RRE 21 Loan Management DAC: 25 September 2024

The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Secured Senior Bonds, Mezzanine Obligations, Second Lien Loans and High Yield Bonds, and will be managed by Redding Ridge Asset Management (UK) LLP.

Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, or a High Yield Bond (in each case, which is not a Participation of a Participation); it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security (other than at the Issuer's option); it is not a Zero Coupon Security; other than in the case of Corporate Rescue Loans, it has an S&P Rating of not lower than “CCC-” and a Fitch Rating of not lower than “CCC-”; it is not an obligation of a borrower who or which is resident in or incorporated under the laws of Ireland and who or which acts in the capacity of a consumer under Irish law; is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Collateral Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it has a minimum purchase price of 60.0% of its Principal Balance; it is an Eligible Interest Rate Obligation; it is an obligation which satisfied the ESG Investment Criteria.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is approximately €397mln.

The Notes are being offered by the Issuer through Merrill Lynch International in its capacity as arranger and lead placement agent, and Apollo Management International LLP in its capacity as co-placement agent.

EU & UK Risk Retention: On the Issue Date, the Retention Holder (Redding Ridge Asset Management (UK) LLP) agrees to acquire and retain on an ongoing basis a material net economic interest in the first loss tranche by way of holding Subordinated Notes with an aggregate Principal Amount Outstanding at any time of not less than 5% of the Collateral Principal Amount, for the purposes of complying with the EU/UK Retention Requirements as they apply at the Issue Date.

US Risk Retention: No party intends to purchase or retain any Notes for the purposes of complying with the US Risk Retention Rules on or after the Issue Date.