Elmwood European CLO 2 DAC: 19 July 2026

The assets securing the Debt 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 Loans, Unsecured Senior Loans, Second Lien Loans, Mezzanine Obligations, High Yield Bonds and Loss Mitigation Obligations, managed by EAM Loan Manager 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 (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.

Elmwood European CLO 2 DAC 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 €380mln, which is approximately 95% of the Target Par Amount.

The Notes are being offered by the Issuer through Merrill Lynch International (or an Affiliate thereof) in its capacity as arranger, initial purchaser and co-placement agent, and RBC Europe Limited in its capacity as co-placement agent.

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.