AG Direct Lending SMA

ANGELO GORDON Illustrative Benefits to Our Approach Covenants are not only critically important for value preservation but also pave the way for enhanced economics As the administrative agent or co-lead on 95% of our transactions we play a lead role in structuring the covenants in nearly all of our transactions and ensuring the cushions are appropriate ● ● Private Equity Sponsors can play an instrumental role in bringing resources and capital to bear Through the end of the second quarter of 2021 our sponsors have provided equity infusions for 35% of platform companies ● Covenants, in concert with our leadership role, can help position us to earn amendment fees and often higher spreads when restructurings occur; all fees remain in the fund • We remain actively engaged in discussion regarding future accretive actions, such as add-on acquisitions to support underperforming businesses ● ower Middle Market¹,2 We believe our lower middle market focus positions us well to continue to deploy capital through add-on acquisition activity during a period of time in which new LBO activity is negligible • We believe our vast sourcing network and long-standing presence in the market position us well to capture market share in our targeted niche and remain active, thereby enabling our LPs to benefit from the increased economics on new transactions (1) There is no guarantee that the investment objective will be successful or that losses can be avoided. (2) There is no guarantee that suitable investment opportunities will be sourced for the Fund. Page 149 Proprietary and Confidential Trade Secret 25

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