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. Responses to any inquiry which may involve rendering of personalized investment advice for compensation effecting or attempting to effect transactions in securities will not be made absent compliance with state broker-dealer, investment advisor, broker-dealer agent or investment advisor representative registration requirements, or applicable exemptions or exclusions from such requirements. This web site is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. GoldenTree makes no representations or warranties that the content of this web site is applicable or appropriate for use in locations outside of the United States of America.

Limitation of Liability

While GoldenTree uses reasonable efforts to include accurate and up to date information on this web site, errors or omissions sometimes occur. 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. Thus, a fund’s initial IRR figures at launch could appear higher due to fund investments made prior to the initial capital calls.
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Account Access

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.

For EEA Residents

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 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.

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  
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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

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 Directive

‍GoldenTree 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