Response to Update on Investment Manager

For immediate release

14 August 2020

Response to Update on Investment Manager by Pollen Street Secured Lending plc ("PSSL")

Waterfall Asset Management, LLC ("Waterfall") welcomes today's announcement by PSSL regarding its appointment as preferred successor manager following a competitive and rigorous selection process. Waterfall looks forward to working with the Board to deliver their mandate to provide Shareholders with the enhanced liquidity that they are seeking and manage the fund in a transparent manner at materially lower management and performance fees than under the existing IMA. 

Patrick Lo, Partner, Waterfall said: "We welcome today's announcement and look forward to working cooperatively with the PSSL Board and outgoing manager to ensure a smooth transition in the interests of Shareholders." 

Separate announcements will be made in due course in relation to Waterfall's all-cash Possible Offer announced on 25 February 2020. Waterfall confirms that it remains committed to pursuing the Possible Offer and believes its appointment today is a material enhancement in its ability to progress to a firm offer.

Enquiries:

About Waterfall

Waterfall is an SEC-registered institutional asset manager focused on structured credit (asset-backed securities and loans) and private equity investments with approximately $7.8 billion in assets under management as of 30 June 2020. Waterfall was founded in 2005 and benefits from a global presence, with offices in USA, UK and Ireland. Waterfall currently runs primarily three investment strategies: high-yield asset-backed securities, loan opportunity strategy and small-balance commercial loans.

Further information

The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as Financial Adviser exclusively for Waterfall and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Waterfall for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

Publication on Website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at https://www.waterfallam.com/possible-offer/ promptly and in any event by no later than 12 noon on the business day following this announcement. The content of this website is not incorporated into and does not form part of this announcement.