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BlackRock European CLO IV: 19 November 2017

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

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 €315mln which is approximately 70.0% of the Target Par Amount.

CRR 405: The Retention Holder will represent and undertake to acquire and hold the Retention Notes on the terms set out in the Risk Retention Letter to subscribe for and hold on an ongoing basis no less than 5% of the nominal value of each of the tranches sold or transferred to investors.

US Risk Retention: The Collateral Manager, as the securitisation “sponsor”, acting in the capacity of Retention Holder intends to satisfy its risk retention requirements under the U.S. Risk Retention Rules by acquiring and holding an eligible vertical interest in an amount at least equal to the amount required by the U.S. Risk Retention Rules.

Volcker Rule: the Transaction Documents contain certain requirements that are intended to allow the Issuer to rely on the exception from the definition of “investment company” contained in Rule 3a-7 under the Investment Company Act.