ARES XVI CLO LTD. ARES XVI CLO LLC NOTICE OF EXECUTED FIRST SUPPLEMENTAL INDENTURE

The Bank of New York Mellon Trust Company, National Association ARES XVI CLO LTD. ARES XVI CLO LLC NOTICE OF EXECUTED FIRST SUPPLEMENTAL INDENTURE NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED HOLDERS AND BENEFICIAL OWNERS OF THE SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS, AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO THE REGISTERED HOLDERS AND BENEFICIAL OWNERS OF THE SECURITIES IN A TIMELY MANNER. May 20, 2013 To: Holders of the Securities described as: Securities CUSIP * Rule 144A ISIN * Rule 144A Common Code * Rule 144A CUSIP * Reg S ISIN * Reg S Common Code * Reg S Class A-R Notes 04013J AE5 US04013JAE55 093284909 G3290A AE3 USG3290AAE31 093285085 Class B Notes 04013J AB1 US04013JAB17 058418170 G3290A AB9 USG3290AAB91 058418196 Class C Notes 04013J AC9 US04013JAC99 058418358 G3290A AC7 USG3290AAC74 058418382 Class D Notes 04013J AD7 US04013JAD72 058425419 G3290A AD5 USG3290AAD57 058425656 Class E Notes 04013L AA8 US04013LAA89 058426776 G3290C AA7 USG3290CAA74 058426873 Subordinated Notes 04013L AB6 US04013LAB62 058426920 G3290C AB5 USG3290CAB57 058426989 To: Those Additional Addressees Listed on Schedule I hereto Reference is hereby made to that certain Indenture dated as of March 3, 2011 (as amended, supplemented or modified from time to time, the Indenture ) among ARES XVI CLO LTD., as Issuer (the Issuer ), ARES XVI CLO LLC, as Co-Issuer (the Co-Issuer and, together with the Issuer, the Issuers ) and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee (the Trustee ). Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Indenture. * No representation is made as to the correctness of the CUSIP, ISIN or Common Code numbers either as printed on the Securities or as contained in this Notice. Such numbers are included solely for the convenience of such Holders. HOU:0023495/01117:1675784v1

Pursuant to Section 8.3 of the Indenture, the Trustee hereby provides notice of the execution of the First Supplemental Indenture (the Supplemental Indenture ) dated as of May 17, 2013. A copy of the executed Supplemental Indenture is attached hereto as Exhibit A. Should you have any questions, please contact Robert Lozano by phone at (713) 483-6402 or by email at robert.lozano@bnymellon.com. THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee HOU:0023495/01117:1675784v1 2

SCHEDULE I Additional Addressees Issuer: Ares XVI CLO Ltd. c/o MaplesFS Limited P.O. Box 1093 Boundary Hall, Cricket Square Grand Cayman KY1-1102 Cayman Islands Fax: (345) 945-7100 with a copy to: Fax: (345) 949-8080 Attn: Directors Ares XVI Email: cayman@maplesfs.com Co-Issuer: Ares XVI CLO LLC c/o Puglisi & Associates 850 Library Avenue, Suite 204 Newark, Delaware, 19711 Fax: (302) 738-7210 Email: dpuglisi@puglisiassoc.com Asset Manager: Ares CLO Management XVI, L.P. 2000 Avenue of the Stars, 12th Floor Los Angeles, California 90067 Fax: (310) 432-8702 Attn: Daniel Hall Email: dhall@aresmgmt.com Re: Ares XVI CLO Ltd. Company Announcements Office Irish Stock Exchange Limited: Company Announcements Office Irish Stock Exchange Limited 28 Anglesea Street Dublin 2, Ireland Fax: +353 1 677 6045 Email (MS Word format): announcements@ise.ie Irish Stock Exchange c/o Maples and Calder, as listing agent 75 St. Stephen s Green Dublin 2, Ireland Fax.: +353-1-619-2001 Email: ciaran.cotter@maplesandcalder.com DTC, Euroclear & Clearstream (if applicable): lensnotices@dtcc.com voluntaryreorgannouncements@dtcc.com drit@euroclear.com CA_general.events@clearstream.com 17g-5 Address: ARESCDO@Bnymellon.com Rating Agencies: Standard & Poor s Ratings Service 55 Water Street, 41st Floor New York, New York 10041 Fax: (212) 438-2664 Attn: Asset-Backed Surveillance Group Moody s Investors Service 7 World Trade Center 250 Greenwich Street New York, New York 10007 Fax: (212) 553-0355 Attn: CBO/CLO Monitoring 3 HOU:0023495/01117:1675784v1

EXHIBIT A EXECUTED FIRST SUPPLEMENTAL INDENTURE HOU:0023495/01117:1675784v1 4

FIRST SUPPLEMENTAL INDENTURE dated as of May 17, 2013 (this Supplemental Indenture ) to the Indenture dated as of March 3, 2011 (the Indenture ) among Ares XVI CLO Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the Issuer ), Ares XVI CLO 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 The Bank of New York Mellon Trust Company, National Association, a limited purpose national banking association with trust powers, as trustee under the Indenture (together with its successors in such capacity, the Trustee ). This Supplemental Indenture is entered into by and between the Issuers and the Trustee. Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Indenture. WITNESSETH: WHEREAS, pursuant to Section 8.1(a)(xxiii) of the Indenture, the Trustee and the Issuers may enter into one or more indentures supplemental to the Indenture to effect any Refinancing in accordance with the requirements of Article IX of the Indenture, subject to the prior written consent of the Asset Manager and certain other conditions as set forth in the Indenture; WHEREAS, the Issuers wish to amend the Indenture as set forth in this Supplemental Indenture to effect a Refinancing through the issuance of the Class A-R Notes (as defined below); and WHEREAS, the conditions set forth for entry into a supplemental indenture pursuant to Section 8.1(a)(xxiii) of the Indenture have been satisfied; NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties agree as follows: 1. Amendment. Effective as of the date hereof, the following amendments are made to the Indenture: (a) A new definition, as set forth below, is added to Section 1.1 of the Indenture in alphabetical order: Amendment Date : May 17, 2013. (b) following: The definition of Arranger is deleted in its entirety and replaced by the Arranger : Merrill Lynch, Pierce, Fenner & Smith Incorporated, and such other placement agents as may be appointed by the Issuer, in their capacity as placement agents under the Private Placement Agency Agreement and, on and after the Amendment Date, Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as initial purchaser under the Securities Purchase Agreement by and among the Issuers and Merrill Lynch, Pierce, Fenner & Smith Incorporated, dated as of the Amendment Date. EAST\55712632.8 1

(c) following: The definition of Class A Notes is deleted in its entirety and replaced by the Class A Notes : Prior to the Amendment Date, the Class A Notes issued on the Closing Date, and on and after the Amendment Date, the Class A-R Notes. (d) A new definition, as set forth below, is added to Section 1.1 of the Indenture in alphabetical order: Class A-R Notes : The Class A-R Senior Floating Rate Notes issued on the Amendment Date and having the applicable Note Interest Rate and Stated Maturity as set forth in Section 2.3. (e) The first paragraph of Section 2.3(a) of the Indenture is deleted in its entirety and replaced by the following: Subject to the provisions set forth below, the aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to $410,000,000, except for (i) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5 or Section 2.6 of this Indenture, (ii) any Deferred Interest, (iii) additional issuances of Notes pursuant to Section 2.11, and (iv) any replacement Notes issued in connection with a Refinancing. (f) With respect to the table in Section 2.3(a) of the Indenture, a new row, as set forth below, is inserted between the rows for the Class A Notes and the Class B Notes: Class A-R Notes* $260,000,000 LIBOR + 0.98% May 17, 2021 *The Class A-R Notes will be issued on the Amendment Date. (g) A new exhibit in the form attached hereto is added as Exhibit A-6, and such exhibit shall be added to the Table of Contents. (h) the following: The definition of Applicable Legend is deleted in its entirety and replaced by Applicable Legend : The legend set forth, with respect to any Class of (a) Rated Notes that are in Exhibit A-1 through A-6, as applicable, and (b) Subordinated Notes, Exhibit B. (i) following: Section 2.2(a) of the Indenture is deleted in its entirety and replaced by the The form of the Notes, including the Certificate of Authentication, shall be as set forth as Exhibits A-1 through A-6 and B, as applicable. (j) The first paragraph of Section 9.1(c) of the Indenture is deleted in its entirety and replaced by the following: EAST\55712632.8 2

After the Non-Call Period, one or more Classes of Rated Notes (other than the Class A- R Notes), in whole but not in part, may be redeemed from Refinancing Proceeds if a Majority of the Subordinated Notes direct the Issuers to redeem such Class or Classes of the Rated Notes by obtaining a loan or an issuance of replacement securities, the terms of which loan or issuance shall be negotiated by the Asset Manager on behalf of the Issuer, from one or more financial institutions or purchasers (a refinancing provided pursuant to such loan or issuance, a Refinancing ), as determined by the Asset Manager in its sole discretion; provided that the terms of such Refinancing and any financial institutions acting as lenders thereunder or purchasers thereof must be acceptable to the Asset Manager and a Majority of Subordinated Notes and such Refinancing otherwise satisfies the conditions described below. 2. Governing Law. THIS SUPPLEMENTAL INDENTURE AND ALL DISPUTES ARISING THEREFROM OR RELATING THERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 3. 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 email or telecopy) will be effective as delivery of a manually executed counterpart of this Supplemental Indenture. 4. Concerning the Trustee. 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. Except as provided in the Indenture, 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. 5. 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. 6. Execution, Delivery and Validity. Each of the Issuers represents and warrants to the Trustee that 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. EAST\55712632.8 3

7. Limited Recourse. The obligations of the Issuers hereunder are limited recourse obligations of the Applicable Issuer payable solely from the Collateral in accordance with the Priority of Payments. 8. Non-Petition. Each party and each Holder of the Class A-R Notes agrees not to, prior to the date which is one year (or, if longer, the applicable preference period) plus one day after the payment in full of all Notes, institute against, or join any other Person in instituting against, the Issuer, the Co- Issuer or any Tax Subsidiary any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under Cayman Islands or U.S. federal or state bankruptcy or similar laws of other jurisdictions. 9. Binding Effect. This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. EAST\55712632.8 4

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 above written. ARES XVI CLO LTD. as Issuer By: Name: Title: ARES XVI CLO LLC as Co-Issuer By: THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION as Trustee By: Name: Title: CONSENTED AND AGREED ARES CLO MANAGEMENT XVI, L.P. as Asset Manager By: Ares CLO GP XVI, LLC, its General Partner By: Name: Daniel J. Hall Title: Vice President and Assistant Secretary SUPPLEMENTAL INDENTURE EAST\55712632

Exhibit [continued on next page] SUPPLEMENTAL INDENTURE EAST\55712632

EXHIBIT A-6 FORM OF CLASS A-R NOTE ([RULE 144A GLOBAL/TEMPORARY REGULATION S GLOBAL/REGULATION S GLOBAL]) THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT ), AND THE ISSUERS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE INVESTMENT COMPANY ACT ). THIS SECURITY AND INTERESTS HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A)(1) TO A QUALIFIED PURCHASER (FOR PURPOSES OF THE INVESTMENT COMPANY ACT) THAT THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(d) OR (a)(1)(i)(e) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(f) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN, PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, OR (2) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO BELOW, AND IN EACH CASE WHICH MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT COMPANY ACT EXEMPTION, (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION AND (C) IN AN AUTHORIZED DENOMINATION FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT. EACH PURCHASER OF THIS SECURITY WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE, OR, IF REQUIRED UNDER THE INDENTURE, MUST DELIVER A TRANSFER CERTIFICATE IN THE FORM PROVIDED IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY. EACH PURCHASER AND SUBSEQUENT TRANSFEREE WILL BE DEEMED BY ITS PURCHASE OR ACQUISITION OF THIS NOTE TO HAVE REPRESENTED AND WARRANTED, ON EACH DAY FROM THE DATE ON WHICH THE PURCHASER OR TRANSFEREE ACQUIRES ITS INTEREST IN THIS NOTE THROUGH AND INCLUDING THE DATE IT DISPOSES OF SUCH INTEREST, EITHER (A) IT IS NOT A BENEFIT PLAN INVESTOR OR A PLAN SUBJECT TO SIMILAR LAWS OR (B) ITS PURCHASE, HOLDING AND DISPOSITION OF SUCH NOTE OR INTEREST WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR SIMILAR LAWS) UNLESS AN EXEMPTION IS AVAILABLE (ALL OF THE CONDITIONS OF WHICH HAVE BEEN SATISFIED) OR IN ANY OTHER VIOLATION OF AN APPLICABLE REQUIREMENT OF ERISA, THE CODE OR OTHER APPLICABLE LAW (AS SUCH TERMS ARE DEFINED IN THE INDENTURE). THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY NON-PERMITTED HOLDER (AS DEFINED IN THE INDENTURE) TO SELL ITS INTEREST IN THE SECURITIES, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ( DTC ), TO THE EAST\55712672.9

ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL SECURITY IN WHOLE, BUT NOT IN PART, SHALL BE LIMITED TO TRANSFERS TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. THE PRINCIPAL AMOUNT OF THIS SECURITY IS PAYABLE AS SET FORTH HEREIN. THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SECURITY AT ANY TIME MAY DIFFER FROM THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS SECURITY MAY ASCERTAIN ITS AGGREGATE OUTSTANDING AMOUNT BY INQUIRY OF THE TRUSTEE. Exhibit A-6 EAST\55712672.9 2

ARES XVI CLO LTD. ARES XVI CLO LLC Class A-R Senior Floating Rate Notes Due 2021 [Rule 144A CUSIP No.: 04013J AE5] / [Reg. S CUSIP No.: G3290A AE3] Certificate No.: [R-/S-/T-] U.S.$[260,000,000] Ares XVI CLO Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the Issuer ), and Ares XVI CLO LLC, a limited liability company incorporated under the laws of the State of Delaware (the Co-Issuer and, together with the Issuer, the Issuers ), for value received, hereby promise to pay to CEDE & CO. or registered assigns the principal sum of [Two- Hundred Sixty Million United States Dollars] (U.S.$[260,000,000]) on May 17, 2021, or, if such date is not a Business Day, the next Business Day (the Stated Maturity ), except as provided below and in the indenture dated as of March 3, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the Indenture ), among the Issuer, the Co-Issuer and The Bank of New York Mellon Trust Company, National Association, as trustee (the Trustee, which term includes any successor trustee as permitted under the Indenture). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. The Issuers promise to pay, in accordance with the Priority of Payments, interest on the Aggregate Outstanding Amount of this Note on the 17th day of February, May, August and November of each year, commencing in August 2013 (or, if such day is not a Business Day, then the immediately following Business Day) (each, a Payment Date ) (provided that the last Payment Date shall be the Redemption Date, the Stated Maturity or such other Payment Date on which the Aggregate Outstanding Amount is paid in full) at a rate per annum of LIBOR plus 0.98% on the outstanding principal amount in arrears in accordance with the Priority of Payments. Interest shall be calculated on the basis of the actual number of days elapsed in the applicable Interest Accrual Period divided by 360. To the extent lawful and enforceable, any Defaulted Interest shall accrue interest at the applicable rate until paid as provided in the Indenture. Interest will cease to accrue on this Note or, in the case of a partial repayment, on such part, from the date of repayment or the Stated Maturity. This Note will mature at par on the Stated Maturity and the final payment of principal will be made on such date, unless accelerated, redeemed, refinanced or repaid as described in the Indenture, and prior to the Stated Maturity, payments of principal shall be paid as provided in the Priority of Payments except as otherwise provided in the Indenture. Payments on this Note shall be made by Dollar check drawn on a bank in the United States of America or by wire transfer in immediately available funds. Payments on this Note which are payable, and are punctually paid or duly provided for, on any Payment Date shall be paid to the Person in whose name this Note, or one or more predecessor Notes, is registered at the close of business on the Regular Record Date. Payments of principal shall be made to the Holder in the proportion that the Aggregate Outstanding Amount of this Note on such Record Date bears to the Aggregate Outstanding Amount of all Class A-R Notes on such Record Date. Payment of Defaulted Interest and any accrued and unpaid interest thereon shall be made on such date which is not more than three Business Days after sufficient funds are available therefor in the Collection Account (such date, a Special Payment Date ). The Exhibit A-6 EAST\55712672.9 3

Trustee shall notify the Issuers and the applicable Holders of a Special Payment Date and the Special Record Date at least two Business Days prior to the Special Payment Date. This Note is one of a duly authorized issue of Class A-R Senior Floating Rate Notes due 2021 (the Class A-R Notes ) issued and to be issued under the Indenture. Also authorized under the Indenture are the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes (collectively with the Class A-R Notes, the Notes ). Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuers, the Trustee and the Holders and the terms upon which the Notes are, and are to be, authenticated and delivered. Increases and decreases in the principal amount of this Global Security as a result of exchanges and transfers of interests in this Global Security and principal payments shall be recorded in the records of the Trustee and the Depository or its nominee. So long as the Depository for a Global Security or its nominee is the registered owner of this Global Security, such Depository or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes (represented hereby and beneficially owned by other persons) for all purposes under the Indenture except to the extent otherwise provided in the Indenture. [To be included in Temporary Global Securities only: This Note is a Temporary Global Security. Interests in this Global Security may be exchanged on or after the 40th day after the later of the Closing Date and the commencement of the offering of the Notes as provided in the Indenture for interests in one or more permanent Global Securities of the same Class and Stated Maturity and of an aggregate principal amount equal to the amount so exchanged. The permanent Global Security shall be so issued and delivered in exchange for only that portion of this Temporary Global Security in respect of which the Trustee has received a certification that the beneficial interests in such Temporary Global Security are owned by Persons who are not U.S. persons as defined in Regulation S under the Securities Act. On an exchange of the whole of this Temporary Global Security, this Temporary Global Security shall be surrendered to the Trustee. On an exchange of only part of this Temporary Global Security, details of such exchange shall be entered by or on behalf of the Issuers in the records of the Trustee and the Depository (or its nominee). If, following the issue of a permanent Global Security in exchange for only part of this Temporary Global Security, further parts of this Global Security are to be exchanged pursuant to this paragraph, such exchange may be effected without the issue of a new permanent Global Security and the details of such exchange shall be entered in the records of the Trustee and the Depository (or its nominee).] All reductions in the principal amount of this Note (or one or more predecessor Notes) effected by payments of principal made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer of this Note or in exchange therefor or in lieu thereof, whether or not such payment is noted on this Note. Subject to Article 2 of the Indenture, upon registration of transfer of this Note in exchange for or in lieu of another Note of the same Class, this Note shall carry the rights of unpaid interest, principal and other payments that were carried by such predecessor Note. The obligations of the Issuers under this Note and the Indenture are limited recourse obligations payable solely from the Collateral in accordance with the terms of the Indenture. Once the Collateral has been realized and applied in accordance with the Priority of Payments or otherwise as required by the Indenture, any outstanding obligations of and any claims against the Issuers under the Notes and the Indenture shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of this Note or the Indenture against any officer, director, employee, 4 Exhibit A-6 EAST\55712672.9

administrator, partner, shareholder or incorporator of the Issuers or any successors or assigns thereof for any amounts payable under this Note or the Indenture. It is understood that the foregoing shall not (i) prevent recourse to the Collateral in the manner provided in the Indenture for the sums due or to become due under any security, instrument or agreement that is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture, and the same shall continue until paid or discharged. It is further understood that, except as otherwise provided in the Indenture, the foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuers as a party defendant in any action or suit or in the exercise of any other remedy under the Notes or the Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. This Note is subject to Optional Redemption in the manner and subject to the satisfaction of certain conditions set forth in the Indenture. For the avoidance of doubt, this Note shall not be subject to a Refinancing pursuant to Section 9.1(c) of the Indenture. If an Event of Default shall occur and be continuing (other than an Event of Default caused by the bankruptcy or insolvency of the Issuer, as described in Section 5.1(f) and (g) of the Indenture), this Note may be declared immediately due and payable in the manner and with the effect provided in the Indenture. The Indenture provides that if an Event of Default shall have occurred and be continuing, (i) the Trustee, by written notice to the Issuer, or (ii) a Majority of the Controlling Class, by written notice to the Issuer, the Asset Manager and the Trustee (and the Trustee shall in turn provide notice to the Holders of all Notes then Outstanding), may declare the principal of all the Notes to be immediately due and payable, and upon any such declaration, such principal, together with all accrued and unpaid interest thereon, and other amounts payable under the Indenture, shall become immediately due and payable and the Reinvestment Period will terminate. If an Event of Default specified in Section 5.1(f) or (g) of the Indenture occurs, all unpaid principal, together with any accrued and unpaid interest thereon, of all the Notes, and other amounts payable under the Indenture, shall automatically become due and payable, without any declaration or other act on the part of the Trustee or any Holder of Notes. A Majority of the Controlling Class may, by written notice to the Issuers and the Trustee, rescind and annul a declaration of acceleration of Maturity of the Notes at any time prior to the date on which a judgment or decree for payment of money due has been obtained; provided that certain conditions set forth in the Indenture are satisfied. The Indenture permits, subject to certain conditions, the amendment thereof and the modification of the provisions of the Indenture and the rights of the Holders under the Indenture at any time. Upon the execution of any supplemental indenture, the Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of the Indenture for all purposes, and every Holder or beneficial owner of a Note theretofore and thereafter authenticated and delivered thereunder shall be bound thereby. The Class A-R Notes have a minimum Authorized Denomination of $500,000 and integral multiples of $1.00 in excess thereof. The terms Issuer and Co-Issuer as used in this Note include any successor to either of the Issuer or Co-Issuer, as applicable, under the Indenture. Exhibit A-6 EAST\55712672.9 Title to this Note shall pass by registration in the Note Register kept by the Note Registrar. No service charge shall be made to the Holder for any registration of transfer or exchange of this Note, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 5

This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose, unless the certificate of authentication herein, substantially in the form provided for in the Indenture, has been executed by the Trustee or by the Authenticating Agent by the manual signature of one of their Authorized Officers, and such certificate shall be conclusive evidence, and the only evidence, that this Note has been duly authenticated and delivered hereunder. THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. [Signature page follows] Exhibit A-6 EAST\55712672.9 6

IN WITNESS WHEREOF, the Issuers have caused this Note to be duly executed. Dated: May 17, 2013 ARES XVI CLO LTD. By: Name: Title: ARES XVI CLO LLC By: Name: Donald J. Puglisi Title: Manager EAST\55712672.9

CERTIFICATE OF AUTHENTICATION This is one of the Notes referred to in the within-mentioned Indenture. Dated: May 17, 2013 THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee By: Authorized Signatory EAST\55712672.9