CIFC FUNDING 2014-III, LTD. CIFC FUNDING 2014-III, LLC NOTICE OF OPTIONAL REDEMPTION BY REFINANCING

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1 The Bank of New York Mellon Trust Company, National Association CIFC FUNDING 2014-III, LTD. CIFC FUNDING 2014-III, LLC NOTICE OF OPTIONAL REDEMPTION BY REFINANCING 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 THE BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. To: Class Designation Class A Class B-1 Class B-2 Class C-1 Class C-2 Class D Class E Subordinated Income The Noteholders described as: CUSIP Rule 144A ISIN* Rule 144A CUSIP* Reg. S. ISIN* Reg. S. Common Code* Reg. S CUSIP* Acc d Investor July 11, 2017 ISIN* Acc d Investor 12549QAA3 US12549QAA31 G2205MAA1 USG2205MAA QAB1 US12549QAB QAC9 US12549QAC96 G2205MAB9 USG2205MAB QAD7 US12549QAD QAE5 US12549QAE52 G2205MAC7 USG2205MAC QAF2 US12549QAF QAG0 US12549QAG01 G2205MAD5 USG2205MAD QAH8 US12549QAH QAJ4 US12549QAJ40 G2205MAE3 USG2205MAE QAK1 US12549QAK QAL9 US12549QAL95 G2205MAF0 USG2205MAF QAM 7 US12549QAM RAE3 US12549QAE36 G22055AC4 USG22055AC RAF0 US12549RAF RAC7 US12549RAC79 G22055AB6 USG22055AB RAD5 US12549RAD TAA7 US12549TAA79 G2206CAA2 USG2206CAA TAB5 US12549TAB52 No representation is made as to the correctness of the CUSIP, ISIN or Common Code numbers either as printed on the or as contained in this notice. Such numbers are included solely for the convenience of the Noteholders.

2 To: Those Additional Addressees Listed on Schedule I hereto Ladies and Gentlemen: Reference is hereby made to that certain: (i) Indenture dated as of July 10, 2014 (as supplemented, amended or modified from time to time, the Indenture ), among CIFC FUNDING 2014-III, LTD., as issuer (the Issuer ), CIFC FUNDING 2014-III, LLC, as co-issuer (the Co-Issuer, and together with the Issuer, the Co-Issuers ), and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as trustee (the Trustee ) and (ii) Income Note Paying Agency Agreement dated as of July 10, 2014 (as supplemented, amended or modified from time to time, the INPAA ), between CIFC FUNDING 2014-III INVESTOR, LTD, as Income Note issuer, and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Income Note paying agent and Income Note registrar (the Income Note Paying Agent ). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture, if not defined therein, and INPAA. Pursuant to Section 9.2(b) of the Indenture, the Equity Majority directed the Co-Issuers to redeem one or more of the Class A, the Class B-1, the Class B-2, the Class C- 1, the Class C-2, the Class D and the Class E pursuant to an Optional Redemption by Refinancing on or after July 24, On July 7, 2017, the Co-Issuers provided an Issuer Order notifying the Trustee that the Class A, the Class B-1, the Class B-2, the Class C-1, the Class C-2 and the Class D (the Refinanced ) will be redeemed pursuant to an Optional Redemption by Refinancing (the Refinancing ) on July 24, 2017 (the Redemption Date ). The Class E will not be subject to the Refinancing. In accordance with Sections 9.3(a) and 9.3(b) of the Indenture and upon Issuer Order, the Trustee hereby provides notice of the following information relating to the Refinancing: The Redemption Date shall be July 24, The Redemption Price of each Class of Refinanced shall be: for the Class A U.S. $440,423, (an amount equal to (x) accrued and unpaid interest thereon to the Redemption Date); for the Class B-1 U.S. $43,846, (an amount equal to (x) accrued and unpaid interest thereon to the Redemption Date); for the Class B-2 U.S.$25,263,375.00(an amount equal to (x) accrued and unpaid interest thereon to the Redemption Date);

3 for the Class C-1 U.S. $55,549, (an amount equal to (x) accrued and unpaid interest thereon (including interest on any accrued and unpaid Deferred Interest) to the Redemption Date); for the Class C-2 U.S. $10,135, (an amount equal to (x) accrued and unpaid interest thereon (including interest on any accrued and unpaid Deferred Interest) to the Redemption Date); and for the Class D U.S. $42,483, (an amount equal to (x) accrued and unpaid interest thereon (including interest on any accrued and unpaid Deferred Interest) to the Redemption Date). The Record Date for the Refinancing shall be July 9, The Refinanced are to be redeemed in full and the interest on such Refinanced shall cease to accrue on the Redemption Date. Notwithstanding anything herein to the contrary, the completion of the redemption described herein is subject to the satisfaction of any additional conditions to the redemption set forth in the Indenture. With respect to any Refinanced that are Certificated, payment on such Certificated will be made only upon presentation and surrender of such Certificated to the Trustee by one of the following methods: By First Class By Express Delivery Only: By Hand Only: Registered/Certified mail: The Bank of New York Mellon Trust Company, National Association Global Corporate Trust P.O. Box 2320 Dallas, Texas The Bank of New York Mellon Trust Company, National Association Global Corporate Trust 2001 Bryan Street, 9 th Floor Dallas, Texas The Bank of New York Mellon 101 Barclay Street New York, New York, st Floor East Corporate Trust Window For any Listed Noted listed on the Irish Stock Exchange, such Refinanced may be surrendered for payment at the Irish Listing Agent: Maples and Calder, 75 St. Stephen s Green, Dublin 2, Ireland. Pursuant to Section 5.1 of the INPAA, the Income Note Paying Agent hereby provides provides notice of the above to the Holders of the Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, paying agents are required to withhold 28% of gross payments to Holders who fail to provide a valid taxpayer identification number on or before the date upon which are presented for payment. Holders are additionally subject to a penalty of $50 for failure to provide such number. Please

4 provide a taxpayer identification number when presenting for payment. To avoid this 28% withholding, please submit a form W-9 or other appropriate IRS form. 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, THE INCOME NOTE PAYING AGENT OR ITS DIRECTORS, OFFICERS, AFFILIATES, AGENTS, ATTORNEYS OR EMPLOYEES. THE TRUSTEE AND THE INCOME NOTE PAYING AGENT MAKE NO REPRESENTATION, WARRANTY OR RECOMMENDATION IN RESPECT OF THE REFINANCING OR THE SUPPLEMENTAL INDENTURE OR ANY TERM OR CONDITION SET FORTH THEREIN. EACH PERSON RECEIVING THIS NOTICE SHOULD SEEK THE ADVICE OF ITS OWN ADVISERS IN RESPECT OF THE MATTERS SET FORTH HEREIN. Should you have any questions, please contact Ryan Janoski at (412) or at ryan.janoski@bnymellon.com. THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee and as Income Note Paying Agent

5 Issuer: CIFC Funding 2014-III, Ltd. c/o MaplesFS Limited P.O. Box 1093 Boundary Hall, Cricket Square Grand Cayman, KY Cayman Islands Facsimile: Co-Issuer: CIFC Funding 2014-III, LLC c/o Puglisi & Associates 850 Library Avenue, Suite 204 Newark, Delaware SCHEDULE I ADDITIONAL ADDRESSEES Rating Agencies: Moody s Investors Service, Inc. 7 World Trade Center 250 Greenwich Street New York, New York Attention: CBO/CLO Monitoring cdomonitoring@moodys.com S&P Global Ratings, an S&P Global business 55 Water Street, 41st Floor New York, New York Attention: Structured Credit CDO Surveillance Facsimile: cdo_surveillance@spglobal.com Income Note Issuer: CIFC Funding 2014-III Investor, Ltd. c/o MaplesFS Limited P.O. Box 1093 Boundary Hall, Cricket Square Grand Cayman, KY Cayman Islands Facsimile: Collateral Manager: CIFC Asset Management LLC 250 Park Avenue, 4 th Floor New York, New York Attention: Ira Ginsburg Facsimile: iginsburg@cifc.com with a copy to: CIFC Asset Management LLC 250 Park Avenue, 4 th Floor New York, New York Attention: Legal Department LegalDepartment@cifc.com DTC, Euroclear and Clearstream (as applicable): lensnotices@dtcc.com consentannouncements@dtcc.com voluntaryreorgannouncements@dtcc.com drit@euroclear.com ca_general.events@clearstream.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 17g-5: CIFC2014-III@bnymellon.com

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