Victory Street CLO II: 20 December 2025

The assets securing the Notes will consist of a portfolio of primarily Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by CIC Private Debt SAS.

Eligibility criteria (includes): it is a Senior Secured Loan, Senior Secured Bond, a Senior Unsecured Obligation, a Corporate Rescue Loan, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond, a PIK Obligation or a Bridge Loan; it is not a lease; it is not a Zero Coupon Obligation; it is not a Structured Finance Security, pre-funded letter of credit or a Synthetic Security; other than in the case of Corporate Rescue Loans 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 Project Finance Loan; it is not, and is not convertible into, an equity security; it has a minimum purchase price of 60.0%.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €332.5mln, which is approximately 95% of the Target Par Amount.

The Notes (other than Class A-R Notes) are being offered by the Issuer through Morgan Stanley & Co International plc in its capacity as Arranger and Initial Purchaser of such Notes subject to prior sale.

EU & UK Retention Holder: Groupe La Francaise (the Retention Holder) will undertake to acquire a material net economic interest in certain Subordinated Notes on the Issue Date in connection with the EU/UK Retention Requirements.

US Risk Retention: The Retention Holder will retain the US Retained Interest such that it satisfies the requirements for retaining an “eligible horizontal residual interest” under the US Risk Retention Rules.