The materials contain highly confidential information regarding Churchill’s investments, strategy and organization. Your acceptance of the materials constitutes your agreement that the materials are designated as highly confidential by Churchill and are neither publicly available nor do they constitute a public record and that you shall (i) keep confidential all the information contained in the materials, and not disclose any such information to any other person (including in response to any Freedom of Information Act, public records statute, or similar request), (ii) not use any of the information for any purpose other than to evaluate or monitor investments in a fund, (iii) not use the information for purposes of trading securities, including, without limitation, securities of Churchill or its portfolio companies, (iv), not copy the materials without the prior consent of Churchill.

Opinions expressed reflect the current opinions of Churchill as of the date appearing in the materials only and are based on Churchill’s opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.

Certain information contained in the materials constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology or the negatives thereof. These may include financial predictions estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the materials. Churchill undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise.

Any published third party rankings, awards or similar groupings have inherent limitations and qualifications, and are not indicative of the experience of any client or investor or of the future performance of any product described herein. There can be no assurance that the universe upon which the awards were based included all investment products within each category that are actually in operation or existence. The investment products on which the ratings were based may differ substantially in terms, objective, strategy, target risk return profile and certain other significant respects from those referenced herein. Unless otherwise specified, all awards shown are based on the one year period immediately preceding the date listed.

Investments in middle market loans are subject to certain risks. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, inflation risk, and risk of capital loss. Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well. See the applicable product literature or visit www.churchillam.com for details.

The foregoing information has not been provided in a fiduciary capacity under ERISA, and it is not intended to be, and should not be considered as, impartial investment advice.

These materials are only for use by the intended party and may only be circulated only to persons whom they may lawfully be distributed. Persons who do not fall within such descriptions may not act upon the information contained in these materials. Any entity responsible for forwarding this material to other parties takes responsibility for ensuring compliance with local laws, and in particular any applicable financial promotion rules.

The information presented in these materials is believed to be materially correct as at the date hereof, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. The statements contained herein reflect opinions as of the date written and are subject to change without further notice. Nothing set out in these materials is or shall be relied upon as a promise or representation as to the past or future. If prior performance information in this document is denominated in a currency other than that of the jurisdiction where you are resident/domiciled, the investment return of the Fund may increase or decrease as a result of currency fluctuations.