2022 PennantPark Private Funds General Meeting

You acknowledge that the information contained in this Presentation does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. Any products or services referenced in this Presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors.

You further acknowledge that this Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation, current and prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation has been made available only for your use, and should not be given, forwarded or shown to any other person (other than your employees, agents, or consultants).

In considering the prior performance information contained herein, you should bear in mind that past performance is not a guarantee, projection or prediction and it is not necessarily indicative of future results. There can be no assurance that any product or service referenced herein will achieve comparable results, or that they will be able to implement their investment strategies or achieve their investment objectives.

No person has been authorized in connection with this offering to give any information or to make any representations other than as contained in this Presentation and, if given or made, such information or representation must not be relied upon as having been authorized by PennantPark Investment Advisers, LLC (“PennantPark”) or PennantPark’s affiliates. Statements in this Presentation are made as of the date hereof unless stated otherwise herein, and neither the delivery of this Presentation at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date.

Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third party sources. PennantPark believes that such information is accurate and that the sources from which it has been obtained are reliable. PennantPark cannot guarantee the accuracy of such information, however, and has not independently verified the assumptions on which such information is based.

Certain statements contained in this Presentation, including without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects,” and words of similar import constitute “forward looking statements.” Additionally, any forecasts and estimates provided herein are forward looking statements. Such statements and other forward looking statements are based on available information and the views of PennantPark as of the date hereof. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results and events may differ materially from those in any forward looking statements. Further, any opinions expressed are the current opinions of PennantPark only and may be subject to change, without notice. There is no undertaking to update any of the information in this document.

References to “$,” “USD” or “dollars” throughout this Presentation are to United States dollars unless the context indicates otherwise.

(A) NOTICE TO RESIDENTS OF BRAZIL
This is a strictly privileged and confidential communication between PennantPark Investment Advisers, LLC and its selected clients. This communication contains information addressed only to a specific individual and is not intended for distribution to, or use by, any person other than the named addressee. This communication (i) is provided for informational purposes only, (ii) should not be construed in any manner as any solicitation or offer to buy or sell any securities or any related financial instruments, and (iii) should not be construed in any manner as a public offer of any securities or any related financial instruments. If you are not the named addressee, you should not disseminate, distribute or copy this communication. Please notify the sender immediately if you have mistakenly received this communication.

(B) NOTICE TO RESIDENTS OF SINGAPORE
PennantPark Investment Advisers, LLC (“PennantPark”) is not registered with or licensed by the Monetary Authority of Singapore under the Securities and Futures Act 2001 or the Financial Advisers Act 2001, and accordingly, is not purporting to conduct any business activity for which licensing or registration is required in Singapore.

Nothing in this Presentation shall be construed as an offer to sell or the solicitation of the sale of or an offer to purchase any product or to engage any service by PennanrPark referred to or discussed in this Presentation.
This Presentation is for informational purposes only, and was prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. Nothing in this Presentation constitutes investment, legal, accounting, tax or other advice nor a representation that any product, service, investment or investment strategy is suitable for any recipient of this Presentation.
No legally binding terms are created herein or shall be created until definitive documentation is executed and delivered in accordance with any applicable law.

The recipients of this Presentation are required to maintain the confidentiality of the information contained herein. Under no circumstances may this Presentation and/or its contents be reproduced or redistributed in any format without the prior written approval of PennantPark.

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