Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 JPMORGAN
CHASE BANK, N.A. 
 383 Madison Avenue 

New York, NY 10179 

CONFIDENTIAL 
 July 7, 2021

 StepStone Group Inc. 
 450 Lexington Avenue, 31st Floor 
 New York, NY 10017 

Attention: Jason Ment 
 Project Alto 

$175.0 Million Bridge Facility 

Commitment Letter 
 Ladies and Gentlemen:

 StepStone Group Inc., a Delaware corporation (the “Company” or “you”), has advised JPMorgan Chase Bank,
N.A. (“JPMorgan”, the “Commitment Party”, “we” or “us”) that it intends, directly or indirectly, to consummate the Acquisition and the other Transactions described in the
Transaction Description attached hereto as Exhibit A. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Exhibits hereto. This commitment letter, together with all Exhibits hereto, is referred to as
this “Commitment Letter”. 
 1. Commitment. In connection with the foregoing, and subject only to the satisfaction or
waiver by us of the conditions expressly set forth in Exhibit C to this Commitment Letter, JPMorgan hereby commits to provide to the Company 100% of the aggregate principal amount of the Bridge Facility on the terms set forth herein and in
Exhibit B hereto; provided that the foregoing commitment will be reduced as set forth in Exhibit B hereto under the section titled “Mandatory Commitment Reductions/Prepayments” (and you agree to give us prompt written
notice of the occurrence of any such reduction, together with a reasonably detailed calculation of the amount of thereof). 
 2.
Appointment of Roles. You hereby appoint (a) JPMorgan to act, and JPMorgan hereby agrees to act, as sole lead arranger and sole bookrunner in respect of the Bridge Facility (in such capacities, the “Arranger”) and
(b) JPMorgan to act, and JPMorgan hereby agrees to act, as the sole administrative agent and sole collateral agent for the Bridge Facility (in such capacities, the “Administrative Agent”), in each case on the terms set forth in
this Commitment Letter and subject only to the satisfaction or waiver of the conditions expressly set forth in Exhibit C to this Commitment Letter. 

It is agreed that no other agents, co-agents, arrangers,
co-arrangers, bookrunners, managers or co-managers will be appointed and no other titles will be awarded, and no compensation will be paid (other than the compensation
expressly contemplated by this Commitment Letter or the Fee Letter (as defined below)), in each case, by the Company or any of its subsidiaries in connection with the Bridge Facility unless the Company and the Arranger shall so agree. 

3. Information. You hereby represent and warrant that (a) all written information, other than the Projections (as defined below)
and other forward-looking information and other than information of a general economic or industry-specific nature (such non-excluded written information, the “Information”), that has been or
will be made available to the Commitment Party or the Lenders by or on behalf of you or any of your subsidiaries in 

  
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connection with the transactions contemplated hereunder does not or will not, at the time furnished, taken as a whole, contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (in each case, after giving effect to all supplements and updates provided thereto);
provided that, prior to the consummation of the Acquisition, with respect to any Information regarding the Acquired Business, the foregoing representation and warranty is made only to your knowledge; and (b) the financial projections,
forecasts, financial estimates or other forward-looking information (collectively, the “Projections”) that has been or will be furnished to the Commitment Party or the Lenders by or on behalf of you or your subsidiaries in connection with
the transactions contemplated hereunder have been or will be prepared in good faith based upon assumptions that you believe to be reasonable at the time made and at the time the related Projections or other forward-looking information are so
furnished (it being understood that the Projections are as to future events and are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are out of your control, that no assurance can be given that any
particular projections will be realized, that the Projections or other forward-looking information is not a guarantee of financial performance and that actual results during the period or periods covered by any such Projections may differ
significantly from the projected results and such differences may be material). You agree that if, at any time prior to the Closing Date, the representation and warranty in the preceding sentence would be incorrect in any material respect (to your
knowledge insofar as it applies to the information regarding the Acquired Business prior to the consummation of the Acquisition) if the Information or the Projections were being furnished at such time and such representation and warranty were being
made at such time, then you will promptly notify us and supplement (or, prior to the consummation of the Acquisition, with respect to information regarding the Acquired Business use commercially reasonably efforts to cause the Acquired Business to
supplement) the Information, the Projections or other forward-looking statements so that such representation and warranty shall be true and correct in all material respects. In structuring and arranging the Bridge Facility, we will be entitled to
use and rely on the Information and the Projections without independent verification thereof, and you acknowledge and agree that we will have no obligation to conduct any independent evaluation or appraisal of your or your subsidiaries’ assets
or liabilities or the assets or liabilities of the Acquired Business or any other person or to advise or opine on any solvency issues. Notwithstanding the foregoing, it is understood that the Commitment Party’s commitment hereunder is not
subject to or conditioned upon the accuracy of the representation and warranty set forth in this Section 3, and the accuracy of such representation and warranty does not constitute a condition to the initial funding and the
availability of the Bridge Facility on the Closing Date. 
 4. Fees. As consideration for the Commitment Party’s commitment
hereunder and the Arranger’s agreement to perform the services described herein, you agree to pay the fees set forth in this Commitment Letter and in the Fee Letter, dated as of the date hereof (the “Fee Letter”), between
JPMorgan and you, as and when provided therein. 
 5. Conditions Precedent. The Commitment Party’s commitment hereunder and
agreements to perform the services described herein are subject solely to the satisfaction or waiver of the conditions expressly set forth in Exhibit C hereto, it being understood and agreed that there are no conditions (implied or otherwise)
to the Commitment Party’s commitment hereunder other than those that are expressly set forth in Exhibit C hereto (and upon satisfaction or waiver of such conditions, the funding under the Bridge Facility on the Closing Date shall occur).

 Notwithstanding anything in the Commitment Letter, the Fee Letter, the Bridge Loan Documents or any other agreement or undertaking
relating to the Bridge Facility to the contrary, (a) the only representations and warranties the accuracy of which shall be a condition to the funding of the Bridge Facility on the Closing Date shall be (i) such of the representations and
warranties made by or in respect of the Acquired Business in the Acquisition Agreement as are material to the interests of the Lenders (in their capacities as such), but only to the extent that the Company (or any of its

  
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affiliates) has the right to terminate its (or its affiliate’s) obligations under the Acquisition Agreement or the right to elect not to consummate the Acquisition as a result of any
inaccuracy of such representations and warranties in the Acquisition Agreement (the “Acquisition Agreement Representations”) and (ii) the Specified Representations (as defined below); (b) the Bridge Loan Documents and the
Closing Deliverables, to the extent not expressly set forth in the Exhibits to this Commitment Letter, shall be in a form such that they do not impair the funding of the Bridge Facility on the Closing Date if the conditions expressly set forth in
Exhibit C are satisfied (it being understood that nothing in the preceding clause (a) will be construed to limit the applicability of the individual conditions set forth herein); and (c) to the extent any Collateral (as defined in
Exhibit B) or any security interest therein (other than assets with respect to which a lien or security interest may be perfected by (x) the filing of a financing statement under the Uniform Commercial Code with the Secretary of State
(or other applicable filing office) in the applicable jurisdiction of organization of the Borrower or the Guarantors and (y) the delivery of stock certificates, if any, together with undated stock powers executed in blank, representing the
equity interests of the General Partner, SSG, the Acquired Business and each material U.S. subsidiary of the Acquired Business) is not provided or perfected on the Closing Date after your use of commercially reasonable efforts to do so or cannot be
provided or perfected without undue burden or expense, the provision and/or perfection of such security interests in such Collateral shall not constitute a condition precedent to the availability of the Bridge Facility on the Closing Date, but shall
be required to be provided and/or perfected within 30 days after the Closing Date, in each case, subject to extensions granted by the Administrative Agent, in its reasonable discretion. For purposes hereof, “Specified
Representations” means the representations and warranties of the Loan Parties set forth in the Bridge Credit Agreement relating to due organization and existence of the Loan Parties; requisite power and authority of the Loan Parties to
enter into the Bridge Loan Documents; due authorization, execution and delivery by the Loan Parties of the Bridge Loan Documents and enforceability of the Bridge Loan Documents against the Loan Parties; no conflict of the Bridge Loan Documents and
the transactions thereunder with the Company’s and the other Loan Parties’ organizational documents; Investment Company Act; Federal Reserve margin regulations; solvency as of the Closing Date of the Company and its subsidiaries on a
consolidated basis after giving effect to the Transactions (solvency to be defined in a manner consistent with Exhibit D to the Commitment Letter); the Patriot Act; the use of proceeds not violating OFAC, FCPA or any other applicable
anti-corruption laws, anti-money laundering laws and sanctions; and creation, attachment and perfection of security interests in the Collateral (subject to the foregoing terms of this paragraph). This paragraph shall be referred to herein as the
“Certain Funds Provision.” 
 6. Limitation of Liability; Indemnification; Expenses. It is agreed that (a) in no
event shall the Commitment Party or any of its affiliates or any of the respective officers, directors, members, employees, agents, advisors, controlling persons and representatives of the foregoing (collectively, the “Arranger-Related
Persons”) or the Company or any of its affiliates, in each case, have any Liabilities (as defined below), on any theory of liability, for any special, indirect, consequential or punitive damages incurred by the Company, its affiliates or
its or their respective equity holders or by the Commitment Party or any of its affiliates, as applicable, in each case, arising out of, in connection with or as a result of this Commitment Letter, the Fee Letter, the Bridge Facility, the Bridge
Credit Agreement, the transactions contemplated hereby or thereby or any related transactions or its activities related to any of the foregoing; provided that the foregoing shall not limit the Company’s or any of its affiliates’
indemnity and reimbursement obligations set forth in this Commitment Letter, the Bridge Credit Agreement or in any other written agreements to which the Company or any such affiliate is a party, and (b) no Arranger-Related Person shall have any
Liabilities, on any theory of liability, arising from, or be responsible for, any damages arising from the use by others of any information or other materials (including any personal data) obtained through electronic telecommunications or other
information transmission systems (including an Electronic Platform or otherwise via the internet), except to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction
to have resulted from the bad faith, gross negligence or willful 

  
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misconduct of the Commitment Party or its Related Arranger Parties (as defined below). You and we agree, to the extent permitted by applicable law, to not assert any claims against any
Arranger-Related Person or you or your affiliates, as applicable, inconsistent with the foregoing. As used herein, the term “Liabilities” shall mean any losses, claims (including intraparty claims), demands, damages or liabilities
of any kind; and the term “Related Arranger Party” means, with respect to any specified person, (i) any controlling person or controlled affiliate of such specified person, (ii) the respective officers, directors and
employees of such specified person or any of its controlling persons or controlled affiliates and (iii) the respective agents of such specified person or any of its controlling persons or controlled affiliates, in the case of this clause (iii),
acting at the instructions of such specified person or such controlling person or such controlled affiliate; provided that each reference to a controlled affiliate or controlling person in this definition pertains to a controlled affiliate or
controlling person involved in the negotiation or arrangement of this Commitment Letter and the Bridge Facility. 
 You agree (a) to
indemnify and hold harmless the Commitment Party and its affiliates and the respective officers, directors, members, employees, agents, advisors, controlling persons and representatives of the foregoing (collectively, the “indemnified
persons”) from and against any and all Liabilities and reasonable and documented out-of-pocket expenses, joint or several, to which any indemnified person may
become subject arising out of, in connection with or as a result of this Commitment Letter, the Fee Letter, the Bridge Facility, the use of the proceeds thereof, the Bridge Credit Agreement, the transactions contemplated hereby or thereby or any
related transaction or any actual or prospective claim, litigation, investigation, arbitration, administrative or regulatory action or proceeding relating to any of the foregoing (including in respect to enforcing the terms of this
Section 6) (each, a “Proceeding”), regardless of whether commenced by the Company, the Sellers (as defined in the Acquisition Agreement), any of their respective affiliates or any other person, of whether
any indemnified person is a party thereto and of whether based in contract, tort or any other theory, and to reimburse each indemnified person upon demand for any reasonable and documented out-of-pocket legal or other expenses incurred in connection with investigating or defending any of the foregoing (which legal expenses shall be limited to one firm of counsel for all the indemnified persons,
taken as a whole, and, if reasonably necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all the indemnified persons, taken as a whole, and,
solely in the case of an actual or perceived conflict of interest, one additional firm of counsel (and, if reasonably necessary, one additional firm of local counsel in each appropriate jurisdiction) to the affected indemnified persons that are
similarly situated, taken as a whole); provided that the foregoing indemnity and expense reimbursement will not, as to any indemnified person, apply to any Liabilities or related expenses to the extent they are (A) found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from (i) the bad faith, gross negligence or willful misconduct of such indemnified person or its Related Arranger Parties in
performing the services that are the subject hereof or (ii) a material breach of the obligations of such indemnified person or its Related Arranger Parties to fund under this Commitment Letter or the Bridge Credit Agreement or (B) related
to any income, franchise or similar taxes imposed by reason of such indemnified person being party to, or receiving amounts under, this Commitment Letter; provided further that the foregoing indemnity will not apply to any Proceeding
solely between or among indemnified persons (other than any Proceeding against any indemnified person in its capacity as the Administrative Agent, any other agent, an arranger, a bookrunner or similar role (in each case, acting in its capacity as,
or fulfilling its role as, such)) not arising from any act or omission by the Company or any of its affiliates; and (b) regardless of whether the transactions or borrowings contemplated by this Commitment Letter are consummated, to reimburse
the Commitment Party and its affiliates within 30 days following written request for all reasonable and documented out-of-pocket expenses (including, without limitation,
due diligence expenses and reasonable and documented fees, charges and disbursements of Fried, Frank, Harris, Shriver & Jacobson LLP) incurred in connection with the Bridge Facility and any related documentation (including the preparation
of this Commitment Letter, the Fee Letter and the Bridge Credit Agreement) or the administration, amendment, modification or waiver thereof. 

  
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 You shall not be liable for any settlement of any Proceeding effected by any indemnified
person without your prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent, or if there is a final non-appealable judgment of
a court of competent jurisdiction against an indemnified person in any such Proceeding, you agree to indemnify and hold harmless such indemnified person in the manner set forth above. You shall not, without the prior written consent of the
Commitment Party (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any Proceedings in respect of which indemnity has been or could have been sought hereunder by any indemnified person unless such
settlement (a) includes an unconditional release of such indemnified person in form and substance reasonably satisfactory to the Commitment Party from all Liability on claims that are the subject matter of such Proceedings and (b) does not
include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified person or any injunctive relief or other non-monetary remedy. You acknowledge that any
failure to comply with your obligations under the preceding sentence may cause irreparable harm to the Commitment Party and the other indemnified persons. Notwithstanding the foregoing, each indemnified person shall be obligated to promptly refund
or return any and all amounts paid by you under this paragraph to such indemnified person for any losses, claims, damages, liabilities and expenses to the extent such indemnified person is found in a final
non-appealable judgment to not be entitled to payment of such amounts in accordance with the terms hereof. 

7. Absence of Fiduciary Relationship; Sharing Information; Affiliate Activities. You acknowledge that we and our affiliates may be
providing debt financing, equity capital or other services (including, without limitation, financial advisory services) to other persons that have or may have interests conflicting with your interests with respect to the transactions described
herein and otherwise. We will not use confidential information obtained from you or your subsidiaries in the course of the transactions contemplated hereby (and not otherwise in our or any of our affiliates’ possession or publicly available) in
connection with the performance by us of services for other companies, and we will not furnish any such information to other companies in the course of performing such services. You also acknowledge that we have no obligation to use in connection
with the transactions contemplated hereby, or furnish to you, confidential information obtained by us or any of our affiliates from other persons. 

You agree that the Commitment Party and any of its affiliates through which it will be acting will act under this Commitment Letter as
independent contractors and that nothing in this Commitment Letter will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Commitment Party or any of its affiliates, on the one hand, and
you, your affiliates or your or their equityholders, on the other hand. You acknowledge and agree that (a) the transactions contemplated by this Commitment Letter are arm’s-length commercial
transactions between the Commitment Party and, if applicable, its affiliates, on the one hand, and you, on the other, (b) in connection therewith and with the process leading to such transaction, the Commitment Party and, if applicable, its
affiliates are acting solely as a principal and have not been, are not and will not be acting as an advisor, agent or fiduciary of you, your affiliates or your or their management or equityholders or any other person and (c) with respect to the
transactions contemplated hereby or the process leading thereto, the Commitment Party and, if applicable, its affiliates has not assumed (i) an advisory or fiduciary responsibility in favor of you or your affiliates (irrespective of whether the
Commitment Party or any of its affiliates has advised or is currently advising you or your affiliates on other matters (which, for the avoidance of doubt, includes acting as a financial advisor to the Company or any of its affiliates in respect of
any transaction related hereto)) or (ii) any other obligation except the obligations expressly set forth in this Commitment Letter. You further acknowledge and agree that (A) you are responsible for making your own independent judgment
with respect to such transactions and the process leading thereto, (B) you are capable of evaluating and understand and accept the terms, risks and conditions of the transactions contemplated hereby, and the Commitment Party and its affiliates
shall have no responsibility or liability to you with respect thereto, and (C) the Commitment Party and its affiliates are not advising you as to any legal, tax, investment, accounting, regulatory or any other matters in any

  
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jurisdiction, and you shall consult with your own advisors concerning such matters and you shall be responsible for making your own independent investigation and appraisal of the transactions
contemplated hereby. Any review by the Commitment Party or any of its affiliates of the Company, its subsidiaries, the Acquired Business, the transactions contemplated hereby or other matters relating to such transactions will be performed solely
for the benefit of the Commitment Party and shall not be on behalf of the Company. The Company agrees that it will not claim that the Commitment Party or any of its affiliates has rendered any advisory services, or assert any claim against the
Commitment Party or any of its affiliates based on an alleged breach of fiduciary duty by the Commitment Party or any of its affiliates in connection with this Commitment Letter and the transactions contemplated hereby or assert any claim based on
any actual or potential conflict of interest that might be asserted to arise or result from the engagement of the Commitment Party or any of its affiliates acting as a financial advisor to the Company or any of its affiliates, on the one hand, and
the engagement of the Commitment Party hereunder and the transactions contemplated hereby, on the other hand. 
 You further agree that the
Commitment Party, together with its affiliates, is a full service securities firm engaged in securities trading and brokerage activities as well as in providing investment banking and other financial services. In the ordinary course of business, we
and our affiliates may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own account and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and
other obligations) of, you and your subsidiaries and other companies with which you or your subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any of us, any of our
respective affiliates or any of our or their customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 

8. Assignments; Amendments; Governing Law, Waiver of Jury Trial. No party to this Commitment Letter may assign this Commitment Letter or
any commitments or agreements hereunder to any other person without the prior written consent of each other party hereto (and any purported assignment without such consent will be null and void); provided that (a) the Commitment Party
may assign its commitment hereunder in respect of the Bridge Facility and its agreements hereunder, in whole or in part, to any of its affiliates, provided that the Commitment Party shall not be released from the portion of its commitment
hereunder so assigned to the extent such affiliate fails to fund the portion of the commitment assigned to it on the Closing Date notwithstanding the satisfaction or waiver of the conditions to funding set forth in Exhibit C hereto, and
(b) the Commitment Party’s agreements hereunder (other than the funding of its commitments) may be performed by or through its affiliates (including J.P. Morgan Securities LLC); provided, further, that the Company may assign
this Commitment Letter to StepStone Group LP if it holds all of the equity of the Acquired Business. 
 This Commitment Letter may not be
amended or any provision hereof waived or modified except by an instrument in writing signed by each of the parties hereto. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which,
when taken together, shall constitute one agreement. The words “execution”, “signed”, “signature”, “delivery” and words of like import in or relating to this Commitment Letter, the Fee Letter and/or any
document to be signed in connection with this letter agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. “Electronic Signatures” means any electronic
symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. This Commitment Letter and the Fee Letter are the only agreements that
have been entered into by the parties hereto with respect to the Bridge Facility and set forth the entire understanding of the parties hereto with respect to thereto. This Commitment Letter is intended to be solely for the benefit of the parties
hereto (and the Arranger-

  
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Related Persons and the indemnified persons), and is not intended to confer any benefits upon, or create any rights in favor of or be enforceable by or at the request of, any person other than
the parties hereto (and the Arranger-Related Persons and the indemnified persons). Section headings used herein are for convenience of reference only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken
into consideration in interpreting, this Commitment Letter. 
 This Commitment Letter and the Fee Letter shall be governed by, and construed
in accordance with, the laws of the State of New York; provided that (a) the interpretation of the definition of “Material Adverse Effect” (as defined in Exhibit C hereto) and whether or not a “Material Adverse
Effect” exists or has occurred, (b) the determination of the accuracy of any Acquisition Agreement Representations (as defined in Exhibit C hereto) and whether as a result of any inaccuracy of such representations and warranties the
Company (or any of its affiliates) has the right to terminate its (or its affiliate’s) obligations under the Acquisition Agreement or the right to elect not to consummate the Acquisition and (c) the determination of whether the Acquisition
has been consummated pursuant to, and in all material respects in accordance with, the terms of the Acquisition Agreement, in each case, will be governed by, and construed in accordance with, the internal laws of the State of Delaware, without
regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware or any other jurisdiction. 

Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of any state or Federal court sitting in the
City of New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter, the performance of commitments and agreements hereunder or thereunder or the transactions contemplated
hereby, and agrees, for itself and its affiliates, that any such suit, action or proceeding brought by it or any of its affiliates will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not
have subject matter jurisdiction, in any state court located in the City of New York, Borough of Manhattan. Each of the parties hereto agrees that service of any process, summons, notice or document by registered mail addressed to it at its address
set forth above shall be effective service of process for any such suit, action or proceeding brought in any such court. Each of the parties hereto irrevocably and unconditionally waives to the extent permitted by applicable law any objection to the
laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in any inconvenient forum. Each of the parties hereto agrees that a final judgment in any such
suit, action or proceeding brought in any such court shall be conclusive and binding upon it and may be enforced in any other courts to whose jurisdiction it is or may be subject, by suit upon judgment. You and we irrevocably agree to the extent
permitted by applicable law to waive trial by jury in any suit, action, proceeding, claim or counterclaim brought by or on behalf of any party arising out of or relating to this Commitment Letter, the Fee Letter, the performance of commitments or
agreements hereunder or thereunder or the transactions contemplated hereby. 
 9. Confidentiality. You agree that you will not
disclose, directly or indirectly, this Commitment Letter, the Fee Letter, the contents of any of the foregoing or our activities pursuant hereto or thereto to any person without our prior written approval, except (a) on a confidential and need-to-know basis to your officers, directors, members, employees, agents, accountants, attorneys and other professional advisors, experts and representatives (collectively,
with respect to any person, such person’s “Representatives”) who have been advised of the confidential nature of such information and either are subject to customary confidentiality obligations of employment or professional
practice or have agreed to treat such information confidentially in accordance with the terms of this paragraph (or provisions substantially similar to this paragraph), (b) pursuant to the order of any court or administrative agency or in any
pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process or applicable rules of any securities exchange (in which case you agree, to the extent permitted by law and practicable, to inform us

  
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promptly thereof), (c) in the case of this Commitment Letter, the Fee Letter and their contents (provided that the Fee Letter is redacted in a customary manner reasonably satisfactory to
the Arranger), to the Sellers, so long as the Sellers shall have agreed to treat such information confidentially, and its Representatives who have been advised of the confidential nature of such information and either are subject to customary
confidentiality obligations of employment or professional practice or have agreed to treat such information confidentially in accordance with the terms of this paragraph (or provisions substantially similar to this paragraph), (d) in the case of
this Commitment Letter and its contents, (i) in any prospectus, offering memorandum, confidential information memorandum or other marketing materials relating to any debt financing or any equity offering or (ii) in any public filing in
connection with the Transactions or the financing thereof, (e) in the case of the aggregate fee amounts contained in the Fee Letter, as part of projections, pro forma information or generic disclosure of aggregate sources and uses related to
the Transactions (but without disclosing any specified fees or any other economic term set forth in the Fee Letter), in each case, to the extent customary or required in any prospectus, offering memorandum, confidential information memorandum or
other marketing materials relating to any debt financing or equity offering or in any public filing relating to the Transactions, (f) to the extent such information becomes publicly available other than by reason of disclosure by you or your
Representatives in violation of this paragraph and (g) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Commitment Letter or the Fee Letter. The foregoing restrictions shall cease to
apply in respect of the existence and contents of this Commitment Letter (but not in respect of the Fee Letter and its contents) two years following the termination of this Commitment Letter in accordance with its terms. 

We shall use all confidential information provided to us by you hereunder solely for the purpose of providing the services that are the
subject of this Commitment Letter (or other services by us or our affiliates to you and your affiliates) and otherwise in connection with the Transactions and shall treat confidentially all such information, except in each case for information that
was or becomes publicly available other than by reason of disclosure by us in violation of this paragraph or was or becomes available to us or any of our affiliates from a source that is not known by us or such affiliate to be subject to a
confidentiality obligation to you or to the extent such information is independently developed by us or our affiliates; provided, however, that nothing herein shall prevent us from disclosing any such information (a) pursuant to
the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case we agree, to the extent permitted by law and practicable, to
inform you promptly thereof), (b) upon the request or demand of any regulatory authority having or claiming to have jurisdiction over us or our affiliates (including, without limitation, in the course of inspections, examinations or inquiries by
federal or state government agencies, regulatory agencies, self-regulatory agencies and rating agencies), in which case we agree (except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory
authority exercising examination or regulatory authority), to the extent permitted by law and practicable, to inform you promptly thereof, (c) on a confidential and
need-to-know basis to our affiliates, and our and our affiliates’ Representatives who have been advised of the confidential nature of such information and either
are subject to customary confidentiality obligations of employment or professional practice or have agreed to treat such information confidentially in accordance with the terms of this paragraph (or provisions substantially similar to this
paragraph), (d) for purposes of establishing any defense available under state and federal securities laws, including, without limitation, a “due diligence” defense, or in connection with the exercise of any remedies hereunder, under the
Fee Letter or under the Bridge Credit Agreement or any suit, action or proceeding relating to this Commitment Letter, the Fee Letter or the Bridge Credit Agreement, (e) to prospective lenders or other investors, participants or assignees and
any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Company, its subsidiaries or its or their obligations under the Bridge Facility, the Term Facility, the Revolving Facility or any other debt (or,
in each case, any of their respective advisors), in each case, subject to the acknowledgement and acceptance by such prospective lenders or other investors, participants, assignees, counterparties or advisors, as applicable, that such information is
being provided on a confidential basis (on 

  
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substantially the terms as set forth in this paragraph or as is otherwise reasonably acceptable to you and the Arranger) in accordance with the Arranger’s or other applicable person’s
standard syndication process or market standards for dissemination of such type of information, which shall in any event require “click through” or other affirmative action on the part of the recipient to access such confidential
information and (f) to market data collectors, similar service providers to the lending industry and service providers to the Commitment Party and the Lenders in connection with the administration and management of the Bridge Facility,
provided that such information is limited to the existence of this Commitment Letter and information about the Bridge Facility; provided further that, notwithstanding anything herein to the contrary, we and our affiliates may
disclose any such information as and to the extent expressly permitted by any other written agreement relating to the Transactions entered into by the Company and us or our affiliates. Our obligations under this paragraph shall be superseded by the
confidentiality provisions of the definitive documentation for the Bridge Facility or, if such definitive documentation is not executed and delivered, will terminate on the date that is two years after the date hereof. 

10. Certain Notifications. We hereby notify you that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot Act”)) and 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”), we and the other Lenders may be required
to obtain, verify and record information that identifies you and your subsidiaries, which information may include your and their names and addresses and other information that will allow us and the other Lenders to identify you and your subsidiaries
in accordance with the Patriot Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the Patriot Act and the Beneficial Ownership Regulation and is effective for us and the other Lenders. 

11. Acceptance and Termination; Survival. The Commitment Party’s commitment and agreements hereunder shall automatically terminate
on the earliest to occur of (a) February 7, 2022, (b) the date of the consummation of the Acquisition, effective immediately following such consummation, with or without the use of any portion of the Bridge Facility, (c) the valid
termination of the Acquisition Agreement in accordance with the terms thereof (and you hereby agree to notify us in writing promptly thereof) and (d) subject to the requirements set forth in Section 2 of the Fee Letter (which shall, for
the avoidance of doubt, survive and remain in full force and effect notwithstanding the termination of this Commitment Letter), written notice by you to JPMorgan of your desire to terminate the Commitment Letter (the earliest date in clauses
(a) through (d) being referred to as the “Commitment Termination Date”). The Commitment Party’s commitment hereunder shall also be superseded by the terms of the Bridge Credit Agreement upon the execution and delivery
thereof by the parties thereto. 
 The provisions set forth in Sections 3, 4, 6, 7, 8 and 9 hereof
and this paragraph and the provisions of the Fee Letter will remain in full force and effect regardless of whether the Bridge Credit Agreement is executed and delivered; provided that (a) the provisions set forth under
Section 6 shall be superseded, solely to the extent covered thereby, by the terms of the Bridge Credit Agreement upon the execution and delivery thereof by the parties thereto and (b) the third paragraph of
Section 9 shall be superseded as described in such paragraph. The provisions set forth in Sections 4, 6, 7, 8 and 9 hereof and this paragraph and the provisions of the Fee Letter will
remain in full force and effect notwithstanding the expiration or termination of this Commitment Letter or the Commitment Party’s commitment and agreements hereunder. Subject to the provisions of the preceding sentence, you may terminate the
Commitment Party’s commitment hereunder in respect of the Bridge Facility, in whole or in part, upon written notice to the Commitment Party at any time. 

  
 9 

 Please indicate your acceptance of the terms of this Commitment Letter and the Fee Letter by
signing and returning to JPMorgan executed counterparts of this Commitment Letter and the Fee Letter not later than 5:00 p.m., New York City time, on July 7, 2021. Our offer hereunder, and our agreements to perform the services described
herein, will expire automatically and without further action or notice and without further obligation to you at such time in the event that JPMorgan has not received such executed counterparts in accordance with the immediately preceding sentence.
This Commitment Letter will become a binding commitment of the Commitment Party only after it has been duly executed and delivered by you in accordance with the first sentence of this paragraph. 

[Remainder of this page intentionally left blank] 

  
 10 

 We are pleased to have been given the opportunity to assist you in connection with this
important financing. 
  

			
	Very truly yours,
	
	JPMORGAN CHASE BANK, N.A.,
	
	 /s/ Alfred Chi

	Name: Alfred Chi
	Title: Vice President

 [Project Alto Bridge Facility Commitment Letter] 

			
	Accepted and agreed as of the date first above written:
	
	STEPSTONE GROUP INC.,
	
	 /s/ Jason Ment

	Name:	 	Jason Ment
	Title:	 	President and Co-Chief Operating Officer

 [Project Alto Bridge Facility Commitment Letter] 

 EXHIBIT A 

Project Alto 

Transaction Description 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this
Exhibit A is attached or the other Exhibits to the Commitment Letter. 
 Pursuant to the Transaction Agreement, dated as of
July 7, 2021 (together with the exhibits and schedules thereto, the disclosure schedules referred to therein, the ancillary agreements referred to therein and all related documents, collectively, the “Acquisition Agreement”),
between the Company, Alto Merger Sub 1, Inc., a Delaware corporation (“NewCo 1”), Alto Merger Sub 2, Inc., a Delaware corporation (“NewCo 2”), Greenspring Associates NewCo, LLC, a Delaware limited liability company
(“NewCo 3”), Greenspring Back Office Solutions NewCo, LLC, a Delaware limited liability company (“NewCo 4” and, together with NewCo 1, NewCo 2 and NewCo 3, the “NewCos”), StepStone Group LP, a
Delaware limited partnership (“SSG”), Greenspring Associates, Inc., a Delaware corporation (“GA Inc.”), Greenspring Back Office Solutions, Inc., a Delaware corporation (“GBOS, Inc.”), the other
Sellers signatory thereto and Shareholder Representative Services LLC, as the initial seller representative thereunder, the Company intends to acquire (the “Acquisition”), directly or indirectly, the entities previously identified
to the Commitment Party under the code name “Alto” (collectively, the “Acquired Business”). 
 In connection with
the Acquisition, it is intended that the Company will (i) (A) issue and sell certain equity securities (the “Equity Securities”); (B) obtain a senior secured revolving credit facility (the “Revolving Facility”)
and/or (C) if amounts under such Revolving Facility are insufficient, obtain and borrow under a senior secured term loan facility (which, for the avoidance of doubt, will be in the form of a term loan “A” facility and/or (if
successful syndication as a term loan “A” facility is not achieved following use of commercially reasonable efforts) a term loan “B” facility) (the “Term Facility”) or (ii) in the event that, at or before
the time the Acquisition is consummated, the sum of (A) the aggregate gross proceeds of such issuance and sale of the Equity Securities, (B) the aggregate gross proceeds of such borrowing under the Term Facility and (C) the aggregate
committed amount under the Revolving Facility, is less than $175.0 million, obtain and borrow under a senior secured 364-day bridge loan facility having the terms set forth in Exhibit B to the
Commitment Letter (the “Bridge Facility”) in an aggregate principal amount of $175.0 million (less (x) the aggregate gross proceeds of such issuance and sale of the Equity Securities, (y) the aggregate gross proceeds
of such borrowing under the Term Facility and (z) the aggregate committed amount under the Revolving Facility). 
 The transactions
described above are collectively referred to herein as the “Transactions”. 

  
 A-1 

 EXHIBIT B 

Project Alto 
 364-Day Senior Secured Bridge Facility 
 Summary of Principal Terms and Conditions 

Capitalized terms used but not defined in this Exhibit B have the meanings given to them in the Commitment Letter to which this
Exhibit B is attached or, if applicable, Exhibit A to the Commitment Letter to which this Exhibit B is attached. 
  

			
	Borrower:	  	Initially, StepStone Group Inc., a Delaware corporation (the “Company”), will be the sole borrower under the Bridge Facility (in such capacity, the “Initial Borrower”); provided, at any time
following the Closing Date, the Company in its sole discretion may, directly or indirectly, assign, contribute or otherwise transfer (the “SSG Drop-Down”) (i) all, but not less than all, of the issued and outstanding equity
interests of the NewCos and the Acquired Business and (ii) all, but not less than all, of the loans and commitments under the Bridge Facility, and all of its rights and obligations as a borrower under the Bridge Credit Agreement and the other
Bridge Loan Documents, in each case of clauses (i) and (ii), to StepStone Group LP, a Delaware limited partnership (“SSG”), subject to execution and delivery of customary joinder documentation, reaffirmation agreements and
closing deliverables (including legal opinions and officer’s certificates) to be agreed. Following the SSG Drop-Down, SSG shall be the sole borrower under the Bridge Facility (in such capacity, the “Subsequent
Borrower”).
		
		  	As used herein, “Borrower” shall mean (a) initially, the Initial Borrower and (b) after giving effect to the SSG Drop-Down, the Subsequent Borrower, as applicable.
		
	Administrative Agent and Collateral Agent:	  	JPMorgan Chase Bank, N.A. (“JPMorgan”) will act as sole administrative agent and sole collateral agent (in such capacities, the “Administrative Agent”) for itself and any other banks, financial
institutions and other institutional lenders (collectively, the “Lenders”), and will perform the duties customarily associated with such roles.
		
	Sole Lead Arranger and Sole Bookrunner:	  	JPMorgan will act as sole lead arranger and sole bookrunner for the Bridge Facility (as defined below) (in such capacities, the “Arranger”), and will perform the duties customarily associated with such
roles.
		
	Bridge Facility:	  	A senior secured bridge loan facility in an aggregate principal amount of $175.0 million (the “Bridge Facility”), less the amount of any applicable reduction to the commitments under the Bridge Facility as set
forth under the “Mandatory Commitment Reductions/Prepayments” section below.

  
 B-1 

			
	Purpose:	  	The proceeds of the loans under the Bridge Facility will be used by the Company solely (a) to pay a portion of the consideration for the Acquisition and (b) to pay fees, costs and expenses incurred in connection with the
Transactions.
		
	Closing Date:	  	The date, on or before the Commitment Termination Date, on which the borrowing under the Bridge Facility is made and the Acquisition is consummated (such date, the “Closing Date”).
		
	Availability:	  	The Bridge Facility will be available in a single drawing in U.S. dollars on the Closing Date. Amounts borrowed under the Bridge Facility that are repaid or prepaid may not be reborrowed. On the Closing Date, any undrawn commitments
under the Bridge Facility shall automatically terminate.
		
	Interest Rates and Fees:	  	As set forth on Schedule I hereto.
		
	Final Maturity and Amortization:	  	The Bridge Facility will mature on the date that is 364 days after the Closing Date and will not require interim scheduled amortization.
		
	Guarantees:	  	Prior to the SSG Drop-Down, all obligations of the Initial Borrower under the Bridge Facility will be unconditionally guaranteed, on a joint and several basis, by (i) the Initial Borrower (except with respect to its own primary
obligations) and (ii) the Acquired Business and each of its existing and subsequently acquired or organized direct or indirect material Subsidiaries (as defined below), other than (x) any subsidiary that is a “controlled foreign
corporation” within the meaning of Section 957(a) of the Internal Revenue Code (a “CFC”), (y) any subsidiary that has no material assets (whether directly or indirectly through disregarded entities) other than equity
(including, for this purpose, any debt or other instrument treated as equity for U.S. federal income tax purposes) or equity and debt of one or more CFCs (a “FSHCO”), or (iii) any subsidiary of any CFC or FSHCO (any entity described
in clauses (x), (y) or (z), an “Excluded Subsidiary”), subject in the case of this clause (ii) to additional exceptions to be agreed (clauses (i) and (ii), collectively, the “Initial Guarantors”). As used
herein, “Subsidiaries” mean, with respect to any person, each subsidiary of which the voting equity interests are majority owned by such person on a fully diluted basis.
		
		  	Following the SSG Drop-Down, all obligations of the Subsequent Borrower under the Bridge Facility will be unconditionally guaranteed, on a joint and several basis, by (i) the Subsequent Borrower (except with respect to its own
primary obligations) and (ii) each of the Subsequent Borrower’s existing and subsequently acquired or organized direct or indirect material Subsidiaries (other than

  
 B-2 

			
		  	any Excluded Subsidiaries), subject in the case of this clause (ii) to additional exceptions to be agreed (clauses (i) through (ii), collectively, the “Subsequent Guarantors”).
		
		  	As used herein, “Guarantors” shall mean (a) initially, the Initial Guarantors and (b) after giving effect to the SSG Drop-Down, the Subsequent Guarantors, as applicable; and “Loan Parties”
shall mean, collectively, the Borrower and the Guarantors.
		
	Security:	  	Subject to the Certain Funds Provision, all obligations under the Bridge Facility will be secured by first priority liens on and security interests in:
		
		  	(a) prior to the SSG Drop-Down, (i) a pledge of 100% of the capital stock, partnership interests, membership interests or other equity interests (both economic and beneficial) of StepStone Group Holdings LLC, a Delaware limited
liability company (the “General Partner”) and SSG held by the Initial Borrower and (ii) substantially all tangible and intangible assets of the Initial Borrower and each Initial Guarantor (including without limitation accounts
receivable, inventory, equipment, general intangibles, intercompany indebtedness and the proceeds of the foregoing, but excluding any equity interests in any Excluded Subsidiaries (other than 65% of the voting capital stock and 100% of the non-voting capital stock of any first-tier subsidiary of the Subsequent Borrower or any Guarantor that is a CFC or an FSHCO)), subject in the case of this clause (ii) to exceptions to be agreed (collectively,
the “Initial Collateral”); and
		
		  	(b) following the SSG Drop-Down, substantially all tangible and intangible assets of the Subsequent Borrower and each Subsequent Guarantor (including without limitation accounts receivable, inventory, equipment, general intangibles,
intercompany indebtedness and the proceeds of the foregoing, but excluding any equity interests in any Excluded Subsidiaries (other than 65% of the voting capital stock and 100% of the non-voting capital stock
of any first-tier subsidiary of the Subsequent Borrower or any Guarantor that is a CFC or an FSHCO)), subject to exceptions to be agreed (collectively, the “Subsequent Collateral”).
		
		  	As used herein, “Collateral” shall mean (a) initially, the Initial Collateral and (b) after giving effect to the SSG Drop-Down, the Subsequent Collateral, as applicable.
		
	Voluntary Commitment Reductions/Prepayments:	  	Voluntary reductions of the unutilized portion of the commitments under the Bridge Facility and prepayments of borrowings thereunder will be permitted at any time and from time to time, and
will

  
 B-3 

			
		  	be without premium or penalty, subject to reimbursement of the Lenders’ redeployment costs in the case of a prepayment of LIBO Rate borrowings other than on the last day of the relevant interest period.
		
	Mandatory Commitment Reductions/Prepayments:	  	On or prior to the Closing Date, the aggregate commitments in respect of the Bridge Facility under the Commitment Letter or under the Bridge Credit Agreement (as defined below), as applicable, shall be automatically permanently
reduced and, after the funding of the Bridge Facility on the Closing Date, loans under the Bridge Facility shall be prepaid, in each case, by the following amounts:
		
		  	(a) 100% of the committed amount of any Qualifying Loan Facility (as defined below) entered into after the date of the Commitment Letter;
		
		  	(b) without duplication of clause (a) above, 100% of the Net Cash Proceeds (as defined below) received by the Company or any of its subsidiaries after the date of the Commitment Letter from the issuance and sale of any debt
securities (including any debt securities convertible or exchangeable into equity securities or hybrid debt-equity securities) or incurrence of any other debt for borrowed money, other than intercompany indebtedness among the Company and/or its
subsidiaries in the ordinary course of business;
		
		  	(c) 100% of the Net Cash Proceeds received by the Company after the date of the Commitment Letter from the issuance and sale of the Equity Securities or any other equity securities by the Company (including, to the extent not
duplicative of clause (b) above, any securities convertible or exchangeable into or exercisable for equity securities or other equity-linked securities), other than (i) issuances pursuant to employee stock plans, compensation plans or
other benefit or employee or director incentive arrangements (including, for the avoidance of doubt, employee and director 401(k) plans) and (ii) equity securities issued or transferred directly (and not constituting cash proceeds of any
issuance of such equity securities) as consideration in connection with any acquisition; and
		
		  	(d) 100% of the Net Cash Proceeds received by the Company or any of its subsidiaries after the date of the Commitment Letter from the sale or other disposition of any property or assets of the Company or any of its subsidiaries
(including any sale and leaseback transaction and sales or issuances of equity interests in any subsidiary of the Company, but excluding proceeds of any casualty loss or damage to, or any condemnation of, any property or asset of the Company or any
of its subsidiaries) outside the

  
 B-4 

			
		  	ordinary course of business, including sales or issuances of equity interests in any subsidiary of the Company, other than (i) sales, issuances and other dispositions between or among the Company and its subsidiaries in the
ordinary course of business and (ii) sales and other dispositions the Net Cash Proceeds of which do not exceed an amount to be agreed (it being also understood that any casualty loss or damage to, or any condemnation of, any property or asset
of the Company or any of its subsidiaries shall not be subject to this clause (d)).
		
		  	Prepayments in respect of clauses (a) through (d) above to the extent attributable to any foreign subsidiaries will be limited under the Bridge Loan Documents in a manner consistent with the Bridge Documentation Principles
to the extent such prepayments (including the repatriation of cash in connection therewith) would (i) be prohibited or restricted by applicable law, rule or regulation, (ii) result in material adverse tax consequences to the Borrower or
any of its subsidiaries (as reasonably determined by the Borrower in consultation with the Administrative Agent) or (iii) be prohibited under material organizational document restrictions (including as a result of minority ownership) and
restrictions in other material agreements; provided that the Borrower and its subsidiaries shall take all commercially reasonable actions available under applicable law to permit such repatriation or to remove such prohibitions, adverse tax
consequences or restrictions, as applicable. Notwithstanding the foregoing, any prepayments actually made shall be net of any costs, expenses or taxes incurred or payable by the Guarantors, the Borrower, or any of their subsidiaries as a result of
such prepayment or repatriation.
		
		  	Any required commitment reduction resulting from any of the foregoing shall be effective on the same day as such Net Cash Proceeds are actually received or, in the case of any Qualifying Loan Facility, the date of effectiveness
of the definitive credit or similar agreement with respect thereto. Any required prepayment of loans resulting from any of the foregoing shall be made on or prior to the fifth business day after such Net Cash Proceeds are received. The Company shall
provide the Administrative Agent with prompt written notice of any event giving rise to a requirement for a commitment reduction or prepayment of loans under the Bridge Facility.
		
		  	“Net Cash Proceeds” shall mean:

  
 B-5 

			
		 	(a) with respect to the issuance, sale or incurrence of debt securities or debt for borrowed money, the excess of (i) cash actually received by the Company or any of its subsidiaries in connection therewith (or for purposes
of mandatory reductions of commitments under the Bridge Facility, received into escrow) over (ii) the underwriting or issuance discounts, commissions, fees and other reasonable expenses incurred by the Company or any of its subsidiaries in
connection therewith;
		
		 	(b) with respect to the issuance and sale of any equity securities of the Company, the excess of (i) the cash actually received by the Company in connection therewith over (ii) the underwriting or issuance discounts,
commissions, fees and other reasonable expenses incurred by the Company in connection therewith; and
		
		 	(c) with respect to a sale or other disposition of any property or assets of the Company or any of its subsidiaries, the excess, if any, of (i) the cash actually received by the Company or its subsidiaries in connection
therewith (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) payments made to retire any indebtedness that
is secured by such asset and that is required to be repaid in connection with the sale or other disposition thereof, (B) the reasonable fees, costs and expenses incurred by the Company or any of its subsidiaries in connection therewith
(including attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, other customary expenses and brokerage, consultant and other customary fees actually
incurred in connection therewith), (C) taxes reasonably estimated to be payable in connection with such transaction (including sales, use and other transfer taxes, deed or mortgage recording taxes) and (D) the amount of reserves established by
the Company or any of its subsidiaries in good faith and pursuant to commercially reasonable practices for adjustment in respect of the sale price of such property or assets in accordance with applicable generally accepted accounting principles;
provided that if the amount of such reserves exceeds the required amount thereof, then such excess, upon the determination thereof, shall then constitute Net Cash Proceeds.
		
		 	“Qualifying Loan Facility” shall mean any credit facility (including any tranche or increase of any credit facility) that is entered into by the Company or any of its subsidiaries for the purpose of providing
financing for the Acquisition or any portion thereof, including the Term Facility and the Revolving Facility; provided that the definitive credit or similar agreement with respect thereto has become effective.

  
 B-6 

			
		 	For purposes of determining the amount of any required commitment reduction or prepayment of loans under the Bridge Facility, the U.S. dollar equivalent of any Net Cash Proceeds or, in the case of a Qualifying Loan Facility,
commitments denominated in a currency other than U.S. dollars will be determined based on customary exchange rates prevailing at the time of receipt by the Company or its subsidiaries of such Net Cash Proceeds or such commitments.
		
		 	All required commitment reductions and prepayments of loans under the Bridge Facility will be made without premium or penalty, subject to reimbursement of the Lenders’ redeployment costs in the case of a prepayment of LIBO Rate
borrowings other than on the last day of the relevant interest period, and will be applied ratably to the commitments or loans of each Lender under the Bridge Facility.
		
	Documentation:	 	The Bridge Facility will be documented pursuant to a credit agreement (the “Bridge Credit Agreement” and, together with the other definitive documentation for the Bridge Facility, the “Bridge Loan
Documents”), which will incorporate the terms set forth in this Exhibit B and shall be based on the publicly filed credit agreement for Ares Holdings, L.P., dated March 31, 2021 (with modifications necessary to account for
the secured “bridge”-style financing of the Bridge Facility) and reflect, in a manner to be mutually agreed by the Company and the Arranger, the business, operational and strategic matters relating to the Company and its subsidiaries in
light of their business, size, industries and practices and matters disclosed in the Acquisition Agreement or otherwise to the Arranger. The Bridge Credit Agreement shall contain (a) only those conditions to borrowing as are expressly set forth
in Exhibit C to the Commitment Letter, (b) only those mandatory commitment reductions or prepayments, representations and warranties, covenants and events of default expressly set forth in this Exhibit B, in each case, applicable
to the Company and its subsidiaries (including the Acquired Business) and with standards, qualifications, thresholds, exceptions, “baskets” and grace and cure periods consistent with the foregoing to be agreed, (c) benchmark
replacement provisions consistent with the ARRC “hard-wired” approach and (d) erroneous payment provisions consistent with the LSTA form provisions. The principles set forth in this paragraph are referred to as the “Bridge
Documentation Principles”. It is understood that, subject to the foregoing, the Bridge Facility may, at the mutual determination of the Company and the Arranger, be documented under a single credit agreement with the Term Facility and/or
the Revolving Facility.

  
 B-7 

			
	Representations and Warranties:	 	Subject to the Bridge Documentation Principles, consisting solely of the following representations and warranties, which shall be with respect to the Loan Parties and their respective Material Subsidiaries (to be defined to exclude
“immaterial Subsidiaries”, or those generating less than 10% of the EBITDA of the Company and its consolidated subsidiaries in aggregate) (including the Acquired Business) (it being understood prior to the SSG Drop-Down, none of such
representations and warranties shall be made by the subsidiaries of the Company other than the Acquired Business (but may, for the avoidance of doubt, be made in respect of all such subsidiaries)), it being acknowledged and agreed that all the
representations and warranties will be made on the Closing Date but only the accuracy of the Specified Representations and the Acquisition Agreement Representations shall be a condition to the availability of the Bridge Facility on the Closing Date:
due organization, existence and good standing (or the equivalent); requisite power and authority; due authorization, execution and delivery and enforceability of the Bridge Loan Documents; governmental approvals; no conflicts with law,
organizational documents or material contracts; financial statements of the Company (including projections); subsidiaries; since March 31, 2021, no material adverse effect; liens; material litigation; material environmental matters; compliance
with laws; Investment Company Act; Federal Reserve margin regulations; ERISA; taxes; accuracy of disclosure as of the Closing Date; Patriot Act, FCPA, OFAC and other applicable anti-money laundering laws, anti-corruption laws and sanctions; use of
proceeds; ownership of property (including intellectual property); licenses, etc.; membership in FINRA, registration, etc.; Affected Financial Institution; solvency on the Closing Date of the Company and its subsidiaries on a consolidated basis
after giving effect to the Transactions (solvency to be defined in a manner consistent with Exhibit D to the Commitment Letter); and creation, validity and perfection of security interests in the Collateral.
		
	Conditions Precedent to Borrowing:	 	The borrowing under the Bridge Facility will be subject solely to the satisfaction or waiver of the conditions precedent set forth in Exhibit C to the Commitment Letter.
		
	Affirmative Covenants:	 	Subject to the Bridge Documentation Principles, consisting solely of the following covenants, which shall apply to the Loan Parties and their respective Material Subsidiaries (including the Acquired Business) (it being understood
prior to the SSG Drop-Down, the Company shall covenant on behalf of the Subsidiaries of the Company): delivery of quarterly unaudited consolidated financial statements (other than with respect to the fourth quarter of any year), annual audited
consolidated financial statements, compliance certificates, and certain other customary information; notices of default and other customary material events; preservation of existence; maintenance of properties; payment
of

  
 B-8 

			
		 	taxes; insurance; books and records; inspection rights; compliance with laws; covenant to guarantee obligations and provide security; further assurances; change in nature of business; and use of proceeds (including not in violation
of anti-money laundering laws, anti-corruption laws and sanctions).
		
	Negative Covenants:	 	Subject to the Bridge Documentation Principles, consisting solely of the following covenants, which shall apply to the Loan Parties and their respective Material Subsidiaries (including the Acquired Business) (it being understood
prior to the SSG Drop-Down, the Company shall covenant on behalf of the Subsidiaries of the Company): indebtedness; liens; investments; asset sales and other dispositions (including sale and leaseback transactions); restrictive agreements; mergers
and other fundamental changes; negative pledges; subsidiary distributions; restricted payments to be agreed; junior debt payments; transactions with shareholders and affiliates; modifications of organizational documents; margin regulations; changes
in fiscal year; and, prior to the SSG Drop-Down passive holding company status applicable to the Company and the General Partner.
		
	Financial Covenants:	 	Subject to the Bridge Documentation Principles, consisting solely of the following covenants:
		
		 	(a) the Company will not permit the ratio of Consolidated Total Net Indebtedness (to be defined and subject to limitations (including as to cash netting) as mutually agreed) as of the end of any fiscal quarter to Consolidated EBITDA
(to be defined as mutually agreed) for the period of four consecutive fiscal quarters then ended to exceed 3.00 to 1.00; and
		
		 	(b) the Company will not permit the Fee Paying Assets Under Management (to be defined as mutually agreed) as of the end of any fiscal quarter to be less than the sum of (i) 65% of the aggregate amount of Fee Paying Assets Under
Management as of the Closing Date, after giving pro forma effect to the Acquisition plus (ii) 65% of the aggregate amount of any Fee Paying Assets Under Management acquired pursuant to any acquisitions or other investments not constituting
organic growth consummated after the Closing Date and on or prior to the last day of such fiscal quarter, in the case of this clause (ii), calculated as of the date of such acquisition or other investment after giving pro forma effect
thereto.

  
 B-9 

			
		
	Events of Default:	  	Subject to the Bridge Documentation Principles, the Bridge Credit Agreement will include only the following events of default, which shall apply with respect to the Company and its Material Subsidiaries (including the Acquired
Business): nonpayment of principal when due; nonpayment of interest or fees or other amounts within five business days of becoming due; violation of covenants (subject to a 30-day grace period for all
affirmative covenants other than the affirmative covenants to provide notice of default, to maintain the Company’s existence or as to use of proceeds, which will have no cure period); material inaccuracy of any representation or warranty made
or deemed made by the Company or any of its subsidiaries; cross-default and cross-acceleration to indebtedness in excess of an amount to be agreed; bankruptcy and insolvency events; dissolution; monetary judgments in excess of an amount to be
agreed; certain ERISA events (subject to a “material adverse effect” standard); invalidity of the Bridge Loan Documents (including the guarantees of the Guarantors); invalidity of any security interest with respect to a material portion of
the Collateral; and Change of Control (to be defined consistent with the Bridge Documentation Principles).
		
		  	During the period from and including the effectiveness of the Bridge Credit Agreement and to and including the earlier of the termination of the commitments under, or the funding of the loans under, the Bridge Facility on the
Closing Date, and notwithstanding (a) any failure by the Company or any of its subsidiaries to comply with any of the affirmative covenants, negative covenants or financial covenant, (b) the occurrence of any event of default (other than a
payment or bankruptcy with respect to the Company event of default under the Bridge Credit Agreement) or (c) subject to the parenthetical provisions in clause (b) above, any provision to the contrary in the Bridge Credit Agreement, neither
the Administrative Agent nor any Lender shall be entitled to (i) rescind, terminate or cancel the Bridge Facility or any of its commitments thereunder, or exercise any right or remedy under the Bridge Facility, to the extent to do so would
prevent, limit or delay the making of its loan under the Bridge Facility, (ii) refuse to participate in making its loan under the Bridge Facility or (iii) exercise any right of set-off or
counterclaim in respect of its loan under the Bridge Facility to the extent to do so would prevent, limit or delay the making of its loan under the Bridge Facility; provided that, for the avoidance of doubt, (A) the borrowing under the
Bridge Facility shall be subject to the satisfaction or waiver of the conditions set forth in Exhibit C to the Commitment Letter (or the equivalent conditions set forth in the Bridge Credit Agreement) and (B) commitments in respect of
the Bridge Facility shall be reduced as provided under the “Voluntary Commitment Reductions/Prepayments” and the “Mandatory Commitment Reductions/Prepayments” sections above. For the avoidance of doubt, (x) the rights and
remedies of the Lenders, the Arranger and the

  
 B-10 

			
		  	Administrative Agent with respect to any condition precedent set forth in Exhibit C to the Commitment Letter shall not be limited in the event that any such condition precedent is not satisfied or waived on the Closing Date,
(y) immediately after the funding of loans under the Bridge Facility on the Closing Date, all of the rights, remedies and entitlements of the Administrative Agent and the funding Lenders under the Bridge Credit Agreement shall be available and
may be exercised by them notwithstanding that such rights, remedies or entitlements were not available prior to such time as a result of this paragraph and (z) nothing in this paragraph shall affect the rights, remedies or entitlements (or the
ability to exercise the same) of the Administrative Agent or the Lenders with respect to a payment or bankruptcy with respect to the Company event of default under the Bridge Credit Agreement.
		
		  	Amendments; Waivers: Amendments and waivers of the Bridge Credit Agreement will require the approval of Lenders holding a majority of the aggregate amount of the commitments or loans under the Bridge Facility (the
“Bridge Required Lenders”); provided that (a) the consent of each Lender directly and adversely affected thereby will be required with respect to customary matters affecting such Lender, consisting of (i) reductions
in the amount or extensions of the scheduled date for the payment (but not of any required prepayment) of principal of any loan, (ii) reductions in interest rates or fees or extensions of the scheduled dates for payment thereof, and
(iii) increases in the amounts or extensions of the scheduled expiration date of the Lenders’ commitments, (b) the consent of 100% of the Lenders will be required with respect to (i) modifications to the pro rata or
“waterfall” provisions of the Bridge Credit Agreement, (ii) subordination of any obligations under the Bridge Facility or any liens securing any such obligations, (iii) releases of all or substantially all of the value of the
guarantees of the Guarantors and/or all or substantially all of the Collateral (other than in connection with a disposition of the relevant Guarantor or such Collateral to a person that is not the Borrower or another Guarantor to the extent
permitted by the Bridge Loan Documents) and (iv) modifications to any of the voting percentages; provided further that no amendment or waiver shall amend, modify or otherwise affect the rights or duties of the Administrative Agent
without the prior written consent of the Administrative Agent.
		
	Voting:	  	In connection with any waiver or amendment that requires the consent of all the Lenders or all affected Lenders and that has been approved by the Bridge Required Lenders, the Company shall have the right to replace any non-consenting Lender.

  
 B-11 

			
	Cost and Yield Protection:	  	The Bridge Credit Agreement will contain customary provisions (a) protecting the Administrative Agent and the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and capital or
liquidity requirements (or their interpretation), illegality, unavailability and other requirements of law (including reserves with respect to liabilities or assets consisting of or including “Eurocurrency Liabilities”) and from the
imposition of or changes in certain taxes, subject to customary lender mitigation provisions, and (b) indemnifying the Lenders for customary “breakage costs” incurred in connection with, among other things, any prepayment of a LIBO
Rate loan on a day other than the last day of an interest period with respect thereto. For all purposes of the Bridge Credit Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines and
directives promulgated thereunder and (ii) all requests, rules, guidelines or directives promulgated thereunder and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, shall be deemed introduced or adopted after the date of the Bridge Credit
Agreement. The Bridge Credit Agreement will provide that all payments are to be made free and clear of taxes (with customary exceptions).
		
	Defaulting Lenders:	  	The Bridge Credit Agreement will contain customary provisions with respect to Defaulting Lenders.
		
	Assignments and Participations:	  	The Lenders may assign all or, in an amount of not less than $5.0 million, any part of, their respective commitments or loans under the Bridge Facility to one or more eligible assignees (excluding any Disqualified Lender (to be
defined as mutually agreed)), subject to the prior written consent of (a) the Administrative Agent and (b) except to the extent that a payment or bankruptcy event of default has occurred and is continuing, the Company, each such consent
not to be unreasonably withheld, delayed or conditioned; provided that, after the Closing Date, assignments made to a Lender or an affiliate or approved fund of a Lender will not be subject to the above consent requirements. The
Company’s consent shall be deemed to have been given if the Company has not responded within 10 business days of a written request for an assignment; provided, that prior to the Closing Date, no deemed consent concept shall be applicable,
unless a bankruptcy event of default shall have occurred and be continuing. Upon such assignment, the assignee will become a Lender for all purposes under the Bridge Credit Agreement. A $3,500 processing fee will be payable by the assignee or
assignor lender in connection with any such assignment. The Lenders will also have the right to sell participations

  
 B-12 

			
		  	without restriction (other than to natural persons, the Company and its subsidiaries and affiliates and Disqualified Lenders), subject to customary limitations on voting rights, in their respective shares of the Bridge
Facility.
		
	Expenses and Indemnification; Liability Limitations:	  	The Bridge Credit Agreement will contain customary provisions relating to indemnity, reimbursement, exculpation, liability limitations and related matters.
		
	EU/UK Bail-in Provisions:	  	The Bridge Credit Agreement will contain a customary contractual recognition provision required under Article 55 of the Bank Recovery and Resolution Directive of the European Union and the analogous contractual recognition provision
in respect of the U.K.
		
	Governing Law and Forum:	  	The Bridge Credit Agreement and the other Bridge Loan Documents will provide that the parties thereto will submit to the exclusive jurisdiction and venue of the federal and state courts of the State of New York sitting in the
Borough of Manhattan and will waive any right to trial by jury. New York law will govern the Bridge Credit Agreement and the other Bridge Loan Documents; provided that (a) the interpretation of the definition of “Material Adverse
Effect” (as defined in Exhibit C to the Commitment Letter) and whether or not a Material Adverse Effect exists or has occurred, (b) the determination of the accuracy of any Acquisition Agreement Representations (as defined in
Exhibit C to the Commitment Letter) and whether as a result of any inaccuracy of such representations and warranties the Company (or any of its affiliates) has the right to terminate its (or its affiliate’s) obligations under the
Acquisition Agreement or the right to elect not to consummate the Acquisition and (c) the determination of whether the Acquisition has been consummated pursuant to, and in all material respects in accordance with, the terms of the Acquisition
Agreement, in each case, will be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the
State of Delaware or any other jurisdiction.
		
	Counsel to the Administrative Agent and the Arranger:	  	Fried, Frank, Harris, Shriver & Jacobson LLP.

  
 B-13 

 SCHEDULE I TO EXHIBIT B 

 

			
		
	Interest Rates:	  	Interest will accrue at, at the option of the Company, a rate per annum equal to (a) Adjusted LIBO Rate plus the Applicable Margin or (b) the ABR plus the Applicable Margin.
		
		  	The Company may elect interest periods of 1 or 3 months for LIBO Rate borrowings.
		
		  	Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans when determined on the basis of the Prime Rate) and interest shall be
payable at the end of each interest period and upon any prepayment or repayment on the amount prepaid or repaid. Interest on overdue amounts will accrue, in the case of principal, at the rates otherwise applicable plus 2% per annum or, in the case
of amounts other than principal, interest accruing on ABR loans plus 2% per annum.
		
		  	“ABR” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day; (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per annum; and (c) the Adjusted LIBO Rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1%.
For purposes of clause (c) above, the Adjusted LIBO Rate on any day shall be based on the LIBO Screen Rate at approximately 11:00 a.m., London time, on such day for deposits in U.S. dollars with a maturity of one month (or, if the LIBO
Screen Rate is not available for a maturity of one month but is available for periods both longer and shorter than such period, the Interpolated Screen Rate as of such time); provided that (i) if such rate shall be less than zero, such
rate shall be deemed to be zero and (ii) if such rate shall not be available, such rate shall be deemed to be zero. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and
including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, as the case may be.
		
		  	“Adjusted LIBO Rate” means the LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities.
		
		  	“Applicable Margin” means (i) in the case of Adjusted LIBO Rate loans, 2.00% per annum and (ii) in the case of ABR loans, 1.00% per annum; provided, in each case, the Applicable Margin will increase
by 0.25% per annum on each of the 90th, 180th and 270th day after the Closing Date.

			
		  	“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as shall be set forth
on the NYFRB Website from time to time, and published on the next succeeding business day by the NYFRB as the federal funds effective rate, provided that if such rate shall be less than zero, such rate shall be deemed to be zero.
		
		  	“Interpolated Screen Rate” means, with respect to any Adjusted LIBO Rate borrowing for any interest period or clause (c) of the definition of ABR, a rate per annum (rounded to the same number of decimal places
as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) that results from interpolating on a linear basis between (a) the LIBO Screen Rate for the longest
maturity for which a LIBO Screen Rate is available that is shorter than the applicable period and (b) the LIBO Screen Rate for the shortest maturity for which a LIBO Screen Rate is available that is longer than the applicable period, in each
case as of the time the Interpolated Screen Rate is otherwise required to be determined in accordance with the Bridge Credit Agreement; provided that if such rate would be less than zero, such rate shall be deemed to be zero.
		
		  	“LIBO Rate” means, with respect to any borrowing for any interest period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two business days prior to the commencement of such interest period;
provided that if the LIBO Screen Rate shall not be available at such time for such interest period, then the LIBO Rate shall be the Interpolated Rate.
		
		  	“LIBO Screen Rate” means, with respect to any borrowing for any interest period or in respect of any determination of ABR pursuant to clause (c) of the definition of such term, the London interbank offered rate
as administered by ICE Benchmark Administration (or any other person that takes over the administration of such rate) for deposits in U.S. dollars for a period equal in length to the applicable period as displayed on the Reuters screen that displays
such rate (currently LIBOR01 or LIBOR02) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent
from time to time in its reasonable discretion) (or, in the event such rate does not appear on a Reuters screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO

			
		  	Screen Rate as so determined would be less than zero, such rate shall be deemed to be zero.
		
		  	“NYFRB” means the Federal Reserve Bank of New York.
		
		  	“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a
business day, for the immediately preceding business day); provided that if none of such rates are published for any day that is a business day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00
a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than
zero, such rate shall be deemed to be zero.
		
		  	“NYFRB Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
		
		  	“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite
rate shall be determined by the NYFRB as set forth on the NYFRB Website from time to time, and published on the next succeeding business day by the NYFRB as an overnight bank funding rate.
		
		  	“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum
interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein
(as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly
announced or quoted as being effective.
		
		  	“Reuters” means Thomson Reuters Corporation, Refinitiv or, in each case, a successor thereto.
		
	Duration Fees:	  	The Company will pay a fee (the “Duration Fee”) to each Lender on each date set forth in the grid below in an amount equal to the percentage, determined in accordance with the grid below, of the principal amount of
the loan under the Bridge Facility of such Lender outstanding at the close of

			
		  	business, New York City time, on such date:

  

					
	 Duration Fees

	 90 days after the

Closing Date
	  	180 days after the
Closing Date	 	270 days after the
Closing Date
	 0.50%
	  	0.75%	 	1.00%

 EXHIBIT C 

Project Alto 
 364-Day Senior Secured Bridge Facility 
 Summary of Conditions Precedent 

Capitalized terms used but not defined herein have the meanings given to them in the Commitment Letter to which this Exhibit C is
attached. 
 The borrowing under the Bridge Facility on the Closing Date shall be subject only to the following conditions precedent: 

1. The Acquisition shall have been (or, substantially concurrently with the funding under the Bridge Facility, shall be) consummated pursuant
to, and in all material respects in accordance with, the terms of the Acquisition Agreement. The Acquisition Agreement shall not have been amended, supplemented or modified in any respect, or any provision or condition therein waived, or any consent
granted thereunder (directly or indirectly), by the Company or any of its subsidiaries, if such amendment, supplementation, modification, waiver or consent would be material and adverse to the interests of the Lenders or the Arranger (in either
case, in their capacities as such) without the Arranger’s prior written consent, it being understood and agreed that (a) any reduction, when taken together with all prior reductions, of less than 10% in the original consideration for the
Acquisition will be deemed not to be (and any such reduction of 10% or more will be deemed to be) material and adverse to interests of the Lenders or the Arranger, (b) any increase, when taken together with all prior increases, of less than 10%
in the original consideration for the Acquisition will be deemed not to be (and any such increase of 10% or more will be deemed to be) material and adverse to interests of the Lenders and the Arranger and (c) any change to the definition of
“Material Adverse Effect” will be deemed to be material and adverse to interests of the Lenders and the Arranger. 
 2. The
Arranger shall have received: 
 (a) (i) audited consolidated balance sheets and related consolidated statements of operations,
comprehensive income, stockholders’ equity and cash flows of the Company, prepared in accordance with GAAP, for the three most recent fiscal years that shall have ended at least 60 days prior to the Closing Date; and (ii) unaudited
consolidated balance sheets and related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows of the Company, prepared in accordance with GAAP, for each fiscal quarter (other than the fourth fiscal
quarter) ended after the date of the most recent balance sheet delivered pursuant to clause (i) above and at least 40 days prior to the Closing Date, in the case of clauses (i) and (ii), together with reconciliation statements necessary to
eliminate the financial information pertaining to the Company and its subsidiaries (other than SSG and its subsidiaries). The financial statements delivered in respect of each of clauses (i) and (ii) shall be prepared in a form consistent with
the requirements of Regulation S-X. The Arranger hereby acknowledges that the Company’s public filing with the SEC of any required financial statements will satisfy the applicable requirements of this
clause (a); provided that a subsequent Form 8-K, Item 4.02 has not been filed with respect to the financial statements included therein;] 

(b) (i) audited consolidated balance sheets of Greenspring Associates, LLC and its Consolidated Subsidiaries (as defined in the
Acquisition Agreement), for the three most recent fiscal years that shall have ended at least 60 days prior to the Closing Date and the related audited consolidated statements of operations, changes in members’ equity, and income of Greenspring
Associates, LLC and the Consolidated Subsidiaries for the periods then ended, together with all related notes and schedules thereto; and (ii) the unaudited consolidated balance sheet of Greenspring Associates, LLC and the Consolidated
Subsidiaries, and the related consolidated statements of operations, changes in members’ equity and income of Greenspring Associates, LLC and its Subsidiaries (as defined in the Acquisition Agreement), together with all related notes and
schedules thereto, for each fiscal quarter (other than the fourth fiscal quarter) ended after the date of the most recent balance sheet delivered pursuant to clause (i) above and at least 40 days prior to the Closing Date; and 

  
 C-1 

 (c) (i) audited balance sheets and related statements of operations, comprehensive
income, stockholders’ or members’ equity and cash flows of each of GA Inc., GBOS Inc., GALP and GBOS (as each such term is defined in the Acquisition Agreement), in each case, prepared in accordance with GAAP (as defined in the Acquisition
Agreement), for the two most recent fiscal years that shall have ended at least 60 days prior to the Closing Date and (ii) unaudited balance sheets and related statements of operations, comprehensive income, stockholders’ or members’
equity and cash flows of GA Inc., GBOS Inc., GALP and GBOS (as each such term is defined in the Acquisition Agreement), in each case, prepared in accordance with GAAP (as defined in the Acquisition Agreement), for each fiscal quarter (other than the
fourth fiscal quarter) ended after the date of the most recent balance sheet delivered pursuant to clause (i) above and at least 40 days prior to the Closing Date. 

3. The Arranger shall have received (a) customary legal opinions, officers’ certificate (as to the satisfaction of the closing
conditions set forth in Sections 1 (other than the first and the last sentence thereof), 4 and 5 of this Exhibit C and as to the aggregate amount of any reductions in the commitments under the Bridge Facility occurring as set forth under the
“Mandatory Commitment Reductions/Prepayments” section in Exhibit B to the Commitment Letter, together with a reasonably detailed calculation thereof), customary secretary’s certificates, good standing (or equivalent)
certificates, corporate documents and reasonable evidence of authority (including incumbency and resolutions) with respect to the Company and the Initial Guarantors, (b) a customary notice of borrowing (which shall not contain any
representations or warranties) and (c) a certificate in the form of Exhibit D to the Commitment Letter from the Company executed by its chief financial officer, certifying that the Company and its subsidiaries, on a consolidated basis
after giving effect to the Transactions and the other transactions contemplated hereby, are solvent (collectively, the “Closing Deliverables”). 

4. At the time of and upon giving effect to the borrowing and application of the loans under the Bridge Facility on the Closing Date,
(a) the Acquisition Agreement Representations shall be true and correct, (b) the Specified Representations shall be true and correct in all material respects (without duplication of any materiality qualifier set forth therein) and
(c) there shall not exist any event of default under the Bridge Credit Agreement relating to (i) non-payment of amounts due under the Bridge Facility or (ii) bankruptcy or insolvency events in
respect of the Company. 
 5. There shall not have occurred a Material Adverse Effect (as defined in the Acquisition Agreement as in effect
on the date hereof) since the date of the Acquisition Agreement. 
 6. Subject to the Certain Funds Provision, the Company and the Initial
Guarantors, as applicable, shall have executed and delivered to the Administrative Agent (a) the Bridge Credit Agreement, (b) a security agreement pursuant to which a lien is granted on the Collateral in favor of the Administrative Agent,
for the ratable benefit of the lenders under the Bridge Facility, and pursuant to which the Administrative Agent is authorized to file customary “all assets” UCC-1 financing statements, (c) a
guarantee agreement and (d) each other Bridge Loan Document to which it is a party, in each case, that are substantially consistent with the terms set forth in the Commitment Letter. 

7. Subject to the Certain Funds Provision, substantially simultaneously with the funding of the Bridge Facility, all documents and instruments
required to perfect the Administrative Agent’s security interest in the Collateral of the Initial Borrower and the Initial Guarantors shall have been executed and delivered and, if applicable, be in proper form for filing. 

  
 C-2 

 8. Subject to the Certain Funds Provision, the Administrative Agent shall have received any
certificated security interests representing (a) any equity interests of the General Partner and SSG and (b) any equity interests of the Acquired Business and its subsidiaries constituting Collateral, in each case, together with customary
stock powers executed in blank. 
 9. The Company shall have paid all fees, expenses and other amounts payable by it under the Commitment
Letter, the Fee Letter or the Bridge Credit Agreement on or prior to the Closing Date (in the case of expenses and other amounts, to the extent invoiced at least two business days prior to the Closing Date). 

10. The Arranger shall have received, at least three business days prior to the Closing Date, all documentation and other information requested
by it in writing to the Company at least 10 business days prior to the Closing Date that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation the PATRIOT Act and the Beneficial Ownership Regulation. 
 11. The Company shall have engaged, not later than the date of the
Company’s acceptance of the Commitment Letter, one or more investment and/or commercial banks reasonably satisfactory to the Arranger and the Company to underwrite or arrange the Equity Securities, the Term Facility, the Revolving Facility and
any other permanent financing in respect of the Transactions (it being acknowledged by the Arranger that the condition set forth in this Section 11 has been satisfied as of the date of the Commitment Letter). 

12. The Acquisition shall not have been consummated prior to the completion of a period of at least 15 consecutive business days commencing on
the date of delivery of all of the information required pursuant to paragraph 2 above (the “Marketing Period”); provided (i) November 25, 2021 and November 26, 2021 shall not be deemed to be business days for
purposes of calculating such 15-business day period; (ii) if such 15-business day period has not ended on or prior to August 20, 2021, then such 15-business day period shall not commence prior to September 7, 2021; and (iii) if such 15-business day period has not ended on or prior to December 17, 2021,
then such 15-business day period shall not commence prior to January 4, 2022. 

  
 C-3 

 EXHIBIT D 

SOLVENCY CERTIFICATE 

This Certificate (this “Certificate”) is being delivered pursuant to Section [•] of the Credit Agreement dated as of
[•] (the “Credit Agreement”), among StepStone Group Inc., a Delaware corporation (the “Company”), the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent. Unless
otherwise defined herein, terms used herein have the meanings provided in the Credit Agreement. 
 The undersigned hereby certifies that
[he][she] is the Chief Financial Officer of the Company and that [he][she] is knowledgeable of the financial and accounting matters of the Company and its Subsidiaries and that, as such, [he][she] is authorized to execute and deliver this
Certificate on behalf of the Company (and not in an individual capacity). 
 The undersigned hereby further certifies, solely in [his][her]
capacity as Chief Financial Officer of the Company and not in an individual capacity and without personal liability, that, on the date hereof, immediately after giving effect to the Transactions to occur on the Closing Date, including the making of
the Loans to be made on the Closing Date and the application of the proceeds thereof: 
 1. The fair value of the assets of the Company and
its Subsidiaries, on a consolidated basis, will exceed their debts and liabilities, on a consolidated basis, subordinated, contingent or otherwise. 

2. The present fair saleable value of the property of the Company and its Subsidiaries, on a consolidated basis, will be greater than the
amount that will be required to pay the probable liabilities on their debts and other liabilities, on a consolidated basis, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured. 

3. The Company and its Subsidiaries, on a consolidated basis, will be able to pay their debts and liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured. 
 4. The Company and its Subsidiaries, on a consolidated basis, are
not engaged in and are not about to engage in business for which they will have unreasonably small capital. 
 In computing the amount of
the contingent liabilities of the Company and its Subsidiaries as of the date hereof, such liabilities have been computed at the amount that, in light of all the known facts and circumstances existing as of the date hereof, represents the amount
that can reasonably be expected to become an actual or matured liability. 
 [Remainder of this page intentionally left blank] 

  
 D-1 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate solely in [his][her]
capacity as Chief Financial Officer of the Company (and not in an individual capacity) this [•] day of [•]. 
  

			
	STEPSTONE GROUP INC.,
		
	By	 	  

		 	Name:
		 	Title: Chief Financial Officer

  
 D-2EX-4.1

 Exhibit 4.1 

COMMONWEALTH CREDIT PARTNERS BDC I, INC. 

(A Delaware Corporation) 

SUBSCRIPTION AGREEMENT 

Article I. 

Section 1.01 Subscription. 

(a) Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained in this subscription
agreement (this “Subscription Agreement”), the undersigned (the “Investor”) irrevocably subscribes for and agrees to purchase shares of common stock, par value $0.001 per share (“Shares”), of
COMMONWEALTH CREDIT PARTNERS BDC I, INC. (the “Company”) on the terms and conditions described herein, in the Company’s disclosure package consisting of the materials listed in Appendix F hereto (together with any
appendices and supplements thereto, the “Disclosure Package”), in the Company’s Amended and Restated Certificate of Incorporation (the “Charter”), in the Company’s Bylaws (the “Bylaws”),
in the Investment Advisory and Management Agreement by and between the Company and COMMONWEALTH CREDIT ADVISORS LLC (the “Adviser”) (the “Investment Advisory Agreement”) and in the Administration Agreement
between the Company and COMMONWEALTH CREDIT ADVISORS LLC (in such capacity, the “Administrator”) (the “Administration Agreement” and together with the Charter, the Bylaws, the Investment Advisory Agreement
and the Disclosure Package, the “Operative Documents”). The Investor has received the Operative Documents. The Company expects to enter into separate subscription agreements (the “Other Subscription Agreements”)
with other investors (the “Other Investors,” and together with the Investor, the “Investors”), providing for the sale of Shares to the Other Investors. This Subscription Agreement and the Other Subscription
Agreements are separate agreements, and the sales of Shares to the undersigned and the Other Investors are to be separate sales. 
 (b) The
Investor agrees to purchase Shares for an aggregate purchase price equal to the amount set forth on the signature page hereof (the “Capital Commitment”), payable at such times and in such amounts as required by the Company, under
the terms and subject to the conditions set forth herein. On each Drawdown Date (as defined below), the Investor agrees to purchase from the Company, and the Company agrees to issue to the Investor, a number of Shares equal to the Drawdown Share
Amount (as defined below) at an aggregate price equal to the Drawdown Purchase Price (as defined below); provided, however, that in no circumstance will an Investor be required to purchase Shares for an amount in excess of its Unused Capital
Commitment (as defined below). 
 (c) To accommodate the legal, tax, regulatory or fiscal concerns of certain Other Investors, the Adviser
may determine to allow certain Other Investors (the “Fully Funded Other Investors”) to fully fund their Capital Commitment. 

“Drawdown Purchase Price” shall mean, for each Drawdown Date, an amount in U.S. dollars determined by multiplying
(i) the aggregate amount of Capital Commitments being drawn down by the Company from all Investors on that Drawdown Date, by (ii) a fraction, the numerator of which is the Unused Capital Commitment of the Investor and the denominator of
which is the aggregate Unused Capital Commitments of all Investors that are not Defaulting Investors or Excluded Investors (as defined below). 

 “Drawdown Share Amount” shall mean, for each Drawdown Date, a number of
Shares determined by dividing (i) the Drawdown Purchase Price for that Drawdown Date by (ii) the Per Share NAV (as defined below) as of the Drawdown Date, subject to adjustment to take into account a determination of changes to the net
asset value per share of common stock within 48 hours of the Drawdown Date to ensure compliance with Section 23(b) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Adjustment
Procedures”), with the resulting quotient adjusted to the nearest whole number to avoid the issuance of fractional shares. 

“Per Share NAV” shall mean, for any date, the net asset value per share of common stock determined in accordance with the
procedures set forth in the Disclosure Package (as those procedures may be changed from time to time in a manner consistent with the limitations of the 1940 Act) as of the last day of the Company’s fiscal quarter immediately preceding such
date. 
 “Unused Capital Commitment” shall mean, with respect to an Investor, the amount of such Investor’s Capital
Commitment as of any date reduced by the aggregate amount of contributions made by that Investor at all previous Drawdown Dates and any Catch-up Date pursuant to Section 1.01(b) and Section 1.02(b),
respectively. 
 Section 1.02 Closings. 

(a) The closing of this subscription agreement will take place at 525 Okeechobee Boulevard, Suite 1050, West Palm Beach, FL 33401 on July
6, 2021 (such date being the “Closing Date,” and the date upon which the first closing of any Subscription Agreement occurs being referred to herein as the “Initial Closing Date”). The Investor agrees to provide any
information reasonably requested by the Company to verify the accuracy of the representations contained herein, including without limitation the investor suitability questionnaire attached as Appendix A (the “Investor Profile
Form”). Promptly after the Closing Date, the Company will deliver to the Investor or its representative, if the Investor’s subscription has been accepted, a countersigned copy of this Subscription Agreement and other documents and
instruments necessary to reflect the Investor’s status as an investor in the Company, including any documents and instruments to be delivered pursuant to this Subscription Agreement. 

(b) Subject to Section 1.02(e) below, the Company may enter into Other Subscription Agreements with Other Investors after the Closing
Date, with any closing thereunder referred to as a “Subsequent Closing” and any Other Investor whose subscription has been accepted at such Subsequent Closing referred to as a “Subsequent Investor.” Notwithstanding
the provisions of Sections 1.01(b) and 2.01, on a date to be determined by the Company that occurs on or following the Subsequent Closing but no later than the next succeeding Drawdown Date (the
“Catch-up Date”), each Subsequent Investor shall be required to purchase from the Company a number of Shares with an aggregate purchase price necessary to ensure that, upon payment of the
aggregate purchase price for such Shares by the Subsequent 

  
 2 

 
Investor on the Catch-up Date, such Subsequent Investor’s Invested Percentage (as defined below) shall be equal to the Invested Percentage of all
prior Investors (other than any Defaulting Investors, Excluded Investors or Fully Funded Other Investors) (the “Catch-up Purchase Price”). Upon payment of the
Catch-up Purchase Price by the Investor on the Catch-up Date, the Company shall issue to each such Subsequent Investor a number of Shares determined by dividing
(x) the Catch-up Purchase Price minus the Organizational Expense Allocation by (y) the Per Share NAV as of the Catch-up Date, subject to adjustment in
accordance with the Adjustment Procedures. For the avoidance of doubt, in the event that the Catch-up Date and a Drawdown Date occur on the same calendar day, the
Catch-up Date (and the application of the provisions of this Section 1.02(b)) shall be deemed to have occurred immediately prior to the relevant Drawdown Date. 

“Invested Percentage” means, with respect to an Investor, the quotient determined by dividing (i) the aggregate amount
of contributions made by such Investor pursuant to Section 1.01(b) and this Section 1.02(b) by (ii) such Investor’s Capital Commitment. 

“Organizational Expense Allocation” means, with respect to an Investor, the product obtained by multiplying (i) a
fraction, the numerator of which is such Investor’s Capital Commitment and the denominator of which is the total Capital Commitments received by the Company through such date by (ii) the total amount of organizational expenses spent by the
Company in connection with the Company’s formation. 
 (c) At each Drawdown Date following any Subsequent Closing, all Investors,
including Subsequent Investors, shall purchase Shares in accordance with the provisions of Section 1.01(b); provided, however, that notwithstanding the foregoing, the definition of Drawdown Share Amount and the provisions of
Section 2.01(b), nothing in this Subscription Agreement shall prohibit the Company from issuing Shares to Subsequent Investors at a per share price greater than the Per Share NAV as of the Drawdown Date, as adjusted pursuant to the Adjustment
Procedures. 
 (d) In the event that any Investor is permitted by the Company to make an additional capital commitment to purchase Shares on
a date after its initial subscription has been accepted, such Investor will be required to enter into a separate subscription agreement with the Company and such other documents as may be requested by the Company, it being understood and agreed that
such separate subscription agreement will be considered to be an Other Subscription Agreement for the purposes of this Subscription Agreement. 

(e) Notwithstanding anything to the contrary set forth in this Section 1.02, the Company shall not seek to raise additional Capital
Commitments from Subsequent Investors without the prior consent or approval of the holders of the majority of the Company’s then outstanding Shares. 

  
 3 

 Article II. 

Section 2.01 Drawdowns. 

(a) Subject to Section 2.01(e), purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a
“Drawdown Date”) and shall be made in accordance with the provisions of Section 1.01(b); provided, however, that no Drawdown Date shall occur until the Company’s Form 10 shall have become effective under the 1934 Act. 

(b) Prior to each Drawdown Date, the Company shall deliver to the Investor a notice (each, a “Drawdown Notice”) setting forth
(i) the aggregate purchase price for Shares being purchased on the Drawdown Date; (ii) the applicable Drawdown Purchase Price; (iii) the estimated Drawdown Share Amount; (iv) applicable Per Share NAV as of the applicable Drawdown
Date, and (v) the account to which the Drawdown Purchase Price should be wired. The Company shall deliver each Drawdown Notice to the Investor at least 10 Business Days prior to the Drawdown Date. On the Drawdown Date, if as a result of
adjustments to the Per Share NAV in accordance with the Adjustment Procedures, the estimated Drawdown Share Amount set forth in the Drawdown Notice is not the actual Drawdown Share Amount, the Company will deliver to the Investor an additional
notice setting forth the adjusted Per Share NAV and the actual Drawdown Share Amount. 
 For the purposes of this Subscription Agreement,
the term “Business Day” means any day, other than Saturday, Sunday or a federal holiday, and shall consist of the time period from 12:01 a.m. through 12:00 midnight Eastern time. 

(c) On each Drawdown Date, the Investor shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available
funds in U.S. dollars to the account specified in the Drawdown Notice. 
 (d) The Company has appointed a third party transfer agent,
distribution paying agent and registrar for the Shares. 
 (e) At the end of the Investment Period (as defined below), any Unused Capital
Commitment (other than any Defaulted Commitment) shall automatically be reduced to zero, provided, however that Investors will remain obligated to fund Drawdowns to the extent necessary to pay amounts due under Drawdown Notices that the
Company may thereafter issue to: (a) fund the management fee and other Company liabilities and expenses throughout the term of the Company (including to repay outstanding financings of the Company); (b) complete Company investments that
are in process or that have been committed to as of the end of the Investment Period; and (c) make follow-on investments in an aggregate amount up to 10% of the gross assets of the Company.
“Investment Period” shall mean the period beginning on the date of the Initial Closing and continuing through the four year anniversary of the Initial Closing, subject to automatic extensions thereafter, each for an additional one
year period, unless the holders of a majority of the Company’s then outstanding Shares elect to forego any such extension, upon not less than ninety (90) days prior written notice to the Adviser; provided, however, that the holders
of a majority of the Company’s then outstanding Shares may terminate the Investment Period as of any earlier anniversary of the Initial Closing, upon not less than ninety (90) days prior written notice to the Adviser. The Adviser may also
terminate the Investment Period as of an earlier date in its discretion. 

  
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 (f) The term of the Company (the “Term”) shall expire two years following
the expiration of the Investment Period, subject to additional extensions, each for an additional one year period, upon approval of the holders of a majority of the Company’s then outstanding Shares; provided, however, that if an initial public
offering of the Shares or a listing of the Shares on a national securities exchange shall have occurred, the Company shall operate as an infinite life, permanent capital vehicle. Upon expiration of the Company’s Term, the Board, in its sole
discretion (and subject to any necessary Investor approvals and applicable requirements of the Delaware General Corporation Law and the 1940 Act) shall use its commercially reasonable efforts to wind down and/or liquidate and dissolve the Company in
an orderly manner. 
 (g) Notwithstanding anything to the contrary contained in this Subscription Agreement, the Company shall have the
right (a “Limited Exclusion Right”) to exclude any Investor (such Investor, an “Excluded Investor”) from purchasing Shares from the Company on any Drawdown Date if, in the reasonable discretion of the Company, there
is a substantial likelihood that such Investor’s purchase of Shares at such time would result in a violation of, or noncompliance with, any law or regulation to which such Investor, the Company, the Adviser, any Other Investor or a portfolio
company would be subject. In the event that any Limited Exclusion Rights is exercised, the Company shall be authorized to issue an additional Drawdown Notice to the non-Excused Investors to make up any
applicable shortfall caused by such Limited Exclusion Right. In no event shall the Investor be required to contribute capital pursuant to any Drawdown Notice in excess of the Investor’s then current Unused Capital Commitment. 

Section 2.02 Pledging. Without limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company
may, at any time, and without further notice to or consent from the Investor (except to the extent otherwise provided in this Subscription Agreement), grant security over (and, in connection therewith), Transfer (as defined in
Section 4.01(c)(1) its right to draw down capital from the Investor pursuant to Section 2.01, and the Company’s right to receive the Drawdown Share Purchase Price (and any related rights of the Company), to lenders or other creditors
of the Company, in connection with any indebtedness, guarantee or surety of the Company; provided that, for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject to the limitations on the Company’s
right to draw down capital pursuant to Section 2.01. In connection with any such secured financing (a “Subscription Facility”), the Investor specifically agrees, for the benefit of the Company and such lenders, to the following: 

(a) The Company may incur indebtedness for Company purposes, including without limitation pursuant to a Subscription Facility, and secure such
Subscription Facility by (i) the Unused Capital Commitments, (ii) the Company’s rights to issue Drawdown Notices and receive payment therefor, (iii) the Company’s right to exercise remedies against the Investors and the
Other Investors for failure to pay for such Shares as required by the Drawdown Notices, (iv) the deposit account into which the payments for such Shares will be wired, and (v) any related collateral and proceeds thereof, (b) the
Investor acknowledges and agrees that the lender (or agent for the lenders) under a Subscription Facility is relying on each Investor’s Unused Capital Commitment as its primary source of repayment and may issue future Drawdown

  
 5 

 
Notices and may exercise all remedies of the Company with respect thereto as part of such lenders’ (or such lenders’ agents’) remedies under the Subscription Facility, (c) in
the event of a failure by any Investor to pay for such Shares, each of the Company and such lender (or agent for such lender) is entitled to pursue any and all remedies available to it under this Subscription Agreement, including issuing additional
Drawdown Notices to non-Defaulting Investors in order to make up any deficiency caused by the default of the Investor, whose ownership in the Company would be diluted as a result, (d) the Investor agrees
that its obligation to fund Drawdown Notices pursuant to Section 2.01 is irrevocable, and shall be without setoff, counterclaim or defense of any kind, including any defense pursuant to Section 365 of the U.S. Bankruptcy Code (other than
any defenses provided hereunder), (e) the Investor has received full and adequate consideration on the date hereof for its Shares that are to be paid and issued in subsequent installments, and any defense of
non-consideration or similar defenses for its subscription are hereby waived by the Investor, whether in bankruptcy, insolvency, receivership or similar proceedings or otherwise, including any failure or
inability of the Company to issue Shares or for any such Shares to have positive value on the date of a Drawdown Notice, (f) the Company may use the proceeds of any Share issuance for repaying outstanding loans under the Subscription Facility,
(g) the Investor agrees that the Company may reveal the Investor’s identity, this Subscription Agreement and any side letter or similar arrangement with the Investor on a confidential basis to the lenders (or agents for the lenders) under
a Subscription Facility, if so required under the terms of such Subscription Facility, (h) upon the reasonable request of the Company, the Investor will, as soon as reasonably practicable, provide the Company with copies of its publicly
available financial statements to enable the Company to comply with underwriting requests from any lender (or agent for such lender) under a Subscription Facility and take such further action as may be reasonably requested by the Company to
consummate the financing contemplated in this Section 2.02, (i) any claim the Investor may have against the Company or another Investor in the Company shall be subordinate to any claim a lender (or agent for such lender) under the Subscription
Facility may have against the Company or such Investor, (j) from time to time upon request, the Investor will provide to any lender under a Subscription Facility a certificate setting forth such Investor’s then Unused Capital Commitment,
(k) it acknowledges and confirms that the terms of the applicable Subscription Facility and each other agreement executed in connection therewith can be modified (including, without limitation, increases, decreases or renewals of credit
extended, or the release of any guarantee or security) without further notice to such Investor and without its consent; provided, however, that in no event shall any such modification of any such document alter an Investor’s rights or
obligations hereunder without such Investor’s written consent, (l) each Investor acknowledges that the making and performance of its obligations hereunder constitute private and commercial acts rather than governmental or public acts, and
that neither it nor any of its properties or revenues has any right of immunity from suit, court jurisdiction, execution of a judgment or from any other legal process with respect to its obligations hereunder, and to the extent that it may hereafter
be entitled to claim any such immunity, or to the extent that there may be attributed to it such an immunity (whether or not claimed), unless otherwise agreed in writing by the Company, it hereby irrevocably agrees not to claim and hereby
irrevocably waives such immunity, (m) upon the withdrawal or transfer of the Investor’s interest in the Company in accordance with the terms hereof, such Investor acknowledges that it may be required at the time of such withdrawal or
transfer to fund a Drawdown Notice to repay amounts outstanding under the Subscription Facility equal to its share thereof; provided that such Investor shall not be 

  
 6 

 
required to fund a Drawdown Notice in excess of its Unused Capital Commitment, and (n) that the lenders (or agents for the lenders) under a Subscription Facility are third party
beneficiaries of this Subscription Agreement who may rely on the Investor’s agreements in this Section 2.02 in providing a Subscription Facility to the Company. 

Section 2.03 Distributions. 

(a) The Company represents and warrants that it shall not make any distributions consisting of securities that are not Marketable Securities
except in connection with liquidation distributions in accordance with Delaware General Corporation Law. “Marketable Securities” means securities which are traded or quoted on the New York Stock Exchange, American Stock Exchange or
the Nasdaq Global Market or on a comparable securities market or exchange now or in the future. 
 (b) The Company shall provide at least
five (5) Business Days’ notice prior to the payment date of any distribution to the Investor. Distributions shall consist of cash or cash equivalents, except that the Company may make distributions of assets in kind to the Investor with
the prior consent of the Investor. 
 (c) During the Investment Period, any amounts received by the Company as a return of capital (as
opposed to a return on capital) with respect to an investment may be retained by the Company, without reducing the Investor’s Unused Capital Commitments, for the purpose of making investments and/or for such other permissible purposes as set
out in the Disclosure Package. 
 Article III. 

Section 3.01 Remedies Upon Investor Default. In the event that an Investor fails to pay all or any portion of the Drawdown Purchase Price
due from such Investor on any Drawdown Date (such amount, together with the full amount of such Investor’s remaining Capital Commitment, a “Defaulted Commitment”) and such default remains uncured for a period of 10 Business Days, the
Company shall be permitted to declare such Investor to be in default of its obligations under this Subscription Agreement (any such Investor, a “Defaulting Investor”) and shall be permitted to pursue one or any combination of the following
remedies: 
 (a) The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown Date; 

(b) The Company may offer up to 25% of the Defaulting Investor’s Shares (the “Offered Shares”) first, to the Other
Investors (other than any defaulting Other Investors) and if such Other Investors do not purchase all of such Offered Shares, to third parties for purchase at a price equal to the lesser of the then net asset value of such Shares or the highest
price reasonably obtainable by the Company, subject to such other terms as the Company in its discretion shall determine, which offer(s) shall be binding upon the Defaulting Investor if the purchasing Other Investors or third parties agree to assume
the related Capital Commitment with respect to such Shares of the Defaulting Investor, including any portion then due and unpaid, and the Company pursuant to its authority under Section 5.01 may execute on behalf of the

  
 7 

 
Defaulting Investor any documents necessary to effect the Transfer (as defined herein) of the Defaulting Investor’s Shares pursuant to this Section 3.01(b); provided, however,
that notwithstanding anything to the contrary contained in this Subscription Agreement, no Shares shall be transferred to any Other Investor pursuant to this Section 3.01(b) in the event that such Transfer (as defined in herein) would
(x) violate the Securities Act of 1933, as amended (the “1933 Act”), the 1940 Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Company or such Transfer (as defined in
Section 4.01(c)(1), or (y) constitute a non-exempt “prohibited transaction” under Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)(it being understood that this proviso shall operate only to the extent useful to avoid the occurrence of the
consequences contemplated herein); 
 (c) The Company may pursue any other remedies against the Defaulting Investor available to the
Company, subject to applicable law. The Investor agrees that this Section 3.01 is solely for the benefit of the Company and shall be interpreted by the Company against a Defaulting Investor in the discretion of the Company. The Investor further
agrees that the Investor cannot and shall not seek to enforce this Section 3.01 against the Company or any shareholder in the Company; and 

(d) The Company shall be authorized to issue additional Drawdown Notices to non-Defaulting Investors
to make up for any short-fall caused by a Defaulting Investor’s failure to fund any Drawdown Notice, provided that no Investor shall be obligated to fund more than its then Unused Capital Commitment. 

Article IV. 

Section 4.01 Investor Representations, Warranties and Covenants. The Investor hereby acknowledges, represents and warrants to, and agrees
with, the Company as follows: 
 (a) This Subscription Agreement has been duly authorized, executed and delivered by the Investor and, upon
due authorization, execution and delivery by the Company, will constitute the valid and legally binding agreement of the Investor enforceable in accordance with its terms against the Investor, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws of general application relating to or affecting the enforcement of creditors’ rights and remedies, as from time to time in effect. 

(b) The Investor is acquiring the Shares for the Investor’s own account as principal for investment and not with a view to the
distribution or sale thereof. 
 (c) 

(1) The Investor understands that the offering and sale of the Shares 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(2) of the 1933 Act, exemptions under
applicable U.S. state securities laws and exemptions under the laws of any non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for sale, exchanged,
transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a “Transfer”) in any manner that would require the Company to register the Shares under the 1933 Act, under any U.S. state securities laws or under the
laws of any non-U.S. jurisdictions. 

  
 8 

 (2) The Investor understands that the Company requires each investor in the Company to be an
“accredited investor” as defined in Rule 501(a) of Regulation D of the 1933 Act (“Accredited Investor”) and the Investor represents and warrants that it is an Accredited Investor. 

(3) The Investor understands that the offering and sale of the Shares in non-U.S. jurisdictions may be
subject to additional restrictions and limitations, and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and other legal requirements applicable to the Investor including, without
limitation, the legal requirements of jurisdictions in which the Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that all offerings and sales made outside the United States will be made
pursuant to Regulation S under the 1933 Act. 
 (d) The Investor: (i) is not registered as an investment company under the 1940 Act;
(ii) has not elected to be regulated as a business development company under the 1940 Act; and (iii) either (A) is not relying on the exception from the definition of “investment company” under the 1940 Act set forth in
Section 3(c)(1) or 3(c)(7) thereunder or (B) is permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company regulated under the 1940 Act. 

(e) 
 (1) The Investor may not
Transfer any of its Shares or its Capital Commitment unless (i) the Adviser provides its prior written consent, which, with respect to a Plan (as defined in Section 4.02(a) hereof), will not be withheld unreasonably in the case of a change
of the Plan’s fiduciaries or trustees, (ii) the Transfer is made in accordance with applicable securities laws and (iii) the Transfer is otherwise in compliance with the transfer restrictions set forth in Appendix B. No Transfer will
be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and the terms of the Operative Documents and all other obligations as a shareholder in the Company. 

(2) The Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital Commitment
under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the fact that (a) there is no established market for the Shares and it is possible that no public market for the Shares will
develop; (b) the Shares are not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or the securities laws of the various states of the United States or any
non-U.S. jurisdiction and therefore cannot be transferred unless subsequently registered or unless an exemption from such registration is available; and (c) the Investor may have to hold the Shares herein
subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the Company. The Investor acknowledges that it has no need for liquidity in this investment, has
the ability to bear the economic risk of this investment, has the ability to retain its Shares for an indefinite period and at the present time and in the foreseeable future can afford a complete loss of this investment. 

  
 9 

 (3) Notwithstanding any other provision of this Subscription Agreement, the Investor
covenants that it will not Transfer all or any part of the Shares or its Capital Commitment (or purport to do so) if such Transfer would cause (A) the Company or the Adviser to be in violation of the U.S. Bank Secrecy Act, as amended, the U.S.
Money Laundering Control Act of 1986, as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), as amended, or any similar U.S.
federal, state or non-U.S. law or regulation (collectively, “Anti-Money Laundering Laws”); or (B) the Shares to be held by a country, territory, entity or individual currently subject to
any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or any entity or individual that resides or has a place of business in, or is organized under the laws of, a country or
territory that is subject to any sanctions administered by OFAC. 
 (4) The Investor represents that (i) it is an “employee
welfare benefit plan” within the meaning of Section 3(3) of ERISA and (ii) (a) the bank from which the Investor’s payment is being wired (the “Wiring Bank”) is located in an Approved FATF Country and (b) the
Investor is a customer of the Wiring Bank. 
 (5) The Company and the Adviser acknowledge and agree that, based upon the Investor’s
representation that the Investor is an employee welfare benefit plan, the Investor shall not (i) be deemed to make any representations in the Subscription Agreement in respect of any Investor’s plan participants or beneficiaries
(collectively, “Participants”) or the members of the Committee of the UAW Retiree Medical Benefits Trust (the “Committee”) or (ii) required or requested to provide any information pursuant to the Subscription
Agreement to the Company or the Adviser with respect to the Participants or Committee members, except that the Investor agrees to use its good faith and reasonable efforts, consistent with its own legal obligations and internal policies, to provide
information with respect to such Participants and Committee members to the Company, the Adviser or their respective affiliates if so required by law or regulation. The Investor further represents that it does not have actual knowledge that
(i) the monies used to fund the Investor’s investment in the Company have been or will be derived from or related to any illegal activities, and including but not limited to, money laundering activities, and (ii) the proceeds from the
Investor’s investment in the Company will be used to finance any illegal activities. 
 (f) 

(1) If the Investor is not a natural person, (x) the Investor was not formed or recapitalized for the specific purpose of acquiring any
Shares in the Company, (y) the Investor has the power and authority to enter into this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares, and to
perform its obligations hereunder and thereunder and consummate the transactions contemplated hereby and thereby and (z) the person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute and deliver
this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares. 

  
 10 

 (2) If the Investor is a natural person, the Investor has all requisite legal capacity to
acquire and hold the Shares and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection with this subscription for Shares. 

(3) The execution, delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of
the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or
certificate, to which the Investor is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the
Investor, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Investor is subject. 

(4) The Investor has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and
such other persons, if any, required to permit the Investor to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby. 

(g) The Investor understands, and gives full authorization, approval and consent to, the remedies described in Section 3.01. 

(h) The Investor agrees to deliver to the Company such other information as to certain matters under the 1933 Act, the 1940 Act and the U.S.
Investment Advisers Act of 1940, as amended (the “Advisers Act”) as the Company may reasonably request (including, but not limited to, the Investor Profile Form) in order to ensure compliance with such Acts and the availability of
any exemption thereunder. 
 (i) The Investor acknowledges and agrees that, pursuant to the Charter and the Investment Advisory Agreement,
the Company and/or the Adviser have the power and discretion to make all investment decisions in accordance with the terms of the Charter and the Investment Advisory Agreement. Accordingly, the Investor acknowledges that neither the Company, the
Adviser nor any affiliate thereof has rendered or will render any individual investment advice or securities valuation advice to the Investor (as opposed to the Company), and that the Investor is neither subscribing for nor acquiring any Shares in
reliance upon, or with the expectation of, any such individual advice to the Investor. 
 (j) The Investor has reviewed the Operative
Documents, as each may be amended and/or restated through the closing date of the Investor’s subscription for Shares, and has read and understands the risks of, and other considerations relating to, a purchase of Shares and the Company’s
investment objectives, policies and strategies, including, but not limited to, the information contained in the Disclosure Package. The Investor has such knowledge and 

  
 11 

 
experience in financial and business matters that the Investor is capable of evaluating the merits and risks of the prospective investment in the Shares. The Investor has evaluated the risks of
investing in the Company, understands there are substantial risks of loss incidental to the purchase of Shares, and has determined that the Shares are a suitable investment for the Investor. The Investor has no need for liquidity in the investment,
can afford a complete loss of the investment in the Shares and can afford to hold the investment for an indefinite period of time. 
 (k)
The Investor was offered the Shares through private negotiations, not through any general solicitation or general advertising and in the state listed in the Investor’s permanent address set forth in the Investor Profile Form. Other than as set
forth herein and in the Operative Documents, the Investor is not relying upon any information (including, without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine, website 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) provided by the Company, the Adviser, any affiliate of the foregoing or any agent of them, written or
otherwise, in determining to invest in the Company and the Investor understands that the Disclosure Package and the information contained therein is not intended to convey tax or legal advice. The Investor has consulted to the extent deemed
appropriate by the Investor with the Investor’s own advisers as to the financial, tax, legal, accounting, regulatory and other matters concerning an investment in Shares and on that basis understands the financial, tax, legal, accounting,
regulatory and other consequences of an investment in Shares, and believes that an investment in the Shares is suitable and appropriate for the Investor. 

(l) The Investor has been given the opportunity to ask questions of, and receive answers from, the Adviser, the Company and their respective
personnel relating to the Company, concerning the terms and conditions of the purchase of Shares and other matters pertaining to this investment, and has had access to such financial and other information concerning the Company as it has considered
necessary to verify the accuracy of any information provided and to make a decision to invest in the Company, and has availed itself of this opportunity to the full extent desired. 

(m) No representations or warranties have been made to the Investor with respect to this investment, the Adviser or the Company other than the
representations of the Company set forth herein and in the Operative Documents and the Investor has not relied upon any representation or warranty not provided herein or in the Operative Documents in making this subscription. 

(n) Representations for Non-U.S. Persons: 

(1) If the Investor is not a “United States Person,” as defined in Appendix C hereto, the Investor has heretofore notified the
Company in writing of such status. 
 (2) The Investor will notify the Company immediately if the Investor becomes a United States Person.

  
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 (3) The Investor represents and warrants that the Investor is acquiring the Shares for its
own account for investment purposes only and is not subscribing on behalf of or funding its commitment with funds obtained from a United States Person. 

(4) Except for offers and sales to discretionary or similar accounts held for the benefit or account of a
non-U.S. Person by a U.S. dealer or other professional fiduciary, all offers to sell and offers to buy the Interest were made to or by the Investor while the Investor was outside the United States and at the
time the Investor’s order to buy the Shares originated (and at the time this Subscription Agreement was executed by the Investor) the Investor was outside the United States. 

(o) 
 (1) Neither the Investor,
nor any of its affiliates or beneficial owners (which for this purpose does not include the Investor’s Plan participants or beneficiaries), (A) appears on the Specially Designated Nationals and Blocked Persons List of OFAC, nor are they
otherwise a party with which any entity is prohibited to deal under the laws of the United States, or (B) is a person identified as a terrorist organization on any other relevant lists maintained by governmental authorities. The Investor
further represents and warrants that the monies used to fund the investment in the Shares are not derived from, invested for the benefit of, or related in any way to, the governments of, or persons within, any country (1) under a U.S. embargo
enforced by OFAC, (2) that has been designated as a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S.
Secretary of the Treasury as a “primary money laundering concern.” The Investor further represents and warrants that the Investor: (I) has conducted thorough due diligence with respect to all of its beneficial owners, (II) has
established the identities of all beneficial owners and the source of each of the beneficial owner’s funds and (III) will retain evidence of any such identities, any such source of funds and any such due diligence. Pursuant to anti-money
laundering laws and regulations, the Company may be required to collect documentation verifying the Investor’s identity and the source of funds used to acquire Shares before, and from time to time after, acceptance by the Company of this
Subscription Agreement. Investor further represents and warrants that the Investor does not know or have any reason to suspect that (x) the monies used to fund the Investor’s investment in the Shares have been or will be derived from or
related to any illegal activities, including, but not limited to, money laundering activities, and (y) the proceeds from the Investor investment in the Shares will be used to finance any illegal activities. 

(2) The Investor will provide to the Company at any time such information as the Company determines to be necessary or appropriate (A) to
comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to respond to requests for information concerning the identity of Investor from any governmental authority, self-regulatory organization or
financial institution in connection with its anti-money laundering compliance procedures, or to update such information. 
 (3) To comply
with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company and all payments and distributions to the Investor from the Company will only be made in the Investor’s name and to

  
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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, and the regulations promulgated thereunder by the U.S. Department of the Treasury,
as such regulations may be amended from time to time. 
 (4) The representations and warranties set forth in this Section 4.01(o) shall
be deemed repeated and reaffirmed by the Investor to the Company as of each date that the Investor is required to make a capital contribution to, or receives a distribution from, the Company. If at any time during the term of the Company, the
representations and warranties set forth in this Section 4.01(o) cease to be true, the Investor shall promptly so notify the Company in writing. 

(5) The Investor understands and agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor
cannot make the representations set forth in this Section 4.01(o). 
 (p) In the event that the Investor is, receives deposits from,
makes payments to or conducts transactions relating to, a non-U.S. banking institution (a “Non-U.S. Bank”) in connection with the Investor’s
investment in Shares, such Non-U.S. Bank: (i) has a fixed address, other than an electronic address or a post office box, in a country in which it is authorized to conduct banking activities,
(ii) employs one or more individuals on a full-time basis, (iii) maintains operating records related to its banking activities, (iv) is subject to inspection by the banking authority that licensed it to conduct banking activities and
(v) does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate. 

(q) The Investor agrees and acknowledges that, among other remedial measures, (A) in order to comply with governmental regulations, if
the Company determines in its sole discretion that such action is in the best interests of the Company, the Company may “freeze the account” of the Investor, either by prohibiting additional investments by the Investor, segregating assets
of the Investor and/or suspending other rights the Investor may have under the Operative Documents and (B) the Company may be required to report such action or confidential information relating to the Investor (including without limitation,
disclosing the Investor’s identity) to regulatory authorities. 
 (r) None of the information concerning the Investor nor any
statement, certification, representation or warranty made by the Investor in this Subscription Agreement or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Profile Form) and any
forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP) contains any untrue statement of a material fact or omits to state a material fact necessary in order to make
the statements contained therein or herein not misleading. 
 (s) The Investor agrees that the foregoing certifications, representations,
warranties, covenants and agreements shall survive the acceptance of this subscription, the first Drawdown Date and the dissolution of the Company, without limitation as to time. Without 

  
 14 

 
limiting the foregoing, the Investor agrees to give the Company prompt written notice in the event that any statement, certification, representation or warranty of the Investor contained in this
Article IV or any information provided by the Investor herein or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Profile Form and any forms
W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY and W-8EXP)) ceases to be true at any time following the date hereof. 

(t) The Investor agrees to provide such information and execute and deliver such documents as the Company or the Adviser may reasonably
request to verify the accuracy of the Investor’s representations and warranties herein or to comply with any law or regulation to which the Company, the Adviser or a portfolio company may be subject. 

(u) The Investor understands that the Company intends to file elections to be treated as (i) a business development company under the
1940 Act and (ii) a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant to those elections, the Investor will be required to furnish certain information to the Company
as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company, the Investor understands that it
will be required to include additional information on its income tax return as provided in Treasury Regulation § 1.852-7. The Company has filed a registration statement on Form 10 (the “Form
10”) for the common stock with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “1934 Act”). The Form 10 is not the offering document
pursuant to which the Company is conducting this offering and may not include all information regarding the Company contained in the Disclosure Package or other Operative Documents; accordingly, Investors should rely exclusively on information
contained in the Operative Documents, in making their investment decisions. 
 (v) The Investor acknowledges that, in order to comply with
the provisions of the U.S. Foreign Account Tax Compliance Act (“FATCA”) and avoid the imposition of U.S. federal withholding tax, the Company may, from time to time, require further information and/or documentation from the Investor
and, if and to the extent required under FATCA, the Investor’s direct and indirect beneficial owners (if any) (which for this purpose does not include the Investor’s plan participants or beneficiaries), relating to or establishing any such
owner’s identity, residence (or jurisdiction of formation), income tax status, and other required information and may provide or disclose such information and documentation to the U.S. Internal Revenue Service. The Investor agrees that it shall
provide such information and documentation concerning itself and its beneficial owners, if any, as and when requested by the Company sufficient for the Company to comply with its obligations under FATCA. The Investor acknowledges that, if the
Investor does not provide the requested information and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption requests
by the Investor and/or deduct from such Investor’s account and retain amounts sufficient 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 Investor’s not providing all requested information and documentation in a timely manner, and to ensure that such withholding taxes, interest, penalties and other losses or liabilities are economically borne by the Investor.
The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any of the aforementioned actions in the absence of willful misconduct
and/or negligence. 

  
 15 

 Section 4.02 ERISA Matters. 

(a) If the Investor is a “plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA,
and/or a “plan” that is subject to the prohibited transaction provisions of Section 4975 of the Code, or an entity whose assets are treated as “plan assets” under Section 3(42) of ERISA and any regulations promulgated
thereunder (each, a “Plan”), the person executing this Subscription Agreement on behalf of the Plan (the “Fiduciary”) represents and warrants that: 

(1) such person is a “fiduciary” of such Plan and trust and/or custodial account within the meaning of Section 3(21) of ERISA,
and/or Section 4975(e)(3) of the Code and such person is authorized to execute the Subscription Agreement; 
 (2) unless otherwise
indicated in writing to the Company, the Plan is not a participant-directed defined contribution plan; 
 (3) the Fiduciary has considered a
number of factors with respect to the Plan’s investment in the Shares and has determined that, in view of such considerations, the purchase of Shares is consistent with the Fiduciary’s responsibilities under ERISA. Such factors include,
but are not limited to: 
 (i) the role such investment or investment course of action plays in that portion of the Plan’s portfolio
that the Fiduciary manages; 
 (ii) whether the investment or investment course of action is reasonably designed as part of that portion of
the portfolio managed by the Fiduciary to further the purposes of the Plan, taking into account both the risk of loss and the opportunity for gain that could result therefrom; 

(iii) the composition of that portion of the portfolio that the Fiduciary manages with regard to diversification; 

(iv) the liquidity and current rate of return of that portion of the portfolio managed by the Fiduciary relative to the anticipated cash flow
requirements of the Plan; 
 (v) the projected return of that portion of the portfolio managed by the Fiduciary relative to the funding
objectives of the Plan; and 
 (vi) the risks associated with an investment in the Company and the fact that the Investor has only limited
withdrawal rights. 
 (4) the investment in the Company and the appointment of the Adviser as an “investment manager” within the
meaning of Section 3(38) of ERISA have been duly authorized under, and conform in all respects to, the documents governing the Plan and the Fiduciary; 

  
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 (5) the Fiduciary is: (a) responsible for the decision to invest in the Company;
(b) independent of the Adviser and the Company; and (c) qualified to make such investment decision; 
 (6) if the investing Plan
is an ERISA Plan, then, in the event that, and during any period when, the assets of the Company are treated as “plan assets” of such investing ERISA Plan, the investment in the Company constitutes the appointment by the Fiduciary, in
accordance with the written instruments governing the investing ERISA Plan, of the Adviser as an “investment manager” as defined in Section 3(38) of ERISA, with respect to the assets of such ERISA Plan that are invested in the
Company; 
 (7) (a) none of the Adviser, any of its employees or affiliates: (i) manages any part of the Investor’s investment
portfolio on a discretionary basis; (ii) regularly gives investment advice with respect to the assets of the Investor; (iii) has an agreement or understanding, written or unwritten, with the Investor under which the latter receives
information, recommendations or advice concerning investments that are used as a primary basis for the Investor’s investment decisions; or (iv) has an agreement or understanding, written or unwritten, with the Investor under which the
latter receives individualized investment advice concerning the Investor’s assets; OR 
 (b) (i) the Fiduciary, who is
independent of the Adviser has studied the Disclosure Package and has made an independent decision to purchase Shares solely on the basis of the information contained in the Disclosure Package and without reliance on any other information or
statements as to the appropriateness of this investment for the Investor; and (ii) the Investor represents and warrants that neither the Adviser nor any of its employees or affiliates: (A) has exercised any investment discretion or control
with respect to the Investor’s purchase of Shares; (B) has authority, responsibility to give, or has given individualized investment advice with respect to the Investor’s purchase of the Shares; or (C) is the employer maintaining
or contributing to such Plan; and 
 (8) no Plan investment guidelines, restrictions or proxy voting policies otherwise applicable to the
assets of the Investor shall apply to the assets invested in the Company except as the Investor and the Adviser may agree from time to time. 

(b) The Fiduciary agrees, at the request of the Company, to furnish the Company with a true and complete list of all fiduciaries with
authority to select and retain the Shares as an investment for the Investor and such fiduciaries’ “affiliates”. For purposes of this item, an “affiliate” of a person includes (i) any person directly or indirectly,
through one or more intermediaries, controlling, controlled by, or under common control with the person; (ii) any corporation, partnership, trust or unincorporated enterprise of which such person is an officer, director, 10% or more partner, or
highly compensated employee as defined in Section 4975(e)(2)(H) of the Code (but only if the employer of such employee is the plan sponsor); and (iii) any director of the person, any highly compensated employee (as defined in
Section 4975(e)(2)(H) of the Code) of the person, or any employee of the person who has direct or indirect authority, responsibility, or control regarding the custody, management or disposition of the plan assets involved in the transaction.

  
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 (c) The Fiduciary agrees, at the request of the Company, to furnish the Company with such
information as the Company may reasonably require to establish that the purchase of the Shares by an ERISA Plan and the transactions to be entered into by the Company do not violate any provision of ERISA or the Code, including those provisions
relating to “prohibited transactions” by “parties in interest” or “disqualified persons” as defined therein. 

(d) The Fiduciary agrees to notify the Adviser promptly in writing should the Fiduciary become aware of any change in the information set
forth in or required to be provided by Section 4.02(a). 
 (e) If applicable, the Investor has identified its status as a Benefit Plan
Investor (as defined below) to the Company in Section IV of the Investor Profile Form. If the Investor has identified to the Company in Section IV of the Investor Profile Form that it is not currently a Benefit Plan Investor, but becomes a Benefit
Plan Investor, the Investor shall forthwith disclose to the Adviser promptly in writing such fact and also the percentage of the Investor’s equity interests held by Benefit Plan Investors. For these purposes, a “Benefit Plan
Investor”, as defined under Section 3(42) of ERISA and any regulations promulgated thereunder, includes (a) an “employee benefit plan” that is subject to the provisions of Title I of ERISA; (b) a “plan” that
is not subject to the provisions of Title I of ERISA, but that is subject to the prohibited transaction provisions of Section 4975 of the Code, such as individual retirement accounts and certain retirement plans for self-employed individuals;
and (c) a pooled investment fund whose assets are treated as “plan assets” under Section 3(42) of ERISA and any regulations promulgated thereunder because “employee benefit plans” or “plans” hold 25% or more
of any class of equity interest in such pooled investment fund. The Investor agrees to notify the Adviser promptly in writing if there is any change in the percentage of the Investor’s assets that are treated as “plan assets” for the
purpose of Section 3(42) of ERISA and any regulations promulgated thereunder as set forth in Section IV of the Investor Profile Form. 

(f) If the Investor is an insurance company and is investing the assets of its general account (or the assets of a wholly owned subsidiary of
its general account) in the Company, it has identified in Section IV of the Investor Profile Form whether the assets underlying the general account constitute “plan assets” within the meaning of Section 401(c) of ERISA. The Investor
agrees to promptly notify the Adviser in writing if there is a change in the percentage of the general account’s assets that constitute “plan assets” within the meaning of Section 401(c) of ERISA and shall disclose such new
percentage ownership. 
 (g) The Adviser represents that, after giving effect to the Investors’ investment, the assets of the Company
will be treated as “plan assets” for purposes of ERISA. 
 (h) If the level of participation in the Company by Benefit Plan
Investors will not cause the assets of the Company to be treated as “plan assets” for purposes of ERISA or another exception to “plan assets” status under ERISA applies, the Adviser will provide the Investor with an annual
certificate to that effect. 

  
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 (i) The Adviser agrees that, during any period in which the assets of the Partnership are
treated as “plan assets” for purposes of ERISA, the Adviser shall use its commercially reasonable efforts to ensure that the Adviser (i) is registered as an investment adviser under the Investment Advisers Act and (ii) either is
a “qualified professional asset manager” within the meaning of Part VI of Prohibited Transaction Class Exemption 84-14 (a “QPAM”) or utilizes the “service provider” exemption
under ERISA (and the corresponding provisions of the Code), as necessary or appropriate, if and to the extent that the QPAM exemption is unavailable. The Adviser further agrees that during any period in which the assets of the Company are treated as
“plan assets” for purposes of ERISA (y) the Adviser is a fiduciary under ERISA and shall satisfy the requirements to be an “investment manager” (as that term is defined in section 3(38) of ERISA) with respect to the
Investor; and (z) the Adviser shall comply with the fiduciary requirements of Part 4 of Title I of ERISA in the management of the Company, including, but not limited to, the indicia of ownership obligations set forth in section 404(b) of ERISA
and the prohibited transaction provisions contained in section 406 of ERISA. 
 (j) The Adviser confirms that (i) the Investor shall
not be obligated in connection with any borrowing by the Company, to (A) provide, execute or deliver any guaranty, warranty or indemnity, (B) deliver financial information to the Adviser or any lender which is not generally available to
the public, or (C) execute or deliver any document, agreement, instrument or certificate which is inconsistent with the Investor’s rights and obligations under the Subscription Agreement, the Operative Documents, or applicable law,
including ERISA; and (ii) the Investor shall not be obligated to provide for the benefit of any lender under any borrowing by the Company any opinions of counsel. 

(k) The Adviser agrees that anything in the Operative Documents to the contrary notwithstanding, in the event that the assets of the Company
are treated as “plan assets” for purposes of ERISA, the Company shall not provide exculpation to any Person nor shall it indemnify any Person to the extent such exculpation or indemnification would be prohibited by ERISA. 

(l) Upon request, the Adviser shall provide the Investor with information concerning the Company reasonably necessary to satisfy the
Investor’s annual reporting requirements under ERISA. The Adviser agrees that the Investor, as an ERISA Investor, may, without further notice to the Adviser, disclose confidential information about the Company, including but not limited to
confidential information, to the extent legally necessary to satisfy the Investor’s annual Form 5500 reporting requirements under ERISA. 

(m) The Adviser will not provide the Investor with less detailed or less comprehensive information about the Company or investments than is
provided to other ERISA Investors. 
 (n) In the event that the Adviser exercises its rights to require the Investor to withdraw or transfer
its interest in the Company in order to avoid the assets of the Company being treated as “plan assets” for purposes of ERISA, the Adviser agrees that it shall, to the extent applicable and practicable, act equally with respect to each
similarly situated ERISA Investor, pro rata according to each of their interest in the Company. 

  
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 (o) The Investor has provided a list, attached as Appendix G hereto, of “Prohibited
Securities or Other Property” as such term as defined in Section 407 of ERISA (the “Employer Securities List”) to the Adviser. The Investor shall as soon as administratively feasible add or delete securities as any such
securities become or cease to be “employer securities”. The Investor acknowledges and agrees that only securities that are included on the Employer Securities List provided to the Adviser shall be considered employer securities for
purposes of the Company and that the absence of a security on the Employer Securities List constitute a representation by the Investors that such security is not an “employer security” as defined in Section 407 of ERISA. 

Section 4.03 Investor Awareness. The Investor acknowledges that the Investor is aware and understands that: 

(a) No federal or state agency, and no agency of any non-U.S. jurisdiction, has passed upon the Shares
or made any finding or determination as to the fairness of this investment. The entirety of the Disclosure Package has not been filed with the SEC, any self-regulatory agency or with any securities administrator under state securities laws or the
laws of any non-U.S. jurisdiction. 
 (b) There are substantial risks incident to the purchase of
Shares, including, but not limited to, those summarized in the Disclosure Package. 
 (c) As described more fully in Appendix B, the
Investor may not Transfer all or any fraction of its Shares or Capital Commitment without the prior written consent of the Company. There are other substantial restrictions on the transferability of Shares or Capital Commitment under the Charter,
the Investment Advisory Agreement and under applicable law including, but not limited to, the fact that (i) there is no established market for the Shares and it is possible that no public market for the Shares will develop; (ii) the Shares
are not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be
Transferred unless subsequently registered or unless an exemption from such registration is available; and (iii) the Investor may have to hold the Shares herein subscribed for and bear the economic risk of this investment indefinitely, and it
may not be possible for the Investor to liquidate its investment in the Company. 
 (d) With respect to the tax and other legal consequences
of an investment in the Shares, the Investor is relying solely upon the advice of its own tax and legal advisors and not upon the general discussion of such matters set forth in the Disclosure Package. 

(e) The Company may request such additional information as it may deem necessary to evaluate the eligibility of the Investor to acquire Shares
and may request from time to time such information as it may deem necessary to determine the eligibility of the Investor to hold Shares or to enable the Company to determine the compliance of the Company or the Adviser with applicable regulatory
requirements or the Company’s tax status, and the Investor agrees to promptly provide such information as may reasonably be requested. 

  
 20 

 (f) All the agreements, representations and warranties made by the Investor in this
Subscription Agreement (including all of its attachments) shall survive the execution and delivery hereof. The Investor shall immediately notify the Company upon discovering that any of the representations, warranties or covenants made herein was
false when made or if, as a result of changes in circumstances, any of the representations, warranties or covenants made herein become false. 

(g) Dechert LLP (“Dechert”) acts as U.S. counsel to the Company, the Adviser and their Affiliates. In connection with this offering
of Shares and subsequent advice to such persons, Dechert will not represent the Investor or any other investors in the Company in the absence of a clear and explicit written agreement to such effect between such counsel and the Investor. In
the absence of such an agreement, such counsel owes no duties to the Investor or any other investor in the Company (whether or not such counsel has in the past represented, or is currently representing, such Investor or any other investor with
respect to other matters). No independent counsel has been retained to represent investors in the Company. 
 Section 4.04 Company
Representations. Each of the Company and the Adviser, as applicable, represents to the Investor as follows: 
 (a) The Company is empowered,
authorized and qualified to enter into this Agreement, the Investment Advisory Agreement and the Administration Agreement, and the person signing this Agreement, the Investment Advisory Agreement and the Administration Agreement on behalf of the
Company has been duly authorized by the Company to do so. 
 (b) The execution and delivery of this Agreement, the Investment Advisory
Agreement and the Administration Agreement by the Company and the performance of its duties and obligations hereunder and thereunder do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Company is a party or by which it is bound or to
which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the Company, or violate in any material respect any statute, regulation, law, order,
writ, injunction or decree to which the Company is subject. 
 (c) The Company is not in default (nor has any event occurred which with
notice, lapse of time, or both, would constitute a default) in the performance of any obligation, agreement or condition contained in this Agreement, the Investment Advisory Agreement and the Administration Agreement, any indenture, mortgage, deed
of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement or understanding, or any license, permit, franchise or certificate, to which it is a party or by which it is bound or to which its properties are
subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to which it is subject, which default or violation would materially adversely affect the business or financial condition of the Company or
impair the Company’s ability to carry out its obligations under this Agreement or the Investment Advisory Agreement. 

  
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 (d) There is no litigation, investigation or other proceeding pending or, to the knowledge
of the Company, threatened against the Company that, if adversely determined, would materially adversely affect the business or financial condition of the Company or the ability of the Company to perform its obligations under this Agreement, the
Investment Advisory Agreement and the Administration Agreement. 
 (e) None of the information concerning the Company or the Adviser, nor
any statement, certification, representation or warranty made by the Company or the Adviser in this Subscription Agreement, contains any untrue statement of material fact or omits to state a material fact necessary in order to make the statements
contained herein not misleading. 
 (f) The Shares to be issued and sold by the Company to the Investor hereunder have been duly authorized
and, when issued and delivered to the Investor against payment therefore as provided in this Agreement, will be validly issued, fully paid and non-assessable. 

(g) Notwithstanding any provision in the Operative Documents to the contrary, the Adviser agrees that the assets of the Company shall not be
used to purchase insurance to insure any party indemnified by the Company pursuant to the terms of the Operative Documents, against liability for any breach or alleged breach of such party’s responsibilities to the Company that would not
otherwise be subject to indemnification by the Company. 
 (h) The Adviser agrees that so long as no litigation has commenced between an
Investor and the Company or the Adviser, the Company will provide an Investor with information requested by the Investor to facilitate such Investor’s ongoing operational due diligence including periodic review of portfolio companies and the
internal controls and procedures utilized by the Company, upon reasonable notice and provided such information is customarily kept by the Adviser. Notwithstanding the foregoing, (a) an Investor shall have no right to obtain any information
relating to any other investor or the Company’s proposed investment activities; (b) information that may be subject to confidentiality agreement(s) with third parties which may preclude the Company and/or the Adviser’s ability to
provide such information to an Investor and (c) the Company may keep confidential from an Investor, for such periods as the Adviser deems reasonable, any information that the Adviser reasonably believes to be in the nature of trade secrets or
other information (such as, for example, the identity of a Company’s portfolio positions) the disclosure of which the Adviser in good faith believes is not in the Company’s best interests or could damage the Company or its business. 

(i) The Company shall not commence any investment activities until the Company’s Form 10 shall have become effective under the 1934 Act.

 Article V. 

Section 5.01 Power of Attorney. 

(a) The Investor, by its execution hereof, hereby irrevocably makes, constitutes and appoints the Company as its true and lawful agent and attorney-in-fact, with full power of substitution and full power and authority in its name, place and stead, to make, execute, sign, acknowledge, swear to, record and file:

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

  
 22 

 (2) all certificates and other instruments deemed necessary by the Company in order for the
Company to enter into any borrowing or pledging arrangement; 
 (3) all certificates and other instruments deemed necessary by the Company
to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become or to continue as a business development corporation; and 

(4) all other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law to be filed on
behalf of the Company. 
 (b) With respect to the Investor and the Company, the foregoing power of attorney: 

(1) is coupled with an interest and shall be irrevocable; 

(2) may be exercised by the Company either by signing separately as
attorney-in-fact for the Investor or, after listing all of the Investors executing an instrument, by a single signature of the Company acting as attorney-in-fact for all of them; 
 (3) shall survive the
assignment by the Investor of the whole or any fraction of its Shares; 
 (4) shall terminate concurrently with the termination of the
Capital Commitment, in accordance with Section 2.01(e); and 
 (5) may not be used by the Company in any manner that is inconsistent
with the terms of this Subscription Agreement and any other written agreement between the Company and the Investor. 
 (6) the foregoing
power of attorney is and shall be limited to the purposes set forth in this Section 5.01. The Adviser confirms that the power of attorney rights granted to the Company are intended to be ministerial in scope and are not intended to be a general
grant of power to independently exercise discretionary judgment on behalf of the Investor. The Adviser further agrees that any exercise of any “power of attorney” by the Company which contravenes any federal, state, or local law or any
policy to which the Investor is or may become subject is not authorized by the Investor and no such exercise shall be deemed valid. 

  
 23 

 Article VI. 

Section 6.01 Initial Public Offering. The Company shall not undertake an initial public offering of the Shares or a listing of the Shares
on a national securities exchange, including any transactions in anticipation or furtherance thereof, without the prior consent or approval of a majority of the Company’s then outstanding Shares. 

Section 6.02 Indemnity. 

(a) The Investor understands that the information provided herein (including the Investor Profile Form) shall be relied upon by the Company
for the purpose of determining the eligibility of the Investor to purchase Shares. To the fullest extent permitted under applicable law, the Investor agrees to indemnify and hold harmless the Company, the Adviser, the Administrator, and their
affiliates and each partner, member, officer, director, employee and agent thereof, from and against any loss, damage or liability due to or arising out of a material breach of any representation, warranty or agreement of the Investor contained in
this Subscription Agreement (including the Investor Profile Form) or in any other document provided by the Investor to the Company or in any agreement executed by the Investor in connection with the Investor’s investment in Shares. The
obligation of the Investor to indemnify each Indemnified Party pursuant to this Section 6.02(a) shall not exceed the amount of the Investors aggregate Capital Commitment. 

(b) To the fullest extent permitted under applicable law, the Company agrees to indemnify and hold harmless the Investor its affiliates and
each partner, member, officer, director, employee and agent thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Company contained in this Subscription
Agreement or in any other document provided by the Company to the Investor or in any agreement executed by the Company in connection with the Investor’s investment in Shares. 

Section 6.03 Acceptance or Rejection. 

(a) At any time prior to the Closing Date, notwithstanding the Investor’s prior receipt of a notice of acceptance of the Investor’s
subscription, the Company shall have the right to accept an amount equal to or less than the subscribed amount, or reject this subscription, for any reason whatsoever. 

(b) In the event of rejection of this subscription, the Company promptly thereupon shall return to the Investor the copies of this
Subscription Agreement and any other documents submitted herewith (but the Company shall have the right to retain a photocopy for its records), and this Subscription Agreement shall have no further force or effect thereafter. 

Section 6.04 Modification. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged, waived
or terminated except by an instrument in writing signed by the party against whom any modification, change, discharge, waiver or termination is sought. 

Section 6.05 Notices. All notices, consents, requests, demands, offers, reports, and other communications required or permitted to be
given pursuant to this Subscription Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to 

  
 24 

 
have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class
mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed, if to the Company, to: 

Commonwealth Credit Partners BDC I, Inc. 

Attn: Michael Altschuler, Esq. 

525 Okeechobee Boulevard, Suite 1050 

West Palm Beach, FL 33401 
 and, if to the
Investor, to the address set forth in the Investor Profile Form. The Company or the Investor may change its address by giving notice to the other in the manner described herein. 

Section 6.06 Counterparts. This Subscription Agreement may be executed in multiple counterpart copies, each of which will be considered
an original and all of which constitute one and the same instrument binding on all the parties, notwithstanding that all parties are not signatories to the same counterpart. 

Section 6.07 Successors. Except as otherwise provided herein, this Subscription Agreement and all of the terms and provisions hereof will
be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors, trustees and legal representatives. If the Investor is more than one person, the obligation of the Investor shall be joint and
several and the agreements, representations, warranties, and acknowledgments herein contained will be deemed to be made by and be binding upon each such person and such person’s heirs, executors, administrators, successors, trustees and legal
representatives. 
 Section 6.08 Assignability. This Subscription Agreement is not transferable or assignable by the Investor. Any
purported assignment of this Subscription Agreement will be null and void. 
 Section 6.09 Entire Agreement; No Third Party
Beneficiaries. This Subscription Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, supersedes any prior agreement or understanding among them with respect to such subject matter, and is not
intended to confer upon any person other than the parties hereto and any lender under a Subscription Facility any rights or remedies hereunder. The foregoing limitation, however, shall not prohibit any Other Investor from enforcing
Section 3.01(b) against any defaulting Investor. 
 Section 6.10 APPLICABLE LAW. NOTWITHSTANDING THE PLACE WHERE THIS SUBSCRIPTION
AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE
PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF TO THE EXTENT SUCH PRINCIPLES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION, AND APPLICABLE FEDERAL LAW,
INCLUDING ERISA. TO THE EXTENT THAT THERE IS A CONFLICT BETWEEN THE LAWS OF THE STATE OF NEW YORK AND SUCH APPLICABLE FEDERAL LAW, THE APPLICABLE PROVISIONS OF FEDERAL LAW SHALL CONTROL. 

  
 25 

 Section 6.11 Jurisdiction; Venue. To the fullest extent permitted by law, the sole and
exclusive forum for any action, suit or proceeding with respect to this Subscription Agreement shall be a federal or state court located in the state of New York, provided that to the extent the appropriate court located in the state of New
York determines that it does not have jurisdiction over such action, then the sole and exclusive forum shall be any federal or state court located in the state of New York, and each party hereto, to the fullest extent permitted by law, hereby
irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim
that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United
States mail addressed to the party at the parties address specified herein or in the Investor Profile Form. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO
THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW. 
 Section 6.12
Confidentiality. 
 (a) The Investor acknowledges that the Disclosure Package, the Subscription Documents and the other Operative Documents
and other information relating to the Company has been submitted to the Investor on a confidential basis for use solely in connection with the Investor’s consideration of the purchase of Shares. The Investor also acknowledges that it may
receive or have access to confidential proprietary information concerning the Company, including, without limitation, portfolio positions, valuations, information regarding potential investments, financial information, trade secrets and the like
which is proprietary in nature and non-public. The Investor agrees that, without the prior written consent of the Company (which consent will not be unreasonably withheld by the Company), the Investor shall
not (a) reproduce the Disclosure Package (including any of the contents thereof) or any other information relating to the Company, in whole or in part, or (b) disclose the Disclosure Package or any other information relating to the Company
to any person who is not an officer or employee of the Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood and agreed that if the Investor is a pooled investment fund, it
shall only be permitted to disclose the Disclosure Package or other information related to the Company to its limited partners if the Investor has required its limited partners to enter into confidentiality undertakings no less onerous than the
provisions of this Section 6.12), except to the extent (1) such information is in the public domain (other than as a result of any action or omission of Investor or any person to whom the Investor has disclosed such information), (2) such
information is required by applicable law or regulation to be disclosed or (3) it is necessary to disclose such information to the Investor’s professional advisors (including the Investor’s auditors and counsel), so long as such
professional advisors are advised of the confidentiality obligations contained herein. The Investor further agrees to return the Disclosure Package and 

  
 26 

 
any other information relating to the Company if no purchase of Shares is made. The Investor acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this
section by it, and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to seek specific performance and injunctive or other equitable relief as a remedy for any such breach.
Notwithstanding anything to the contrary herein, the Investor (and each employee, representative or other agent of the Investor) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Company;
and any of the Company’s transactions and all materials of any kind (including, without limitation, opinions and other tax analyses) that are provided to the Investor relating to such tax treatment and tax structure, it being understood and
agreed for this purpose that (x) the name of, or any other identifying information regarding, (i) the Company or any existing or future investor (or any affiliate thereof) in the Company, or (ii) any investment or transaction entered
into by the Company or (y) any performance information relating to the Company or its investments do not constitute “tax treatment” or “tax structure”. 

(b) The Adviser agrees, except (i) as may be required by law, applicable regulation or order of a court or other regulatory authority,
(ii) to the extent reasonably calculated to advance or protect the interests of the Company, or (iii) with the written consent of the Investor, none of the Company or the Adviser shall disclose, and shall use their best efforts to cause
their employees, agents, representatives and affiliates not to disclose, the participation in the Company by the Investor. None of the Company or the Adviser shall use, and shall use their best efforts to cause their employees, agents,
representatives and affiliates not to use, the name of the Investor in any promotion or advertising. 
 Section 6.13 Necessary Acts,
Further Assurances. The parties shall at their own cost and expense execute and deliver such further documents and instruments and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and
purposes of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement. 

Section 6.14 No Joint Liability Among Company and Adviser. The Company shall not be liable for the fulfillment of any obligation or the
accuracy of any representation of the Adviser under or in connection with this Subscription Agreement, and the Adviser shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company under or in
connection with this Subscription Agreement. There shall be no joint and several liability of the Company and the Adviser for any obligation under or in connection with this Subscription Agreement. 

Section 6.15 Electronic Delivery of Communications. The Investor hereby acknowledges and agrees that the Company and/or the Adviser may,
but is not required to, deliver and make reports, statements and other communications, including, without limitation, the Operative Documents, the Subscription Documents, Form 1099s and other tax related information and documentation (“Account
Communications”), available to the Investor in electronic form, such as e-mail or by posting on a web site. It is the Investor’s affirmative obligation to notify the Company in writing if the
Investor’s e-mail address(es) listed in the Investor Profile Form change(s). The Investor may revoke or restrict its consent to electronic delivery of Account Communications at any time by notifying the
Company, in writing, of the Investor’s intention to do so, and will thereafter receive such Account Communications in paper form. 

  
 27 

 Section 6.16 Survival. The representations, warranties, acknowledgments and covenants
in Sections 4.03 and 4.04 and in the Investor Profile Form and the provisions of Sections 6.02, 6.10, 6.11, 6.12, 6.13, 6.14, 6.15 and 6.16 shall, in the event this subscription is accepted, survive such acceptance and the formation and dissolution
of the Company. 
 [Remainder of Page Intentionally Left Blank] 

  
 28 

*            *           
 * 
 The undersigned hereby represents and warrants that: 
  

	1.	 the undersigned has carefully read and is familiar with this Subscription Agreement and the Operative
Documents; 

  

	2.	 the information contained herein (including the appendices attached hereto) is complete and accurate and may be
relied upon; and 

  

	3.	 the undersigned agrees that the execution of this signature page constitutes the execution and receipt of this
Subscription Agreement. 

 IN WITNESS WHEREOF, the Investor, intending to be legally bound, has executed this Subscription
Agreement as of the date first written above. 
 AGGREGATE PURCHASE PRICE OF SHARES SUBSCRIBED FOR:
$                         
  

			
	[TRUSTEE FOR THE BENEFIT OF INVESTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	COMMITTEE OF THE UAW RETIREE MEDICAL BENEFITS TRUST
	
	Solely for purposes of Section 4.02
		
	By:	 	  

	Name:	 	[●]
	Title:	 	Chief Investment Officer

  

			
	Agreed and accepted as of the date first set forth above:
	
	COMMONWEALTH CREDIT PARTNERS BDC I, INC.

			
		
	By:	 	  

	Name:	 	
	Title:	 	

 Appendix A: INVESTOR PROFILE FORM 

ALL INVESTORS MUST COMPLETE THIS FORM. 
  

			
	 	  	  

	 Name of Investor (Please Print or Type)
	  	 Social Security Number/Tax I.D. Number

	
	 $

	 Amount of Capital Commitment

 
 Is the Investor acting as
Nominee?        Yes  ☐  No  ☐
  

If Yes, please provide name of underlying Beneficial Owner: ___________________________________________________
	  	

 Type of Investor (For All Investors Other Than A Trust) 

(If the Investor is acting as a Nominee for a Beneficial Owner, please check the item that best describes the Beneficial Owner) 

Please check: 
  

					
	☐  Individual	  	☐  Public Endowment	  	☐  Non-profit
	☐  Fund of Funds	  	☐  Private Endowment	  	☐  Non-profit Pension Plan
	☐  Family Office	  	☐  Corporation	  	☐  Government
	☐  Bank	  	☐  ERISA Plan	  	☐  Governmental Pension Plan
	☐  Sovereign Wealth	  	☐  Foundation	  	☐  Insurance Company

 Type of Investor (For Investors That Are A Trust) 

(If the Investor is acting as a Nominee for a Beneficial Owner, and either the Nominee or the Beneficial Owner is a Trust, please check the item that best
describes the Trust) 
 Please check: 
  

					
	☐  Complex Trust	  	        ☐  Grantor Trust	  	        ☐  Simple Trust

  
 A-1 

 Please indicate if the following contact information is for _____ Nominee or ____Beneficial Owner 

Full Mailing Address (Exactly as it should appear on labels): 
  

											
	☐  Mr.	  	☐  Mrs.	  	☐  Ms.	  	☐  Miss	  	☐  Dr.	  	☐  Other _______

  
  

 
  
  

 
  

 
  

					
	  
	 	        	  	  

	Telephone number	 		  	 Fax number

 Residence (if an individual) or Principal Place of Business (if an entity) Address (No P.O. Boxes Please, if any): 

 
  
  

 
  

 
  

 
  

					
	  
	 		  	  

	Telephone number	 	        	  	Fax number

  

			
	 Attention:
	 	
 

			
	 E-Mail Address:
	 	  

  
 A-2 

 If you would like any correspondence sent to a different address or e-mail than listed on page A-2, please provide the relevant information below: 
  

									
	 	 	 	 	 
	Contact Name	  	Contact Address /
Telephone Number	  	 Contact E-mail
 Address
	  	 Correspondence

Type (e.g.,

Accounting
 Information,
Legal
 Notices, Tax

Information, etc.)
	  	 Primary

Contact (Y/N)?

	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  
 A-3 

 AUTHORIZATION OF REPRESENTATIVE(S)/AGENT(S): 

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

(Please attach additional pages if needed) 
  

					
	Name	  	Signature	  	Email Address
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

 Address of Authorized Representative/Agent (No P.O. Boxes Please, if any): 

 
  
  

 
  

 
  

 
  

					
	  
	 	         
	  	  

	Telephone number	 		  	Fax number

  
 A-4 

 BANK WIRE INSTRUCTIONS 

Please list the bank account information that is being used to wire the funds for your investment, and sign below. The remitter should state in the remittance
advice the full legal name(s) of subscriber(s), for ease of identification. All subscription money must originate from an account held in the full legal name of the subscriber(s). NO
3RD PARTY PAYMENTS SHALL BE PERMITTED. 
 For Subscriber’s
personal account: 
  

			
	Intermediary US Bank Name:	 	 
	 	 
	Intermediary US Bank ABA and/or Swift Code:	 	 
	 	 
	Beneficiary Bank Name:	 	 
	 	 
	Beneficiary Bank Street Address	 	 
	 	 
	City, State, Zip Code:	 	 
	 	 
	Swift Code:	 	 
	 	 
	Account Name:	 	 
	 	 
	Account Number:	 	 
	 	 
	Reference (if required):	 	 

 For Subscriber’s account with a custodian/administrator: 

 

			
	Intermediary US Bank Name:	 	 
	 	 
	Intermediary US Bank ABA and/or Swift Code:	 	 
	 	 
	Beneficiary Bank Name:	 	 
	 	 
	Beneficiary Bank Street Address	 	 
	 	 
	City, State, Zip Code:	 	 
	 	 
	ABA or Swift No.:	 	 
	 	 
	Custodian/Administrator Account Name:	 	 
	 	 
	Custodian/Administrator Account Number:	 	 
	 	 
	For Further Credit Name (Subscribers Name):	 	 
	 	 
	For Further Credit Account No. (Subscribers No):	 	 
	 	 
	Reference (if required):	 	 

 METHOD OF DELIVERY OF ACCOUNT COMMUNICATIONS 

Account Communications may be delivered via the e-mail address provided on page
A-2. Should this means of transmission be unacceptable with respect to Account Communications required to be delivered in writing by law, such Account Communications will be delivered via facsimile or physical
delivery if the following box is checked: 
 ☐        E-mail
transmission is declined, please send Account Communications via facsimile or physical delivery (e.g., first class mail, overnight or express courier service or similar delivery method). 

  
 A-5 

 PLEASE COMPLETE ALL APPROPRIATE ITEMS. 

 

	I.	 INVESTOR INFORMATION – (FOR U.S. PERSONS ONLY) 

 

	(A)	 The Investor hereby represents and warrants that: 

(Please initial one and complete blanks) 
  

					
	 ________
 Initial
	  	1.	  	 If the Investor is an employee benefit plan, an endowment, a foundation, a corporation, a partnership, a limited liability company, a trust
or other legal entity, it:
  
 is organized under the laws
of:                                        
                                         
        has its principal place of business
in:                                        
; and was formed as
of:                                        

			
	 ________
 Initial
	  	2.	  	 If the Investor is an individual or beneficial ownership of the Investor is held by an individual (for example, through an Individual
Retirement Account, Keogh Plan or other self-directed defined contribution plan), such individual is of legal age and is a resident of:
  

  

	(B)	 The Investor _______ (is) _______(is not) (please initial one) a government entity.* 

  

	(C)	 If the Investor is acting as trustee, custodian or nominee for a beneficial owner that is a government
entity, please provide the name of the government entity: 

____________________________________________________________________________________ 

 

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

____________________________________________________________________________________ 

Please note that, if the Investor enters the name of a government entity in this Item I(D), the Company will treat the Investor as if it were
the government entity for purposes of Rule 206(4)-5 (the “Pay to Play Rule”) promulgated under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). 

 

	(E)	 If the Investor is (i) a government entity, (ii) acting as trustee, custodian or nominee for a
beneficial owner that is a government entity, or (iii) an entity described in Item I(D), the Investor hereby certifies 

 

	*	 For these purposes, the term “government entity” means any U.S. state (including any U.S. state, the
District of Columbia, Puerto Rico, the U.S. Virgin Islands or any other possession of the United States) or political subdivision of a state, including: 

	(i)	 any agency, authority, or instrumentality of the state or political subdivision; 

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

	(iii)	 a plan or program of a government entity; and 

	(iv)	 officers, agents, or employees of the state or political subdivision or any agency, authority or
instrumentality thereof, acting in their official capacity. (Note that any such officers, agents, or employees will not be considered a government entity if they are making an investment in the Company not in their official capacity.)

  
 A-6 

 
that: 
  

			
	 ________
 Initial
	  	other than the Pay to Play Rule, no “pay to play” or other similar compliance obligations would be imposed on the Company, the Adviser or their affiliates in connection with the Investor’s subscription.

 If the Investor cannot make such certification, indicate in the space below all other “pay to
play” laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company, the Adviser or their affiliates, employees or third-party placement agents would be subject to in connection with the Investor’s subscription: 

 

____________________________________________________________________________________ 

 

	(F)	 The Investor _______ (is) _______(is not) (please initial one) registered as an investment
company under the Company Act (a “Registered Fund”). 

  

	(G)	 The Investor _______ (is) _______(is not) (please initial one) an affiliated person* of a Registered Fund. If the Investor is an affiliated person of a Registered Fund, please provide the name of the Registered Fund: __________________________________________________.

  

	*	 For purposes of this item, the term “affiliated person” of another person means:

	(i)	 any person directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the
outstanding voting securities of such other person; 

	(ii)	 any person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or
held with power to vote, by such other person; 

	(iii)	 any person directly or indirectly controlling, controlled by, or under common control with, such other person;

	(iv)	 any officer, director, partner, copartner, or employee of such other person; 

	(v)	 if such other person is an investment company, any investment adviser thereof or any member of an advisory
board thereof; and 

	(vi)	 if such other person is an unincorporated investment company not having a board of directors, the depositor
thereof. 

 For this purpose, “control” means the power to exercise a controlling influence over the management or
policies of a company, whether by stock ownership, contract or otherwise, unless such power is solely the result of an official position with such company. Any person who owns beneficially, either directly or through one or more controlled
companies, more than 25% of the voting securities of a company is presumed to control the company. Entities that may be deemed to be under “common control” are those that (a) are directly or indirectly controlled by the same
person or (b) have substantially the same officers and directors or managers or the same investment adviser. 

  
 A-7 

	(H)	 The Investor represents and warrants that it is a Permitted U.S. Person* because it is either: 

 (Please initial one or leave blank, as
applicable) 
  

							
	 ________
 Initial
	  	 	1.	 	  	 a U.S. Person that is exempt from payment of U.S. federal income tax.

 
 If the Investor initialed Item 1, please indicate below the basis on which the Investor
is exempt from U.S. federal income taxation:
 ____________________________________________________________________________________

 
 OR

			
	 ________
 Initial
	  	 	2.	 	  	a pass-through entity for U.S. federal tax purposes substantially all of the ownership interests in which are held by U.S. Persons that are exempt from payment of U.S. federal income tax.

  

	*	 The term “Permitted U.S. Person” means a Tax-Exempt U.S.
Person or a pass-through entity for U.S. federal tax purposes substantially all of the ownership interests in which are held by Tax-Exempt U.S. Persons. The term “U.S. Person” means a person
described in one or more of the following paragraphs: 

	(i)	 With respect to any person, any individual or entity that would be a U.S. person under Regulation S promulgated
under the Securities Act. 

	(ii)	 With respect to individuals, any U.S. citizen or “resident alien” within the meaning of U.S. income
tax laws as in effect from time to time. Currently, the term “resident alien” is defined under U.S. income tax laws to generally include any individual who (A) holds an Alien Registration Card (a “green card”) issued by the
U.S. Immigration and Naturalization Service or (B) meets a “substantial presence” test. The “substantial presence” test is generally met with respect to any current calendar year if (A) the individual was present in the
U.S. on at least 31 days during such year and (B) the sum of the number of days on which such individual was present in the U.S. during the current year,
1⁄3 of the number of such days during the first preceding year, and 1⁄6 of the
number of such days during the second preceding year, equals or exceeds 183 days. 

	(iii)	 With respect to persons other than individuals: (A) a corporation or partnership created or organized in
the United States or under the laws of the United States or any state; (B) a trust where (a) a U.S. court is able to exercise primary supervision over the administration of the trust and (b) one or more U.S. Persons have the authority
to control all substantial decisions of the trust; and (C) an estate which is subject to U.S. tax on its worldwide income from all sources. 

	

	

	

  
 A-8 

	II.	 INVESTOR INFORMATION – (FOR NON- U.S. PERSONS
ONLY) 

  

	(A)	 The Investor represents and warrants that: 

(Please initial one and complete blanks) 

 

					
	                    	  	1.	  	If an individual, the Investor is of legal age and is a:
	Initial	  		  	
		  		  	citizen of:____________________________________________________________________________________
			
		  		  	resident of:___________________________________________________________________________________
			
		  		  	OR
			
	                    	  	2.	  	If a corporation, partnership, trust or other legal entity, the Investor:
	Initial	  		  	
		  		  	is organized under the laws of:___________________________________________________________________
			
		  		  	has its principal place of business in:______________________________________________________________
			
		  		  	and was formed as of:_______________________________________________________

  

	(B)	 The Investor has received the Disclosure Package outside the United States in the following country:
_______________________________________________________ 

  

	(C)	 The Investor has signed the Subscription Agreement outside of the United States in the following country:

 _______________________________________________________ 

 

	(D)	 If the Investor is an entity that has U.S. owners, please complete the following: 

1. Is the Investor an entity organized principally for passive investment, such as a pool, investment company or other similar entity (other
than a pension plan for the employees, officers or principals of an entity organized and with its principal place of business outside the United States)? 

(please check one) Yes____     No____ 

2. If yes, do units of participation in the entity that are held by U.S. Persons who are not “qualified eligible persons” as defined
in CFTC Rule 4.7 represent in the aggregate 10% or more of the beneficial interest in the entity, or was such entity formed principally for the purpose of facilitating investment by U.S. Persons in a pool with respect to which the operator is exempt
from certain requirements of Part 4 of the regulations of the CFTC by virtue of its participants being non-U.S. Persons? 

(please check one) Yes____     No____ 

If the Investor checked “yes” to paragraph (C)(2) above, the Investor must be able to represent and warrant to one of the following:
(please initial one) 
  

			
	 ________
 Initial
	  	(i) the Investor has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring the securities offered; or

  
 A-9 

			
	 ________

Initial
	  	(i)     each of the Investor’s equity owners is an accredited investor for any of the following reasons:

  

	 	(a)	 the equity owner of the Investor has an individual net
worth*, or joint net worth with his or her spouse, in excess of $1,000,000; 

  

	 	(b)	 the equity owner of the Investor has individual income**
(exclusive of any income attributable to his or her spouse) of more than $200,000 in each of the past two years, or joint income with his or her spouse of more than $300,000 in each of those years, and reasonably expects to reach the same income
level in the current year;** or 

  

	 	(c)	 the equity owner of the Investor is an entity with total assets in excess of $5,000,000 and was not formed for
the specific purpose of acquiring the securities offered. 

  

	(E)	 If the Investor* is an individual resident in, or an
entity with a registered office in, the European Economic Area (the “EEA”), the Investor must initial one Item in this Section II(E). 

RETAIL INVESTOR NOTICE: In relation to offers in the EEA, the Interests are only available to persons capable of being categorized as
“professional investors” (within the meaning of AIFMD). No person categorized as (i) a “retail client” (as defined in point (11) of Article 4(1) of EU Directive 2014/65/EU on Markets in
Financial Instruments (“MiFID II”)) or (ii) a “customer” (within the meaning of Directive 2002/92/EC on Insurance Mediation), where such customer does not qualify as a “professional client” (as
defined in point (10) of Article 4(1) of MiFID II), may subscribe for the Interests. 
 (please initial one)

   
  

	* 	 For purposes of this Subscription Agreement, the term “net worth” means the excess of total assets at
fair market value, including home furnishings and automobiles, over total liabilities; provided that, (i) the primary residence of the equity owner of the Investor shall not be included as an asset, (ii) indebtedness that is secured
by the primary residence of the equity owner of the Investor, up to the estimated fair market value of the primary residence at the time of the sale of the Interests, shall not be included as a liability (except that if the amount of such
indebtedness outstanding at the time of sale of the Interests 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 shall be included as a liability),
and (iii) indebtedness that is secured by the primary residence of the equity owner of the Investor in excess of the estimated fair market value of the primary residence at the time of the sale of the Interests shall be included as a liability.

	** 	 For purposes of this Subscription Agreement, the term “individual income” means adjusted gross
income, as reported for federal income tax purposes, less any income attributable to a spouse or to property owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a
spouse): (i) the amount of any tax-exempt interest income under Section 103 of the Code, received; (ii) the amount of losses claimed as a limited partner in a limited partnership as reported on
Schedule E of Form 1040; (iii) any deduction claimed for depletion under Section 611 et seq. of the Internal Revenue Code; (iv) amounts contributed to an Individual Retirement Account (as defined in the Internal Revenue Code)
or Keogh retirement plan; (v) alimony paid; and (vi) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Internal Revenue Code. 

	* 	 For purposes of this Section, “Investor” means the person that makes the investment decision to
invest in the Shares, including, but not limited to, a beneficial owner making such decision on its own behalf and a discretionary investment manager or other agent making such decision on behalf of such beneficial owner. 

	

	

  
 A-10 

									
	 ________
 Initial
	  	1.	  	 The undersigned represents and warrants that the Investor is a “professional investor” (within the meaning of AIFMD)
because it is any of the following:
  

(a)   an entity that is required to be authorized or regulated to operate in the financial markets
as: (i) a credit institution; (ii) an investment firm; (iii) any other authorized or regulated financial institution; (iv) an insurance company; (v) a collective investment scheme or the management company of such a scheme; (vi) a pension fund
or the management company of a pension fund; (vii) a commodity or commodity derivatives dealer; (viii) a local firm; or (ix) any other institutional investor;
  

(b)   a large undertaking meeting two of the following three size requirements: (i) balance sheet
total of €20,000,000; (ii) net turnover of €40,000,000; and/or (iii) own funds of €2,000,000;
  

(c)   a national or regional government, a public body that manages public debt at a national or
regional level, a central bank, an international or supranational institution (such as the World Bank, the International Monetary Fund, the European Central Bank or the European Investment Bank) and other similar international organization; or

 
 (d)   another type of
institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitization of assets or other financing transactions.

	 ________
 Initial
	  	2.	  	 The undersigned cannot initial Item 1 above but wishes to be treated as a “professional investor” (within the meaning
of AIFMD) by the Adviser in respect of the Investor’s investment in the Company.
  

If the undersigned initialed this Item, please initial one of the following:

					
		  		  	 ________
 Initial
	  	 (a)
	  	 The undersigned represents and warrants that the Investor is a private individual or other investor not capable of meeting the tests in Item
1 above but capable of being categorized as a “professional client” (within the meaning of MiFID II) because it satisfies at least two of the following three criteria: (i) the Investor has made significant investments in private funds at
an average frequency of ten per quarter over the previous four calendar quarters; (ii) the Investor’s financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds €500,000 or its equivalent in
another currency at the time of subscription; and/or (iii) the Investor works or has worked in the financial sector for at least one year in a professional position that requires knowledge of investment in private funds.

					
		  		  	 ________
 Initial
	  	 (b)
	  	 The undersigned represents and warrants that the Investor is a UK public sector body, local public authority (including local authority
pension scheme) or municipality that meets the following criteria: (i) the Investor’s financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds £10,000,000 or its equivalent in another currency
at the time of subscription; and (ii) at least one of the following tests is met: (A) the Investor has made significant investments in private funds at an average frequency of ten per quarter over the previous four calendar quarters; (B) the person
authorized to carry out transactions on behalf of the Investor works or has worked in the financial sector for at least one year in a professional position that requires knowledge of investment in private funds; or (C) the Investor is an
“administering authority” of the Local Government Pension Scheme within the meaning of the version of Schedule 3 of The Local Government Pension Scheme Regulations 2014 or (in relation to Scotland) within the meaning of the version of
Schedule 3 of The Local Government Pension Scheme (Scotland) Regulations 2014 and is acting in that capacity.

  
 A-11 

	III.	 INVESTOR INFORMATION – (FOR ALL INVESTORS) 

 

	(A)	 Was the Investor referred to the Company by a placement
agent?                Yes ☐    No ☐ 

If yes, please provide name of placement agent:_______________________________________ 

 

	(B)	 Does the Investor have one or more ultimate beneficiaries who (a) are entitled to 10% or more of
the    proceeds from this investment or (b) hold 10% or more of the control rights of the Investor?    Yes ☐ No ☐ 

Is the Investor or any of the ultimate beneficiaries publicly traded?        Yes ☐ No ☐ 

Is the Investor or any of the ultimate beneficiaries a regulated entity?     Yes ☐ No ☐ 

If the response to any of the above questions under this Item III(B) is “yes,” please complete Exhibit A of this Appendix A.

  

	(C)	 The Investor _______ (is) _______ (is not) (please initial one) (i) a “bank
holding company” (as defined in Section 2(a) of the U.S. Bank Holding Company Act of 1956, as amended (the “BHCA”)), (ii) an entity that is subject to the BHCA pursuant to the U.S. International Banking Act of 1978, as amended,
or (iii) an “affiliate” (as defined in Section 2(k) of the BHCA) of either of the foregoing. The Company may request information regarding the bank holding company status of the Investor or any affiliate of the Investor.

  

	(D)	 The Investor _______ (is) _______ (is not) (please initial one) a “banking
entity” (as defined in Regulation VV of the Board of Governors of the U.S. Federal Reserve System (the “Volcker Rule”)). 

  

	(E)	 The Investor _______ (is) _______ (is not) (please initial one) a “covered fund”
(as defined in the Volcker Rule). 

 If the Investor is a “covered fund”, please complete each of the following:

  

	 	1.	 The Investor _______ (is) _______ (is not) (please initial one) a “covered fund” (i)
for which a “banking entity” serves as “sponsor”, investment manager, investment adviser, commodity trading adviser, or (ii) that was otherwise “organized and offered” by a “banking entity” (each as
defined in the Volcker Rule). 

  

	 	2.	 The Investor _______ (is) _______ (is not) (please initial one) “controlled” (as
defined in the Volcker Rule) by a second “covered fund” described in clause (i) or (ii) of Item L(1) above. 

  
 A-12 

	IV.	 ERISA INFORMATION 

 

	(A)	 The Investor _______ (is) _______(is not) (please initial one) a “Benefit Plan
Investor” as defined in Section 4.02(e) of this Subscription Agreement. 

  

	(B)	 If the Investor is a pooled investment fund, the Investor hereby certifies to either 1 or 2 below:

 (Please initial one) 
  

					
	 ________

Initial
	  	1.	  	Less than 25% of the value of each class of equity interests in the Investor (excluding from this computation interests held by (i) any individual or entity (other than a Benefit Plan Investor) having discretionary authority or
control over the assets of the Investor, (ii) any individual or entity (other than a Benefit Plan Investor) who provides investment advice for a fee (direct or indirect) with respect to the assets of the Investor and (iii) any affiliate of such
individuals or entities (other than a Benefit Plan Investor)) is held by Benefit Plan Investors.
			
	 ________

Initial
	  	2.	  	 Twenty-five percent or more of the value of any class of equity interests in the Investor (excluding from this computation interests held by
(i) any individual or entity (other than a Benefit Plan Investor) having discretionary authority or control over the assets of the Investor, (ii) any individual or entity (other than a Benefit Plan Investor) who provides investment advice for a fee
(direct or indirect) with respect to the assets of the Investor and (iii) any affiliate of such individuals or entities (other than a Benefit Plan Investor)) is held by Benefit Plan Investors;

 
 and
  

    % of the equity interest in the Investor is held by Benefit Plan Investors.

  

	(C)	 If the Investor is an insurance company, the Investor hereby certifies to either 1 or 2 below:

 (Please initial one) 
  

					
	 ________

Initial
	  	1.	  	The Investor is an insurance company investing the assets of its general account (or the assets of a wholly owned subsidiary of its general account) in the Company but none of the underlying assets of the Investor’s general
account constitutes “plan assets” within the meaning of Section 401(c) of ERISA.
			
	 ________

Initial
	  	2.	  	 The Investor is an insurance company investing the assets of its general account (or the assets of a wholly owned subsidiary of its general
account) in the Company and a portion of the underlying assets of the Investor’s general account constitutes “plan assets” within the meaning of Section 401(c) of ERISA; and

 
     % of its general account assets constitute “plan
assets” within the meaning of Section 401(c) of ERISA.

  
 A-13 

	V.	 ACCREDITED INVESTOR STATUS 

The Investor certifies that the Investor is an “accredited investor” as defined in Regulation D promulgated under the Securities Act because: 

(Please initial as appropriate) 
  

	 	(A)	 Individuals 

  

							
	 ________

Initial
	  	 	1.	 	  	The Investor has an individual net worth,* or joint net worth with his or her spouse, in excess of $1,000,000; or
	 ________

Initial
	  	 	2.	 	  	The Investor had individual income** (exclusive of any income attributable to his or her spouse) of more than $200,000 in each of the past two years, or joint income with his or
her spouse of more than $300,000 in each of those years, and reasonably expects to reach the same income level in the current year.

  

	 	(B)	 Corporations, Foundations, Endowments, Partnerships or Limited Liability Companies

  

							
	 ________

Initial
	  	 	1.	 	  	The Investor has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring the Interests offered; or
	 ________

Initial
	  	 	2.	 	  	Each of the Investor’s equity owners is an accredited investor as described in this Section III. The Adviser, in its sole discretion, may request information regarding the basis on which such equity owners are accredited
investors.

  

	 	(C)	 Employee Benefit Plans 

 

					
	 ________

Initial
	  	1.	  	The Investor is an employee benefit plan within the meaning of ERISA, and the decision to invest in the Company was made by a plan fiduciary (as defined in Section 3(21) of ERISA), which is either a bank, savings and loan
association, insurance company or registered investment adviser. The name of such plan fiduciary is: ; or

  

	* 	 For purposes of this Subscription Agreement, the term “net worth” means the excess of total assets at
fair market value, including home furnishings and automobiles, over total liabilities; provided that, (i) the Investor’s primary residence shall not be included as an asset, (ii) indebtedness that is secured by the
Investor’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale of the Interests, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time
of sale of the Interests 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 shall be included as a liability), and (iii) indebtedness that is
secured by the Investor’s primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of the Interests shall be included as a liability. 

	** 	 For purposes of this Subscription Agreement, the term “individual income” means adjusted gross
income, as reported for federal income tax purposes, less any income attributable to a spouse or to property owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a
spouse): (i) the amount of any tax-exempt interest income under Section 103 of the Internal Revenue Code, received; (ii) the amount of losses claimed as a limited partner in a limited partnership as
reported on Schedule E of Form 1040; (iii) any deduction claimed for depletion under Section 611 et seq. of the Internal Revenue Code; (iv) amounts contributed to an Individual Retirement Account (as defined in the Internal Revenue
Code) or Keogh retirement plan; (v) alimony paid; and (vi) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Internal Revenue Code. 

  
 A-14 

							
	 ________

Initial
	  	 	2.	 	  	The Investor is an employee benefit plan within the meaning of ERISA and has total assets in excess of $5,000,000; or
	 ________

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

  

	 	(D)	 Individual Retirement Accounts, Keogh Plans and Other Self-Directed Defined Contribution Plans

  

					
	 ________
 Initial
	 		  	 The Investor is an individual retirement account, Keogh Plan or other self-directed defined contribution plan in
which a participant may exercise control over the investment of assets credited to his or her account and the investing participant is an accredited investor because such participant has an individual net worth, or joint net worth with his or her spouse, in excess of $1,000,000 or has had an individual income of more than $200,000 in each of the past two years, or joint income with his or her spouse of more
than $300,000 in each of those years, and reasonably expects to reach the same income level in the current year. The Adviser, in its sole discretion, may request information regarding the basis on which such participants are accredited
investors.

  

	 	(E)	 Section 501(c)(3) Organizations 

 

					
	 ________

Initial
	 		  	 The Investor is an organization described in Section 501(c)(3) of the Internal Revenue Code, was not formed for
the specific purpose of acquiring the Interests offered and has total assets in excess of $5,000,000.

  

	 	(F)	 Trusts 

  

							
	 ________

Initial
	  	 	1.	 	  	The Investor has total assets in excess of $5,000,000, was not formed for the specific purpose of acquiring the Interests offered and its purchase is directed by a sophisticated person. As used in the foregoing sentence, a
“sophisticated person” is one who has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment; or
			
	 ________

Initial
	  	 	2.	 	  	The trustee or a co-trustee of the Investor is: (a) a bank as defined in Section 3(a)(2) of the Securities Act, a savings and loan association, or other institution as defined in
Section 3(a)(5)(A) of the Securities Act; (b) acting in a fiduciary capacity; and (c) subscribing for the purchase of the Interests on behalf of the Investor or directing the Investor to purchase the Interests; or
			
	 ________

Initial
	  	 	3.	 	  	The Investor is a revocable trust that may be amended or revoked at any time by the grantors thereof and all of the grantors are accredited investors as described herein. The Adviser, in its sole discretion, may request
information regarding the basis on which such grantors are accredited investors.

  
 A-15 

	 	(G)	 Banks, Savings and Loans and Similar Institutions 

 

					
	 _______

Initial
	 		  	 The Investor is a bank as defined in Section 3(a)(2) of the Securities Act or a savings and loan association,
or other institution as defined in Section 3(a)(5)(A) of the Securities Act acting in its individual capacity.

  

	 	(H)	 Insurance Companies 

 

					
	 _______

Initial
	 		  	 The Investor is an insurance company as defined in Section 2(13) of the Securities Act.

  
 A-16 

 Exhibit A 

BENEFICIAL OWNERSHIP INFORMATION 

Instructions: Please complete and return this Exhibit A and provide the name of every person who is directly or indirectly through
intermediaries, the beneficial owner of 10% or more of any voting or non-voting class of equity interests of the Investor (or if an LP or LLC, holds 10% or more of the Investor). If there is insufficient
space in the chart, please include additional sheets of paper with the relevant information. 
  

					
	
Full Legal Name
	  	If the Investor or Any of the 10% Beneficial
Owners Is Publicly Traded,
Please Identify the
Exchange for the Public Trading.	  	If the Investor or Any of the 10% Beneficial
Owners Is a
Regulated Entity, Please Identity
Regulator and Jurisdiction.
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

  
 A-17 

 Appendix B: Transfer Restrictions 

No Transfer of the Investor’s Capital Commitment or all or any fraction of the Investor’s Shares may be made without (i) registration of the
Transfer on the Company books and (ii) the prior written consent of the Adviser which, with respect to a Plan, will not be withheld unreasonably in the case of a change of the Plan’s fiduciaries or trustees. In any event, the consent of
the Adviser may be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Adviser in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement, (y) if the
Company’s operations would likely be materially and adversely affected by the Transfer, or if such Transfer would raise legal, regulatory or competitive concerns for either the Company or the parties involved or (z) unless, in the opinion
of counsel (who may be counsel for the Company or the Investor) satisfactory in form and substance to the Company: 
  

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

  

	•	 	 such Transfer would not give rise to a “prohibited transaction” under Section 406 of ERISA or the
Code or the regulations promulgated thereunder. 

 The Investor agrees that it will pay all reasonable expenses, including attorneys’
fees, incurred by the Company in connection with any Transfer of all or any fraction of its Shares, prior to the consummation of such Transfer. 
 Any
person that acquires all or any fraction of the Shares of the Investor in a Transfer permitted under this Appendix B shall be obligated to pay to the Company the appropriate portion of any amounts thereafter becoming due in respect of the Capital
Commitment committed to be made by its predecessor in interest. The Investor agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company, it will remain liable for its Capital Commitment and for all
payments of any Drawdown Purchase Price required to be made by it (without taking into account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction
thereof, becomes a holder of such Shares. 
 The Company shall not recognize for any purpose any purported Transfer of all or any fraction of the Shares and
shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall have given its prior written consent
thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such
notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in
accordance with this Subscription Agreement, the provisions of the Disclosure Package and all applicable laws and regulations applicable to the transferee and the transferor. 

  
 A-1 

 Appendix C: United States Person 

The term “United States Person” means a person described in one or more of the following paragraphs: 

 

	 	1.	 With respect to any person, any individual or entity that would be a United States Person under Regulation S
promulgated under the 1933 Act. The Regulation S definition is set forth below. 

  

	 	2.	 With respect to individuals, any U.S. citizen or “resident alien” within the meaning of US income tax
laws as in effect from time to time. Currently, the term “resident alien” is defined under U.S. income tax laws to generally include any individual who (i) holds an Alien Registration Card (a “green card”) issued by the U.S.
Immigration and Naturalization Service or (ii) meets a “substantial presence” test. The “substantial presence” test is generally met with respect to any current calendar year if (a) the individual was present in the
U.S. on at least 31 days during such year and (b) the sum of the number of days on which such individual was present in the U.S. during the current year, 1/3 of the number of such days during the first preceding year, and 1/6 of the number of
such days during the second preceding year, equals or exceeds 183 days. 

  

	 	3.	 With respect to persons other than individuals: 

 

	 	a.	 a corporation or partnership created or organized in the United States or under the laws of any political
subdivision thereof; 

  

	 	b.	 a trust where (a) a U.S. court is able to exercise primary supervision over the administration of the
trust and (b) one or more United States Persons have the authority to control all substantial decisions of the trust; and 

  

	 	c.	 an estate which is subject to U.S. tax on its worldwide income from all sources. 

Set forth below is the definition of “United States Person” contained in Regulation S under the 1933 Act. 

 

	 	1.	 “United States Person” means: 

 

	 	a.	 Any natural person resident in the United States; 

 

	 	b.	 Any partnership or corporation organized or incorporated under the laws of the United States;

  

	 	c.	 Any estate of which any executor or administrator is a United States Person; 

 

	 	d.	 Any trust of which any trustee is a United States Person; 

  
 A-1 

	 	e.	 Any agency or branch of a non-United States entity located in the
United States; 

	 	

	 	f.	 Any non-discretionary account or similar account (other than an estate
or trust) held by a dealer or other fiduciary for the benefit of a United States Person; 

	 	

	 	g.	 Any discretionary account or similar account (other than an estate or trust) held by a dealer or other
fiduciary organized, incorporated, or (if an individual) resident in the United States; and 

	 	

	 	h.	 Any partnership or corporation if: (A) organized or incorporated under the laws of any jurisdiction other
than the United States; and (B) formed by a United States Person principally for the purpose of investing in securities not registered under the Securities Act unless it is organized or incorporated, and owned, by “accredited
investors” (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts. 

  

	 	2.	 The following are not “United States Persons” 

 

	 	a.	 any discretionary account or similar account (other than an estate or trust) held for the benefit or account of
a non-United States Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States shall not be deemed to be a “United States Person”;

  

	 	b.	 any estate of which any professional fiduciary acting as executor or administrator is a United States Person
shall not be deemed to be a “United States Person” if: (i) an executor or administrator of the estate who is not a United States Person has sole or shared investment discretion with respect to the assets of the estate; and
(ii) the estate is governed by laws other than those of the United States; 

  

	 	c.	 any trust of which any professional fiduciary acting as trustee is a United States Person shall not be deemed
to be a “United States Person” if a trustee who is not a United States Person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a United
States Person; 

  

	 	d.	 an employee benefit plan established and administered in accordance with (i) the laws of a country other
than the United States and (ii) the customary practices and documentation of such country, shall not be deemed to be a “United States Person”; and 

 

	 	e.	 any agency or branch of a United States Person located outside the United States shall not be deemed a
“United States Person” if: the agency or branch (i) operates for valid business reasons, (ii) is engaged in the business of insurance or banking, and (iii) is subject to substantive insurance or banking regulation,
respectively, in the jurisdiction where located. 

  
 C-2 

	 	f.	 none of the International Monetary Fund, the International Bank for Reconstruction and Development, the
Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, or their agencies, affiliates and pension plans, or any other similar international organization, or its agencies, affiliates and pension
plans, shall be deemed to be a “United States Person”. 

  
 C-3 

 Appendix D: Additional Commitment Form 

COMMONWEALTH CREDIT PARTNERS BDC I, INC. 
 525
Okeechobee Boulevard, Suite 1050 
 West Palm Beach, FL 33401 

Telephone: 561-727-2100 

E-mail: [●] 
 Dear
Sir/Madam: 
 The undersigned wishes to make an additional capital commitment to Commonwealth Credit Partners BDC I, Inc. (the
“Company”). The amount to be committed (“Additional Capital Commitment”) is: $                    . 

The undersigned acknowledges and agrees: (i) that the undersigned is making the Additional Capital Commitment on the terms and conditions contained in
the subscription agreement, dated                      , 20    , previously executed by the undersigned and
accepted by the Company, as the same may be updated or modified from time to time (the “Subscription Agreement”); (ii) that the representations, warranties and covenants of the undersigned contained in the Subscription
Agreement are true and correct in all material respects as of the date set forth below; (iii) that the information provided on the Investor Profile Form in the Subscription Agreement is correct as of the date set forth below; and (iv) that
the background information provided to the Company is true and correct in all material respects as of the date set forth below. 

 

THE UNDERSIGNED AGREES TO NOTIFY THE COMPANY 

PROMPTLY IN WRITING SHOULD THERE BE ANY CHANGE 

IN ANY OF THE FOREGOING INFORMATION. 

Dated:                 , 20     

 

							
	INDIVIDUALS	  		  	ENTITIES
	  
	  		  	  

	Signature	  		  	Print Name of Entity
				
	  
	  		  	By:	  	  

	Print Name	  	 	  	 	  	Authorized Signatory
	  
	  	        	  	  

	Additional Investor Signature	  		  	Print Name and Title
	  
	  		  	
	Print Name	  		  	

  
  

FOR INTERNAL USE ONLY 
 To
be completed by COMMONWEALTH CREDIT PARTNERS BDC I, INC. 
  

					
		  	ADDITIONAL CAPITAL COMMITMENT ACCEPTED	  	
		  	AS TO $                    	  	
			
		  	By: COMMONWEALTH CREDIT PARTNERS BDC I, INC.	  	
			
		  	By:                                     
           	  	
			
		  	Date:                 , 20    	  	

  
 A-1 

 Appendix E: Privacy 

 Disclosure Opt Out 

If you prefer that we not disclose nonpublic personal information about you to nonaffiliated third parties, you may opt out of those disclosures (other than
disclosures permitted by law or the agreements governing your investment in our private funds); that is, you may direct us not to make those disclosures (other than disclosures permitted by law or the agreements governing your investment in our
private funds). To opt out of disclosures to nonaffiliated third parties, you may return the Opt Out Form included in the next page to us. 

  
 E-2 

 OPT OUT FORM 

To be completed and returned in the event that you (i) are an individual investor (i.e. natural person) and (ii) desire that we not make
disclosures to nonaffiliated parties discussed in the above Privacy Notice (other than disclosures permitted by law or the agreements governing your investment in our private funds). 

 

	
	Name of Individual Investor:
	
	  

	
	Name of Fund:
	
	  

	Signature:
	
	  

	Date:
	  

 Return to: 
 COMMONWEALTH
CREDIT PARTNERS BDC I, INC. 
 525 Okeechobee Boulevard, Suite 1050 

West Palm Beach, FL 33401 
 Attn: Michael Altschuler,
Esq. 

  
 E-3 

 Addendum for EEA Investors 

EU Regulation 2016/679 on the protection of natural persons  

with regard to the processing of personal data and on the free movement of such data 

(“General Data Protection Regulation”) 

This Privacy Notice is addressed to individuals in the EEA with whom we interact in relation to an investment in Commonwealth Credit Partners BDC I, Inc. (the
“Company”) and is provided pursuant to the General Data Protection Regulation. Commonwealth Credit Partners BDC I, Inc. will endeavour to ensure that Personal Data that you provide to us is handled in accordance with our
obligations under U.S. law and in accordance with the General Data Protection Regulation as described in this notice. 
  

	 	1.	 In this Notice, the following terms have the following meaning: 

 

			
	“data controller”	  	means the Company entity that decides how and why personal data is processed;
	“EEA”	  	means the member states of the European Economic Area;
	“personal data”	  	means information from which it is possible to identify a natural person (an individual), or information from which any individual is identifiable;
	“processing”	  	means anything that is done with personal data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by
transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.
	“processor”	  	means the person or entity that processes personal data on behalf of a data controller.
	“sensitive personal data”	  	means personal data about an individual’s race or ethnicity, political opinions, religious or philosophical beliefs, trade union membership, physical or mental health, sexual life, or any other information that may be deemed
to be sensitive under applicable law.

  

	 	2.	 We will only use personal data that you provide to us, or which is otherwise obtained by us in connection with
an investment in the Company, as set out in this Privacy Notice. 

  

	 	3.	 We may receive personal data about you from the following sources: 

 

	 	a.	 when you provide it to us (e.g., where you contact us via email or telephone, or by any other means);

  

	 	b.	 when you subscribe to one of our funds and complete a subscription agreement or other fund documents;

  

	 	c.	 when it is in the public domain, or obtained from searches of public registries, such as court registries or
lists maintained by governmental authorities; and 

  

	 	d.	 from third parties who provide it to us, e.g., where we conduct credit reference verification,
anti-money laundering checks, or where we receive your details from financial intermediaries or placement agents fund-raising on our behalf. 

	 	4.	 The categories of personal data that we may process are as follows: 

 

	 	e.	 name(s); date of birth; identification, such as passport; social security number; national ID or insurance
number, tax identification number; copy of passport; nationality; signatures; 

  

	 	f.	 address; telephone number; email address; and 

 

	 	g.	 business activities; financial expertise including educational qualifications and investment experience; value
of financial portfolio; ability to bear losses; nature of past or current employment within or outside the financial sector. 

  

	 	5.	 We may organise the personal data we collect and combine it with other personal data that you provide or that
we collect from other sources. 

  

	 	6.	 We do not seek to collect or otherwise process sensitive personal data, except where we are required to comply
with a legal obligation, such as, e.g., where we are required to gather information about a politically exposed person or their family members and that information constitutes sensitive personal data. 

 

	 	7.	 We only process information about criminal offences to the extent required by applicable law.

  

	 	8.	 The purposes for which we process personal data and the legal bases for doing so are as follows:

  

					
	 	  	 Purpose
	  	 Legal Basis

	a)	  	KYC - confirming your identity and screening against government, supranational bodies or sanctions lists or performing other on-boarding due diligence	  	 •   The processing is necessary for compliance with a legal
obligation;
  
 •   If the
information constitutes sensitive personal data, we have obtained your prior consent

			
	b)	  	To perform our contract, including managing the assets of the fund, providing periodic and annual reporting, responding to your queries, keeping you apprised of co-investment opportunities,
and any other matters of legitimate interest to investors including other investment opportunities	  	 •   To perform our contract with you

 
 •   We also have a
legitimate business interest in carrying out processing for some of these purposes where we consider that, on balance, our legitimate interests are not overridden by your interests, fundamental rights or freedoms

			
	c)	  	Legal compliance - detecting, investigating and preventing breaches and criminal offences, in accordance with applicable law.	  	 •   The processing is necessary for compliance with a legal obligation;
or
  
 •   We have a
legitimate interest in carrying out the processing

  
 E-5 

					
	d)	  	Legal proceedings.	  	 •  We have a legitimate interest in carrying out the processing for the purpose
of establishing, exercising or defending our legal rights

			
	e)	  	Improving our products and services,	  	 •  We have a legitimate interest in carrying out the processing for the purpose
of improving our products or services where we consider that, on balance, our legitimate interests are not overridden by your interests, fundamental rights or freedoms

  

	 	9.	 Where it is necessary for the performance of our contract with you, or for our internal business processes, we
may share personal data with any Net Lease Fund in which you are invested, any other funds in which you invest or apply to invest in and/or the administrator(s) of such funds. In addition, we may disclose your personal data to:

  

	 	a.	 credit reference agencies; 

 

	 	b.	 anti-fraud services; 

 

	 	c.	 governmental, tax and regulatory, or similar authorities; 

 

	 	d.	 accountants, auditors, financial and tax advisers, lawyers and other outside professional advisers to the
Company; 

  

	 	e.	 third party processors (such as email and electronic communications retention vendors or fund administrators),
located in Canada, Europe and the U.S.A., as applicable; 

  

	 	f.	 any relevant party, enforcement agency or court, to the extent necessary for the establishment, exercise or
defense of legal rights; 

  

	 	g.	 for the prevention, investigation or prosecution of criminal offences; 

 

	 	h.	 in connection with AML/KYC requirements; and 

 

	 	i.	 any relevant third party acquirer(s), in the event that we sell or transfer all or any relevant portion of a
Net Lease Fund in which you are an investor. 

  

	 	10.	 Where it is necessary for the performance of our contract with you and you choose not to provide personal data
to us or do not want the Company to process this data, it may prevent the Company from allowing you to invest in a Net Lease Fund and may adversely affect the Company’s ability otherwise to manage its business relationship with you.

  

	 	11.	 Where we engage a third-party processor, the processor will be subject to contractual obligations to:
(i) process in accordance with our prior written instructions; and (ii) use measures to protect the confidentiality and security of the personal data. 

 

	 	12.	 The Company is based in the U.S.A. The personal data you provide to us will be transferred to and stored on our
servers in the U.S.A. We take reasonable steps to protect your personal data from unauthorised access and against unlawful processing, accidental loss, destruction and damage. Where we receive your personal data directly in the U.S.A. we are not
responsible for its transfer outside the EEA. Personal data may be shared with fund administrators (for certain Company products) and other service providers (e.g., for email and electronic communications retention) that are located outside of the
United States. Otherwise, we do not intend to transfer your personal data to other countries outside the U.S.A. Where any transfer takes place under a written contract, you have the right to request a copy of that contract and may do so by
contacting the Company (see the contact details below). 

  
 E-6 

	 	13.	 We take reasonable steps designed to ensure that your personal data are accurate and, where necessary, kept up
to date. You have the right to ask to see the data we hold about you and to ask us to: (a) make any changes to ensure that any personal data is accurate and up to date; (b) erase or stop processing any personal data we hold where there is
no longer a legal ground for us to process it; and, (c) transfer such data to a third party (however we do not foresee the applicability of this right in the context of your investment in a Fund). To exercise one or more of these rights, or to
ask a question about these rights, please contact the Company at the address below. 

  

	 	14.	 You have the right to ask us not to process your personal data for marketing purposes. You can exercise this
right by checking a box on any communication in which we seek to gather any personal data from you for such purposes; alternatively, you can exercise the right at any time by contacting us at the address below or returning the Disclosure Opt Out
form included with this Privacy Notice. 

  

	 	15.	 The criteria for determining the duration for which we will retain your personal data are as follows:

  

	 	a.	 in a form that permits identification only for as long as necessary in connection with the lawful purpose for
which it is held; 

  

	 	b.	 for the period under applicable law during which any person could bring a legal claim against the Company in
relation to a matter in which your personal data may be relevant; and 

  

	 	c.	 if a legal claims were to be brought, for such additional periods as are necessary in connection with that
claim. 

  

	 	16.	 Once these periods have expired, we will permanently delete or destroy the relevant personal data.

 To Contact the Company: 
 If you
would like to contact the Company about any of the information in this Notice, or if you want to make a complaint please contact: 
 COMMONWEALTH CREDIT
PARTNERS BDC I, INC. 
 525 Okeechobee Boulevard, Suite 1050 

West Palm Beach, FL 33401 
 Attn: Michael
Altschuler, Esq. 
 You can also obtain further information on data privacy and/or make a complaint by contacting your local data protection authority
in your member state. 
 Last updated: June 2021 

  
 E-7 

 Appendix F: Disclosure Package 

 

	1.	 Registration Statement on Form 10, originally filed with the Securities and Exchange Commission on May 6,
2021, as amended, as of the date of this Subscription Agreement. 

  

	2.	 Term Sheet pertaining to the Company. 

 

	3.	 Valuation Policy of the Company. 

 Appendix G 

Prohibited Securities or Other Property 

for 
 THE FORD SEPARATE RETIREE
ACCOUNT ONLY 
 For purposes of this Subscription Agreement “Prohibited Securities or Other Property” shall mean the securities or real
property of: 
  

	 	•	 	 (1) Ford Motor Company, or any successor in interest thereto (“Ford”), (2) entities with the term
“Ford” in their name, (3) fifty percent (50%) or more affiliates of Ford listed under “Equity In Net Assets of Affiliated Companies” in the notes to the financial statements or (4) subsidiaries listed in Exhibit 21 to
the most recent 10-K filed by Ford, to the extent available, unless (x) (I) in the case of securities, such securities are “qualifying employer securities” as defined in section 407(d)(5) of
ERISA or (II) in the case of real property, such real property is “qualifying employer real property” as defined in section 407(d)(4) of ERISA, and (y) taken together, represent no more than 10% of the Investor’s assets
under the Adviser’s management. 

  

	 	•	 	 Affiliates of Ford otherwise identified to the Adviser in writing by Investor. 

This list may be updated by Investor from time to time by written notice to the Adviser. 

In light of the extraordinary difficulty in determining whether an investment constitutes a Prohibited Security or Other Property, the parties hereto
acknowledge and agree that, the allocation of profits and losses attributable to a Prohibited Security or Other Property to the Investor by the Company will not be considered to be a breach of this Subscription Agreement and neither the Adviser nor
the Company will be liable to the Investor for such allocation, provided that the Adviser (i) lacks actual knowledge that such investment was a Prohibited Security or Other Property and/or (ii) otherwise takes commercially reasonable
measures in good faith to seek to identify any Prohibited Security or Other Property and notify the Investor in the event that it reasonably believes that the Company holds Prohibited Securities or Other Property. For purposes of clarity, the
parties agree that the Adviser will be deemed to have used commercially reasonable measures to identify Prohibited Securities or Other Property if it reviews on an annual basis the notes to the above referenced financial statements of Ford and the
list of subsidiaries in Exhibit 21 to the most recent 10-K filed by each of the foregoing, to the extent available, within 60 business days after such documents’ publication. 

 Prohibited Securities or Other Property 

for 
 THE GM SEPARATE RETIREE
ACCOUNT ONLY 
 For purposes of this Subscription Agreement “Prohibited Securities or Other Property” shall mean the securities or real
property of: 
  

	 	•	 	 (1) General Motors Company, or any successor in interest thereto (“GM”), (2) entities with the
terms “General Motors” or “GM” in their name, (3) fifty percent (50%) or more affiliates of GM listed under “Equity In Net Assets of Nonconsolidated Affiliates” in the notes to the financial statements or
(4) subsidiaries listed in Exhibit 21 to the most recent 10-K filed by GM, to the extent available. 

  

	 	•	 	 Affiliates of GM otherwise identified to the Adviser in writing by Investor. 

This list may be updated by Investor from time to time by written notice to the Adviser. 

In light of the extraordinary difficulty in determining whether an investment constitutes a Prohibited Security or Other Property, the parties hereto
acknowledge and agree that, the allocation of profits and losses attributable to a Prohibited Security or Other Property to the Investor by the Company will not be considered to be a breach of this Subscription Agreement and neither the Adviser nor
the Company will be liable to the Investor for such allocation, provided that the Adviser (i) lacks actual knowledge that such investment was a Prohibited Security or Other Property and/or (ii) otherwise takes commercially reasonable
measures in good faith to seek to identify any Prohibited Security or Other Property and notify the Investor in the event that it reasonably believes that the Company holds Prohibited Securities or Other Property. For purposes of clarity, the
parties agree that the Adviser will be deemed to have used commercially reasonable measures to identify Prohibited Securities or Other Property if it reviews on an annual basis the notes to the above referenced financial statements of GM and the
list of subsidiaries in Exhibit 21 to the most recent 10-K filed by each of the foregoing, to the extent available, within 60 business days after such documents’ publication. 

  
 G-2 

 Prohibited Securities or Other Property 

FOR 
 THE CHRYSLER SEPARATE
RETIREE ACCOUNT ONLY 
 For purposes of this Subscription Agreement “Prohibited Securities or Other Property” shall mean the securities or
real property of: 
  

	 	•	 	 (1) Stellantis N.V., or any predecessor or any successor in interest thereto (“FiatChrysler”), (2)
entities with the terms “Chrysler”, “FCA”, “Stellantis,” or “Fiat” in their name, (3) fifty percent (50%) or more affiliates of FCA US LLC, or any successor in interest thereto (“Chrysler”) or
FiatChrysler listed in the notes to the financial statements or (4) subsidiaries listed in Exhibit 21 to the most recent 10-K filed by Chrysler or Note 3 of the consolidated financial statements contained
in the most recent 20-F filed by FiatChrysler, to the extent available; unless (x) (I) in the case of securities, such securities are “qualifying employer securities” as defined in section
407(d)(5) of ERISA or (II) in the case of real property, such real property is “qualifying employer real property” as defined in section 407(d)(4) of ERISA, and (y) taken together, represent no more than 10% of the
Investor’s assets under the Adviser’s management. 

  

	 	•	 	 Affiliates of Chrysler or FiatChrysler otherwise identified to the Adviser in writing by Investor.

 This list may be updated by Investor from time to time by written notice to the Adviser. 

In light of the extraordinary difficulty in determining whether an investment constitutes a Prohibited Security or Other Property, the parties hereto
acknowledge and agree that, the allocation of profits and losses attributable to a Prohibited Security or Other Property to the Investor by the Company will not be considered to be a breach of this Subscription Agreement and neither the Adviser nor
the Company will be liable to the Investor for such allocation, provided that the Adviser (i) lacks actual knowledge that such investment was a Prohibited Security or Other Property and/or (ii) otherwise take commercially reasonable
measures in good faith to seek to identify any Prohibited Security or Other Property and notify the Investor in the event that it reasonably believes that the Company holds Prohibited Securities or Other Property. For purposes of clarity, the
parties agree that the Adviser will be deemed to have used commercially reasonable measures to identify Prohibited Securities or Other Property if it reviews on an annual basis the notes to the above referenced financial statements of each of
FiatChrysler and Chrysler and the list of subsidiaries in Exhibit 21 to the most recent 10-K filed by Chrysler and the list of subsidiaries in Note 3 of the consolidated financial statements contained in the
most recent 20-F filed by FiatChrysler, to the extent available, within 60 business days after such documents’ publication. 

  
 G-3

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