X0306 4 2019-12-30 0 0001779523 Muzinich BDC, Inc. NONE 0001789546 Muzinich US Private Debt, SCSp 47 AVENUE J.F. KENNEDY LUXEMBOURG N4 L-1855 LUXEMBOURG 0 0 1 0 0001789554 Muzinich US Private Debt General Partner, S.a r.l. 6D, ROUTE DE TREVES SENNINGERBERG N4 L-2633 LUXEMBOURG 0 0 1 0 Common Stock 2019-12-30 4 P 0 175726.833 100 A 351338.346 D Common Stock 2019-12-30 4 P 0 175726.833 100 A 351338.346 I By: Muzinich US Private Debt General Partner, S.a r.l., as the GP of Muzinich US Private Debt, SCSp. Muzinich BDC, Inc. (the "Issuer") common stock, par value $0.001 per share ("Common Stock"). Muzinich US Private Debt General Partner, S.a r.l. (the "General Partner") is entitled to receive a de minimis fixed dollar amount of the profits of Muzinich US Private Debt, SCSp (the "Partnership") on an annual basis. Accordingly, the General Partner's proportionate interest in the profits of the Partnership will vary depending on the amount of such profits in the relevant period, and therefore the General Partner has reported beneficial ownership of all securities held by the Partnership. In accordance with Section 16 of the Securities Exchange Act of 1934, the General Partner hereby disclaims beneficial ownership of all securities reported herein except to the extent of its pecuniary interest. Muzinich US Private Debt, SCSp, By: Muzinich US Private Debt General Partner, S.a r.l., By: /s/ Paul Fehre, Manager 2020-01-02 Muzinich US Private Debt General Partner, S.a r.l., By: /s/ Paul Fehre, Manager 2020-01-02