Madison Park Euro Funding XXI DAC: 14 December 2025

The assets securing the Debt will consist primarily of a portfolio of Secured Senior Loans, Secured Senior Bonds, Second Lien Loans, Mezzanine Obligations, High Yield Bonds, Corporate Rescue Loans and Unsecured Senior Obligations, and will be managed by UBS Asset Management Credit Investments Group (UK) Ltd.

On or about 12 December 2025 (the Issue Date) Madison Park Euro Funding XXI DAC will issue Class A Senior Secured Floating Rate Notes due 2039, Class B Senior Secured Floating Rate Notes due 2039, Class C Senior Secured Deferrable Floating Rate Notes due 2039, Class D Senior Secured Deferrable Floating Rate Notes due 2039, Class E Senior Secured Deferrable Floating Rate Notes due 2039, Class F Senior Secured Deferrable Floating Rate Notes due 2039 and Class M Subordinated Notes due 2039.

Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan, a High Yield Bond, a Bridge Loan or a PIK Security (in each case, which is not a Participation of a Participation); it is not a Defaulted Obligation (other than in the case of an obligation which is Uptier Priming Debt, Exchanged Obligation or a Distressed Exchange Obligation); it is not a Structured Finance Security, letter of credit or a Synthetic Security; it is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan or Uptier Priming Debt, it has a Fitch Rating of not lower than “CCC-”; other than in the case of a Corporate Rescue Loan or Uptier Priming Debt, it has a S&P Rating of not lower than “CCC-”; it is an obligation of an Obligor or Obligors Domiciled in a Qualifying Country (as determined by the Portfolio Manager acting on behalf of the Issuer).

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €360mln, which is approximately 90.0% of the Target Par Amount.

EU Risk Retention: NP Europe Loan Management I shall act as Retention Holder for the purposes of the Retention Requirements and will retain, on an ongoing basis, a material net economic interest in the form specified in Article 6(3)(a) of the Securitisation Regulations and in accordance with the Retention Requirements as in force on the Issue Date, of not less than 5% of the nominal value of each of the tranches sold or transferred to the investors.

US Risk Retention: For purposes of this transaction, the Retention Holder, which is acting as an “originator” for purposes of the Retention Requirements, has agreed to act as a “sponsor” for purposes of the US Risk Retention Rules and, accordingly, has agreed to acquire an “eligible vertical interest” on the Issue Date consisting of not less than 5% of the principal amount of each Class of Debt issued by the Issuer.