Apera Fund III Notes - Second Note

Apera Bond S.C.S. SICAV-RAIF, Sub-Fund II

Rating	Watch	Outlook	Publication
BBB+	Watch UNW		30.06.2026
BBB+		Outlook STA	22.07.2025

30.06.2026

Creditreform Rating has published the following methodologies:
• "Private Debt Securitizations" (v1.0);
• "Derivation of Interest-Rate Scenarios" (v1.0).
Following the consultation period, these methodologies will be implemented. Consequently, all relevant ratings are currently subject to review as part of the ongoing monitoring process and have therefore been assigned a "watch neutral" status. The current rating methodologies are available at www.creditreform-rating.de.
22.07.2025

Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.