber  Questionnaire  and  all  of  its  representations,  warranties  and  agreements  set  forth  in  this
Subscription Agreement and other documents constituting the Subscription Booklet (including Appendices and
Annexes hereto) are true, correct and complete. The Subscriber hereby confirms that the signatory hereto has
the authority to sign this document on behalf of the Subscriber. By signing this signature page, the Subscriber
hereby gives power of attorney to the officers of the Company to execute certain documents on the Subscriber’s
behalf. Please refer to Section 8.17 on pages 18-19 of the Subscription Agreement.
The Subscriber acknowledges that it has received from North Haven Private Income Fund LLC copies of the
following:
· Confidential Private Placement Memorandum
· Certificate of Formation
· LLC Agreement
· Subscription Booklet
Please write in your capital contribution amount in the line below and fill in the date of signature in the
bolded sentence below.

Subscriber’s Capital Contribution is $

IN WITNESS WHEREOF, the Subscriber has executed and unconditionally delivered this
Subscription Booklet, this

day
of    , 20

Section E:  Subscriber Signature Pages (all subscribers)
22-3981-2 C2.1 P104

	
	Section E: Subscriber Signature Page
(if applicable)
 S-27
28649968.4

Subscriber Signature Page (cont’d)

Individual Investor or Individual Retirement Account (“IRA”)*:

Print Full Legal Name of Subscriber

Signature of Subscriber

Print Name of Joint Investor*

Signature of Joint Investor

*IRA Custodian/Trustee Acknowledgement
The undersigned, being the custodian or trustee of the above-named individual retirement account, hereby accepts
and agrees to this subscription.

Name of Custodian or Trustee

Signature of Authorized Signatory

Name of Authorized Signatory

Partnership, Corporation, Limited Liability Company, Trust, Custodial Account, Other Investor:

Print Full Legal Name of Subscriber

Signature of Authorized Signatory

Print Name of Authorized Signatory

Print Title of Authorized Signatory

22-3981-2 C2.1 P105

	
	Section E: Subscriber Signature Page
(if applicable)
 S-28
28649968.4
Subscriber Signature Page (cont’d)

Additional Representation With Respect to Investment For an Individual Retirement Account:
If the Subscriber is an individual retirement account (an “IRA”) and the custodian or trustee of the IRA has executed
the Subscription Agreement on the signature page, then the individual who established the IRA: (i) has directed the
custodian or trustee of the Subscriber to execute the Subscription Agreement on the signature page; and (ii) has
signed below to indicate that he or she has reviewed, directed and certifies to the accuracy of the representation and
warranties made by the Subscriber herein.

Full Legal Name

Signature

Name and Address of Custodian and Contact
Individual

Print Title of Authorized Signatory

Trustee/Custodian’s Tax I.D. Number:

**** IRA custodian or trustee in every case must sign acknowledgment on the preceding page****

22-3981-2 C2.1 P106

	
	Form of Company Acceptance of Subscription
 S-29
28649968.4
Form of Company Acceptance of Subscription

Dear [Subscriber],
This letter confirms your Capital Contribution to North Haven Private Income Fund LLC (the “Company”)
was accepted by the Company in the amount of $[AMOUNT] effective as of [DATE] pursuant to the terms
and conditions set forth in the subscription agreement executed by you.
Very truly yours,
North Haven Private Income Fund LLC

By:________________________________
Name:
Title:

22-3981-2 C2.1 P107

	
	Appendix 1

App 1-1
28649968.4
Read the instructions to the applicable Internal Revenue Service Tax Forms. The relevant IRS Forms and their
instructions can also be accessed on the IRS website at http://www.irs.gov.
 − If the Subscriber is a “United States person” for U.S. federal income tax purposes (e.g., a U.S. citizen or a
U.S. resident), please complete and execute Form W-9 in accordance with the instructions accompanying
the form.
 − If the Subscriber is not a “United States person” for U.S. federal income tax purposes (e.g., a nonresident
alien), please complete and execute Form W-8BEN, Form W-8BEN-E, Form W-8IMY, Form W-8EXP or
Form W-8ECI, as applicable. If the Subscriber is claiming benefits under an income tax treaty, please
provide a U.S. taxpayer identification number on Form W-8BEN or Form W-8BEN-E, as applicable.
 − Please note that if the W-8BEN, Form W-8BEN-E, Form W-8IMY, Form W-8EXP or Form W-8ECI, as
applicable, does not contain such U.S. taxpayer identification number or is otherwise missing information
or has been incorrectly filled out, the income tax treaty benefits claimed will not be applied. Instead the
Company will withhold at full U.S. tax rates.
Attached are eight different tax forms. These tax forms and their instructions can also be accessed on the IRS
website at http://www.irs.gov. Please read the guidelines below and the instructions accompanying the forms to
determine  which  form(s)  applies  to  the  Subscriber,  and  then  complete  and  execute  the  relevant  form(s)  in
accordance with such instructions.
In the case of joint investors, each investor must complete and execute the relevant form.
If the Subscriber is not a United States person, the Subscriber should notify the contact listed in Section 4 of the
 “General Instructions” in the Subscription Booklet.
FATCA Compliance: In order to comply with the FATCA rules and avoid the imposition of U.S. federal
withholding tax, the Company requires Subscribers to provide additional information as described in the
Subscription Agreement and may from time to time require further information or documentation from
the  Subscriber  and,  if  and  to  the  extent  required  under  FATCA,  the  Subscriber’s  direct  and  indirect
beneficial owners (if any), relating to or establishing such person’s identity, residence (or jurisdiction of
formation) and income tax status, and may provide or disclose such information and documentation to the
U.S. Internal Revenue Service. The Subscriber hereby agrees to indemnify and hold harmless the Company
from  any  and  all  withholding  taxes,  interest,  penalties  and  other  losses  or  liabilities  suffered  by  the
Company on account of the Subscriber not providing all requested information and documentation in a
timely manner.  The  Subscriber  shall  have  no claim  against  the  Company for  any form of  damages  or
liability as a result of any of the aforementioned actions.

Appendix 1:  Internal Revenue Service Form W-9 and W-8BEN
22-3981-2 C2.1 P108

	
	Appendix 2

App 2-1
28649968.4

1. Is the Subscriber or related individual a current or former public figure (as defined under “Politically Exposed
Person” in Annex 1)?
Yes  ☐ No ☐ If the answer is YES, please provide the following:
Official title/position(s) (current and former):

Dates of Service:

Country from which PEP Derives Status:

Salary/compensation from official duties (current role only):

Other sources of wealth/income:

2. Is the Subscriber or related individual an immediate family member of a current or former public figure (as
defined under “Politically Exposed Person” in Annex 1)?
Yes  ☐ No ☐ If the answer is YES, please provide the following:
Full Name of Public Figure:

Relationship to Client:

Official title/position(s) (current and former):

Dates of Service:

Country from which PEP Derives Status:

3. Is the Subscriber or related individual a known close associate of a current or former public figure (as defined
under “Politically Exposed Person” in Annex 1)?
Yes  ☐ No ☐ If the answer is YES, please provide the following:
Full Name of Public Figure:

Relationship to Client:

Official title/position(s) (current and former):

Dates of Service:

Country from which PEP Derives Status:

Appendix 2: Politically Exposed Persons (“PEP”) Questionnaire
22-3981-2 C2.1 P109

	
	Appendix 2

App 2-2
28649968.4

To comply  with  applicable  Anti-Money  Laundering  (“AML”) legislation  and regulations,  Morgan  Stanley  is
required to conduct due diligence on all investors. The attached supplement includes guidance on the specific
information and documentary evidence required on each investor. In all cases, Morgan Stanley reserves the
right to request any further information we deem necessary for AML purposes. Please note that this list is
not  exhaustive,  as  additional  documentation  may  be  required  based  on  specific  criteria  identified  at
onboarding.
All Non U.S. Wealth Management subscribers must review and provide the applicable documents below:
Investor Type Required Documentation
Individuals • Valid government issued ID (e.g. passport, driver’s license, etc.)
 • Proof of residential address
 • Source of wealth/source of funds
Personal
Holding
Company
 • Documentation showing formation of the entity (e.g. Certificate of Incorporation, etc.)
 • Identification of layers of organizational structure down to ultimate individual owner(s)
 • Authorized Signatory list, including name and country of domicile
 • Certification for Beneficial Owners and Key Controller of Legal Entity Customers
        (Complete Appendix 3)
- Documentation requirements for individuals apply to each beneficial owner and
key controller identified
Trust
 • First and signature pages of Trust Agreement
 • Documentation identifying the Trustee/Protector (can be Trust Agreement)
- Documentation requirements for individuals apply to each Trustee/Protector
identified
- A formation document is required for any corporate Trustee/Protector identified
 • Documentation identifying the Grantor/Settlor/Donor (can be Trust Agreement)
- Documentation requirements for individuals apply to each Grantor/Settlor/Donor
identified
* For Statutory Trusts created by a filing with a Secretary of State or similar office
(i.e., REITS), please contact GFC
Partnership
 • Documentation showing formation of the entity (e.g. Partnership Agreement, etc.)
 • Identification of layers of organizational structure down to Ultimate Beneficial
Owner(s) holding 10% or more of the equity interests
 • Certification for Beneficial Owners and Key Controller of Legal Entity Customer
(Complete Appendix 3)
- Documentation requirements for individuals apply to each beneficial owner and
key controller identified

Appendix 2 (cont’d) Investor Anti-Money Laundering Documentation Supplement
22-3981-2 C2.1 P110

	
	Appendix 2

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28649968.4
Appendix 2 (cont’d) Investor Anti-Money Laundering Documentation Supplement

Investor Type Required Documentation
Private
Corporation,
Company or
Limited
Liability
Company
 • Documentation showing formation of the entity (e.g. Certificate of Incorporation, etc.)
 • Identification of layers of organizational structure down to Ultimate Beneficial
Owner(s) holding 10% or more
 • Certification for Beneficial Owners and Key Controller of Legal Entity Customers
(Complete Appendix 3)
- Documentation requirements for individuals apply to each beneficial owner and
key controller identified
Pension Fund
 • Documentation showing formation of the entity (e.g. Trust Agreement, etc.)
 • Proof of regulation, if applicable Certification for Beneficial Owners and Key
Controller of Legal Entity Customers (Complete Appendix 3)
- Documentation requirements for individuals apply to each beneficial owner and
key controller identified
 • Identification of the Plan Sponsor, including documentation showing formation of the
entity (e.g. Certificate of Incorporation, etc.)
 • Pension Fund Questionnaire
Collective
Investment
Scheme /
Pooled
Investment
Vehicle
 • Documentation showing formation of the entity (e.g. Certificate of Incorporation, etc.)
 • Fund structure
 • Investment Adviser: Full legal name and proof of regulation
 • Certification for Beneficial Owners and Key Controller of Legal Entity Customers
(Complete Appendix 3) – {Not required if fund is managed by a SEC Registered
Investment Adviser}
- Documentation requirements for individuals apply to each beneficial owner and key
controller identified
 • Full legal name of entity performing KYC on fund’s investors
 • Collective Investment Scheme Questionnaire
 • Collective Investment Scheme Sanctions Questionnaire
Charity/
Charitable
Foundation/
Religious
Organization
 • Documentation showing formation of the entity (e.g. Certificate of Incorporation, etc.)
 • Listing in a central register of charities or other documentation from the regional
organization of a denomination/religion, if applicable
 • Certification for Beneficial Owners and Key Controller of Legal Entity Customers
(complete Appendix 3)
- Only identification of one key controller is required. Documentation requirements
for individuals apply to the key controller identified
Sovereign
Wealth Fund
 • Constitutional documentation evidencing the establishment or appointment as a SWF
OR publicly available information
 • Certification for Beneficial Owners and Key Controller of Legal Entity Customers
(complete Appendix 3)
- Only identification of one key controller is required. Documentation requirements
for individuals apply to the key controller identified
 • Documentation establishing the Sovereign Wealth Fund is 100% state owned

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	Appendix 3

App 3-1
28649968.4
I. General Instructions
What is this form?
U.S. law requires financial institutions to obtain, verify, and record information about the beneficial owners and
key controllers of legal entity customers.
Who has to complete this form?
This form is applicable to legal entity customers and must be completed by the person opening a new account or
establishing a customer relationship on behalf of a legal entity. For the purposes  of this form, a legal entity
includes a corporation, limited liability company, partnership, personal holding company, statutory trust, or other
entity created by the filing of a public document with a Secretary of State or similar office, and any similar business
entity  formed  in  the  United  States  or  a  foreign  country. Legal  entity does  not  include  sole  proprietorships,
unincorporated associations, or natural persons opening accounts or establishing a customer relationship on their
own behalf.
What information do I have to provide?
This form requires you to provide the name, address, date of birth and social security number (in the case of non-
U.S. individuals, a social security number, a passport number or other similar information) for the following:
(i) Each individual, if any, who owns, directly or indirectly, 10 percent or more of the equity interests of the legal
entity customer (e.g., each natural person that owns 10 percent or more of the shares of a corporation); and
(ii) An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive
Officer,  Chief  Financial  Officer,  Managing  Member,  General  Partner,  President,  Vice  President,  or
Treasurer).
II. Certification of Beneficial Owner(s) and Key Controller
Persons opening an account or establishing a customer relationship on behalf of a legal entity must provide
the following information:
a. Name of Natural Person Opening Account/Establishing Customer Relationship:
b. Title of Natural Person Opening Account/Establishing Customer Relationship:
Appendix 3: Beneficial Owner(s) (10% or More) and Key Controller Certification

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	Appendix 3

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28649968.4
The  following  section  refers  to  the  Legal  Entity  for  Which  the  Account  is  Being  Opened/Relationship
Established:
c. Legal Entity Name:
d. Legal Entity Type:
e. Address of the Legal Entity:
III. Exclusions (if applicable)
If you believe the Legal Entity customer listed in Section II, paragraph (c) above falls under an express exclusion
from the “legal entity customer” definition under 31 C.F.R. 1010.230(e)(2), please check the applicable box below
and skip Section III.A and Section III.B.
U.S. Publicly Listed
Companies
 □ An issuer of securities registered under section 12 of the Securities Exchange
Act of 1934 or that is required to file reports under section 15(d) of that Act.
 □ An  entity  (other  than  a  bank)  whose  common  stock  or  analogous  equity
interests are listed on the New York, American, or NASDAQ stock exchange
(other than an entity whose equity interests are listed under the “NASDAQ
Companies – Capital Market” heading).
 □ A subsidiary (other than a bank) of an entity described in the immediately
preceding exclusion that is organized under the laws of the United States or
of any state and at least 51% of whose common stock or analogous equity
interests are held by the listed entity.
Financial Institutions □ A financial institution regulated by a U.S. federal functional regulator or a
bank regulated by a U.S. state bank regulator.
Bank Holding
Companies
 □ A  bank  holding  company,  as  defined  in  section  2  of  the  Bank  Holding
Company  Act  of  1956  (12  U.S.C.  1841),  or  a  savings  and  loan  holding
company, as defined in section 10(n) of the Home Owners’ Loan Act (12
U.S.C. 1467a).
Commodity Futures
Trading Commission
(“CFTC”) Exemptions
 □ A registered entity, commodity pool operator, commodity trading advisor,
retail foreign exchange dealer, swap dealer, or major swap participant, each
as defined in section 1a of the Commodity Exchange Act, that is registered
with the CFTC.

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	Appendix 3

App 3-3
28649968.4
Securities and
Exchange Commission
(“SEC”) Exemptions
 □ An investment company, as defined in section 3 of the Investment Company
Act of 1940, that is registered with the SEC under that Act.
 □ An investment adviser, as defined in the Investment Advisers Act of 1940,
that is registered with the SEC under that Act.
 □ An exchange or clearing agency, as defined in section 3 of the Securities
Exchange Act of 1934, that is registered under section 6 or 17A of that Act.
 □ Any other entity registered with the SEC under the Securities Exchange Act
of 1934.
Financial Market
Utilities
 □ A financial market utility designated  by the  Financial Stability Oversight
Council  under  Title  VIII  of  the  Dodd-Frank  Wall  Street  Reform  and
Consumer Protection Act of 2010.
Public Accounting
Firms
 □ A public accounting firm registered under section 102 of the Sarbanes-Oxley
Act.
Insurance Companies □ An insurance company regulated by a U.S. state.
U.S. Governmental
Entity Exemptions
 □ A department or agency of the United States, of any state, or of any political
subdivision of a state
 □ An entity established under the laws of the United States, of any state, or of
any political subdivision of any state, or under an interstate compact between
two or more states, that exercises governmental authority on behalf of the
United States or any such state or political subdivision.
Non-U.S. Entity
Exemptions
 □ A non-U.S. governmental department, agency or political subdivision that
engages only in governmental rather than commercial activities.
 □ A  foreign  financial  institution  established  in  a  jurisdiction  where  the
regulator  of  such  institution  maintains  beneficial  ownership  information
regarding such institution.
Pooled Investment
Vehicles
 □ A  pooled  investment  vehicle  that  is  operated  or  advised  by  a  financial
institution excluded under one of the exclusions above.
A. Beneficial Owner(s)
For Nonprofit and Pooled Investment Vehicles legal entity customers, please skip to Section B (Key Controller)
below.
Please provide the following information for each individual (natural person), if any, who, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, owns 10 percent or more of the
equity interests (“Beneficial Owner”) of the legal entity customer listed above.
Please Note: If a Trust directly or indirectly owns 10 percent or more of the equity interests of a legal entity
customer, the beneficial owner shall mean the trustee and must be provided below. If the trustee is a Corporate
Trustee,  the  Corporate  Trustee’s  information  must  be  provided  below  (i.e.,  full  legal  entity  name,  principal
22-3981-2 C2.1 P114

	
	Appendix 3

App 3-4
28649968.4
business address and taxpayer identification number or other government issued identification number for non-
US legal entities).
 ☐ Beneficial Owner Not Applicable (Check this box and skip to Section B (Key Controller) if there is no
individual that meets the definition of a Beneficial Owner stated above.)

Beneficial Owner 1
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

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	Appendix 3

App 3-5
28649968.4
Beneficial Owner 2
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

Beneficial Owner 3
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

Beneficial Owner 4
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	Appendix 3

App 3-6
28649968.4
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

Beneficial Owner 5
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

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	Appendix 3

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28649968.4
Beneficial Owner 6
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

Beneficial Owner 7
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

Beneficial Owner 8
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	Appendix 3

App 3-8
28649968.4
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

Beneficial Owner 9
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

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	Appendix 3

App 3-9
28649968.4
Beneficial Owner 10
INDIVIDUAL NAME STREET ADDRESS
DATE OF BIRTH CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE

*Where  a  social security number is  unavailable,  Non-U.S. Persons may  provide  a  passport number, an  alien
identification  card  number,  or  number  and  country  of  issuance  of  any  other government-issued  document
evidencing nationality or residence and bearing a photograph or similar safeguard.
B. Key Controller
All legal entities must complete this section.
Please provide the following information for one individual (natural person) with significant responsibility to
control, manage, or direct the legal entity listed above, such as:
· An  executive  officer  or  senior  manager  (e.g.,  a  Chief  Executive  Officer,  Chief  Financial  Officer,  Chief
Operating Officer, Managing Member, General Partner, President, Vice President or Treasurer; with regards
to a pooled investment vehicle, a portfolio manager, commodity pool operator, commodity trading advisor,
or general partner); or
· Any other individual who regularly performs similar functions.
(Where  applicable,  an  individual  under  the Beneficial  Owner(s) section  above  may  also  serve  as  a Key
Controller and be listed below.)

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	Appendix 3

App 3-10
28649968.4
Key Controller
INDIVIDUAL NAME
TITLE/RESPONSIBILITY OF KEY CONTROLLER AT
LEGAL ENTITY

DATE OF BIRTH STREET
ADDRESS

CITY STATE ZIP COUNTRY
   SSN ONLY COMPLETE IF NO SSN AVAILABLE*
GOVERNMENT-ISSUED IDENTIFICATION TYPE
IDENTIFICATION NUMBER
COUNTRY OF ISSUANCE
ISSUANCE DATE                        EXPIRATION DATE
Certification
I,  (name of natural person opening account/
establishing a customer relationship), hereby certify, to the best of my knowledge, that the information
provided above is complete and correct. I further agree to inform Morgan Stanley of any changes to the
Beneficial Owner(s) and Key Controller information provided, including if/when an individual becomes a 10
percent or more Beneficial Owner.

SIGNATURE DATE
LEGAL ENTITY IDENTIFIER (OPTIONAL)

*Where a social security number is unavailable, Non-U.S. Persons may provide a passport number, an alien
identification card number, or number and country of issuance of any other government-issued document
evidencing nationality or residence and bearing a photograph or similar safeguard

22-3981-2 C2.1 P121

 

Annex 1

Annex 1: Definitions

 

		I.	Definition of “investments”

 

		1)	Securities of public companies.

 

A “public company” is any company
or other entity that (i) files reports pursuant to Section 13 or Section 15(d) of the 1934 Act or (ii) has a
class of securities that are listed on a “designated offshore securities market” as such term is defined by Regulation S
under the 1933 Act. For example, a company whose equity securities are listed on a national securities exchange or traded on the National
Association of Securities Dealers Automated Quotation System (NASDAQ) would be a “public company.”

 

		2)	Securities of registered investment companies,
                                            such as mutual funds (including money market funds) and publicly-traded closed-end funds.

 

		3)	Securities of private investment companies
                                            (including private investment funds) that are exempt from the Investment Company Act by Section 3(c)(1) or
                                            Section 3(c)(7) of the Investment Company Act.

 

The Subscriber may also include interests in
companies that are (i) exempt from the Investment Company Act by Section 3(c)(2), (3), (4), (5), (6), (8) or (9) of
the Investment Company Act, (ii) exempt from the Investment Company Act by Rule 3a-6 or 3a-7 under the Investment Company Act
or (iii) commodity pools.

 

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

 

Cash-equivalents include bank deposits,
certificates of deposit, bankers’ acceptances and similar bank instruments held for investment purposes and the net cash surrender
value of an insurance policy.

 

		5)	Real estate held for investment purposes.

 

Real estate held for investment purposes excludes
the following types of real estate used by the Subscriber, its owners or its owners’ “related persons” (a “related
person” means a spouse or former spouse, sibling, direct lineal descendant or ancestor by birth or adoption or a spouse of such
descendant or ancestor): (i) for personal purposes, (ii) as a place of business or (iii) in connection with a trade or
business (unless the Subscriber is engaged primarily in the business of investing, trading or developing real estate and the real estate
in question is part of such business). Residential real estate may be considered “held for investment” if deductions on the
property are not disallowed by Section 280A of the Code.

 

		6)	Securities of non-public companies that have
                                            shareholders’ equity of at least $50 million.

 

“Shareholders’ equity” should
be the amount reflected as such on the relevant company’s most recent (and in any event not more than 16 months old) financial
statements prepared in accordance with generally accepted accounting principles.

 

		7)	Securities of non-public companies that do
                                            not control, are not controlled by, or are not under common control with the Subscriber.

 

For purposes of this question, the term “control,”
when used with respect to any entity, means (i) the possession of the power to appoint an officer or director of the entity and
the ownership directly or indirectly of any voting securities of the entity or (ii) the ownership directly or indirectly of more
than 25% of the voting securities of the entity. The terms “controlled by” or “under common control with” have
meanings correlative to the foregoing.

 

		8)	Commodity futures contracts, options on commodity
                                            futures contracts and options on physical commodities traded on or subject to the rules of
                                            (i) a contract market designated under the Commodity Exchange Act and the rules promulgated
                                            thereunder or (ii) a non-U.S. board of trade or exchange as contemplated in the rules promulgated
                                            under the Commodity Exchange Act (collectively, “Commodity Interests”)
                                            each held for investment purposes.

 

Commodity Interests should be valued at their
initial margin or option premium. A Commodity Interest or physical commodity owned, or a Financial contract entered into, by a Subscriber
that is engaged primarily in the business of investing, reinvesting or trading in Commodity Interests, physical commodities or financial
contracts in association with such business may be deemed to be held for investment purposes.

 

    Annex 1-1

     

    

 

Annex 1

 

		9)	Physical commodities with respect to which
                                            a Commodity Interest is traded on a market described in the immediately preceding bullet
                                            point, including certain precious metals, held for investment purposes.

 

A Commodity Interest or physical commodity owned,
or a Financial contract entered into, by a Subscriber that is engaged primarily in the business of investing, reinvesting or trading
in Commodity Interests, physical commodities or financial contracts in association with such business may be deemed to be held for investment
purposes.

 

		10)	Swaps and other financial contracts held
                                            for investment purposes.

 

“Financial contracts” are defined
in Section 3(c)(2) of the Investment Company Act as any arrangement that (i) takes the form of an individually negotiated
contract, agreement or option to buy, sell, lend, swap or repurchase or other similar individually negotiated transaction commonly entered
into by participants in the financial markets, (ii) is in respect of securities, commodities, currencies, interest or other rates,
other measures of value or any other financial or economic interest similar in purpose or function to any of the foregoing and (iii) is
entered into in response to a request from a counterparty for a quotation, or is otherwise entered into and structured to accommodate
the objectives of the counterparty to such arrangement.

 

		11)	“Authorized Person” means the
                                            fiduciary signing the relevant agreement on behalf of the Plan (e.g., plan sponsor, plan
                                            investment committee, named fiduciary, or investment advisor).

 

		12)	“ERISA” means the U.S. Employee
                                            Retirement Income Security Act of 1974, as amended.

 

		13)	“Code” means the U.S. Internal
                                            Revenue Code of 1986, as amended.

 

		14)	“Plan” has the meaning given
                                            in Section 8.11 of the Subscription Agreement.

 

		II.	Special Rules

 

Certain
Retirement Plans and Trusts: If the Subscriber is a natural person, he or she may include in the amounts of his or her investments
any investments held in an individual retirement account or similar account, the investments of which are directed by and held for the
benefit of the Subscriber.

 

		III.	Valuation of Investments

 

The general rule for determining the value
of investments in order to ascertain whether a person is a qualified purchaser is that the value of the aggregate amount of investments
owned and invested on a discretionary basis by such person shall be their fair market value on the most recent practicable date or their
cost. This general rule is subject to the following provisos:

 

		1)	In the case of Commodity Interests, the amount
                                            of investments shall be the value of the initial margin or option premium deposited in connection
                                            with such Commodity Interests; and

 

		2)	In each case, there shall be deducted from
                                            the amount of investments owned by such person the following amounts:

 

		(a)	The amount of any outstanding indebtedness
                                            incurred to acquire or for the purpose of acquiring the investments owned by such person.

 

		(b)	A Family Company, in addition to the
                                            amounts specified in clause (a) above, shall have deducted from the value of such Family
                                            Company’s investments any outstanding indebtedness incurred by an owner of the Family
                                            Company to acquire such investments.

 

		IV.	Other Definitions

 

Beneficial
Owner (for purposes of this Subscription Agreement and as defined under FinCEN’s Customer
Due Diligence Rule) means each individual, who directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, owns 25% or more (10% or more for higher risk customers) of the equity interests of a legal entity Subscriber.

 

    Annex 1-2

     

    

 

Annex 1

 

Business
Day means any day other than a Saturday, a Sunday or a day on which banks are permitted to be closed in New York, New York.

 

Family
Company means any entity (including a trust, partnership, limited liability company or corporation) that is owned directly
or indirectly by or for (i)(a) two or more natural persons who are related as siblings, spouses or former spouses, or as direct
lineal descendants by birth or adoption or (b) spouses of such persons, (ii) estates of such persons or (iii) foundations,
charitable organizations or trusts established by or for the benefit of such persons.

 

Government
Entity means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of
the state or political subdivision; (ii) a plan or pool of assets controlled by the state or political subdivision or any agency,
authority, or instrumentality thereof; and (iii) any officer, agent, or employee of the state or political subdivision or any agency,
authority, or instrumentality thereof, acting in their official capacity.

 

Immediate
family member means a spouse, a minor child, or a child residing in the same residence as an employee or director of Morgan
Stanley or any affiliate of Morgan Stanley.

 

Investment
Company means an entity (whether a trust, a partnership, a limited liability company, a corporation or another entity) is
an “investment company” as defined in the Investment Company Act if it owns or proposes to acquire “investment securities”
having a value exceeding 40% of its assets (excluding government securities and cash items) or is engaged or proposes to engage in the
business of investing, reinvesting, owning, holding or trading in securities. This definition therefore includes family trusts and other
entities that are not themselves operating businesses, but rather hold securities and other investments for investment purposes.

 

An entity is generally not required to register
as an “investment company” under the Investment Company Act if it has fewer than 100 beneficial owners, which is the exemption
referred to as Section 3(c)(1) in the representations above. Alternatively, an entity is generally not required to register
(i) if all of its beneficial owners are “qualified purchasers” (as defined in the Investment Company Act), which is
the exemption referred to as Section 3(c)(7) in the representations above or (ii) if it is a foreign private investment
company, which is the exemption referred to as Section 7(d) in the representations above.

 

Key
Controller (for purposes of this Subscription Agreement and as defined under FinCEN’s Customer Due Diligence Rule) means
a single individual with significant responsibility to control, manage, or direct a legal entity Subscriber, including an executive officer
or senior manager or any other individual who regularly performs similar functions.

 

Politically
Exposed Person (PEP) means: (1) a prominent public figure who is a natural person currently or formerly entrusted with
a senior public role or function (e.g., a senior official in the executive, legislative, military, administrative, or judicial branches
of government); (2) an immediate family member, which includes as the spouse/partner, parent, grandparent, sibling, child, step-child,
or in-law of a prominent public figure; (3) a known close associate, which includes those individuals that are widely- and publicly-known
to maintain a close relationship to the prominent public figure. These known close relationships can occur with anyone and in any capacity,
but some examples include distant relatives, advisors, partners outside the family unit, employees, business associates and representatives/agents.

 

Private
Fund means any issuer that would be an investment company as defined in section 3 of the Investment Company Act but for section
3(c)(1) or 3(c)(7) of that Act.

 

    Annex 1-3

     

    

 

Annex 1

 

United
States person for U.S. federal income tax purposes means (i) an individual who is a citizen of the United States or a
resident alien for U.S. federal income tax purposes; (ii) a corporation, an entity treated as a corporation or an entity treated
as a partnership, in each case created or organized in or under the laws of the United States or any state or political subdivision thereof
or therein (including the District of Columbia); (iii) an estate, the income of which is subject to United States federal income
taxation regardless of its source; or (iv) a trust if (a) a court within the United States is able to exercise primary supervision
over its administration and one or more United States persons have the authority to control all of its substantial decisions or (b) such
trust was in existence on August 20, 1996 and was treated as a domestic trust on August 19, 1996 and such trust has a valid
election in effect under applicable United States Treasury regulations to be treated as a United States person.

 

    Annex 1-4

     

    

 

Annex 2

 

Annex 2: Non-US Subscriber Representations12

 

SUBSCRIBERS IN ARGENTINA

 

The Subscriber confirms that it is aware that
the Units have not been registered with the Comisión Nacional de Valores and may not be offered or sold publicly in Argentina.
Accordingly, the Subscriber acknowledges, confirms and agrees that (a) it has not been solicited by the Company, its placement
agent or any person acting for or on behalf of either of the foregoing in connection with the distribution to the Subscriber of the Memorandum
or its purchase of the Units and (b) it contacted the Company outside Argentina in connection with the distribution to it
of the Memorandum and its purchase of the Units.

 

SUBSCRIBERS IN AUSTRALIA

 

The Subscriber represents, warrants, acknowledges
and agrees that (a) it qualifies as a “wholesale client,” a “professional investor” or a “sophisticated
investor” within the meaning of the Australian Corporations Act 2001 (Cth) (a “Permitted Investor”) and it will be
liable for any loss incurred by the Company as a result of a violation of this representation and (b) at no time during the
12 months following the issuance of its Units will it sell such Units to any person who is not a Permitted Investor.

 

SUBSCRIBERS IN BAHRAIN

 

The Subscriber represents, warrants and confirms
that (a) it is an “accredited investor” and (b) it has read Section XI --- “Risk Factors”
and Section IX --- “Potential Conflicts of Interest” of the Memorandum and understands the risky nature of the
financial instruments on offer. “Accredited investors” include (i) individuals holding financial assets (either singly
or jointly with their spouse) of US$ 1,000,000 or more; (ii) companies, partnerships, trusts or other commercial undertakings, which
have financial assets available for investment of not less than US$ 1,000,000; and (iii) governments, supranational organizations,
central banks or other national monetary authorities, and state organizations whose main activity is to invest in financial instruments
(such as state pension funds).

 

SUBSCRIBERS IN BRAZIL

 

The Subscriber represents, confirms and acknowledges
that (a) it is a professional investor for the purposes of the applicable Brazilian legislation, (b) it is aware
of the risks involved with respect to the offering of the Units, (c) it is aware that the offering is not a public offering
and was not and will not be registered with the Comissão de Valores Mobiliários; and (d) it will not
be able to sell the Units to a transferee that is not considered a professional investor or qualified investor for the purposes of the
applicable Brazilian legislation.

 

SUBSCRIBERS
IN CHILE

 

ESTA
OFERTA PRIVADA SE INICIA en SEPTIEMBRE de 2019 Y SE ACOGE A LAS DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL No 336 DE LA
SUPERINTENDENCIA DE VALORES Y SEGUROS;

 

ESTA
OFERTA VERSA SOBRE VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA SUPERINTENDENCIA
DE VALORES Y SEGUROS, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA;

 

POR TRATAR
DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO
DE LOS VALORES SOBRE LOS QUE VERSA ESTA OFERTA;

 

ESTOS
VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.

 

 

12
For Subscribers in the European Economic Area, please see Annex 3.

 

    Annex 2-1

     

    

 

Annex 2

 

SUBSCRIBERS
IN Canada - Alberta, British Columbia, Ontario, Nova Scotia and Quebec

 

By purchasing the Units, among other things,
each Subscriber in Alberta, British Columbia, Ontario, Nova Scotia and Quebec will be deemed to have confirmed, certified, represented,
warranted to and agreed for the benefit of the Company, the Adviser, the placement agent and any dealer acting in respect of the distribution
of the Units, as follows: (i) it is authorized to consummate the purchase of the Units; (ii) it is a resident
of Alberta, British Columbia, Ontario, Nova Scotia or Quebec; (iii) it is an “accredited investor” within the
meaning of section 1.1 of National Instrument 45-106 – Prospectus and Registration Exemptions (“NI 45-106”);
(iv) it has not been created or used solely to purchase or hold securities as an “accredited investor” described
in paragraph (m) of section 1.1 of NI 45-106; (v) it is purchasing the Units as principal, not as agent, for investment
only and not with a view to resale or distribution; (vi) it is entitled under applicable securities laws in Alberta, British
Columbia, Ontario, Nova Scotia or Quebec to purchase the Units without the benefit of a prospectus qualified under such securities laws;
(vii) it has reviewed the terms under the heading “Resale Restrictions” of this representation and it acknowledges
and understands that the Units may not be resold without an exemption from the registration and prospectus requirements of applicable
securities laws; (viii) it understands and acknowledges that the Units have not been and will not be qualified for distribution
under applicable securities laws in Alberta, British Columbia, Ontario, Nova Scotia or Quebec; (ix) it is basing its investment
decision solely on the final version of the Memorandum and not on any other information concerning the Company, the Adviser, the placement
agent or the offering of the Units; (x) it understands and acknowledges that none of the Company or the Adviser is obligated
to file and has no present intention of filing with any securities regulatory authority in Canada any prospectus in respect of the sale
or resale of the Units; and (xi) it understands and acknowledges that if, as a result of any information or other matter
which comes to the attention of the Adviser, any director, officer or employee of the Adviser, or their professional advisors, knows
or suspects that an investor is engaged in money laundering, such person is required to report such information or other matter to the
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and such report shall not be treated as a breach of any restriction
upon the disclosure of information imposed by Canadian law or otherwise.

 

Note:
If the Subscriber is none of the above, the Subscriber may, on request, be treated as a professional client within the meaning
of Annex II Section II to Directive 2014/65/EU, as amended. For this purpose, the Subscriber should inform the Company accordingly
and request the Elective Professional Investors Questionnaire which requires a separate assessment and confirmation by the Company.

 

SUBSCRIBERS IN HONG KONG

 

The Subscriber (a) represents and
warrants that it (i) is a professional investor within the meaning of the Securities and Futures Ordinance (Cap. 571 of the
Laws of Hong Kong) and its subsidiary legislation, (ii) will hold the Units on its own behalf, (iii) is acquiring
the Units for investment purposes and not for resale and (iv) will not transfer or resell the Units for at least six months
from the date of issue and (b) acknowledges the receipt of the marketing materials and has duly considered their contents
before subscribing for the Units.

 

SUBSCRIBERS IN INDIA

 

The Subscriber represents and warrants that:
(a) it is subscribing for the Units as a result of an unsolicited enquiry made by the Subscriber and not in response to an
offer to the public, (b) it has obtained all requisite approvals, authorizations, licenses, or permits from, or made all
requisite filings with, the relevant federal, state, municipal, or other governmental commission, board, or agency in connection with
the execution and delivery by the Subscriber of this Subscription Agreement, and acknowledges that the Company reserves the right to
call on the Subscriber to furnish proof of such approvals obtained or filings made, (c) to the Subscriber’s knowledge,
the offer and sale of the Units to the Subscriber will not cause the Company or any of its affiliates to violate any law, rule or
regulation and will not require the Units or the Company, or any of its affiliates to register in any capacity under any securities law,
rule or regulation, (d) in connection with the purchase of the Units, the Subscriber meets any additional or different
suitability standards imposed by the jurisdiction of the Subscriber’s residence and other applicable law and (e) the
Subscriber has consulted to the extent deemed appropriate by the Subscriber with the Subscriber’s own advisors as to the business,
financial, tax, legal, investment and related matters concerning an investment in the Company and believes that an investment in the
Company is suitable and appropriate for the Subscriber.

 

    Annex 2-2

     

    

 

Annex 2

SUBSCRIBERS IN ISRAEL

 

The Subscriber represents and warrants that, where applicable, it
qualifies as an “institutional investor” as listed in the First Appendix of the Israeli Securities Law 1968, as amended,
and hereby consents to being so classified, and acknowledges that it understands the consequences of being so classified.

 

SUBSCRIBERS IN KUWAIT

 

The Subscriber acknowledges and agrees that the
sale of the Units has taken place outside Kuwait and that this Subscription Agreement will be executed and accepted by the Company outside
Kuwait.

 

SUBSCRIBERS IN MALAYSIA

 

The Subscriber represents and warrants that it
is a person falling within schedule 6 to, or section 229(1)(b) of, and schedule 7 to, or section 230(1)(b) of, the Capital
Markets and Services Act 2007 of Malaysia.

 

SUBSCRIBERS IN MEXICO

 

The Subscriber represents and warrants that it
is either an institutional investor (inversionista institucional) or a qualified investor (inversionista calificado) within
the meaning of the Mexican Securities Market Law (Ley del Mercado de Valores) and other applicable Mexican laws in effect.

 

SUBSCRIBERS IN NEW ZEALAND

 

The
Subscriber hereby certifies that it is a wholesale investor on the basis that (i) it is an “investment business”
(as defined in clause 37 of Schedule 1 of the Financial Markets Conduct Act 2013 (“FMC Act”)); (ii) the Subscriber meets
one or more of the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act; (iii) the Subscriber is “large”
(as defined in clause 39 of Schedule 1 of the FMC Act); and/or the Subscriber is a government agency (as defined in clause 40 of the
FMC Act).

 

SUBSCRIBERS IN OMAN

 

The Subscriber represents, warrants, acknowledges
and agrees that (a) no prospectus has been filed or will be filed with the Omani Capital Markets Authority in connection
with the offering of the Units, (b) it has directly contacted the Company at its own initiative, (c) the Memorandum
and any other offering materials relating to the Company, the constituent documents of the Company and this Subscription Agreement have
been provided to the Subscriber at its express request, (d) any acts for the consummation of its subscription for the Units
have taken place, are taking place and will continue to take place outside Oman, (e) its subscription for the Units is made
in compliance with applicable laws and regulations and is valid and binding upon it and (f) it is a sophisticated investor
(as described in Article 139 (f) of the Executive Regulations), has such experience in business and financial matters that
it is capable of evaluating the merits and risks of an investment in securities.

 

SUBSCRIBERS IN PANAMA

 

The Subscriber represents, warrants and acknowledges
that it qualifies as an institutional investor within the meaning of Accord No. 1-2001 of 17 January 2001 on the Offer and
Sale of Securities to Institutional Investors and that, therefore, it does not require the protection afforded by Decree-Law No. 1
of 1999.

 

    Annex 2-3

     

    

 

Annex 2

 

SUBSCRIBERS IN THE PEOPLE’S REPUBLIC
OF CHINA

 

The Subscriber represents, warrants and acknowledges
that (a) it is allowed to purchase a Unit under the applicable laws and regulations of the People’s Republic of China
(the “PRC”) and has obtained or will obtain all necessary approvals from the competent PRC government authorities
and (b) the payment of all monies for subscription for a Unit is made in full compliance with all applicable PRC foreign
exchange regulations and other laws and regulations, including anti-money laundering laws and regulations, and such monies are derived
from sources which have complied with all filings and registrations, if any, which are required to be made with the relevant PRC governmental
or regulatory authorities, including, but not limited to, registration with the State Administration of Foreign Exchange, in accordance
with the relevant laws.

 

SUBSCRIBERS IN THE PHILIPPINES

 

The Subscriber confirms and acknowledges that
Units have been offered and sold to the Subscriber in reliance upon the Subscriber’s representation to the Company that the Subscriber
is purchasing the Units for its account for investment, and not with a view to resale.

 

SUBSCRIBERS IN SAUDI ARABIA

 

The Subscriber understands, acknowledges and
agrees that neither this Subscription Agreement nor any other document relating the Company has been approved by the Capital Market Authority
(the “CMA”) or any other authority in the Kingdom of Saudi Arabia, nor has the Adviser or any its affiliates been
authorized or licensed by the CMA or any other authority in the Kingdom of Saudi Arabia to market or sell the Units within the Kingdom
of Saudi Arabia. Therefore, the Units may not be marketed or sold in the Kingdom of Saudi Arabia and no services relating to the offering,
including the receipt of this Subscription Agreement or any other document relating to the Company, shall be rendered within the Kingdom
of Saudi Arabia by any person.

 

SUBSCRIBERS IN SINGAPORE

 

The Subscriber hereby acknowledges and agrees
that the Units are being offered to the Subscriber pursuant to an exemption in Section 304 of the Securities and Futures Act, Chapter
289 of Singapore (the “SFA”).  Accordingly, the Subscriber represents, warrants, acknowledges and agrees that
it is an investor falling within one of the categories set out in Section 304 of the SFA.

 

In addition, the Subscriber undertakes not to:

 

		(i)	circulate
                                            or distribute the Memorandum and any other document or material in connection with the offer
                                            or sale, or invitation for subscription or purchase, of the Units; or

 

		(ii)	offer
                                            or sell, or make the subject of an invitation for subscription or purchase, the Units, whether
                                            directly or indirectly,

 

to persons in Singapore other than:

 

		(a)	to
                                            an institutional investor under Section 304 of the SFA, or

 

		(b)	otherwise
                                            pursuant to, and in accordance with the conditions of, any other applicable provisions of
                                            the SFA.

 

SUBSCRIBERS IN SOUTH KOREA

 

The Subscriber represents, warrants and acknowledges
that (a) it is a “qualified professional investor” within the meaning of the Financial Investment Services and
Capital Markets Act (a “Qualified Professional Investor”), (b) it disclosed its status as a Qualified
Professional Investor to the Company prior to receiving the Memorandum or any other related offering materials from the Company, (c) it
was not solicited by any person in relation to its investment in the Company or subscription for Units, (d) it requested
the Memorandum, this Subscription Agreement and any other offering materials at its own initiative and (e) it understands
the English language Memorandum and does not require a full Korean prospectus.

 

    Annex 2-4

     

    

 

Annex 2

 

SUBSCRIBERS IN SWITZERLAND

 

The Subscriber represents and warrants that it
is a “qualified investor” as defined in Article 10(3) et seq. of the Swiss Federal Act on Collective Investment
Schemes.

 

SUBSCRIBERS IN TAIWAN (REPUBLIC OF CHINA)

 

The Subscriber represents, warrants and acknowledges
that (a) it is a qualified investor for the purposes of the Securities Investment Trust and Consulting Act and the Rules Governing
Offshore Funds, (b) it has sufficient knowledge and experience in financial and business affairs that it is capable of evaluating
the merits and risks of acquiring, and other considerations relating to, an investment in the Units and (c) it has read and
fully understands the contents of the Memorandum and this Subscription Agreement.

 

SUBSCRIBERS IN THAILAND

 

The Subscriber represents and warrants that (a) it
is an “institutional investor” as defined in the Notification of the Securities and Exchange Commission No. Gor. Nor.
43/2549Securities and Exchange Act 1992 and regulations made thereunder and (b) it is a “qualified institutional investor.”

 

SUBSCRIBERS IN THE UNITED ARAB EMIRATES

 

The Subscriber represents and warrants that (a) it
is an investment fund owned by federal or local government entities in the United Arab Emirates; or (b) it is, upon its own initiative,
submitting this application to subscribe for the Units, and its offer to subscribe for the Units is not based on promotion of such Units
by the foreign fund manager or any of its related parties; (c) it is an international agency or organization capable of running
its own investments; (d) it is represented by an investment manager licensed by the Securities & Commodities Authority;
or (e) it is a person licensed to practice a commercial activity, and investment activities is one of its purposes.

 

SUBSCRIBERS IN URUGUAY

 

The Subscriber represents, warrants and acknowledges
that (a) the Memorandum constitutes a private offering and, as such, neither the Company nor the Units have been registered
with the Central Bank of Uruguay (b) it has sufficient knowledge and expertise to understand the nature of an investment
in the Company and the risks associated with it, and (c) it fully understands English, and has no need for any document whatsoever
to be provided in Spanish or any other language.

 

    Annex 2-5

     

    

 

Annex 3

 

Annex
3: European Economic Area Subscriber Representations13

 

The Subscriber confirms that it qualifies as a per se professional
investor, i.e. an investor which is considered to be a professional client within the meaning of Annex II Section I to Directive
2014/65/EU, as amended. In addition, the Subscriber represents, warrants, agrees and acknowledges that it is (check where applicable):

 

		 ̈	An entity that
                                            is required to be authorized or regulated to operate in the financial markets. The list below
                                            should be understood as including all authorized entities carrying out the characteristic
                                            activities of the entities mentioned (i.e., entities authorised by an EU Member State
                                            under a Directive, entities authorised or regulated by an EU Member State without reference
                                            to a Directive, and entities authorised or regulated by a non-EU Member State) (check
                                            where applicable):

 

		 ̈	a credit
                                            institution

 

		 ̈	an investment
                                            firm

 

		 ̈	another
                                            authorised or regulated financial institution

 

		 ̈	an insurance
                                            company

 

		 ̈	a collective
                                            investment scheme or a management company of such a scheme

 

		 ̈	a pension
                                            fund or a management company of such a fund

 

		 ̈	a commodity
                                            or commodity derivatives dealer

 

		 ̈	a “Local”
                                            within the meaning of Directive 2014/65/EU, as amended

 

		 ̈	another
                                            institutional investor

 

		 ̈	A large undertaking
                                            meeting two of the following size requirements on a company basis (check where applicable):

 

		 ̈	balance
                                            sheet total: EUR 20,000,000

 

		 ̈	net turnover:
                                            EUR 40,000,000

 

		 ̈	own funds:
                                            EUR 2,000,000

 

		 ̈	A national
                                            or regional government, including a public body that manages public debt at national or regional
                                            level, a Central Bank, an international and supranational institution such as the World Bank,
                                            the IMF, the ECB, the EIB or another similar international organization.

 

		 ̈	Another institutional
                                            investor whose main activity is to invest in financial instruments, including an entity dedicated
                                            to the securitisation of assets or other financing transactions.

 

Note:
If the Subscriber is none of the above, the Subscriber may, on request, be treated as a professional client within the meaning of Annex
II Section II to Directive 2014/65/EU, as amended. For this purpose the Subscriber should inform the Company accordingly and request
the Elective Professional Investors Questionnaire which requires a separate assessment and confirmation by the Company.

 

 

13
Including Subscribers from the United Kingdom.

 

    Annex 3-1

     

    

 

Annex 4

 

Annex 4: U.S. Customer Privacy Notice

 

	FACTS	WHAT
    DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
	Why?	Financial
    companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing.
    Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully
    to understand what we do.
	What?	The types of personal information we collect and share
    depend on the product or service you have with us. This information can include:

    §Social
    Security number and income

    §investment
    experience and risk tolerance

    §checking
    account number and wire transfer instructions

	How?	All
    financial companies need to share customers’ personal information to run their everyday business. In the section below, we
    list the reasons financial companies can share their customers’ personal information; the reasons MSIM chooses to share; and
    whether you can limit this sharing.

 

	Reasons
    we can share your personal information	Does
    MSIM share?	Can
    you limit this sharing?
	For
    our everyday business purposes— such as to process your
    transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
	For
    our marketing purposes— to offer our products and services
    to you	Yes	No
	For
    joint marketing with other financial companies	No	We
    don’t share
	For
    our investment management affiliates’ everyday business purposes— information
    about your transactions, experiences, and creditworthiness	Yes	Yes
	For
    our affiliates’ everyday business purposes— information
    about your transactions and experiences	Yes	No
	For
    our affiliates’ everyday business purposes— information
    about your creditworthiness	No	We
    don’t share
	For
    our investment management affiliates to market to you	Yes	Yes
	For
    our affiliates to market to you	No	We
    don’t share
	For
    nonaffiliates to market to you	No	We
    don’t share
	To
    limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

                                                                                           

                                                                                          Please
                                            note:

                                                                                 

                                                                                If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.

	Questions?	Call
    toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

 

    Annex 4-1 

     

    

 

Annex 4

 

	Who
    we are
	Who
    is providing this notice?	Morgan
    Stanley Investment Management Inc. and its investment management affiliates (“MSIM”) (see Investment Management
    Affiliates definition below)
	What
    we do
	How
    does MSIM protect my personal information?	To
    protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These
    measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer
    information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect
    to such information.
	How
    does MSIM collect my personal information?	We collect your personal information, for example, when
    you

    §open
    an account or make deposits or withdrawals from your account

    §buy
    securities from us or make a wire transfer

    §give
us your contact information

    We also collect your personal information from others,
    such as credit bureaus, affiliates, or other companies.

	Why
    can’t I limit all sharing?	Federal law gives you the right to limit only

    §sharing
    for affiliates’ everyday business purposes—information about your creditworthiness

    §affiliates
    from using your information to market to you

    §sharing
    for nonaffiliates to market to you

    State laws and individual companies may give you additional
    rights to limit sharing. See below for more on your rights under state law.

	Definitions
	Investment
    Management Affiliates	MSIM
    Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered
    funds in the Investment Management Division.  Investment Management Affiliates does not include entities associated with
    Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. 
	Affiliates	Companies related by common ownership or control. They
    can be financial and nonfinancial companies.

    §Our
    affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan
    Stanley & Co.

	Nonaffiliates	Companies not related by common ownership or control.
    They can be financial and nonfinancial companies.

    §MSIM
    does not share with nonaffiliates so they can market to you.

	Joint
    marketing	A formal agreement between nonaffiliated financial companies
    that together market financial products or services to you.

    §MSIM
    doesn’t jointly market

	Other
    important information
	Vermont: Except
    as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide
    us with your written consent to share such information.

    California:
    Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates
    and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

 

    Annex 4-2 

     

    

 

Annex 5

 

Annex 5: North Haven Private Income Fund LLC Wire Instructions

 

Bank Name: State Street Bank & Trust Company

ABA# 011000028

Account Number: 11556859

Account Name: North Haven Private Income Fund

Reference: [Investor Name]

 

    Annex 5-1

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