Dryden 48 Euro CLO 2016 (Refinance 2019): 16 October 2019

On 25 January 2017 (the Original Issue Date) Dryden 48 Euro CLO 2016 B.V. issued Class A-1 Senior Secured Floating Rate Notes due 2031, Class A-2 Senior Secured Fixed Rate Notes due 2031, Class B-1 Senior Secured Floating Rate Notes due 2031, Class B-2 Senior Secured Fixed Rate Notes due 2031, Class C Mezzanine Secured Deferrable Floating Rate Notes due 2031, Class D Mezzanine Secured Deferrable Floating Rate Notes due 2031, Class E Mezzanine Secured Deferrable Floating Rate Notes due 2031, Class F Mezzanine Secured Deferrable Floating Rate Notes due 2031 and Subordinated Notes due 2031.

On or about 15 October 2019 (the new Closing Date) the Issuer will, subject to certain conditions, refinance Notes by issuing Class X-R Senior Secured Floating Rate Notes due 2032, Class A-1-R Senior Secured Floating Rate Notes due 2032, Class A-2-R Senior Secured Fixed Rate Notes due 2032, Class B-1-R Senior Secured Floating Rate Notes due 2032, Class B-2-R Senior Secured Fixed Rate Notes due 2032, Class C-1-R Mezzanine Secured Deferrable Floating Rate Notes due 2032, Class C-2-R Mezzanine Secured Deferrable Fixed Rate Notes due 2032, Class D-R Mezzanine Secured Deferrable Floating Rate Notes due 2032, Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2032 and Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2032. The Subordinated Notes are not being re-financed/re-issued.