#1OS P O'BRIEN-STALEY PARTNERS OSP Value Fund IV, LP OSP Value Fund IV-B, LP Q4 2022 Prepared for the State of Connecticut CONFIDENTIAL#2OSP, LLC (the "Manager") Disclosure: The Manager of OSP Value Fund, LP, OSP Value Fund , LP, OSP Value Fund III, LP, OSP Value Fund III-B, LP, OSP Value Fund IV, LP and OSP Value Fund IV-B, LP (the "Funds") is registered as an investment advisor with the Securities and Exchange Commission ("SEC"). The Manager is not registered with the Commodities Futures Trading Commission ("CFTC") as a commodity pool operator or a commodity trading advisor as it does not engage in futures transactions on behalf of the Funds or otherwise. In addition, interest in the Funds are offered pursuant to an exemption from registration with the SEC. Consequently, the Funds are not subject to the regulatory reporting and disclosure requirements imposed on registered entities such as Registered Investment Companies (such as a mutual fund), as defined in the Investment Company Act, as amended. The information contained in this document (the "Presentation") is qualified in its entirety by the following important Legal Notices, all of which must be read in connection with this Presentation. This Presentation is intended for sophisticated investors for informational purposes only and is not intended to constitute investment advice or recommendations or financial, legal or tax advice by the Manager, any of its affiliates or any other party. Unless otherwise indicated, information, data, strategies and opinions included in this Presentation are subject to change without notice based on market and other developments. The Funds may employ one or more "alternative" investment techniques, which can include arbitrage techniques, long and short positions, leverage, derivatives and investments in many different types of securities and markets, including foreign markets. The Funds intend to invest in management-intensive assets and, because of their structure, may involve multiple layers of fees, which can negatively affect performance results. As with many investments, the Funds are speculative, involve a high degree of risk, and can be volatile. An investment in the Funds will be illiquid, subject to significant transfer restrictions, and have no secondary trading market. Investors could lose all or a substantial portion of their investment. Information contained in this document is obtained from sources the Manager deems to be reliable; however, the Manager cannot and does not guarantee its accuracy and it is subject to change without notice. Past performance is no guarantee of future results. No representation is made that the Funds are or will be omp or similar to the investments comprising the selected examples shown, either in composition or element of risk involved. Such comparisons are solely to illustrate the Funds' potential performance. The performance results of individual investors in the Funds may vary depending upon the timing, size, and fee structure of their investment. Moreover, there can be no assurance that comparable historical investment returns can be achieved by the Funds. No tables, charts or graphs should be relied upon in determining whether or not to invest in the Funds. Performance from the period of 1994 through 2010 is extracted from Cargill Value Investment and subsequently CarVal Investors, LLC owned portfolios managed by E. Gerald O'Brien, the Manager's CEO and CIO, while at Cargill and CarVal (the "CarVal Portfolio"). Performance of the CarVal Portfolio is not necessarily illustrative of future results, is not necessarily representative of the Funds' portfolios, does not contain the same investments as the Funds' portfolios, and should not be relied upon in deciding whether or not to invest. + Certain performance figures in this communication are gross (i.e., do not reflect the deduction of advisory fees), estimated and unaudited, based on estimated and unaudited net asset valuations of the underlying portfolio investments, unless otherwise stated, and are subject to final year-end audit and adjustments. Actual net returns achieved by investors would be considerably lower after taking into account advisory fees, commissions and other expenses borne by the Funds. The advisory fees charged to the Funds by the Manager are fully described in the Funds' offering documents. The performance numbers have not been independently audited by the Manager's accountants. Any specific investments identified in this presentation were selected for inclusion on the basis of being representative of investments that the Manager believes are comparable to investments that future Funds may seek to make. It should not be assumed that investments identified were or will be profitable; that their performance is necessarily representative of the Manager's overall performance. This Presentation is not a complete summary of all of the terms and risks associated with the investment. You may contact the Manager to ask any questions you may have with regard to this Presentation, including questions about the procedures and methodologies used to calculate the investment returns. Please note that this communication does not constitute an offer to sell, nor is it a solicitation of an offer to purchase, an interest in the Funds or the Manager. Any such offer or solicitation can be made only through the appropriate Confidential Offering Memorandum, which should be read carefully, especially the "Risk Factors" section, before making a decision to invest. Investors must independently assess the suitability of any particular investment opportunity to their overall investment strategy and must conduct their own due diligence investigation before making an investment in the Funds or Manager. In doing so, investors should seek advice from their own advisers. This Presentation is not intended for distribution to, or use by, any person or entity in any location where such distribution or use would be contrary to law or regulation, or which would subject the Manager or Funds to any authorization, registration or licensing requirement within such jurisdiction. This Presentation must be kept strictly confidential and may contain commercial or financial information, trade secrets, intellectual property and/or copyrighted property of the Manager and/or its affiliates. This information does not purport to be complete. Any reproduction or disclosure of the contents of this Presentation, in whole or in part, without the prior written consent of the Manager is prohibited. All recipients agree they will keep confidential all information contained herein and will use this Presentation for the sole purpose of evaluating a possible investment in a Fund. Access, copying or re-use of this Presentation by non-intended or non-authorized recipients is prohibited. If you are not an intended recipient of this Presentation, please notify the Manager and delete any copies or printouts of this Presentation and do not read, act upon, print, disclose, copy, retain or redistribute any portion of this Presentation. This Presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. In particular but without limitation, unless the Manager expressly agrees in writing, it does not hold itself out as providing advice on suitability of any product for you. Furthermore, the Manager undertakes no obligation and assumes no liability or responsibility (whether express or implied) to any person concerning this Presentation except as required by mandatory provision of law which may not be excluded and hereby excludes all liability for loss or damage (including direct, indirect, foreseeable, special or consequential loss or damage and including loss of profit) even if advised of the possibility of such damages incurred or sustained by any person in connection with this Presentation or its use including (without limitation) for consequences of reliance upon any opinion or statement contained therein or any error or omission whether negligent or not, except to the extent such liability may not be excluded or limited by applicable law or regulation, including, but not limited to, the rules of SEC and the FSA (as applicable). Certain information contained herein constitutes "Forward-Looking Statements," which can be identified by the use of forward-looking terminology such as "expect," "anticipate," "estimate," "forecast," "initiative," "objective," "plan," "goal," "project," "outlook," "priorities," "target," "intend," "evaluate," "pursue," "seek," "may," "would," "could," "should," "believe," "potential," "continue," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance of a Fund may differ materially from those reflected or contemplated in such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Prepared for the date of Connecticut 202 + See also, Financial Disclosure Footnotes at conclusion of this presentation#3OSP OSP O'BRIEN-STALEY PARTNERS INVESTMENT OPPORTUNITY.. REGULATORY SALES MUNICIPAL SALES GARAGE SALES INVESTMENT PROCESS TEAM TRACK RECORD CONTACT INFORMATION........ Prepared for the State of Connecticut Table of Contents .5 6 8 ........10 ...12 15 .17 .20 3#4OSP STRATEGY SEASONED TEAM ESTABLISHED TRACK RECORD ROBUST SOURCING • Targeting unloved U.S. commercial & industrial ("C&I") credits seeking to achieve superior risk-adjusted returns with low correlation to traditional investments • Value investing focused on stressed and distressed performing private credits with high cash yield • Primary focus on $5 to $25 million transactions with market dislocation element Executive Summary ● Led by Jerry O'Brien (former head Carval Investors global loan portfolios) and Warren Staley (retired chairman of Cargill) ● • Core team has worked together for 12 years at OSP and over 25 years at OSP and Cargill/CarVal Founded in 2010, OSP currently manages over $1.3 billion in AUM across fundamental private credit investments ● • OSP Value Fund III (2020): $674MM invested, generating a 13.7% unlevered net IRR & 9.5% cash yield (as of 9/30/22) • OSP Value Fund II (2017): $628MM invested, generating a 11.6% unlevered net IRR & 10.7% cash yield (as of 9/30/22) • OSP Value Fund I (2014): $696MM invested, generating a 10.6% unlevered net IRR & 8.9% cash yield (as of 9/30/22) • From 1994-2010, Jerry O'Brien invested over $3 billion for Cargill and Carval • Three distinct sourcing channels providing investment opportunity throughout all stages of credit cycle: - Regulatory Sales: When FDIC fails a bank, roughly 75% are performing/sub-performing but still sold at a discount - Municipal Sales: Asset sales by cities and states to cure operating budget deficits (i.e., secondary market for economic development loans) - Garage Sales: Financial firms divesting legacy or discontinued operations (related to M&A) at attractive prices Past performance is no guarantee of future results. All investments involve risk including the loss of principal. Please refer to Manager Disclosure on page 2 and Financial Disclosure Footnotes on page 20. Prepared for the State of Connecticut 4#5OSP OSP expects to see recurring investment opportunities over next 5 to 10 years via three specific channels. Regulators Portfolio Sales Structured Sales Banks Sources of Opportunity Municipalities Asset Sales Investment Opportunity Contracts Prepared for the State of Connecticut Garage Sales Asset Sales Discontinued Business 5#6OSP SITUATION THESIS OPPORTUNITY EXPERTISE BARRIERS ADVANTAGE Regulatory Sales Despite extended expansion phase of US economy, $19 billion in C&I credits charged off since 2020. FDIC lists 40 institutions as problem banks with $170 billion in assets. Over 750 banks have less than $100 million in assets (too small to thrive) totaling $48 billion. When FDIC fails a bank, typically only 25% of its loans are non-performing; 70-75% are performing, but still sold at a discount. Due to regulatory burdens, many small banks and problem institutions will not survive next phase of credit cycle. At least $60 billion in bank assets will transact at attractive prices. Small deals ($5 to $25 million portfolios) of unloved C&I private credits will be the recurring norm. In this scale, we project that the opportunity will last for the next 5 to 10 years. OSP principals have over 25 years of experience sourcing and underwriting small balance private C&I credits from US bank balance sheets and have deployed billions of institutional capital in similar transactions. Unloved C&I loans must be underwritten and resolved asset-by-asset which is labor-intensive. Pace of small transactions is unappealing to large investment funds - doesn't move needle fast enough. OSP has the talent and enjoys longstanding counterparty (sellers and advisors) and special servicing relationships to see, underwrite and resolve over $250 million annually of these transactions. Prepared for the State of Connecticut 6#7($ BILLIONS) 60 50 40 30 20 10 0 Source: FDIC, NBER Loan Type Jun 98 Jun 99 Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Jun 05 Performing Performing/ Non-performing Non-performing Total 1990-2020 Quarterly Net Charge-Offs Non-Current Loans Book $ Value $18,181 C&I Loan Credit Cycle $4,355 $19,873 $42,409 90 unr Jun 07 Jun 08 Charge-Offs Appraised Value $15,245 $1,966 FDIC Loan Sales $5,528 60 unr $22,739 Jun 10 Recession Quarters Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Sales Price $15,155 $2,214 $5,681 $23,050 Source: FDIC, data June 30, 2022 (last sale June 19, 2020) $ in millions # Sold 395,553 132,320 395,144 $19 Billion Charged Off 923,017 Delinquent % of SP/BV 83% 51% 29% 54% Jun 21 Jun 22 % of SP/AV 99% 113% 103% 101% Number 1,000 $ Trillions 900 800 700 600 500 400 300 200 100 12 10 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: FDIC co 6 4 2 0 Banks on the "Problem Bank List" JPMorgan Chase $3.4 Trillion Bank of America $2.4 Trillion Citibank $1.7 Trillion Wells Fargo $1.7 Trillion 2022 Total Industry Assets = $24 Trillion Assets of Problem Banks (Right Axis) - Number of Problem Banks (Left Axis) Top Four Banks $9.3 Trillion (39%) Source: FDIC as of June 30, 2022 Banking Industry Scale 151 Banks $11.1 Trillion Banks > $10 Billion $11.1 Trillion (47%) Prepared for the State of Connecticut 40 Problem Banks $170 Billion Assets Assets ($ Billions) 500 817 Banks $2.2 Trillion 3,010 Banks $1.1 Trillion Banks <$10 Billion $3.3 Trillion (14%) 450 400 350 300 250 200 150 100 50 0 Size < $1B-$10B Size <$100MM-$1B 785 Banks Size < $100MM $48 Billion 7#8OSP SITUATION THESIS OPPORTUNITY EXPERTISE BARRIERS ADVANTAGE Most states and nearly every city have chronic operating budget deficits. Municipalities are confronted with the prospect of raising taxes versus cutting services to cure the imbalance. Municipal Sales As with any industry-wide restructuring, the solution will involve both, plus non-core asset sales. Non-core municipal assets sales include: toll roads, water works, parking meters, parking lots, golf courses, assisted living facilities, cemeteries, offices, ground leases, economic development loans, and other similar asset types. OSP principals are experts in economic development loan acquisitions, having sourced, negotiated, closed and resolved portfolios from SC, VA, NJ, NY, NYC, DC, Baltimore, Cincinnati at previous firm and, most recently for OSP, loans from WA, CA, MN, OR, CO, PA, FL, OH and Puerto Rico. Municipal transactions are designed with RFQs & RFPs to protect constituents. Positive references from previous transactions and trusted servicing are key success factors OSP enjoys goodwill from previous transactions in sector. OSP's independent servicing affiliate, AmeriNat LLC ("AmeriNat"), is an industry leader in servicing loan portfolios owned or originated by governmental, quasi- governmental and non-profit entities across the nation. Founded in 1975, it manages $11 billion in loans and related deposits for approximately 300 city, county, state and NGO clients. With over 100 employees, AmeriNat is a registered or licensed servicer in 47 states, DC and Puerto Rico. Prepared for the State of Connecticut 8#9EDA-Type Loans > $2 Billion > $1.25 Billion > $1 Billion < $1 Billion Source: O'Brien-Staley Partners proprietary research. Loans identified from 2001 to 2020. Scale of Opportunity AmeriNat Offices AmeriNat Clients PR ⒸOSP, LLC 2022 • Economic development lending is a highly fragmented industry. Cities, states and quasi-public special purpose organizations receive their original funding from a host of federal and local programs spanning EDA Title IX; HUD CDBG, 108, & RHED; Dept. of Ag IRP; Treasury NMTC; as well as general fund, lottery or parking receipt earmarks. As a consequence, aggregate industry statistics do not exist, but OSP's proprietary research has identified over 1,500 dedicated entities with nearly $60 billion in economic development-type loans. •Over $17 billion is based in OSP's bull's eye geographies where OSP professionals or special servicer relationships have previously transacted. ⒸOSP, LLC 2022 California * New York * Ohio * State Louisiana Missouri Texas Massachusetts Wisconsin Pennsylvania Illinois Florida Georgia Michigan Washington New Jersey Minnesota * Maryland Mississippi * * North Carolina Oklahoma Oregon * Washington D.C. * Kentucky States <$1B ** OSP-Identified EDA-Type Loans Loan Balance $4.9 billion $3.5 billion $3.0 billion $2.8 billion $2.3 billion $2.2 billion $2.2 billion $2.2 billion $2.2 billion $2.0 billion $1.6 billion $1.5 billion $1.4 billion $1.4 billion $1.4 billion $1.4 billion $1.2 billion $1.2 billion $1.1 billion $1.1 billion $1.1 billion $1.0 billion $1.0 billion $12.2 billion Prepared for the State of Connecticut Entity Count 73 61 59 55 51 61 49 41 44 57 52 48 39 46 42 25 34 40 40 45 30 17 38 507 Total $56 billion 1,554 * Geography where OSP professionals have done EDA-type transactions. Subtotal = $17.9 billion ** Puerto Rico has nearly $100 million in identifiable EDA-type loans (4 entities) 9#10OSP SITUATION THESIS OPPORTUNITY EXPERTISE BARRIERS ADVANTAGE Garage Sales Financial firms divest legacy or discontinued operations in order to change their market narratives and redeploy capital toward new business plans. Divestiture motivation will be driven by timing instead of asset level net recoveries. Specifically, CFOs will sell assets at attractive pricing based on the transaction's impact on next reporting date's earnings multiple. Garage Sale assets commonly include C&I credits from outside the bank's primary service area; low-growth geographies; or out-of-favor strategies like correspondent banking and non-profit banking. As non-going concerns, these orphan strategies often trade at discount to book value. OSP principals are experts in garage sale-type transactions, having sourced underwritten, closed and resolved portfolios arising from M&A, bankruptcy & reorganization, discontinued business plans, and rival fund truncation. Garage Sale transactions are crafted in the CFO's suite and evolve over the course of several months. First mover advantage is contingent upon being a top-of-mind counterparty. Transactional experience and an ongoing dialogue with the CFO suite are key. In addition to being well-known from +25 years in the market, the OSP Team has transactional relationships with ±100 banks. OSP has recurring quarterly check-ins so that it has mindshare amongst bank CFOs and CEOs nationwide. Prepared for the State of Connecticut 10#11OSP OSP Bank Network Bank or BHC Investment Loan Sale Counterparty Prepared for the State of Connecticut PR 11#12OSP GOVERNMENT FDIC HUD NCUA SBA/EDA RIVAL PLAYERS AgStar Archon ASC Cadle EMC First Commercial Gryfon IER NC Ventures NLI Ocwen PNL Republic States Resources VRG OSP expects its industry network to produce sustained investment opportunities over next 5 to 10 years. COUNTERPARTIES BANKS Bank United BOA Citigroup Fifth Third JPM Chase PNC Santander US Bank Wells Fargo | III. CBRE NON-BANK Capmark GE Met Life Midland Protective Life Prudential Riversource Capital Crossing II. Westdale Concord I. ValStone Sphere of Influence AmeriNat OS P O'BRIEN-STALEY PARTNERS CRF Midwest CIAC PrinsBank LandSouth Cantor Fitzgerlad Clark Street Cushman & Wakefield DebtX Exeter Capital FFN Allegiance Investment Process Summit Prepared for the State of Connecticut Kennedy Wilson USB Marshall ADVISORS Garnet Advisors Janney JLL Hodges Ward Elliott Hovde Group Houlihan Lokey KBW-Stifel Mission Capital Mooring Capital Newmark Piper Sandler Raymond James FINANCIAL PLAYERS Atalaya Baupost Bayview Beal Bank Cerberus CVI Fortress Garrison Goldman Lone Star Northeast Bank PIMCO Silver Point Sterns Bank TPG Capital Varde LEVERAGE PROVIDERS BOA Morgan Stanley Deutche Bank Signature Goldman US Bank JPM Chase Wells Fargo 12#13OSP Well-Secured, Cash Flow Positive Note & Borrower Under-Collateralized or Sub-Performing Note or Borrower Non-Performing Note or Struggling Borrower Defunct Borrower or Foreclosed Collateral Investment Bull's-eye Ideal investment defined in terms of type of credit, performance and geographic preference. Opportunities screened on basis of "compromises" from ideal - center of bull's-eye. Opportunity Screening Midwest, NY, PR & AK C&I or Specialty/ Owner-Occupied CRE Continental US Income Producing CRE or Ag Credits Rest of US Territories & Canada or Consumer Credits Non-US or Non-income Producing Credits Q2 2022 Investment Process Origination Funnel Counterparty Awareness Opportunity Considered Serious Intent (Bid) Prevailing Proposal (Won) Traded/Closed (Consummated) Profitable Deal OSP maintains regular contact with transactional counterparties - likely sellers & advisors. Prepared for the State of Connecticut Situational awareness critical to managing "hit rate" and minimizing lost deal expenses. Count 1,013 2,920 390 191 175 [172] 13#14OSP Source Opportunities Profile vs Investment Bull's-eye Scope DD vs Reps Mobilize Resources Transaction Process Best Servicing Roll-up & Bid Strategy Situational Awareness Scenario Analyses, Return Distribution Price & Terms Closing, Ownership & Servicing Transfer Borrower Notices * For illustrative purposes only not representative of any specific deal. Value Investing Approach Lockbox & Custodian Warranty Claims Processing Borrower Engagement Execute Asset Level Plans Enhance Performance & File Quality Monitor, Report, Adapt and Resolve Servicing relationships are holistic, spanning due diligence, closing and resolutions. Not just rated servicing, but also experientially trusted relationships are key to success. IRR (Net Fees) 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 20.0¢ Scenario Pricing - Price & Terms* E[R] = 33% 24% -37% IRR Without Reps 22.5¢ DPO 120% Investment Process 25.0¢ Investment/UPB ¢ DPO Base Prepared for the State of Connecticut DPO 80% E[R] = 20% 13% -26% IRR With Reps 27.56 - Duration + 12 Scenario analysis pricing: base case, long duration, low collateral value, swing credit dynamics. Return distribution reviewed to establish bid prices with reference to quality of terms. 30.00 14#15OSP O'BRIEN CIO, CEO INVESTMENTS BECKER CAMERON DEWITT JOHNSON LUNDSGAARD PITT COMMITTEE EXECUTIVE INVESTMENT VALUATION RISK COMPLIANCE AUDIT COMPENSATION As of Date: 5/1/23 INVESTMENTS DASRATH DOUGHERTY DUANE GIL LAUBIGNAT PATTERSON O'BRIEN MEMBER CHAIR MEMBER STALEY CHAIRMAN CAPITAL FORMATION CHEATHAM BLANCHARD GOLDSMITH HURLEY RHODES STALEY CHAIR MEMBER CHAIR CHAIR CHAIR EXECUTIVE BERNIER CFO, CCO RISK & INSURANCE BERNIER MEMBER MEMBER CHAIR MEMBER CHAIR MEMBER MEMBER WIETECKI BLYSTONE COMMITTEES ANDERSON MEMBER MEMBER MEMBER MEMBER ANDERSON COO ACCOUNTING OPERATIONS REZAC SUTHERLIN LOVE-JENSEN REICHERT HANDER BOWEN MEMBER MEMBER MEMBER Prepared for the State of Connecticut INFORMATION TECHNOLOGY PANTAZIDES KOSHIOL Team BOWEN CHRO HUMAN RESOURCES ADMINISTRATION BOWEN HENRY OTHER MEMBERS PANTAZIDES BECKER, CAMERON, PITT, WIETECKI (EX-OFFICIO) WIETECKI, REZAC, REICHERT, BECKER, PANTAZIDES WIETECKI WIETECKI, REICHERT, REZAC REZAC 15#16OSP Jerry O'Brien Chief Executive Officer & Chief Investment Officer Founders' Biographies With over 25 years of experience in the industry, Jerry serves as CEO and CIO of O'Brien-Staley Partners and oversees the firm and its managed investments. Prior to co-founding OSP in 2010, Jerry was a founding partner at CarVal Investors where he managed global loan portfolios and had 17 years of experience across Cargill and CarVal. He served as chairman of Cargill PAC from 2008 to 2010. Prior to joining Cargill in 1994, Jerry was a credit analyst at Chemical Bank and for subsidiaries of DG Bank in New York and Comerica Bank in Michigan. He earned an MBA in analytical finance and marketing from University of Chicago and an AB in economics from University of Michigan. In the community, Jerry is a former board member of the Saint Paul & Minnesota Foundations where he formerly served as Investment Committee Chair (fiduciary on $1.2B community endowments). Jerry is also a former board member of Greater Twin Cities United Way where he served two terms as chair of Tocqueville Steering Committee (large donor society). Jerry has been an advisory board member of University of Minnesota Weisman Museum of Art (sponsor annual curatorial fellowship) and a former trustee College of Visual Arts (4-year accredited college). Active with University of Chicago Booth School of Business (sponsor MBA fellowships annually and co-chair of 25th Class Reunion) and Greater Minneapolis Crisis Nursery (wife's passion) and various Catholic charities. Warren Staley Non-Executive Chairman As Non-Executive Chairman of O'Brien-Staley Partners, Warren is responsible for corporate governance with leadership roles on the firm's risk, audit and compensation committees. Prior to co-founding OSP in 2010, Warren was Chairman and CEO of Cargill Inc. from 1999 to 2007. He participated as a board member for U.S. Bancorp, Target Corp, PACCAR, Excel Trust Inc., and as a member of the President's Export Council and Strategic Board of Governors at the University of St. Thomas College of Business. Warren has an MBA from Cornell University and a BS in electrical engineering from Kansas State University. In the community, Warren has served on the board of directors for the Minnesota Private College Council, Opportunity International and Music Academy of the West. Previously, Warren was active with Twin Cities United Way as campaign co-chair in 2002 and Chair of Board 2004. Warren has accepted awards for leadership, philanthropy and ethics from Twin Cities United Way, Hendrickson Institute for Ethical Leadership, Twin Cities Boy Scouts, Junior Achievement, National Catholic Education Association (NCEA Seton Award) and Woodrow Wilson Foundation. Prepared for the State of Connecticut 16#17OSP ● Scale of Past Performance Investments attributed to O'Brien from Q1 1994 to Q1 2010 comprise: $2.416 billion in US C&I Investments* $0.608 billion in All Other Investments $3.024 billion in Total Investments Comprised of approximately 400 discrete investments: $7.6 million average deal size $201.2 million average annual investments** $449.0 million maximum annual investment * Approximately $98mm of C&I investment activity is absent from O'Brien-investment volume and IRR performance track record due to CVI's roll-up procedures. However, the performance of these investments after 1994 is fully incorporated in the O'Brien-managed Time Weighted Returns (TWR) for periods reported. ** The data represented is the average annual investment for years with data for all four quarters (1998 - 2009). Due to O'Brien's departure from CarVal in Q1 2010, data for Q2 through Q4 2010 does not exist. Data from Q1 2010 was not included in the average. Prior O'Brien Track Record + World-Class Results From 1994-2010, O'Brien directed over $3 billion of investments in commercial loan portfolios and other investments - consistently producing positive non-correlated returns for institutional investors. 12 consecutive years of gross profits in US C&I Investments and All Assets Managed by O'Brien. 46 consecutive quarterly gross profits in US C&I demonstrates value investing discipline with low beta. 18.0% average annualized quarterly time weighted gross return for US C&I Investments made by O'Brien from Q1 1998 to Q1 2010 and 14.8% through Q2 2012. 19.4% average annualized quarterly time weighted gross return for All Assets Managed by O'Brien from Q1 1998 to Q1 2010. Prepared for the State of Connecticut Ⓒ2022 OSP, LLC 17#18OSP P&L 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Historical Time Weighted Gross Returns (TWRs) U.S. C&I Investments Originally Acquired by O'Brien Q1 + + + + + + + + + + + + + Q2 + + + + + + + + + + + + 03 + + + + + + + + + + + + Q4 + + + + + + + + + + + + Year + + All Assets Managed Managed by O'Brien (acquired or assigned) P&L 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Past performance is not indicative of future results. + See also, financial disclosure footnotes at the conclusion of this presentation. Q1 + + + + + + + + + + + + Q2 + + + + + + + + + Q3 + + + + + + + + Q4 + + + O'Brien track record officially starts in 1994; but TWRs before 1998 are unavailable due to IT system conversion. O'Brien track record officially ends Q1 2010; but TWRs are presented through June 2012 (under subsequent PM). All returns are gross and unaudited. Complete track record detail available for qualified investors via due diligence process. Year + + Ⓒ2022 OSP, LLC $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 '98 '99 Historical Gross TWR vs Benchmarks '00 Time Weighted Returns - How $10,000 Grows (for period 1/1/1998 through 3/31/2010, with distributions reinvested) '01 ¹02 '03 Benchmarking t '04 Prepared for the State of Connecticut '05 '06 '07 '08 '09 1. Data from O'Brien track record. Attestation from independent public accounting firm available. 2. Returns are gross and unaudited. Complete track record available for qualified investors via due diligence process. 3. Data from Center for Research in Security Prices (CRSP). 4. Data from Barclays. '10 $80,5371,2 All Assets Managed by O'Brien $75,721¹,2 US C&I Managed by O'Brien $73,3471,2 US C&I Invested by O'Brien $24,498³ CPI + 500bps -$21,9214 Barclays HY Corp. Index $15,433¹ S&P 500 $10,000 Original Investment 18#19OSP 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 2.8 2.5 2.2 1.9 1.6 1.3 1.0 0.7 0.4 0.1 - W. Avg. - W. Avg. President House Senate Fed Chair Treasury FDIC Chair 2012-1H 2012-1H O 2012-2H 2012-2H G Geithner 2013-1H 2013-1H Bernanke Reid 2013-2H 2013-2H 2014-1H Boehner 2014-1H Obama 2014-2H 2014-2H Lew 2015-1H 2015-1H Expected Gross Unlevered IRR 2015-2H 2015-2H 2016-1H 2016-1H 2016-2H Yellen Expected Gross Multiple 2017-1H 2016-2H 2017-1H 2017-2H Ryan 2017-2H McConnell 2018-1H 2018-1H 2018-2H 2018-2H 2019-1H 2019-1H Trump Mnuchin Trade Level By Vintage 2019-2H 2019-2H 2020-1H 2020-1H Powell McWilliams 2020-2H 2020-2H Pelosi 2021-1H 2021-1H 2021-2H 2021-2H Biden Schumer Yellen 2022-1H 2022-1H Gruenberg As of Date: 6/30/22 Disclosure: Representative of OSP Value Fund, OSP Value Fund II and OSP Value Fund III deals by vintage. Underwritten, gross return and multiple are deal specific and do not reflect the deduction of investment advisory fees or fund mechanics which impact investor returns. Past performance does not guarantee future results. These deals are not necessarily representative of deals that may be sourced for OSP Value Fund IV and IV-B. Prepared for the State of Connecticut G2 19#20OSP O'BRIEN-STALEY PARTNERS Contact: Alyssa Cheatham, Managing Director Investor Relations [email protected] 773.354.5712 Jen Goldsmith, Director Investor Relations [email protected] 917.902.6367 Website: www.osp-group.com Mailing Address: 3948 West 49¹/2 Street Box 24794 Edina, Minnesota 55424 + FINANCIAL DISCLOSURE FOOTNOTES: • The data is being used with the permission of CarVal Investors, LLC ("CarVal" or "CVI"). CarVal and its affiliates have no responsibility for or liability to any person regarding the data presented, the appropriateness of its use, its compliance with any regulatory requirements or for any subsequent use of such information. Additionally CarVal and its affiliates are not responsible for any errors, omissions or inaccuracies in the data. CarVal and its affiliates do not provide any guarantees, representations or warranties with respect to the accuracy of the data presented herein and is under no obligation to update the data. • Jerry O'Brien is a former employee of CarVal. Jerry O'Brien has formed a company not affiliated with CarVal to advise funds not affiliated with Carval or any fund managed by CarVal. • The performance information reflects the performance of certain aspects of CarVal's Loan Portfolio Team and other CarVal investment strategies managed by Jerry O'Brien at various dates from 1994 to Q1 2010. The performance contained herein was generated by the entire CarVal Team, not the solo performance of any single investment professional. • Returns are gross returns exclusive of fees and do not reflect the net returns received by investors. • Where indicated, returns are calculated using time weighted returns. • The performance data includes gains on unrealized investments as of June 30, 2012 and there can be no assurance of the realized gains that those investments will ultimately achieve. • For the (very small number of) non-USD denominated deals, local currency cash flows have been converted to USD using a constant FX rate in the IRR calculation; that prevailing at inception of the deal. Reported P&L and time weighted returns reflect the impact of FX translation of the investment and associated hedges. • Quarterly time weighted returns have been calculated from compounding the monthly returns of that period. Different results may be obtained if intra-quarter results were aggregated and the quarter treated as a single period. These differences are expected to be minor at aggregate portfolio level, but may be significant for certain sub-portfolios in certain periods. • Approximately $98mm of C&I investment activity is absent from O'Brien-investment volume and IRR performance track record due to CVI's roll-up procedures. However, the performance of these investments after 1994 is fully incorporated in the O'Brien-managed Time Weighted Returns (TWR) for the periods reported. • The term "50% Avg Hold" is defined as the number of months until 50% of total anticipated cash collections has been collected from an investment. It is provided for informational purposes only in lieu of a weighted average life or duration calculation. • Past performance is no guarantee of future results. OTHER FOOTNOTES: Pages 1-20 Copyright OSP, LLC 2022 Prepared for the State of Connecticut 20