Investor Presentaiton

STRATEGIC ACCESS TO EQUITY AND DEBT CAPITAL MARKETS HERCULES' SUCCESSFUL ATM DISTRIBUTION PROGRAM Hercules' At-the-Market "ATM" Equity Distribution Agreement Equity Distribution Agreement: Up to a total of 16.5 million shares of common stock The Benefits and Competitive Advantages ■ "Just-in-Time” access provides control on the timing, pricing and amount of capital raised, with full control over leverage ratios ■ Ideal for raising growth capital when needed, proceeds expeditiously invested in new investments ■ Exceptionally low and cost-effective access to capital markets ■ Equity issuances can be highly accretive to NAV when HTGC trades at a premium to NAV The Results ■ Equity ATM Program FY 2020: sold ~ 6.3 million shares for total net proceeds of ~ $77.2 million ◉ Equity ATM Program FY 2019: sold ~ 4.6 million shares for total net proceeds of ~ $62.7 million Xercules. CAPITAL 16

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