Aqueduct European CLO 5-2020 (2nd Refinancing): 21 July 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.

On 3 September 2020 (the Original Issue Date) Aqueduct European CLO 5-2020 DAC issued Class A Senior Secured Floating Rate Notes due 2032, Class B-1 Senior Secured Floating Rate Notes due 2032, Class B-2 Senior Secured Fixed Rate Notes due 2032, Class C Senior Secured Deferrable Floating Rate Notes due 2032, Class D Senior Secured Deferrable Floating Rate Notes due 2032, Class E Senior Secured Deferrable Floating Rate Notes due 2032, Class F Senior Secured Deferrable Floating Rate Notes due 2032, Class M-1 Subordinated Notes due 2032 and Class M-2 Subordinated Notes due 2032.

On 20 October 2021 (the 2021 Refinancing Date) the Issuer refinanced all of the Original Rated Notes by issuing Class A Senior Secured Floating Rate Notes due 2034, Class B-1 Senior Secured Floating Rate Notes due 2034, Class B-2 Senior Secured Fixed Rate Notes due 2034, Class C Senior Secured Deferrable Floating Rate Notes due 2034, Class D Senior Secured Deferrable Floating Rate Notes due 2034, Class E Senior Secured Deferrable Floating Rate Notes due 2034 and Class F Senior Secured Deferrable Floating Rate Notes due 2034. Certain amendments were made to the Class M Subordinated Notes (including an extension of the maturity date thereof) and the 2021 Refinancing Notes together with the Class M-1 Subordinated Notes were secured pursuant to the Original Trust Deed.

On or about 20 July 2026 (the Issue Date) the Issuer will, subject to certain conditions, refinance in whole each Class of the 2021 Refinancing Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2039, Class B-R Senior Secured Floating Rate Notes due 2039, Class C-R Senior Secured Deferrable Floating Rate Notes due 2039, Class D-R Senior Secured Deferrable Floating Rate Notes due 2039, Class E-R Senior Secured Deferrable Floating Rate Notes due 2039, Class F-R Senior Secured Deferrable Floating Rate Notes due 2039, Class Z-1 Notes due 2039, Class Z-2 Notes due 2039, Class Z-3 Notes due 2039 and Subordinated Notes due 2039.

On the Issue Date, the Class M Subordinated Notes will be redeemed in whole. Holders of the Class M-1 Subordinated Notes and the Class M-2 Subordinated Notes will acquire a pro rata portion of the Subordinated Notes. Holders of the Class M-3 Subordinated Notes will acquire a pro rata portion of the Class Z Notes.