HPS Specialty Loan Fund VI

A Yield Premium Captured in Non-Sponsor Direct Lending 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Non-Sponsor Risk Premium in Direct Lending¹ Cliffwater Q3 2022 LTM Report on US Direct Lending Directly Originated Upper Middle Market + Non-Sponsor = 8.8% Directly Originated Upper Middle Market = 7.2% 1.4% Risk-free Rate (T-bills) 3.4% Broadly Syndicated Loans 2.4% Directly Originated, Upper Middle Market 1.6% Non-Sponsor Borrowers HPS Key Takeaway ~160bps Avg. non-sponsor premium ending Q3 2022¹ Ability to operate in less "crowded" areas of the direct lending market is an advantage ¹ As of September 30, 2022. Cliffwater 2022 Q3 Report on U.S. Direct Lending. Excludes potential deductions for differential credit losses and fees. Cliffwater research based on public information and confidential responses of direct lending managers to Cliffwater inquiries. Source information may be over a year old and subject to interpretation by direct lending manager respondents. Risk premiums are estimates only and estimated using a cross-sectional three-factor regression of public and private BDCs' four quarter gross yields through September 30, 2022 against Cliffwater's best estimates of each manager's loan seniority, expected/actual portfolio company size by average EBITDA and expected/actual share of sponsor vs. non-sponsor lending. Broadly syndicated loan yield as reported by the interest return of the Morningstar/LSTA U.S. Leveraged Loan Index through September 30, 2022. See Chapter 9, Private Debt: Opportunities in Corporate Direct Lending, Stephen L. Nesbitt (Wiley 2019) for a detailed description of this analysis. 9

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