FS KKR Capital : FSK Investor Day Presentation November 2022

FS KKR Capital Corp.

2 0 2 2 A n a l y s t & I n v e s t o r D a y

November 17, 2022

All information is as of September 30, 2022 unless otherwise noted

Important Disclosure Notice

Forward-Looking Statements

Statements included herein may constitute "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements with regard to future events or the future performance or operations of FS KKR Capital Corp. ("FSK"). Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include changes in the economy, risks associated with possible disruption to FSK's operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19, future changes in laws or regulations and conditions in FSK's operating area, the price at which shares of FSK's common stock trade on the New York Stock Exchange, unexpected costs, charges or expenses resulting from the business combination transaction involving FSK and FS KKR Capital Corp. II (together with FSK, the "Companies") and failure to realize the anticipated benefits of the business combination transaction involving the Companies. Some of these factors are enumerated in the filings the Companies made with the U.S. Securities and Exchange Commission (the "SEC"). The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, FSK undertakes no obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

This presentation contains summaries of certain financial and statistical information about FSK. The information contained in this presentation is summary information that is intended to be considered in the context of FSK's SEC filings and other public announcements that FSK may make, by press release or otherwise, from time to time. FSK undertakes no duty or obligation to update or revise the information contained in this presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. Investors should not view the past performance of the Companies, or information about the market, as indicative of FSK's future results.

This presentation contains certain prospective financial information with respect to FSK's estimated future performance. FSK's independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to such information for the purpose of their inclusion in this presentation and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for purposes of the presentation. In this presentation, certain of such prospective financial information has been included (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein) for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. There can be no assurance that the prospective financial information is indicative of the future performance of FSK or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The prospective financial information reflects assumptions that are subject to change, and there can be no assurance that FSK's financial condition or results of operations will be consistent with those set forth in such prospective financial information.

The prospective financial information, guidance and other forward-looking statements included herein are effective only on the date given. In accordance with our policy, we will not update, reaffirm or otherwise comment on any prospective financial information, guidance or other forward-looking statements in connection with this presentation, except as may be required by law. No reference made to any prior financial guidance or other forward-looking statements in connection with this presentation should be construed to update, reaffirm or otherwise comment on such prior financial guidance or other forward-looking statements.

This presentation contains certain financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). FSK uses these non-GAAP financial measures internally in analyzing financial results and believes that the presentation of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing results and trends and in comparing FSK's financial results with other business development companies.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with FSK's consolidated financial statements prepared in accordance with GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the End Notes included in this presentation and investors are encouraged to review the reconciliation in the table and the related End Notes.

Certain figures in this presentation have been rounded.

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Agenda

Section	Presenter(s)
Welcome & Introductions	Robert Paun & Craig Larson
A Bridge from FSK's 2021 Investor Day	Steven Lilly
Economic Update	Henry McVey
Private Credit Industry Overview & Outlook	Daniel Pietrzak
KKR Credit Overview	KKR Credit Investment Team
FSK Overview	Daniel Pietrzak
FSK Portfolio Review & Capital Structure	Brian Gerson & Ryan Wilson
FSK: Observations & Outlook	Steven Lilly & Drew O'Toole
Questions & Discussion	All Speakers

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FSK Management Team Speakers

Daniel Pietrzak

Co-President and CIO,

FSK

• Joined KKR in 2016
• Co-Headof KKR Private Credit
• Formerly Managing Director and Co-Head of Structured Finance at Deutsche Bank
• Prior experience includes Societe Generale and CIBC World Markets
• B.S., Lehigh University
• M.B.A., The Wharton School of the University of Pennsylvania

Brian Gerson

Co-President,

FSK

• Joined FS Investments in 2017
• Serves as Head of Private Credit at FS Investments
• Formerly Group Head and Managing Director at LStar Capital, the credit affiliate of Lone Star Funds
• Prior experience includes Solar Capital, CIBC World Markets, and Merrill Lynch
• B.A., Tufts University

Steven Lilly

Chief Financial Officer,

FSK

• Joined FS Investments in 2019
• Recognized three times by Institutional Investor as "One of America's Best CFOs"
• Formerly Chief Financial Officer and member of the Board of Directors of Triangle Capital Corporation
• Board of Managers and Chairman of the Audit Committee of America First Multifamily Investors (NASDAQ:ATAX)
• Board of Governors, SBIA
• B.A., Davidson College

Drew O'Toole		Ryan Wilson	Robert Paun
Co-Chief Operating Officer,		Co-Chief Operating Officer,	Head of Investor Relations,
FSK		FSK	FSK
• Joined FS Investments in 2014	• Joined KKR in 2006	• Joined FS Investments in 2018
• Prior experience includes Cambridge Associates	• Chief Operating Officer of KKR Private Credit	• Formerly Senior Equity Research Analyst for Sidoti & Company
• B.S., University of Pittsburgh	•	Prior experience includes PwC	• Prior experience includes Affinion Group and Merrill Lynch
• Chartered Financial Analyst	•	B.A., Wilfrid Laurier University	• B.S., Bucknell University
	• M.Acc., University of Waterloo

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KKR Investment Team Speakers

Lauren Krueger		George Mueller	Cathy Madigan
Managing Director,		Managing Director,	Managing Director,
KKR Credit		KKR Credit	KKR Credit
• Joined KKR in 2018	•	Joined KKR in 2009	• Joined KKR in 2019
• Leads KKR Credit's Restructuring and	•	Senior investment professional focused on	• Senior investment professional focused on
Governance team		origination	credit underwriting
• Prior experience includes Esopus Creek	•	Member of KKR Private Credit Investment	• Member of KKR Private Credit Investment
Advisors, D.E. Shaw Group, and Lazard Freres		Committee	Committee
• AB, Princeton University	•	Prior experience includes Barclays Capital	• Prior experience includes Deutsche Bank
• MBA, Columbia Business School	•	B.A., Vanderbilt University	• B.A., Mount Holyoke College
	•	Chartered Financial Analyst

Avi Korn

Managing Director,

KKR Credit

• Joined KKR in 2018
• Co-Headof U.S. Asset Based Finance
• Member of KKR Private Credit Investment Committee
• Prior experience includes BlueMountain Capital and J.P. Morgan
• B.S., University of Pennsylvania

Rony Ma	Alex Foreman
Managing Director,	Managing Director,
KKR Credit	KKR Credit
• Joined KKR in 2011	• Joined KKR in 2018
• Senior investment professional focused on	• Senior investment professional focused on
credit underwriting	origination
• Member of KKR Private Credit Investment	• Prior experience includes Ares and Goldman
Committee	Sachs
• Prior experience includes Deutsche Bank	• B.B.A., Emory University
• B.S. and B.A.S., University of Pennsylvania

Bobby Campbell

Managing Director,

KKR Credit

• Joined KKR in 2019
• Senior investment professional focused on origination
• Prior experience includes Goldman Sachs
• B. A., Vanderbilt University

Patrick Clancy

Director,

KKR Credit

• Joined KKR in 2015
• Senior investment professional focused on origination, underwriting, and execution
• Leads Private Credit Transportation and Equipment investing
• Prior experience includes Morgan Stanley
• B. S., Georgetown University

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