Risk Factors

RISK FACTORS

1 WWW.TRITONPACIFICPE.COM

2 PROVIDING GROWTH CAPITAL TO BUSINESSES IN VARYING STAGES OF DEVELOPMENT

SEED EARLY LATE PUBLIC EXPANSION STAGE STAGE STAGE COMPANY

STAGE COMPANY REVENUE COMPANY

PRIVATE EQUITY

SOURCES OF Friends & Family Venture Mergers & Public Equity CAPITAL Angel Investors Capital Acquisitions Corporate Bonds

3 WHY ADD ALTERNATIVE INVESTMENTS?

“Though it may seem counter-intuitive, the addition of a high-risk asset to your portfolio may reduce your total portfolio risk if the high-risk asset has a low correlation with your other investment assets. In this way, you can lower your portfolio risk while at the same time increasing your potential return.”

-- Professor Roger Ibbotson, Yale University, Chairman and Founder of Ibbotson Associates

4 BALANCED PORTFOLIOS WITH ALTERNATIVES – REDUCED VOLATILITY

5 Years ending 6/30/2010 Fixed Income: Barclay’s Capital US Aggregate Bond Index; Alt Mutual Funds: Style-specific universe of mutual funds categorized as Long-Short by Morningstar; Private Equity: Cambridge Associates Private Equity Index; Hedge Funds: HFRI Funds Weighted Composite Index; Managed Futures: S&P 500 Diversified Trends Indicator. Source: Robert W. Baird & Co. Incorporated – “The Role of Alternative Investments in a Diversified Investment Portfolio” – April, 2013 5 THE EVOLUTION OF THE ENDOWMENT MODEL

“Other pension funds may rely on Private Equity to meet their annual return goals and keep the pace Endowment Allocation in 20141 with ever growing obligations for their current and future retirees.”

Endowment in 1980’s

1. Source: Yale Endowment Report 2014. 6 PERFORMANCE OF PRIVATE EQUITY

Cambridge Associates U.S. Private Equity Russell 2000 Composite S&P 500

15.4%

14.6%

14.5%

13.6%

13.5%

13.0%

10.2%

10.0%

9.8%

9.6%

9.4%

8.8%

8.0%

7.2% 4.2%

5 YEAR 10 YEAR 15 YEAR 20 YEAR 25 YEAR

Source: 1Cambridge Associates – U.S Private Equity Index and Selected Benchmark Statistics - March 31, 2015

7 COMPARISON OF TRADITIONAL 60/40 PORTFOLIO

Endowment 1 11%

Endowment 2 9.4%

Traditional 60/40 Stock / Bond Portfolio 6.8%

AVERAGE ANNUAL RETURNS OVER 10-YEAR PERIOD Endowments invest a smaller percentage of their assets in U.S. stocks and bonds and rely on alternative assets to generate higher returns than those of traditional 60/40 portfolios.

Sources: Yahoo Finance – March 31, 2014. The Yield Book - Citigroup Global Fixed Income Index - April 8, 2014 Yale University - The Yale Endowment 2014. Harvard University - Annual Endowment Report - September, 2014.

8 INEFFICIENCY CREATES OPPORTUNITY

A Larger Universe of Potential Investments

170,000+ Companies 100,000

75,000

50,000

25,000 16,000 11,000+ 5,000 3,300 PE Backed Companies 0 US PUBLIC MARKETS PRIVATE COMPANIES Institutional Public Private Equity Private Investors4 Companies3 Firms1 Companies2

1Private Equity Growth Capital Council - Private Equity by the Numbers 2Dun & Bradstreet - Industry estimates, U.S. Companies with at least $10 million in revenue 3The Wall Street Journal – “U.S. Public Companies Rise Again” - February 5, 2014 4Investment Company Institute and Strategic Insight Simfund - ICI Investment Company Fact Book - 2014

9 PROVEN PRIVATE EQUITY SPONSOR

• SEC Registered Investment Adviser

• TPCP pioneered offering private equity to the IBD channel; created “access” previously only available to institutional investors.

• Deep domain knowledge and expertise from investing four prior funds, deploying $140+ million of equity into companies with an enterprise value of $500+ million. 1

• Experienced Investment Team

• 50+ years direct private equity experience and 100+ years aggregate business experience

• Extensive financial, operational, and M&A experience.

• Regulatory History

• Prior and after the “great recession,” Triton Pacific Securities prides itself on its clean U4 2

• Zero FINRA reported investor complaints

10 Offers first $300 million public non Aggregate portfolio traded Private Offers first of companies invested Equity fund, Triton Pacific pioneers four funds to in exceeds $500 expanding offering institutional independent adviser million. accessibility. private equity to community. non-institutional investors.

2001 2005 2014 2015

. Operationally focused lower middle Negotiated investment market private equity firm. structures including: . Broad industry focus with sector . Buyout (control investments) expertise including healthcare and . Structured equity / debt financial services “DEQUITY” investments . Senior secured/ second lien . Primarily focused on growing profitable syndicated bank loans American entrepreneurial businesses

12 INVESTMENT TEAM

CRAIG FAGGEN – CHAIRMAN AND CEO Craig brings over 20 years of experience in developing and TOM SCOTT – MANAGING PARTNER implementing strategic initiatives and structuring numerous large and Tom has more than 15 years of experience in origination highly complex capital markets transactions. Craig is the CEO and a and execution of middle market private equity transactions co-founder of Triton Pacific Group, the parent company of private across a broad range of industries including business equity firm Triton Pacific Capital Partners and TPIC’s SEC registered services, specialty finance, consumer-oriented, software and investment adviser. Craig received his B.A in Economics from UCLA manufacturing. Tom has a combination of skills in the areas and a Masters Degree from MIT. of mergers & acquisitions, structured financings, and business strategy. Tom received a BA from Dartmouth College.

IVAN FAGGEN – MANAGING PARTNER BRIAN D. BUEHLER – PARTNER Ivan brings over 40 years of strategic and transactional experience to Brian brings over 20 years of product development, Triton Pacific Capital Partners through his involvement with its distribution and investment experience within financial portfolio companies and previous position as one of seven services and commercial real estate. Mr. Buehler runs the Worldwide Directors at Arthur Andersen. Ivan received a B.S. in firm’s capital markets strategy, bringing his expertise in Business Administration from Wayne University and is a retired building distribution platforms that have raised capital to CPA. support more then $2 billion of investment strategies. Mr. Buehler received his B.A. from Chapman University where he was granted the Bateman Scholar Award.

JOE DAVIS – MANAGING PARTNER Joe has over 20 years of experience in healthcare investing and JEFFREY YANG – VICE PRESIDENT operations. Joe runs the firm’s healthcare investment division, Jeff brings more than 5 years experience in structured leveraging his prior experience as President of three different finance, deal origination, and due diligence. Prior to joining healthcare service companies. Joe attended the University of Triton Pacific, Jeff was an investment banker at Thomas California at Irvine and was a finalist in the Ernst & Young Weisel Partners and Schroders & Co. Jeff received a B.S. Entrepreneur of the Year Award Program. from NYU Stern School of Business and an MBA from UCLA Anderson School of Business.

SEAN GJOS – PARTNER Sean has over 15 years of experience in finance, private equity investing, and operations. Sean primarily focuses on healthcare investing where he supports deal team efforts in underwriting and managing the firm’s healthcare portfolio. Sean holds a BA from Brown University and an MBA from UCLA’s Anderson Graduate School of Management, where he was awarded a Deutschman Venture Fellowship.

12 UNIQUE APPROACH TO GROWTH & INCOME

Blends Private Debt & Equity “DEQUITY” • Growth & Income Oriented • Potential for Meaningful Capital Appreciation • Offers Enhanced Diversification Potential

1 There is no guarantee these objectives will be achieved. Past performance does not guarantee future results.

13 REPRESENTATIVE INVESTMENT PORTFOLIO

HEALTHCARE SERVICES

BEHAVIORAL HEALTH

SPECIALTY FINANCE

BUSINESS SERVICES

CONSUMER

SOFTWARE

14 CURRENT INVESTMENTS as of 6/30/2015

Company & Industries Current Coupon % of Portfolio

EQUITY INVESTMENTS Injured Workers Pharmacy - Worker's Compensation Pharmacy N/A 16.14% Javlin Capital LLC - Specialty Finance N/A 24.23%

DEBT INVESTMENTS Senior Secured / First Lien (Top 10) Jeld-Wen, Inc. - Wholesale Trade-Durable Goods 5.25% 3.99% Mister Car Wash, Inc. - Automotive Repair, Services, and Parking 5.00% 3.99% Ranpak Corp. - Paper and Allied Products 4.75% 4.02% GK Holdings, Inc. - Business Services 6.50% 3.99% Verdesian Life Sciences LLC - Wholesale Trade-Nondurable Goods 6.00% 7.99% Curo Health - Healthcare & Pharmaceuticals 6.50% 3.99% TIBCO Software - High Tech Industries 6.50% 3.94% Natel Engineering- High Tech Industries 6.75% 3.99% Paradigm Outcomes - Healthcare & Pharmaceuticals 6.00% 3.97% Omnitracs, LLC - Transportation: Cargo 4.75% 4.00%

Senior Secured / Second Lien Flavors Holdings, Inc. - Second Lien - Beverage, Food & Tobacco 11.00% 3.87% GK Holdings, Inc. - Second Lien - Business Services 10.50% 3.95%

1”Current coupon” reflects Libor, the London Interbank Offered Rate plus a designated spread. Libor-based investments are typically subject to a designated floor. Current totals 92.06% - additional 7.94% not listed on screen.

15 PRIVATE EQUITY PORTFOLIO INVESTMENT

Industry: Specialty Finance Security: Class C-2 Preferred Equity1 Convertible Note INVESTMENT OVERVIEW Javlin Capital, based in Omaha, NE, was founded in 2011 as an operationally-focused lender to experienced debt buyers and investors in unique financial assets, as well as a direct purchaser of heavily discounted non-conforming healthcare receivables.

Javlin is currently active within four (4) primary markets – consumer, real estate, litigation finance, and healthcare finance. Javlin structures its investments as fully secured participating loans and as a direct purchaser of accounts receivable within healthcare such as workers compensation receivables from medical providers (i.e. MRI centers) OPPORTUNITY HIGHLIGHTS  Javlin is a Preferred Partner in a Large, Underserved Market: The company is a recognized leader in its targeted markets and has deployed more than $400 million across 800+ transactions since 2011.  Highly Profitable Business Model: Javlin invests alongside servicers and targets superior risk-adjusted returns with most investments underwritten to generate unlevered returns projected to be in excess of 20%. Management Team, Highly Incentivized: Senior management has a demonstrated track record of success at large organizations including West Corporation, Arrow Financial Services, Sallie Mae, and Hilco, among others. Collectively, Javlin’s Chairman and CEO have successfully deployed more than $5 billion of investment capital into financial assets. The Company’s management team holds more than 35% of the ownership in Javlin.

Disclaimers & Notes There is no guarantee that this investment will be profitable and may not be indicative of returns available to investors in Triton Pacific Investment Corporation (“TPIC”). Prospective investors should consider the investment objectives, risks and charges and expenses of TPIC carefully before investing. TPIC’s prospectus contains information about these important issues as well as other information about the Fund. A prospectus for TPIC may be obtained by visiting our website at www.tritonpacificbdc.com. Portfolio holdings and other fund metrics are subject to change. (1) This senior security has a liquidation preference above all other classes of equity issuance.

16 PRIVATE EQUITY PORTFOLIO INVESTMENT

Sector: Healthcare Industry: Institutional Pharmacy Security: Common Equity

INVESTMENT OVERVIEW Injured Workers Pharmacy (“IWP”), founded in 2001, is the leading specialty pharmacy serving patients in the $8 billion Workers’ Compensation and Personal Injury claim markets in the United States. These are highly specialized and complicated claims being paid largely by indemnity insurers as opposed to traditional healthcare plans or Medicare. The workers’ compensation market is unique as each state maintains its own complex rules including drug pricing, reimbursement processing and pharmacy selection. IWP has developed expertise and systems that enable it to navigate the complicated, state-by- state, plan-by-plan billing process. The complex nature of managing through all these regulations creates a natural barrier to entry and generally results in a much more stable reimbursement environment. Each year, approximately 3 million U.S. workers make new claims related to injuries and illnesses IWP Corporate Snapshot sustained in the workplace. Since medications are utilized in approximately 38% of injury cases (typically to treat severe symptoms such as inflammation or extreme back and shoulder pain), obtaining Founded 2001 pharmaceuticals is a critical component of treatment for injured workers and an important step toward Employees 266 their recovery and return to productivity. However, traditional pharmacy operations are designed to accommodate the needs of more common “group health” insurance systems and are not properly States Shipped 50 equipped to manage workers’ compensation pharmacy claims. Patients Shipped in 2014 219,285 OPPORTUNITY HIGHLIGHTS Prescriptions Filled in 2014 588,251  Strong Patient Referral Base - IWP has a stable and growing referral network that contributes to a growing customer base. Its referral network consists of approximately 3,100 physicians and attorneys across 33 states allowing for a long-term base of predictable recurring revenue (average treatment lifecycle of 2.3 years).  Large Market Opportunity with Positive Fundamental Drivers - Prescription drugs in workers’ compensation and personal injury claim markets are approximately $8 billion per annum and are growing 5% per year.1 IWP handles no more than 3.4% of the addressable market and no more than 3% to 5% of worker’s compensation spending in most major state markets, creating a long runway for growth.  Strong Financial Performance - Revenues have grown by more than 15% per year and earnings have grown at a rate of more than 35% per year from 2012 - 2014.  Highly Experienced Management Team – The company’s management consists of professionals from leading workers’ compensation Third Party Administrators, Pharmacy Benefit Managers, and institutional pharmacy organizations. Two former senior executives of Omnicare (a Fortune 500 provider of pharmaceuticals and related clinical and data management services) are investors alongside Triton Pacific and active participants on IWP’s board.

1. Source: http://www.justfacts.com/healthcare.asp Disclaimers & Notes There is no guarantee that this investment will be profitable and may not be indicative of returns available to investors in Triton Pacific Investment Corporation (“TPIC”). Prospective investors should consider the investment objectives, risks and charges and expenses of TPIC carefully before investing. TPIC’s prospectus contains information about these important issues as well as other information about the Fund. A prospectus for TPIC may be obtained by visiting our website at www.tritonpacificbdc.com. Portfolio holdings and other fund metrics are subject to change. (1) This senior security has a liquidation preference above all other classes of equity issuance. http://www.justfacts.com/healthcare.asp 17 POTENTIAL EXIT STRATEGIES1

ORDERLY LISTED ON MERGER WITH QUARTERLY A PUBLIC LIQUIDATION PUBLIC COMPANY REDEMTION EXCHANGE “Micro Exits”

1 For More Information regarding potential exit strategies, please see the prospectus.

18 THE EVOLUTION OF THE ENDOWMENT MODEL

Endowment in 1980’s

1. Source: Yale Endowment Report 2014. 19 OFFERING SUMMARY

INVESTMENT OBJECTIVE: Growth & Income

STRATEGY: Equity Focused Fund • Core Buyout • Structured Equity/Debt • Senior Floating Rate Debt

EXTERNAL ADVISER: Triton Pacific Adviser • Experienced Private Equity Sponsor • Four Prior BD Funds • Experienced Fixed Income Manager

BROKER DEALER: Triton Pacific Securities, LLC

OFFERING SIZE / $300 Million / Initial Offering Price of $15.00 per share PRICE PER SHARE:

INVESTOR MINIMUM: $5,000 per individual investment; $500 increments thereafter

SUITABILITY: Net Worth of at least $70,000 and annual income of $70,000 or Net Worth of at least $250,0001

TAX REPORTING: 1099

DISTRIBUTION PAYMENT Monthly cash distribution; special cash or stock distributions; SCHEDULE: All subject to approval by Board of Directors

PATHS TO LIQUIDITY: Quarterly Liquidity via Redemption; Exit Strategy 5-7 years from close of offering from “micro exits”, listing, or merger

1Some states may have higher suitability requirements.

20 WWW.TRITONPACIFIC.COM 310.943.4990 [email protected]