Ares European CLO XVIII DAC (Refinance): 25 November 2025

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 Management Limited.

On 17 April 2024 (the Original Issue Date) Ares European CLO XVIII issued Class X Senior Secured Floating Rate Notes due 2037, Class A Senior Secured Floating Rate Notes due 2037, Class B-1 Senior Secured Floating Rate Notes due 2037, Class B-2 Senior Secured Fixed Rate Notes due 2037, Class C Senior Secured Deferrable Floating Rate Notes due 2037, Class D Senior Secured Deferrable Floating Rate Notes due 2037, Class E Senior Secured Deferrable Floating Rate Notes due 2037, Class F Senior Secured Deferrable Floating Rate Notes due 2037 and Subordinated Notes due 2037.

On 21 November 2025 (the Re-issue Date) the Issuer will, subject to certain conditions, refinance in whole each Class of Rated Notes by issuing Class X-R Senior Secured Floating Rate Notes due 2038, Class A-R Senior Secured Floating Rate Notes due 2038, Class B-R Senior Secured Floating Rate Notes due 2038, Class C-R Senior Secured Deferrable Floating Rate Notes due 2038, Class D-R Senior Secured Deferrable Floating Rate Notes due 2038, Class E-R Senior Secured Deferrable Floating Rate Notes due 2038 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2038.

The Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering.