GoldenTree Loan Opportunities III, Limited - Irish Stock Exchange

Acquisition of Collateral Obligations prior to closing date; there is limited disclosure about the
Collateral Obligations in this offering circular.
The Issuer's purchase of Collateral Obligations prior to the Closing Date was financed through (i) loans
made by JPMCB to the Issuer and (ii) the purchase by an affiliate of JPMCB of certain subordinated
notes of the Issuer, in each case pursuant to a warehousing agreement. Any gains or losses realized by the
Issuer in respect of Collateral Obligations that are sold or otherwise disposed of prior to the Closing Date
will be for the Issuer's account. Collateral Obligations owned by the Issuer on the Closing Date were
purchased in the open market, and the purchase price paid by the Issuer for such Collateral Obligations is
the prevailing price at the time such Collateral Obligations were purchased. Because the purchase price
of Collateral Obligations owned by the Issuer on the Closing Date is determined prior to such date, the
prevailing market price of such Collateral Obligations on the Closing Date may be higher or lower than
such purchase price. Accordingly, any unrealized losses or gains experienced by the Issuer in respect of
the Collateral Obligations acquired by the Issuer prior to, and owned by the Issuer on, the Closing Date
will be for the Issuer's account.
The Issuer and the Portfolio Manager will not be required to provide the holders of the Offered Securities
or the Trustee with financial or other information (which may include material non-public information) it
receives pursuant to the Collateral Obligations and related documents. The Portfolio Manager also will
not disclose to any of these parties the contents of any notice it receives pursuant to the Collateral
Obligations or related documents. In particular, the Portfolio Manager will not have any obligation to
keep any of these parties informed as to matters arising in relation to any Collateral Obligations, except
with respect to: (i) the receipt or non-receipt, on an aggregate basis, of principal, interest, or other
amounts of collections or recoveries; (ii) the cancellation of any Collateral Obligations; (iii) default
amounts in respect of the Collateral Obligations; and (iv) certain other information required to be reported
under the Portfolio Management Agreement and the Indenture.
The holders of the Offered Securities and the Trustee will not have any right to inspect any records
relating to the Collateral Obligations, and the Portfolio Manager will not be obligated to disclose any
further information or evidence regarding the existence or terms of, or the identity of any obligor on, any
Collateral Obligations, unless (i) specifically required by the Portfolio Management Agreement or (ii)
following its receipt of a written request from the Trustee, the Portfolio Manager in its sole discretion
determines that the disclosure of such further information or evidence regarding the existence or terms of,
or the identity of any obligor on, any Collateral Obligation to the Trustee would not be prohibited by
applicable law or the underlying instruments relating to such Collateral Obligation, in which case the
Portfolio Manager will disclose such further information or evidence to the Trustee; provided, the Trustee
will not disclose such further information or evidence to any third party. Furthermore, the Portfolio
Manager may demand that any persons requesting that information execute confidentiality agreements
before being provided with the information.
Lender liability considerations and equitable subordination can affect the Issuer's rights with
respect to Collateral Obligations.
A number of judicial decisions have upheld judgments of borrowers against lending institutions on the
basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability
is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith,
commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an
excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the
borrower or its other creditors or shareholders. Because of the nature of the Assets, the Issuer may be
subject to allegations of lender liability.
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