Ares European CLO XXV DAC: 10 September 2026

The assets securing the Debt will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, managed by Ares Management Limited.

Ares European CLO XXV DAC will issue Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes and Subordinated Notes due 2039.

The Notes (other than the Retention Notes) are being offered by the Issuer through BNP Paribas or an Affiliate thereof in its capacity as initial purchaser of such 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 Obligations the Aggregate Principal Balance of which is equal to at least €395mln, which is approximately 98.93% of the Target Par Amount.

EU & UK Risk Retention: Ares Global Loan Funding I Limited will act as retention holder for the purposes of the EU/UK Retention Requirements and will undertake, for so long as any Notes are outstanding, to retain a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated Notes with an original Principal Amount Outstanding (such original Principal Amount Outstanding calculated as of the date of issuance of such Subordinated Notes including the date of any issuance of additional Subordinated Notes) equal to or greater than 5% of the Collateral Principal Amount on the relevant date of determination within the meaning of Article 6(3)(d) of the Securitisation Regulations in effect on the Issue Date.

US Risk Retention: The Retention Holder will retain an "eligible horizontal residual interest" such that the US Retained Interest satisfies the requirements for compliance with the US Risk Retention Rules.