BlackRock European CLO VII (refinancing): 13 March 2021

The assets securing the Notes will consist of a portfolio of primarily Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by BlackRock Investment Management (UK) Limited.

On 14 December 2018 (the Original Issue Date) BlackRock European CLO VII issued Class A Senior Secured Floating Rate Notes due 2031, Class B-1 Senior Secured Floating Rate Notes due 2031, Class B-2 Senior Secured Fixed Rate Notes due 2031, Class C-1 Senior Secured Deferrable Floating Rate Notes due 2031, Class C-2 Senior Secured Deferrable Fixed Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031, Class E Senior Secured Deferrable Floating Rate Notes due 2031, Class F Senior Secured Deferrable Floating Rate Notes due 2031 and Subordinated Notes due 2031.

On or about 8 March 2021 (the 2021 Refinancing Date) the Issuer will refinance the Original Class A Notes, Class B Notes, Class C Notes and Class D Notes. The Class E Notes, Class F Notes and the Subordinated Notes were not refinanced.

The Refinancing Notes are being offered by the Issuer through Deutsche Bank AG, London Branch in its capacity as initial purchaser of the offering of the Refinancing Notes subject to prior sale.

EU Risk Retention: The Collateral Manager, in its separate capacity as Retention Holder, will undertake to (i) hold on an ongoing basis a material net economic interest of not less than 5% of the nominal value of each Class of Non-Refinanced Notes and (ii) on the 2021 Refinancing Date subscribe for and hold on an ongoing basis a material net economic interest of not less than 5% of the nominal value of each Class of Refinancing Notes.

US Risk Retention: No party involved in the transaction has obtained or will on the 2021 Refinancing Date obtain and retain any Notes intended to satisfy the U.S. Risk Retention Rules.