Ares European CLO VIII BV: 16 December 2016

The assets securing the notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds and will be managed by Ares European Loan Management LLP, which is a wholly owned subsidiary of Ares Management LLC. Founded in 1997, Ares Management has approximately 730 employees and approximately $79 billion of assets under management.

Eligibility criteria (includes): denominated in Euro, or denominated in a Qualifying Currency other than Euro; it is not a Defaulted Obligation or a Credit Risk Obligation; it is not a lease; it is not a Structured Finance Security or a Synthetic Security; it is not a Zero Coupon Security; it has a Fitch Rating of not lower than "CCC" and a Moody's Rating of not lower than "Caa3";it is not a debt obligation which pays interest only and does not require the repayment of principal; it is not a Project Finance Loan; it is not a Collateral Obligation with an Obligor domiciled in a country with a Moody's local currency country risk ceiling below "A3".

The issuer anticipates that, by the issue date, it, or the Collateral Manager on its behalf, will have purchased or committed to purchase Collateral Obligations, the Aggregate Principal Balance of which is equal to at least €200mln which is approximately 50.0% of the Target Par Amount.


CRR/405: Under the Collateral Management and Administration Agreement, the Collateral Manager will undertake to retain a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated Notes with an original Principal Amount Outstanding equal to or greater than 5% of the greater of the Target Par Amount and the Collateral Principal Amount on the relevant date of determination, within the meaning of paragraph 1(d) of Article 405 of the CRR, Article 51(1)(d) of the AIFM Regulation and paragraph 2(d) of Article 254 of Solvency II, in each case as in effect on the Issue Date.