Table 4: S&P Tiered Corporate Recovery Rates (By Asset Class and Class of Notes) AAA AA Notes rating categories A BBB BB B and CCC Senior secured first-lien** Group 1 50 55 59 63 75 79 Group 2 45 49 53 58 70 74 Group 3 39 42 46 49 60 63 Group 4 17 19 27 29 31 34 Senior secured cov-litc loans/ senior secured bonds Group I 41 46 49 53 63 67 Group 2 37 41 44 49 59 62 Group 3 32 35 39 41 50 53 Group 4 17 19 27 29 31 34 Me-raninc/ senior secured notes/second- lien/ senior unsecured loans/senior unsecured bonds*** Group 1 18 20 23 26 29 31 Group 2 16 18 21 24 27 29 Group 3 13 16 18 21 23 25 Group 4 10 12 14 16 18 20 Subordinated loans/ subordinated bonds Group 1 8 8 8 8 8 8 Group 2 10 10 10 10 10 10 Group 3 9 9 9 9 9 9 Group 4 5 5 5 5 5 5 Synthetic Securities •••• *sin inn •••• in** *ion Group I: !long Kong. Norway, Singapore, Sweden. U.K.. Ireland Finland, Denmark Netherlands. Australia, and New Zealand. Group 2: Belgium. Germany. Austria, Portugal, Luxembourg, South Africa, Switzerland. Canada, Israel, Japan and United States. Group 3: France, Italy, Greece. South Korea, Taiwan, Argentina, Brazil. Chile, Mexico. Spain. Turkey and United Arab Emirates. Group 4: Kazakhstan. Russia, Ukraine and Others. " Solely for the purpose of determining the S&P Recovery Rate for such loan, no loan will constitute a "Senior Secured Loan" unless such loan (a) is secured by a valid lbw priority security interest in collateral. (b) by its terms is not subordinated to another obligation of the issuer and (c) in the Investmou Manager's commercially reasonable judgment (with such determination being made in good faith by the Investment Manager at the time of such loan's purchase and based upon information reasonably available to the Investment Manager at such time and without any requirement of additional investigation beyond the Investment Manager'