Dryden 111 Euro CLO 2022 DAC: 30 April 2025

The assets securing the debt will consist primarily of a portfolio of Collateral Debt Obligations consisting at the time of acquisition of predominantly Senior Secured Loans, Senior Secured Bonds, Corporate Rescue Obligations, Unsecured Senior Obligations, Second Lien Loans, Mezzanine Obligations, High Yield Bonds, and Loss Mitigation Obligations, managed by both PGIM Loan Originator Manager Limited and PGIM Limited.

Eligibility criteria (includes): it would be a Senior Secured Loan, a Senior Secured Bond, a Corporate Rescue Obligation, an Unsecured Senior Obligation, a High Yield Bond, a Mezzanine Obligation, a PIK Obligation, a Current Pay Obligation or a Second Lien Loan; it is not a Structured Finance Obligation, Synthetic Security or Letter of Credit or any other asset backed security; it is not a lease; it is not a Zero Coupon Obligation; it is not a Project Finance Loan or a similar debt obligation that contains limited recourse provisions that limit the obligations of the Obligor thereunder to a defined portfolio or pool of assets; it is an ESG Compliant Obligation; it is not an Intermediary Obligation.

The Issuer expects that, by the Issue Date, it will have committed to acquire Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €350mln.

The Notes are being issued at a maximum issue price of 100.0% of the principal amount thereof. The Notes are being offered by the Issuer through JP Morgan Securities in its capacities as arranger and initial purchaser of the offering of such Notes subject to prior sale.

EU & UK Risk Retention: The Retention Holder (PGIM Loan Originator Manager Limited) will agree that for so long as any Class of Notes remains outstanding, it will subscribe for on the Issue Date, and hold on an ongoing basis, not less than 5% of the outstanding nominal value of each Class of Notes, with the intention of complying with the EU/UK Retention Requirements as such requirements apply on the Issue Date.

US Risk Retention: Based on the DC Circuit Ruling, no party currently intends to obtain on the Issue Date and retain after the Issue Date any Notes for the purpose of satisfying the US Risk Retention Rules.