Untitled - Irish Stock Exchange

Investment Diversification and Portfolio Limitations
The borrowing base (the "Borrowing Base") applicable to the Senior Facility and the Rated Notes has been
structured to permit investment flexibility while maintaining portfolio diversification and to provide protection to
the Lenders and the Holders of the Rated Notes. Portfolio Limitations (as defined herein) have been established
under each of the Moody's Valuation Procedures (the "Moody's Valuation Procedures") and the S&P Valuation
Procedures (the "S&P Valuation Procedures") with respect to issuer and industry diversification, private equity
securities, unquoted investments, foreign investments and various other criteria. The Market Value of investments
in excess of the applicable Portfolio Limitations, and certain other Excluded Investments will not be included for
purposes of determining the Borrowing Base under the Moody's Valuation Procedures or the S&P Valuation
Procedures. However, the Issuer is not prohibited from holding Fund Investments in excess of such limitations. The
investment diversification and Portfolio Limitations under the Moody's Valuation Procedures and the S&P
Valuation Procedures are described in Appendix A (the "Moody's Collateral Valuation Schedule") and Appendix
B (the "S&P Collateral Valuation Schedule"), respectively.
Use of Proceeds
The proceeds received on the Closing Date from the issuance of the Notes, after payment of applicable fees
and expenses, are expected to be approximately U.S.$ 300,000,000 and will be used to pay certain fees and expenses
payable in connection with the offering of the Notes and the Feeder Fund Notes, repurchase from an affiliate of the
Initial Purchaser (the "Warehouse Providers") 100% participation interests in the Fund Investments (including any
accrued and unpaid interest and fees on such Fund Investments, any financing, management and other fees related to
the Warehouse Facility (the "Warehouse Facility") and any related hedge agreement) acquired prior to the Closing
Date through the Warehouse Facility and purchase additional Fund Investments or to fund any Hedging SPEs on or
after the Closing Date. See "Use of Proceeds."
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