Dryden 35 Euro CLO 2014 B.V. 2nd Refinancing: 01 February 2020

On 31 March 2015 (the Original Issue Date), Dryden 35 Euro CLO 2014 B.V. issued Class A-1A Senior Secured Floating Rate Notes due 2027, Class A-1B Senior Secured Fixed Rate Notes due 2027, Class B-1A Senior Secured Floating Rate Notes due 2027, Class B-1B Senior Secured Fixed Rate Notes due 2027, Class C Mezzanine Secured Deferrable Floating Rate Notes due 2027, Class D Mezzanine Secured Deferrable Floating Rate Notes due 2027, Class E Mezzanine Secured Deferrable Floating Rate Notes due 2027 and Class F Mezzanine Secured Deferrable Floating Rate Notes due 2027. Concurrently with the issuance of the 2015 Original Rated Notes, the Issuer issued Subordinated Notes due 2027.

On or about 16 May 2017 (the 2017 Refinancing Date), the Issuer refinanced the 2015 Original Refinanced Notes by issuing Class A-1A-R Senior Secured Floating Rate Notes due 2027, Class A-1B-R Senior Secured Fixed Rate Notes due 2027, Class B-1A-R Senior Secured Floating Rate Notes due 2027, Class B-1B-R Senior Secured Fixed Rate Notes due 2027, Class C-R Mezzanine Secured Deferrable Floating Rate Notes due 2027 and Class D-R Mezzanine Secured Deferrable Floating Rate Notes due 2027. The Subordinated Notes remained outstanding and were not refinanced.

On 31 January 2020 (the Refinancing Date) the Issuer will, subject to certain conditions, refinance the Refinanced Notes by issuing the Class X Senior Secured Floating Rate Notes due 2033, Class A-R Senior Secured Floating Rate Notes due 2033, Class B1A-R Senior Secured Floating Rate Notes due 2033, Class B-1B-R Senior Secured Fixed Rate Notes due 2033, Class C-1A Mezzanine Secured Deferrable Floating Rate Notes due 2033, Class C-1B Mezzanine Secured Deferrable Fixed Rate Notes due 2033, Class D Mezzanine Secured Deferrable Floating Rate Notes due 2033, Class E Mezzanine Secured Deferrable Floating Rate Notes due 2033 and Class F Mezzanine Secured Deferrable Floating Rate Notes due 2033.