Arbour CLO III DAC (3rd Refinance): 08 July 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Secured Senior Bonds, Mezzanine Obligations and High Yield Bonds managed by Oaktree Capital Management (UK) LLP.

On 12 February 2016 (the Original Issue Date) Arbour CLO III issued Class A-1 Senior Secured Fixed Rate Notes due 2029, Class A-2 Senior Secured Floating Rate Notes due 2029, Class B-1 Senior Secured Fixed Rate Notes due 2029, Class B-2 Senior Secured Floating Rate Notes due 2029, Class C Senior Secured Deferrable Floating Rate Notes due 2029, Class D Senior Secured Deferrable Floating Rate Notes due 2029, Class E Senior Secured Deferrable Floating Rate Notes due 2029, Class F Senior Secured Deferrable Floating Rate Notes due 2029 and Subordinated Notes due 2029.

On 15 March 2018 (the 2018 Refinancing Date) the Issuer refinanced in whole each of the Original Class A Notes, the Original Class B Notes, the Original Class C Notes, the Original Class D Notes, the Original Class E Notes and the Original Class F Notes.

On 30 July 2021 (the 2021 Refinancing Date) the Issuer refinanced the 2018 Refinanced Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2034, Class B-1-R Senior Secured Floating Rate Notes due 2034, Class B-2-R Senior Secured Fixed Rate Notes due 2034, Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Class F-R Senior Secured Deferrable Floating Rate Notes due 2034 and Additional Subordinated Notes due 2034.

On or about 6 July 2026 (the Issue Date) the Issuer will, subject to the satisfaction of certain conditions, refinance the 2021 Refinancing Notes by issuing Class X Senior Secured Floating Rate Notes due 2040, Class A-R-R Senior Secured Floating Rate Notes due 2040, Class B-R-R Senior Secured Floating Rate Notes due 2040, Class C-R-R Senior Secured Deferrable Floating Rate Notes due 2040, Class D-R-R Senior Secured Deferrable Floating Rate Notes due 2040, Class E-R-R Senior Secured Deferrable Floating Rate Notes due 2040, Class F-R-R Senior Secured Deferrable Floating Rate Notes due 2040 and Additional Subordinated Notes due 2040.

The Existing Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering.

The Offered Notes are being offered by the Issuer through Jefferies International Limited in its capacity as placement agent of such Offered Notes subject to prior sale.