THE ANNUAL MEETING OF STOCKHOLDERS

IS QUICKLY APPROACHING

THE ANNUAL MEETING OF STOCKHOLDERS HAS BEEN SCHEDULED FOR MAY 4, 2023

April 5, 2023

Dear Fellow Stockholder,

As of the date of this letter, we have not received your voting instructions for the Annual Meeting of Stockholders of Barings BDC, Inc. The Board of Directors and I encourage you to vote in favor of the proposals. We ask that you vote your shares as quickly as possible using any of the methods described below. Your vote is important regardless of how many shares you own. If you have any questions about voting, please call our proxy solicitor,

Thank you for your continued support.

Sincerely,

Eric Lloyd

Chief Executive Oƒcer

Four Ways to Vote

PROXY QUESTIONS? Call

ONLINEPHONE

QR CODE

MAIL

GO TO PROXYVOTE.COM Please have your proxy card in hand when accessing the website. There are easy-to- follow directions to help you complete the electronic voting instruction form.

WITHOUT A PROXY CARD

Monday to Friday,

to speak with a proxy specialist.

WITH A PROXY CARD

with a touch-tone phone to vote using an automated system.

WITH A SMARTPHONE Vote by scanning the Quick Response Code or "QR Code" on the Proxy Card/ VIF enclosed.

VOTE PROCESSING Mark, sign and date your ballot and return it in the postage-paid envelope provided.

SAMPLE-LTR

WE URGENTLY NEED YOUR VOTE

The Barings BDC, Inc. Annual Meeting has been scheduled for May 4, 2023. Whether or not you plan to attend, your vote is very important. You can vote your shares by internet,

telephone, QR code, or mail.

Simply follow the instructions on the enclosed form. For your convenience, we've highlighted where you can find your unique Control Number. If you have any questions or need assistance, please call 1-877-777-4652.

FOUR WAYS TO VOTE

0000 0000 0000 0000

0000 0000 0000 0000

NOTE: This is not an actual Control Number.

Please refer to the proxy card for

your unique Control Number.

ONLINE

WWW.PROXYVOTE.COM Please have your proxy card in hand when accessing the website. There are easy-to-follow directions to help you complete the electronic voting instruction form.

PHONE

WITHOUT A PROXY CARD Call 1-8777-777-4652 Monday to Friday, 9:00 a.m. to 9:00 p.m. ET to speak with a proxy specialist.

WITH A PROXY CARD Call 1-800-690-6903 with a touch-tone phone to vote using an automated system.

QR CODE

WITH A SMARTPHONE Vote by scanning the Quick Response Code or "QR Code" on the Proxy Card/VIF enclosed.

MAIL

VOTE PROCESSING Mark, sign and date your ballot and return it in the postage-paid envelope provided.

0000 0000 0000 0000

0000 0000 0000 0000

NOTE: This is not an actual Control Number. Please refer to the voting instruction form for your unique Control Number.

ACTION

REQUIRED

Let your proxy vote be heard.

YOUR VOTE MATTERS.

We've made it easy, so take two

minutes right now on any

device you prefer.

PHONE

TABLET

PC

Go to: Proxyvote.com

SAMPLE-EPN

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Disclaimer

Barings BDC Inc. published this content on 08 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2023 15:25:02 UTC.