Cairn CLO XIX DAC: 02 February 2025

The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, managed by Cairn Loan Investments II LLP (the Investment Manager).

Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; other than a Corporate Rescue Loan, it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a Structured Finance Security, pre-funded letter of credit or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan, Uptier Priming Debt or Received Obligations acquired in a Bankruptcy Exchange, it has a Fitch Rating of not lower than "CCC-" and an S&P Rating of not lower than "CCC-"; it is not a Project Finance Loan; it is not a Deferring Security; it has a minimum purchase price of 60.0% of the Principal Balance of each Collateral Debt Obligation.

The Issuer anticipates that, by the Issue Date, it or the Investment Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is approximately equal to at least €450mln, which is 100.0% of the Target Par Amount.

The Notes (other than the Retention Notes and certain other Subordinated Notes) are being offered by the Issuer through Jefferies International Limited in its capacity as sole arranger and a joint lead manager and Deutsche Bank Aktiengesellschaft, as a joint lead manager.

EU & UK Risk Retention: The Retention Holder will undertake to subscribe for and retain, on an ongoing basis for so long as a Class of Notes remains outstanding, a material net economic interest in the Subordinated Notes with a Principal Amount Outstanding equal to not less than 5% of the Aggregate Collateral Balance in accordance with the meaning of and as described in paragraph 3(d) of Article 6 of the EU Securitisation Regulation and SECN 5.2.8R(1)(d) of the UK Securitisation Framework.

US Risk Retention: Based on the LSTA Decision, no party involved in the transaction will retain any debt intended to satisfy the US Risk Retention Rules.