Bilbao CLO V: 23 August 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 Guggenheim Partners Europe Limited. GPEL is a wholly owned indirect subsidiary of Guggenheim Capital LLC, a diversified financial services company. As of 31 March 2025, Guggenheim Investment’s assets total $349.1 billion, which includes $246.8 billion in assets under management (“AUM”) and $102.3 billion in “Non-Advisory GI Assets Under Supervision”.

Eligibility criteria (includes): it is a Secured Senior Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond (in each case, which is not a sub-participation of a sub-participation); it is not a Defaulted Obligation or a Credit Risk Obligation; it is not a Structured Finance Security or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security; other than in the case of a Corporate Rescue Loan, it has a Fitch Rating of not lower than "CCC-" and a S&P Rating of not lower than "CCC-"; it is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Collateral Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it is not a Letter of Credit; it has a minimum purchase price of 60.0% of the Principal Balance of such Collateral Obligation.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €396mln, which is 99% of the Target Par Amount.

The Notes are being offered by the Issuer through Jefferies International Limited in its capacity as placement agent of the offering of such Notes, subject to prior sale.

EU & UK Risk Retention: In respect of the EU Retention Requirements, the Collateral Manager (Guggenheim Partners Europe Limited) will, for so long as any Notes are outstanding, undertake to retain a material net economic interest of not less than 5% of the nominal value of each Class of Notes by subscribing for and holding, on an ongoing basis, no less than 5% of the Principal Amount Outstanding of each Class of Notes.

US Risk Retention: The Retention Holder will retain the US Retained Interest in compliance with, and such that the US Retained Interest satisfies the requirements for retaining an “eligible vertical interest” under, the US Risk Retention Rules.