Cairn CLO XI DAC (Refinance): 14 November 2025

The assets securing the Notes will consist primarily of a portfolio of Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by both Cairn Loan Investments II LLP and Polus Capital Management Limited.

On 13 December 2019 (the Original Issue Date) Cairn CLO XI issued Class A Senior Secured Floating Rate Notes due 2032, Class B Senior Secured Floating Rate Notes due 2032, Class C Senior Secured Deferrable Floating Rate Notes due 2032, Class D Senior Secured Deferrable Floating Rate Notes due 2032, Class E Senior Secured Deferrable Floating Rate Notes due 2032, Class F Senior Secured Deferrable Floating Rate Notes due 2032, Class Z Notes due 2032, Class M-1 Subordinated Notes due 2032 and Class M-2 Subordinated Notes due 2032.

On or about 13 November 2025 (the re-issue Date) the Issuer will, subject to the satisfaction of certain conditions, refinance the Notes by issuing Class X-R Senior Secured Floating Rate Notes due 2040, Class A-R Senior Secured Floating Rate Notes due 2040, Class B-R Senior Secured Floating Rate Notes due 2040, Class C-R Senior Secured Deferrable Floating Rate Notes due 204, Class D-R Senior Secured Deferrable Floating Rate Notes due 2040, Class E-R Senior Secured Deferrable Floating Rate Notes due 2040, Class F-R Senior Secured Deferrable Floating Rate Notes due 2040 and Class Y Notes due 2040.

The Existing Class M-1 and M-2 Subordinated Notes and the Class Z Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering.