This presentation is made on a confidential basis to selected sophisticated investors. It must not be copied or disclosed to anyone except to personnel and professional advisors of the recipient on a confidential, need-to-know basis. This presentation does not constitute an offer nor a solicitation of a transaction or investment, a promotion or recommendation of the purchase or sale of any security. All investments in securities entail an element of risk and may not be suitable for certain investors. The information contained herein does not purport to be complete or current or to cover all the information or risk factors which a recipient may need to reach an investment decision, and it does not take into consideration the investment objectives, financial situation, sophistication, investment experience or particular needs of any potential investor. Investors should always refer to the Private Placement Memorandum for detailed information and any investment decision must be made solely on the basis of the information contained in the Private Placement Memorandum in its final form and/or the definitive agreement relative to the investment, the information in which may be materially different from the information in this presentation. Each recipient should conduct its own independent investigation and assessment of the investment opportunity discussed herein, with particular attention paid to the information on risk factors. The contents of this presentation have not been reviewed by any regulatory authority. Investment is subject to significant risks of loss of income and capital, and will be subject to restrictions on transfer. There can be no assurance that the targeted returns, results, diversification, capitalization or asset allocations will be met or that the issuer referenced herein will be able to implement its investment strategy and investment approach or achieve its investment objectives. Actual investment performance will depend on future operating results, general market conditions, and a variety of other factors. Past performance should not be seen as an indication of future performance. Statements contained in this presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs. Such statements involve known and unknown risks, uncertainties and other factors, and past results are not necessarily indicative of future performance. Additionally, this presentation may contain “forward-looking statements.” Actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Certain economic, market and other information contained herein may have been obtained from published sources prepared by third parties or from the issuer referenced herein and in certain cases may not have been updated through the date hereof. While such sources are believed to be reliable, the Fund does not assume any responsibility for the accuracy or completeness of such information. With respect to materials distributed by the Fund, the Fund is not acting for or advising the recipients of this document or any other person.

Sources (Moodys, Sofia Echo, American Chamber of Commerce)