About Asset-Backed Lending with a Focus on Equipment Leasing

Learn about asset-backed lending and one of its subsegments, equipment leasing, in this video featuring Justin Staadecker and Jon Ashley, Co-Portfolio Managers of HPS’s Asset Value Funds.

Risk Disclosure

This material is for information purposes only, is confidential and may not be reproduced or distributed except as otherwise provided herein. All information provided herein confidential and may not be reproduced or is as of the date set forth on the cover page (unless otherwise specified) and is subject to modification, change or supplement in the sole discretion of HPS Investment Partners, LLC (“HPS”) without notice to you. This information is neither complete nor exact and is provided solely as reference material with respect to the Fund referenced herein. Defined terms are as set forth within.

This material does not constitute an offering of any security, product, service or fund, including the Fund, for which an offer can be made only by the Fund’s Confidential Offering Memorandum (the “Confidential Memorandum”). The terms and risk factors of the Fund are set out in its Confidential Memorandum which is available to qualified prospective investors upon request. The contents hereof are qualified in their entirety by the Confidential Memorandum and subscription agreements of the Fund.

The purchase of interests in the Fund is suitable only for sophisticated investors for which an investment in the Fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the Fund’s investment program. Generally, the Fund would include investors who are “Accredited Investors” under the Securities Act of 1933, “Qualified Purchasers” under the Investment Company Act of 1940, and “Qualified Eligible Persons” under Regulation 4.7 of the Commodity Exchange Act.

The interests have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws or the laws of any foreign jurisdiction. The interests will be offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and other jurisdictions where the offering will be made. The Fund will not be registered as an investment company under the Investment Company Act of 1940.

The interests are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable statutes. In addition, such interests may not be sold, transferred, assigned or hypothecated, in whole or in part, except as provided in the Fund’s organizational documents. Accordingly, investors should be aware that they will be required to bear the financial risks of an investment in the interests for an indefinite period of time. There is no secondary market for an investor’s interests in the Fund and none is expected to develop. There is no obligation on the part of any person to register the interests under any statutes.

The performance results of certain economic indices and certain information concerning economic trends contained herein are based on or derived from information provided by independent third-party sources. The Fund believes that such information is accurate and that the sources from which it has been obtained are reliable. The Fund cannot guarantee the accuracy of such information, however, and has not independently verified the assumptions on which such information is based.

Certain information contained in this material constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology.

Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements.

Past performance is not necessarily indicative of future results. Performance is estimated and unaudited. While this summary highlights important data, it does not purport to capture all dimensions of risk. The methodology used to aggregate and analyze data may be adjusted periodically. The results of previous analyses may differ as a result of those adjustments. The Fund is an actively managed portfolio and regional, sector and strategy allocations are subject to ongoing revision. HPS has made assumptions that it deems reasonable and used the best information available in producing calculations above.

Please note the following Risks: Investors are strongly urged to carefully review the sections in the Confidential Memorandum titled “Risk Factors” and “Conflicts of Interest.” Among the risks involved in an investment in the Fund are as follows:

General/Loss of capital. An investment in the Fund involves a high degree of risk. There can be no assurance that the Fund’s return objectives will be realized and investors in the Fund could lose up to the full amount of their invested capital. The Fund’s fees and expenses may offset the Fund’s trading profits. Limited liquidity. An investment in the Fund provides limited liquidity since withdrawal rights are limited and interests are not freely transferable or redeemable. There is no secondary market for the interests in the Fund and none is expected to develop. Dependence on manager. The fund manager has total trading authority over the Fund. The use of a single advisor could result in lack of diversification and consequently, higher risk. Decisions made by the fund manager may cause the Fund to incur losses or to miss profit opportunities on which it would otherwise have capitalized. Volatility. Investment techniques used may include the use of leverage and derivative instruments such as futures, options and short sales, which amplify the possibilities for both profits and losses and may add volatility to the Fund’s performance. Potential conflicts of interest. The payment of a performance-based fee to the fund manager may create an incentive for the fund manager to cause the Fund to make riskier or more speculative investments than it would in the absence of such incentive. Valuation. Because of overall size or concentration in particular markets of positions held by the Fund or other reasons, the value at which its investments can be liquidated may differ, sometimes significantly, from the interim valuations arrived at by the Fund. Non-U.S. securities. The Fund will invest in foreign securities, which may include exposure to currency fluctuation, reduced access to reliable information, less stringent accounting standards, illiquidity of securities and markets, higher commissions and fees and local economic or political instability. Absence of regulatory oversight. The Fund will not register as an investment company under the U.S. Investment Company Act of 1940 or similar laws or regulations. Accordingly, the provisions of such laws and regulations will not be applicable.

The foregoing risk factors do not purport to be a complete explanation of the risks involved in an investment in the Fund. Investors should read the entire Confidential Memorandum before making investment determinations with respect to the Fund.

NOT FOR RETAIL DISTRIBUTION: This communication has been prepared exclusively for institutional/ wholesale/professional clients and qualified investors only as defined by local laws and regulations.

This document is issued in the UK by HPS Investment Partners (UK) LLP which is authorized and regulated by the Financial Conduct Authority. The Fund is not a recognized collective investment scheme for the purposes of the Financial Services and Markets Act 2000 (“FSMA”), as amended, so the promotion of the Fund and the distribution of this document in the United Kingdom is further restricted by section 238 of FSMA. This document may be issued in the United Kingdom only to and/or is directed only at persons whom the Fund may lawfully be promoted under the FSMA (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended, (including persons who are authorized under FSMA, certain persons having professional experience of participating in unrecognized collective investment schemes, high net worth companies, high net worth unincorporated associations or partnerships, the trustees of high value trusts and certified sophisticated investors) or Section 4.12 of the FCA’s Conduct of Business Sourcebook (“COBS”) (including persons who are professional clients or eligible counterparties for the purposes of COBS). Interests in the Fund are not available to any other persons in the United Kingdom and this document must not be relied or acted upon by any such other persons.

In relation to each member state of the EEA (each a “Relevant State”) which has implemented the Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) this presentation may only be distributed and interests in the Fund may only be offered or placed in a Relevant State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the Relevant State in accordance with AIFMD (as implemented into the local law/regulation / as it forms part of local law of the Relevant State); or (2) this presentation may otherwise be lawfully distributed and the interests in the Fund may otherwise be lawfully offered or placed in that Relevant State (including at the initiative of the investor). In relation to each Relevant State which, at the date of this presentation, has not implemented AIFMD, this presentation may only be distributed and interests in the Fund may only be offered or placed to the extent that this presentation may be lawfully distributed and the interests in the Fund may lawfully be offered or placed in that Relevant State (including at the initiative of the investor).

In the Dubai International Financial Centre, this document is issued by HPS Investment Partners (UK) LLP (DFIC Representative Office) which is regulated by the Dubai Financial Services Authority (“DFSA”) as a Representative Office. This document relates to a financial product which is not subject to any form of regulation or approval by the DFSA. The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with this financial product. Accordingly, the DFSA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. The financial product to which this document relates may be illiquid and/or subject to restrictions on its resale. Prospective purchasers should conduct their own due diligence on the financial product. If you do not understand the contents of this document you should consult an authorized financial adviser.

In Singapore, the Fund is not a collective investment scheme which is authorized under section 286 of the Securities and Futures Act 2001 of Singapore (the “SFA”) or recognized under section 287 of the SFA. The Fund is not authorized or recognized by the Monetary Authority of Singapore (the “MAS”) and interests are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you. This document may not be circulated or distributed, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

In Australia, this document is not a product disclosure statement under the Corporations Act 2001 (Cth) (Corporations Act) and does not constitute a recommendation to acquire, an invitation to apply for, an offer to apply for or buy, an offer to arrange the issue or sale of, or an offer for issue or sale of, any securities in Australia, except as set out below. The Fund has not authorized nor taken any action to prepare or lodge with the Australian Securities & Investments Commission an Australian law compliant prospectus or product disclosure statement. Accordingly, this document may not be issued or distributed in Australia and the interests in the Fund may not be offered, issued, sold or distributed in Australia other than by way of or pursuant to an offer or invitation that does not need disclosure to investors under Part 6D.2 or Part 7.9 of the Corporations Act, whether by reason of the investor being a “wholesale client” (as defined in section 761G of the Corporations Act and applicable regulations) or otherwise. This document does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of interests to a “retail client” (as defined in section 761G of the Corporations Act and applicable regulations) in Australia.

In Canada, this document pertains to the offering of interests in the Fund only in those jurisdictions and to those persons where and to whom they may be lawfully offered for sale, and only by persons permitted to sell such securities. This document is not, and under no circumstances is to be construed as, an advertisement or a public offering of interests in the Fund in Canada. No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of interests in the Fund, and any representation to the contrary is an offence. HPS Investment Partners (UK) LLP and/ or HPS Securities, LLC acts as our dealer in Canada and relies on the international dealer exemption.

In Switzerland, for certain HPS-managed funds, the Swiss representative is Mont-Fort Funds AG, 63 chemin Plan-Pra, 1936 Verbier, Switzerland (the “Representative”) and the Swiss paying agent for those funds is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva, Switzerland. The place of performance and jurisdiction for the limited partner interests in those funds offered or distributed in or from Switzerland is the registered office of the Representative.

Securities offered through HPS Securities, LLC, Member: FINRA/SIPC. HPS Securities, LLC is an affiliate of HPS Investment Partners, LLC and HPS Advisors, LLC.