The share price for the Alternative Income Fund tender offer is the NAV* per share as of the previous quarter ending prior to the current tender offer less the amount of any distributions to shareholders between the end of the quarter prior to the current tender offer and the expiration date of the offer and therefore may differ from the current value of your holdings.

* We expect to determine the Net Asset Value (NAV) per share of the Fund’s common stock by dividing the value of its investments, cash and other assets (including interest accrued but not collected) minus all liabilities (including accrued expenses, borrowings and interest payables) by the total number of shares of the Fund’s common stock outstanding on a quarterly basis. The most significant estimate inherent in the preparation of our financial statements likely will be the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. There generally is no single method for determining fair value in good faith. As a result, determining fair value usually requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the types of investments the Fund makes. We will be required to specifically determine the fair value of each individual investment on a quarterly basis.