Hayfin Emerald CLO V DAC (2nd Refinance): 30 August 2026

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, managed by Hayfin Emerald Management LLP.

On 18 November 2020 (the Original Issue Date) Hayfin Emerald CLO V 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 and Subordinated Notes due 2032.

On or about 18 November 2024 (the 2024 Refinancing Date) the Issuer refinanced in whole each Class of 2020 Notes by issuing Class X Senior Secured Floating Rate Notes due 2037, Class A-R Senior Secured Floating Rate Notes due 2037, Class B-1-R Senior Secured Floating Rate Notes due 2037, Class B-2-R Senior Secured Fixed Rate Notes due 2037, Class C-R Senior Secured Deferrable Floating Rate Notes due 2037, Class D-R Senior Secured Deferrable Floating Rate Notes due 2038, Class E-R Senior Secured Deferrable Floating Rate Notes due 2037 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2037.

On or about 28 August 2026 (the Issue Date) the Issuer will refinance in whole each Class of Refinanced Notes by issuing Class A-R-R Senior Secured Floating Rate Notes due 2039, Class B-R-R Senior Secured Floating Rate Notes due 2039, Class C-R-R Senior Secured Deferrable Floating Rate Notes due 2039, Class D-R-R Senior Secured Deferrable Floating Rate Notes due 2039, Class E-R-R Senior Secured Deferrable Floating Rate Notes due 2039 and Class F-R-R Senior Secured Deferrable Floating Rate Notes due 2039.

The Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this offering.

The Refinancing Notes are being offered by the Issuer through Morgan Stanley & Co International plc in its capacity as initial purchaser and in its separate capacity as arranger.