Aqueduct European CLO 6 - 2021 (2026 Refinance): 16 October 2026

A refinancing of the existing European Collateralised Loan Obligation (CLO) transaction originally issued in December 2021, managed by HPS Investment Partners CLO (UK) LLP. The Issuer, Aqueduct European CLO 6 – 2021 Designated Activity Company, will make payments on the Notes from, among other things, principal and interest received from a managed portfolio comprising primarily senior secured obligations, mezzanine obligations and high-yield bonds.

The original transaction was issued on 15 December 2021. On 15 October 2026, the Issuer refinanced the existing Rated Notes through the issuance of EUR374 million of Refinancing Notes, comprising Classes A-R to F-R, with a revised maturity date in 2039. The transaction has a Target Par Amount of EUR400 million and continues to be actively managed by HPS Investment Partners CLO (UK) LLP.

Portfolio Characteristics: The portfolio comprises primarily senior obligations, mezzanine obligations and high-yield bonds. The Collateral Manager may acquire and dispose of collateral obligations, subject to the transaction's eligibility criteria, reinvestment criteria, concentration limitations and collateral quality tests. The portfolio is subject to ongoing monitoring of credit quality, diversification, weighted-average spread, weighted-average life and applicable coverage tests.

EU & UK Risk Retention: HPS Investment Partners CLO (UK) LLP, acting as Collateral Manager and Retention Holder in its capacity as originator, has undertaken to retain, on an ongoing basis for so long as any Notes remain outstanding, a material net economic interest of not less than 5% of the principal amount outstanding of each Class of Notes, in accordance with Article 6(3)(a) of the EU Securitisation Regulation and UK SECN 5.2.8R(1)(a). The Retention Holder has also undertaken not to sell, hedge or otherwise mitigate the credit risk associated with the retained Notes, except as permitted under the applicable requirements.

US Risk Retention: The Collateral Manager does not intend to retain a separate 5% economic interest for the purposes of satisfying the US Risk Retention Rules. The transaction refers to the February 2018 US Court of Appeals decision concerning open-market CLOs, under which collateral managers of qualifying open-market CLOs are not considered sponsors subject to US risk retention requirements. The Offering Circular notes that the application of this decision to the transaction is not free from uncertainty.