At GoldenTree, we are committed to excellence. Our goal is to achieve top quartile results across products and market cycles. We operate with an integrated investment team that work collaboratively across strategies, ensuring consistency and depth of insight in our approach. Over the past decade, GoldenTree or its products have been recognized as the best in their peer group more than 50 times. Our investment approach is built on over 30 years 1 of disciplined execution, grounded in deep fundamental research, rigorous risk management, and a valuation-driven process. We seek to invest with a margin of safety and a clear catalyst to unlock total return. This time-tested approach, implemented every day by senior investment professionals, has generated top quartile results 2 and over $22 billion of net profits for clients in our alternative offerings. 3 Across market cycles, we leverage a broad playbook to seek the most compelling risk-adjusted opportunities. Our offerings are sized to align with our target return objectives and we actively manage our capital base to optimize our performance. 1. Reflects the investment approach of GoldenTree’s Founder and CIO, Steven A. Tananbaum, who led the high yield group at MacKay Shields from 1991 and founded its hedge fund business in 1997, prior to forming GoldenTree in 2000. 2. Top quartile ranking as of 6.30.2026 and based on annualized since inception returns of master strategy from 7.1.2000 to 6.30.2026 compared to an internally selected group of peers reflecting the firm’s judgment as to comparable investment managers and multi-asset credit hedge fund strategies with available performance figures. Factors in selecting peer managers include similar strategies, similar investment process, similar return targets, similar fee profile, and similar assets under management. Data was sourced from third parties. While GoldenTree has prepared this peer group comparison based on information believed to be reliable, the composition of this peer group incorporates certain assumptions and other subjective judgments. The peer group size is naturally limited given Master Fund’s broad spectrum of credit investing. Comparisons of GoldenTree’s performance to the peer group could be materially different if the peer group had different selection criteria or was composed of other managers. Peer group comparisons are subject to change and should not be relied upon in making an investment decision. 2. Top quartile ranking as of 6.30.2026 and based on annualized since inception returns of master strategy from 7.1.2000 to 6.30.2026 compared to an internally selected group of peers reflecting the firm’s judgment as to comparable investment managers and multi-asset credit hedge fund strategies with available performance figures. Factors in selecting peer managers include similar strategies, similar investment process, similar return targets, similar fee profile, and similar assets under management. Data was sourced from third parties. While GoldenTree has prepared this peer group comparison based on information believed to be reliable, the composition of this peer group incorporates certain assumptions and other subjective judgments. The peer group size is naturally limited given Master Fund’s broad spectrum of credit investing. Comparisons of GoldenTree’s performance to the peer group could be materially different if the peer group had different selection criteria or was composed of other managers. Peer group comparisons are subject to change and should not be relied upon in making an investment decision. 3. Total net profits and losses of GoldenTree’s alternative offerings since account or fund inception through 6.30.2026, which equates to profits and losses net of fees of approximately $22bn. Not a performance metric or representative of any one account or fund. Over 25 years, our flagship strategy has delivered top quartile results by identifying opportunities across the credit universe. ‍ We believe our breadth of expertise across areas such as public credit, private credit, distressed, structured credit, real estate and emerging markets allows us to evaluate a larger opportunity set than many of our peers. Top quartile ranking as of 6.30.2026 and based on annualized since inception returns of master strategy from 7.1.2000 to 6.30.2026 compared to an internally selected group of peers reflecting the firm’s judgment as to comparable investment managers and multi-asset credit hedge fund strategies with available performance figures. Factors in selecting peer managers include similar strategies, similar investment process, similar return targets, similar fee profile, and similar assets under management. Data was sourced from third parties. While GoldenTree has prepared this peer group comparison based on information believed to be reliable, the composition of this peer group incorporates certain assumptions and other subjective judgments. The peer group size is naturally limited given Master Fund’s broad spectrum of credit investing. Comparisons of GoldenTree’s performance to the peer group could be materially different if the peer group had different selection criteria or was composed of other managers. Peer group comparisons are subject to change and should not be relied upon in making an investment decision. ~$17 Billion in assets under management AUM as of 7.1.2026. Tactical Opportunities (Tac Opps) is a global credit strategy capturing attractive opportunities across assets classes while allowing for a higher allocation to private asset classes such as distressed, private credit and structured credit that have historically delivered excess returns in the market. ‍ The broader mandate and evergreen structure of this strategy facilitates predictable and consistent capital deployment. $3 Billion in assets under management AUM represents total capital committed as of 7.1.2026. GoldenTree's dedicated restructuring and turnaround team, established over 15 years ago, works closely with the broader investment team and legal team to provide the leadership needed to right-size a company's capital structure, enhance governance and address liquidity needs. GoldenTree’s approach to distressed investing spans more than three decades, generating compelling returns for our investors while creating sustainable companies and value for their stakeholders. AUM represents total capital committed (inclusive of funds and SMAs) as of 7.1.2026. GoldenTree provides unique private credit solutions to issuers and sponsors – with speed and scale – that create value for our investors. ‍ GoldenTree established a dedicated sourcing and capital markets team over 15 years ago that works alongside our industry specialists to provide a broader source of opportunities than traditional private credit providers. AUM as of 7.1.2026 and represents dedicated comingled funds including committed capital. As one of the few firms that have issued CLOs in both the US and Europe for over 25 years, we uniquely understand the intricacies of CLOs and structured credit, both as a manager and an investor. Leveraging our unique experience, the GoldenTree Loan Management program captures the return profile of GoldenTree’s CLO equity and has delivered top tier results. More broadly, GoldenTree has invested across the universe of structured credit opportunities including in portfolios backed by consumer, residential and commercial credit, with differentiated return profiles. As of 12.31.2025. Results based on the weighted average annualized net distributions across the GoldenTree Loan Management (GLM) program (since inception in December 2016) compared to the market median historical average distributions of US broadly syndicated loan CLOs that have made at least 4 CLO equity distributions (excluding middle market CLOs) during the same period. CLO market data sourced from Intex. GLM distributions are non-recallable income distributions since inception divided by the average daily drawn capital net of principal distributions and less residual cost basis of called CLOs. These distributions include interest from equity, mezzanine debt, warehouse equity, and net realized (non-FX) gains from mezzanine debt and other assets sales. Remaining cash from mezzanine debt sales (or par flushes) are treated as principal. AUM represents structured-product dedicated commingled funds and SMAs as of 7.1.2026. GoldenTree Opportunistic Credit Fund (Ticker: "GTPIX") is a daily offered, unlisted close-end investment company that is structured as an interval fund. GTPIX seeks to capture differentiated returns by investing dynamically across a broad range of public and private credit markets while generating attractive current income. Built on deep credit expertise and disciplined analysis.

Multi-Sector credit is an attractive alternative to more traditional, siloed fixed income allocations, by which we can create more value for our investors through active security selection and asset class rotation. As part of our distinctive Multi-Sector strategy, GoldenTree continually works to identify and evaluate the most attractive risk-adjusted returns across primarily high-yield bonds, leveraged loans and structured credit. AUM as of 7.1.2026 and represents commingled strategy and SMAs. With over $10 trillion in outstanding debt, emerging markets present a diverse opportunity set across numerous issuers, countries, regions, durations and currencies. ‍ Our active, nimble and fundamental-based approach seeks outperformance relative to our benchmark. AUM as of 7.1.2026 and represents commingled strategy and SMAs. GoldenTree has been investing in leveraged loans for over 25 years. As the universe of loans has increased ~7-fold in this period, the complexity of loan documentation, the depth of the secondary market, the diversity of issuers and dispersion of potential outcomes have also increased. Across the evolving opportunity in senior loans, GoldenTree seeks to deliver outperformance and further enhanced returns with non-recourse, non-mark-to-market term financing in our CLOs. AUM as of 7.1.2026 and is based on outstanding GoldenTree CLO vehicles. 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. This web site is offered to you in English, Japanese and Korean. For legal purposes, the text in English is to be given priority of interpretation. By accessing this web site, you confirm your agreement with and understanding of the following conditions of use without limitation or qualification. Please read these conditions carefully before using this web site. This web site is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Your use of this web site constitutes your agreement to all such terms, conditions, and notices. GoldenTree Asset Management LP ("GoldenTree") reserves the right to, and may at any time, change the terms, conditions and notices under which this web site is offered. You are bound by any such revisions and should therefore periodically visit this page to review the then current terms and conditions to which you are bound. References to GoldenTree shall be deemed to include GoldenTree Asset Management LP and any of its affiliated entities. The contents herein may not be copied, quoted or referenced without GoldenTree’s permission. Assets Under Management Total assets, with respect to the structured product portfolios, such as CLOs, include the effects of leverage and available capital to invest. With respect to managed funds and accounts that have “private equity” type terms, assets under management include investors’ committed capital until such time as the applicable investment period has terminated. No Offer of Securities The material on this web site does not constitute an offer to sell, or the solicitation of an offer to buy, advisory services or any securities or any interests in investment funds managed by GoldenTree. Offerings of securities are made only by prospectus or private offering memoranda by persons who are registered, or not required to be registered as broker-dealers or agents in the particular jurisdiction. Such offerings are made, and such investment advisory services are offered, only to persons who are "accredited investors" as defined in Rule 501(a) under the Securities Act of 1933, as amended. 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All information and content on this web site is furnished "as is" and GoldenTree makes no warranties or representations as to the accuracy of this web site, and makes no other warranty of any kind, implied or expressed. Under no circumstances shall GoldenTree nor any party or person involved in creating, producing, or delivering the web site be liable for any direct, incidental, consequential, indirect, or punitive damages that result from the use of, or the inability to use, the materials on this web site, even if a GoldenTree authorized representative has been advised of the possibility of such damages. GoldenTree also assumes no responsibility, and shall not be liable for, any damages to, or viruses that may infect, your computer equipment or other property on account of your access to, use of, or browsing in the web site or your downloading of any materials, data, text, images, video, or audio from this web site. Performance Data Any performance data quoted on this web site represents past performance and is no guarantee of future results. The value of an investment may fall as well as rise. Investor principal is not guaranteed, and investors may not receive the full amount of their principal at the time of redemption if asset values have fallen. Investors should understand that performance results will be reduced by investment advisory fees and other expenses which may be incurred in connection with the account. 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. IRR since inception is a cash-flow-based metric that measures the time-weighted return on investors’ actual invested capital. An IRR starts on the first date capital is called from investors to the fund, not when the fund makes its initial investments. 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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. 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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. 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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 first 4. 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”) Effective 25 May 2018, GDPR has replaced previous EU data privacy laws. Please click here to access and view GoldenTree’s European Privacy Policy Notice. Notice to Residents of the State of California Effective January 1, 2020, a resident of the State of California who has provided personal information to Goldentree Asset Management LP, or regarding whom GoldenTree Asset Management LP has collected Personal Information, may have rights under the California Consumer Privacy Act of 2018 ("CCPA"). Please click here to access and view GoldenTree's California Consumer Privacy Act Privacy Notice. This section applies only to individuals who are residents of the State of California, United States of America. 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. General Partner, Filing Entity GoldenTree Loan Management II GP, LLC GoldenTree Distressed Fund III GP LLC GoldenTree Distressed Fund IV GP LLC GT Private Credit Fund GP LLC GoldenTree Loan Management II (Offshore Feeder), LP GoldenTree Distressed Fund III (Cayman) LP GoldenTree Distressed Fund IV (Cayman) LP GoldenTree Private Credit Fund (Cayman) FT LP GoldenTree Japan Co. Limited Address: Room No. 7, 2nd Floor of Marunouchi Nijubashi Building, 3-2-2, Marunouchi, Chiyoda-ku, Tokyo Telephone: 03-6837-5950 Explanatory Documents - for Japanese Investors ‍ Standards Board for Alternative Investments GoldenTree Asset Management is a member of the standards board for alternative investments (sbai). 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