#16 SIXTH STREET™ SIXTH STREET LENDING PARTNERS, INC. PRESENTATION TO STATE OF CONNECTICUT RETIREMENT PLANS AND TRUST FUNDS June 2022 SIXTH STREET HIGHLY CONFIDENTIAL#2DISCLAIMER This presentation (the "Presentation") is provided for informational purposes and reference only and is not intended to be, and must not be, taken as the basis for an investment decision. By acceptance hereof, you agree that (i) the information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of Sixth Street; (ii) you will keep confidential all information contained herein not already in the public domain; (iii) the information contains highly confidential and proprietary "trade secrets" (some of which may constitute material non-public information); and (iv) you will only use the information contained in this Presentation for informational purposes and will not trade in securities on the basis of any such information. The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in any of the parallel investment vehicles within Sixth Street. Unless otherwise noted, the information contained herein has been compiled as of the date that appears on the cover page of this Presentation, and there is no obligation to update the information. The delivery of this Presentation will under no circumstances create any implication that the information herein has been updated or corrected as of any time subsequent to the date of publication or, as the case may be, the date as of which such information is stated. This Presentation does not constitute an offer to sell or a solicitation an offer to buy any securities and may not be used or relied upon in evaluating the merits of investing in Sixth Street. Offers and sales are made only pursuant to a confidential private placement memorandum, the limited partnership agreement, subscription agreement and other definitive documentation of respective Sixth Street-sponsored investment vehicles (collectively the "Sixth Street Documentation") and in accordance with applicable securities laws. The information set forth herein does not purport to be complete and is qualified in its entirety by reference to the Sixth Street Documentation. This Presentation is not a part of or supplemental to such Sixth Street Documentation. This Presentation is superseded in its entirety by the Sixth Street Documentation. The Sixth Street Documentation will be made available and must be received prior to subscribing for an interest in a Sixth Street fund. The Sixth Street Documentation contains additional information about the investment objectives, terms and conditions of an investment in Sixth Street and risk disclosures that are important to any investment decision regarding Sixth Street. You should read the Sixth Street Documentation (including the risk disclosures) in its entirety before making an investment in a Sixth Street fund. An investment in a private investment partnership is speculative and involves significant risks, including that there will be no public or private market for the interests in the partnership and such interests will not be transferable without the consent of the general partner. Investors should carefully review the information provided regarding such risk factors in the Sixth Street Documentation (including the private placement memorandum). Investors should understand these risks and have the financial ability and willingness to accept them for an extended period of time before making an investment. Please note this Presentation contains various examples or subsets of investments. As the investments shown are intended to be examples or subsets demonstrating a particular theme or process, they inherently may not represent all investments that could be categorized or described on a particular page and in the aggregate may represent only a small percentage of existing and historical investments led by Sixth Street. Investments in other companies may have materially different results. There is no assurance that any investments discussed herein will remain in the applicable fund at the time you receive this information. It should not be assumed that any investment not shown would perform similarly to the examples shown. It should not be assumed that recommendations made in the future will be profitable, will equal the performance of the investments in this Presentation, or will not incur losses. Future investments may be under materially different economic conditions, including interest rates, market trends and general business conditions, affecting different investments and using different investment strategies and these differences may have a significant effect on the results portrayed. Each of these material market or economic conditions may or may not be repeated. Further investments may be made under different economic conditions, using different strategies, and may have materially different results. Please see the notes to historical performance summaries for important information and detail relating to the performance history presented in this Presentation. The market analysis, estimates and similar information, including all statements of opinion and/or belief, contained herein are subject to inherent uncertainties and qualifications and are based on a number of assumptions. All statements in this Presentation (and oral statements made by Sixth Street personnel regarding the subjects of this Presentation) other than historical facts are forward-looking statements, which rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors outside of Sixth Street's control which could cause actual results to differ materially from such statements. See the disclaimer on forward-looking statements on the following page. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of any investment. Past performance is not necessarily indicative of future results. Differences between past performance and actual results may be material and adverse. 6 [Continued on Next Page] SIXTH STREET HIGHLY CONFIDENTIAL 2#3DISCLAIMER (CONT.) Sixth Street generally presents performance-related data and returns at the fund level, which may not be indicative of an individual Limited Partner's results. Limited Partners should refer to their capital account statements for individual results. Unless otherwise noted, "Gross IRR" and "gross returns" refer to an aggregate, annual, compound, gross internal rate of return on investments. Gross returns do not reflect management fees and carried interest born by investors in a fund, which will reduce returns and in the aggregate may be substantial. Additional disclosures on Sixth Street's management fees are described in Part 2 of its Form ADV. In the case of portfolios of realized and unrealized investments, the gross returns are based on a combination of realized value and internal valuations by Sixth Street of unrealized investments as of a particular date. The actual realized returns on a fund's unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of realization, any related transaction costs and the timing and manner of disposition, all of which may differ from the assumptions on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized return of these unrealized investments may differ materially from the returns indicated thereon. Where gross performance figures are noted in this document please refer to the full track record for further detail. Financial indices and benchmarks are unmanaged, do not refle management or performance fees, assume reinvestment of income, are shown for illustration purposes only, and hav limitations when used for such purposes because they may have volatility, credit or other material characteristics that are different from the Fund. Indices should not be relied upon as a fully accurate measure of comparison. Benchmarks are used solely for purposes of comparison and the comparison does not mean that there will necessarily be a correlation between the returns described herein and the benchmarks. There are limitations in using financial indices for comparison purposes because, among other reasons, such indices may have different volatility, diversification, credit, and other material characteristics (such as number or type of instrument or security). Information throughout the Presentation derived from sources other than Sixth Street have not been independently verified. Future investments may be under materially different economic conditions, including interest rates, market trends and general business conditions, affecting different investments and using different investment strategies and these differences may have a significant effect on the results portrayed. Each of these material market or economic conditions may or may not be repeated. Further investments may be made under different economic conditions, using different strategies, and may have materially different results. Valuation marks are as of 12/31/21, unless otherwise noted. Securities are offered through Sixth Street BD, LLC, 2100 McKinney Avenue, Suite 1500, Dallas, TX 75201, an affiliate of Sixth Street and a member of FINRA. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the investments in this Presentation. Complaints concerning services provided by Sixth Street BD may be directed to SixthStreet [email protected]. TRADEMARKS Sixth Street owns the marks "Sixth Street," "TOP," "TAO," and "TSLX". The "TSSP" mark is a mark being used by Sixth Street under an exclusive license from TPG. The "TCS," "TSL," "TSLE," "TIP," "TAG," "TSCO," and "TICP" marks are marks of TPG and are being used by Sixth Street under an exclusive license. Sixth Street and TPG are not affiliates. The products and services referred to herein are managed exclusively by Sixth Street, which is entirely responsible for their nature and performance. [Continued on Next Page] 6 SIXTH STREET HIGHLY CONFIDENTIAL 3#4DISCLAIMER (CONT.) NOTE ON FORWARD LOOKING STATEMENTS All statements in this Presentation (and oral statements made regarding the subjects of this presentation) other than historical facts are forward-looking statements, which rely on a number of estimates, targets and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside Sixth Street's control. Such factors include, but are not limited to, uncertainty regarding and changes in global economic or market conditions, including those affecting the industries of Sixth Street portfolio companies, and changes in U.S. or foreign government policies, laws, regulations and practices. Opinions expressed are current opinions as of the date of this Presentation. Should Sixth Street's estimates, targets and assumptions or these other uncertainties and factors materialize in ways that Sixth Street did not expect, actual results could differ materially from the forward-looking statements in this Presentation, including the possibility that investors may lose all, or a material portion, of the amounts invested. While Sixth Street believes the assumptions underlying these forward-looking statements are reasonable under current circumstances, investors should bear in mind that such assumptions are inherently uncertain and subjective and that past or projected performance is not necessarily indicative of future results. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this Presentation, and nothing shall be relied upon as a promise or representation as to the performance of any investment. Investors are cautioned not to place undue reliance on such forward-looking statements and should rely on their own assessment of an investment. PRE-MARKETING DISCLAIMER FOR PROSPECTIVE INVESTORS IN THE UK AND THE EUROPEAN UNION By acceptance of this Presentation, you acknowledge and agree that it is provided to you at your specific request made at your own initiative; and should not be interpreted as an invitation, directly or indirectly, to invest in any existing funds managed by Sixth Street. Accordingly, this Presentation does not constitute "marketing" on behalf of any fund or Sixth Street (for the purpose of and within the meaning given to such term in the European Union's Directive 2011/61/EC on Alternative Investment Fund Managers and any applicable national implementing regulations and guidance, or with respect to the United Kingdom, the Alternative Investment Fund Managers Regulations 2013 and relevant guidance and is disclosed to you for informational purposes only as Sixth Street may at a future point in time wish to establish additional alternative investment funds and at such future point in time market units or shares in such new alternative investment funds to professional investors in the United Kingdom or particular countries in the European Union. 6 SIXTH STREET HIGHLY CONFIDENTIAL#5AGENDA 6 1. 2. Executive Summary Diversity, Equity & Inclusion SIXTH STREET HIGHLY CONFIDENTIAL 5#6SIXTH STREET EXECUTIVE SUMMARY FIRM OVERVIEW DIRECT LENDING FRANCHISE³ SLX "2.0" ● ● ● ● ● ● Sixth Street manages over $60 billion¹ across nine diversified, collaborative investment platforms: Growth, Opportunities, Fundamental Strategies, Direct Lending, Infrastructure, Agriculture, Insurance, Credit Market Strategies, and Adjacencies ● Founded in 2009, a continuation of the strategy and investment philosophy employed by the Sixth Street leadership team over the span of two decades Approximately 370 dedicated professionals based in North America, Europe, and Asia² Sixth Street leverages a "one-team" culture, thematic-driven and highly flexible investment strategy Sixth Street Lending Partners is the continuation of Sixth Street's multi-decade credit selection and investment philosophy Focused on directly originated loans and other debt investments in upper middle market to large cap companies • Seek to generate attractive risk-adjusted returns through Sixth Street's unique thematic sourcing approach and strong underwriting and risk management capabilities Structured as a private BDC with embedded option value for day 1 investors in an IPO scenario Sixth Street Direct Lending provides flexible, fully underwritten financing solutions to borrowers principally located in the U.S. and Europe 36 dedicated investment professionals with senior team members averaging nearly 20 years of experience² Note: Unless otherwise noted, information as of 12/31/21. For each of the funds represented, please see the applicable historical performance summary and related notes for each fund in the Appendix which includes a fund description and important information regarding the calculation of all performance figures presented herein. Past performance is not indicative of future results, which may vary 1. AUM presented as of 9/30/21 includes capital commitments in Opps V, Growth II, and Mid-Stage Growth (which are not yet active) made through 2/3/22 of approximately $7.4B. AUM presented also includes approximately $2.6B in certain assets under advisement by Cadence ALM, a business line of Sixth Street's insurance platform that is not managed by Sixth Street's registered investment advisers. Sixth Street assets under management excludes (1) Opps I, which was invested as a series of commitments across multiple vehicles of a former affiliate investment adviser; (2) assets and commitments of certain vehicles established by Sixth Street for the purpose of facilitating third party co-invest opportunities. Calculation of assets under management differs from the calculation of regulatory assets under management and may differ from the calculations of other investment managers, and the calculation of regulatory assets under management excludes assets under advisement by Cadence ALM 2. As of March 2022 3. Prospective investors should be aware that the investments presented herein were made by SLX whose investment program on an overall basis differs from that of Sixth Street Lending Partners, Inc. including but not limited to differences in targeted returns on investment. Moreover, the actual investments to be made by Sixth Street Lending Partners, Inc. will differ from the investments presented herein and will be made under different market conditions. Sixth Street Lending Partners, Inc. is currently expected to focus on directly originated loans and other debt investments in upper middle market to large cap companies. Accordingly, there can be no assurance that the investment performance of the Sixth Street Lending Partners, Inc. will be comparable to SLX or that Sixth Street Lending Partners, Inc. will be able to implement its investment strategy or achieve its investment objective. For more detailed information about differences between the terms and strategy of SLX and Sixth Street Lending Partners, Inc., please see Slide 25 SIXTH STREET HIGHLY CONFIDENTIAL 6#7SIXTH STREET PLATFORM Growth Convex Growth Hybrid Solutions 6 Growth Yield Opportunities Control Orientation Asset Opportunities Corporate Dislocation TAO: Sixth Street Highly Flexible, Thematically Focused, Cross-Platform Investing Vehicle Fundamental Strategies Public Market Opportunities "2-step" and Other Opportunistic Situations Direct Lending Europe Specialty Lending US Specialty Lending (NYSE: TSLX) SIXTH 61 STREET™ Lending Partners Infrastructure Agriculture Adjacencies Stressed Structurally Complex Niche Cash Yielding Assets Uncorrelated Return Characteristics Defensive Yield Uncorrelated Assets Adjacent Opportunities Insurance Reinsurance SIXTH STREET HIGHLY CONFIDENTIAL Corporate Acquisitions Strategic Partnerships Digital Strategies Digital Strategies Convergence Co Structured Products Structured Financings Loan Portfolio Acquisitions FIG Opportunistic Credit Market Strategies Bank Loans CLOS 1. AUM presented as of 3/31/22 2. AUM presented also includes approximately $2.6B in certain assets under advisement by Cadence ALM, a business line of Sixth Street's insurance platform that is not managed by Sixth Street's registered investment advisers Structured Credit Note: Sixth Street assets under management excludes (1) Opps I, which was invested as a series of commitments across multiple vehicles of a former affiliate investment adviser; (2) assets and commitments of certain vehicles established by Sixth Street for the purpose of facilitating third party co-invest opportunities. Calculation of assets under management differs from the calculation of regulatory assets under management and may differ from the calculations of other investment managers, and the calculation of regulatory assets under management excludes assets under advisement by Cadence ALM $61 BILLION ¹,² ACROSS 10 SIXTH STREET INVESTMENT PLATFORMS 7#8SIXTH STREET DIRECT LENDING PLATFORM GTREASURY Model N capsule Service Channel JCPenney illuminate education riskonnect. Integrated Risk Management Solutions™ EST. 1920 Eddie Bäuer 6 ● Follett Gainsight ● ExtraHop ResMan kyriba SMARTDRIVE 'chirotouch. atg n Court save modern™ alot campus FOREVER 211 ( HST CIPHR O Pathways ALL ABOUT PEOPLE workwell skillsoft TECHNOLOGIES G GLOBAL PORTS HOLDING IntelePeer Bullhorn Xavidxchange billhighway Neiman Marcus piano Qlik Q 6 frontline fenergo: education. REVLON SIXTH STREET DIRECT LENDING FICO sum up Boomi <) FORESCOUT. PayScale 000 ●●● HUMAN CAPITAL. Mede/Analytics (DELL SIXTH STREET HIGHLY CONFIDENTIAL compliance & risks afs motus BLU JAY™ Learnosity PaySimple HIGHER LOGIC ALL TOGETHER SOLUTIONS absorb db Approximately $17.1 billion invested across the Sixth Street platform in Direct Lending investments since 2011 90% first lien investment composition Minimal average annual loss rate of 0.03% since inception Market leading BDC manager for SLX, and top-quartile performance for SLE sears Marketo™ An Adobe Company CENTRIC BRANDS technologies RELIAOUEST Axonify LINQ ! Passport TSIMAGINE maurices iHeart MEDIA INC DESIGNER BRANDS Acumatica Clinicient keyloop AÉROPOSTALE 99 BARNEYS NEW YORK omnigo STORES Note: Investments selected to represent direct lending strategy investments of a variety of asset types and transaction structures across multiple Sixth Street funds. This list is not comprehensive. Performance information reflects gross performance that excludes many fund-related costs and expenses The inclusion of such costs and expenses would reduce returns, and in the aggregate, differences between gross and net returns may be substantial. Example is shown for illustrative purposes only and is not intended to be, and must not be, taken as the basis for an investment decision. It should not be assumed that any investment not shown would perform similarly to the example shown. Reflects a subset of the principle investment theses at the time of underwriting, which are based on, among other things, Sixth Street's subjective view at the time. Past performance does not guarantee future results, which may vary. WE BELIEVE WE HAVE AN EXPERIENCED DIRECT LENDING TEAM WITH AN UNRIVALED TRACK RECORD EASY SOFTWARE#9SIXTH STREET LENDING PARTNERS, INC. (SLX "2.0") SLX "2.0" VALUE PROPOSITION 1 2 3 4 5 6 Attacking a seam in the market between syndicated loan market and traditional direct lending We believe that retreating bank participation in the syndicated loan market and growing borrower interest in private financing solutions offer a vast and diverse opportunity We believe we are a best-in-class BDC manager with a proven track record of generating excess returns and value for investors Six Street risk / reward framework, thematic focus, deep fundamental underwriting, and sector expertise aim to provide downside protection Portfolio construction focused on targeting strong risk-adjusted returns Option value for investors in an IPO scenario TARGETED PORTFOLIO CONSTRUCTION ≤ 50% LTV SIXTH STREET HIGHLY CONFIDENTIAL $200-500+ million position size Predominantly, floating rate, first lien / senior secured 8-9% Target ROA Maintenance and/or incurrence covenants US and European-based borrowers Call protection and voting control Sixth Street's view of the current market environment as of the date appearing in this material only and there is no guarantee that such view or the assumptions or forecasts underlying such view will materialize as anticipated. There can be no assurance that the Fund will achieve its investment objectives, be able to implement its investment strategy or avoid substantial losses. There can also be no assurance that the Fund will have access to similar investment opportunities or be competitive in consummating investments. 9#10SLX "1.0" INVESTOR EXPERIENCE CURRENT PRICE-TO-BOOK VS 5 YEARS AGO ¹ 1.37x 1.39x TSLX² SIXTH STREET SPECIALTY LENDING 1.22x 1.00x GSBD Goldman Sachs BDC, Inc. 1.07x 1.24x ARCC ARES ARES CAPITAL CORPORATION 0.97x 1.08x GBDC Current price-to-book GOLUB CAPITAL 1.02x 0.99x 1.00x NMFC NMP NEW MOUNTAIN FINANCE CORPORATION 0.97x OCSL Price-to-book 5 years ago (using current price) 0.95x 0.95x ORCC OAKTREE OCSLI Specialty Lending Corporation CAPITAL CORPORATION 0.89x 0.88x SLRC OWL ROCK S SLR INVESTMENT CORP 0.92x SIXTH STREET HIGHLY CONFIDENTIAL 0.75x BCSF BainCapital CREDIT 0.85x 0.68x CGBD TCG BDC CARLYLE GLORAL CREDIT 0.85x 0.81x Li 0.59x FSK FS KKR Blackstone 0.63x AINV APOLLO INVESTMON CORPORATION 0.76x 0.80x PSEC PROSPECT CAPITAL 1. Comparable BDC peer set reflect externally managed BDCs with equal to or greater than $2.0 billion in Total Assets based on 12/31/2021 financials. "Price-to-book value 5 years ago (using current price)" is calculated as a BDC's closing stock price per share as of 12/31/2021 divided by its book value per share as of 12/31/2016, Source: SNL, 12/31/2021 2. Prospective investors should be aware that the investments presented herein were made by SLX whose investment program on an overall basis differs from that of Sixth Street Lending Partners, Inc. including but not limited to differences in targeted returns on investment. Moreover, the actual investments to be made by Sixth Street Lending Partners, Inc. will differ from the investments presented herein and will be made under different market conditions. Sixth Street Lending Partners, Inc. is currently expected to focus on directly originated loans and other debt investments in upper middle market to large cap companies. Accordingly, there can be no assurance that the investment performance of the Sixth Street Lending Partners, Inc. will be comparable to SLX or that Sixth Street Lending Partners, Inc. will be able to implement its investment strategy or achieve its investment objective. 10#11SIXTH STREET DIRECT LENDING DIFFERENTIATION 1 3 THEMATIC INVESTING We believe our thematic focus enhances our ability to generate attractive risk-adjusted returns ● Creates more advantaged deal dynamics; allows us to provide value-add for borrowers give our deep sector expertise and structuring capabilities Rotation and incubation of new themes as markets evolve Broad origination network across targeted ecosystems ILLUSTRATIVE THEMES B2B Payments Xavidxchange PayScale HUMAN CAPITAL. PayLease Pay Simple Asset-based Lending CENTRIC BRANDS iHeart MEDIA INC Education Technology illuminate education education... 6 2 Founders of asset class - began direct lending practice in early 2000s Dual focus on sourcing and asset management OMNI-CHANNEL SOURCING APPROACH Organized sourcing infrastructure with proprietary information system that creates ownership and accountability Omni-channel networks that allow for consistent deal flow across varying market environments REPRESENTATIVE SOURCING CHANNELS SIXTH STREET DIRECT LENDING Banks 6 Advisors Other SIXTH STREET HIGHLY CONFIDENTIAL Thematic Direct-to- company STREET Creator of private-to-public BDC model Consistent outperformance through the cycle WE BELIEVE WE HAVE AN UNRIVALED TRACK RECORD AND EXPERIENCE MASH Financial sponsors Note: As of 12/31/21 unless otherwise noted. Investments selected to represent direct lending strategy investments of a variety of asset types and transaction structures across multiple Sixth Street funds. This list is not comprehensive. Performance information reflects gross performance that excludes many fund-related costs and expenses The inclusion of such costs and expenses would reduce returns, and in the aggregate, differences between gross and net returns may be substantial. Example shown for illustrative purposes only and is not intended to be, and must not be, taken as the basis for an investment decision. It should not be assumed that any investment not shown would perform similarly to the example shown. Reflects a subset of the principle investment theses at the time of underwriting, which are based on, among other things, Sixth Street's subjective view at the time. Past performance does not guarantee future results, which may vary. 6 11#12AGENDA 6 1. 2. Executive Summary Diversity, Equity & Inclusion SIXTH STREET HIGHLY CONFIDENTIAL 12#13SIXTH STREET DIVERSITY, EQUITY, & INCLUSION 6 6 MISSION STATEMENT D E 6 1 6 SIXTH STREET A team that reflects the diverse talent pools of our communities across gender identity, race, ethnicity, sexual orientation, religion, and life experience. Investing in our talent, taking responsibility for their development and long-term success as Sixth Street teammates, and administering fair and truly equitable retention programs. Every employee feels included, is comfortable that Sixth Street supports them, and is able to show up to work as themselves in a way that embraces and celebrates our differences. SIXTH STREET SIXTH STREET ilpa SIXTH STREET HIGHLY CONFIDENTIAL Key Partnerships Climb Hire INSTITUTIONAL LIMITED PARTNERS ASSOCIATION paradigm 6 MLT OUTLGBT+ NETWORK INVESTORS #10000 BLACK INTERNS JOPWELL SEO Seizing Every Opportunity girls who invest 13