ARBOUR CLO II DAC (3rd Refinance): 08 August 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 15 January 2015 (the Original Issue Date) Arbour CLO II DAC (formerly Arbour CLO II Limited) issued Class A-1 Senior Secured Fixed Rate Notes, Class A-2 Senior Secured Floating Rate Notes, Class B-1 Senior Secured Fixed Rate Notes, Class B-2 Senior Secured Floating Rate Notes, Class C-1 Senior Secured Deferrable Fixed Rate Notes, Class C-2 Senior Secured Deferrable Floating Rate Notes, Class D Senior Secured Deferrable Floating Rate Notes, Class E Senior Secured Deferrable Floating Rate Notes, Class F Senior Secured Deferrable Floating Rate Notes and Subordinated Notes.

On 15 May 2017 (the 2017 Refinancing Date) Arbour CLO II DAC refinanced in whole the Original Rated Notes by issuing Class X Senior Secured Floating Rate Notes, Class A-R Senior Secured Floating Rate Notes, Class B-1-R Senior Secured Fixed Rate Notes, Class B-2-R Senior Secured Floating Rate Notes, Class C-R Senior Secured Deferrable Floating Rate Notes, Class D-R Senior Secured Deferrable Floating Rate Notes, Class E-R Senior Secured Deferrable Floating Rate Notes, Class F-R Senior Secured Deferrable Floating Rate Notes and the Existing Subordinated Notes.

On 15 June 2021 (the 2021 Refinancing Date) Arbour CLO II DAC refinanced in whole the 2017 Refinanced Notes by issuing Class X Senior Secured Floating Rate Notes, Class A-R-R Senior Secured Floating Rate Notes, Class B-1-R-R Senior Secured Floating Rate Notes, Class B-2-R-R Senior Secured Fixed Rate Notes due Class C-R-R Senior Secured Deferrable Floating Rate Notes, Class D-R-R Senior Secured Deferrable Floating Rate Notes, Class E-R-R Senior Secured Deferrable Floating Rate Notes, Class F-R-R Senior Secured Deferrable Floating Rate Notes and the Existing Subordinated Notes.

On or about 7 August 2026 (the Issue Date) Arbour CLO II DAC will, subject to the satisfaction of certain conditions, refinance in whole the 2021 Refinancing Notes by issuing Class X Senior Secured Floating Rate Notes due 2039, Class A-R-R-R Senior Secured Floating Rate Notes due 2039, Class B-R-R-R Senior Secured Floating Rate Notes due 2039, Class C-R-R-R Senior Secured Deferrable Floating Rate Notes due 2039, Class D-R-R-R Senior Secured Deferrable Floating Rate Notes due 2039, Class E-R-R-R Senior Secured Deferrable Floating Rate Notes due 2039, Class F-R-R-R Senior Secured Deferrable Floating Rate Notes due 2039 and Additional Subordinated Notes due 2039.

The Offered Notes (other than the Retention Notes) will be offered by the Issuer through Deutsche Bank Securities Inc in its capacity as placement agent of the offering of such Offered Notes.