FUND MATERIALS

Offering Summary

The Fund

Eagle Point Defensive Income Trust

Investment Manager

Eagle Point Defensive Income Management LLC

Structure

Interval Fund

Purchasing

Daily, electronically or via subscription agreement

Minimum Investment

$2,500 minimum for initial investment and $500 minimum for subsequent investment

Distributions

Paid Monthly

Distribution Reinvestment Plan

Investor's option to reinvest at NAV

Liquidity

Quarterly repurchase offers of at least 5% of Fund's total outstanding shares, at NAV; no early withdrawal fees (except early withdrawal fee for Class C shares held less than one year)

Death or Disability

Fund may repurchase shares from deceased shareholders' estates or disabled shareholders (subject to satisfactory documentation)

Distributor

ALPS Distributors, Inc.

Auditor

KPMG LLP

Tax Reporting

1099


Share Class

Class A

Class C

Class I

Class S

Ticker

DEFAX

DEFCX

DEFIX

DEFSX

CUSIP

26982M108

26982M207

26982M306

26982M405

The terms are provided solely as a summary. The final and definitive terms of the Fund are set forth in its governing documents which should be reviewed carefully before making any investment. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus, which has been filed with the SEC, contains this and other information about the Fund and should be read carefully before investing. No assurance can be given that the Fund will achieve its objectives. Distributions are not guaranteed in frequency or amount.