GoldenTree Loan Management EUR CLO 4: 11 July 2020

The assets securing the notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by GoldenTree Loan Management II LP.

Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, a Corporate Rescue Loan, a Bridge Loan or a High Yield Bond; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a Zero Coupon Security; it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a lease; it is an obligation in respect of which the Obligor (or the guarantor of such obligation) is Domiciled in a Qualifying Country, as determined by the Investment Manager; it is not a Project Finance Loan; it is not a Step-Down Coupon Security; it is not an Equity Security or an obligation convertible into an Equity Security.

The Issuer anticipates that, by the Issue Date, it or the Investment Manager on its behalf will have purchased or committed to purchase (including allocated new issues) Collateral Debt Obligations, the Aggregate Principal Balance of which is approximately 80.0% of the Target Par Amount

Morgan Stanley & Co. International plc as Lead Initial Purchaser and Barclays Bank plc as Co-Initial Purchaser expect to offer the Notes from time to time in individually negotiated transactions at varying prices to be determined in each case at the time of sale. Wells Fargo Securities International Limited will act as Placement Agent for the Notes.

EU Risk Retention: While the Retention Holder (the Investment Manager) expects to purchase approximately 100%, or approximately €37.8mln in principal amount, of the Subordinated Notes, the Retention Holder will only commit in the Risk Retention Letter to hold an aggregate principal amount of the Subordinated Notes equal to the Retention Notes, and the Retention Holder may sell any Subordinated Notes in excess of the Retention Notes at any time and for any reason (or for no reason).

US Risk Retention: Based on the (recent) LSTA Decision, it should be assumed by each prospective investor that no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules.