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OFFON

OAKTREE SPECIALTY LENDING CORPORATION

(OCSL)
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Oaktree Specialty Lending : Q4 2021 Investor Presentation

11/16/2021 | 06:07pm EST

FOURTH QUARTER 2021

INVESTOR PRESENTATION

NASDAQ: OCSL

Forward Looking Statements & Legal Disclosures

Some of the statements in this presentation constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation may include statements as to: our future operating results and distribution projections; the ability of Oaktree Fund Advisors, LLC (together with its affiliates, "Oaktree") to reposition our portfolio and to implement Oaktree's future plans with respect to our business; the ability of Oaktree and its affiliates to attract and retain highly talented professionals; our business prospects and the prospects of our portfolio companies; the impact of the investments that we expect to make; the ability of our portfolio companies to achieve their objectives; our expected financings and investments and additional leverage we may seek to incur in the future; the adequacy of our cash resources and working capital; the timing of cash flows, if any, from the operations of our portfolio companies; and the cost or potential outcome of any litigation to which we may be a party. In addition, words such as "anticipate," "believe," "expect," "seek," "plan," "should," "estimate," "project" and "intend" indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this presentation involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Risk Factors" and elsewhere in our annual report on Form 10-K for the fiscal year ended September 30, 2021. Other factors that could cause actual results to differ materially include: changes or potential disruptions in our operations, the economy, financial markets or political environment; risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or the COVID-19 pandemic; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies or regulated investment companies; general considerations associated with the COVID-19 pandemic; the ability to realize the anticipated benefits of the merger of Oaktree Strategic Income Corporation ("OCSI") with and into us (the "Merger"); and other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.

We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any such forward- looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Calculation of Assets Under Management

References to total "assets under management" or "AUM" represent assets managed by Oaktree and a proportionate amount of the AUM reported by DoubleLine Capital LP ("DoubleLine Capital"), in which Oaktree owns a 20% minority interest. Oaktree's methodology for calculating AUM includes (i) the net asset value ("NAV") of assets managed directly by Oaktree, (ii) the leverage on which management fees are charged, (iii) undrawn capital that Oaktree is entitled to call from investors in Oaktree funds pursuant to their capital commitments, (iv) for collateralized loan obligation vehicles ("CLOs"), the aggregate par value of collateral assets and principal cash, (v) for publicly-traded business development companies, gross assets (including assets acquired with leverage), net of cash, and

  1. Oaktree's pro rata portion (20%) of the AUM reported by DoubleLine Capital. This calculation of AUM is not based on the definitions of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts managed and is not calculated pursuant to regulatory definitions.

1

Managed by Oaktree: A Leading Global Alternative Asset Manager

  • Founded in 1995, Oaktree is a leading global investment management firm focused on credit investing
  • Assets under management of $158 billion1 in contrarian, value-oriented,risk-controlled investment strategies across a variety of asset classes
  • Partnered with Brookfield Asset Management in 2019, creating one of the largest and most comprehensive alternative investment platforms globally
  • Manages assets for a wide variety of clients including many of the most significant investors in the world

STRONG EMPHASIS ON CREDIT STRATEGIES

MULTI-ASSET CREDIT

$7.7bn

PRIVATE CREDIT

$11.2bn

OPPORTUNISTIC

OCSL

CREDIT AUM:

CREDIT

$2.6bn

$37.7bn

$90bn

LIQUID CREDIT

$33.6bn

SIGNIFICANT GLOBAL PRESENCE2

London

Amsterdam

Frankfurt

New York

Dublin

Helsinki

Seoul

Los Angeles

Paris

Beijing

Luxembourg

Shanghai

Tokyo

Houston Stamford

Dubai

Hong Kong

Singapore

Sydney

Over 1,000 employees in 19 cities and 14 countries

HISTORICAL ASSETS UNDER MANAGEMENT1

($ in billions)

$158

$160

140

$114

120

100

$84

80

60

$30

40

$18

20

$5

0

1995

2000

2005

2010

2015

Sep. 2021

As of September 30, 2021

1 Includes Oaktree's proportionate amount of DoubleLine Capital AUM resulting from its 20% minority interest therein. See Forward Looking Statements & Legal Disclosures section for important information regarding Oaktree's calculation methodology for assets under management.

2 Includes offices of affiliates of Oaktree-managed funds in Amsterdam, Luxembourg and Dublin. Oaktree is headquartered in Los Angeles.

2

Oaktree's Investment Philosophy

PRIMACY OF RISK

CONTROL

EMPHASIS ON

CONSISTENCY

IMPORTANCE OF

MARKET INEFFICIENCY

BENEFITS OF

SPECIALIZATION

MACRO-FORECASTING

NOT CRITICAL TO

INVESTING

DISAVOWAL OF

MARKET TIMING

Rather than merely searching for prospective profits, we place the highest priority on preventing losses; "If we avoid the losers, the winners will take care of themselves" - Howard Marks

A superior record is best built on a high batting average rather than a mix of brilliant successes and dismal failures

It is only in less-efficient markets that hard work and skill are likely to produce superior investment results

Our team members' long-term experience and expertise in creative, efficient structuring and institutional knowledge of bankruptcies and restructurings enables a focus on risk control that competitors lack

A bottom-up investment approach based on proprietary, company-specific research is most productive

Bargains are purchased without reliance on predictions about the market's future direction

The key tenets of Oaktree's investment philosophy are strongly aligned

with the interests of Oaktree Specialty Lending shareholders

3

The Oaktree Advantage

SIGNIFICANT SCALE & PRESENCE

  • Oaktree's roots are in credit, dating back to our founders' investing activities in 19781
  • $90 billion of credit-focused AUM
  • Deep and broad credit platform drawing from more than 350 highly experienced investment professionals with significant origination, structuring and
    underwriting expertise

INTEGRATED INVESTMENT

APPROACH

  • Deep relationships with many sources of investment opportunities - private equity sponsors, capital raising advisers and borrowers
  • Collaboration across teams of multi- disciplinary investment professionals drives superior investment insights
  • Access to proprietary deal flow and frequent first look at investment opportunities

"ALL WEATHER" CREDIT MANAGER

  • Over three decades of investment experience, in areas ranging from performing credit to distressed debt, over multiple market cycles1
  • Over $26 billion invested in more than
    450 directly originated loans since 2005
  • Active investor in periods of market strength and distress

DISCIPLINED CREDIT UNDERWRITING PROCESS CENTERED ON RISK CONTROL

  • Bottom-up,fundamental credit analysis at the core of our value-driven investment approach
  • Expertise to structure comprehensive, flexible and creative credit solutions for companies of all sizes across various industries
  • Capacity to invest in large deals and to sole underwrite transactions

As of September 30, 2021

1 This includes the investment team's record achieved at TCW Group since their inception through the first quarter of 1995, at which time they commenced portfolio management at newly formed Oaktree.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Oaktree Specialty Lending Corporation published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 23:06:10 UTC.


© Publicnow 2021
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Managers and Directors
Armen Panossian Chief Executive & Investment Officer
Mathew M. Pendo President & Chief Operating Officer
Christopher J. McKown Chief Financial Officer & Treasurer
John B. Frank Chairman
Ashley Pak Chief Compliance Officer