COVENANT CREDIT PARTNERS CLO II, LTD. COVENANT CREDIT PARTNERS CLO II, LLC NOTICE OF WITHDRAWAL OF REDEMPTION OF CLASS C NOTES AND CLASS D NOTES

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1 COVENANT CREDIT PARTNERS CLO II, LTD. COVENANT CREDIT PARTNERS CLO II, LLC NOTICE OF WITHDRAWAL OF REDEMPTION OF CLASS C NOTES AND CLASS D NOTES NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS, AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. April 12, 2017 To: The Holders described as: Class Rule 144A CUSIP* 1 Rule 144A ISIN* Reg. S CUSIP* Reg. S ISIN* Reg. S. Common Code* Acc d Investor CUSIP* Acc d Investor ISIN* Certificated/ Uncertificated (Unrated) Rule 144A CUSIP* Certificated/ Uncertificated (Unrated) Rule 144A ISIN* Class X Notes 22284F AK3 US22284FAK30 G2480U AA9 USG2480UAA N/A N/A N/A N/A Class A Notes 22284F AB3 US22284FAB31 G2480U AB7 USG2480UAB N/A N/A N/A N/A Class B Notes 22284F AD9 US22284FAD96 G2480U AC5 USG2480UAC N/A N/A N/A N/A Class C Notes 22284F AF4 US22284FAF45 G2480U AD3 USG2480UAD N/A N/A N/A N/A Class D Notes 22284F AH0 US22284FAH01 G2480U AE1 USG2480UAE N/A N/A N/A N/A Class E Notes 22284G AA3 US22284GAA31 G2481J AA3 USG2481JAA N/A N/A N/A N/A Class F Notes 22284G AC9 US22284GAC96 G2481J AB1 USG2481JAB N/A N/A N/A N/A Sub. Notes 22284G AE5 US22284GAE52 G2481J AC9 USG2481JAC G AF2 US22284GAF G AE5 US22284GAE52 Sub. Fee Notes 22284G AG0 US22284GAG01 G2481J AD7 USG2481JAD G AH8 US22284GAH G AG0 US22284GAG01 To: Those Additional Parties Listed on Schedule I hereto Ladies and Gentlemen: Reference is hereby made to that certain (i) Indenture dated as of November 12, 2014 (as supplemented, amended or modified from time to time, the Indenture ), among COVENANT CREDIT PARTNERS CLO II, LTD., as issuer (the Issuer ), COVENANT CREDIT PARTNERS CLO II, LLC, as co-issuer (the Co-Issuer, and together with the Issuer, the Co- Issuers ), and U.S. BANK NATIONAL ASSOCIATION, as trustee (the Trustee ), (ii) Notice of Proposed Supplemental Indenture and Request for Consent dated as of March 20, 2017 (the Prior Notice of Supplemental Indenture ) in which the Trustee provided notice of a proposed Supplemental Indenture (the Initial Proposed Supplemental Indenture ) and (iii) Notice of * No representation is made as to the correctness of the CUSIP, ISIN or Common Code numbers either as printed on the Notes or as contained in this notice. Such numbers are included solely for the convenience of the Holders.

2 Revised Proposed Supplemental Indenture and Partial Redemption dated as of April 3, 2017 (the Prior Notice of Refinancing, and together with the Prior Notice of Supplemental Indenture, the Prior Notices ) in which the Trustee provided notice of the information relating to the Redemption pursuant to Section 9.6(b) of the Indenture and forwarded a copy of the revised proposed Supplemental Indenture (the Second Proposed Supplemental Indenture ). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture or the Prior Notices, as applicable. On April 12, 2017, the Trustee received notice from the Issuer of the withdrawal of the Class C Notes and the Class D Notes from the Refinancing. A copy of the notice of withdrawal from the Issuer is attached as Exhibit A. PLEASE NOTE THAT THE FOREGOING IS NOT INTENDED AND SHOULD NOT BE CONSTRUED AS INVESTMENT, ACCOUNTING, FINANCIAL, LEGAL OR TAX ADVICE BY OR ON BEHALF OF THE TRUSTEE, OR ITS DIRECTORS, OFFICERS, AFFILIATES, AGENTS, ATTORNEYS OR EMPLOYEES. THE TRUSTEE MAKES NO RECOMMENDATIONS TO THE HOLDERS OF NOTES AS TO ANY ACTION TO BE TAKEN OR NOT TO BE TAKEN WITH RESPECT TO THE CONTEMPLATED PARTIAL REDEMPTION OR OTHERWISE. Should you have any questions, please contact Lauren Shelton at (704) or at lauren.shelton@usbank.com. U.S. BANK NATIONAL ASSOCIATION, as Trustee

3 EXHIBIT A Notice of Withdrawal from Issuer

4 Covenant Credit Partners CLO II, Ltd. Issuer Order to Trustee TO: U.S. Bank National Association 214 North Tryon Street, 26 th Floor Charlotte, NC Attention: Global Corporate Trust Services Covenant Credit Partners CLO II, Ltd. Covenant Credit Partners, LP 121 W. Trade Street, Suite 1800 Charlotte, North Carolina Dear Sir or Madam: Reference is made to that certain indenture dated as of November 12, 2014 (as amended, supplemented, restated and otherwise modified from time to time, the Indenture ) among Covenant Credit Partners CLO II, Ltd. (the Issuer ), Covenant Credit Partners CLO II, LLC (the Co-Issuer and, together with the Issuer, the Co-Issuers ) and U.S. Bank National Association, as trustee (in such capacity, the Trustee ). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture. On April 3, 2017, the Trustee provided a notice of redemption and revised proposed supplemental indenture to the Holders of the Notes, the Co-Issuers, the Investment Manager, the Irish Stock Exchange and each Rating Agency, which notified the recipients thereof of the proposed Refinancing of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. By this Issuer Order, the Issuer hereby directs the Trustee to deliver a notice of withdrawal of redemption solely with respect to the Class C Notes and the Class D Notes to the Holders of the Notes, the Co- Issuers, the Investment Manager, the Irish Stock Exchange and each Rating Agency and to post such notice on the Trustee s applicable website, by no later than April 12, 2017, which is the third Business Day prior to the Redemption Date, in accordance with the Indenture, in the name and at the expense of the Co-Issuers. For the avoidance of doubt, such withdrawal shall have no effect on the notice of redemption provided with respect to the Class A Notes and the Class B Notes. [Signature Page Follows]

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6 SCHEDULE I Additional Addressees Issuer: Covenant Credit Partners CLO II, Ltd. c/o MaplesFS Limited P.O. Box 1093 Boundary Hall, Cricket Square Grand Cayman, KYI-1102 Cayman Islands cayman@maplesfs.com Co-Issuer: Covenant Credit Partners CLO II, LLC c/o Maples Fiduciary Services (Delaware) Inc Kennett Pike, Suite 302 Wilmington, Delaware scott.huff@maplesfs.com Investment Manager: Covenant Credit Partners, LLC 6100 Fairview Road, Suite 1220 Charlotte, North Carolina mboatwright@covcredit.com Rating Agencies: Fitch Ratings, Inc. 33 Whitehall Street New York, New York cdo.surveillance@fitchratings.com Moody s Investors Service, Inc. 7 World Trade Center New York, New York Attention: CBO/CLO Monitoring cdomonitoring@moodys.com Irish Stock Exchange Electronic copy to be uploaded to the Irish Stock Exchange website via Irish Listing Agent Maples and Calder 75 St. Stephen s Green Dublin 2, Ireland dublindebtlisting@maplesandcalder.com DTC, Euroclear and Clearstream (as applicable): lensnotices@dtcc.com consentannouncements@dtcc.com voluntaryreorgannouncements@dtcc.com drit@euroclear.com ca_general.events@clearstream.com 17g-5: 17g5informationprovider@usbank.com SK v2