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Cleveland Row Finance No.2 DAC: 15 July 2018

The Issuer will make payments on the Notes from interest and principal received with respect to loans advanced by the Issuer as a lender pursuant to a loan agreement dated 11 July 2018 of £94,904,082 under tranche A and up to £41,724,774 under tranche B, which constitute a portion of the total commitments of £166,824,000 under the Loan Agreement. The Issuer will fund 81.9% of the Loans, on a pro rata basis with the other lenders, from the proceeds of the Notes. Cheyne Real Estate Credit (CRECH) IV – Loans S.À R.L. 2 will fund the remaining 18.1% of the Loans.

The properties comprise an existing portfolio of 29 income-producing care home properties and three development properties. The portfolio is located across the UK, including care homes in London, Sheffield, Peterborough, Lincolnshire and Somerset (amongst others). Country Court Care will own and operate all the properties in the Portfolio.

The Core Portfolio is comprised of 29 care homes, providing 1,372 beds and producing a combined annualised EBITDA of £11.18m as at 30 June 2018. All properties are held freehold. 62% of the portfolio is purpose-built and 38% is converted stock.

The Development Portfolio comprises three care home sites, capable of providing 218 beds. The Sponsor estimates that the Development Portfolio, once stabilised, will generate an annualised EBITDA of £4.72m by June 2022. Two properties are held freehold and one property is held on a long leasehold.

Note: No ratings have been requested or assigned to the notes.

EU Risk Retention: The Issuer is of the opinion that Article 405 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 21 2013, Article 51 of Regulation (EU) 231/2013 and Article 254 of Regulation (EU) 2015/35 do not apply to the issue of the Notes.

Compare/contrast: Cleveland Row Finance No.1 DAC, Theatre (Hospitals) plc No 1