Investor Presentaiton

HERCULES' WARRANT & EQUITY PORTFOLIO: POTENTIAL FUTURE UPSIDE FOR SHAREHOLDER'S TOTAL RETURN 9 Portfolio Companies completed IPOs or in Registration - 2020 ■ Oak Street Health, Outset Medical, Palantir, Codiak, DoorDash and 908 Devices completed ■Metuchen Pharma and Yumanity Therapeutics (reverse mergers) and 1 confidential JOBS Act filer 14 Portfolio Company M&A Liquidity Events - 2020 ■ Quid, CareCloud, Elenion Technologies, TAS Energy, Metuchen Pharma, Machine Zone, Lastline, Postmates, Yumanity Therapeutics, Patron Technology, Blurb, Actifio, Insurance Technologies and Neos Therapeutics Current Warrant and Equity Portfolio - Q4 2020 100 warrant holdings • GAAP fair value ~$34.6 million • GAAP cost ~$25.7 million ~$63.8 million in nominal Exercise Value (as of 12/31/20) ■ 59 equity holdings GAAP fair value ~$224.7 million • GAAP cost $189.9 million ■Illustrative models of potential warrant gains (as of 12/31/20) $31.9M x 2X multiple: $63.8M $12.8M cost = Assumption: 50% of warrants will not monetize GAAP cost ~$12.8 million Based on ~113.9 million weighted average shares $51.0M unrealized gain = $0.45/share $31.9M x 3X multiple: $95.7M $12.8M cost = $82.9M unrealized gain = $0.73/share Xercules. CAPITAL $31.9M x 4X multiple: $127.6M $12.8M cost = $114.8 unrealized gain = $1.01/share 34

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