PLEASE DETACH ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED. PROXY VOTING INSTRUCTIONSPlease
have your control number ready when voting by Internet or Telephone INTERNETSubmit Your Proxy on the Internet:Go to www.fcrvote.com/SICSMHave your proxy card available when you access the above website. Follow the prompts to vote your
shares. TELEPHONESubmit Your Proxy by Phone:Call 1 866-402-3905Use any touch-tone telephone to vote your proxy. Have your proxy card available when you call.Follow the voting instructions to vote your shares. MAILSubmit Your Proxy by
Mail:Mark, sign, and date your proxy card, then detach it, and return it in the postage-paid envelope provided. NOTE: Please sign your name(s) EXACTLY as your name(s) appear(s) on this proxy. All joint holders must sign. When
signing as an attorney, executor, administrator, guardian or corporate officer, please provide your FULL title. Signature Signature (Joint Owners) Date: , 2022 THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. VIRTUAL CONTROL
NUMBER For address changes and/or comments, please check this box and write them on the back where indicated. SCAN TOVIEW MATERIALS & VOTE VIRTUAL CONTROL NUMBER DO NOT PRINT IN THIS AREA(Shareholder Name & Address
Data) TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS YOU VOTE FOR PROPOSALS 1 AND 2. 1. To approve the merger of Mercury Acquisition Sub, Inc. (“Acquisition Sub”), a Maryland corporation
and a direct wholly-owned subsidiary of Barings BDC, Inc. (“Barings BDC”), a Maryland corporation, with and into Sierra Income Corporation (“Sierra”) (the “First Merger”), with Sierra continuing as the surviving corporation and as a wholly-owned
subsidiary of Barings BDC, pursuant to the Agreement and Plan of Merger, dated as of September 21, 2021 (as may be amended from time to time, the “Merger Agreement”), by and among Barings BDC, Acquisition Sub, Sierra and Barings LLC, a Delaware
limited liability company and the external investment adviser to Barings BDC (“Barings”) (such proposal, the “Merger Proposal”); and FOR AGAINST ABSTAIN 2. To approve the adjournment of the Special Meeting, if necessary or appropriate, to
solicit additional proxies, in the event that there are insufficient votes at the time of the Special Meeting to approve the Merger Proposal. FOR AGAINST ABSTAIN