This document, together with any attachments, appendices, and related materials, is provided on a confidential basis for informational due diligence purposes only, and may not be relied on in any manner as legal, tax, investment, accounting or other advice or as an offer to sell, or a solicitation of an offer to buy, any security or instrument in or to participate in any trading strategy with  Churchill Asset Management LLC or its affiliates (together “Churchill”),or any fund or separately managed account currently or to be managed, advised or pursued by Churchill, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. If such an offer is made, it will only be made by means of an offering memorandum, subscription agreement or other constituent documents, (collectively with additional offering documents, the “offering documents”), which would contain material information including certain risks of investing in such fund. Any decision to invest in a fund should be made after reviewing the offering documents of such fund, conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting and tax advisers to make an independent determination of the suitability and consequences of an investment in such fund. None of Churchill, its funds, nor any of their affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of a fund or any other entity, transaction, or investment.

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.

Past performance is no guarantee of future results. In considering any investment performance information contained in the materials, prospective and current investors should bear in mind that past or projected performance is not necessarily indicative of future results and there can be no assurance that a fund will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met. Prior investments and results of the existing Churchill funds are provided for illustrative purposes only and should not be relied upon as a promise or representation as to past or future performance of a fund or any other entity, transaction, or investment. Performance history, statistics, portfolio information and other information provided in this presentation is unaudited and is generally derived from in-house information and calculations.  To the extent such performance history, statistics, portfolio information and other such information is based on information from third parties, Churchill assumes that such information has been reasonably prepared on bases reflecting the best currently available data. Neither Churchill, nor its affiliates makes any representation or warranty with respect to such information from third parties. Any estimates, targets, forecasts, or similar predictions or returns set forth herein are based on assumptions and assessments made by Churchill that it considers reasonable under the circumstances as of the date hereof. They are necessarily speculative, hypothetical, and inherently uncertain in nature, and it can be expected that some or all of the assumptions underlying such estimates, targets, forecasts, or similar predictions or returns contained herein will not materialize and/or that actual events and consequences thereof will vary materially from the assumptions upon which such estimates, targets, forecasts, or similar predictions or returns have been based. Inclusion of estimates, targets, forecasts, or similar predictions or returns herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of such information, and Churchill is under any obligation to revise such returns after the date provided to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying such returns are later shown to be incorrect. Churchill makes no assurance, representation or warranty as to the accuracy of such assumptions, forecasts, and/or similar predictions or returns and other information contained herein.

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.

Please consider all risks carefully prior to investing in any particular strategy. 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.

Certain products and services may not be available to all entities or persons. Please consult the Limited Partnership Agreement, Subscription Agreement, Private Placement Memorandum and other related documentation prior to investing.

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.

LIMITATIONS OF HYPOTHETICAL PERFORMANCE: Performance presented herein should not be relied upon as an indication or projection of actual net returns for any fund or account managed by Churchill. Performance of selected transactions does not reflect the actual performance of any individual client or investor. Accordingly, it should not be assumed that investments made in the future will have the same returns as presented herein. Actual net performance of the funds or accounts that made these investments may vary materially from any modeled and hypothetical performance presented herein.

Model inputs are generated based on assumptions and estimates. Certain assumptions, including the proposed (and, when available, contractual) management fee rates, carry terms, and anticipated aggregate expenses for such fund are used to determine an estimate of total fees and expenses. Churchill believes its assumptions are appropriate and reasonable based on the terms of a fund’s governing documents, predecessor fund expenses, expected hold duration of investments made by the fund, and anticipated aggregate fees and expenses expected to be incurred over the life of the fund. Such assumptions and estimates are inherently subjective and simplified, involve significant judgment, risks and limitations, and do not predict or guarantee the actual returns or experience of any fund or investor. A change of, or to, any of the assumptions or estimates could result in material and adverse differences in the output versus that of a model for a given fund. The foregoing is not an exclusive list of ways that changes to assumptions can negatively impact the model, or of the risks inherent in using model information. Additional information related to the calculation of model performance, including additional detail on the criteria used and assumptions made, is available upon request.

Prospective investors should understand therefore that no actual limited partner of any such Fund(s) experienced the performance indicated by the Net IRR depicted herein and that the actual Net IRR of any given limited partner was actually higher or lower than such returns, depending on the factors described above.

COUNTRY DISCLOSURES

These materials are provided solely for use in private meetings and are intended for informational and discussion purposes only. 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. Data was taken from sources deemed reliable, but cannot guarantee its accuracy. 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.

This document is not a prospectus and does not constitute an offer to the public. No public offering or advertising of investment services or securities is intended to have taken effect through the provision of these materials. It is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about suitability for any particular investor.

Notice to persons in Australia: These materials are solely for use with wholesale clients as defined in section 761G of the Corporations Act 2001 (Cth) and are issued by Nuveen Australia Pty Ltd ACN 604 071 696, which is a corporate authorised representative of Nuveen Real Estate (Australia) Limited ABN 98 106 690 444, AFSL 460770.

Notice to persons in Canada: These materials are solely for use with permitted clients. This supplemental material relating to the fund or funds described herein are for use only in those jurisdictions and to those persons to whom they may be lawfully offered for sale, and therein only by persons permitted to sell such securities. These materials are not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities described herein in Canada. No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the securities described herein, and any representation to the contrary is an offence.

Notice to persons in China: These materials are solely for use with professional investors. No invitation to offer, or offer for, or sale of, the shares will be made to the People’s Republic of China (“PRC”) (which, for such purposes, does not include the Hong Kong or Macau Special Administrative Regions or Taiwan) or by any means that would be deemed public under the Laws of the PRC. The information relating to the shares contained in this memorandum has not been submitted to or approved by the China Securities Regulatory Commission or other relevant governmental authorities in the PRC. The shares may only be offered or sold to investors in the PRC that are expressly authorized under the laws and regulations of the PRC to buy and sell securities denominated in foreign exchange. Potential investors resident in the PRC are responsible for obtaining all relevant approvals from the government authorities of the PRC, including but not limited to the State Administration of Foreign Exchange, before purchasing the shares. The materials further does not constitute any securities or investment advice to citizens of the PRC.

Notice to persons in the European Economic Area: Issued by the offices and branches of Nuveen Alternatives Europe Sarl (reg. no. A00002440) or Nuveen Asset Management Europe Sarl (reg. no. P00000482), incorporated and registered in Luxembourg with registered office at 4A Rue Henri M Schnadt – 2530 Luxembourg; Both of which are authorised by the Commission de Surveillance des Services Financiers to provide investment products and services. Please note that branches of Nuveen Alternatives Europe Sarl or Nuveen Asset Management Europe Sarl are subject to limited regulatory supervision by the responsible financial regulator in the country of the branch. Telephone calls may be recorded and monitored.

These materials are solely for use with professional investors as defined by Annex II of EU Directive 2017/65/EU (the MiFID II directive).

Notice to persons in Hong Kong: This material is for distribution to “Professional Investors” (as defined in the Securities and Futures Ordinance (Cap.571 of the laws of Hong Kong) and any rules made under that ordinance) and should not be relied upon by any other persons or redistributed to retail clients in Hong Kong. This information is issued and distributed by Nuveen Hong Kong Limited (BJH146) and has not been reviewed by the Securities and Futures Commission of Hong Kong. Hong Kong residents are advised to exercise caution in relation to this offer. An investment in the Fund may not be suitable for everyone. If you are in any doubt about the contents of these materials, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser for independent professional advice.

The Fund is not authorised by the Securities and Futures Commission (“SFC”) in Hong Kong pursuant to Section 104 of the Securities and Futures Ordinance (Cap 571, Laws of Hong Kong) (“SFO”). These Confidential Offering Materials have not been approved by the SFC in Hong Kong, nor has a copy of it been registered with the Registrar of Companies in Hong Kong and, must not, therefore, be issued, or possessed for the purpose of issue, to persons in Hong Kong other than (1) professional investors within the meaning of the SFO (including professional investors as defined by the Securities and Futures (Professional Investors) Rules); or (2) in circumstances which do not constitute an offer to the public for the purposes of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32, Laws of Hong Kong) or the SFO. These Confidential Offering Materials are distributed on a confidential basis and may not be reproduced in any form or transmitted to any person other than the person to whom it is addressed. No interest in the Fund will be issued to any person other than the person to whom this these materials have been addressed and no person other than such addressee may treat the same as constituting an invitation for him to invest.

Notice to persons in Japan: These materials are solely for use with qualified institutional investors as defined in Article 2, paragraph 3, item 1 of the FIEA (“QIIs”), or (ii) without entering into an agreement whereby the transferee would covenant not to transfer any shares to persons other than QIIs. These materials are not, and under no circumstances are to be considered as, a public offering of securities in Japan. Any offering in the future would be made without registration pursuant to Article 4 paragraph 1 of Japan’s Financial Instruments and Exchange Act (“FIEA”) and would be made on the grounds that any such future solicitation would constitute a “solicitation for qualified institutional investors” as set forth in Article 23-13, paragraph 1 of the FIEA. Any future offering would be made on the condition that each investor would enter into an agreement whereby the investor would covenant not to transfer any Shares (i) to persons other than qualified institutional investors.

Notice to persons in Singapore: These materials are solely for use with institutional investors. This information is distributed by Nuveen Hong Kong Limited (BJH146) and has not been reviewed by the Securities and Futures Commission of Hong Kong. Any Fund and the offer, or prospective offer, of Shares which are the subjects of these materials do not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act (Cap. 289) (the “SFA") or recognised under section 287 of the SFA, and any Shares of the Fund are not allowed to be offered to the retail public.

These materials or any other fund document issued in connection with the offer or sale of Shares is not a prospectus as defined in the SFA. These materials and any fund document issued in connection with any offer or sale of Shares have not and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore (“MAS”). Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply.

Potential investors should carefully consider whether an investment in a Fund is suitable for them. The MAS assumes no responsibility for the contents of these materials or any other fund-related documents issued in connection with the offer or sale of any Shares or prospective Shares.

These materials as well as any fund documents in connection with any offer of, or invitation to subscribe for or purchase Shares or prospective Shares may not be, directly or indirectly, issued, circulated or distributed in Singapore, and any Shares or prospective Shares may not be, directly or indirectly, offered or sold, or made the subject of an invitation for subscription or purchase, in Singapore, except: (i) to institutional investors (as defined in section 4A of the SFA) in accordance with section 304 of the SFA; (ii) to a relevant person (as defined in section 305(5) of the SFA) in accordance with section 305(1) of the SFA; (iii) in accordance with section 305(2) of the SFA; or (iv) otherwise pursuant to, and in accordance with the requirements of any other exemption under subdivision (4) of division 2 of part XIII of the SFA or of any other applicable provisions of the SFA.

These materials should not be construed as investment advice and if you do not understand the contents of these materials you should consult an authorized financial adviser.

Notice to persons in Switzerland: These materials are solely for use with qualified investors. The distribution of Interests of the Fund in Switzerland will be exclusively made to, and directed at, regulated qualified investors (the "Regulated Qualified Investors"), as defined in Article 10(3)(a) and (b) of the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA"). Accordingly, any Fund organized under the laws of a foreign jurisdiction would not be registered with the Swiss Financial Market Supervisory Authority ("FINMA") and no Swiss representative or paying agent have been or will be appointed in Switzerland. These offering materials and/or any other offering materials relating to the Interests of the Fund may be made available in Switzerland solely to Regulated Qualified Investors. These materials are confidential and may not be reproduced in any form or transmitted to any person other than to whom these materials have been addressed.

Issued by the offices and branches of Nuveen Alternatives Europe Sarl (reg. no. A00002440) or Nuveen Asset Management Europe Sarl (reg. no. P00000482), incorporated and registered in Luxembourg with registered office at 4A Rue Henri M Schnadt – 2530 Luxembourg; Both of which are authorised by the Commission de Surveillance des Services Financiers to provide investment products and services. Please note that branches of Nuveen Alternatives Europe Sarl or Nuveen Asset Management Europe Sarl are subject to limited regulatory supervision by the responsible financial regulator in the country of the branch.

Notice to persons in the UK: Issued by Nuveen Investment Management International Limited (reg. no. 2137726); (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3BN), authorised and regulated by the Financial Conduct Authority to provide investment products and services. These materials are solely for use with (i) persons who are “Investment Professionals” as defined in Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Financial Promotion Order”); (ii) persons falling within any of the categories of persons described in Article 49 (“high net worth companies, unincorporated associations, etc.”) of the Financial Promotion Order; and (iii) any other person to whom it may otherwise lawfully be distributed in accordance with the Financial Promotion Order. The investment opportunities described in this document are available only to such persons; persons of any other description in the United Kingdom should not act or rely upon the information in this document.

Notice to persons in Uruguay:  These materials are solely for use with  professional  investors. Any shares referenced in these materials related to any fund, or prospective fund, are not, nor will be, available publicly and are offered only on a basis which constitutes a private placement in Uruguay. As such, any fund shares referenced are not required to be, and will not be, registered with the Central Bank of Uruguay nor constitute an investment fund regulated by Uruguayan law 16,774 dated September 27, 1996, as amended.

Notice to persons in ADGM: This material is issued by Nuveen Middle East Limited (“NMEL”) in or from Abu Dhabi Global Market (“ADGM”). NMEL is a private company limited by shares established in ADGM and registered with the Abu Dhabi Global Market Registration Authority (ADGM Registered Number 18132), with its office at Unit 16, Level 7, Al Maryah Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates. NMEL is regulated by the ADGM Financial Services Regulatory Authority (“FSRA”) to engage in the regulated activities of “arranging deals in investments” and “advising on investments or credit” in or from the ADGM (ADGM Financial Services Permission Number 240040). The information contained in this material is intended strictly for “Professional Clients” as defined under the FSRA Conduct of Business Rulebook (“COBS”). The information contained in this material, and any offer of interests is not directed to “Retail Clients” as defined under the FSRA COBS. This material must not, therefore, be delivered to, or acted upon by, a Retail Client. The Fund(s) named herein has been notified, or will seek to be notified to FSRA as may be required, under the FSRA Fund Rules for offering and sale only to Professional Clients. Nothing in this material has the effect of exempting NMEL from any liability imposed under any law of the ADGM or the FSRA rules.