CVC Cordatus Loan Fund XXXVIII DAC: 30 June 2026

The assets securing the Debt will consist primarily of a portfolio of Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by CVC Credit Partners Investment Management Limited.

On or about 26 June 2026 (the Issue Date) the Issuer will, subject to certain conditions, issue Class A Senior Secured Floating Rate Notes due 2040, Class B Senior Secured Floating Rate Notes due 2040, Class C Senior Secured Deferrable Floating Rate Notes due 2040, Class D Senior Secured Deferrable Floating Rate Notes due 2040, Class E Senior Secured Deferrable Floating Rate Notes due 2040, Class F Senior Secured Deferrable Floating Rate Notes due 2040 and Subordinated Notes due 2040.

In addition, on the Issue Date, the Issuer will enter into a loan agreement pursuant to which the Class A lender will make available to the Issuer a Senior Secured Floating Rate Facility in an aggregate amount of €75,000,000, which will be fully drawn on the Issue Date, and the Class B lender will make available to the Issuer a Senior Secured Floating Rate Facility in an aggregate amount of €35,000,000 which will be fully drawn on the Issue Date.

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 €390mln which is approximately 97.5% of the Target Par Amount.

The Notes (other than those Notes which are purchased from the Issuer pursuant to the Note Purchase Deed) are being offered by the Issuer through Citigroup Global Markets Limited, in its capacity as sole arranger and as placement agent of the offering of such Notes.

EU & UK Risk Retention: The Retention Holder (CVC Credit Partners Global CLO Management III Global Cell PCC) will subscribe for on the Issue Date and retain, on an ongoing basis for so long as any Class of Notes remains outstanding, a material net economic interest of not less than 5% of the Principal Amount Outstanding of each Class of Notes within the meaning of Article 6(3)(a) of the EU/UK Securitisation Regulation as it applies at the Issue Date.

US Risk Retention: It is intended to satisfy the risk retention requirements under the US Risk Retention Rules with respect to this securitisation transaction by acquiring and holding an "eligible vertical residual interest" in an amount at least equal to the amount required (and for so long as required) by the US Risk Retention Rules.