Avoca CLO XVI PLC (Refinance): 10 August 2018

The assets securing the notes will consist of a portfolio of Senior Loans, Secured Senior Bonds, Corporate Rescue Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by KKR Credit Advisors (Ireland) Unlimited Company (formerly KKR Credit Advisors (Ireland)).

On 30 June 2016 (the Original Issue Date) Avoca CLO XVI issued Class A Senior Secured Floating Rate Notes due 2029, Class B Senior Secured Floating Rate Notes due 2029, Class C Deferrable Mezzanine Floating Rate Notes due 2029, Class D Deferrable Mezzanine Floating Rate Notes due 2029, Class E Deferrable Junior Floating Rate Notes due 2029, Class F Deferrable Junior Floating Rate Notes due 2029 and Subordinated Notes due 2029.

On or about 8 August 2018 (the "Re-Issue Date") the Issuer will, subject to the satisfaction of certain conditions, refinance the Original Class A Notes, the Original Class B Notes, the Original Class C Notes, the Original Class D Notes, the Original Class E Notes and the Original Class F Notes.