St Paul's CLO V (2nd Reissue): 19 May 2021

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Intermediate Capital Managers Limited.

On 10 September 2014 (the 2014 Issue Date) St. Paul’s CLO V DAC issued Class A Secured Floating Rate Notes due 2027, Class B Secured Floating Rate Notes due 2027, Class C Secured Deferrable Floating Rate Notes due 2027, Class D Secured Deferrable Floating Rate Notes due 2027, Class E Secured Deferrable Floating Rate Notes due 2027, Class F Secured Deferrable Floating Rate Notes due 2027 and Subordinated Notes due 2027. On the 2017 Re-issue Date the 2014 Notes were redeemed in full.

On 16 August 2017 (the 2017 Issue Date) the Issuer issued Class X Senior Secured Floating Rate Notes due 2030, Class A Senior Secured Floating Rate Notes due 2030, Class B-1 Senior Secured Floating Rate Notes due 2030, Class B-2 Senior Secured Floating Rate Notes due 2030, Class C-1 Senior Secured Deferrable Floating Rate Notes due 2030, Class C-2 Senior Secured Deferrable Floating Rate Notes due 2030, Class D Senior Secured Deferrable Floating Rate Notes due 2030, Class E Senior Secured Deferrable Floating Rate Notes due 2030, Class F Senior Secured Deferrable Floating Rate Notes due 2030 and Subordinated Notes due 2030. Prior to the 2021 Refinancing Date, the Class X Notes were redeemed and paid in full in accordance with the terms of the Class X Notes.

On or about 13 May 2021 (the 2021 Refinancing Date) the Issuer will refinance by issuing Class A Senior Secured Floating Rate Notes due 2030.

The Refinancing Notes are being offered by the Issuer through Deutsche Bank AG, London Branch in its capacity as initial purchaser of the offering of the Refinancing Notes subject to prior sale.

EU Risk Retention: The Retention Holder will retain, for so long as any Class of Notes remains outstanding, in its capacity 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 through the purchase and retention of Subordinated Notes with a Principal Amount Outstanding on any determination date of 5% of the Aggregate Collateral Balance.

US Risk Retention: The Retention Holder intends to satisfy the risk retention requirements under the U.S. Risk Retention Rules by acquiring and holding an “eligible horizontal interest” in an amount at least equal to the amount required by the U.S. Risk Retention Rules.