Tao Overview Presentation to State of Connecticut Retirement Plans and Trust Funds

SIXTH STREET ILLUSTRATIVE INVESTMENTS Project Lundy Chobani ((( Spotify PET SMART ▪ 2012 purchase of a ~$2.5B notional portfolio of securities in distressed European companies, primarily based in the UK ■ ▪ 2014 rescue financing for the leading producer of Greek yogurt and third-largest overall yogurt producer in the U.S. $750M second lien debt facility plus warrants for up to 35% of the business ■ Largely senior secured debt, with some junior / mezzanine exposure (typically held pro rata with senior exposure) ▪ 2016 pre-IPO financing for a global leader in on-demand music streaming $1B debt financing which converted to equity upon the company's direct listing in 2018 ■ ▪ 2018 investment in North America's leading provider of pet products and services, with over 1,500 brick and mortar stores and an internet retailer, Chewy ■ $310M acquisition of the publicly traded term loan and unsecured bonds, which had traded off due to investor concerns about earnings and capital structure Note: Investments are 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 examples shown. Past performance does not guarantee future results. 6 SIXTH STREET HIGHLY CONFIDENTIAL 12

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