FS KKR Capital II : Franchise Equity Investor Presentation

FS KKR BDC Franchise

Investor Presentation

MARCH 2021

FS KKR Advisor & Market Overview

FS KKR: at a Glance

Size & Scale

Market Reach

Scope

• • Two BDCs (FSK and FSKR) totalling ~$16bn in assets integrated within KKR's $78bn credit platform

• • ~140(1) dedicated KKR Credit investment professionals

• • Global financial sponsor and corporate borrower relationships

• • Investment and leadership team with significant industry experience

• • Primarily focused on upper middle market companies ($50-100mm in EBITDA)

• • Focused on U.S. senior secured debt financings

Note: AUM figures as of December 31, 2020. Please see "Important Information" for important information regarding the calculation of AUM. 1. As of March 2021.

FS KKR: Competitive Advantages

Note: As of December 31, 2020 unless otherwise noted.

• 1. Figure based on count of Direct Origination investments only. KKR & BDC accounts' participation, KKR Capital Markets' involvement, and deal teams leading the negotiations / structuring are all considered when determining the Origination Role.

• 2. Gross dollars invested inclusive of new transactions, follow-ons, and delayed draws and represents the aggregate amount of capital that has been invested by all of KKR Credit's investment vehicles in private credit strategies and is used as a measure of investment activity for KKR Credit in a given period.

• 3. Stats from 2011-2020, includes KKR origination activity & defaults for Corporate Capital Trust, Inc. ("CCT"), Corporate Capital Trust II ("CCT II"), KKR Lending Partners ("KLP"), KKR Lending Partners II ("KLP II), KKR Lending Partners III ("KLP III") since inception date and FSK, FSKR, FS Investment Corp. III ("FSIC III"), FS Investment Corp. IV ("FSIC IV") from 2Q'18-4Q'20.

• 4. Loss rate is Default Rate * Recovery. KKR total recovery calculated as local currency cash on cash for both 1) life of defaulted investment plus 2) any defensive investments made after default; for 2011-2020; number includes interest, fees, principal proceeds, and related expenses. Default is constant default rate for 2011-2020.