Elmwood European CLO 1 DAC: 19 April 2026

The assets securing the Notes will consist primarily of a portfolio of Collateral Debt Obligations consisting at the time of acquisition of predominantly Senior Secured Loans, Senior Secured Bonds, Corporate Rescue Obligations, Unsecured Senior Obligations, Second Lien Loans, Mezzanine Obligations, High Yield Bonds and Loss Mitigation Obligations, and will be managed by both EAM Loan Manager Limited (the "Collateral Manager" and the "Retention Holder") and Elmwood Asset Management UK Limited (the "Co-Collateral Manager").

EAM Loan Manager Limited is a private limited company incorporated in the UK. Elmwood Asset Management LLC is a privately-owned Delaware limited liability company, and offers investment advisory services primarily focused on credit and value-oriented investments to loan accumulation facilities and CLOs.

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 (including, for the avoidance of doubt, a financial lease); it is not a Structured Finance Security or a Synthetic Security; other than in the case of a Corporate Rescue Loan (which shall have a rating as determined by the definition of “S&P Rating” and “Fitch Rating” as applicable), a Current Pay Obligation, any Received Obligation or an obligation which is Uptier Priming Debt, it is an obligation which has a S&P Rating of “CCC-” or higher and a Fitch Rating of “CCC-” or higher.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €320mln, which is approximately 80% of the Target Par Amount.

The Notes are being offered by the Issuer through Jefferies International Limited and RBC Europe Limited in their capacity as co-placement agents of such Notes subject to prior sale.

EU & UK Risk Retention: The Retention Holder will 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