Cairn CLO III BV - Refinance: 22 October 2017

The assets securing the Refinancing Notes will consist of a portfolio of Senior Loans and Mezzanine Obligations and will be managed by Cairn Loan Investments LLP.

On 20 March 2013 (the Original Issue Date) Cairn CLO III B.V issued Class A Senior Secured Floating Rate Notes due 2025, Class B Senior Secured Floating Rate Notes due 2025, Class C Senior Secured Deferrable Floating Rate Notes due 2025, Class D Senior Secured Deferrable Floating Rate Notes due 2025, Class M1 Subordinated Notes due 2025, Class M2 Subordinated Notes due 2025 and Class M1 Subordinated Notes.

On or about 20 October 2015 the Issuer amended the Conditions of the Original Class A Notes, the Original Class B Notes, the Original Class C Notes and the Original Class D Notes and redeemed the Class M1 Subordinated Notes and the Class M2 Subordinated Notes.

On or about 20 October 2017 (the Refinancing Date) the Issuer will redeem the Original Class A Notes, the Original Class B Notes, the Original Class C Notes, the Original Class D Notes and the Additional Class D Notes by issuing Class A Senior Secured Floating Rate Notes due 2028, Class B Senior Secured Floating Rate Notes due 2028, Class C Senior Secured Deferrable Floating Rate Notes due 2028 and Class D Senior Secured Deferrable Floating Rate Notes due 2028.