GoldenTree Asset Management

GoldenTree defines a distressed asset as an investment in the debt or equity of an issuer that, for reasons that may include operational, financial or market-related stress, has seen its value decline to a level that in its analysis was materially below the fundamental value of the asset For debt investments this typically includes securities trading at 75 cents on the dollar or below

A structured product is a securitization of financial debt instruments ranging from high yield bank loans, student loans, commercial real estate, residential mortgages, auto loans, credit card receivables, trust preferred notes, emerging market debt

If you or any of your employees or agents access or use this web site for account access, you acknowledge and agree that such ELECTRONIC SERVICE IS BEING MADE AVAILABLE TO YOU OR SUCH OTHER PERSON WITHOUT ANY WARRANTY WHATSOEVER, EITHER EXPRESS OR IMPLIED, and you agree that any such access or use will be solely at your own risk, and GoldenTree will have no liability whatsoever relating to or arising out of any such access or use or any inaccuracies, errors, delays, omissions or other problems or failures of any such electronic service Moreover, you agree that if you or any of your employees or agents are given any digital certificate(s), user name(s), and/or password(s) which may be required to access or use any electronic services (collectively, "User Codes"), (a) you shall take all necessary actions to preserve the confidentiality of such User Codes; (b) you shall restrict access to the User Codes to those persons who are duly authorized to act on your behalf; (c) you shall notify GoldenTree immediately in the event any such User Code is lost, stolen, or the confidentiality of any such User Code has been compromised in any way or the authority of any person to act on your behalf has been revoked or limited; and (d) you are responsible for and will be bound by all statements made and instructions, assents and consents communicated under any such User Code, to the same extent that the same was under your duly signed writing

Restrictions on Use of Materials and Trademarks GoldenTree owns and maintains this web site Nothing contained within this web site shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any image, trademark, logo or service mark contained within the web site No act of downloading or otherwise copying from this web site will transfer title to any software or material contained within this web site to you Anything that you transmit to this web site becomes the property of GoldenTree, may be used by GoldenTree for any lawful purpose, and is further subject to disclosure as deemed appropriate by GoldenTree, including to any legal or regulatory authority to which GoldenTree is subject GoldenTree reserves all rights with respect to copyright and trademark ownership of all material contained within this web site, and will enforce such rights to the full extent of the law You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products, or services obtained from this site without GoldenTree's written permission

Images displayed on this web site are either the property of, or used with permission by, GoldenTree The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted herein Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes

Material to be Consulted in its Entirety All materials contained within this web site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices Any disclaimers, restrictions, disclosures or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download

FOR UK RESIDENTS ONLY The information on this website is issued in the United Kingdom by GoldenTree Asset Management UK LLP (“we”, “us” and “our”) GoldenTree Asset Management UK LLP is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) The funds whose details are featured on the website (the “Funds”) are unregulated collective investment schemes for the purposes of the UK Financial Services and Markets Act 2000 (“FSMA”) This website may make reference to a number of other GoldenTree entities, including Golden Tree Asset Management, L P (“Other Entities”) Activities carried on by, and the services provided by, Other Entities are not authorised or regulated by the FCA

Some or all of the information on this website may be a financial promotion for the purposes of the Handbook of Rules and Guidance issued by the FCA (the “FCA Rules”) Where such information relates to one or more Funds, it is exempt from the restriction in section 238(1) of the FSMA on the communication of an invitation or inducement to participate in a collective investment scheme, on the basis that this document is issued by us only to and/or is directed by us only at persons who are categorised as either professional clients or eligible counterparties (within the meaning of the FCA Rules) in respect of interests in the relevant Fund(s) The investments and investment services to which the information on this website relates are not available to other persons and such other persons should, therefore, not act or rely on it In particular, any investment or service to which the information on this website may related is not intended for retail clients and will not be made available to retail clients

Investments in hedge funds such as the Funds are speculative and involve a high degree of risk Investors could lose their entire investment We neither provide investment advice to, nor receive and transmit orders from, investors in any Fund, nor do we carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules It is the responsibility of all persons under whose control or into whose possession the materials on this website come, to inform themselves about and to ensure observance of all applicable provisions of the FSMA in respect of anything done in relation to the Funds referenced herein, from or otherwise involving the United Kingdom

In relation to member states of the European Economic Area (“EEA”) that have implemented the EU Directive on Alternative Investment Fund Managers (Directive (2011/61/EU)) (“AIFMD”), interests in the funds whose details appear on this website will only be offered or sold to investors in any such member state to the extent that the relevant fund: (i) is permitted to be marketed into the relevant member state pursuant to Article 42 of the AIFMD (as implemented into applicable local law); or (ii) where any marketing, offer and sale of interests of the fund occurs exclusively at the initiative of the relevant investor

Commitment to the UK Stewardship Code Under the Financial Conduct Authority’s (“FCA”) Conduct of Business Rules 2 2 3R, GoldenTree Asset Management UK LLP is required to make a public disclosure on its website in relation to the nature of its commitment to the Financial Reporting Council’s (“FRC”) Stewardship Code The Code was first published by the FRC in July 2010 and was updated in September 2012 Subsequently, the FRC published the new UK Stewardship Code 2020 (“2020 Code”), which took effect from 1 January 2020, and consists of 12 Principles for asset managers and asset owners, and six Principles for service providers The Code applies on a ‘comply or explain’ basis and is voluntary, aiming at enhancing the quality of engagement between institutional investors and companies, to help improve long-term returns to shareholders and provide for the efficient exercise of governance responsibilities by setting out good practice on engagement with investee companies that institutional investors should aspire to The FRC defines ‘stewardship’ as ‘the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society ’ The 2020 Code Principles are:1 Signatories’ purpose, investment beliefs, strategy, and culture enable stewardship that creates long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society 2 Signatories’ governance, resources and incentives support stewardship 3 Signatories manage conflicts of interest to put the best interests of clients and beneficiaries first4 Signatories identify and respond to market-wide and systemic risks to promote a well-functioning financial system 5 Signatories review their policies, assure their processes and assess the effectiveness of their activities 6 Signatories take account of client and beneficiary needs and communicate the activities and outcomes of their stewardship and investment to them 7 Signatories systematically integrate stewardship and investment, including material environmental, social and governance issues, and climate change, to fulfil their responsibilities 8 Signatories monitor and hold to account managers and/or service providers 9 Signatories engage with issuers to maintain or enhance the value of assets 10 Signatories, where necessary, participate in collaborative engagement to influence issuers 11 Signatories, where necessary, escalate stewardship activities to influence issuers 12 Signatories actively exercise their rights and responsibilities GoldenTree Asset Management UK LLP is an absolute return investor focusing on multiple investment strategies with an emphasis on high yield credit While the Firm may invest in global equities, including UK equities, it is not a significant element in its investment strategies While the 2020 Code is relevant to some aspects of the Firm's trading, and the Firm generally supports the objectives that underlie the 2020 Code, GoldenTree Asset Management UK LLP has chosen not to commit to the 2020 Code The Firm invests in a variety of asset classes and in a variety of jurisdictions across Europe The approach of the Firm in relation to engagement with issuers and their management are determined globally, on a group wide basis The Firm, along with its U S affiliate, takes a global approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction If the Firm’s approach should change in the future, GoldenTree Asset Management UK LLP will review its commitment to the 2020 Code and update this disclosure accordingly

Regulation (EU) 2016/679 of the European Parliament and of the Council (General Data Protection Regulation) (“GDPR”) Notice to Residents of the State of California Public Disclosures pertaining to Specially Permitted Business for Qualified Investors, etc in Japan GoldenTree Japan Co Limited is making public disclosure documents available for the public at its office specified below, on behalf of each of the below filing entity general partner, which has filed an Article 63 filing in connection with the below corresponding fund pursuant to the Financial Instruments and Exchange Act of Japan GoldenTree Japan Co Limited  is not engaged in any businesses as may be permitted under Article 63 filings submitted by such filing entity general partner

Standards Board for Alternative Investments GoldenTree Asset Management is a member of the standards board for alternative investments (sbai) Please reach out to your GoldenTree representative for additional information with respect to GoldenTree 's compliance with the SBAI's standards and terms

Inquiries concerning use of GoldenTree's trademarks, service marks, trade names, logos, icons copyrights or other intellectual property, or other inquiries regarding the terms and conditions of this web site should be addressed to GoldenTree Asset Management LP, Legal Department, 300 park avenue, 20th floor, New York, NY 10022 Shareholder Rights DirectiveGoldenTree Asset Management Uk LLP is currently considering whether it will adopt an engagement policy pursuant to article 3G of the amended EU shareholder rights directive (directive 2007/36/ec) When that decision has been made, this webpage will be updated accordingly The Transparency in Coverage Rule This link leads to the machine-readable files that are made available in response to the federal Transparency in Coverage Rule and includes negotiated service rates and out-of-network allowed amounts between health plans and healthcare providers The machine readable files are formatted to allow researchers, regulators, and application developers to more easily access and analyze data https://www cigna com/legal/compliance/machine-readable-files This Privacy Notice sets forth our policies with respect to nonpublic personal information of Investors, prospective Investors and former Investors These policies apply to individuals and Individual Retirement Accounts only and may be changed at any time, provided a notice of such change is given to you

You provide us with personal information, such as your address, social security number, assets and/or income information, (i) in the Subscription Agreement and related documents, (ii) in correspondence and conversations with the our representatives and (iii) through transactions with or through us

We do not disclose any of this personal information about our Investors, prospective Investors or former Investors to anyone, other than to our affiliates, and except as permitted by law, such as to our attorneys and auditors in order to service your investment We will, however, release information about you if you direct us to do so or if compelled to do so by law We may also disclose all of the information you provide to us to companies that perform services on our clients' behalf If such a disclosure is made, the Fund will require such third parties to treat your private information with confidentiality

We seek to carefully safeguard your private information and, to that end, restrict access to nonpublic personal information about you to those employees and other persons who need to know the information to enable us to provide services to you We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information

GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, private credit, distressed debt, structured products, emerging markets, private equity and credit-themed equities GoldenTree was founded in 2000 and is one of the largest independent asset managers focused on credit GoldenTree manages nearly $48 billion1 for institutional investors including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds

GoldenTree has invested globally since its inception in 2000 and established a local presence in Europe in 2005 GoldenTree’s approach is designed to facilitate seamless communication across our global investment team Today, the firm’s global footprint includes offices in New York, West Palm Beach, Charlotte, London, Dublin, Singapore, Sydney and Tokyo In addition, GoldenTree is supported by a diverse capital base of institutional investors including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds

We believe our governance structure is unique in that we offer our employees a path to partnership, which allows the firm to attract and maintain top-quality talent Moreover, we believe GoldenTree has one of the most experienced teams of investment professionals in the industry, with approximately 90 investment professionals with average experience across the team of 14 years Prior to joining GoldenTree, a number of members of our investment team were ranked as leaders in their peer group by Institutional Investor’s All-American Research Team survey