BlackRock European CLO VII DAC (2nd Refinance): 04 April 2026

The assets securing the Refinancing Debt will consist of a portfolio primarily of Senior Loans, Senior Secured Bonds, Mezzanine Obligations and High Yield Bonds, and will be managed by BlackRock Investment Management (UK) Limited.

Eligibility criteria (includes): it is a Senior Secured Loan, a Senior Secured Bond, an Unsecured Senior Loan, a Mezzanine Obligation, a Second Lien Loan, a Corporate Rescue Loan, or a High Yield Bond; it is not a lease; it is not a Structured Finance Security, or a Synthetic Security; it is not a Zero Coupon Security; it is an obligation in respect of which the Obligor (or the guarantor of such obligation) is Domiciled in a Qualifying Country, as determined by the Collateral Manager; it is not a Project Finance Loan; it is not an ESG Excluded Obligation.

On or about 14 December 2018 (the original Issue Date) BlackRock European CLO VII DAC issued Class A Senior Secured Floating Rate Notes due 2031, Class B-1 Senior Secured Floating Rate Notes due 2031, Class B-2 Senior Secured Fixed Rate Notes due 2031, Class C-1 Senior Secured Deferrable Floating Rate Notes due 2031, Class C-2 Senior Secured Deferrable Fixed Rate Notes due 2031, Class D Senior Secured Deferrable Floating Rate Notes due 2031, Class E Senior Secured Deferrable Floating Rate Notes due 2031, Class F Senior Secured Deferrable Floating Rate Notes due 2031 and Subordinated Notes due 2031.

On 8 March 2021 (the 2021 Refinancing Date) the Issuer refinanced the 2018 Rated Notes by issuing Class A Senior Secured Floating Rate Notes due 2031, Class B-1 Senior Secured Floating Rate Notes due 2031, Class B-2 Senior Secured Fixed Rate Notes due 2031, Class C-1 Senior Secured Deferrable Floating Rate Notes due 2031, Class C-2 Senior Secured Deferrable Fixed Rate Notes due 2031 and Class D Senior Secured Deferrable Floating Rate Notes due 2031.

On or about 2 April 2026 the Issuer will, subject to the satisfaction of certain conditions, refinance the Notes by issuing Class A-R-R Senior Secured Floating Rate Notes due 2040, Class B-R-R Senior Secured Floating Rate Notes due 2040, Class C-R-R Senior Secured Deferrable Floating Rate Notes due 2040, D-1-R-R Senior Secured Deferrable Floating Rate Notes due 2040, Class D-2-R-R Senior Secured Deferrable Floating Rate Notes due 2040, Class E-R Senior Secured Deferrable Floating Rate Notes due 2040, Class F-R Senior Secured Deferrable Floating Rate Notes due 2040 and additional Subordinated Notes due 2040.

The Existing Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering. The Additional Subordinated Notes being offered pursuant to this Offering and the Existing Subordinated Notes issued on the Original Issue Date shall form a single class of Subordinated Notes.

The Issuer anticipates that, by the Issue Date, it or the Collateral Manager on its behalf will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €370mln, which is approximately 92.5% of the Target Par Amount.

The Notes are being offered by the Issuer through JP Morgan in its capacity as sole arranger and as initial purchaser of such Notes subject to prior sale.

EU & UK Risk Retention: The Retention Holder will, for so long as any Class of Notes remains outstanding, undertake to subscribe for on the Issue Date and hold, on an ongoing basis, a material net economic interest of not less than 5% of the nominal value of each Class of Notes.

US Risk Retention: The Issuer will retain certain of the Notes in order to satisfy the US Risk Retention Rules.