Bridgepoint Direct Lending I SV S.A

Bridgepoint Direct Lending I SV S.A.

Annual Report including Audited Financial Statements

6B, Rue du Fort Niedergrünewald, L-2226 Luxembourg

Rcs: Luxembourg B 193 498

Share Capital: EUR 45,461

202

5

31 December 2025

Private and Confidential

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

2

Contents

Section

Page

Directors’ Report

3-7

Report of the Réviseur d’Entreprises Agréé

8-12

Statement of Financial Position

13

Statement of Profit or Loss and Other Comprehensive Income

14

Statement of Changes in Equity

15

Statement of Cash Flows

16

Notes to the Financial Statements

17-36

Management and Administration

37

Disclaimer

38

8

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

3

Directors

’

Report

Company Update and Overview

General

Bridgepoint Direct Lending I SV S.A. (the “Company”) herewith submits its F

inancial

Statements (the “Financial Statements”) for the year ended 31 December 2025

. The

Financial Statements have been prepared in accordance with International Financial

Reporting Standards as adopted by the European Union (“EU”).

The Company has not carried out any activities in the field of research and development

and does not have any branches.

On 1 April 2016, the Company held a final closing of subscriptions to the Notes,

securing

total commitments of EUR 525

million. The Company has committed to invest such

commitments in Bridgepoint Credit FCP-SIF -

Bridgepoint Direct Lending I (the

“Sub-Fund”), a compartment of Bridgepoint Credit FCP-SIF (the “Fund”).

The Notes are listed on the Official list of Nordic Growth Market NGM AB (“NGM”

) in

Stockholm, Sweden.

Sustainable Finance Disclosure

Regulation

The Company is

classified as an Article 6 financial product under Regulation (EU)

2019/2088 (SFDR). The investments underlying this financial product do not consider

the EU criteria for environmentally sustainable economic activities, as per the Regulation

(EU) 2020/852

(Taxonomy) on the establishment of a framework to facilitate sustainable

investment. Therefore, no periodic disclosures are required.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

4

Significant Events

The result for the year is shown in the

Statement of Profit or Loss and Other

Comprehensive Income. The result mainly comprises net losses

from financial assets at

fair value through profit or loss (“FVTPL”), net gains from financial liabilities at FVTPL,

dividend income, financing costs and operating expenses of the Company.

Company Future Development

The Company expects to continue developing its activity of investing in the Sub-

Fund

with the proceeds obtained from the issuance of Notes.

Financial Risk Management

The Company has exposure to the following risks as at 31 December 2025.

Market Risk

Market risk is the risk that changes in market prices will affect the value of the investments

purchased by and Notes issued

by the Company. Market risk could refer to both gains and

losses and could include amongst others, price risk and interest rate risk,

with the most

important risk faced by the Notes issued by the Company being price risk. Nevertheless,

changes in interest rates may reduce the Sub-Fund’s return from floating-

rate instruments

or increase the cost of any borrowing. Furthermore, a default

on a debt instrument that is

held directly or indirectly by the Sub-Fund or a sudden and extreme decrease

in prevailing

interest rates may cause a decline in the Sub-Fund’s Net Asset Value (“NAV”).

However, as any material fluctuations in the NAV of the Sub-

Fund are borne by the

Noteholders, the Company itself does

not consider these market risks to be a significant

economic risk.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the

obligations associated with its financial liabilities that are settled by delivering cash or

another financial asset.

The Company’s policy and approach to managing liquidity is to ensure, as far as possible,

that it will always have sufficient liquidity to meet its liabilities when due,

under both

normal and stress conditions, including estimated redemptions of shares,

without

incurring unacceptable losses or risking damage to the Company’

s reputation. The

Company monitors its bank accounts on a regular basis to ensure there is sufficient

liquidity.

Interest on and redemptions of Notes will only occur upon actual receipt of proceeds from

the Sub-Fund. In addition,

the Maturity Date of the Notes extends beyond the expected

term of the Sub-Fund. Therefore,

there is no material mismatch between financial assets

and financial liabilities.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

5

Credit Risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an

obligation or commitment that it has entered into with the Company,

resulting in a

financial losses to the Company.

The Company’s cash is held at the ING Luxembourg S.A.,

Nordea Bank AB (publ) and

Barclays Bank PLC. ING Luxembourg S.A. is a reputable bank operating in Luxembourg

under regulation and supervision of the Commission de Surveillance du Secteur

Financier. Nordea Bank AB (publ) is a reputable bank registered in S

weden. It is

authorised by the Sveriges Riksbank and regulated by the Finansinspektionen and the

Sveriges Riksbank. Barclays Bank PLC is a reputable bank registered in England. It is

authorised by the B

ank of England Prudential Regulation Authority and regulated by the

Financial Conduct Authority and the Prudential Regulation Authority.

Changes in the fair value of the Notes issued to the investors primarily reflect changes in

the fair value of the investment in the Sub-

Fund. The effect of the performance of the

assets on the fair value of the liability is asset-specific performance risk, not credit risk.

Annual Corporate Governance

Statement

The Company is domiciled in Luxembourg and its Notes are listed on the

Official list of

NGM in Stockholm, Sweden

. The Company is subject to the exchange rules for issuers

whose financial instruments are admitted to trading on the Official list of NGM

in

Stockholm, Sweden

. The Board of Directors is responsible for establishing and

maintaining adequate internal control and risk management systems for the Company in

relation to the financial reporting process. Such systems are designed to manage rather

than eliminate the risk of failure to achieve the Company’

s financial reporting objectives

and can only provide reasonable and not absolute assurance against material misstatement

or loss.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

6

Financial Reporting Process

The Board of Directors have established processes regarding internal control and risk

management systems to ens

ure its effective oversight of the financial reporting process.

These include appointing Citco Fund Services (Luxembourg) S.A. (the “Administrator”

)

to maintain the accounting records of the Company independently. The Administrator is

contractually obliged to maintain proper books and records and to that end performs

reconciliations of its records.

The internal controls procedures followed by the Administrator are in accordance with its

own Type 2 Report,

prepared in accordance with the guidelines contained in the United

States Statement on Standards for Attestation Engagements No. 16 and International

Standard On Assurance Engagements 3402 and its related amendments and

interpretations. The Administrator

is also contractually obliged to prepare the Annual

Report including Financial Statements for review and approval by the Board of Directors.

The Boa

rd of Directors evaluates and discusses significant accounting and reporting issues

as the need arises.

From time to time, the Board of Directors also examines and evaluates the Administrator’

s

financial accounting and reporting routines and monitors and evaluates the external

auditors performance,

qualifications and independence. The Administrator has operating

responsibility for internal control in relation to the financial reporting process and reports

to the Board of Directors.

Finally and following discussions with their legal advisers,

the Board of Directors have

implemented the European Single Electronic Format reporting requirements in this

Annual Report. The implementation is required for financial year starting 1 January

2021, following the approval of the Swedish Government

on 10 March 2021 and

effective 15 March 2021.

Control Activities

The Administrator is contractually obliged to design and maintain control structures to

manage the risks which the Board of Directors judges to be significant for internal control

over financial reporting. These control structures include segregation of re

sponsibilities

and specific control activities aimed at detecting or preventing the risk of significant

deficiencies in financial reporting for every significant account in the Financial

Statements and the related notes in the Company’s Financial Statements.

The Company is a “public-interest entity”

within the meaning of Art.1 (20) a) of the Law

of 23 July 2016 concerning the audit profession. The Board of Directors assesses that the

Company’s sole business is to act as issuer of asset-

backed securities as defined in point (5)

of Art.2 of Commission Regulation (EC) No.

809/2004. It is therefore exempted from the

requirement to have an audit committee according to Art.53 (5) c) of the Audit Law

. The

Board of Directors has concluded that there is currently no need for the Company to have

a separate audi

t committee in order to perform on effective monitoring of the financial

reporting process and monitoring of auditor independence.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

7

Monitoring

The Company’s policies and the Board of Directors’

instructions with relevance for

financial reporting are updated and communicated via appropriate channels,

such as

e-mail, correspondence, key performance indicators

report and regular meetings to ensure

that all financial reporting information monitoring and oversight of the requirements are

met in a complete and accurate manner.

Given the contractual obligation on the Administrator,

the Board of Directors after its

review and controls,

has concluded that there is currently no need for the Company to

have a separate internal audit function in order to perform effective internal control and

risk management systems of the Company in relation to the financial reporting process.

Board of Directors

The Board of Directors of the Company as at date of signing are as follows.

Aurélie Ritter (appointed on 1 November 2025)

Ayaz Khan

(resigned on 2 March 2026)

Csaba Horváth

Don Scannell (resigned on 1 November 2025)

Nicholas Curwen (appointed on 17 February 2025)

Thibaut Thal

For and on behalf of:

Bridgepoint Direct Lending I SV S.A.

Luxembourg, 24 March 2026

Aurélie Ritter

Thibaut Thal

Director

KPMG Audit S.à r.l.

Tel: +352 22 51 51 1

39, Avenue John F. Kennedy

Fax: +352 22 51 71

L-1855 Luxembourg

E-mail: info@kpmg.lu

Internet:

www.kpmg.lu

To the Shareholders of

Bridgepoint Direct Lending I SV S.A.

6B, Rue du Fort Niedergrünewald

L-2226 Luxembourg

Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Bridgepoint Direct Lending I SV S.A. (“the

Company”), which comprise the statement of financial position as at 31 December 2025, and

the statement of profit or loss and other comprehensive income, statement of changes in equity

and statement of cash flows for the year then ended, and notes to the financial statements,

including material accounting policy information and other explanatory information.

In our opinion, the accompanying financial statements give a true and fair view of the financial

position of the Company as at 31 December 2025, and of its financial performance and its

cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted

by the European Union.

Basis for opinion

We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23

July 2016 on the audit profession (the “Law of 23 July 2016”) and with International Standards

on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du

Secteur Financier (the “CSSF”). Our responsibilities under the EU Regulation N° 537/2014,

the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further

described in the « Responsibilities of “réviseur d'entreprises agréé” for the audit of the financial

statements » section of our report. We are also independent of the Company in accordance

with the International Code of Ethics for Professional Accountants, including International

Independence Standards, issued by the International Ethics Standards Board for Accountants

(“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical

requirements that are relevant to our audit of the financial statements, and have fulfilled our

other ethical responsibilities under those ethical requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty related to Going Concern

We draw attention to Note 2 of the financial statements, which indicates that, as at December

31, 2025, an amount of EUR 37,215,198 of the Company’s financial liabilities at fair value

through profit or loss will mature on April 1, 2026, and it is contingent to the extension of the

Sub-Fund for another year until 1 April 2027. As at the date of the audit report, the maturity

has not been extended.

As stated in Note 2, these events or conditions, along with other

matters as set forth in Note 2, indicate that a material uncertainty exists that may cast

significant doubt on the Company’s ability to continue as a going concern. Our opinion is not

modified in respect of this matter.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most

significance in our audit of the financial statements of the current period

.

These matters were

addressed in the context of the audit of the financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these matters.

Valuation of financial assets at fair value through profit or loss

Why the matter was considered to be

one of the most significant in our audit

of the financial statements of the

current period

How the matter was addressed in our

audit

As at 31 December 2025, the financial

assets at fair value through profit or loss

amounted to EUR 47,476,919 and

represented 99.61% of the total assets of

the Company and are considered as key

driver of the Company’s performance as at

31 December 2025. The

financial assets at

fair value through profit or loss is based on

the audited Net Asset Value of Bridgepoint

Credit FCP-SIF -

Bridgepoint Direct

Lending I (the “Sub-Fund”), a Sub-

fund of

Bridgepoint Credit FCP-SIF.

The portfolio of the Sub-

Fund is made up

of secured debts or comparable debt

instruments issued in order to finance

European

domiciled

mid-

market

businesses as well as equity or equity-

like

instruments in conjunction with or following

a capital reorganizat

ion of debt

investments.

The financial assets at fair value through

profit or loss is considered to be a key audit

matter due to the significance of the

balance to the financial statements as a

whole. Refer to Notes 2.4.1, 6 and 7 for the

accounting policies and disclosures on

fin

ancial assets at fair value through profit

or loss.

Our procedures over the valuation of

financial assets at fair value through profit or

loss included, but were not limited to:

—

Obtaining and inspecting the audited

consolidated financial statements of the

Sub-

Fund as at 31 December 2025. The

consolidated financial statments of the

Sub-

Fund as at 31 December 2025 were

audited by KPMG Audit, S.à r.l., who

expressed an unmodified opi

nion on

those consolidated financial statements

on 24 March 2026.

—

Agreeing the Net Asset Value reported in

the audited consolidated financial

statements of the Sub-

Fund to the

Company’s carrying amount of financial

assets at fair value through profit or loss.

—

Assessing that the fair valuation of the

portfolio of the Sub-

Fund was reasonable

and in line with the IPEV guidelines.

Other information

The Board of Directors is responsible for the other information. The other information

comprises the information stated in the annual report but does not include the financial

statements and our report of the “réviseur d'entreprises agréé” thereon.

Our opinion on the financial statements does not cover the other information and we do not

express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the audit or otherwise appears to

be materially misstated. If, based on the work we have performed, we conclude that there is a

material misstatement of this other information, we are required to report this fact. We have

nothing to report in this regard.

Responsibilities of the Board of Directors and Those Charged with Governance for the

financial statements

The Board of Directors is responsible for the preparation and fair presentation of the financial

statements in accordance with IFRS Accounting Standards as adopted by the European

Union, and for such internal control as the Board of Directors determines is necessary to

enable the preparation of financial statements that are free from material misstatement,

whether due to fraud or error.

The Board of Directors is responsible for presenting the financial statements in compliance

with the requirements set out in the Delegated Regulation 2019/815 on European Single

Electronic Format (“ESEF Regulation”).

In preparing the financial statements, the Board of Directors is responsible for assessing the

Company’s ability to continue as a going concern, disclosing, as applicable, matters related to

going concern and using the going concern basis of accounting unless the Board of Directors

either intends to liquidate the Company or to cease operations, or has no realistic alternative

but to do so.

Those charged with governance are responsible for overseeing the Company’s financial

reporting process.

Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial

statements

The objectives of our audit are to obtain reasonable assurance about whether the financial

statements as a whole are free from material misstatement, whether due to fraud or error, and

to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as

adopted for Luxembourg by the CSSF will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence the economic decisions of

users taken on the basis of these financial statements.

Our responsibility is to assess whether the financial statements have been prepared in all

material respects with the requirements laid down in the ESEF Regulation.

As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016

and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment

and maintain professional skepticism throughout the audit. We also:

—

Identify and assess the risks of material misstatement of the financial statements, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one

resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

—

Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing

an opinion on the effectiveness of the Company’s internal control.

—

Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Board of Directors

.

—

Conclude on the appropriateness of the Board of Directors'

use of the going concern basis

of accounting and, based on the audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast significant doubt on the Company’s

ability to continue as a going concern. If we conclude that a material uncertainty exists, we

are required to draw attention in our report of the “réviseur d’entreprises agréé” to the

related disclosures in the financial statements or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on the audit evidence obtained up to the

date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions

may cause the Company to cease to continue as a going concern.

—

Evaluate the overall presentation, structure and content of the financial statements,

including the disclosures, and whether the financial statements represent the underlying

transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the

planned scope and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with

relevant ethical requirements regarding independence, and to communicate with them all

relationships and other matters that may reasonably be thought to bear on our independence,

and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those

matters that were of most significance in the audit of the financial statements of the current

period and are therefore the key audit matters. We describe these matters in our report unless

law or regulation precludes public disclosure about the matter.

Report on other legal and regulatory requirements

We have been appointed as “réviseur d’entreprises agréé” by the General Meeting of the

Shareholders on 21 November 2025 and the duration of our uninterrupted engagement,

including previous renewals and reappointments, is 11 year(s).

We confirm that the prohibited non-audit services referred to in the EU Regulation N° 537/2014

were not provided and that we remained independent of the Company in conducting the audit.

We have checked the compliance of the financial statements of the Company as at 31

December 2025 with relevant statutory requirements set out in the ESEF Regulation that are

applicable to financial statements.

For the Company it relates to:

—

financial statements prepared in a valid xHTML format;

In our opinion, the financial statements of Bridgepoint Direct Lending I SV S.A. as at 31

December 2025, identified as 5493003U4YAHFL0F5P11-2025-12-31-1-en.Xhtml, have been

prepared, in all material respects, in compliance with the requirements laid down in the ESEF

Regulation.

Our audit report only refers to the financial statements of Bridgepoint Direct Lending I SV S.A.

as at 31 December 2025, identified as Bridgepoint Direct Lending I SV S_A.xhmtl, prepared

and presented in accordance with the requirements laid down in the ESEF Regulation, which

is the only authoritative version.

Luxembourg, 24 March 2026

KPMG Audit S.à r.l.

Cabinet de révision agréé

Excee Tan

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

13

Statement of

Financial Position

EUR

Notes

31 December 2025

31 December 2024

Assets

Financial assets at fair value through profit or loss

2.4.1, 7

47,476,919

61,646,341

Total non

Total non-current assets

current assets

47,476,919

61

61,646

646

646,341

341

Cash and cash equivalents

2.4.5, 8

159,628

294,102

Other current assets

8, 9

23,864

–

Total current assets

183,492

294

294,102

102

Total assets

47,660,411

61

61,940

940

940,443

443

Equity

Share capital

2.4.6, 10.1

45,461

Legal reserve

10.3

4,546

Retained earnings

10.4

10,261,912

12,645,433

Total equity

10,311,919

12

12,695

695

695,440

440

Liabilities

Financial liabilities at fair value through profit or loss

2.4.2, 11

37,215,198

49,136,259

Trade and other payables

2.4.7, 12

133,294

108,744

Total current liabilities

37,348,492

49

49,245

245

245,003

003

Total liabilities

37,348,492

49,245,003

Total equity and liabilities

47,660,411

61

61,940

940

940,443

443

The notes form an integral part of these Financial Statements.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

14

Statement of

Profit

or

Loss and

Other Comprehensive Income

EUR

Notes

1 January 2025 to

31 December 2025

1 January 2024 to

31 December 2024

Net loss from financial assets at fair value through profit or loss

2.4.1, 7

(14,169,422)

(7,948,271)

Net gain from financial liabilities at fair value through profit or

loss

2.4.2, 11

11,921,061

7,077,815

Net foreign exchange gain/(loss)

2.3

1,753

(2,198)

Dividend income

2.4.9, 7

1,000,000

4,400,000

Total (loss)/revenue

(1,246,608)

3,527

527

527,346

346

Administration fees

16

(50,431)

(52,753)

Audit fees

(56,486)

(49,023)

Legal and professional fees

(18,378)

(54,611)

Other expenses

(39,809)

(46,733)

Total operating expenses

(165,104)

(203

(203,120)

120)

Operating (loss)/profit before finance costs

(1,411,712)

3,324

324

324,226

226

Financing costs

11

(948,208)

(4,166,492)

Loss before tax

(2,359,920)

(842

(842,266)

266)

Tax expenses

13

(23,601)

(14,552)

Loss for the year

(2,383,521)

(856

(856,818)

818)

Other comprehensive income for the year

Other comprehensive income for the year, net of tax

net of tax

–

Total comprehensive result for the year

(2,383,521)

(856

(856,818)

818)

The notes form an integral part of these Financial Statements.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

15

Statement of Changes in

Equity

For the Year Ended 31 December 2025

EUR

Note

Share

Capital

Legal

Reserve

Retained

Earnings

Total

Equity

Shareholder

Shareholder’s Equity

s Equity

Balance as at 1 January 2025

45,461

4,546

12,645,433

12,695,440

Decrease in share capital

10.1

–

Legal reserve

10.3

–

Distribution

10.4

–

Total comprehensive result for the year

–

(2,383,521)

Balance as at 31 December 2025

45,461

4,546

10,261,912

10,311,919

For the Year Ended 31 December 2024

EUR

Note

Share

Capital

Legal

Reserve

Retained

Earnings

Total

Equity

Shareholder

Shareholder’s Equity

s Equity

Balance as at 1 January 2024

92

92,365

365

9,237

237

14

14,079

079

079,172

172

14

14,180

180

180,774

774

Decrease in share capital

10.1

(46,904)

–

(46,904)

Legal reserve

10.3

–

(4,691)

–

(4,691)

Distribution

10.4

–

(576,921)

Total comprehensive result for the year

–

(856,818)

Balance as at 31 December 2024

45

45,461

461

4,546

546

12

12,645

645

645,433

433

12

12,695

695

695,440

440

The notes form an integral part of these Financial Statements.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

16

Statement of Cash Flows

EUR

Notes

1 January 2025 to

31 December 2025

1 January 2024 to

31 December 2024

Cash flows from operating activities

Total comprehensive result for the year

(2,383,521)

(856,818)

Adjustments for:

Net loss from financial assets at fair value through

profit or loss

7

14,169,422

7,948,271

Net gain from financial liabilities at fair value through

profit or loss

11

(11,921,061)

(7,077,815)

Dividend income

7

(1,000,000)

(4,400,000)

Financing costs

11

948,208

4,166,492

Disposal of financial assets at fair value through profit or loss

7

–

58,651,517

Changes in:

Other current assets

(23,864)

6,435

Trade and other payables

24,550

13,574

Dividend received

7

1,000,000

4,400,000

Net cash generated from operating activities

813,734

62

62,851

851

851,656

656

Cash flows from financing activities

Distribution

10

–

(576,921)

Decrease in legal reserve

10

–

(4,691)

Decrease in share capital

10

–

(46,904)

Payments on redemption of financial liabilities at fair value

through profit or loss

11

–

(58,065,000)

Interest paid on Notes

11

(948,208)

(4,166,492)

Net cash used in financing activities

(948,208)

(62

(62,860

860

860,008)

008)

Net decrease in cash and cash equivalents

(134,474)

(8

(8,352)

352)

Cash and cash equivalents at beginning of the year

294,102

302,454

Cash and cash equivalents at end of year

159,628

294

294,102

102

The notes form an integral part of these Financial Statements.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

17

Notes to the Financial Statements

1. Reporting Entity

Bridgepoint Direct Lending I SV S.A. (the “Company”)

is a Luxembourg company

incorporated on 6 January 2015, for an unlimited duration,

in the form of a société

anonyme and qualifying as a securitisation company (société de titrisation) within the

meaning of the Luxembourg law of 22 March 2004 on securitisation,

as amended (the

“Securitisation Law”

). The Company shall be subject to and governed by the Securitisation

Law and the laws in effect and especially by those of 10 August 1915 referring to

commercial companies as amended from time to time. The Company

is registered with

the Luxembourg Business Register under number B193498. Its registered office is located

at 6B, Rue du Fort Niedergrünewald, L-2226 Luxembourg.

The purpose of the Company is to enter into one or more securitisation transactions

within the meaning of the Securitisation Law. The Company may, in this context, acquire,

dispose and invest in loans, stocks, bonds, debentures, obligations, Notes, advances,

shares, warrants and other securities. The Company may,

within the limits of the

Securitisation Law, and in favour of its creditors only, grant pledges,

other guarantees or

security interests of any kind to Luxembourg or foreign entities and enter into securities

lending activity on an ancillary basis.

Bridgepoint Direct Lending I SV S.A.

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The Company primarily invests in Bridgepoint Credit FCP-SIF -

Bridgepoint Direct

Lending I (the “Sub-Fund”), a compartment of Bridgepoint Credit FCP-SIF (the “Fund”),

a specialised investment fund (fonds d’

investissement spécialisé) organised as a

multi-

compartment common investment fund (fonds commun de placement à

compartiments multiples) under the Luxembourg law of 13 February 2007 relating to

specialised investment funds, as well by its Issuing Document dated 29 March 2012,

modified time to time, and by its Supplement Issuing Documents dated 2 April 2015,

furthermore qualifying as an alternative investment fu

nd under the Luxembourg law of

12 July 2013 on alternative investment fund managers.

The Company has authorised the creation and issue of the following classes of Notes,

subject to the Securitisation Law:

(i)

Class A4 Notes (the “Class A4 Notes”);

(ii)

Class B4 Notes (the “Class B4 Notes”);

(The Class A4 Notes and the Class B4 Notes are hereinafter referred to as the “Notes”).

Notes have been registered in the books of Euroclear Sweden AB (“Euroclear Sweden”

)

acting as central depositary. On 6 April 2016,

the Company listed the Notes on the

Official List of Nordic Growth Market NGM AB (“NGM”) in Stockholm,

Sweden. NGM

is a regulated market for the purposes of Directive 2004/39/EC. The Notes are issued in

dematerialised form. Neither the Notes nor the Company will be rated by any rating

agency. The prospectus relating to the Notes dated 17 June 2015,

as supplemented on

5 April 2016 (“Notes Prospectus”

) approved by the Swedish Financial Supervisory

Authority (

“Finansinspektionen”),

as competent authority for the purpose of Directive

2003/71/EC, as amended amongst others by directive 2010/73/EC.

These Financial Statements (the “Financial Statements”)

were approved for issue by the

Board of Directors of the Company on 24 March 2026.

2. Material Accounting Policies

2.1 Basis of Preparation

The Financial Statements of the Company have been prepared in accordance with

International Financial Reporting Standards (“IFRS”

) and interpretations adopted by the

International Accounting Standards Board as adopted by the European Union.

The Company’

s financial year starts on the 1 January and ends on 31 December of each

year. The Company prepares interim unaudited Financial Statements for the period from

1 January to 30 June of each year and audited Financial Statements for the year from

1 January to 31 December of each year.

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In March 2025, the Terms & Conditions (the “T&C”

) of the Notes were amended to

modify the definition of Maturity Date of the Notes,

which now coincides with the

maturity of Bridgepoint Credit FCP-SIF - Bridgepoint Direct Lending I (the “Sub-Fund”

).

Additionally

, the Issuing Document of the Sub-

Fund was amended to allow for additional

extensions subject to the consent of at least 66.66% of the Unitholders in the Sub-

Fund.

With the current term of the Sub-

Fund expiring on 1 April 2026, the Board of Directors

has initiated the process of seeking consent from Noteholders to consequently extend the

term of the Sub-

Fund for one additional year to 1 April 2027. As of the approval of these

accounts, discussions have not yet been finalised which indicates that materi

al uncertainty

exists in this regard. The Board of Directors is of the view that such formalities will be

finalised before the Maturity Date and consent will be granted considering the past

practices and historically it has proven to be economically benefi

cial given the current

unfavourable market conditions. On this basis, the Financial Statements have been

prepared on a going concern basis.

Basis of Measurement

The Financial Statements have been prepared on the historical cost basis except for the

financial instruments classified at fair value through profit or loss (“FVTPL”)

that have

been measured at fair value.

Statement of Profit or Loss and Other

Comprehensive Income and Statement

of Cash Flows

The Company presents its Statement of Profit or Loss and Other Comprehensive Income

by nature of expense. The Company presents its Statement of Cash Flows using the

indirect method.

New Standards, Amendments and

Interpretations Issued and Effective for

the Financial Year Beginning 1 January

2025

The following amended standards and interpretations did not have a material impact on

the Financial Statements:

(i)

Amendments to International Accounting Standards (“IAS”) 21 –

The Effects for

Changes in Foreign Exchange Rates: Lack of Exchangeability (issued August 2023).

New Standards

,

Amendments and

Interpretations Issued But Not Yet

Effective for the Financial Year

Beginning 1 January 2025 and Not

Early Adopted

A number of new standards

,

amendments to standards and interpretations are effective

for annual periods beginning after 1 January 2025,

and have not been early adopted in

preparing

these

Financial

Statements.

The

following

amended

standards

and

interpretations are not expected to have a material impact on the Financial Statements:

(i)

Amendments to IFRS 9 and IFRS 7 –

Amendments to the Classification and

Measurement of Financial Instruments (issued May 2024;

effective for annual

periods beginning on or after 1 January 2026);

(ii)

Amendments to IFRS 1 – First-time Adoption of IFRS, IFRS 7 –

Financial

Instruments: Disclosures, IFRS 9 – Financial Instruments, IFRS 10 –

Consolidated

Financial Statements, IAS 7 –

Statement of Cash Flows and Annual Improvements

Volume 11 (issued July 202

4; effective for annual periods beginning on or after

1 January 2026);

(iii)

Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-

Dependent

Electricity (issued on December 2024; effective for annual periods beginning on or

after 1 January 2026);

Bridgepoint Direct Lending I SV S.A.

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(iv)

Amendments to IFRS 18 –

Presentation and Disclosure in Financial Statements

(issued April 2024; effective for annual periods beginning on or after 1 January

2027); and

(v)

Amendments to IFRS 19 –

Subsidiaries without public accountability: Disclosures

(issued May 2024 and August 2025; effective for annual periods beginning on or

after 1 January 2027).

2.2 IFRS 10

‘

Consolidated Financial

Statements

’

and IFRS 12

‘

Disclosure of

Interests in Other Entities

’

Application

IFRS 10 establishes the principles of presentation and preparation of Consolidated

Financial Statements when an entity controls one or more other entities. However,

a

parent entity does not need to present a Consolidated Financial Statements if it meets all

the definition criteria of an investment entity as set out in IFRS 10. The Company is a

parent entity that holds 100% of the Sub-Fund. The Board of Directors conc

luded that in

accordance with IFRS 10, the Company meets the definition of an investment ent

ity.

There are three key conditions to be met by the Company for it to meet the definition of

an investment entity. For the years ended 31 December 2025 and 31 December 2024,

the Partnership meets these conditions:

(a)

The Company has obtained funds for the purpose of providing its Shareholder with

investment management services;

(b) The Company’s business purpose,

which was communicated directly to the

Shareholder of the Company,

is investing solely for returns from capital appreciation

and investment income; and

(c)

The performance of investments made by the Company are measured and evaluated

on a fair value basis in accordance with IFRS 13. In reaching the conclusion of

measuring performance on a fair value basis,

the Directors evaluated the reporting to

both Shareholder and key management personnel. In the Company’

s annual reports

all investment assets have consistently been reported at fair value to the extent IFRS

allows for it. As such the Directors have concluded that they meet this part of the

definition.

The Alternative Investment Fund Manager of the Sub-

Fund review the details of the

reported information obtained from the Sub-Fund and considers:

(i)

The liquidity of the Company’s holding in the Sub-

Fund or its underlying

investments,

(ii)

The value date of the Net Asset Value (“NAV”) provided, and

(iii)

Any restrictions on redemptions.

If necessary, the Board of Directors of the Company,

based on the advice of the Portfolio

Managers, make adjustments to the NAV of the Sub-

Fund to obtain the best estimate of

fair value. As at 31 December 2025 and 31 December 2024, the NAV of the Sub-

Fund is

considered to represent fair value.

As a result

, the Company has not consolidated the results of the Sub-

Fund and therefore

has presented separate Financial Statements. This assessment will be reassessed if any one

of these criteria or characteristics changes. Refer to Note 17 for further information on

the unconsolidated entity.

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2.3 Foreign Currency Translation

Transactions in foreign currencies are translated into euro (“EUR”

) at the exchange rate

at the dates of the transactions. Monetary assets and liabilities denominated in foreign

currencies at the reporting date are retranslated into EUR at the exchange rate at that date.

Non-

monetary assets and liabilities denominated in foreign currencies that are measured

at fair value are retranslated into EUR at the exchange rate at the date on which the fair

value was determined.

Foreign currency differences arising on retranslation are recognised in profit or losses as

net foreign exchange losses, except for those arising on financial instruments at FVTPL,

which is recognised as a component of net gains from financial instruments at FVTPL.

Cash is stated at nominal value. If cash is not readily available,

this fact is taken into

account in the measurement. Cash denominated in foreign currencies is translated at the

balance sheet date in the functional currency at the exchange rate ruling at that date.

2.4 Financial Assets and Financial

Liabilities

2.4.1 Financial Assets

Initial Recognition and Measurement

Financial assets are classified, at initial recognition,

and subsequently measured at

amortised cost, fair value through other comprehensive income,

or FVTPL. Purchases and

sales of investments are recognised on their trade date,

which is the date on which the

Company commits to purchase or sell the asset. Investments are initially recognised at fair

value and transaction costs for such investments are expensed as incurred.

Subsequent to initial recognition,

financial assets at FVTPL are measured at fair value. All

other financial assets are measured at amortised cost. The classification of financial assets

at initial recognition depends on the financial asset’

s contractual cash flow characteristics

and the Company’s business model for managing them.

The Company classifies its financial assets as subsequently measured at amortised cost or

measured at FVTPL on the basis of both:



The entity’s business model for managing the financial assets



The contractual cash flow characteristics of the financial assets

The Company classifies its financial assets at initial recognition into the categories

discussed below.

Financial assets measured at amortised cost:

The Company includes in this category short-term non-

financing receivables including

cash and cash equivalents and other receivables.

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Financial assets measured at FVTPL:

A financial asset is measured at FVTPL if:

(a)

Its contractual terms do not give rise to cash flows on specified dates that are solely

payments of principal and interest on the principal amount outstanding; or

(b)

It is not held within a business model whose objective is either to collect contractual

cash flows, or to both collect contractual cash flows and sell.

The Company includes in the FVTPL category its investment in the Sub-Fund,

which

consists of holdings in the Sub-Fund’s Class A4 Units, Class B4 Units and Carry Units.

Financial Assets - Business Model

Assessment

Classification and measurement of financial assets depends on the results of the

solely

payments of principal and interest (“SPPI”)

and the business model test. The Company

determines the business model at a level that reflects how groups of financial assets are

managed together to achieve a particular business objective. This assessment includes

judgement reflecting all relevant evid

ence including how the performance of the assets is

evaluated and their performance measured, the risks that affect the perfo

rmance of the

assets and how these are managed and how the managers of the assets are compensated.

The Company monitors financial assets measured at amortised cost that are derecognised

prior to their maturity to understand the reason for their disposal an

d whether the reasons

are consistent with the objective of the business for which the asset was held. Monitoring

is part of the Company

’s continuous assessment of whether the business model for which

the remaining financial assets are held continues to be

appropriate and if it is not

appropriate whether there has been a change in business model and so a prospective

change to the classification of those assets. No such changes were required during the

periods presented.

Impairment of Financial Assets

The Company records expected credit losses (“ECLs”) on other receivables,

either on a

12-

month or lifetime basis. The Company only holds receivables with no financing

component and which have maturities of less than 12 months at amortised cost and

therefore has adopted the simplified approach to ECLs. The directors consider the

probability of default to be close to zero as these receivables have a low risk of default and

the counterparties have a strong capacity to meet their contractual obligations in the near

term. As a result, no loss allowance has been recognised based on 12-

month expected

credit losses as any such impairment would be wholly insignificant to the Company. The

ECL is not relevant to financial assets at FVTPL and financial liabilities designated at

FVTPL.

Credit-impaired Financial Assets

At each reporting date, the Company assesses whether financial assets carried at amortised

cost are credit-impaired. A financial asset is considered “credit-

impaired” when one or

more events that have a detrimental impact on the estimated future cash flows

of the

financial asset have occurred. Evidence that a financial asset is credit-

impaired includes

the following observable data: a breach of contract, such as a default; the restructuring of

a loan or advance by the Company on terms that the Company would

not otherwise

consider; or the restructuring of a loan or advance by the Company on terms that the

Company would not otherwise consider; or it is probable that the borrower will enter

bankruptcy or other financial reorganisation.

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Write-off

The gross carrying amount of a financial asset is written off when the Company has no

reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

Reclassification of Financial Assets

Financial assets are not reclassified subsequent to their initial recognition, except in the

period after the Company changes its business model for managing financial assets.

Derecognition of Financial Assets

The Company derecognises a financial asset when the contractual rights to the cash flows

from the asset expire,

or it transfers the rights to receive the contractual cash flows in a

transaction in which substantially all of the risks and rewards of ownership of the financial

asset are transferred or in which the Company neither transfers nor retains substantially

a

ll of the risks and rewards of ownership and does not retain control of the financial asset.

On derecognition of a financial asset, the differenc

e between the carrying amount of the

asset (or the carrying amount allocated to the portion of the asset that is derecognised) and

the consideration received (including any new asset obtained less any new liability

assumed) is recognised in the

Statement of Profit or Loss and Other Comprehensive

Income under ‘Net gains/(loss) from financial assets and financial liabilities at FVTPL’

.

Any interest in such transferred financial assets that is created or retained by the Company

is recognised as a separate asset or liability.

2.4.2 Financial Liabilities

Initial Recognition and Measurement

Financial liabilities are classified, at initial recognition,

as financial liabilities at FVTPL or

at amortised costs. Financial liabilities include the Notes and trade and other payables. The

Company classifies its financial liabilities into the categories discussed below.

Financial liabilities measured at FVTPL:

Financial liabilities at FVTPL include financial liabilities held for trading and financial

liabilities designated upon initial recognition as at FVTPL. Financial liabilities are

classified as held for trading if they are incurred for the purpose of repurc

hasing in the

near term. Gains or losses on liabilities held for trading are recognised in the

Statement of

Profit or Loss and Other Comprehensive Income

in the year in which they arise and are

based on the first-in, first-out method. Financial liabilities

designated upon initial

recognition at FVTPL are designated at the initial date of recognition,

and only if the

criteria in IFRS 9 are satisfied. The Notes are measured at FVTPL. Refer to Note 11 for

further details.

Financial liabilities measured at amortised cost:

Financial liabilities measured at amortised cost include all financial liabilities,

other than

those measured at FVTPL. The Company includes in this category trade and other

payables.

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Derecognition of Financial Liabilities

The Company derecognises financial liabilities when, and only when, the Company’s

obligations are discharged, cancelled or have expired. The difference between the carrying

amount of the financial liability derecognised and the consideration paid and payab

le is

recognised in profit or loss. When the Company exchanges with the existing lender one

debt instrument into another one with substantially different terms, such exchange is

accounted for as an extinguishment of the original financial liability and the

recognition

of a new financial liability. Similarly, the Company accounts for substantial modification

of terms of an existing liability or part of it as an extinguishment of the original financial

liability and the recognition of a new liability. It is a

ssumed that the terms are substantially

different if the discounted present value of the cash flows under the new terms, including

any fees paid net of any fees received and discounted using the original effective interest

rate is at least 10 per cent diff

erent from the discounted present value of the remaining

cash flows of the original financial liability. If the modification is not substantial, the

difference between: (1) the carrying amount of the liability before the modification; and

(2) the present v

alue of the cash flows after modification is recognised in profit or loss as

the modification gain or loss within other gains and losses.

2.4.3 Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the

Statement of Financial Position when, and only when,

the Company has a legally

enforceable right to offset the amounts and intends either to settle them on a net basis or

to realise the asset and settle the liability simultaneously.

Income and expenses are presented on a net basis for gains and losses from financial

instruments at FVTPL and foreign exchange gains and losses.

2.4.4 Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability

in an orderly transaction between market participants at the measurement date in the

principal or, in its absence,

the most advantageous market to which the Company has

access at that date. The fair value of a liability reflects its non-performance risk.

When available,

the Company measures the fair value of an instrument using the quoted

price in an active market for that instrument. A market is regarded as ‘active’

if

transactions for the asset or liability take place with sufficient frequency and volume to

provide pricing information on an ongoing basis. The Company measures instruments

quoted in an active market at a mid price,

because this price provides a reasonable

approximation of the exit price.

If there is no quoted price in an active market,

then the Company uses valuation

techniques that maximise the use of relevant observable inputs and minimise the use of

unobservable inputs. The chosen valuation technique incorporates all of the factors that

market participants would take into account in pricing a transaction.

2.4.5 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand,

deposits held at call with banks and bank

overdrafts. The carrying amounts of cash and cash equivalents approximate their fair

values.

2.4.6 Equity

Class A Shares and Class B Shares of the Company are classified as equity,

each of them

having the same nominal value.

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2.4.7 Trade and Other Payables

Trade and other payables are recognised at their nominal values and correspond to legal

or contractual agreements.

Accruals in the Financial Statements are classified as trade and other payables. The

carrying amounts of trade and other payables approximate their fair values.

2.4.8 Related Party Transactions

Parties are considered to be related if one party has the ability to control the other party

or exercise significant influence over the other party in making financial or operational

decisions. Transactions with related parties are made on terms equivalent to an arm’

s

length transactions. Refer to Note 14 for further details.

2.4.9 Dividend Income

Dividend income is recognised in the Statement of Profit or Loss

and Other

Comprehensive Income

on the date on which the right to receive payment is established.

For unquoted equity securities,

this is usually the date on which the Shareholders approve

the payment of a dividend. Dividend income from equity securities at FVTPL is

recognised in the Statement of Profit or Loss and Other Comprehensive Income

within

‘Dividend income’.

2.4.10 Expenses

All expenses are recognised in the Statement of

Profit or

Loss and Other Comprehensive

Income on an accruals basis.

3. Functional and Presentation Currency

The Financial Statements are presented in EUR, which is the Company’

s functional

currency. All financial information presented in EUR has been rounded to the nearest

unit.

4. Use of Estimates and Judgements

In preparing these Financial Statements,

the Company makes judgements and estimates

and assumptions that affect the application of accounting policies and the reported

amounts of assets, liabilities,

income and expenses. Actual results may differ from these

estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to estimates are recognised prospectively. Information about assumptions and

estimation uncertainties tha

t have a significant risk of resulting in a material adjustment

in the year ended 31 December 2025 and 2024

are included in Note 6 and relates to the

determination of fair value of financial instruments with significant unobservable inputs.

Information abo

ut judgements made in applying accounting policies that have the most

significant effects on the amounts recognised in the Financial Statements is included in

Note 3, functional and presentation currency and Note 17,

involvement with

unconsolidated structured entities.

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5. Financial Risk Management

The Company has exposure to the following risks as at 31 December 2025

and

31 December 2024:

Market Risk

Market risk is the risk that changes in market prices will affect the value of the investments

purchased by and Notes issued by the Company. Market risk could refer to both gains and

losses and could include amongst others, price risk and interest rate risk,

with the most

important risk faced by the Notes issued by the Company being price risk. Nevertheless,

changes in interest rates may reduce the Sub-Fund’s return from floating-

rate instruments

or increase the cost of any borrowing. Furthermore, a default

on a debt instrument that is

held directly or indirectly by the Sub-

Fund or a sudden and extreme increase in prevailing

interest rates may cause a decline in the Sub-Fund’s NAV.

However, as any material fluctuations in the NAV of the Sub-

Fund are borne by the

Noteholders,

the Company itself does not consider these market risks to be a significant

economic risk.

As at 31 December 202

5, should the NAV of the Sub-Fund increase by 5%,

or

approximately EUR 2.4 million (2024: EUR 3.1

million) increase in financial assets at

FVTPL would be partially offset by an increase in financial liabilities at FVTPL of

EUR 1.9 million (2024: EUR 2.5 million). The remaining EUR 0.5 million (2024

:

EUR 0.6 million) is attributable to the Shareholders of the Company.

A decrease of 5% as at reporting dates would have had the equal but opposite effect.

Financial instruments with a floating interest rate that resets as market rates change are

exposed to cash flow interest rate risk. At the year end, the Company had 0.33%

(2024: 0.47%) of the total assets classified as cash and cash equivalents. As at 31

December

2025, if interest rates had increased/(decreased) by 1% (2024

: 1%) with all other variables

held constant,

the change in the value of future expected interest cash flows of these assets

would have been EUR 1,596 (2024: EUR 2,941). 1% is considered

to be a reasonably

possible change in interest rates.

Financial instruments which neither pay interest nor have a maturity date are not exposed

to material interest rate risk, which includes financial assets at FVTPL.

Currency Risk

The Company invests in financial instruments at FVTPL and enters into transactions that

are denominated in EUR. As at 31 December 2025, the Company’

s only exposure to

currency risk was on its cash and cash equivalent denominated in SEK,

amounting to

EUR 3,407 (2024: EUR 3,342) which is less than 1% (2024

: less than 1%) of the

Company’s net assets. Consequently, the

Company is not exposed to significant risk that

the exchange rate of its currency relative to other foreign currencies may change in a

manner that will have an adverse effect on the fair value or future cash flows of the

Company’s financial assets or financial liabilities. However,

the Company monitors the

exposure on all foreign currency denominated assets and liabilities.

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Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the

obligations associated with its financial liabilities that are settled by delivering cash or

another financial asset.

The Company’s policy and approach to managing liquidity is to ensure, as far as possible,

that it will always have sufficient liquidity to meet its liabilities when due,

under both

normal and stress conditions, including estimated redemptions of shares,

without

incurring unacceptable losses or risking damage to the Company’

s reputation. The

Company monitors its bank accounts on a regular basis to ensure there is sufficient

liquidity.

The trade and other payables have a maturity of less than 1 month. Interest on and

redemptions of Notes, disclosed under Financial Liabilities at FVTPL (refer to Note 11)

,

will only occur upon actual receipt of proceeds from the Sub-Fund. In addition,

the

maturity date of the Notes are the same of the maturity of the Sub-Fund, not beyond (refer

to Note 17). Therefore,

there is no material mismatch between financial assets and

financial liabilities.

Credit Risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an

obligation or commitment that it has entered into with the Company,

resulting in a

financial losses to the Company. The Company is also exposed to concentration risk and

reviews the credit concentration of its financial assets based on counterparties.

Cash and cash equivalents

The Company’s cash is held at ING Luxembourg S.A.,

Nordea Bank AB (publ) and

Barclays Bank PLC. ING Luxembourg S.A. is a reputable bank operating in Luxembourg

under regulation and supervision of the Commission de Surveillance du Secteur Financier

with credit rating of A- based on Standard & Poor’s (“S&P”

) credit ratings. Nordea Bank

AB (publ) is a reputable bank registered in Sweden with credit rating of AA

-

based on S&P

credit ratings. It is authorised by the Sveriges Riksbank and regulated by the

Finansinspektionen and the Sveriges Riksbank. Barclays Ba

nk PLC is a reputable bank

registered in England with credit rating of A+ based on S&P credit ratings. It is authorised

by the Bank of England Prudential Regulation Authority and regulated by the Financial

Conduct Authority and the Prudential Regulation Authority.

Financial assets and liabilities at FVTPL

Changes in the fair value of the Notes issued to the investors primarily reflect changes in

the fair value of the investment in the Sub-

Fund. The effect of the performance of the

assets on the fair value of the liability is asset-specific performance risk,

not credit risk.

The maximum exposure to credit risk is the carrying amount of the financial assets held

at FVTPL.

Other receivables

Other receivables represents amounts owed to the Company in its due course of

operations and are short in nature.

Offsetting financial assets and financial liabilities

None of the financial assets and financial liabilities are offset in the Statement of Financial

Position. There are no financial assets and financial liabilities that are subject to an

enforceable netting arrangement or similar agreement that covers simila

r Financial

Statements.

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Capital Management

The Company’s policy is to maintain a strong capital base so as to maintain investor,

creditor and market confidence and to sustain future development of the Company’

s

business. As further described in this Note 5 Liquidity Risk,

there is no material mismatch

between the Company’s financial assets and its financial liabilities.

Under the Securitisation Law,

the Company is not required to have a specific minimum

capital. Consequently, the minimum share capital depends upon the legal form,

which is

EUR 30,000 for a société anonyme.

Operating Segment

In accordance with IFRS 8,

an operating segment is defined as a component of an entity

that engages in business activities from which it may earn revenues and incur expenses,

and for which separate financial information is available and evaluated regularly by the

chief operating decision-maker.

Upon assessment, the Company’

s administrator has determined that the Company

operates in only one business segment. The Company’s

primary activity is to enter in one

or more securitisation transactions, allowing it to acquire, dispose of, and invest in loans,

stocks, bonds, debentures, obligations, notes, advances, shares, warrants,

and other

securities. Currently, the Company exclusively invests in the Sub-Fund,

a compartment

of the Fund, a specialised investment fund organised as a multi-

compartment common

investment fund in Luxembourg. Consequently,

the financial information disclosed in

these Financial Statements represents the financial position, financial performance,

and

cash flows of the entire fund as a single operating segment. Furthermore,

the Company

has issued Notes listed on the Official List of NGM in Stockholm, Sweden.

6. Fair Value Disclosures

Estimates of fair value are based on the best information available to management as to

conditions that existed as at the balance sheet date or adjusting events occurring after this

date. Assets and liabilities recorded at fair value in the Statement of Fi

nancial Position are

categorised based upon the level of judgement associated with the inputs used to measure

their fair value. Hierarchical levels are directly related to the amount of subjectivity

associated with the inputs to fair valuation of these assets and liabilities and are as follows:

Level 1 – Inputs are unadjusted,

quoted prices in active markets for identical assets or

liabilities at the measurement date. As at 31 December 2025 and 31 December 2024,

there are no assets or liabilities carried at Level 1 fair value.

Level 2 –

Inputs (other than quoted prices included in Level 1) are either directly

(i.e.:

prices) or indirectly (i.e.: derived from prices) observable for the asset or liability. As

at 31 December 2025 and 31 December 2024,

there are no assets or liabilities carried at

Level 2 fair value, except those disclosed in Note 8.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

29

Level 3 – Inputs are based on unobservable data and reflect management’

s best estimate

of what market participants would use in pricing the asset or liability at the measurement

date. As at 31 December 2025,

the assets carried at Level 3 fair value are the financial

assets at FVTPL, of EUR 47.5 million (2024: EUR 61.6 million) in the Sub-

Fund and the

method that has been used for the fair value of the investment is the NAV of the Sub-

Fund

as at 31 December 2025 (refer to Note 7 for further details). The NAV of the Sub-

Fund

is considered to be a significant unobservable input. As at 31 December 2025,

financial

liabilities at FVTPL amounting to EUR 37.2 million (2024: EUR 49.1

million) have been

classified as Level 3 (refer to Note 11 for further details) as reported by Citco Fund

Services (Luxembourg) S.A. The fair value of the financial liabilities is based on the value

of the investments in Class A4 Units and Class B Units,

and adjusted by the corresponding

resu

lt (expenses and income) of the Company with the exception of result specifically

allocated to the Shareholder of the Company.

There were no transfers between the three levels during the year.

The reconciliation from the opening balances to the closing balances for fair value

measurements in Level 3 of the fair value hierarchy is in Note 7 for financial assets at

FVTPL and Note 11 for financial liabilities at FVTPL.

7. Financial Assets at FVTPL

Investment

Currency

Number

of Units

% Class

of Units

Cost EUR

31 December

31 December 20

20

2025

25

Fair Value EUR

31 December

31 December 202

202

2025

Class A4 Units in the Sub-Fund

EUR

31,937.50

100

35,770,000

27,008,487

Class B4 Units in the Sub-Fund

EUR

14,000.00

100

15,680,000

9,911,342

Carry Units in the Sub-Fund

EUR

464.02

100

519,697

10,557,090

Total

46,401.52

51,969,697

47,476,919

Investment

Currency

Number

of Units

% Class

of Units

Cost EUR

31 December 2024

Fair Value EUR

31 December 2024

Class A4 Units in the Sub-Fund

EUR

31,937.50

100

35,770,000

34,906,608

Class B4 Units in the Sub-Fund

EUR

14,000.00

100

15,680,000

13,789,120

Carry Units in the Sub-Fund

EUR

464.02

100

519,697

12,950,613

Total

46

46,401.52

401.52

51

51,969

969

969,697

697

61

61,646

646

646,341

341

Investment in Carry Units

The Company has subscribed Carry Units in the Sub-Fund,

which participate in the

carried interest. As the Company is the holder of Carry Units,

it receives income

distribution from the Sub-

Fund and proceeds arising from the partial or full disposal of

an investment of the Sub-Fund.

Such distributions and proceeds are calculated and paid by the Sub-

Fund based on

clause 24 of its Supplement Issuing document and on the following order of priority:

(a)

Firstly, 100% to the Unitholders of the Classes of Units,

pro rata to the number of

Units held in the relevant Classes,

until such payments equal in aggregate their capital

contributions.

(b)

Secondly, 100% to the Unitholders of the Classes of Units,

pro rata to the number of

Units held in the relevant Classes,

until cumulative distributions to such Unitholders

represent a return of 5% per annum compounded annually on the capital

contributions less distributions made (the “Preferred Return”).

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

30

(c)

Thirdly,

any further amounts apportioned amongst the Classes of Units that were

issued in order to finance the Investment from which proceeds available to distribute

have arisen, pro rata to the aggregate number of Units held in the relevant Classes;

and

(i)

80% of amounts arising in connection with the Class A4 Units to the Unitholders of

the Class A4 Units and 20% to the Carry Unitholders,

pro rata to the number of Units

held.

(ii)

(A) 100% of amounts arising in connection with the Class B4 Units to the Carry

Unitholders, pro rata to the number of Units held,

until cumulative distributions

equal 10% of the cumulative distributions made to the Carry Unitholders as a

Preferred Return. And then,

(B) 90% to the Unitholders of the Class B4 Units and

10% to the Carry Unitholders, pro rata to the number of Units held.

Movement in Financial Assets at

FVTPL

The following table presents the movement of the non-

current financial assets at FVTPL

during the years ended 31 December 2025 and 31 December 2024:

EUR

Investment in

Sub

Sub-Fund

Fund

Total

Balances as at 1 January 2025

61,646,341

Unrealised losses from financial assets at FVTPL

(14,169,422)

Balances as at 31 December 2025

47,476,919

EUR

Investment in

Sub

Sub-Fund

Fund

Total

Balances as at 1 January 2024

128

128,246

246

246,129

129

128

128,246

246

246,129

129

Unrealised losses from financial assets at FVTPL

(7,948,271)

Return of capital

(58,651,517)

Balances as at 31 December 2024

61

61,646

646

646,341

341

61

61,646

646

646,341

341

The unrealised gains/(losses) represents the difference between the carrying amount of a

financial assets at FVTPL at the beginning of the year,

or the transaction price if it was

purchased in the current reporting year,

and its carrying amount at the end of the

reporting year.

The Company has a commitment to remunerate investors and equity

holders.

During the year, the Company did not make a return of capital distribution (2024

: EUR

58.65 million) from the Sub-Fund. As at 31 December 2025,

the fair value of the

Company’s

investment

in

the

Sub-Fund

was

EUR

47.5

million

(2024

:

EUR 61.65 million), resulting in a net loss

from financial assets at FVTPL of

EUR 14.2 million (2024: net loss from financial assets at FVTPL of EUR 7.95 million

)

being reflected in the Statement of Profit or Loss and Other Comprehensive Income

.

During the year,

the Company received dividend income for a total amount of

EUR 1.0 million (2024: EUR 4.40 million).

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

31

8. Financial Assets and Liabilities not Measured at FVTPL

The financial assets not measured at FVTPL include cash and cash equivalent and other

receivables and financial liabilities not measured at FVTPL include trade and other

payables. These are short-term financial assets and liabilities whose carrying amounts

approximate fair value, because of their short-

term nature. Level 2 is deemed to be the

most appropriate categorisation for such assets and liabilities.

9. Other Current Assets

Other receivables in 2025 mainly comprise prepaid expenses (2024: Nil).

10. Equity

10.1 Share Capital

The Company’s issued share capital is EUR 0.05 million (2024: EUR 0.05

million)

consisting of 4.4 million (2024: 4.4

million) Class A Shares having a nominal value of EUR

0.01 each, and 0.2 million (2024: 0.2 million

) Class B Shares having a nominal value of

EUR 0.01 each.

Class A Shares and Class B Shares have the same rights and are entitled a pro rata

allocation of profits (based on their contribution). The residual performance on

Sub-Fund’

s Carry Units are attributable to the Shareholders of the Company (see

Note 10.4).

10.2 Special Reserve

The Company has setup share class specific reserve accounts into which any premium paid

on any share in addition to its nominal value as well as any share class specific capital

contribution without the issuance of shares is transferred.

In 2024, the Board of Directors resolved to repurchase and cancel the shares held by the

Shareholders for an aggregate amount of EUR 0.6 million, split between Class A Shares

amounting to EUR 0.1 million and Class B Shares amounting to EUR 0.5 million. Thi

s

resulted to a decrease in the Special Reserve by EUR Nil and to a decrease in the share

capital by EUR 0.05 million, with the remaining resulting in a decrease of the retained

earnings (see Note 10.4). There were no repurchases and cancellation of shares

during the

year. As at 31 December 2025, there were no Special Reserve balance maintained (31

December 2024: EUR Nil).

10.3 Legal Reserve

From the annual net profits of the Company,

five per cent (5%) shall be allocated to the

legal reserve. This allocation shall cease to be mandatory as soon and as long as such

reserve amounts to ten per cent (10%) of the share capital of the Company. As at

31 December 2025, the legal reserve is EUR 4,546 (2024: EUR 4,546).

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

32

10.4 Retained Earnings

1 January 2025 to

31 December 2025

1 January 2024 to

31 December 2024

Balance at the beginning of the year

12

12,645

645

645,433

433

14

14,079

079

079,172

172

Distribution to shareholders

–

(576,921)

Total comprehensive result for the year

(2,383,521)

(856,818)

Balance at the end of the year

10,261,912

12,645,433

Proceeds from the Class A4 Notes (see Note 11) are used to invest in Class A4 Units in the

Sub-

Fund (see Note 7). Proceeds from the Class B4 Notes (see Note 11) are used to invest

in Class B4 Units in the Sub-Fund (see Note 7).

The Company’s investment in Carry Units in the Sub-Fund valued at EUR 10.6

million

(2024: EUR 13.0

million) (see Note 7) are not financed by Notes but by the Shareholders

of the Company. Consequently, any gains or losses on the Company’

s investment in the

Carry Units in the Sub-

Fund are not offset by a corresponding change in financial

liabilities at FVTPL, i.e. the ultimate beneficiaries in the Carry Units of the Sub-

Fund are

the Shareholders of the Company, as outlined in section “

Description of the underlying

Transactions of the Sub-Fund” in the Notes Prospectus. The Sub-

Fund has not paid any

carried interest in 2025 (2024: EUR Nil).

11. Financial Liabilities at FVTPL

Financial liabilities at FVTPL as at 31 December 2025 are analysed as follows:

Financial liabilities

inancial liabilities

Number of Notes

31 December

31 December 202

202

2025

Nominal Value EUR

31 December

31 December 202

202

2025

Fair Value EUR

31 December

31 December 202

202

2025

Class A4 Notes

2,555

35,770,000

27,213,837

Class B4 Notes

1,120

15,680,000

10,001,361

Total

51,450,000

37,215,198

EUR

Notes

Total

Balances

Balances as

as

as at 1 January 202

at 1 January 202

at 1 January 2025

49,136,259

Net gains recognised through profit or loss

(11,921,061)

Balances as at 31 December 2025

37,215,198

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

33

Non-current financial liabilities at FVTPL as at 31 December 2024 are analysed as follows:

Financial liabilities

Number of Notes

31 December 2024

Nominal Value EUR

31 December 2024

Fair Value EUR

31 December 2024

Class A4 Notes

2,555

35,770,000

35,212,882

Class B4 Notes

1,120

15,680,000

13,923,377

Total

51

51,450

450

450,000

000

49

49,136

136

136,259

259

EUR

Notes

Total

Balances as at 1 January 2024

114

114,279

279

279,074

074

114

114,279

279

279,074

074

Net gains recognised through profit or loss

(7,077,815)

Redemptions

(58,065,000)

Balances as at 31 December 2024

49

49,136

136

136,259

259

49

49,136

136

136,259

259

The unrealised gains/(losses) of the liabilities represents the difference between the

carrying amount of a financial assets at FVTPL at the beginning of the year,

or the

transaction price if it was purchased in the current reporting year,

and its carrying amount

at the end of the reporting year.

During the year,

the Company paid interest on the Notes in the amount of

EUR 0.9 million (2024: EUR 4.2

million) (based on proceeds received from its investment

in Class A4 and B4 Units in the Sub-Fund less ongoing expenses).

During the year, the Company did not make any redemption on the Notes (2024

: EUR

58.1 million).

Upon issuance,

Notes subscribed by the Company are registered in the books of Euroclear

Sweden AB. Notes issued by the Company are listed on the Official List of NGM and

admitted to trading on the regulated market of NGM.

The details of the interest, principal and maturity of the Notes are available

in the Notes Prospectus which is publicly available on the Company’

s website

(www.bridgepoint.eu/investment-strategies/credit/bdlsv).

12. Trade and Other Payables

Trade and other payables are mainly comprised of tax payable, administration fees,

audit

fees,

director fees and legal and professional fees payable. There were no distributions

payable as at 31 December 2025 and 31 December 2024.

13. Taxation

The company is subject to general tax laws and regulations applicable to all commercial

companies in Luxembourg. A securitisation company’

s commitments to remunerate

investors for issued bonds or shares and other creditors qualify as a deductible expense

according to the Securitisation Law. No deferred tax is recognised for 2025 (2024

:

EUR Nil).

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

34

14. Related Party Transactions

There are no related party transactions other than the transactions between the Company

and the Sub-

Fund and between the Company and its shareholders (refer to Note 7 and

Note 11). During the year ended 31 December 2025, EUR 13,860

(2024: EUR Nil) of

service fees were incurred from members of the Board of Directors of the Company and

accounted under other expenses in the Statement of Profit or Loss and Other

Comprehensive Income.

15. Commitments and Contingencies

Bridgepoint Direct Lending I SV S.A.

As at 31 December

2025,

investors have committed to invest in Class A4 and Class B4

Notes to be issued by the Company for a total amount of EUR 525.0 million (2024

:

EUR 525.0 million).

As at 31 December

2025,

Class A4 and Class B4 Notes for a total amount of

EUR 51.5 million (2024: EUR 51.5

million) have been issued excluding not recallable

redemption (refer to Note 11 for further details).

As at 31 December

2025,

the total drawn commitment from the Noteholders amounted

to EUR 459.4 million (2024: EUR 459.4 million).

As at 31 December

2025,

the total undrawn commitment from the Noteholders

amounted to EUR 39.4 million (2024: EUR 65.6 million).

With effective date 30 June

2025, a cancellation of undrawn commitments of EUR 26.2 million was recorded.

Bridgepoint Credit FCP-SIF-

Bridgepoint Direct Lending I

As at 31 December

2025,

the Company has committed to invest an aggregate amount of

EUR 530.3 million (2024: 530.3 million) in the Sub-Fund.

As at 31 December

2025, the Company has undrawn commitment of EUR 129.6

million

(2024: EUR 156.1 million) in the Sub-Fund.

The above commitments have no specific maturity date as they relate to the duration of

the Sub-Fund, and when all positions will be sold.

16. Material Agreements

Bridge Facility Agreement

On 30 June 2015, the Sub-Fund entered into a side agreement (the “Side Agreement”

)

with Barclays Bank PLC (“Barclays”) relating to a EUR 50,000,

000 revolving facility

agreement (the “Facility Agreement”) which was entered into by, among others,

the

Sub-

Fund and Barclays. The Company (as debtor) is also party to a related pledge over

commitments agreement dated 30 June 2015 between the Sub-

Fund (as pledgor) and

Barclays. Under the terms of the Side Agreement and the pledge over commitments

agreement, the Company acknowledges that Barclays is granted by the Sub-

Fund an

assignment of the rights of the Sub-

Fund to issue drawdown notices to the Company and

the Company agrees to comply with any drawdown notice issued by Barclays to it,

which

Barclays would only be entitled to serve while an event of default is continuing under the

Facility Agreement. On 30 June 2015,

the Company also granted powers of attorney to

Barclays, under the terms of which,

while an event of default is continuing under the

Facility Agreement,

Barclays is entitled to issue Notes and to take certain steps in

operation of the bank account of the Company in order to facilitate the repayment of

amounts outstanding under the Facility Agreement.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

35

On 14 June 2016, the Fund entered into an Amended and Restated Facility Agreement,

pursuant to which, among other amendments,

the termination date of the facility was

extended to 30 June 2017 and the facility was increased to EUR 79 million. On 14 June

2016,

the Company also entered into a confirmation agreement in respect of the Side

Agreement

,

where it confirmed that the undertakings it gave under the Side Agreement

shall continue to be given in respect of the Amended and Restated Facility Agreement.

On 28 June 2017, the termination date of the facility was extended to 30 June 2018.

On 21 June 2018,

the termination date of the facility was extended to 30 June 2019 and

total facility reduced to EUR 50 million.

On 27 June 2019,

the termination date of the facility was extended to 30 June 2020 and

the total facility reduced to EUR 38 million.

On 11 June 2020,

the termination date of the facility was extended to 30 June 2021 and

the total facility reduced to EUR 20 million.

On 30 June 2021,

the termination date of the facility was extended to 30 June 2022 and

the total facility remained at EUR 20 million.

On 8 June 2022,

the termination date of the facility was extended to 30 June 2023 and

the total facility reduced to EUR 10 million.

On 27 June 2023, the termination date of the facility was extended to 30 June 2024,

the total facility amounts to EUR 10 million.

On 20 June 2024, the termination date of the facility was extended to 30 April 2025,

the

total facility amounts to EUR 10 million.

On 16 April 2025, the termination date of the facility was extended to 30 March 2026,

the total facility amounts to EUR 10 million.

Administrator Agreement

The Company entered into an administration agreement with Citco Fund Services

(Luxembourg) S.A. (the “Administrator”

). The Administrator receives from the Company

a fixed administration fee of EUR 10,

000 effective from fourth quarter of 2020. The total

administration fee for the year was EUR 37,770

(2024: EUR 46,459), of which EUR

4,005 (2024: EUR Nil) was still payable at year end.

Administration fees due to parties

other than the Administrator amounted to EUR 12,661

(2024: EUR 6,294), of which

EUR 3,223 (2024: EUR 2,925) was still payable at year end.

17. Involvement with Unconsolidated Structured Entities

The Company has concluded that the unlisted closed-ended Sub-Fund in which it invests,

but that it does not consolidate, meet the definition of structured entities because:



The voting rights in the Sub-

Fund are not dominant rights in deciding who controls

it because the rights relate to administrative tasks only;



The Sub-Fund activities are restricted by its prospectus and managed by the Entity’

s

Board of Managers of the Management Company; and



The Sub-Fund has narrow and well-

defined objectives to provide investment

opportunities to investors.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

36

The table below describes the type of structured entity that the Company does not consolidate but in which it holds an interest.

Type of Structure Entity

Nature and Purpose

Interest Held by the

Company

Investment fund

To invest in secured debt or comparable debt instruments issued in order to

finance European domiciled mid-market businesses as well as equity or equity-

like instruments in conjunction with or following a capital re-

organisation of

debt investments

Investment in Units

The investment objective of Sub-

Fund is to provide its Investors with a target blended

gross return of 8-

10% per annum whilst focusing on capital preservation through

investment in secured debt (in the form of senior,

unitranche and mezzanine loans) or

comparable debt instruments issued in order to finance European domiciled mid-

market

businesses as well as equity or equity-

like instruments in conjunction with or following a

capital re-organisation of debt investments. The Sub-Fund has the ability to invest

through both the primary and secondary loan markets.

The maximum exposure to loss is the carrying amount of the financial assets held. The

NAV

of

the

unconsolidated

structured

entity

is

EUR

47.5

million

(2024:

EUR 61.6 million)

and the carrying amount included in the financial asset at FVTPL is

EUR 45.4 million (2024: EUR 61.6 million).

The Company has 100% ownership in the

Sub-Fund capital.

During the years ended 31 December 2025 and 31 December 2024,

the Company did

not provide financial support to the Sub Fund and has no intention of providing financial

or other support aside from its contractual commitment obligation as further detailed in

Note 15. The investment in the Sub-Fund is closed-ended with

no possibility of

redemptions for a term of 7 years with the possibility of an extension of 2 years as further

described in the Issuing Document.

18. Employees

The Company had no employees during the year.

19. Subsequent Events

Summary

There were no other adjusting or non-

adjusting events after the reporting date that would

require disclosure or revision to the Financial Statements as presented.

Bridgepoint Direct Lending I SV S.A.

31 December 2025

Private and Confidential

37

Management and Administration

Registered Office

6B

,

Rue du Fort Niedergrünewald

L-2226 Luxembourg

Grand Duchy of Luxembourg

Board of Directors

Aurélie Ritter (

a

ppointed on 1 November 2025)

Ayaz Khan (resigned on 2 March 2026)

Csaba Horváth

Don Scannell (resigned on 1 November 2025)

Nicholas Curwen (appointed on 17 February 2025)

Thibaut Thal

Administrator

Citco Fund Services (Luxembourg) S.A.

Carré Bonn, 20 rue de la Poste

L-2012 Luxembourg

Grand Duchy of Luxembourg

Auditor

KPMG Audit S.à r.l.

39, Avenue John F. Kennedy

L-1855 Luxembourg

Grand Duchy of Luxembourg

Issuer Agent

Nordic Fixed Income AB (trading as Arctic

Securities)

Biblioteksgatan 8

111 46 Stockholm

Sweden

Central Securities Depositary

Euroclear Sweden AB

P.O. Box 191

101 23 Stockholm

Sweden

Legal Advisers

Arendt & Medernach SA

41A, Avenue John F. Kennedy

L-1855 Luxembourg

Grand Duchy of Luxembourg

Mannheimer Swartling Advokatbyrå AB

Norrlandsgatan 21

P.O. Box 1711

111 87 Stockholm

Sweden

Bridgepoint.eu

Private and Confidential

The information included in this report is highly confidential, trade-

secret and proprietary

information and is being made available to recipients on a strictly confidential basis and may

not be disclosed or discussed with any person other than any recipient’

s affiliates and

professional advisers on a confidential and need to know basis. Recipients should note that this

report contains valuation estimates with respect to certain investments which are subject to

change. In particular, recipients should note

that the value of such investments may go down as

well as up. In addition,

changes in any assumptions on which such valuations are based and

other factors outside of the Manager’

s control may have a material impact upon such valuations

and the actual value of such investments may therefore be materially different from the

valuations presented herein. Accordingly,

recipients should not treat such valuations as

necessarily indicative of, or any guarantee as to,

future results and nothing contained herein

should be relied upon as a promise or representation whether as to past or future performance

or otherwise. The information contained in this report is being provided solely to assis

t

investors in the Fund with an assessment of their investment in the Fund and is not to be

construed as investment or any other advice and should not be relied upon as such. Further,

the

information contained in this report should not form the basis of any investment decision or

decision to engage in any transaction.