OSP Value Fund IV LP Q4 2022

OSP STRATEGY SEASONED TEAM ESTABLISHED TRACK RECORD ROBUST SOURCING • Targeting unloved U.S. commercial & industrial ("C&I") credits seeking to achieve superior risk-adjusted returns with low correlation to traditional investments • Value investing focused on stressed and distressed performing private credits with high cash yield • Primary focus on $5 to $25 million transactions with market dislocation element Executive Summary ● Led by Jerry O'Brien (former head Carval Investors global loan portfolios) and Warren Staley (retired chairman of Cargill) ● • Core team has worked together for 12 years at OSP and over 25 years at OSP and Cargill/CarVal Founded in 2010, OSP currently manages over $1.3 billion in AUM across fundamental private credit investments ● • OSP Value Fund III (2020): $674MM invested, generating a 13.7% unlevered net IRR & 9.5% cash yield (as of 9/30/22) • OSP Value Fund II (2017): $628MM invested, generating a 11.6% unlevered net IRR & 10.7% cash yield (as of 9/30/22) • OSP Value Fund I (2014): $696MM invested, generating a 10.6% unlevered net IRR & 8.9% cash yield (as of 9/30/22) • From 1994-2010, Jerry O'Brien invested over $3 billion for Cargill and Carval • Three distinct sourcing channels providing investment opportunity throughout all stages of credit cycle: - Regulatory Sales: When FDIC fails a bank, roughly 75% are performing/sub-performing but still sold at a discount - Municipal Sales: Asset sales by cities and states to cure operating budget deficits (i.e., secondary market for economic development loans) - Garage Sales: Financial firms divesting legacy or discontinued operations (related to M&A) at attractive prices Past performance is no guarantee of future results. All investments involve risk including the loss of principal. Please refer to Manager Disclosure on page 2 and Financial Disclosure Footnotes on page 20. Prepared for the State of Connecticut 4

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