Investor Presentaiton

Favorable Performance Not Reflected in Comparative Price to Book (based on a ROE since IPO) • Stellus has delivered an average return on equity* (ROE) since IPO of 9.93% - In the top 10 of all publicly traded BDCs • BDCs performing at this level trade at an implied price to NAV of approximately 1.20x • Stellus trades at a discount price to NAV per share of 0.95x STELLUS CAPITAL INVESTMENT CORPORATION Source: Oppenheimer Equity Research Quarterly Update * ROES include all publicly-traded BDCs with Positive ROE since IPO 21

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