Experienced Senior Team Overview

AG Direct Lending III, L.P. Update (as of September 30, 2020) ■ ■ ■ ■ ■ Date of First Capital Call¹: August 20, 2018 Portfolio Companies: 134 Weighted Average EBITDA²: $20.6 million Top Ten Positions (as % of LMV): 19.0% Sponsors: 69 Role in Transaction (%)4 ■ Agent ■Co-Agent 93% 1% Co-Lead Arranger 6% ■ Participant 1% Industry Exposure (% of Total Committed Par Value)³ Lien Type (%) ³ ■ First Lien: ■ Equity Co-Investment: 98% 2% All figures are estimates and as of September 30, 2020. Certain total figures may appear skewed because of rounding. (1) Represents date of the first capital call; the Fund may have made investments prior to this date via a subscription line or other financing facility. (2) Data as of the prior month-end. Calculations based on the market value of all term loans, as well as funded delayed draw term loans and revolvers. (3) Value represents a percentage of total committed par value. (4) Value represents a percentage of deal count. AG Page 106 ■Healthcare ■ Business Services ■ Wholesale Distribution Chemicals, Plastics & Rubber ■ Media Advertising, Printing, Publishing ■ Containers, Packaging & Glass Consumer Services ■ Software Services Capital Equipment ■ Other Industries EBITDA by Deal Count (%) 4 ■< $25 million ■>$25 million 30% 12% 10% 7% 5% 5% 4% 4% 3% 20% 84% 16% Proprietary and Confidential Trade Secret 27

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