Ares European CLO XXIII DAC: 07 December 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 Ares Management Limited.

Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond, in each case; it is not a lease; it is not a Structured Finance Security, a letter of credit, a Synthetic Security or a Participation of a Participation; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; other than in the case of a Corporate Rescue Loan or Uptier Priming Debt, it has a S&P Rating of not lower than "CCC-" and a Fitch Rating of not lower than "CCC-"; it is not a Long-Dated Collateral Obligation; it is not a Project Finance Loan; it is an ESG Compliant Obligation; 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).

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 €398.5mln, which is approximately 99.63% of the Target Par Amount.

The Notes are being offered by the Issuer through Jefferies International Limited in its capacity as placement agent.

EU & UK Risk Retention: Ares Global Loan Funding I Limited will act as Retention Holder for the purposes of the EU/UK Retention Requirements and will undertake, for so long as any Notes are outstanding, 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.

US Risk Retention: The Retention Holder will retain an "eligible horizontal residual interest" such that the US Retained Interest satisfies the requirements for compliance with the US Risk Retention Rule.