Saratoga Investment Corp (NYSE:SAR) Q2 2021 Earnings Conference Call October 8, 2020 10:00 AM ET Company Participants Henri Steenkamp - Chief Financial and Compliance Officer Christian Oberbeck - Chairman and Chief Executive Officer Michael Grisius - President and Chief Investment Officer Conference Call Participants Mickey Schleien - Ladenburg Casey Alexander - Compass Point Michael Smyth - B. Riley Securities Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Saratoga Inves ...

Saratoga Investment Corp. Fiscal Second Quarter 2021 Shareholder Presentation October 8, 2020 Continued Strong Performance in Q2 Fiscal Second Quarter 2021 Highlights: • Continued high quality portfolio and strong performance ▫ Investment quality remains strong 92.1% of loan investments with highest internal rating as of August 31, 2020, up from 90% at Q1 Valuations reflect impact of changes to market spreads, EBITDA multiples and/or revised portfolio company performance related to COVID-19 ▫ Return on equi ...