<SEC-DOCUMENT>0001140361-19-017997.txt : 20191004
<SEC-HEADER>0001140361-19-017997.hdr.sgml : 20191004
<ACCEPTANCE-DATETIME>20191004121202
ACCESSION NUMBER:		0001140361-19-017997
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20191004
DATE AS OF CHANGE:		20191004
GROUP MEMBERS:		INVESTCORP BDC HOLDINGS LTD
GROUP MEMBERS:		INVESTCORP CREDIT MANAGEMENT US LLC
GROUP MEMBERS:		SIPCO HOLDINGS LTD

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Investcorp Credit Management BDC, Inc.
		CENTRAL INDEX KEY:			0001578348
		IRS NUMBER:				462883380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88002
		FILM NUMBER:		191138034

	BUSINESS ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-388-5813

	MAIL ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CM Finance Inc
		DATE OF NAME CHANGE:	20130531

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Investcorp S.A.
		CENTRAL INDEX KEY:			0000903555
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		BOUNDARY HALL, CRICKET SQUARE
		STREET 2:		GEORGE TOWN
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1102
		BUSINESS PHONE:		1 345 949 5122

	MAIL ADDRESS:	
		STREET 1:		BOUNDARY HALL, CRICKET SQUARE
		STREET 2:		GEORGE TOWN
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INVESTCORP S A
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>formsc13d.htm
<DESCRIPTION>SC 13D
<TEXT>
<html>
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    <title></title>
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    <div style="text-align: center; font-weight: bold; font-size: 14pt;">UNITED STATES</div>
    <font style="font-size: 14pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold; font-size: 18pt;">SCHEDULE 13D</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Under the Securities Exchange Act of 1934<br>
      (Amendment No.&#160;&#160; )</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zbd522268813545f1beb7fd375bf8aae3">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold; font-size: 24pt;">Investcorp Credit Management BDC, Inc.</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Name of Issuer)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">Common Stock, $0.001 Par Value Per Share</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Title of Class of Securities)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">12574Q103</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(CUSIP Number)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Investcorp BDC Holdings Limited</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-weight: bold;">Century Yard </font><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">
              <div>Cricket Square, P.O. Box 1111 <br>
              </div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">
                <div>Grant Cayman KY1-1102, Cayman Islands BWI <br>
                </div>
              </div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Name, Address and Telephone Number of Person<br>
              Authorized to Receive Notices and Communications)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">October 2, 2019</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Date of Event Which Requires Filing of this Statement)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
      &#9744;</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Note</font>: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.</div>
    <div><br>
    </div>
    <div>The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures
      provided in a prior cover page.</div>
    <div><br>
    </div>
    <div>The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but
      shall be subject to all other provisions of the Act (however, see the Notes).</div>
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          <td colspan="6" style="width: 100%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>CUSIP No. 12574Q103</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>1.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Names of Reporting Persons</div>
            <div><br>
              Investcorp Credit Management US LLC</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>2.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle;">
            <div>Check the Appropriate Box if a Member of a Group (See Instructions)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(a)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;">&#9744;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(b)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;"> &#9744; </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>3.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>SEC Use Only</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>4.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Source of Funds (See Instructions)<br>
              OO</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>5.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)&#160; &#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>6.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Citizenship or Place of Organization<br>
              Delaware</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" rowspan="7" style="width: 12.04%; vertical-align: middle;">
            <div>Number of<br>
              Shares<br>
              Beneficially<br>
              Owned by<br>
              Each<br>
              Reporting<br>
              Person With</div>
          </td>
          <td style="width: 4.46%; vertical-align: top;">
            <div>7.</div>
          </td>
          <td colspan="2" style="width: 83.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Voting Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>8.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Voting Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>9.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Dispositive Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>10.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Dispositive Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>11.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Aggregate Amount Beneficially Owned by Each Reporting Person<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>12.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>13.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Percent of Class Represented by Amount in Row (11)<br>
              44.0%</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>14.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Type of Reporting Person (See Instructions)<br>
              OO</div>
          </td>
        </tr>

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    <div style="text-align: center;"><br>
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        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>CUSIP No. 12574Q103</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>1.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Names of Reporting Persons</div>
            <div><br>
              Investcorp BDC Holdings Limited</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>2.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle;">
            <div>Check the Appropriate Box if a Member of a Group (See Instructions)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(a)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;"> &#9744; </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(b)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;"> &#9744; </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>3.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>SEC Use Only</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>4.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Source of Funds (See Instructions)<br>
              OO</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>5.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)&#160; &#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>6.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Citizenship or Place of Organization<br>
              Cayman Islands</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" rowspan="7" style="width: 12.04%; vertical-align: middle;">
            <div>Number of<br>
              Shares<br>
              Beneficially<br>
              Owned by<br>
              Each<br>
              Reporting<br>
              Person With</div>
          </td>
          <td style="width: 4.46%; vertical-align: top;">
            <div>7.</div>
          </td>
          <td colspan="2" style="width: 83.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Voting Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>8.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Voting Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>9.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Dispositive Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>10.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Dispositive Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>11.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Aggregate Amount Beneficially Owned by Each Reporting Person<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>12.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>13.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Percent of Class Represented by Amount in Row (11)<br>
              44.0%</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>14.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Type of Reporting Person (See Instructions)<br>
              CO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;"><br>
    </div>
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        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>CUSIP No. 12574Q103</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>1.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Names of Reporting Persons</div>
            <div><br>
              SIPCO Holdings Limited</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>2.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle;">
            <div>Check the Appropriate Box if a Member of a Group (See Instructions)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(a)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;"> &#9744; </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(b)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;"> &#9746; </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>3.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>SEC Use Only</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>4.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Source of Funds (See Instructions)<br>
              OO</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>5.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)&#160; &#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>6.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Citizenship or Place of Organization<br>
              Cayman Islands</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" rowspan="7" style="width: 12.04%; vertical-align: middle;">
            <div>Number of<br>
              Shares<br>
              Beneficially<br>
              Owned by<br>
              Each<br>
              Reporting<br>
              Person With</div>
          </td>
          <td style="width: 4.46%; vertical-align: top;">
            <div>7.</div>
          </td>
          <td colspan="2" style="width: 83.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Voting Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>8.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Voting Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>9.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Dispositive Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>10.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Dispositive Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>11.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Aggregate Amount Beneficially Owned by Each Reporting Person<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>12.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>13.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Percent of Class Represented by Amount in Row (11)<br>
              44.0%</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>14.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Type of Reporting Person (See Instructions)<br>
              CO</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center;"><br>
    </div>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbf769ce4807347a5a3307e2f77ee108c">

        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>CUSIP No. 12574Q103</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>1.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Names of Reporting Persons</div>
            <div><br>
              Investcorp S.A.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>2.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle;">
            <div>Check the Appropriate Box if a Member of a Group (See Instructions)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(a)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;"> &#9744; </td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 8.36%; vertical-align: middle;">
            <div>(b)</div>
          </td>
          <td style="width: 82.74%; vertical-align: middle; border-bottom: #000000 2px solid;"> &#9746; </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>3.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>SEC Use Only</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>4.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Source of Funds (See Instructions)<br>
              OO</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>5.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)&#160; &#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>6.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Citizenship or Place of Organization<br>
              Cayman Islands</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" rowspan="7" style="width: 12.04%; vertical-align: middle;">
            <div>Number of<br>
              Shares<br>
              Beneficially<br>
              Owned by<br>
              Each<br>
              Reporting<br>
              Person With</div>
          </td>
          <td style="width: 4.46%; vertical-align: top;">
            <div>7.</div>
          </td>
          <td colspan="2" style="width: 83.5%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Voting Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>8.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Voting Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>9.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Sole Dispositive Power<br>
              -0-</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 13.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.58%; vertical-align: top;">
            <div>10.</div>
          </td>
          <td colspan="2" style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Shared Dispositive Power<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>11.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Aggregate Amount Beneficially Owned by Each Reporting Person<br>
              6,002,924 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>12.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&#160;&#160; &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>13.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Percent of Class Represented by Amount in Row (11)<br>
              44.0%</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.32%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.58%; vertical-align: top;">
            <div>14.</div>
          </td>
          <td colspan="4" style="width: 91.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Type of Reporting Person (See Instructions)<br>
              CO</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">Explanatory Note</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">This statement on Schedule&#160;13D (this &#8220;<u>Schedule&#160;13D</u>&#8221;) is being filed to report beneficial ownership of certain shares of common stock, par value $0.001 per share (the &#8220;<u>Common Stock</u>&#8221;) of
      Investcorp Credit Management BDC, Inc., a Maryland corporation (the &#8220;<u>Issuer</u>&#8221;).&#160; On June 26, 2019, as previously reported by the Issuer and as described below, Investcorp BDC Holdings Limited (&#8220;<u>IBDC</u>&#8221;) and Investcorp Credit Management US
      LLC (&#8220;<u>ICM</u>&#8221;) entered into certain arrangements with the Issuer and its stockholders as a result of which IBDC and ICM may be beneficial owners (within the meaning of Rule 13d-1 under the Exchange Act) of certain shares of the Issuer&#8217;s common
      stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">This Schedule 13D is filed by (i)&#160; IBDC, (ii) ICM, (iii)&#160; SIPCO Holdings Limited (&#8220;SIPCO&#8221;), a Cayman Islands company and (iv) Investcorp S.A., a Cayman Islands company (&#8220;Investcorp,&#8221; and together
      with IBDC, ICM and SIPCO, the &#8220;<u>Reporting Persons</u>&#8221;).&#160; SIPCO and Investcorp expressly disclaim status as a &#8220;group&#8221; with the other Reporting Persons for purposes of this Schedule 13D.&#160; All percentages reported herein are calculated based upon
      13,625,533 shares of Common Stock outstanding as of September 17, 2019, as reported in the Issuer&#8217;s Preliminary Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on September 17, 2019.</div>
    <div><br>
    </div>
    <div style="margin-right: 18.9pt; font-weight: bold;">Item 1. Security and Issuer</div>
    <div><br>
    </div>
    <div>(a)&#160; This Schedule 13D relates to the Common Stock of the Issuer.</div>
    <div><br>
    </div>
    <div>(b)&#160; The principal executive office of the Issuer is located at 65 East 55th Street, 15th Floor, New York, NY 10022.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Item 2. Identity and Background</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For information with respect to the identity and background of each director or general partner and executive officer, as applicable, of the Reporting Persons, see Schedule 1 attached hereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(a)&#160; The persons and entities filing this Schedule 13D are:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11735b93f5fa4bd080b62850f3288d7d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>IBDC, a Cayman Islands company</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze79ba62ec3ed40eb9476c880d1225ff8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ICM, a Delaware limited liability company</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58d94002d1a645b1943e11b4e740e0dd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>SIPCO, a Cayman Islands company</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04c2e06c542f4ff6a78ce011e65a6392">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Investcorp, a Cayman Islands company</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div> <br>
    </div>
    <div>(b)&#160; The address of the principal place of business of:</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb89bdfb670f5485889347af1db3adafe">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top;">
                <div>IBDC is Century Yard, Cricket Square, P.O. Box 1111, Grant Cayman KY1-1102, Cayman Islands, BWI</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6739c680b5b443ecae97d8819517e3e0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top;">
                <div>ICM is 280 Park Avenue, 36th Floor, New York, New York 10017</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5513f4c6546e42f1985be6b00e5deab8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top;">
                <div>SIPCO is Century Yard, Cricket Square, P.O. Box 1111, Grant Cayman KY1-1102, Cayman Islands, BWI</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51527265f26647f9a33782c1c6bb147a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Investcorp is Century Yard, Cricket Square, P.O. Box 1111, Grant Cayman KY1-1102, Cayman Islands, BWI</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">(c)&#160; The principal business of:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcc634688a1924f75916b4b0fe32d99dd">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>IBDC is investing in companies that provide financial services</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z310d06333a1847b2a41aa7891782e198">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ICM is advising companies that provide financial services</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7615477dc3314e42bd3a0fdcac896030">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>SIPCO is a passive holding company that has no operations and no employees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1488c5ec6fe94c1291861929c55ddc2c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Investcorp, through its subsidiaries, acts as a principal and intermediary in international investment transactions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">(d)&#160; During the last five years, none of the Reporting Persons has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(e)&#160; During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject
      to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(f) The Citizenship or Place of Organization for the Reporting Persons is:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za14e6148a48e4687b1aee7e5c8bc1483">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>IBDC &#8211; Cayman Islands</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba76802ea08c4aea950ae5a001049dbc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ICM &#8211; Delaware</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85cf2c0b479840d2a7b3b2d15b598e94">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>SIPCO &#8211; Cayman Islands</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8707816df55249e0a53b6d4acef9f00e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Investcorp &#8211; Cayman Islands</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
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    </div>
    <div style="text-indent: -54pt; margin-left: 54pt; font-weight: bold;">Item 3. Source and Amount of Funds or Other Consideration</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">As of the date of this filing, IBDC has used approximately $19,000 of contributions from its members to acquire Common Stock of the Issuer.&#160; In the future, the Reporting Persons may use funds derived
      from contributions to their members to acquire Common Stock.</div>
    <div><br>
    </div>
    <div style="text-indent: -54pt; margin-left: 54pt; font-weight: bold;">Item 4. Purpose of Transaction</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">The Reporting Persons entered into the Agreements to facilitate their business and for investment purposes.&#160; The Reporting Persons intend to maintain the existing business relationships between ICM
      and the Issuer.&#160; The information in Item 6 is incorporated by reference herein.&#160; Except as described in this Schedule 13D, none of the Reporting Persons or, to the best of their knowledge, any of the persons listed in Schedule 1 to this Schedule 13D,
      none of the Reporting Persons have a present plan or proposal that relates to or would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.</div>
    <div><br>
    </div>
    <div style="text-indent: -54pt; margin-left: 54pt; font-weight: bold;">Item 5. Interest in Securities of the Issuer</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">(a), (b)&#160; See cover page for IBDC.&#160; As of the date hereof, IBDC owns 2,920 shares of Common Stock purchased in open market transactions.&#160; As described in Item 6, IBDC has agreed: (i) to purchase from
      the Issuer in a private placement transaction 680,985 newly issued shares of Common Stock at the most recently determined net asset value per share of the Common Stock at the time of purchase, subject to adjustments, (ii) to purchase in open market
      transactions 680,985 shares of Common Stock prior to August 30, 2021 and (iii)&#160; if IBDC does not own at least 10% of the Common Stock before August 30, 2021, IBDC has agreed to purchase from the Issuer, and the Issuer has agreed to issue and sell,
      the remaining balance at a price per share equal to the greater of the then-current net asset value per share and the market price of the Common Stock on Nasdaq.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">See cover pages for ICM, SIPCO and Investcorp.&#160; Any Common Stock shown as being beneficially owned by ICM, SIPCO or Investcorp is the same Common Stock listed as being beneficially owned by IBDC.&#160; As
      a result of the arrangements described in Item 6, the Reporting Persons may be deemed to be part of a group with the Cyrus Funds (as defined below) and part of a group with Stifel (as defined below) and, as a result, may be deemed to beneficially own
      or have voting or dispositive power over shares of Common Stock owned by each of them, aggregating to 6,000,004 shares of Common Stock, representing approximately 44.0% of outstanding Common Stock, representing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">ICM is an affiliate of IBDC.&#160; Investcorp is the indirect parent corporation of the general partners of certain investment funds that indirectly own IBDC and ICM.&#160; SIPCO may be deemed to control
      Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp.&#160; Investcorp and SIPCO may be deemed to share beneficial ownership, voting and dispositive power over any Common Stock beneficially
      owned by IBDC or ICM.</div>
    <div style="text-align: justify; text-indent: 18pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">(c) None of the Reporting Persons has effected any transaction in shares of Common Stock during the past 60 days, except as otherwise disclosed in this Schedule 13D, including on Schedule A hereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">The information provided and incorporated by reference in Item 3 and Item 6 is hereby incorporated by reference in this Item 5.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="color: #000000;">The descriptions below of the SPA, Voting Agreements and ROFO Agreements (each as defined below below) are intended as a summary only and each is qualified in its
        entirety by reference to copies of such agreements filed as exhibits to this Schedule 13D and incorporated by reference herein.&#160; </font>The information provided and incorporated by reference in Items 3, 4 and 5 is hereby incorporated by reference
      herein.&#160; Other than as described in this Schedule 13D, to the best of the Reporting Persons&#8217; knowledge, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between
      such persons and any person with respect to any securities of the Issuer.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Stock Purchase and Transaction Agreement</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">As previously announced by the Issuer, on June 26, 2019, the Issuer entered into a Stock Purchase and Transaction Agreement (the &#8220;SPA&#8221;) by and between the Company and IBDC, an affiliate of ICM. The
      SPA was entered into simultaneously with ICM&#8217;s entrance into a definitive interest purchase agreement to acquire a majority ownership interest in CM Investment Partners LLC (the &#8220;Adviser&#8221;), the investment adviser to the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">The transactions contemplated by the SPA closed on August 30, 2019, at which time ICM and the Issuer entered into a new advisory agreement (the &#8220;<u>Advisory Agreement</u>&#8221;), pursuant to which the
      Adviser acts as investment adviser to the Issuer, and a new administration agreement, pursuant to which the Adviser acts as the Issuer&#8217;s administrator.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Voting Agreements</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">ICM has entered into separate Voting Agreement (collectively, the &#8220;<u>Voting Agreements</u>&#8221;) with (i) certain funds managed by Cyrus Capital Partners, L.P. (the &#8220;<u>Cyrus Funds</u>&#8221;) and (ii) Stifel
      Venture Corp. (&#8220;<u>Stifel</u>&#8221;).&#160; The Voting Agreements provide that the counterparties will participate in stockholder meetings and vote Common Stock owned by them on the date of the agreements (i) against, or otherwise not in favor of, electing one
      or more nominees to the Issuer&#8217;s Board proposed by a stockholder of the Issuer in connection with a proxy contest, (ii) against, or otherwise not in favor of, terminating the Advisory Agreement or approving any investment advisory agreement between
      the Issuer and any adviser other than ICM and (iii) in favor of renewing or approving the Advisory Agreement.&#160; Each Voting Agreement provides that such voting arrangements will terminate upon the earliest of (i) ICM no longer serving as the
      investment adviser to the Issuer, (ii) IBDC and its affiliates no longer owning, in the aggregate, at least 50% of the equity interests in ICM, (iii) the Cyrus Funds (along with its affiliates) or Stifel (along with its affiliates), as applicable,
      owning less than 7.5% of the Common Stock, (iv) the date, if any, on which Michael C. Mauer is no longer the Co-Chief Investment Officer of ICM due to his termination without cause by ICM and (v) August 30, 2021 (the period prior to such
      determination, the &#8220;<u>Restricted Voting Period&#8221;</u>).</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 18pt;">The Voting Agreements also provide that the Cyrus Funds and Stifel, respectively, shall not call a special meeting of stockholders to elect, remove or replace directors, to terminate the Advisory
      Agreement or to vote on any investment advisory agreement between the Issuer and any adviser other than ICM, nor will they grant any proxies or powers of attorney with respect to their Common Stock.&#160; This Agreement shall terminate upon the earlier of
      (a) the date of termination of the SPA in accordance with its terms, (b) the date on which the parties agree in writing to terminate the Voting Agreement, (c) the expiration of the Restricted Voting Period and (d) the entry into a definitive
      agreement between the parties pursuant to which IBDC acquires all of the counterparty&#8217;s Common Stock.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Right of First Offer Agreements</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">On August 30, 2019, IBDC entered into separate Right of First Offer Agreements (collectively, the &#8220;<u>ROFO Agreements</u>&#8221;) with (i) the Cyrus Funds and (ii) Stifel.&#160; The ROFO Agreements provided
      that the Cyrus Funds and Stifel, as applicable, shall not sell, transfer, pledge, hypothecate, gift, bequest, devise, assign or otherwise dispose of Common Stock owned by them on the date of the agreements, unless pursuant to a permitted transfer or
      as set forth below.&#160; Each ROFO Agreement provides that such arrangements will terminate upon the earliest of (i) ICM no longer serving as the investment adviser to the Issuer, (ii) IBDC and its affiliates no longer owning, in the aggregate, at least
      50% of the equity interests in ICM, (iii) the Cyrus Funds (along with its affiliates) or Stifel (along with its affiliates), as applicable, owning less than 10% of the Common Stock and (iv) December 26, 2020 (the period prior to such determination,
      the &#8220;<u>ROFO Period&#8221;</u>).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">If the Cyrus Funds or Stifel, as applicable, proposes to sell its Common Stock during the ROFO Period, it must provide notice to IBDC of the terms of the proposed sale at least three business days
      prior to the good faith estimate of the desired sale date.&#160; IBDC may then purchase any or all of the Common Stock proposed to be sold, subject to certain minimum purchase amounts.&#160; The foregoing right of first offer will not apply to the following
      permitted transfers: (i) transfer to affiliates that agree to be bound by the applicable ROFO Agreement, (ii) repurchases by the Issuer, (iii) certain sales pursuant to an effective registration statement and (iv) certain transfers pursuant to Rule
      144 under the Securities Act of 1933.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Item 7. Material to Be Filed as Exhibits</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc942bdc4015464887020cbc2365bad4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><a href="http://www.sec.gov/Archives/edgar/data/1578348/000119312519186701/d58610dex99101.htm">A.</a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><a href="http://www.sec.gov/Archives/edgar/data/1578348/000119312519186701/d58610dex99101.htm">Stock Purchase and Transaction Agreement, dated June 26, 2019, by and between CM Finance Inc and Investcorp BDC Holdings Limited
                    (incorporated by reference to Exhibit 10.1 of the Issuer&#8217;s Form 8-K filed on July 1, 2019).</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06e710beed894b2d9bdadd77bf6c62aa">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex99_1.htm">B.</a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><a href="ex99_1.htm">Support and Voting Agreement, dated as of June 26, 2019, by and among Cyrus Opportunities Master Fund II,
                    Ltd., Crescent 1, L.P., CRS Master Fund, L.P. and Cyrus Select Opportunities Master Fund, Ltd. and Investcorp Credit Management US LLC.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex99_2.htm">C.</a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><a href="ex99_2.htm">Right of First Offer Agreement, dated as of August 30, 2019, by and among Cyrus Opportunities Master Fund II,
                    Ltd., Crescent 1, L.P., CRS Master Fund, L.P. and Cyrus Select Opportunities Master Fund, Ltd., and Investcorp BDC Holdings Limited.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d96b555bd20494ca2dd14879bac7062">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex99_3.htm">D.</a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><a href="ex99_3.htm">Support and Voting Agreement, dated as of June 26, 2019, by and between Stifel Venture Corp. and Investcorp
                    Credit Management US LLC.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
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      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex99_4.htm">E.</a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><a href="ex99_4.htm">Right of First Offer Agreement, dated as of August 30, 2019, by and between Stifel Venture Corp. and
                    Investcorp BDC Holdings Limited.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8517534d4ad64296951f4364659fd4a1">

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              <td style="width: 36pt; vertical-align: top; align: right;"><a href="ex99_5.htm">F.</a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><a href="ex99_5.htm">Agreement regarding filing of joint Schedule 13D.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
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    <div>
      <div style="text-align: center; font-weight: bold;"><u>Schedule A</u></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Set forth below is a list of open market transactions in shares of the Common Stock which have been effected by the Reporting Persons in the past 60 days.&#160; All such transactions were open market transactions.&#160; The
        prices reported below are weighted average prices.&#160; The shares were sold in multiple transactions at prices in the ranges reported below.&#160; The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff
        of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth below.</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 16%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;"><u>Trade Date</u></div>
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              <div style="text-align: center; font-weight: bold;"><u>Entity</u></div>
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              <div style="text-align: center; font-weight: bold;"><u>Purchase or Sale</u></div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;"><u>Quantity</u></div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;"><u>Weighted Average Price</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 16%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: center; font-weight: bold;"><u>Price Ranges</u></div>
            </td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 16%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">10/2/19</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div>ICM</div>
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            <td valign="bottom" style="vertical-align: top; width: 16%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Purchase</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>2,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>6.5475</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 16%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>$6.45 &#8211; $6.64</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" rowspan="1" style="vertical-align: top; width: 16%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>10/3/19</div>
            </td>
            <td valign="bottom" rowspan="1" style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div>ICM</div>
            </td>
            <td valign="bottom" rowspan="1" style="vertical-align: top; width: 16%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>Purchase</div>
            </td>
            <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>920</div>
            </td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">$<br>
            </td>
            <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>6.5040</div>
            </td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: top; width: 16%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>$6.48 &#8211; $6.515</div>
            </td>
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    </div>
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    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div>After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>
    <div><br>
    </div>
    <div>Dated: October 4, 2019</div>
    <div><br>
    </div>
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        <tr>
          <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top;">
            <div>INVESTCORP BDC HOLDINGS LIMITED, by The Director Ltd.</div>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top;">
            <div>INVESTCORP CREDIT MANAGEMENT US LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
            <div>/s/ Toni Pinkerton</div>
          </td>
          <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
            <div>/s/ Patrick Maloney</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Name: Toni Pinkerton</div>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Name: Patrick Maloney</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Title: Director</div>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Title: General Counsel</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top;">
            <div>SIPCO HOLDINGS LIMITED</div>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top;">
            <div>INVESTCORP S.A.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
            <div>/s/ Rasha Sabkar</div>
          </td>
          <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
            <div>/s/ Daniele Vecchi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Name: Rasha Sabkar</div>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Name: Daniele Vecchi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Title: Director</div>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div>Title: Director</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 0.7pt;">The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized
      representative (other than an executive officer or general partner of the filing person), evidence of the representative&#8217;s authority to sign on behalf of such person shall be filed with the statement:&#160; provided, however, that a power of attorney for
      this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Attention: Intentional misstatements or omissions of fact<br>
      constitute Federal criminal violations (See 18 U.S.C. 1001)</div>
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    <div style="text-align: center; font-weight: bold;">SCHEDULE I</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SCHEDULE I</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">INVESTCORP S.A.<br>
      DIRECTORS</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">Name</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">Present<br>
                Business Address</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">Present<br>
                Principal Occupation</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">Citizenship</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">
            <div>Rishi Kapoor</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
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          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
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          <td style="width: 24%; vertical-align: top;">
            <div>HE Mohammed Bin Mahfoodh Alardhi</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
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          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 24%; vertical-align: top;">
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
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          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 24%; vertical-align: top;">
            <div>Rasha Sabkar</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
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          </td>
        </tr>

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    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">INVESTCORP S.A.</div>
    <div style="text-align: center; font-weight: bold;">EXECUTIVE OFFICERS</div>
    <div><br>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                Business Address</div>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                Principal Occupation</div>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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              <div style="text-align: center; font-weight: bold;">Citizenship</div>
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          <td style="width: 16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 16%; vertical-align: top;">
            <div>Rishi Kapoor</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Chief Financial Officer</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Co-Chief Executive Officer of Investcorp Holdings S.A.</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
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          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 16%; vertical-align: top;">
            <div>Paget-Brown Trust Company Ltd.</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Assistant Secretary</div>
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            <div>PO Box 1111</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
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          <td style="width: 16%; vertical-align: top;">
            <div>Rasha Sabkar</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Secretary</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Secretary of Investcorp Holdings S.A.</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
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        <tr>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
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          <td style="width: 16%; vertical-align: top;">
            <div>HE Mohammed Bin Mahfoodh Alardhi</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Executive Chairman</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Executive Chairman of Investcorp Holdings S.A.</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
            <div style="text-align: center;">Omani</div>
          </td>
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        <tr>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 16%; vertical-align: top;">
            <div>Hazem Ben-Gacem</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Co-Chief Executive Officer</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Co-Chief Executive Officer of Investcorp Holdings S.A.</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
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    <div style="text-align: center; font-weight: bold;"> <br>
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    <div style="text-align: center; font-weight: bold;">SIPCO HOLDINGS LIMITED<br>
      DIRECTORS</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zad88d906d54f4111ad17fd3d0f62a527">

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          <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">Present<br>
                Business Address</div>
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          </td>
          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="border-bottom: 0pt solid black;">
              <div style="text-align: center; font-weight: bold;">Present<br>
                Principal Occupation</div>
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          </td>
          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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              <div style="text-align: center; font-weight: bold;">Citizenship</div>
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          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">
            <div>Mohammed Bin Mahfoodh Alardhi</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>Director</div>
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          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;">Omani</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">
            <div>Rasha Sabkar</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Kingdom of Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;">Bahraini</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">
            <div>Mark Horncastle</div>
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          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp International Ltd</div>
            <div>48 Grosvenor Street</div>
            <div>London W1K 3HW UK</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
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          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 24%; vertical-align: top;">
            <div>Ghassan Abdulaal</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>&#160;Director</div>
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          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;">Bahraini</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24%; vertical-align: top;">
            <div>Jan Erik Back</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp House</div>
            <div>P.O. Box 5340<br>
              Manama<br>
              Bahrain</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;">Swedish</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SIPCO HOLDINGS LIMITED<br>
      EXECUTIVE OFFICERS</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zbb441be30d4147d2940263d1c5e57c3a">

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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 24%; vertical-align: bottom;">&#160;</td>
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            <div>Boundary Hall</div>
            <div>Cricket Square</div>
            <div>P.O. Box 1111</div>
            <div>George Town,</div>
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          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
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          <td style="width: 16%; vertical-align: top;">
            <div>Paget-Brown Trust Company Ltd.</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Secretary</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Boundary Hall<br>
              Cricket Square<br>
              P.O. Box 1111<br>
              George Town,<br>
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              Cayman Islands</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">&#160;</td>
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            <div>Investcorp International Holdings, Inc.</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>280 Park Avenue</div>
            <div>Floor 39</div>
            <div>New York, NY 10017</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
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    <div style="text-align: center; font-weight: bold;">INVESTCORP CREDIT MANAGEMENT US LLC<br>
      OFFICERS</div>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">&#160;</td>
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            <div>&#160;</div>
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            <div>&#160;</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
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            <div>Investcorp International Holdings, Inc.</div>
            <div>280 Park Avenue</div>
            <div>Floor 39</div>
            <div>New York, NY 10017</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
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          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
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            <div>Investcorp International Holdings, Inc.</div>
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            <div>Floor 39</div>
            <div>New York, NY 10017</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Co Head ICM US</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
            <div style="text-align: center;">US</div>
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          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
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          <td style="width: 16%; vertical-align: top;">
            <div>Patrick Maloney</div>
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>General Counsel &amp; Chief Compliance Officer</div>
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp International Holdings, Inc.</div>
            <div>280 Park Avenue</div>
            <div>Floor 39</div>
            <div>New York, NY 10017</div>
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>General Counsel &amp; Chief Compliance Officer</div>
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
            <div style="text-align: center;">US</div>
            <div>&#160;</div>
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          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
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            <div>Gene Basov</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Chief Financial Officer</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Investcorp International Holdings, Inc.</div>
            <div>280 Park Avenue</div>
            <div>Floor 39</div>
            <div>New York, NY 10017</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div>Chief Financial Officer</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 16%; vertical-align: top;">
            <div style="text-align: center;">US</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT B
<TEXT>
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  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit B</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SUPPORT AND VOTING AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">This SUPPORT AND VOTING AGREEMENT, dated as of June&#160;26, 2019 (this &#8220;<font style="font-weight: bold; font-style: italic;">Agreement</font>&#8221;), is by and among Cyrus Opportunities Master Fund II, Ltd., Crescent 1, L.P., CRS
      Master Fund, L.P. and Cyrus Select Opportunities Master Fund, Ltd. (each, a &#8220;<font style="font-weight: bold; font-style: italic;">Stockholder</font>&#8221; and collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Stockholders</font>&#8221;), and
      Investcorp Credit Management US LLC (&#8220;<font style="font-weight: bold; font-style: italic;">Buyer</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">RECITALS</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, each Stockholder is the record and beneficial owner of the number of shares of the common stock, par value $0.001 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Common Stock</font>&#8221;), of CM
      Finance Inc, a Maryland corporation (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), set forth opposite its name on <u>Exhibit&#160;A</u> hereto (the &#8220;<font style="font-weight: bold; font-style: italic;">Shares</font>,&#8221;
      together with any additional Shares or other voting securities of the Company of which such Stockholder acquires record or beneficial ownership after the date hereof, including, without limitation, by purchase, as a result of a stock dividend, stock
      split, recapitalization, combination, reclassification, exchange or change of such shares shall be such Stockholder&#8217;s &#8220;<font style="font-weight: bold; font-style: italic;">Covered Shares</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Stockholders executed and delivered to the Company that certain Irrevocable Proxy, dated as of February&#160;5, 2014, relating to the Shares (the &#8220;<font style="font-weight: bold; font-style: italic;">Irrevocable
        Proxy</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Buyer, CMIP Holdings LP, an Affiliate of Stockholders, Stifel Venture Corp. (&#8220;<font style="font-weight: bold; font-style: italic;">Stifel</font>&#8221;) and the other members of CM Investment Partners LLC, a Delaware
      limited liability company (the &#8220;<font style="font-weight: bold; font-style: italic;">Adviser</font>&#8221;), propose to enter into, simultaneously herewith, an Interest Purchase Agreement (the &#8220;<font style="font-weight: bold; font-style: italic;">IPA</font>&#8221;)

      which provides, among other things, that upon the terms and subject to the conditions contained therein, Buyer will purchase all of the interests in the Adviser owned by CMIP Holdings LP and Stifel;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Investcorp BDC Holdings Limited, an Affiliate of Buyer (&#8220;<font style="font-weight: bold; font-style: italic;">Investcorp BDC</font>&#8221; and together with Buyer, the &#8220;<font style="font-weight: bold; font-style: italic;">Investcorp Parties</font>&#8221;), and the Company propose to enter into, simultaneously herewith, a Stock Purchase and Transaction Agreement (the &#8220;<font style="font-weight: bold; font-style: italic;">SP&amp;TA</font>&#8221;; terms used but not
      defined in this Agreement shall have the meanings ascribed to them in the SP&amp;TA), which provides, among other things, that upon the terms and subject to the conditions contained therein, (i)&#160;a new Investment Advisory Agreement will be entered
      into by the Adviser and the Company at closing and (ii)&#160;Investcorp BDC will purchase a certain number of shares of Common Stock, both from the Company and third parties in open-market purchases;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, as a condition and inducement to the Investcorp Parties&#8217; willingness to enter into the IPA and the SP&amp;TA, respectively (together, the &#8220;<font style="font-weight: bold; font-style: italic;">Purchase Agreements</font>&#8221;
      and each, a &#8220;<font style="font-weight: bold; font-style: italic;">Purchase Agreement</font>&#8221;), and to proceed with the transactions contemplated thereby, Buyer and Stockholders are entering into this Agreement; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, each Stockholder acknowledges that the Investcorp Parties (i)&#160;are entering into each of their respective Purchase Agreements in reliance on the representations, warranties, covenants and other agreements of such
      Stockholder set forth in this Agreement and (ii)&#160;would not enter into either Purchase Agreement in the absence of such Stockholder entering into this Agreement.</div>
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    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, Buyer and Stockholders hereby agree as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination of Irrevocable Proxy</u>.&#160; Pursuant to and in accordance with Section&#160;7.13 of the IPA and Section&#160;7.06(b) of the SP&amp;TA, at least ten Business Days prior to the Stockholder Meeting to be
      held in accordance with Section&#160;7.02 of the SP&amp;TA, the Company and Stockholders shall terminate the Irrevocable Proxy.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agreement to Vote:&#160; Pre-Closing Period</u>.&#160; Each Stockholder hereby irrevocably and unconditionally agrees to vote, at the Stockholder Meeting and at any adjournment thereof, all of the Covered Shares:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in favor of the Company Stockholder Proposal and the proposal to adjourn the Stockholder Meeting, if necessary or appropriate, in order to allow the Company to solicit additional proxies
      with respect to the Company Stockholder Proposal; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;against, or otherwise not in favor of, any (i)&#160;Alternative Proposal, (ii)&#160;other proposals of any other Company Stockholder or (iii)&#160;other action, agreement, proposal or transaction that
      would reasonably be expected to impede, delay or prevent the approval of the Company Stockholder Proposal or any other transactions contemplated by the Purchase Agreements, or result in a breach of any representation, warranty, covenant or agreement
      of the Company under the SP&amp;TA.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Stockholders acknowledge receipt of a copy of the SP&amp;TA.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agreements Regarding Voting:&#160; Post-Closing Period</u>.&#160; During the period from and after the Initial Closing until the earlier of:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Adviser (or a successor thereof in which Buyer and its Affiliates own, in the aggregate, at least 50% of the equity interests) no longer serving as the investment adviser to the
      Company;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Buyer and its Affiliates no longer owning, in the aggregate, at least 50% of the equity interests in the Adviser (or a successor thereof that serves as investment adviser to the Company);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholders and their Affiliates no longer owning, in the aggregate, at least 7.5% of the outstanding shares of the Common Stock;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the date, if any, on which Michael C. Mauer is no longer the Co-Chief Investment Officer of the Adviser due to his termination without cause by the Adviser, as &#8220;cause&#8221; is defined in the
      Adviser&#8217;s governing agreements or in any employment agreement between Michael C. Mauer and the Adviser; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the second anniversary of the Initial Closing Date (such period, the &#8220;<font style="font-weight: bold; font-style: italic;">Restricted Period</font>&#8221;),</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    <div>&#160;</div>
    <div>Each Stockholder agrees that it shall, at any meeting of the Company Stockholders (whether annual or special and whether or not an adjourned or postponed meeting), however called, (i)&#160;appear at such meeting or otherwise cause the Covered Shares to
      be counted as present thereat for the purpose of establishing a quorum, and (ii)&#160;vote, or cause to be voted at such meeting, all Covered Shares (whether owned by such Stockholder or Affiliates of such Stockholder):</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;against, or otherwise not in favor of, electing one or more nominees to the Company Board proposed by a Company Stockholder in connection with a proxy contest;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;against, or otherwise not in favor of, (1)&#160;terminating the Investment Advisory Agreement as then in effect between the Adviser (or a successor thereof) and the Company, and (2)&#160;a proposal
      to approve any investment advisory agreement between the Company and an adviser other than the Adviser (or a successor thereof or another adviser of which Buyer and its Affiliates own at least 50% of the equity interests); and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if put to a vote of the Company Stockholders, in favor of renewing or approving the Investment Advisory Agreement, as the same may be amended, between the Adviser (or a successor thereof)
      and the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Covenants of Stockholder</u>.&#160; Each Stockholder hereby covenants and agrees that from and after the date hereof until the Termination Date (as defined below), such Stockholder shall not, and shall
      not authorize or permit any of its Affiliates to, directly or indirectly:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;participate in the making of a written request of the Company Stockholders to call a special meeting of the stockholders to elect, remove or replace directors, to terminate the Investment
      Advisory Agreement or to vote upon any investment advisory agreement between the Company and an adviser other than the Adviser (or a successor thereof or another adviser of which Buyer and its Affiliates own at least 50% of the equity interests); or</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;grant any proxies or powers of attorney with respect to the Covered Shares, deposit any Covered Shares into a voting trust or enter into a voting agreement with respect to any Covered
      Shares.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">For the avoidance of doubt, nothing herein shall prohibit or restrict any Stockholder from rehypothecation of its Shares in connection with a bona fide lending transaction as long as such Stockholder does not relinquish
      its rights to vote the Shares in connection therewith.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfers of Covered Shares</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;After the date hereof until the date on which the Company Stockholder Proposal is approved by the Company Stockholders, each Stockholder hereby agrees to not, directly or indirectly, without the prior
      written consent of Buyer (not to be unreasonably withheld, conditioned or delayed), sell, assign, transfer, pledge, exchange, tender, encumber or otherwise dispose of (including by merger, consolidation or otherwise by operation of law) (&#8220;<font style="font-weight: bold; font-style: italic;">Transfer</font>&#8221;), or consent to the Transfer of, or enter into any contract, option, call or other arrangement or understanding with respect to the Transfer of (including by merger, consolidation or
      otherwise by operation of law), any Covered Shares, other than to such Stockholder&#8217;s Affiliates (provided that, if not already a party hereto, such Affiliates agree to be bound by this Agreement with respect to such Transferred Covered Shares).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any purported Transfer in violation of this Section&#160;5 shall be void.</div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Inconsistent Agreements</u>.&#160; Each Stockholder covenants that it has not and will not (a)&#160;enter into any legally binding agreement that would restrict, limit or interfere in any material respect with
      the performance of such Stockholder&#8217;s obligations hereunder or (b) take action that would make any of its representations or warranties contained herein untrue or incorrect in any material respect or have the effect of preventing or disabling it from
      performing its obligations under this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u>.&#160; This Agreement shall terminate upon the earlier of (a)&#160;the date of termination of either Purchase Agreement in accordance with its terms, (b)&#160;the date on which Buyer and Stockholders
      agree in writing to terminate this Agreement, (c)&#160;the expiration of the Restricted Period and (d)&#160;the entry into a definitive agreement between Stockholders and Buyer pursuant to which Buyer will acquire all of the Covered Shares from Stockholders
      (the earliest such date being referred to herein as the &#8220;<font style="font-weight: bold; font-style: italic;">Termination Date</font>&#8221;).&#160; Upon any such termination of this Agreement, this Agreement shall no longer be in force or effect and each party
      hereto shall be released and discharged from its obligations hereunder and shall have no liability to any other party hereto with respect to this Agreement or such obligations; <u>provided</u>, <u>however</u>, that no termination of this Agreement
      shall relieve any party hereto from any liability incurred by any other party hereto as a result of an intentional breach of a material term or condition of this Agreement prior to such termination.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of Stockholders</u>.&#160; Each Stockholder hereby represents and warrants to Buyer, severally and not jointly, that such Stockholder is the record and beneficial owner of the
      Shares, free and clear of Liens other than as created by this Agreement, as created pursuant to applicable Law (including securities Laws) and pursuant to the Irrevocable Proxy.&#160; Each Stockholder has sole voting power, sole power of disposition and
      sole power to agree to all of the matters set forth in this Agreement, in each case with respect to all of such Shares with no limitations, qualifications or restrictions on such rights, subject to applicable Law (including securities Laws), the
      terms of this Agreement and the Irrevocable Proxy.&#160; Other than the Shares, such Stockholder does not own beneficially or of record any (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company convertible into or
      exchangeable for shares of capital stock or voting securities of the Company or (iii) options or other rights to acquire from the Company any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting
      securities of the Company.&#160; Other than pursuant to the Irrevocable Proxy, the Shares are not subject to any voting trust agreement or other contract to which such Stockholder is a party restricting or otherwise relating to the voting or Transfer (as
      defined below) of any Shares.</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Further Assurances</u>.&#160; From time to time, at the reasonable request of Buyer and without further consideration or the incurrence of any cost or expense on the part of Stockholders, each Stockholder shall
      take such further action as may be reasonably necessary to consummate and make effective the transactions contemplated by this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment and Modification</u>.&#160; This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically
      designated as an amendment hereto and signed on behalf of each party hereto and otherwise as expressly set forth herein.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Waiver</u>.&#160; No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
      abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.&#160; The rights and remedies of the parties hereunder are
      cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder.&#160; Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such
      party.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; Each notice, request, demand or other communication under this Agreement will be in writing and will be deemed to have been duly given or made as follows:&#160; (i) if sent by registered or
      certified mail in the United States, return receipt requested, then such communication will be deemed duly given and made upon receipt; (ii) if sent by nationally recognized overnight air courier (such as UPS or Federal Express), then such
      communication will be deemed duly given and made two Business Days after being sent; (iii) if sent by email before 5:00 p.m. (based on the time zone of the recipient) on any Business Day, then such communication will be deemed duly given and made
      when receipt is confirmed; (iv) if sent by email on a day other than a Business Day and receipt is confirmed, or if sent after 5:00 p.m. (based on the time zone of the recipient) on any Business Day and receipt is confirmed, then such communication
      will be deemed duly given and made on the Business Day following the date which receipt is confirmed; and (v) if otherwise personally delivered to a duly authorized representative of the recipient, then such communication will be deemed duly given
      and made when delivered to such authorized representative; provided that, in all cases, such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party will provide by like
      notice to the other parties to this Agreement:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">if to Buyer, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">c/o Investcorp Credit Management US LLC<br>
      280 Park Avenue, 36th Floor<br>
      New York, New York 10017<br>
      Attention:&#160; Patrick Maloney<br>
      Email:&#160; pmaloney@investcorp.com</div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Gibson, Dunn &amp; Crutcher LLP<br>
      200 Park Avenue<br>
      New York, New York 10166<br>
      Attention:&#160; William Rustum<br>
      Email:&#160; wrustum@gibsondunn.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">if to Stockholders, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">c/o Cyrus Capital Partners, L.P.<br>
      65 East 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 35<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor<br>
      New York, New York 10022<br>
      Attention:&#160; Svetoslav Nikov and Jennifer Pulick<br>
      Email:&#160; snikov@cyruscapital.com and jpulick@cyruscapital.com</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Akin Gump Strauss Hauer &amp; Feld LLP<br>
      One Bryant Park<br>
      New York, New York 10036<br>
      Attention:&#160; Ackneil M. Muldrow III<br>
      Email:&#160; tmuldrow@akingump.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Entire Agreement</u>.&#160; This Agreement represents the entire understanding of the parties hereto with reference to the subject matter hereof and supersedes any and all other oral or written agreements
      heretofore or theretofore made.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law</u>.&#160; All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity or performance of this Agreement, shall be governed by and construed in
      accordance with the Laws of the State of Delaware without regard to its rules of conflict of laws.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction; WAIVER OF JURY TRIAL</u>.&#160; Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the sole and exclusive jurisdiction of the Court of Chancery of the State
      of Delaware, or to the extent such Court does not have subject matter jurisdiction, any federal court sitting in the State of Delaware (the &#8220;<font style="font-weight: bold; font-style: italic;">Chosen Courts</font>&#8221;) for any litigation arising out of
      or relating to this Agreement (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Chosen Courts and agrees not to plead or claim in any Chosen
      Court that such litigation brought therein has been brought in any inconvenient forum.&#160; Each of the parties hereto agrees, (i) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain
      an agent in the State of Delaware as such party&#8217;s agent for acceptance of legal process and (ii) that service of process may also be made on such party in accordance with the notice provisions contained in Section 12 above.&#160; Service made pursuant to
      (i) or (ii) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware.&#160; EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
      OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assignment; Successors</u>.&#160; Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or
      otherwise, by either party without the prior written consent of the other party.&#160; Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective
      successors and permitted assigns.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Enforcement</u>.&#160; Each party acknowledges and agrees that in the event of any breach of this Agreement, the other party would be irreparably and immediately harmed and could not be made whole by monetary
      damages.&#160; It is accordingly agreed that, with respect to any such breach, (a) the non-breaching party shall be entitled, in addition to any other remedy to which it may be entitled at law or in equity, to compel specific performance of this Agreement
      in any action as well as such damages as may be appropriate and (b) the breaching party will waive, in any action for specific performance, the defense of adequacy of a remedy at law and any requirement for the securing or posting of any bond in
      connection with any such action.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a Chosen Court to be invalid, void, unenforceable or against its regulatory policy, the remainder of the
      terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, including by facsimile or electronic transmission, which together shall constitute a single agreement.</div>
    <div>&#160;</div>
    <div style="text-align: center;">[The remainder of this page is intentionally left blank.]</div>
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    <div>&#160; <br>
    </div>
    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, Buyer and Stockholders have caused to be executed or executed this Agreement as of the date first written above.</div>
    <div><br>
    </div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>INVESTCORP CREDIT MANAGEMENT US LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div><u>/s/&#160; Gene Basov</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Name:&#160; Gene Basov</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Title:&#160; CFO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">[Signature Page to Support and Voting Agreement - Cyrus]</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div><br>
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    <table cellspacing="0" cellpadding="0" border="0" id="zc3f980d0e8294869bd5ef80670c5b441" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CYRUS OPPORTUNITIES MASTER FUND II, LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CRESCENT 1, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CRS MASTER FUND, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CYRUS SELECT OPPORTUNITIES MASTER FUND, LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>Cyrus Capital Partners, L.P., as investment manager</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div><u>/s/&#160; ]David A. Milich</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Name:&#160; David A. Milich</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Title:&#160; Authorized Signatory</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div><br>
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    <div style="text-align: center;">[Signature Page to Support and Voting Agreement - Cyrus]</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div style="text-align: center;"><u>Exhibit A</u></div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;"><u>Stockholder</u></div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;"><u>No. of Shares</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;">Cyrus Opportunities Master Fund II, Ltd.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;">2,077,092</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;">Crescent 1, L.P.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;">717,819</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;">CRS Master Fund, L.P.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;">645,274</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>Cyrus Select Opportunities Master Fund, Ltd.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;"><u>&#160;&#160;378,001</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;Total</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;"><u style="border-bottom: 1px solid;">3,818,186</u></div>
          </td>
        </tr>

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    <div>&#160;</div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99_2.htm
<DESCRIPTION>EXHIBIT C
<TEXT>
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  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit C</div>
    <div><br>
    </div>
    <div style="text-align: right; font-variant: small-caps; font-weight: bold;">Execution Version</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">RIGHT OF FIRST OFFER AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">This RIGHT OF FIRST OFFER AGREEMENT, dated as of August 30, 2019 (this &#8220;<font style="font-weight: bold; font-style: italic;">Agreement</font>&#8221;), is by and among Cyrus Opportunities Master Fund II, Ltd., Crescent 1, L.P.,
      CRS Master Fund, L.P. and Cyrus Select Opportunities Master Fund, Ltd. (each, a &#8220;<font style="font-weight: bold; font-style: italic;">Stockholder</font>&#8221; and collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Stockholders</font>&#8221;),
      and Investcorp BDC Holdings Limited, a company organized under the laws of the Cayman Islands (&#8220;<font style="font-weight: bold; font-style: italic;">Buyer</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">RECITALS</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, each Stockholder is the record and beneficial owner of the number of shares of the common stock, par value $0.001 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Common Stock</font>&#8221;), of CM
      Finance Inc, a Maryland corporation (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), set forth opposite its name on <u>Exhibit&#160;A</u> hereto (the &#8220;<font style="font-weight: bold; font-style: italic;">Shares</font>,&#8221;
      together with any additional Shares or other voting securities of the Company of which such Stockholder acquires record or beneficial ownership after the date hereof as a result of a stock dividend, stock split, recapitalization, combination,
      reclassification, exchange or change of such shares shall be such Stockholder&#8217;s &#8220;<font style="font-weight: bold; font-style: italic;">Covered Shares</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Investcorp Credit Management US LLC (&#8220;<font style="font-weight: bold; font-style: italic;">ICM US</font>&#8221; and together with Buyer, the &#8220;<font style="font-weight: bold; font-style: italic;">Investcorp Parties</font>&#8221;),

      Stockholder, CMIP Holdings LP, an Affiliate of Stockholders, Stifel Venture Corp. (&#8220;<font style="font-weight: bold; font-style: italic;">Stifel</font>&#8221;) and the other members of CM Investment Partners LLC, a Delaware limited liability company (the &#8220;<font style="font-weight: bold; font-style: italic;">Adviser</font>&#8221;), have entered into that certain Interest Purchase Agreement, dated as of June&#160;26, 2019 (the &#8220;<font style="font-weight: bold; font-style: italic;">IPA</font>&#8221;), which provides, among
      other things, that upon the terms and subject to the conditions contained therein, ICM US will purchase all of the interests in the Adviser owned by CMIP Holdings LP and Stifel;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Buyer and the Company have entered into a Stock Purchase and Transaction Agreement, dated as of June&#160;26, 2019 (the &#8220;<font style="font-weight: bold; font-style: italic;">SP&amp;TA</font>&#8221;; terms used but not
      defined in this Agreement shall have the meanings ascribed to them in the SP&amp;TA), which provides, among other things, that upon the terms and subject to the conditions contained therein, (i)&#160;a new Investment Advisory Agreement will be entered
      into by the Adviser and the Company at closing and (ii)&#160;Buyer will purchase a certain number of shares of Common Stock, both from the Company and third parties in open-market purchases;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, as a condition and inducement to the Investcorp Parties&#8217; willingness to enter into, and consummate the transactions contemplated by, the IPA and the SP&amp;TA, respectively (together, the &#8220;<font style="font-weight: bold; font-style: italic;">Purchase Agreements</font>&#8221; and each, a &#8220;<font style="font-weight: bold; font-style: italic;">Purchase Agreement</font>&#8221;), Buyer and Stockholders are entering into this Agreement; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, each Stockholder acknowledges that the Investcorp Parties would not have entered into their respective Purchase Agreements, and would not consummate the transactions contemplated thereby, in the absence of such
      Stockholder entering into this Agreement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, Buyer and Stockholders hereby agree as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Right of First Offer</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General</u>.&#160; During the Restricted Period (as defined below), each Stockholder shall not, directly or indirectly, sell, transfer, pledge, hypothecate, gift, bequest, devise, assign or otherwise dispose
      of (collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Transfer</font>&#8221;) any Covered Shares, other than Permitted Transfers (as defined below), without first complying with this Section&#160;1.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sale Notice</u>.&#160; If, during the Restricted Period, a Stockholder desires to Transfer any Covered Shares other than in connection with a Permitted Transfer, then such Stockholder shall provide written
      notice of such desire to Buyer at least three Business Days prior to such Stockholder&#8217;s good faith estimate of when it desires to consummate a Transfer.&#160; The written notice shall contain the following information:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; the number of Covered Shares such Stockholder intends to offer for sale (the &#8220;<font style="font-weight: bold; font-style: italic;">Offered Shares</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; the price per share at which such Stockholder intends to offer the Offered Shares, on a gross basis;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if known, or able or permitted to be disclosed pursuant to applicable Law or contract, the identity or identities of the intended third-party purchasers; and</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any other material terms or conditions of the proposed Transfer (the &#8220;<font style="font-weight: bold; font-style: italic;">Sale Notice</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Election Notice</u>.&#160; Buyer shall have three Business Days after its receipt of the Sale Notice to inform such Stockholder in writing if it desires to purchase any or all of the Offered Shares, <font style="font-style: italic;">provided</font> that Buyer must elect to purchase no less than the lesser of (x)&#160;90% of the Offered Shares and (y) such number of shares representing 1% of the outstanding shares of the Company&#8217;s Common Stock at such
      time (the &#8220;<font style="font-weight: bold; font-style: italic;">Minimum Purchase Condition</font>&#8221;) for it to have the right to purchase any Offered Shares (any such notice, an &#8220;<font style="font-weight: bold; font-style: italic;">Election Notice</font>&#8221;).&#160;

      If Buyer timely provides an Election Notice, then Buyer shall be obligated to purchase such number of Offered Shares as Buyer sets forth in the Election Notice in accordance with the Minimum Purchase Condition (such number, the &#8220;<font style="font-weight: bold; font-style: italic;">Subject Shares</font>&#8221;), and Stockholder shall be obligated to sell the Subject Shares to Buyer, at the same price and subject to the same material terms and conditions as described in the Sale
      Notice.&#160; If Buyer fails to deliver an Election Notice to Stockholder within such three Business Day period, then Buyer shall be deemed to have elected not to purchase any of the Offered Shares.&#160; If Buyer does not elect to purchase all of the Offered
      Shares, then Stockholder shall be free to sell a number of Covered Shares equal to the difference between (x)&#160;the number of Offered Shares and (y)&#160;the number of Subject Shares (such resulting number of Offered Shares, the &#8220;<font style="font-weight: bold; font-style: italic;">Excess Shares</font>&#8221;) in accordance with Section 1(e) below.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Closing and Payment for Subject Shares</u>.&#160; Closing for the sale and purchase of the Subject Shares shall occur within three Business Days of Buyer&#8217;s delivery of the Election Notice to Stockholder, as
      such date may be agreed upon between Buyer and Stockholder.&#160; Payment for the Subject Shares shall be in cash by wire transfer of immediately available funds.&#160; At the closing of such sale, Stockholder shall represent and warrant in a definitive
      agreement that (i) the Subject Shares being sold are free and clear of all Liens, (ii) Stockholder is the record and beneficial owner of the Subject Shares and (iii)&#160;Stockholder is transferring good and valid title to the Subject Shares to Buyer.&#160; At
      the closing of such sale, Buyer shall represent and warrant in a definitive agreement that (i) it is acquiring the Subject Shares for investment purposes only and not for resale, (ii) it has sufficient funds in order to consummate the purchase of the
      Subject Shares and (iii) that it is not relying on any representations or warranties made by Stockholder or any of its affiliates or representatives other than those contained in the definitive agreement with respect to the sale and purchase of the
      Subject Shares.&#160; At such closing, Stockholder and Buyer shall execute such additional documents as are otherwise necessary or appropriate, consistent with the terms hereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sale of Excess Shares</u>.&#160; If Buyer does not elect to purchase all of the Offered Shares pursuant to a Sale Notice, then Stockholder may sell any or all of the Excess Shares, at a gross price per share
      (to the purchaser(s) thereof) that is not less than 90% of the price set forth in the Sale Notice, and on the same material terms and conditions as set forth in the Sale Notice, so long as the sale is completed within 90 days after the date of the
      Sale Notice. If Stockholder fails to sell all of the Excess Shares within such 90-day period, Stockholder&#8217;s right thereafter to sell such unsold Excess Shares under this clause (e) shall terminate unless and until the provisions of clauses (b) and
      (c) above are once again complied with.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Permitted Transfers</u>.&#160; This Section 1 shall not apply to Covered Shares (each, a &#8220;<font style="font-weight: bold; font-style: italic;">Permitted Transfer</font>&#8221;):</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transferred by a Stockholder to its Affiliates, provided that prior to such Transfer, such Affiliate or Affiliates, to the extent not already a party hereto, agree in writing to be bound
      by this Agreement;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;repurchased by the Company pursuant to its share repurchase program or another transaction otherwise approved by the Board;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;offered for sale to the public in an offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (a &#8220;<font style="font-weight: bold; font-style: italic;">Public Offering</font>&#8221;); <font style="font-style: italic;">provided</font>, there is no understanding or intention (either on the part of Stockholder, or between Stockholder and any underwriters for such Public Offering) that in
      connection with such Public Offering, a single purchaser, or group of related purchasers, will purchase Covered Shares in the Public Offering representing 5% or more of the outstanding shares of Common Stock; or</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transferred pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act of 1933, as amended; <font style="font-style: italic;">provided</font>, there is no
      understanding or intention that in connection with any such Transfer or Transfers, a single purchaser, or group of related purchasers, will purchase Covered Shares representing 5% or more of the outstanding shares of Common Stock.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Restricted Period</u>.&#160; As used herein, &#8220;<font style="font-weight: bold; font-style: italic;">Restricted Period</font>&#8221; means from the date hereof until the earlier of:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Adviser (or a successor thereof in which Buyer and its Affiliates own, in the aggregate, at least 50% of the equity interests) no longer serving as the investment adviser to the
      Company;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Buyer and its Affiliates no longer owning, in the aggregate, at least 50% of the equity interests in the Adviser (or a successor thereof that serves as investment adviser to the Company);</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholders and their Affiliates no longer owning, in the aggregate, at least 10% of the outstanding shares of the Common Stock; and</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the eighteen month anniversary of the date hereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Inconsistent Agreements</u>.&#160; Each Stockholder covenants that it has not and will not (a)&#160;enter into any legally binding agreement that would restrict, limit or interfere in any material respect with
      the performance of such Stockholder&#8217;s obligations hereunder or (b) take action that would make any of its representations or warranties contained herein untrue or incorrect in any material respect or have the effect of preventing or disabling it from
      performing its obligations under this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u>.&#160; This Agreement shall terminate upon the earlier of (a)&#160;the date on which Buyer and Stockholders agree in writing to terminate this Agreement, (b)&#160;the expiration of the Restricted Period
      and (c)&#160;the entry into a definitive agreement between Stockholders and Buyer pursuant to which Buyer will acquire all of the Covered Shares from Stockholders (the earliest such date being referred to herein as the &#8220;<font style="font-weight: bold; font-style: italic;">Termination Date</font>&#8221;).&#160; Upon any such termination of this Agreement, this Agreement shall no longer be in force or effect and each party hereto shall be released and discharged from its obligations hereunder and shall have
      no liability to any other party hereto with respect to this Agreement or such obligations; <u>provided</u>, <u>however</u>, that no termination of this Agreement shall relieve any party hereto from any liability incurred by any other party hereto
      as a result of an intentional breach of a material term or condition of this Agreement prior to such termination.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of Stockholder</u>.&#160; Each Stockholder hereby represents and warrants to Buyer, severally and not jointly, as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Such Stockholder is the record and beneficial owner of the Shares set forth opposite its name on <u>Exhibit&#160;A</u> hereto (as to each Stockholder, the &#8220;<font style="font-weight: bold; font-style: italic;">Stockholder&#8217;s

        Shares</font>&#8221;), free and clear of Liens other than as created by this Agreement.&#160; Such Stockholder has sole voting power, sole power of disposition and sole power to agree to all of the matters set forth in this Agreement, in each case with
      respect to all of such Stockholder&#8217;s Shares with no limitations, qualifications or restrictions on such rights, subject to applicable securities laws and the terms of this Agreement.&#160; Other than the Stockholder&#8217;s Shares, such Stockholder does not own
      beneficially or of record any (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable for shares of capital stock or voting securities of the Company or (iii) options or other
      rights to acquire from the Company any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of the Company.&#160; Other than pursuant to the Support and Voting Agreement, dated as of
      June&#160;26, 2019, between Stockholders and ICM US (the &#8220;<font style="font-weight: bold; font-style: italic;">Voting Agreement</font>&#8221;), the Stockholder&#8217;s Shares are not subject to any voting trust agreement or other contract to which such Stockholder is
      a party restricting or otherwise relating to the voting or Transfer (as defined below) of any of the Stockholder&#8217;s Shares.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Stockholder is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to execute and deliver this Agreement
      and to perform its obligations hereunder.&#160; The execution, delivery and performance of this Agreement by such Stockholder, the performance by such Stockholder of its obligations hereunder and the consummation by such Stockholder of the transactions
      contemplated hereby have been duly and validly authorized by such Stockholder and no other corporate or organizational actions or proceedings on the part of such Stockholder are necessary to authorize the execution and delivery by such Stockholder of
      this Agreement, the performance by such Stockholder of its obligations hereunder or the consummation by such Stockholder of the transactions contemplated hereby.&#160; This Agreement has been duly and validly executed and delivered by such Stockholder
      and, assuming due authorization, execution and delivery by Buyer, constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, except as enforcement may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;Except for any filings that Buyer and Stockholders may mutually determine to be required under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, no
      filing with, and no permit, authorization, consent or approval of, any Governmental Authority is necessary on the part of such Stockholder for the execution, delivery and performance of this Agreement by such Stockholder or the consummation by such
      Stockholder of the transactions contemplated hereby and (ii)&#160;except as would not reasonably be expected to prevent such Stockholder from performing its obligations under this Agreement, neither the execution, delivery or performance of this Agreement
      by such Stockholder nor the consummation by such Stockholder of the transactions contemplated hereby nor compliance by such Stockholder with any of the provisions hereof would (A)&#160;conflict with or violate, any provision of the organizational
      documents of such Stockholder, (B)&#160;result in any breach or violation of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment,
      acceleration or cancellation of, or result in the creation of a Lien on such property or asset of such Stockholder pursuant to, any contract to which such Stockholder is a party or by which such Stockholder or any property or asset of such
      Stockholder is bound or affected or (C)&#160;violate any order, writ, injunction, decree, statute, rule or regulation applicable to such Stockholder or any of such Stockholder&#8217;s properties or assets.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Stockholder understands and acknowledges that Buyer has entered into the Purchase Agreements, and will consummate the transactions contemplated thereby, in reliance upon such Stockholder&#8217;s execution and
      delivery of this Agreement and the representations and warranties of such Stockholder contained herein.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of Buyer</u>.&#160; Buyer hereby represents and warrants to Stockholders as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Buyer is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to execute and deliver this Agreement and to
      perform its obligations hereunder.&#160; The execution, delivery and performance of this Agreement by Buyer, the performance by Buyer of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have been duly and
      validly authorized by Buyer and no other corporate or organizational actions or proceedings on the part of Buyer are necessary to authorize the execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder
      or the consummation by Buyer of the transactions contemplated hereby.&#160; This Agreement has been duly and validly executed and delivered by Buyer and, assuming due authorization, execution and delivery by Stockholders, constitutes a legal, valid and
      binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by
      general principles of equity (regardless of whether considered in a proceeding in equity or at law).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i) Except for any filings that Buyer and Stockholders may mutually determine to be required under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, no
      filing with, and no permit, authorization, consent or approval of, any Governmental Authority is necessary on the part of Buyer for the execution, delivery and performance of this Agreement by Buyer or the consummation by Buyer of the transactions
      contemplated hereby and (ii) except as would not reasonably be expected to prevent Buyer from performing its obligations under this Agreement, neither the execution, delivery or performance of this Agreement by Buyer nor the consummation by Buyer of
      the transactions contemplated hereby nor compliance by Buyer with any of the provisions hereof would (A) conflict with or violate, any provision of the organizational documents of Buyer, (B) result in any breach or violation of, or constitute a
      default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on such property or asset of
      Buyer pursuant to, any contract to which Buyer is a party or by which Buyer or any property or asset of Buyer is bound or affected or (C) violate any order, writ, injunction, decree, statute, rule or regulation applicable to Buyer or any of Buyer&#8217;s
      properties or assets.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Further Assurances</u>.&#160; From time to time, at the reasonable request of Buyer and without further consideration or the incurrence of any cost or expense on the part of Stockholders, each Stockholder shall
      take such further action as may be reasonably necessary to consummate and make effective the transactions contemplated by this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment and Modification</u>.&#160; This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically
      designated as an amendment hereto and signed on behalf of each party hereto and otherwise as expressly set forth herein.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Waiver</u>.&#160; No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
      abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.&#160; The rights and remedies of the parties hereunder are
      cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder.&#160; Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such
      party.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; Each notice, request, demand or other communication under this Agreement will be in writing and will be deemed to have been duly given or made as follows:&#160; (i) if sent by registered or
      certified mail in the United States, return receipt requested, then such communication will be deemed duly given and made upon receipt; (ii) if sent by nationally recognized overnight air courier (such as UPS or Federal Express), then such
      communication will be deemed duly given and made two Business Days after being sent; (iii) if sent by email before 5:00 p.m. (based on the time zone of the recipient) on any Business Day, then such communication will be deemed duly given and made
      when receipt is confirmed; (iv) if sent by email on a day other than a Business Day and receipt is confirmed, or if sent after 5:00 p.m. (based on the time zone of the recipient) on any Business Day and receipt is confirmed, then such communication
      will be deemed duly given and made on the Business Day following the date which receipt is confirmed; and (v) if otherwise personally delivered to a duly authorized representative of the recipient, then such communication will be deemed duly given
      and made when delivered to such authorized representative; provided that, in all cases, such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party will provide by like
      notice to the other parties to this Agreement:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">if to Buyer, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Investcorp BDC Holdings Limited<br>
      c/o Investcorp Credit Management US LLC<br>
      280 Park Avenue, 36th Floor<br>
      New York, New York 10017<br>
      Attention:&#160; Patrick Maloney<br>
      Email:&#160; pmaloney@investcorp.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Gibson, Dunn &amp; Crutcher LLP<br>
      200 Park Avenue<br>
      New York, New York 10166<br>
      Attention:&#160; William Rustum<br>
      Email:&#160; wrustum@gibsondunn.com</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">if to Stockholder, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">c/o Cyrus Capital Partners, L.P.<br>
      65 East 55th Street, 35th Floor<br>
      New York, New York 10022<br>
      Attention:&#160; Svetoslav Nikov and Jennifer Pulick<br>
      Email:&#160; snikov@cyruscapital.com and jpulick@cyruscapital.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Akin Gump Strauss Hauer &amp; Feld LLP<br>
      One Bryant Park<br>
      New York, New York 10036<br>
      Attention:&#160; Ackneil M. Muldrow III<br>
      Email:&#160; tmuldrow@akingump.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Entire Agreement</u>.&#160; This Agreement represents the entire understanding of the parties hereto with reference to the subject matter hereof and supersedes any and all other oral or written agreements
      heretofore or theretofore made.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law</u>.&#160; All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity or performance of this Agreement, shall be governed by and construed in
      accordance with the Laws of the State of Delaware without regard to its rules of conflict of laws.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction; WAIVER OF JURY TRIAL</u>.&#160; Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the sole and exclusive jurisdiction of the Court of Chancery of the State
      of Delaware, or to the extent such Court does not have subject matter jurisdiction, any federal court sitting in the State of Delaware (the &#8220;<font style="font-weight: bold; font-style: italic;">Chosen Courts</font>&#8221;) for any litigation arising out of
      or relating to this Agreement (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Chosen Courts and agrees not to plead or claim in any Chosen
      Court that such litigation brought therein has been brought in any inconvenient forum.&#160; Each of the parties hereto agrees, (i) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain
      an agent in the State of Delaware as such party&#8217;s agent for acceptance of legal process and (ii) that service of process may also be made on such party in accordance with the notice provisions contained in Section 9 above.&#160; Service made pursuant to
      (i) or (ii) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware.&#160; EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
      OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assignment; Successors</u>.&#160; Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or
      otherwise, by either party without the prior written consent of the other party.&#160; Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective
      successors and assigns.</div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Enforcement</u>.&#160; Each party acknowledges and agrees that in the event of any breach of this Agreement, the other party would be irreparably and immediately harmed and could not be made whole by monetary
      damages.&#160; It is accordingly agreed that, with respect to any such breach, (a) the non-breaching party shall be entitled, in addition to any other remedy to which it may be entitled at law or in equity, to compel specific performance of this Agreement
      in any action as well as such damages as may be appropriate and (b) the breaching party will waive, in any action for specific performance, the defense of adequacy of a remedy at law and any requirement for the securing or posting of any bond in
      connection with any such action.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a Chosen Court to be invalid, void, unenforceable or against its regulatory policy, the remainder of the
      terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, including by facsimile or electronic transmission, which together shall constitute a single agreement.</div>
    <div>&#160;</div>
    <div style="text-align: center;">[The remainder of this page is intentionally left blank.]</div>
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    <div>&#160; </div>
    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, Buyer and Stockholders have caused to be executed or executed this Agreement as of the date first written above.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z522361ae088e4bcca67c591660d69a23" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>INVESTCORP BDC HOLDINGS LIMITED</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>By:&#160; The Director Ltd.,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div><u>/s/&#160; Toni Pinkerton</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>Name:&#160; Toni Pinkerton</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>Title:&#160; Director</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">[Signature Page to Right of First Offer Agreement - Cyrus]</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="ze7bf444003924bddaafc9234224d85c6" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CYRUS OPPORTUNITIES MASTER FUND II, LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CRESCENT 1, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CRS MASTER FUND, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>CYRUS SELECT OPPORTUNITIES MASTER FUND, LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>Cyrus Capital Partners, L.P., as investment manager</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div><u>/s/ Jennifer M. Pulick</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Name:&#160; Jennifer M. Pulick</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Title:&#160; Authorized Signatory</div>
          </td>
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    <div><br>
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    <div style="text-align: center;">[Signature Page to Right of First Offer Agreement - Cyrus]</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: center;"><u>Exhibit A</u></div>
    <div style="text-align: center;"><u> <br>
      </u></div>
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        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;"><u>Stockholder</u></div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;"><u>No. of Shares</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>Cyrus Opportunities Master Fund II, Ltd.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;">2,077,092</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>Crescent 1, L.P.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;">717,819</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>CRS Master Fund, L.P.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;">645,274</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>Cyrus Select Opportunities Master Fund, Ltd.</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;"><u>&#160;&#160;378,001</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>&#160;&#160;&#160;&#160;Total</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 14.4pt;"><u style="border-bottom: 1px solid;">3,818,186</u></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div><br>
    </div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex99_3.htm
<DESCRIPTION>EXHIBIT D
<TEXT>
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  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit D</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SUPPORT AND VOTING AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">This SUPPORT AND VOTING AGREEMENT, dated as of June&#160;26, 2019 (this &#8220;<font style="font-weight: bold; font-style: italic;">Agreement</font>&#8221;), is by and between Stifel Venture Corp., a Missouri corporation (&#8220;<font style="font-weight: bold; font-style: italic;">Stockholder</font>&#8221;), and Investcorp
      Credit Management US LLC, a Delaware limited liability company (&#8220;<font style="font-weight: bold; font-style: italic;">Buyer</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">RECITALS</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Stockholder is the record and beneficial owner of 2,181,818 shares of the common stock, par value $0.001 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Common Stock</font>&#8221;), of CM Finance Inc, a Maryland corporation (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;) (and such shares, the &#8220;<font style="font-weight: bold; font-style: italic;">Shares</font>,&#8221; together with any additional Shares or other voting securities of the Company of
      which Stockholder acquires record or beneficial ownership after the date hereof, including, without limitation, by purchase, as a result of a stock dividend, stock split, recapitalization, combination, reclassification, exchange or change of such
      shares shall be such Stockholder&#8217;s &#8220;<font style="font-weight: bold; font-style: italic;">Covered Shares</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Stockholder and the Company are party to that certain Irrevocable Proxy, dated as of October&#160;6, 2014, relating to the Shares (the &#8220;<font style="font-weight: bold; font-style: italic;">Irrevocable Proxy</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Buyer, Stockholder, CMIP Holdings LP (&#8220;<font style="font-weight: bold; font-style: italic;">Cyrus</font>&#8221;)
      and the other members of CM Investment Partners LLC, a Delaware limited liability company (the &#8220;<font style="font-weight: bold; font-style: italic;">Adviser</font>&#8221;), propose to enter into,
      simultaneously herewith, an Interest Purchase Agreement (the &#8220;<font style="font-weight: bold; font-style: italic;">IPA</font>&#8221;) which provides, among other things, that upon the terms and subject to
      the conditions contained therein, Buyer will purchase all of the interests in the Adviser owned by Stockholder and Cyrus;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Investcorp BDC Holdings Limited, an Affiliate of Buyer (&#8220;<font style="font-weight: bold; font-style: italic;">Investcorp BDC</font>&#8221; and together with Buyer, the &#8220;<font style="font-weight: bold; font-style: italic;">Investcorp Parties</font>&#8221;), and the Company propose to enter into,
      simultaneously herewith, a Stock Purchase and Transaction Agreement (the &#8220;<font style="font-weight: bold; font-style: italic;">SP&amp;TA</font>&#8221;; terms used but not defined in this Agreement shall have
      the meanings ascribed to them in the SP&amp;TA), which provides, among other things, that upon the terms and subject to the conditions contained therein, (i)&#160;a new Investment Advisory Agreement will be entered into by the Adviser and the Company at
      closing and (ii)&#160;Investcorp BDC will purchase a certain number of shares of Common Stock, both from the Company and third parties in open-market purchases;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, as a condition and inducement to the Investcorp Parties&#8217; willingness to enter into the IPA and the SP&amp;TA, respectively (together, the &#8220;<font style="font-weight: bold; font-style: italic;">Purchase Agreements</font>&#8221; and each, a &#8220;<font style="font-weight: bold; font-style: italic;">Purchase
        Agreement</font>&#8221;), and to proceed with the transactions contemplated thereby, Buyer and Stockholder are entering into this Agreement; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Stockholder acknowledges that the Investcorp Parties (i)&#160;are entering into each of their respective Purchase Agreements in reliance on the
      representations, warranties, covenants and other agreements of Stockholder set forth in this Agreement and (ii)&#160;would not enter into either Purchase Agreement in the absence of Stockholder entering into this Agreement.</div>
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    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby,
      Buyer and Stockholder hereby agree as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination of Irrevocable Proxy</u>.&#160; Pursuant to and in accordance with Section&#160;7.13 of the IPA and Section&#160;7.06(a) of the SP&amp;TA, at least ten Business Days prior to the Stockholder Meeting to be held in accordance with
        Section&#160;7.02 of the SP&amp;TA, the Company and Stockholder shall terminate the Irrevocable Proxy.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agreement to Vote:&#160; Pre-Closing Period</u>.&#160; Stockholder hereby irrevocably and unconditionally agrees to vote, at the Stockholder Meeting and at any adjournment thereof, all of the Covered Shares:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in favor of the Company Stockholder
        Proposal and the proposal to adjourn the Stockholder Meeting, if necessary or appropriate, in order to allow the Company to solicit additional proxies with respect to the Company Stockholder Proposal; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;against, or otherwise not in favor
        of, any (i)&#160;Alternative Proposal, (ii)&#160;other proposals of any other Company Stockholder or (iii)&#160;other action, agreement, proposal or transaction that would reasonably be expected to impede, delay or prevent the approval of the Company Stockholder
        Proposal or any other transactions contemplated by the Purchase Agreements, or result in a breach of any representation, warranty, covenant or agreement of the Company under the SP&amp;TA.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Stockholder acknowledges receipt of a copy of the SP&amp;TA.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agreements Regarding Voting:&#160; Post-Closing Period</u>.&#160; During the period from and after the Initial Closing until the earlier of:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Adviser (or a successor thereof
        in which Buyer and its Affiliates own, in the aggregate, at least 50% of the equity interests) no longer serving as the investment adviser to the Company;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Buyer and its Affiliates no longer
        owning, in the aggregate, at least 50% of the equity interests in the Adviser (or a successor thereof that serves as investment adviser to the Company);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholder and its Affiliates no
        longer owning, in the aggregate, at least 7.5% of the outstanding shares of the Common Stock;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the date, if any, on which Michael C.
        Mauer is no longer the Co-Chief Investment Officer of the Adviser due to his termination without cause by the Adviser, as &#8220;cause&#8221; is defined in the Adviser&#8217;s governing agreements or in any employment agreement between Michael C. Mauer and the
        Adviser; and</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the second anniversary of the Initial
        Closing Date (such period, the &#8220;<font style="font-weight: bold; font-style: italic;">Restricted Period</font>&#8221;),</div>
    <div>&#160;</div>
    <div>Stockholder agrees that it shall, at any meeting of the Company Stockholders (whether annual or special and whether or not an adjourned or postponed meeting), however
      called, (i)&#160;appear at such meeting or otherwise cause the Covered Shares to be counted as present thereat for the purpose of establishing a quorum, and (ii)&#160;vote, or cause to be voted at such meeting, all Covered Shares (whether owned by Stockholder
      or Affiliates of Stockholder):</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;against, or otherwise not in favor
        of, electing one or more nominees to the Company Board proposed by a Company Stockholder in connection with a proxy contest;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;against, or otherwise not in favor
        of, (1)&#160;terminating the Investment Advisory Agreement as then in effect between the Adviser (or a successor thereof) and the Company, and (2)&#160;a proposal to approve any investment advisory agreement between the Company and an adviser other than the
        Adviser (or a successor thereof or another adviser of which Buyer and its Affiliates own at least 50% of the equity interests); and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if put to a vote of the Company
        Stockholders, in favor of renewing or approving the Investment Advisory Agreement, as the same may be amended, between the Adviser (or a successor thereof) and the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Covenants of Stockholder</u>.&#160; Stockholder hereby covenants and agrees that from and after the date hereof until the Termination Date (as defined below), Stockholder shall not, and shall not authorize or permit any of
        its Affiliates to, directly or indirectly:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;participate in the making of a
        written request of the Company Stockholders to call a special meeting of the stockholders to elect, remove or replace directors, to terminate the Investment Advisory Agreement or to vote upon any investment advisory agreement between the Company
        and an adviser other than the Adviser (or a successor thereof or another adviser of which Buyer and its Affiliates own at least 50% of the equity interests); or</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;grant any proxies or powers of
        attorney with respect to the Covered Shares, deposit any Covered Shares into a voting trust or enter into a voting agreement with respect to any Covered Shares.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">For the avoidance of doubt, nothing herein shall prohibit or restrict the Stockholder from rehypothecation of its Shares in connection with a bona fide
      lending transaction as long as Stockholder does not relinquish its rights to vote the Shares in connection therewith.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transfers of Covered Shares</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;After the date hereof until the date on which the
        Company Stockholder Proposal is approved by the Company Stockholders, Stockholder hereby agrees to not, directly or indirectly, without the prior written consent of Buyer (not to be unreasonably withheld, conditioned or delayed), sell, assign,
        transfer, pledge, exchange, tender, encumber or otherwise dispose of (including by merger, consolidation or otherwise by operation of law) (&#8220;<font style="font-weight: bold; font-style: italic;">Transfer</font>&#8221;),
        or consent to the Transfer of, or enter into any contract, option, call or other arrangement or understanding with respect to the Transfer of (including by merger, consolidation or otherwise by operation of law), any Covered Shares, other than to
        Stockholder&#8217;s Affiliates (provided that such Affiliates agree to be bound by this Agreement with respect to such Transferred Covered Shares).</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any purported Transfer in violation of this Section&#160;5
        shall be void.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Inconsistent Agreements</u>.&#160; Stockholder covenants that it has not and will not (a)&#160;enter into any legally binding agreement that would restrict, limit or interfere in any material respect with the performance of
        Stockholder&#8217;s obligations hereunder or (b) take action that would make any of its representations or warranties contained herein untrue or incorrect in any material respect or have the effect of preventing or disabling it from performing its
        obligations under this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Applicability of this Agreement</u>.&#160; Notwithstanding anything to the contrary in this Agreement, Buyer acknowledges and agrees that, as long as Stockholder has complied with its obligations set forth in Section 1 of the Right
        of First Offer Agreement to be entered into by and between Stockholder and Buyer as of the Closing Date (the &#8220;<font style="font-weight: bold; font-style: italic;">ROFO Agreement</font>&#8221;), following
        the entry into the ROFO Agreement, Stockholder and its Affiliates shall be permitted to Transfer any Covered Shares to Stockholder&#8217;s and its Affiliates&#8217; directors, officers, employees, consultants and other similar third persons as compensation,
        and the restrictions and obligations set forth in this Agreement shall not apply to such Covered Shares so Transferred; provided that in no event shall Stockholder or its Affiliates cause any such Transfer of Covered Shares to result in any such
        director, officer, employee, consultant or similar third person to own in excess of 2% of outstanding shares of the Company&#8217;s Common Stock.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u>.&#160; This Agreement shall terminate upon the earlier of (a)&#160;the date of termination of either Purchase Agreement in accordance with its terms, (b)&#160;the date on which Buyer and Stockholder agree in writing to
        terminate this Agreement, (c)&#160;the expiration of the Restricted Period and (d)&#160;the entry into a definitive agreement between Stockholder and Buyer pursuant to which Buyer will acquire all of the Covered Shares from Stockholder (the earliest such
        date being referred to herein as the &#8220;<font style="font-weight: bold; font-style: italic;">Termination Date</font>&#8221;).&#160; Upon any such termination of this Agreement, this Agreement shall no longer be
        in force or effect and each party hereto shall be released and discharged from its obligations hereunder and shall have no liability to any other party hereto with respect to this Agreement or such obligations; <u>provided</u>, <u>however</u>, that no termination of this Agreement shall relieve any party hereto from any liability incurred by
        any other party hereto as a result of an intentional breach of a material term or condition of this Agreement prior to such termination.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of Stockholder</u>.&#160; Stockholder hereby represents and warrants to Buyer that Stockholder is the record and beneficial owner of the Shares, free and clear of Liens other than as created by this
        Agreement, as created pursuant to applicable Law (including securities Laws) and pursuant to the Irrevocable Proxy.&#160; Stockholder has sole voting power, sole power of disposition and sole power to agree to all of the matters set forth in this
        Agreement, in each case with respect to all of such Shares with no limitations, qualifications or restrictions on such rights, subject to applicable Law (including securities Laws), the terms of this Agreement and the Irrevocable Proxy.&#160; Other than
        the Shares, Stockholder does not own beneficially or of record any (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable for shares of capital stock or voting securities of
        the Company or (iii) options or other rights to acquire from the Company any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of the Company.&#160; Other than pursuant to the
        Irrevocable Proxy, the Shares are not subject to any voting trust agreement or other contract to which Stockholder is a party restricting or otherwise relating to the voting or Transfer (as defined below) of any Shares.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Further Assurances</u>.&#160; From time to time, at the reasonable request of Buyer and without further consideration or the incurrence of any cost or expense on the part of Stockholder, Stockholder shall take such further action as
        may be reasonably necessary to consummate and make effective the transactions contemplated by this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment and Modification</u>.&#160; This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment
        hereto and signed on behalf of each party hereto and otherwise as expressly set forth herein.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Waiver</u>.&#160; No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
        discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.&#160; The rights and remedies of the parties hereunder are cumulative and are
        not exclusive of any rights or remedies which they would otherwise have hereunder.&#160; Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such party.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; Each notice, request, demand or other communication under this Agreement will be in writing and will be deemed to have been duly given or made as follows:&#160; (i) if sent by registered or certified mail in the United
        States, return receipt requested, then such communication will be deemed duly given and made upon receipt; (ii) if sent by nationally recognized overnight air courier (such as UPS or Federal Express), then such communication will be deemed duly
        given and made two Business Days after being sent; (iii) if sent by email before 5:00 p.m. (based on the time zone of the recipient) on any Business Day, then such communication will be deemed duly given and made when receipt is confirmed; (iv) if
        sent by email on a day other than a Business Day and receipt is confirmed, or if sent after 5:00 p.m. (based on the time zone of the recipient) on any Business Day and receipt is confirmed, then such communication will be deemed duly given and made
        on the Business Day following the date which receipt is confirmed; and (v) if otherwise personally delivered to a duly authorized representative of the recipient, then such communication will be deemed duly given and made when delivered to such
        authorized representative; provided that, in all cases, such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party will provide by like notice to the other parties to
        this Agreement:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">if to Buyer, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">c/o Investcorp Credit Management US LLC<br>
      280 Park Avenue, 36th Floor<br>
      New York, New York 10017<br>
      Attention:&#160; Patrick Maloney<br>
      Email:&#160; pmaloney@investcorp.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Gibson, Dunn &amp; Crutcher LLP<br>
      200 Park Avenue<br>
      New York, New York 10166<br>
      Attention:&#160; William Rustum<br>
      Email:&#160; wrustum@gibsondunn.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">if to Stockholder, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Stifel Venture Corp.<br>
      c/o Stifel Financial Corp.<br>
      787 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Avenue, 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor<br>
      New York, New York 10019<br>
      Attn:&#160; Mark P. Fisher<br>
      Email:&#160; mfisher@stifel.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Dechert LLP<br>
      1095 Avenue of the Americas<br>
      New York, New York 10036<br>
      Attention:&#160; Kenneth E. Young and Stephen Pratt<br>
      Email: ken.young@dechert.com and stephen.pratt@dechert.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Entire Agreement</u>.&#160; This Agreement represents the entire understanding of the parties hereto with reference to the subject matter hereof and supersedes any and all other oral or written agreements heretofore or theretofore
        made.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law</u>.&#160; All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity or performance of this Agreement, shall be governed by and construed in accordance with the
        Laws of the State of Delaware without regard to its rules of conflict of laws.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction; WAIVER OF JURY TRIAL</u>.&#160; Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the sole and exclusive jurisdiction of the Court of Chancery of the State of Delaware, or to the
        extent such Court does not have subject matter jurisdiction, any federal court sitting in the State of Delaware (the &#8220;<font style="font-weight: bold; font-style: italic;">Chosen Courts</font>&#8221;) for
        any litigation arising out of or relating to this Agreement (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Chosen Courts and agrees not
        to plead or claim in any Chosen Court that such litigation brought therein has been brought in any inconvenient forum.&#160; Each of the parties hereto agrees, (i) to the extent such party is not otherwise subject to service of process in the State of
        Delaware, to appoint and maintain an agent in the State of Delaware as such party&#8217;s agent for acceptance of legal process and (ii) that service of process may also be made on such party in accordance with the notice provisions contained in Section
        13 above.&#160; Service made pursuant to (i) or (ii) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware.&#160; EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
        TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assignment; Successors</u>.&#160; Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by either party
        without the prior written consent of the other party.&#160; Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Enforcement</u>.&#160; Each party acknowledges and agrees that in the event of any breach of this Agreement, the other party would be irreparably and immediately harmed and could not be made whole by monetary damages.&#160; It is
        accordingly agreed that, with respect to any such breach, (a) the non-breaching party shall be entitled, in addition to any other remedy to which it may be entitled at law or in equity, to compel specific performance of this Agreement in any action
        as well as such damages as may be appropriate and (b) the breaching party will waive, in any action for specific performance, the defense of adequacy of a remedy at law and any requirement for the securing or posting of any bond in connection with
        any such action.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a Chosen Court to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions,
        covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, including by facsimile or electronic transmission, which together shall constitute a single agreement.</div>
    <div>&#160;</div>
    <div style="text-align: center;">[The remainder of this page is intentionally left blank.]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
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    </div>
    <div>&#160; <br>
    </div>
    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, Buyer and Stockholder have caused to be executed or executed this Agreement as of the date first written above.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div>INVESTCORP CREDIT MANAGEMENT US LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div><u>/s/&#160; Gene Basov</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Name:&#160; Gene Basov</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Title: CFO</div>
          </td>
        </tr>

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    <div>&#160;</div>
    <div><br>
    </div>
    <div style="text-align: center;">[Signature Page to Support and Voting Agreement - Stifel]</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z3b3f6046194049d1839c07122c1aa386" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div>STIFEL VENTURE CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div><u>/s/&#160; Victor J. Nesi</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Name: Victor J. Nesi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Title: Vice President</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div><br>
    </div>
    <div style="text-align: center;">[Signature Page to Support and Voting Agreement - Stifel]</div>
    <div><br>
    </div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ex99_4.htm
<DESCRIPTION>EXHIBIT E
<TEXT>
<html>
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    <div style="text-align: right; font-weight: bold;">Exhibit E</div>
    <div><br>
    </div>
    <div style="text-align: right; font-variant: small-caps; font-weight: bold;">Execution Version</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">RIGHT OF FIRST OFFER AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">This RIGHT OF FIRST OFFER AGREEMENT, dated as of August 30, 2019 (this &#8220;<font style="font-weight: bold; font-style: italic;">Agreement</font>&#8221;), is by and between Stifel Venture Corp., a Missouri corporation (&#8220;<font style="font-weight: bold; font-style: italic;">Stockholder</font>&#8221;), and Investcorp BDC Holdings Limited, a company organized under the laws of the Cayman Islands (&#8220;<font style="font-weight: bold; font-style: italic;">Buyer</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">RECITALS</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Stockholder is the record and beneficial owner of 2,181,818 shares of the common stock, par value $0.001 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Common Stock</font>&#8221;), of CM Finance
      Inc, a Maryland corporation (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;) (such shares, the &#8220;<font style="font-weight: bold; font-style: italic;">Shares</font>,&#8221; together with any additional Shares or other voting
      securities of the Company of which Stockholder acquires record or beneficial ownership after the date hereof as a result of a stock dividend, stock split, recapitalization, combination, reclassification, exchange or change of such shares shall be
      such Stockholder&#8217;s &#8220;<font style="font-weight: bold; font-style: italic;">Covered Shares</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Investcorp Credit Management US LLC (&#8220;<font style="font-weight: bold; font-style: italic;">ICM US</font>&#8221; and together with Buyer, the &#8220;<font style="font-weight: bold; font-style: italic;">Investcorp Parties</font>&#8221;),
      Stockholder, CMIP Holdings LP (&#8220;<font style="font-weight: bold; font-style: italic;">Cyrus</font>&#8221;) and the other members of CM Investment Partners LLC, a Delaware limited liability company (the &#8220;<font style="font-weight: bold; font-style: italic;">Adviser</font>&#8221;),
      have entered into that certain Interest Purchase Agreement, dated as of June&#160;26, 2019 (the &#8220;<font style="font-weight: bold; font-style: italic;">IPA</font>&#8221;), which provides, among other things, that upon the terms and subject to the conditions
      contained therein, ICM US will purchase all of the interests in the Adviser owned by Stockholder and Cyrus;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Buyer and the Company have entered into a Stock Purchase and Transaction Agreement, dated as of June&#160;26, 2019 (the &#8220;<font style="font-weight: bold; font-style: italic;">SP&amp;TA</font>&#8221;; terms used but not
      defined in this Agreement shall have the meanings ascribed to them in the SP&amp;TA), which provides, among other things, that upon the terms and subject to the conditions contained therein, (i)&#160;a new Investment Advisory Agreement will be entered
      into by the Adviser and the Company at closing and (ii)&#160;Buyer will purchase a certain number of shares of Common Stock, both from the Company and third parties in open-market purchases;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, as a condition and inducement to the Investcorp Parties&#8217; willingness to enter into, and consummate the transactions contemplated by, the IPA and the SP&amp;TA, respectively (together, the &#8220;<font style="font-weight: bold; font-style: italic;">Purchase Agreements</font>&#8221; and each, a &#8220;<font style="font-weight: bold; font-style: italic;">Purchase Agreement</font>&#8221;), Buyer and Stockholder are entering into this Agreement; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">WHEREAS, Stockholder acknowledges that the Investcorp Parties would not have entered into their respective Purchase Agreements, and would not consummate the transactions contemplated thereby, in the absence of
      Stockholder entering into this Agreement.</div>
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    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, Buyer and Stockholder hereby agree as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Right of First Offer</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General</u>.&#160; During the Restricted Period (as defined below), Stockholder shall not, directly or indirectly, sell, transfer, pledge, hypothecate, gift, bequest, devise, assign or otherwise dispose of
      (collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Transfer</font>&#8221;) any Covered Shares, other than Permitted Transfers (as defined below), without first complying with this Section&#160;1.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sale Notice</u>.&#160; If, during the Restricted Period, Stockholder desires to Transfer any Covered Shares other than in connection with a Permitted Transfer, then Stockholder shall provide written notice of
      such desire to Buyer at least three Business Days prior to Stockholder&#8217;s good faith estimate of when it desires to consummate a Transfer.&#160; The written notice shall contain the following information:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the number of Covered Shares Stockholder intends to Transfer (the &#8220;<font style="font-weight: bold; font-style: italic;">Offered Shares</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the price per share at which Stockholder intends to Transfer the Offered Shares, on a gross basis;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if known, or able or permitted to be disclosed pursuant to applicable Law or contract, the identity or identities of the intended third-party purchasers; and</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;any other material terms or conditions of the proposed Transfer (the &#8220;<font style="font-weight: bold; font-style: italic;">Sale Notice</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Election Notice</u>.&#160; Buyer shall have three Business Days after its receipt of the Sale Notice to inform Stockholder in writing if it desires to purchase any or all of the Offered Shares, <font style="font-style: italic;">provided</font> that Buyer must elect to purchase no less than the lesser of (x)&#160;90% of the Offered Shares and (y) such number of shares representing 1% of the outstanding shares of the Company&#8217;s Common Stock at such
      time (the &#8220;<font style="font-weight: bold; font-style: italic;">Minimum Purchase Condition</font>&#8221;) for it to have the right to purchase any Offered Shares (any such notice, an &#8220;<font style="font-weight: bold; font-style: italic;">Election Notice</font>&#8221;).&#160;
      If Buyer timely provides an Election Notice, then Buyer shall be obligated to purchase such number of Offered Shares as Buyer sets forth in the Election Notice in accordance with the Minimum Purchase Condition (such number, the &#8220;<font style="font-weight: bold; font-style: italic;">Subject Shares</font>&#8221;), and Stockholder shall be obligated to sell the Subject Shares to Buyer, at the same price and subject to the same material terms and conditions as described in the Sale
      Notice.&#160; If Buyer fails to deliver an Election Notice to Stockholder within such three Business Day period, then Buyer shall be deemed to have elected not to purchase any of the Offered Shares.&#160; If Buyer does not elect to purchase all of the Offered
      Shares, then Stockholder shall be free to sell a number of Covered Shares equal to the difference between (x)&#160;the number of Offered Shares and (y)&#160;the number of Subject Shares (such resulting number of Offered Shares, the &#8220;<font style="font-weight: bold; font-style: italic;">Excess Shares</font>&#8221;) in accordance with Section 1(e) below.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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    <div>&#160;</div>
    <div style="text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Closing and Payment for Subject Shares</u>.&#160; Closing for the sale and purchase of the Subject Shares shall occur within three Business Days of Buyer&#8217;s delivery of the Election Notice to Stockholder, as
      such date may be agreed upon between Buyer and Stockholder.&#160; Payment for the Subject Shares shall be in cash by wire transfer of immediately available funds.&#160; At the closing of such sale, Stockholder shall represent and warrant in a definitive
      agreement that (i) the Subject Shares being sold are free and clear of all Liens, (ii) Stockholder is the record and beneficial owner of the Subject Shares and (iii)&#160;Stockholder is transferring good and valid title to the Subject Shares to Buyer.&#160; At
      the closing of such sale, Buyer shall represent and warrant in a definitive agreement that (i) it is acquiring the Subject Shares for investment purposes only and not for resale, (ii) it has sufficient funds in order to consummate the purchase of the
      Subject Shares and (iii) that it is not relying on any representations or warranties made by Stockholder or any of its affiliates or representatives other than those contained in the definitive agreement with respect to the sale and purchase of the
      Subject Shares.&#160; At such closing, Stockholder and Buyer shall execute such additional documents as are otherwise necessary or appropriate, consistent with the terms hereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sale of Excess Shares</u>.&#160; If Buyer does not elect to purchase all of the Offered Shares pursuant to a Sale Notice, then Stockholder may sell any or all of the Excess Shares, at a gross price per share
      (to the purchaser(s) thereof) that is not less than 90% of the price set forth in the Sale Notice, and on the same material terms and conditions as set forth in the Sale Notice, so long as the sale is completed within 90 days after the date of the
      Sale Notice. If Stockholder fails to sell all of the Excess Shares within such 90-day period, Stockholder&#8217;s right thereafter to sell such unsold Excess Shares under this clause (e) shall terminate unless and until the provisions of clauses (b) and
      (c) above are once again complied with.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Permitted Transfers</u>.&#160; This Section 1 shall not apply to Covered Shares (each, a &#8220;<font style="font-weight: bold; font-style: italic;">Permitted Transfer</font>&#8221;):</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transferred by Stockholder to its Affiliates, provided that prior to such Transfer, such Affiliate or Affiliates agree in writing to be bound by this Agreement;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;repurchased by the Company pursuant to its share repurchase program or another transaction otherwise approved by the Board;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;offered for sale to the public in an offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (a &#8220;<font style="font-weight: bold; font-style: italic;">Public Offering</font>&#8221;); <font style="font-style: italic;">provided</font>, there is no understanding or intention (either on the part of Stockholder, or between Stockholder and any underwriters for such Public Offering) that in
      connection with such Public Offering, a single purchaser, or group of related purchasers, will purchase Covered Shares in the Public Offering representing 5% or more of the outstanding shares of Common Stock; or</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transferred pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act of 1933, as amended; <font style="font-style: italic;">provided</font>, there is no
      understanding by, or intention of, Stockholder that in connection with any such Transfer or Transfers, a single purchaser, or group of related purchasers, will purchase Covered Shares representing 5% or more of the outstanding shares of Common Stock.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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    <div>&#160;</div>
    <div style="text-indent: 72pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Restricted Period</u>.&#160; As used herein, &#8220;<font style="font-weight: bold; font-style: italic;">Restricted Period</font>&#8221; means from the date hereof until the earlier of:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Adviser (or a successor thereof in which Buyer and its Affiliates own, in the aggregate, at least 50% of the equity interests) no longer serving as the investment adviser to the
      Company;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Buyer and its Affiliates no longer owning, in the aggregate, at least 50% of the equity interests in the Adviser (or a successor thereof that serves as investment adviser to the Company);</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholder and its Affiliates no longer owning, in the aggregate, at least 10% of the outstanding shares of the Common Stock; and</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the eighteen month anniversary of the date hereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Notwithstanding anything to the contrary in this Agreement, Buyer acknowledges and agrees that, as long as Stockholder has complied with its obligations set forth in Section 1 of this Agreement, Stockholder and its
      Affiliates shall be permitted to Transfer any Covered Shares to Stockholder&#8217;s and its Affiliates&#8217; directors, officers, employees, consultants and other similar third persons as compensation, and the restrictions and obligations set forth in this
      Agreement shall not apply to such Covered Shares so Transferred; provided that in no event shall Stockholder or its Affiliates cause any such Transfer of Covered Shares to result in any such director, officer, employee, consultant or similar third
      person to own in excess of 2% of outstanding shares of the Company&#8217;s Common Stock.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Inconsistent Agreements</u>.&#160; Stockholder covenants that it has not and will not (a)&#160;enter into any legally binding agreement that would restrict, limit or interfere in any material respect with the
      performance of Stockholder&#8217;s obligations hereunder or (b) take action that would make any of its representations or warranties contained herein untrue or incorrect in any material respect or have the effect of preventing or disabling it from
      performing its obligations under this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u>.&#160; This Agreement shall terminate upon the earlier of (a)&#160;the date on which Buyer and Stockholder agree in writing to terminate this Agreement, (b)&#160;the expiration of the Restricted Period
      and (c)&#160;the entry into a definitive agreement between Stockholder and Buyer pursuant to which Buyer will acquire all of the Covered Shares from Stockholder (the earliest such date being referred to herein as the &#8220;<font style="font-weight: bold; font-style: italic;">Termination Date</font>&#8221;).&#160; Upon any such termination of this Agreement, this Agreement shall no longer be in force or effect and each party hereto shall be released and discharged from its obligations hereunder and shall have
      no liability to any other party hereto with respect to this Agreement or such obligations; <u>provided</u>, <u>however</u>, that no termination of this Agreement shall relieve any party hereto from any liability incurred by any other party hereto
      as a result of an intentional breach of a material term or condition of this Agreement prior to such termination.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of Stockholder</u>.&#160; Stockholder hereby represents and warrants to Buyer as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholder is the record and beneficial owner of the Shares, free and clear of Liens other than as created by this Agreement.&#160; Stockholder has sole voting power, sole power of disposition and sole power to
      agree to all of the matters set forth in this Agreement, in each case with respect to all of such Shares with no limitations, qualifications or restrictions on such rights, subject to applicable securities laws and the terms of this Agreement.&#160; Other
      than the Shares, Stockholder does not own beneficially or of record any (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable for shares of capital stock or voting securities
      of the Company or (iii) options or other rights to acquire from the Company any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of the Company.&#160; Other than pursuant to the Support
      and Voting Agreement, dated as of June&#160;26, 2019, between Stockholder and ICM US (the &#8220;<font style="font-weight: bold; font-style: italic;">Voting Agreement</font>&#8221;), the Shares are not subject to any voting trust agreement or other contract to which
      Stockholder is a party restricting or otherwise relating to the voting or Transfer (as defined below) of any Shares.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholder is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to execute and deliver this Agreement and to
      perform its obligations hereunder.&#160; The execution, delivery and performance of this Agreement by Stockholder, the performance by Stockholder of its obligations hereunder and the consummation by Stockholder of the transactions contemplated hereby have
      been duly and validly authorized by Stockholder and no other corporate or organizational actions or proceedings on the part of Stockholder are necessary to authorize the execution and delivery by Stockholder of this Agreement, the performance by
      Stockholder of its obligations hereunder or the consummation by Stockholder of the transactions contemplated hereby.&#160; This Agreement has been duly and validly executed and delivered by Stockholder and, assuming due authorization, execution and
      delivery by Buyer, constitutes a legal, valid and binding obligation of Stockholder, enforceable against Stockholder in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or similar laws affecting creditors&#8217; rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;Except for any filings that Buyer and Stockholder may mutually determine to be required under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, no
      filing with, and no permit, authorization, consent or approval of, any Governmental Authority is necessary on the part of Stockholder for the execution, delivery and performance of this Agreement by Stockholder or the consummation by Stockholder of
      the transactions contemplated hereby and (ii)&#160;except as would not reasonably be expected to prevent Stockholder from performing its obligations under this Agreement, neither the execution, delivery or performance of this Agreement by Stockholder nor
      the consummation by Stockholder of the transactions contemplated hereby nor compliance by Stockholder with any of the provisions hereof would (A)&#160;conflict with or violate, any provision of the organizational documents of Stockholder, (B)&#160;result in
      any breach or violation of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the
      creation of a Lien on such property or asset of Stockholder pursuant to, any contract to which Stockholder is a party or by which Stockholder or any property or asset of Stockholder is bound or affected or (C)&#160;violate any order, writ, injunction,
      decree, statute, rule or regulation applicable to Stockholder or any of Stockholder&#8217;s properties or assets.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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    <div>&#160;</div>
    <div style="text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholder understands and acknowledges that Buyer has entered into the Purchase Agreements, and will consummate the transactions contemplated thereby, in reliance upon Stockholder&#8217;s execution and delivery
      of this Agreement and the representations and warranties of Stockholder contained herein.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of Buyer</u>.&#160; Buyer hereby represents and warrants to Stockholder as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Buyer is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to execute and deliver this Agreement and to
      perform its obligations hereunder.&#160; The execution, delivery and performance of this Agreement by Buyer, the performance by Buyer of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have been duly and
      validly authorized by Buyer and no other corporate or organizational actions or proceedings on the part of Buyer are necessary to authorize the execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder
      or the consummation by Buyer of the transactions contemplated hereby.&#160; This Agreement has been duly and validly executed and delivered by Buyer and, assuming due authorization, execution and delivery by Stockholder, constitutes a legal, valid and
      binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by
      general principles of equity (regardless of whether considered in a proceeding in equity or at law).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i) Except for any filings that Buyer and Stockholder may mutually determine to be required under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, no
      filing with, and no permit, authorization, consent or approval of, any Governmental Authority is necessary on the part of Buyer for the execution, delivery and performance of this Agreement by Buyer or the consummation by Buyer of the transactions
      contemplated hereby and (ii) except as would not reasonably be expected to prevent Buyer from performing its obligations under this Agreement, neither the execution, delivery or performance of this Agreement by Buyer nor the consummation by Buyer of
      the transactions contemplated hereby nor compliance by Buyer with any of the provisions hereof would (A) conflict with or violate, any provision of the organizational documents of Buyer, (B) result in any breach or violation of, or constitute a
      default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on such property or asset of
      Buyer pursuant to, any contract to which Buyer is a party or by which Buyer or any property or asset of Buyer is bound or affected or (C) violate any order, writ, injunction, decree, statute, rule or regulation applicable to Buyer or any of Buyer&#8217;s
      properties or assets.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Further Assurances</u>.&#160; From time to time, at the reasonable request of Buyer and without further consideration or the incurrence of any cost or expense on the part of Stockholder, Stockholder shall take
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    <div style="text-indent: 36pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment and Modification</u>.&#160; This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Waiver</u>.&#160; No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
      abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.&#160; The rights and remedies of the parties hereunder are
      cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder.&#160; Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such
      party.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; Each notice, request, demand or other communication under this Agreement will be in writing and will be deemed to have been duly given or made as follows:&#160; (i) if sent by registered or
      certified mail in the United States, return receipt requested, then such communication will be deemed duly given and made upon receipt; (ii) if sent by nationally recognized overnight air courier (such as UPS or Federal Express), then such
      communication will be deemed duly given and made two Business Days after being sent; (iii) if sent by email before 5:00 p.m. (based on the time zone of the recipient) on any Business Day, then such communication will be deemed duly given and made
      when receipt is confirmed; (iv) if sent by email on a day other than a Business Day and receipt is confirmed, or if sent after 5:00 p.m. (based on the time zone of the recipient) on any Business Day and receipt is confirmed, then such communication
      will be deemed duly given and made on the Business Day following the date which receipt is confirmed; and (v) if otherwise personally delivered to a duly authorized representative of the recipient, then such communication will be deemed duly given
      and made when delivered to such authorized representative; provided that, in all cases, such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party will provide by like
      notice to the other parties to this Agreement:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">if to Buyer, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Investcorp BDC Holdings Limited<br>
      c/o Investcorp Credit Management US LLC<br>
      280 Park Avenue, 36th Floor<br>
      New York, New York 10017<br>
      Attention:&#160; Patrick Maloney<br>
      Email:&#160; pmaloney@investcorp.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Gibson, Dunn &amp; Crutcher LLP<br>
      200 Park Avenue<br>
      New York, New York 10166<br>
      Attention:&#160; William Rustum<br>
      Email:&#160; wrustum@gibsondunn.com</div>
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    <div style="text-indent: 36pt;">if to Stockholder, to:</div>
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    <div style="margin-left: 54pt;">Stifel Venture Corp.<br>
      c/o Stifel Financial Corp.<br>
      787 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Avenue, 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor<br>
      New York, New York 10019<br>
      Attn:&#160; Mark P. Fisher<br>
      Email:&#160; mfisher@stifel.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">with a copy (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">Dechert LLP<br>
      1095 Avenue of the Americas<br>
      New York, New York 10036<br>
      Attention:&#160; Kenneth E. Young and Stephen Pratt<br>
      Email: ken.young@dechert.com and stephen.pratt@dechert.com</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Entire Agreement</u>.&#160; This Agreement represents the entire understanding of the parties hereto with reference to the subject matter hereof and supersedes any and all other oral or written agreements
      heretofore or theretofore made.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law</u>.&#160; All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity or performance of this Agreement, shall be governed by and construed in
      accordance with the Laws of the State of Delaware without regard to its rules of conflict of laws.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Jurisdiction; WAIVER OF JURY TRIAL</u>.&#160; Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the sole and exclusive jurisdiction of the Court of Chancery of the State
      of Delaware, or to the extent such Court does not have subject matter jurisdiction, any federal court sitting in the State of Delaware (the &#8220;<font style="font-weight: bold; font-style: italic;">Chosen Courts</font>&#8221;) for any litigation arising out of
      or relating to this Agreement (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Chosen Courts and agrees not to plead or claim in any Chosen
      Court that such litigation brought therein has been brought in any inconvenient forum.&#160; Each of the parties hereto agrees, (i) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain
      an agent in the State of Delaware as such party&#8217;s agent for acceptance of legal process and (ii) that service of process may also be made on such party in accordance with the notice provisions contained in Section 9 above.&#160; Service made pursuant to
      (i) or (ii) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware.&#160; EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
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    <div style="text-indent: 36pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Assignment; Successors</u>.&#160; Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or
      otherwise, by either party without the prior written consent of the other party.&#160; Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Enforcement</u>.&#160; Each party acknowledges and agrees that in the event of any breach of this Agreement, the other party would be irreparably and immediately harmed and could not be made whole by monetary
      damages.&#160; It is accordingly agreed that, with respect to any such breach, (a) the non-breaching party shall be entitled, in addition to any other remedy to which it may be entitled at law or in equity, to compel specific performance of this Agreement
      in any action as well as such damages as may be appropriate and (b) the breaching party will waive, in any action for specific performance, the defense of adequacy of a remedy at law and any requirement for the securing or posting of any bond in
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    <div style="text-indent: 36pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a Chosen Court to be invalid, void, unenforceable or against its regulatory policy, the remainder of the
      terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.</div>
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    <div style="text-indent: 36pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, including by facsimile or electronic transmission, which together shall constitute a single agreement.</div>
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    <div>&#160; <br>
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    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, Buyer and Stockholder have caused to be executed or executed this Agreement as of the date first written above.</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>INVESTCORP BDC HOLDINGS LIMITED</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>By:&#160; The Director Ltd.,</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div><u>/s/&#160; Toni Pinkerton</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>Name:&#160; Toni Pinkerton</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>Title:&#160; Director</div>
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    <div style="text-align: center;">[Signature Page to Right of First Offer Agreement - Stifel]</div>
    <div>&#160;</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>STIFEL VENTURE CORP.</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
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          <td style="width: 45%; vertical-align: top;">
            <div><u>/s/&#160; Victor Nesi</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Name:&#160; Victor Nesi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div>Title:&#160; Vice President</div>
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    <div style="text-align: center;">[Signature Page to Right of First Offer Agreement - Stifel]</div>
    <div><br>
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<DESCRIPTION>EXHIBIT F
<TEXT>
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    <div style="text-align: center; font-weight: bold;">Exhibit F</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">JOINT FILING STATEMENT</div>
    <div><br>
    </div>
    <div>I, the undersigned, hereby express my agreement that the attached Schedule 13D (and any amendments thereto) relating to the Common Stock of Investcorp Credit Management BDC, Inc. is filed on behalf of each of the undersigned.</div>
    <div><br>
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    <div>Dated: October 4, 2019</div>
    <div><br>
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              <div>INVESTCORP BDC HOLDINGS LIMITED, by The Director Ltd.</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top;">
              <div>INVESTCORP CREDIT MANAGEMENT US LLC</div>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
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            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
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            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
              <div>/s/ Toni Pinkerton</div>
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            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
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            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
              <div>/s/ Patrick Maloney</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div>Name: Toni Pinkerton</div>
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            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div>Name: Patrick Maloney</div>
            </td>
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          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div>Title: Director</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div>Title: General Counsel</div>
            </td>
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          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
          </tr>
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              <div>SIPCO HOLDINGS LIMITED</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top;">
              <div>INVESTCORP S.A.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
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              <div>By:</div>
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            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
              <div>/s/ Rasha Sabkar</div>
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            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              <div>By:</div>
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              <div>
                <div>/s/ Daniele Vecchi</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div>Name: Rasha Sabkar</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div>Name: Daniele Vecchi</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">
              <div>Title: Director</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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