Aqueduct European CLO 18 DAC: 27 September 2026

A European collateralised loan obligation (CLO) transaction managed by HPS Investment Partners CLO (UK) LLP, where the Issuer will make payments on the Notes from, among other things, payments of principal and interest received from a diversified portfolio of primarily European senior secured corporate loans and other eligible debt obligations.
The Issuer, Aqueduct European CLO 18 Designated Activity Company (formerly Kenmare CLO Designated Activity Company), is incorporated in Ireland. The transaction is arranged by Jefferies International Limited, with RBC Europe Limited acting as Co-Placement Agent. HPS CLO Strategic Opportunities Co Sàrl, acting in respect of its Compartment B, serves as the Retention Holder.

Portfolio Characteristics: The portfolio comprises predominantly senior secured corporate debt obligations acquired through the European leveraged loan market. The transaction is actively managed, with the Collateral Manager permitted to acquire, dispose of and reinvest in eligible collateral obligations, subject to the transaction's eligibility criteria, concentration limitations, collateral quality tests and reinvestment restrictions. Portfolio diversification and credit quality are monitored through various tests, including the S&P CDO Monitor Test, Fitch Maximum Weighted Average Rating Factor Test, Fitch Minimum Weighted Average Recovery Rate Test, Fitch Minimum Weighted Average Spread Test and Weighted Average Life Test.

EU & UK Risk Retention: HPS CLO Strategic Opportunities Co Sàrl, acting in respect of its Compartment B, as originator, has undertaken to retain on an ongoing basis a material net economic interest of not less than 5% of the principal amount outstanding of each Class of Debt, with the Class A Notes and Class A Loan treated as a single tranche. The retention will be structured as a vertical interest in accordance with Article 6(3)(a) of the EU Securitisation Regulation and the applicable UK risk retention requirements under SECN 5.2.8R(1)(a). The Retention Holder has undertaken not to sell, hedge or otherwise mitigate the associated credit risk, except as permitted under the applicable regulations.

US Risk Retention: HPS CLO Strategic Opportunities Co Sàrl, acting in respect of its Compartment B, intends to comply with the US Risk Retention Rules by acquiring an eligible vertical interest representing not less than 5% of the principal amount of each Class of Debt issued by the Issuer. The Retention Holder intends to acquire the US Retained Interest on the Issue Date and maintain such interest for the period required under the US Risk Retention Rules.