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Toro European CLO 9 DAC: 01 April 2024

The assets securing the Notes will consist primarily of a portfolio of Senior Secured Loans, Senior Secured Bonds, Mezzanine Obligations, Unsecured Obligations, Second Lien Loans and High Yield Bonds, in respect of which Chenavari Credit Partners LLP is acting as investment manager.

Eligibility criteria (includes): it is a Senior Secured Loan, Senior Secured Bond, Second Lien Loan, Mezzanine Obligation, Unsecured Obligation or High Yield Bond; unless it is a Corporate Rescue Loan, it is not an obligation which has an S&P Rating lower than "CCC-" or an Fitch Rating lower than "CCC-"; it is not a lease (including a financial lease); it is not a Structured Finance Obligation, Synthetic Security, Step-Up Coupon Security, StepDown Coupon Security or Project Finance Loan; it has an S&P Rating and a Fitch Rating; it is not a Zero-Coupon Security.

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 equals approximately €300,000,000 (representing 75.0% of the Target Par Amount).

The Notes are being offered by the Issuer through Merrill Lynch International in its capacity as initial purchaser of the Notes subject to prior sale.

Eu & UK Risk Retention: The Originator (Taurus Corporate Financing LLP) in its capacity as the Retention Holder will undertake that it will acquire and hold on an ongoing basis, for so long as any Class of Notes remains outstanding, Subordinated Notes with an original Principal Amount Outstanding equal to no less than 5% of the Aggregate Collateral Balance.

US Risk Retention: The Retention Holder intends to satisfy the risk retention requirements under the US Risk Retention Rules by acquiring and holding an “eligible horizontal residual interest” in an amount at least equal to the amount required (and for so long as required) by the US Risk Retention Rules.