Our Funds Management

OWL ROCK CAPITAL CORPORATION II A PRIVATE CREDIT STRATEGY OFFERING INCOME POTENTIAL

INFORMATION (per share as of March 31, 2018)

  • Share Price1$9.55
  • Net Investment Amount2$9.07
  • Annualized Distribution Rate36.9%
  • Annualized Distribution Amount3$0.66

VIEW PRICING DISCLOSURE FOR FOOTNOTES 1,2,3

1Pursuant to the terms of the ORCC II prospectus, the share price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current ORCC II prospectus as amended and supplemented for disclosures relating to the share price (referred to as the “public offering price” in the prospectus).

2The net investment amount for shares of ORCC II is the share price, net of the maximum upfront sales load of 5.0%.

3The distribution rate shown is calculated by annualizing the weekly declared distributions per share and dividing by the most recently published public offering price as of March 31, 2018. The annualized

distribution rate shown may be rounded. The payment of future distributions is subject to the discretion of ORCC II’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject

to repayment to the Adviser of ORCC II. Such waivers and reimbursements by the Adviser may not continue in the future. If the Adviser had not agreed to reimburse certain expenses for ORCC II, 100% of the distributions paid thus far would have come from offering proceeds. The repayment of amounts owed to the Adviser will reduce the future distributions to which investors would otherwise be entitled.

INVESTMENT COMMITTEE

ORCC II is managed by Owl Rock Capital Advisors, its investment advisor, which has a dedicated team of investment professionals with diverse credit underwriting expertise across a variety of industries. The investment team is led by our Investment Committee. Each committee member offers a unique perspective anchored in their deep experience investing throughout market cycles and across the capital structure.

3_owl_rock_our_story_page_comp_03

Douglas I. Ostrover

Co-Founder

3_owl_rock_our_story_page_comp_03

Douglas I. Ostrover

Co-Founder

Douglas I. Ostrover is a Co‐Founder and the Chief Executive Officer of Owl Rock Capital Partners, the Co‐Chief Investment Officer of Owl Rock Capital Advisors, and is a member of the Advisors’ Investment Committee. Prior to founding Owl Rock, Mr. Ostrover was one of the founders of GSO Capital Partners, Blackstone’s alternative credit platform, and a Senior Managing Director at Blackstone until 2015. Prior to co‐founding GSO in 2005, Mr. Ostrover was a Managing Director and Chairman of the Leveraged Finance Group of CSFB. Prior to his role as Chairman, Mr. Ostrover was Global Co‐Head of CSFB’s Leveraged Finance Group, during which time he was responsible for all of CSFB’s origination, distribution and trading activities relating to high yield securities, leveraged loans, high yield credit derivatives and distressed securities. Mr. Ostrover was a member of CSFB’s Management Council and the Fixed Income Operating Committee. Mr. Ostrover joined CSFB in November 2000 when CSFB acquired Donaldson, Lufkin & Jenrette (“DLJ”), where he was a Managing Director in charge of High Yield and Distressed Sales, Trading and Research. Mr. Ostrover had been a member of DLJ’s High Yield team since he joined the firm in 1992. Mr. Ostrover received a B.A. in Economics from the University of Pennsylvania and an M.B.A. from New York University Stern School of Business. Presently, Mr. Ostrover also serves on the Board of Directors of the Michael J. Fox Foundation.

3_owl_rock_our_story_page_comp_03

Marc Lipschultz

Co-Founder

3_owl_rock_our_story_page_comp_03

Marc Lipschultz

Co-Founder

Marc Lipschultz is a Co‐Founder and the President of Owl Rock Capital Partners, the Co‐Chief Investment Officer of Owl Rock Capital Advisors, and is a member of the Advisors’ Investment Committee. Prior to founding Owl Rock, Mr. Lipschultz spent more than two decades at KKR, where he served on the firm’s Management Committee and as the Global Head of Energy and Infrastructure. Mr. Lipschultz has a wide range of experience in alternative investments, including leadership roles in private equity, infrastructure and direct‐asset investing. Prior to joining KKR, Mr. Lipschultz was with Goldman, Sachs & Co., where he focused on Mergers and Acquisitions and Principal Investment Activities. He received an A.B. with Honors and Distinction, Phi Beta Kappa, from Stanford University and an M.B.A. with High Distinction, Baker Scholar, from Harvard Business School. Mr. Lipschultz is actively involved in a variety of nonprofit organizations, serving as a Trustee and Board Member of the American Enterprise Institute for Public Policy Research, Michael J. Fox Foundation, Mount Sinai Health System, Riverdale Country School and as the President of the Board of Directors of the 92nd Street Y.

3_owl_rock_our_story_page_comp_03

Craig W. Packer

Co-Founder

3_owl_rock_our_story_page_comp_03

Craig W. Packer

Co-Founder

Craig W. Packer is a Co-Founder of Owl Rock Capital Partners, the Chief Executive Officer of Owl Rock Capital Corporation, and Owl Rock Capital Corporation II , the Co-Chief Investment Officer of Owl Rock Capital Advisors and is a member of the Advisors’ Investment Committee. Prior to founding Owl Rock , Mr. Packer was Co-Head of Leveraged Finance in the Americas at Goldman, Sachs & Co., where he served on the Firmwide Capital Committee, Investment Banking Division (“IBD”) Operating Committee, IBD Client and Business Standards Committee and the IBD Risk Committee. Mr. Packer joined Goldman, Sachs & Co. as a Managing Director and Head of High Yield Capital Markets in 2006 and was named partner in 2008. Prior to joining Goldman, Sachs & Co., Mr. Packer was the Global Head of High Yield Capital Markets at Credit Suisse First Boston, and before that he worked at Donaldson, Lufkin & Jenrette. Mr. Packer serves as Treasurer and on the Board of Trustees of Greenwich Academy and on the Board of Directors of Kids in Crisis, a nonprofit organization that serves children in Connecticut. Mr. Packer earned a B.S. from the University of Virginia and an M.B.A. from Harvard Business School.

3_owl_rock_our_story_page_comp_03

Alexis Maged

Managing Director

3_owl_rock_our_story_page_comp_03

Alexis Maged

Managing Director

Alexis Maged is a Managing Director of Owl Rock Capital Partners, serves as the Head of Underwriting and Portfolio Management for Owl Rock Capital Advisors, and is a member of the Advisors’ Investment Committee. Prior to joining Owl Rock in 2016, Mr. Maged was Chief Financial Officer of Barkbox, Inc., a New York‐based provider of pet‐themed products and technology, from 2014 to 2015. Prior to that, Mr. Maged was a Managing Director with Goldman Sachs & Co. from 2007 until 2014. At Goldman Sachs & Co., Mr. Maged held several leadership positions, including Chief Operating Officer of the investment bank’s Global Credit Finance businesses, Co‐Chair of the Credit Markets Capital Committee and a member of the Firmwide Capital Committee. Prior to assuming that role in 2011, Mr. Maged served as Chief Underwriting Officer for the Americas and oversaw the U.S. Bank Debt Portfolio Group and US Loan Negotiation Group. From mid‐2007 to the end of 2008, Mr. Maged was Head of Bridge Finance Capital Markets in the Americas Financing Group’s Leveraged Finance Group, where he coordinated the firm’s High Yield Bridge Lending and Syndication business. Prior to joining Goldman, Sachs & Co, Mr. Maged was Head of the Bridge Finance Group at Credit Suisse and also worked in the Loan Capital Markets Group at Donaldson, Lufkin and Jenrette. Upon DLJ’s merger with Credit Suisse in 2000, Mr. Maged joined Credit Suisse’s Syndicated Loan Group and, in 2003, founded its Bridge Finance Group. Earlier in his career, Mr. Maged was a member of the West Coast Sponsor Coverage Group at Citigroup and the Derivatives Group at Republic National Bank, as well as a founding member of the Loan Syndication Group at Swiss Bank Corporation. Mr. Maged received a B.A. from Vassar College and an M.B.A. from New York University Stern School of Business.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for Owl Rock Capital Corporation II can make such an offer. This material is authorized only when it is accompanied or preceded by the Owl Rock Capital Corporation II prospectus. Neither the SEC, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Owl Rock Capital Securities LLC, member of FINRA/SIPC, as Dealer Manager.

Risk Factors and Other Important Information:

An investment in Owl Rock Capital Corporation II (“ORCC II” or “our”, “we” or “us”) is speculative and involves a high degree of risk, including the risk of a substantial loss of investment. The following are some of the risks involved in an investment in our common shares; however, an investor should carefully consider the information found in the “Risk Factors” section of our prospectus before deciding to invest:

  • You should not expect to be able to sell your shares regardless of how we perform.
  • We may offer to repurchase a limited number of shares, but if we do, it is likely you will receive less than your initial purchase price. While ORCC II intends to implement a share repurchase program and conduct quarterly tender offers, any such share repurchase program may be amended, suspended or terminated at any time in the discretion of our board of directors. Any repurchases will be limited to the lesser of (a) 2.5% of the weighted average number of shares of our common stock outstanding in the prior 12-month period and (b) the number of shares we can repurchase with the proceeds we receive from the sale of shares of our common stock under our distribution reinvestment plan.
  • We do not intend to list our shares on any securities exchange for what may be a significant time and we do not expect a secondary market in the shares to develop.
  • You should consider that you may not have access to the money you invest for an indefinite period of time.
  • Because you will be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
  • An investment in our shares is not suitable for you if you need access to the money you invest.
  • The payment of fees and expenses will reduce the funds available for investment, the net income generated, the funds available for distribution and the book value of the common shares. Please see ORCC II’s prospectus for details on its fees and expenses.
  • We may fund distributions from sources other than earnings, including unlimited amounts of offering proceeds and borrowings, which may affect future distributions, constitute a return of capital and reduce the amount of capital available to us for investment. Any capital returned to stockholders through distributions will be distributed after payment of fees and expenses. We have not established any limit on the extent to which we may use offering proceeds to fund distributions.
  • Our distributions to stockholders may be funded in significant part from the reimbursement of certain expenses, including through the waiver of certain investment advisory fees, that will be subject to repayment to Owl Rock Capital Advisors LLC (the “Adviser”). Significant portions of these distributions may not be based on our investment performance and such waivers and reimbursements may not continue in the future. The repayment of any amounts owed will reduce the future distributions to which you would otherwise be entitled.
  • The Adviser and its affiliates face a number of conflicts with respect to us. Currently, the Adviser and its affiliates manage other investment entities, including Owl Rock Capital Corporation, and are not prohibited from raising money for and managing future investment entities that make the same types of investments as those we target. As a result, the time and resources that the Adviser devotes to us may be diverted. In addition, we may compete with any such investment entity also managed by the Adviser for the same investors and investment opportunities. Furthermore, the Adviser may face conflicts of interest with respect to services it may perform for companies in which we invest as it may receive fees in connection with such services that may not be shared with us.
  • The incentive fee payable by us to the Adviser may create an incentive for the Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. We may be obligated to pay the Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.
  • ORCC II intends to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated.
  • Investing in privately held middle market companies presents certain challenges, including the lack of available information about these companies.

The information provided above is not directed at any particular investor or category of investors and is provided solely as general information about our products and services to regulated financial intermediaries and to otherwise provide general investment education. No information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as Owl Rock Capital Securities LLC, its affiliates, and Owl Rock Capital Corporation II are not undertaking to provide investment advice, act as an adviser, or give advice in a fiduciary capacity with respect to the materials presented herein.