Silver Arrow S.A., acting in respect of its Compartment 16: Presale Report

DBRS Ratings GmbH (DBRS Morningstar) assigned a provisional credit rating to the Class A Notes (together with the Class B Notes, the Notes) expected to be issued by Silver Arrow S.A., acting in respect of its Compartment 16 (the Issuer). The Issuer is a compartment in a public company (société anonyme) with limited liability incorporated under the laws of Luxembourg.