2021 was a year of optimism and resiliency and we hope this note finds you and your families safe and healthy. The LBC Small Cap team is proud to reflect on a productive year of working in partnership with our existing portfolio companies and their sponsors to try to drive growth and create value.

During the year, we added four new portfolio companies and supported the execution of eleven add-on acquisitions for existing investments. LBC Small Cap also realized or partially exited three investments in 2021.

We grew our team and welcomed Cristina C. Morais as a Vice President in October. We are also pleased to announce the promotions of Chris Weidner to Vice President and Libbie Warner to Associate.

The Small Cap team looks forward to building on this momentum during 2022 by growing and enhancing our partnerships, supporting our existing portfolio investments, and working to deploy capital into new opportunities. Please feel free to reach out to any team member with new investment opportunities in 2022.

The Small Cap strategy, as well as any funds and investments related thereto, is managed by a licensed fund manager in the SBIC Program under the U.S. Small Business Administration, LBC Small Cap Management, L.P., which while owned by certain senior executives of LBC Credit Management, L.P. (“LBC Credit”), is separate and distinct from LBC Credit. For additional information, please contact [email protected]. With respect to LBC Credit Partners VI Feeder LP that are offered in Japan, LBC Credit Funding VI LP will provide to any member of the Japanese public a copy of such documents as are required to be made publicly available pursuant to Article 63 of the Financial Instruments and Exchange Act of Japan. Please contact [email protected] to request such documents.