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Churchill MMSLF CLO-II, LP: 02 May 2023

The Issuer’s investment portfolio consists primarily of senior secured floating rate middle market loans. The portfolio will be managed by Churchill Asset Management LLC in its capacity as the Collateral Manager pursuant to the Collateral Management Agreement.

Churchill Asset Management LLC, an investment adviser, is a subsidiary of Nuveen Private Capital LLC, which is an indirect subsidiary of Nuveen LLC, which in turn is a subsidiary of Teachers Insurance and Annuity Association of America. TIAA is a leading provider of financial services in the academic, research, medical, cultural and government fields. Together with its affiliates, TIAA offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.

For eligibility requirements, Concentration Limitations, Collateral Quality Tests etc please see the relevant sections in the offering circular.

It is anticipated that the Issuer will have completed the purchase (or commitment to purchase) of approximately 93% (by principal amount) of the initial portfolio of Collateral Obligations on the Closing Date.

UK & EU Risk Retention: Churchill MMSL III Investment Subsidiary LP shall act as EU/UK Retention Holder for the purposes of the EU/UK Risk Retention Requirements.

US Risk Retention: The US Retention Holder will retain the US Retention Interest in compliance with, and such that US Retention Interest satisfies the requirements for retaining an "eligible horizontal residual interest" under, the US Risk Retention Rules.