RRE 1 Loan Management DAC (Refinance): 20 April 2021

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.

On 15 April 2019 (the Original Issue Date) RRE 1 Loan Management DAC issued Class A-1 Senior Secured Floating Rate Notes due 2032, Class A-2 Senior Secured Floating Rate Notes due 2032, Class B Senior Secured Floating Rate Notes due 2032, Class C Senior Secured Deferrable Floating Rate Notes due 2032, Class D Senior Secured Deferrable Floating Rate Notes due 2032, Class E Senior Secured Deferrable Floating Rate Notes due 2032, and Subordinated Notes due 2119.

On 15 April 2021 (the re-issue Date) the Issuer will, subject to certain conditions, refinance in whole each Class of Notes by issuing Class A-1-R Senior Secured Floating Rate Notes due 2035, Class A-2-R Senior Secured Floating Rate Notes due 2035, Class B-R Senior Secured Deferrable Floating Rate Notes due 2035, Class C-R Senior Secured Deferrable Floating Rate Notes due 2035, Class D-R Senior Secured Deferrable Floating Rate Notes due 2035, and Additional Subordinated Notes due 2119.

The Existing Subordinated Notes issued on the Original Issue Date are not being offered pursuant to this transaction. The Additional Subordinated Notes being offered and the Existing Subordinated Notes issued on the Original Issue Date shall form a single class of Subordinated Notes.

The Offered Notes are being offered by the Issuer through NATIXIS in its capacity as initial purchaser of the offering.

EU & UK Risk Retention: Redding Ridge Asset Management (UK) LLP shall act as Retention Holder for the purposes of the EU/UK Retention and Transparency Requirements and shall, for so long as any Class of Notes remains outstanding, acquire on the Issue Date and retain Additional Subordinated Notes, and acquired on the Original Issue Date, has held and continues to hold and retain Existing Subordinated Notes, in each case, for the purposes of retaining on an on-going 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 as at the Issue Date.

US Risk Retention: The Collateral Manager will not retain the Minimum Risk Retention Requirement pursuant to the U.S. Risk Retention Rules provided, however, that the Collateral Manager in its capacity as Retention Holder will acquire on the Issue Date and retain Retention Notes that are Additional Subordinated Notes and continue to hold and retain Retention Notes that are Existing Subordinated Notes for the purposes of complying with the EU/UK Retention Requirements.