Madison Park Euro Funding XI (Refinance): 11 August 2026

The assets securing the Notes 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 and UBS Asset Management (Americas) LLC.

On 12 July 2018 (the Original Issue Date) Madison Park Euro Funding XI (formerly Cadogan Square CLO XI DAC) issued Class A-1 Secured Floating Rate Notes due 2031, Class A-2 Senior Secured Floating Rate Notes due 2031, Class B-1 Secured Floating Rate Notes due 2031, Class B-2 Secured Fixed Rate Notes due 2031, Class C Senior Secured Deferrable Floating Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031, Class E Senior Secured Deferrable Floating Rate Notes due 2031, Class F Senior Secured Deferrable Floating Rate Notes due 2031 and Class M Subordinated Notes due 2031.

On or about 15 July 2026 (the Re-issue Date) Madison Park Euro Funding XI will, subject to certain conditions, redeem the Rated Notes by issuing 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 Additional Class M Subordinated Notes due 2039.

The Existing Class M Subordinated Notes were issued on the Original Issue Date with a principal amount outstanding of €47,000,000 and are not being offered pursuant to this Offering. The Additional Class M Subordinated Notes being offered pursuant to this Offering Circular and the Existing Class M Subordinated Notes issued on the Original Issue Date shall form a single class of Class M Subordinated Notes.