Avoca CLO XXXIV DAC: 17 December 2025

The assets securing the Debt will consist of a portfolio of primarily Senior Loans, Secured Senior Bonds, Corporate Rescue Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by KKR Credit Advisors (Ireland) Unlimited Company.

Avoca CLO XXXIV DAC will issue Class A Senior Secured Floating Rate Notes due 2038, Class B Senior Secured Floating Rate Notes due 2038, Class C Deferrable Mezzanine Floating Rate Notes due 2038, Class D Deferrable Mezzanine Floating Rate Notes due 2038, Class E Deferrable Junior Floating Rate Notes due 2038, Class F Deferrable Junior Floating Rate Notes due 2038, Class Z Notes due 2038 and Subordinated Notes due 2038.

The Notes (other than the Class Z Notes and the Subordinated Notes sold by the Issuer pursuant to the Notes Purchase Agreement) are being offered by the Issuer through Merrill Lynch International in its capacity as arranger and initial purchaser of the offering.

The Issuer anticipates that, by the Issue Date, it or the Investment Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is approximately €395mln, which is approximately 98.75% of the Target Par Amount.

EU & UK Risk Retention: The Investment Manager shall act as Retention Holder for the purposes of the EU/UK Retention and Transparency Requirements. The Retention Holder will, for so long as any Class of Rated Notes remains outstanding, undertake to subscribe for and retain, on an ongoing basis, a material net economic interest in the transaction, which will be comprised of an interest in the first loss tranche (within the meaning of and as described in paragraph 3(d) of Article 6 of the EU/UK Securitisation Regulations in force as at the Issue Date) by way of holding Subordinated Notes with an original Principal Amount Outstanding, at any time, equal to not less than 5% of the Aggregate Collateral Balance.

US Risk Retention: Based on the LSTA Opinion of the DC Circuit Court, the Retention Holder does not intend to retain a risk retention interest for purposes of compliance with the US Risk Retention Rules in connection with the transaction described in the Offering.