Dryden 48 Euro CLO 2016 (Refinance 2025): 20 December 2025

The assets securing the Notes 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 (i) prior to the Issue Date, the Co-Collateral Manager and (ii) from and including the Issue Date, both PGIM Loan Originator Manager Limited (with respect to dealings in Collateral Debt Obligations and Loss Mitigation Obligations constituting loans) and PGIM Limited.

On 25 January 2017 (the Original Issue Date) Dryden 48 Euro CLO 2016 BV 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 15 October 2019 (the 2019 Refinancing Date) the Original Issuer refinanced the Original Rated 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.

On or about 18 December 2025 (the Re-issue Date) the Issuer will, subject to certain conditions, refinance in whole the Rated Notes by issuing Class A-R-R Senior Secured Floating Rate Notes due 2040, Class B-1-R-R Senior Secured Floating Rate Notes due 2040, Class B-2-R-R Senior Secured Fixed Rate Notes due 2040, Class C-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2040, Class D-1-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2040, Class D-2-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2040, Class E-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2040 and Class F-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2040.

The Issuer will also issue additional new Subordinated Notes due 2040 on the Issue Date and, in connection with such issuance, the Original Subordinated Notes will be exchanged at the Mandatory Exchange Ratio on or around the Issue Date for a pro rata share of the New Subordinated Notes.