Tranche Update on Livermore Investments Group Limited's Equity Buyback Plan announced on October 13, 2015.

Livermore Investments Group Limited is a British Virgin Islands-based investment company. The Company’s primary investment objective is to generate high current income and regular cash flows. The financial portfolio is constructed around fixed income instruments such as collateralized loan obligations (CLOs) and other securities or instruments with exposure primarily to senior secured and usually broadly syndicated United States loans. The Company has a long-term oriented investment philosophy and invests primarily with a buy-and-hold mentality, though from time to time the Company will sell investments to realize gains or for risk management purposes.