SYMPHONY CLO XVI, LTD. SYMPHONY CLO XVI LLC NOTICE OF EXECUTED SUPPLEMENTAL INDENTURE

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1 1761 East St. Andrew Place Santa Ana, CA Tel July 17, 2017 THIS TRANSMITTAL CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER. SYMPHONY CLO XVI, LTD. SYMPHONY CLO XVI LLC NOTICE OF EXECUTED SUPPLEMENTAL INDENTURE To: Holders of Securities issued by Symphony CLO XVI, Ltd. and Symphony CLO XVI LLC, and the Addressees listed in Schedule A attached hereto. (Classes and CUSIPs 1 are listed on Exhibit A to this Notice and Addressees are listed on Schedule A to this Notice) Reference is made to (i) the Indenture dated as of July 15, 2015 (as amended and supplemented from time to time, the Indenture ) entered into among Symphony CLO XVI, Ltd., as issuer (the Issuer ), Symphony CLO XVI LLC, as co-issuer (the Co-Issuer ), and together with the Issuer, the Issuers ), and Deutsche Bank Trust Company Americas, as trustee (the Trustee ), (ii) the Notice of Proposed Supplemental Indenture, dated as of May 19, 2017 (the Initial Notice ), which attached a form of the proposed Supplemental Indenture, and (iii) the Notice of Revised Proposed Supplemental indenture, dated as of June 23, Terms used in this Notice (the Notice ) and not otherwise defined herein have the meanings assigned to them in the Indenture. The Trustee hereby provides notice to all Holders of the Securities and the addressees on Schedule A hereto pursuant to Section 8.1 of the Indenture that the Issuers and the Trustee entered into a First Supplemental Indenture, dated as of July 17, 2017 (the Supplemental Indenture ), pursuant to Section 8.1(t) of the Indenture. An executed copy of the Supplemental Indenture is attached hereto as Annex 1. Please contact Vincent Pham at Deutsche Bank Trust Company Americas regarding any questions on this Notice. Vincent Pham can be contacted at or Vincent.Pham@db.com. DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee 1 CUSIP numbers are included solely for the convenience of the Holders. The Trustee is not responsible for the selection or use of the CUSIP numbers, or the accuracy of CUSIP numbers printed on the Securities or indicated in this Notice.

2 Exhibit A Class CLASS A NOTES - 144A CLASS A NOTES - REG S CLASS B-1 SENIOR NOTES - 144A CLASS B-1 SENIOR NOTES - REG S CLASS B-2 SENIOR NOTES - 144A CLASS B-2 SENIOR NOTES - REG S CLASS C MEZZANINE NOTES - 144A CLASS C MEZZANINE NOTES - REG S CLASS D MEZZANINE NOTES - 144A CLASS D MEZZANINE NOTES - REG S CLASS E MEZZANINE NOTES - 144A CLASS E MEZZANINE NOTES - REG S CLASS F MEZZANINE NOTES - 144A CLASS F MEZZANINE NOTES - REG S SUBORDINATED NOTES - 144A SUBORDINATED NOTES - REG S SUBORDINATED NOTES - AI CUSIP 87165VAA7 G8650PAA VAB5 G8650PAB VAC3 G8650PAC VAD1 G8650PAD VAE9 G8650PAE TAA2 G86471AA TAB0 G86471AB TAC8 G86471AC TAD6 2

3 Schedule A Symphony CLO XVI, Ltd. c/o MaplesFS Limited P.O. Box 1093, Boundary Hall Cricket Square Grand Cayman, KY Cayman Islands Symphony CLO XVI LLC c/o Puglisi & Associates 850 Library Avenue, Suite 204 Newark, Delaware Symphony Asset Management LLC 555 California Street San Francisco, California Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 3rd Floor New York, New York Attention: Global Loans & Special Situations Irish Stock Exchange plc 28 Anglesea Street Dublin 2, Ireland Moody s Investors Service, Inc. 7 World Trade Center 250 Greenwich Street New York, New York cdomonitoring@moodys.com Fitch Ratings, Inc. 33 Whitehall Street New York, New York cdo.surveillance@fitchratings.com 3

4 Annex 1 [Executed Supplemental Indenture] 4

5 EXECUTION VERSION This FIRST SUPPLEMENTAL INDENTURE dated as of July 17, 2017 (this Supplemental Indenture ) to the Indenture dated as of July 15, 2015 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the Indenture ) is entered into among Symphony CLO XVI, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the Issuer ), Symphony CLO XVI LLC, a limited liability company organized under the laws of the State of Delaware (the Co-Issuer and together with the Issuer, the Issuers ), and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee under the Indenture (together with its successors in such capacity, the Trustee ). Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Indenture. WHEREAS, pursuant to Section 8.1 of the Indenture, the Trustee and the Issuers may enter into one or more indentures supplemental to the Indenture without the consent of any Holders (except as provided in Section 8.1); WHEREAS, pursuant to Section 8.1(y)(t) of the Indenture, if the Issuers modify any defined term in Section 1.1 of the Indenture or any Schedule to the Indenture that begins with or includes the words Moody s, the Issuers need to obtain the consent of a Majority of the Controlling Class with respect to such supplemental indenture and need to have satisfied the Moody s Rating Condition with respect to such supplemental indenture; WHEREAS, the Issuers deem it necessary to make the modifications set forth herein, and only such modifications, to amend the Indenture to replace the definition of Moody s Collateral Quality Matrix as set forth in this Supplemental Indenture and have requested that the Trustee execute and deliver this Supplemental Indenture; and WHEREAS, having obtained the consent of a Majority of the Controlling Class with respect to this Supplemental Indenture, having satisfied the Moody s Rating Condition with respect to this Supplemental Indenture, the conditions set forth in the Indenture for entry into a supplemental indenture have been satisfied; NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties agree as follows: I. Amendments. Effective as of the date hereof, the Indenture shall be amended as follows: a) Schedule F of the Indenture is hereby amended by deleting the definition of Moody s Collateral Quality Matrix in its entirety and replacing it with the below: Moody s Collateral Quality Matrix : For any date of determination, the "row/column combination" of the table set forth below in this definition that has been selected by the Collateral Manager (in accordance with the procedures described in the next two sentences) for use in determining the scores that are required to satisfy the Moody s Diversity Test, the Weighted Average Spread Test and the Moody s Weighted Average Rating Factor Test. The Collateral Manager may elect from time to time, subject to the terms of this Indenture, to apply a different "row/column combination" of the table set forth below in this definition. In determining whether the criteria set forth in the Moody s Collateral Quality Matrix are satisfied, the Collateral Manager may interpolate linearly between two adjacent rows and/or two adjacent columns, as applicable, on a straight-line basis. 1

6 EXECUTION VERSION Weighted Average Spread Test Moody s Diversity Test % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % Moody s Weighted Average Rating Factor b) Schedule F of the Indenture is hereby amended by deleting the definition of Recovery Rate Modifier Matrix in its entirety and replacing it with the below: "Recovery Rate Modifier Matrix": Means the following chart, used to determine which of the "row/column combinations" (or the linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) are applicable for purposes of determining the Moody's WARF Modifier: Weighted Average Moody s Diversity Test Spread Test %

7 EXECUTION VERSION 2.10% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % Moody s Recovery Rate Modifier II. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARDS TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF. III. Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Supplemental Indenture by electronic means (including or telecopy) will be effective as delivery of a manually executed counterpart of this Supplemental Indenture. IV. Concerning the Trustee. 3

8 EXECUTION VERSION The recitals contained in this Supplemental Indenture shall be taken as the statements of the Issuers, and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation with respect thereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. V. No Other Changes. Except as provided herein, the Indenture shall remain unchanged and in full force and effect, and each reference to the Indenture and words of similar import in the Indenture, as amended hereby, shall be a reference to the Indenture as amended hereby and as the same may be further amended, supplemented and otherwise modified and in effect from time to time. This Supplemental Indenture may be used to create a conformed amended and restated Indenture for the convenience of administration by the parties hereto. VI. Execution, Delivery and Validity. Each of the Issuers represents and warrants to the Trustee that (i) this Supplemental Indenture has been duly and validly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms and (ii) the execution of this Supplemental Indenture is authorized or permitted under the Indenture and all conditions precedent thereto have been satisfied. VII. Binding Effect This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. VIII. Direction to the Trustee. The Issuers hereby direct the Trustee to execute this Supplemental Indenture and acknowledge and agree that the Trustee will be fully protected in relying upon the foregoing direction. IX. Non-Petition and Limited Recourse. Sections 2.7(l) and 5.4(d) of the Indenture are incorporated by reference herein and shall apply mutatis mutandis to this Supplemental Indenture. [Signature Page Follows] 4

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10 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first written above. SYMPHONY CLO XVI, LTD., as Issuer By: Name: Title: SYMPHONY CLO XVI, LLC, as Co-Issuer,,./,. AAVf,_,..,,L~---:- By: _-~~/- Name: Donald &Puglisi Title: Independent Manager DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee By: Name: Title: By: Name: Title: [Signature Page to First Supplemental Indenture]

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