Slide 1: How TPG is Misleading TICC Stockholders
October 2015 How TPGis Misleading TICCStockholders
Slide 2: Additional Information and Where to Find It
2 Additional Information and Where to Find It In connection with the approval of the proposed new investment advisory agreement with Benefit Street Partners L.L.C. (“BSP”), TICC Capital Corp. ("TICC", "TICC Capital", the "Company", "us", "we" or "our") has filed relevant materials with the SEC, incl
Slide 3: Vote Now – What a FOR vote means for TICC stockholders
3 Vote Now–What a “FOR” vote means for TICC stockholders: x Best in class asset manager –Benefit Street Partners (“BSP”) to become TICC’s new investment advisor x Permanent and meaningful decline in fees paid by TICC x No immediate reduction to TICC’s current distributionand no dilution to TICC’s mo
Slide 4: Don't be fooled: TPG's motivations are driven by greed
4 ▪ Don’t be fooled, TPG’ssole motivations are driven by greed: acquire TICCassets at a big discount to NAV, charge higher fees and hope to earn even more fees in a rising rate environment ▪ TICChas performed favorably vs. BDCpeers – TICChas a strong return profile relative to peers, including outpe
Slide 5: TICC Has Performed Favorably Relative to BDC Peers
5 Source:SNLFinancial; market data as of 10/6/2015 Notes 1 Represents BDCsthat went public before 1/1/2007; includes ACAS, AINV, ARCC, BKCC, CSWC, EQS, GAIN, GLAD, HTGC, KCAP, MVC, OHAI, PNNT, PSEC, RAND, SAR, TAXI, TCAPand TINY 2 Includes externally-managed BDCs and is based on medians. Peer group
Slide 6: TICC Has Performed Favorably Relative to BDC Peers (Cont.)
6 TICCHas Performed Favorably Relative to BDCPeers (Cont.) 7-Year Total Return Comparison –TICCHas Outperformed ▪ Post-financial crisis, TICChas generated an attractive return profile, significantly outperforming peers Not only has TICCoutperformed their pre-2007 peers, but all externally managed
Slide 7: Average Daily Trading Volume as % of Total Shares
7 Average Daily Trading Volume as % of Total Shares (3) 1-Month 3-Month 6-Month (%) (%) (%) TPG BDC 0.16% 0.15% 0.26% TICC 0.46% 0.52% 0.65% S&P 500 (Average) 0.88% 0.83% 0.84% Source:SNL Financial Notes 1 Includes externally-managed BDCsand is based on medians. Peer group includes ABDC, AINV, ARCC,
Slide 8: TPG BDC Proposal is Self-Motivated by Their Investment Advisor, TPG
8 TPGBDCProposal is Self-Motivated –by Their Investment Advisor, TPG ▪ TPG BDC’s discounted NAV offer for TICC isn’t motivated by wealth creation for TICCstockholders; rather their proposal is designed to (i) create fees for their own investment advisor, TPG –at the expense of TICCstockholders who w
Slide 9: Vote Now – What a FOR vote means for TICC stockholders
9 Vote Now–What a “FOR” vote means for TICC stockholders: x Best in class asset manager –BSPto become TICC’s new investment advisor x Permanent and meaningful decline in fees paid by TICC x No immediate reduction to TICC’s current distributionand no dilution to TICC’s most recently determined NAV (1