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The information and views herein are provided for educational and informational purposes only and should not be construed as financial or investment advice, nor should any information and views contained herein be relied on when making an investment decision. The information and views contained herein are only current as of the date indicated, and are subject to change without notice. Nothing contained herein should be deemed to be a prediction or projection of future performance of, or provide an overview of the terms applicable to, any investment or fund managed by Avenue Capital Group (“Avenue”). Avenue has no duty or obligation to update the information and views contained herein.The information contained herein may include links to external websites that Avenue does not own or maintain. Hyperlinks to third-party websites included herein are provided for the reader’s convenience only. Avenue is not responsible for the content, products, or services offered by these external sites, nor does Avenue endorse them in any way. While certain information referenced is believed to be reliable, such information has not been independently verified or confirmed by Avenue. Avenue assumes no responsibility for the accuracy of information obtained from third-party sources. Avenue does not review or endorse any content provided by external parties, and Avenue makes no representations or warranties about the accuracy, copyright compliance, suitability, or completeness of any content provided by external parties. By accessing these external links, the reader acknowledges that they are outside of Avenue’s control and may be subject to their own terms and conditions.You use these external sites at your own risk, and Avenue disclaims all responsibility for any consequences arising from a reader’s access to or use of such sites.

Important Disclosure Information :The information contained herein is not complete and does not contain certain important information about the Avenue funds (the “Avenue Funds”), including without limitation, important disclosures and risk factors associated with an investment in the Avenue Funds, and is subject to change without notice. Offers to sell interests in the Avenue Funds are made only by the respective Avenue Funds’ Private Placement Memoranda (each, a “PPM” or “Memorandum”) and not by the information contained herein. If the information contained herein is different or inconsistent with the information set forth in the Avenue Funds’ PPM or limited partnership agreement, the PPM or limited partnership agreement shall control. Further, the information is as of the date indicated and, while Avenue believes such information is correct as of such date, there is no duty to update, supplement or correct any outdated, inconsistent, incomplete or incorrect information contained herein.

An investment in an Avenue Fund is risky and is not suitable for all investors. You should not construe the contents of this website as legal, tax, investment or accounting advice, and you are urged to thoroughly and carefully review the Avenue Funds’ PPM and consult with your own advisors with respect to legal, tax, regulatory, financial and accounting consequences of an investment in an Avenue Fund. Avenue Capital Group is not acting as an investment adviser or otherwise making any recommendation as to an investor’s decision to invest in the Avenue Funds. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. In making an investment decision, investors must rely on their own examination of the Avenue Funds and the terms of the offering of interests.

No offer or solicitation may be made prior to the delivery of a definitive offering memorandum. The interests have not been approved or disapproved by the U.S. Securities and Exchange Commission (the "SEC") or by the securities regulatory authority of any state or of any other jurisdiction, nor has the SEC or any such securities regulatory authority passed upon the accuracy or adequacy of this document. Any representation to the contrary is a criminal offense. The interests have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), the securities laws of any state or the securities laws of any other jurisdiction, nor is such registration contemplated. The interests will be offered and sold in the United States under the exemption provided by Section 4(2) of the Securities Act and/or Regulation D promulgated thereunder and other exemptions of similar import in the laws of the jurisdictions where the offering will be made. The interests will be offered and sold outside the United States under the exemption provided by Regulation S under the Securities Act. Generally, Avenue Funds are not registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"). Consequently, investors will not be afforded the protections of the Investment Company Act. There is no public market for the interests and no such market is expected to develop in the future. The interests may not be sold or transferred except as permitted under the Partnership Agreement, and only insofar as they are registered under the Securities Act or an exemption exists from such registration thereunder.

Past performance does not guarantee future results. There is no assurance that the Avenue Funds will necessarily achieve their investment objectives or that they will or are likely to achieve results comparable to those shown herein, or will make any profit, or will be able to avoid incurring losses. Investments in the Avenue Funds are subject to a variety of risks (which are described in the Avenue Funds’ PPMs). Investments in the Avenue Funds are suitable only for qualified investors that fully understand the risks of such investments. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may view it. An investor should review thoroughly with his or her advisors the Avenue Funds’ PPMs before making an investment determination. Neither Avenue Capital Group nor any of its affiliates is acting as an investment advisor or otherwise making any recommendation as to an investor’s decision to invest in the Avenue Funds. This website may include information regarding past and present portfolio companies. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. The portfolio companies discussed should not be assumed to have been profitable and there is always a risk of a total investment loss. While certain portfolio company and financial market information referenced herein has been obtained from third parties and is believed to be reliable, such information has not been independently verified by Avenue Capital Group. Avenue Capital Group assumes no responsibility for the accuracy of such information. Certain statements contained herein, including, without limitation, forward looking statements (which are made in reliance upon the “safe harbor” provisions of the federal securities laws), constitute views of the portfolio managers of the Avenue Funds regarding the current state of the distressed markets and the potential availability of investment opportunities for the Avenue Funds. The statements are made based upon such views as they exist as of the date indicated. Such views are subject to change without notice based upon numerous factors, such as further analyses conducted by the portfolio managers, and changes in economic, market, political and other conditions that may impact investment opportunities. There is no assurance that such views are correct or will prove, with the passage of time, to be correct.

No representations or warranties, of any kind, express, implied or statutory, are given in conjunction with the information and data herein. Avenue Capital Group, which includes Avenue Europe Management, LLP, GL Advisors Hong Kong Limited, Avenue Asia Singapore Pte. Ltd., and Avenue ME Advisors Ltd, expressly disclaims liability for errors or omissions in the information and data presented herein and for any loss or damage arising out of the use or misuse or reliance on the information provided including without limitation, any loss or profit or any other damage, direct or consequential. Further, there is no duty to update, supplement or correct any outdated, inconsistent, incomplete or incorrect information contained herein. This communication has not been approved by any regulatory authorities and is issued by Avenue Capital Group for information purposes. If you have any inquiries about this communication, please contact the relevant entity below:

U.K.: Avenue Europe Management, LLP, of 20 Greycoat Place, 4th Floor, London SW1P 1SB, is authorized and regulated by the Financial Conduct Authority. Contact number: 212-878-3500. Hong Kong: GL Advisors Hong Kong Limited, of Level 43, Champion Tower, 3 Garden Road, Central, Hong Kong is an entity registered with the Hong Kong Securities and Futures Commission for Type 9 regulated activity under Central Entity Number BFK380. Contact number: 212-878-3500.

Singapore: Avenue Asia Singapore Pte. Ltd., of 8 Marina view, #12-02, Asia Square Tower 1, Singapore 018960, is the holder of a Capital Markets Services Licence issued by the Monetary Authority of Singapore to conduct Fund Management activities, Licence # CMS101023. Contact number: 212-878-3500. Abu Dhabi: Avenue ME Advisors Ltd, of Office Unit 1, Floor 6, Al Khatem Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates is the holder of Financial Services Permission to Conduct Regulated Activities, Prudential Category 4, to conduct the regulated activities of Arranging Deals in Investments and Advising on Investments or Credit, granted by the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), Financial Services Permission Number 190034. Contact number: 212-878-3500.

This communication has been approved and issued by Avenue Capital Group for information purposes