Aqueduct European CLO 7 - 2022 (Refinance) DAC: 20 August 2024

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by HPS Investment Partners CLO (UK) LLP.

On 16 February 2023 (the Original Issue Date) Aqueduct European CLO 7-2022 issued Class A Senior Secured Floating Rate Notes due 2036, Class B-1 Senior Secured Floating Rate Notes due 2036, Class B2 Senior Secured Fixed Rate Notes due 2036, Class C Senior Secured Deferrable Floating Rate Notes due 2036, Class D Senior Secured Deferrable Floating Rate Notes due 2036, Class E Senior Secured Deferrable Floating Rate Notes due 2036, Class F Senior Secured Deferrable Floating Rate Notes due 2036, Class M-1 Subordinated Notes due 2036, Class M-2 Subordinated Notes due 2036 and Class M-3 Subordinated Notes due 2036.

On 16 August 2024 (the re-issue Date) the Issuer will, subject to certain conditions, refinance in whole each Class of Notes by issuing Class A Senior Secured Floating Rate Notes due 2037, Class B Senior Secured Floating Rate Notes due 2037, Class C Senior Secured Deferrable Floating Rate Notes due 2037, Class D Senior Secured Deferrable Floating Rate Notes due 2037, Class E Senior Secured Deferrable Floating Rate Notes due 2037, Class F Senior Secured Deferrable Floating Rate Notes due 2037, Class Z-1 Notes due 2037, Class Z-2 Notes due 2037, Class Z-3 Notes due 2037 and Subordinated Notes due 2037.

In addition, on the Issue Date, subject to certain conditions, the Issuer will repay in full the Original Class A Loan by entering into a loan agreement pursuant to which the Class A Lender will make available to the Issuer a Senior Secured Floating Rate Loan Facility in the amount of €90mln. The Class A Facility will be fully drawn on the Issue Date.