#1January 2023 HPS INVESTMENT PARTNERS call Loan vand HPS Specialty Loan Fund VI Rhode Island State Investment Commission#2Disclaimer HPS IMPORTANT DISCLOSURES This presentation has been prepared at Rhode Island State Investment Commission ("Rhode Island State")'s specific request and is delivered solely to Rhode Island State strictly for its own information and for no other purpose. The information herein is proprietary and highly sensitive. It should not be divulged to any person except as required by law. This presentation does not constitute, should not be construed, and may not be used, as, an offer to sell or a solicitation of an offer to buy any interest in any fund sponsored by HPS Investment Partners, LLC or its affiliate, which may only be made to qualified investors by means of a confidential private placement memorandum. This presentation, including the views and strategies described herein, may not be relied upon by any person in evaluating the merits of investing in any securities. There is no assurance that any of the objectives or investments referenced herein will be achieved or be successful. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. 2#3HPS is an Established Market Leader in Alternative Credit Founded in 2007, HPS Investment Partners is a leading global private investment firm with $95 billion of capital under management Non-investment grade focus Flexibility to move across the capital structure in credit Sourcing breadth to optimize opportunity set Scale to lead the largest transactions ■ Global presence Restructuring and value enhancement in-house expertise Differentiated returns Liquid Credit² $22.1B Investment Professionals Real Estate $0.3 B Asset Value $1.6B Strategic Investment Partners $27.2B $95 Total Current AUM¹ B Staff worldwide HPS Offices $73 Priv D Credit AU M Specialty Direct Lending $23.0B 192 550+ 15 4 Source: HPS. AUM as of December 1, 2022. Employees as of November 30, 2022. ¹ AUM of private credit funds, related managed accounts and certain other closed-ended tradeable credit funds represent capital commitments during such funds' investment periods and post such funds' investment period, the cost of investment or NAV (including fund-level leverage but in all cases capped at capital commitments). AUM of tradeable credit open- ended funds and related managed accounts other than CLOs represent the latest available net asset value. AUM of CLOs and warehouses represent the par value of collateral assets and cash in the portfolio. AUM of HPS Corporate Lending Fund (HLEND) represents estimated net asset value of investments plus leverage (inclusive of drawn and undrawn amounts). 2 Public Credit Strategies includes Asia Credit, Liquid Loans, CLO, Structured Credit, and Multi-Asset Credit strategies. Core Senior Lending $20.3B Special Situations $0.7B Continents 3#4HPS Specialty Direct Lending Team Over 100 investment professionals supporting the Direct Lending strategy¹ HPS's Global Direct Lending Investment Team is supported by regional and industry experts located in core markets and several specialty focus groups Scott Kapnick Chief Executive Officer North America 40 Dedicated Resources Regional & Industry Coverage Experts & Capital Markets3,4,5 Restructuring & Value Enhancement Team Scot French Managing Director Europe Investment Committee² 20 Investment Professionals Strategic Financing Team Michael Patterson Managing Director Michael Patterson Global Head of Direct Lending Regional Coverage with Industry Expertise & Capital Markets Coverage¹ Sponsor Coverage Team Purnima Puri Managing Director Australia 4 Investment Professionals Regional Coverage with Local Expertise & Capital Markets Coverage¹ Capital Markets Team HPS Faith Rosenfeld Chief Administrative Officer Asia 3 Investment Professionals Regional Coverage with Local Expertise & Capital Markets Coverage¹ Business Strategy Team Employees as of November 30, 2022.¹ Includes/denotes shared resources across private credit.2 HPS Investment Committees, where applicable, are typically comprised of the Governing Partners and may contain other portfolio managers or senior professionals associated with a given strategy. ³ Denotes shared investment professionals across Strategic Investment Partners and Direct Lending. 4 Denotes Direct Lending investment professional with responsibilities including sponsor coverage. 5 Denotes shared investment professional across Renewables & Power and Restructuring/Portfolio Management. 7 Denotes shared investment professional across Special Situations and Restructuring/Portfolio Management. There can be no assurance that the professionals currently employed by HPS will continue to be employed by HPS or that the past performance or success of any such professional serves as an indicator of such professional's future performance or success. 4#5Specialty Direct Lending A Differentiated Approach#6HPS HPS's Specialty Direct Lending ("SLF") Strategy Opportunistic direct lending strategy, focused on larger borrowers, with ability to navigate market niches that we believe can offer attractive risk-adjusted returns Strategy Overview: Performing 1 Senior Secured Strategy 2 3 4 5 Upper Middle Market Orientation Opportunistic Approach Focus on Downside Protection Strong Market Positioning Targeting ~90%+ in first lien, floating rate, senior secured loans ▪ Current income orientation with the majority of assets expected to be cash pay with coupon income distributed quarterly Lending to upper middle market and large borrowers with average EBITDA of ~$100M+¹ Ability to strategically grow with borrowers over time Ability to navigate complexity to extract incremental value ▪ Few willing lenders with requisite expertise to assess special situations, providing an opportunity to capture excess returns Focus on capital preservation with downside protection Emphasis on quality of credit documents, structural protections, and seniority in the cap stack Known as a lender of scale with track record of non-sponsor and structuring capabilities HPS's flagship direct lending strategy with ~13 years of investing activity As of December 31, 2022, unless otherwise stated. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. This information is for illustrative purposes only and should not be interpreted as recommendations to buy or sell any securities. There can be no assurance that the Specialty Direct Lending ("SLF") strategy objectives will be realized or that the strategy will not experience losses. ¹ Based on the weighted average EBITDA of investments in HPS Specialty Loan Fund V and Specialty Loan Fund 2016 by total face value committed as of 09/30/22. 6#7What is "Specialty" Direct Lending? Strategic Positioning Driving Tangible Competitive Advantages By casting a wide net on the front end, and applying a rigorous and consistent investment process, we believe the resulting portfolio exhibits attractive risk-adjusted returns Differentiated Sourcing 1 Scaled Capital Advantage 2 Dynamic Approach 3 Global Mandate 4 Non-Sponsor vs Sponsor Larger Companies $400mm+ Tranche Size Lead Transactions Tailored Approach to Market Conditions Global Investment Capabilities More consistent deal flow across cycles (sponsor and corporate transactions) >>> Better covenants / structures Non-sponsor segment has fewer competitors >>> >>> >>> >>> "Reason to Exist" provides downside protection over a cycle More diversified business models provide stability >>> "One-stop-shop" certainty for capital solutions Finite number of competitors at this scale HPS Stronger connectivity to, and relationship with, management team = better information Greater control in diligence, credit documentation, and over the life of the investment >>> Seek to navigate transactional or business complexity without sacrificing credit quality We believe there are limited lenders with requisite expertise to take advantage of market dislocations Larger global opportunity set vs. geography specific Opportunity to optimize risk-adjusted return potential across regions Enhanced diversification Represents HPS's subjective opinions and views as of the date hereof and is subject to change depending on market environment. 7#8Non-Sponsor Market Opportunity is Sizable and Differentiated 43% 57% 2012 44% 56% 2013 42% 58% 2014 1 Source: Pitchbook LCD. As of December 31, 2022. US Leveraged Loan / High Yield Issuance¹ Non-Sponsor vs. Sponsor 34% 66% 2015 39% 61% 2016 Non-Sponsored ~60% 38% 62% 2017 48% 52% 2018 ■Sponsored Non-Sponsor Issuance since 2005¹ 33% 67% 2019 28% 72% 2020 41% 59% 2021 HPS 32% 68% 2022 8#9A Yield Premium Captured in Non-Sponsor Direct Lending 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Non-Sponsor Risk Premium in Direct Lending¹ Cliffwater Q3 2022 LTM Report on US Direct Lending Directly Originated Upper Middle Market + Non-Sponsor = 8.8% Directly Originated Upper Middle Market = 7.2% 1.4% Risk-free Rate (T-bills) 3.4% Broadly Syndicated Loans 2.4% Directly Originated, Upper Middle Market 1.6% Non-Sponsor Borrowers HPS Key Takeaway ~160bps Avg. non-sponsor premium ending Q3 2022¹ Ability to operate in less "crowded" areas of the direct lending market is an advantage ¹ As of September 30, 2022. Cliffwater 2022 Q3 Report on U.S. Direct Lending. Excludes potential deductions for differential credit losses and fees. Cliffwater research based on public information and confidential responses of direct lending managers to Cliffwater inquiries. Source information may be over a year old and subject to interpretation by direct lending manager respondents. Risk premiums are estimates only and estimated using a cross-sectional three-factor regression of public and private BDCs' four quarter gross yields through September 30, 2022 against Cliffwater's best estimates of each manager's loan seniority, expected/actual portfolio company size by average EBITDA and expected/actual share of sponsor vs. non-sponsor lending. Broadly syndicated loan yield as reported by the interest return of the Morningstar/LSTA U.S. Leveraged Loan Index through September 30, 2022. See Chapter 9, Private Debt: Opportunities in Corporate Direct Lending, Stephen L. Nesbitt (Wiley 2019) for a detailed description of this analysis. 9#10Scaled Capital Provides Competitive Advantages HPS's Focus on Larger Businesses,¹... SLF V Portfolio Statistics: $436m Average HPS commitment (incl. co-invest)* $1.1bn max commitment* $89m Average EBITDA $342m max EBITDA m ...while maintaining a Lead Role, SLF V Portfolio Statistics: 98% Deals Led or Co-Led by HPS 85% Average HPS Hold of Tranche HPS Direct Lending Led or 17 Co-Led $1bn+ tranche transactions since 20173 ...is differentiated vs. the Peer Set What's your maximum hold size?² Refinitiv Middle Market Lender Survey 15% O 85% HPS 28% O 72% ■ Hold Size < $200mm ■ Hold Size > $200mm What's your preferred borrower EBITDA?² Refinitiv Middle Market Lender Survey ■ Borrower < $50mm ■ Borrower> $50mm of direct lenders have hold sizes >$200mm² 15% of direct lenders 28% have preferred borrower size of >$50mm EBITDA² PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ¹ Represents HPS Specialty Loan Fund V ("SLF V") weighted average statistics for all investments since inception as of September 30, 2022. There can be no assurance that the investments made to date by SLF V are indicative of comparable future investments of HPS Specialty Loan Fund VI ("SLF VI"). While SLF VI may seek out similar investments, there is no assurance that SLF VI will successfully make any such investments or that the investments in SLF VI's actual portfolio will share any of these characteristics. HPS will retain full discretion to target different investments. 2 Latest survey results available as of January 4, 2022. Refinitiv LPCs' 1Q23 Middle Market Lender Outlook Survey. Totals may not sum due to rounding. Top chart based on the average of trailing 4 quarterly surveys conducted in 2021- 2022. Bottom chart as of 1Q 2023. ³ Based on # of HPS Direct Lending transactions where HPS led or co-led $1bn or greater tranche transactions since 2017. *Average based on total face value committed to portfolio investments by funds and accounts across HPS platform inclusive of LP co-investment commitments. 10#11Scale Matters: Growth of Megatranche Loans in Direct Lending > Speed and certainty of execution can be just as compelling as pricing and leverage > Provides control over the lender group and an alternative financing solution to borrowers who are ratings sensitive › Companies seeking megatranche loans are larger/more defensible than standard mid-market LBO candidates, but often have nearly identical loan pricing Over 47% of the megatranche loans priced since 2021 were at or greater than $2bn¹, meaningfully raising the ceiling on the size of financings that the private markets can get done Recent Reported Statistics¹: $157bn of unitranche loans sized $1bn+ since 2019 $145bn or 93% surfaced since 2021 Of the 70 megatranches since 2021, nearly 47% were at or greater than $2bn+ Direct Lending Transactions 2019-2022¹: $ in billions $160 $140 $120 $100 $80 $60 $40 $20 $0 >= $2bn >= $1bn >= $500mm >= $300mm >=$300mm ■>=$500mm >= $1bn ■>= $2bn $8 $8 2019 0 2 8 $3 8 $0 $19 $16 2020 1 6 17 $9 25 $2 $51 $45 $35 2021 8 19 33 49 $20 $137 ¹ Source: DLD (Direct Lending Deals), as of January 4, 2023. Represents HPS's subjective opinions and views as of the date hereof and is subject to change depending on market environment. $125 $110 2022 HPS 25 51 73 103 $75 11#12Deep Relationships Across Geographies Drive Sourcing Established Presence to Capture Global Opportunity Set 20+ Countries where Capital is Deployed² 192 HPS Inv. Team¹ 15 HPS Offices¹ Office Location Key Sourcing Channels and Relationships 1 2 3 4 HPS HPS Direct Lending Platform Driving new opportunities through incumbency and new borrowers through local presence in core markets and extensive track record Banks / Advisors Well-known in the investment community as a scaled player that can serve as viable alternative to capital markets solutions JV Partnerships Formalized partnerships with select financial intermediaries, leveraging their sourcing efforts while maintaining approval rights Sponsors Relationships with high quality sponsors, without necessarily relying on sponsors for deal flow >> Wide sourcing funnel with ~1000+ opportunities reviewed each year, allowing investment selectivity » Broad geographic coverage with industry / sector overlay >> Focused on developed markets with strong creditor friendly rule of law >> Optimize risk-adjusted return potential across regions while maintaining appropriate diversification The above is shown for illustrative purposes only. Represents HPS's subjective opinions and views as of the date hereof subject to change depending on market environment. ¹ As of December 31, 2022.2 As of December 31, 2022, represents investments made by the Direct Lending strategy. 12#13HPS Specialty Loan Fund V Portfolio Diversification Geography by Domicile Australia / NZ / Row 4% Europe 20% 2% 2% 2% 2% 3% 3% 3% 3% 3% 3% 3% 14% 3% North America 76% Sector Breakdown 11% 4% 6% 7% 9% 8% 8% Transaction Type LBO 25% ■ Consumer Services (11%) Travel and Leisure (9%) Industrial Transportation (8%) ▪ Software and Computer Services (8%) - Media (7%) - Industrial Support Services (6%) Construction and Materials (4%) ▪ Retailers (3%) Health Care Providers (3%) - Real Estate Investment and Services (3%) ▪ Pharmaceuticals and Biotechnology (3%) Corporate / Non-LBO 75% ▪ Investment Banking and Brokerage Services (3%) ▪ Aerospace and Defense (3%) - Medical Equipment and Services (3%) ▪ Electricity (3%) Non-life Insurance (2%) - Electronic and Electrical Equipment (2%) Telecommunications Equipment (2%) ■ Industrial Engineering (2%) - Other (14%) Sourcing Channel JV / Arranger Partners HPS Platform 5% <1% Banks w/ Balance Sheets 10% Advisory Firms 21% Investment Role Co-Lead Participant 5% 2% Lead 93% Direct 28% HPS Sponsor 36% As of 09/30/2022. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS There can be no assurance that the investments made to date by SLF V funds are indicative of comparable future investments of the Specialty Direct Lending Strategy (the "Strategy"). While the Strategy may seek out similar investments, there is no assurance that the Strategy will successfully make any such investments. Breakdown weighted by total committed face value of the Fund as of 09/30/2022. 13#14SLF Portfolio Snapshots Portfolio Statistics (at Close)¹ Investment Period / Status: LP Capital ($mm): # of Investments Per Annum (Total): Average Investment Size: EBITDA: LTV (through HPS tranche): Spread*: Upfront Fee / OID: Avg Call Protection: Seniority (1st Lien / 2nd Lien): Unlevered Fund Returns: Levered Fund Returns: 12% 88% Geography Mix5,6 1% 19% SLF II 2010-2012 (2 yrs) / Fully Realized $1,131 26.5 per annum (53 total) $39mm $67mm 33.6% L+765 bps 2.6% NC1.8, 102, 101, 100 99% / 1% 11% gross / 7% net² 14% gross/11% net² 80% 12% 14% 74% 4% 20% 76% 22% SLF 2016 SLF V ■Australia / NZ / RoW 78% SLF II SLF III 2012-2016 (4 yrs) / Harvesting $2,833 26.5 per annum (106 total) $105mm $63mm 48.8% L+795 bps 2.6% NC1.5, 102, 101, 100 84% / 16% 8% gross / 6% net³ 8% gross / 6% net³ Transaction Type6 12% 88% SLF III Corporate/Non-LBO 24% 76% SLF 2016 SLF 2016 2016-2020 (4 yrs) / Harvesting $4,538 21.5 per annum (87 total) $263mm $120mm 48.0% L+696 bps 25% 75% SLF V LBO 2.1% NC1.5, 102, 101, 100 99% / 1% 10% gross / 7% net¹ 14% gross/9% net4 13% 20% 67% SLF II ■Lead 7% 14% Investment Role5,6 2% 11% 80% SLF V 2020 Present / Investing $7,712 86 investments to-date $295mm $89mm 40.5% L+727 bps SLF III Co-Lead SLF II SLF III North America ■ Europe As of September 30, 2022. Note SLF II was realized on December 13, 2013. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. There can be no assurance that the SLF Funds return objectives will be realized or that the SLF Funds will not experience losses. All performance except for that of SLF V is based on the actual timing of capital contributions by and distributions to a full-fee paying, first-close investor in a particular fund and rounded to the nearest whole number. As applicable, the returns represent the average returns weighted by capital commitments of the levered or unlevered sleeves of each fund family and are since inception. Gross IRR is net of fund operating expenses but gross of management fees and incentive fees. Net IRR is net of all management fees, incentive fees, fund expenses and financing costs as applicable. All SLF Levered Funds incurred leverage collateralized by their assets. Returns assume the portfolio is ultimately recovered at an estimated unaudited net asset value as of June 30, 2022. There can be no assurance the portfolio will be recovered at this value. Should there be a write-off, prepayment, default or other significant event, the ultimate returns to an investor would be materially different. Returns presented on a weighted average basis by LP capital committed across all unlevered and levered funds for each vintage as applicable. ¹Full portfolio including exited investments. Represents weighted average at time of close. 2Unlevered returns represent SLF II-UL and levered returns represent SLF II Irish and SLF II-L which had returns of 13%/9% and 14% / 11%, respectively. Unlevered returns represent SLF III-UL and SLIF III-UL which had gross and net returns of 8%/6% and 8%/6%, respectively. Levered returns represent SLF III-L, SLIF III-L and SLF III Irish which have gross and net returns of 8% / 5%, 8%/5% and 9% / 6% respectively. Unlevered returns represent SLF 2016-UL and SLOF 2016-UL which both have gross and net returns of 10%/7%. Levered returns represent SLIF 2016-L and SLF 2016-L which both have gross and net returns of 14%/9%. As is expected with SLF VI, SLF 2016 utilized a capital call facility collateralized by its capital commitments. 5Geographical mix calculated based on domicile. 6Full portfolio including exited investments. Note: *Inclusive of PIK if applicable. Represents SLIF V-UL, SLF V-UL, SLEF V-UL, SLF V-L and SLIF V-L which have gross and net returns of, 8%/5%, 12% / 19%, 9%/6%, 19% / 13%, and 14% / 8%, respectively. The gross and net returns for each fund in SLF V was derived by using fund-level cash flows excluding cashflows attributable to investors that are not subject to management fees and incentive fees (but inclusive of investors receiving fee discounts). The SLF V fund family's subsequent-close mechanic provides that investors admitted at closings after the initial closing of a fund do not participate in the returns of investments realized prior to their admission. Due to the material impact of realizations that took place during the SLF V fund family's marketing period, with the exception of SLEF V-UL which held one closing in April 2021 and one closing in June 2021, returns calculated based on the actual timing of capital contributions by, and distributions to, a model full fee paying, first close investor in an SLF V fund are higher than the methodology used above. Gross and net returns for SLIF V-UL, SLF V-UL, SLEF V-UL, SLF V-L and SLIF V-L calculated based on the actual timing of capital contributions by, and distributions to, a model full fee paying, first close investor in such fund (rounded to the nearest whole number) are 10%/6%, 14%/10%, 8%/5%, 24%/16% and 16%/9%, respectively. As is expected with SLF VI, SLF V utilized a capital call facility collateralized by its capital commitments. Average based on total face value committed across direct lending platform. *Please refer to Appendix I for additional information and definitions of the capitalized terms used above. 2.3% NC1.6, 103, 101, 101 100% / 0% 10% gross / 7% net7 16% gross / 10% net7 HPS 88% SLF 2016 2% 5% 93% SLF V Participant 14#15Project Mahalo Scaled financing solution for non-sponsored borrower with unique complexities Background Project Mahalo is an operator of various transportation and logistics businesses operating in Hawaii and on the US West Coast. In July 2021, HPS led a $200 million First Lien Term Loan facility with proceeds used to refinance indebtedness, redeem preferred stock and fund cash to the balance sheet Investment Details at Close Security HPS Loan-to-Value Interest Rate LIBOR Floor OID / Upfront Fee Call Protection Maturity Covenant Status 1st Lien Term Loan 36%¹ L+775 bps 1.00% 97.25 NC 2 | 104 | 102 | 101 5 Years Maintenance-based comprehensive covenant package Current Transaction Dynamic and HPS Value-Add ■ Family founder-owned business sought private financing partner able to navigate business and structural complexities. The borrower valued: - HPS - Ability to document and structure appropriate secured risk given a mixed asset base of unencumbered vs. encumbered collateral Deep vertical experience with Jones Act regulatory considerations Speed and certainty of execution ■ Significant proprietary diligence conducted, including HPS-mandated Quality of Earnings analysis provided by financial services consultant of our selection; monthly financial reporting; and quarterly budget update discussions The borrower continues to execute, including substantial new business wins that generate contracted fee income from an investment-grade counterparty Since the initial close, the borrower has engaged with HPS on additional opportunistic financing to address its cost of capital through the preferred equity layer, and values HPS's position as a constructive lending partner of scale. Investment Thesis ■ Incumbent position in stable duopoly with high entry barriers - longstanding and stable market position serving a critical US ocean supply route served by only two players Dynamics within the Hawaii trade lane protected by significant barriers to entry - the provisions of the Jones Act insulate Hawaii-US trade from foreign competition ■ Stable, blue chip customer base with longstanding relationships - longstanding blue chip customer base with >20-year relationships with top three customers ■ Loan structured with meaningful amortization and call protection - mandatory amortization increasing to 5% after one year and two years of hard non-call PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Data as of December 31, 2022 unless otherwise noted. This investment represents a small portion of the overall Specialty Direct Lending Strategy (the "SLF Strategy") and is not representative of the overall SLF Strategy. There can be no assurance that the SLF Strategy's other investments will share any of the characteristics above. While the SLF Strategy will seek out investments that may contain similar characteristics described above, and other investments pursuant to the portfolio guidelines and restrictions, there can be no assurance that any such opportunities will be available or that the SLF Strategy's investments will share any of these characteristics. Case studies are based on or about the date of investment. ¹ Based on assessed collateral value at close. 15#16Specialty Loan Fund VI Summary of Terms Legal Structure: Target Fund Commitments: Commitment Period: Term: Clawback: Re-Investment: Distributions: Management Fee: Incentive Fee: I I I I Levered Fund: HPS Specialty Loan Fund VI-L, SCSp $7.5 billion of aggregate capital commitments ¹ Three years from the final closing date² Four years following the termination of the commitment period³ Yes, upon final liquidation Principal repaid during the commitment period may be reinvested The fund intends to distribute net income quarterly4 Unlevered: 1.25% on invested capital during the commitment period (1.00% thereafter) Levered: 1.25% on invested levered capital during commitment period and (1.00% thereafter)5 Unlevered: 15% subject to a 5% preferred return Levered: 15% subject to a 7% preferred return HPS Please refer to the fund's Offering Memorandum for a full description of the fund's Summary of Principal Terms. This is a target and may not be achieved. ² Commitment period is extendable for one year by the general partner with the approval of the LP advisory committee. ³ Term is extendable by two one-year periods by the general partner and thereafter with the approval of the LP advisory committee. 4 The amount and timing of distributions will be at the discretion of the manager. 5 Management fee for the levered vehicles are subject to cap during the commitment period. 16#17ESG & DEI#18Responsible Investing We recognize that the ESG landscape is rapidly evolving, and we aim to be a leader in identifying and capturing the many opportunities this presents. To support this mission, we work with industry groups and our peers to drive the adoption of best practices across our Firm and the broader industry. PRI Sвai Standards Board for Akomotive Investments TCFD HPS is a signatory of the United Nations-supported Principles for Responsible Investment ("PRI"). The PRI is an international global network of asset managers, owners and service providers working together to put responsible investment into practice. The principles, which are voluntary, aim to provide a framework for integrating environmental, social and corporate governance ("ESG") considerations into investment decision-making and ownership practices. ▪ HPS is a Core Supporter of the Standards Board for Alternative Investments ("SBAI") and a member of SBAI's Alternative Credit Working Group. ▪ HPS actively engages through the SBAI's Alternative Credit and Responsible Investment Working Groups to help develop responsible investment guidelines that take account of the specific considerations of credit investments. Through active engagement with SBAI, HPS is able to work with allocators, peers and other industry experts to refine its own policy and help drive broader adoption of Responsible Investment Standards across Alternative Credit. ▪ HPS is a public supporter of the Taskforce on Climate-Related Financial Disclosures and its belief that standardized information will allow companies to incorporate climate-related considerations into their risk management and strategic planning processes. HPS ▪ HPS considers the TCFD Recommendations a useful tool in the assessment of governance, strategy, risk management, metrics and targets in the context of climate change, and as such aspires to report in line with its recommendations. HPS's ESG Forum ▪ HPS's ESG Forum is tasked with developing and monitoring adherence to the Firm's ESG Integration Framework. ■ In order to assess and evolve the Firm's Framework, the Forum convenes quarterly to review certain new and acy investments with respect to ESG considerations. The Forum is comprised of investment and infrastructure professionals from across the Firm and will seek to mitigate any potential conflict concerns and ensure a diversity of perspectives. 18#19Social Responsibility We know firsthand that a diversity of outlooks makes us a better Firm and better investors and we are steadfast in our belief that diversity makes our communities stronger as well. HPS is proud to partner with several organizations that support this vision. 1867 HOWARD UNIVERSITY ilpa INSTITUTIONAL LIMITED PARTNERS ASSOCIATION EQUITY ALLIANCE SEO ▪ HPS Investment Partners, in collaboration with The Kapnick Foundation, has formed a $10mm, multi-year, partnership with Howard University to establish the HPS Center for Financial Excellence (the "Center") at the Howard University School of Business. In conjunction with this gift, HPS and The Kapnick Foundation have also endowed a series of Undergraduate and JD/MBA scholarships. The goal of the Center, and HPS's commitment more broadly, is to develop and prepare highly capable students to pursue finance careers and enhance diversity across the finance industry. ▪ HPS is a founding signatory to the Institutional Limited Partners Association's ("ILPA") Diversity in Action Initiative. ■ The initiative brings together LPs and GPs who share a commitment to advancing diversity, equity and inclusion, both within their organization and the industry more broadly. The Diversity in Action framework includes a broad range of actions spanning talent management, investment management and industry engagement. ▪ HPS Investment Partners joined a group of esteemed investors and investment firms in founding the Equity Alliance. Additional Organizations We Support HPS ▪ The Equity Alliance invests in diverse emerging venture capital fund managers, with a focus on managers of color and women. Through this endeavor, it is the Equity Alliance's goal to democratize access to capital and expand opportunities to partner with investors and entrepreneurs who would otherwise remain outside of the Founders' collective field of vision. Seizing Every Opportunity THE OPPORTUNITY NETWORK 04U OUT FOR UNDERGRAD THA HARLEM LACROSSE 19#20Appendix#21Appendix I: Performance Endnotes HPS Fund Definitions SLF II includes Senior Loan Fund II, L.P. ("SLF II-UL"), Senior Loan Fund II-L, L.P. ("SLF II-L”) and Irish Senior Loan Fund II Public Limited Company ("SLF II Irish") SLF III includes Specialty Loan Fund III, L.P. ("SLF III-UL"), Specialty Loan Institutional Fund III, L.P. (“SLIF III-UL"), Specialty Loan Fund III-L, L.P. ("SLF III-L"), Specialty Loan Institutional Fund III-L, L.P. ("SLIF III-L") and Irish Specialty Loan Fund III Public Limited Company ("SLF III Irish") SLF 2016 includes Specialty Loan Fund 2016, L.P. ("SLF 2016-UL"), Specialty Loan Ontario Fund 2016, L.P. ("SLOF 2016-UL"), Specialty Loan Fund 2016-L, L.P. ("SLF 2016-L"), Specialty Loan Institutional Fund 2016-L, L.P. ("SLIF 2016-L") SLF V includes HPS Specialty Loan Fund V, L.P. ("SLF V-UL"), HPS Specialty Loan Fund V Feeder, L.P. ("SLF V-UL Feeder"), HPS Specialty Loan Fund (EUR) V, L.P. ("SLF V (Eur)"), HPS Specialty Loan Ontario Fund V, L.P. ("SLOF V-UL"), HPS Specialty Loan Europe Fund V, SCSP ("SLEF V-UL"), HPS Specialty Loan International Fund V, SCSP ("SLIF V-UL"), HPS Specialty Loan International Fund V Feeder, L.P. ("SLIF V-UL Feeder"), HPS Specialty Loan Fund V-L, L.P. (SLF V-L"), HPS Specialty Loan International Fund V-L, L.P. ("SLIF V-L") (together, the "SLF Funds") SLF Levered Funds include SLF II-L, SLF II Irish, SLF III-L, SLIF III-L, SLF III Irish, SLF 2016-L, SLIF 2016-L, SLF V-L and SLIF V-L IMPORTANT DISCLOSURES Subsequent closing mechanics applicable to certain SLF 2016 funds have resulted in certain SLF 2016 funds beginning to participate in certain investments later than other SLF 2016 funds, respectively, or not participating in certain investments. Such differences in participation have resulted in certain SLF 2016 funds having different returns than other SLF 2016 funds that participated in all investments from their respective initial closing date. 21#22Risk Disclosure This material is for information purposes only, is for the purposes of the Rhode Island State Investment Commission only and may not be reproduced or distributed except as otherwise provided herein. All information provided herein is as of the date set forth on the cover page (unless otherwise specified) and is subject to modification, change or supplement in the sole discretion of HPS Investment Partners, LLC ("HPS") without notice to you. This information is neither complete nor exact and is provided solely as reference material with respect to the Fund referenced herein. Defined terms are as set forth within. This material does not constitute an offering of any security, product, service or fund, including the Fund, for which an offer can be made only by the Fund's Confidential Offering Memorandum (the "Confidential Memorandum"). The terms and risk factors of the Fund are set out in its Confidential Memorandum which is available to qualified prospective investors upon request. The contents hereof are qualified in their entirety by the Confidential Memorandum and subscription agreements of the Fund. The purchase of interests in the Fund is suitable only for sophisticated investors for which an investment in the Fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the Fund's investment program. Generally, the Fund would include investors who are "Accredited Investors" under the Securities Act of 1933, "Qualified Purchasers" under the Investment Company Act of 1940, and "Qualified Eligible Persons" under Regulation 4.7 of the Commodity Exchange Act. The interests have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws or the laws of any foreign jurisdiction. The interests will be offered and sold under the exemption provided by Section 4(a) (2) of the Securities Act and Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and other jurisdictions where the offering will be made. The Fund will not be registered as an investment company under the Investment Company Act of 1940. The interests are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable statutes. In addition, such interests may not be sold, transferred, assigned or hypothecated, in whole or in part, except as provided in the Fund's organizational documents. Accordingly, investors should be aware that they will be required to bear the financial risks of an investment in the interests for an indefinite period of time. There is no secondary market for an investor's interests in the Fund and none is expected to develop. There is no obligation on the part of any person to register the interests under any statutes. The performance results of certain economic indices and certain information concerning economic trends contained herein are based on or derived from information provided by independent third party sources. The Fund believes that such information is accurate and that the sources from which it has been obtained are reliable. The Fund cannot guarantee the accuracy of such information, however, and has not independently verified the assumptions on which such information is based. HPS Certain information contained in this material constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe," or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. In the U.K., this is an unregulated investment scheme and as such it may only be promoted to limited categories of persons pursuant to the exemption contained in Section 238 of the Financial Services and Markets Act 2000 (the "Act"). Information contained herein may only be promoted to persons that are sufficiently experienced and sophisticated to understand the risks involved and who satisfy certain other criteria, as specified by regulations made under the Act and Financial Conduct Authority ("FCA") rules. If you are in any doubt as to whether or not you fall within one of the categories of permitted persons, you should not solely rely on any information herein and should contact HPS. Swiss representative: Mont-Fort Funds AG, 63 chemin Plan-Pra, 1936 Verbier, Switzerland (the "Representative") Swiss paying agent: Banque Cantonale de Genève, 17, quai de l'Ile, 1204 Geneva, Switzerland The place of performance and jurisdiction for the limited partner interests in the fund offered or distributed in or from Switzerland is the registered office of the Representative. 22#23Risk Disclosure Past performance is not necessarily indicative of future results. Performance is estimated and unaudited. While this summary highlights important data, it does not purport to capture all dimensions of risk. The methodology used to aggregate and analyze data may be adjusted periodically. The results of previous analyses may differ as a result of those adjustments. The Fund is an actively managed portfolio and regional, sector and strategy allocations are subject to ongoing revision. HPS has made assumptions that it deems reasonable and used the best information available in producing calculations above. Please note the following Risks: Investors are strongly urged to carefully review the sections in the Confidential Memorandum titled "Risk Factors" and "Conflicts of Interest." Among the risks involved in an investment in the Fund are as follows: General/Loss of capital. An investment in the Fund involves a high degree of risk. There can be no assurance that the Fund's return objectives will be realized and investors in the Fund could lose up to the full amount of their invested capital. The Fund's fees and expenses may offset the Fund's trading profits. Limited liquidity. An investment in the Fund provides limited liquidity since withdrawal rights are limited and interests are not freely transferable or redeemable. There is no secondary market for the interests in the Fund and none is expected to develop. Dependence on manager. The fund manager has total trading authority over the Fund. The use of a single advisor could result in lack of diversification and consequently, higher risk. Decisions made by the fund manager may cause the Fund to incur losses or to miss profit opportunities on which it would otherwise have capitalized. Volatility. Investment techniques used may include the use of leverage and derivative instruments such as futures, options and short sales, which amplify the possibilities for both profits and losses and may add volatility to the Fund's performance. Potential conflicts of interest. The payment of a performance based fee to the fund manager may create an incentive for the fund manager to cause the Fund to make riskier or more speculative investments than it would in the absence of such incentive. Valuation. Because of overall size or concentration in particular markets of positions held by the Fund or other reasons, the value at which its investments can be liquidated may differ, sometimes significantly, from the interim valuations arrived at by the Fund. Non-U.S. securities. The Fund will invest in foreign securities, which may include exposure to currency fluctuation, reduced access to reliable information, less stringent accounting standards, illiquidity of securities and markets, higher commissions and fees and local economic or political instability. Absence of regulatory oversight. The Fund will not register as an investment company under the U.S. Investment Company Act of 1940 or similar laws or regulations. Accordingly, the provisions of such laws and regulations will not be applicable. The foregoing risk factors do not purport to be a complete explanation of the risks involved in an investment in the Fund. Investors should read the entire Confidential Memorandum before making investment determinations with respect to the Fund HPS NOT FOR RETAIL DISTRIBUTION: This communication has been prepared exclusively for institutional/wholesale/professional clients and qualified investors only as defined by local laws and regulations. 23