Grosvenor Place CLO 11 DAC: 02 July 2026

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

On or about 30 June 2026 (the Issue Date) the Issuer, subject to the satisfaction of certain conditions, 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 Subordinated Notes due 2039.

In addition, on the Issue Date the Issuer will enter into a loan agreement pursuant to which the Class A Lenders specified therein will grant a facility in the amount of €113,600,000.

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; it is not a lease (including a financial lease); it is not a Structured Finance Security or a Synthetic Security; it is not a Zero Coupon Security; other than a Corporate Rescue Loan or Uptier Priming Debt, it has a Fitch Rating and a S&P 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 an ESG Excluded Obligation or an ESG Prohibited Collateral Obligation.

The Issuer anticipates that by the Issue Date it, or the Collateral Manager on its behalf, will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €340mln, which is approximately 85.0% of the Target Par Amount.

The Notes are being offered by the Issuer through BNP Paribas in its capacity as Initial Purchaser of the Notes and in its separate capacity as Arranger.

EU/UK Risk Retention: CQS (UK) LLP, in its capacity as Retention Holder, will acquire the Retention Notes on the Issue Date and will undertake to retain the Retention Notes on an ongoing basis.

US Risk Retention: On the Issue Date, the Retention Holder will purchase the Retention Notes with the intention of complying with the Retention Requirements and Transparency Requirements