Euro-Galaxy V CLO (2nd Refinance) : 12 February 2021

The assets securing the Notes will consist primarily of a portfolio of Secured Senior Loans, Secured Senior Bonds, Corporate Rescue Loans, Unsecured Senior Obligations, Mezzanine Obligations, Second Lien Loans, High Yield Bonds, PIK Obligations and Bridge Loans, and will be managed by PineBridge Investments Europe Limited.

On 10 November 2016 (the Original Issue Date), Euro-Galaxy V CLO B.V issued Class A-R Senior Secured Variable Funding Notes due 2030, Class A Senior Secured Floating Rate Notes due 2030, Class B Senior Secured Floating Rate Notes due 2030, Class C Senior Secured Deferrable Floating Rate Notes due 2030, Class D Senior Secured Deferrable Floating Rate Notes due 2030, Class E Senior Secured Deferrable Floating Rate Notes due 2030, Class F Senior Secured Deferrable Floating Rate Notes due 2030 and Subordinated Notes due 2030.

On 12 August 2019 (the 2019 Refinancing Date), the Original Issuer refinanced the 2016 Original Notes by issuing Class A-R-R Senior Secured Variable Funding Notes due 2030, Class A-R Senior Secured Floating Rate Notes due 2030, Class B-R Senior Secured Floating Rate Notes due 2030, Class C-R Senior Secured Deferrable Floating Rate Notes due 2030, Class D-R Senior Secured Deferrable Floating Rate Notes due 2030, Class E-R Senior Secured Deferrable Floating Rate Notes due 2030 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2030, together with the Existing Subordinated Notes. The 2016 Original Refinanced Notes were redeemed in full on the 2019 Refinancing Date from the proceeds of the issue of the 2019 Refinancing Notes.

The Issuer will issue on or about 10 February 2021 (the 2nd re-financing date) Class A Senior Secured Floating Rate Notes due 2034, Class B Senior Secured Floating Rate Notes due 2034, Class C Senior Secured Deferrable Floating Rate Notes due 2034, Class D Senior Secured Deferrable Floating Rate Notes due 2034, Class E Senior Secured Deferrable Floating Rate Notes due 2034 and Class F Senior Secured Deferrable Floating Rate Notes due 2034. The Issuer will also issue additional Subordinated Notes due 2034 which, together with the Existing Subordinated Notes, shall form a single class of Subordinated Notes (the "Subordinated Notes"). The Refinanced Notes will be redeemed in full on the Issue Date from the proceeds of the issue of the Offered Notes.

The Offered Notes will be offered by the Issuer through Merrill Lynch International in its capacity as initial purchaser of the offering of such Offered Notes, subject to prior sale.

EU & UK Risk Retention: In accordance with the EU/UK Retention Requirements, the Collateral Manager (PineBridge Investments Europe Ltd), in its capacity as the Retention Holder, will undertake to acquire and hold the Retention Notes on the terms set out in the EU/UK Risk Retention Letter.