EFTA01365377

"Concentration Limits": With respect to the Issuer's commitment to purchase Collateral Obligations on or after the Effective Date: (a) the minimum and maximum limitations (and exceptions and additional requirements) listed in the table below: Collateral Type (i) Senior Secured Loans (assuming for purposes of these calculations that Eligible Principal Investments arc Senior Secured Loans) (ii) Senior Secured Notes and Second Lien Loans, collectively (iii) PIK Securities and Partial PIK Securities, collectively (iv) DIP Loans (v) the Commitment Amount of Revolving Credit Facilities and the Unfunded Amount of Delayed Funding Loans, collectively (vi) Participations (vii) Caa/CCC Collateral Obligations (other than Permissible Replacement Collateral Obligations) (viii) obligations that arc subject to an Offer or notice of redemption of which the Investment Manager has actual knowledge; provided that any. such Offer must include payment of cash in an amount at least equal to the par amount of the Collateral Obligation (ix) obligations of any one obligor (together with affiliated obligors) (x) obligations issued by obligors in any one industry determined by the S&P's CDO Monitor Asset Classifications Minimum (% of the Portfolio Principal Balm) 95 Maximum (% of the Portfolio Principal Exceptions and Additional Balance) Requirements 5 5 no more than 2.5% in PIK Securities 7.5 5 5 7.5 5 2 up to five obligors may each constitute up to 2.5% 8 obligors in any two such industries may each comprise up to 12% ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_00202277 DB-SDNY-0056093 EFTA01365377