FS Specialty Lending Fund

Pursuant to the Amended and Restated Declaration of Trust of the Fund, the number of trustees on the Board may not be fewer than two and no greater than fifteen. The Board currently has six Trustees, each of whom will hold office for the term to which he or she was elected and until his or her successor is duly elected and qualified. Pursuant to the Amended and Restated Declaration of Trust, the seven Trustees are currently divided into three classes (each a “Class”): Class I, Class II and Class III. Each class of Trustees holds office for a three-year term. The current Class I Trustees hold office for a term expiring at the Annual Meeting. The current Class II Trustees hold office for a term expiring at the 2027 annual meeting. The current Class III Trustees hold office for a term expiring at the 2028 annual meeting.

At the Annual Meeting, shareholders of the Fund are being asked to consider the election of Charles P. Pizzi and Pedro A. Ramos as Class I Trustees. Each of Charles P. Pizzi and Pedro A. Ramos have been nominated for re-election for a three-year term expiring at the 2029 annual meeting of the shareholders. Each Trustee nominee has agreed to serve as a Trustee if re-elected and has consented to being named as a nominee. No person being nominated as a Trustee is being proposed for election pursuant to any agreement or understanding between such person and the Fund.

Charles P. Pizzi and Pedro A. Ramos are to be elected by the holders of the Common Shares.

A shareholder can vote for, or withhold his or her vote from, any or all of the trustee nominees. In the absence of instructions to the contrary, it is the intention of the persons named as proxies to vote such proxy FOR the election of each of the trustee nominees named above. If any of the trustee nominees should decline or be unable to serve as a trustee, the persons named as proxies will vote for such other nominee as may be proposed by the Board’s Nominating and Corporate Governance Committee. The Board has no reason to believe that any of the persons named as trustee nominees will be unable or unwilling to serve.