13G Filing: Oaktree Capital Management and Stonemor Partners LP (STON)

The information contained in Items 5-9 and 11 of the cover pages
of this Schedule 13G is hereby incorporated by reference into this Item 4.

VE Holdings is the direct owner of 2,600,000 Units, constituting
approximately 6.8% of the Issuer’s outstanding Common Units, and has the sole power to vote and dispose of such securities.

VEF GP, in its capacity as the general partner of VE Holdings,
has the ability to direct the management of the business of VE Holdings, including the power to vote and dispose of securities
held by VE Holdings; therefore, VEF GP may be deemed to beneficially own the Units held by VE Holdings.

VEF Ltd., in its capacity as the general partner of VEF GP,
has the ability to direct the management of VEF GP’s business, including the power to vote and dispose of securities held
by VE Holdings; therefore, VEF Ltd. may be deemed to have indirect beneficial ownership of the Units held by VE Holdings.

Management, as the sole director of VEF Ltd., has the ability
to direct the management of VEF Ltd., including the power to direct the decisions of VEF Ltd. regarding the vote and disposition
of securities held by VE Holdings. Therefore, Management may be deemed to have indirect beneficial ownership of the Units held
by VE Holdings.

Holdings, in its capacity as the general partner of Management,
has the ability to direct the management of Management’s business, including the power to vote and dispose of securities
held by each of VE Holdings. Therefore, Holdings may be deemed to have indirect beneficial ownership of the Units held by VE Holdings.