Third Party Recognitions and Rankings

Kerberos Capital Management LLC and its affiliates (collectively, "Kerberos") may be acknowledged or ranked by independent third-party rating agencies or publications, with summaries potentially featured in a presentation or on our website. These recognitions are typically based on information provided by Kerberos and generally include only those firms that participate in the surveys. Kerberos' nomination for any award does not reflect future performance of any Kerberos-managed fund. Any third-party ranking or recognition displayed in a presentation or on our website should not be interpreted as a promise of specific investment performance or a particular level of customer service. Additionally, such recognitions should not be seen as an endorsement from any of Kerberos' clients. Therefore, clients and prospective clients should avoid placing undue reliance on these recognitions.

Global Newcomer of the Year Selection Process: Every November, Private Debt Investor's ("PDI") global edit team canvasses the views of colleagues and contacts in the market to find out which firms, funds and deals were deserving of distinction. They then draft a shortlist of four candidates and leave a write-in box so that voters may suggest alternatives. Readers from all over the world then cast online votes to determine a winner through December and early January, and PDI's editorial team vets the results to ensure they fully comply with PDI's rules. Kerberos did not pay a fee to participate in the selection process.

Chief Investment Officer ("CIO") Annual Innovation Awards Selection Process: Nominations are called for in September, and finalists, selected by CIO's editorial staff, are announced in October. All finalists complete an application for the awards. There is no fee to participate. Winners are selected by a panel of industry judges, by CIO peers across the industry from public and private funds to foundations, endowments, and sovereign wealth funds, and by CIO editorial staff. Winners are announced at the annual Industry Innovation Awards Dinner in New York City in December.