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Oaktree Specialty Lending Corporation Direct Lending Approach

OAKTREE OCSL Specialty Lending Corporation Aligned with Investment Strategy and Shareholder Interests Fee Structure • 1.5% base management fee on total gross assets (excluding cash and cash equivalents) • Incentive fee: - 6% hurdle rate 17.5% of ordinary income - 17.5% on capital gains No accumulation or payment of incentive fee on capital gains until fiscal year 2019 - Aggregate fees that exceed what would have been paid under prior investment advisory agreement will be waived for two years Dividend Philosophy Based on portfolio performance, with the long-term goal of sustainability and consistency across economic cycles Advisory fee structure and dividend policy aligned with shareholders 15

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