<SEC-DOCUMENT>0001104659-24-116651.txt : 20241112
<SEC-HEADER>0001104659-24-116651.hdr.sgml : 20241112
<ACCEPTANCE-DATETIME>20241112125430
ACCESSION NUMBER:		0001104659-24-116651
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20241112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			C1 Fund Inc.
		CENTRAL INDEX KEY:			0002044327
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-24022
		FILM NUMBER:		241446292

	BUSINESS ADDRESS:	
		STREET 1:		228 HAMILTON AVENUE
		STREET 2:		3RD FLOOR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301
		BUSINESS PHONE:		510-735-6900

	MAIL ADDRESS:	
		STREET 1:		228 HAMILTON AVENUE
		STREET 2:		3RD FLOOR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			C1 Fund Inc.
		CENTRAL INDEX KEY:			0002044327
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-283139
		FILM NUMBER:		241446291

	BUSINESS ADDRESS:	
		STREET 1:		228 HAMILTON AVENUE
		STREET 2:		3RD FLOOR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301
		BUSINESS PHONE:		510-735-6900

	MAIL ADDRESS:	
		STREET 1:		228 HAMILTON AVENUE
		STREET 2:		3RD FLOOR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301
<IS-FILER-A-NEW-REGISTRANT>Y
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>tm2427547d1_n2.htm
<DESCRIPTION>N-2
<TEXT>
<!-- Assembled by CompSci Transform  (tm) - http://www.compsciresources.com - version 1.2 -->
<!-- Created: Tue Nov 12 17:23:05 UTC 2024 -->
<html>
<head>
     <title></title>
</head>
<body><div style="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2427547d1_regcover.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>As
filed with the Securities and Exchange Commission </b></font><b>on November 12 , 2024</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>File No.&#xa0;333-[&#xa0;&#xa0;&#xa0;]</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>File No.&#xa0;811-24022</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#xa0;N-2</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT<br>
UNDER THE SECURITIES ACT OF 1933<br>
Pre-Effective Amendment No.&#xa0;<br>
Post-Effective Amendment No.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT UNDER THE</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT COMPANY ACT OF 1940</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Amendment No.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Post-Effective Amendment No.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>C1 Fund Inc.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>228 Hamilton Avenue, Third Floor<br>
<font style="font-family: Times New Roman, Times, Serif">Pa</font>lo Alto, CA 94301<br>
<font style="font-family: Times New Roman, Times, Serif">Tel: (650) 374-7800</font><br>
</b>(Registrant&#x2019;s Telephone Number, including Area Code)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>David
Hytha<br>
Chief Financial Officer<br>
C1 Fund Inc.<br>
228 Hamilton Avenue, Third Floor<br>
Palo Alto, CA 94301<br>
Tel: (650) 374-7800</b></font><b><br>
</b>(Name and Address of Agent for Service)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>WITH COPIES TO:</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="text-align: center; width: 50%"><b>Wendell M. Faria,&#xa0;Esq.<br> Dentons US LLP<br> 1900 K Street NW<br> Washington, DC 20006<br> Tel: (202) 496-7500<br> Fax: (202) 496-7756</b></td>
<td style="text-align: center; width: 50%"><b>Joshua B. Deringer,&#xa0;Esq.<br> Faegre Drinker Biddle&#xa0;&amp; Reath LLP<br> One Logan Square, Ste. 2000<br> Philadelphia, PA 19103-6996<br> Tel: 215-988-2700 </b></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt; text-align: center">&#xa0;</td>
<td style="text-align: center"><b>David L. Williams<br> Faegre Drinker Biddle&#xa0;&amp; Reath LLP<br> 320 South Canal Street, Suite&#xa0;3300<br> Chicago,&#xa0;Illinois 60606, USA<br> Tel: (312) 569-1107 </b></td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt; text-align: center">&#xa0;</td>
<td style="text-align: center">&#xa0;</td></tr>
<tr style="vertical-align: top">
<td style="font-size: 10pt; text-align: center">&#xa0;</td>
<td style="text-align: center"><b>Ben A. Stacke,&#xa0;Esq.<br> Faegre Drinker Biddle&#xa0;&amp; Reath LLP<br> 90 South Seventh Street<br> Minneapolis, MN 55402<br> Tel: (612) 766-6836</b></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Approximate
date of proposed public offering: </b></font>As soon as practicable after the effective date of this Registration Statement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check box if the only securities being registered on this
Form&#xa0;are being offered pursuant to dividend or interest reinvestment plans. <font>&#x2610;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check box if any securities being registered
on this Form&#xa0;will be offered on a delayed or continuous basis in reliance on Rule&#xa0;415 under the Securities Act of 1933 (the
 &#x201c;Securities Act&#x201d;), other than securities offered in connection with dividend or interest reinvestment plans. <font>&#x2610;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check box if this Form&#xa0;is a registration
statement pursuant to General Instruction A.2 or a post-effective amendment thereto. <font>&#x2610;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check box if this Form&#xa0;is a registration
statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission
pursuant to Rule&#xa0;462(e)&#xa0;under the Securities Act. <font>&#x2610;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check box if this Form&#xa0;is a post-effective
amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes
of securities pursuant to Rule&#xa0;413(b)&#xa0;under the Securities Act. <font>&#x2610;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is proposed that this filing will become effective
(check appropriate box):</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>when declared effective
                                            pursuant to section 8(c)&#xa0;of the Securities Act.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If appropriate, check the following box:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>This [post-effective]
                                            amendment designates a new effective date for a previously filed [post-effective amendment]
                                            [registration statement].</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>This Form&#xa0;is
                                            filed to register additional securities for an offering pursuant to Rule&#xa0;462(b)&#xa0;under
                                            the Securities Act, and the Securities Act registration statement number of the earlier effective
                                            registration statement for the same offering is ______________.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>This Form&#xa0;is
                                            a post-effective amendment filed pursuant to Rule&#xa0;462(c)&#xa0;under the Securities Act,
                                            and the Securities Act registration statement number of the earlier effective registration
                                            statement for the same offering is ______________.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>This Form&#xa0;is
                                            a post-effective amendment filed pursuant to Rule&#xa0;462(d)&#xa0;under the Securities Act,
                                            and the Securities Act registration statement number of the earlier effective registration
                                            statement for the same offering is ______________.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">Check each box that appropriately
characterizes the Registrant:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2612;</font></td><td>Registered Closed-End
                                            Fund (closed-end company that is registered under the Investment Company Act of 1940 (the
                                            &#x201c;Investment Company Act&#x201d;)).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>Business Development
                                            Company (closed-end company that intends or has elected to be regulated as a business development
                                            company under the Investment Company Act).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>Interval Fund (Registered
                                            Closed-End Fund or a Business Development Company that makes periodic repurchase offers under
                                            Rule&#xa0;23c-3 under the Investment Company Act).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>A.2 Qualified (qualified
                                            to register securities pursuant to General Instruction A.2 of this Form).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>Well-Known Seasoned
                                            Issuer (as defined by Rule&#xa0;405 under the Securities Act).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>Emerging Growth Company
                                            (as defined by Rule&#xa0;12b-2 under the Securities Exchange Act of 1934).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font>&#x2610;</font></td><td>If an Emerging Growth
                                            Company, indicate by check mark if the registrant has elected not to use the extended transition
                                            period for complying with any new or revised financial accounting standards provided pursuant
                                            to Section&#xa0;7(a)(2)(B)&#xa0;of the Securities Act.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font>&#x2612;</font></td><td style="text-align: justify"><font style="font-size: 10pt">New
                                            Registrant (registered or regulated under the Investment Company Act for less than 12 calendar
                                            months preceding this filing).</font></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section&#xa0;8(a)&#xa0;of the
Securities Act of 1933 or until the Registration Statement shall become effective on such date as the U.S. Securities and Exchange Commission,
acting pursuant to said Section&#xa0;8(a), may determine.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2427547d1_pros.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #d2232a">The information in this prospectus
is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and
Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale is not permitted.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #d2232a"><b>SUBJECT TO COMPLETION, DATED
November&#xa0;12, 2024</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PRELIMINARY PROSPECTUS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><img src="tm2427547d1_prosimg001.jpg" alt="">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>C1 Fund Inc.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>[10,000,000] Shares of Common Stock</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>$[10] per Share</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus relates to the registration
of the offering of up to [ <font style=" font-size: 10pt"><b>&#x25cf; </b></font>] shares of the common stock of
C1 Fund Inc. (the &#x201c;Company&#x201d;). We have applied to list our common stock on the New York Stock Exchange
(&#x201c;NYSE&#x201d;) under the symbol &#x201c;[CFND]&#x201d;. The listing of our shares must be approved by NYSE prior to any trading
of our shares on NYSE.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No established public trading market for our common
stock currently exists and shares of our common stock have no history of trading in private transactions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to invest in a portfolio of what we believe
to be 30 of the top digital asset services and infrastructure companies. Our investment objective is to maximize our portfolio&#x2019;s
total return, principally by seeking capital gains on our equity and equity-related investments. Under normal market conditions, we will
invest at least 80% of our total assets in equity and equity-linked securities of companies principally engaged in the digital asset services
and technology sector. Equity-linked securities mean any debt or equity securities that are convertible, exercisable or exchangeable for
equity securities of the issuer, or that provide us with economic exposure to the equity securities of such issuer. We will invest principally
in the equity and equity-linked securities of what we believe to be rapidly growing emerging digital asset services and technology companies,
located primarily in the United States, Europe and Asia, not including China, Hong Kong or Macao. We may also invest on an opportunistic
basis in select U.S. publicly traded equity securities or certain companies in other jurisdictions that otherwise meet our investment
criteria.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will seek to deploy capital primarily in the
form of non-controlling equity and equity-related investments, including common stock, warrants, preferred stock and similar forms of
senior equity, which may or may not be convertible into a portfolio company&#x2019;s common equity, and convertible debt securities with
a significant equity component. In addition, we may purchase units or shares of private funds, including venture capital funds and private
equity funds (each, a &#x201c;Private Fund&#x201d;), to gain economic exposure to private companies that invest in the digital asset sector.
We will limit our investments in such Private Funds to no more than 15% of the value of our total assets. We will provide notice to investors
at least 60 days before making any such Private Fund investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To maximize our portfolio&#x2019;s total return,
we will take a structure-agnostic approach to investing and also will deploy capital into equity-related and equity-linked securities,
including forward contracts for future delivery of stock, swaps or other synthetic equity agreements, and purchases of units or other
ownership of limited liability companies, limited partnerships, or other special purpose vehicles that serve to provide us with financial
exposure to the equity of a single issuer or portfolio company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a recently-formed Maryland corporation
that is registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the &#x201c;Investment
Company Act&#x201d;). We intend to elect to be treated, and to qualify annually, as a regulated investment company (&#x201c;RIC&#x201d;)
under the Internal Revenue Code of 1986, as amended (the &#x201c;Code&#x201d;), for U.S. federal income tax purposes beginning with our
taxable year ending December&#xa0;31, 2024. As a registered investment company and a RIC, we will be required to comply with certain
regulatory requirements.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>Investing in our common stock involves a high
degree of risk and is highly speculative. Before buying any shares of our common stock, you should read the discussion of the material
risks of investing in our common stock in the &#x201c;Risk Factors&#x201d; section beginning on page&#xa0;[ <font style=" font-size: 10pt">&#x25cf;</font> ] of the prospectus.
In addition, please observe the following:</b></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b>Shares of closed-end investment companies frequently trade at a discount to their net asset values.</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b>If shares of our common stock trade at a discount to our net asset value, purchasers in this offering will face increased risk
of loss.</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b>As we focus on making primarily capital gains-based investments in equity securities, we do not anticipate that we will pay dividends
on a quarterly basis or become a predictable distributor of dividends, and we expect that our dividends, if any, will be less consistent
than the dividends of other registered investment companies that primarily make debt investments.</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b>There are significant potential risks associated with investing in digital asset services and infrastructure companies that operate
in markets with limited operating histories, rapidly evolving technologies, uncertain and incomplete regulatory regimens in the United
States and in other jurisdictions, and are subject to high degrees of volatility. See &#x201c;Risk Factors-Risks Associated with Our Investments-
<i>Risks associated with the digital asset industry</i>&#x201d; on pages&#xa0;<font style=" font-size: 10pt">&#x25cf;</font> - <font style=" font-size: 10pt">&#x25cf;</font> of this prospectus.</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b>As part of our business strategy, we may borrow from and issue senior debt securities to banks, insurance companies and other lenders
or investors with acceptable limits. This constitutes leverage. It may magnify the potential for gain or loss and increase the risk of
investing in our common stock. See &#x201c;Risk Factors-Risks Related to Leverage<i>&#x201d; </i>on pages&#xa0;<font style=" font-size: 10pt">&#x25cf;</font> - <font style=" font-size: 10pt">&#x25cf;</font> of this
prospectus.</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Per<br> Share</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total(1)</td>
    <td style="padding-bottom: 1pt">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 73%; padding-bottom: 1pt">Public offering price</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-bottom: 1pt; text-align: right">[&#xa0;&#xa0;&#xa0;]</td>
    <td style="padding-bottom: 1pt; text-align: left; width: 1%">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</td>
    <td style="width: 1%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Sales load(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">[&#xa0;&#xa0;&#xa0;]</td>
    <td style="padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Proceeds, after expenses, to the Company</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">[&#xa0;&#xa0;&#xa0;]</td>
    <td style="padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td>
    <td>&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">(1)&#xa0;The underwriters are obligated to
purchase all the common shares sold in the offering, which represent 90% of the outstanding voting securities of the Company. In addition,
under the terms of the Underwriting Agreement, the Company has granted the underwriters an option, exercisable within 30 days after the
closing of the offering (&#x201c;Closing&#x201d;), to acquire up to an additional 15% of the total number of common shares to be offered
by the Company in the offering, solely for the purpose of covering over-allotments (the &#x201c;Over-allotment Option&#x201d;). If this
option is exercised in full, the total Public Offering Price, Sales Load, and Proceeds, After Expenses, to the Company, will be $[&#xa0;&#xa0;&#xa0;&#xa0; ],
$[&#xa0;&#xa0;&#xa0;&#xa0;] and $[&#xa0;&#xa0;&#xa0;&#xa0;], respectively. See &#x201c;Underwriting.&#x201d; Investors purchasing Common Shares in this offering will not be charged a
sales load.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">(2)&#xa0;In connection with and upon closing
of the offering, the Company has agreed to pay the underwriter a cash fee equal to seven percent (7.00%) of the gross proceeds from the
sale of common shares in the offering. This fee will be reduced by the amount of pre-offering fees the Company paid Benchmark for assessing
the viability of the public offering and for assisting with this offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">The underwriter expects to deliver the Common
Shares to purchasers on or about [&#xa0;&#xa0;&#xa0;&#xa0;].</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus contains important information
you should know before investing in our common stock. Please read this prospectus before investing and keep it for future reference. We
will also file periodic and current reports, proxy statements and other information about us with the U.S. Securities and Exchange Commission
(the &#x201c;SEC&#x201d;). This information is available free of charge by contacting us at 228 Hamilton Avenue 3<sup>rd</sup> Floor, Palo
Alto, CA 94301, calling us at (650) 374-7800 or visiting our corporate website located at https://c1fund.com. Information on our website
is not incorporated into or a part of this prospectus. The SEC also maintains a website at http://www.sec.gov that contains this information.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the SEC nor any state securities commission
has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Benchmark Company</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;,
2024</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 93%; font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_001"><font style="font-size: 10pt">PROSPECTUS SUMMARY</font></a></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_001"><font style="font-size: 10pt">1</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_002"><font style="font-size: 10pt">FEES AND EXPENSES</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_002"><font style="font-size: 10pt">15</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_003"><font style="font-size: 10pt">THE COMPANY</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_003"><font style="font-size: 10pt">16</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#pros_004"><font style="font-size: 10pt">USE OF PROCEEDS</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_004"><font style="font-size: 10pt">16</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_005"><font style="font-size: 10pt">RISK FACTORS</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_005"><font style="font-size: 10pt">17</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#pros_006"><font style="font-size: 10pt">DISTRIBUTIONS</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_006"><font style="font-size: 10pt">43</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_007"><font style="font-size: 10pt">THE COMPANY&#x2019;S INVESTMENTS</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_007"><font style="font-size: 10pt">44</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#pros_008"><font style="font-size: 10pt">MANAGEMENT</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_008"><font style="font-size: 10pt">52</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#pros_009"><font style="font-size: 10pt">DETERMINATION OF NET ASSET VALUE</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_009"><font style="font-size: 10pt">58</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_010"><font style="font-size: 10pt">DIVIDEND REINVESTMENT PLAN</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_010"><font style="font-size: 10pt">61</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_011"><font style="font-size: 10pt">CERTAIN U.S. FEDERAL INCOME
    TAX CONSIDERATIONS</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_011"><font style="font-size: 10pt">63</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#pros_012"><font style="font-size: 10pt">UNDERWRITING</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_012"><font style="font-size: 10pt">70</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_013"><font style="font-size: 10pt">DESCRIPTION OF OUR CAPITAL STOCK</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_013"><font style="font-size: 10pt">71</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_014"><font style="font-size: 10pt">CUSTODIAN, TRANSFER AND DIVIDEND
    PAYING AGENT AND REGISTRAR</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_014"><font style="font-size: 10pt">77</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_015"><font style="font-size: 10pt">LEGAL MATTERS</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_015"><font style="font-size: 10pt">77</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#pros_016"><font style="font-size: 10pt">INDEPENDENT REGISTERED PUBLIC
    ACCOUNTING FIRM</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#pros_016"><font style="font-size: 10pt">77</font></a></td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not authorized anyone to give you any
information other than in this prospectus, and we take no responsibility for any other information that others may give you. We are not
making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information
appearing in this prospectus is accurate only as of the date on the front cover of this prospectus. Our business, financial condition,
results of operations and prospects may have changed since that date. We will update these documents to reflect material changes only
as required by law.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="pros_001"></a><b>PROSPECTUS SUMMARY</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 35%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company</font></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C1 Fund Inc. is a recently-formed, non-diversified, closed-end management investment company with a limited operating history. Throughout this prospectus, we refer to C1 Fund Inc. simply as the &#x201c;Company&#x201d; or as &#x201c;we,&#x201d; &#x201c;us&#x201d; or &#x201c;our.&#x201d;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Advisers</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C1 Advisors LLC (the &#x201c;Adviser&#x201d;), a Delaware limited liability company, serves as the Company&#x2019;s investment adviser pursuant to an Investment Advisory Agreement. The Adviser is wholly owned by C1 Holdings LLC (the &#x201c;Sponsor&#x201d;), a Cayman Islands exempted company, which is 90% owned by members of our management team. Under the Investment Advisory Agreement, we will pay the Adviser a management fee (the &#x201c;Management Fee&#x201d;), payable quarterly, at the end of the two most recently completed calendar quarters, in an amount equal to [2.50]% of our average gross assets. For purposes of the Investment Advisory Agreement, the term &#x201c;gross assets&#x201d; includes assets purchased with borrowed amounts. </font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adviser&#x2019;s Investment Committee</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser&#x2019;s investment committee (the &#x201c;Investment Committee&#x201d;) is currently comprised of </font><font style="font-size: 10pt">Dr.&#xa0;Najamul Kidwai, Michael Zhao, and Michael Lempres and is supported by members of the Adviser&#x2019;s senior executive team. The Investment Committee is responsible for evaluating and selecting all investment opportunities on behalf of the Company. The Investment Committee&#x2019;s members may change from time to time as designated by the Adviser.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Opportunity</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We believe that the financial world is in the midst of a revolution driven by digital asset technology.&#xa0;&#xa0;Digital asset technology has the potential to extend into every sector, market, and geography. The opportunity for high-growth privately held digital asset services and technology companies extends across a broad spectrum. These broad markets have the potential to produce disruptive technologies, reach a large addressable market, and provide significant commercial opportunities. Thus, the Adviser will actively seek out promising investments across a diverse selection of new digital asset technology subsectors.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Objective</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our investment objective is to maximize our portfolio&#x2019;s total return, principally by seeking capital gains on our equity and equity-related investments. We intend to achieve this objective by investing in a portfolio of what we believe to be 30 of the top digital asset services and technology companies.&#xa0;&#xa0;There can be no assurance that our investment objective will be achieved or that our investment program will be successful. Our investment objective may be changed by our Board of Directors without prior stockholder approval provided that any changes in our investment objective are communicated to our stockholders at least 30 days prior to such change taking place.</font></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 35%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Strategy</font></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under normal market conditions, we will invest at least 80% of our
    total assets in equity and equity-linked securities of companies principally engaged in the digital asset services and technology sector.
    Equity-linked securities mean any debt or equity securities that are convertible, exercisable or exchangeable for equity securities of
    the issuer, or that provide us with economic exposure to the equity securities of such issuer. We will invest principally in the equity
    and equity-linked securities of what we believe to be rapidly growing privately held emerging digital asset services and technology companies,
    located primarily in the United States, Europe, and Asia not including China, Hong Kong, or Macao. We may also invest on an opportunistic
    basis in select U.S. publicly traded equity securities or certain non-U.S. companies that otherwise meet our investment criteria. We concentrate
    our investments in companies operating in one or more industries within the digital asset technology group of industries. To achieve our
    investment objective, we will leverage the Adviser&#x2019;s extensive network of relationships with other sophisticated institutions to
    source and evaluate investments.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will seek to deploy capital primarily in the form of non-controlling
    equity and equity-related investments, including common stock, warrants, preferred stock and similar forms of senior equity, which may
    or may not be convertible into a portfolio company&#x2019;s common equity, and convertible debt securities with a significant equity component
    primarily through secondary purchases and select primary investments. In addition, we may purchase units or shares of private funds, including
    venture capital funds and private equity funds (each, a &#x201c;Private Fund&#x201d;), to gain economic exposure to private companies that
    invest in the digital asset technology sector. We will limit our aggregate investments in such Private Funds to no more than 15% of the
    value of our net assets in accordance with the requirements set forth in existing SEC rules. As of the date of this prospectus, we have
    not invested in any Private Funds, and will provide notice to investors at least 60 days before making any such investments.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To maximize our portfolio&#x2019;s total return, we will take a structure-agnostic
    approach to investing and also will deploy capital into equity-related and equity-linked investments such as ownership of limited liability
    companies, limited partnerships, or other special purpose vehicles that serve to provide us with financial exposure to the equity of a
    single issuer or portfolio company.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to achieve our investment objective by adopting the following
    investment strategies:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.35pt; text-indent: -13.35pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<b><i>Identify
    high quality growth companies. </i></b>Based on our experience in analyzing digital asset services and technology trends and markets,
    we have identified growth-stage and late-stage privately held companies as opportunities where we believe companies are capable of producing
    substantial growth.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.35pt; text-indent: -13.35pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.35pt; text-indent: -13.35pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<b><i>Acquire
potential investments from a variety of industry sources</i></b>. We will further rely on our collective industry knowledge as well as
an understanding of where leading venture capitalists and other institutional investors are investing. We will leverage a combination
of our relationships in the widely disbursed digital asset services and technology sector and use independent research to identify companies
that we believe are differentiated and best positioned for sustained growth. We will continue to expand our sourcing network in order
to evaluate a wide range of investment opportunities in companies that demonstrate strong operating fundamentals. We will be targeting
businesses that have been shown to provide scaled valuation growth before a potential IPO or strategic exit.</p></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<b><i>Acquire
positions in targeted investments. </i></b>We will seek to selectively add to our portfolio by sourcing investments at an acceptable
price through our disciplined investing strategy. To this end, we will utilize multiple methods to acquire equity stakes in private companies
that are not available to most individual investors.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.35pt; text-indent: -13.35pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<b><i>Create
    access to a varied investment portfolio. </i></b>We will seek to hold a varied portfolio of non-controlling equity investments, which
    we believe will minimize the impact on our portfolio of a negative downturn at any one specific company or industry. We believe that our
    relatively varied portfolio will provide a convenient means for accredited and non-accredited individual investors to obtain access to
    an asset class that has generally been limited to venture capital, private equity and similar large institutional investors.</p></td></tr>


<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Types</font></td>
    <td>&#xa0;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Private
    secondary marketplaces and primary (direct) share purchases</i></b></font><b>.</b>&#xa0;&#xa0;&#xa0;We will utilize direct channels, funds
    and private secondary marketplaces, such as Forge, SharesPost and CartaX, as a means to acquire equity and equity-related interests in
    privately held companies that meet our investment criteria. We believe that such markets offer new channels for access to equity investments
    in private companies and provide a potential source of liquidity should we decide to exit an investment. In addition, we also will purchase
    common and occasionally preferred shares directly from stockholders, including current or former employees, of privately-held companies
    that meet our investment criteria. As certain companies grow and experience significant increased value while remaining private, employees
    and other stockholders may seek liquidity by selling shares directly to a third party or to a third party via a secondary marketplace.
    Sales of shares in private companies are typically restricted by contractual transfer restrictions and may be further restricted by provisions
    in company charter documents, investor rights of first refusal and co-sale and company employment and trading policies, which may impose
    strict limits on transfer. We believe that the reputation of our investment professionals within the industry and established history
    of investing affords us a favorable position when seeking approval for a purchase of shares subject to such limitations.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of our investments may be held through special purpose vehicles
    (&#x201c;SPVs&#x201d;), which are private investment vehicles formed to invest in a particular portfolio company. Investments in SPVs are
    common in the venture capital industry and are an efficient way to pool capital with other investors in order to invest in a single issuer.
    SPVs that we may invest in are not controlled by us and are not subsidiaries.</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Direct equity investments.</i></b></font> <font style="font-size: 10pt">We will seek select, direct investments in private companies, especially of companies considering a future IPO. There is a large market among emerging private companies for equity capital investments. Many of these companies, particularly within the digital asset services and technology sector, lack the necessary cash flows to sustain substantial amounts of debt, and therefore have viewed equity capital as a more attractive long-term financing tool. We will seek to be a source of such equity capital as a means of investing in these companies and look for opportunities to invest alongside other venture capital and private equity investors with whom we have established relationships.</font></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 35%">&#xa0;</td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>No Direct Investments in Unregulated Cryptocurrencies.
</i></b></font><font style="font-size: 10pt">We will not invest directly in any cryptocurrencies or other digital assets instruments
that are not registered with the SEC.&#xa0;&#xa0;We may from time to time invest uninvested capital in select, SEC-registered exchange-traded
funds (&#x201c;ETFs&#x201d;) that hold digital assets, such as Bitcoin or Ether.&#xa0;&#xa0;We intend to make any such investment in accordance
with the following statutory limits: (i)&#xa0;we will acquire no more than 3% of the outstanding voting securities of any such ETF; (ii)&#xa0;our
investment in such an ETF will comprise no more than 5% of the value of our total assets at time of acquisition; and (iii)&#xa0;our investment
in such an ETF, together with our investment in other investment companies, will comprise no more than 10% of the value of our total
assets. We may, however, invest in ETFs and other investment companies beyond the foregoing limits, provided that (i)&#xa0;our investment
in investment companies in the aggregate will comprise no more than 15% of the value of our total assets, and (ii)&#xa0;we will comply
in any such case with the conditions set forth in existing SEC rules, including the requirement to &#x201c;mirror vote&#x201d; shares held
in any particular ETF or other investment company.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Process</font></td>
    <td>&#xa0;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investment Targeting and Screening</i></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will identify prospective portfolio companies by ranking private
    digital asset technology companies worth approximately [ $500 million or more ] by market capitalization, then filtering and weighting
    by a set of growth and health metrics.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While no single metric will be determinative, we will look at the following
    key growth and health metrics for prospective portfolio companies:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;company
    has recently raised capital from what we believe to be reputable institutional or private investors;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;any
    outstanding preferred stock liquidation preference must be strong relative to market capitalization;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;company&#x2019;s
    financial structure must not be overly complex (e.g. ratchets with significant penalties, heavy debt loads) such that it would create
    undue risk of impending financial distress;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;company&#x2019;s
    corporate structure and governance must be transparent and comparable with standard corporate structures;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;company&#x2019;s
    executive team must not have had relatively high turnover over the past 12 months;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;company
    must have developed a clear and actionable growth strategy; and</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;company
    must have a plan for regulatory compliance.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-indent: -13.7pt">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment opportunities that meet our key health criteria will
be validated against the observed behavior of leading venture capitalists and institutional investors, as well as through our own internal
and external research.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on our key growth and performance criteria, we will identify
a select set of companies that we evaluate in greater depth.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Research and Due Diligence Process</i></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once we identify the leading companies in the sector that we believe
    warrant more in-depth analysis, we will focus on evaluating potential portfolio companies across a spectrum of metrics that assess key
    indicators of each company&#x2019;s health and growth among several other factors, which collectively characterize our proprietary investment
    process.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicators that will be used include the company&#x2019;s total addressable
    market, market growth rate, recent financing rounds, company growth rate, competitive positioning, business models, network effects and
    economies of scale, any regulatory and legal concerns, as well as other indicators that may be strongly correlated with higher or lower
    valuations.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may also look at indicators of company culture, including healthy
    diversity metrics, strong cultural health and employee reviews, and positive environmental, social, corporate governance impact, depending
    on the nature of the company&#x2019;s business and if, in our determination, there is reason to believe that these factors should be examined.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of the due diligence process, we will also look at the transparency
    of financial disclosures, structure of contemplated transactions (including class of stock being purchased), recent and historical secondary
    market transaction pricing, and other investment-specific due diligence.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each prospective portfolio company that will pass our initial due diligence
    review is given a qualitative ranking to allow us to evaluate it against others in our pipeline, and we will review and update these companies
    on a regular basis.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our due diligence process will vary depending on whether we are investing
    through a private secondary transaction on a marketplace or by a direct equity investment. We will access information on our potential
    investments through a variety of sources, including information made available on secondary marketplaces, publications by private company
    research firms, industry publications, commissioned analysis by third-party research firms, and, to a limited extent, directly from the
    company or financial sponsor. We will utilize a combination of each of these sources to help us set a target price and valuation for the
    companies we ultimately select for investment.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Portfolio Construction and Sourcing</i></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#xa0;</i></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon completion of our research and due diligence process, we will
    select investments for inclusion in our portfolio based on their value proposition, addressable market, fundamentals and valuation. We
    will seek to create a relatively varied portfolio that we expect will include investments in companies representing a broad range of investment
    themes. We generally will choose to pursue specific investments based on the availability of shares and valuation expectations. We will
    utilize a combination of secondary marketplaces, direct purchases from stockholders and direct equity investments in order to make investments
    in our portfolio companies. Once we have established an initial position in a portfolio company, we may choose to increase our stake through
    subsequent purchases. Maintaining a balanced portfolio is a key to our success, and as a result we constantly will evaluate the composition
    of our investments and our pipeline to ensure we are exposed to a diverse set of companies within our target segments.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Transaction Execution</i></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will enter into purchase agreements for substantially all of our
    private company portfolio investments. Private company securities are typically subject to contractual transfer limitations, which may,
    among other things, give the issuer, its assignees and/or its stockholders a particular period of time, often 30&#xa0;days or more, in
    which to exercise a veto right, or a right of first refusal over, the sale of such securities. Accordingly, the purchase agreements that
    we enter into for secondary transactions typically will require the lapse or satisfaction of these rights as a condition to closing. Under
    these circumstances, we may be required to deposit the purchase price into escrow upon signing, with the funds released to the seller
    at closing or returned to us if the closing conditions are not met.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risk Management and Monitoring</i></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#xa0;</i></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will monitor the financial trends of each portfolio company to assess
    our exposure to individual companies as well as to evaluate overall portfolio quality. We will establish valuation targets at the portfolio
    level and for gross and net exposures with respect to specific companies and industries within our overall portfolio. In cases where we
    make a direct investment in a portfolio company, we may also obtain board positions, board observation rights and/or information rights
    from that portfolio company in connection with our equity investment.</p></td></tr>


<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Symbol on NYSE</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x201c;[CFND]&#x201d;.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The timing and amount of our dividends, if any, will be determined by our Board. Any dividends to our stockholders will be declared out of assets legally available for distribution. As we focus on making primarily capital gains-based investments in equity securities, we do not anticipate that we will pay dividends on a quarterly basis or become a predictable distributor of dividends, and we expect that our dividends, if any, will be less consistent than the dividends of other registered investment companies that primarily make debt investments. The specific tax characteristics of our distributions will be reported to stockholders after the end of the calendar year. Future dividends, if any, will be determined by our Board. See &#x201c;Distributions.&#x201d;&#xa0;To qualify as a RIC, we must make certain distributions. See &#x201c;<i>Certain U.S.&#xa0;Federal Income Tax Considerations &#x2014; Taxation as a Regulated Investment Company</i>.&#x201d;</font></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 35%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation</font></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to elect to be treated as a RIC for U.S. federal income tax
    purposes beginning with our taxable year ending December&#xa0;31, 2024, and we intend to operate in a manner so as to continue to qualify
    for the tax treatment applicable to RICs. Our tax treatment as a RIC will enable us to deduct qualifying distributions to our stockholders,
    so that we will be subject to U.S. federal income tax only in respect of earnings that we retain and do not distribute.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To maintain our status as a RIC, we must, among other things:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;derive in each taxable
    year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other
    specified categories of investment income; and</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;maintain diversified holdings.</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, to receive tax treatment as a RIC, we must timely distribute
    (or&#xa0;be treated as distributing) in each taxable year dividends for U.S. federal income tax purposes equal to at least 90% of our
    investment company taxable income and net tax-exempt income for that taxable year.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a RIC, we generally will not be subject to U.S. federal income tax
    on our investment company taxable income and net capital gains that we timely distribute to stockholders. If we fail to distribute our
    investment company taxable income or net capital gains on a timely basis, we may be subject to a nondeductible 4% U.S. federal excise
    tax. We may choose to carry forward investment company taxable income in excess of current year distributions into the next tax year and
    pay the 4% U.S. federal excise tax on such income. Any carryover of investment company taxable income or net capital gains must be timely
    declared and distributed as a dividend in the taxable year following the taxable year in which the income or gains were earned. See &#x201c;<i>Distributions</i>&#x201d;
    and &#x201c;<i>Certain U.S. Federal Income Tax Considerations</i>.&#x201d;</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may use leverage to the extent permitted by the Investment Company Act. We are permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred stock and leverage attributable to reverse repurchase agreements or similar transactions. We may further increase our leverage through entry into a credit facility or other leveraging instruments. Instruments that create leverage are generally considered to be senior securities under the Investment Company Act. With respect to senior securities that are stocks (i.e., shares of preferred stock), we are required to have an asset coverage of at least 200%, as measured at the time of the issuance of any such shares of preferred stock and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding shares of preferred stock. With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the Investment Company Act, we are required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness. The Company does not expect to incur leverage within the 12 months following effectiveness of the registration statement on Form&#xa0;N-2, of which this prospectus forms a part (the &#x201c;Registration Statement&#x201d;).</font></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 35%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Reinvestment Plan</font></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have adopted an &#x201c;opt out&#x201d; dividend reinvestment plan
    for our stockholders. As a result, if we declare a cash dividend or other distribution, each stockholder that has not &#x201c;opted out&#x201d;
    of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common
    stock rather than receiving cash distributions.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholders who receive dividends and other distributions in the form
    of shares of common stock generally are subject to the same U.S. federal tax consequences as stockholders who elect to receive their distributions
    in cash; however, since their cash dividends will be reinvested, those stockholders will not receive cash with which to pay any applicable
    taxes on reinvested dividends. See &#x201c;<i>Dividend Reinvestment Plan</i>.&#x201d;</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrator</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[______________] (the &#x201c;Administrator&#x201d;) serves as our administrator subject to the supervision of the Board pursuant to a Fund Administration Servicing Agreement and a Fund Accounting Services Agreement. The Administrator is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional open-end and closed-end funds.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian, Transfer and Dividend Paying Agent and Registrar</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;] serves as our custodian, and [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;] serves as our transfer and dividend paying agent and registrar. See &#x201c;Custodian, Transfer and Dividend Paying Agent and Registrar.&#x201d;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary Risk Factors</font></td>
    <td>&#xa0;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in our common stock involves a high degree of risk and
    may be considered speculative. You should carefully consider the information found in &#x201c;Risk Factors&#x201d; before deciding to invest
    in shares of our common stock. Risks involved in an investment in us include:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">General Risks</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;We have a limited operating
    history as a closed-end investment company.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;There can be no assurance
    that we will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the
    type of companies and transactions described in this prospectus.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Our success will depend, in
    large part, upon the skill and expertise of the Adviser, which has no prior experience managing a registered closed-end investment company.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Our investment due diligence
    and investment research may not reveal all relevant facts regarding investment opportunities and will not necessarily result in our investments
    being successful.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;The marketplace for private
    company investing is extremely competitive, which makes it difficult to locate and compete for investment opportunities.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;We may invest in non-U.S.
    companies that might be subject to different regulatory and legal requirements than U.S. companies.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Our
    investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our
    Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Any
    unrealized losses we experience on our portfolio may be an indication of future realized losses.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Efforts
    to comply with the Sarbanes-Oxley Act will involve significant expenditures, and noncompliance with such regulations may adversely
    affect us.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;If
    we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our
    financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting,
    which would harm our business.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><font style="text-decoration:underline">Risks associated with our
    investment strategy</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;We
    may employ certain strategies that depend upon the reliability and accuracy of the Adviser&#x2019;s analytical investment processes.
    To the extent such investment processes (or the assumptions underlying them) do not prove to be correct, we may not perform as anticipated,
    which could result in substantial losses.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Our
    success as a whole depends on the identification and availability of suitable investment opportunities and terms and there can be
    no assurance that appropriate investments will be available to, or identified or selected by, us.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Our
    investments can be highly concentrated by (i)&#xa0;geography; (ii)&#xa0;asset type; (iii)&#xa0;sector, affecting diversification
    of our portfolio.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;We
    may be unable to make follow-on investments in our portfolio companies which could, in some circumstances, jeopardize the continued
    viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation
    in a successful operation.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;The
    Adviser anticipates that, from time to time, it and its affiliates may be named as defendants in civil proceedings which would consume
    time and resources and could jeopardize the successful closing of transactions.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks associated with our investments</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    intend to invest primarily in rapidly growing private companies, which involve significant risks, including the following:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>these
    portfolio companies may have limited financial resources;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>they
    typically have limited operating histories, narrower, less established product lines and smaller market shares than larger businesses;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>they
    generally have less predictable operating results and may require substantial additional capital to support their operations, finance
    expansion or maintain their competitive position;</p>
</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>because
they are privately owned, there is generally little publicly available information about these businesses;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>they
    are more likely to depend on the management talents and efforts of a small group of persons; and</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>such
    private companies frequently have much more complex capital structures than traditional publicly traded companies, and may have multiple
    classes of equity securities with differing rights, including with respect to voting and distributions.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>The
    securities of our portfolio companies are generally illiquid, and the inability of these portfolio companies to complete an initial public
    offering or consummate another liquidity event within our targeted time frame for that investment will extend the holding period of our
    investments, which may adversely affect the value of these investments, and will delay the distribution of gains, if any.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    invest primarily in securities traded on private secondary marketplaces which are considered riskier than securities of publicly traded
    companies due to the differences in their valuations. As a result, we will value these investments quarterly at fair value as determined
    in good faith in accordance with valuation policies and procedures approved by our Board.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may not realize gains from our equity investments.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>The
    lack of liquidity in, and potentially extended holding period of, many of our investments may adversely affect our business and will delay
    any distributions of gains, if any.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    will generally not hold controlling equity interests in our portfolio companies.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    rely on the management of our portfolio companies and, although the Adviser will be responsible for monitoring the performance of each
    investment, there can be no assurance that the existing management team, or any successor, will be able to operate the company successfully,
    or in a way that is consistent with our investment objective.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Only
    limited information may be made available to us regarding our investments in potential portfolio companies.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Each
    portfolio company is under no obligation to furnish, or may generally resist providing, information to us with respect to any securities
    of the portfolio company, and we may waive or have contractual limitations with respect to such securities.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may be exposed to substantial risk of loss from environmental claims arising from investments made in companies with undisclosed or unknown
    environmental problems or with inadequate reserves, as well as from occupational safety issues and concerns.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"></p></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
may face contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions
previously made to us.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks associated with the digital asset industry</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>The
    operations of our portfolio companies will be subject to risks associated with the digital asset sector.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Recent
    developments in the digital asset economy have led to extreme volatility and disruption, decreased confidence in the digital asset ecosystem,
    significant negative publicity, and declines in liquidity.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may invest in other funds, such as SEC-registered ETFs, that hold digital assets, such as Bitcoin or Ether, and the value of the digital
    assets and the ETFs that hold them may be highly volatile and subject to fluctuations due to a number of factors.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Due
    to the unregulated nature and lack of transparency surrounding the operations of some digital asset trading platforms, our portfolio companies
    may experience fraud, market manipulation, business failures, security failures, or operational problems.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Our
    portfolio companies may be impacted by the activities of stablecoin issuers and their regulatory treatment.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>The
    future development and growth of the digital asset sector is subject to a variety of factors that are difficult to predict and evaluate.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Our
    portfolio companies will be subject to an extensive, highly evolving and uncertain regulatory landscape.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Our
    portfolio companies that operate internationally may be subject to laws, rules, regulations, and policies of a variety of jurisdictions
    and may be subject to inquiries, investigations, and enforcement actions by U.S. and/or non-U.S. regulators and governmental authorities,
    including those related to sanctions, export control, and anti-money laundering.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Any
    failure by our portfolio companies to safeguard and manage their and their customers&#x2019; fiat currencies and digital assets could adversely
    impact their business, operating results, and financial condition.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may invest in portfolio companies that are at risk of being exploited to facilitate illegal activity such as fraud, money laundering,
    gambling, tax evasion, and scams.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Our
    portfolio companies may hold their investments in decentralized finance (&#x201c;DeFi&#x201d;) protocols and may suffer losses if such protocols
    do not function as expected.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Due
    to unfamiliarity and some negative publicity associated with digital asset platforms, confidence or interest in digital asset platforms
    may decline.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>The
digital asset economy is novel, and policymakers are just beginning to consider the regulatory regime for digital assets, and as a result
it may be difficult to effectively react to proposed legislation and regulation of digital assets or digital asset platforms adverse
to our business.</p></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks associated with the transaction
structures in which we invest</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may use a variety of structures to gain exposure to the economic benefits of stock ownership in underlying portfolio companies. The following
    sets out some of the risk factors associated with the structures of our investments.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may invest in &#x201c;forward contracts&#x201d; that involve stockholders (each a &#x201c;counterparty&#x201d;) of a potential portfolio company
    whereby such counterparties promise future delivery of such securities upon transferability or other removal of restrictions. Should counterparties
    breach their agreement inadvertently, by operation of law, intentionally, or fraudulently, it could affect our performance. Our ability
    to enforce the transfer and payment obligations of forward contracts may be limited.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Subject
    to applicable limits, we may purchase units or shares of Private Funds or acquire shares in SPVs to gain economic exposure to private
    companies in the technology sector. Investing through such structure carries additional risk. We may acquire up to 3% of the outstanding
    voting securities of any Private Fund, and invest up to 5% of the value of our total assets in a Private Fund. We may invest up to 15%
    of the value of our total assets in the aggregate in Private Funds.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">General Market and Regulatory Risks</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Political
    and economic events could adversely affect our business, financial condition and results of operations.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Inflation
    may adversely affect the business, results of operations and financial condition of our portfolio companies.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Our
    portfolio company investments will be subject to legal and regulatory risks and there can be no assurance that the relevant governmental
    entities will not legislate, impose regulations or change applicable laws or act contrary to the law in a way that would materially and
    adversely affect the business of the portfolio companies in which we invest.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Adverse
    developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance
    by financial institutions, could adversely affect our and our portfolio companies&#x2019; current and projected business, financial condition
    and results of operations and result in a decline in the valuation of our investments.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks related to investing in the Company</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    expect to hold investments that are not listed on any stock exchange and/or which may be illiquid without a readily independent market
    valuation.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
have indemnification obligations and such liabilities may be material and have an adverse effect on the returns to investors.</p></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Instances
may arise where the interests of the Adviser and its affiliates may potentially or actually conflict with our interests and the interests
of our stockholders.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>The
    investment team of the Adviser may have access to material nonpublic information of portfolio companies in which we invest. In the event
    that we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law
    or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition
    may have an adverse effect on our ability to achieve our investment objective.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may be prohibited under the Investment Company Act from conducting certain transactions with our affiliates without the prior approval
    of our Directors who are not interested persons and, in some cases, the prior approval of the SEC.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks related to the listing of our shares</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Our
    stock price may be volatile, and could decline significantly and rapidly;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>An
    active, liquid, and orderly market for our common stock may not develop or be sustained. You may be unable to sell your shares of common
    stock at or above the price at which you purchased them;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>There
    is not a fixed or determined number of shares of common stock available for sale in connection with the registration and the listing of
    our shares of common stock. Therefore, there may initially be a lack of supply of, or demand for, shares of our common stock on the NYSE.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks related to our securities and this offering</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Common
    stock of closed-end management investment companies have in the past frequently traded at discounts to their NAVs, and we cannot assure
    you that the market price of our shares will not decline below our NAV per share.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>If
    we issue preferred stock, the NAV and market value of our shares will likely become more volatile.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks related to leverage</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>Regulations
    governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the
    way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Risks related to U.S. Federal Income Tax</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
will be subject to U.S. federal income tax at corporate rates on all of our net income if we are unable to qualify and maintain our tax
treatment as a RIC under Subchapter M of the Code.</p></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 35%"></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 63%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font><font style="font-family: Times New Roman, Times, Serif">&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>A
portion of our income may not be qualifying income for purposes of the income source requirement.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    may earn income without corresponding receipt of cash, which may make it difficult for us to meet the distribution requirements for taxation
    as a RIC or for avoiding excise taxes.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;</font>We
    cannot predict how tax reform legislation will affect us or our stockholders.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt; text-indent: -0.25in">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><font style="font-family: Times New Roman, Times, Serif"><b>See
    <i>&#x201c;Risk Factors&#x201d;</i> section beginning on page&#xa0;[ </b></font><font style=" font-size: 10pt">&#x25cf;</font> <b>] of this prospectus and other information included
    in this prospectus for additional discussion of factors you should consider before deciding to invest in our securities</b>.</p></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_002"></a>FEES AND EXPENSES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table is intended to assist you in
understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated
in the table below are estimates and may vary. Common Shareholders should understand that some of the percentages indicated in the tables
below are estimates and may vary. The expenses shown in the table and related footnotes are based on estimated amounts for the Company&#x2019;s
first year of operations and assume that the Company issues [&#xa0;&#xa0;&#xa0;] Common Shares. If the Company issues fewer Common Shares, all other things
being equal, these expenses would increase as a percentage of net assets attributable to the Company&#x2019;s Common Shares, which could
adversely impact the investment performance of the Company. Accordingly, the Company&#x2019;s net assets for purposes of the tables and
example below include estimated net proceeds from the offering of $[&#xa0;&#xa0;&#xa0;]. The following table should not be considered a representation
of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this
prospectus contains a reference to fees or expenses paid by &#x201c;us&#x201d; or &#x201c;the Company&#x201d; or that &#x201c;we&#x201d; will
pay fees or expenses, you will indirectly bear these fees or expenses as an investor in the Company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; width: 82%; font-size: 10pt; font-weight: bold; text-align: left">Annual expenses:</td><td style="padding-bottom: 1pt; width: 2%; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; font-weight: bold; text-align: center">Percentage<br> of net<br> assets<br> attributable<br> to common<br> stock</td>
    <td style="padding-bottom: 1pt; width: 4%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fee payable under the Investment Advisory Agreement</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.50</b></font></td>
    <td>%<sup>(1)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest payments on borrowed funds</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#x2012;</b></font></td>
    <td>%<sup>(2)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Acquired Fund Fees and Expenses</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#x2012;</b></font></td>
    <td>%<sup>(3)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.50</b></font></td>
    <td>%<sup>(4)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total annual expenses</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.00</b></font></td>
    <td>%<sup>(4)</sup>&#xa0;</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>Under the Investment Advisory Agreement, we will pay the Adviser a Management Fee, payable quarterly, in an amount equal to an annualized
rate of 2.50% of our average gross assets, at the end of the two most recently completed calendar quarters. For purposes of the Investment
Advisory Agreement, the term &#x201c;gross assets&#x201d; includes assets purchased with borrowed amounts, if any. See <i>&#x201c;Management
 &#x2014; Investment Advisory Agreement.&#x201d;</i></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Management Fee reflected in the table is calculated
by determining the ratio that the Management Fee bears to our net assets attributable to common stock (rather than our gross assets).
The estimate of our Management Fee referenced in the table is based on our average gross assets (including assets purchased with borrowed
money) of $[&#x202f;<font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>&#x202f;].</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>Within the first 12 months following the effectiveness of this registration statement, we do not intend to borrow money or issue debt
securities or preferred shares.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(3)</td><td>Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. [ The amounts under this line item
are estimated to be less than 1 basis point. Therefore, any such estimated amounts are included in other expenses.]</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(4)</td><td>Includes accounting, legal and auditing fees of the Company, organizational and offering costs, expenses related to the Company&#x2019;s
dividend reinvestment plan, as well as fees paid to the Administrator, the transfer agent, the custodian and the independent directors.
We based these expenses on estimated amounts for the fiscal year ending December&#xa0;31, 2024.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Example</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following example demonstrates the projected
dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating
the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain
at the levels set forth in the table above. Transaction expenses are included in the following example.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Example</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">5 Years</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">10 Years</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 44%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">50</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">150</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">249</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">499</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing table is to assist you in understanding
the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required
by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. In addition, while the example
assumes reinvestment of all dividends and distributions at net asset value, if our Board authorizes and we declare a cash dividend, participants
in our dividend reinvestment plan who have not otherwise elected to receive cash will receive a number of shares of our common stock,
determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock
at the close of trading on the valuation date for the dividend. See &#x201c;<i>Dividend Reinvestment Plan</i>&#x201d; for additional information
regarding our dividend reinvestment plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This example and the expenses in the table above
should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses)
may be greater or less than those shown.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_003"></a>THE COMPANY</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; ">We
are a recently-formed,&#xa0;non-diversified,&#xa0;closed-end&#xa0;management investment company registered under the Investment Company
Act. We were formed on August&#xa0;16, 2024, as a corporation under the laws of the State of Maryland. Our principal office is located
at 228 Hamilton Avenue, Third Floor</font>, Palo Alto, CA 94301, and our telephone number is (650) 374-7800. <font>The
Trust intends to list the Common Shares on the NYSE, subject to notice of issuance. The trading or ticker symbol of the Common Shares
is expected to be &#x201c;[CFND].&#x201d;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_004"></a>USE OF PROCEEDS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The net proceeds of this offering are estimated
at approximately [$ ] ([$ ]if the underwriters exercise the overallotment option in full). We intend to invest the proceeds of any sale
of shares, not including the amount of any fees and expenses (including, without limitation, those described in the section captioned
 &#x201c;<i>Fees and Expenses</i>&#x201d;), in accordance with the investment objectives and strategies set forth in this Prospectus. Such
investments may be delayed if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack
of liquidity in the markets of suitable investments. Pending such investment, the fund anticipates that it will invest the proceeds in
short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in
the anticipated use of proceeds could adversely affect the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_005"></a>RISK FACTORS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Investing in our common stock involves a number
of significant risks. Before you invest in our common stock, you should be aware of various risks associated with the investment, including
those described below. You should carefully consider these risk factors, together with all of the other information included in this prospectus,
before you decide whether to make an investment in our common stock. The risks set out below are not the only risks we face. Additional
risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance.
If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected.
In such case, you may lose all or part of your investment.</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General Risks</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>No operating history as a closed-end investment company</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a non-diversified, closed-end management
investment company with no operating history. As a result, we are subject to all of the business risks and uncertainties associated with
any new business, including the risk that we will not achieve our investment objective and that the value of your investment could decline
substantially or become worthless.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risk of operating as a non-diversified, management investment
company</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are classified as a non-diversified, management
investment company within the meaning of Section&#xa0;5(b)(2)&#xa0;of the Investment Company Act. As such, we do not have the benefits
the Investment Company Act provides for a management company that is diversified in the manner provided in Section&#xa0;5(b)(1)&#xa0;of
this Act. Section&#xa0;5(b)(1)&#xa0;requires at least 75% of the value of total assets of a diversified company to consist of cash and
cash items (including receivables), Government securities, securities of other investment companies, and other securities. In addition,
Section&#xa0;5(b)(1)&#xa0;provides that in calculating the 75% amount, the management investment company may not invest more than 5% of
the value of its total assets in any one issuer, and nay not acquire more than 10% of the outstanding voting securities of this issuer.
As a non-diversified management investment company, therefore, we are exposed to the risks that arise from investing in issuers beyond
the limits set forth in Section&#xa0;5(b)(1).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>No </i></b></font><b><i>assurance
of investment return</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The types of investments that we make involve a
high degree of risk. In general, financial and operating risks confronting our portfolio companies can be significant. We cannot provide
assurance that we will be able to choose, make or realize investments in any particular company or portfolio of companies. Moreover, while
the type of investments that we make offers the possibility of substantial returns, such investments also involve a high degree of financial
risk and can result in substantial or total capital losses.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, there can be no assurance that we
will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the type of
companies and transactions described in this prospectus. The performance and appreciation of the investments that comprise our portfolio
will depend on the successful operation of the companies in which we invest, prevailing interest rates, and other market conditions over
which we and the Adviser will have no control. Returns generated from our investments may not adequately compensate investors for the
business and financial risks assumed, and an investor may lose all or a part of its investment in our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Reliance</i></b></font><b><i>
on the Adviser</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser has no prior experience managing a
registered closed-end investment company. The Adviser provides us with management and advisory services and makes investment decisions
on our behalf. Investors will have no role in making decisions with respect to the management, disposition or other realization of any
investment, or decisions regarding our business and affairs. Consequently, our success will depend, in large part, upon the skill and
expertise of the Adviser and its investment professionals. Furthermore, the investment professionals will not focus exclusively on our
operations and may have responsibility for other managed investment funds.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">The
Adviser&#x2019;s team of investment professionals will evaluate, negotiate, structure, close and monitor our investments in accordance
with the terms of this prospectus. The Adviser&#x2019;s team of investment professionals is currently composed of Dr.&#xa0;</font>Najamul
Kidwai, Michael Zhao, and Michael Lempres, each of whom serve on the Investment Committee. There can be no assurance that the investment
and other professionals upon which the Adviser relies will continue to be associated with the Adviser while the Adviser serves as our
investment adviser. Our future success will depend to a significant extent on the continued service and coordination of the Adviser&#x2019;s
team of investment professionals. If the Adviser&#x2019;s team of investment professionals does not maintain their existing relationships
with sources of investment opportunities and does not develop new relationships with other sources of investment opportunities available
to us, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser&#x2019;s team of investment
professionals has relationships are not obligated to provide us with investment opportunities. Therefore, the Adviser can offer no assurance
that such relationships will generate investment opportunities for us. Furthermore, the Adviser cannot assure investors that the Adviser
will remain our investment adviser or that we will continue to have access to its investment professionals or its information and deal
flow.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Investment</i></b></font><b><i>
due diligence and investment research may not reveal all relevant facts regarding investment opportunities.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When conducting due diligence and investment research,
we may be required to evaluate important and complex business, financial, tax, accounting, environmental, social, governance and legal
metrics. Outside consultants, legal advisors, accountants and investment banks may be involved in the due diligence and investment research
process in varying degrees depending on the type of investment. When conducting due diligence and investment research and making an assessment
regarding an investment, the Adviser may rely on information provided by such persons, or by the management of the target of the investment
or their advisors. The due diligence investigation and investment research that the Adviser carries out with respect to any investment
opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity,
may lead to inaccurate or incomplete conclusions, or may be manipulated by fraud. Moreover, such an investigation will not necessarily
result in the investment being successful.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Competition
for </i></b></font><b><i>investment opportunities; difficulty of locating suitable investments and meeting investment objective</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A large number of entities compete with us to make
the types of direct equity investments that we target as part of our business strategy. We compete for such investments with a large number
of private equity and venture capital funds, other equity and non-equity based investment funds, investment banks and other sources of
financing, including traditional financial services companies such as commercial banks and specialty finance companies. Many of our competitors
are substantially larger than we are and have considerably greater financial, technical and marketing resources than we do. We may be
at a competitive disadvantage with our competitors in a particular sector or investment, as some of them have greater capital, lower targeted
returns, a greater willingness to take on risk, more personnel or greater sector or investment strategy specific expertise. We may be
unable to find a sufficient number of attractive opportunities to meet our investment objective and there is no assurance as to the timing
of investments. The Adviser expects us to benefit from its relationships and experience making investments; however, there can be no assurance
that the Adviser will be able to maintain or draw upon such relationships, which could have an adverse effect on our ability to find suitable
investments and otherwise achieve our investment objective. Furthermore, the Adviser will emphasize or de-emphasize different aspects
of its investment strategy from time to time, and refine or add to our investment strategy, to respond to changes in market conditions,
and there can be no assurance that the Adviser will follow the investment strategy and process described herein for every investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Non-U.S.
</i></b></font><b><i>investments risk</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Non-U.S. securities involve certain factors not
typically associated with investing in U.S. securities, including risks relating to the following: (i)&#xa0;currency exchange matters,
including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which foreign investments
are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii)&#xa0;inflation
matters, including rapid fluctuations in inflation rates; (iii)&#xa0;differences between the U.S. and foreign securities markets, including
potential price volatility in and relative liquidity of some foreign securities markets, the absence of uniform accounting, auditing and
financial reporting standards, practices and disclosure requirements and the potential of less government supervision and regulation;
(iv)&#xa0;economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment
and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory
taxation; (v)&#xa0;the possible imposition of foreign taxes on income and gains recognized with respect to such securities; and (vi)&#xa0;difficulties
in enforcing legal judgements in foreign courts. Laws and regulations of foreign countries may impose restrictions that would not exist
in the United States and may require financing and structuring alternatives that differ significantly from those customarily used in the
United States. No assurance can be given that a change in political or economic climate, or particular legal or regulatory risks, including
changes in regulations regarding foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect
an investment by us.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our investment portfolio will be recorded at fair value as determined
in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value
of our portfolio investments.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Investment Company Act, we are required
to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in good
faith in accordance with procedures established by our Board. There may not be a public market or active secondary market for certain
of the types of investments that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary
market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all.
As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policies
and procedures that have been adopted by our Board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our valuation policies and procedures, as adopted
by the Board, are designed to achieve the following objectives: (1)&#xa0;to periodically assess any material risks associated with the
determination of the fair value of our investments and to manage these risks; (2)&#xa0;to select and apply a methodology for determining
the fair value of our investments and to periodically review the appropriateness and accuracy of this methodology, as well as to monitor
for circumstances that may necessitate the use of fair value; (3)&#xa0;to test the appropriateness and accuracy of the fair value methodology
that has been selected; and (4)&#xa0;to oversee pricing service providers, if used, including establishing the process for approving,
monitoring, and evaluating each pricing service provider. Consistent with applicable requirements, the Board has designated the Adviser
as Valuation Designee (&#x201c;Valuation Designee&#x201d;) under our valuation policies and procedures to perform the fair value determination
for all our investments. The Board will retain responsibility to oversee the Adviser in performing its role as Valuation Designee. The
Adviser, however, will be required to submit quarterly and annual reports relating to its function as Valuation Designee. In addition,
it will be required to provide to promptly notify the Board if matters that materially affect the fair value of the portfolio of investments
occur, including a significant deficiency or material weakness in the design or effectiveness of the Adviser&#x2019;s fair valuation determination
process or material errors in the calculation of net asset value within five days after the Adviser becomes aware of the matter.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The determination of fair value, and thus the amount
of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and the Adviser may have
a conflict of interest in making fair value determinations. To minimize the possibility of conflict, however, the Adviser will specify
the titles of persons responsible for determining the fair value of particular investments (including by specifying the particular functions
for which they are responsible) and will reasonably segregate fair value determinations from the portfolio management function by mandating
that portfolio managers may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to
our investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Any
</i></b></font><b><i>unrealized losses we experience on our portfolio may be an indication of future realized losses.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a registered closed-end management investment
company, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined
in good faith by the Adviser as the valuation designee pursuant to policies and procedures approved by our board of directors. Decreases
in the market values or fair values of our investments are recorded as unrealized depreciation. Any unrealized losses in our portfolio
could be an indication of an issuer&#x2019;s inability to meet its repayment obligations. This could result in realized losses in the future.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Efforts to comply with the Sarbanes-Oxley Act will involve significant
expenditures, and non-compliance with such regulations may adversely affect us.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the Sarbanes-Oxley Act and the
related rules&#xa0;and regulations promulgated by the SEC. We are required to periodically review our internal control over financial
reporting, and evaluate and disclose changes in our internal control over financial reporting. Developing and maintaining an effective
system of internal controls may require significant expenditures, which may negatively impact our financial performance. This process
will also result in a diversion of management&#x2019;s time and attention. We cannot be certain as to the timing of the completion of our
evaluation, testing and remediation actions or the impact of the same on our operations and we may not be able to ensure that the process
is effective or that our internal control over financial reporting will be effective in a timely manner. In the event that we are unable
to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related
rules, we may be adversely affected.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we fail to maintain an effective system of internal control
over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could
lose confidence in our financial and other public reporting, which would harm our business.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Effective internal control over financial reporting
is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed
to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could
cause us to fail to meet our reporting obligations. Inferior internal controls could also cause investors and lenders to lose confidence
in our reported financial information, which could have a negative effect on our ability to continue the offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Associated with Our Investment Strategy</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Investment</i></b></font><b><i>
methodology</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may employ certain strategies that depend upon
the reliability and accuracy of the Adviser&#x2019;s analytical investment processes. To the extent such investment processes (or the assumptions
underlying them) do not prove to be correct, we may not perform as anticipated, which could result in substantial losses.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Identification</i></b></font><b><i>
of appropriate investments</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our success as a whole depends on the identification
and availability of suitable investment opportunities and terms. The availability and terms of investment opportunities will be subject
to market conditions, prevailing regulatory conditions in regions where we may invest, and other factors outside our control. In addition,
we may find ourselves in competition with other funds that have entered or may enter its markets or with private equity funds and financial
institutions that may be willing to extend financing on terms that are more favorable to the portfolio company than the Adviser believes
are appropriate in light of the risk of the investment. Therefore, there can be no assurance that appropriate investments will be available
to, or identified or selected by, us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Concentration</i></b></font><b><i>
of investments</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Many of our investments will be in U.S. private
companies in the digital asset technology sector, and therefore will be particularly exposed to the risks attendant to investments in
that sector. Except as otherwise described herein, investors generally have no assurance as to the degree of diversification of our investments,
either by geographic region, asset type or sector. Accordingly, a significant portion of our investments may be made in relatively few
geographic regions, asset types, security types or industry sectors. Any such concentration of risk may increase losses suffered by us,
which could have a material adverse effect on our overall financial condition. Even when the Adviser attempts to control risks and diversify
the portfolio, risks associated with different assets may be correlated in unexpected ways, with the result that we face concentrated
exposure to certain risks. Conversely, the Adviser may encounter unexpected changes in the correlation of assets or markets, which confound
their attempts to hedge or limit risk and result in investment losses. Many risk management techniques are based on observed historical
market behavior, but future market behavior may be entirely different. Although the Adviser attempts to identify, monitor and manage significant
risks, these efforts may not necessarily take all risks into account and there can be no assurance that these efforts will be effective.
Any inadequacy or failure in the Adviser&#x2019;s risk management efforts could result in material losses for us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inability to make follow-on investments</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following our initial investment in portfolio companies
or assets, we may be called upon to provide additional investments in that portfolio company as follow-on investments, in order to: (1)&#xa0;increase
or maintain in whole or in part our equity ownership&#xa0;percentage; (2)&#xa0;exercise warrants, options or convertible securities that
were acquired in the original or subsequent financing; or (3)&#xa0;attempt to preserve or enhance the value of our investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may elect not to make follow-on investments,
or may otherwise lack sufficient funds to make those investments or lack access to desired follow-on investment opportunities. We have
the discretion to make any follow-on investments, subject to the availability of capital resources<font style="color: red">,</font> the
investment opportunity, and the requirements of applicable law. The failure to make follow-on investments may, in some circumstances,
jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to
increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may
elect not to make a follow-on investment because we may not want to increase our concentration of risk, we prefer other opportunities,
we lack access to the desired follow-on investment opportunity, or the investment may not be consistent with the requirements of applicable
law.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we may be unable to complete follow-on
investments in our portfolio companies that have conducted an IPO as a result of regulatory or financial restrictions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Litigation</i></b></font><b><i>
and regulatory investigations</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser anticipates that, from time to time,
the Adviser and its affiliates may be named as defendants in civil proceedings. Litigation or threats of litigation consume time and resources
and jeopardize the successful closing of transactions. Moreover, the outcome of such proceedings may materially adversely affect the value
of portfolio positions, may be impossible to predict, and may continue unresolved for long periods of time. The expense of prosecuting
claims, for which there is no guarantee of success, and/or the expense of defending against claims by third parties and paying any amounts
pursuant to settlements or judgments would generally be borne by us and would reduce net assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an investment adviser, the Adviser expects to
have interactions with and inquiries from regulators from time to time, including but not limited to matters related to us, the Adviser
and its affiliates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Associated with Our Investments</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks associated with investments in rapidly growing private
emerging companies.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investments in the rapidly growing private emerging
companies that we target involves a number of significant risks, including the following:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>these portfolio companies may have limited financial resources and may be unable to meet their obligations under their existing debt,
which may lead to equity financings, possibly at discounted valuations, in which we could be substantially diluted if we do not or cannot
participate, bankruptcy or liquidation and the reduction or loss of our equity investment;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>they typically have limited operating histories, narrower, less established product lines and smaller market shares than larger businesses,
which tend to render them more vulnerable to competitors&#x2019; actions, market conditions and consumer sentiment in respect of their
products or services, as well as general economic downturns;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly
changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support
their operations, finance expansion or maintain their competitive position;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>because they are privately owned, there is generally little publicly available information about these businesses; therefore, although
we will perform due diligence investigations on these portfolio companies, their operations and their prospects, we may not learn all
of the material information we need to know regarding these businesses and, in the case of investments we acquire on private secondary
transactions, we may be unable to obtain financial or other information regarding the companies with respect to which we invest. Furthermore,
there can be no assurance that the information that we do obtain with respect to any investment is reliable;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability,
resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn,
on us; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>such private companies frequently have much more complex capital structures than traditional publicly traded companies, and may have
multiple classes of equity securities with differing rights, including with respect to voting and distributions. In addition, it is often
difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information,
there can be no assurance that it is complete or accurate. In certain cases, such private companies may also have senior or <i>pari passu
</i>preferred stock or senior debt outstanding, which may heighten the risk of investing in the underlying equity of such private companies,
particularly in circumstances when we have limited information with respect to such capital structures. Although we believe that our investment
professionals have extensive experience evaluating and investing in private companies with such complex capital structures, there can
be no assurance that we will be able to adequately evaluate the relative risks and benefits of investing in a particular class of a portfolio
company&#x2019;s equity securities. Any failure on our part to properly evaluate the relative rights and value of a class of securities
in which we invest could cause us to lose part or all of our investment, which in turn could have a material and adverse effect on our
net asset value and results of operations.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">A
</font>portfolio company&#x2019;s failure to satisfy financial or operating covenants imposed by its lenders could lead to defaults and,
potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize
our equity investment in such portfolio company. We may incur expenses to the extent necessary to seek recovery of our equity investment
or to negotiate new terms with a financially distressed portfolio company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The securities of our portfolio companies are generally illiquid.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">The
securities of our portfolio companies are generally illiquid, and the inability of these portfolio companies to complete an IPO or consummate
another liquidity event within our targeted time frame for that investment will extend the holding period of our investments, may adversely
affect the value of these investments, and will delay the distribution of gains, if any. The IPO market is, by its very nature, unpredictable.
A lack of IPO opportunities for privately held emerging companies could lead to companies staying longer in our portfolio as private entities
still requiring funding. This situation may adversely affect the amount of available venture </font>capital funding to late-stage companies
that cannot complete an IPO. Such stagnation could dampen returns or could lead to unrealized depreciation and realized losses as some
companies run short of cash and have to accept lower valuations in private fundings or are not able to access additional capital at all.
A lack of IPO opportunities for privately held emerging companies may also cause some venture capital firms to change their strategies,
leading some of them to reduce funding of their portfolio companies and making it more difficult for such companies to access capital.
This might result in unrealized depreciation and realized losses in such companies by other investment funds, like us, who are co-investors
in such companies. There can be no assurance that we will be able to achieve our targeted return on our portfolio company investments
if, as and when they go public.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The equity securities we acquire in a portfolio
company are generally subject to contractual transfer limitations imposed on the portfolio company&#x2019;s stockholders as well as other
contractual obligations, such as rights of first refusal and co-sale rights. These obligations generally expire only upon an IPO by the
portfolio company or the occurrence of another liquidity/exit event. As a result, prior to an IPO or other liquidity/exit event, our ability
to liquidate our private portfolio company positions may be constrained. Transfer restrictions could limit our ability to liquidate our
positions in these securities if we are unable to find buyers acceptable to our portfolio companies, or where applicable, their stockholders.
Such buyers may not be willing to purchase our investments at adequate prices or in volumes sufficient to liquidate our position, and
even where they are willing, other stockholders could exercise their co-sale rights to participate in the sale, thereby reducing the number
of shares available to sell by us. Furthermore, prospective buyers may be deterred from entering into purchase transactions with us due
to the delay and uncertainty that these transfer and other limitations create.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the portfolio companies in which we invest do
not perform as planned, they may be unable to successfully complete an IPO or consummate another liquidity event within our targeted time
frame, or they may decide to abandon their plans for an IPO. In such cases, we will likely exceed our targeted holding period and the
value of these investments may decline substantially if an IPO or other exit is no longer viable. We may also be forced to take other
steps to exit these investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The illiquidity of our portfolio company investments,
including those that are traded on the trading platforms of private secondary marketplaces, may make it difficult for us to sell such
investments should the need arise. Also, if we were required to liquidate all or a portion of our portfolio quickly, we may realize significantly
less than the value at which we have previously recorded our investments. We will have no limitation on the portion of our portfolio that
may be invested in illiquid securities, and we anticipate that all or a substantial portion of our portfolio may be invested in such illiquid
securities at all times.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, even if a portfolio company completes
an IPO, we will typically not be able to sell our position until any applicable post-IPO lockup restriction expires. As a result of lockup
restrictions, the market price of securities that we hold may decline substantially before we are able to sell them following an IPO.
There is also no assurance that a meaningful trading market will develop for our publicly traded portfolio companies following an IPO
to allow us to liquidate our position when we desire.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks related to investing in securities traded on private secondary
marketplaces</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will utilize private secondary marketplaces,
such as Forge, SharesPost, CartaX and EQUIAM, to acquire investments for our portfolio. When we purchase secondary shares, we may have
little or no direct access to financial or other information from these portfolio companies. As a result, we will be dependent upon the
relationships of our investment professionals to obtain the information necessary to perform research and due diligence, and to monitor
our investments after they are made. There can be no assurance that our management team and investment professionals will be able to acquire
adequate information on which to make its investment decision with respect to any private secondary marketplace purchases, or that the
information it is able to obtain is accurate or complete. Any failure to obtain full and complete information regarding the portfolio
companies with respect to which we invest through private secondary marketplaces could cause us to lose part or all of our investment
in such companies, which would have a material and adverse effect on our net asset value and results of operations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, while we believe the ability to trade
on private secondary marketplaces provides valuable opportunities for liquidity, there can be no assurance that the portfolio companies
with respect to which we invest through private secondary marketplaces will have or maintain active trading markets, and the prices of
those securities may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may result
in an inability for us to realize full value on our investment. In addition, wide swings in market prices, which are typical of irregularly
traded securities, could cause significant and unexpected declines in the value of our portfolio investments. Further, prices in private
secondary marketplaces, where limited information is available, may not accurately reflect the true value of a portfolio company, and
may overstate a portfolio company&#x2019;s actual value, which may cause us to realize future capital losses on our investment in that
portfolio company. If any of the foregoing were to occur, it would likely have a material and adverse effect on our net asset value and
results of operations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investments in private companies, including through
private secondary marketplaces, also entail additional legal and regulatory risks, which expose participants to the risk of liability
due to the imbalance of information among participants and participant qualification and other transactional requirements applicable to
private securities transactions, the non-compliance with which could result in rescission rights and monetary and other sanctions. The
application of these laws within the context of private secondary marketplaces and related market practices are still evolving, and, despite
our efforts to comply with applicable laws, we could be exposed to liability. The regulation of private secondary marketplaces is also
evolving. Additional state or federal regulation of these markets could result in limits on the operation of or activity on those markets.
Conversely, deregulation of these markets could make it easier for investors to invest directly in private companies and affect the attractiveness
of the Company as an access vehicle for investment in private shares. Private companies may also increasingly seek to limit secondary
trading in their stock, such as through contractual transfer restrictions, and provisions in company charter documents, investor rights
of first refusal and co-sale and/or employment and trading policies further restricting trading. To the extent that these or other developments
result in reduced trading activity and/or availability of private company shares, our ability to find investment opportunities and to
liquidate our investments could be adversely affected.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may not realize gains from our equity investments.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We invest principally in the equity and equity-related
securities of what we believe to be rapidly growing and privately held companies. However, the equity interests we acquire may not appreciate
in value and, in fact, may decline in value.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the private company securities we
acquire may be subject to drag-along rights, which could permit other stockholders, under certain circumstances, to force us to liquidate
our position in a subject company at a specified price, which could be, in our opinion, inadequate or undesirable or even below our cost
basis. In this event, we could realize a loss or fail to realize gain in an amount that we deem appropriate on our investment. Further,
capital market volatility and the overall market environment may preclude our portfolio companies from realizing liquidity events and
impede our exit from these investments. Accordingly, we may not be able to realize gains from our equity interests, and any gains that
we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We will generally
have little, if any, control over the timing of any gains we may realize from our equity investments unless and until the portfolio companies
in which we invest become publicly traded. In addition, the portfolio companies in which we invest may have substantial debt loads. In
such cases, we would typically be last in line behind any creditors in a bankruptcy or liquidation and would likely experience a complete
loss on our investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The lack of liquidity in, and potentially extended holding period
of many of our investments may adversely affect our business and will delay any distributions of gains, if any.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our investments will generally not be in publicly
traded securities. Although we expect that some of our equity investments will trade on private secondary marketplaces, certain of the
securities we hold will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities.
In addition, while some portfolio companies may trade on private secondary marketplaces, we can provide no assurance that such a trading
market will continue or remain active, or that we will be able to sell our position in any portfolio company at the time we desire to
do so and at the price we anticipate. The illiquidity of our investments, including those that are traded on private secondary marketplaces,
will make it difficult for us to sell such investments if the need arises. Also, if we are required to liquidate all or a portion of our
portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. We have no limitation
on the portion of our portfolio that may be invested in illiquid securities, and a substantial portion or all of our portfolio may be
invested in such illiquid securities from time to time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, because we generally invest in equity
and equity-related securities, with respect to the majority of our portfolio companies, we do not expect regular realization events, if
any, to occur in the near term. We expect that our holdings of equity securities may require several years to appreciate in value, and
we can offer no assurance that such appreciation will occur.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We will generally not hold controlling equity interests in our
portfolio companies.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Generally, we will not take controlling equity
positions in our portfolio companies. As a result, we will be subject to the risk that a portfolio company may make business decisions
with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse
to our interests. In addition, other stockholders, such as venture capital and private equity sponsors, that have substantial investments
in our portfolio companies may have interests that differ from that of the portfolio company or its minority stockholders, which may lead
them to take actions that could materially and adversely affect the value of our investment in the portfolio company. Due to the lack
of liquidity for the equity and equity-related investments that we will typically hold in our portfolio companies, we may not be able
to dispose of our investments in the event we disagree with the actions of a portfolio company or its substantial stockholders, and may
therefore suffer a decrease in the value of our investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reliance on portfolio company management</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The day-to-day operations of the portfolio companies
in which we will invest will be the responsibility of such portfolio company&#x2019;s management team. We do not intend to seek representation
on the board of directors of portfolio companies or otherwise provide management or strategic planning assistance, and will not have an
active role in the day-to-day management of the companies in which we invest. Although the Adviser will be responsible for monitoring
the performance of each investment, there can be no assurance that the existing management team, or any successor, will be able to operate
the company successfully, or in a way that is consistent with our investment objective. To the extent that the senior management of a
portfolio company performs poorly, or if a key manager of a portfolio company terminates employment, our investment in such company could
be adversely affected. There are many challenges faced by leaders of emerging private companies, including resignations or dismissals
of senior executive officers and other top managers, disputes among investors and board members, regulatory hurdles, bad press, allegedly
unethical or illegal business practices, competition from larger companies with better resources and experience, and management complicity
in discrimination and hostile workplace environments on account of race or gender. Our returns will depend in large part on the performance
of these unrelated individuals and could be substantially adversely affected by the unfavorable performance of a small number of such
individuals.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we will generally participate in the
capital structure of the portfolio companies on the basis of financial projections for such portfolio companies. Projected operating results
will normally be based in part on the judgment of the management of the portfolio company. In all cases, projections are only estimates
of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that
the projected results will be obtained, and actual results may vary significantly from the projections. In circumstances in which the
Adviser relies on information from corporate management, the Company may be subject to the risk of dysfunctional or fraudulent management
and/or accounting irregularities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Limited information</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Only limited information may be made available
to us regarding our investments in potential portfolio companies. There generally will be little or no publicly available information
regarding the status and prospects of the portfolio company. Investment decisions may depend on the ability to obtain relevant information
from non-public sources, and we may be required to make decisions without complete information or in reliance upon information provided
by third parties that is impossible or impracticable to verify. There is a risk that: (i)&#xa0;there are facts or circumstances pertaining
to a portfolio company that the public (including us) are not aware of; and (ii)&#xa0;publicly available information concerning the a
portfolio company upon which we rely may prove to be inaccurate, and, as a result of (i)&#xa0;or (ii), the investor may suffer a partial
or complete loss on its investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>No guarantee of future access to information</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each portfolio company is under no obligation to
furnish, or may generally resist providing, information to us with respect to any securities of the portfolio company, and we may waive
or have contractual limitations with respect to such securities. Exercise and use of any information rights with respect to the portfolio
company shall be at our sole discretion.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Environmental liability</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be exposed to substantial risk of loss from
environmental claims arising from investments made in companies with undisclosed or unknown environmental problems or with inadequate
reserves, as well as from occupational safety issues and concerns. Under various laws, ordinances and regulations, an owner of assets
may be liable for the costs of removal or remediation of certain hazardous or toxic substances on or in such property. Such laws often
impose such liability without regard to whether the owner knew of, or was responsible for, the presence of such hazardous or toxic substances.
The cost of any required remediation and the owner&#x2019;s liability, therefore, as to any property are generally not limited under such
laws and could exceed the value of the property and/or the aggregate assets of the owner. The presence of such substances, or the failure
to properly remediate contamination from such substances, may adversely affect the owner&#x2019;s ability to sell the assets or to borrow
funds using such assets as collateral, which could have an adverse effect on our return from such investments. Environmental claims with
respect to a specific investment may exceed the value of such investment, and under certain circumstances, subject our other assets to
such liabilities. Portfolio companies in which we invest may be involved in executing and validating digital asset transactions. These
functions may involve complex calculations that require significant computing power and electricity. The price, availability, and reliability
of electricity, which are subject to environmental regulations, weather events, climate change, and market forces, may affect the operations
and profitability of our portfolio companies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Contingent liabilities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will invest a substantial portion of our assets
in private securities. In connection with the disposition of an investment in private securities, we may be required to make representations
about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We
may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate
or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations
that we must satisfy through our return of distributions previously made to us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Associated with the Digital Asset Industry</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Because we intend to invest in companies that provide digital
asset services and infrastructure, we expect the operations of such companies to be subject to risks associated with the digital asset
sector.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to invest in companies that provide digital
asset technology, including digital asset services and infrastructure<i>.</i> Investments in these businesses involve special risks, including
the following risks, among others, any of which could be detrimental to the value of businesses in which we invest and consequently the
value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Digital assets have been, and may be, used by bad actors to execute black market transactions, commit fraud, launder funds, evade
taxes or economic sanctions, finance terrorism and other illegal activities, which could negatively impact the reputation and business
of the companies in which we invest.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Digital asset markets, exchanges and related services are experiencing rapid technological developments and growth. However, they
may decline in popularity, or even face obsolescence, due to slowing usage or acceptance of digital assets and unexpected technical or
business incompatibilities between currencies and related trading services.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>The digital assets trading industry is rapidly evolving and has experienced significant uncertainty and volatility due to numerous
factors (including the risks set forth in this risk factor). We expect our portfolio companies will face significant competition, uncertainty
and volatility as digital asset trading businesses continue to evolve, which could have a material adverse effect on our business. For
example, a security breach or another incident that affects a particular asset like Bitcoin or Ether may affect the digital asset industry
as a whole, thereby impacting our business. As a result, future negative developments may reduce the value of the digital asset services
and infrastructure companies in which we intend to invest and as a result our investments in such companies may be over-valued.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Due to unfamiliarity and negative publicity surrounding the digital asset industry and digital asset trading platforms (including
the quality, security and reliability of technologies employed by these platforms), existing and potential customers may lose confidence
in the businesses in which we invest.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Digital asset trading platforms may be subject to disputes and claims from customers who incur losses related to the use of such platforms,
which could adversely affect the value of our investments in such platforms.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>We may invest in companies that rely on the functionality certain &#x201c;smart contract-based&#x201d; digital assets. If the underlying
smart contracts for digital assets do not operate as expected, they could lose value and our investments could be adversely affected.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>The companies in which we invest may be required to make significant capital and other investments in their businesses and may not
be able to do so based on their operations and financial condition or at a level to remain competitive with competitors that have greater
financial resources.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>The companies in which we invest may be subject to stringent security requirements that impose substantial costs and could be the
target of attacks or security breaches, which could have a material adverse effect on their businesses and the value of our investments.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>U.S. and foreign governments and/or agencies may introduce increasingly complex and stringent laws, regulations and policies, which
could have a material adverse effect on the companies in which we invest.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>The uncertainty surrounding the adoption and implementation of new rules&#xa0;and regulations in the U.S. and foreign countries may
lead to increased market volatility, including significant declines in asset value of any given digital asset and the digital asset industry
as a whole.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Several governments and agencies, including the U.S. Federal Reserve Bank (the &#x201c;Federal Reserve&#x201d;), are evaluating, have
announced or are preliminarily implementing central bank digital &#x201c;fiat&#x201d; currencies which may be fully technically compatible.
Thus, central bank digital &#x201c;fiat&#x201d; currencies may adversely affect our investments by reducing the market viability of the
services provided by the companies in which we invest.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Increased environmental concerns about specific digital asset mining technologies and related political actions impacting mining capabilities
taken by the U.S. or foreign governments may have a material adverse effect on the business of companies in which we invest.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Future developments regarding the treatment of digital assets for U.S. federal income and/or foreign tax purposes could adversely
impact the business of companies in which we invest.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>The companies in which we invest may be subject to complex financial accounting rules, and there is limited guidance from accounting
standard setting bodies. If financial accounting standards undergo significant changes, the operating results of companies in which we
invest could be adversely affected.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of the foregoing factors could have an adverse
impact on the operations, and the value of the shares, of our portfolio companies which in turn could have a corresponding adverse effect
on the value of our shares and could cause you to lose all or substantially all of the value of your investment in us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Recent developments in the digital asset economy have led to
extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant
negative publicity surrounding digital assets broadly and market-wide declines in liquidity.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Digital asset prices fluctuate widely. This has
led to volatility and disruption in the digital asset sector and financial difficulties for several prominent industry participants, including
digital asset trading platforms, hedge funds and lending platforms. For example, in 2022, digital asset lenders Celsius Network LLC and
Voyager Digital Ltd. and digital asset hedge fund Three Arrows Capital each declared bankruptcy. Developments like these have resulted
in a loss of confidence in participants in the digital asset sector, negative publicity surrounding digital assets more broadly and market-wide
declines in digital asset trading prices and liquidity.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also in 2022, FTX, one of the largest digital asset
trading platform by volume at the time, halted customer withdrawals amid rumors of the company&#x2019;s liquidity issues and likely insolvency.
Shortly thereafter, FTX&#x2019;s CEO resigned and FTX and several affiliates of FTX filed for bankruptcy. The U.S. Department of Justice
(&#x201c;DOJ&#x201d;) subsequently brought criminal charges, including charges of fraud, violations of federal securities laws, money laundering,
and campaign finance offenses, against FTX&#x2019;s former CEO and others. In November&#xa0;2023, FTX&#x2019;s former CEO was convicted
of fraud and money laundering. Similar charges related to violations of anti-money laundering laws were brought in November&#xa0;2023
against Binance and its former CEO. FTX is also under investigation by the SEC, the DOJ and the Commodity Futures Trading Commission (&#x201c;CFTC&#x201d;),
as well as by various regulatory authorities in the Bahamas, Europe and other jurisdictions. In response to these events, the digital
asset markets have experienced extreme price volatility and declines in liquidity. In addition, several other entities in the digital
asset industry have filed for bankruptcy since FTX&#x2019;s bankruptcy filing, such as BlockFi Inc., Terraform Labs Pte. Ltd. and Genesis
Global Capital, LLC, a subsidiary of Genesis Global Holdco, LLC.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These events have led to a substantial increase
in regulatory and enforcement scrutiny of the industry as a whole and of digital asset trading platforms in particular, including from
the DOJ, the SEC, the CFTC, the White House and Congress. For example, in June&#xa0;2023, the SEC brought charges against Binance and
Coinbase, two of the largest digital asset trading platforms, alleging that they solicited U.S. investors to buy, sell, and trade &#x201c;crypto
asset securities&#x201d; through their unregistered trading platforms and operated unregistered securities exchanges, brokerages and clearing
agencies. Binance subsequently announced that it would be suspending United States dollar (&#x201c;USD&#x201d;) deposits and withdrawals
on Binance.US and that it plans to delist its USD trading pairs. In addition, in November&#xa0;2023, the SEC brought similar charges against
Kraken alleging that it operated as an unregistered securities exchange, brokerage and clearing agency. The actions against prominent
figures in digital asset sector, such as those against Binance, Coinbase and Kraken, have led, and may in the future lead, to further
volatility in digital asset prices and in the sector more broadly.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These events are continuing to develop at a rapid
pace and it is not possible to predict at this time all of the risks that they may pose to us or the digital asset industry as a whole.
These events also have also led to significant negative publicity around digital asset market participants. Continued disruption and instability
in the digital asset markets as these events develop could have a material adverse effect on the operations, and the value of the shares,
of our portfolio companies which in turn could have a corresponding adverse effect on the value of our shares and could cause you to lose
all or substantially all of the value of your investment in us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>To the extent that we invest in other funds, such as SEC-registered
ETFs, that hold digital assets, such as Bitcoin or Ether, the value of such investments will relate directly to the value of the digital
assets in their portfolio, and the value of such digital assets may be highly volatile and subject to fluctuations due to a number of
factors.</i></b></p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While we will not invest directly in any cryptocurrencies
or other digital assets, we may from time to time invest in select funds such as ETFs which invest in digital assets. The value of such
funds relate directly to the value of the digital assets they hold, and fluctuations in the price of such digital assets could adversely
affect the value of our investments and overall value of our investment portfolio. The market price of Bitcoin, Ether and other digital
assets may be highly volatile, and subject to a number of factors, including:</p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>an increase in the global supply of Bitcoin and/or other digital assets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>manipulative trading activity on digital asset trading platforms, which, in many cases, are largely unregulated;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the adoption of digital assets as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development
of open-source software protocols on which digital assets rely;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>forks in the blockchains used by digital assets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>investors&#x2019; expectations with respect to interest rates, the rates of inflation of fiat currencies or digital assets, and digital
asset trading platform rates;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>consumer preferences and perceptions of Bitcoin specifically and digital assets generally;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fiat currency withdrawal and deposit policies on digital asset trading platforms;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the liquidity of digital asset markets and any increase or decrease in trading volume on digital asset markets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>investment and trading activities of large investors that invest directly or indirectly in Bitcoin, Ether or other digital assets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>a &#x201c;short squeeze&#x201d; resulting from speculation on the price of Bitcoin, Ether or other digital assets, if aggregate short
exposure exceeds the number of shares of the digital asset fund available for purchase;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>an active derivatives market for Bitcoin or Ether specifically or for digital assets generally;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>a determination that Bitcoin, Ether or other digital assets are securities or changes in their status under the federal securities
laws;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>monetary policies of governments, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement
actions, if any, that restrict the use of digital assets as a form of payment or the purchase of digital assets on the digital asset markets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>global or regional political, economic or financial conditions, events and situations, such as the novel coronavirus outbreak;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fees associated with processing digital asset transactions and the speed at which digital asset transactions are settled;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>interruptions in service from or closures or failures of major digital asset trading platforms;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>decreased confidence in digital asset trading platforms due to the unregulated nature and lack of transparency surrounding the operations
of digital asset trading platforms; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>increased competition from other forms of digital assets or payment services.</td></tr></table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, there is no assurance that Bitcoin,
Ether and other digital assets will maintain their value in the long or intermediate term. In the event that the price of Bitcoin, Ether
and other digital assets decline, the value of digital asset funds such as ETFs in which we may invest will likely decline.</p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The value of Bitcoin, Ether and other digital assets
may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that
could adversely affect the value of our shares. Momentum pricing typically is associated with growth stocks and other assets whose valuation,
as determined by the investing public, accounts for future appreciation in value, if any. We believe that momentum pricing of digital
assets has increased the volatility of the price of digital assets. As a result, digital asset may be more likely to fluctuate in value
due to changing investor confidence, which could impact future appreciation or depreciation of the digital asset funds in which we may
invest and consequently the value of our shares and your investment in us.</p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Due to the unregulated nature and lack of transparency surrounding
the operations of digital asset trading platforms, our portfolio companies may experience fraud, market manipulation, business failures,
security failures or operational problems, which may adversely affect the value of our investments in them.</i></b></p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in companies that provides services
to, or rely on, or integrate with electronic marketplaces where trading platform participants may trade, buy and sell digital assets.
The largest digital asset trading platforms are online and typically trade on a 24-hour basis, publishing transaction price and volume
data. Digital asset trading platforms are relatively new and, in many ways, unregulated. While many prominent digital asset trading platforms
provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory
compliance, many other digital asset trading platforms do not provide this information. Furthermore, while digital asset trading platforms
are and may continue to be subject to federal and state licensing requirements in the United States, digital asset trading platforms do
not currently appear to be subject to regulation in a similar manner as other regulated trading platforms, such as national securities
exchanges or designated contract markets. As a result, the marketplace may lose confidence in digital asset trading platforms.</p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Many digital asset trading platforms are unlicensed,
unregulated, operate without extensive supervision by governmental authorities, and do not provide the public with significant information
regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those
located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local
jurisdictions and may take the position that they are not subject to laws and regulations that would apply to a national securities exchange
or designated contract market in the United States, or may, as a practical matter, be beyond the ambit of U.S. regulators. As a result,
trading activity on or reported by these digital asset trading platforms is generally significantly less regulated than trading activity
on or reported by regulated U.S. securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S.
trading venues. Any actual or perceived false trading in the market, and any other fraudulent or manipulative acts and practices, could
adversely affect the market perception and value of digital assets, which could in turn adversely impact the value of our shares.</p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC has also identified possible sources of
fraud and manipulation in the digital asset markets generally, including, among others (1)&#xa0;&#x201c;wash-trading&#x201d;; (2)&#xa0;persons
with a dominant position in Bitcoin manipulating Bitcoin pricing; (3)&#xa0;hacking of the Bitcoin network and trading platforms; (4)&#xa0;malicious
control of the Bitcoin network; (5)&#xa0;trading based on material, non-public information (for example, plans of market participants
to significantly increase or decrease their holdings in Bitcoin, new sources of demand for Bitcoin) or based on the dissemination of false
and misleading information; (6)&#xa0;manipulative activity involving purported &#x201c;stablecoins,&#x201d; including Tether; and (7)&#xa0;fraud
and manipulation at digital asset markets. The use or presence of such acts and practices in the digital asset markets could, for example,
falsely inflate the volume of bitcoin present in the digital asset markets or cause distortions in the price of Bitcoin, among other things
that could adversely affect the companies in which we invest. Moreover, tools to detect and deter fraudulent or manipulative trading activities,
such as market manipulation, front-running of trades, and wash-trading, may not be available to or employed by digital asset markets,
or may not exist at all. many digital asset markets also lack certain safeguards put in place by exchanges for more traditional assets
to enhance the stability of trading on the exchanges and prevent &#x201c;flash crashes,&#x201d; such as limit-down circuit breakers. As
a result, the prices of digital assets on such markets may be subject to larger and/or more frequent sudden declines than assets traded
on more traditional exchanges.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, over the past several years, some
digital asset trading platforms have been closed, been subject to criminal and civil litigation and have entered into bankruptcy proceedings
due to fraud and manipulative activity, business failure and/or security breaches. In many of these instances, the customers of such digital
asset trading platforms were not compensated or made whole for the partial or complete losses of their account balances in such digital
asset trading platforms. While smaller digital asset trading platforms are less likely to have the infrastructure and capitalization that
make larger digital asset trading platforms more stable, larger digital asset trading platforms are more likely to be appealing targets
for hackers and malware and their shortcomings or ultimate failures are more likely to have contagion effects on the digital asset ecosystem,
and therefore may be more likely to be targets of regulatory enforcement action.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Negative perception, a lack of stability and standardized
regulation in the digital asset markets and/or the closure or temporary shutdown of digital asset trading platforms due to fraud, business
failure, security breaches or government mandated regulation, and associated losses by customers, may reduce confidence in and diminish
the value of the digital asset service and technology companies in which we invest. These potential consequences of such a digital asset
trading platform&#x2019;s failure could adversely affect the value of our assets and consequently our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may invest in companies that hold, rely on, or provide services
and technology related to stablecoins, and the value of such portfolio companies may be impacted by the activities of stablecoin issuers
and their regulatory treatment.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the Company will not directly invest in stablecoins,
our portfolio companies may hold, rely on, or provide services and technology related to stablecoins. As a result, we may be exposed to
these and other risks that stablecoins pose for the digital asset market, generally, and the providers of digital asset services and technology,
specifically. Stablecoins are digital assets designed to have a stable value over time as compared to typically volatile digital assets,
and are typically marketed as being pegged to a fiat currency, such as the U.S. dollar, at a certain value. Although the prices of stablecoins
are intended to be stable, in many cases their prices fluctuate, sometimes significantly. This volatility has in the past impacted the
prices of certain digital assets, and has at times caused certain stablecoins to lose their &#x201c;peg&#x201d; to the underlying fiat currency.
Stablecoins are a relatively new phenomenon, and it is impossible to know all of the risks that they could pose to participants in the
digital asset markets. For instance, stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of either
to function normally could impede the function of stablecoins or lead to outsized redemption requests, and therefore could adversely affect
the value of our investments in companies exposed to stablecoins and consequently the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some stablecoins have been asserted to be securities
under the federal securities laws. For example, in 2023, the SEC alleged in a complaint that the stablecoin BUSD, a U.S. dollar stablecoin
issued by Binance, was a &#x201c;crypto asset security&#x201d; and that Binance &#x201c;offered and sold to U.S. investors as part of a profit-earning
scheme within the Binance ecosystem.&#x201d; In another example, the District Court for the Southern District of New York denied defendants&#x2019;
motion to dismiss an SEC complaint asserting that the stablecoin UST, a U.S. dollar stablecoin issued by Terra, is a security. Further
public concern about the possible security status of stablecoins manifested in 2023, when the financial technology company PayPal disclosed
in a filing that it had received a subpoena from the SEC relating to the PayPal USD stablecoin that requested the production of documents.
A determination that a popular stablecoin is a security could lead to outsized redemption requests, and therefore could adversely affect
the broader value of the Shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Given the role that stablecoins play in global
digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market, including the companies
in which we intend to invest. Because a large portion of the digital asset market still depends on stablecoins such as Tether and USDC,
there is a risk that a disorderly de-pegging or a run on Tether or USDC could lead to dramatic market volatility in, and/or materially
and adversely affect the prices of, digital assets more broadly, which could materially and adversely affect the value of the companies
in which we intend to invest.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Volatility in stablecoins, operational issues with
stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins,
or regulatory concerns about stablecoin issuers or intermediaries could adversely affect the price of digital assets and the value of
digital asset companies in which we invest and in turn the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The future development and growth of the digital asset sector
is subject to a variety of factors that are difficult to predict and evaluate. If the digital asset sector does not grow as we expect,
the value our investments in digital asset companies, and in turn of your shares in us, could be adversely affected.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Digital assets built on blockchain technology were
only recently introduced and remain in the early stages of development. In addition, different digital assets are designed for different
purposes. Bitcoin, for instance, was designed to serve as a peer-to-peer electronic cash system, while Ethereum was designed to be a smart
contract and decentralized application platform. Many other digital asset networks &#x2013; ranging from cloud computing to tokenized securities
networks &#x2013; have only recently been established. The further growth and development of any digital assets and their underlying networks
and other cryptographic and algorithmic protocols governing the creation, transfer, and usage of digital assets represent a new and evolving
paradigm that is subject to a variety of factors that are difficult to evaluate, including:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>many digital asset networks have limited operating histories, have not been validated in production, and are still in the process
of developing and making significant decisions that will affect the design, supply, issuance, functionality, and governance of their respective
digital assets and underlying blockchain networks, any of which could adversely affect their respective digital assets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>many digital asset networks are in the process of implementing software upgrades and other changes to their protocols, which could
introduce bugs, security risks, or adversely affect the respective digital asset networks;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>several large networks, including Bitcoin and Ethereum, are developing new features to address fundamental speed, scalability, and
energy usage issues. If these issues are not successfully addressed, or are unable to receive widespread adoption, it could adversely
affect the underlying digital assets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>security issues, bugs, and software errors have been identified with many digital assets and their underlying blockchain networks,
some of which have been exploited by malicious actors. There are also inherent security weaknesses in some digital assets, such as when
creators of certain digital asset networks use procedures that could allow hackers to counterfeit tokens. Any weaknesses identified with
a digital asset could adversely affect its price, security, liquidity, and adoption. If a malicious actor or botnet (a volunteer or hacked
collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the compute
or staking power on a digital asset network, as has happened in the past, it may be able to manipulate transactions, which could cause
financial losses to holders, damage the network&#x2019;s reputation and security, and adversely affect its value;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the development of new technologies for mining, such as improved application-specific integrated circuits (commonly referred to as
ASICs), or changes in industry patterns, such as the consolidation of mining power in a small number of large mining farms, could reduce
the security of blockchain networks, lead to increased liquid supply of digital assets, and reduce a digital asset&#x2019;s price and attractiveness;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>if rewards and transaction fees for miners or validators on any particular digital network are not sufficiently high to attract and
retain miners, a digital asset network&#x2019;s security and speed may be adversely affected, increasing the likelihood of a malicious
attack;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>many digital assets have concentrated ownership or an &#x201c;admin key,&#x201d; allowing a small group of holders to have significant
unilateral control and influence over key decisions related to their digital asset networks, such as governance decisions and protocol
changes, as well as the market price of such digital assets;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the governance of many decentralized blockchain networks is by voluntary consensus and open competition, and many developers are not
directly compensated for their contributions. As a result, there may be a lack of consensus or clarity on the governance of any particular
digital asset network, a lack of incentives for developers to maintain or develop the network, and other unforeseen issues, any of which
could result in unexpected or undesirable errors, bugs, or changes, or stymie such network&#x2019;s utility and ability to respond to challenges
and grow; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>many digital asset networks are in the early stages of developing partnerships and collaborations, all of which may not succeed and
adversely affect the usability and adoption of the respective digital assets.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Various other technical issues have also been uncovered
from time to time that resulted in disabled functionalities, exposure of certain users&#x2019; personal information, theft of users&#x2019;
assets, and other negative consequences, and which required resolution with the attention and efforts of their global miner, user, and
development communities. If any such risks or other risks materialize, and in particular if they are not resolved, the development and
growth of the digital asset sector may be significantly affected, and, as a result, the business, operating results, and financial condition
and value of the digital asset companies in which we invest could be adversely affected, resulting in a decrease in the value of our shares
and your investment in us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our portfolio companies will be subject to an extensive, highly
evolving and uncertain regulatory landscape and any adverse changes to, or their failure to comply with, any laws and regulations could
adversely affect their brand, reputation, business, operating results, and financial condition and the value of our investments.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The digital asset companies in which we invest
are subject to extensive laws, rules, regulations, policies, orders, determinations, directives, treaties, and legal and regulatory interpretations
and guidance in the markets in which they operate, which may include those governing financial services and banking, federal government
contractors, trust companies, securities, derivative transactions and markets, broker-dealers and alternative trading systems (&#x201c;ATS&#x201d;),
commodities, credit, digital asset custody, exchange, and transfer, cross-border and domestic money and digital asset transmission, commercial
lending, usury, foreign currency exchange, privacy, data governance, data protection, cybersecurity, fraud detection, payment services
(including payment processing and settlement services), consumer protection, escheatment, antitrust and competition, bankruptcy, tax,
anti-bribery, economic and trade sanctions, anti-money laundering, and counter-terrorist financing. Many of these legal and regulatory
regimes were adopted prior to the advent of the internet, mobile technologies, digital assets, generative artificial intelligence (&#x201c;AI&#x201d;)
and related technologies. As a result, some applicable laws and regulations do not contemplate or address unique issues associated with
the digital asset economy, are subject to significant uncertainty, and vary widely across U.S. federal, state, and local and international
jurisdictions. These legal and regulatory regimes, including the laws, rules, and regulations thereunder, evolve frequently and may be
modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another. Moreover,
the complexity and evolving nature of digital asset sector and the significant uncertainty surrounding the regulation of the digital asset
economy requires our portfolio companies to exercise judgment as to whether certain laws, rules, and regulations apply to their businesses,
and it is possible that governmental bodies and regulators may disagree with their conclusions. To the extent our portfolio companies
have not complied with such laws, rules, and regulations, they could be subject to significant fines, revocation of licenses, limitations
on or temporary or permanent suspensions of their products and services, reputational harm, and other regulatory consequences, each of
which may be significant and could adversely affect our each of our portfolio companies&#x2019; business, operating results, and financial
condition.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, various governmental and regulatory
bodies, including legislative and executive bodies, in the United States and in other countries may adopt new laws and regulations, the
direction and timing of which may be influenced by changes in the governing administrations and major events in the digital asset economy.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, our portfolio companies may offer products
and services whose functionality or value depends in part on our management of token transaction smart contracts, liquid staking, asset
tracking, or other applications that provide novel forms of customer engagement and interaction delivered via blockchain protocols. Our
portfolio companies may also offer products and services whose functionality or value depends on their ability to develop, integrate,
or otherwise interact with such applications within the bounds of our legal and compliance obligations. The legal and regulatory landscape
for such products, including the law governing the rights and obligations between and among smart contract developers and users and the
extent to which such relationships entail regulated activity is uncertain and rapidly evolving. Our portfolio companies&#x2019; interaction
with those applications, and the interaction of other blockchain users with any smart contracts or assets they may generate or control,
could present legal, operational, reputational, and regulatory risks for their businesses.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because our portfolio companies may include businesses
that offer a variety of innovative products and services to customers, many of their offerings may be subject to significant regulatory
uncertainty and they from time-to-time face regulatory inquiries regarding their current and planned products. For instance, our portfolio
companies may facilitate or engage in transactions involving certain stablecoin digital assets. The regulatory treatment of fiat-backed
stablecoins is highly uncertain and has drawn significant attention from legislative and regulatory bodies around the world. The issuance
and resale of such stablecoins may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, anti-money
laundering, commodities, securities, sanctions, and other laws and regulations in the United States and in other jurisdictions. There
are substantial uncertainties on how these requirements would apply in practice, and our portfolio companies may face substantial compliance
costs to operationalize and comply with these rules. Moreover, our portfolio companies may offer products and services that incorporate
digital engagement, including recommendations, incentives, notifications, educational content and relevant news. Legislators and regulators
in jurisdictions in which our portfolio companies may operate have solicited comment from the public or proposed or adopted laws or regulations
relating to the use of gamification, predictive analytics or other digital engagement features or practices in various products and services,
including potential conflicts of interest that may arise as a result of such practices. If such laws or regulations are adopted in jurisdictions
in which our portfolio companies operate and deemed to apply to the products and services they offer, our portfolio companies could be
required to change the way they market their offerings and interact with existing and prospective customers or modify certain features
contained within their products and services, any of which could adversely impact their business, operating results and financial condition.
Certain products and services offered by our portfolio companies may be deemed to be engaged in a form of regulated activity for which
licensure is required or cause certain portfolio companies to become subject to new and additional forms of regulatory oversight. Additionally,
our portfolio companies may offer various staking, rewards, and lending products, all of which are subject to significant regulatory uncertainty,
and could implicate a variety of laws and regulations worldwide. For example, there is regulatory uncertainty regarding the status of
staking, lending, rewards, and other yield-generating activities under the U.S. federal and state securities laws. Even if our portfolio
companies implement policies and procedures, including geofencing for certain products and services, designed to help monitor for and
ensure compliance with existing and new laws and regulations, there can be no assurance that our portfolio companies and their employees,
contractors, and agents will not violate or otherwise fail to comply with such laws and regulations. To the extent that our portfolio
companies or their employees, contractors, or agents are deemed or alleged to have violated or failed to comply with any laws or regulations,
including related interpretations, orders, determinations, directives, or guidance, they could be subject to a litany of civil, criminal,
and administrative fines, penalties, orders and actions, including being required to suspend or terminate the offering of certain products
and services. Moreover, to the extent our portfolio companies&#x2019; customers nevertheless access their platforms, products or services
outside of jurisdictions where our portfolio companies have obtained required governmental licenses and authorization, they could similarly
be subject to a variety of civil, criminal, and administrative fines, penalties, orders and actions as a result of such activity.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Due to their business activities, our portfolio
companies may be subject to ongoing examinations, oversight, and reviews and currently are, and expect in the future, to be subject to
investigations and inquiries, by U.S. federal and state regulators and foreign financial service regulators, many of which have broad
discretion to audit and examine their businesses. Our portfolio companies may be periodically subject to audits and examinations by these
regulatory authorities. As a result of findings from these audits and examinations, regulators have, are, and may in the future require
our portfolio companies to take certain actions, including amending, updating, or revising their compliance measures from time to time,
limiting the kinds of customers that they provide services to, changing, terminating, or delaying their licenses and the introduction
of their existing or new product and services, and undertaking further external audit or being subject to further regulatory scrutiny,
including investigations and inquiries. Our portfolio companies may receive, examination reports citing violations of rules&#xa0;and regulations,
inadequacies in existing compliance programs, and requiring them to enhance certain practices with respect to their compliance programs,
including due diligence, monitoring, training, reporting, and recordkeeping. Implementing appropriate measures to properly remediate these
examination findings may require our portfolio companies to incur significant costs, and if they fail to properly remediate any of these
examination findings, they could face civil litigation, significant fines, damage awards, forced removal of certain employees including
members of their executive teams, barring of certain employees from participating in their businesses in whole or in part, revocation
of existing licenses, limitations on existing and new products and services, reputational harm, negative impact to their existing relationships
with regulators, exposure to criminal liability, or other regulatory consequences. Further, we believe increasingly strict legal and regulatory
requirements and additional regulatory investigations and enforcement, any of which could occur or intensify, may continue to result in
changes to our portfolio companies businesses, as well as increased costs, and supervision and examination for portfolio companies, their
agents, and service providers. Moreover, new laws, regulations, or interpretations may result in additional litigation, regulatory investigations,
and enforcement or other actions, including preventing or delaying our portfolio companies from offering certain products or services
offered by their competitors or could impact how our portfolio companies offer such products and services.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Adverse changes to, or our portfolio companies&#x2019;
failure to comply with, any laws and regulations, may have an adverse effect on their reputations and brands and their businesses, operating
results, and financial conditions and consequently on the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>To the extent our portfolio companies have international activities,
they will be obligated to comply with the laws, rules, regulations, and policies of a variety of jurisdictions and may be subject to inquiries,
investigations, and enforcement actions by U.S. and/or non-U.S. regulators and governmental authorities, including those related to sanctions,
export control, and anti-money laundering.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent our portfolio companies have international
activities, they will be obligated to comply with the laws, rules, regulations, policies, and legal interpretations of the jurisdictions
in which they operate. For instance, financial regulators outside the United States have increased their scrutiny of digital asset exchanges
over time, such as by requiring digital asset exchanges operating in their local jurisdictions to be regulated and licensed under local
laws. Moreover, laws regulating financial services, the internet, mobile technologies, digital assets, and related technologies outside
of the United States are highly evolving, extensive and often impose different, more specific, or even conflicting obligations, as well
as broader liability. In addition, to the extent our portfolio companies are based in the United States and have international activities,
they may be required to comply with laws and regulations related to economic sanctions and export controls enforced by the U.S. Department
of the Treasury&#x2019;s Office of Foreign Assets Control (&#x201c;OFAC&#x201d;), the U.S. Department of Commerce&#x2019;s Bureau of Industry
and Security, and U.S. anti-money laundering and counter-terrorist financing laws and regulations, enforced by the U.S. Financial Crimes
Enforcement Network (&#x201c;FinCEN&#x201d;) and certain state financial services regulators. U.S. sanctions and export control laws and
regulations generally restrict dealings by persons subject to U.S. jurisdiction with certain jurisdictions that are the target of comprehensive
embargoes, currently the Crimea Region, the Donetsk People&#x2019;s Republic, and the Luhansk People&#x2019;s Republic of Ukraine, Cuba,&#xa0;Iran,
North Korea, and Syria, as well as with persons, entities, and governments identified on certain prohibited party lists. Moreover, as
a result of the Russian invasion of Ukraine, the United States, the E.U., the United Kingdom, and other jurisdictions have imposed wide-ranging
sanctions on Russia and Belarus and persons and entities associated with Russia and Belarus. There can be no certainty regarding whether
such governments or other governments will impose additional sanctions, or other economic or military measures against Russia or Belarus.
While we intend to invest in companies with robust compliance programs, there can be no guarantee that our portfolio companies&#x2019;
compliance programs will prevent transactions with particular persons or addresses or prevent every potential violation of OFAC sanctions.
Any present or future government inquiries of our portfolio companies relating to sanctions could result in negative consequences, including
costs related to government investigations, financial penalties, and harm to our reputation. The impact on us related to such matters
could be substantial.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Regulators worldwide frequently study each other&#x2019;s
approaches to the regulation of the digital asset economy. Consequently, developments in any jurisdiction may influence other jurisdictions.
New developments in one jurisdiction may be extended to additional services and other jurisdictions. As a result, the risks created by
any new law or regulation in one jurisdiction are magnified by the potential that they may be replicated, affecting the business of our
portfolio companies in another place or involving another service. Conversely, if regulations diverge worldwide, our portfolio companies
may face difficulty adjusting their products, services, and other aspects of their businesses with the same effect. These risks will be
heightened to the extent our portfolio companies face increased competitive pressure from other similarly situated businesses that engage
in regulatory arbitrage to avoid the compliance costs associated with regulatory changes. These regulatory risks related to international
activities may have an adverse effect on our portfolio companies&#x2019; businesses, operating results, and financial conditions and consequently
on the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>To the extent any of our portfolio companies fail to safeguard
and manage their and their customers&#x2019; fiat currencies and digital assets, such failure could adversely impact such portfolio company&#x2019;s
business, operating results, and financial condition.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in portfolio companies that hold
cash and safeguard digital assets on behalf of their customers and hold fiat and digital assets for corporate investment and operating
purposes. Safeguarding customers&#x2019; cash and digital assets is integral to building trust with customers.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We and our portfolio companies may rely on vendors
or financial partners&#x2019; abilities to manage and accurately hold fiat currency and digital assets, and such management and custody
requires a high level of internal controls. We and our portfolio companies are limited in our ability to influence or manage the controls
and processes of third-party partners or vendors and may be dependent on our partners&#x2019; and vendors&#x2019; operations, liquidity
and financial condition to manage these risks. As we and our portfolio companies grow and expand, we also must scale and strengthen our
internal controls and processes, and monitor our third party partners&#x2019; and vendors&#x2019; ability to similarly scale and strengthen.
Failure to do so could adversely impact our and our portfolio companies&#x2019; business, operating results, and financial condition. This
is important both to the actual controls and processes and the public perception of the same.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any inability by us or our portfolio companies
to maintain safeguarding procedures, perceived or otherwise, could harm our business, operating results, and financial condition.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any material failure by our portfolio companies
or their partners to maintain the necessary controls, policies, procedures or to manage digital assets they hold could also adversely
impact such portfolio company&#x2019;s business, operating results, and financial condition. Moreover, because custodially held digital
assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, digital assets our portfolio companies
hold in custody on behalf of their customers could be subject to bankruptcy proceedings and such customers could be treated as general
unsecured creditors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect that the digital assets companies in
which we invest will have developed and maintained administrative, technical, and physical safeguards designed to comply with applicable
legal requirements and industry standards. However, it is nevertheless possible that hackers, employees or service providers acting contrary
to such policies, or others could circumvent these safeguards to improperly access our portfolio companies&#x2019; systems or documents,
or the systems or documents of their business partners, agents, or service providers, and improperly access, obtain, or misuse customer
digital assets and funds. The methods used to obtain unauthorized access, disable, or degrade service or sabotage systems are also constantly
changing and evolving and may be difficult to anticipate or detect for long periods of time. Insurance coverage for security breaches
and security related matters in the digital asset sector is limited and may not cover the extent of loss nor the nature of such loss.
The ability to maintain insurance is also subject to the insurance carriers&#x2019; ongoing underwriting criteria. Any loss of customer
cash or digital assets could result in a subsequent lapse in insurance coverage, which could cause a substantial business disruption,
adverse reputational impact, inability to compete with competitors, and regulatory investigations, inquiries, or actions. Additionally,
to the extent our portfolio companies conduct transactions through our websites or other electronic channels, such transactions may create
risks of fraud, hacking, unauthorized access or acquisition, and other deceptive practices. Any security incident resulting in a compromise
of customer assets could result in substantial costs and require the notification of impacted individuals, and in some cases regulators,
of a possible or actual incident, exposure to regulatory enforcement actions, including substantial fines, limit the ability to provide
services, result in litigation, significant financial losses, reputational damage, and adversely affect business, operating results, financial
condition, and cash flows of our portfolio companies and consequently will have a corresponding negative impact on the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may invest in portfolio companies that are at risk of being
exploited to facilitate illegal activity such as fraud, money laundering, gambling, tax evasion, and scams. If any of our portfolio companies&#x2019;
platforms are exploited such illegal activities, our business could be adversely affected.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in portfolio companies that facilitate
digital asset transactions and are at risk of being exploited to facilitate illegal activity including fraud, money laundering, gambling,
tax evasion, and scams. Such companies may be specifically targeted by individuals seeking to conduct fraudulent transfers, and it may
be difficult or impossible to detect and avoid such transactions in certain circumstances. The use of a portfolio company&#x2019;s platform
for illegal or improper purposes could subject it to claims, individual and class action lawsuits, and government and regulatory investigations,
prosecutions, enforcement actions, inquiries, or requests that could result in liability and reputational harm for such portfolio company.
Moreover, certain activities that may be legal in one jurisdiction may be illegal in another jurisdiction, and certain activities that
are at one time legal may in the future be deemed illegal in the same jurisdiction. As a result, there is significant uncertainty and
cost associated with detecting and monitoring transactions for compliance with local laws. In the event that a customer of one of our
portfolio companies is found responsible for intentionally or inadvertently violating the laws in any jurisdiction, such portfolio company
may be subject to governmental inquiries, enforcement actions, prosecuted, or otherwise held secondarily liable for aiding or facilitating
such activities. Changes in law have also increased the penalties for money transmitters for certain illegal activities, and government
authorities may consider increased or additional penalties from time to time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Owners of intellectual property rights or government
authorities may seek to bring legal action against money transmitters, for involvement in the sale of infringing or allegedly infringing
items. Any threatened or resulting claims against one of our portfolio companies could result in reputational harm, and any resulting
liabilities, loss of transaction volume, or increased costs could harm to such portfolio company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, while fiat currencies can be used to
facilitate illegal activities, digital assets are relatively new and, in many jurisdictions, may be lightly regulated or largely unregulated.
Many types of digital assets have characteristics, such as the speed with which digital currency transactions can be conducted, the ability
to conduct transactions without the involvement of regulated intermediaries, the ability to engage in transactions across multiple jurisdictions,
the irreversible nature of certain digital asset transactions, and encryption technology that anonymizes these transactions, that make
digital assets susceptible to use in illegal activity. U.S. federal and state and foreign regulatory authorities and law enforcement agencies,
such as the DOJ, SEC, CFTC, FTC, FinCEN, or the Internal Revenue Service (&#x201c;IRS&#x201d;), and various state securities and financial
regulators have taken and continue to take legal action against persons and entities alleged to be engaged in fraudulent schemes or other
illicit activity involving digital assets. Some digital assets that incorporate privacy-enhancing features that obscure the identities
of sender and receiver, and may prevent law enforcement officials from tracing the source of funds on the blockchain. As a result, facilitating
transactions in these digital assets may lead to increased risk of liability arising out of anti-money laundering and economic sanctions
laws and regulations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot ensure that our portfolio companies will
be able to detect all illegal activity using their products or services. If any of our portfolio companies&#x2019; customers use their
products or services to further such illegal activities, our portfolio companies&#x2019; business could be adversely affected having an
adverse impact on their operations and the value of their shares which in turn would have a corresponding adverse effect on the value
of our shares and could cause you to lose all or substantially all of the value of your investment in us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may invest in portfolio companies that hold their investments
in DeFi protocols and our portfolio companies may suffer losses if such protocols do not function as expected.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in portfolio companies that hold
their investments in various DeFi protocols. These protocols typically achieve their investment purposes through self-executing smart
contracts that allow users to invest digital assets in a pool from which other users can borrow without requiring an intermediate party
to facilitate these transactions. These investments typically earn interest to the investor based on the rates at which borrowers repay
the loan, and can generally be withdrawn with no restrictions. However, these DeFi protocols are subject to various risks, including uncertain
regulatory and compliance conditions in large markets such as the United States, the risk that the underlying smart contract is insecure,
the risk that borrowers may default and the investor will not be able to recover its investment, the risk that any underlying collateral
may experience significant volatility, and the risk of certain core developers with protocol administration rights can make unauthorized
or harmful changes to the underlying smart contract. If any of these risks materialize, our portfolio companies&#x2019; investments in
these DeFi protocols may be adversely impacted, which may in-turn adversely affect the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Due to unfamiliarity and some negative publicity associated with
digital asset platforms, confidence or interest in digital asset platforms may decline.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in portfolio companies that provide,
rely on, or relate to digital asset exchanges and other digital asset platforms. Digital asset platforms are relatively new and many unlicensed,
unregulated, operate without supervision by any governmental authorities, and do not provide the public with significant information regarding
their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. As a result, customers and
the general public may lose confidence or interest in digital asset platforms.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since the inception of the digital asset economy,
numerous digital asset platforms have been sued, investigated, or shut down due to fraud, manipulative practices, business failure, and
security breaches. In many of these instances, customers of these platforms were not compensated or made whole for their losses. Larger
platforms are more appealing targets for hackers and malware, and may also be more likely to be targets of regulatory enforcement actions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, there have been reports that a significant
amount of digital asset trading volume on digital asset platforms is fabricated and false in nature, with a specific focus on unregulated
platforms located outside the United States. Such reports may indicate that the market for digital asset platform activities is significantly
smaller than otherwise understood.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Negative perception, a lack of stability and standardized
regulation in the digital asset economy, and the closure or temporary shutdown of digital asset platforms due to fraud, business failure,
hackers or malware, or government mandated regulation, and associated losses suffered by customers may continue to reduce confidence or
interest in the digital asset economy and result in greater volatility of the prices of assets, including significant depreciation in
value. Any of these events could have an adverse impact on the business and perception of our portfolio companies, which could adversely
affect the value of our portfolio companies, which would in-turn adversely affect the value of our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The digital asset economy is novel. As a result, policymakers
are just beginning to consider what a regulatory regime for digital assets would look like and the elements that would serve as the foundation
for such a regime. This less developed consideration of digital assets may make it difficult to effectively react to proposed legislation
and regulation of digital assets or digital asset platforms adverse to our business.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As digital assets have grown in both popularity
and market size, various U.S. federal, state, and local and foreign governmental organizations, consumer agencies and public advocacy
groups have been examining the operations of digital asset networks, users and platforms, with a focus on how digital assets can be used
to launder the proceeds of illegal activities, fund criminal or terrorist enterprises, and the safety and soundness of platforms and other
service providers that hold digital assets for users. Many of these entities have called for heightened regulatory oversight, and have
issued consumer advisories describing the risks posed by digital assets to users and investors. For instance, in 2022, the White House
published a fact sheet described as the first-ever &#x201c;Comprehensive Framework for Responsible Development of Digital Assets,&#x201d;
which encouraged &#x201c;agencies to issue guidance and rules&#xa0;to address current and emergent risks in the digital asset ecosystem.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Competitors, including traditional financial services,
have spent years cultivating professional relationships with relevant policymakers on behalf of their industry so that those policymakers
may understand that industry, the current legal landscape affecting that industry, and the specific policy proposals that could be implemented
in order to responsibly develop that industry. The lobbyists working for these competitors have similarly spent years developing and working
to implement strategies to advance these industries. Members of the digital asset economy have started to engage policymakers directly
and with the help of external advisors and lobbyists. However, this work is in a relatively nascent stage. As a result, new laws and regulations
may be proposed and adopted in the United States and internationally, or existing laws and regulations may be interpreted in new ways,
that harm the digital asset economy or digital asset platforms, which could adversely impact the business of our portfolio companies,
have an adverse impact on their operations and the value of their shares and in turn have a corresponding adverse effect on the value
of our shares and cause you to lose all or substantially all of the value of your investment in us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Associated with the Transaction Structures in which We Invest</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may use a variety of structures to gain exposure
to the economic benefits of stock ownership in underlying portfolio companies. The following sets out some of the risk factors associated
with the structures of our investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Associated with Forward Security Transactions</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in &#x201c;forward contracts&#x201d;
that involve stockholders (each a &#x201c;counterparty&#x201d;) of a potential portfolio company whereby such counterparties promise future
delivery of such securities upon transferability or other removal of restrictions. These may involve counterparty promises of future performances,
including among other things, transferring shares to us in the future, paying costs and fees associated with maintaining and transferring
the shares, not transferring or encumbering their shares, and participating in further acts required of stockholders by the counterparty
and their agreement with us. Should counterparties breach their agreement inadvertently, by operation of law, intentionally, or fraudulently,
it could affect our performance. Our ability and right to enforce transfer and payment obligations, and other obligations, against counterparties
could be limited by acts of fraud or breach on the part of counterparties, operation of law, or actions of third parties. Measures we
take to mitigate these risks, including powers of attorney, specific performance and damages provisions, any insurance policy, and legal
enforcement steps, may prove ineffective, unenforceable, or economically impractical to enact. Any impediment on our ability and right
to enforce transfer and payment obligations, and other obligations, against counterparties may decrease or block entirely our ability
to realize the value of our investment in a forward contract.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Associated with Investments in Private Funds</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to applicable limits, we may purchase units
or shares of Private Funds or acquire shares in SPVs to gain economic exposure to private companies in the technology sector. We may acquire
up to 3% of the outstanding voting securities of any Private Fund, and invest up to 5% of the value of our total assets in a Private Fund.
We may invest up to 15% of the value of our total assets in the aggregate in private funds. Investing through such structure carries additional
risk, as detailed below.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our investments in Private Funds will require us
to bear a pro rata share of the vehicles&#x2019; expenses, including management and performance fees. The fees we pay to invest in a Private
Fund may be higher than if the manager of the Private Fund managed our assets directly. The incentive fees charged by certain Private
Funds may create an incentive for its manager to make investments that are riskier and/or more speculative than the investments it might
have made in the absence of an incentive fee. Private Funds are not publicly traded and therefore may not be as liquid as other types
of investments. Furthermore, Private Funds are subject to specific risks, depending on the nature of the vehicle and also may employ leverage
such that their returns are more than one times that of their benchmark which will amplify losses suffered by us when compared to unleveraged
investments. For example, Private Funds do not have the protections that are afforded to registered investment companies, such as the
presence of independent boards, stockholder approval of advisory contracts, limitations on leverage and restrictions on transactions with
affiliates. These characteristics present additional risks for stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No market for the interests in a Private Fund exists
or is expected to develop, and it may be difficult or impossible to transfer the interests in such Private Fund, even in an emergency.
In addition, we will not have the right to withdraw or transfer any amount of our investment in a Private Fund without the prior consent
of its manager, which consent may be withheld for any or no reason. As a result, we may need to hold the Private Fund interest indefinitely.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General Market and Regulatory Risks</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Political and economic risks</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Downgrades by rating agencies to the U.S. government&#x2019;s
credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which
may negatively impact our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating
could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common
stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deterioration in the economic conditions in the
Eurozone and other regions or countries globally and the resulting instability in global financial markets may pose a risk to our business.
Financial markets have been affected at times by a number of global macroeconomic events, including the following: large sovereign debts
and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance
sheets of European banks, the effect of the United Kingdom (the &#x201c;U.K.&#x201d;) leaving the European Union (the &#x201c;EU&#x201d;),
instability in the Chinese capital markets and the COVID-19 pandemic. Global market and economic disruptions have affected, and may in
the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations.
We cannot assure you that market disruptions in Europe and other regions or countries, including the increased cost of funding for certain
governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be
available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To
the extent uncertainty regarding any economic recovery in Europe or elsewhere negatively impacts consumer confidence and consumer credit
factors, our and our portfolio companies&#x2019; business, financial condition and results of operations could be significantly and adversely
affected. Moreover, there is a risk of both sector-specific and broad-based corrections and/or downturns in the equity and credit markets.
Any of the foregoing could have a significant impact on the markets in which we operate and could have a material adverse impact on our
business prospects and financial condition.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Various social and political circumstances in the
United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events
such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility
and economic uncertainties or deterioration in the United States and worldwide. Such events, including rising trade tensions between the
United States and China, other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies
with other countries, the war between Russia and Ukraine, the conflict in Israel and the COVID-19 pandemic, could adversely affect our
business, financial condition or results of operations. These market and economic disruptions could negatively impact the operating results
of our portfolio companies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, the Federal Reserve has raised interest
rates multiple times since 2022. These developments, along with the United States government&#x2019;s credit and deficit concerns, global
economic uncertainties and market volatility, could cause interest rates to be volatile, which may negatively impact our performance.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inflation may adversely affect the business, results of operations
and financial condition of our portfolio companies.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of our portfolio companies may be impacted
by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely
affect their results, which could in turn adversely impact our results of operations. In addition, any projected future decreases in our
portfolio companies&#x2019; operating results due to inflation could adversely impact the fair value of our investments. Any decreases
in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.
Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an
effort to combat inflation. There is no guarantee that the actions taken by the Federal Reserve will reduce or eliminate inflation.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Legal and regulatory risks</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Government counterparties may have the discretion
to change or increase regulation of a portfolio company&#x2019;s operations, or implement laws or regulations affecting the portfolio company&#x2019;s
operations, separate from any contractual rights it may have. A portfolio company also could be materially and adversely affected as a
result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more
comprehensive or stringent requirements on such company. Governments have considerable discretion in implementing regulations that could
impact a portfolio company&#x2019;s business, and because its business may provide basic, everyday services, and face limited competition,
governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company&#x2019;s business.
There can be no assurance that the relevant governmental entities will not legislate, impose regulations or change applicable laws or
act contrary to the law in a way that would materially and adversely affect the business of our investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may seek to acquire a significant stake in certain
securities or instruments and may invest in certain sectors that are subject to special regulatory oversight. In such event, we may be
required to file a notification with a governmental agency, seek regulatory approval or comply with other regulatory requirements. These
requirements may result in a delay in, or prohibit, the acquisition of an investment. Compliance with regulatory requirements may result
in additional costs to us. Such restrictions may also restrict or delay our ability to liquidate an investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investment and trading risks</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All investments risk the loss of capital. No guarantee
or representation is made that our investment program will be successful. There is no assurance that we will be able to generate positive
returns for our investors or that the returns will be commensurate with the risks of investing in companies, securities and instruments
and strategies described herein. There can be no assurance that our returns will not be correlated with a traditional portfolio of stocks
or bonds. Our investment program may utilize such investment techniques as leverage, limited diversification and forward contracts, which
practices can, in certain circumstances, magnify the adverse impact of market moves to which we may be subject or cause our net assets
to appreciate or depreciate at a greater rate. We may invest in highly volatile securities or markets, which could impair our profitability
or result in losses.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Adverse developments affecting the financial services industry,
such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions, could adversely affect
our portfolio companies&#x2019; current and projected business, financial condition and results of operations and result in a decline in
the valuation of our investments.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Actual events involving limited liquidity, defaults,
non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry
or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the
past and may in the future lead to market-wide liquidity problems. For example, on March&#xa0;10, 2023, Silicon Valley Bank (SVB) was
closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation
(FDIC) as receiver. Similarly, on March&#xa0;12, 2023, Signature Bank and Silvergate Capital Corp. were each swept into receivership.
Although a statement by the Department of the Treasury, the Federal Reserve and the FDIC indicated that all depositors of SVB would have
access to all of their money after only one business day of closure, including funds held in uninsured deposit accounts, borrowers under
credit agreements, letters of credit and certain other financial instruments with SVB, Signature Bank or any other financial institution
that is placed into receivership by the FDIC may be unable to access undrawn amounts thereunder. Although we are not a borrower or party
to any such instruments with SVB, Signature Bank or any other financial institution currently in receivership, if any of our portfolio
companies are parties to such instruments and are unable to access funds pursuant to such instruments or lending arrangements with such
a financial institution, such portfolio companies&#x2019; business, financial condition and results of operations could be adversely affected,
which could, in turn, result in a decline in the valuation of our investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Investing in the Company</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Difficulty of asset valuations or appraisals</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hold investments that are not listed on any
stock exchange and/or which may be illiquid without a readily independent market valuation. We are required to fair value such investments
and expect to conduct our own fair valuations consistent with valuation policies and procedures adopted by the Board. The Adviser also
utilizes alternative valuation methods, such as engaging third-party valuation providers or pricing services, as it determines is necessary
in order to fair value such investments. All valuation methods necessarily involve a level of subjectivity for which objective support
is unavailable. If a third party is used to assist with asset valuations, we will ultimately be responsible for the valuation of such
assets notwithstanding the assistance from an independent third party provider.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Indemnification</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have indemnification obligations. Such liabilities
may be material and have an adverse effect on the returns to investors. Our indemnification obligations would be payable from our assets,
and such indemnification obligations will survive the winding-up and dissolution of the Company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Potential conflicts of interest</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Instances may arise where the interests of the
Adviser and its affiliates may potentially or actually conflict with our interests and the interests of our stockholders. The following
discussion enumerates certain potential conflicts of interest that should be carefully evaluated before making an investment in our shares.
The discussion below does not seek to exhaustively describe all potential conflicts of interest.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser&#x2019;s team of investment professionals
will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles.
Certain members of the Adviser&#x2019;s investment team serve, or may serve, as officers, directors, members, or principals of entities
that operate in the same or a related line of business as we do, or of investment funds, accounts, or investment vehicles managed by the
Adviser. Similarly, the principals of our Sponsor, and their respective affiliates may have other funds with similar, different or competing
investment objectives, and such funds may not all be affiliated. For example, our co-founders Dr.&#xa0;Najamul Kidwai, Michael Zhao, Michael
Lempres and David Hytha have invested in early stage digital asset services and technology companies and, subject to the Adviser&#x2019;s
conflicts of interest procedures, we may seek to invest in the same companies. In serving in these multiple capacities, they may have
obligations to other investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders.
These activities also may distract them from sourcing or servicing new investment opportunities for us or slow our rate of investment.
Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition,
results of operations and cash flows.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The principals of the Adviser, employees of the
Sponsor, and other funds sponsored by the Sponsor as passive investors in venture funds or other investment vehicles, may receive opportunities
to invest in funds comprised of securities of late-stage private companies, that we may not have access to or which may not be appropriate
for us to consider.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, Dr.&#xa0;Kidwai is a shareholder of
Forge Global, a private securities marketplace, and EQUIAM, which provides a private securities investment fund. We may utilize these
companies as a means to acquire equity and equity-related interests to the extent consistent with applicable law, including particularly
the affiliated transaction restrictions of the Investment Company Act and the Adviser&#x2019;s duty to seek best execution for our transactions
involving the purchase or sale of securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Possession of material non-public information</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The investment team of the Adviser may have access
to material nonpublic information of portfolio companies in which we invest. In the event that we become subject to trading restrictions
under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period
of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on our ability to
achieve our investment objective.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Exemptive relief</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be prohibited under the Investment Company
Act from conducting certain transactions with our affiliates without the prior approval of our Directors who are not interested persons
and, in some cases, the prior approval of the SEC. We may co-invest with our Adviser or our officers and directors in a manner consistent
with guidance promulgated under the no-action position of the SEC set forth in Mass Mutual Life Ins. Co. (SEC No-Action Letter, June&#xa0;7,
2000), on which similarly situated funds like us rely in order to co-invest in a single class of privately placed securities so long as
certain conditions are met, including that our investment adviser or an affiliate, acting on our behalf and on behalf of other clients,
negotiates no term other than price. We, the Adviser and certain of its affiliates intend to submit an exemptive application to the SEC
to permit us to co-invest with other funds managed by the Adviser or its affiliates to the extent we are unable to rely on the MassMutual
No Action Letter. There can be no assurance that this exemptive order would be granted. If such relief is granted, then we would be permitted
to co-invest with our affiliates if a &#x201c;required majority&#x201d; (as defined in Section&#xa0;57(o)&#xa0;of the Investment Company
Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1)&#xa0;the
terms of the transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve
overreaching of us or our stockholders on the part of any person concerned and (2)&#xa0;the transaction is consistent with the interests
of our stockholders and is consistent with our investment objective and strategies. The Adviser&#x2019;s allocation policy will seek to
ensure equitable allocation of investment opportunities between us and/or other funds managed by the Adviser or its affiliates over time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Provisions of the Maryland General Corporation Law and our organizational
documents could deter takeover attempts and have an adverse impact on the prices of our common stock.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Maryland General Corporation Law and our organizational
documents contain provisions that may discourage, delay or make more difficult a change in control or the removal of our directors. Our
Board has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Business
Combination Act, provided that the business combination is first approved by the Board, including a majority of the directors who are
not interested persons as defined in the Investment Company Act. This resolution may be altered or repealed in whole or in part at any
time; however, our Board will adopt resolutions so as to make us subject to the provisions of the Maryland Business Combination Act only
if our Board determines that it would be in our best interests and if the SEC staff does not object to our determination that being subject
to the Business Combination Act does not conflict with the Investment Company Act. If this resolution is repealed, or the Board does not
otherwise approve a business combination, the statute may discourage others from trying to acquire control and increase the difficulty
of consummating any offer.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board could also amend our bylaws to opt into
the Maryland Control Share Acquisition Act; provided, however we would only do so if our Board determines that it would be in our best
interests and if it is determined that opting into the Maryland Control Share Acquisition Act does not conflict with the Investment Company
Act. The Maryland Control Share Acquisition Act also may make it more difficult for a third party to obtain control and increase the difficulty
of consummating such a transaction. A November&#xa0;15, 2010 letter from the staff of the SEC&#x2019;s Division of Investment Management
took the position that a closed-end fund, by opting in to the Maryland Control Share Acquisition Act, would be acting in a manner inconsistent
with Section&#xa0;18(i)&#xa0;of the Investment Company Act. However, on May&#xa0;27, 2020, the staff of the SEC&#x2019;s Division of Investment
Management published an updated statement (the &#x201c;2020 Control Share Statute Relief&#x201d;) withdrawing the November&#xa0;15, 2010
letter and replacing it with a new no-action position allowing a closed-end fund under Section&#xa0;18(i)&#xa0;to opt-in to the Maryland
Control Share Acquisition Act, provided that the decision to do so was taken with reasonable care in light of (1)&#xa0;the board&#x2019;s
fiduciary duties, (2)&#xa0;applicable federal and state law, and (3)&#xa0;the particular facts and circumstances surrounding the action.
The 2020 Control Share Statute Relief reflects only the enforcement position of the Staff and is not binding on the SEC or any court,
and some uncertainty around the application of the Investment Company Act of state control share statutes exists as a result of recent
federal and state court decisions that have found certain control share statute provisions violate the Investment Company Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our Board is authorized to reclassify any unissued shares of
common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Maryland General Corporation Law and
our organizational documents, our Board is authorized to classify and reclassify any authorized but unissued shares of stock into one
or more classes of stock, including preferred stock. Prior to issuance of shares of each class or series, our Board is required by Maryland
law and our charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends
or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, our Board could authorize
the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a
transaction or a change in control that might involve premium prices for holders of our common stock or otherwise be in their best interest.
The cost of any such reclassification would be borne by our common stockholders. Certain matters under the Investment Company Act require
the separate vote of the holders of any issued and outstanding preferred stock. In addition, the Investment Company Act provides that
holders of preferred stock are entitled to vote separately from holders of common stock to elect two preferred stock directors. The issuance
of preferred stock convertible into shares of common stock may also reduce the net income and NAV per share of our common stock upon conversion.
These effects, among others, could have an adverse effect on an investment in our common stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to the Listing of Our Shares</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our stock price may be volatile, and could decline significantly
and rapidly.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the trading price of our common stock is above
the level that investors determine is reasonable for our common stock, some investors may attempt to short our common stock after trading
begins, which would create additional downward pressure on the trading price of our common stock, and there will be more ability for such
investors to short our common stock in early trading than is typical for an underwritten public offering given the limited amount of contractual
lock-up agreements or other restrictions on transfer.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>The trading price of our common stock following the listing also could be subject to wide fluctuations in response to numerous factors
in addition to the ones described in the preceding risk factors, many of which are beyond our control, including:</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>actual or anticipated fluctuations in our financial condition, results of operations, or operating metrics and those of our competitors;
the number of shares of our common stock made available for trading;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who
follow our company, or variance in our financial performance from expectations of securities analysts;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>changes in our projected operating and financial results;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>future sales of our common stock by us or our stockholders;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>changes in our board of directors, senior management, or key personnel;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the trading volume of our common stock;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>general economic and market conditions; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>other events or factors, including those resulting from war, incidents of terrorism, pandemics (including the COVID-19 pandemic),
elections, or responses to these events.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>An active, liquid, and orderly market for our common stock may
not develop or be sustained. You may be unable to sell your shares of common stock at or above the price at which you purchased them.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We currently expect our common stock to be listed
and traded on NYSE within 60 days following the effectiveness of this Registration Statement on Form&#xa0;N-2. Prior to listing on NYSE,
there has been no public market for our common stock. Moreover, consistent with Regulation M and other federal securities laws applicable
to our listing, the Selling Stockholder has no specific plans to sell shares in the public market following the listing, and we have not
discussed with potential investors their intentions to buy our common stock in the open market. While our common stock may be sold after
our listing on NYSE by the Selling Stockholder pursuant to this prospectus or by our other existing stockholders in accordance with Rule&#xa0;144
of the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;), unlike an underwritten initial public offering, there can
be no assurance that the Selling Stockholder or other existing stockholders will sell any of their shares of common stock, and there may
initially be a lack of supply of, or demand for, common stock on NYSE. Conversely, there can be no assurance that the Selling Stockholder
and other existing stockholders will not sell all of their shares of common stock, resulting in an oversupply of our common stock on NYSE.
In the case of a lack of supply of our common stock, the trading price of our common stock may rise to an unsustainable level. Further,
institutional investors may be discouraged from purchasing our common stock if they are unable to purchase a block of our common stock
in the open market in a sufficient size for their investment objectives due to a potential unwillingness of our existing stockholders
to sell a sufficient amount of common stock at the price offered by such institutional investors and the greater influence individual
investors have in setting the trading price. If institutional investors are unable to purchase our common stock in a sufficient amount
for their investment objectives, the market for our common stock may be more volatile without the influence of long-term institutional
investors holding significant amounts of our common stock. In the case of a lack of demand for our common stock, the trading price of
our common stock could decline significantly and rapidly after our listing. Therefore, an active, liquid, and orderly trading market for
our common stock may not initially develop or be sustained, which could significantly depress the trading price of our common stock and/or
result in significant volatility, which could affect your ability to sell your shares of common stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Securities and This Offering</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Common stock of closed-end management investment companies have
in the past frequently traded at discounts to their NAVs, and we cannot assure you that the market price of our shares will not decline
below our NAV per share.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Common stock of closed-end management investment
companies have in the past frequently traded at discounts to their respective NAVs and our common stock may also be discounted in the
market. This characteristic of closed-end management investment companies is separate and distinct from the risk that our NAV per share
may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV per share. In addition, if our
common stock trades below our NAV per share, we will generally not be able to sell additional common stock to the public at market price
except (1)&#xa0;in connection with a rights offering to our existing stockholders, (2)&#xa0;with the consent of the majority of our common
stockholders, (3)&#xa0;upon the conversion of a convertible security in accordance with its terms or (4)&#xa0;under such circumstances
as the SEC may permit.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we issue preferred stock, the NAV and market value of our
common stock will likely become more volatile.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot assure you that the issuance of preferred
stock would result in a higher yield or return to our stockholders. The issuance of preferred stock would likely cause the NAV and market
value of our common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return
on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the
preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders
of our common stock than if we had not issued preferred stock. Any decline in the NAV of our investments would be borne entirely by the
holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease
in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This greater NAV decrease
would also tend to cause a greater decline in the market price for our common stock. We might be in danger of failing to maintain the
required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current
investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event,
we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay
(and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred
stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Leverage</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may borrow money, which may magnify the potential for gain
or loss and may increase the risk of investing in us.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of our business strategy, we may borrow
from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities
will have fixed-dollar claims on our assets that are superior to the claims of our stockholders. If the value of our assets decreases,
leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly,
any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could
negatively affect our ability to make common stock dividend payments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to service any borrowings that we incur
will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover,
the Management Fee will be payable based on our average gross assets including assets purchased with borrowed amounts, if any, which may
give our Adviser an incentive to use leverage to make additional investments. The amount of leverage that we employ will depend on our
Adviser&#x2019;s and our Board&#x2019;s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you
that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to having fixed-dollar claims on our
assets that are superior to the claims of our common stockholders, obligations to lenders may be secured by a first priority security
interest in our portfolio of investments and cash.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulations governing our operation as a registered closed-end
management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital
may expose us to risks, including the typical risks associated with leverage.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may in the future issue debt securities or additional
preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as &#x201c;senior securities,&#x201d;
up to the maximum amount permitted by the Investment Company Act. Under the provisions of the Investment Company Act, we are permitted,
as a registered closed-end management investment company, to issue senior securities provided we meet certain asset coverage ratios <i>(i.e.,
</i>300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred stock under current law). If
the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our
investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous.
Also, any amounts that we use to service our indebtedness would not be available for distributions to our stockholders. Furthermore, if
we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue
preferred stock, such stock would rank &#x201c;senior&#x201d; to our shares of common stock, preferred stockholders would have separate
voting rights on certain matters and have other rights, preferences and privileges more favorable than those of our stockholders, and
we could be required to delay, defer or prevent a transaction or a change of control that might involve a premium price for holders of
our common stock or otherwise be in your best interest.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not generally able to issue and sell our
common stock at a price below the then current NAV per share (exclusive of any distributing commission or discount). We may, however,
sell our common stock at a price below the then current NAV per share if the Board determines that such sale is in our best interests
and a majority of our stockholders approves such sale. In addition, we may generally issue additional shares of common stock at a price
below NAV in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances. If we raise
additional funds by issuing more common stock, then the percentage ownership of our stockholders at that time will decrease, and you may
experience dilution.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to U.S. Federal Income Tax</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We will be subject to U.S. federal income tax at corporate rates
if we are unable to qualify and maintain our tax treatment as a RIC under Subchapter M of the Code.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To maintain RIC tax treatment under the Code, we
must meet the following minimum annual distribution, income source and asset diversification requirements. See <i>&#x201c;Certain U.S.
Federal Income Tax Considerations.&#x201d;</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Annual Distribution Requirement for a RIC will
be satisfied if we timely distribute to our stockholders on an annual basis at least the sum of (i)&#xa0;90% of our &#x201c;investment
company taxable income,&#x201d; which is generally our net ordinary income plus the excess, if any, of realized net short term capital
gains over realized net long term capital losses, and (ii)&#xa0;90% of our net tax-exempt income for that taxable year. In addition, a
RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close
of such taxable year under the &#x201c;spillback dividend&#x201d; provisions of Subchapter M. We would be taxed, at U.S. federal corporate
rates, on retained income and/or gains, including any short term capital gains or long term capital gains. Because we may use debt financing,
we may be subject to (i)&#xa0;an asset coverage ratio requirement under the Investment Company Act and may, in the future, be subject
to (ii)&#xa0;certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making
distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are
required to retain a portion of our taxable income or gains, we could (1)&#xa0;be required to pay excise taxes or (2)&#xa0;fail to qualify
for RIC tax treatment, and thus become subject to U.S. federal income tax at corporate rates on our taxable income<font style="color: red">.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The income source requirement will be satisfied
if we obtain at least 90% of our annual income from dividends, interest, payments with respect to securities loans, gains from the sale
of stock or securities or foreign currencies, net income from an interest in a qualified publicly traded partnership, or other income
derived from the business of investing in stock or securities or currencies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The asset diversification requirement will be satisfied
if we meet certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, at least 50% of the
value of our assets must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs,
and other acceptable securities if such securities or any one issuer do not represent more than 5% of the value of our assets or more
than 10% of the outstanding voting securities of the issuer; and no more than 25% of the value of our assets can be invested in (i)&#xa0;the
securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii)&#xa0;the securities, other than securities
of other RICs, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the
same or similar or related trades or businesses, or (iii)&#xa0;the securities of certain &#x201c;qualified publicly traded partnerships.&#x201d;
Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of
RIC status. Because we intend to invest in a small number of issuers and the investments may be relatively illiquid, we may be unable
to dispose of investments quickly enough to meet the asset diversification requirement at the end of a quarter or obtain cash from other
sources in order to meet the annual distribution requirement. In that case, we may fail to qualify for special tax treatment accorded
to RICs and, thus, be subject to U.S. federal income tax at corporate rates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we fail to qualify for or maintain RIC tax treatment
for any reason and are subject to U.S. federal income tax at corporate rates, the resulting corporate taxes could substantially reduce
our net assets, the amount of income available for distribution, and the amount of our distributions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in certain foreign debt and equity
investments that could be subject to foreign taxes (such as income tax, withholding, and value added taxes) for which a foreign tax credit
is not available.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Future tax changes may affect us or our stockholders.</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Legislative or other actions relating to taxes
could have a negative effect on us. The rules&#xa0;dealing with U.S. federal income taxation are constantly under review by persons involved
in the legislative process and by the IRS and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax
laws might affect us or our stockholders. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions
interpreting such legislation could significantly and negatively affect us and our stockholders. Stockholders are urged to consult with
their tax adviser regarding tax legislative, regulatory, or administrative developments and proposals.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_006"></a>DISTRIBUTIONS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The timing and amount of our dividends, if any,
will be determined by our Board. Any dividends to our stockholders will be declared out of assets legally available for distribution.
We intend to focus on making capital gains-based investments from which we will derive primarily capital gains. As a consequence, we do
not anticipate that we will pay distributions on a quarterly basis or become a predictable distributor of distributions, and we expect
that our distributions, if any, will be much less consistent than the distributions of other registered investment companies that primarily
make debt investments. The specific tax characteristics of our distributions will be reported to stockholders after the end of the calendar
year. Future dividends, if any, will be determined by our Board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To qualify as a RIC, we must timely distribute
(or be treated as distributing) in each taxable year dividends of an amount equal to at least the sum of (i)&#xa0;90% of our investment
company taxable income (which includes, among other items, dividends, interest, the excess of any net short-term capital gains over net
long-term capital losses, as well as other taxable income, excluding any net capital gains reduced by deductible expenses) and (ii)&#xa0;90%
of our net tax-exempt income for that taxable year. As a RIC, we generally will not be subject to U.S. federal income tax on our investment
company taxable income and net capital gains that we distribute to stockholders. In addition, to avoid the imposition of a nondeductible
4% U.S. federal excise tax, we must distribute (or be treated as distributing) in each calendar year an amount at least equal to the sum
of:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a calendar year;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending
on October&#xa0;31 of such calendar year; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>100% of any ordinary income and capital gain net income that we recognized in preceding years, but were not distributed in such years,
and on which we paid no U.S. federal income tax.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may incur in the future such excise tax on a
portion of our income and gains. While we intend to distribute income and capital gains to minimize exposure to the 4% U.S. federal excise
tax, we may not be able to, or may not choose to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event,
we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Dividend Reinvestment Plan</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have adopted an &#x201c;opt out&#x201d; dividend
reinvestment plan for our stockholders. See <i>&#x201c;Dividend Reinvestment Plan.&#x201d;</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_007"></a>THE COMPANY&#x2019;S INVESTMENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Objective and Investment Strategy</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our investment objective is to maximize our portfolio&#x2019;s
total return, principally by seeking capital gains on our equity and equity-related investments. To achieve our investment objective,
we intend to invest in a portfolio of what we believe to be 30 of the leading digital asset services and infrastructure companies. Consequently,
under normal market conditions, we will invest at least 80% of our total assets in equity and equity-linked securities of companies principally
engaged in the digital asset services and infrastructure sector. Equity-linked securities mean any debt or equity securities that are
convertible, exercisable or exchangeable for equity securities of the issuer, or that provide us with economic exposure to the equity
securities of such issuer. We will invest principally in the equity and equity-linked securities of what we believe to be rapidly growing
private emerging companies, approximately half located in the United States, with the rest located in Europe, Asia and the Middle East.
We may also invest on an opportunistic basis in select U.S. publicly traded equity securities or certain non-U.S. companies that otherwise
meet our investment criteria. There can be no assurance that we will achieve our investment objectives or that our investment program
will succeed. Our Board of Directors may change our investment objective without prior stockholder approval.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To achieve our investment objective, we will leverage
the Adviser&#x2019;s extensive network of relationships with other sophisticated institutions to source and evaluate investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will seek to deploy capital primarily in the
form of non-controlling equity and equity-related investments, including common stock, warrants, preferred stock and similar forms of
senior equity, which may or may not be convertible into a portfolio company&#x2019;s common equity, and convertible debt securities with
a significant equity component. In addition, we may purchase units or shares of Private Funds to gain economic exposure to private companies
that invest in the digital asset technology sector. We will limit our investments in such Private Funds to no more than 15% of our net
assets. In addition, we will limit our investment in any Private Fund to no more than 3% of the outstanding voting securities of this
fund, and no more than 5% of the value of our total assets. Nevertheless, as of the date of this prospectus, we have not invested in any
Private Funds, and will provide notice to investors at least 60 days before making any such investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To maximize our portfolio&#x2019;s total return,
we will take a structure-agnostic approach to investing and also will deploy capital into equity-related and equity-linked investments
such as forward contracts for future delivery of stock, swaps or other synthetic equity agreements, and purchases of units or other ownership
of limited liability companies, limited partnerships, or other special purpose vehicles that serve to provide us with financial exposure
to the equity of a single issuer or portfolio company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to achieve our investment objective by
adopting the following investment strategies:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b><i>Identify high quality growth companies. </i></b>Based on our experience in analyzing technology trends and markets, we have
identified growth-stage and mid-stage privately held companies as opportunities where we believe companies are capable of producing substantial
growth.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">We will further rely on our collective industry knowledge
as well as an understanding of where leading venture capitalists and other institutional investors are investing. We will leverage a combination
of our relationships in the widely disbursed digital asset services and technology sector and use independent research to identify companies
that we believe are differentiated and best positioned for sustained growth. We will continue to expand our sourcing network in order
to evaluate a wide range of investment opportunities in companies that demonstrate strong operating fundamentals. We will be targeting
businesses that have been shown to provide scaled valuation growth before a potential IPO or strategic exit.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b><i>Acquire positions in targeted investments. </i></b>We will seek to selectively add to our portfolio by sourcing investment opportunities
at an acceptable price through our disciplined investing strategy. To this end, we will utilize multiple methods to acquire equity stakes
in private companies that are not available to most individual investors.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b><i>Create access to a varied investment portfolio. </i></b>We will seek to hold a varied portfolio of non-controlling equity investments,
which we believe will minimize the impact on our portfolio of a negative downturn at any one specific company or industry. We believe
that our relatively varied portfolio will provide a convenient means for accredited and non-accredited individual investors to obtain
access to an asset class that has generally been limited to venture capital, private equity and similar large institutional investors.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td><b><i>Focus on companies that embrace and comply with applicable laws and regulations regarding digital asset services and infrastructure.
</i></b>We will seek to invest in companies that proactively comply with applicable laws and regulations regarding digital asset services
and infrastructure, seek to work with regulatory agencies in the U.S. and other jurisdictions to develop and promote policies, products
and practices compatible with existing regulations and anticipate opportunities to develop products and offer services compatible with
established regulatory practices.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><i>Direct
equity investments. </i></font>We will also seek direct investments in private companies as a minority part of our portfolio. There is
a large market among emerging private companies for equity capital investments. Many of these companies, particularly within the technology
sector, lack the necessary cash flows to sustain substantial amounts of debt, and therefore have viewed equity capital as a more attractive
long-term financing tool. We will seek to be a source of such equity capital as a means of investing in these companies and look for opportunities
to invest alongside other venture capital and private equity investors with whom we have established relationships.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><i>Private
secondary marketplaces and direct share purchases. </i></font>We also will utilize private secondary marketplaces, such as Forge, SharesPost
and CartaX as a means to acquire equity and equity-related interests in privately held companies that meet our investment criteria. We
believe that such markets offer new channels for access to equity investments in private companies and provide a potential source of liquidity
should we decide to exit an investment. In addition, we also will purchase shares directly from stockholders, including current or former
employees, of privately-held companies that meet our investment criteria. As certain companies grow and experience significant increased
value while remaining private, employees and other stockholders may seek liquidity by selling shares directly to a third party or to a
third party via a secondary marketplace. Sales of shares in private companies are typically restricted by contractual transfer restrictions
and may be further restricted by provisions in company charter documents, investor rights of first refusal and co-sale and company employment
and trading policies, which may impose strict limits on transfer. We believe that the reputation of our investment professionals within
the industry [ and established history of investing ] affords us a favorable position when seeking approval for a purchase of shares subject
to such limitations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of our investments may be held through SPVs
which are private investment vehicles formed to invest in a particular portfolio company. Investments in SPVs are common in the venture
capital industry and are an efficient way to pool capital with other investors in order to invest in a single issuer. We do not control
the SPVs that we may invest in and they are not our subsidiaries.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><i>No
Direct Investments in Unregulated Cryptocurrencies</i></font>. We will not invest directly in any cryptocurrencies or other digital assets
instruments. We may from time to time invest uninvested capital in select, SEC-registered ETFs that hold digital assets, such as Bitcoin
or Ether. We intend to make any such investment in accordance with the following statutory limits: (i)&#xa0;we will acquire no more than
3% of the outstanding voting securities of any such ETF; (ii)&#xa0;our investment in such an ETF will comprise no more than 5% of the
value of our total assets at time of acquisition; and (iii)&#xa0;our investment in such an ETF, together with our investment in other
investment companies, will comprise no more than 10% of the value of our total assets. We may, however, invest in ETFs and other investment
companies beyond the foregoing limits, provided that (i)&#xa0;our investment in investment companies in the aggregate will comprise no
more than 15% of the value of our total assets, and (ii)&#xa0;we will comply in any such case with the conditions set forth in existing
SEC rules, including the requirement to &#x201c;mirror vote&#x201d; shares held in any particular ETF or other investment company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Process</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentrated Digital Asset-related Focus</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that the world is in the midst of a
revolution driven by blockchain and digital asset technology, which have the potential to extend into every sector, market, and geography.
Thus, the opportunity for digital asset services and infrastructure companies extends across a broad spectrum. These broad markets have
the potential to produce disruptive technologies, reach a large addressable market, and provide significant commercial opportunities.
Thus, the Adviser will actively seek out promising investments across a diverse selection of new blockchain and digital asset technology
subsectors, such as companies involved in DeFi, stablecoins and other innovations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investment Targeting and Screening</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will identify prospective portfolio companies
by ranking privately held digital asset services and infrastructure companies worth approximately $500 million or more (&#x201c;unicorns&#x201d;)
by market capitalization, then filtering and weighting by a set of growth and health metrics.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will look at the following key growth and health
metrics for prospective portfolio companies:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>company must have recently raised capital from what we believe to be reputable U.S. or international institutional or private investors;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>any outstanding preferred stock liquidation preference must be strong relative to market capitalization;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>company&#x2019;s financial structure must not be overly complex (e.g. ratchets with significant penalties, heavy debt loads), such
that it would create undue risk of impending financial distress;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>company&#x2019;s corporate structure and governance must be transparent and comparable with standard corporate structures;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>company&#x2019;s executive team must not have had relatively high turnover over the past 12 months;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>company must have developed a clear and actionable growth strategy; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>company must have a plan for regulatory compliance.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will further identify prospective portfolio
companies through an extensive network of relationships developed by the Adviser. Investment opportunities that meet our key health criteria
will be validated against the observed behavior of leading venture capitalists and institutional investors, as well as through our own
internal and external research.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on our key growth and health criteria, we
will identify a select set of companies that we evaluate in greater depth.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Research and Due Diligence Process</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Once we identify those companies that we believe
warrant more in-depth analysis, we will focus on evaluating potential portfolio companies across a spectrum of metrics that assess key
indicators of each company&#x2019;s health and growth among several other factors, which collectively characterize our proprietary investment
process.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicators that will be used include the company&#x2019;s
total addressable market, market growth rate, recent financing rounds, company growth rate, competitive positioning, asset-light software
and platform business models, network effects and economies of scale, any regulatory and legal concerns, as well as other indicators that
may be strongly correlated with higher or lower valuations.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also will look at indicators of company culture,
including healthy diversity metrics, culture of compliance, strong cultural health and employee reviews, and positive environmental, social,
corporate governance impact.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of the due diligence process, we will also
look at the transparency of financial disclosures, structure of contemplated transactions (including class of stock being purchased),
recent and historical secondary market transaction pricing, and other investment-specific due diligence.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will give each prospective portfolio company
that passes our initial due diligence review a qualitative ranking to allow us to evaluate it against others in our pipeline, and we will
review and update these rankings on a regular basis.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our due diligence process will vary depending on
whether we are investing through a private secondary transaction on a marketplace or by a direct equity investment. We will access information
on our potential investments through a variety of sources, including information made available on secondary marketplaces, publications
by private company research firms, industry publications, commissioned analysis by third-party research firms, and, to a limited extent,
directly from the company or financial sponsor. We will utilize a combination of each of these sources to help us set a target price and
valuation for the companies we ultimately select for investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Portfolio Construction and Sourcing</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon completion of our research and due diligence
process, we will select investments for inclusion in our portfolio based on their value proposition, addressable market, fundamentals
and valuation. We will seek to create a relatively varied portfolio that we expect will include investments in companies representing
a broad range of investment themes. We generally will choose to pursue specific investments based on the availability of shares and valuation
expectations. We will utilize a combination of secondary marketplaces, direct purchases from stockholders and direct equity investments
in order to make investments in our portfolio companies. Once we have established an initial position in a portfolio company, we may choose
to increase our stake through subsequent purchases. Maintaining a balanced portfolio is a key to our success, and as a result we constantly
will evaluate the composition of our investments and our pipeline to ensure we are exposed to a diverse set of companies within our target
segments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Transaction Execution</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will enter into purchase agreements for substantially
all of our private company portfolio investments. Private company securities are typically subject to contractual transfer limitations,
which may, among other things, give the issuer, its assignees and/or its stockholders a particular period of time, often 30 days or more,
in which to exercise a veto right, or a right of first refusal over, the sale of such securities. Accordingly, the purchase agreements
that we enter into for secondary transactions typically will require the lapse or satisfaction of these rights as a condition to closing.
Under these circumstances, we may be required to deposit the purchase price into escrow upon signing, with the funds released to the seller
at closing or returned to us if the closing conditions are not met.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risk Management and Monitoring</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will monitor the financial trends of each portfolio
company to assess our exposure to individual companies as well as to evaluate overall portfolio quality. We will establish valuation targets
at the portfolio level and for gross and net exposures with respect to specific companies and industries within our overall portfolio.
In cases where we make a direct investment in a portfolio company, we may also obtain board positions, board observation rights and/or
information rights from that portfolio company in connection with our equity investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Portfolio Contents and Techniques</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our portfolio will be composed principally of the
following investments, each of which present certain unique risks which may impact the value of our investments and in turn the value
of our shares and your investment in us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Equity Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We invest in equity securities, including common
stocks, preferred stocks, convertible securities, warrants and depositary receipts. Common stock represents an equity ownership interest
in a company. We may hold or have exposure to common stocks of issuers of any size, including small and medium capitalization stocks.
Because we will ordinarily have exposure to common stocks, historical trends would indicate that our portfolio and investment returns
will be subject at times, and over time, to higher levels of volatility and market and issuer-specific risk than if it invested exclusively
in debt securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of our investments in equity securities may
be held through SPVs, which are private investment vehicles designed to provide investors access to securities of private companies. SPVs
are organized by managers unaffiliated with us and offer investors the opportunity to pool their collective capital to invest in a single
private company&#x2019;s securities. SPVs are generally organized as limited liability companies, and the investors are members of the
limited liability company, and, for that reason, the rights of SPV investors are documented in the individual SPV&#x2019;s operating agreement,
subject to the terms of any side letters entered into between an SPV investor and the manager.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SPV offerings are usually private placements conducted
pursuant to Regulation D under the Securities Act to a limited number of accredited investors. In connection with an investment in an
SPV, we would be one of many investors and not privy to the identity of other investors. The underlying assets of an SPV are the securities
of the single private company the SPV was formed to invest in, and, consequently, the value of an SPV investment generally equals the
fair value of those underlying securities, after discounting to take into account any fees paid to the SPY. SPV investors typically pay
fees to the SPV manager to cover necessary operating and offering-related costs; however, as a result of our Adviser&#x2019;s relationships
with a number of SPV sponsors, we have often been able to negotiate favorable fee terms in side letters, which, in some cases, entirely
eliminates the fees that we would otherwise pay.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Restricted and Illiquid Investments</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest without limitation in illiquid or
less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private
placement securities. Liquidity of an investment relates to the ability to dispose easily of the investment and the price to be obtained
upon disposition of the investment, which may be less than would be obtained for a comparable more liquid investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Illiquid investments may trade at a discount from
comparable, more liquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack an established
secondary trading market. Investment of our assets in illiquid investments may restrict our ability to dispose of our investments in a
timely fashion and for a fair price as well as our ability to take advantage of market opportunities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Private Company Investments</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any given time, we anticipate making significant
investments in private companies that we may need to hold for several years or longer. We expect certain of such investments to be in
 &#x201c;late-stage private securities,&#x201d; which are securities of private companies that have demonstrated sustainable business operations
and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large
cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private
companies may also be referred to as &#x201c;pre-IPO companies.&#x201d; We may invest in equity securities or debt securities, including
debt securities issued with warrants to purchase equity securities or that are convertible into equity securities, of private companies.
We may enter into private company investments identified by the Adviser or may co-invest in private company investment opportunities owned
or identified by other third party investors, such as private equity firms, with which neither we nor the Adviser is affiliated.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Preferred Equity</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
</font>may invest in preferred securities. There are two basic types of preferred securities. The first type, sometimes referred to as
traditional preferred securities, consists of preferred stock issued by an entity taxable as a corporation. The second type, sometimes
referred to as trust preferred securities, are usually issued by a trust or limited partnership and represent preferred interests in deeply
subordinated debt instruments issued by the corporation for whose benefit the trust or partnership was established.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><i>Traditional
Preferred Securities. </i></font>Traditional preferred securities generally pay fixed or adjustable rate dividends to investors and generally
have a &#x201c;preference&#x201d; over common stock in the payment of dividends and the liquidation of a company&#x2019;s assets. This means
that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order to be payable, distributions
on such preferred securities must be declared by the issuer&#x2019;s board of directors. Income payments on typical preferred securities
currently outstanding are cumulative, causing dividends and distributions to accumulate even if not declared by the board of directors
or otherwise made payable. In such a case all accumulated dividends must be paid before any dividend on the common stock can be paid.
However, some traditional preferred stocks are non-cumulative, in which case dividends do not accumulate and need not ever be paid. A
portion of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
to make up any arrearages to its stockholders. Should an issuer of a non-cumulative preferred stock held by us determine not to pay dividends
on such stock, the amount of dividends we pay may be adversely affected. There is no assurance that dividends or distributions on the
preferred securities in which we invest will be declared or otherwise made payable.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Preferred stockholders usually have no right to
vote for corporate directors or on other matters. Shares of preferred stock have a liquidation value that generally equals the original
purchase price at the date of issuance. The market value of preferred securities may be affected by favorable and unfavorable changes
impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by actual
and anticipated changes in tax laws, such as changes in corporate income tax rates or the &#x201c;Dividends Received Deduction.&#x201d;
Because the claim on an issuer&#x2019;s earnings represented by preferred securities may become onerous when interest rates fall below
the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular,
our holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced and we may be unable to acquire securities
of comparable credit quality paying comparable rates with the redemption proceeds.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><i>Trust
Preferred Securities. </i></font>Trust preferred securities are typically issued by corporations, generally in the form of interest-bearing
notes with preferred security characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial
interests in subordinated debentures or similarly structured securities. The trust preferred securities market consists of both fixed
and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Trust preferred securities are typically junior
and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior and fully subordinated to the other liabilities
of the guarantor. In addition, trust preferred securities typically permit an issuer to defer the payment of income for eighteen months
or more without triggering an event of default. Generally, the deferral period is five years or more. Because of their subordinated position
in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences to the
issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative
payments on the trust preferred securities have not been made), these trust preferred securities are often treated as close substitutes
for traditional preferred securities, both by issuers and investors. Trust preferred securities have many of the key characteristics of
equity due to their subordinated position in an issuer&#x2019;s capital structure and because their quality and value are heavily dependent
on the profitability of the issuer rather than on any legal claims to specific assets or cash flows.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Warrants</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Warrants are instruments issued by corporations
enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified
period of time. Warrants normally have a short life span to expiration. The purchase of warrants involves the risk that we could lose
the purchase value of a warrant if the right to subscribe to additional shares is not exercised prior to the warrants&#x2019; expiration.
Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the
related security may exceed the subscribed security&#x2019;s market price such as when there is no movement in the level of the underlying
security.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Private Investment Companies</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investments in private investment companies are
subject to additional risks beyond the securities held by such funds. For example, no market for the interests in a Private Fund exists
or is expected to develop, and it may be difficult or impossible to transfer the interests in such Private Fund, even in an emergency.
In addition, we will not have the right to withdraw or transfer any amount of our investment in a Private Fund without the prior consent
of its manager, which consent may be withheld for any or no reason. As a result, we may need to hold the Private Fund interest indefinitely.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Private Fund may also not provide audited financials
to us. In the absence of audited financials, we will not have an independent third party verifying financial reports. We will have no
right or power to take part in the management of a Private Fund. Accordingly, we will have no opportunity to control the day-to-day operations,
including investment and disposition decisions, of the underlying Private Fund. We will not receive the detailed financial information
issued by the portfolio company that may be available to the manager of the fund. Accordingly, in purchasing a Private Fund interest,
we entrust all aspects of the management of the Private Fund to its manager.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the manager of a Private Fund may
make decisions, which result in a loss for the Private Fund. There can be no assurance that a Private Fund&#x2019;s manager will make decisions
that improve the Private Fund&#x2019;s performance or lead to a profitable outcome for us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Private Fund will be subject to a variety
of litigation risks. In the event of a dispute arising from any activities relating to the operation of the Private Fund, it is possible
that the Private Fund, its manager, the Private Fund&#x2019;s members, and persons associated or affiliated with such parties may be named
as defendants. Under most circumstances, the Private Fund will indemnify its manager and their personnel against any costs they incur
in connection with such disputes. Beyond direct costs, such disputes may adversely affect a Private Fund in a variety of ways, including
by distracting the manager and harming relationships between the Private Fund and its portfolio company or other investors in the portfolio
company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Private Fund&#x2019;s assets, including any investments
made by the Private Fund and the portfolio companies held by the Private Fund, are available to satisfy all liabilities and other obligations
of the Private Fund. If the Private Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse
to the Private Fund&#x2019;s assets generally and will not be limited to any particular assets, such as the asset representing the investment
giving rise to the liability. Accordingly, we could find our interest in the Private Fund&#x2019;s assets adversely affected by a liability
arising out of an investment of the Private Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will limit our investments in such Private Funds
to no more than 15% of our net assets. Nevertheless, as of the date of this prospectus, we have not invested in any Private Funds, and
will provide notice to investors 60 days before making any such investments.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Forward Contracts</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not anticipate that forward contracts will
be a significant part of our investments. However, to a limited degree, may invest in forward contracts that involve stockholders (each
a &#x201c;counterparty&#x201d;) of a potential portfolio company, whereby such counterparties promise future delivery of equity securities
upon transferability or other removal of restrictions. These may involve counterparty promises of future performances, including among
other things transferring shares to us in the future, paying costs and fees associated with maintaining and transferring the shares, not
transferring or encumbering their shares, and participating in further acts required of stockholders by the counterparty and their agreement
with us. Should counterparties breach their agreement inadvertently, by operation of law, intentionally, or fraudulently, it could affect
our performance. Our ability and right to enforce transfer and payment obligations, and other obligations, against counterparties could
be limited by acts of fraud or breach on the part of counterparties, operation of law, or actions of third parties. Measures we take to
mitigate these risks, including powers of attorney, specific performance and damages provisions, any insurance policy, and legal enforcement
steps, may prove ineffective, unenforceable, or economically impractical to enact.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In cases where we purchase a forward contract through
a secondary marketplace, we may have no direct relationship with, or right to contact, enforce rights against, or obtain personal information
or contact information concerning a counterparty. In such cases, we will not be direct beneficiaries of the portfolio company&#x2019;s
securities or related instruments. Instead, we would rely on a third party to collect, settle, and enforce its rights with respect to
the portfolio company&#x2019;s securities. There is no guarantee that said party will be successful or effective in doing so.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In cases where we purchase a forward contract,
because each underlying portfolio company may not have necessarily approved or endorsed the transaction, it offers no warranties or other
promises as to the validity or value thereof, and no promise that it will agree with, approve, or facilitate transfer of shares to us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In cases where we purchase a forward contract,
in the event of a public offering, sale, or other corporate event affecting a portfolio company, it could be complicated, uncertain, and
require further legal review, negotiation, and other acts for us to work with brokers, transfer agents, and representatives of the portfolio
company, its potential acquirer, and other parties.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Swaps</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
do not anticipate that swaps will be a significant </font>part of our investments. However, to a limited degree, may invest swaps, which
are a type of derivative. Swap agreements involve the risk that the party with which we have entered into the swap will default on its
obligation to pay us and the risk that we will not be able to meet our obligations to pay the other party to the agreement. In order to
seek to hedge the value of our portfolio, to hedge against increases in our cost associated with interest payments on any outstanding
borrowings or to seek to increase our return, we may enter into swaps, including interest rate swap, total return swap (sometimes referred
to as a &#x201c;contract for difference&#x201d;) and/or credit default swap transactions. In interest rate swap transactions, there is a
risk that yields will move in the direction opposite of the direction anticipated by us, which would cause us to make payments to our
counterparty in the transaction that could adversely affect our performance. In addition to the risks applicable to swaps generally (including
counterparty risk, high volatility, illiquidity risk and credit risk), credit default swap transactions involve special risks because
they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid
the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other
indication of financial difficulty).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Historically, swap transactions have been individually
negotiated non-standardized transactions entered into in OTC markets and have not been subject to the same type of government regulation
as exchange-traded instruments. However, since the global financial crisis, the OTC derivatives markets have become subject to comprehensive
statutes and regulations. In particular, in the United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the
 &#x201c;Dodd-Frank Act&#x201d;), signed into law by President Obama on July&#xa0;21, 2010, requires that certain derivatives with U.S. persons
must be executed on a regulated market and a substantial portion of OTC derivatives must be submitted for clearing to regulated clearinghouses.
As a result, swap transactions entered into by us may become subject to various requirements applicable to swaps under the Dodd-Frank
Act, including clearing, exchange-execution, reporting and recordkeeping requirements, which may make it more difficult and costly for
us to enter into swap transactions, and may also render certain strategies in which we might otherwise engage impossible or so costly
that they will no longer be economical to implement. Furthermore, the number of counterparties that may be willing to enter into swap
transactions with us may also be limited if the swap transactions with us are subject to the swap regulation under the Dodd-Frank Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Credit default and total return swap agreements
may effectively add leverage to our portfolio because, in addition to our portfolio, we would be subject to investment exposure on the
notional amount of the swap. Total return swap agreements are subject to the risk that a counterparty will default on its payment obligations
to us thereunder. We are not required to enter into swap transactions for hedging purposes or to enhance income or gain and may choose
not to do so. In addition, the swaps market is subject to a changing regulatory environment. It is possible that regulatory or other developments
in the swaps market could adversely affect our ability to successfully use swaps.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent we invest in forward contracts and
swaps, we intend to rely on the &#x201c;limited derivatives user&#x201d; exception in Rule&#xa0;18f-4 under the Investment Company Act to
enter into such derivatives transactions, notwithstanding the restrictions on the issuance of &#x201c;senior securities&#x201d; under Section&#xa0;18
of the Investment Company Act. To maintain our qualification as a &#x201c;limited derivatives user,&#x201d; we will limit our &#x201c;derivatives
exposure&#x201d; to no more than 10% of the value of our net assets subject to exclusions for certain currency or interest rate hedging
transactions (as calculated in accordance with Rule&#xa0;18f-4). If we fail to maintain our qualification as a &#x201c;limited derivatives
user&#x201d; as defined in Rule&#xa0;18f-4 and seek to enter into derivatives transactions, we will be required to establish a comprehensive
derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager
and to provide additional disclosure both publicly and to the SEC regarding our derivatives positions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Convertible Securities</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A convertible security is a bond, debenture, note,
preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security
of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles
the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures
or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income
securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same
or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes
in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing
of the issuer and other factors also may have an effect on the convertible security&#x2019;s investment value. Convertible securities rank
senior to common stock in a corporation&#x2019;s capital structure but are usually subordinated to comparable nonconvertible securities.
Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security&#x2019;s
governing instrument.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_008"></a>MANAGEMENT</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
are managed by the Adviser. The Adviser intends to register with the SEC as an investment adviser under the Investment Advisers Act of
1940 (the &#x201c;Advisers Act&#x201d;). Subject to the overall </font>supervision of our Board, the Adviser manages our day-to-day operations,
and provides investment advisory and management services to us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Committee</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The management of our investment portfolio is the
responsibility of the Adviser, which is led principally by the members of the Investment Committee. The Investment Committee is currently
comprised of Dr.&#xa0;Najamul Kidwai, Michael Zhao, and Michael Lempres. The investment team, under the Investment Committee&#x2019;s supervision,
sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will
monitor our portfolio companies on an ongoing basis. The Investment Committee meets regularly to consider investment opportunities, direct
our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Investment Committee reviews
and determines whether to make prospective investments and monitors the performance of our investment portfolio. Each investment opportunity
requires the unanimous approval of the members of the Investment Committee. Follow-on investments in existing portfolio companies may
require the Investment Committee&#x2019;s approval beyond that obtained when the initial investment in the portfolio company was made.
In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments
that mature in one year or less, may require approval by the Investment Committee. The Investment Committee&#x2019;s members may change
from time to time as designated by the Adviser.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the Adviser&#x2019;s investment professionals
receives any direct compensation from us in connection with the management of our portfolio. Certain members of the Investment Committee,
through their financial interests in the Adviser, are entitled to a portion of the profits earned by the Adviser, which includes any fees
payable to the Adviser under the terms of the Investment Advisory Agreement, less expenses incurred by the Adviser in performing its services
under the Investment Advisory Agreement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser&#x2019;s investment professionals who
are primarily responsible for the day-to-day management of our portfolio are as follows:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b>Dr.&#xa0;Najamul
Kidwai</b></font>. Dr.&#xa0;Kidwai, a co-founder, has served as President, Chief Executive Officer and Director of the Company since our
inception. Dr.&#xa0;Kidwai has also served as a member of the Adviser&#x2019;s Investment Committee since its inception. From 2021 to 2022,
Dr.&#xa0;Kidwai has served as Chairman and Director of Crypto 1 Acquisition Corp, a special purpose acquisition company focused on digital
assets/crypto/blockchain, raising $230 million. Since 2016 to present, Dr.&#xa0;Kidwai has served as a Venture Partner and Investment
Committee Member of Frontier Ventures, a venture capital fund focused on early-stage technology and blockchain. Since 2017, Dr.&#xa0;Kidwai
also has been a Co-Founder and is a member of the executive committee (ExComm) of EQUIAM, a leading, private-markets-focused venture capital
fund. Through EQUIAM, Dr.&#xa0;Kidwai has invested in several technology companies including Stripe, Coinbase, Uphold, Blockdaemon, Copper
and Robinhood. Dr.&#xa0;Kidwai has also been investing in digital assets/crypto/blockchain since 2016, including companies such as Chainge
Finance, TransFi and Fusion. From 2009 to present, Dr.&#xa0;Kidwai has served as an independent advisor, board member, and/or investor
in a number of technology companies such as ForgeGlobal, Destiny|XYZ and Klickl. Dr.&#xa0;Kidwai has served similar roles with Neurable
and ToTheNew Ventures. From 2006 to 2009, Dr.&#xa0;Kidwai served as the Founder and CEO of Real Time Content, a proprietary Adaptive Media
Platform which exited to NASDAQ-listed Pitney Bowes. Prior to 2006, Dr.&#xa0;Kidwai held investment roles at Edge Venture Capital, and
AtomicTangerine (a Stanford Research Institute (SRI) International Company). Dr.&#xa0;Kidwai holds a B.S.c Hons. in Technology Management
from Staffordshire University and honorary Doctorates from Staffordshire University and Lincoln University.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b>Michael
Lempres</b></font>. Mr.&#xa0;Lempres, a co-founder, has served as Chairman and Director of the Company since our inception. Mr.&#xa0;Lempres
has also served as a member of the Adviser&#x2019;s Investment Committee since its inception. A lawyer by training, Mr.&#xa0;Lempres has
spent decades at the top levels of government and of regulated industry.&#xa0; Appointed by three Presidents, he served at several senior
positions in the federal government, including as Deputy Associate Attorney General at the US Department of Justice (DOJ). In the private
sector, Mr.&#xa0;Lempres served as the Chief Legal and Policy Officer of Coinbase, where he helped guide the nation's leading digital
asset exchange business through its hypergrowth period.&#xa0; He also worked as Executive in Residence at Andreessen Horowitz, a leading
venture capital firm.&#xa0; Prior to those experiences, he worked as General Counsel for Bitnet, an early digital currency payments provider,
and as the senior lawyer for Silicon Valley Bank (2010-2015).&#xa0; Previously, he worked as General Counsel of the Pacific Coast Stock&#xa0;&amp;
Options Exchange, where he helped guide the adoption of radically new trading rules&#xa0;and the sale of the exchange.&#xa0; Mr.&#xa0;Lempres
also has substantial board experience in both private and public companies. He serves as Chair of the Board of Silvergate Capital Corporation
and as a Director for MoonPay USA, LLC, Bitstamp USA, and Simba Chain,&#xa0;Inc.&#xa0; He received his&#xa0;A.B.&#xa0;degree&#xa0;from
Dartmouth College and his&#xa0;J.D.&#xa0;from the University of California, Berkeley.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b>Michael
(Xu) Zhao</b></font>. Mr.&#xa0;Zhao, a co-founder, has served as Vice-Chairman and Director of the Company since our inception. Mr.&#xa0;Zhao
has also served as a member of the Adviser&#x2019;s Investment Committee since its inception. From 2021 to 2022, Mr.&#xa0;Zhao served as
Founder, Chief Executive Officer and a Director of Crypto 1 Acquisition Corp, a special purpose acquisition company focused on digital
assets/crypto/blockchain. Since 2017, Mr.&#xa0;Zhao has served as Executive Chairman of Kickl,&#xa0;Inc. (formerly known as the International
Digital Currency Markets) and as the CEO of the VGPay crypto payment business. Since 2018, Mr.&#xa0;Zhao has served as co-chairman of
the Hong Kong Blockchain Association. Mr.&#xa0;Zhao&#x2019;s prior experience includes significant roles in international financial trading
at Intesa San Paulo from 2014 to 2016, China Merchants Bank from 2011 to 2014, the State Foreign Exchange Administration of the People&#x2019;s
Republic of China from 2010 to 2011 and UBS from 2006 to 2009. He has a Master&#x2019;s degree in Electronic Engineering and Finance from
the University of Florida.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Statement of Additional Information included
in this prospectus (the &#x201c;SAI&#x201d;) provides additional information about the Adviser&#x2019;s compensation, other accounts managed
by the Adviser and its affiliates and ownership of our shares by the Adviser and its affiliates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Adviser</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser serves as our investment adviser pursuant
to the Investment Advisory Agreement between us and the Adviser. The Adviser is registered with the SEC as an investment adviser under
the Advisers Act. The Adviser has no operating history as a registered investment adviser. Subject to the overall supervision of the Board,
the Adviser manages our day-to-day operations, and provides investment advisory and management services to us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">The
Adviser and its affiliates may in the future provide management or investment advisory services to entities that have overlapping objectives
with us. The Adviser and its affiliates may face conflicts in the allocation of investment opportunities to us and others. In order to
address these conflicts, the Adviser intends to put in place an investment allocation policy that addresses the allocation of investment
opportunities as well as co-investment restrictions under the Investment Company Act. As a registered investment company, we are subject
to certain regulatory restrictions in co-investing with individuals or entities with which we may be restricted from doing so under the
Investment Company Act unless we obtain an exemptive order from the SEC. We may co-invest with our Adviser or our officers and directors
in a manner consistent with guidance promulgated under the no-action position of the SEC set forth in Mass Mutual Life Ins. Co. (SEC No-Action
Letter, June&#xa0;7, 2000), on which similarly situated funds like us rely in order to co-invest in a single class of privately placed
securities so long as certain conditions are met, including that our investment adviser or an affiliate, acting on our behalf and on behalf
of other clients, negotiates no term other than price. We, the Ad</font>viser, as well as certain of its affiliates, may also submit an
exemptive application to the SEC seeking an order that would permit us to co-invest with other funds managed by the Adviser or its affiliates
to the extent we are unable to rely on the MassMutual No Action Letter in a manner consistent with our investment objective, positions,
policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. There can be no assurance that this
exemptive order will be granted. If such relief is granted, then we will be permitted to co-invest with our affiliates if a &#x201c;required
majority&#x201d; (as defined in Section&#xa0;57(o)&#xa0;of the Investment Company Act) of our independent directors draw certain conclusions
in connection with a co-investment transaction, including that (1)&#xa0;the terms of the transactions, including the consideration to
be paid, are reasonable and fair to us and our stockholders and do not involve overreaching by us or our affiliates on the part of any
person concerned, and (2)&#xa0;the transaction is consistent with the interests of our stockholders and is consistent with our investment
objective and strategies. The Adviser&#x2019;s allocation policy will seek to ensure that there is equitable allocation of investment opportunities
among us and other funds managed by the Adviser or its affiliates over time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser&#x2019;s address is 228 Hamilton Avenue,
Third Floor, Palo Alto, CA 94301.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Advisory Agreement</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The description below of the Investment Advisory
Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference
to the Investment Advisory Agreement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the Investment Advisory Agreement,
the Adviser is responsible for the following:<br>
managing our assets in accordance with our investment objective, policies and restrictions;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>determining the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing
such changes;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>making investment decisions for us, including negotiating the terms of investments in, and dispositions of, portfolio securities and
other instruments on its behalf;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>monitoring our investments;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>performing due diligence on prospective portfolio companies;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>exercising voting rights in respect of portfolio securities and other investments for us;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>serving on, and exercising observer rights for, boards of directors and similar committees of our portfolio companies; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>providing us with such other investment advisory and related services as we may, from time to time, reasonably require for the investment
of capital.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser&#x2019;s services under the Investment
Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to us are not
impaired.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Term</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Investment Advisory Agreement was approved
by the Board on [ date ]. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for an
initial two-year term and then from year-to-year if approved annually by a majority of the Board or by the holders of a majority of our
outstanding voting securities and, in each case, a majority of the independent directors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Investment Advisory Agreement will automatically
terminate within the meaning of the Investment Company Act and related SEC guidance and interpretations in the event of its assignment.
In accordance with the Investment Company Act, without payment of penalty, we may terminate the Investment Advisory Agreement with the
Adviser upon 60 days&#x2019; written notice. The decision to terminate the agreement may be made by a majority of the Board or the stockholders
holding a Majority of the Outstanding Shares of our common stock. In addition, without payment of penalty, the Adviser may generally terminate
the Investment Advisory Agreement upon 60 days&#x2019; written notice.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Removal of Adviser</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser may be removed by the Board or by the
affirmative vote of a majority of the outstanding shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Compensation of the Adviser</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Investment Advisory Agreement we will
pay the Adviser a Management Fee, payable quarterly, in an amount equal to 2.50% of our average gross assets, at the end of the two most
recently completed calendar quarters. For purposes of the Investment Advisory Agreement, the term &#x201c;gross assets&#x201d; includes
assets purchased with borrowed amounts, if any. The Management Fee for any partial month or quarter, as the case may be, will be appropriately
prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters, as the case may be.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Limitations of Liability and Indemnification</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser and its officers, managers, partners,
agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation
its sole member, are not liable to us for any action taken or omitted to be taken by the Adviser in connection with the performance of
any of its duties or obligations under the Investment Advisory Agreement or otherwise as our investment adviser (except to the extent
specified in Section&#xa0;36(b)&#xa0;of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same
is finally determined by judicial proceedings) with respect to the receipt of compensation for services).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will indemnify the Adviser and its officers,
managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including
without limitation its general partner or managing member (collectively, the &#x201c;Indemnified Parties&#x201d;) and hold them harmless
from and against all damages, liabilities, costs and expenses (including reasonable attorneys&#x2019; fees and amounts reasonably paid
in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation
or other proceeding (including an action or suit by or in the right of us or our security holders) arising out of or otherwise based upon
the performance of any of the Adviser&#x2019;s duties or obligations under the Investment Advisory Agreement or otherwise as our investment
adviser. However, the Indemnified Parties shall not be entitled to indemnification in respect of, any liability to us or our stockholders
to which the Indemnified Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence
in the performance of the Adviser&#x2019;s duties or by reason of the reckless disregard of the Adviser&#x2019;s duties and obligations
under the Investment Advisory Agreement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Payment of Our Expenses under the Investment Advisory Agreement</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">Except
as specifically provided below, we anticipate that all investment professionals and staff of the Adviser, when and to the extent engaged
in providing investment advisory and management services to us, and the base compensation, bonus and benefits, and the routine overhead
expenses, of such personnel allocable to such services, will be provided and paid for by the Advise</font>r within reasonable limits.
We will reimburse an affiliate of the Adviser for organizational and offering costs borne on our behalf. We bear all other costs and expenses
of our operations, administration and transactions, including, but not limited to (i)&#xa0;investment advisory fees, including Management
Fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii)&#xa0;our allocable portion of overhead and other expenses incurred
by the Adviser or its affiliates in performing its administrative obligations under the Investment Advisory Agreement, and (iii)&#xa0;all
other reasonable expenses of our operations and transactions including, without limitation, those relating to:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>expenses incurred in connection with our operations, including the purchase, holding, sale or proposed sale of any of our investments
(including legal and accounting fees) unless paid for by the company which is the subject of the investment;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the cost of calculating our net asset value, including the cost of any third-party valuation services;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>costs and fees relating to the preparation of our financial and tax reports, portfolio valuations and tax returns;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the costs of prosecuting or defending any legal action for or against us or our affiliates;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>costs related to our indemnification of the Adviser and our officers and any affiliates of the Adviser;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>the costs of any litigation, director and officer liability or other insurance and indemnification or extraordinary expense or liability
relating to our affairs;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>unreimbursed out-of-pocket costs relating to investment transactions that are not consummated, including legal, accounting and consulting
fees, and all extraordinary professional fees incurred in connection with our business or management;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>expenses associated with our liquidation;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>taxes, fees or other governmental charges levied against us and all expenses incurred in connection with any tax audit, investigation,
settlement or review of us;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fees paid to consultants, custodians, outside counsel, accountants, agents, investment bankers and other similar outside advisors;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>calculating our net asset value (including the cost and expenses of any independent valuation firm);</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>expenses, including travel, entertainment, lodging and meal expenses, incurred by members of our investment team, or payable to third
parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including
such expenses related to potential investments that were not consummated, and, if necessary, enforcing our rights;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fees, costs and expenses incurred in connection with the incurrence of leverage and indebtedness of the Company, including borrowings,
dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including
any principal or interest on our borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in
obtaining lines of credit, loan commitments, and letters of credit for our account and in making, carrying, funding and/or otherwise resolving
investment guarantees);</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>offerings, sales, and repurchases of our common stock and other securities;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fees and expenses payable under any underwriting, dealer manager or placement agent agreements, if any;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>Management Fees under the investment advisory agreement, by and between the Company and the Adviser;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>applicable administrative agent fees or loan arranging fees incurred with respect to our portfolio investments;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fees, costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology
for our benefit (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance
and reporting systems, general ledger or portfolio accounting systems and similar systems and services, including, without limitation,
consultant, software licensing, data management and recovery services fees and expenses);</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>costs incurred in connection with investor relations, board of directors relations, and with preparing for and effectuating a listing
of our securities on any securities exchange;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>transfer agent, dividend agent and custodial fees and expenses;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>federal and state registration fees;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>U.S. federal, state and local taxes;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fees and expenses of the independent directors, including reasonable travel, entertainment, lodging and meal expenses, and any legal
counsel or other advisors retained by, or at the discretion or for the benefit of, the independent directors;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>costs of preparing and filing reports or other documents required by the SEC or other regulators, and all fees, costs and expenses
related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain
regulatory requirements) and regulatory filings related to our activities and/or other regulatory filings, notices or disclosures of the
Adviser and its affiliates relating to our activities;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>costs of any reports, proxy statements or other notices to stockholders, including printing costs;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other
staff, independent auditors, tax preparers and outside legal costs;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>proxy voting expenses;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by the
Board to or on account of holders of our securities, including in connection with any dividend reinvestment plan or direct stock purchase
plan;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>allocable fees and expenses associated with marketing efforts on our behalf;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>fees, costs and expenses of any litigation involving us or our portfolio companies and the amount of any judgments or settlements
paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification
(including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating
to our affairs;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>any government or regulatory filings, returns or reports, including fees and expenses for annual reports and foreign qualification
certificates; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>other expenses incurred by us or the Adviser or its affiliates in connection with administering our business.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>License Agreement</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
also intend to enter into a license agreement (the &#x201c;License Agreement&#x201d;) with the C1 Digital Media Corp, a Delaware corporation
and an affiliate of the Adviser, pursuant to which we will be granted a non-exclusive license </font>to use the names &#x201c;C1 Fund,&#x201d;
 &#x201c;C1 30,&#x201d; and &#x201c;C1 Thirty&#x201d; for a nominal fee. Under the License Agreement, we have a right to use the names &#x201c;C1
Fund,&#x201d; &#x201c;C1 30,&#x201d; and &#x201c;C1 Thirty&#x201d; for so long as the Adviser or one of its affiliates remains our investment
adviser. Other than with respect to this limited license, we have no legal right to the names &#x201c;C1 Fund,&#x201d; &#x201c;C1 30,&#x201d;
 &#x201c;C1 Thirty,&#x201d; or the C1 Fund logo. C1 Digital Media Corp is owned by Dr.&#xa0;Najamul Kidwai, Michael Lempres, Michael Zhao
and David Hytha.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Administrator</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;] (the &#x201c;Administrator&#x201d;) serves as
our administrator. Pursuant to the Fund Administration Servicing Agreement and the Fund Accounting Servicing Agreement, the Administrator
maintains our general ledger and is responsible for calculating the NAV of our shares, and generally for managing our other administrative
affairs. We pay the Administrator an administrative fee, computed and payable monthly at an annual rate based on our aggregate monthly
total assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Ownership of the Adviser</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser is 100% owned by the Sponsor, C1 Holdings
LLC, a Caymans Islands exempted company located at CO Services Cayman Limited, P.O.&#xa0;Box 10008 Willow House, Cricket Square, Grand
Cayman, Cayman Islands. The Sponsor is 90% owned by members of the Investment Committee and other investment professionals. No individual
or entity owns more than 25% of the Sponsor.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_009"></a>DETERMINATION OF NET ASSET VALUE</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The NAV of our shares of common stock will be computed
based upon the market value of our portfolio assets at the end of each quarter or the fair value of these assets determined in accordance
with our valuation policies and procedures at the end of each quarter. We calculate NAV per share by subtracting our liabilities (including
accrued expenses, dividends payable and any borrowings) from our total assets (the value of the securities we hold plus cash or other
assets, including interest accrued but not yet received) and dividing the result by the total number of shares of our common stock outstanding.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Valuation of our securities is as follows:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b><i>Equity
Investments. </i></b></font>Equity securities traded on a recognized securities exchange (e.g., NYSE), separate trading boards of a securities
exchange or through a market system that provides contemporaneous transaction pricing information (an &#x201c;Exchange&#x201d;) are valued
via independent pricing services generally at an Exchange closing price or if an Exchange closing price is not available, the last traded
price on that Exchange prior to the time as of which the assets or liabilities are valued; however, under certain circumstances other
means of determining current market value may be used. If an equity security is traded on more than one Exchange, the current market value
of the security where it is primarily traded generally will be used. In the event that there are no sales involving an equity security
held by us on a day on which we value such security, the last bid (long positions) or ask (short positions) price, if available, will
be used as the value of such security. If we hold both long and short positions in the same security, the last bid price will be applied
to securities held long and the last ask price will be applied to securities sold short. If no bid or ask price is available on a day
on which we value such security, the prior day&#x2019;s price will be used, unless the Adviser determines that such prior day&#x2019;s price
no longer reflects the fair value of the security, in which case such asset would be treated as a fair value asset.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b><i>Fixed-Income
Investments. </i></b></font>Fixed-income securities for which market quotations are readily available are generally valued using such
securities&#x2019; current market value. We value fixed-income portfolio securities and non-exchange traded derivatives using the last
available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by our approved
independent third-party pricing services, each in accordance with valuation procedures approved by the Board. The pricing services may
use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g.,
recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information and
by other methods, which may include consideration o&#xa3; yields or prices of securities of comparable quality, coupon, maturity and
type; indications as to values from dealers; general market conditions; and other factors and assumptions. Pricing services generally
value fixed-income securities assuming orderly transactions of an institutional round lot size, but we may hold or transact in such securities
in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. The amortized cost method of valuation
may be used with respect to debt obligations with 60 days or less remaining to maturity unless the Adviser determines such method does
not represent fair value. Loan participation notes are generally valued at the mean of the last available bid prices from one or more
brokers or dealers as obtained from independent third-party pricing services. Certain fixed-income investments including asset-backed
and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the
entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes
of the tranche.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b><i>Options,
Futures, Swaps and Other Derivatives. </i></b></font>Exchange-traded equity options for which market quotations are readily available
are valued at the mean of the last bid and ask prices as quoted on an Exchange or the board of trade on which such options are traded.
In the event that there is no mean price available for an exchange traded equity option held by us on a day on which we value such option,
the last bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no bid or ask
price is available on a day on which we value such option, the prior day&#x2019;s price will be used, unless the Adviser determines that
such prior day&#x2019;s price no longer reflects the fair value of the option in which case such option will be treated as a fair value
asset. OTC derivatives may be valued using a mathematical model, which may incorporate a number of market data factors. Financial futures
contracts and options thereon, which are traded on exchanges, are valued at their last sale price or settle price as of the close of such
exchanges. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service
in accordance with the valuation procedures approved by the Board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investments for which market quotations are readily
available are typically valued at the bid price of those market quotations. To validate market quotations, we will utilize a number of
factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Securities
that are publicly-traded are generally valued at the close price on the valuation date; however, if they remain subject to lock-up restrictions,
they are discounted accordingly. Securities that are not publicly-traded or whose market quotations are not readily available are valued
at fair value as determined in good faith in accordance with written valuation policies and procedures that have been adopted by the Board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In determining the market value of portfolio investments,
we may employ independent third party pricing services, which may use, without limitation, a matrix or formula method that takes into
consideration market indexes, matrices, yield curves and other specific adjustments. This may result in the securities being valued at
a price different from the price that would have been determined had the matrix or formula method not been used. All cash, receivables
and current payables are carried on our books at their face value. The price we could receive upon the sale of any particular portfolio
investment may differ from our valuation of the investment, particularly for securities that trade in thin or volatile markets or that
are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon
the sale of an investment may be less than the value ascribed by us, and we could realize a greater than expected loss or lesser than
expected gain upon the sale of the investment. Our ability to value our investments may also be impacted by technological issues and/or
errors by pricing services or other third party service providers.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prices obtained from independent third party pricing
services, broker-dealers or market makers to value our securities and other assets and liabilities are based on information available
at the time we value our assets and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the
day on which we valued such security, the revised pricing service quotation generally will be applied prospectively. Such determination
shall be made considering pertinent facts and circumstances surrounding such revision.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that application of the methods of
valuation discussed above result in a price for a security which is deemed not to be representative of the fair market value of such security,
the security will be valued in accordance with written valuation policies and procedures that have been adopted by the Board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of the securities that we acquire may be
traded on foreign exchanges or OTC markets on days on which our NAV is not calculated and our shares are not traded. In such cases, the
NAV of our shares may be significantly affected on days when investors can neither purchase nor sell our shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b><i>Fair
Value. </i></b></font>When market quotations are not readily available or are believed by the Adviser to be unreliable, our investments
are valued at fair value (&#x201c;Fair Value Assets&#x201d;) in accordance with ASC 820 and Rule&#xa0;2a-5 under the Investment Company
Act. Fair Value Assets are valued by the Adviser in accordance with procedures approved by the Board. The Adviser may conclude that a
market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due
to its complete lack of trading, if the Adviser believes a market quotation from a broker-dealer or other source is unreliable (e.g.,
where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset or liability subsequent
to the most recent market quotation), where the security or other asset or liability is only thinly traded or due to the occurrence of
a significant event subsequent to the most recent market quotation. For this purpose, a &#x201c;significant event&#x201d; is deemed to occur
if the Adviser determines, in its business judgment prior to or at the time of pricing our assets or liabilities, that it is likely that
the event will cause a material change to the last exchange closing price or closing market price of one or more assets or liabilities
held by us. On any date NYSE is open and the primary exchange on which a foreign asset or liability is traded is closed, such asset or
liability will be valued using the prior day&#x2019;s price, provided that the Adviser is not aware of any significant event or other information
that would cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would
be treated as a Fair Value Asset. The fair value of forward contracts are based, in part, on recently observed transactions in the issuer&#x2019;s
securities, adjusted for a number of factors, which may include credit risk of the underlying issuer, the share ratio and fees associated
with the SPV, if any. For certain foreign securities, a third-party vendor supplies evaluated, systematic fair value pricing based upon
the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology
is designed to correlate the prices of foreign securities following the close of the local markets to the price that might have prevailed
as of our pricing time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fair value represents a good faith approximation
of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which
those assets or liabilities could have been sold during the period in which the particular fair values were used in determining our NAV.
As a result, our sale or repurchase of our shares at NAV, at a time when a holding or holdings are valued at fair value, may have the
effect of diluting or increasing the economic interest of existing stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our annual audited financial statements, which
are prepared in accordance with accounting principles generally accepted in the United States of America (&#x201c;US GAAP&#x201d;), follow
the requirements for valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic 820, &#x201c;Fair
Value Measurements and Disclosures&#x201d; (&#x201c;ASC 820&#x201d;), which defines and establishes a framework for measuring fair value
under US GAAP and expands financial statement disclosure requirements relating to fair value measurements.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Generally, ASC 820 and other accounting rules&#xa0;applicable
to investment companies and various assets in which they invest are evolving. Such changes may adversely affect us. For example, the evolution
of rules&#xa0;governing the determination of the fair market value of assets or liabilities to the extent such rules&#xa0;become more
stringent would tend to increase the cost and/or reduce the availability of third-party determinations of fair market value.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b><i>Dilution
Effect.</i></b></font> C1 Holdings, as our sponsor, will contribute the capital to satisfy the initial funding requirements of Section&#xa0;14(a)&#xa0;of
the Investment Company Act and to meet our startup expenses. In connection with this investment, C1 Holdings will initially hold an ownership
interest equal to 100% of our issued and outstanding shares, and an ownership interest equal to 10% of our issued and outstanding shares
after the sale of shares in our public offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Assuming all the offered shares are sold in the
offering at the initial public offering price, the retention by C1 Holdings of a 10% ownership interest of our outstanding shares will
have a dilutive effect on our NAV. There will be a reduction in NAV computed immediately after the offering. For example, assuming all
shares were sold at the public offering price, our total net assets immediately after the offering will be equal to $[_________] (i.e.,
total assets of $[________] less liabilities, including underwriting discounts and commissions and estimated offering expenses). Our net
asset value per share will be equal to $[&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ], calculated by dividing total net assets of $[&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ] by total outstanding shares of [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ]. The transaction
thus will result in a decrease in NAV per share equal to $[&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ] but a significant increase over the price at which each share was acquired
by C1 Holdings at the time it made its initial capital contribution to us.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board of Directors, including a majority of
the independent directors, has evaluated the terms and conditions of the above-described investment. The Board has determined, after due
consideration of the circumstances, that C1 Holdings&#x2019; retention of a 10% ownership interest of our shares is fair and equitable
and in the best interests of our investors. The Adviser, as the wholly owned subsidiary of C1 Holdings, has a real incentive to remain
associated with us and to deliver investment advisory services in a manner that would maximize C1 Holdings&#x2019; investment in us. Because
the interests of our shareholders and the interest of the Adviser as investor in us are aligned, the Adviser would not have an incentive
to take undue risks in managing our assets. In addition, under the terms of the Underwriting Agreement, C1 Holdings is subject to an initial
lockup period of [6 months] and is, therefore, prohibited from selling its shares during this period.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_010"></a>DIVIDEND REINVESTMENT PLAN</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the registered owner of our shares of common
stock elects to receive cash by contacting [ _______________&#x202f;] (the &#x201c;Plan Administrator&#x201d;), all dividends, capital gain distributions
and returns of capital, if any, declared on our shares will be automatically reinvested by the Plan Administrator for stockholders in
the Company&#x2019;s Dividend Reinvestment Plan (the &#x201c;Plan&#x201d;), in additional shares of common stock. Stockholders who elect
not to participate in the Plan will receive all dividends and other distributions payable in cash directly to the stockholder of record
(or, if the shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent.
Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by providing notice in
writing to the Plan Administrator at least five days prior to the dividend/distribution record date; otherwise such termination or resumption
will be effective with respect to any subsequently declared dividend or other distribution.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever we declare a dividend payable either in
shares or cash, non-participants in the Plan will receive cash and participants in the Plan will receive a number of our shares of common
stock, determined in accordance with the following provisions. The shares will be acquired by the Plan Administrator for the participants&#x2019;
accounts, depending upon the circumstances described below, either (i)&#xa0;through receipt of additional unissued but authorized shares
of our common stock (&#x201c;Newly Issued Common Shares&#x201d;) or (ii)&#xa0;by purchase of outstanding shares of our common stock on the
open market (&#x201c;Open-Market Purchases&#x201d;) on NYSE or elsewhere. If, on the payment date for any dividend, the market price per
share plus estimated brokerage trading fees is equal to or greater than the NAV per share (such condition is referred to here as &#x201c;market
premium&#x201d;), the Plan Administrator shall receive Newly Issued Common Shares, including fractions of shares from the Company for each
Plan participant&#x2019;s account. The number of Newly Issued Common Shares to be credited to each participant&#x2019;s account will be
determined by dividing the dollar amount of the dividend by the NAV per share on the date of issuance; provided that, if the NAV per share
is less than or equal to 95% of the current market value on the date of issuance, the dollar amount of the dividend will be divided by
95% of the market price per share on the date of issuance for purposes of determining the number of shares issuable under the Plan. If,
on the payment date for any dividend, the NAV per share is greater than the market value plus estimated brokerage trading fees (such condition
being referred to here as a &#x201c;market discount&#x201d;), the Plan Administrator will seek to invest the dividend amount in our shares
of common stock acquired on behalf of the Plan participants in Open-Market Purchases.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of a market discount on the payment
date for any dividend, the Plan Administrator will have until the last business day before the next date on which our shares trade on
an &#x201c;ex-dividend&#x201d; basis or in no event more than 30 days after the record date for such dividend, whichever is sooner (the
 &#x201c;Last Purchase Date&#x201d;), to invest the dividend amount in our shares of common stock acquired in Open-Market Purchases. If,
before the Plan Administrator has completed its Open-Market Purchases, the market price per share exceeds the NAV per share, the average
per share purchase price paid by the Plan Administrator may exceed the NAV of the shares, resulting in the acquisition of fewer shares
than if the dividend had been paid in Newly Issued Common Shares on the dividend payment date. The Plan provides that if the Plan Administrator
is unable to invest the full dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a
market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may instead receive the Newly
Issued Common Shares from the Company for each participant&#x2019;s account, in respect of the uninvested portion of the dividend, at the
NAV per share at the close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current
market price per share, the dollar amount of the dividend will be divided by 95% of the market price on the date of issuance for purposes
of determining the number of shares issuable under the Plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plan Administrator maintains all registered
stockholders&#x2019; accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information
needed by stockholders for tax records. Shares of our common stock in the account of each Plan participant will be held by the Plan Administrator
in non-certificated form in the name of the Plan participant, and each stockholder proxy will include those shares purchased or received
pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares
held under the Plan in accordance with the instructions of the participants.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of our shares of common stock owned
by a beneficial owner but registered with the Plan Administrator in the name of a nominee, such as a bank, a broker or other financial
intermediary (each, a &#x201c;Nominee&#x201d;), the Plan Administrator will administer the Plan on the basis of the number of our shares
certified from time to time by the Nominee as participating in the Plan. The Plan Administrator will not take instructions or elections
from a beneficial owner whose shares are registered with the Plan Administrator in the name of a Nominee. If a beneficial owner&#x2019;s
shares are held through a Nominee and are not registered with the Plan Administrator as participating in the Plan, neither the beneficial
owner nor the Nominee will be participants in or have distributions reinvested under the Plan with respect to those shares. If a beneficial
owner of our shares of common stock held in the name of a Nominee wishes to participate in the Plan, and the Stockholder&#x2019;s Nominee
is unable or unwilling to become a registered stockholder and a Plan participant with respect to those shares on the beneficial owner&#x2019;s
behalf, the beneficial owner may request that the Nominee arrange to have all or a portion of his or her shares registered with the Plan
Administrator in the beneficial owner&#x2019;s name so that the beneficial owner may be enrolled as a participant in the Plan with respect
to those shares. Please contact your Nominee for details or for other possible alternatives. Participants whose shares are registered
with the Plan Administrator in the name of one Nominee may not be able to transfer the shares to another firm or Nominee and continue
to participate in the Plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There will be no brokerage charges with respect
to our shares of common stock issued directly by us as a result of dividends payable either in shares or in cash. However, each participant
will pay a pro rata share of brokerage trading fees incurred in connection with Open-Market Purchases. The automatic reinvestment of dividends
will not relieve Plan participants of any federal, state or local income tax that may be payable (or required to be withheld) on such
dividends. For additional discussion regarding the tax implications of participation in the Plan, see <i>&#x201c;Certain U.S. Federal Income
Tax Considerations.&#x201d; </i>Participants that request a sale of our shares of common stock through the Plan Administrator are subject
to brokerage commissions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company reserves the right to amend or terminate
the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Company reserves the right
to amend the Plan to include a service charge payable by the participants by written notice provided directly or in the next report to
stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All correspondence, questions, or requests for
additional information concerning the Plan should be directed to the Plan Administrator by calling toll-free [ Plan Administrator telephone
] or by writing to [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;]. Be sure to include your name, address, daytime phone number, Social Security or tax I.D. number and a reference
to C1 Fund Inc. on all correspondence.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_011"></a>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following discussion is a general summary of
certain U.S. federal income tax considerations applicable to us and to an investment in our common stock. This discussion does not purport
to be a complete description of the income tax considerations applicable to such an investment. In particular, this discussion does not
address tax considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax
laws, including persons who hold our common stock as part of a straddle or a hedging, integrated or constructive sale transaction, persons
subject to the individual or corporate alternative minimum tax, insurance companies, brokers or dealers in securities, pension plans and
trusts, persons whose functional currency is not the U.S. dollar, former U.S. citizens or long-term residents, real estate investment
trusts, personal holding companies, persons who acquire an interest in the Company in connection with the performance of services, persons
required to accelerate the recognition of any item of gross income as a result of such income being taken into account on an applicable
financial statement, and financial institutions. Such persons should consult with their own tax advisers as to the U.S. federal income
tax consequences of an investment in our common stock, which may differ substantially from those described herein. This discussion assumes
that shareholders hold our common stock as capital assets (within the meaning of the Code).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The discussion is based upon the Code, Treasury
regulations, and administrative and judicial interpretations, each as of the date of this Registration Statement and all of which are
subject to change, possibly retroactively, which could affect the continuing validity of this discussion. We have not sought and will
not seek any ruling from the IRS regarding any matter discussed herein. Prospective investors should be aware that, although we intend
to adopt positions we believe are in accord with current interpretations of the U.S. federal income tax laws, the IRS may not agree with
the tax positions taken by us and that, if challenged by the IRS, our tax positions might not be sustained by the courts. This summary
does not discuss any aspects of U.S. estate, alternative minimum, or gift tax or foreign, state or local tax. It also does not discuss
the special treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain other investment
assets.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this discussion, a &#x201c;U.S.
Shareholder&#x201d; generally is a beneficial owner of our common stock that is for U.S. federal income tax purposes:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>a citizen or individual resident of the United States;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>a corporation (or other entity treated as a corporation) organized in or under the laws of the United States, any state thereof, or
the District of Columbia;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>a trust that (i)&#xa0;is subject to the primary supervision of a court within the U.S. and one or more U.S. persons have the authority
to control all substantial decisions of the trust, or (ii)&#xa0;has a valid election in effect under applicable U.S. Treasury Regulations
to be treated as a U.S. person; or</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>an estate, the income of which is subject to U.S. federal income taxation regardless of its source.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &#x201c;Non-U.S. Shareholder&#x201d; is a beneficial
owner of our common stock that is neither a U.S. Shareholder nor a partnership for U.S. tax purposes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a partnership (including an entity treated as
a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner in the partnership will generally
depend upon the status of the partner and the activities of the partnership. Any partner of a partnership holding our common stock should
consult its tax advisers with respect to the purchase, ownership and disposition of such shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tax matters are very complicated and the tax consequences
to an investor of an investment in our common stock will depend on the facts of his, her or its particular situation.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Taxation as a Regulated Investment Company</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to elect to be treated, and intend to
qualify each year, as a RIC beginning with our taxable year ending December&#xa0;31, [2025]. As a RIC, we generally will not be subject
to U.S. federal income tax on any ordinary income or capital gains that we timely distribute to our stockholders as dividends. To qualify
as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition,
in order to obtain RIC tax benefits, we must timely distribute to our stockholders, for each taxable year, at least 90% of our &#x201c;investment
company taxable income,&#x201d; which is generally our ordinary income plus the excess of realized net short-term capital gains over realized
net long-term capital losses (the &#x201c;Annual Distribution Requirement&#x201d;).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>qualify as a RIC; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>satisfy the Annual Distribution Requirement,</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then we will not be subject to U.S. federal income tax on the portion
of our income and capital gains that we timely distribute (or are deemed to distribute) to our stockholders. We will be subject to U.S.
federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will be subject to a 4% nondeductible U.S. federal
excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (i)&#xa0;98%
of our net ordinary income for each calendar year, (ii)&#xa0;98.2% of the amount by which our capital gains exceed our capital losses
(adjusted for certain ordinary losses) for the one-year period ending October&#xa0;31 in that calendar year and (iii)&#xa0;any ordinary
income and net capital gain income that we recognized in preceding years, but were not distributed during such years, and on which we
paid no corporate-level U.S. federal income tax (the &#x201c;Excise Tax Avoidance Requirement&#x201d;). While we intend to distribute any
income and capital gains in order to avoid imposition of this 4% U.S. federal excise tax, we may not be successful in avoiding entirely
the imposition of this tax. In that case, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution
requirement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to qualify as a RIC for U.S. federal income
tax purposes, we must, among other things:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities,
gains from the sale of stock or other securities or foreign currencies, net income from certain &#x201c;qualified publicly traded partnerships,&#x201d;
or other income derived with respect to our business of investing in such stock or securities or currencies (the &#x201c;90% Income Test&#x201d;);
and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>diversify our holdings so that at the end of each quarter of the taxable year:</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs,
and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than
10% of the outstanding voting securities of the issuer; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>no more than 25% of the value of our assets is invested in the (i)&#xa0;securities, other than U.S. government securities or securities
of other RICs, of one issuer, (ii)&#xa0;securities, other than securities of other RICs, of two or more issuers that are controlled, as
determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii)&#xa0;securities
of one or more &#x201c;qualified publicly traded partnerships&#x201d; (the &#x201c;Diversification Tests&#x201d;).</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be required to recognize taxable income
in circumstances in which we do not receive cash.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we do not presently expect to do so, we
are authorized to borrow funds, to sell assets and to make taxable distributions of our stock and debt securities in order to satisfy
distribution requirements. Our ability to dispose of assets to meet our distribution requirements may be limited by (i)&#xa0;the illiquid
nature of our portfolio and/or (ii)&#xa0;other requirements relating to our status as a RIC, including the Diversification Tests. If we
dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions
at times that, from an investment standpoint, are not advantageous. If we are unable to obtain cash from other sources to satisfy the
Annual Distribution Requirement, we may fail to qualify for tax treatment as a RIC and become subject to U.S. federal income tax at corporate
rates.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Investment Company Act, we are not permitted
to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain &#x201c;asset
coverage&#x201d; tests are met. If we are prohibited from making distributions, we may fail to qualify for tax treatment as a RIC and become
subject to tax as an ordinary corporation.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A RIC is limited in its ability to deduct expenses
in excess of its &#x201c;investment company taxable income&#x201d; (which is, generally, ordinary income plus the excess of net short-term
capital gains over net long-term capital losses). If our expenses in a given year exceed investment company taxable income, we would experience
a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition,
expenses can be used only to offset investment company taxable income, not net capital gain. Due to these limits on the deductibility
of expenses, we may, for tax purposes, have aggregate taxable income for several years that we are required to distribute and that is
taxable to our stockholders even if such income is greater than the aggregate net income we actually earned during those years. Such required
distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such
liquidations. In the event we realize net capital gains from such transactions, a stockholder may receive a larger capital gain distribution
than it would have received in the absence of such transactions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investment income received from sources within
foreign countries, or capital gains earned by investing in securities of foreign issuers, may be subject to foreign taxes withheld at
the source. The United States has entered into tax treaties with many foreign countries that may entitle us to a reduced rate of tax or
exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount
of our assets to be invested within various countries is not now known. We do not anticipate being eligible for the special election that
allows a RIC to treat foreign income taxes paid by such RIC as paid by its stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we purchase shares in a &#x201c;passive foreign
investment company,&#x201d; or PFIC, we may be subject to U.S. federal income tax on a portion of any &#x201c;excess distribution&#x201d;
or gain from the disposition of such shares. Additional charges in the nature of interest may be imposed on us in respect of deferred
taxes arising from such distributions or gains. This additional tax and interest may apply even if we make a distribution in an amount
equal to any &#x201c;excess distribution&#x201d; or gain from the disposition of such shares as a taxable dividend by us to our stockholders.
If we invest in a PFIC and elect to treat the PFIC as a &#x201c;qualified electing fund&#x201d; or QEF, in lieu of the foregoing requirements,
we will include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed
to us. Alternatively, we may be able to elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we
will recognize as ordinary income any increase in the value of such shares and as ordinary loss any decrease in such value to the extent
it does not exceed prior increases included in income. Under either election, we may be required to recognize in a year income in excess
of our distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be
subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% U.S. federal excise tax. We intend
to limit and/or manage our holdings in PFICs to minimize our liability for any taxes and related interest charges.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we hold (or are considered to hold) more than
10% of the shares in a foreign corporation that is treated as a controlled foreign corporation (&#x201c;CFC&#x201d;), we may be treated
as receiving a deemed distribution (taxable as ordinary income) each year from such foreign corporation in an amount equal to our pro
rata share of the corporation&#x2019;s income for the tax year (including both ordinary earnings and capital gains), whether or not the
corporation makes an actual distribution during such year. This deemed distribution is required to be included in the income of a U.S.
Shareholder that is a United States Shareholder (as defined below) of a CFC. In general, a foreign corporation will be classified as a
CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly
or by attribution) by United States Shareholders. A &#x201c;United States Shareholder,&#x201d; for this purpose, is any U.S. person that
possesses (actually or constructively) 10% or more of the combined voting power of all classes of shares of a corporation or 10% or more
of the total value of shares of all classes of shares of such corporation. If we are treated as receiving a deemed distribution from a
CFC, we will be required to include such distribution in our investment company taxable income regardless of whether we receive any actual
distributions from such CFC, and we must distribute such income to satisfy the Annual Distribution Requirement and the Excise Tax Avoidance
Requirement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Income inclusions from a QEF or CFC will be &#x201c;good
income&#x201d; for purposes of the 90% Income Test provided that they are derived in connection with our business of investing in stocks
and securities or the QEF or the CFC distributes such income to us in the same taxable year to which the income is included in our income.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Foreign exchange gains and losses realized by us
in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency
option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency
are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing
and character of distributions to our stockholders. Any such transactions that are not directly related to our investment in securities
(possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future Treasury
regulations, produce income not among the types of &#x201c;qualifying income&#x201d; from which a RIC must derive at least 90% of its annual
gross income.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with certain applicable Treasury
regulations and guidance published by the IRS, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements
if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that
the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too
many stockholders elect to receive cash, the cash available for distribution must be allocated among stockholders electing to receive
cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than
the lesser of (a)&#xa0;the portion of the distribution such stockholder elected to receive in cash, or (b)&#xa0;an amount equal to his
or her entire distribution times the percentage limitation on cash available for distribution. If these and certain other requirements
are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could
have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these
Treasury regulations or published guidance.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure to Qualify as a RIC</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we fail to qualify for treatment as a RIC, and
certain amelioration provisions are not applicable, we would be subject to U.S. federal tax on all of our taxable income (including our
net capital gains) at corporate rates. We would not be able to deduct distributions to our stockholders, nor would they be required to
be made. Distributions, including distributions of net long-term capital gain, would generally be taxable to our stockholders as ordinary
dividend income to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, our
corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend; our non-corporate stockholders
would generally be able to treat such dividends as &#x201c;qualified dividend income,&#x201d; which is subject to reduced rates of U.S.
federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of
capital to the extent of the stockholder&#x2019;s adjusted tax basis, and any remaining distributions would be treated as a capital gain.
In order to requalify as a RIC, in addition to the other requirements discussed above, we would be required to distribute all of our previously
undistributed earnings attributable to the period we failed to qualify as a RIC by the end of the first year that we intend to requalify
as a RIC. If we fail to requalify as a RIC for a period greater than two taxable years, we may be subject to regular corporate tax on
any net built-in gains with respect to certain of our assets <i>(i.e., </i>the excess of the aggregate gains, including items of income,
over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize
on requalification or when recognized over the next five years.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The remainder of this discussion assumes that we
qualify for RIC tax treatment for each taxable year.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Taxation of U.S. Shareholders</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions by us generally are taxable to U.S.
Shareholders as ordinary income or capital gains. Distributions of our &#x201c;investment company taxable income&#x201d; (which is, generally,
our net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable
as ordinary income to U.S. Shareholders to the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested
in additional shares of our common stock. To the extent such distributions paid by us to our stockholders taxed at individual rates are
attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions (&#x201c;Qualifying Dividends&#x201d;)
may be eligible for a current maximum tax rate of 20%. In this regard, it is anticipated that distributions paid by us will generally
not be attributable to dividends and, therefore, generally will not qualify for the 20% maximum rate applicable to Qualifying Dividends.
Distributions of our net capital gains (which are generally our realized net long-term capital gains in excess of realized net short-term
capital losses) properly reported by us as &#x201c;capital gain dividends&#x201d; will be taxable to a U.S. Shareholder as long-term capital
gains that are currently taxable at a maximum rate of 20% in the case of our stockholders taxed at individual rates, regardless of the
U.S. Shareholder&#x2019;s holding period for his, her or its shares of our common stock and regardless of whether paid in cash or reinvested
in additional common stock. Distributions in excess of our earnings and profits first will reduce a U.S. Shareholder&#x2019;s adjusted
tax basis in such stockholder&#x2019;s shares of our common stock and, after the adjusted basis is reduced to zero, will constitute capital
gains to such U.S. Shareholder.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may retain some or all of our realized net long-term
capital gains in excess of realized net short-term capital losses, but designate the retained net capital gain as a &#x201c;deemed distribution.&#x201d;
In that case, among other consequences, we will pay tax on the retained amount, each U.S. Shareholder will be required to include his,
her or its share of the deemed distribution in income as if it had been actually distributed to the U.S. Shareholder, and the U.S. Shareholder
will be entitled to claim a credit equal to his, her or its allocable share of the tax paid thereon by us. If the amount of tax that a
U.S. Shareholder is treated as having paid exceeds the tax such stockholder owes on the capital gain distribution, such excess generally
may be refunded or claimed as a credit against the U.S. Shareholder&#x2019;s other U.S. federal income tax obligations. The amount of the
deemed distribution net of such tax will be added to the U.S. Shareholder&#x2019;s adjusted tax basis for his, her or its shares of our
common stock. In order to utilize the deemed distribution approach, we must provide written notice to our stockholders prior to the expiration
of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a deemed distribution.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of determining (i)&#xa0;whether the
Annual Distribution Requirement is satisfied for any year and (ii)&#xa0;the amount of capital gain dividends paid for that year, we may,
under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the
taxable year in question. If we make such an election, the U.S. Shareholder will still be treated as receiving the dividend in the taxable
year in which the distribution is made. However, any dividend declared by us in October, November&#xa0;or December&#xa0;of any calendar
year, payable to our stockholders of record on a specified date in such a month and actually paid during January&#xa0;of the following
year, will be treated as if it had been received by our U.S. Shareholders on December&#xa0;31 of the year in which the dividend was declared.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to the reinvestment of dividends,
if a U.S. Shareholder owns shares of our common stock registered in its own name, the U.S. Shareholder will have all cash distributions
automatically reinvested in additional shares of our common stock unless the U.S. Shareholder opts out of the reinvestment of dividends
by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. Any distributions
reinvested will nevertheless remain taxable to the U.S. Shareholder. The U.S. Shareholder will have an adjusted tax basis in the additional
shares of our common stock purchased through the reinvestment equal to the amount of the reinvested distribution. The additional shares
will have a new holding period commencing on the day following the day on which the shares are credited to the U.S. Shareholder&#x2019;s
account.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an investor purchases shares of our common stock
shortly before the record date of a distribution, the price of the shares will include the value of the distribution. However, the stockholder
will be taxed on the distribution as described above, despite the fact that, economically, it may represent a return of his, her or its
investment.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A U.S. Shareholder generally will recognize taxable
gain or loss if the U.S. Shareholder sells or otherwise disposes of his, her or its shares of our common stock. The amount of gain or
loss will be measured by the difference between such U.S. Shareholder&#x2019;s adjusted tax basis in our common stock sold and the amount
of the proceeds received in exchange. Any gain arising from such sale or disposition generally will be treated as long-term capital gain
or loss if the U.S. Shareholder has held his, her or its shares for more than one year. Otherwise, it will be classified as short-term
capital gain or loss. However, any capital loss arising from the sale or disposition of shares of our common stock held for six months
or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital
gain deemed received, with respect to such shares. In addition, all or a portion of any loss recognized upon a disposition of shares of
our common stock may be disallowed if other shares of our common stock are purchased (whether through reinvestment of distributions or
otherwise) within 30 days before or after the disposition.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, U.S. Shareholders taxed at individual
rates currently are subject to a maximum U.S. federal income tax rate of 20% on their recognized net capital gain (i.e., the excess of
recognized net long-term capital gains over recognized net short-term capital losses, subject to certain adjustments), including any long-term
capital gain derived from an investment in our shares. Such rate is generally lower than the maximum rate on ordinary income currently
payable by such U.S. Shareholders. In addition, individuals with modified adjusted gross incomes in excess of $200,000 ($250,000 in the
case of married individuals filing jointly and $125,000 in the case of married individuals filing separately) and certain estates and
trusts are subject to an additional 3.8% tax on their &#x201c;net investment income,&#x201d; which generally includes gross income from
interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses),
reduced by certain deductions allocable to such income. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on
net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. Shareholders with net capital losses for
a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income
each year. Any net capital losses of a non-corporate U.S. Shareholder in excess of $3,000 generally may be carried forward and used in
subsequent years as provided in the Code. Corporate U. S. Stockholders generally may not deduct any net capital losses for a year, but
may carry back such losses for three years or carry forward such losses for five years.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under applicable Treasury regulations, if a U.S.
Shareholder recognizes a loss with respect to shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more
for a corporate U.S. Shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. Shareholder must
file with the IRS a disclosure statement on Form&#xa0;8886. Direct U.S. Shareholders of portfolio securities are in many cases excepted
from this reporting requirement, but under current guidance, U.S. Shareholders of a RIC are not excepted. Future guidance may extend the
current exception from this reporting requirement to U.S. Shareholders of most or all RICs. The fact that a loss is reportable under these
regulations does not affect the legal determination of whether the taxpayer&#x2019;s treatment of the loss is proper. U.S. Shareholders
should consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We (or the applicable withholding agent) will send
to each of our U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice reporting the amounts includible
in such U.S. Shareholder&#x2019;s taxable income for such year as ordinary income and as long-term capital gain. In addition, the U.S.
federal tax status of each year&#x2019;s distributions generally will be reported to the IRS (including the amount of dividends, if any,
eligible for the 20% maximum rate). Dividends paid by us generally will not be eligible for the dividends-received deduction or the preferential
tax rate applicable to Qualifying Dividends because our income generally will not consist of dividends. Distributions may also be subject
to additional state, local and foreign taxes depending on a U.S. Shareholder&#x2019;s particular situation.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be required to withhold U.S. federal income
tax (&#x201c;backup withholding&#x201d;) from all distributions to certain U.S. Shareholders (i)&#xa0;who fail to furnish us with a correct
taxpayer identification number or a certificate that such stockholder is exempt from backup withholding or (ii)&#xa0;with respect to whom
the IRS notifies us that such stockholder furnished an incorrect taxpayer identification number or failed to properly report certain interest
and dividend income to the IRS and to respond to notices to that effect. An individual&#x2019;s taxpayer identification number generally
is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. Shareholder&#x2019;s
federal income tax liability, provided that proper information is provided to the IRS.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">U.S. Shareholders that hold their common stock
through foreign accounts or intermediaries will be subject to U.S. withholding tax at a rate of 30% on dividends if certain disclosure
requirements related to U.S. accounts are not satisfied.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A U.S. Shareholder that is a tax-exempt organization
for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation
to the extent that it is considered to derive unrelated business taxable income (&#x201c;UBTI&#x201d;).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The direct conduct by a tax-exempt U.S. Shareholder
of the activities we propose to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes
and its business activities generally will not be attributed to its stockholders for purposes of determining their treatment under current
law. Therefore, a tax-exempt U.S. Shareholder generally should not be subject to U.S. taxation solely as a result of the stockholder&#x2019;s
ownership of our common stock and receipt of dividends with respect to such common stock. Moreover, under current law, if we incur indebtedness,
such indebtedness will not be attributed to a tax-exempt U.S. Shareholder. Therefore, a tax-exempt U.S. Shareholder should not be treated
as earning income from &#x201c;debt-financed property&#x201d; and dividends we pay should not be treated as &#x201c;unrelated debt-financed
income&#x201d; solely as a result of indebtedness that we incur. Legislation has been introduced in Congress in the past, and may be introduced
again in the future, which would change the treatment of &#x201c;blocker&#x201d; investment vehicles interposed between tax-exempt investors
and non-qualifying investments if enacted. In the event that any such proposals were to be adopted and applied to RICs, the treatment
of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules&#xa0;would apply if we were to invest
in certain real estate mortgage investment conduits or taxable mortgage pools, which we do not currently plan to do, that could result
in a tax-exempt U.S. Shareholder recognizing income that would be treated as UBTI. A tax-exempt U.S. Shareholder may also incur UBTI if
it finances its acquisition of shares with debt.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Taxation of Non-U.S. Shareholders</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following discussion only applies to certain
Non-U.S. Shareholders. Whether an investment in the shares is appropriate for a Non-U.S. Shareholder will depend upon that person&#x2019;s
particular circumstances. An investment in the shares by a Non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders
should consult their tax advisers before investing in our common stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions of our &#x201c;investment company
taxable income&#x201d; to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized
long-term capital losses) will be subject to withholding of federal tax at a 30% rate (or lower rate provided by an applicable treaty)
to the extent of our current and accumulated earnings and profits unless an applicable exception applies. No withholding is required with
respect to certain distributions if (i)&#xa0;the distributions are properly reported as &#x201c;interest-related dividends&#x201d; or &#x201c;short-term
capital gain dividends,&#x201d; (ii)&#xa0;the distributions are derived from sources specified in the Code for such dividends and (iii)&#xa0;certain
other requirements are satisfied. No assurance can be provided as to whether any of our distributions will be reported as eligible for
this exemption. If the distributions are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder, we will not
be required to withhold federal tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements, although
the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. Special certification requirements
apply to a Non-U.S. Shareholder that is a foreign trust, and to a foreign partnership and such entities are urged to consult their own
tax advisers.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Actual or deemed distributions of our net capital
gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale of our common stock, will generally not be
subject to U.S. federal withholding tax and generally will not be subject to U.S. federal income tax unless the distributions or gains,
as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under our reinvestment of dividends policy, if
a Non-U.S. Shareholder owns shares of our common stock registered in its own name, the Non-U.S. Shareholder will have all cash distributions
automatically reinvested in additional shares of our common stock unless the Non-U.S. Shareholder opts out of the reinvestment of dividends
by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. If the distribution
is a distribution of our investment company taxable income, is not reported by us as a short-term capital gains dividend or interest-related
dividend and it is not effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (or, if required by an applicable
income tax treaty, is not attributable to a U.S. permanent establishment of the Non-U.S. Shareholder), the amount distributed (to the
extent of our current or accumulated earnings and profits) will be subject to withholding of U.S. federal income tax at a 30% rate (or
lower rate provided by an applicable treaty) and only the net after-tax amount will be reinvested in our common stock. The Non-U.S. Shareholder
will have an adjusted tax basis in the additional shares of common stock purchased through the reinvestment equal to the amount reinvested.
The additional shares will have a new holding period commencing on the day following the day on which the shares are credited to the Non-U.S.
Shareholder&#x2019;s account.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The tax consequences to Non-U.S. Shareholders entitled
to claim the benefits of an applicable tax treaty or that are individuals that are present in the U.S. for 183 days or more during a taxable
year may be different from those described herein. Non-U.S. Shareholders are urged to consult their tax advisers with respect to the procedure
for claiming the benefit of a lower treaty rate and the applicability of foreign taxes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we distribute our net capital gains in the form
of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund
equal to the stockholder&#x2019;s allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain
the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a refund claim even if the Non-U.S. Shareholder
would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate
Non-U.S. Shareholder, distributions (both actual and deemed), and gains realized upon the sale of our common stock that are effectively
connected to a U.S. trade or business may, under certain circumstances, be subject to an additional &#x201c;branch profits tax&#x201d; at
a 30% rate (or at a lower rate if provided for by an applicable treaty).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We must generally report to our Non-U.S. Shareholder
and the IRS the amount of dividends paid during each calendar year and the amount of any tax withheld. Information reporting requirements
may apply even if no withholding was required because the distributions were effectively connected with the Non-U.S. Shareholder&#x2019;s
conduct of a United States trade or business or withholding was reduced or eliminated by an applicable income tax treaty. This information
also may be made available under a specific treaty or agreement with the tax authorities in the country in which the Non-U.S. Shareholder
resides or is established. Under U.S. federal income tax law, interest, dividends and other reportable payments may, under certain circumstances,
be subject to &#x201c;backup withholding&#x201d; at the applicable rate (currently 24%). Backup withholding, however, generally will not
apply to distributions to a Non-U.S. Shareholder of our common stock, provided the Non-U.S. Shareholder furnishes to us the required certification
as to its non-U.S. status, such as by providing a valid IRS Form&#xa0;W-8BEN,&#xa0;IRS Form&#xa0;W-8BEN-E, or IRS Form&#xa0;W-8ECI, or
certain other requirements are met. Backup withholding is not an additional tax but can be credited against a Non-U.S. Shareholder&#x2019;s
federal income tax, and may be refunded to the extent it results in an overpayment of tax and the appropriate information is timely supplied
to the IRS.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Legislation commonly referred to as the &#x201c;Foreign
Account Tax Compliance Act,&#x201d; or &#x201c;FATCA,&#x201d; generally imposes a 30% withholding tax on payments of certain types of income
to foreign financial institutions (&#x201c;FFIs&#x201d;) unless such FFIs either (i)&#xa0;enter into an agreement with the U.S. Treasury
to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that
have certain specified U.S. persons as substantial owners) or (ii)&#xa0;reside in a jurisdiction that has entered into an intergovernmental
agreement (&#x201c;IGA&#x201d;) with the United States to collect and share such information and are in compliance with the terms of such
IGA and any related laws or regulations implementing such IGA. The types of income subject to the tax include U.S. source interest and
dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce
U.S. source interest or dividends, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed
regulations, which state that taxpayers may rely on the proposed regulations until final regulations on issued. The information required
to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and certain transaction
activity within the holder&#x2019;s account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding
on certain payments to certain foreign entities that are not FFIs unless the foreign entity certifies that it does not have a greater
than 10% that is a specified U.S. person owner or provides the withholding agent with identifying information on each greater than 10%
owner that is a specified U.S. person. Depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through
which they hold their shares, Non-U.S. Shareholders could be subject to this 30% withholding tax with respect to distributions on their
shares. Under certain circumstances, a Non-U.S. Shareholder might be eligible for refunds or credits of such taxes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Non-U.S. Shareholders should consult their own
tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment
in the shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_012"></a>UNDERWRITING</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the terms and conditions of an underwriting agreement dated
[November] ___, 2024 (the &#x201c;Underwriting Agreement&#x201d;), the underwriters named below have agreed to purchase, and the Company
has agreed to sell to the underwriters, the number of common shares set forth opposite the name of each underwriter.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; margin-left: 1in">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">UNDERWRITER</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 2%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: center"><font style="font-size: 10pt">NUMBER
                                            OF SHARES</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">The Benchmark Company, LLC</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">[&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;]</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriting Agreement provides that the obligation of the underwriters
to purchase the shares included in this offering is subject to the approval of certain legal matters by counsel and satisfaction of certain
other conditions. The underwriters are obligated to purchase all the common shares sold in the offering, which represent 90% of the outstanding
voting securities of the Company. In addition, under the terms of the Underwriting Agreement, the Company has granted The Benchmark Company,
LLC (&#x201c;Benchmark&#x201d;) an option, exercisable within 30 days after the closing of the offering (&#x201c;Closing&#x201d;), to acquire
up to an additional 15% of the total number of common shares to be offered by the Company in the offering, solely for the purpose of covering
over-allotments (the &#x201c;Over-allotment Option&#x201d;).The Underwriting Agreement provides that the Company and C1 Advisors will indemnify
the underwriters against certain liabilities, including liabilities arising under the Securities Act of 1933, as amended, or to contribute
payments the underwriter may be required to make for any of these liabilities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with and upon closing of the offering, the Company agrees
to pay Benchmark a cash fee equal to seven percent (7.00%) of the gross proceeds from the sale of common shares in the offering. This
fee will be reduced by the amount of pre-offering fees the Company paid Benchmark for assessing the viability of the public offering and
for assisting with this offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriting Agreement provides that the Company is responsible
for all reasonable, necessary and accountable out-of-pocket expenses relating to the offering, including, (a)&#xa0;all filing fees and
communication expenses associated with the review of this offering by FINRA, (b)&#xa0;all fees, expenses and disbursements relating to
the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by Benchmark,
(c)&#xa0;the fees and expenses of the underwriters&#x2019; legal counsel, and (d)&#xa0;&#x201c;road show&#x201d; expenses for the offering.
In addition, the Company has agreed to pay Benchmark a non-accountable expense allowance equal to one percent (1%) of the gross proceeds
received by the Company from the sale of shares in the offering.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriting Agreement provides that: (i)&#xa0;the Company&#x2019;s
directors and officers and holders of the Company&#x2019;s outstanding shares as of the effective date of the registration statement will
enter into customary &#x201c;lock-up&#x201d; agreements in favor of Benchmark for a period of six (6)&#xa0;months from the date of the offering,
and (ii)&#xa0;each of the Company and any successors of the Company will agree, for a period of six (6)&#xa0;months from the closing,
that each will not (a)&#xa0;offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the
Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b)&#xa0;file
or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company
or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 73; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_013"></a>DESCRIPTION OF OUR CAPITAL STOCK</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>The following description is based on relevant
portions of the Maryland General Corporation Law (the &#x201c;MGCL&#x201d;) and on our Articles of Amendment and Restatement (the &#x201c;Charter&#x201d;)
and our Second Amended and Restated Bylaws (&#x201c;Bylaws&#x201d;). This summary may not contain all of the information that is important
to you, and we refer you to the MGCL and our Charter and Bylaws for a more detailed description of the provisions summarized below.</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of our Charter, our authorized
capital stock consists of 500,000,000 shares of common stock, par value $0.00001 per share. There are no outstanding options or warrants
to purchase our stock. Under Maryland law, our stockholders generally are not personally liable for our debts or obligations. Under our
Charter, the Board is authorized to classify and reclassify any authorized but unissued shares of stock into other classes or series of
stock and authorize the issuance of the shares of stock without obtaining stockholder approval. As permitted by the MGCL, our Charter
provides that the Board, without any action by our stockholders, may amend the Charter from time to time to increase or decrease the aggregate
number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following presents our outstanding classes
of securities as of [ ], 2024:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Title of Class</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount<br> Authorized</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount Held by<br> Us or for Our<br> Account</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount<br> Outstanding<br> Exclusive of<br> Amount Held by<br> Us or for Our<br> Account</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 57%; font: 10pt Times New Roman, Times, Serif; text-align: left">Common Stock</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">500,000,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2013;</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt">&#xa0;</td>
    <td style="width: 12%; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ </font><font style=" font-size: 10pt">&#x25cf; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</font></td><td style="width: 1%; font-size: 10pt; text-align: left">&#xa0;</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Common Stock</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All shares of our common stock will have equal
rights as to earnings, assets, voting, and distributions and other distributions and, when they are issued, will be duly authorized, validly
issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as and when authorized by the Board
and declared by us out of funds legally available therefor. The shares of our common stock have no preemptive, exchange, conversion or
redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract.
In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of
our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights
of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one
vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other
class or series of stock, the holders of our common stock possess exclusive voting power.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Preferred Stock</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Charter authorizes our Board to classify and
reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. The cost of any such reclassification
would be borne by our existing common stockholders. Prior to issuance of shares of each class or series, our Board is required by Maryland
law and by our Charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends
or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, our Board could authorize
the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a
transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest.
You should note, however, that any issuance of preferred stock must comply with the requirements of the Investment Company Act. The Investment
Company Act requires, among other things, that (1)&#xa0;immediately after issuance and before any dividend or other distribution is made
with respect to our common stock and before any purchase of common stock is made, such preferred stock together with all other senior
securities must not exceed an amount equal to 50% of our gross assets after deducting the amount of such dividend, distribution or purchase
price, as the case may be, and (2)&#xa0;the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect
two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two full years
or more. Certain matters under the Investment Company Act require the separate vote of the holders of any issued and outstanding preferred
stock. We believe that the availability for issuance of preferred stock will provide us with increased flexibility in structuring future
financings and acquisitions. However, we do not currently have any plans to issue preferred stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Limitation on Liability of Directors and Officers; Indemnification
and Advance of Expenses</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maryland law permits a Maryland corporation to
include in its charter a provision limiting the liability of its present and former directors and officers of the corporation and its
stockholders for money damages except for liability resulting from (a)&#xa0;actual receipt of an improper benefit or profit in money,
property or services or (b)&#xa0;active and deliberate dishonesty established by a final judgment as being material to the cause of action.
Our Charter contains such a provision which eliminates directors&#x2019; and officers&#x2019; liability for money damages to the maximum
extent permitted by Maryland law, subject to the requirements of the Investment Company Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maryland law requires a corporation (unless its
charter provides otherwise, which our Charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise,
in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that
capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments,
penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be
made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a)&#xa0;the
act or omission of the director or officer was material to the matter giving rise to the proceeding and (1)&#xa0;was committed in bad
faith or (2)&#xa0;was the result of active and deliberate dishonesty, (b)&#xa0;the director or officer actually received an improper personal
benefit in money, property or services or (c)&#xa0;in the case of any criminal proceeding, the director or officer had reasonable cause
to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse
judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly
received unless, in either, case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation
to advance reasonable expenses to a director or officer in advance of final disposition of a proceeding upon the corporation&#x2019;s receipt
of (a)&#xa0;a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct
necessary for indemnification by the corporation and (b)&#xa0;a written undertaking by him or her or on his or her behalf to repay the
amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Charter obligates us, to the maximum extent
permitted by Maryland law and subject to the requirements of the Investment Company Act, to indemnify any present or former director or
officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation,
real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner
or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of
his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding.
Our Charter also provides that, to the maximum extent permitted by Maryland law, we may pay certain expenses incurred by any such indemnified
person in advance of the final disposition of a proceeding upon receipt of (i)&#xa0;a written affirmation by such person of his or her
good faith belief the standard of conduct necessary for indemnification of such person by the Company has been met, and (i)&#xa0;an undertaking
by or on behalf of such indemnified person to repay amounts we have so paid if it is ultimately determined that indemnification of such
expenses is not authorized under the MGCL. In accordance with the Investment Company Act, we will not indemnify any person for any liability
to which such person would be subject by reason of such person&#x2019;s willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of his or her office.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our insurance policy does not currently provide
coverage for claims, liabilities and expenses that may arise out of activities that our present or former directors or officers have performed
for another entity at our request. There is no assurance that such entities will in fact carry such insurance. However, we note that we
do not expect to request our present or former directors or officers to serve another entity as a director, officer, partner or trustee
unless we can obtain insurance providing coverage for such persons for any claims, liabilities or expenses that may arise out of their
activities while serving in such capacities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Certain Provisions of the MGCL and Our Charter and Bylaws; Anti-Takeover
Measures</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The MGCL, including Subtitle 8 of Title 3, contains
provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise.
Our Charter and Bylaws also contain provisions that could make it more difficult for a potential acquirer to acquire us by means of a
tender offer, proxy contest or otherwise. These provisions of the MGCL and our Charter and Bylaws are expected to discourage certain coercive
takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the
Board. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of
our stockholders. These provisions could have the effect of depriving stockholders of an opportunity to sell their shares at a premium
over prevailing market prices by discouraging a third party from seeking to obtain control over us. Such attempts could have the effect
of increasing our expenses and disrupting our normal operations. We believe that the benefits of these provisions outweigh the potential
disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve
their terms. Our Board has considered these provisions and has determined that the provisions are in the best interests of us and our
stockholders generally.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 75; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Classified Board of Directors</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board is divided into three classes of directors
serving staggered three-year terms. Directors of each class are elected to serve for three-year terms and until their successors are duly
elected and qualify and each year one class of directors is elected by the stockholders. Additionally, under the MGCL, a director serving
on a classified board may only be removed for cause. A classified board may render a change in control of us or removal of our incumbent
management more difficult. We believe, however, that the longer time required to elect a majority of a classified Board will help to ensure
the continuity and stability of our management and policies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Election of Directors</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Bylaws provide that, subject to the special
rights of the holders of any class or series of preferred stock to elect directors, each director is elected by a plurality of all the
votes cast at a meeting of stockholders duly called and at which a quorum is present. There is no cumulative voting in the election of
directors. Pursuant to our Charter, the Board may amend the Bylaws to alter the vote required to elect directors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Number of Directors; Vacancies; Removal</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Charter provides that the number of directors
will be set by the Board in accordance with our Bylaws. Our Bylaws provide that a majority of our entire Board may at any time increase
or decrease the number of directors, provided however, that the number of directors may never be less than the minimum number required
by the MGCL or the Investment Company Act. Our Bylaws provide that, except as may be provided by the Board in setting the terms of any
class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the
remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy
will serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies,
subject to any applicable requirements of the Investment Company Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Charter provides that a director may be removed
only for cause, as defined in our Charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast
in the election of directors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Action by Stockholders</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the MGCL, stockholder action can be taken
only at an annual or special meeting of stockholders or by unanimous written consent in lieu of a meeting (unless the charter provides
for stockholder action by less than unanimous written consent, which our Charter does not). These provisions, combined with the requirements
of our Bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of
delaying consideration of a stockholder proposal indefinitely.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Advance Notice Provisions for Stockholder Nominations and Stockholder
Proposals</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Bylaws provide that with respect to an annual
meeting of stockholders, nominations of persons for election to the Board and the proposal of business to be considered by stockholders
at an annual meeting, may be made (1)&#xa0;pursuant to our notice of the meeting, (2)&#xa0;by the Board or (3)&#xa0;by a stockholder who
is entitled to vote at the meeting, who has complied with the advance notice procedures of our Bylaws and who is a stockholder of record
at the time of the annual meeting and at the time of giving notice pursuant to the advance notice procedures of our Bylaws. With respect
to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations
of persons for election to the Board at a special meeting may be made only (1)&#xa0;pursuant to our notice of the meeting, (2)&#xa0;by
the Board or (3)&#xa0;provided that the Board has determined that directors will be elected at the meeting, by a stockholder who is entitled
to vote at the meeting, who has complied with the advance notice provisions of the Bylaws and who is a stockholder of record at the time
of the special meeting and at the time of giving notice pursuant to the advance notice procedures of our Bylaws.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of requiring stockholders to give us
advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the
proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to
inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for
conducting meetings of stockholders. Although our Bylaws do not give the Board any power to disapprove stockholder nominations for the
election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors
or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third-party from
conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration
of such nominees or proposals might be harmful or beneficial to us and our stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 76; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Calling of Special Meetings of Stockholders</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Bylaws provide that special meetings of stockholders
may be called by the Board and certain of our officers. Additionally, our Bylaws provide that, subject to the satisfaction of certain
procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called
by the secretary of the Company upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled
to be cast at such meeting.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Approval of Extraordinary Corporate Action; Amendment of Charter
and Bylaws</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Maryland law, a Maryland corporation generally
cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar
transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders entitled to cast at least
two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of
these matters by a greater or lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our
Charter provides that, except as specifically provided elsewhere in the Charter, any action to be taken or approved by the affirmative
vote of stockholders entitled to cast a greater number of votes, under the MGCL, will be effective and valid if declared advisable by
the Board of Directors and taken or approved by the affirmative vote of stockholders entitled to caste a majority of all the votes entitled
to be cast. Our Charter also provides that certain charter amendments, any proposal for our conversion, whether by charter amendment,
merger or otherwise, from a closed-end company to an open-end company and any proposal for our liquidation or dissolution requires the
approval of the stockholders entitled to cast at least 80% of the votes entitled to be cast on such matter. However, if such amendment
or proposal is approved by a majority or more of our continuing directors (in addition to approval by the Board), such amendment or proposal
may be approved by a majority of the votes entitled to be cast on such a matter. The &#x201c;continuing directors&#x201d; are defined in
our Charter as (1)&#xa0;our current directors, (2)&#xa0;those directors whose nomination for election by the stockholders or whose election
by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3)&#xa0;any successor directors
whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of continuing
directors or the successor continuing directors then in office.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Charter and Bylaws provide that the Board will
have the exclusive power to adopt, alter, amend or repeal any provision of our Bylaws and to make new Bylaws.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>No Appraisal Rights or Preemptive Rights</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Charter provides that, except as may be provided
by the Board in setting the terms of shares of preferred stock, stockholders will not be entitled to any preemptive rights or to exercise
appraisal rights.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Control Share Acquisitions</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The MGCL allows closed-end funds to opt into the
Maryland&#x2019;s control share statute (the &#x201c;Control Share Acquisition Act&#x201d;), which allows a corporation to limit the voting
rights of shares acquired by certain large stockholders. We have not opted into, and do not expect to opt into, the Control Share Acquisition
Act unless the Board determines (which it presently has not) that doing so is not inconsistent with the Investment Company Act. However,
the Board may adopt a resolution at any time choosing to opt into and make us subject to, the Control Share Acquisition Act. Important
provisions of the Control Share Acquisition Act, which would apply if the Company opted to be subject to the act, are described below.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Control Share Acquisition Act provides that
control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by
a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by directors who are
employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which,
if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the
exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing
directors within one of the following ranges of voting power:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>one-tenth or more but less than one-third;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>one-third or more but less than a majority; or</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 77; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>a majority or more of all voting power.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The requisite stockholder approval must be obtained
each time an acquiror crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring
person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the
acquisition of control shares, subject to certain exceptions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A person who has made or proposes to make a control
share acquisition may compel the board of directors of the corporation to call a special meeting of stockholders to be held within 50
days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction
of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation
may itself present the question at any stockholders meeting.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If voting rights are not approved at the meeting
or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem
for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the
corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the
absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting
of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved
at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders
may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest
price per share paid by the acquirer in the control share acquisition.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Potentially inhibiting a closed-end investment
company&#x2019;s ability to utilize the Control Share Acquisition Act is Section&#xa0;18(i)&#xa0;of the Investment Company Act which provides
that &#x201c;every share of stock . . . issued by a registered management company . . . shall be a voting stock and have equal voting rights
with every other outstanding voting stock,&#x201d; thereby preventing the Company from issuing a class of shares with voting rights that
vary within that class. There are currently different views, however, on whether or not the Control Share Acquisition Act conflicts with
Section&#xa0;18(i)&#xa0;of the Investment Company Act. One view is that implementation of the Control Share Acquisition Act would conflict
with the Investment Company Act because it would deprive certain shares of their voting rights. Another view is that implementation of
the Control Share Acquisition Act would not conflict with the Investment Company Act because it would limit the voting rights of shareholders
who choose to acquire shares of stock that put them within the specified percentages of ownership rather than limiting the voting rights
of the shares themselves.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A November&#xa0;15, 2010 letter from the staff
of the SEC&#x2019;s Division of Investment Management took the position that a closed-end fund, by opting in to the Control Share Acquisition
Act, would be acting in a manner inconsistent with Section&#xa0;18(i)&#xa0;of the Investment Company Act. However, on May&#xa0;27, 2020,
the staff of the SEC&#x2019;s Division of Investment Management published an updated statement (the &#x201c;2020 Control Share Statute Relief&#x201d;)
withdrawing the November&#xa0;15, 2010 letter and replacing it with a new no-action position allowing a closed-end fund under Section&#xa0;18(i)&#xa0;to
opt-in to the Control Share Acquisition Act, provided that the decision to do so was taken with reasonable care in light of (1)&#xa0;the
board&#x2019;s fiduciary duties, (2)&#xa0;applicable federal and state law, and (3)&#xa0;the particular facts and circumstances surrounding
the action. The 2020 Control Share Statute Relief reflects only the enforcement position of the Staff and is not binding on the SEC or
any court, and some uncertainty around the application under the Investment Company Act of state control share statutes exists as a result
of recent federal and state court decisions that have found that certain control share acquisition provisions violate the Investment Company
Act. The Control Share Acquisition Act does not apply (a)&#xa0;to shares acquired in a merger, consolidation or share exchange if the
corporation is a party to the transaction or (b)&#xa0;to acquisitions approved or exempted by the charter or bylaws of the corporation.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Combinations</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Maryland law, &#x201c;business combinations&#x201d;
between a corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the
most recent date on which the interested stockholder becomes an interested stockholder (the &#x201c;Business Combination Act&#x201d;). These
business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer
or issuance or reclassification of equity securities. An interested stockholder is defined as:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>any person who beneficially owns 10% or more of the voting power of the corporation&#x2019;s outstanding voting stock; or</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial
owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A person is not an interested stockholder under
this statute if the board of directors approved in advance the transaction by which the stockholder otherwise would have become an interested
stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or
after the time of approval, with any terms and conditions determined by the board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After the five-year prohibition, any business combination
between the corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved
by the affirmative vote of at least:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style=" font-size: 10pt">&#x25cf;</font></td><td>two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested
stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested
stockholder.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These super-majority vote requirements do not apply
if the corporation&#x2019;s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of
cash or other consideration in the same form as previously paid by the interested stockholder for its shares.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statute permits various exemptions from its
provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder
becomes an interested stockholder. The Board has adopted a resolution that the Business Combination Act shall not apply to the Company,
any stockholder of the Company, nor any business combination with the Company, to the fullest extent permitted by Maryland law; provided,
however, that the Board may revoke this resolution, thereby, subjecting the Company and its stockholders to the Maryland Business Combination
Act at any time with or without notice. If this resolution is revoked or the Board does not otherwise approve a business combination,
the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Conflict with the Investment Company Act</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If and to the extent that any provision of the
MGCL, including the Control Share Acquisition Act (if we adopt a resolution to be subject thereto) and the Business Combination Act, or
any provision of our Charter or Bylaws conflicts with any provision of the Investment Company Act, the applicable provision of the Investment
Company Act will control.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exclusive Forum</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Charter requires that, unless we consent in
writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that Court does not have jurisdiction,
the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i)&#xa0;any
Internal Corporate Claim (as such term is defined in the MGCL), (ii)&#xa0;any derivative action or proceeding brought on behalf of the
Company, (iii)&#xa0;any action asserting a breach of the standard of conduct by a director or a claim of breach of any duty owed by a
director or officer of the Company to the Company or to the directors or stockholders of the Company, or (iv)&#xa0;any action asserting
a claim against the Company or any director or officer or other employee of the Company arising pursuant to any provision of the MGCL,
the bylaws, or this charter, or (v)&#xa0;any other action asserting a claim against the Company or any director or officer or other employee
of the Company that is governed by the internal affairs doctrine under Maryland law.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is uncertainty as to whether a court would
enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules&#xa0;and regulations thereunder.
In addition, this provision may increase costs for stockholders in bringing a claim against us or our directors, officers or other agents.
Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The exclusive forum selection provision in our
Charter may limit our stockholders&#x2019; ability to obtain a favorable judicial forum for disputes with us or our directors, officers
or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum
selection provision, a court could rule&#xa0;that such provision is inapplicable or unenforceable.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 79; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_014"></a>CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT
AND REGISTRAR</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our securities are held by [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;] pursuant to a custodian
agreement. The principal business address of [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;]. [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;] serves as our transfer agent, distribution paying agent and registrar. The principal
business address of [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;].</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_015"></a>LEGAL MATTERS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dentons US LLP, located at 1900 K Street NW, Washington
D.C. 20006, serves as our legal counsel. Certain legal matters regarding the validity of the shares offered hereby will be passed upon
for us by Miles&#xa0;&amp; Stockbridge P.C., located at 100 Light Street, Baltimore, MD 21202.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Faegre Drinker Biddle&#xa0;&amp; Reath LLP, located
at 2200 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402, serves as legal counsel to the managing underwriter.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="pros_016"></a>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements for the Company have been
included herein and in the registration statement in reliance upon the report of [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;], our independent registered public accounting firm,
appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 80; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AVAILABLE INFORMATION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration statement
on Form&#xa0;N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the shares of our common
stock offered by this prospectus. The registration statement contains additional information about us and the shares of our common stock
being offered by this prospectus.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
file with or submit to the SEC annual, semi-annual, and monthly reports, proxy statements and other information meeting the informational
requirements of the </font>Exchange Act and the Investment Company Act. The SEC maintains an Internet site that contains reports, proxy
and information statements and other information filed electronically by us with the SEC which are available on the SEC&#x2019;s website
at <font style="text-decoration:underline">http://www.sec.gov</font>. This information will also be available free of charge by contacting us at 228 Hamilton Avenue, 3<sup>rd
</sup>Floor, Palo Alto, CA 94301, calling us at (650) 374-7800 or visiting our corporate website located at https://c1fund.com.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTICE OF PRIVACY POLICY AND PRACTICES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="padding: 1pt 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FACTS</b></font></td>
    <td style="padding: 1pt 3pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHAT DOES C1 FUND INC. (THE &#x201c;FUND&#x201d;) DO WITH YOUR PERSONAL INFORMATION?</font></td></tr>
  <tr>
    <td style="padding: 1pt 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Why?</b></font></td>
    <td style="padding: 1pt 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial companies choose how they share your personal information.&#xa0;&#xa0;Federal law gives consumers the right to limit some but not all sharing.&#xa0;&#xa0;Federal law also requires us to tell you how we collect, share, and protect your personal information.&#xa0;&#xa0;Please read this notice carefully to understand what we do.</font></td></tr>
  <tr>
    <td style="padding: 1pt 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What?</b></font></td>
    <td style="padding: 1pt 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The types of personal information we collect and share depend on the product or service you have with us.&#xa0;&#xa0;This information can include:</font></td></tr>
  <tr>
    <td style="padding: 1pt 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid">&#xa0;</td>
    <td style="padding: 1pt 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Name,
Address, Social Security number</font></td></tr>
  <tr>
    <td style="padding: 1pt 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid">&#xa0;</td>
    <td style="padding: 1pt 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Proprietary
information regarding your beneficiaries</font></td></tr>
  <tr>
    <td style="padding: 1pt 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid">&#xa0;</td>
    <td style="padding: 1pt 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Information
regarding your earned wages and other sources of income</font></td></tr>
  <tr>
    <td style="padding: 1pt 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid">&#xa0;</td>
    <td style="padding: 1pt 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When you are <i>no longer </i>our customer, we continue to share your information as described in this notice.</font></td></tr>
  <tr>
    <td style="padding: 1pt 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How?</b></font></td>
    <td style="padding: 1pt 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All financial companies need to share customers&#x2019; personal information to run their everyday business.&#xa0;&#xa0;In the section below, we list the reasons financial companies can share their customers&#x2019; personal information; the reasons C1 Fund Inc. chooses to share; and whether you can limit this sharing.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; width: 76%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons we can share your personal information</b></font></td>
<td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Does the<br> Fund<br> share?</b></font></td>
<td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Can you<br> Limit this<br> sharing?</b></font></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif"><b>For our everyday business purposes </b></font>-<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</font></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top"><b>For our marketing purposes &#x2014;<br> to offer our products and services to you</b></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We don&#x2019;t share</font></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For joint marketing with other financial companies</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We don&#x2019;t share</font></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For our affiliates to support everyday business functions - <br> </b></font><font style="font-size: 10pt">information about your transactions supported by law</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</font></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For our affiliates&#x2019; everyday business purposes &#x2014; <br> </b></font><font style="font-size: 10pt">Information about your creditworthiness</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We don&#x2019;t share</font></td></tr>
<tr>
<td style="border-bottom: Black 1pt solid; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For non-affiliates to market to you</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We don&#x2019;t share</font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Questions?</b>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Call
us at: (650) 374-7800</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding-right: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 40%; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Who are we</i></font></td>
    <td style="border-top: black 1pt solid; padding-right: 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 60%; padding-left: 10pt">&#xa0;</td></tr>
  <tr>
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Who is providing this notice?</b></font></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; padding-left: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C1 Fund Inc.</font></td></tr>
  <tr>
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>What we do</i></font></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; vertical-align: top; padding-left: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How does </b></font><b><font style="font-size: 10pt">C1 Fund Inc. protect my personal information?</font></b></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; padding-left: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.&#xa0;&#xa0;These measures include computer safeguards and secured files and buildings.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Why does </b></font><b><font style="font-size: 10pt">C1 Fund Inc. collect my personal information?</font></b></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; padding-left: 10pt">
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We collect your personal information, for example</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;to
know investors&#x2019; identities and thereby prevent unauthorized access to confidential information;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;design
and improve the products and services we offer to investors;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;comply
with the laws and regulations that govern us.</p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Why can&#x2019;t I limit all sharing?</b></font></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; padding-left: 10pt">
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal law gives you the right to limit only</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;sharing
for affiliates&#x2019; everyday business purposes &#x2014; information about your creditworthiness</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;affiliates
from using your information to market to you</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;sharing
for non-affiliates to market to you</p>
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">State laws and individual companies may give you additional
    rights to limit sharing.</p></td></tr>
  <tr>
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Definitions</i></font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 3pt; vertical-align: top; padding-left: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Affiliates</b></font></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; padding-left: 10pt">
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies related by common ownership or control. They can
    be financial and nonfinancial companies.</p>
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;C1
Fund Inc. has affiliates.</p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nonaffiliates</b></font></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; padding-left: 10pt">
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies not related by common ownership or control. They
    can be financial and nonfinancial companies.</p>
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;C1
Fund Inc. does not share with nonaffiliates so they can market to you.</p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Joint Marketing</b></font></td>
    <td style="border-right: black 1pt solid; padding-right: 3pt; border-bottom: black 1pt solid; padding-left: 10pt">
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A formal agreement between nonaffiliated financial companies
    that together market financial products or services to you.</p>
    <p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style=" font-size: 10pt">&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;C1
Fund Inc. doesn&#x2019;t jointly market.</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>C1 FUND INC.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>[10,000,000] Shares of Common Stock</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>[$10] per Share</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRELIMINARY PROSPECTUS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Benchmark Company</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>[Date]</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;,  &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;(25 days after the date of this prospectus),
federal securities laws may require all dealers that effect transactions in our common stock to deliver a prospectus. This is in addition
to the dealers&#x2019; obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 83; Options: Last -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2427547d1_sai.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #d2222a">The information in this preliminary statement of additional
information is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S.
Securities and Exchange Commission is effective. This preliminary statement of additional information is not an offer to sell these securities
and it is not soliciting an offer to buy those securities in any jurisdiction where the offer or sale is not permitted.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #d2222a"><b>SUBJECT TO COMPLETION, DATED
November 12, 2024</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="tm2427547d1_saiimg01.jpg" alt="" style="height: 132px; width: 140px"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>


<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>C1 Fund Inc.</b></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[10,000,000]
</b></font><b>Shares of Common Stock<br>
$[10] per Share</b></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>STATEMENT OF ADDITIONAL INFORMATION</b></p>


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">C1
Fund Inc. (the &#x201c;Company&#x201d;) is a non-diversified, closed-end management investment company with a limited operating history.
This Statement of Additional Information (&#x201c;SAI&#x201d;) relating to shares of common stock does not constitute a prospectus, but
should be read in conjunction with the prospectus relining thereto dated ________, 2024. This SAI, which is not a prospectus, does not
include all information that a prospective investor should consider before purchasing common shares, and investors should obtain and read
the prospectus prior to purchasing such shares. A copy of the prospectus may be obtained without charge by calling (650) 374-7800. You
may also obtain a copy of the prospectus on the Securities and Exchange Commission&#x2019;s (the &#x201c;SEC&#x201d;) website (http://</font>www.sec.gov).
Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the prospectus.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">References to the Investment Company Act of 1940,
as amended (the &#x201c;Investment Company Act&#x201d;), or other applicable law, will include any rules&#xa0;promulgated thereunder and
any guidance, interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, including court
interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in"><b>This Statement of Additional Information is dated [_____],
2024.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#sai_001"><font style="font-size: 10pt">INVESTMENT OBJECTIVE
    AND POLICIES</font></a></td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#sai_001"><font style="font-size: 10pt">S-3</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#sai_002"><font style="font-size: 10pt">INVESTMENT POLICIES AND TECHNIQUES</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#sai_002"><font style="font-size: 10pt">S-4</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#sai_003"><font style="font-size: 10pt">MANAGEMENT OF THE COMPANY</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#sai_003"><font style="font-size: 10pt">S-5</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#sai_004"><font style="font-size: 10pt">CONFLICTS OF INTEREST</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#sai_004"><font style="font-size: 10pt">S-16</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#sai_005"><font style="font-size: 10pt">CLOSED-END FUND STRUCTURE</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#sai_005"><font style="font-size: 10pt">S-18</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#sai_006"><font style="font-size: 10pt">CONTROL PERSONS AND PRINCIPAL
    SHAREHOLDERS</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#sai_006"><font style="font-size: 10pt">S-18</font></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#sai_007"><font style="font-size: 10pt">PORTFOLIO TRANSACTIONS AND BROKERAGE</font></a></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><a href="#sai_007"><font style="font-size: 10pt">S-19</font></a></td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_001"></a>INVESTMENT
OBJECTIVE AND POLICIES</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Restrictions</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our investment objective and our investment policies
and strategies described in this prospectus, except for the seven investment restrictions designated as fundamental policies under this
caption, are not fundamental and may be changed by the Board without stockholder approval.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As referred to above, the following seven investment
restrictions are designated as fundamental policies and as such cannot be changed without the approval of the holders of a majority of
our outstanding voting securities:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.45in">1.</td><td>We may not borrow money, except as permitted by (i)&#xa0;the Investment Company Act, or interpretations or modifications by the SEC,
SEC staff or other authority with appropriate jurisdiction, or (ii)&#xa0;exemptive or other relief or permission from the SEC, SEC staff
or other authority with appropriate jurisdiction;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.45in">2.</td><td>We may not engage in the business of underwriting securities issued by others, except to the extent that we may be deemed to be an
underwriter in connection with the disposition of portfolio securities;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.45in">3.</td><td>We may not purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical commodities
do not include futures contracts with respect to securities, securities indices, currency or other financial instruments;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.45in">4.</td><td>We may not purchase or sell real estate, which term does not include securities of companies which deal in real estate or mortgages
or investments secured by real estate or interests therein, except that we reserve freedom of action to hold and to sell real estate acquired
as a result of our ownership of securities;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.45in">5.</td><td>We may not make loans, except to the extent permitted by (i)&#xa0;the Investment Company Act, or interpretations or modifications
by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii)&#xa0;exemptive or other relief or permission from the
SEC, SEC staff or other authority with appropriate jurisdiction;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.45in">6.</td><td>We may not issue senior securities, except to the extent permitted by (i)&#xa0;the Investment Company Act, or interpretations or modifications
by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii)&#xa0;exemptive or other relief or permission from
the SEC, SEC staff or other authority with appropriate jurisdiction; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.45in">7.</td><td>We may not concentrate our investments in a particular industry, as that term is used in the Investment Company Act, except that we
will concentrate our investments in companies operating in one or more industries within the digital asset technology group of industries.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The latter part of certain of our fundamental investment
restrictions <i>(i.e., </i>the references to &#x201c;except to the extent permitted by (i)&#xa0;the Investment Company Act, or interpretations
or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii)&#xa0;exemptive or other relief or
permission from the SEC, SEC staff or other authority with appropriate jurisdiction&#x201d;) provides us with flexibility to change our
limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions
provides the necessary flexibility to allow our Board to respond efficiently to these kinds of developments without the delay and expense
of a stockholder meeting.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever an investment policy or investment restriction
set forth in this prospectus states a maximum percentage of assets that may be invested in any security or other asset or describes a
policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of our
acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values, assets or other
circumstances or any subsequent rating change made by a rating agency (or as determined by the Adviser if the security is not rated by
a rating agency) will not compel us to dispose of such security or other asset. Notwithstanding the foregoing, we must always be in compliance
with the borrowing policies set forth above.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><i>Non-Fundamental
Policy: We </i></font>will not change our policy of investing, under normal market conditions, at least 80% of our total assets in equity
and equity-linked securities of companies principally engaged in the digital asset services and unless we provide stockholders at least
60 days&#x2019; written notice before implementation of the change in compliance with U.S. Securities and Exchange Commission (&#x201c;SEC&#x201d;)
rules.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_002"></a>INVESTMENT
POLICIES AND TECHNIQUES</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following information supplements the discussion
of our investment objective, policies and techniques that are described in the prospectus. We may invest in the following instruments
and use the following investment techniques, subject to any limitations set forth in the prospectus. There is no guarantee we will acquire
all of the types of securities or use all of the investment techniques that are described herein.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Transitional or restructuring situations</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may invest in companies involved in (or that
are the target of) acquisition attempts or tender offers or in companies involved in work-outs, liquidations, spin-offs, reorganizations,
bankruptcies, refinancing and similar circumstances involving material changes or events. In any investment opportunity involving any
such type of transitional or restructuring situation, there exists the risk that the contemplated transaction or event will be unsuccessful,
take considerable time or result in a distribution of cash or a new security the value of which is less than the purchase price of the
original security or other financial instrument. Similarly, if an anticipated transaction or reorganization or event does not in fact
occur, we may be required to sell our investment at a loss.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Swaps</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
do not anticipate that swaps will be a significant </font>part of our investments. However, to a limited degree, may invest swaps, which
are a type of derivative. Swap agreements involve the risk that the party with which we have entered into the swap will default on its
obligation to pay us and the risk that we will not be able to meet our obligations to pay the other party to the agreement. In order to
seek to hedge the value of our portfolio, to hedge against increases in our cost associated with interest payments on any outstanding
borrowings or to seek to increase our return, we may enter into swaps, including interest rate swap, total return swap (sometimes referred
to as a &#x201c;contract for difference&#x201d;) and/or credit default swap transactions. In interest rate swap transactions, there is a
risk that yields will move in the direction opposite of the direction anticipated by us, which would cause us to make payments to our
counterparty in the transaction that could adversely affect our performance. In addition to the risks applicable to swaps generally (including
counterparty risk, high volatility, illiquidity risk and credit risk), credit default swap transactions involve special risks because
they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid
the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other
indication of financial difficulty).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Historically, swap transactions have been individually
negotiated non-standardized transactions entered into in OTC markets and have not been subject to the same type of government regulation
as exchange-traded instruments. However, since the global financial crisis, the OTC derivatives markets have become subject to comprehensive
statutes and regulations. In particular, in the United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the
 &#x201c;Dodd-Frank Act&#x201d;), signed into law by President Obama on July&#xa0;21, 2010, requires that certain derivatives with U.S. persons
must be executed on a regulated market and a substantial portion of OTC derivatives must be submitted for clearing to regulated clearinghouses.
As a result, swap transactions entered into by us may become subject to various requirements applicable to swaps under the Dodd-Frank
Act, including clearing, exchange-execution, reporting and recordkeeping requirements, which may make it more difficult and costly for
us to enter into swap transactions, and may also render certain strategies in which we might otherwise engage impossible or so costly
that they will no longer be economical to implement. Furthermore, the number of counterparties that may be willing to enter into swap
transactions with us may also be limited if the swap transactions with us are subject to the swap regulation under the Dodd-Frank Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Credit default and total return swap agreements
may effectively add leverage to our portfolio because, in addition to our portfolio, we would be subject to investment exposure on the
notional amount of the swap. Total return swap agreements are subject to the risk that a counterparty will default on its payment obligations
to us thereunder. We are not required to enter into swap transactions for hedging purposes or to enhance income or gain and may choose
not to do so. In addition, the swaps market is subject to a changing regulatory environment. It is possible that regulatory or other developments
in the swaps market could adversely affect our ability to successfully use swaps.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent we invest in forward contracts and
swaps, we intend to rely on the &#x201c;limited derivatives user&#x201d; exception in Rule&#xa0;18f-4 under the Investment Company Act to
enter into such derivatives transactions, notwithstanding the restrictions on the issuance of &#x201c;senior securities&#x201d; under Section&#xa0;18
of the Investment Company Act. To maintain our qualification as a &#x201c;limited derivatives user,&#x201d; we will limit our &#x201c;derivatives
exposure&#x201d; to no more than 10% of the value of our net assets subject to exclusions for certain currency or interest rate hedging
transactions (as calculated in accordance with Rule&#xa0;18f-4). If we fail to maintain our qualification as a &#x201c;limited derivatives
user&#x201d; as defined in Rule&#xa0;18f-4 and seek to enter into derivatives transactions, we will be required to establish a comprehensive
derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager
and to provide additional disclosure both publicly and to the SEC regarding our derivatives positions.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_003"></a>MANAGEMENT
OF THE COMPANY</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Board of Directors</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Board Composition</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board consists of [ seven ] members. [
The Board is divided into three classes, with the members of each class serving staggered, three-year terms; however, the initial
members of the three classes have initial terms of one, two and three years, respectively. The terms of our Class&#xa0;I directors
will expire at the [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; annual meeting of stockholders; the terms of our
Class&#xa0;II director will expire at the [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ] annual meeting of stockholders; and the
terms of our Class&#xa0;III directors will expire at the [&#xa0;&#xa0;&#xa0;] annual meeting of stockholders. [ _____ ] and
[ _____ ] serve as a Class&#xa0;I director (with a term expiring
in [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ]); [ _____ ] and
[ _____ ] serve as a Class&#xa0;II director (with a term expiring
in [2027]); and [ _____ ],
[ _____ ] and
[ _____ ] serve as a Class&#xa0;III director (with a term expiring
in [&#xa0;&#xa0;&#xa0; ]). ]</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Independent Directors</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A majority of the Board consists of directors who
are not &#x201c;interested persons&#x201d; of the Company, as defined in Section&#xa0;2(a)(19) of the Investment Company Act (&#x201c;independent
directors&#x201d;).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Consistent with these considerations, after review
of all relevant transactions and relationships between each director, or any of his or her family members, and the Company, the Adviser,
or of any of their respective affiliates, the Board has determined that Lake Dai, Mathew Krna, Jeffery H. Singer and Sara Wardell-Smith
qualify as independent directors. Each director who serves on the Audit Committee is an independent director for purposes of Rule&#xa0;10A-3
under the Exchange Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Interested Directors</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dr.&#xa0;Najamul Kidwai, Michael (Xu) Zhao and
Michael Lempres are each considered an &#x201c;interested person&#x201d; (as defined in Section&#xa0;2(a)(19) of the Investment Company
Act) of the Company since each has a beneficial ownership interest in the Adviser.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Board Leadership Structure and Role in Risk Oversight</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Overall responsibility for our oversight rests
with the Board. We have entered into the Investment Advisory Agreement pursuant to which the Adviser will manage the Company on a day-to-day
basis. The Board is responsible for overseeing the Adviser and our other service providers in accordance with the provisions of the Investment
Company Act, applicable provisions of state and other laws and our charter. The Board is composed of seven members, four of whom are independent
directors. The Board meets at regularly scheduled quarterly meetings each year. In addition, the Board may hold special in-person or telephonic
meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described
below, the Board has established a Nominating and Corporate Governance Committee, a Compensation Committee and an Audit Committee, and
may establish ad hoc committees or working groups from time to time, to assist the Board in fulfilling its oversight responsibilities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board has appointed Michael Lempres to serve
in the role of Chairman of the Board. Mr.&#xa0;Lempres is considered an interested director because he is a controlling person of the
Adviser. The Chairman&#x2019;s role is to preside at all meetings of the Board and to act as a liaison with the Adviser, counsel and other
directors generally between meetings. The Chairman serves as a key point person for dealings between management and the directors. The
Chairman also may perform such other functions as may be delegated by the Board from time to time. The Board reviews matters related to
its leadership structure annually. The Board believes that Mr.&#xa0;Lempres&#x2019; history with the Company, familiarity with the Adviser&#x2019;s
investment platform and extensive experience investing in and managing early-stage investments qualifies him to serve as Chairman of the
Board. The Board does not have a lead independent director. However, Mr.&#xa0;Jeffrey Singer, the chair of the Audit Committee, is an
independent director and acts as a liaison between the independent directors and management. The Board believes that its leadership structure
is appropriate in light of the Company&#x2019;s characteristics and circumstances because the structure allocates areas of responsibility
among the individual directors and the committees in a manner that encourages effective oversight. The Board also believes that its size
creates a highly efficient governance structure that provides ample opportunity for direct communication and interaction between the Adviser
and the Board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to a number of risks, including
investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board&#x2019;s general oversight
of the Company and is addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within
the responsibilities of the Adviser and other service providers (depending on the nature of the risk), which carry out our investment
management and business affairs. The Adviser and other service providers employ a variety of processes, procedures and controls to identify
various events or circumstances that give rise to risks, to lessen the probability of their occurrence and to mitigate the effects of
such events or circumstances if they do occur. Each of the Adviser and other service providers has their own independent interest in risk
management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes
that it is not possible to identify all of the risks that may affect the Company or to develop processes and controls to eliminate or
mitigate their occurrence or effects. As part of its regular oversight of the Company, the Board interacts with and reviews reports from,
among others, the Adviser, our Chief Compliance Officer, our independent registered public accounting firm and counsel, as appropriate,
regarding risks faced by the Company and applicable risk controls. The Board may, at any time and in its discretion, change the manner
in which it conducts risk oversight.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Biographical Information</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Brief biographies of our officers and directors
are set forth below. Also included below following each biography is a brief discussion of the specific experience, qualifications, attributes
or skills that led our Board to conclude that the applicable director should serve on our Board at this time.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 12%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><b>Name and Age</b></p></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 10%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><b>Position(s)<br>
    Held with<br>
    Company</b></p></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 15%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><b>Term at Office<br>
    and<br>
    Length<br>
    of Time Served</b></p></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 33%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><b>Principal
    Occupation(s)<br>
    During Past 5 Years</b></p></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 10%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><b>Number of<br>
    Portfolios in<br>
    Fund<br>
    Complex<br>
    Overseen by<br>
    Director</b></p></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 15%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><b>Other<br>
    Directorships<br>
    Held by<br>
    Director<br>
    During Past 5 Years</b></p></td></tr>
  <tr style="vertical-align: top">
    <td colspan="11" style="padding-top: 2pt; padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interested Directors</i></b></font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.&#xa0;Najamul Kidwai, 55</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, President, </font><font style="font-size: 10pt">Chief Executive Officer and Investment Committee member </font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director since October&#xa0;2024; Term expires [year ]</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Founder, Chairman and&#xa0;&#xa0;Director of Crypto 1 Acquisition Corp (2021 &#x2013; 2022); Venture Partner and Investment Committee Member of Frontier Ventures (2016 &#x2013; present); Co-Founder and Director of EQUIAM (venture capital) (2017 &#x2013; present) ] [Neurable; ToTheNew Ventures; TransFi; and Chainge Finance]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crypto 1 Acquisition Corp; EQUIAM,; ToTheNew Ventures [ other directorships ]</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael (Xu) Zhao, 41</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Vice Chairman and Investment Committee member</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director since October&#xa0;2024; Term expires [year ]</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Founder, Chief Executive Officer and Director of Crypto 1 Acquisition Corp (2021 &#x2013; 2022); Co-Chairman of the Hong Kong Blockchain Association (2018 &#x2013; present); Executive Chairman of International Digital Currency Markets (2017 &#x2013; present) ]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crypto 1 Acquisition Corp; Hong Kong Blockchain Association [ , other directorships ]</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Lempres, 64 </font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Chairman and Investment Committee Member</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director since October&#xa0;2024; Term expires [year ]</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Chairman of Silvergate Capital Corporation (2021 &#x2013; present; Mayor and City Councilmember, Town of Atherton, California (2014 &#x2013; 2020); Executive in Residence at Andreesen Horowitz (venture capital) (2018 &#x2013; 2021); Chief Legal&#xa0;&amp; Risk Officer for Coinbase Inc. (cryptocurrency exchange) (2017 -2019 ) ]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silvergate Capital Corp. [ , other directorships ]</font></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td colspan="11" style="padding-top: 2pt; padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Independent Directors</i></b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lake Dai, 49</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director since October&#xa0;2024; Term expires [year ]</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="width: 33%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Founder and Managing Partner, Sancus Ventures (2022-present); Applied AI Adjunct Professor and Advisory Board Member of CMU Technical Entrepreneur Coaching Hub, Carnegie Mellon University (2016-present); Co-founder and Vice Chair, Benevolent AI Future (2023-present); President and Chairwoman, Hua Yan Science and Technology Association (2021-2022); Partner, LDV Partners (2016-2022) ]</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="text-align: center; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;]</font></td>
    <td style="width: 1%">&#xa0;</td>
    <td style="text-align: center; width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Gemological Institute of America, Kubit; Benevolent AI Future; Hua Yan Science and Technology Association ]&#xa0;&#xa0;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mathew Krna, 46</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director since October&#xa0;2024; Term expires [year ]</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Founder and Managing Partner, Two Meters Capital LLC (2024-present); Managing Partner, Ladera Venture Partners, (2020-present); Venture Partner, Alpha Partners (2020-present); CEO, APTM (2021-2023); Co-Founder and Managing Partner, Princeville Global (2015-2020) ]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Doctor on Demand; Dreamlines GmbH; Remitly (board observer) ]&#xa0;&#xa0;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffery H. Singer, 60</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director since October&#xa0;2024; Term expires [year ]</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Chief Operating Officer, doTERRA International LLC (2023-present); Professional in Residence at Utah Valley University (2021-present); Managing Director, Singer Global Management Group (2021-present); CEO, YBA Kanoo (2019-2020) ]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Shatranj Capital Partners; doTERRA International LLC ]</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sara Wardell-Smith, 53</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director since October&#xa0;2024; Term expires [year ]</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Nyca, Advisor (2021-present); Head of Business Solutions &#x2013; North America, Visa (2020-2021); FTV Capital, Advisor (2019-2020); Wells Fargo, Executive Vice President (1995-2019) ]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#xa0;&#xa0;]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Revolut U.S.; CLS Group; R&amp;T Deposit Solutions; Axos Financial; Provenance Blockchain Foundation]&#xa0;&#xa0;</font></td></tr>
  <tr style="vertical-align: top">
    <td colspan="11" style="padding-top: 2pt; padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Officers</i></b></font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.&#xa0;Najamul Kidwai, 55</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive Officer </font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer since August&#xa0;2024</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Founder, Chairman and&#xa0;&#xa0;Director of Crypto 1 Acquisition Corp (2021 &#x2013; 2022); Venture Partner and Investment Committee Member of Frontier Ventures (2016 &#x2013; present); Co-Founder and Director of EQUIAM (venture capital) (2017 &#x2013; present) ] [ positions and dates at Neurable, ToTheNew Ventures, TransFi and Chainge Finance ]</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
    <td>&#xa0;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td></tr>
</table>


<p style="margin: 0">&#xa0;</p>


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="margin: 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-top: 2pt; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Hytha, 70</font></td>
    <td style="padding-top: 2pt; width: 1%">&#xa0;</td>
    <td style="padding-top: 2pt; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary, Treasurer and Chief Financial Officer</font></td>
    <td style="padding-top: 2pt; width: 1%">&#xa0;</td>
    <td style="padding-top: 2pt; width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary, Treasurer and Chief Financial Officer since August&#xa0;2024</font></td>
    <td style="padding-top: 2pt; width: 1%">&#xa0;</td>
    <td style="padding-top: 2pt; width: 33%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Chief Financial Officer of Crypto 1 Acquisition Corp (2021 &#x2013; 2022); Founder and Managing Partner for New Wave Partners Inc. (2008 &#x2013; present). ]</font></td>
    <td style="padding-top: 2pt; width: 1%">&#xa0;</td>
    <td style="padding-top: 2pt; text-align: center; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
    <td style="padding-top: 2pt; width: 1%">&#xa0;</td>
    <td style="padding-top: 2pt; text-align: center; width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ CCO Name ]</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer since [month ] 2024</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: center">&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: center">&#xa0;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&#xa0;The address for each Director and officer is c/o C1 Fund
Inc., 228 Hamilton Avenue, 3rd Floor, Palo Alto, CA 94301.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Independent Directors</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Lake
Dai. </b></font>Ms.&#xa0;Dai is a National Association of Corporate Directors certified director with experience serving on audit, risk,
and finance committees. She is the Founder and Managing Partner of Sancus Ventures, a venture firm that invests in AI and blockchain software
infrastructure such as distributed computing, blockchain data infrastructure, and regulated platform for Web3 APIs. She was employee #84
of Alibaba and an early team member of Apple and Yahoo!. Beyond her industry background, Ms.&#xa0;Dai is an Adjunct Professor of Applied
AI at Carnegie Mellon University and an author of various machine learning patents. She also taught blockchain technology as part of master
of engineering programs. Currently, Ms.&#xa0;Dai serves as a Board Governor and a member of the Audit&#xa0;&amp; Risk Committee, Finance
Committee, and the Lab&#xa0;&amp; Research Committee at GIA (Gemological Institute of America). Additionally, she is an independent director
of Kubit.ai, a SAAS company specializing in data visualization. &#x201c;Ms.&#xa0;Dai&#xa0;received her Bachelor of Science degree from
Beijing International Studies University, an MBA from the University of Southern California, and matriculated at the Stanford University
Masters in Computer Science Program.&#x201d;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Mathew
Krna. </b></font>Mr.&#xa0;Krna is a growth-stage technology investor with more than 20 years of experience. Mr.&#xa0;Krna is the founder
and Managing Partner of Two Meter Capital LLC, a provider of fund management services for growth and venture portfolios. He is also Managing
Partner of Ladera Venture Partners, a digital health-focused VC fund, and Venture Partner at Alpha Partners. From 2015 to 2020, Mr.&#xa0;Krna
was the Co-Founder and Managing Partner of Princeville Global, a San Francisco- and Hong Kong-based growth-stage fund focused on investing
in breakout-stage technology companies around the world. From 2011 to 2015, Mr.&#xa0;Krna was a Partner at Princeville Global&#x2019;s
predecessor fund, SoftBank Princeville, a $250 million growth-stage technology investment fund affiliated with SoftBank Group. From 2005
to 2011 Mr.&#xa0;Krna was vice president at Investor Growth Capital. Prior to these roles he served at Canaan Partners, and served as
an investment banker at Credit Suisse and Donaldson, Lufkin&#xa0;&amp; Jenrette. Mr.&#xa0;Krna has served on numerous boards of directors
as a director or observer, including Criteo, Dotomi (acquired by Conversant), Doctor on Demand (merged with Grand Rounds),&#xa0;ID Analytics
(acquired by LifeLock), and Remitly. Mr.&#xa0;Krna also previously served as CEO and Director of Alpha Partners Technology Merger Corp.,
a special purpose acquisition company. Mr.&#xa0;Krna holds an A.B. degree from Harvard University.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Jeffery
H. Singer. </b></font>Mr.&#xa0;Singer has spent most of his career in leadership capacities, serving several different times as CEO. Currently,
he teaches finance at Utah Valley University and sits on the board of doTERRA International LLC and several other companies. He served
as Group CEO at YBA Kanoo, one of the largest family companies in the Middle East, from 2019 to 2020. Before then, he served as CEO at
both NASDAQ Dubai and then at the Dubai International Financial Center. Mr.&#xa0;Singer served as Executive-in-Residence at the American
University of Sharjah from 2015 to 2019, and served in multiple advisory roles from 2012 to 2019. Before moving to the Middle East, he
worked at NASDAQ in New York, serving as Senior Vice President and President of NASDAQ&#x2019;s International Division. He also has an
extensive technology and entrepreneurial experience by working many years at the software company SAP as well as technology startup companies.
Mr.&#xa0;Singer earned an M.B.A. from the Harvard Business School and a B.S. in International Finance from Brigham Young University.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Sara
Wardell-Smith. </b></font>Ms.&#xa0;Wardell-Smith brings extensive experience in the areas of fintech and banking, global payments, and
digital assets. Ms.&#xa0;Wardell-Smith is the former executive leader of Visa's commercial business across North America and led initiatives
related to card issuance, real-time payments, cross-border payments and new payment flows. Prior to Visa, Ms.&#xa0;Wardell-Smith was an
Executive Vice President at Wells Fargo where she held senior&#xa0;leadership positions in a number of wholesale banking divisions, and
served on the firm&#x2019;s Management Committee. Ms.&#xa0;Wardell-Smith currently serves as an independent director at Axos Financial,
a leading technology-driven digital bank. She also serves as an independent director at the Provenance Blockchain Foundation, one of the
largest public Layer 1 blockchains for real world&#xa0;assets. She also serves as an independent director at R&amp;T Deposit Solutions,
a premier provider of innovative deposit&#xa0;and treasury management solutions to the financial services industry. Previously, Ms.&#xa0;Wardell-Smith
served on the U.S. board of Revolut, one of the world's fastest-growing challenger banks. She also served on the board of the CLS Group
and the CLS Bank International which operates the largest multi-currency foreign exchange cash settlement&#xa0;system for financial institutions.
Prior to that, Ms.&#xa0;Wardell-Smith&#xa0;was a member of the Working Group on U.S. Renminbi Trading and Clearing&#xa0;and also served
on the board of the Global Foreign Exchange Division, part of the GFMA. She holds a Bachelor of Science degree in International Business
from the University of San Francisco.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Interested Directors</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Dr.&#xa0;Najamul
Kidwai. </b></font>Dr.&#xa0;Kidwai, a co-founder, has served as President, Chief Executive Officer and Director of the Company since our
inception. Dr.&#xa0;Kidwai has also served as a member of the Adviser&#x2019;s Investment Committee since its inception. From 2021 to 2022,
Dr.&#xa0;Kidwai has served as Chairman and Director of Crypto 1 Acquisition Corp, a special purpose acquisition company focused on digital
assets/crypto/blockchain, raising $230 million. Since 2016 to present, Dr.&#xa0;Kidwai has served as a Venture Partner and Investment
Committee Member of Frontier Ventures, a venture capital fund focused on early-stage technology and blockchain. Since 2017, Dr.&#xa0;Kidwai
also has been a Co-Founder and is an executive committee (ExComm) member of EQUIAM, a leading, private-markets-focused venture capital
fund. Through EQUIAM, Dr.&#xa0;Kidwai has invested in several technology companies including Stripe, Coinbase, Uphold, Blockdaemon, Copper
and Robinhood. Dr.&#xa0;Kidwai has also been investing in digital assets/crypto/blockchain since 2016, including companies including companies
such as Chainge Finance, TransFi and Fusion. From 2009 to present, Dr.&#xa0;Kidwai has served as an independent advisor, board member,
and/or investor in a number of technology companies such as ForgeGlobal, Destiny|XYZ and Klickl. Dr.&#xa0;Kidwai has served similar roles
with Neurable and ToTheNew Ventures. From 2006 to 2009, Dr.&#xa0;Kidwai served as the Founder and CEO of Real Time Content, a proprietary
Adaptive Media Platform which exited to NASDAQ-listed Pitney Bowes. Prior to 2006, Dr.&#xa0;Kidwai held investment roles at Edge Venture
Capital, and AtomicTangerine (a Stanford Research Institute (SRI) International Company). Dr.&#xa0;Kidwai holds a B.S.c Hons. in Technology
Management from Staffordshire University and an honorary Doctorate from Lincoln University.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
believe Dr.&#xa0;Kidwai is well qualified to serve as a director, President and </font>Chief Executive Officer due to his deep expertise
with investments in digital asset and blockchain technology companies and his extensive managerial experience.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Michael
Lempres.</b></font> . Mr.&#xa0;Lempres, a co-founder, has served as Chairman and Director of the Company since our inception. A lawyer
by training, Mr.&#xa0;Lempres has spent decades at the top levels of government and of regulated industry. Appointed by three Presidents,
he served at several senior positions in the federal government, including as Deputy Associate Attorney General at the DOJ. In the private
sector, Mr.&#xa0;Lempres served as the Chief Legal and Policy Officer of Coinbase, where he helped guide the nation's leading digital
asset exchange business through its hypergrowth period. He also worked as Executive in Residence at Andreessen Horowitz, a leading venture
capital firm. Prior to those experiences, he worked as General Counsel for Bitnet, an early digital currency payments provider, and as
the senior lawyer for Silicon Valley Bank (2010-2015). Previously, he worked as General Counsel of the Pacific Coast Stock&#xa0;&amp;
Options Exchange, where he helped guide the adoption of radically new trading rules&#xa0;and the sale of the exchange. Mr.&#xa0;Lempres
also has substantial board experience in both private and public companies. He serves as Chair of the Board of Silvergate Capital Corporation
and as a Director for MoonPay USA, LLC, Bitstamp USA, and Simba Chain,&#xa0;Inc. He received his A.B. degree from Dartmouth College and
his J.D. from the University of California, Berkeley.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe Mr.&#xa0;Lempres is well qualified to
serve as a director and Chairman of the Board due to his deep expertise with investments in digital asset and blockchain technology companies
and his contacts and business experience.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Michael
(Xu) Zhao. </b></font>Mr.&#xa0;Zhao, a co-founder, has served as Vice-Chairman and Director of the Company since our inception. Mr.&#xa0;Zhao
has also served as a member of the Adviser&#x2019;s Investment Committee since its inception. From 2021 to 2022, Mr.&#xa0;Zhao served as
Founder, Chief Executive Officer and a Director of Crypto 1 Acquisition Corp, a special purpose acquisition company focused on digital
assets/crypto/blockchain. Since 2017, Mr.&#xa0;Zhao has served as Executive Chairman of Kickl,&#xa0;Inc. (formerly known as the International
Digital Currency Markets) and as the CEO of the VGPay crypto payment business. Since 2018, Mr.&#xa0;Zhao has served as co-chairman of
the Hong Kong Blockchain Association. Mr.&#xa0;Zhao&#x2019;s prior experience includes significant roles in international financial trading
at Intesa San Paulo from 2014 to 2016, China Merchants Bank from 2011 to 2014, the State Foreign Exchange Administration of the People&#x2019;s
Republic of China from 2010 to 2011 and UBS from 2006 to 2009. He has a Master&#x2019;s degree in Electronic Engineering and Finance from
the University of Florida.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe Michael Zhao is well qualified to serve
as a director and Vice-Chairman of the Board due to his deep expertise with investments in digital asset and blockchain technology companies
and his contacts and business experience.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Communications with Directors</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stockholders and other interested parties may contact
any member (or all members) of the Board by mail. To communicate with the Board, any individual directors or any group or committee of
directors, correspondence should be addressed to the Board or any such individual directors or group or committee of directors by either
name or title. All such correspondence should be sent to C1 Fund Inc., 228 Hamilton Avenue, 3rd Floor, Palo Alto, CA 94301, Attention:
Chair of the Audit Committee.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Officers</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>Dr.&#xa0;Najamul
Kidwai</b></font>. Dr.&#xa0;Kidwai is our President and Chief Executive Officer. His biography is set forth above.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>David
Hytha</b></font>. Mr.&#xa0;Hytha, a co-founder, has served as Secretary, Treasurer and Chief Financial Officer of the Company since our
inception. Mr.&#xa0;Hytha has also served as a member of the Adviser&#x2019;s Investment Committee since its inception. From 2021 to 2022,
Mr.&#xa0;Hytha served as the Chief Financial Officer of Crypto 1 Acquisition Corp, a special purpose acquisition company focused on digital
assets/crypto/ blockchain. Mr.&#xa0;Hytha has advised major firms and new ventures in the U.S., Asia and Europe as Founder and Managing
Partner for New Wave Partners Inc. since 2008. Mr.&#xa0;Hytha published on blockchain and artificial intelligence applications in 2019.
Mr.&#xa0;Hytha served as Chief Financial Officer and Chief Business Officer for Nano Global from September&#xa0;2016 to September&#xa0;2017.
Mr.&#xa0;Hytha also served as Chief Financial Officer and Chief Strategy Officer for Quixey in mobile search from January&#xa0;2012 to
August&#xa0;2016. He served in multiple roles at venture capital firms Sofinnova Partners and Sofinnova Ventures and at their portfolio
companies from 2006 to 2011. From 2003 to 2005, Mr.&#xa0;Hytha was Executive Vice President for Terminals at T-Mobile based in London,
England and Bonn, Germany. From 1982 to 2003, he led businesses for new ventures and for large firms including AT&amp;T, McCaw Cellular
and Motorola in the U.S. and in Asia. He has also served as an adviser on entrepreneurship to Stanford Research Institute (SRI) International,
Columbia University and Cambridge University. Mr.&#xa0;Hytha graduated with an MBA in Finance and in Operations Management from Columbia
University and a B.A. from the College of the Holy Cross.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">[
</font><b>Chief Compliance Officer Name</b> ]. [Chief Compliance Officer Name ] is an employee of [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ] and serves as our Chief Compliance
Officer on an independent contractor basis pursuant to an [ agreement ] with [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ] [ CCO&#x2019;s biography ]. ]</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board Committees</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Audit Committee Governance, Responsibilities and Meetings</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with its written charter adopted
by the Board, the Audit Committee:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(a)</td><td>assists the Board&#x2019;s oversight of the integrity of our financial statements, the independent registered public accounting firm&#x2019;s
qualifications and independence, our compliance with legal and regulatory requirements and the performance of our independent registered
public accounting firm;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(b)</td><td>prepares an Audit Committee report, if required by the SEC, to be included in our annual proxy statement;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(c)</td><td>oversees the scope of the annual audit of our financial statements, the quality and objectivity of our financial statements, accounting
and financial reporting policies and internal controls;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(d)</td><td>determines the selection, appointment, retention and termination of our independent registered public accounting firm, as well as
approving the compensation thereof;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(e)</td><td>pre-approves all audit and non-audit services provided to us and certain other persons by such independent registered public accounting
firm; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(f)</td><td>acts as a liaison between our independent registered public accounting firm and the Board.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
], [ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
] and
[ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
] are members of
the Audit Committee and
[ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
] serves as
Chair.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">Our
Board has determined that each Audit Committee member meets the current independence and experience requirements of Rule&#xa0;10A-3 of
the Exchange Act and the listing standards of [ ]. Our Board has determined that </font>[ ] is an audit committee financial expert as
defined under SEC rules. [ The Audit Committee has not met during the current fiscal year ending December&#xa0;31, 2024.]</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Nominating and Corporate Governance Committee Governance, Responsibilities
and Meetings</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">In
</font>accordance with its written charter adopted by the Board, the Nominating and Corporate Governance Committee:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(a)</td><td>recommends to the Board persons to be nominated by the Board for election at the Company&#x2019;s meetings of our stockholders, special
or annual, if any, or to fill any vacancy on the Board that may arise between stockholder meetings;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(b)</td><td>makes recommendations with regard to the tenure of the directors;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(c)</td><td>is responsible for overseeing an annual evaluation of the Board and its committee structure to determine whether the structure is
operating effectively; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(d)</font></td><td><font style="font-family: Times New Roman, Times, Serif">recommends</font> to the Board the compensation to be paid to the independent
directors of the Board.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Nominating and Corporate Governance Committee
will consider for nomination to the Board candidates submitted by our stockholders or from other sources it deems appropriate.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">[ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
], [ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
] and [ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
] </font>are members of the Nominating and Corporate Governance Committee and [ ] as Chair. [ The Nominating and Corporate
Governance Committee has not met during the current fiscal year ending December&#xa0;31, 2024. ]</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Director Nominations</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nomination for election as a director may be made
by, or at the direction of, the Nominating and Corporate Governance Committee or by stockholders in compliance with the procedures set
forth in our bylaws. Our Nominating and Corporate Governance Committee will consider qualified director nominees recommended by stockholders
when such recommendations are submitted in accordance with our bylaws and any applicable law, rule&#xa0;or regulation regarding director
nominations. When submitting a nomination for consideration, a stockholder must provide certain information that would be required under
applicable SEC rules, including the following minimum information for each director nominee: full name, age and address; principal occupation
during the past five years; current directorships on publicly held companies and investment companies; number of our securities owned,
if any; and, a written consent of the individual to stand for election if nominated by our Board and to serve if elected by our stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stockholder proposals or director nominations to
be presented at the annual meeting of stockholders, other than stockholder proposals submitted pursuant to the SEC&#x2019;s Rule&#xa0;14a-8,
must be submitted in accordance with the advance notice procedures and other requirements set forth in our bylaws. These requirements
are separate from the requirements discussed above to have the stockholder nomination or other proposal included in our proxy statement
and form of proxy/voting instruction card pursuant to the SEC&#x2019;s rules.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our bylaws require that the proposal or recommendation
for nomination must be delivered to, or mailed and received at, the principal executive offices of the Company not earlier than the 150th
day prior to the one year anniversary of the date the Company&#x2019;s proxy statement for the preceding year&#x2019;s annual meeting, or
later than the 120<sup>th</sup> day prior to the first anniversary of the date of the proxy statement for the preceding year&#x2019;s annual
meeting. If the date of the annual meeting has changed by more than 30 days from the first anniversary of the date of the preceding year&#x2019;s
annual meeting, stockholder proposals or director nominations must be so received not earlier than the 150th day prior to the date of
such annual meeting and not later than the 120th day prior to the date of such annual meeting or the tenth day following the day on which
public announcement of the date of such meeting is first made.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In evaluating director nominees, the Nominating
and Corporate Governance Committee considers, among others, the following factors:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#x2022;</font></td><td>whether the individual possesses high standards of character and integrity, relevant experience, a willingness to ask hard questions
and the ability to work well with others;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#x2022;</font></td><td>whether the individual is free of conflicts of interest that would violate applicable law or regulation or interfere with the proper
performance of the responsibilities of a director;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#x2022;</font></td><td>whether the individual is willing and able to devote sufficient time to the affairs of the Company and be diligent in fulfilling the
responsibilities of a director and Board committee member;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#x2022;</font></td><td>whether the individual has the capacity and desire to represent the balanced, best interests of the stockholder as a whole and not
a special interest group or constituency; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#x2022;</font></td><td>whether the individual possesses the skills, experiences (such as current business experience or other such current involvement in
public service, academia or scientific communities), particular areas of expertise, particular backgrounds, and other characteristics
that will help ensure the effectiveness of the Board and Board committees.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Nominating and Corporate Governance Committee&#x2019;s
goal is to assemble a board that brings to the Company a variety of perspectives and skills derived from high-quality business and professional
experience.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than the foregoing, there are no stated minimum
criteria for director nominees, although the Nominating and Corporate Governance Committee may also consider other factors as they may
deem are in the best interests of the Company and its stockholders. The Board also believes it appropriate for certain key members of
our management to participate as members of the Board.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Nominating and Corporate Governance Committee
identifies nominees by first evaluating the current members of the Board willing to continue in service. Current members of the Board
with skills and experience that are relevant to our business and who are willing to continue in service are considered for re-nomination.
If any member of the Board does not wish to continue in service or if the Nominating and Corporate Governance Committee decides not to
re-nominate a member for re-election, the Nominating and Corporate Governance Committee identify the desired skills and experience of
a new nominee in light of the criteria above. The members of the Board are polled for suggestions as to individuals meeting the aforementioned
criteria. Research may also be performed to identify qualified individuals. To date, we have not engaged third parties to identify or
evaluate or assist in identifying potential nominees, although we reserve the right in the future to retain a third-party search firm,
if necessary.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board has not adopted a formal policy with
regard to the consideration of diversity in identifying director nominees. In determining whether to recommend a director nominee, the
Nominating and Corporate Governance Committee considers and discusses diversity, among other factors, with a view toward the needs of
the Board as a whole. The Board generally conceptualizes diversity expansively to include, without limitation, concepts such as race,
gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to the
Board, when identifying and recommending director nominees. The Board believes that the inclusion of diversity as one of many factors
considered in selecting director nominees is consistent with the Board&#x2019;s goal of creating a Board that best serves the needs of
the Company and the interests of its stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Compensation Committee</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with its written charter adopted
by the Board, the Compensation Committee is responsible for determining, or recommending to the Board for determination, the compensation,
if any, of our chief executive officer and all other officers. The Compensation Committee also assists the Board with matters related
to compensation generally, except with respect to compensation of the directors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
], [ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
] and [ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
] are members of the Compensation Committee and the Chair is [ <font style="text-decoration:underline">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font>
]. [The Compensation Committee has not met during the
current fiscal year ending December&#xa0;31, 2024. ]</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Compensation and Insider Participation</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the compensation
received by our directors for the year ended [ December&#xa0;31, 2024 ].</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate<br>
                                            Compensation<br> From Fund<sup>(1)</sup></b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pension
                                            or<br> Retirement<br> Benefits<br> Accrued<br> As Part&#xa0;of<br> Fund<br> Expenses<sup>(2)</sup></b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; width: 58%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested
    Directors</font></td><td style="font-size: 10pt; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.&#xa0;Najamul
    Kidwai</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#xa0;Michael
    Lempres</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#xa0;Michael
    Zhao</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Directors</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.&#xa0;Lake
    Dai</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#xa0;Mathew
    Krna</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#xa0;Jeffery
    H. Singer</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.&#xa0;Sara
    Wardell-Smith</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>For a discussion of the independent directors&#x2019; compensation, see below.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>We do not maintain a bonus, profit sharing or retirement plan, and directors do not receive any pension or retirement benefits.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Director Compensation</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">No
compensation is paid to our directors considered to be &#x201c;interested persons&#x201d; as defined in the Investment Company Act. </font>Our
Independent Directors who do not also serve in an officer capacity for us or the Adviser are entitled to receive an annual fee for serving
as a member of the Board and on Board committees. This fee is equal to $[<b>&#x25cf;</b>], paid quarterly or at any other interval provided
in our policies as in effect from time to time. The annual fee is not paid in cash but in the form of shares that may be purchased with
an equal amount of cash when the fee is due. We also reimburse each of the directors for all reasonable and authorized business expenses
in accordance with our policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred
in connection with attending each Board meeting and each committee meeting not held concurrently with a Board meeting.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Officer Compensation</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of our officers who are also officers or employees
of our Adviser will receive direct compensation from us. We do not currently have any employees and do not expect to have any employees.
Services necessary for our business are provided by individuals who are employees or officers of our Adviser or by individuals who were
contracted by us or our Adviser to work on our behalf. We have outsourced the functions of our Chief Compliance Officer to [ CCO Name
], an employee of [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ]. [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ] receives a monthly fee for services provided to us, and we reimburse [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ] for certain out-of-pocket expenses
incurred on our behalf.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Portfolio Management</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Portfolio Manager Assets Under Management</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information about
funds and accounts other than the Company for which the portfolio managers are primarily responsible for the day-to-day portfolio:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Number
                                            of Other Accounts Managed<br> and Assets by Account Type</b></font></p>


</td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Number
                                            of Other Accounts and<br> Assets for Which Advisory Fee is<br> Performance-Based</b></font></p>


</td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Name
    of Portfolio Manager</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Other<br>
                                            Registered<br> Investment<br> Companies</b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Other
                                            Pooled<br> Investment<br> Vehicles</b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Other<br>
                                            Accounts</b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Other<br>
                                            Registered<br> Investment<br> Companies</b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Other
                                            <br> Pooled<br> Investment<br> Vehicles</b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Other<br>
                                            Accounts</b></font></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 34%"><font style="font-size: 10pt">Najamul Kidwai</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;[<b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Michael Zhao</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">&#xa0;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Michael Lempres</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">$</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Portfolio Manager Compensation Overview</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The discussion below describes the portfolio managers&#x2019;
compensation:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser&#x2019;s financial arrangements with
its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places
on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal
components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs
and one or more of the incentive compensation programs established by the Adviser.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Securities Ownership of Portfolio Managers</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below shows the dollar range of shares
of our common stock beneficially owned by the members of the Investment Committee within one of the following dollar ranges as of [ date
]: None; $1 &#x2014; $10,000; $10,001 &#x2014; $50,000; $50,001 &#x2014; $100,000; or Over $100,000.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 81%">Name</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Dollar Range of Equity<br>
 Securities in C1 Fund<br>
 Inc.<sup>(1)(2)</sup></b></p></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Najamul Kidwai</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Michael Zhao</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Michael Lempres</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>Beneficial ownership determined in accordance with Rule&#xa0;16a-1(a)(2)&#xa0;promulgated under the Exchange Act.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(2)</font></td><td><font style="font-family: Times New Roman, Times, Serif">The dollar range of equity securities of the Company beneficially owned by
the members of the Investment Committee, if applicable, is calculated by multiplying our NAV per share as of [ date ] of $</font>[<b>&#x25cf;</b>]
times the number of shares beneficially owned.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Code of Ethics</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">We
and the Adviser have each adopted a code of ethics pursuant to Rule&#xa0;17j-1 under the Investment Company Act that establishes procedures
for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities
for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made
in accordance with the code&#x2019;s requirements. Our code of ethics is available, free of charge, on our website at </font><i><font style="text-decoration:underline">https://c1fund.com</font></i>.
You may also read and copy the code of ethics at the SEC&#x2019;s Public Reference Room in Washington, D.C. You may obtain information
on the operation of the Public Reference Room by calling the SEC at (202) 942-8090. In addition, the code of ethics is attached as an
exhibit hereto and is available on the EDGAR Database on the SEC&#x2019;s website at <i><font style="text-decoration:underline">http://www.sec.gov</font>.</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Proxy Voting Policies and Procedures</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have delegated our proxy voting responsibility
to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines will be reviewed periodically
by the Adviser and our independent directors, and, accordingly, are subject to change. For purposes of these Proxy Voting Policies and
Procedures described below, the words &#x201c;we,&#x201d; &#x201c;our&#x201d; and &#x201c;us&#x201d; refer to C1 Advisors LLC</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Introduction</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment adviser registered under the Advisers
Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, we recognize that we must vote client
securities in a timely manner free of conflicts of interest and in the best interests of our clients.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These policies and procedures for voting proxies
for our investment advisory clients are intended to comply with Section&#xa0;206 of, and Rule&#xa0;206(4)-6 under, the Advisers Act.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Proxy Policies</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the nature of our investment strategy,
we do not expect to receive proxy proposals but may from time to time receive amendments, consents or resolutions applicable to investments
held by us. It is our general policy to exercise our voting or consult authority in a manner that serves the interests of our stockholders.
We may occasionally be subject to material conflicts of interest in voting proxies due to business or personal relationships it maintains
with persons having an interest in the outcome of certain votes. If at any time we becomes aware of a material conflict of interest relating
to a particular proxy proposal, our Chief Compliance Officer will review the proposal and determine how to vote the proxy in a manner
consistent with interests of our stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Proxy Voting Records</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">Information
regarding how we voted proxies relating to portfolio securities will be available: (1)&#xa0;without charge, upon request, by calling
collect </font>[<b>&#x25cf;</b>]; and (2)&#xa0;on the SEC&#x2019;s website at <i><font style="text-decoration:underline">http://www.sec.gov</font>. </i>You may also obtain information
about how we voted proxies by making a written request for proxy voting information to: C1 Advisors LLC, 228 Hamilton Avenue, 3rd Floor,
Palo Alto, CA 94301.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_004"></a>CONFLICTS
OF INTEREST</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transactions with Related Persons</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Investment Advisory Agreement</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On [ date ], the Company entered into the Investment
Advisory Agreement with the Adviser. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the
Company&#x2019;s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential
investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Adviser&#x2019;s services under the Investment
Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company
are not impaired.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless earlier terminated as described below, the
Investment Advisory Agreement will remain in effect for an initial two-year term and will remain in effect from year-to-year thereafter
if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case,
by a majority of independent directors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Investment Advisory Agreement will automatically
terminate within the meaning of the Investment Company Act and related SEC guidance and interpretations in the event of its assignment.
In accordance with the Investment Company Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement
with the Adviser upon 60 days&#x2019; written notice. The decision to terminate the agreement may be made by a majority of the Board or
the stockholders holding a majority (as defined under the Investment Company Act) of the outstanding shares of the Company&#x2019;s common
stock or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement
upon 60 days&#x2019; written notice and, in certain circumstances, the Adviser may only be able to terminate the Investment Advisory Agreement
upon 120 days&#x2019; written notice.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, the Adviser may pay amounts
owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the
Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal
payment terms.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the Investment Advisory Agreement,
the Company will pay the Adviser a base management fee. The cost of the Management Fee will ultimately be borne by the Company&#x2019;s
stockholders.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The management fee is payable quarterly in arrears.
The Management Fee will be payable at an annual rate of 2.50% of our average gross assets including assets purchased with borrowed amounts,
if any, at the end of the two most recently completed calendar quarters. The Management Fee for any partial month or quarter, as the case
may be, will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters,
as the case may be.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">The
Adviser and its affiliates may provide management or investment advisory services to entities that have overlapping objectives with us.
The Adviser and its affiliates may face conflicts in the allocation of investment opportunities to us and others. In order to address
these conflicts, the Adviser intends to put in place an allocation policy that addresses the allocation of investment opportunities as
well as co-investment restrictions under the Investment Company Act,</font> and to take all necessary steps that might be necessary to
comply with applicable legal requirements.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>License Agreement</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We entered into the License Agreement with C1 Digital
Media Corp, pursuant to which we were granted a non-exclusive license to use the names &#x201c;C1 Fund,&#x201d; &#x201c;C1 Thirty,&#x201d;
and &#x201c;C1 30&#x201d; for a nominal payment. Under the License Agreement, we have a right to use the names &#x201c;C1 Fund&#x201d; and
 &#x201c;C1 TOP30&#x201d; for so long as the Adviser or one of its affiliates remains our investment adviser. We pay a nominal fee to C1
Digital Media Corp. for this right. Other than with respect to this limited license, we have no legal right to the names &#x201c;C1 Fund,&#x201d;
 &#x201c;C1 30,&#x201d; &#x201c;C1 Thirty,&#x201d; or the C1 Fund logo.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Certain Business Relationships</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">The
Adviser&#x2019;s team of investment professionals will have substantial responsibilities in connection with the management of other investment
funds, accounts and investment vehicles. Certain members of the Adviser&#x2019;s investment team serve, or may serve, as officers, directors,
members, or principals of entities that operate in the same or a related line of business as we do, or of investment funds, accounts,
or investment vehicles managed by the Adviser. Similarly, the principals of our Sponsor and their respective affiliates may have other
funds with similar, different or competing investment objectives, and such funds may not all be affiliated. For example, </font>Dr.&#xa0;Kidwai,
has invested in EQUIAM, which has invested in digital asset services and technology companies and, subject to the Adviser&#x2019;s conflicts
of interest procedures, we may seek to invest in the same companies EQUIAM has previously invested in. In serving in these multiple capacities,
they may have obligations to other investors in those entities, the fulfillment of which may not be in the best interests of us or our
stockholders. These activities also may distract them from sourcing or servicing new investment opportunities for us or slow our rate
of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business,
financial condition, results of operations and cash flows.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The principals of the Adviser, employees of the
Sponsor and other funds managed by the Sponsor may receive investment opportunities that we may not have access to.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">In
addition, Dr.&#xa0;Kidwai is a stockholder in Forge, a private securities marketplace and EQUIAM, a leading, private-markets-focused venture
capital fund. </font>We may utilize these companies as a means to acquire equity and equity-related interests to the extent consistent
with applicable law, including particularly the affiliated transaction restrictions of the Investment Company Act and the Adviser&#x2019;s
duty to seek best execution for our transactions involving the purchase or sale of securities.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">Any
fees charged by Forge or EQUIAM will be charged to the Company to the same extent as any other market participant</font><font style="color: red">,</font>
to the extent this may be permitted under applicable law.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Review, Approval or Ratification of Transactions with Related
Persons</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Audit Committee is required to review and approve
any transactions with related persons (as such term is defined in Item 404 of Regulation S-K).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Affiliated Transactions</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a registered investment company, we are subject
to certain regulatory restrictions in co-investing with individuals or entities with which we may be restricted from doing so under the
Investment Company Act unless we obtain an exemptive order from the SEC. We may co-invest with our Adviser or our officers and directors
in a manner consistent with guidance promulgated under the no-action position of the SEC set forth in Mass Mutual Life Ins. Co. (SEC No-Action
Letter, June&#xa0;7, 2000), on which similarly situated funds like us rely in order to co-invest in a single class of privately placed
securities so long as certain conditions are met, including that our investment adviser or an affiliate, acting on our behalf and on behalf
of other clients, negotiates no term other than price. We, the Adviser and certain of its affiliates may also submit an exemptive application
to the SEC to permit us to co-invest with other funds managed by the Adviser or its affiliates to the extent we are unable to rely on
the MassMutual No Action Letter in a manner consistent with our investment objective, positions, policies, strategies and restrictions
as well as regulatory requirements and other pertinent factors. There can be no assurance that this exemptive order will be granted. If
such relief is granted, then we will be permitted to co-invest with our affiliates if a &#x201c;required majority&#x201d; (as defined in
Section&#xa0;57(o)&#xa0;of the Investment Company Act) of our independent directors make certain conclusions in connection with a co-investment
transaction, including that (1)&#xa0;the terms of the transactions, including the consideration to be paid, are reasonable and fair to
us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned and (2)&#xa0;the
transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_005"></a>CLOSED-END
FUND STRUCTURE</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Common stock of closed-end funds frequently trade
at prices lower than their NAV. We cannot predict whether shares of our common stock will trade at, above or below NAV. In addition to
NAV, the market price of shares of our common stock may be affected by such factors as our dividend stability and dividend levels, which
are in turn affected by expenses, and market supply and demand. In recognition of the possibility that shares of our common stock may
trade at a discount from their NAV, and that any such discount may not be in the best interest of stockholders, the Board, in consultation
with the Adviser may from time to time review possible actions to reduce any such discount. There can be no assurance that the Board will
decide to undertake any of these actions or that, if undertaken, such actions would result in shares of our common stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_006"></a>CONTROL
PERSONS AND PRINCIPAL SHAREHOLDERS</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Beneficial ownership is determined in accordance
with the rules&#xa0;and regulations of the SEC. These rules&#xa0;generally provide that a person is the beneficial owner of securities
if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the
right to acquire such powers within 60 days. The following table sets forth the beneficial ownership as indicated in the Company&#x2019;s
books and records of each current director, the Company&#x2019;s officers, the officers and directors as a group, and each person known
to us to beneficially own 5% or more of the outstanding shares of our common stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table shows such ownership as of [ date ].</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Name and Address</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Shares<br>
Owned</b></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Percentage<sup>(1)</sup></b></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; width: 72%">5% Owners</td><td style="font-size: 10pt; width: 2%">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left; width: 1%">&#xa0;</td><td style="font-size: 10pt; text-align: right; width: 10%">&#xa0;</td><td style="font-size: 10pt; text-align: left; width: 1%">&#xa0;</td><td style="font-size: 10pt; width: 2%">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left; width: 1%">&#xa0;</td><td style="font-size: 10pt; text-align: right; width: 10%">&#xa0;</td><td style="font-size: 10pt; text-align: left; width: 1%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">[ Name ]</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">Interested Directors</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Dr.&#xa0;Najamul Kidwai</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Michael Lempres</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Michael Zhao</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">Independent Directors</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ms.&#xa0;Lake Dai</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Mathew Krna</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Jeffery H. Singer</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ms.&#xa0;Sara Wardell-Smith</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif">Officers</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Dr.&#xa0;Najamul Kidwai, President and Chief Executive Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">David Hytha, Secretary, Treasurer and Chief Financial Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">[ Name ], Chief Compliance Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">All officers and directors as a group ([&#xa0;&#xa0;] persons)</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">*</td><td>Less than 1%.</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Percentage based on [<b>&#x25cf;</b>]
shares issued and outstanding as of [ date ] .</font></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The address for each of the directors and officers is C1 Fund Inc.,
228 Hamilton Avenue, 3rd Floor, Palo Alto, CA 94301.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Equity Owned by Directors in the Company</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below shows the dollar range of equity
securities of the Company that were beneficially owned by each director as of [ date ] stated as one of the following dollar ranges: None;
$1 &#x2014; $10,000; $10,001 &#x2014; $50,000; $50,001 &#x2014; 100,000; or Over $100,000.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Name of Director</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Dollar Range of <br> Equity Securities<br> in C1 Fund<br> Inc.<sup>(1)(2)</sup></b></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 83%">Dr.&#xa0;Najamul Kidwai</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 13%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Michael Lempres</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Michael Zhao</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ms.&#xa0;Lake Dai</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Mathew Krna</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr.&#xa0;Jeffery H. Singer</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ms.&#xa0;Sara Wardell-Smith</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>Beneficial ownership determined in accordance with Rule&#xa0;16a-1(a)(2)&#xa0;promulgated under the Exchange Act.</td></tr>
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">(2)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The dollar range of equity securities of the
Company beneficially owned by directors of the Company, if applicable, is calculated by multiplying our NAV per share as of [date ] of
$</font>[<b>&#x25cf;</b>] times the number of shares beneficially owned.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><a name="sai_007"></a>PORTFOLIO
TRANSACTIONS AND BROKERAGE</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Though we acquire and dispose of certain of our
investments in privately negotiated transactions, including in connection with private secondary market transactions, we also use brokers
in the normal course of our business. However, to the extent a broker-dealer is involved in a transaction, the price paid or received
by us may reflect a mark-up or mark-down. Subject to policies established by our Board, the Adviser will be primarily responsible for
selecting brokers and dealers to execute transactions with respect to the publicly traded securities portion of our portfolio transactions
and the allocation of brokerage commissions. The Adviser does not expect to execute transactions through any particular broker or dealer
but will seek to obtain the best net results for us under the circumstances, taking into account such factors as price (including the
applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the
firm&#x2019;s risk and skill in positioning blocks of securities. The Adviser generally will seek reasonably competitive trade execution
costs but will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements and consistent
with Section&#xa0;28(e)&#xa0;of the Exchange Act, the Adviser may select a broker based upon brokerage or research services provided to
the Adviser and us and any other clients. In return for such services, we may pay a higher commission than other brokers would charge
if the Adviser determines in good faith that such commission is reasonable in relation to the services provided.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 19; Options: Last -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2427547d1_partc.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PART&#xa0;C</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Information</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 25. FINANCIAL STATEMENTS AND EXHIBITS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b>(1)</b></td><td><b>FINANCIAL STATEMENTS</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Part&#xa0;A:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant has not conducted any business as of the date of this filing,
other than in connection with its organization. Financial Statements indicating that the Registrant has met the net worth requirements
of Section&#xa0;14(a)&#xa0;of the Investment Company Act of 1940 will be filed with a Pre-effective Amendment to the Registration Statement.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b>(2)</b></td><td><b>Exhibits</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 8%"><a href="tm2427547d1_ex99-xa.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></a></td>
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 90%"><a href="tm2427547d1_ex99-xa.htm">Articles of Incorporation *</a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><a href="tm2427547d1_ex99-xb.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></a></td>
    <td>&#xa0;</td>
    <td><a href="tm2427547d1_ex99-xb.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws *</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)(1)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Reinvestment Plan **</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#xa0;of Investment Advisory Agreement**</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement**</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)(1)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody Agreement **</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(1)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund Accounting Servicing Agreement **</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(2)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund Administration Servicing Agreement**</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(3)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License Agreement**</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(4)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer Agency Servicing Agreement **</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion and Consent of Dentons US LLP **</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ Consent to Service (*) / Not applicable ]</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)(1)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm **</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics of the Registrant **</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><a href="tm2427547d1_exfilingfees.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</font></a></td>
    <td>&#xa0;</td>
    <td><a href="tm2427547d1_exfilingfees.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table *</font></a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney *</font></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">*&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Filed
herewith.<br>
**&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;To be filed by amendment.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><b>Item
26. Marketing Arrangements<br></b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif"><b></b></font>&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">Not Applicable.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt (error); border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Item
    27. Other Expenses of Issuance and Distribution</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><p style="margin: 0pt 0; font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Amount</b></font></p>


</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 86%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">U.S. Securities
    and Exchange Commission registration fee</font></td><td style="width: 2%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">FINRA Filing Fee</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif">[<b>&#x25cf;</b>]</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Exchange listing fees</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Printing expenses</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif">[<b>&#x25cf;</b>]</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Legal fees and expenses</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Accounting fees and expenses</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">Miscellaneous</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<b>&#x25cf;</b>]</font></td><td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif">Total</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif">[<b>&#x25cf;</b>]</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of the expenses set forth above shall be borne
by the Registrant.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 28. Persons Controlled by or Under Common Control</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information contained under the headings "The
Company," "Management," "Conflicts of Interest" and "Control Persons and Principal Stockholders" in
this Registration Statement is incorporated herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 29. Number of Holders of Securities</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The following table sets forth the approximate number of
record holders of our common stock as of [&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; ], 2024.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Title of Class</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Number of<br>
Record Holders</b></p>


</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 86%">Common Stock</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</font><font style="font-size: 10pt"><b>&#x25cf;</b>]</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 30. Indemnification</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&#xa0;2-418 of the Maryland General Corporation
Law allows for the indemnification of officers, directors and any corporate agents in terms sufficiently broad to indemnify these persons
under certain circumstances for liabilities, including reimbursement for expenses, incurred arising under the Securities Act. Our certificate
of incorporation and bylaws provide that we shall indemnify our directors and officers to the fullest extent authorized or permitted by
law and this right to indemnification shall continue as to a person who has ceased to be a director or officer and shall inure to the
benefit of his or her heirs, executors and personal and legal representatives; provided, however, that, except for proceedings to enforce
rights to indemnification, we are not obligated to indemnify any director or officer (or his or her heirs, executors or personal or legal
representatives) in connection with a proceeding (or part thereof) initiated by the person unless the proceeding (or part thereof) was
authorized or consented to by the Board. The right to indemnification conferred includes the right to be paid by us the expenses incurred
in defending or otherwise participating in any proceeding in advance of its final disposition.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as we are regulated under the Investment
Company Act, the above indemnification is limited by the Investment Company Act or by any valid rule, regulation or order of the SEC thereunder.
The Investment Company Act provides, among other things, that a company may not indemnify any director or officer against liability to
it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision
of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal counsel
that the liability for which indemnification is sought did not arise out of the foregoing conduct.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Adviser and its affiliates (each, an "Indemnitee")
are not liable to us for (i)&#xa0;mistakes of judgment or for action or inaction that such person reasonably believed to be in our best
interests absent such Indemnitee's gross negligence, knowing and willful misconduct, or fraud or (ii)&#xa0;losses or expenses due to mistakes
of judgment, action or inaction, or the negligence, dishonesty or bad faith of any broker or other agent of the Company who is not an
affiliate of such Indemnitee, provided that such person was selected, engaged or retained without gross negligence, willful misconduct,
or fraud.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will indemnify each Indemnitee against any
liabilities relating to the offering of our common stock or our business, operation, administration or termination, if the Indemnitee
acted in good faith and in a manner it believed to be in, or not opposed to, our interests and except to the extent arising out of the
Indemnitee's gross negligence, fraud or knowing and willful misconduct. We may pay the expenses incurred by the Indemnitee in defending
an actual or threatened civil or criminal action in advance of the final disposition of such action, provided the Indemnitee agrees to
repay those expenses if found by adjudication not to be entitled to indemnification.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Insofar as indemnification for liability arising
under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
us of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we
will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the
final adjudication of such issue.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 31. Business and Other Connections of Investment Advisor.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A description of any other business, profession,
vocation or employment of a substantial nature in which the Adviser, and each managing director, director or officer of the Adviser, is
or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee,
partner or trustee, is set forth in this Registration Statement in the sections entitled "The Company," "Management"
and "Management of the Company." Additional information regarding the Adviser and its officers is set forth in its Form&#xa0;ADV,
filed with the SEC (SEC File No.&#xa0;801-123048), and is incorporated herein by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 32. Location of Accounts and Records.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif">All
accou</font>nts, books and other documents required to be maintained by Section&#xa0;31(a)&#xa0;of the Investment Company Act, and the
rules&#xa0;thereunder are maintained at the offices of:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">the Registrant, C1 Fund Inc., 228 Hamilton Avenue, 3rd Floor, Palo Alto, CA 94301;</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">the Transfer Agent, [ &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;];</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">the Custodian, [ &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;]; and</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(4)</td><td style="text-align: justify">the Adviser, C1 Advisors LLC, 228 Hamilton Avenue, 3rd Floor, Palo Alto, CA 94301.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 33. Management Services</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Not Applicable.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 34. Undertakings</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(1)</td><td>We undertake to suspend the offering of shares until the prospectus is amended if (1)&#xa0;subsequent to the effective date of the
registration statement, the net asset value declines more than 10% from its net asset value as of the effective date of the registration
statement; or (2)&#xa0;the net asset value increases to an amount greater than the net proceeds as stated in the prospectus.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Not applicable.</font></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Not applicable.</font></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td><td style="text-align: justify"><font style="font-size: 10pt">We undertake that:</font></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(a)</td><td>For the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon Rule&#xa0;430A and contained in a form of prospectus filed by us pursuant to Rule&#xa0;424(b)(1)&#xa0;under
the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">For the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Not applicable.</font></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(6)</td><td>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(7)</td><td>We undertake to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt
of a written or oral request, any prospectus or Statement of Additional Information.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 4; Options: Last -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2427547d1_sigpage.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1" -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the
Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on
Form&#xa0;N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Virginia Beach, and the State of Virginia on November 12, 2024.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; width: 100%">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">C1 FUND INC.</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; width: 50%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><font style="font-size: 10pt">By: </font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><font style="font-size: 10pt">/s/ David Hytha</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Name: </font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">David Hytha</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Title: </font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Secretary, Treasurer and Chief Financial Officer</font></td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">KNOW ALL PERSONS BY THESE PRESENT, that each person whose
signature appears below hereby constitutes and appoints David Hytha and Najamul Kidwai, and each of them, as his or her true lawful attorneys-in-fact
and agents, with full power of substitution and re-substitution, for him or her and in his or her name, place or stead, in any and all
capacities to sign this Registration Statement on Form&#xa0;N-2 and any and all amendments thereto, including post-effective amendments,
and to file the same, with the Securities and Exchange Commission, granting onto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on November 12, 2024.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 48%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font><font style="font-size: 10pt"><font style="text-decoration:underline"></font></font></td>
    <td style="padding-bottom: 1pt; width: 4%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; width: 48%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#xa0;</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Najamul Kidwai</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, President,and Chief
Executive Officer</font></td></tr>
  <tr style="vertical-align: top">
    <td>Najamul Kidwai</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">(Principal Executive Officer)</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#xa0;</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael Lempres</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Chairman of the Board</font></td></tr>
  <tr style="vertical-align: top">
    <td>Michael Lempres</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael Zhao</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Vice Chairman of the Board</font></td></tr>
  <tr style="vertical-align: top">
    <td>Michael Zhao</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mathew Krna</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</font></td></tr>
  <tr style="vertical-align: top">
    <td>Mathew Krna</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Lake Dai</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</font></td></tr>
  <tr style="vertical-align: top">
    <td>Lake Dai</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Jeffery H. Singer</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</font></td></tr>
  <tr style="vertical-align: top">
    <td>Jeffery H. Singer</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Sara Wardell-Smith</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</font></td></tr>
  <tr style="vertical-align: top">
    <td>Sara Wardell-Smith</td>
    <td>&#xa0;</td>
    <td style="font-size: 10pt">&#xa0;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 1; Options: NewSection Last; Value: 5 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div>
    <!-- Field: /Page -->




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>




</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>2
<FILENAME>tm2427547d1_ex99-xa.htm
<DESCRIPTION>EXHIBIT 99.(A)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2427547d1_ex99-xa.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1/users" -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.(a)</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2427547d1_ex99-xaimg001.jpg" ALT="" STYLE="width: 327px; height: 122px"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: 8/19/2024</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">AILEEN COLLENDER</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 290pt 0pt 1pt">7 ST. PAUL STREET SUITE 820</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 290pt 0pt 1pt">BALTIMORE MD 21202</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS LETTER IS TO CONFIRM ACCEPTANCE OF THE FOLLOWING FILING:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENTITY NAME</FONT></TD>
    <TD STYLE="width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: C1 FUND Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEPARTMENT ID</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: D25301813</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TYPE OF REQUEST</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: Articles of Incorporation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATE FILED</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: 8/16/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TIME FILED</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: 9:12 AM</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FILING NUMBER</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: 5000000010156908</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSTOMER ID</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: 5001519035</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WORK ORDER NUMBER</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: I422925088</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">PLEASE VERIFY THE INFORMATION CONTAINED IN THIS LETTER. NOTIFY
THIS DEPARTMENT IN WRITING IF ANY INFORMATION IS INCORRECT. INCLUDE THE CUSTOMER ID AND THE WORK ORDER NUMBER ON ANY INQUIRIES. EVERY
YEAR THIS ENTITY MUST FILE A PERSONAL PROPERTY RETURN IN ORDER TO MAINTAIN ITS EXISTENCE EVEN IF IT DOES NOT OWN PERSONAL PROPERTY. THE
RETURN IS FOUND ON THE SDAT WEBSITE.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><I>Maryland Department
of Assessments and Taxation</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><I>700 East Pratt Street,
2nd Flr, Ste 2700</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><I>Baltimore, Maryland
21202</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>www.dat.maryland.gov</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>410-767-1184 (Main) 1-888-246-5941
(Toll-Free)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>1-800-735-2258 (Maryland
Relay)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110pt 0pt 150pt; text-indent: -29.6pt">&nbsp;</P>




<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: left"><FONT STYLE="font-size: 10pt">EFFECTIVE DATE</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%"><FONT STYLE="font-size: 10pt">: 8/16/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">PRINCIPAL OFFICE</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">: 7 ST. PAUL STREET SUITE 820</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 150pt"></TD>
    <TD STYLE="text-align: left">&#8239;&#8239;<FONT STYLE="font-size: 10pt">BALTIMORE MD 21202</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">RESIDENT AGENT</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">: CSC-LAWYERS INCORPORATING
    SERVICE COMPANY</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 150pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;<FONT STYLE="font-size: 10pt">7 ST. PAUL STREET
    SUITE 820</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 150pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;<FONT STYLE="font-size: 10pt">BALTIMORE MD 21202</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><I>Maryland Department
of Assessments and Taxation</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><I>700 East Pratt Street,
2nd Flr, Ste 2700</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><I>Baltimore, Maryland
21202</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>www.dat.maryland.gov</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>410-767-1184 (Main) 1-888-246-5941
(Toll-Free)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>1-800-735-2258 (Maryland
Relay)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Acknowledgment Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>C1 FUND INC.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLES OF INCORPORATION</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The
undersigned, David Hytha, whose post office address is 530 Lytton Avenue, 2nd Floor, Palo Alto, CA 94301, being at least 18 years of
age and duly authorized to execute being at least eighteen years of age, does hereby form a corporation under the general laws of the
State of Maryland.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE I</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NAME</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">The name of the Corporation
is: C1 Fund Inc. (the &ldquo;<U>Corporation</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE II</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>PURPOSES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The
purposes for which the Corporation is formed are to engage in any lawful act or activity for which corporations may be organized under
the general laws of the State of Maryland as now or hereafter in force, including, without limitation or obligation, engaging in business
as a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE III</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>RESIDENT AGENT AND PRINCIPAL
OFFICE</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The
name and address of the resident agent of the Corporation in the State of Maryland are CSC-Lawyers Incorporating Service Company, 7 St.
Paul Street, Suite 820, Baltimore, MD 21202. The resident agent is a Maryland corporation. The address of the principal office of the
Corporation in the State of Maryland is c/o CSC-Lawyers Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, MD 21202.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Acknowledgment
Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE IV</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>PROVISIONS FOR DEFINING,
LIMITING</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>AND REGULATING CERTAIN
POWERS OF THE</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>CORPORATION AND OF THE
STOCKHOLDERS AND DIRECTORS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
4.1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Number, Vacancies, Classification and Election of Directors.</U> The business and affairs of the Corporation shall be managed
under the direction of the Corporation&rsquo;s board of directors (the &ldquo;<U>Board of Directors</U>&rdquo; or &ldquo;<U>Directors</U>&rdquo;).
The number of Directors of the Corporation is three, which number may be increased or decreased only by the Board of Directors pursuant
to the bylaws of the Corporation (the &ldquo;<U>Bylaws</U>&rdquo;), or the charter of the Corporation (the &ldquo;<U>Charter</U>&rdquo;),
but shall never be less than the minimum number required by the Maryland General Corporation Law (the &ldquo;<U>MGCL</U>&rdquo;) or the
1940 Act. A director shall have the qualifications, if any, specified in the Bylaws. The names of the Directors who shall serve until
their successors are duly elected and qualify are:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">Michael Lempres</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">Michael (Xu) Zhao</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">Najamul Kidwai</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Board
of Directors shall fill any vacancy, whether resulting from an increase in the number of Directors or otherwise, on the Board of Directors.
Further, subject to applicable requirements of the 1940 Act, the Corporation elects, at such time as it becomes eligible pursuant to
Section 3-802 of the MGCL to make the election provided for under Section 3-804(c) of the MGCL, that, except as may be provided by the
Board of Directors in setting the terms of any class or series of Preferred Stock (as defined below) or as may be required by the 1940
Act, any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining Directors
in office, even if the remaining Directors do not constitute a quorum, and any director elected to fill a vacancy shall serve for the
remainder of the full term of the directorship in which such vacancy occurred and until a successor is duly elected and qualifies.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On the
first date on which the Corporation shall have more than one stockholder of record, the Directors (other than any director elected solely
by holders of one or more class of Preferred Stock in connection with dividend arrearages) shall be divided into three classes, designated
Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of directors of one class shall expire
at each annual meeting of stockholders, and in all cases as to each director such term shall extend until his or her successor shall
be elected and shall qualify or until his or her earlier resignation, removal from office, death or incapacity. Additional directorships
resulting from an increase in number of directors shall be apportioned among the classes as equally as possible. The current term of
office of directors of Class I shall then expire at the Corporation&rsquo;s next annual meeting of stockholders; the current term of
office of directors of Class II shall expire at the Corporation&rsquo;s second annual meeting of stockholders following classification
of the Board of Directors; and the current term of office of directors of Class III shall expire at the Corporation&rsquo;s third annual
meeting of stockholders following classification of the Board of Directors. Following such terms, at each annual meeting of stockholders,
a number of directors equal to the number of directors of the class whose term expires at the time of such meeting (or, if less, the
number of directors properly nominated and qualified for election) shall be elected to hold office until the third succeeding annual
meeting of stockholders after their election. Notwithstanding the rule that the three classes shall be as nearly equal in number of directors
as possible, in the event of any change in the authorized number of directors, each director then continuing to serve as such shall nevertheless
continue as a director of the class of which such director is a member until the expiration of his or her current term, or his or her
prior death, resignation or removal.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
4.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Extraordinary Actions</U>. Except as specifically provided in <U>Section 4.6</U> (relating to removal of Directors) and <U>Section
6.2</U> (relating to approval of certain actions and certain amendments to the Charter), notwithstanding any provision of law permitting
or requiring any action to be taken or approved by the affirmative vote of the holders of shares entitled to cast a greater number of
votes, any such action shall be effective and valid if declared advisable by the Board of Directors and taken or approved by the affirmative
vote of stockholders entitled to cast a majority of all the votes entitled to be cast on the matter.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Acknowledgment
Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
4.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Quorum</U>. Quorum shall be established in the manner as set forth in the Bylaws of the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
4.4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Authorization by Board of Stock Issuance</U>. The Board of Directors may authorize the issuance from time to time of shares of
stock of the Corporation of any class or series, whether now or hereafter authorized, or securities or rights convertible into shares
of its stock of any class or series, whether now or hereafter authorized, for such consideration, if any, as the Board of Directors may
deem advisable (or without consideration in the case of a stock split or stock dividend), subject to such restrictions or limitations,
if any, as may be set forth in the Charter or Bylaws.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
4.5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Preemptive Rights and Appraisal Rights</U>. Except as may be provided by the Board of Directors in setting the terms of classified
or reclassified shares of stock pursuant to <U>Section 5.4 </U>or as may otherwise be provided by contract, no stockholder shall have
any preemptive right to purchase or subscribe for any additional shares of stock of the Corporation or any other security of the Corporation
which the Corporation may issue or sell. No stockholder shall be entitled to exercise the rights of an objecting stockholder under Title
3, Subtitle 2 of the MGCL or any successor statute (including to the extent such rights become available under Section 3-708(a) of the
MGCL or any successor statute).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
4.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Determinations by the Board of Directors</U>. The determination as to any of the following matters, made by or pursuant to the
direction of the Board of Directors consistent with the Charter, shall be final and conclusive and shall be binding upon the Corporation
and every holder of shares of its stock: the amount of the net income of the Corporation for any period and the amount of assets at any
time legally available for the payment of dividends, redemption of its stock or the payment of other distributions on its stock; the
amount of paid-in surplus, net assets, other surplus, annual or other cash flow, funds from operations, net profit, net assets in excess
of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or
decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability
for which such reserves or charges shall have been created shall have been set aside, paid or discharged); any interpretation or resolution
of any ambiguity with respect to any provision of the Charter (including any of the terms, preferences, conversion or other rights, voting
powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption
of any shares of any class or series of stock of the Corporation) or of the Bylaws; the fair value, or any sale, bid or asked price to
be applied in determining the fair value, of any asset owned or held by the Corporation or of any shares of stock of the Corporation;
the number of shares of stock of any class or series of the Corporation; any matter relating to the acquisition, holding and disposition
of any assets by the Corporation; any interpretation of the terms and conditions of one or more agreements with any person, corporation,
association, company, trust, partnership (limited or general) or other organization; the compensation of Directors, officers, employees
or agents of the Corporation; or any other matter relating to the business and affairs of the Corporation or required or permitted by
applicable law, the Charter or Bylaws or otherwise to be determined by the Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Acknowledgment
Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
4.7. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Removal of Directors</U>. Subject to the rights of holders of one or more classes or series of Preferred Stock to elect or remove
one or more Directors, any director, or the entire Board of Directors, may be removed from office at any time only for cause and only
by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of Directors. For the purpose
of this paragraph, &ldquo;<U>cause</U>&rdquo; shall mean, with respect to any particular director, conviction of a felony or a final
judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Corporation through
bad faith or active and deliberate dishonesty.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE V</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>STOCK</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
5.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Authorized Shares</U>. The Corporation has authority to issue 500,000,000 shares of common stock, $0.00001 par value per share
(&ldquo;Common Stock&rdquo;). The aggregate par value of all authorized shares having a par value is $5,000. If shares of one class or
series of stock are classified or reclassified into shares of another class or series of stock pursuant to this Article V, the number
of authorized shares of the former class or series shall be automatically decreased and the number of shares of the latter class or series
shall be automatically increased, in each case by the number of shares so classified or reclassified, so that the aggregate number of
shares of stock of all classes and series that the Corporation has authority to issue shall not be more than the total number of shares
of stock set forth in the first sentence of this paragraph. The Board of Directors, with the approval of a majority of the entire Board
of Directors, and without any action by the stockholders, may amend the Charter from time to time to increase or decrease the aggregate
number of shares of stock or the number of shares of stock of any class or series that the Corporation has authority to issue.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
5.2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Common Stock</U>. Each share of Common Stock shall entitle the holder thereof to one vote. The Board of Directors may classify
or reclassify any unissued shares of Common Stock from time to time into one or more classes or series of stock by setting or changing
the preferences, conversion or other rights, voting powers, privileges, restrictions, limitations as to dividends or other distributions,
qualifications and terms and conditions of redemption for each class or series thereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
5.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Preferred Stock</U>. The Board of Directors may classify or reclassify any unissued shares of Preferred Stock of any series from
time to time, into one or more classes or series of stock by setting or changing the preferences, conversion or other rights, voting
powers (including exclusive voting rights, if any), privileges, restrictions, limitations as to dividends or other distributions, qualifications
and terms and conditions of redemption for each class or series thereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
5.4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Classified or Reclassified Shares</U>. Prior to the issuance of classified or reclassified shares of any class or series of stock,
the Board of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of
stock of the Corporation; (b) specify the number of shares to be included in the class or series; (c) set or change, subject to the express
terms of any class or series of stock of the Corporation outstanding at the time, the preferences, conversion or other rights, voting
powers (including exclusive voting rights, if any), privileges, restrictions, limitations as to dividends or other distributions, qualifications
and terms and conditions of redemption for each class or series; and (d) cause the Corporation to file articles supplementary with the
Department of Assessments and Taxation of the State of Maryland (&ldquo;<U>SDAT</U>&rdquo;). Any of the terms of any class or series
of stock set or changed pursuant to clause (c) of this <U>Section 5.4</U> may be made dependent upon facts or events ascertainable outside
the Charter (including determinations by the Board of Directors or other facts or events within the control of the Corporation) and may
vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class
or series of stock is clearly and expressly set forth in the articles supplementary or other charter document accepted for record by
or filed with SDAT.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Acknowledgment Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
5.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Inspection of Books and Records</U>. A stockholder that is otherwise eligible under applicable law to inspect the Corporation&rsquo;s
books of account, stock ledger, or other specified documents of the Corporation shall have no right to make such inspection if the Board
of Directors determines that such stockholder has an improper purpose for requesting such inspection. Prior to making the Corporation&rsquo;s
books of account, stock ledger, or other specified documents of the Corporation available for inspection, the Board of Directors or its
designee may impose reasonable restrictions on a stockholder&rsquo;s use of the Corporation&rsquo;s books of account, stock ledger, or
other specified documents of the Corporation. Nothing in this Section 5.5 shall be interpreted to expand the rights of a stockholder
to obtain or inspect the books and records of the Corporation under applicable law.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
5.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Charter and Bylaws</U>. All persons who acquire stock of the Corporation acquire the same, and the rights of all stockholders
and the terms of all stock are, subject to the provisions of the Charter and the Bylaws. The Board of Directors shall have the exclusive
power, at any time, to make, alter, amend or repeal the Bylaws.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VI</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDMENTS; CERTAIN EXTRAORDINARY
TRANSACTIONS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
6.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Amendments Generally</U>. The Corporation reserves the right from time to time to make any amendment to the Charter, now or hereafter
authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any shares
of outstanding stock. All rights and powers conferred by the Charter on stockholders, Directors and officers are granted subject to this
reservation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
6.2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Approval of Certain Extraordinary Actions and Charter Amendments</U>. The approval by the stockholders of the following extraordinary
actions and amendments to the Charter require the affirmative vote of the stockholders entitled to cast at least 80% of the votes entitled
to be cast generally in the election of Directors, with holders of each class or series of shares voting as a separate class:Any amendment
to the Charter to make the shares of Common Stock &ldquo;redeemable securities&rdquo; and any other proposal to convert the Corporation
from a &ldquo;closed-end company&rdquo; to an &ldquo;open-end company&rdquo; (as defined in the 1940 Act);</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(b)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The liquidation or dissolution of the Corporation and any amendment to the Charter to effect such liquidation or dissolution; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Acknowledgment Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Any amendment to, or any amendment inconsistent with the provisions of, <U>Section 4.1</U>, <U>Section 4.2</U>, <U>Section 4.7 </U>or
this <U>Section 6.2</U>;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">provided,
however, that, if the Continuing Directors (as defined below), by a vote of at least a majority of such Continuing Directors, in addition
to approval by the Board of Directors, approve such proposal, transaction or amendment referred to in <U>Section 6.2</U> (a)-(c) above,
the affirmative vote of the holders of a majority of the votes entitled to be cast on the matter shall be sufficient to approve such
proposal, transaction or amendment; and provided further, that, with respect to any transaction referred to in (b) above, if such transaction
is approved by the Continuing Directors, by a vote of at least majority of such Continuing Directors, no stockholder approval of such
transaction shall be required unless the MGCL, the 1940 Act or another provision of the Charter or Bylaws otherwise requires such approval.
For purposes of this <U>Article VI</U>, &ldquo;<U>Continuing Directors</U>&rdquo; shall mean (i) the Directors identified in <U>Section
4.1</U>, (ii) the Directors who are nominated for election by the Board of Directors to fill vacancies on the Board of Directors and
approved by a majority of the Directors identified in <U>Section 4.1</U> or (iii) any successor directors nominated for election and
approved by a majority of the Continuing Directors or successor Continuing Directors, who are on the Board of Directors at the time of
the nomination or election, as applicable.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VII</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>LIMITATION OF LIABILITY;
INDEMNIFICATION</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>AND ADVANCE OF EXPENSES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
7.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>Limitation of Liability</U>. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability
of directors and officers of a corporation, no present or former director or officer of the Corporation shall be liable to the Corporation
or its stockholders for money damages.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
7.2. &#8239;&#8239;&#8239;&#8239;&#8239; <U>Indemnification and Advance of Expenses</U>. To the maximum extent permitted by Maryland law in effect from time to time, the
Corporation shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or
reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former Director
or officer of the Corporation who is made or threatened to be made a party to a proceeding by reason of his or her service in that capacity,
or</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(b) any
individual who, while a Director or officer of the Corporation and at the request of the Corporation, serves or has served as a director,
officer, partner, member, manager or trustee of another corporation, real estate investment trust, partnership, joint venture, limited
liability company, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to a proceeding
by reason of his or her service in that capacity. The Corporation shall have the power, with the approval of the Board of Directors,
to provide such indemnification and advancement of expenses to a person who served a predecessor of the Corporation in any of the capacities
described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The Board of Directors
may take such actions as necessary to carry out this <U>Section 7.2</U>. The indemnification and payment or reimbursement of expenses
provided in this Charter or the Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking
indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement
or otherwise.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Acknowledgment Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, any advancement of expenses pursuant to this <U>Section 7.2</U> shall not be made to any person except upon, and only
upon, delivery to the Corporation of (A) a written affirmation by such person of his or her good faith belief that the standard of conduct
necessary for indemnification by the Corporation under the MGCL has been met and (B) a written undertaking by or on behalf of such person
to repay any advancement of expenses if it ultimately shall be determined by a final, nonappealable judicial decision that such person
has not met the applicable standard of conduct necessary for indemnification under the MGCL. Any such undertaking shall be an unlimited,
non-interest bearing general obligation of such person but need not be secured and shall be accepted by the Corporation without reference
to the financial ability of such person to make repayment.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
7.3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>1940 Act</U>. At such time as the Corporation is registered under the 1940 Act or otherwise elects to be subject thereto, the
provisions of this Article VII shall be subject to the requirements and limitations of the 1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Section
7.4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Amendment or Repeal</U>. Neither the amendment nor repeal of this Article VII, nor the adoption or amendment of any other provision
of the Charter or Bylaws inconsistent with this Article VII, shall apply to or affect in any respect the applicability of the preceding
sections of this Article VII with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VIII</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>INVESTMENT COMPANY ACT</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">At
such time as the Corporation is registered under the 1940 Act or otherwise elects to be subject thereto, in the event of any irreconcilable
conflict with the Charter and the requirements and limitations of the 1940 Act, the requirements and limitations of the 1940 Act shall
prevail.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Acknowledgment
Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE IX</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>EXCLUSIVE FORUM</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Unless
the Corporation consents in writing to the selection of a different forum, the Circuit Court for Baltimore City, Maryland, or, if that
court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole
and exclusive forum for (a) any Internal Corporate Claim (as such term is defined in the MGCL), (b) any derivative action or proceeding
brought on behalf of the Corporation, (c) any action asserting a breach of the standard of conduct by a Director or a claim of breach
of any duty owed by a director or officer of the Corporation to the Corporation or to the directors or stockholders of the Corporation,
or (d) any action asserting a claim against the Corporation or any Director or officer or other employee of the Corporation arising pursuant
to any provision of the MGCL, the bylaws, or this charter, or (e) any other action asserting a claim against the Corporation or any director
or officer or other employee of the Corporation that is governed by the internal affairs doctrine under</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Maryland
law. With respect to any proceeding described in the foregoing sentence that is in the Circuit Court for Baltimore City, Maryland, the
Corporation and its stockholders consent to the assignment of the proceeding to the Business and Technology Case Management Program pursuant
to Maryland Rule 16-308 or any successor thereof. Unless the Corporation consents in writing to the selection of a different forum, to
the fullest extent permitted by applicable law, the United States District Court for the District of Maryland, Baltimore Division, shall
be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933,
the Securities Exchange Act of 1934 or the 1940 Act, in each case as amended. Any stockholder of the Corporation shall be deemed to have
notice of and consented to this Article IX.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>[Remainder of the Page
Intentionally Blank]</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Acknowledgment
Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">IN WITNESS WHEREOF, I have signed these Articles of Incorporation
and <FONT STYLE="font-size: 10pt">acknowledge </FONT>the same be my act on this 16th day of August, 2024.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/
    David Hytha</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">David Hytha</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Incorporator</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Acknowledgment Number:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2427547d1_ex99-xaimg002.jpg" ALT="" STYLE="width: 205px; height: 79px"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">I, HEREBY CONSENT TO MY DESIGNATION AS RESIDENT AGENT FOR
THIS ENTITY.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    ELINAM RENNER</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ELINAM RENNER</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSISTANT VICE PRESIDENT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSC-LAWYERS INCORPORATING SERVICE
    COMPANY</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Page&#8239;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&#8239;of&#8239;10</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>3
<FILENAME>tm2427547d1_ex99-xb.htm
<DESCRIPTION>EXHIBIT 99.(B)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2427547d1_ex99-xb.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1/users" -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.(b)</B></P>


<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>C1 FUND INC.</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>BYLAWS</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE I</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>OFFICES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>PRINCIPAL OFFICE</U>.
The principal office of the Corporation in the State of Maryland shall be located at such place as the Board of Directors may designate.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>ADDITIONAL OFFICES</U>.
The Corporation may have additional offices, including a principal executive office, at such places as the Board of Directors may from
time to time determine or the business of the Corporation may require.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE II</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>MEETINGS OF STOCKHOLDERS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>PLACE.</U> All
meetings of stockholders shall be held at the principal executive office of the Corporation or at such other place as shall be set by
the Board of Directors and stated in the notice of the meeting. To the fullest extent of Maryland law, the Board of Directors may determine
that the meeting not be held at any place, but instead may be held solely by means of remote communication.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>ANNUAL MEETING</U>.
The annual meeting of the stockholders for the election of directors and the transaction of any business within the powers of the Corporation,
if and to the extent required by applicable law, shall be held on a date and at the time set by the Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Section 3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <FONT STYLE="font-size: 10pt"><U>SPECIAL MEETINGS.</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;<U>General</U>. The Chairman
of the Board, the chief executive officer, the president or the Board of Directors may call a special meeting of the stockholders. Subject
to subsection (b) of this Section 3, a special meeting of stockholders shall also be called by the secretary of the Corporation upon
the written request of the holders of shares of stock of the Corporation entitled to cast a majority of the votes entitled to be cast
(without regard to class).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;<U>Stockholder Requested Special Meetings</U>. (1) Any stockholder of record seeking to have stockholders request a special meeting shall,
by sending written notice to the secretary (the &ldquo;Record Date Request Notice&rdquo;) by registered mail, return receipt requested,
request the Board of Directors to fix a record date to determine the stockholders entitled to request a special meeting (the &ldquo;Request
Record Date&rdquo;). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on
at it, shall be signed by one or more stockholders of record as of the date of signature (or their agents duly authorized in a writing
accompanying the Record Date Request Notice), shall bear the date of signature of each such stockholder (or such agent) and shall set
forth all information relating to each such stockholder that must be disclosed in solicitations of proxies for election of directors
in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A
(or any successor provision) under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Upon receiving the
Record Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede and shall
not be more than ten days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by
the Board of Directors. If the Board of Directors, within ten days after the date on which a valid Record Date Request Notice is received,
fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after
the first date on which the Record Date Request Notice is received by the secretary.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
order for any stockholder to request a special meeting, one or more written requests for a special meeting signed by stockholders of
record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not
less than a majority (the &ldquo;Special Meeting Percentage&rdquo;) of the holders of shares of stock of the Corporation entitled to
cast a majority of the votes entitled to be cast (without regard to class) (such request, the &ldquo;Special Meeting Request&rdquo;)
shall be delivered to the secretary. In addition, the Special Meeting Request (a)<FONT STYLE="font-size: 10pt">&nbsp; </FONT>shall
set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to those lawful matters
set forth in the Record Date Request Notice received by the secretary), (b) shall bear the date of signature of each such
stockholder (or such agent) signing the Special Meeting Request, (c) shall set forth the name and address, as they appear in the
Corporation&rsquo;s books, of each stockholder signing such request (or on whose behalf the Special Meeting Request is signed) and
the class, series and number of all shares of stock of the Corporation which are owned by each such stockholder, and the nominee
holder for, and number of, shares owned by such stockholder beneficially but not of record, (d) shall be sent to the secretary by
registered mail, return receipt requested, and (e) shall be received by the secretary within 60 days after the Request Record Date.
Any requesting stockholder (or agent duly authorized in a writing accompanying the revocation or the Special Meeting Request) may
revoke his, her or its request for a special meeting at any time by written revocation delivered to the secretary.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The secretary shall inform
the requesting stockholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Corporation&rsquo;s
proxy materials). The secretary shall not be required to call a special meeting upon stockholder request and such meeting shall not be
held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the secretary receives payment of such reasonably
estimated cost prior to the mailing of any notice of the meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the
Chairman of the Board, the chief executive officer, the president or the Board of Directors, in each case by the individual that
called the meeting. In the case of any special meeting called by the secretary upon the request of stockholders (a
 &ldquo;Stockholder Requested Meeting&rdquo;), such meeting shall be held at such place, date and time as may be designated by the
Board of Directors; provided, however, that the date of any Stockholder Requested Meeting shall be not more than 90 days after the
record date for such meeting (the &ldquo;Meeting Record Date&rdquo;); and provided further that if the Board of Directors fails to
designate, within ten days after the date that a valid Special Meeting Request is actually received by the secretary (the
 &ldquo;Delivery Date&rdquo;), a date and time for a Stockholder Requested Meeting, then such meeting shall be held at 2:00 p.m.
local time on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first
preceding Business Day; and provided further that in the event that the Board of Directors fails to designate a place for a
Stockholder Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive
office of the Corporation. In fixing a date for any special meeting, the Chairman of the Board, the chief executive officer, the
president or the Board of Directors may consider such factors as he, she or it deems relevant within the good faith exercise of
business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances
surrounding any request for meeting and any plan of the Board of Directors to call an annual meeting or a special meeting. In the
case of any Stockholder Requested Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a date within 30
days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date.
The Board of Directors may revoke the notice for any Stockholder Requested Meeting in the event that the requesting stockholders
fail to comply with the provisions of paragraph (3) of this Section 3(b).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239; </FONT>If written revocations of the Special Meeting Request have been delivered to the secretary and the result is that stockholders
of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting
Percentage have delivered, and not revoked, requests for a special meeting to the secretary, the secretary shall: (i) if the notice of
meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting stockholders who have
not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has
been mailed and if the secretary first sends to all requesting stockholders who have not revoked requests for a special meeting written
notice of any revocation of a request for the special meeting and written notice of the secretary&rsquo;s intention to revoke the notice
of the meeting, revoke the notice of the meeting at any time before ten days before the commencement of the meeting. Any request for
a special meeting received after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special
meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(6)&#8239;
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Board of Directors, the Chairman of the Board or the president may appoint independent inspectors of elections to act as the
agent of the Corporation for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting
Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall
be deemed to have been delivered to the secretary until the earlier of (i)<FONT STYLE="font-size: 10pt">&nbsp; </FONT>five Business Days
after receipt by the secretary of such purported request and (ii) such date as the independent inspectors certify to the Corporation
that the valid requests received by the secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage.
Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Corporation or any stockholder shall
not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action
(including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive
relief in such litigation).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; For purposes of these
Bylaws, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the
State of New York are authorized or obligated by law or executive order to close.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>NOTICE OF MEETINGS</U>.
Not less than ten nor more than 90 days before each meeting of stockholders, the secretary shall give to each stockholder entitled to
vote at such meeting, and to each stockholder not entitled to vote who is entitled to notice of the meeting, written or printed notice
stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose
for which the meeting is called, either by mail, by presenting it to such stockholder personally, by leaving it at the stockholder&rsquo;s
residence or usual place of business or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given
when deposited in the United States mail addressed to the stockholder at the stockholder&rsquo;s address as it appears on the records
of the Corporation, with postage thereon prepaid. A single notice shall be effective as to all stockholders who share an address, except
to the extent that a stockholder at such address objects to such single notice. Failure to give notice of any meeting to one or more stockholders,
or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II, or the validity
of any proceedings at any such meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to Section 11(a) of
this Article II, any business of the Corporation may be transacted at an annual meeting of stockholders without being specifically designated
in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special
meeting of stockholders except as specifically designated in the notice. The Corporation may postpone or cancel a meeting of stockholders
by making a &ldquo;public announcement&rdquo; (as defined in Section 11(c)(3)) of such postponement or cancellation prior to the meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>ORGANIZATION
AND CONDUCT</U>. Every meeting of stockholders shall be conducted by an individual appointed by the Board of Directors to be
chairman of the meeting or, in the absence of such appointment, by the Chairman of the Board, if any, or, in the case of a vacancy
in the office or absence of the Chairman of the Board, by one of the following officers present at the meeting: the Vice Chairman of
the Board, if any, the chief executive officer, the president, any vice president, the secretary, the treasurer or, solely in the
absence of such officers, a chairman chosen by the stockholders by the vote of a majority of the votes cast by stockholders present
in person or by proxy. The secretary or, in the secretary&rsquo;s absence, an assistant secretary or, in the absence of both the
secretary and assistant secretaries, an individual appointed by the Board of Directors or, in the absence of such appointment, an
individual appointed by the chairman of the meeting shall act as secretary. In the event that the secretary presides at a meeting of
the stockholders, an assistant secretary, or, in the absence of assistant secretaries, an individual appointed by the Board of
Directors or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters of
procedure at any meeting of stockholders shall be determined by the chairman of the meeting. The chairman of the meeting may
prescribe such rules, regulations and procedures and take such action as, in the discretion of the chairman and without any action
by the stockholders, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission
to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to stockholders of record of the
Corporation, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (c) limiting
participation at the meeting on any matter to stockholders of record of the Corporation entitled to vote on such matter, their duly
authorized proxies or other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to
questions or comments by participants; (e) determining when the polls should be opened and closed; (f) maintaining order and
security at the meeting; (g) removing any stockholder or any other individual who refuses to comply with meeting procedures, rules
or guidelines as set forth by the chairman of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a
later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations
concerning safety and security. Unless otherwise determined by the chairman of the meeting, meetings of stockholders shall not be
required to be held in accordance with the rules of parliamentary procedure.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<U>QUORUM.</U> The presence in person or by proxy of the stockholders entitled to cast a majority of the votes entitled to be cast (without
regard to class) shall constitute a quorum at any meeting of stockholders, except with respect to any such matter that, under applicable
statutes or regulatory requirements or the Articles of Incorporation of the Corporation (the &ldquo;Charter&rdquo;), requires approval
by a separate vote of one or more classes or series of stock, in which case the presence in person or by proxy of the holders of shares
entitled to cast a majority of the votes entitled to be cast by such classes or series on such a matter shall constitute a quorum. If,
however, such quorum shall not be present at any meeting of the stockholders, the chairman of the meeting shall have the power to (a)
adjourn the meeting from time to time to a date not more than 120 days after the original record date without notice other than announcement
at the meeting or (b) conclude the meeting without adjournment to another date. If a meeting is adjourned and a quorum is present at
such adjournment, any business may be transacted which might have been transacted at the meeting as originally notified.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stockholders present either
in person or by proxy, at a meeting which has been duly called and convened, may continue to transact business until adjournment, notwithstanding
the withdrawal of enough stockholders to leave less than a quorum.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>VOTING</U>.
Directors shall be elected by a plurality of all the votes cast at a meeting of stockholders duly called and at which a quorum, as defined
in Section 6 of this Article II, is present. Each share may be voted for as many individuals as there are directors to be elected and
for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of stockholders duly called and at which
a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority
of the votes cast is required by statute or by the Charter. Unless otherwise provided in the Charter, each outstanding share, regardless
of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>PROXIES.</U>
A stockholder may cast the votes entitled to be cast by the holder of the shares of stock owned of record by the stockholder in
person or by proxy executed by the stockholder or by the stockholder&rsquo;s duly authorized agent in any manner permitted by law.
Such proxy or evidence of authorization of such proxy shall be filed with the secretary of the Corporation before or at the meeting.
No proxy shall become invalid due to the adjournment or postponement of a meeting of stockholders, or a change in the record date
for such meeting, unless so provided in the proxy. No proxy shall be valid more than eleven months after its date unless otherwise
provided in the proxy.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>VOTING OF STOCK
BY CERTAIN HOLDERS</U>. Stock of the Corporation registered in the name of a corporation, partnership, trust or other entity, if entitled
to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may be, or a proxy appointed
by any of the foregoing individuals, unless some other person who has been appointed to vote such stock pursuant to a bylaw or a resolution
of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such
bylaw, resolution or agreement, in which case such person may vote such stock. Any director or other fiduciary may vote stock registered
in his or her name as such fiduciary, either in person or by proxy.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of stock of the Corporation
directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding
shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and
shall be counted in determining the total number of outstanding shares at any given time.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors may
adopt by resolution a procedure by which a stockholder may certify in writing to the Corporation that any shares of stock registered in
the name of the stockholder are held for the account of a specified person other than the stockholder. The resolution shall set forth
the class of stockholders who may make the certification, the purpose for which the certification may be made, the form of certification
and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within
which the certification must be received by the Corporation; and any other provisions with respect to the procedure which the Board of
Directors considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded
as, for the purposes set forth in the certification, the stockholder of record of the specified stock in place of the stockholder who
makes the certification.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>INSPECTORS</U>.
The Board of Directors or the chair of the meeting may appoint, before or at the meeting, one or more inspectors for the meeting and any
successor thereto. The inspectors, if any, shall (i) determine the number of shares of stock represented at the meeting, in person or
by proxy and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation
to the chair of the meeting, (iv) hear and determine all challenges and questions arising in connection with the right to vote, and (v)
do such acts as are proper to conduct the election or vote with fairness to all stockholders. Each such report shall be in writing and
signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector,
the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented
at the meeting and the results of the voting shall be prima facie evidence thereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>ADVANCE NOTICE
OF STOCKHOLDER NOMINEES FOR DIRECTOR AND OTHER STOCKHOLDER PROPOSALS</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239; <U>Annual Meetings of
Stockholders</U>. (1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be considered
by the stockholders may be made at an annual meeting of stockholders (i) pursuant to the Corporation&rsquo;s notice of meeting, (ii) by
or at the direction of the Board of Directors or (iii) by any stockholder of the Corporation who was a stockholder of record both at the
time of giving of notice by the stockholder as provided for in this Section 11(a) and at the time of the annual meeting, who is entitled
to vote at the meeting and who has complied with this Section 11(a).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; For nominations or
other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of paragraph (a)(1) of this
Section 11, the stockholder must have given timely notice thereof in writing to the secretary of the Corporation and such other
business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder&rsquo;s notice shall set
forth all information required under this Section 11 and shall be delivered to the secretary at the principal executive office of
the Corporation not earlier than the 150th day prior to the first anniversary of the date of the proxy statement for the preceding
year&rsquo;s annual meeting nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of
the proxy statement for the preceding year&rsquo;s annual meeting; provided, however, that in the event that the date of the annual
meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year&rsquo;s annual
meeting (or if an annual meeting has not previously been held), notice by the stockholder to be timely must be so delivered not
earlier than the 150th day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the
120th day prior to the date of such annual meeting or the tenth day following the day on which public announcement of the date of
such meeting is first made. The public announcement of a postponement or adjournment of an annual meeting shall not commence a new
time period for the giving of a stockholder&rsquo;s notice as described above. Such stockholder&rsquo;s notice shall set forth (i)
as to each individual whom the stockholder proposes to nominate for election or reelection as a director, (A) the name, age,
business address and residence address of such individual, (B) the class, series and number of any shares of stock of the
Corporation that are beneficially owned by such individual, (C) the date such shares were acquired and the investment intent of such
acquisition, (D) such individual&rsquo;s written consent to being named in the proxy statement as a nominee, (E) such
individual&rsquo;s certification that he or she currently intends to serve as a director for the full term for which he or she is
standing (if so elected) and (F) all other information relating to such individual that is required to be disclosed in solicitations
of proxies for election of directors in an election contest (even if an election contest is not involved), or is otherwise required,
in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder; (ii) as to any
other business that the stockholder proposes to bring before the meeting, a description of such business, the reasons for proposing
such business at the meeting and any material interest in such business of such stockholder and any Stockholder Associated Person
(as defined below), individually or in the aggregate, including any anticipated benefit to the stockholder or the Stockholder
Associated Person therefrom; (iii) as to the stockholder giving the notice and any Stockholder Associated Person, (A) the class,
series and number of all shares of stock of the Corporation which are owned by such stockholder and by such Stockholder Associated
Person, if any, (B) the nominee holder for, and number of, shares owned beneficially but not of record by such stockholder and by
any such Stockholder Associated Person, (C) whether and the extent to which any hedging or other transaction or series of
transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including any short
position or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate loss to or manage risk
of share price changes for, or to increase the voting power of, such stockholder or any such Stockholder Associated Person with
respect to any shares of stock of the Corporation (collectively, &ldquo;Hedging Activities&rdquo;) and (D) a general description of
whether and the extent to which such stockholder or such Stockholder Associated Person has engaged in Hedging Activities with
respect to shares of stock or other equity interests of any other company; (iv) as to the stockholder giving the notice and any
Stockholder Associated Person covered by clauses (ii) or (iii) of this paragraph (2) of this Section 11(a), (A) the name and address
of such stockholder, as they appear on the Corporation&rsquo;s stock ledger and current name and address, if different, and of such
Stockholder Associated Person; and (B) the investment strategy or objective, if any, of such stockholder or Stockholder Associated
Person and a copy of the prospectus, offering memorandum or similar document, if any provided to investors or potential investors in
such stockholder or Stockholder Associated Person; and (v) to the extent known by the stockholder giving the notice, the name and
address of any other stockholder supporting the nominee for election or reelection as a director or the proposal of other business
on the date of such stockholder&rsquo;s notice.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding anything in this subsection (a) of this Section 11 to the contrary, in the event that the number of directors to
be elected to the Board of Directors is increased and there is no public announcement of such action at least 130 days prior to the first
anniversary of the date of the proxy statement for the preceding year&rsquo;s annual meeting, a stockholder&rsquo;s notice required by
this Section 11(a) shall also be considered timely, but only with respect to nominees for any new positions created by such increase,
if it shall be delivered to the secretary at the principal executive office of the Corporation not later than 5:00 p.m., Eastern Time,
on the tenth day following the day on which such public announcement is first made by the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;For purposes of this Section 11, &ldquo;Stockholder Associated Person&rdquo; of any stockholder shall mean (i) any person controlling,
directly or indirectly, or acting in concert with, such stockholder, (ii) any beneficial owner of shares of stock of the Corporation
owned of record or beneficially by such stockholder and (iii) any person controlling, controlled by or under common control with such
Stockholder Associated Person.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239; <U>Special Meetings of
Stockholders</U>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting
pursuant to the Corporation&rsquo;s notice of meeting. Nominations of individuals for election to the Board of Directors may be made
at a special meeting of stockholders at which directors are to be elected (i) pursuant to the Corporation&rsquo;s notice of meeting,
(ii) by or at the direction of the Board of Directors or (iii) provided that the Board of Directors has determined that directors shall
be elected at such special meeting, by any stockholder of the Corporation who is a stockholder of record both at the time of giving of
notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting and who has complied
with the notice procedures set forth in this Section 11. In the event the Corporation calls a special meeting of stockholders for the
purpose of electing one or more individuals to the Board of Directors, any such stockholder may nominate an individual or individuals
(as the case may be) for election as a director as specified in the Corporation&rsquo;s notice of meeting, if the stockholder&rsquo;s
notice required by paragraph (a)(2) of this Section 11 shall be delivered to the secretary at the principal executive office of the Corporation
not earlier than the 120th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90th day
prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special
meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. The public announcement of a postponement
or adjournment of a special meeting shall not commence a new time period for the giving of a stockholder&rsquo;s notice as described
above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) &#8239;&#8239;&#8239;<U>General</U>. (1) If
information submitted pursuant to this Section 11 by any stockholder proposing a nominee for election as a director or any proposal for
other business at a meeting of stockholders shall be inaccurate to a material extent, such information may be deemed not to have been
provided in accordance with this Section 11. Upon written request by the secretary or the Board of Directors, any stockholder proposing
a nominee for election as a director or any proposal for other business at a meeting of stockholders shall provide, within five Business
Days of delivery of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in
the discretion of the Board of Directors or any authorized officer of the Corporation, to demonstrate the accuracy of any information
submitted by the stockholder pursuant to this Section 11 and (B) a written update of any information previously submitted by the stockholder
pursuant to this Section 11 as of an earlier date. If a stockholder fails to provide such written verification or written update within
such period, the information as to which written verification or a written update was requested may be deemed not to have been provided
in accordance with this Section 11.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election by stockholders
as directors, and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in
accordance with this Section 11. The chairman of the meeting shall have the power to determine whether a nomination or any other business
proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;</FONT>For purposes of this Section 11, &ldquo;public announcement&rdquo; shall mean disclosure (i) in a press release reported by the
Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (ii) in a document
publicly filed by the Corporation with the Securities and Exchange Commission pursuant to the Exchange Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding the foregoing provisions of this Section 11, a stockholder shall also comply with all applicable requirements of
state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing
in this Section 11 shall be deemed to affect any right of a stockholder to request inclusion of a proposal in, nor the right of the Corporation
to omit a proposal from, the Corporation&rsquo;s proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange
Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>VOTING BY BALLOT</U>.
Voting on any question or in any election may be <I>viva voce</I> unless the presiding officer shall order or any stockholder shall demand
that voting be by ballot.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE III</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>DIRECTORS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.  &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>GENERAL POWERS</U>.
The business and affairs of the Corporation shall be managed under the direction of its Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>NUMBER, TENURE
AND QUALIFICATIONS</U>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board of Directors
may establish, increase or decrease the number of directors, provided that the number thereof shall never be less than the minimum number
required by the MGCL or the 1940 Act, and further provided that the tenure of office of a director shall not be affected by any decrease
in the number of directors. Any director of the Corporation may resign at any time by delivering his or her resignation to the Board of
Directors, the Chairman of the Board or the secretary. Any resignation shall take effect immediately upon its receipt or at such later
time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated
in the resignation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>ANNUAL AND REGULAR
MEETINGS</U>. An annual meeting of the Board of Directors shall be held immediately after and at the same place as the annual meeting
of stockholders, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at
such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Directors. Regular
meetings of the Board of Directors shall be held from time to time at such places and times as provided by the Board of Directors by resolution,
without notice other than such resolution.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>SPECIAL MEETINGS.</U>
Special meetings of the Board of Directors may be called by or at the request of the Chairman of the Board, the chief executive officer,
the president or by a majority of the directors then in office. The person or persons authorized to call special meetings of the Board
of Directors may fix any place as the place for holding any special meeting of the Board of Directors called by them. The Board of Directors
may provide, by resolution, the time and place for the holding of special meetings of the Board of Directors without notice other than
such resolution.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>NOTICE</U>.
Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic mail, facsimile
transmission, United States mail or courier to each director at his or her business or residence address. Notice by personal
delivery, telephone, electronic mail or facsimile transmission shall be given at least 24 hours prior to the meeting. Notice by
United States mail shall be given at least three days prior to the meeting. Notice by courier shall be given at least two days prior
to the meeting. Telephone notice shall be deemed to be given when the director or his or her agent is personally given such notice
in a telephone call to which the director or his or her agent is a party. Electronic mail notice shall be deemed to be given upon
transmission of the message to the electronic mail address given to the Corporation by the director. Facsimile transmission notice
shall be deemed to be given upon completion of the transmission of the message to the number given to the Corporation by the
director and receipt of a completed answer-back indicating receipt. Notice by United States mail shall be deemed to be given when
deposited in the United States mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given
when deposited with or delivered to a courier properly addressed. Neither the business to be transacted at, nor the purpose of, any
annual, regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by statute
or these Bylaws.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>QUORUM</U>.
A majority of the directors shall constitute a quorum for transaction of business at any meeting of the Board of Directors, provided that,
if less than a majority of such directors are present at such meeting, a majority of the directors present may adjourn the meeting from
time to time without further notice, and provided further that if, pursuant to applicable law, the Charter or these Bylaws, the vote of
a majority or other percentage of a particular group of directors is required for action, a quorum must also include a majority of such
group.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The directors present at a
meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of
enough directors to leave less than a quorum.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>VOTING</U>.
The action of a majority of the directors present at a meeting at which a quorum is present shall be the action of the Board of Directors,
unless the concurrence of a greater proportion is required for such action by applicable statute or the Charter. If enough directors have
withdrawn from a meeting to leave less than a quorum but the meeting is not adjourned, the action of the majority of that number of directors
necessary to constitute a quorum at such meeting shall be the action of the Board of Directors, unless the concurrence of a greater proportion
is required for such action by applicable statute or the Charter.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>ORGANIZATION</U>.
At each meeting of the Board of Directors, the Chairman of the Board or, in the absence of the Chairman, the Vice Chairman of the Board,
if any, shall act as Chairman. In the absence of both the Chairman and Vice Chairman of the Board, the chief executive officer or in the
absence of the chief executive officer, the president or in the absence of the president, a director chosen by a majority of the directors
present, shall act as Chairman. The secretary or, in his or her absence, an assistant secretary of the Corporation, or in the absence
of the secretary and all assistant secretaries, a person appointed by the Chairman, shall act as secretary of the meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. &#8239;&#8239;&#8239;&#8239;&#8239;  <U>TELEPHONE MEETINGS.</U>
Directors may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating
in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence in person at
the meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. &#8239;&#8239;&#8239;&#8239;  <U>WRITTEN CONSENT
BY DIRECTORS</U>. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting,
if a consent to such action is given in writing or by electronic transmission and is filed with the minutes of proceedings of the Board
of Directors; provided however, this Section 10 does not apply to any action of the directors pursuant to the Investment Company Act,
that requires the vote of the directors to be cast in person at a meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. &#8239;&#8239;&#8239;&#8239;
<U>VACANCIES</U>. If for any reason any or all the directors cease to be directors, such event shall not terminate the Corporation or
affect these Bylaws or the powers of the remaining directors hereunder, if any. Pursuant to the Corporation's election in Article IV
of the Charter, except as may be provided by the Board of Directors in setting the terms of any class or series of preferred stock, (a)
any vacancy on the Board of Directors may be filled only by a majority of the remaining directors, even if the remaining directors do
not constitute a quorum and (b) any director elected to fill a vacancy shall serve for the remainder of the full term of the class in
which the vacancy occurred and until a successor is elected and qualifies.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12. &#8239;&#8239;&#8239;  <U>COMPENSATION</U>.
Directors shall not receive any stated salary for their services as directors but, by resolution of the Board of Directors, may receive
compensation per year and/or per meeting and/or per visit to real property or other facilities owned or leased by the Corporation and
for any service or activity they performed or engaged in as directors. Directors may be reimbursed for expenses of attendance, if any,
at each annual, regular or special meeting of the Board of Directors or of any committee thereof and for their expenses, if any, in connection
with each property visit and any other service or activity they performed or engaged in as directors; but nothing herein contained shall
be construed to preclude any directors from serving the Corporation in any other capacity and receiving compensation therefor.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 14. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>SURETY BONDS</U>. Unless required by law, no director shall be obligated to give any bond or surety or other security for the performance
of any of his or her duties.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 15. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>RELIANCE</U>.
Each director and officer of the Corporation shall, in the performance of his or her duties with respect to the Corporation, be entitled
to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented
by an officer or employee of the Corporation whom the director or officer reasonably believes to be reliable and competent in the matters
presented, by a lawyer, certified public accountant or other person, as to a matter which the director or officer reasonably believes
to be within the person&rsquo;s professional or expert competence, or, with respect to a director, by a committee of the Board of Directors
on which the director does not serve, as to a matter within its designated authority, if the director reasonably believes the committee
to merit confidence.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 16. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>RATIFICATION</U>.
The Board of Directors or the stockholders may ratify and make binding on the Corporation any action or inaction by the Corporation or
its officers to the extent that the Board of Directors or the stockholders could have originally authorized the matter. Moreover, any
action or inaction questioned in any stockholders' derivative proceeding or any other proceeding on the ground of lack of authority,
defective or irregular execution, adverse interest of a director, officer or stockholder, non-disclosure, miscomputation, or the application
of improper principles or practices of accounting, may be ratified, before or after judgment, by the Board of Directors or by the stockholders
and such ratification shall be binding upon the Corporation and its stockholders and shall constitute a bar to any claim or execution
of any judgment in respect of such questioned action or inaction.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 17. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>EMERGENCY PROVISIONS</U>.
Notwithstanding any other provision in the Charter or these Bylaws, this Section 17 shall apply during the existence of any catastrophe,
or other similar emergency condition, as a result of which a quorum of the Board of Directors under Article III of these Bylaws cannot
readily be obtained (an &ldquo;Emergency&rdquo;). During any Emergency, unless otherwise provided by the Board of Directors, (i) a meeting
of the Board of Directors or a committee thereof may be called by any director or officer by any means feasible under the circumstances;
(ii) notice of any meeting of the Board of Directors during such an Emergency may be given less than 24 hours prior to the meeting to
as many directors and by such means as may be feasible at the time, including publication, television or radio, and (iii) the number of
directors necessary to constitute a quorum shall be one-third of the entire Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE IV</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>COMMITTEES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>NUMBER, TENURE
AND QUALIFICATIONS</U>. The Board of Directors may appoint from among its members an Executive Committee, an Audit Committee, a Nominating
and Corporate Governance Committee, a Compensation Committee, a Valuation Committee and other committees, composed of one or more directors,
to serve at the pleasure of the Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>POWERS</U>.
The Board of Directors may delegate to committees appointed under Section 1 of this Article any of the powers of the Board of Directors,
except as prohibited by law.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>MEETINGS</U>.
Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Directors. A majority of
the members of the committee shall constitute a quorum for the transaction of business at any meeting of the committee. The act of a majority
of the committee members present at a meeting shall be the act of such committee. The Board of Directors may designate a chairman of any
committee, and such chairman or, in the absence of a chairman, any two members of any committee (if there are at least two members of
the Committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any
such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another director to act
in the place of such absent member. Each committee shall keep minutes of its proceedings.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>TELEPHONE MEETINGS</U>.
Members of a committee of the Board of Directors may participate in a meeting by means of a conference telephone or similar communications
equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means
shall constitute presence in person at the meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>WRITTEN CONSENT
BY COMMITTEES</U>. Any action required or permitted to be taken at any meeting of a committee of the Board of Directors may be taken without
a meeting, if a consent to such action is given in writing or by electronic transmission by each member of the committee and is filed
with the minutes of proceedings of such committee.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>VACANCIES</U>.
Subject to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee, to
fill any vacancy, to designate one or more alternate members to replace any absent or disqualified member or to dissolve any such committee.
Subject to the power of the Board of Directors, the members of the committee shall have the power to fill any vacancies on the committee.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE V</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>OFFICERS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>GENERAL PROVISIONS</U>.
The officers of the Corporation shall include a president, a secretary and a treasurer and may include a chief executive officer, one
or more vice presidents, a chief operating officer, a chief financial officer, a chief investment officer, a chief compliance officer,
one or more assistant secretaries and one or more assistant treasurers. In addition, the Board of Directors may from time to time elect
such other officers with such powers and duties as it shall deem necessary or desirable. The Board of Directors may designate a Chairman
of the Board and a Vice Chairman of the Board, who shall not, solely by reason of such designation, be officers of the Corporation but
shall have such powers and duties as determined by the Board of Directors from time to time. The officers of the Corporation shall be
elected annually by the Board of Directors, except that the chief executive officer or president may from time to time appoint one or
more vice presidents, assistant secretaries, assistant treasurers or other officers. Each officer shall serve until his or her successor
is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two or more offices except president
and vice president may be held by the same person. Election of an officer or agent shall not of itself create contract rights between
the Corporation and such officer or agent.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>REMOVAL AND
RESIGNATION</U>. Any officer or agent of the Corporation may be removed, with or without cause, by the Board of Directors if in its judgment
the best interests of the Corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if
any, of the person so removed. Any officer of the Corporation may resign at any time by giving written notice of his or her resignation
to the Board of Directors, the Chairman of the Board, the president or the secretary. Any resignation shall take effect immediately upon
its receipt or at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make
it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of
the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>VACANCIES</U>.
A vacancy in any office may be filled by the Board of Directors for the balance of the term.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CHIEF EXECUTIVE
OFFICER</U>. The Board of Directors may designate a chief executive officer. In the absence of such designation, the president shall be
the chief executive officer of the Corporation. The chief executive officer shall have general responsibility for implementation of the
policies of the Corporation, as determined by the Board of Directors, and for the management of the business and affairs of the Corporation.
He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly
delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required by law to
be otherwise executed; and in general shall perform all duties incident to the office of chief executive officer and such other duties
as may be prescribed by the Board of Directors from time to time.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CHIEF OPERATING
OFFICER</U>. The Board of Directors may designate a chief operating officer. The chief operating officer shall have the responsibilities
and duties as determined by the Board of Directors or the chief executive officer.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CHIEF INVESTMENT
OFFICER</U>. The Board of Directors may designate a chief investment officer. The chief investment officer shall have the responsibilities
and duties as determined by the Board of Directors or the chief executive officer.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CHIEF FINANCIAL
OFFICER</U>. The Board of Directors may designate a chief financial officer. The chief financial officer shall have the responsibilities
and duties as set forth by the Board of Directors or the chief executive officer.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CHIEF COMPLIANCE
OFFICER</U>. The chief compliance officer, subject to the direction of and reporting to the Board of Directors, shall be responsible for
the oversight of the Corporation&rsquo;s compliance with the Federal securities laws. The designation, compensation and removal of the
chief compliance officer must be approved by the Board of Directors, including a majority of the directors who are not &ldquo;interested
persons&rdquo; (as such term is defined in Section 2(a)(19) of the Investment Company Act) of the Corporation. The chief compliance officer
shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. &#8239;&#8239;&#8239;&#8239;&#8239;  <U>PRESIDENT</U>.
In the absence of a designation of a chief executive officer by the Board of Directors, the president shall be the chief executive officer.
He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly
delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required by law to
be otherwise executed; and in general shall perform all duties incident to the office of president and such other duties as may be prescribed
by the Board of Directors from time to time.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. &#8239;&#8239;&#8239;&#8239;&#8239;  <U>VICE
PRESIDENTS</U>. In the absence of the president or in the event of a vacancy in such office, the vice president (or in the event
there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence
of any designation, then in the order of their election) shall perform the duties of the president and when so acting shall have all
the powers of and be subject to all the restrictions upon the president; and shall perform such other duties as from time to time
may be assigned to such vice president by the president or by the Board of Directors. The Board of Directors may designate one or
more vice presidents as executive vice president or as vice president for particular areas of responsibility.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. &#8239;&#8239;&#8239;&#8239;&#8239;  <U>SECRETARY</U>.
The secretary shall: (a) keep the minutes of the proceedings of the stockholders, the Board of Directors and committees of the Board of
Directors in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of
these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Corporation; (d) keep a register
of the post office address of each stockholder which shall be furnished to the secretary by such stockholder; (e) have general charge
of the stock transfer books of the Corporation; and (f) in general perform such other duties as from time to time may be assigned to him
by the chief executive officer, the president or by the Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12. &#8239;&#8239;&#8239;&#8239;&#8239;  <U>TREASURER</U>.
The treasurer shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit
all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the
Board of Directors. In the absence of a designation of a chief financial officer by the Board of Directors, the treasurer shall be the
chief financial officer of the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The treasurer shall disburse
the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render
to the president and Board of Directors, at the regular meetings of the Board of Directors or whenever it may so require, an account of
all his or her transactions as treasurer and of the financial condition of the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 13. &#8239;&#8239;&#8239;&#8239;  <U>ASSISTANT SECRETARIES
AND ASSISTANT TREASURERS.</U> The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned
to them by the secretary or treasurer, respectively, or by the president or the Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VI</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONTRACTS, LOANS, CHECKS AND DEPOSITS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CONTRACTS</U>.
The Board of Directors may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name
of and on behalf of the Corporation and such authority may be general or confined to specific instances. Any agreement, deed, mortgage,
lease or other document shall be valid and binding upon the Corporation when authorized or ratified by action of the Board of Directors
and executed by an authorized person.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CHECKS AND DRAFTS.</U>
All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation
shall be signed by such officer or agent of the Corporation in such manner as shall from time to time be determined by the Board of Directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>DEPOSITS.</U>
All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks,
trust companies or other depositories as the Board of Directors may designate.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VII</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>STOCK</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.  &#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>CERTIFICATES;
REQUIRED INFORMATION.</U> The Corporation may issue some or all of the shares of any or all of the Corporation's classes or series of
stock without certificates if authorized by the Board of Directors. In the event that the Corporation issues shares of stock represented
by certificates, such certificates shall be in such form as prescribed by the Board of Directors or a duly authorized officer, shall contain
the statements and information required by the MGCL and shall be signed by the officers of the Corporation in the manner permitted by
the MGCL. In the event that the Corporation issues shares of stock without certificates, to the extent then required by the MGCL, the
Corporation shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included
on stock certificates. There shall be no differences in the rights and obligations of stockholders based on whether or not their shares
are represented by certificates. If a class or series of stock is authorized by the Board of Directors to be issued without certificates,
no stockholder shall be entitled to a certificate or certificates representing any shares of such class or series of stock held by such
stockholder unless otherwise determined by the Board of Directors and then only upon written request by such stockholder to the secretary
of the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.  &#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>TRANSFERS</U>.
All transfers of stock shall be made on the books of the Corporation, by the holder of the shares, in person or by his or her attorney,
in such manner as the Board of Directors or any officer of the Corporation may prescribe and, if such shares are certificated, upon surrender
of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination
of the Board of Directors that such shares shall no longer be represented by certificates. Upon the transfer of uncertificated shares,
to the extent then required by the MGCL, the Corporation shall provide to record holders of such shares a written statement of the information
required by the MGCL to be included on stock certificates.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall be entitled
to treat the holder of record of any share of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any
equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other
notice thereof, except as otherwise provided by the laws of the State of Maryland.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
transfers of shares of any class or series of stock will be subject in all respects to the Charter and all of the terms and conditions
contained therein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>REPLACEMENT
CERTIFICATE</U>. Any officer of the Corporation may direct a new certificate or certificates to be issued in place of any
certificate or certificates theretofore issued by the Corporation alleged to have been lost, destroyed, stolen or mutilated, upon
the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, destroyed, stolen or mutilated;
provided, however, if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by
such stockholder and the Board of Directors has determined such certificates may be issued. Unless otherwise determined by an
officer of the Corporation, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal
representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the
Corporation a bond in such sums as it may direct as indemnity against any claim that may be made against the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>FIXING OF RECORD
DATE.</U> The Board of Directors may set, in advance, a record date for the purpose of determining stockholders entitled to notice of
or to vote at any meeting of stockholders or determining stockholders entitled to receive payment of any dividend or the allotment of
any other rights, or in order to make a determination of stockholders for any other proper purpose. Such date, in any case, shall not
be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting
of stockholders, not less than ten days, before the date on which the meeting or particular action requiring such determination of stockholders
of record is to be held or taken.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When a determination of stockholders
entitled to vote at any meeting of stockholders has been made as provided in this section, such determination shall apply to any adjournment
or postponement thereof, except when the meeting is adjourned or postponed to a date more than 120 days after the record date fixed for
the original meeting, in which case a new record date shall be determined as set forth herein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>STOCK LEDGER.</U>
The Corporation shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or
duplicate share ledger containing the name and address of each stockholder and the number of shares of each class held by such stockholder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>FRACTIONAL STOCK;
ISSUANCE OF UNITS.</U> The Board of Directors may issue fractional stock or provide for the issuance of scrip, all on such terms and under
such conditions as they may determine. Notwithstanding any other provision of the Charter or these Bylaws, the Board of Directors may
issue units consisting of different securities of the Corporation. Any security issued in a unit shall have the same characteristics as
any identical securities issued by the Corporation, except that the Board of Directors may provide that for a specified period securities
of the Corporation issued in such unit may be transferred on the books of the Corporation only in such unit.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VIII</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ACCOUNTING YEAR</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors shall
have the power, from time to time, to fix the fiscal year of the Corporation by a duly adopted resolution.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE IX</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>DISTRIBUTIONS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>AUTHORIZATION.</U>
Dividends and other distributions upon the stock of the Corporation may be authorized by the Board of Directors, subject to the provisions
of law and the Charter. Dividends and other distributions may be paid in cash, property or stock of the Corporation, subject to the provisions
of law and the Charter.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>CONTINGENCIES.</U>
Before payment of any dividends or other distributions, there may be set aside out of any assets of the Corporation available for dividends
or other distributions such sum or sums as the Board of Directors may from time to time, in its absolute discretion, think proper as a
reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property of the Corporation or for such other
purpose as the Board of Directors shall determine, and the Board of Directors may modify or abolish any such reserve.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE X</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SEAL</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <U>SEAL</U>. The
Board of Directors may authorize the adoption of a seal by the Corporation. The seal shall contain the name of the Corporation and the
year of its incorporation and the words &ldquo;Incorporated Maryland.&rdquo; The Board of Directors may authorize one or more duplicate
seals and provide for the custody thereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.  &#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>AFFIXING SEAL.</U>
Whenever the Corporation is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of
any law, rule or regulation relating to a seal to place the word &ldquo;(SEAL)&rdquo; adjacent to the signature of the person authorized
to execute the document on behalf of the Corporation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE XI</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>WAIVER OF NOTICE</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever any notice is required
to be given pursuant to the Charter or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or
persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.
Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically
required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such
person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not
lawfully called or convened.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE XII</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDMENT OF BYLAWS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board of Directors shall have the exclusive
power, at any time, to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 20; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2427547d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2427547d1_ex99-xs.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2427547-1/tm2427547-1_n2seq1/users" -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit (s) Filing Fee Calculation</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form N-2</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>C1 Fund Inc.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered and Carry Forward
Securities</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security<BR>
Type</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security<BR>
Class<BR>
Title</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee<BR>
Calculation<BR>
or Carry<BR>
Forward<BR>
Rule</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount<BR>
Being<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Registered</FONT></B><SUP>(1)</SUP></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed<BR>
Maximum<BR>
Aggregate<BR>
Offering<BR>
 Price<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee<BR>
Rate</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of<BR>
Registration<BR>
Fee</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees to be Paid</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, $0.00001 par value</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;457(o)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000,000.00</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0001531</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,310.00</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="11" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amount</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000,000.00</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,310.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="11" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="11" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="11" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,310.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated solely for the
purpose of calculating the registration fee pursuant to Rule 457(o) of the rules and regulations under the Securities Act of 1933, as
amended, which permits the registration fee to be calculated on the basis of the maximum offering price of all the securities listed.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2427547d1_prosimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2427547d1_prosimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" "? )8# 2(  A$! Q$!_\0
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M]5%7>F_Y-'SCXU\67_C/Q)?>(+XLOGN$LK8ONCM=/C'^A")0 H\V%!+, /\
M7-AC7++PH& !RW Y)<EFW'JW)XR3@<# ZFU>/E'R@A>!\H)R0/0$\D#@GGK2
MU_CGFF98W.,US7.\QQ-?&9EG.,JXG'U\3/G56]2=:EB;:N.8)R6%K5(J.'E@
MH0ITXJ:T_-*E2I6K5*M27,ZDG+6]TVV]>G7H%%%,.?4XSWZ9YZG^[QTX&"#7
MGMM6C%<U25^2%U%245S3;J2]R#C#WHJ6M67[NG>;2,Y245WD](06\WU2Z)I:
MZK8?P.6!*C[P7[Q'<#/&2.F>]-5)':.&%&DN"V%B@AN)Y7W$!$*1AAG)&50*
MS8PK G(]5^&WPHUOQ]*+AV?2_#D#()M6GC4SW;;U5H[6%AAG.<*&!3>57J=I
M^W?!WPZ\)>#[5;?2=(LS/MR^I7<$5SJDSE?F>2[F5KE4(.%C$BQJ#M55S@_T
M-X7?1SXM\2L/2S3%4Z>0\*UIQG0SK&QKT\7C:<8)U5@L'#V>*I0C43I*K7M3
MG4M4A)T]_>R_(L3C8QJUVL/0ERWA.,W4DGKS1<;0LEI[UM=KK;X2TGX1_$?6
M84N+?PO=PQ.H*37I33H9 3@!+:\NA=QOT8R/*Z$?=A'&-_\ X9_^*'RLVDZ6
MLB36[+'_ &U8L7C20O,C*)04#8BPZL6&WY6 8U^AZ1*",JIPN!D*2![9&1U(
M]/2GF*(@J8XR#G(**0<XSD$8YP,^N!Z5_4N$^A[X<4<+5A+->,:F*G@L;@O;
MQS_ZK0<\52H4G5IX99/C'"GS4>9/ZQ4G*+YN1-\J]VGPSE5.5W&K/1:J:3??
M>^_X/J<1\,M&OO#O@3PWH>I+&E_I=@MG=I%+'-&D\<DGF(DL19) K'&Y6(/K
M7=T@55&% 4=<  #)ZG I:_JG+,!1RK+<ORO#2K3P^6X'"8"A/$U?;XB5'!X:
MCAJ<J];V=+VM5PHQ=2I[*GSR;ER0ORKW*=.%*$*5--0IPC"";NU&$5%)M;NR
MW/C7XK_"CQMXS\6R:_H=E8W&G3Z7I5JDLVH6UG(9;223S=T5Q('(,$CIPB D
MY0[@KCSA_P!G_P")H4E=)TXD%0%_MFR!8#J!^^)Z$GY>2. <D5^AWEQYSL3/
MKM7/\JCEBC\J0>6F",D;%P2.02,=0>0>QK^?N)/HP^'O%&?9CQ'FN/XQEC\V
MQN/QF/5+B1+#SECZ<*"4,/\ V)!6I+DM!UH)*/*JST9YE;(\OQ5>I4JPF_:^
M[92LUS-+1VTLK:KS>A^5'B3PWJOA/59-&UJ&.WOXHHI9(X76:/;* R$2K-)N
M.,?*%CRN6QT Q!W_ "SG.>_3MU]3Z=J]B^/W'Q1U@?\ 3AH9_$V"EC]6/+'J
M2!GH*\='0?05_FSQUDF"X;XTXIX=P,L17PF0YWF648.OC)QJ8GDR[$TZ$YRG
M!).-:-:'*FN=<DG/5QM\1CL/2PV*JT<.G&E3E)6F^:3M9*TDEM=7NE>VR%I#
MU7Z_T-+2'JOU_H:^6I?QZ/\ W,?^H6,.&I\$O1?^E'WE^S=_R3M_^QCUO^=I
M11^S=_R3M_\ L8];_G:45_LKX)?\F@\-?^R,R+_U$9^IY5_R+L'_ -@]+_TE
M'O%Q(B0RRR'8D,;2N>@545G8@DC! &0>GT%?EQXQUZ3Q-XKUS7G>22*_U"1+
M3*@!+&$,MBC8X5HH4E5P"0'E"]\C] OBUKLGA_X=^*;Y&*3/I?\ 9L$B9WI=
M:J\.EPRC;SF.XO8W)X"JK.PPIK\V$R =V<[;<!>P\N*02OD'ES(P!_O9W<<
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M%1@HP<YR,5P!_9H\>C&;WPIZ\76I>O?-D?R_'OS]X;R.@;W.,?Y_2@GIC?\
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MK_T,FC?^#G3_ /Y*K\M-H_R%_P#B:-H_R%_^)H_XG4XC_P"B!RC_ ,2O._\
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#8__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>tm2427547d1_saiimg01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2427547d1_saiimg01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "X +$# 2(  A$! Q$!_\0
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MVW/_ ,\X_P!:/[;G_P"><?ZUF44?7L3_ #O^OD'/(T_[;G_YYQ_K6CI]T]W
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M^*X ^BY_K4D6C>5,DGGYVL#C9UQ^-=E/+\0I)N/5=44H2-6BBBOJSH,'6O\
MC]7_ *YC^9K.KH+W3?MDPD\W9A=N-N?ZU7_L/_IX_P#'/_KU\WBL#7G6E*,=
M&^Z,)0;9CT5H7FF?9(/,\[?SC&W']:SZ\RK1G2ERS5F0TUN%%%%9""MW1?\
MCS?_ *Z'^0K"K=T7_CS?_KH?Y"O3RO\ WA>C+I_$:5%%%?4G0%4]3N/L]H0#
M\[_*/ZU<KG]7F\R\V _+&,?CWKAQ];V5!M;O0B;LBA1117R)SA1110 5:L[&
M2[;CY8QU8TEE:-=S;>0@Y8^E=)'&L2!$4!1P *]3 X'VWOS^'\S2$+ZLBM[2
M&U7$:\]V/4U/117TT81@N6*LC?8****H HHHH **** ,_6/^/'_@8K K?UC_
M (\?^!BL"OE\U_WCY(PJ;A1117EF85NZ+_QYO_UT/\A6%6[HO_'F_P#UT/\
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M "+A\1J4445]8= 4444 %%%% !1110 4444 9^L?\>/_  ,5@5OZQ_QX_P#
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M^NA_D*PJW=%_X\W_ .NA_D*]/*_]X7HRZ?Q&E1117U)T!1110 4444 %%%%
M!3)(8YAB1%8>XHHI-)JS I2Z/;/RFZ,^QR/UJLVAM_#.#]5Q117'/ 8>>KC]
MVA+@F,_L2?\ YZ1_K1_8D_\ STC_ %HHK+^S,-V?WBY(A_8D_P#STC_6C^Q)
M_P#GI'^M%%']F8;L_O#DB']B3_\ /2/]:/[$G_YZ1_K111_9F&[/[PY(A_8D
M_P#STC_6C^Q)_P#GI'^M%%']F8;L_O#DB']B3_\ /2/]:/[$G_YZ1_K111_9
MF&[/[PY(A_8D_P#STC_6M'3[5[2!HW922V[CZ"BBMJ."HT9<\%KZC44M46Z*
&**["C__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2427547d1_ex99-xaimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2427547d1_ex99-xaimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "1 9,# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "D)"J68@ <DGM6;K>L?V3832PVS7EVJ%H[5'"F0]AD\#ZFOE'X@?
M$;Q?XDO9]/U8R:;:HQ']G1 HH';>>K\>O'< 5G&K"4G!-76Z*<))7:T/J]]>
MT[RP\-PMPIS@PD,#@XZ].M49?$4AR(8%7W<YKS[X>_\ (@:-_P!>_P#4UTU?
M'8S-\5[24(/E2;6G^9[-'"4N52:N:+ZY?-TD5?H@_K7+^/\ Q;KFB>"=1U'3
MKXPW</E[)/+1L9D53PP(Z$]JUZX[XJ?\DWU;_MC_ .CDKFPN,Q$\1!2FW=KK
MYFM6C3C3E:*V9YU9_'SQU:J!-<V5V1U,]JH)_P"^-M=;I'[2DP*IK7A^-ACY
MI;*8K^2-G_T*O!**^^/GS[(\-?%KP=XG9(;;5%M;M\8MKT>4^3V!/RL?8$UV
M]? %>R?#WX@:UX<T2QC68W=F P-M.Q( #$84]5X_#VJ7*UCIPN%GB9^SI[VO
M]Q]-T5@>&?%^E^*;7S+*0I.@_>V\G#I_B/<5OU1E4ISIR<)JS04444&84444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 5F:KJ@LU\J+!G(_!15N^N#:64LP&
M2HX'N3BN.=VD=G<DLQR2>]>%F^82P\52I_$^O9?YG?@\.JCYY;('=I'+NQ9C
MR2>]8?B'PKI'B>U\G4[5791B.9>)(_HW].E;5%?&QJ3A+GB[/N>RXIJS6AP_
MAOQ+H>AW'_"&SWABNK ^3&\X"K,#R,'IGY@,''/2NXKYD^(__)0M8_ZZK_Z
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M****9R!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 8OBW48=)\,7E[.KM%%LW",
MGEU'<CUKS#_A8FD?\^]]_P!\)_\ %5WGQ-_Y)YJG_;+_ -&I7SO7F8O+Z&)F
MIU+WM;<^NR3#4ZN'<I=_T1Z9_P +$TC_ )][[_OA/_BJ/^%B:1_S[WW_ 'PG
M_P 57F=%<G]C87L_O/;^H4?/[S5T3PW9^,_C,EU?*ATNXE,Q@D.&DVQ\*0..
M2.>>F:^FK2SMK"TCM+.WBM[:(;8XH4"(@] !P*^5;:YGL[F.YMI7BFB8,CH<
M%2.]>H^#_B9KNIZ[IVDWRV<D<S['G,961N">S!<]!TKV*:4(J"V6A\[F.2N+
M=6AM9MW?S/7Z**\J\8?$S6?#_BJ]TNTMK!X(-FUI8W+'<BL<X<#J3VK5NQX6
M%PE7%3<*6]K]CU6BO#O^%R^(O^?+2_\ OU)_\71_PN7Q%_SY:7_WZD_^+I<R
M/1_L+&=E]_\ P#W&BO./ 'C_ %7Q5KT]C?6]E'%';-,# C!LAE'=CQ\QKT>F
MG<\W$X:IAJGLZFX45XYK7Q8U[3=>U&QAM--:*VN9(4+QN6(5B!G#]>*H_P#"
MY?$7_/EI?_?J3_XNES(]".28N45)):^?_ /<:*P_!^LW'B#PK9:I=I$D\^_<
ML0(4;791C))Z =ZW*H\FI3E3FX2W3L%%%%! 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% ')?$W_ ))YJG_;+_T:E?.]?3WB?1/^$C\/76D_:/L_G[/WNS?MVN&Z
M9&>F.M>>?\*2_P"IA_\ )+_[9423;/J<GQ^'P]!PJRL[WV?9'DE%>M_\*2_Z
MF'_R2_\ ME'_  I+_J8?_)+_ .V5/*SV/[9P7\_X/_(\DJ6UN9;*[ANH&V30
MR+)&WHP.0?S%>K?\*2_ZF'_R2_\ ME'_  I+_J8?_)+_ .V4<K!YQ@6K.?X/
M_(?#\:81I_[[2)#>A<824",GUSU'TP:\NU;5+G6M5N=1NV!GG?<V!P.P ]@
M!^%>G?\ "DO^IA_\DO\ [91_PI+_ *F'_P DO_ME-J3.+#8K*L-)RI.S?D_\
MCR2MOPQX7O\ Q5J)M++8BQC=++)]U%S^I]!7H'_"DO\ J8?_ "2_^V5UG@CP
M1_PAQOC_ &A]L^U>7_RP\O;MW?[1SG=^E)1?4UQ6=4%1DZ$KRZ:,J>"_AV?"
M6K2Z@VJ"Z,EN83&(-F,LK9SN.?N^G>NYHHK1*Q\;7Q%3$3]I5=V>5:_\(KG4
M-1O]1M=7B,MS/).L,D!4#<Q;&X,?7&<5Y->V=QIU[-9W49CGA<HZ'L17U=7G
M7B7X6?\ "0^(+O5?[9%O]H*GRA:[MN%"]=XST]*EQ['T&6YRXMPQ,O=MII^&
MGD;'PR_Y)YI?_;7_ -&O76UD>&-$_P"$<\/6ND_:/M'D;_WNS9NW.6Z9..N.
MM:]4MCP,5.,Z\YQV;;_$****9SA1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !7 ZW\4;/0/B19
M>$[ZRV0W4:,+\SX",^0H*;>F0!G=WKOJ^:_C!H-SXG^--OI%FRBYGTX&+=T+
M*LC@?CMQ^- 'TI17GGP@\:OXJ\+?8[]F&LZ61;W:R<.P'"N1UYP0?<&K7Q5\
M:_\ "&^$G>U.[5;T_9[)!R=QZOC_ &1^I [T 4[;XLV=]\54\$V6G^<FZ2-[
M\7  #I&SL FTYP5VYR.<^G/HM?+W@#PU=^%?CKX>T^_D+WCVTEQ.#_ [V\I*
M^Y'0GUS7N/C[Q!XFT.TLH_#&@C5+R\D:(,Q^2$A<@L..#@\D@<>XH ["BO&K
MJZ^.5G9-?&#1Y]@WM:1*K/CN.HSCV;/UKK?AC\0H_B#H,UP\"6VH6CB.YA1L
MKR,JZ]P#@]>X/7K0!W%%>*>._BQKG@_XG_V5# EYIH@5EM%C'F22,AV@-UQO
MV^^,UKZ+>?%O4;35;O4[6QTX&RDDL(%12PG#*55ADG!7<.?6@#U2BN ^$GCF
MX\;^%Y9-1*#5;.<Q7(5=H(/*MCMQD?536A\2_%__  A7@J[U.)D^VN1#:*W(
M,C=\=\ %OPH ;\4/$VH>$? USK&F>5]JBEC5?-3<N&8 \9'K6SX3U.XUKPAH
M^J7>S[1=V<4\FP87<R@G ].:\O\ B)-K-U^SXMUX@=6U*X:":54C"! T@*KC
MU QGWS7;^%+NYL/A!H]Y9V9O;F#1XI([8/L,K",$+G!QF@#L:*\<M=4^->OQ
M?;K;3M)TBW?F*"Y7#E3TR"20?J%^E3^#/B7XA7QM_P (;XWTZ&UU*0'[//"N
M%<XR,\D$$ X8=^,9H ]<HKSGXR>,=7\%>&+*_P!&DB2>:\$+F2,.-I1ST/NH
MKG+#QE\4/&\(OO"VE6-AI0&V.XOL;IV'4CGIGT&!ZF@#VFBO&_#/Q0\2Z;XX
MA\(^/=/@M[FY8+;W,("@EB0F<$AE8C (Q@\'OCT?Q?XKL/!GAV?6-0W,D>%C
MB3[TKGHH_P \ $T ;M><?&'QMJ_@?0=/O=(^S^;/<F)_/CWC;M)XY'I7,:1X
MG^,'C*W.JZ/I^EZ=ILG-O]H7_6#V)R3]< 'M7"_%;Q?XCU+2;3P[XMT=;'5K
M2Y\\30_ZJ:,JRY')[]P2.O3I0!]2PL7@C<]64$_E3ZBMO^/6'_<'\JEH R-#
MO;B\\_SY-^W;CY0,9SZ?2M>L'PU_R]?\ _K6]7FY7.4\)"4W=Z_FSIQ45&JT
MC@+[XM:-IOAPZO=6URI34GTV:V7#21R)G>3CL ,_0BMBX\>:)9ZMJ=I=W"6]
MMIL4+W%Y(X$8>7)2,=RVT9QZ$5B3_"VVN_'&J:U=78DTV^@E L"G$<TL:QO(
M#GJ5!]^>M9!^#4TG@A-)GUQI-534$OQ?%&PY1/+1" P8 (,9!!!YKTCF.X?Q
MWX633X+\ZW:?9IY&BC8,26=?O+@<Y'?CN*7Q%XOT_P /^#)?%&'O+!$BD7[.
M1F19'55*YP,?,#]*X:7X1W:Z+;QVLVEPZJMW+=270^U[E=U"[D?S]X; YR<-
MQD<9KI=<\$WNM_"T^$I]8:6\:&&-[^="Q<HZN21G)SMQUSZYH GU/XB:)IW_
M  C81VNCX@GBBM!%C(5R!O;/0 L >_-:$/C/PW<ZU_8\.M6DFH>8T0A5\DNO
MWE!Z%AW&<US(^$VFVFH?;=.G,<G]J6]ZBR@LL$4<OFM#&,_*K.6/U/M5:/X8
M7[36.G7.K6S^'[#5&U2"..W9;EI"68*TF[& 7Z@9- '7V7C/PWJ6I-IUGK-I
M-=KO_=(_+;?O;>S8]LU6'Q#\(-8&]7Q!8M;!UCWB3/SL,A<=2<#IU%<]HWPY
MU2PFT:UN]7M)M)T-Y7L4BM2D[EU91YC;B. Q^Z!FJNH?":>X\)>&=.M=4CBU
M#02Y27;(D<V_[V?+=64\#D'/7UH [P^(+&?PS/KVFS17UI';R3QM%)\LFP'(
MSSCD$>U5Y_$T5MX;L-6>TFDEOEA$%G!AGDDD (0$X'KDG  !)P!678>%CX;^
M&E_HL$<<DYM;DE;99"KNZMPH=W;/('7D]AG%3C0;C4O!F@PI,;+4K".WN+=Y
M8MWERK'M(=#@D$,RD9!P3R#2ZF_+'V/-UO\ A;_,OVVO3QQWTNMZ8^D6]H@D
M-S-<1O"ZGKA@<@COD#VS4UKXET:\DBC@OXVDEE\E$(*MOVE]I! ()521GJ <
M5AZAX6UG7$NI-2U"RBG*P?9EMH7*(\,HE#/N;Y@6 ! QQW[TESX0U#49=2U&
M[OK>+59UMA:/;Q,([=H&9T8Y.7)9VST^4[?<LP-JZ\5:'9NR7&HQ(ZNZ%<$G
M*8W\ =%W#)Z#.":=+XFT6&\%H^H1>>8!<A%RV8B"0_ ^[A3S_B*YJX^'\RQ:
M>UGJ++<0VS0W#^?/!Y[NV]I3Y$B$DN68J<@Y[=:T+'P8FG1ZA#;2QI#<:3!I
ML2!6/E^6)><LQ.#YHXR2-O4T :MGXGT34&<6FIVTNR'[02'X\K^^">"H[D<"
MHXO%N@SVUU<IJD'E6L8FF9LKLC/1^1]TX/S=.*R=5\#KJUC96<MV(HX='N-+
M=HTY/FB(!A[#RCQWS27GA/4M:^U2:O=V32/I[6$<=O"P0JSJSL^2<YV* .W/
M)S0!U5E>V^HVD=W:2"6"3)1P" PSC(SVXJ>@# P** "BBB@ HHHH **** "B
MBB@ KQ#7O^3IM _Z]/\ VG-7M]>6:OX0UVZ^/FD>)H;'=H]O;[);CSD&UMD@
MQM+;CRPZ#O0!A^/;2?X:?$>R\>Z;&YTJ_?R-4@C'&3U/XXW#_:7WI/"L3?%?
MXHW'BZY5CH&BN(=.B<<22#D$@]^=YZ'E!VKU[7M#L?$FAW>D:E%YEK<IL<#J
MO<,#V(."#ZBF>&_#UAX5T&UT;3586UNN 7(+.2<EF( R2>>E 'D=_P#\G8:7
M_P!>K?\ I-)78?$KXBW'@V73=+TG3EO]:U-MEO'(V$7D*,@8))8@ 9'?D=\N
M\\'Z]+^T)8>*$L,Z-% 4>Y\Y.#Y#IC;NW?>8#IWJU\4OA_JOB>\TC7?#US%%
MK&E.'B28X5\,&7!Z AAWX.: (4'QJF02,WA6 L,^6WF$K[<9_G7-? %;A?%'
MC9;OR_M(FC$OE?<W[Y=VWVSG%;:ZG\9M9MQIK:%I>C.Z[)M1:96V]LHH=N>_
M0CZ4?!SP+K_@S6/$IUF ^3<O&MO<F5&-P%:3+X#$KD$'GGF@#%U>WBN?VK-*
MCE0,H@#@$=U@D8'\" :]UKRJ\\'Z]+^T)8>*$L,Z-% 4>Y\Y.#Y#IC;NW?>8
M#IWKU6@#PK'_  K/X^@\QZ+XE^NU9&;^DGTP)*L^+Q_PL3XU:7X64&32=#7[
M3?#JKMP2".A_@3_@35M_'G1;;4/AY)J+RK#<Z9,DT+DX)W$*4SUYR#]5%1?
MKP[-9>&+GQ)J!:34M<E,[22<L8P3@GW8EFSWR* +GQW&/A3? ?\ />#_ -#%
M7M%\0VGA3X*:1K=Z&:&UTJW;8IY=BBA5'U) J7XM>']4\3?#^[TO1[7[3>22
MQ,L?F*F0'!/+$#I[TW_A"I-:^#UGX3U/-I=?V=!"Y!#^5*@4CH<$!E&<'D4
M<QHWB3XM>+[!-6TK3] TW3I\M;B[+L[IZ\$Y^N!]*XOQ,GBRV^,G@J?Q1)IG
MVY[JWCC?3MV#%Y^"&W#_ &F_.NHT+_A<'@S2H] @\.Z;J]O;(4M;G[0H"CG
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M7=:?2[RZDNI].69(XI&=MS E5#[<]MW:DU7X2Z%JFMW>IFZO;=[EK=GAB*;
MT.-F,J2!@8QG'Y#'JG*'_"UM)&JO92:7JJ0QZL^D/>^2I@6<$ 98-G!)],^M
M5?\ A:>G:9#J'VXW=Y<IK5SIMO;10(CL8MI;'SX*J&'S$@G/2MD?#W35T_4;
M,75WLOM9_MF0Y7*R[U?:./NY0>_7FL^^^$FA7\5QYES>I<R:M-JT=RC)OAEE
MV[U7*D%#L7@@].M #M+^(">(?$'AE=)R--U.WNWF2>/;*DD6P;3SQ@L<]<\5
M4\4?$UO#?BZ[T%H();B6"W&FQ'*F6>5V7YWS@(,*2<#\:Z'3O!-CIM[HUW'=
M7,DNEPS1(S[/WOF[=S/M49/RC&,4W5O 6BZYJ.J7FI1-<'4;-+.1& Q&J$L&
M0XR&R<YSV% &_IXO5T^ :D]N][L'G-;(4CW=]H8DX^IKR[6?B9K^DW>O7>=
M?3])U#[(+&0R)=W"X7E#N()^;^[V->AZ-H<FDE3)JVH7VVVCMP+EU(PA;Y\
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MZM[>VT2W:95!\NR^23!Z.N1N&"?IFJZ>%[F.QEMU_LMX99Q(UI+:LT"#:!A
M6^4Y&<CCGI1J-*@G=.VO=_U_70MQ7.CVSV>BOI4=FNHQR,+9H8PA*XRK!<C)
MS[@XJI]M\/6":D+'1X&-G<6\<B6\$:[Y6<!,'@95FZGH<T]/"3-%;1W-ZSF&
MWFC61 0T;O*DBLA). FS SGM2W/A-6TZ[L[=XO+F^S8$Z;PWE.';?Z[N<_4T
M:E*5&^LGKOJ[;[_=_F6+S7(;&VBU#5=)GM2DPA1I/+D9 PY8%&;"\<]^.E)=
M:G:)?71M](:]N+589WDB$0.UEDVN&9AG ##U^;CJ:6WT)H[>"'R-.MDBNA.8
M[.#RT;Y2#D>O(Y]J9IGAA=*N=6,%P3;WD21PQ-SY 7?\H/\ =R_ [#BC4B]%
M)OKZNVZ_2Y&FMPR+%'_PC\XEOP;A(3Y&9E4*=Y._&>4')S^ K:,EO%;OJ,\(
M@/D@RM(HWJBY;#$9Z9/&>YK,OM$N+G3K"S T^>.WC".EW;EP6  #*005(P?S
MI\NAS3>'[32)+QG1-BW$ISND1>2!DG&2 .2>,T]2)>R=K.VNN[T_I+^MJ=SJ
MVBW/AF?5KO23) 9E$]M+;*TGF;EC&Y3U(!7'MC%/.HZ#I5N\EE80>1!:-J2-
M:PHJD8VDKC'S$<9].*=-X:D,ET(;QC%<RV\\@F^8^9%(K9S[JH7\!5>Y\' S
MZL;2Y\J"_LW@6%ERL+L<LR_[)/./4GUI:FT70>CD[>K\M/EKJ7;;4;>>Y-G>
MZ-+9'4 W^O6)DN3MY!*,P)VCHW4#VJ2]UJXL]02Q31+N?S ?*>.2$*X &<;G
M!&,]P*(M+OY[VSGU&YMVCLR7BBMXV7+E2NYB2>@8X&.]7;BS:;4[.[#@"W60
M%3WW ?X4]3!NFI=].[M?I^AF64VBVFOW&FV6F0V]RT>Z22*%55VP"8RP_B 8
M'![&I=,UNQN)(-/LK9XW16$EN$"_90O&& X'/  ZCD<<U47PO*D$4RWSG48[
MG[67)/EF0G#?+UP5)7Z8]*0>&[^W$UQ:ZF%O[R-EO)60[78CY649^4IT'MU]
M:6II)49;RU\[[]_3M]W4NVWB&.^2\^PV=Q<2VT@7R@45I5)(WKN8#;D-R2,[
M33-/\2?;H+>=M-NK>&XE$43R-&=Q.[/"L2,;3UI;+P['IE]9SV5Q*(X(3;/'
M*V[,6/E ]P1^I]:6UT.2WTS3;0S*6M+CSF8#[PRW'_CU/4F7L->7]?/_ ('W
MC'\3Q)&]U]@O#IL;E&O0$V  X+8W;MH(ZX]^G-.D\46$<NKPD2>;ID9ED3 _
M>*$#DISSP0/;(]15=O#]_P#V=+HZW\(TN3<G^I/G+$W6,'..A(W8Z=L\TS4O
M"*:C9:I%]H\F:ZF:6"5!S$#$D94^H(4Y'H?49I>\4HX:_O/\]KK?Y7O_ %?H
MX91-!'*H(#J& /N*?4=O$8;:*(G)1 N?7 Q4E6<3WT,'PU_R]?\  /ZUO5F:
M1ITUAYWFLC;]N-A)Z9]O>M.O.RRE.EA8PFK-7_-F^)DI56XO0\CL_BQ>VB>(
M;35+7S-1CO)H]$1(\"] E,2H,=65A\W3@YJ<?%6[TGP)H.JWMA%J-]?VS3R(
MEU' Q"MAMJ'+-QSP,?*<D=^\M?"NC6FPI91O)'<3W,4D@W-'),29"I/3.361
M+\,O#$UM80&VN%6QMFM8FCNI$8Q,22C%2-PR<X->B<Y4A^)<-Q>OY.DSMIL6
MDQ:M/>>:!Y4+*S$%,9+ +P!G//3','_"Q]5C\+WGB*X\(S0Z<EBM[:S&^0B=
M6(VJP RC$'/1A[UTNE^$-&TAF-K;MAK*.P99'+@PQ@A5(/\ O'ZYK/M/AMX9
MM+>\MEM;B2WNK<VKQ37<KJD).=B M\H!Z8Y':@"AXB^)#:#?:I:IHDMXUE80
MW8\J;&\R/MVGY?E4=2W/':M_PMXDC\1Z"-4*VL*AF5Q!=K<(N ,_.N!^8!]J
MS(/AGX=MA.81J*23Q)#),-0F\PJC;E^?=D8..^,"M"Q\%Z-IOAV]T.TBFCM+
MXR-=-Y[-+*SC#L7))R1QF@#B_!?Q/D\0>-I+&YO+%]/U$3'3(XG4RQ>4Y&V0
M#D%U&\9].*I:'\2O$=G\./#FJW&E)KMYJ+R0[C>+!+++Y[JJK&$.["@$GC '
M-=_)X'\/-#ID<6G1VYTV6.6VDM_W;JR#"Y8<L,'D'(/>LK_A5'AA8M-CB74(
M!ID;QVAAOY4,0=V9B"#U)<Y/<8'04 5=0^)D]A+J,W_".S2Z7I,D<.IW:W2Y
MAD8*6")C,@7<,G*^V:9<_%">VU6XA/AR>33K?5DTN6^CN5(5G VMLQGJP!'0
M9'))Q6Q>_#CPUJ-Z;F[M9Y2_EF>(W4@BN60 *TJ;MKD8'4<XYS5R7P9HTT-Y
M$\,FV\OTU";$AYF4J01Z#Y%X]J ,&3XFQ1>/+?PVVFH\,]PUJ+N&]20I*.0'
MC7[H/N<\'CBMG[5<?\+.^R>?+]F_L;S?)WG9O\[&[;TSCC-0Q?#KPW!K7]K0
MVTZ7/VTW^!<R>6)B""VS.W)SSQZ5H?V/<?\ "<?VWOB^S?V;]DVY._?YF_.,
M8QCW_"DSHH.*YN;^5_?H9L<NNZMK?B&"TUA;-+"YC@MT-JLB\V\4F6S@GYG/
M0CBLY?B.4M(%:P@EOELQ<W4:W0C7EG3$18?.28V(!P,8R>:Z"Z\(Z=>7M[<O
M/J$?VYUDN8X+R2))"J*@R%(_A10<=<4Z;PAH\LD#Q02VAA@6V LYW@#0J<K&
MP0C*@YQZ9..IRSG*$WC&X>6__L[1)KN*RMX;F1S.L9=)$+X4'JX Z' ]Q3KC
MQO:PZ)K^JI:R20Z0J,5W &4-!',,>G$@'/<4Z?P7:7NLZI>W<UP8KU(HC'#<
MR1;D1<%7VL-P/Y]?4U+J?@G1-5^UK<0SK%>0K#<0PW+QQR!1M4E5(!(' ..P
M]!@ S?\ A+]1M-0\4->Z?"VG:-<1J9(I3O6(QQNSD$<X#LQQC@8YZGH]/U:/
M4K[4(((R8;.18C/GY7<J&(7V 9>?4D=JHWWAT+>7^IZ4(H]1O8U2=;EY&@EP
MNT%HU8 MMP,^@Q5CPQH,/AGPY8Z1#(9?L\85Y6',CGEF/U))H YJ35]>L/!P
M\4-J27*1)Y\UE);* \8;YE1EP0^.F<@GC'-7G\536TGD6UE/?7-QJTUC#'),
MJ!2D;29W;>$PA]3]:N1>"M(1K<2M>W$-LXDBMI[N1H58'()CSM;!Y&0<'I5U
M/#NG1W<5TL;^;%>27R$N>)71HV/TVL>* ,*W^(%O<:LML+,?96NWLS*MPID6
M1&92QBQG9N4@'.>AQCFHKSQGK#>$M0UZQT$+9C3);^RN9KE2& 7<OF1C##*_
M, "<XP2I-;]MX9TVSU%[VW%S&7E:8PK<R"'S&^\WEYVY/)/&,DGJ2:K6_@G1
M;9)X42Z:UFMGM?LCW<K0)$_WD2,MM4<XX' X&!Q0!"_B;4/M0L+;1UN=0BM5
MN[J-;H*D:,S! K%?F9MC'& !CDCBG:/XM.OZG##IVG2O8/:0W;WDCA JRJQ1
M0N,ELKR.P.<]BY_!6E/##'YNHJT4)M_.6_E$DD1.=CL&RP';/(R<8R:U;#2+
M+2V8V4(A5HHX0B\*J1@A0!VP#0!>HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
IBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2427547d1_ex99-xaimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2427547d1_ex99-xaimg002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !F .H# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "BBB@ J&[N[>PM)KN[FC@MX4+R2R-A44=234U>*?';Q6MG-IVA!
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MF+,0.  6.  ,G%:M !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MG R20!^-7?!.I:G?ZIKD=_<7DL=M.\,7VB*-5(6YN4W(5P3E5C!R ,J<9'
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$@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
