OAK HILL ADVISORS LP

The document provides information about the qualifications and business practices of Oak Hill Advisors, L.P. It states that the performance of clients’ investments is significantly dependent upon the expertise of the professionals of the Registrant, and any future unavailability of their services could have an adverse impact on Clients’ performance. The senior principals of the Registrant will devote as much of their time to the activities of Clients as they deem necessary and appropriate. The Registrant and its management persons have not been involved in any legal or disciplinary events in the past 10 years that the Registrant believes would be material to a Client’s or a prospective client’s evaluation of the Registrant’s advisory business or the integrity of its management or its management persons. From time to time, certain of the Registrant’s employees serve on various creditor committees or as directors of privately held or publicly traded companies in which Clients invest.

The Registrant’s corporate credit investment philosophy is typically based on five tenets: (i) intensive credit analysis; (ii) relative value analysis; (iii) focus on risk-adjusted returns; (iv) loss avoidance; and (v) active portfolio management. Intensive credit analysis is the cornerstone of the Registrant’s investment philosophy and includes: (i) business, vehicle and borrower analysis, which involves a comprehensive fundamental evaluation of a company and includes historical and projected financial modeling; (ii) capital structure analysis, which evaluates the terms and structure of a company’s debt and equity securities relative to the company’s business risk; and (iii) valuation analysis, which considers the enterprise value of a company in both the public and private markets.

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