FS Specialty Lending Advisor LLC

ITEM 5 – Fees and Compensation

The Adviser has no set policy regarding the calculation of fees for its services, and it will
determine such fees on a Client-by-Client basis, as negotiated with each Client.
The Adviser deducts fees from any discretionary Client’s assets.

          FSSL

The Adviser and FSSL entered into an investment advisory agreement, dated as of
October 28, 2025. With respect to FSSL, the Adviser is entitled to a base, annual
management fee as a percentage of FSSL’s average daily gross assets and an incentive
fee, based on FSSL’s performance. The Adviser may agree to, temporarily or
permanently waive, in whole or in part, the base management fee and/or the incentive
fee. The base management fee is calculated and payable quarterly in arrears at the
annual rate of 1.75% of FSSL’s average daily gross assets during the most recently
completed quarter. All or any part of the base management fee not taken as to any quarter
will be deferred without interest and may be taken in such other quarters as the Adviser
may determine. The base management fee for any partial quarter will be appropriately
prorated.

Under the investment advisory agreement, the incentive fee is calculated and payable
quarterly in arrears based upon FSSL’s “pre-incentive fee net investment income” for the
immediately preceding quarter, and is subject to a preferred rate of return, expressed as

a rate of return on FSSL’s “adjusted capital,” equal to 1.50% per quarter (or an annualized
preferred rate of return of 6.00%), subject to a “catch-up” feature. For this purpose,
“pre-incentive fee net investment income” means interest income, dividend income and
any other income (including any other fees, such as commitment, origination, structuring,
diligence and consulting fees or other fees that FSSL receives from portfolio companies)
accrued during the calendar quarter, minus FSSL’s operating expenses for the quarter
(including the management fee, expenses reimbursed to the Adviser under the
administration agreement, dated as of July 15, 2013, by and between the Adviser and
FSSL, and any interest expense and distributions paid on any issued and outstanding
preferred shares, but excluding the incentive fee). Pre-incentive fee net investment
income includes, in the case of investments with a deferred interest feature (such as
original issue discount, debt instruments with paid-in-kind interest and zero-coupon
securities), accrued income that FSSL has not yet received in cash. Pre-incentive fee net
investment income does not include any realized capital gains, realized capital losses or
unrealized capital appreciation or depreciation. “Adjusted capital” means the cumulative
gross proceeds received by FSSL from the issuance of FSSL’s common shares (including
common shares issued in respect of reinvested distributions), reduced by amounts paid
in connection with repurchases of FSSL’s common shares pursuant to FSSL’s share
repurchase program.

The calculation of the incentive fee for each quarter is, as follows:

       •      No incentive fee is payable in any calendar quarter in which FSSL’s
              pre-incentive fee net investment income does not exceed the Post-Listing
              Hurdle Rate, which is defined as the “rate of return on the Fund’s net assets
              at the beginning of the most recently completed calendar quarter, of 1.5%
              (6% annualized);

       •      100% of FSSL’s pre-incentive fee net investment income, if any, that
              exceeds the Post-Listing Hurdle Rate but is less than or equal to 1.875% in
              any calendar quarter (7.5% annualized) is payable to the Adviser. This
              portion of FSSL’s pre-incentive fee net investment income is referred to as
              the “catch-up.” The “catch-up” provision is intended to provide the Adviser
              with an incentive fee of 20.0% on all of FSSL’s pre-incentive fee net
              investment income when FSSL’s pre-incentive fee net investment income
              reaches 1.875% (7.5% annualized) in any calendar quarter; and

       •      20.0% of the amount of FSSL’s pre-incentive fee net investment income, if
              any, that exceeds 1.875% in any calendar quarter (7.5% annualized) is
              payable to the Adviser once the preferred rate of return and catch-up have
              been achieved.

ITEM 7 – Types of Clients

The Adviser provides investment advice to an investment company registered under the
1940 Act. As discussed in more detail in Item 4, the Adviser and/or its personnel advise
other investment companies, private investment funds, institutional investors or other
persons or entities.