Laurelin 2016-1 DAC (2nd Refinance): 23 April 2021

The assets securing the Refinanced Notes will consist, and the assets securing the Original Notes consist, primarily of a portfolio of Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by GoldenTree Asset Management LP.

On 21 July 2016 (the 2016 Original Issue Date) Laurelin 2016-1 issued Class A Senior Secured Floating Rate Notes due 2029, Class B Senior Secured Floating Rate Notes due 2029, Class C Senior Secured Deferrable Floating Rate Notes due 2029, Class D Senior Secured Deferrable Floating Rate Notes due 2029, Class E Senior Secured Deferrable Floating Rate Notes due 2029, Class F Senior Secured Deferrable Floating Rate Notes due 2029 and Subordinated Notes due 2029.

On 22 October 2018 the Issuer refinanced the 2016 Notes by issuing Class X Senior Secured Floating Rate Notes due 2031, Class A Senior Secured Floating 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 Senior Secured Deferrable Floating Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031, Class E Senior Secured Deferrable Floating Rate Notes due 2031 and Class F Senior Secured Deferrable Floating Rate Notes due 2031. In addition, the maturity date of the Subordinated Notes was amended to 2031.

On or about 20 April 2021 (the Refinancing Date) the Issuer will, subject to certain conditions, redeem the Refinanced Notes by issuing Class A Senior Secured Floating Rate Notes due 2031 and Class B-2 Senior Secured Fixed Rate Notes due 2031. The Class X Notes have been redeemed in whole prior to the Refinancing Date in accordance with Condition 7(k) (Mandatory Redemption of the Class X Notes).

The Refinancing Notes are being offered by the Issuer through Citigroup Global Markets Limited in its capacity as placement agent of the offering of such Refinanced Notes subject to prior sale.

EU & UK Risk Retention: AO Funding Ltd, in its capacity as Retention Holder, will hold on an ongoing basis for so long as any Class of Rated Notes remains outstanding, as originator, a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures in accordance with Article 6(3)(d) of each of the Securitisation Regulations as it applies as at the Refinancing Date, through the purchase and retention of Subordinated Notes with an original Principal Amount Outstanding at least equal to 5% of the Aggregate Collateral Balance.