GLOBAL CREDIT FUND. Income Through Direct Lending Opportunities*

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1 GLOBAL CREDIT FUND Income Through Direct Lending Opportunities* * There is no guarantee the Fund will achieve its objectives. An investment in Stira Alcentra Global Credit Fund (the "Fund" or the "Global Credit Fund") involves a high degree of risk and may be considered speculative. Investors are advised to consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This information must be accompanied or preceded by a prospectus. The Fund's prospectus contains additional information about the Fund and the offering described herein. Investors may obtain a copy of the Fund's prospectus free of charge at StiraCMG.com or by contacting Stira Capital Markets Group, LLC at Von Karman Avenue, Suite 500, Irvine, CA or by phone at (877) Investors should read and carefully consider all information found in the Fund's prospectus and other reports filed with the U.S. Securities and Exchange Commission before investing.

2 RISK FACTORS An investment in Stira Alcentra Global Credit Fund (the Fund or the "Global Credit Fund") is subject to, among others, the following risks: Investors may not have access to the money they invest for an indefinite period of time. Therefore, an investment in the Fund is not suitable for investors that need access to the money they invest. The shares of the Fund are not listed on any securities exchange and the Fund may not seek to complete a liquidity event. The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history, including no history operating as a RIC. Shareholders will not have the opportunity to evaluate future Fund investments. Although the Fund has implemented a share repurchase program, it may be discontinued at any time and only a limited number of shares are eligible for repurchase. The Fund intends to limit the number of shares to be repurchased during any calendar year to the number of shares the Fund can repurchase with the proceeds it receives from the issuance of shares under its distribution reinvestment plan, or 2.5% in each quarter, whichever is less. Shareholders that tender their shares within one year of purchase will be subject to an early withdrawal charge of 2.0%. The amount of distributions paid, if any, is uncertain. Any Fund distributions may, in whole or in part, be funded from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses. The Fund s investments in various secured and unsecured, rated or unrated debt securities and instruments are subject to non-payment risk and are speculative in nature. There is no guarantee the fund will achieve its objectives. If the Fund invests in derivatives, such securities have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund. Below investment grade instruments (commonly referred to as high-yield securities or junk bonds ) are speculative and may be particularly susceptible to economic downturns, which could cause losses. Investments in certain non-u.s. securities may involve factors not typically associated with investing in the United States or other developed countries. The adviser, the sub-adviser and certain of their affiliates may experience conflicts of interest in connection with management of the Fund including, but not limited to allocation of the adviser s and the subadviser s time and resources between the Fund and other investment activities; compensation payable by the Fund to the adviser and its affiliates; and competition with certain affiliates of the sub-adviser for investment opportunities. The Fund will pay fees to the adviser and its affiliates, including the dealer manager. These fees will not be negotiated at arm s length and may be higher than fees payable to unaffiliated third parties. An investment in the Fund is subject to fees and expenses. Increases in interest rates may cause the Fund s investments in fixed rate debt securities to decline in price. During periods of declining interest rates, borrowers or issuers may exercise their option to prepay principal earlier than scheduled, which could reduce income and returns. Investments in subordinated debt have lower priority in right of payment to any higher ranking obligations of the borrower, and the cash flows and assets of the borrower may be insufficient to meet scheduled payments after giving effect to any higher ranking obligations of the borrower.

3 The Global Credit Fund is designed to provide its investors with income through the financing of middle-market companies across diverse industries in the U.S. and Western Europe. The Global Credit Fund The Fund Strategy The Fund is structured as an alternative to traditional bank lending and will lend to middle-market companies representing a wide range of industries located in the U.S. and Western Europe. The Portfolio Manager Alcentra will identify investment opportunities, make investment decisions and execute on trading strategies for the Fund. Alcentra is a diverse and experienced credit manager, with an 18-year history and a team of 150 professionals managing money from offices in London, New York and Boston. Alcentra has consistently been recognized in the industry as a leader and a best performer in the asset category with numerous awards and accolades. The Investor Profile The Fund is intended for investors seeking to diversify their portfolios through global direct lending opportunities with the primary objective of maximizing current income and risk-adjusted returns. * As of September 30, Expertise raising capital and advising non-traded investment products Affiliate of the adviser Leading distributor of alternative investments 5 credit, debt and equity funds Raised over $1.5 billion from 40,000 investors* Global alternative lending specialist with $34.7 billion in assets under management* Sub-Adviser to the Fund BNY Mellon subsidiary One of the longest tenured credit platforms globally 14 prior middle-market lending funds globally, totaling $6.9 billion in AUM* One of world s largest and oldest financial institutions Will provide access to its $200 billion Wealth Management platform for proprietary investment sourcing World's largest custodian¹ with $32.2 trillion under custody* 5th largest global asset manager² 1

4 A Focus on Middle-Market Companies The Global Credit Fund intends to focus on growth-oriented, middle-market companies.* APPROXIMATELY 350,000 companies³, ⁴ NEARLY $200 Billion in direct loans issued⁵ $ EXCEEDS THE WORLD'S 3rd largest economy³, ⁴ EMPLOYS 80 Million people³, ⁴ The Current Lending Environment Bank consolidation and regulatory change have caused a significant and steady reduction in bank lending to middle-market companies over the past 20 years.⁶ In the U.S., regulations under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act now specifically limit a bank s ability to lend to businesses. Additionally, The European Union enacted similar reforms that are limiting bank lending to companies across Europe. As a result, demand for alternative lending sources has grown tremendously. Sources of Corporate Lending Capital U.S. Lending Market⁷ European Lending Market⁸ Market Share 80% 60% 40% 20% 70.6% 29.4% 40.6% 59.4% Market Share 80% 60% 40% 20% 74.8% 25.2% 34.2% 65.8% Traditional Banks Non-bank Lenders * The Fund intends to provide customized financing solutions to lower middle-market and middle-market companies (as defined in the prospectus). The Fund considers lower-middle-market and middle-market companies (referred to herein as "middle-market companies") to be companies having annual EBITDA of between $5 million and $50 million and/or revenues of between $25 million and $750 million. 2

5 Middle-Market Opportunity in the U.S. and Western Europe The recent introduction of financial regulations has driven greater demand for alternative sources of lending to middlemarket global companies, providing a significant opportunity to non-bank lenders such as the Global Credit Fund. United States Significant growth rate 9.2% revenue growth vs. 5.8% for S&P 500 companies over the past year3 Large potential lending pool More than $6 trillion in annual revenue,3 generating consistent need for capital to fund growth Higher yield Higher payments for corporate debt due to lack of available SBA loans and corporate bonds9 The U.S. economy s mighty engine Responsible for nearly 33% of private sector GDP and jobs3 Western Europe Larger window for lending opportunities Less competition for non-bank lenders Demand for capital Locally based expertise is a necessity Delayed economic recovery Impending bank regulations Middle-market companies in Europe will need 2.7 trillion 3.1 trillion over next 5 years¹⁰ Significant differences among regional markets The Fund will target middle-market companies in the U.S. and core regions of Western Europe Core Opportunistic Selective 3

6 Direct lenders have experienced low default rates on loans made to middle-market companies, averaging only 2.8%. 11 New Investment Opportunity: Global Direct Lending The Global Credit Fund intends to provide direct lending to primarily private, middle-market companies in the U.S. and Western Europe. The Fund primarily will source and originate its own lending opportunities. A direct-lending strategy can provide the following benefits: An illiquidity premium that may generate attractive yields.12 Enhanced risk management from direct origination. Attractive loan attributes for lenders. Diversification and investment exposure beyond stocks and bonds.* Floating loan rates can provide a hedge against rising interest rates. Annualized Return (%) Middle-market lending risk-adjusted returns.** 13, *** Asset Class Return and Volatility (2003 September 2017) Middle Market U.S. Leveraged Loans European Leveraged Loans UST 10 Yr Global High Yield U.S. High Yield S&P Annualized Volatility (%) * Diversification does not ensure a profit or guarantee against a loss. ** While middle-market lending may provide certain benefits compared to other asset classes, the Fund s portfolio may be comprised of assets that are unrated, or, if rated, would be considered high yield or junk securities; illiquid securities that may be difficult to dispose of at a fair price; lack any type of government guarantee or insurance; and are subject to greater volatility than investments in shorter-term debt obligations. ***Each asset class is represented by an index intended to provide a broad representation of a particular asset class, and is not reflective of returns or volatility associated with a specific investment. The rates of returns shown do not reflect the deduction of fees and expenses inherent in investing. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 4

7 Direct Origination: Benefits of Underwriting and Oversight * Since the Global Credit Fund will source and originate its own lending opportunities, it is able to provide investment expertise during every stage of the lending process. This allows the Fund to seek to capitalize on the following benefits: Highly selective due diligence screening process. Unlike syndicated loans, the Fund has the ability to dictate loan terms. Involvement in the companies in which it lends.* Proprietary source of deal flow and deal referrals. Underwriting Lending Oversight* * The Sub-Adviser employs rigorous monitoring of portfolio companies following an investment and works with management and other investors to develop and continually refine each company s strategic plan. This includes attending operating meetings and board of director meetings, interacting with industry experts and third party sources and consultants, analyzing monthly financial data and operating metrics, and performing regular detailed portfolio valuation analyses. Anyone can lend money. Not everyone can get it back. David Forbes-Nixon, Co-founder, Chairman and Chief Executive, Alcentra 5

8 Alcentra: Focused on Performance One of the largest and most experienced global direct lending teams Alcentra NY, LLC ("Alcentra"), the sub-adviser to the Fund and a subsidiary of BNY Mellon, not only will source middle-market investments for the Fund, but in many cases will play an active role with the companies to which it lends.* This active strategy can help ensure that borrowers deploy their capital wisely and are able to meet their financial obligations to the Fund. Alcentra is a global credit alternative specialist that manages approximately $34.7 billion in sub-investment credit assets across more than 75 investment vehicles and funds. Founded in 2002, Alcentra has established itself as one of the most active direct lending managers in the U.S. and Europe, with 14 prior middle-market lending funds globally and more than 219 middle-market investments totaling in excess of $6.9 billion. 10% Historical Market Spreads 12 YIELD 8% 6% 4% 2% Middle Market Large Corporations Q16 This is not a guarantee of future performance. Historical market spreads represent the difference between Middle Market and Large Corporation yields. One of World s Largest and Oldest Financial Institutions BNY Mellon, Alcentra's parent company, was founded in 1784 and currently oversees $1.8 trillion in assets under management. It is the fifth largest global asset manager and the world s largest financial custodian with $32.2 trillion under custody. * The Sub-Adviser employs rigorous monitoring of portfolio companies following an investment and works with management and other investors to develop and continually refine each company s strategic plan. This includes attending operating meetings and board of director meetings, interacting with industry experts and third party sources and consultants, analyzing monthly financial data and operating metrics, and performing regular detailed portfolio valuation analyses. Tapping into the Alcentra Advantage The Fund will benefit from Alcentra s: Extensive global sourcing and origination platform to directly source its investment opportunities, which may offer higher returns and more favorable loan attributes than broadly syndicated transactions. Broad and experienced dealing in the Western European market. Alcentra is currently among the most active lenders in the Western European market, accounting for approximately 20 percent of deals done in the sector.14 Regional experts who understand the unique business cultures and specific rules and regulations of their specific region. Proven due diligence through rigorous underwriting and proactive portfolio oversight, which may allow it to identify and maintain risk-adjusted return opportunities among the target portfolio companies.

9 Structure: A Closed-End Fund with a Current Income Focus The Global Credit Fund's lending strategy is offered within a closed-end fund, which ultimately supports the Fund s objectives for both income and an absolute total return advantage. Responsibilities and Limitations of the Investment Company Act of 1940 The Fund is subject to the Investment Company Act of 1940, which regulates mutual funds, ETFs, UITs and closed-end investment companies. This regulation requires the Fund to maintain: An independent board of trustees that acts in a fiduciary role on behalf of investors A custodian for its assets Financial performance transparency through filings with the Securities and Exchange Commission Regular disclosure of the value of its underlying holdings Stable Capital Structure* The Fund s non-traded, closed-end fund structure allows its portfolio managers to invest with greater certainty and hold assets they believe will deliver long-term returns. Broad Access to the European Market Similarly structured business development companies are required to be at least 70% invested in domestic companies and are often reluctant to invest outside of the U.S. Closed-end funds such as Stira Alcentra Global Credit Fund are not subject to this limitation on foreign investment and are able to take advantage of favorable investment opportunities in Western Europe. This allows the Fund to provide a more diversified portfolio of investments. Non-U.S. securities may be traded in undeveloped, inefficient and less liquid markets and may experience greater price volatility, illiquidity and changes in value. The Global Credit Fund Investment Process Investment Loans Investor Stira Alcentra Global Credit Fund Middle-Market Companies Distribution** Principal & Interest*** * The underlying assets will fluctuate in value and may be worth more or less than their original value. ** Distributions are not guaranteed and may be sourced from non-income items such as offering proceeds and borrowings. *** A borrower may fail to satisfy financial or operating covenants imposed by the Fund or other lenders, which could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize such company s ability to meet its obligations under the debt or equity securities that the Fund holds. 7

10 The Global Credit Fund is intended for investors seeking income and risk-adjusted returns. capital preservation with the potential for capital appreciation. to diversify by adding non-correlated assets to their portfolio. an alternative to traditional investment strategies. To learn more about how the Global Credit Fund can diversify your portfolio, please talk with your financial professional or visit StiraCMG.com

11 Citations Institutional Investor, September Pensions & Investments, December 31, National Center for the Middle Market, Q * GE Capital, The European mid-market in 2013: Voices from the boardroom, National Center for Middle Market, 1Q-16 Middle Market Indicator, and One Source Database.* S&P LCD Quarterly, US Banks includes securities firms. Excludes non-us banks, June 30, S&P Global Market Intelligence, US Middle Market, 1Q S&P Global Market Intelligence, Bloomberg, Middle market direct lending: Increased investor demand for private debt, January 7, S&P Banking Disintermediation in Europe, S&P Capital IQ LCD 4Q16, covering the period from S&P Capital IQ LCD 3Q16. Figures presented are for middle market and large corporate LBOs. Indexes included are: Middle Market= S&P/LSTA Leveraged Loan Index Middle Market Component (which is based on companies with annual EBITDA of $50mm of less), US Leveraged Loans = Credit Suisse Leveraged Loan Index, European Leveraged Loans = S&P European Leveraged Loan Index ex. Currency, US High Yield Bonds = BAML US High Yield Index, Global High Yield Bonds = BAML Global High Yield Constrained Hedged USD Index, US Equity = S&P500 Index; UST 10 Yr = BAML Treasury Current 10 Yr. Index. AlixPartnersMidmarket Debt Survey 2015 (Europe). *The middle market, as defined by the National Center for the Middle Market, includes companies with revenues between $10 million and $1 billion. 9

12 18100 Von Karman Avenue, Suite 500 Irvine, CA (877) StiraCMG.com Securities distributed by Stira Capital Markets Group, LLC. Member: FINRA & SIPC SAGC-BR

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