Octagon Investment Partners IX, Ltd. JPMorgan - Irish Stock Exchange

Investments of the Issuer in securities or other debt instruments (including Synthetic Securities) of non-U.S.
issuers may be denominated in currencies other than the U.S. Dollar, and the value of such investments in U.S.
Dollars will fluctuate based on exchange rates. The Issuer may be adversely affected by exchange control
regulations or changes in the exchange rate between foreign currencies and the U.S. Dollar. Changes in foreign
currency exchange rates may also affect the value of interest earned, and the level of gains and losses realized on the
sale of loans or other debt instruments. The rates of exchange between the U.S. Dollar and other currencies are
affected by many factors, including forces of supply and demand in the foreign exchange markets. These rates are
also affected by the international balance of payments and other economic and financial conditions, government
intervention, speculation and other factors. To the extent described herein, the Issuer is expected to enter into one or
more currency hedging transactions (or maintain one or more existing currency hedging transactions) in connection
with the purchase of Non-USD Debt Obligations to hedge a portion of the Issuer's exposures to foreign exchange
risks from such Non-USD Debt Obligations. However, there can be no assurance that such currency hedging
transactions will significantly reduce the effect of such foreign exchange risks with respect to Non-USD Debt
Obligations. In certain circumstances where there are insufficient funds in the applicable subaccount of the
Currency Account, amounts on deposit in the Collection Accounts otherwise available to make payments on the
Notes may be required to be used to pay certain currency hedging termination payments and other amounts owing to
Hedge Counterparties. To the extent that amounts on deposit in the Collection Accounts, which are amounts
denominated in U.S. Dollars, are required to be used to pay certain currency hedging termination payments and
other amounts owing to Hedge Counterparties, such amounts will be converted into the applicable Permitted
Currency or Permitted Currencies pursuant to a Permitted Currency Exchange at the Applicable Spot Market
Exchange Rate. See "Security for the Notes—Accounts" and "Security for the Notes—Hedge Agreements."
A Hedge Counterparty may terminate an applicable Hedge Agreement if any withholding tax is imposed on
payments thereunder by such Hedge Counterparty, and any amounts that would be required to be paid by the Issuer
to enter into a replacement Hedge Agreement will reduce amounts available for payments to holders of Offered
Securities. A Hedge Counterparty may also terminate an applicable Hedge Agreement upon the occurrence of
certain events of default or termination events thereunder with respect to the Issuer (including, but not limited to,
bankruptcy, a change in law making the performance of the obligations under such Hedge Agreement unlawful, or
the determination to sell or liquidate the Collateral upon the occurrence of an Event of Default under the Indenture),
and in the case of such early termination of any Hedge Agreement, the Issuer may be required to make a payment to
the related Hedge Counterparty. Any amounts that would be required to be paid by the Issuer to enter into
replacement Hedge Agreements will reduce amounts available for payments to holders of Offered Securities. In
either case, there can be no assurance that the remaining payments on the Collateral would be sufficient to make
payments of interest and principal on the Notes and distributions with respect to the Preferred Shares.
The Weighted Average Lives of the Notes and the Investment Term of the Preferred Shares May Vary
The Stated Maturity of the Notes and the mandatory redemption date in respect of the Preferred Shares is April
23, 2020. The average life of each Class of Notes and the investment term of the Preferred Shares is expected to be
shorter than the number of years until its respective Stated Maturity date or mandatory redemption date, as
applicable. Each such average life or investment term may vary due to various factors affecting the early retirement
of Collateral Debt Obligations, the timing and amount of sales of such Collateral Debt Obligations, the ability of the
Collateral Manager to invest collections and proceeds in additional Collateral Debt Obligations, and the occurrence
of any mandatory redemption, Optional Redemption or Special Redemption. Retirement of the Collateral Debt
Obligations prior to their respective final maturities will depend, among other things, on the financial condition of
the issuers of the underlying Collateral Debt Obligations and the respective characteristics of such Collateral Debt
Obligations, including the existence and frequency of exercise of any optional redemption, mandatory redemption or
sinking fund features, the prevailing level of interest rates, the redemption prices, the actual default rates and the
actual amount collected on any Defaulted Obligations and the frequency of tender or exchange offers for such
Collateral Debt Obligations. In particular, loans are generally prepayable at par, and a high proportion of loans
could be prepaid. The ability of the Issuer to reinvest proceeds in securities with comparable interest rates that
satisfy the reinvestment criteria specified herein may affect the timing and amount of payments received by the
holders of Offered Securities and the yield to maturity of the Offered Securities. See "Security for the Notes—
Substitute Securities and Reinvestment Criteria."
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