Tymon Park Clo Limited

TYMON PARK CLO LIMITED

Directors' report and financial statements for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

Company number: 562670 TYMON PARK CLO LIMITED

Directors' Report and Financial Statements

Contents Page

Directors' and Other Information 2

Directors' Report 3-6

Directors' Responsibility Statement 7

Independent Auditor's Report 8-9

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Financial Statements 14-30 TYMON PARK CLO LIMITED

Directors' and Other Information

Directors Neasa Moloney (appointed lONovember 2015) David Greene (appointed 26 May 2015) Ronan O'Neill (appointed 26 May 2015; resigned 10November 2015)

Registered office 3rd Floor Europa House The Harcourt Centre Harcourt Street Dublin 2

Company Secretary Intertrust Management Ireland Limited & Administrator 3rd Floor Europa House The Harcourt Centre Harcourt Street Dublin 2

Company Number 562670

Collateral Manager Blackstone / GSO Debt Funds Management Europe Limited 2nd Floor 30 Herbert Street Dublin 2

Collateral Administrator Virtus Group LP 25 Canada Square Level 33 London E14 5LQ

Swap Counterparty J.P.Morgan Securities pic 25 Bank Street Canary Wharf London E14 5JP

Bank of America Merril Lynch 5 Canada Square London E14 5AQ

Independent Auditor Deloitte Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2

Solicitors Arthur Cox Earlsfort Centre Earlsfort Terrace Dublin 2

Trustee, Custodian, Account Bank Citibank, N.A. London Branch & Calculation Agent Citigroup Centre Canada Square Canary Wharf London E14 5LB TYMON PARK CLO LIMITED

Directors' Report

The Directors present their annual report, together with the audited financial statements of Tymon Park CLO Limited (the "Company"), for the financial period from 26 May 2015 (date of incorporation) to 31 December 2015 (the "Reporting Period").

Principal Activities, Business Review and Future Developments The Company was incorporated on 26 May 2015 as a special purpose company whose principal activity is the issuance of notes issued on the Irish Stock Exchange. On 17 December 2015 the Company issued 9 series of Notes (the 'Notes'), in the total amount of €414,000,000. The funds generated through this issuance were primarily used to purchase a portfolio of Collateral Obligations, in the amount of approximately €350,000,000. Blackstone / GSO Corporate Funding Limited ("the Originator") holds greater than 50% of the Subordinated Notes issued by the Company and so is consolidating the results of the Company.

As at 31 December 2015 the asset position of the portfolio was made up as follows:

% of portfolio As at 31-Dec-2015 Loans 83.8 Bonds 16.2

The Company's investment objective is to provide stable income returns on debt it issues, whilst growing the capital value of its investment portfolio by exposure to a portfolio of predominantly floating rate senior secured loans.

Cash flows derived from the portfolio will be used to make payments due to the Noteholders on the Notes issued. The Notes are listed on the Irish Stock Exchange and are due to mature in 2029.

The Directors expect these activities to continue for the foreseeable future and will continue to review and seek business opportunities for the Company.

Key performance indicators During the financial period the Company disposed of investments through sales and paydowns in the amount of €3,585,016 with fair value loss in the amount of €1,441,299. They earned interest income on their investments totalling €326,160 and the interest charge on Notes issued totalled €320,332 including €nil on the Subordinated Notes.

Principal Risks and Uncertainties The Company, in the course of its business activities, is exposed to asset, credit, liquidity, foreign currency and interest rate risk. The Board of Directors ensures that risks are identified and managed in accordance with the objectives of the organisation. The financial risks are discussed in more detail in note 17 'Risk and uncertainties' of the Company.

Results for the Financial Period and Dividends The Statement of Comprehensive Income for the financial period to 31 December 2015 and the Statement of Financial Position at that date are set out on pages 10 and 11. The profit on ordinary activities for the Reporting Period before taxation amounted to €603 and after charging taxation amounted to €452.

The Directors did not declare any dividends during the Reporting Period. TYMON PARK CLO LIMITED

Directors' Report (continued)

Corporate Governance Statement

Introduction The Company is subject to and complies with Irish Statute comprising the Companies Act 2014 and the Listing rules of the Irish Stock Exchange. The Company does not apply additional requirements in addition to those required by the above. Each of the service providers engaged by the Company is subject to its own corporate governance requirements.

Finance reporting process The Board of Directors ('the Board') is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company's financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board has established processes regarding internal control and risk management systems to ensure its effective oversight of the financial reporting process. These include appointing the Administrator, Intertrust Management Ireland Limited ('IMF), to maintain the accounting records of the Company independent of the Originator, Blackstone / GSO Coiporate Funding Limited, the Trustee, the Collateral Manager and the Collateral Administrator. The Administrator is contractually obliged to assist the Company to maintain proper books and records by the Corporate Administration agreement. To that end, the Administrator performs reconciliations of its records to those of the Originator, the Trustee, the Collateral Manager and the Collateral Administrator.

The Board evaluates and discusses significant accounting and reporting issues as the need arises. From time to time, the Board also examines and evaluates the Administrator's financial accounting and reporting routines and monitors and evaluates the external auditor's performance, qualifications and independence. The Administrator has operating responsibility for internal control in relation to the financial reporting process and the Administrator's report to the Board.

Risk assessment The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and ensuring the processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board has also put in place processes to identify changes in accounting rules and recommendations and to ensure that these changes are accurately reflected in the Company's financial statements.

Control activities The Administrator maintains control structures to manage the risks which the Board judges to be significant for internal control over financial reporting. These control structures include appropriate division of responsibilities and specific control activities aimed at detecting or preventing the risk of significant deficiencies in financial reporting for every significant account in the financial statements and the related notes in the Company's annual report.

Monitoring The Board has an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditor.

Given the operations performed by the Administrator, the Board has concluded that there is currently no need for the Company to have a separate internal audit function in order for the Board to perform effective monitoring and oversight of the internal control and risk management systems of the Company, in relation to the financial reporting process. TYMON PARK CLO LIMITED

Directors' Report (continued)

Corporate Governance Statement (continued)

Capital structure No person has any special rights of control over the Company's share capital.

There are no restrictions on voting rights.

With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association, Irish Statute comprising the Companies Act 2014 and the Listing Rules of the Irish Stock Exchange. The Articles of Association themselves may be amended by special resolution of the shareholders.

Powers ofDirectors The Board is responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may delegate certain functions to the Administrator and other parties, subject to the supervision and direction by the Directors. The Directors have delegated the day to day administration of the Company to the Administrator.

The Articles of Association provide that the Directors may exercise all the powers of the Company to borrow money, to mortgage or charge its undertaking property or any part thereof and may delegate these powers to the Originator.

The instrument of transfer of any share shall be executed by or on behalf of the transferor and, in cases where the share is not fully paid, by or on behalf of the transferee. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered on the register in respect thereof. The Directors in their absolute discretion and without assigning any reason therefore may decline to register any transfer of a share. If the Directors refuse to register a transfer they shall, within two months after the date on which the transfer was lodged with the Company, send to the transferee notice of the refusal.

Audit Committee The sole business of the Company relates to the issuing of asset-backed securities. It also enters into certain derivatives to hedge out interest and currency exposure arising on investment securities and debt securities issued mismatches. Under Regulation 91(9)(d) of the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulation, 2010 ('the Regulations'), which were published by the Irish Minister for Enterprise, Trade and Innovation on 25 May 2010, such a Company may avail itself of an exemption from the requirement to establish an audit committee.

Given the functions performed by the administrator and the limited recourse nature of the securities issued by the Company, the Board of Directors has concluded that there is currently no need for the Company to have a separate audit committee in order for the Board to perform effective monitoring and oversight of the internal control and risk management systems of the Company in relation to the financial reporting process. Accordingly the Company has availed itself of the exemption under Regulation 91 (9) (d) of the Regulations.

Directors' and Secretary's Interests The Directors during the Reporting Period are set out below. In accordance with the Articles of Association the Directors are not required to retire by rotation. All of the current Directors are employees of IME, see note 20 for details.

Neasa Moloney (appointed 10 November 2015) David Greene (appointed 26 May 2015) Ronan O'Neill (appointed 26 May 2015; resigned lONovember 2015) TYMON PARK CLO LIMITED

Directors' Report (continued)

Secretary Intertrust Management Ireland Limited

The Directors and the Company Secretary who held office at 31 December 2015 do not have any direct or beneficial interest in the shares, share options, deferred shares or debentures of the Company, or any group company at that date or during the Reporting Period.

Transactions Involving Directors There were no loans advanced to the Directors at any time during the Reporting Period. As at 31 December 2015, the Directors of the Company, Ms. Neasa Moloney and Mr. David Greene were employees of IM1 and therefore may be deemed to be interested in the Corporate Services Agreement. IMI receives an annual fee from the Company in respect of the provision of corporate administration services, with €nil being charged in the current financial period. As at 31 December 2015, no fees remain outstanding to IMI. There were no other contracts or arrangements in relation to the business of the Company in which the Directors had any interest, as defined by the Companies Act 2014, at any time during the Reporting Period.

Issue of Shares Authorised share capital consists of 100 ordinary shares of €1 each with a single share issued. The shareholder is detailed in note 22 of the financial statements.

Going Concern The Notes issued by the Company are of limited recourse and the all payments made in relation to the Notes and the running costs of the Company are made in accordance with the priority of payments as defined in the Offering Circular, and given that the Notes are not due to mature until 2029, the Directors consider it appropriate to prepare the financial statements under the going concern assumption.

Events After the Financial Period There are no significant events affecting the Company since the end of the Reporting Period.

Accounting Records The Directors are responsible for ensuring that proper books and accounting records, as outlined in Section 285 of the Companies Act 2014, are kept by the Company. To achieve this, the Directors have appointed Intertrust Management Ireland Limited to provide accounting services, which report to the Board and ensure that the requirements of Section 202 of the Companies Act 2014, are complied with. The books of account of the Company are maintained at 3rd Floor, Europa House, The Harcourt Centre, Harcourt Street, Dublin 2.

Auditor Deloitte, Chartered Accountants and Registered Auditors, have expressed their willingness to continue in the office in accordance with Section 383(2) of the Companies Act 2014.

The financial statements were approved by the Board of Directors on 22 April 2016 and signed on its behalf by:

irector) ^ ^— (Director) Neasa Moloney David Greene TYMON PARK CLO LIMITED

Directors' Responsibility Statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with the Companies Act 2014.

Irish Company law requires the Directors to prepare financial statements for each financial year. Under the law the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards ("IFRS"). Under Company Law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial period end date and of the profit and loss of the Company for the financial period and otherwise comply with the Companies Act 2014.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether the financial statements have been prepared in accordance with applicable accounting standards and note the effect and reasons for any material departure from these standards; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy, enable them to ensure that the financial statements and Directors' report comply with the Companies Act 2014 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Deloitte Deloitte Chartered Accountants & Statutory Audit Firm

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF TYMON PARK CLO LIMITED

We have audited the financial statements of Tymon Park CLO Limited for the financial period ended 31 December 2015 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes 1 to 23. The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and International Financial Reporting Standards (lFRSs) as adopted by the European Union ("relevant financial reporting framework").

This report is made solely to the company's members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibility Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014. Our responsibility is to audit and express an opinion on the financial statements in accordance with the Companies Act 2014 and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements In our opinion the financial statements: • give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2015 and of the profit for the financial period then ended; and • have been properly prepared in accordance with the relevant financial reporting framework and, in particular, with the requirements of the Companies Act 2014.

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Members of Deloitte Tohmatsu Deloitte

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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF TYMON PARK CLO LIMITED

Matters on which we are required to report by the Companies Act 2014 • We have obtained all the information and explanations we considered necessary for the purpose of our audit. • In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited. • The financial statements are in agreement with the accounting records. • In our opinion the information given in the Directors' Report is consistent with the financial statements and, based on the work undertaken in the course of the audit, the description in the Corporate Governance Statement of the main features of the internal control and risk management systems in relation to the financial reporting process is consistent with the financial statements, and has been prepared in accordance with section 1373 Companies Act 2014. Based on our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in this information.

Matters on which we are required to report by exception We have nothing to report in respect of the provisions in the Companies Act 2014 which requires us to report to you if, in our opinion the disclosures of directors' remuneration and transactions specified by law are not made.

Brian O'Callaghan for and on behalf of Deloitte Chartered Accountants and Statutory Firm Dublin

Date: TYMON PARK CLO LIMITED

Statement of Comprehensive Income for the financial period from 26 May 2015 (date of incorporation) to 31 December 2015

Financial period from 26-May-2015 to 31-Dec-2015 Notes €

Interest receivable and similar income 4 326,160 Fail- value loss on financial assets 5 (1,441,299) Fair value gain on derivatives 112,043 Other foreign currency movements (871) Fair value gain on financial liabilities 12 9,089,306

Total income 8,085,339

Interest payable and similar charges (320,332)

Operating income 7,765,006

Administrative expenses (7,764,403)

Profit before taxation 603

Income tax expense (151)

Profit after taxation 452

The accompanying notes on pages 14 to 30 form an integral part of these financial statements.

The Company has no recognised gains or losses in the financial period other than those included within the Statement of Comprehensive Income. All items relate to continuing operations.

10 TYMON PARK CLO LIMITED

Statement of Financial Position as at 31 December 2015

As at 31-Dec-2015 Notes €_ Assets Financial assets at fair value through profit & loss 9 352,535,751 Derivative financial assets at fair value through profit & loss 112,043 Amounts receivable on sale of financial assets 3,168,349 Other receivables 10 841,612 Cash and cash equivalents 11 94,671,298 Total assets 451,329,053

Liabilities Financial liabilities at fair value through profit & loss 12 400,888,644 Derivative financial liabilities at fair value through profit & loss Amounts payable on purchase of financial assets 50,020,940 Other payables 13 419,016 Total liabilities 451,328,600

Equity Called up share capital presented as equity 14 1 Retained earnings 452 Total equity 453 Total liabilities and equity 451,329,053

The accompanying notes on pages 14 to 30 form an integral part of these financial statements.

Approved by the Board and authorised for issue on 22 April 2016.

irector) 'n— —* (Director) Neasa Moloney David Greene

11 TYMON PARK CLO LIMITED

Statement of Changes in Equity for the financial period from 26 May 2015 (date of incorporation) to 31 December 2015

Ordinary Share Retained Capital Earnings Total Equity € € €

Issued share capital 1 - 1 Profit for the financial period 452 452 Balance at 31 December 2015 1 452 453

The accompanying notes on pages 14 to 30 form an integral part of these financial statements.

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Statement of Cash Flows for the financial period from 26 May 2015 (date of incorporation) to 31 December 2015

Financial period from 26-May-2015 to 31-Dec-2015 € Cash flows from operating activities Net income 603 Add/(deduct) non cash effects on operating income: Fair value (gain) on derivatives (112,043) Fair value loss on financial assets 1,441,299 Effects of exchange rate changes on cash and cash equivalents 871 Fair value (gain) on financial liabilities (9,089,306) Interest receivable and similar income (326,160) Interest payable and similar charges 320,332 (7,764,404) (Decrease)/Increase in other receivables Increase in accrued expenses 98,533 Increase in other payables ^ Net cash outflow from operations (7,665,871)

Cash flows from investing activities Purchase of investments (307,541,125) Sale of investments/paydowns 416,667 Interest purchased on investments (515,452) Net cash outflows from investing activities (307,639,910)

Cash flows from financing activities Issuance of Notes 409,977,950 Interest paid on Notes Net cash inflow from financing activities 409,977,950

Effects of exchange rate changes on cash and cash equivalents (871)

Net increase in cash and cash equivalents 94,671,298 Cash and cash equivalents at the beginning of the financial period Cash and cash equivalents at the end of the financial period 94,671,298

The accompanying notes on pages 14 to 30 form an integral part of these financial statements.

13 TYMON PARK CLO LIMITED

Notes to the financial statements for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

1. General information Tymon Park CLO Limited (the "Company") is a limited liability company incorporated on 26 May 2015 and is domiciled in the Republic of Ireland.

2. Basis of preparation

(a) Statement of Compliance The financial statements are prepared in accordance with the Companies Act 2014 and the Listing Rules issued by the Irish Stock Exchange and International Financial Reporting Standards ("IFRSs") as adopted by the EU.

(b) Basis of Preparation The financial statements have been prepared on a going concern and a historical cost basis except for the following:

• Investments - designated as at fair value through profit or loss • Notes issued - designated as at fair value through profit or loss • Derivatives held for risk management purposes - at fair value through profit or loss

The financial statements are presented in Euro (€).

(c) Significant accounting judgements, estimates and assumptions The preparation of the financial report in conformity with IFRSs requires the Directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. These estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The principal uses of judgement and sources of estimation of uncertainty arise with respect to the determination of the fair value of the financial instruments. These judgements and estimates include but are not limited to the selection of appropriate valuation models and the determination of the appropriate valuation inputs. Key judgements made during the financial period include:

• Designating financial assets and liabilities at fair value through profit or loss • Selection of appropriate valuation techniques in determining fair values, see note 3(b)

The estimates and underlying assumptions are reviewed by the Directors on an ongoing basis. Revisions to accounting estimates are recognised in the Reporting Period in which the estimate is revised if the revision affects only that financial period or in the Reporting Period of the revision and future financial periods if the revision affects both current and future financial periods.

(d) Functional and presentation currency These financial statements are presented in Euro (€) which is the Company's functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The issued share capital of the Company is denominated in € and all of the Notes issued by the Company are denominated in 6. The Directors of the Company believe that € most faithfully represents the economic effects of the underlying transactions, events and conditions.

14 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

3. Significant accounting policies

(a) New Accounting Pronouncements The IFRS adopted by the EU applied by the Company in the preparation of its financial statements are those that were effective for accounting periods ending on or before 31 December 2015. The following standards and changes to standards became effective for the first time for the current Reporting Period:

IAS 24, "Related Party Disclosures" amendment adds an entity to the definition of key management personnel when that entity or any member of a group of which it is a part provides key management personnel services to the reporting entity or to the parent of the reporting entity and is effective for annual financial periods beginning on or after 1 July 2014. Amounts incurred by the Company for the provision of key management personnel services by a separate management entity shall be disclosed. The amendment does not have any impact on the Company's financial position or performance and does not require additional disclosures.

The following standards are effective for financial periods ending after the Reporting Period:

IFRS 9 "Financial Instruments", addressed the classification, measurement and recognition of financial assets and financial liabilities and will become effective for the financial periods beginning on or after 1 January 2018. IFRS 9 requires financial assets to be classified into two measurement categories: those measured at fair value and those measured at amortised cost. The determination is made at initial recognition. The classification depends on the entity's business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity's own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. The Company is yet to assess IFRS 9's full impact.

IFRS 14 "Regulatory Deferred Accounts" was issued in January 2014 and will become effective for the financial periods beginning on or after 1 January 2016. The new standard is not expected to have any impact on the Company's financial position, performance or disclosures in its financial statements.

IFRS 15 "Revenue from Contracts with Customers" was issued in May 2014 and will become effective for financial periods beginning on or after 1 January 2017. The new standard is not expected to have any impact on the Company's financial position, performance or disclosures in its financial statements.

(b) Financial instruments The financial instruments held by the Company include the following:

• Investments - designated as at fair value through profit or loss • Notes issued - designated as at fair value through profit or loss • Derivatives - at fair value through profit or loss

Classification IAS 39 establishes specific categories into which all financial assets and financial liabilities must be classified. The classification of financial instruments determines how these financial assets or liabilities are initially and subsequently measured in the financial statements. There are four categories of financial assets: financial assets at fair value through profit or loss; loans and receivables; held to maturity investments and available for sale financial assets. There are two categories of financial liabilities: financial liabilities at fair value through profit or loss and other financial liabilities at amortised cost.

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Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

3. Significant accounting policies (continued)

(b) Financial instruments (continued) The investments are designated at fair value through profit or loss as the Company may hold the securities to maturity but may also dispose of them should it be in the Company's interest to do so at the time that their fair value can be reliably measured and their performance has been evaluated on a fair value basis in accordance with the risk management and investment strategy as set out in the Company's Offering Circular.

The Company has classified all of the swap agreements which it has entered into as derivatives measured at fair value through profit or loss. The Company applies dirty pricing to its derivatives with accrued interest included.

Financial liabilities comprise senior secured notes; senior secured deferrable notes, subordinated notes, together the 'Notes'. The Notes issued by the Company are designated at fair value through profit or loss. This designation is made on the basis that it eliminates an inconsistency which would otherwise arise if the investments and derivatives were measured at fair value with the Notes being measured at amortised cost.

Recognition The Company recognises all financial assets and liabilities on the trade date at which the Company becomes a party to the contractual provisions of the instrument.

De-recognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in a transferred financial asset that is created or retained by the Company is recognised as a separate asset or liability.

The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or have expired.

Initial measurement IAS 39 requires those financial instruments classified at fair value through the profit or loss to be measured initially at fair value, with transaction costs recognised directly in the Statement of Comprehensive Income.

Subsequent measurement Subsequent to initial recognition, all instruments classified as at fair value through profit or loss, are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income. Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• in the principal market for the asset or liability; or • in the absence of a principal market, in the most advantageous market for the asset or liability

16 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

3. Significant accounting policies (continued)

(b) Financial instruments (continued)

Fair value measurement principles As the Company's financial assets are not listed on a recognised stock exchange, they are initially recognised at fair value, being the fair value of the consideration given, and subsequently their value is estimated by the Collateral Manager who obtains prices from valuation services, Markit for loans and IDC for bonds. Where a price is not available from Markit or IDC, the Collateral Manager estimates the value by comparing the asset to other assets of the same Issuer or similar assets of another Issuer, for which prices are available.

The fair value of derivatives is taken to be the sum of the future cash flows arising from the instrument, discounted to present value at the date of measurement using valuation techniques that are commonly used by the financial markets: net present value, option pricing models and other methods.

The fair value of the Notes issued are determined by reference to the fair value of the investments, derivatives and other assets and liabilities of the Company. The fair value of short term receivables and payables approximates to their carrying amount.

A currency swap is an interest rate swap in which the cash flows are in different currencies. Upon initiation of a currency swap, the counterparties make an initial exchange of notional principals in the two currencies. During the life of the swap, each party pays interest (in the currency of the principal received) to the other. At the maturity of the swap, the parties make a final exchange of the initial principal amounts, reversing the initial exchange at the same spot rate. Swap contracts are recognised at fair value through profit or loss: held for trading on the date on which the contract is entered into and are subsequently re-measured at fair value. Contracts are marked-to-market daily based upon calculations using a valuation model and the change, if any, is recorded as unrealised appreciation or depreciation. Payments received or paid on maturity or termination of the contract is recognised as realised gains or losses in the Statement of Comprehensive Income. A swap contract is derecognised when the obligation specified in the contract is discharged, cancelled or expired.

Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the Reporting Period.

Offsetting financial instruments Financial assets and liabilities, including derivatives, are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised amounts and where there is an intention to settle on a net basis.

Impairment If there is objective evidence that an impairment loss has been incurred on assets not held at fair value through profit or loss, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset shall be reduced directly. The amount of the loss shall be recognised in profit or loss.

17 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

3. Significant accounting policies (continued)

(c) Interest income and interest payable Interest receivable on collateral obligations and interest payable on Notes issued by the Company are recognised on an accruals basis at the effective interest rate.

(d) Foreign Currency The financial statements are prepared in Euro (€) and accordingly foreign currency transactions are translated at the spot rate of exchange on the day the transaction occurs.

Monetary assets and liabilities denominated in currencies other than € are translated into € at exchange rates prevailing at the end of the Reporting Period. Non-monetary assets and liabilities are stated at cost based on the exchange rate prevailing at the transaction date. All exchange differences are included in the Statement of Comprehensive Income under foreign currency movements on investments and other foreign currency movements.

(e) Cash and Cash Equivalents Cash and cash equivalents comprise of amounts due from banks and other short term investments that are convertible into cash with an insignificant risk of changes in value and with original maturities of less than 90 days.

(f) Other receivables Other receivables are stated at their nominal value less provisions for any impairment.

(g) Expenses All expenses, including management fees and incentive fees, are recognised in the Statement of Comprehensive Income on an accruals basis.

(h) Other payables Other payables are stated at their nominal value.

(i) Taxation Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantially enacted as at the financial period end date.

(j) Adoption of new and amendment of accounting standards There are no new standards and amendments to standards that have been approved by the International Accounting Standards Board and which will be applicable to the Company in the next financial year and which are expected to have a significant impact on the financial position of the Company.

(k) Limited recourse notes The Notes are limited recourse obligations of the Company which are payable solely out of amounts received by the Company in respect of the collateral held. The net proceeds of the realisation of the collateral following an event of default, or on maturity of the Notes, may be insufficient to pay all amounts due on the Notes. The Subordinated Notes receive interest based on an available funds basis out of the interest proceeds after payment of certain fees and expenses and interest payable in respect of each of the other classes of Notes.

18 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

4. Interest receivable and similar income Financial period from 26-May-2015 to 31-Dec-2015 € Collateral income 336,925 Net swap income (10,766) 326,160

Fair value loss on financial assets Financial period from 26-May-2015 to 31-Dec-2015

Unrealised losses on financial assets (1,323,289) Realised gains on financial assets (18,296) Foreign currency movement on investments (99,714) (1,441,299)

Interest payable and similar charges Financial period from 26-May-20I5 to 31-Dec-2015 € Interest payable on Senior Notes issued (320,332) Interest payable on Subordinated Notes issued (320,332)

Administrative expenses Financial period from 26-May-2015 to 31-Dec-2015 € Administrator fees Auditor's remuneration 15,375 Taxation fee 4,920 Collateral Manager fees 80,919 Custodian/Trustee fees 4,818 Legal fees 749,595 Other fees 543,776 Underwriter fees 6,365,000 7,764,403 Auditor's remuneration in respect of the financial period (excluding VAT): audit of the financial statements €12,500 tax advisory services € 4,000

19 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

8. Income tax expense Financial period from 26-May-2015 to 31-Dec-2015 € Irish corporation tax based on profit for the financial period 151

Profit on ordinary activities before tax 603

Profit on ordinary activities multiplied by the standard rate of Irish corporation tax for the financial period of 12.5% 75

Effect of: Section 110 of the Taxes Consolidation Act, 1997 76 Current tax charge for the financial period 151

9. Financial assets at fair value through profit & loss Financial assets consist of a portfolio of collateral obligations. The assets act as security for the Notes issued. Further information on the financial assets can be found in notes 17 and 18.

As at 31-Dec-2015 € Loans 295,496,729 Bonds 57,039,022 352,535,751

Balance as at the beginning of the financial period Purchases 357,562,066 Payment in kind interest Sales/Redemptions (3,585,016) Fair value losses (1,441,299) Balance as at the end of the financial period 352,535,751

10. Other receivables As at 31-Dec-2015 € Collateral accrued interest receivable 841,611 Share capital receivable 1_ 841,612

20 TYMON PARK CLO LIMITED

Notes to the financial statements (continned) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

11. Cash and cash equivalents As at 31-Dec-2015 € Cash at bank 94,671,298 94,671,298

Cash at bank represents balances held at Citibank pic and Money market funds are short term investment funds held with Blaclcrock Institutional Cash Series pic.

12. Financial liabilities at fair value through profit & loss Marain over As at 3 Month 31-Dec-2015 Notes in issue Euribor € Class A-1A 1.450% 238,000,000 Class A-1B 1.580% 5,000,000 Class A-2A 2.100% 27,000,000 Class A-2B 2.470% 15,000,000 Class B 2.950% 24,000,000 Class C 3.750% 22,000,000 Class D 5.700% 26,500,000 Class E 6.750% 12,000,000 Subordinated Notes 44,500,000 Total Notes in issue at initial nominal value 414,000,000 Discount on issuance (4,022,050) Current period fair value adjustment (9,089,306) Fair value of Notes in issue 400,888,644

All of the Notes, other than the Class A-1B Notes and Class A-2B Notes and the Subordinated Notes, are floating rate and bear interest at three month Euribor plus the margin specified above. The Class A-1B Notes and Class A-2B Notes bear interest at a fixed rate plus the margin specified above. The Subordinated Notes receive interest based on an available funds basis out of the interest proceeds after payment of certain fees and expenses and interest payable in respect of each of the other classes of Notes.

The maturity date is 21 Jan 2029. The Reinvestment Period is the period up to 21 January 2020, during which time the Collateral Manager is required to purchase substitute Collateral Obligations as and when Collateral Obligations are disposed of through sales or paydowns. The Notes may be repaid upon breaches of the coverage tests (as defined in the Offering Circular) and in certain circumstances can be redeemed early. Any reduction in the fair value of the securities will be matched by a reduction in the repayment obligations of the Notes.

There is a first fixed charge and first priority security interest granted, in favour of the Trustee for the benefit of the holders of the Notes, over all the Company's present and future rights, title and interest in respect of all Collateral Obligations.

21 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

13. Other payables As at 31-Dec-2015 € Accrued interest payable on Notes 320,332 Accrued expenses 98,533 Corporation tax payable 151 419,016

14. Ordinary share capital As at 31-Dec-2015 Authorised € Ordinary shares of €1 each 100

Allotted, called up and unpaid Ordinary share of €1 each 1_

15. Statutory and other information Directors of the Company, Ms. Neasa Moloney, Mr. David Greene and Mr, Ronan O'Neill (who resigned during the financial period) did not receive any remuneration for the financial period.

16. Employees The Company has no employees. Accounting and other services have been outsourced to IMI.

17. Risk and uncertainties

The Company has exposure to the following risks in respect of the financial instruments held at 31 December 2015:

Credit risk Currency risk Interest rate risk Price risk Liquidity risk

(a) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The policy of the Company in relation to the management of credit risk is to define the criteria to determine the collateral which can be purchased. There are portfolio limits which are set out in the offering circular which are monitored by the Collateral Administrator on an ongoing basis. In the financial period ended 31 December 2015, there were no defaulted assets held.

22 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

17. Risk and uncertainties (continued)

(a) Credit risk (continued) The maximum gross exposure to credit risk at the end of the Reporting Period was:

As at 31-Dec-2015 € Financial assets at fair value through profit & loss 352,535,751 Derivative financial assets at fair value through profit & loss 112,043 Amounts receivable on sale of financial assets 3,168,349 Interest receivable on investments 841,611 Share capital receivable 1 Cash and cash equivalents 94,671,298 451,329,053

The Company's exposure and the credit ratings of its counterparties are continuously monitored. The following tables detail the aggregate investment grade of the financial assets in the portfolio, as rated by Moody's and Fitch as at 31 December 2015:

As at 31 December 2015

Moody's Market Value % Fitch Market Value % Baa2 - -% B1 70,872,663 20.1% Baa3 - -% B2 161,737,067 45.9% Bal 9,950,477 2.8% B3 76,603,803 21.7% Ba2 4,971,397 1.4% Bal 9,950,477 2.8% Ba3 13,019,227 3.7% Ba2 4,971,397 1.4% B1 72,375,902 20.5% Ba3 13,019,227 3.7% B2 161,737,067 45.9% BB- 1,503,239 0.4% B3 76,603,803 21.7% Caal 13,877,878 4.0% Caal 13,877,878 4.0% 352,535,751 100.0% 352,535,751 100.0%

23 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

17. Risk and uncertainties (continued)

(a) Credit risk (continued) The following table details the aggregate industry of the financial assets in the portfolio as at 31 December 2015:

Industry Market % as at Value as at 31-Dec 31-Dec-2015 2015 € € Aerospace and Defense 5,947,500 1.7% Automotive 8,877,814 2.5% Banking, Finance, and Real Estate (FIRE) 9,901,772 2.8% Banking, Finance, Insurance and Real Estate (FIRE) 14,118,100 4.0% Beverage, Food and Tobacco 26,703,143 7.6% Capital Equipment 4,259,193 1.2% Chemicals, Plastics and Rubber 23,831,238 6.8% Construction and Building 18,929,756 5.4% Consumer Goods Durable 2,985,000 0.8% Containers, Packaging and Glass 22,754,378 6.5% Energy Oil and Gas 4,443,053 1.3% Healthcare and Pharmaceuticals 44,756,811 12.7% High Tech Industries 24,705,025 7.0% Hotels, Gaming and Leisure 24,853,151 7.0% Media Advertising, Printing and Publishing 12,931,292 3.7% Media Broadcasting and Subscription 32,140,518 9.1% Retail 7,980,963 2.3% Services Business 42,899,239 12.2% Telecommunications 19,517,805 5.4% 352,535,751 100.0%

24 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

17. Risk and uncertainties (continued)

(a) Credit risk (continued) The following table details the aggregate country of the financial assets in the portfolio as at 31 December 2015:

Market % Country Value as at As at 31-Dec-2015 31-Dec-2015 € € Austria 2,011,380 0.6% Belgium 6,745,760 1.9% Canada 4,662,542 1.3% Finland 1,908,000 0.5% France 51,369,498 14.6% Germany 42,808,021 12.1% Ireland 15,705,300 4.5% Italy 5,767,389 1.6% Luxembourg 22,602,728 6.4% Netherlands 44,399,011 12.6% Norway 4,040,000 1.1% Spain 14,068,566 4.0% Sweden 1,996,110 0.6% Switzerland 13,010,857 3.7% United Kingdom 54,260,377 15.4% United States of America 67,180,212 19.1% 352,535,751 100.0%

The following table details the credit ratings with S&P of all entities with which the Company holds cash and cash equivalents as at 31 December 2015:

Rating S&P Amount % As at As at As at 31-Dec-2015 31-Dec-2015 31-Dec-2015 € Citibank A 94,671,298 100

The following table details the credit ratings with S&P of all entities with which the Company has entered swap agreements with and the gross contractual amounts receivable as at 31 December 2015:

Rating S&P Amount % As at As at As at 31-Dec-2015 31-Dec-2015 31-Dec-2015 € JP Morgan A- 4,704,323 46

Bank of America A 5,537,664 54 Merril Lynch

All hedging and bank counterparties are required to satisfy applicable rating requirements as contained in the offering circular.

25 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

17. Risk and uncertainties (continued)

(a) Credit risk (continued)

The Company is exposed to credit risk on the amounts receivable on unsettled trades in relation to the agent banks with which it trades. The Company does not have a prescribed minimum rating requirement for these agent banks but typically transacts with the top global banks on the league tables and maintains an approved counterparty list. The counterparty approval process includes a review of corporate structure, domicile, licensing, financial condition and regulatory issues.

(b) Currency risk Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company may lend or borrow in currencies other that it's functional currency. Consequently, the Company is exposed to the risk that the exchange rate of its currency relative to other currencies may change in a manner in which has an adverse effect on the Company's assets and liabilities that are denominated in currencies other than the functional currency. The Company employs techniques and instruments intended to provide protection against currency risk such as entering into cross currency swaps or forward currency contracts.

The currency risk profile of the fair values of the Company's financial assets and financial liabilities at 31 December 2015 is set out below:

As at 31 December 2015 GBP Total € €

Financial assets at fair value through profit & loss 10,129,944 10,129,944 Derivative financial assets at fair value through profit & loss (10,129,944) (10,129,944) Amounts receivable on sale of financial assets Other receivables 8,879 8,879 Cash and cash equivalents Amounts payable on purchase of financial assets Derivative financial liabilities at fair value through profit & loss

8,879 8,879

(c) Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Class A-1A Notes, the Class A-2A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes bear interest at a floating rate based on three month Euribor. The Class A-IB Notes and the Class A-2B Notes bear interest at a fixed rate. The financial assets bear interest at a different rate than the Notes. The Company has the option to enter into interest rate hedge agreements to address the impact of its exposure to such interest rate mismatches. There are currently no interest rate hedge agreements in place. Interest rate risk is managed through the priority of payments such that interest is only payable on the class B, C, D and E and Subordinated Notes through the waterfall once applicable expenses have been paid and there are still funds available. It is also managed on a monthly basis through the interest coverage tests, of which none were failing at the end of the Reporting Period.

26 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

17. Risk and uncertainties (continued)

(c) Interest rate risk (continued) The interest rate profile of the Company's financial assets and financial liabilities (nominal values) as at 31 December 2015 was:

As at 31 December 2015 Residual Basis Fixed Floating Total € € € € Financial assets - 26,500,000 328,753,360 355,253,360 Cash at bank - - 94,671,298 94,671,298 Notes issued (44,500,000) (20,000,000) (349,500,000) (414,000,000) (44,500,000) 6,500,000 73,924,658 35,924,658

The interest rates applicable to financial assets and Notes issued are based on Euribor, USD Libor and GBP Libor with no fixed rates applied.

An increase in interest rates of 1% would result in an increase in operating income of approximately €739,247 if asset and liability nominals remained unchanged for a year. This additional income would have been paid to the holders of the Subordinated Notes.

(d) Price risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. The Company manages price risk by permitting the Collateral Manager, subject to certain requirements, to sell Collateral Obligations and reinvest the proceeds.

An increase in market values of 1% would result in an increase in Fair value income on financial assets of approximately €3,525,358 if asset and liability nominals remained unchanged at the financial period end. This additional income would have reduced the fair value movement on the Notes by the same amount.

(e) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The ability of the Company to meet its obligations under the Notes is dependent on the receipt of interest and principal from the underlying collateral portfolio.

Liquidity risk is managed through the priority of payments such that interest is only payable on the class B, C, D and E and Subordinated Notes through the waterfall once applicable expenses have been paid and there are still funds available.

The following table details the Company's liquidity analysis for its financial liabilities. The table has been drawn up based on the undiscounted net cash flows on the financial liabilities that settle on a net basis and the undiscounted gross cash flows on those financial liabilities that require gross settlement.

27 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

17. Risk and uncertainties (continued)

(e) Liquidity risk (continued)

As at 31 December 2015 Carrying Gross Less than 1 2 year to 5 Over 5 amount contractual year years years € € € € € Financial liabilities at fair value through profit & loss 400,888,644 523,141,840 8,237,120 32,948,480 481,956,240 Amounts payable on purchase of financial assets 50,020,940 50,020,940 50,020,940

Other payables 419,016 419,016 - -

451,328,600 573,581,796 58,677,076 32,948,480 481,956,240

18. Fair value of financial instruments IFRS 13 'Fair Value Measurement' specifies that financial instruments which are fair valued through profit or loss, must be classified in accordance with a hierarchy of valuation techniques based on whether the inputs into those valuation techniques are observable (reflecting market value obtained from independent sources) or unobservable (requiring the use of models and assumptions). The two types of inputs have created the following hierarchy:

Level 1: quoted prices (i.e. unadjusted) in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)

If the inputs used to value an investment fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the investment.

As the Company's financial assets are not listed on a recognised stock exchange, their value is estimated by the Collateral Manager who obtains prices from valuation services, Markit for loans and IDC for bonds. Where the number of contributors to a Markit price is greater than one, an asset is considered level 2. Where there is one contributor then the asset is considered level 3. Where a price is not available from Markit or IDC, the Company estimates the value by comparing the asset to other assets of the same Issuer or similar assets of another Issuer, for which prices are available.

The fair value of the Notes issued are determined by reference to the fair value of the investments, derivatives and other assets and liabilities of the Company.

The fair value of all other financial instruments held at amortised cost approximates their carrying value and are classified at level 2.

28 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

18. Fair value of financial instruments (continued)

The following table provides details of the fair values of the financial assets and financial liabilities held by the Company along with details of valuation techniques applied and the key assumptions used:

Valuation Technique Key inputs Financial assets at fair value through profit & loss Market approach Prices of actual assets (Level 2) Financial assets at fair value through profit & loss Market approach Prices of existing and (Level 3) similar assets Derivative financial assets at fair value through Income approach Prices of associated assets, profit & loss interest and FX rates Financial liabilities at fair value through profit & Market approach Fair values of collateral loss

At the reporting date, the carrying amount of the assets and liabilities at fair value through profit & loss are as follows:

As at 31 December 2015 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit & loss - 338,309,626 14,226,125 352,535,751 Derivative liabilities at fair value through profit & loss - 112,043 - 112,043 Financial liabilities at fair value through profit & loss - - (400,888,644) (400,888,644)

338,421,669 (386,662,519) (48,240,850)

The tables below show the movements for financial assets and debt securities issued, classified level 3.

Financial assets As at 31-Dec-2015 € Opening balance Purchases 14,218,403 PIK Sales/Paydowns Net realised/unrealised losses 7,722 Movement in/(out) of level 3 - Closing balance 14,226,125

Debt securities issued As at 31-Dec-2015 € Opening balance Issuances 409,977,950 Fair value movements (9,089,306) Movement in/(out) of level 3 - Closing balance 400,888,644

A sensitivity analysis is not provided for level 3 assets as the inputs are market based.

29 TYMON PARK CLO LIMITED

Notes to the financial statements (continued) for the financial period from date of incorporation on 26 May 2015 to 31 December 2015

19. Charges There is a first fixed charge and first priority security interest granted, in favour of the Trustee for the benefit of the holders of the Notes, over all the Company's present and future rights, title and interest in respect of all Collateral Obligations.

20. Related party transactions On 9 December 2015, the Company entered into a Corporate Services Agreement with IMI for the provision of corporate fiduciary and general administration services to the Company.

As at 31 December 2015, the Directors of the Company, Ms. Neasa Moloney and Mr. David Greene were employees of IMI and therefore may be deemed to be interested in the Corporate Services Agreement. Mr. Ronan O'Neill who resigned as director during the financial period was also employed by IMI. IMI receives an annual fee from the Company in respect of provision of corporate administration services, with €nil being charged in the current financial period. As at 31 December 2015, no fees remain outstanding to IMI.

The Collateral Manager is an associated company of the Originator and during the financial period earned fees of €80,919 of which €80,919 is accruing at the financial period end.

21. Events after the Reporting Period There are no significant events affecting the Company after the end of the Reporting Period.

22. Ownership of the Company The single share issued is held on trust for charity by Intertrust Nominees (Ireland) Limited.

The Directors have considered the issue of control and have determined that the control of the Company rests with the Board.

23. Approval of financial statements The Board of Directors approved and authorised these financial statements on 22 April 2016.