OCTAGON INVESTMENT PARTNERS X, LTD. OCTAGON INVESTMENT PARTNERS X, LLC NOTICE OF OPTIONAL REDEMPTION

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1 OCTAGON INVESTMENT PARTNERS X, LTD. OCTAGON INVESTMENT PARTNERS X, LLC NOTICE OF OPTIONAL REDEMPTION THIS TRANSMITTAL CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE BENEFICIAL OWNERS OF THE SUBJECT NOTES AND PREFERRED SHARES. 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. Date of Notice: September 6, 2017 To: The Holders of the Notes and the Preferred Shares (collective, the Securities ) listed on Schedule I and those Additional Addresses listed on Schedule II hereto: Reference is made to that certain (i) Indenture dated as of September 7, 2006 (as amended, supplemented or modified from time to time, the Indenture ) by and among Octagon Investment Partners X, Ltd., as Issuer (the Issuer ), Octagon Investment Partners X, LLC, as Co-Issuer (the Co-Issuer ) and U.S. Bank National Association, as Trustee (in such capacity, the Trustee ) and (ii) Fiscal Agency Agreement dated as of September 7, 2006 (as amended, supplemented or modified from time to time, the Fiscal Agency Agreement ) by and between the Issuer, U.S. Bank National Association, as Preferred Share Paying Agent (in such capacity, the Preferred Share Paying Agent ) and MaplesFS Limited, as Share Registrar. Capitalized terms not defined herein shall have the meanings given to them in the Indenture. Pursuant to Sections 9.1(a) and 9.1(f) of the Indenture, a Majority of the Income Notes and Preferred Shares have directed (the Holder Direction ) the redemption in whole of the Notes and the Preferred Shares (the Redemption by Liquidation ) and the Issuer has provided the Trustee with notice thereof pursuant to Section 9.2 (the Issuer Notice ). In accordance with Section 9.2 of the Indenture, the Trustee and the Preferred Share Paying Agent hereby provide notice of the following information concerning the Redemption by Liquidation provided by the Issuer: (a) (b) (c) The Redemption Date shall be October 18, 2017 (the Redemption Date ). The Record Date shall be October 3, 2017 (the Record Date ). The Redemption Price of each Class of Securities to be redeemed is as follows:

2 Class Aggregate Outstanding Amount Redemption Price Class A-1 Notes $0 $0 - which is an amount equal to Class A-1R Notes $0 $0 - which is an amount equal to Class B Notes $0 $0 - which is an amount equal to Class C Notes $0 $0 - which is an amount equal to Class D Notes $0 $0 - which is an amount equal to Class E Notes $6,441, $6,518, which is an amount equal to 100% of the Aggregate Outstanding Amount of such Notes, together with accrued and unpaid interest thereon at the applicable Note Interest Rate to the Redemption Date; the Class E Deferred

3 Interest Amount is $0; Income Notes $20,275, The Redemption Price of the Income Notes to be redeemed is equal to the Income Notes pro rata portion, based on the Income Note/Pro Rata Share Allocation, of the amount of proceeds of the Collateral remaining, if any, after giving effect to the redemption of the Senior Notes (including, in the case of the Class D Notes, if applicable, the Class D Notes comprising of the Class D Note Components and in the case of the Class E Notes, if applicable, the Class E Notes comprising of the Class E Note Components) and the payment of, or establishment of a reserve for, all prior amounts in accordance with the Priority of Payments. Preferred Shares $19,000, The Redemption Price of the Preferred Shares to be redeemed is equal to the Preferred Shares pro rata portion, based on the Income Note/Pro Rata Share Allocation, of the amount of proceeds of the Collateral remaining, if any, after giving effect to the redemption of the Senior Notes (including, in the case of the Class D Notes, if applicable, the Class D Notes comprising of the Class D Note Components and in the case of the Class E Notes, if applicable, the Class E Notes comprising of the Class E Note Components) and the payment of, or establishment of a reserve for, all prior amounts in accordance with the Priority of Payments. (d) Interest on the Aggregate Outstanding Amount of each Class of Notes and other amounts payable on the principal amount of Notes shall cease to accrue on the

4 Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest). (e) (f) The Trustee has received the Holder Direction and Issuer Notice which to the Trustee s knowledge are the applicable conditions precedent that are required to be satisfied as of the date of this notice of redemption with respect to the Redemption by Liquidation. Notwithstanding anything herein to the contrary, the completion of the Redemption by Liquidation described herein is subject to the satisfaction of any additional conditions set forth in the Indenture. The place or places where such Certificated Securities to be redeemed or paid in whole are to be surrendered for payment, is as follows: By Hand, Overnight Courier or First Class Registered/Certified Mail (to the Trustee or Preferred Share Paying Agent (as applicable)): U.S. Bank National Association Attn: Bondholder Services-EP-WS2N 111 Fillmore Avenue East St. Paul, MN The method of delivery is at the option and risk of the Holder. Payment of the amounts due and payable on the Certificated Securities being redeemed on the Redemption Date will be made only upon presentation and surrender of the Certificated Securities to the Trustee on or prior to the Redemption Date. Accordingly, HOLDERS OF CERTIFICATED SECURITIES ARE HEREBY INSTRUCTED TO DELIVER THEIR CERTIFICATED SECURITIES BY OR BEFORE THE REDEMPTION DATE TO THE TRUSTEE OR THE PREFERRED SHARE PAYING AGENT (AS APPLICABLE) AT THE ABOVE ADDRESS. This Notice of Optional Redemption may be withdrawn by the Issuer up to the fourth Business Day prior to the Redemption Date if the conditions set forth in Section 9.1(g) of the Indenture are not satisfied as of such date. The Collateral Manager has advised the Trustee and the Preferred Share Paying Agent that certain Collateral Debt Obligations may not be sold prior to the Redemption Date and/or certain sale transactions may not settle prior to the Redemption Date. In light of the foregoing, additional amounts may become available for distribution to Holders of the after the Redemption Date. Under current United States federal income tax law, a trustee making payment of interest or principal on securities may be obligated to apply backup withholding to payments of the interest or principal payable to a holder who (i) has failed to furnish the trustee with a valid taxpayer identification number and certifications that the holder is not subject to backup

5 withholding under the Internal Revenue Code of 1986, as amended (the Code ) and that the holder is a United States person (including a U.S. resident alien) as defined by the Code or (ii) has failed to provide appropriate certification to establish that the holder is not a United States person. Holders of Securities who are United States persons and wish to avoid the application of these provisions should submit a completed IRS Form W-9 when presenting the Notes for payment. Holders of Securities who are non-united States persons should submit an appropriate IRS Form W-8. Please contact Mark Sullivan, Vice President at U.S. Bank National Association at (617) or mark.sullivan@usbank.com@usbank.com with questions. U.S. BANK NATIONAL ASSOCIATION, as Trustee and Preferred Share Paying Agent

6 Schedule I Securities Class Class A-1 Notes Dollar Class A-1R Notes Euro Class A-1R Notes Class B Notes Class C Notes Class D Notes Class E Notes Income Notes Preferred Shares Rule 144A CUSIP * ISIN 67572WAA4 US67572WAA WAC0 US67572WAC WAS5 XS WAE6 US67572WAE WAG1 US67572WAG WAJ5 US67572WAJ WAL0 US67572WAL TAA1 US67572TAA T202 US67572T2024 Reg S CUSIP ISIN G6716FAA9 USG6716FAA96 G6716FAB7 USG6716FAB79 G6716FAJ0 XS G6716FAC5 USG6716FAC52 G6716FAD3 USG6716FAD36 G6716FAE1 USG6716FAE19 G6716FAF8 USG6716FAF83 G6716EAA2 USG6716EAA22 G6716E104 KYG6716E1044 Accredited CUSIP* ISIN 67572WAB2 US67572WAB WAF3 US67572WAF WAH9 US67572WAH WAK2 US67572WAK WAM8 US67572WAM TAB9 US67572TAB T301 US67572T3014 * No representation is made as to the correctness of CUSIP or ISIN numbers either as printed on the Securities or as contained in this notice. Such numbers are included solely for the convenience of the Holders.

7 Schedule II Additional Addressees Issuer: Octagon Investment Partners X, Ltd. c/o MaplesFS Limited PO Box 1093GT Queensgate House, South Church Street Grand Cayman, KY Cayman Islands Attention: The Directors Facsimile: +1 (345) Co-Issuer: Octagon Investment Partners X, LLC c/o Puglisi & Associates 850 Library Avenue, Suite 204 Newark, Delaware Attention: Donald J. Puglisi Facsimile no.: (302) Collateral Manager: Octagon Credit Investors, LLC 250 Park Avenue, 15 th Floor New York, New York Attention: Michael Nechamkin Facsimile no.: (212) Rating Agencies: Moody s Investors Service, Inc. CDO Monitoring 7 World Trade Center 250 Greenwich Street New York, New York Attention: CBO/CLO Monitoring Telecopy no.: (212) With an electronic copy to: cdomonitoring@moodys.com S&P Global Ratings an S&P Global Business 55 Water Street, 41st Floor New York, New York Attention: CBO/CLO Surveillance Facsimile: (212) cdo_surveillance@spglobal.com Irish Stock Exchange Announcement Office The Irish Stock Exchange plc Company Announcement Office 28 Anglesea Street Dublin 2, Ireland Electronic copy to be uploaded to website provided by ISE DTC, Euroclear and Clearstream (if applicable): lensnotices@dtcc.com voluntaryreorgannouncements@dtcc.com redemptionnotification@dtcc.com drit@euroclear.com ca_mandatory.events@clearstream.com