Hercules Capital : Investor Presentation

October 29, 2020

THIRD QUARTER 2020 INVESTOR PRESENTATION

Financing the Growth of Tomorrow's Companies TodayTM

IMPORTANT NOTICE: FORWARD LOOKING STATEMENTS

This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

The information disclosed in this presentation is made as of the date hereof and reflects Hercules' current assessment of its financial performance for the period reported. Actual financial results filed with the Securities and Exchange Commission in the future may differ from those contained herein in the event of additional adjustments recorded prior to the filing of its financial statements.

This presentation may contain "forward-looking statements." These forward-looking statements include comments with respect to our financial objectives, loan portfolio growth, strategies and results of our operations.

However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and risks, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future Company results to differ materially from these statements.

Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political and regulatory conditions. We caution that the foregoing list is not exhaustive.

When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Historical results discussed in this presentation are not indicative of future results. This presentation should be read in conjunction with our recent SEC filings.

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HERCULES CAPITAL

Structure

IPO Date

Internally Managed Business Development Company (BDC)

June 9, 2005

HTGC (NYSE) - Common Stock

Institutional Notes PAR $1000.00

• 4.625% Notes due 2022
• 4.77% Notes due 2024
• 4.28% Notes due 2025
• 4.31% Notes due 2025

Investment Options	Retail Notes (Baby Bonds) PAR $25.00
• HCXY (NYSE) 6.25% Notes due 2033
	• HCXZ (NYSE) 5.25% Notes due 2025
	Convertible Notes
	• 4.375% Notes due 2022
	Securitization Notes
	• 4.605% Asset-backed Notes due 2027
	• 4.703% Asset-backed Notes due 2028
Annualized Dividend Yield(1)	11.1% as of September 30, 2020
Distributions Declared	$0.32 per share for Q3 2020
$0.02 per share supplemental for Q3 2020
Price to NAV	1.10x - October 27, 2020
~1.1x to ~1.5x historical range

1. Annualized based on the $0.32 distribution declared for Q3 2020

and a closing stock price of $11.57 as of September 30, 2020

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THIRD QUARTER 2020 INVESTOR PRESENTATION

Key Performance Highlights

Company & Strategic Overview

Financial Highlights

Portfolio Highlights

Venture Capital Market Opportunity

Analyst Coverage

Supplemental Information