2023 PennantPark Private Funds General Meeting

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.

Furthermore, 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 each qualified recipient’s use, and should not be given, forwarded or shown to any other person (other than the recipient’s employees, agents, or consultants).

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.

This presentation is qualified in its entirety by reference to the Offering Memorandum. In the event of any inconsistency between this presentation and the Offering Memorandum, the Offering Memorandum will control.

An investment in the interests of any PennantPark fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of an investment in such funds. Investors must be prepared to bear such risks for an extended period of time. There can be no assurance that any investments will be profitable, not lose money, or achieve the other intended purposes for which they are made. In particular, the risks of investing in such funds may include: 1) Lack of liquidity in that withdrawals are generally not permitted, and there is no secondary market for Interests and none is expected to develop; 2) Restrictions on transferring Interests; 3) The use of leverage; and 4) Less regulation and higher fees than mutual funds. This is not intended to be a complete description of the risks of investing in such funds. Investors should rely on their own examination of the potential risks and rewards. The Offering Memorandum will discuss these and other important risk factors and considerations that should be carefully evaluated before making an investment. Prospective investors should consult with their own legal, tax, and financial advisers as to the consequences of an investment.

In considering the prior performance information contained herein, recipients should bear in mind that past performance is not a guarantee, projection or prediction and it is not necessarily indicative of future results. Invested capital is at risk. 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.

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.

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.

This presentation contains targets regarding future performance (the “Targets”). There can be no assurance that the Targets will be achieved. In considering the Targets, prospective investors should bear in mind that such targeted performance is not a guarantee, projection, or prediction and is not indicative of future results. The Manager believes that the Targets are reasonable based on a combination of factors, including the investment team’s general experience, the availability of leverage and financing at expected costs, other terms, and assessment of prevailing market conditions and investment opportunities. However, there are numerous assumptions that factor into the Targets that may not be consistent with future market conditions and that may significantly affect actual investment results. Actual results and events may differ significantly from the assumptions and estimates on which Targets are based. Further information regarding the Targets and projections is available upon request.

Hypothetical gross returns for the Firm Track Record, Senior Debt Strategy, Opportunistic Credit Strategy, and Equity Co-investments are calculated based on the actual investment-level cash flows of multiple PennantPark funds, as described above. Estimated net returns are calculated by reducing the gross returns by pro forma management fees, fund expenses, and incentive fees based on the proposed terms of PennantPark’s most recent fund offerings. The pro forma net return assumptions for the Firm Track Record, Opportunistic Credit Strategy, and equity co-investments include a 1.50% management fee, 0.20% annual fund expenses, 15.00% incentive fee, 8.00% preferred return, and 85.00% catch-up rate after the preferred return. The pro forma net return assumptions for the Senior Debt Strategy include a 1.00% management fee, 0.22% annual fund expenses, 15.00% incentive fee, 5.00% preferred return, and 85.00% catch-up rate after the preferred return. The Firm Track Record, Senior Debt Strategy, Opportunistic Credit Strategy, and equity co-investments’ returns are provided for illustrative purposes only and no individual investor has received the investment performance indicated by such extracted performance data. These returns are not intended to state a target or be a prediction of any fund’s performance.

The use of hypothetical performance in making investment decisions involves certain risks and limitations. Hypothetical results are not based on an actual portfolio available to investors. Hypothetical results may not reflect how the investment manager might have reacted when managing client investments to economic or market events. Hypothetical results may be sensitive to the selection criteria used to construct an extracted portfolio. Hypothetical results may include positions, position sizes, and sector weights that differ materially from actual client portfolios and do not reflect how the investment manager may have constructed an actual portfolio.

Opportunistic Strategy (“Opportunistic”) funds include PennantPark Investment Corporation (“PNNT”) and PennantPark Credit Opportunities Funds I, II, and III (“PCOF”, “PCOF II”, and “PCOF III”), and Separately Managed Account I (“SMA I”).

Senior Debt Strategy (“Senior Debt”) funds include PennantPark Floating Rate Capital, Limited (“PFLT”), PennantPark Senior Secured Loan Fund I (“PSSL”), PennantPark Senior Credit Fund, LLC (“PSCF”), PennantPark Senior Credit Fund Levered, LP (“PSCF-Lev”), PennantPark CLO I (“CLO I”), PennantPark Senior Loan Fund I (“PSLF”), PennantPark CLO II (“CLO II”), PennantPark – TSO Senior Loan Fund, LP (“PTSF”), PennantPark-TSO Senior Loan Fund II, LP (“PTSF II”), and PennantPark Senior Credit Fund SMA (“PSCF SMA”).

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

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.

By clicking “AGREE AND CONTINUE” below, you hereby acknowledge the Important Notices set forth above.