Sixth Street Specialty Lending, Inc. · NYSE:TSLX

Sixth Street Specialty Lending — Proxy Contest (April 2021)

15 slides from Sixth Street Specialty Lending's proxy contest presentation, Apr 16, 2021

  1. Slide 1: Expanding Tools for Value Creation and Financial Flexibility

    April 2021 Expanding Tools for Value Creation and Financial Flexibility

  2. Slide 2: Disclaimer and Forward-Looking Statement

    Disclaimer and Forward-Looking Statement General Disclaimer The information contained in this presentation (the ʺPresentationʺ) is preliminary, may not be complete and may be changed. By acceptance hereof, you agree that the information contained herein may not be used, reproduced or distributed to

  3. Slide 3: Special Meeting of TSLX Stockholders

    Special Meeting of TSLX Stockholders To Our Stockholders: We will be holding a Special Meeting of Stockholders of Sixth Street Specialty Lending, Inc. on May 26, 2021, at 1:30 PM, Eastern Time, on the internet via live webcast at www.virtualshareholdermeeting.com/TSLX2021. The proxy statement for th

  4. Slide 4: Average BDC Peer Price-to-NAV; Market Conditions May Create Opportunities

    Average BDC Peer Price-to-NAV 1 2 P/NAV = 1.0x Market Conditions May Create Attractive Investment Opportunities 1. BDC Peers consist of 19 externally managed BDCs in the S&P BDC Index with total assets greater than $750 million as of 6/30/20 financial statements, with the addition of BKCC, MRCC, GAI

  5. Slide 5: Track Record of Strong Performance Since TSLX IPO

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation 1. Track Record of Strong Performance Performance Since TSLX IPO 1. Top quartile constituents for each metric and time period varies based on BDC peer set’s

  6. Slide 6: Total Returns Since TSLX IPO

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation 1. Track Record of Strong Performance Total Returns (since TSLX IPO) Note: Returns from 3/20/2014 through 3/31/2021 1. Source: S&P LSTA Leveraged Loan Index

  7. Slide 7: Annual NI Return on Equity

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation 1. Track Record of Strong Performance Annual NI Return on Equity (calendar year basis)1 1. Calculated as cumulative net income per share divided by beginning

  8. Slide 8: Equity Raise Discipline

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation 1. Track Record of Strong Performance Equity Raise Discipline 1. BDC Peers consist of 19 externally managed BDCs in the S&P BDC Index with total assets great

  9. Slide 9: TSLX Equity Raises Post IPO

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation 1. Track Record of Strong Performance TSLX equity raises post IPO $0.24 NAV accretion $0.14 net NAV accretion Follow-on offering sizE As % of market cap BDC

  10. Slide 10: Flexibility to Sell Common Stock Below NAV Is in Stockholders' Best Interests

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation 1. Track Record of Strong Performance Flexibility for the Company to sell its common stock below NAV is in the Company’s best interests and the best interest

  11. Slide 11: Common Stock Analysis Framework: Issuance Amount and NAV Dilution

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation Analysis Framework 1. Inclusive of underwriting discount and other offering expenses. 2. Based on 12/31/20 pro forma NAV per share of $15.86 (pro forma for t

  12. Slide 12: Common Stock Analysis Framework: ROE Accretion

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation Analysis Framework 1. Inclusive of underwriting discount and other offering expenses. Assumes an issuance of 7.5% of shares outstanding prior to issuance (co

  13. Slide 13: Common Stock Analysis Framework: Payback Period on Equity Raise

    Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3. Potential ROE-Accretive Opportunities 2. Disciplined Capital Allocation Analysis Framework 1. Inclusive of underwriting discount and other offering expenses. Assumes an issuance of 7.5% of shares outstanding prior to issuance (sh

  14. Slide 14: To Vote

    To Vote The proxy statement is now available. You may use one of the following methods to provide your voting instructions: Vote by Internet Online at www.proxyvote.com. Have your control number listed on the proxy card or voting instruction form ready and follow the instructions Vote by Telephone C

  15. Slide 15: Contact Us For Assistance Voting Your TSLX Shares

    Contact Us For Assistance Voting Your TSLX Shares: D.F. King Toll-free at (800) 848-3402 or Collect at (212) 269-5550 For other questions: TSLX Investor Relations (212) 601-4753 (212) 601-4739 IRTSLX@sixthstreet.com SIXTH STREET SPECIALTY LENDING

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