Aqueduct European CLO 17 DAC: 07 May 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by HPS Investment Partners CLO (UK) LLP.

Eligibility criteria (includes): it is a Secured Senior Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond (in each case, which is not a sub-participation of a sub-participation); other than in the case of a Corporate Rescue Loan, it is not a Defaulted Obligation or a Credit Risk Obligation; it is not a lease; it is not a Structured Finance Security or a Synthetic Security; it is not a Zero Coupon Security or Step-Up Coupon Security; other than in the case of a Corporate Rescue Loan, it has a S&P Rating of not lower than "CCC-" and, for so long as Fitch assigns a rating in respect of an Outstanding Class of Rated Notes, a Fitch Rating of not lower than "CCC-"; it is not a debt obligation which pays interest only and does not require the repayment of principal; it is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Collateral Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it is not a Bridge Loan.

The Issuer shall use commercially reasonable endeavours to purchase Collateral Obligations with an Aggregate Principal Balance (together with Collateral Obligations previously acquired) equal to at least the Target Par Amount out of the Balance standing to the credit of the Unused Proceeds Account during the Initial Investment Period.

The Securities are being offered by the Issuer through JP Morgan in its capacity as Arranger and Initial Purchaser.

EU & UK Risk Retention: The Retention Holder (HPS Investment Partners CLO (UK) LLP) will undertake to purchase and retain, for its own account, a material net economic interest in the transaction comprising not less than 5% of the Principal Amount Outstanding of each Class of Securities, for the purpose of satisfying the EU/UK Retention Requirements.

US Risk Retention: Neither the Collateral Manager nor any of its Affiliates intend to retain the Minimum Risk Retention Requirement pursuant to the US Risk Retention Rules for any period of time for the purposes of satisfying the US Risk Retention Rules.