Aqueduct European CLO 4 - 2019 (2nd Refinance): 31 March 2025

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 5 July 2019 (the Original Issue Date) Aqueduct European CLO 4 - 2019 issued Class X Senior Secured Floating Rate Notes due 2032, 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, Class F Senior Secured Deferrable Floating Rate Notes due 2032, Class M-1 Subordinated Notes due 2032, Class M-2 Subordinated Notes due 2032 and Class M-3 Subordinated Notes due 2032.

On 15 October 2021 (the First Refinancing Issue Date) the Issuer refinanced the Original Class A Notes, the Original Class B Notes, the Original Class C Notes and the Original Class D Notes.

On 28 March 2025 (the second refinancing date) the Issuer will, subject to certain conditions, refinance in whole each Class of the 2021 Notes by issuing Class A Senior Secured Floating Rate Notes due 2038, Class B Senior Secured Floating Rate Notes due 2038, Class C Senior Secured Deferrable Floating Rate Notes due 2038, Class D Senior Secured Deferrable Floating Rate Notes due 2038, Class E Senior Secured Deferrable Floating Rate Notes due 2038, Class F Senior Secured Deferrable Floating Rate Notes due 2038, Class Z-1 Notes due 2038, Class Z-2 Notes due 2038, Class Z-3 Notes due 2038 and Subordinated Notes due 2038.

The Class A Loan is not being offered via the Prospectus, and references to the Class A Loan are included in the Offering Circular for information purposes only.