Investcorp Credit Management BDC : ICMB Investor Presentation – September 30, 2023

Investcorp Credit Management BDC, Inc.

Investor Presentation

September 30, 2023

NEW YORK LONDON BAHRAIN ABU DHABI RIYADH DOHA MUMBAI SINGAPORE

Forward-looking Statements and Disclosures

Statements included in this presentation may contain "forward-looking statements," which relate to future performance or financial condition of Investcorp Credit Management BDC, Inc. (the "ICMB"). Forward-looking statements are based on estimates, projections, beliefs and assumptions of ICMB's management at the time of such statements, which change over time, and are not guarantees of future performance or results. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by ICMB with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this presentation, or as of the prior date referenced in this presentation and are subject to change without notice. ICMB undertakes no duty to update any forward-looking statement made herein except as required by law.

This presentation is neither an offer to sell nor a solicitation of an offer to buy ICMB's securities. An offering is made only by an applicable prospectus. This presentation must be read in conjunction with a prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of such a prospectus must be made available to you in connection with any offering.

The summary descriptions and other information included herein are intended only for informational purposes and convenient reference. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Before making an investment decision with respect to ICMB, investors are advised to carefully review an applicable prospectus to review the risk factors described therein, and to consult with their tax, financial, investment and legal advisors. These materials do not purport to be complete and are qualified in their entirety by reference to the more detailed disclosures contained in an applicable prospectus and ICMB's related documentation. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of ICMB.

2

Investcorp Credit Management BDC, Inc. - Investment Team

INVESTMENT PROFESSIONALS

Andrew Muns

Director

Investment Committee Member

Michael C. Mauer

Managing Director

Investment Committee Member

Co-Chief Investment Officer

Zachary Alpern

Director

Investment Committee Member

Suhail A. Shaikh

Managing Director

Investment Committee Member

Co-Chief Investment Officer

Branko Krmpotic

Managing Director

Investment Committee Member

Timothy Waller

Director

Investment Committee Member

John Dibble

Director

Emily Mason

Associate Director

Seth D. Thomas

Associate

Rocco DelGuercio

Chief Financial Officer, Chief Compliance Officer

FINANCE PROFESSIONALS

Destinie Mack		Therese Dyman
Vice President		Consultant

Aamer Jooma

Associate

Investcorp Credit Management BDC, Inc. - Investment Criteria

Use of Proceeds

• Organic Growth
• Acquisitions
• Market / Product Expansion
• Refinancings and Recapitalizations

Borrower Focus

• Established companies with a history of positive operating cash flow
• Defensible and sustainable business
• Seasoned management team with meaningful equity ownership
• Significant Invested Capital
• Investment Partnerships
• Ability to exert meaningful influence
• Exit strategy

General Investment Parameters

• Revenues: $50MM+1
• EBITDA: $15MM+1
• Investment Size: $5MM -- $25MM

Investment Structures

• First and Second Lien Loans
• Unitranche Loans
• Mezzanine Loans/Structured Equity
• Unsecured Loans
• Equity Components

1 ICMB may invest in smaller or larger companies if there is an attractive opportunity, especially when there are dislocations in the capital markets, including the high yield and large	4
syndicated loan markets.

Investcorp Credit Management BDC, Inc. - Overview as of September 30, 2023

Issuer

Investment Manager

Formation

Market Capitalization

Investment Portfolio(1)

Leverage

Distribution Yield(2)

Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB)

CM Investment Partners LLC ("CMIP")

Formed as CM Finance LLC in 2012; IPO in February 2014

$57.4 million

$223.4 million

Debt-Equity of 1.58x

15.03% annualized distribution yield (based on quarterly distribution of $0.15 per share and price of $3.99 per share as of September 30, 2023)

1. A

1At Fair Value. Please see form 10-K filed with the SEC for details.	5
2 Not a guarantee of future distribution amounts or yield.

Investcorp Credit Management BDC, Inc. - 9/30/2023 Portfolio Profile

By S&P Sector

18.00%

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

Professional Services

IT Services

Software

Containers & Packaging Commercial Services & Supplies

Machinery

Internet & Direct Marketing Retail

Household Durables

Entertainment

Chemicals

Diversified Consumer Services Hotels, Restaurants, and Leisure Automobile Components Consumer Staples Distribution & Retail

Specialty Retail

Consumer Services

Building Products

Automotive Retail

Food Products

Trading Companies & Distributors

By Coupon Type

Other KPI's

Senior Secured First Lien Debt	89.67%
Senior Secured Second Lien / Unitranche Debt	0.0%
Equity / Warrants / Other	10.33%

6

Investcorp Credit Management BDC, Inc. - Portfolio as of September 30, 2023

Quarterly Highlights

• ICMB made investments in four new portfolio companies and one existing portfolio company. These investments totaled $15.5 million, at cost. The weighted average yield (at origination) of debt investments made in the quarter was 12.27%.
• ICMB fully realized one portfolio company during the quarter, totaling $6.86 million in proceeds. The internal rate of return on this investment was 16.40%.
• During the quarter, the Company had net advances of $0.7 million on its existing delayed draw and revolving credit commitments to portfolio companies.
• The weighted average yield on debt investments, at cost, for the quarter ended September 30, 2023, was 11.01%, compared to 12.45% for the quarter ended June 30, 2023.
• Net asset value decreased $0.26 per share to $5.83, compared to $6.09 as of June 30, 2023. Net assets decreased by $3.8 million, or 4.4%, during the quarter ended September 30, 2023, compared to June 30, 2023.

Portfolio Results (as of 9/30/23)

	Total assets	$239.8mm
 Investment portfolio, at fair value	$223.4mm
	Net assets	$83.9mm

Portfolio Activity (6/30/23-9/30/23)

 Total capital invested

$15.5mm

• Proceeds from repayments, sales,

and amortization

$10.3mm

• Number of portfolio companies,

end of period

40

7

Investcorp Credit Management BDC, Inc.

Selected Financial Highlights

		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
	September 30, 2022	December 31, 2022		March 31, 2023		June 30, 2023	September 30, 2023
Investment Portfolio at	$	239,177,561	$	228,593,658	$	221,315,429	$	220,111,329	$	223,404,283
Fair Value
Debt at Cost	$	152,510,559	$	141,601,670	$	145,292,781	$	135,483,891	$	132,775,003
Net Assets	$	93,013,620	$	91,477,635	$	88,226,547	$	87,700,308	$	83,860,817
Ending Debt to Equity		1.64x		1.55x		1.65x		1.54x		1.58x
Ratio
Per Share Data		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
September 30, 2022	December 31, 2022		March 31, 2023		June 30, 2023	September 30, 2023
Net Asset Value	$	6.47	$	6.36	$	6.13	$	6.09	$	5.83
per Share
Net Investment Income	$	0.16	$	0.16	$	0.18	$	0.15	$	0.11
per Share
Net Increase in Net
Assets Resulting from	$	0.12	$	0.04	$	(0.08)	$	(0.14)	$	(0.12)
Operations per Share
Dividends Declared	$	0.15(1)	$	0.15(1)	$	0.18(2)	$	0.18(2)	$	0.15(3)
per Share

1Includes a quarterly distribution of $0.13 per share and a supplemental distribution of $0.02 per share

2Includes a quarterly distribution of $0.13 per share and a supplemental distribution of $0.05 per share8 3Includes a quarterly distribution of $0.12 per share and a supplemental distribution of $0.03 per share