Oaktree Specialty Lending : Q4 2022 Earnings Presentation

FOURTH QUARTER 2022	EARNINGS PRESENTATION
NOVEMBER 15, 2022	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, 2022. Other factors that could cause actual results to differ materially include: the timing or likelihood of the two step- merger of Oaktree Strategic Income II, Inc. ("OSI2") with and into us (the "Mergers") closing; the expected synergies and savings associated with the Mergers; the ability to realize the anticipated benefits of the Mergers, including the expected elimination of certain expenses and costs due to the Mergers; the percentage of OSI2 and our stockholders voting in favor of the proposals submitted for their approval; the possibility that competing offers or acquisition proposals will be made; the possibility that any or all of the various conditions to the consummation of the Mergers may not be satisfied or waived; risks related to diverting management's attention from ongoing business operations; the risk that stockholder litigation in connection with the Mergers may result in significant costs of defense and liability; changes in the economy, financial markets and political environment; risks associated with possible disruption in our operations or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflict between Russia and Ukraine), natural disasters or pandemics; 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; and other considerations 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.

Additional Information and Where to Find It

In connection with the Mergers, OCSL has filed with the SEC a registration statement on Form N-14 (the "Registration Statement") that includes a preliminary joint proxy statement of OCSL and OSI2 (the "Preliminary Joint Proxy Statement"), and OCSL and OSI2 plan to file with the SEC a definitive joint proxy statement (the "Joint Proxy Statement") and mail to their respective stockholders the Joint Proxy Statement and the final prospectus of OCSL. The Joint Proxy Statement will contain, and the Registration Statement contains, important information about OSI2, OCSL, the Mergers and related matters. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. STOCKHOLDERS OF OSI2 AND OCSL ARE URGED TO READ THE JOINT PROXY STATEMENT AND REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OSI2, OCSL, THE MERGERS AND RELATED MATTERS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC's website, http://www.sec.gov and, for documents filed by OCSL, from OCSL's website at http://www.oaktreespecialtylending.com.

Participants in the Solicitation

OSI2, its directors, certain of its executive officers and certain employees and officers of Oaktree and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Mergers. Information about the directors and executive officers of OSI2 is set forth in the Preliminary Joint Proxy Statement, which was filed by OCSL with the SEC on October 24, 2022. OCSL, its directors, certain of its executive officers and certain employees and officers of Oaktree and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Mergers. Information about the directors and executive officers of OCSL is set forth in the Preliminary Joint Proxy Statement, which was filed by OCSL with the SEC on October 24, 2022. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the OSI2 and OCSL stockholders in connection with the Mergers will be contained in the Joint Proxy Statement when such document becomes available. These documents may be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This presentation is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this press release is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in OSI2, OCSL or in any fund or other investment vehicle managed by Oaktree or any of its affiliates.

1

Forward Looking Statements & Legal Disclosures (continued)

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 (vi) 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.

Unless otherwise indicated, data provided herein are dated as of September 30, 2022.

2

Highlights for the Quarter Ended September 30, 2022

ADJUSTED NET	• $0.18 per share as compared with $0.17 per share for the quarter ended June 30, 2022
•	GAAP net investment income was $0.20 per share as compared with $0.22 per share for the quarter ended June 30, 2022
INVESTMENT INCOME1
	•	The increase in adjusted net investment income was primarily related to higher interest income from rising interest rates

NET ASSET VALUE PER SHARE

DIVIDENDS

INVESTMENT

ACTIVITY

INVESTMENT

PORTFOLIO

• $6.79 as compared with $6.89 as of June 30, 2022
• Decrease primarily due to unrealized losses related to wider credit spreads impacting the valuation of the portfolio as well as write- downs in certain equity investments
• Declared a cash distribution of $0.18 per share, an increase of 6% from the prior quarter and 16% from one year ago, payable on December 30, 2022 to stockholders of record as of December 15, 2022
• Tenth consecutive quarter with a distribution increase
• Declared a special cash distribution of $0.14 per share payable on December 30, 2022 to stockholders of record as of December 15, 2022 to offset an increase in taxable income driven by realized gains on foreign currency forward contracts and equity investments
• $97 million of new investment commitments
• 9.9% weighted average yield on new debt investments
• $85 million of new investment fundings and received $146 million of proceeds from prepayments, exits, other paydowns and sales
• $2.5 billion at fair value diversified across 149 portfolio companies
• 10.6% weighted average yield on debt investments, up from 9.3% as of June 30, 2022 primarily due to higher base rates
• 86% of debt portfolio was floating rate
• No investments on non-accrual status

CAPITAL STRUCTURE	•	1.06x net debt to equity ratio, as compared with 1.08x as of June 30, 2022
& LIQUIDITY	•	$24 million of cash and $500 million of undrawn capacity on credit facilities

3

1 See page 24 for a description of this non-GAAP measure.

Portfolio Summary

PORTFOLIO CHARACTERISTICS			PORTFOLIO COMPOSITION
(At fair value)			(As % of total portfolio at fair value; $ in millions)
$2.5bn		149	2%	4%			First Lien - $1,776
			7%
						Second Lien - $390
TOTAL INVESTMENTS		PORTFOLIO COMPANIES			16%			Unsecured - $57
					71%			Equity - $104
							Joint Ventures - $167
10.6%		$130mm		TOP TEN SUB-INDUSTRIES2,3
WEIGHTED AVERAGE YIELD ON		MEDIAN DEBT PORTFOLIO
DEBT INVESTMENTS		COMPANY EBITDA1		(As % of total portfolio at fair value)
					Application Software	15.4%
					Pharmaceuticals	4.8%
				Data Processing & Outsourced Services	4.5%
87%		0			Biotechnology			4.3%
			Health Care Technology			3.9%
			Industrial Machinery	3.2%
SENIOR SECURED		NON-ACCRUALS
			Specialized Finance	2.9%
DEBT INVESTMENTS
			Internet & Direct Marketing Retail	2.8%
					Aerospace & Defense	2.5%
					Construction & Engineering	2.5%

As of September 30, 2022

Note: Numbers may not sum due to rounding.

1. Excludes investments in negative EBITDA borrowers, structured products and recurring revenue software businesses.
2. Based on GICS sub-industry classification.
3. Excludes multi-sector holdings, which is primarily composed of investments in Senior Loan Fund JV I LLC (the "Kemper JV") and OCSI Glick JV (the "Glick JV"), joint ventures that invest primarily in

senior secured loans of middle market companies.

4