Adagio XI EUR CLO DAC (Refinance): 06 October 2026

The assets securing the debt will consist predominantly of a portfolio of Secured Senior Loans, Mezzanine Obligations, Corporate Rescue Loans and Loss Mitigation Obligations, managed by AXA Investment Managers US Inc.

On 4 December 2024 (the Original Issue Date) Adagio XI EUR CLO DAC issued Class A Senior Secured Floating Rate Notes due 2037, Class B-1 Senior Secured Floating Rate Notes due 2037, Class B-2 Senior Secured Fixed Rate Notes due 2037, Class C Deferrable Mezzanine Floating Rate Notes due 2037, Class D Deferrable Mezzanine Floating Rate Notes due 2037, Class E Deferrable Junior Floating Rate Notes due 2037, Class F Deferrable Junior Floating Rate Notes due 2037 and Subordinated Notes due 2037.

On or about 5 August 2026 (the Issue Date) Adagio XI EUR CLO DAC will, subject to certain conditions, refinance the original debt by issuing Class A-R Senior Secured Floating Rate Notes due 2038, Class B-1-R Senior Secured Floating Rate Notes due 2039, Class B-2-R Senior Secured Fixed Rate Notes due 2039, Class C-R Deferrable Mezzanine Floating Rate Notes due 2039, Class D-R Deferrable Mezzanine Floating Rate Notes due 2039, Class E-R Deferrable Junior Floating Rate Notes due 2039 and Class F-R Deferrable Junior Floating Rate Notes due 2039.

The Existing Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this offering. The Additional Subordinated Notes being offered pursuant to this offering and the Existing Subordinated Notes issued on the Original Issue Date shall form a single class of Subordinated Notes.

The Notes are being offered by the Issuer through Merrill Lynch International in its capacity as arranger and initial purchaser of such Notes.