Exhibit 99.3 Blue Owl Overview December 2020Exhibit 99.3 Blue Owl Overview December 2020


Disclaimers This presentation (this “Investor Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between the Dyal Capital Partners (“Dyal”) division of Neuberger Berman Group LLC ( Neuberger Berman ), Owl Rock Capital Group (“Owl Rock”) and Altimar Acquisition Corporation (“Altimar”) to form Blue Owl Capital Inc. (“Blue Owl” or the “Company”) and related transactions (the “Transaction”) and for no other purpose. No representations or warranties, express or implied are given in, or respect of, this Investor Presentation. To the fullest extent permitted by law, in no circumstances will Blue Owl, Owl Rock, Dyal, Neuberger Berman, Altimar, or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from use of this Investor Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. This Investor Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Blue Owl or the Transaction. Viewers of this Investor Presentation should each make their own evaluation of Blue Owl and of their relevance and adequacy of the information and should make sure other investigations as they deem necessary. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. Use of Projections This Investor Presentation contains financial forecasts or projections with respect to Dyal, Owl Rock or the Company. Projected performance with respect to Dyal, Owl Rock, the Company, the investment vehicles they manage or expect to manage, and the investments such vehicles make or expect to make is provided on a pro forma basis and is based on certain good faith assumptions that Dyal and Owl Rock believe are reasonable (including, without limitation, estimates and targets of future operating results or cash flows). The actual performance will depend on, among other factors, future operating results, including of the investment vehicles and their portfolio companies, the value of certain assets and market conditions at the time of establishment, acquisition or disposition, any related transaction costs, and time and manner of establishment, acquisition and disposition, all of which may differ from the underlying assumptions on which the projected performance data contained herein are based. In addition, there are many risk factors that could cause Dyal and Owl Rock’s assumptions to prove to be incorrect. These risks therefore could cause the actual performance of the Company to be materially different from the current projected, targeted or estimated performance. These projections are provided solely for illustrative purposes, and there can be no assurances that any projections or targets will ultimately be realized, in the manner illustrated herein or at all. No independent registered public accounting firm of Dyal, Owl Rock or the Company has audited, reviewed, compiled, or performed any procedures with respect to the financial forecasts or projections for the purpose of their inclusion in this Investor Presentation, and accordingly, none of them expresses an opinion or provides any other form of assurance with respect thereto for the purpose of this Investor Presentation. These financial forecasts and projections should not be relied upon as being necessarily indicative of future results. Forward Looking Statements This Investor Presentation includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimates,” “projects,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” and “outlook,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of the Company are based on current expectations that are subject to risks and uncertainties, including those described below. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. Investing in unseasoned companies and in sponsors of alternative investment platforms carries significant risk. Operating results in a specified period will be difficult to predict. The performance of Dyal and Owl Rock, and thus the Company, will depend upon their success in structuring, distributing and operating alternative investment vehicles, including current and potential future vehicles, which will impact the operating results of each of Dyal, Owl Rock, the Company, the investment vehicles they manage or expect to manage, and the investments such vehicles make or expect to make are and will be subject to various risks relating to such entities’ operations, including, but not limited to: weaker than anticipated market acceptance of products and services; disruptions in technology development; an inability to successfully manage expanding operations; an inability to attract and retain key management and technical personnel; competition posed by established enterprises; changes in accounting rules or government regulation; weakness in the applicable industries as well as the U.S. and global economy; currency fluctuations; and the effects of other geopolitical events. Each of Dyal, Owl Rock, the Company, the investment vehicles they manage or expect to manage, and the investments such vehicles make or expect to make is subject to the ongoing effects of the COVID-19 pandemic, the impact of which is particularly difficult to forecast. Because all forward-looking statements involve risks and uncertainties, actual results of Dyal, Owl Rock and the Company may differ materially from any expectations, projections or predictions made or implicated in such forward-looking statements. Prospective investors are therefore cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date made. None of Owl Rock, Dyal or the Company commits to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Non-GAAP Financial Measures; Other Financial and Operational Data This presentation includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from non-GAAP financial measures used by other companies. Each of Dyal, Owl Rock and the Company believes that the use of these non-GAAP financial measures provides an additional tool for investors and potential investors to use in evaluating its ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See the footnotes on the slides where these measures are discussed. To the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As used herein and unless otherwise indicated, all IRRs and multiples are presented on a gross basis (i.e., they do not reflect management or other fees, taxes, transaction costs, expenses and general partner carried interest, which will reduce returns and, in the aggregate, are expected to be substantial) unless otherwise indicated. Exact net IRRs and multiples cannot be calculated for individual investments held by Dyal and Owl Rock’s investment vehicles, or a subset of such investments, due to the lack of a mechanism to precisely allocate fees, taxes, transaction costs, expenses and general partner carried interest. Valuations are as of the dates provided herein and do not take into account subsequent events, including the continued impact of COVID-19, which can be expected to have an adverse effect on certain entities identified or contemplated herein. Additional Information and Where to Find It This communication is being made in respect of the proposed Transaction involving Altimar, Blue Owl, Owl Rock and Dyal. Altimar intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which will include a proxy statement and a prospectus of Altimar, and each party will file other documents with the SEC regarding the proposed Transaction. A definitive proxy statement/prospectus will also be sent to the stockholders of Altimar, seeking any required stockholder approval. Before making any voting or investment decision, investors and security holders of Altimar are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed Transaction. The documents filed by Altimar with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by Altimar may be obtained free of charge from Altimar at www.altimarspac.com. Alternatively, these documents, when available, can be obtained free of charge from Altimar upon written request to Altimar Acquisition Corp., 40 West 57th Street, New York, New York 10019, Attn: Secretary, or by calling 212-287-6767. Participants in Solicitation Altimar and certain of its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Altimar, in favor of the approval of the proposed Transaction. For information regarding Altimar’s directors and executive officers, please see Altimar’s final prospectus relating to its initial public offering filed with the SEC on October 23, 2020. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Transaction may be obtained by reading the registration statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding section. Industry and Market Data This Investor Presentation has been prepared by Altimar, Blue Owl, Owl Rock and Dyal and includes market data and other statistical information from sources believed by Altimar, Blue Owl, Owl Rock and Dyal to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on the good faith estimates of Altimar, Blue Owl, Owl Rock or Dyal, which in each case are derived from its review of internal sources as well as the independent sources described above. Although Altimar, Blue Owl, Owl Rock and Dyal believe these sources are reliable, Altimar, Blue Owl, Owl Rock and Dyal have not independently verified the information and cannot guarantee its accuracy and completeness. Trademarks This Investor Presentation contains trademarks, service marks, trade names and copyrights of Altimar, Blue Owl, Owl Rock and Dyal and other companies, which are the property of their respective owners. 2Disclaimers This presentation (this “Investor Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between the Dyal Capital Partners (“Dyal”) division of Neuberger Berman Group LLC ( Neuberger Berman ), Owl Rock Capital Group (“Owl Rock”) and Altimar Acquisition Corporation (“Altimar”) to form Blue Owl Capital Inc. (“Blue Owl” or the “Company”) and related transactions (the “Transaction”) and for no other purpose. No representations or warranties, express or implied are given in, or respect of, this Investor Presentation. To the fullest extent permitted by law, in no circumstances will Blue Owl, Owl Rock, Dyal, Neuberger Berman, Altimar, or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from use of this Investor Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. This Investor Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Blue Owl or the Transaction. Viewers of this Investor Presentation should each make their own evaluation of Blue Owl and of their relevance and adequacy of the information and should make sure other investigations as they deem necessary. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. Use of Projections This Investor Presentation contains financial forecasts or projections with respect to Dyal, Owl Rock or the Company. Projected performance with respect to Dyal, Owl Rock, the Company, the investment vehicles they manage or expect to manage, and the investments such vehicles make or expect to make is provided on a pro forma basis and is based on certain good faith assumptions that Dyal and Owl Rock believe are reasonable (including, without limitation, estimates and targets of future operating results or cash flows). The actual performance will depend on, among other factors, future operating results, including of the investment vehicles and their portfolio companies, the value of certain assets and market conditions at the time of establishment, acquisition or disposition, any related transaction costs, and time and manner of establishment, acquisition and disposition, all of which may differ from the underlying assumptions on which the projected performance data contained herein are based. In addition, there are many risk factors that could cause Dyal and Owl Rock’s assumptions to prove to be incorrect. These risks therefore could cause the actual performance of the Company to be materially different from the current projected, targeted or estimated performance. These projections are provided solely for illustrative purposes, and there can be no assurances that any projections or targets will ultimately be realized, in the manner illustrated herein or at all. No independent registered public accounting firm of Dyal, Owl Rock or the Company has audited, reviewed, compiled, or performed any procedures with respect to the financial forecasts or projections for the purpose of their inclusion in this Investor Presentation, and accordingly, none of them expresses an opinion or provides any other form of assurance with respect thereto for the purpose of this Investor Presentation. These financial forecasts and projections should not be relied upon as being necessarily indicative of future results. Forward Looking Statements This Investor Presentation includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimates,” “projects,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” and “outlook,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of the Company are based on current expectations that are subject to risks and uncertainties, including those described below. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. Investing in unseasoned companies and in sponsors of alternative investment platforms carries significant risk. Operating results in a specified period will be difficult to predict. The performance of Dyal and Owl Rock, and thus the Company, will depend upon their success in structuring, distributing and operating alternative investment vehicles, including current and potential future vehicles, which will impact the operating results of each of Dyal, Owl Rock, the Company, the investment vehicles they manage or expect to manage, and the investments such vehicles make or expect to make are and will be subject to various risks relating to such entities’ operations, including, but not limited to: weaker than anticipated market acceptance of products and services; disruptions in technology development; an inability to successfully manage expanding operations; an inability to attract and retain key management and technical personnel; competition posed by established enterprises; changes in accounting rules or government regulation; weakness in the applicable industries as well as the U.S. and global economy; currency fluctuations; and the effects of other geopolitical events. Each of Dyal, Owl Rock, the Company, the investment vehicles they manage or expect to manage, and the investments such vehicles make or expect to make is subject to the ongoing effects of the COVID-19 pandemic, the impact of which is particularly difficult to forecast. Because all forward-looking statements involve risks and uncertainties, actual results of Dyal, Owl Rock and the Company may differ materially from any expectations, projections or predictions made or implicated in such forward-looking statements. Prospective investors are therefore cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date made. None of Owl Rock, Dyal or the Company commits to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Non-GAAP Financial Measures; Other Financial and Operational Data This presentation includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from non-GAAP financial measures used by other companies. Each of Dyal, Owl Rock and the Company believes that the use of these non-GAAP financial measures provides an additional tool for investors and potential investors to use in evaluating its ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See the footnotes on the slides where these measures are discussed. To the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As used herein and unless otherwise indicated, all IRRs and multiples are presented on a gross basis (i.e., they do not reflect management or other fees, taxes, transaction costs, expenses and general partner carried interest, which will reduce returns and, in the aggregate, are expected to be substantial) unless otherwise indicated. Exact net IRRs and multiples cannot be calculated for individual investments held by Dyal and Owl Rock’s investment vehicles, or a subset of such investments, due to the lack of a mechanism to precisely allocate fees, taxes, transaction costs, expenses and general partner carried interest. Valuations are as of the dates provided herein and do not take into account subsequent events, including the continued impact of COVID-19, which can be expected to have an adverse effect on certain entities identified or contemplated herein. Additional Information and Where to Find It This communication is being made in respect of the proposed Transaction involving Altimar, Blue Owl, Owl Rock and Dyal. Altimar intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which will include a proxy statement and a prospectus of Altimar, and each party will file other documents with the SEC regarding the proposed Transaction. A definitive proxy statement/prospectus will also be sent to the stockholders of Altimar, seeking any required stockholder approval. Before making any voting or investment decision, investors and security holders of Altimar are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed Transaction. The documents filed by Altimar with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by Altimar may be obtained free of charge from Altimar at www.altimarspac.com. Alternatively, these documents, when available, can be obtained free of charge from Altimar upon written request to Altimar Acquisition Corp., 40 West 57th Street, New York, New York 10019, Attn: Secretary, or by calling 212-287-6767. Participants in Solicitation Altimar and certain of its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Altimar, in favor of the approval of the proposed Transaction. For information regarding Altimar’s directors and executive officers, please see Altimar’s final prospectus relating to its initial public offering filed with the SEC on October 23, 2020. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Transaction may be obtained by reading the registration statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding section. Industry and Market Data This Investor Presentation has been prepared by Altimar, Blue Owl, Owl Rock and Dyal and includes market data and other statistical information from sources believed by Altimar, Blue Owl, Owl Rock and Dyal to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on the good faith estimates of Altimar, Blue Owl, Owl Rock or Dyal, which in each case are derived from its review of internal sources as well as the independent sources described above. Although Altimar, Blue Owl, Owl Rock and Dyal believe these sources are reliable, Altimar, Blue Owl, Owl Rock and Dyal have not independently verified the information and cannot guarantee its accuracy and completeness. Trademarks This Investor Presentation contains trademarks, service marks, trade names and copyrights of Altimar, Blue Owl, Owl Rock and Dyal and other companies, which are the property of their respective owners. 2


Blue Owl: A Differentiated Alternative Investment Manager 2022E % FRE (% of FRE + Realized PRE) Market leading permanent capital base with approximately (1) P 100% $51bn in permanent capital AUM 82% 74% 71% 62% Best in class FRE generation P Blue Owl (2) 2022E Pre-Tax Operating Margin Highly attractive, robust profit margins P 67% 64% 60% 46% 35% Industry leading embedded growth profile P Blue Owl (3) Scalable growth opportunities not currently included in 2020 – 2022E DE CAGR P projections 68% 65% 25% 20% 13% Proven, experienced leadership with demonstrated track record P Blue Owl Source: Company filings, IBES and GS Research as of 12/18/20 Note: Assets Under Management (“AUM”) is calculated as the sum of the total assets managed (including assets acquired with leverage), undrawn debt (at the product-level including certain amounts subject to restrictions) and uncalled committed capital (including commitments to products that have yet to commence their investment periods) for Direct Lending Platform and as the sum of the LP and GP capital commitments for GP Capital Solutions. Permanent Capital refers to capital of funds that do not have ordinary redemption provisions or a requirement to exit investments after a prescribed period of time and to return to investors the proceeds representing the capital invested in such investments, except as required by applicable law or pursuant to redemption requests that can only be made after significant lock-up periods. Such funds may be required, or elect, to return all of a portion of capital gains and investment income. Permanent capital may be subject to management fee step downs or roll-offs over time. (1) Metrics based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20 pro forma for expected final close of Dyal Fund V (2) Based on pre-tax distributable earnings before minority interest for Blue Owl 3 (3) Represents after-tax DE for Blue Owl and adjusted cash EPS for EQT, HLNE, PGHN and STEP; Distributable Earnings (“DE”) is a non-GAAP measure used to assess performance and amounts available for dividends to members; DE is FRE less income taxes and includes realized performance income and performance related compensation; DE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Net Income (Loss) Before Income Taxes; DE differs from income before taxes computed in accordance with GAAP as it adjusts for certain items that we believe are indicative of our ability to make our dividend paymentsBlue Owl: A Differentiated Alternative Investment Manager 2022E % FRE (% of FRE + Realized PRE) Market leading permanent capital base with approximately (1) P 100% $51bn in permanent capital AUM 82% 74% 71% 62% Best in class FRE generation P Blue Owl (2) 2022E Pre-Tax Operating Margin Highly attractive, robust profit margins P 67% 64% 60% 46% 35% Industry leading embedded growth profile P Blue Owl (3) Scalable growth opportunities not currently included in 2020 – 2022E DE CAGR P projections 68% 65% 25% 20% 13% Proven, experienced leadership with demonstrated track record P Blue Owl Source: Company filings, IBES and GS Research as of 12/18/20 Note: Assets Under Management (“AUM”) is calculated as the sum of the total assets managed (including assets acquired with leverage), undrawn debt (at the product-level including certain amounts subject to restrictions) and uncalled committed capital (including commitments to products that have yet to commence their investment periods) for Direct Lending Platform and as the sum of the LP and GP capital commitments for GP Capital Solutions. Permanent Capital refers to capital of funds that do not have ordinary redemption provisions or a requirement to exit investments after a prescribed period of time and to return to investors the proceeds representing the capital invested in such investments, except as required by applicable law or pursuant to redemption requests that can only be made after significant lock-up periods. Such funds may be required, or elect, to return all of a portion of capital gains and investment income. Permanent capital may be subject to management fee step downs or roll-offs over time. (1) Metrics based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20 pro forma for expected final close of Dyal Fund V (2) Based on pre-tax distributable earnings before minority interest for Blue Owl 3 (3) Represents after-tax DE for Blue Owl and adjusted cash EPS for EQT, HLNE, PGHN and STEP; Distributable Earnings (“DE”) is a non-GAAP measure used to assess performance and amounts available for dividends to members; DE is FRE less income taxes and includes realized performance income and performance related compensation; DE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Net Income (Loss) Before Income Taxes; DE differs from income before taxes computed in accordance with GAAP as it adjusts for certain items that we believe are indicative of our ability to make our dividend payments


Strategic Benefits of Blue Owl: A Leading Provider of GP Solutions Blue Owl GP Capital Solutions Direct Lending Platform AUM: $23.3bn AUM: $23.7bn § Founded in 2010 by Michael Rees § Founded in 2016 by Doug Ostrover, Marc Lipschultz and Craig Packer § $23.3bn in permanent capital § $19.7bn in permanent capital § Provides minority stake equity and financing solutions to leading private § Provides lending solutions to leading market sponsors private market sponsors Differentiated Retail and Institutional Distribution Platform STRATEGIC RATIONALE Enhanced origination opportunities for Direct Lending business through ownership relationships in GP Capital Solutions P business Enhanced origination opportunities for GP Capital Solutions business through larger origination network and in-depth firm P insights from Direct Lending business Superior new product development through combined skills, experience and knowledge P P Significant opportunity for enhanced fundraising across all products due to limited overlap of current product investors Note: Metrics based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20; Dyal AUM includes $1.4bn of closed commitments from Dyal Fund V 4Strategic Benefits of Blue Owl: A Leading Provider of GP Solutions Blue Owl GP Capital Solutions Direct Lending Platform AUM: $23.3bn AUM: $23.7bn § Founded in 2010 by Michael Rees § Founded in 2016 by Doug Ostrover, Marc Lipschultz and Craig Packer § $23.3bn in permanent capital § $19.7bn in permanent capital § Provides minority stake equity and financing solutions to leading private § Provides lending solutions to leading market sponsors private market sponsors Differentiated Retail and Institutional Distribution Platform STRATEGIC RATIONALE Enhanced origination opportunities for Direct Lending business through ownership relationships in GP Capital Solutions P business Enhanced origination opportunities for GP Capital Solutions business through larger origination network and in-depth firm P insights from Direct Lending business Superior new product development through combined skills, experience and knowledge P P Significant opportunity for enhanced fundraising across all products due to limited overlap of current product investors Note: Metrics based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20; Dyal AUM includes $1.4bn of closed commitments from Dyal Fund V 4


Table of Contents I. Blue Owl Platform Highlights II. Business Overviews III. Blue Owl Financial Highlights IV. Transaction Summary Appendix 5Table of Contents I. Blue Owl Platform Highlights II. Business Overviews III. Blue Owl Financial Highlights IV. Transaction Summary Appendix 5


I. Blue Owl Platform HighlightsI. Blue Owl Platform Highlights


Blue Owl is a Preeminent Provider of Private Market GP Solutions ü Deep relationships facilitate a differentiated ecosystem to deliver GP solutions BROAD RANGE OF CAPITAL SOLUTION STRATEGIES & EXTENSIVE NETWORK OF RELATIONSHIPS Portfolio Companies Fund Solutions GP Solutions Diversified First Lien Technology Opportunistic Secondary Co-Investments GP Lending GP Stakes Lending Lending Lending Lending Solutions AUM: AUM: AUM: AUM: AUM: AUM: To launch To launch (1) $15.2bn $2.9bn $4.5bn $1.0bn $1.0bn $22.3bn Note: Metrics based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20 (1) Includes closed commitments from Dyal Fund V of $1.4bn as of November 2020 7Blue Owl is a Preeminent Provider of Private Market GP Solutions ü Deep relationships facilitate a differentiated ecosystem to deliver GP solutions BROAD RANGE OF CAPITAL SOLUTION STRATEGIES & EXTENSIVE NETWORK OF RELATIONSHIPS Portfolio Companies Fund Solutions GP Solutions Diversified First Lien Technology Opportunistic Secondary Co-Investments GP Lending GP Stakes Lending Lending Lending Lending Solutions AUM: AUM: AUM: AUM: AUM: AUM: To launch To launch (1) $15.2bn $2.9bn $4.5bn $1.0bn $1.0bn $22.3bn Note: Metrics based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20 (1) Includes closed commitments from Dyal Fund V of $1.4bn as of November 2020 7


Serving the Attractive Private Markets Ecosystem ü Exposure to attractive segment of secularly growing industry (1) PRIVATE CAPITAL AUM ($trn) Private Equity $12.9 Private Debt CAGR: 12% Real Estate Infrastructure Natural Resources $7.2 $7.2 $6.1 $5.3 CAGR: 12% $4.5 CAGR: $4.2 16% $9.1 $3.9 $3.8 $3.3 $3.0 $2.7 $2.4 $2.3 $2.2 $4.5 $4.4 $1.7 $3.7 $1.2 $3.1 $0.9 $0.9 $2.6 $0.7 $0.7 $2.4 $0.7 $2.2 $2.2 $2.0 $1.8 $1.7 $1.6 $1.5 $1.4 $1.2 $0.9 $0.7 $0.6 $0.6 $0.7 $0.6 '00A '01A '02A '03A '04A '05A '06A '07A '08A '09A '10A '11A '12A '13A '14A '15A '16A '17A '18A '19A '20E '25E (2) Industry has an estimated $1.5 trillion of dry powder as of Q4 2020 Source: Preqin, Pitchbook Note: (1) Preqin forecasts as of 11/4/20; 2020E figure based on annualized data to October (2) Preqin as of 10/7/20 8Serving the Attractive Private Markets Ecosystem ü Exposure to attractive segment of secularly growing industry (1) PRIVATE CAPITAL AUM ($trn) Private Equity $12.9 Private Debt CAGR: 12% Real Estate Infrastructure Natural Resources $7.2 $7.2 $6.1 $5.3 CAGR: 12% $4.5 CAGR: $4.2 16% $9.1 $3.9 $3.8 $3.3 $3.0 $2.7 $2.4 $2.3 $2.2 $4.5 $4.4 $1.7 $3.7 $1.2 $3.1 $0.9 $0.9 $2.6 $0.7 $0.7 $2.4 $0.7 $2.2 $2.2 $2.0 $1.8 $1.7 $1.6 $1.5 $1.4 $1.2 $0.9 $0.7 $0.6 $0.6 $0.7 $0.6 '00A '01A '02A '03A '04A '05A '06A '07A '08A '09A '10A '11A '12A '13A '14A '15A '16A '17A '18A '19A '20E '25E (2) Industry has an estimated $1.5 trillion of dry powder as of Q4 2020 Source: Preqin, Pitchbook Note: (1) Preqin forecasts as of 11/4/20; 2020E figure based on annualized data to October (2) Preqin as of 10/7/20 8


Attractive and Compelling Equity Story Blue Owl in Context Innovative solutions platform primed to benefit from I % mgmt. fee strong growth in private alternatives industry revenue attrib.to 95% 95% 94% permanent capital: $1,250 $1,155 $956 Best in class FRE generation and EBITDA margins II $1,000 $668 $750 $561 $445 $500 Industry leading growth generated from highly-visible $304 III embedded AUM profitability $250 $0 (1) 2020 2021E 2022E Strong track record of investment outperformance IV Revenue DE to Common (2) Higher-Growth, FRE-Centric Peers Diversified distribution capabilities across the V 2021E P / E 2022E P / E institutional investor and retail distribution channels 36.0x 31.6x 33.4x 30.3x Further growth driven by ongoing expansion VI of product offerings 29.7x 25.5x 47.5x 39.1x VII Industry leading, fully-aligned management team Median 34.7x 30.9x Source: Company Filings, IBES, Capital IQ, Market data as of 12/18/20 Note: (1) Excludes impact of fee waiver which represents $131m for revenue and $98m (post-tax) for distributable earnings to common; fee waiver expired in October 2020 (2) Multiples presented on a calendarized basis 9Attractive and Compelling Equity Story Blue Owl in Context Innovative solutions platform primed to benefit from I % mgmt. fee strong growth in private alternatives industry revenue attrib.to 95% 95% 94% permanent capital: $1,250 $1,155 $956 Best in class FRE generation and EBITDA margins II $1,000 $668 $750 $561 $445 $500 Industry leading growth generated from highly-visible $304 III embedded AUM profitability $250 $0 (1) 2020 2021E 2022E Strong track record of investment outperformance IV Revenue DE to Common (2) Higher-Growth, FRE-Centric Peers Diversified distribution capabilities across the V 2021E P / E 2022E P / E institutional investor and retail distribution channels 36.0x 31.6x 33.4x 30.3x Further growth driven by ongoing expansion VI of product offerings 29.7x 25.5x 47.5x 39.1x VII Industry leading, fully-aligned management team Median 34.7x 30.9x Source: Company Filings, IBES, Capital IQ, Market data as of 12/18/20 Note: (1) Excludes impact of fee waiver which represents $131m for revenue and $98m (post-tax) for distributable earnings to common; fee waiver expired in October 2020 (2) Multiples presented on a calendarized basis 9


Superior Growth and Earnings Profile Relative to Peers ü Blue Owl’s FRE-focused earnings and leading growth profile clearly outpaces industry peers % FEE-RELATED EARNINGS vs. DE GROWTH Blue Owl’s 100% P Defining Attributes (2) Blue Owl ü100% FRE ü65% est. DE Growth (2020 – 2022 CAGR) 75% ü92% Permanent (3) Capital as a % of AUM 50% 25% 10.0% 25.0% 40.0% 55.0% 70.0% (1) Distributable Earnings Growth U.S. Diversified Public Alternatives (2020E – 2022E CAGR) Higher-Growth, FRE-Centric Firms Source: Company filings, FactSet as of 12/18/20 Note: (1) Blue Owl DE estimates based on Management Projections; Peer metrics represents consensus estimates and are on a calendarized basis; represents DE per share for APO, ARES, BX, CG and KKR, adjusted EPS for EQT, HLNE, PGHN and STEP and Net Income for GCM Grosvenor 10 (2) GCM Grosvenor earnings growth based on midpoint of Management guidance; % FRE based on revenue mix due to limited expense detail provided (3) Based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20 % Fee-Related Earnings (“FRE”) (2022E)Superior Growth and Earnings Profile Relative to Peers ü Blue Owl’s FRE-focused earnings and leading growth profile clearly outpaces industry peers % FEE-RELATED EARNINGS vs. DE GROWTH Blue Owl’s 100% P Defining Attributes (2) Blue Owl ü100% FRE ü65% est. DE Growth (2020 – 2022 CAGR) 75% ü92% Permanent (3) Capital as a % of AUM 50% 25% 10.0% 25.0% 40.0% 55.0% 70.0% (1) Distributable Earnings Growth U.S. Diversified Public Alternatives (2020E – 2022E CAGR) Higher-Growth, FRE-Centric Firms Source: Company filings, FactSet as of 12/18/20 Note: (1) Blue Owl DE estimates based on Management Projections; Peer metrics represents consensus estimates and are on a calendarized basis; represents DE per share for APO, ARES, BX, CG and KKR, adjusted EPS for EQT, HLNE, PGHN and STEP and Net Income for GCM Grosvenor 10 (2) GCM Grosvenor earnings growth based on midpoint of Management guidance; % FRE based on revenue mix due to limited expense detail provided (3) Based on Owl Rock AUM as of 9/30/20 and Dyal AUM as of 11/30/20 % Fee-Related Earnings (“FRE”) (2022E)


Blue Owl has a Highly Differentiated Financial Profile ü Blue Owl compares favorably to public alternative asset management universe Higher-Growth, Diversified Alt. Blue Owl FRE-Centric Firms Managers ‘22E FRE ‘22 FRE ‘22 FRE FRE-Centricity 100% as % of DE: 72% as % of DE: 57% as % of DE ’20-’22 DE CAGR: 22% ’20-’22 DE CAGR: 20% ’20-’22 DE / (1) (1) DE Growth 65% / 33% (1) L-T DE CAGR: 17% L-T DE CAGR: 14% L-T DE CAGRS Very High % of ’20-’22 DE Blue Owl Visibility of Growth from Relatively High Relatively High 82% (2) Existing Funds + Earnings Growth in Context Fee Waiver Expiry Permanent Capital Permanent Capital Permanence of Permanent Capital as % of AUM: as % of AUM: 92% as % of AUM Capital (3) (4) Nothing of substance 20% ‘22 P-T Op. ‘22 P-T Op. Margin: 53% ’22 P-T Op. Margin: 51% Relative Margins 67% (5) Margin Source: Company filings, IBES and GS Research as of 12/18/20 Note: Higher-Growth, FRE-Centric Firms includes EQT, HLNE, PGHN and STEP. Public Diversified Alternative Firms includes APO, ARES, BX, CG and KKR (1) Represents 2020 – 2025E after-tax DE CAGR for Blue Owl and IBES estimates for peers; Represents FY2021E – 2023E EPS CAGR for HLNE and STEP and 5-year EPS CAGR for other peers (2) Assumes Dyal Fund V raises $9 billion in total commitments 11 (3) Statistic not reported by firms in the cohort; permanent capital funds are generally not a significant portion of AUM for these businesses (4) KKR pro forma for announced acquisition of Global Atlantic within the peer set (5) Based on pre-tax distributable earnings before minority interest for Blue OwlBlue Owl has a Highly Differentiated Financial Profile ü Blue Owl compares favorably to public alternative asset management universe Higher-Growth, Diversified Alt. Blue Owl FRE-Centric Firms Managers ‘22E FRE ‘22 FRE ‘22 FRE FRE-Centricity 100% as % of DE: 72% as % of DE: 57% as % of DE ’20-’22 DE CAGR: 22% ’20-’22 DE CAGR: 20% ’20-’22 DE / (1) (1) DE Growth 65% / 33% (1) L-T DE CAGR: 17% L-T DE CAGR: 14% L-T DE CAGRS Very High % of ’20-’22 DE Blue Owl Visibility of Growth from Relatively High Relatively High 82% (2) Existing Funds + Earnings Growth in Context Fee Waiver Expiry Permanent Capital Permanent Capital Permanence of Permanent Capital as % of AUM: as % of AUM: 92% as % of AUM Capital (3) (4) Nothing of substance 20% ‘22 P-T Op. ‘22 P-T Op. Margin: 53% ’22 P-T Op. Margin: 51% Relative Margins 67% (5) Margin Source: Company filings, IBES and GS Research as of 12/18/20 Note: Higher-Growth, FRE-Centric Firms includes EQT, HLNE, PGHN and STEP. Public Diversified Alternative Firms includes APO, ARES, BX, CG and KKR (1) Represents 2020 – 2025E after-tax DE CAGR for Blue Owl and IBES estimates for peers; Represents FY2021E – 2023E EPS CAGR for HLNE and STEP and 5-year EPS CAGR for other peers (2) Assumes Dyal Fund V raises $9 billion in total commitments 11 (3) Statistic not reported by firms in the cohort; permanent capital funds are generally not a significant portion of AUM for these businesses (4) KKR pro forma for announced acquisition of Global Atlantic within the peer set (5) Based on pre-tax distributable earnings before minority interest for Blue Owl


II. Business OverviewsII. Business Overviews


Direct Lending | Key Highlights ü Blue Owl is one of the leading direct lending platforms managed by a seasoned executive team Scale § Robust proprietary deal flow driven by an extensive network of sponsors $23.7bn § Significant backing from highly sophisticated investors Assets Under Management § Deep bench of experienced investment professionals Alignment § Not affiliated with a controlling equity sponsor $465m+ § Entire investment team is focused on direct lending Owl Rock Executive and § Relationship-oriented approach at all levels Employee Capital Commitments Track Record § Demonstrated ability to source proprietary investment opportunities with $24bn in originations 11.8% § Strong credit performance across the platform with below market payment defaults IRR on Realized Investments (1) § Successfully listed Owl Rock Capital Corporation (“ORCC”) on NYSE Since Inception Experience § Founders: Douglas Ostrover, Marc Lipschultz and Craig Packer 25+ § Senior executive roles at GSO / Blackstone, KKR and Goldman Sachs Each of Co-Founder’s § Extensive experience building and managing investment businesses Years of Experience Note: As of 9/30/20. Direct Lending does not include Dyal Financing Fund, which is included in GP Capital Solutions. Past performance is not a guarantee of future results. Internal Rate of Return (“IRR”) only reflects fully realized investments for Owl Rock’s diversified lending, first lien and technology lending strategies and would be different (and potentially higher or lower) if the IRR on unrealized investments were factored into the calculations. In addition, as the IRR shown only represents the IRR on investments, it does not include the impact of management and incentive fees or fund level expenses, including taxes, which would be borne by 13 Owl Rock funds or their shareholders. As such an actual investor in the Owl Rock Funds would have achieved an IRR on its realized investments lower than the one shown (1) Listed on 7/17/19Direct Lending | Key Highlights ü Blue Owl is one of the leading direct lending platforms managed by a seasoned executive team Scale § Robust proprietary deal flow driven by an extensive network of sponsors $23.7bn § Significant backing from highly sophisticated investors Assets Under Management § Deep bench of experienced investment professionals Alignment § Not affiliated with a controlling equity sponsor $465m+ § Entire investment team is focused on direct lending Owl Rock Executive and § Relationship-oriented approach at all levels Employee Capital Commitments Track Record § Demonstrated ability to source proprietary investment opportunities with $24bn in originations 11.8% § Strong credit performance across the platform with below market payment defaults IRR on Realized Investments (1) § Successfully listed Owl Rock Capital Corporation (“ORCC”) on NYSE Since Inception Experience § Founders: Douglas Ostrover, Marc Lipschultz and Craig Packer 25+ § Senior executive roles at GSO / Blackstone, KKR and Goldman Sachs Each of Co-Founder’s § Extensive experience building and managing investment businesses Years of Experience Note: As of 9/30/20. Direct Lending does not include Dyal Financing Fund, which is included in GP Capital Solutions. Past performance is not a guarantee of future results. Internal Rate of Return (“IRR”) only reflects fully realized investments for Owl Rock’s diversified lending, first lien and technology lending strategies and would be different (and potentially higher or lower) if the IRR on unrealized investments were factored into the calculations. In addition, as the IRR shown only represents the IRR on investments, it does not include the impact of management and incentive fees or fund level expenses, including taxes, which would be borne by 13 Owl Rock funds or their shareholders. As such an actual investor in the Owl Rock Funds would have achieved an IRR on its realized investments lower than the one shown (1) Listed on 7/17/19


Direct Lending | Platform Breakdown ü Complementary verticals that leverage existing origination and underwriting functions $23.7bn Assets Under Management Diversified First Lien Technology Opportunistic Lending Lending Lending Lending ORCC, ORCC II, First Lien Fund, Opportunistic Fund, Funds Tech. Finance Corp. ORCC III, ORDL, ORCIC Managed Accounts Managed Accounts Assets Under (2) $15.2 billion $2.9 billion $4.5 billion $1.0 billion (1) Management Public, Private, and non-traded Limited Partnership, Limited Partnership, Structure(s) Private BDC BDCs, Limited Partnership Managed Accounts Managed Accounts ORCC / ORCC II: 2016 / 2017 Commencement ORCC III / ORDL 2020: 2020 2018 2018 2020 of Strategy ORCIC: 2021 ORCC: $5.9 billion Equity Raised ORCC II: $1.2 billion $1.6 billion $3.0 billion $1.0 billion (1) ORCC III: $1.2 billion • Private equity sponsored • Private equity sponsored • Private equity and late stage • Private equity sponsored companies and other companies and other venture capital sponsored companies and other corporate situations corporate situations companies and other corporate situations corporate situations • Directly originated senior • Directly originated senior • Directly originated debt and Focus secured, floating rate loans secured, floating rate first • Directly originated debt and equity investments in U.S. (first lien, second lien, lien loans equity investments in U.S. companies facing challenges unitranche) companies in the technology sector Note: As of 9/30/20. Past performance is not a guarantee of future results (1) AUM may not sum due to rounding (2) Represents the total capital commitments provided by investors, the total accepted by ORCC III is a lower amount 14Direct Lending | Platform Breakdown ü Complementary verticals that leverage existing origination and underwriting functions $23.7bn Assets Under Management Diversified First Lien Technology Opportunistic Lending Lending Lending Lending ORCC, ORCC II, First Lien Fund, Opportunistic Fund, Funds Tech. Finance Corp. ORCC III, ORDL, ORCIC Managed Accounts Managed Accounts Assets Under (2) $15.2 billion $2.9 billion $4.5 billion $1.0 billion (1) Management Public, Private, and non-traded Limited Partnership, Limited Partnership, Structure(s) Private BDC BDCs, Limited Partnership Managed Accounts Managed Accounts ORCC / ORCC II: 2016 / 2017 Commencement ORCC III / ORDL 2020: 2020 2018 2018 2020 of Strategy ORCIC: 2021 ORCC: $5.9 billion Equity Raised ORCC II: $1.2 billion $1.6 billion $3.0 billion $1.0 billion (1) ORCC III: $1.2 billion • Private equity sponsored • Private equity sponsored • Private equity and late stage • Private equity sponsored companies and other companies and other venture capital sponsored companies and other corporate situations corporate situations companies and other corporate situations corporate situations • Directly originated senior • Directly originated senior • Directly originated debt and Focus secured, floating rate loans secured, floating rate first • Directly originated debt and equity investments in U.S. (first lien, second lien, lien loans equity investments in U.S. companies facing challenges unitranche) companies in the technology sector Note: As of 9/30/20. Past performance is not a guarantee of future results (1) AUM may not sum due to rounding (2) Represents the total capital commitments provided by investors, the total accepted by ORCC III is a lower amount 14


GP Capital Solutions | Key Highlights ü Blue Owl is a leading provider of capital solutions to private markets managers Size & Scale § Strong and extensive relationships across the alternative asset management ecosystem $23.3bn § Large base of stable capital facilitates partnership with leading alternative managers (1) Assets Under Management § Recognized as a market leader in the GP-stake universe Long-Term Partner § Permanent capital enables formation of stable, value-added partnerships 100% § 34-person Business Services Platform team collaborates with partner managers to achieve their unique business goals by offering a range of advisory services and capital Permanent Capital strategies to support growth Experience § Founder: Michael Rees 10+ § Average 18 years of experience across senior management team Years of Team Experience Executing Minority Partnership Strategy § Completed 57 equity and debt transactions across 49 managers Note: (1) As of 11/30/20; Includes closed commitments of $1.4bn from Dyal Fund V as of November 2020 15GP Capital Solutions | Key Highlights ü Blue Owl is a leading provider of capital solutions to private markets managers Size & Scale § Strong and extensive relationships across the alternative asset management ecosystem $23.3bn § Large base of stable capital facilitates partnership with leading alternative managers (1) Assets Under Management § Recognized as a market leader in the GP-stake universe Long-Term Partner § Permanent capital enables formation of stable, value-added partnerships 100% § 34-person Business Services Platform team collaborates with partner managers to achieve their unique business goals by offering a range of advisory services and capital Permanent Capital strategies to support growth Experience § Founder: Michael Rees 10+ § Average 18 years of experience across senior management team Years of Team Experience Executing Minority Partnership Strategy § Completed 57 equity and debt transactions across 49 managers Note: (1) As of 11/30/20; Includes closed commitments of $1.4bn from Dyal Fund V as of November 2020 15


GP Capital Solutions | Platform Breakdown ü Complementary strategies providing a range of solutions to capital-constrained ecosystems EXISTING STRATEGIES NEWLY LAUNCHED STRATEGIES ALTERNATIVE MANAGER PRIVATE EQUITY CO-INVESTMENTS & PROFESSIONAL SPORTS GP STAKES GP FINANCING STRUCTURED EQUITY MINORITY STAKES FUNDS Funds I-V Financing Fund (DFF) Strategic Capital HomeCourt Partners Funds I-II: Primarily hedge fund minority stakes Minority equity investments in Long-term financing to private NBA franchise minority equity MANDATE portfolio companies of private alternative asset managers stakes Funds III-V: Primarily private equity partners equity minority stakes Closed-End Open-Ended Open-Ended Open-Ended STRUCTURE Permanent Capital Fund Permanent Capital Fund Permanent Capital Fund Permanent Capital Fund COMMITTED CAPITAL / Expected Initial Investment Expected Initial Investment Expected Initial Investment (1) INITIAL INVESTMENT $19.2bn Capacity of $3.0bn Capacity of $3.0bn Capacity of $2.0bn CAPACITY COMMENCEMENT OF 2010 2019 STRATEGY # OF 49 3 PARTNERSHIPS Note: Strategic Capital and HomeCourt Partners are expected new strategies of the Dyal business. There can be no assurance that such strategies will launch as expected (1) Includes closed commitments from Dyal Fund V of $1.4bn as of November 2020; excludes co-investments 16GP Capital Solutions | Platform Breakdown ü Complementary strategies providing a range of solutions to capital-constrained ecosystems EXISTING STRATEGIES NEWLY LAUNCHED STRATEGIES ALTERNATIVE MANAGER PRIVATE EQUITY CO-INVESTMENTS & PROFESSIONAL SPORTS GP STAKES GP FINANCING STRUCTURED EQUITY MINORITY STAKES FUNDS Funds I-V Financing Fund (DFF) Strategic Capital HomeCourt Partners Funds I-II: Primarily hedge fund minority stakes Minority equity investments in Long-term financing to private NBA franchise minority equity MANDATE portfolio companies of private alternative asset managers stakes Funds III-V: Primarily private equity partners equity minority stakes Closed-End Open-Ended Open-Ended Open-Ended STRUCTURE Permanent Capital Fund Permanent Capital Fund Permanent Capital Fund Permanent Capital Fund COMMITTED CAPITAL / Expected Initial Investment Expected Initial Investment Expected Initial Investment (1) INITIAL INVESTMENT $19.2bn Capacity of $3.0bn Capacity of $3.0bn Capacity of $2.0bn CAPACITY COMMENCEMENT OF 2010 2019 STRATEGY # OF 49 3 PARTNERSHIPS Note: Strategic Capital and HomeCourt Partners are expected new strategies of the Dyal business. There can be no assurance that such strategies will launch as expected (1) Includes closed commitments from Dyal Fund V of $1.4bn as of November 2020; excludes co-investments 16


GP Capital Solutions | Leading Competitive Position ü Proven leader in providing capital solutions with emphasis on long-term partnerships and alignment of interests Proven Experience Stable Capital Strategic Partnerships Over 60 equity and debt transactions More than just a financial transaction; Allows for long-term partnerships with which includes five transactions at value-added partnership from our leading alternative asset managers previous firm Business Services Platform Alignment Focused Large Cap Focus Size & Scale Primarily focused on acquiring stakes in Fund III and IV managers median Strive for maximum alignment of interest large, multi-product private equity AUM of $20.4bn, and average of 344 with Partner Managers platforms employees and 20 year track records (1)(2) AVERAGE UNDERLYING PE FIRM AUM Blue Owl (3) Other Competitors $0 billion $18+ billion Note: Information as of September 2020, except for aggregate AUM for Fund III and IV Partners which is as of June 30, 2020 (1) Average underlying PE firm AUM is based on publicly announced deals; Does not include non-public deals from these firms, the inclusion of which might impact the results shown (2) Dyal deals based on both publicly announced and non-public deals 17 (3) Includes publicly announced deals by Wafra, Stonyrock, AMG and RDVGP Capital Solutions | Leading Competitive Position ü Proven leader in providing capital solutions with emphasis on long-term partnerships and alignment of interests Proven Experience Stable Capital Strategic Partnerships Over 60 equity and debt transactions More than just a financial transaction; Allows for long-term partnerships with which includes five transactions at value-added partnership from our leading alternative asset managers previous firm Business Services Platform Alignment Focused Large Cap Focus Size & Scale Primarily focused on acquiring stakes in Fund III and IV managers median Strive for maximum alignment of interest large, multi-product private equity AUM of $20.4bn, and average of 344 with Partner Managers platforms employees and 20 year track records (1)(2) AVERAGE UNDERLYING PE FIRM AUM Blue Owl (3) Other Competitors $0 billion $18+ billion Note: Information as of September 2020, except for aggregate AUM for Fund III and IV Partners which is as of June 30, 2020 (1) Average underlying PE firm AUM is based on publicly announced deals; Does not include non-public deals from these firms, the inclusion of which might impact the results shown (2) Dyal deals based on both publicly announced and non-public deals 17 (3) Includes publicly announced deals by Wafra, Stonyrock, AMG and RDV


III. Blue Owl Financial HighlightsIII. Blue Owl Financial Highlights


Blue Owl | Summary Combined Projections (1) Projections for Year Ending December 31, Adjusted $ in millions 2020E 2021E 2022E 2023E 2024E 2025E Revenues (2) $668 $956 $1,155 $1,309 $1,664 $1,785 Management Fee-Related Revenue Expenses (3) $152 $238 $295 $352 $418 $469 Compensation G&A 91 93 70 67 78 91 (4) $243 $331 $365 $419 $495 $561 Adj. Total Expenses Earnings (5) $425 $624 $790 $890 $1,169 $1,224 EBITDA (−) Interest Expense (20) (20) (20) (20) (20) (20) Pre-Tax Distributable Earnings $405 $604 $770 $870 $1,148 $1,204 (−) Minority Interest (1) (11) (22) (35) (54) (67) Pre-Tax Distributable Earnings to Common $405 $593 $748 $835 $1,095 $1,137 (6) (101) (148) (187) (209) (274) (284) (−) Income Taxes Distributable Earnings to Common $304 $445 $561 $626 $821 $853 Key Metrics FRE as a % of Total Earnings 100% 100% 100% 100% 100% 100% EBITDA Margin 64% 65% 68% 68% 70% 69% (7) $0 $4 $19 $36 $49 $73 Memo: Accrued Carry Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as described below For purposes of this presentation, metrics are represented on a cash basis (1) Excludes impact of fee waiver which represents $131m for revenue and EBITDA and $98m (post-tax) for distributable earnings to common; fee waiver expired in October 2020; (2) Includes BDC Part I Fees and 19 other; (3) Includes additional compensation expense for middle / back-office build-out for Blue Owl as a result of the merger; represents $3.0m - $6.7m expense from 2021E to 2025E; (4) Total expenses are adjusted for distribution costs at the time cash payment is expected and represent a non-GAAP measure; (5) Assumes de minimis D&A; (6) Assumes illustrative 25% tax rate; (7) Represents annual carry accrual; carry is not realized during projection period but is expected to materialize in future periodsBlue Owl | Summary Combined Projections (1) Projections for Year Ending December 31, Adjusted $ in millions 2020E 2021E 2022E 2023E 2024E 2025E Revenues (2) $668 $956 $1,155 $1,309 $1,664 $1,785 Management Fee-Related Revenue Expenses (3) $152 $238 $295 $352 $418 $469 Compensation G&A 91 93 70 67 78 91 (4) $243 $331 $365 $419 $495 $561 Adj. Total Expenses Earnings (5) $425 $624 $790 $890 $1,169 $1,224 EBITDA (−) Interest Expense (20) (20) (20) (20) (20) (20) Pre-Tax Distributable Earnings $405 $604 $770 $870 $1,148 $1,204 (−) Minority Interest (1) (11) (22) (35) (54) (67) Pre-Tax Distributable Earnings to Common $405 $593 $748 $835 $1,095 $1,137 (6) (101) (148) (187) (209) (274) (284) (−) Income Taxes Distributable Earnings to Common $304 $445 $561 $626 $821 $853 Key Metrics FRE as a % of Total Earnings 100% 100% 100% 100% 100% 100% EBITDA Margin 64% 65% 68% 68% 70% 69% (7) $0 $4 $19 $36 $49 $73 Memo: Accrued Carry Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as described below For purposes of this presentation, metrics are represented on a cash basis (1) Excludes impact of fee waiver which represents $131m for revenue and EBITDA and $98m (post-tax) for distributable earnings to common; fee waiver expired in October 2020; (2) Includes BDC Part I Fees and 19 other; (3) Includes additional compensation expense for middle / back-office build-out for Blue Owl as a result of the merger; represents $3.0m - $6.7m expense from 2021E to 2025E; (4) Total expenses are adjusted for distribution costs at the time cash payment is expected and represent a non-GAAP measure; (5) Assumes de minimis D&A; (6) Assumes illustrative 25% tax rate; (7) Represents annual carry accrual; carry is not realized during projection period but is expected to materialize in future periods


Significant Earnings Power Embedded in Blue Owl Platform ü Deployment of capital already raised and contractual fee-rate increases creates significant earnings power (1) BLUE OWL EARNINGS FROM AUM ALREADY RAISED ($m) Reflects net impact from (3) Dyal Fund V ; first close occurred in November 2020 $602 Reflects impact from fee-rate increases $83 upon IPO for key funds $145 $71 $304 Reflects net impact from deployment potential built-into current AUM 2020E Impact from Impact from Current (2) Adj. Earnings Full Fee Rates Full Deployment Earnings Power Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as previously described For purposes of this presentation, metrics are represented on a cash basis (1) Impact to earnings assumes 66% pre-tax margin and illustrative 25% tax rate 20 (2) Excludes impact of $98m post-tax fee waiver, which expired in October 2020 (3) Assumes Dyal Fund V raises $9 billion in total commitmentsSignificant Earnings Power Embedded in Blue Owl Platform ü Deployment of capital already raised and contractual fee-rate increases creates significant earnings power (1) BLUE OWL EARNINGS FROM AUM ALREADY RAISED ($m) Reflects net impact from (3) Dyal Fund V ; first close occurred in November 2020 $602 Reflects impact from fee-rate increases $83 upon IPO for key funds $145 $71 $304 Reflects net impact from deployment potential built-into current AUM 2020E Impact from Impact from Current (2) Adj. Earnings Full Fee Rates Full Deployment Earnings Power Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as previously described For purposes of this presentation, metrics are represented on a cash basis (1) Impact to earnings assumes 66% pre-tax margin and illustrative 25% tax rate 20 (2) Excludes impact of $98m post-tax fee waiver, which expired in October 2020 (3) Assumes Dyal Fund V raises $9 billion in total commitments


Bridge to 2022E Earnings ü Earnings growth reflects the benefit of launch of Dyal Fund V and continued development of existing funds ILLUSTRATIVE BRIDGE TO 2022E EARNINGS ($m) EBITDA EBITDA EBITDA Margin: Margin: Margin: (1) 63.7% 65.3% 68.4% Reflects mgmt. fee increase to 1.50% Reflects Dyal Fund V and incentive fee $561 (target $9bn); increase to 17.5% $9 fundraising in progress; and continued first close occurred in deployment $37 November 2020 $38 Reflects impact of $445 continued $10 $33 deployment in $8 existing funds Reflects impact of continued $74 deployment in Includes existing funds First Lien II, Tech Growth, $49 Co-Invest, $304 HomeCourt & Strategic Capital $98 Fee Waiver Expiry $206 2020 Earnings 2020E Existing Dyal Other New Other 2021E ORTF Existing Funds Other 2022E (1) Adj. Earnings Funds Fund V Funds Earnings Funds Launched in Earnings (2) 2021 Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as previously described For purposes of this presentation, metrics are represented on a cash basis (1) Excludes impact of $98m post-tax fee-waiver, which expired in October 2020 21 (2) Includes Owl Rock Co-Invest Fund launched in Q1’22, generated estimated ~$1.6m earnings in 2022EBridge to 2022E Earnings ü Earnings growth reflects the benefit of launch of Dyal Fund V and continued development of existing funds ILLUSTRATIVE BRIDGE TO 2022E EARNINGS ($m) EBITDA EBITDA EBITDA Margin: Margin: Margin: (1) 63.7% 65.3% 68.4% Reflects mgmt. fee increase to 1.50% Reflects Dyal Fund V and incentive fee $561 (target $9bn); increase to 17.5% $9 fundraising in progress; and continued first close occurred in deployment $37 November 2020 $38 Reflects impact of $445 continued $10 $33 deployment in $8 existing funds Reflects impact of continued $74 deployment in Includes existing funds First Lien II, Tech Growth, $49 Co-Invest, $304 HomeCourt & Strategic Capital $98 Fee Waiver Expiry $206 2020 Earnings 2020E Existing Dyal Other New Other 2021E ORTF Existing Funds Other 2022E (1) Adj. Earnings Funds Fund V Funds Earnings Funds Launched in Earnings (2) 2021 Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as previously described For purposes of this presentation, metrics are represented on a cash basis (1) Excludes impact of $98m post-tax fee-waiver, which expired in October 2020 21 (2) Includes Owl Rock Co-Invest Fund launched in Q1’22, generated estimated ~$1.6m earnings in 2022E


Blue Owl’s High-Growth, FRE-Focused Earnings Profile ü Highly-attractive business model focused on strong growth, FRE generation, and best-in-class margins (1) ORGANIC AUM GROWTH ($bn) TOTAL REVENUES ($m) (2) Management Fee Revenue (%) 100% 100% 100% 100% 100% 100% Total CAGR: 23.8% $137.2 $120.4 $1,785 $1,664 $99.2 $1,309 $87.7 37% $1,155 $74.4 42% $956 39% $47.2 42% $668 48% 63% 43% 58% 61% 58% 52% 57% (3) 2020E 2021E 2022E 2023E 2024E 2025E 2020E 2021E 2022E 2023E 2024E 2025E (2) Owl Rock Dyal (5) EBITDA ($m) DISTRIBUTABLE EARNINGS TO COMMON ($m) EBITDA Margin (%) Illustrative Dividends at 75% Payout ($) 63.7% 65.3% 68.4% 68.0% 70.2% 68.6% $154m $334m $421m $470m $616m $640m $1,224 $1,169 Total CAGR: 32.9% $890 $853 $821 $790 $626 $624 $561 $445 $425 $206 (3) (4) 2020E 2021E 2022E 2023E 2024E 2025E 2020E 2021E 2022E 2023E 2024E 2025E Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as previously described For purposes of this presentation, metrics are represented on a cash basis (1) Projected AUM for GP Capital Solutions excludes co-investments (2) Includes BDC Part I Fees and other fees 22 (3) Excludes impact of $131m pre-tax fee waiver, which expired in October 2020 (4) Includes impact of $98m post-tax fee waiver, which expired in October 2020; CAGR excluding impact of fee-waiver is 22.9% (5) Assumes illustrative 25% tax rateBlue Owl’s High-Growth, FRE-Focused Earnings Profile ü Highly-attractive business model focused on strong growth, FRE generation, and best-in-class margins (1) ORGANIC AUM GROWTH ($bn) TOTAL REVENUES ($m) (2) Management Fee Revenue (%) 100% 100% 100% 100% 100% 100% Total CAGR: 23.8% $137.2 $120.4 $1,785 $1,664 $99.2 $1,309 $87.7 37% $1,155 $74.4 42% $956 39% $47.2 42% $668 48% 63% 43% 58% 61% 58% 52% 57% (3) 2020E 2021E 2022E 2023E 2024E 2025E 2020E 2021E 2022E 2023E 2024E 2025E (2) Owl Rock Dyal (5) EBITDA ($m) DISTRIBUTABLE EARNINGS TO COMMON ($m) EBITDA Margin (%) Illustrative Dividends at 75% Payout ($) 63.7% 65.3% 68.4% 68.0% 70.2% 68.6% $154m $334m $421m $470m $616m $640m $1,224 $1,169 Total CAGR: 32.9% $890 $853 $821 $790 $626 $624 $561 $445 $425 $206 (3) (4) 2020E 2021E 2022E 2023E 2024E 2025E 2020E 2021E 2022E 2023E 2024E 2025E Note: Blue Owl projections assume the combination of standalone estimated management cash projections for Owl Rock and Dyal, with incremental middle / back-office costs as previously described For purposes of this presentation, metrics are represented on a cash basis (1) Projected AUM for GP Capital Solutions excludes co-investments (2) Includes BDC Part I Fees and other fees 22 (3) Excludes impact of $131m pre-tax fee waiver, which expired in October 2020 (4) Includes impact of $98m post-tax fee waiver, which expired in October 2020; CAGR excluding impact of fee-waiver is 22.9% (5) Assumes illustrative 25% tax rate


IV. Transaction SummaryIV. Transaction Summary


Senior Leadership Doug Ostrover Marc Lipschultz Michael Rees Alan Kirshenbaum CEO Co-President Co-President CFO § Co-Founder and CEO of § Co-Founder and President § Managing Director and § Chief Operating Officer & Owl Rock Capital Partners of Owl Rock Capital Head of Dyal Capital Chief Financial Officer of and a member of the Partners Partners and a member of Owl Rock Capital Partners, Advisors’ Investment Neuberger Berman’s ORCC, ORTF and Owl § Co-CIO of Owl Rock Capital Committee Partnership Committee Rock Capital Advisors, as Advisors well as the Chief Operating § Prior to founding Dyal, was § Co-CIO of Owl Rock Capital Officer of ORCC III a founding employee and § Prior to founding Owl Rock, Advisors shareholder of Neuberger spent more than two § Prior to Owl Rock, was the Berman Group and the first § Prior to founding Owl Rock, decades at KKR, serving on CFO of TPG Specialty Chief Operating Officer of was one of the founders of the firm’s Management Lending, Inc. the NB Alternatives GSO Capital Partners and a Committee and as the business Senior Managing Director at Global Head of Energy and § 25+ years of experience Blackstone Infrastructure § 20+ years of experience § 25+ years of experience§ 25+ years of experience 24Senior Leadership Doug Ostrover Marc Lipschultz Michael Rees Alan Kirshenbaum CEO Co-President Co-President CFO § Co-Founder and CEO of § Co-Founder and President § Managing Director and § Chief Operating Officer & Owl Rock Capital Partners of Owl Rock Capital Head of Dyal Capital Chief Financial Officer of and a member of the Partners Partners and a member of Owl Rock Capital Partners, Advisors’ Investment Neuberger Berman’s ORCC, ORTF and Owl § Co-CIO of Owl Rock Capital Committee Partnership Committee Rock Capital Advisors, as Advisors well as the Chief Operating § Prior to founding Dyal, was § Co-CIO of Owl Rock Capital Officer of ORCC III a founding employee and § Prior to founding Owl Rock, Advisors shareholder of Neuberger spent more than two § Prior to Owl Rock, was the Berman Group and the first § Prior to founding Owl Rock, decades at KKR, serving on CFO of TPG Specialty Chief Operating Officer of was one of the founders of the firm’s Management Lending, Inc. the NB Alternatives GSO Capital Partners and a Committee and as the business Senior Managing Director at Global Head of Energy and § 25+ years of experience Blackstone Infrastructure § 20+ years of experience § 25+ years of experience§ 25+ years of experience 24


Overview of Altimar Acquisition Corporation ü Altimar is sponsored by an affiliate of HPS Investment Partners (“HPS”), a natural partner for Blue Owl with a proven track record in the alternative asset management industry and experienced leadership (1) ALTIMAR ACQUISITION CORPORATION HPS INVESTMENT PARTNERS KEY STATS HPS Investment Proven SPAC AUM Employees # of Offices Track Record Partners § Altimar is a $275m SPAC § HPS has valuable experience $47bn 150+ Investment sponsored by an affiliate of with SPACs, including with the Private Credit Professionals HPS Investment Partners, one capital raising and business 12 Offices of the world’s largest combination process, via Globally $20bn 380+ Total alternative asset managers HPS’s co-sponsorship of Trine Public Credit Employees Acquisition Corp. and its § HPS has ~$67bn of assets business combination with (1) under management and (2) Desktop Metal (NYSE: DM) invests in various strategies HPS SPAC EXPERIENCE | TRINE + DESKTOP METAL across the capital structure § In August 2020, Trine, a $300m SPAC co-sponsored by HPS, announced its HPS Experienced merger with Desktop Metal, a leader in mass production and turnkey additive Value Add manufacturing solutions Leadership ‒ Transaction closed in December 2020 § HPS is led by Scott Kapnick§ As a leader in the alternative (Governing Partner and CEO), asset management industry, ‒ Desktop Metal (NYSE: DM) has been well received by the market former Partner and Co-Head of HPS has deep industry § Transaction introduced Desktop Metal as a publicly listed company Investment Banking at G.S. expertise and is uniquely positioned to support Blue Owl ‒ Entry enterprise value of $1.8bn § Altimar CEO, Tom Wasserman, is a career § HPS employs an active ‒ Represents 1.9x the company’s 2025E Revenue of $942m Growth Equity investor and led approach to help its partners’ § Raised $575m, including $300m from Trine’s cash in trust and $275m from HPS’s co-sponsorship of Trine business development efforts leading institutional investors in a PIPE Acquisition Corp. to drive top line growth ‒ Will support Desktop Metal’s commercialization of its next-gen 3D printing § Altimar’s team of Directors has § Track record of supporting systems a diverse set of backgrounds businesses through their across a variety of industries lifecycles with capital § Select investors that participated in the PIPE include Miller Value Partners investments and business (Bill Miller), XN, Baron Capital Group, Chamath Palihapitiya, JB Straubel (ex- development support Tesla CTO), and HPS (as an anchor) Note: (1) AUM as of December 1, 2020; Employees as of November 30, 2020 (2) Trine was co-sponsored by HPS and an entity controlled by Leo Hindery, Jr. 25Overview of Altimar Acquisition Corporation ü Altimar is sponsored by an affiliate of HPS Investment Partners (“HPS”), a natural partner for Blue Owl with a proven track record in the alternative asset management industry and experienced leadership (1) ALTIMAR ACQUISITION CORPORATION HPS INVESTMENT PARTNERS KEY STATS HPS Investment Proven SPAC AUM Employees # of Offices Track Record Partners § Altimar is a $275m SPAC § HPS has valuable experience $47bn 150+ Investment sponsored by an affiliate of with SPACs, including with the Private Credit Professionals HPS Investment Partners, one capital raising and business 12 Offices of the world’s largest combination process, via Globally $20bn 380+ Total alternative asset managers HPS’s co-sponsorship of Trine Public Credit Employees Acquisition Corp. and its § HPS has ~$67bn of assets business combination with (1) under management and (2) Desktop Metal (NYSE: DM) invests in various strategies HPS SPAC EXPERIENCE | TRINE + DESKTOP METAL across the capital structure § In August 2020, Trine, a $300m SPAC co-sponsored by HPS, announced its HPS Experienced merger with Desktop Metal, a leader in mass production and turnkey additive Value Add manufacturing solutions Leadership ‒ Transaction closed in December 2020 § HPS is led by Scott Kapnick§ As a leader in the alternative (Governing Partner and CEO), asset management industry, ‒ Desktop Metal (NYSE: DM) has been well received by the market former Partner and Co-Head of HPS has deep industry § Transaction introduced Desktop Metal as a publicly listed company Investment Banking at G.S. expertise and is uniquely positioned to support Blue Owl ‒ Entry enterprise value of $1.8bn § Altimar CEO, Tom Wasserman, is a career § HPS employs an active ‒ Represents 1.9x the company’s 2025E Revenue of $942m Growth Equity investor and led approach to help its partners’ § Raised $575m, including $300m from Trine’s cash in trust and $275m from HPS’s co-sponsorship of Trine business development efforts leading institutional investors in a PIPE Acquisition Corp. to drive top line growth ‒ Will support Desktop Metal’s commercialization of its next-gen 3D printing § Altimar’s team of Directors has § Track record of supporting systems a diverse set of backgrounds businesses through their across a variety of industries lifecycles with capital § Select investors that participated in the PIPE include Miller Value Partners investments and business (Bill Miller), XN, Baron Capital Group, Chamath Palihapitiya, JB Straubel (ex- development support Tesla CTO), and HPS (as an anchor) Note: (1) AUM as of December 1, 2020; Employees as of November 30, 2020 (2) Trine was co-sponsored by HPS and an entity controlled by Leo Hindery, Jr. 25


Transaction Summary KEY TRANSACTION TERMS SOURCES & USES § Altimar Acquisition Corp. (“ATAC ) is purchasing interests of Blue Sources ($m) $ % Owl at a pre-money equity valuation of approximately $12.15 billion SPAC Cash-in-Trust $275 2.2% § Blue Owl equityholders will retain $10.7 billion in equity, resulting in pro forma economic ownership of 85% PIPE Financing 1,500 12.0% § $1,450 million of cash proceeds to existing equityholders including Blue Owl Equity Rollover 10,700 85.8% ‒ $350m to certain third-party Owl Rock investors Total Sources $12,475 100.0% ‒ $1,100m to Neuberger Berman, representing partial sale of its interests Uses ($m) $ % ‒ Founders / management to retain their existing ownership interests § 100m share earnout structured for the benefit of existing Blue Owl Equity Rollover $10,700 85.8% shareholders, vesting in two equal tranches at $12.50 / $15.00 per share Secondary Purchases 1,450 11.6% § Additional investors to invest $1,500 million of new capital through a Cash to Balance Sheet 175 1.4% private placement Transaction Expenses 150 1.2% § Following the transaction, up to $175 million in cash will be available to reduce net debt, and fund operations and future growth Total Uses $12,475 100.0% (1) PRO FORMA ECONOMIC OWNERSHIP AT CLOSE PRO FORMA CAPITALIZATION (2) Post-Transaction Sponsor Shares PIPE Shares 0.4% 12% Capitalization ($m) Blue Owl (4) Founders / SPAC Shares $12,702 Pro Forma Enterprise Value Management 2% 24% Pro Forma Market Capitalization $12,521 Other Blue Owl Price / '21E After-Tax DE to Common 28.1x Neuberger Existing (3) Berman Shareholders 34% Price / '22E After-Tax DE to Common 22.3x 28% Note: (1) Pro forma economic ownership at close assumes illustrative price of $10.00 per share (2) Assumes 33.3% of sponsor shares forfeited upon closing (3) Based on estimated ownership split in Dyal prior to transaction of 80% / 20% for Neuberger Berman / Dyal Management, respectively 26 (4) Pro forma enterprise value calculated as pro forma market capitalization plus $181m of net debtTransaction Summary KEY TRANSACTION TERMS SOURCES & USES § Altimar Acquisition Corp. (“ATAC ) is purchasing interests of Blue Sources ($m) $ % Owl at a pre-money equity valuation of approximately $12.15 billion SPAC Cash-in-Trust $275 2.2% § Blue Owl equityholders will retain $10.7 billion in equity, resulting in pro forma economic ownership of 85% PIPE Financing 1,500 12.0% § $1,450 million of cash proceeds to existing equityholders including Blue Owl Equity Rollover 10,700 85.8% ‒ $350m to certain third-party Owl Rock investors Total Sources $12,475 100.0% ‒ $1,100m to Neuberger Berman, representing partial sale of its interests Uses ($m) $ % ‒ Founders / management to retain their existing ownership interests § 100m share earnout structured for the benefit of existing Blue Owl Equity Rollover $10,700 85.8% shareholders, vesting in two equal tranches at $12.50 / $15.00 per share Secondary Purchases 1,450 11.6% § Additional investors to invest $1,500 million of new capital through a Cash to Balance Sheet 175 1.4% private placement Transaction Expenses 150 1.2% § Following the transaction, up to $175 million in cash will be available to reduce net debt, and fund operations and future growth Total Uses $12,475 100.0% (1) PRO FORMA ECONOMIC OWNERSHIP AT CLOSE PRO FORMA CAPITALIZATION (2) Post-Transaction Sponsor Shares PIPE Shares 0.4% 12% Capitalization ($m) Blue Owl (4) Founders / SPAC Shares $12,702 Pro Forma Enterprise Value Management 2% 24% Pro Forma Market Capitalization $12,521 Other Blue Owl Price / '21E After-Tax DE to Common 28.1x Neuberger Existing (3) Berman Shareholders 34% Price / '22E After-Tax DE to Common 22.3x 28% Note: (1) Pro forma economic ownership at close assumes illustrative price of $10.00 per share (2) Assumes 33.3% of sponsor shares forfeited upon closing (3) Based on estimated ownership split in Dyal prior to transaction of 80% / 20% for Neuberger Berman / Dyal Management, respectively 26 (4) Pro forma enterprise value calculated as pro forma market capitalization plus $181m of net debt


Capital Structure & Dividend Policy Summary ü Blue Owl expects to maintain a conservative capital structure and an attractive dividend policy CAPITAL STRUCTURE DIVIDEND POLICY Normal Target Range 0.5x 1.0x CAGR: 18.7% $470 $421 $334 Net Debt / EBITDA 2021E 2022E 2023E (1) Illustrative Dividends ($m) Work towards a solid investment grade rating ü (2) § Illustrative ’21E Dividend Yield @ $10 per share : 2.7% Blue Owl plans to have an attractive Establish limited amount of long-term debtü ü (60 – 90%) dividend payout ratio Seeks to grow earnings and dividends by Target Net Debt / EBITDA of 1.0x more than 18% on a compounded annual basis ü ü from 2021E – 2023E Note: (1) Illustrative dividends assume 75% dividend payout ratio on After-Tax Distributable Earnings to Common (2) Assumes 75% dividend payout ratio; implies dividend per share of $0.27 assuming 1,252m shares outstanding 27Capital Structure & Dividend Policy Summary ü Blue Owl expects to maintain a conservative capital structure and an attractive dividend policy CAPITAL STRUCTURE DIVIDEND POLICY Normal Target Range 0.5x 1.0x CAGR: 18.7% $470 $421 $334 Net Debt / EBITDA 2021E 2022E 2023E (1) Illustrative Dividends ($m) Work towards a solid investment grade rating ü (2) § Illustrative ’21E Dividend Yield @ $10 per share : 2.7% Blue Owl plans to have an attractive Establish limited amount of long-term debtü ü (60 – 90%) dividend payout ratio Seeks to grow earnings and dividends by Target Net Debt / EBITDA of 1.0x more than 18% on a compounded annual basis ü ü from 2021E – 2023E Note: (1) Illustrative dividends assume 75% dividend payout ratio on After-Tax Distributable Earnings to Common (2) Assumes 75% dividend payout ratio; implies dividend per share of $0.27 assuming 1,252m shares outstanding 27


Governance Summary CORPORATE STRUCTURE INITIAL BOARD COMPOSITION § Up-C structure including PubCo and two newly-formed limited partnerships, Blue Owl and Blue Owl Carry § SPAC shares, including those offered in the PIPE, represent Independent Directors 3 ownership interest in PubCo § Customary TRA arrangement will entitle sellers to receive 85% of realized tax savings resulting from certain tax benefits, including the impact of sales, exchanges and redemptions (and certain transactions occurring in connection with the closing) on PubCo’s tax basis Owl Rock-Appointed Directors 3 MULTI-CLASS SHARE STRUCTURE § 4 Owl Rock and 3 Dyal principals will directly or indirectly hold high-vote shares in PubCo Dyal-Appointed Directors § These shares will collectively control 90% of the voting power in 2 PubCo § High-vote shares will automatically convert to single-vote shares upon customary terms (e.g., upon certain transfers) Neuberger Berman-Appointed Director 1 28Governance Summary CORPORATE STRUCTURE INITIAL BOARD COMPOSITION § Up-C structure including PubCo and two newly-formed limited partnerships, Blue Owl and Blue Owl Carry § SPAC shares, including those offered in the PIPE, represent Independent Directors 3 ownership interest in PubCo § Customary TRA arrangement will entitle sellers to receive 85% of realized tax savings resulting from certain tax benefits, including the impact of sales, exchanges and redemptions (and certain transactions occurring in connection with the closing) on PubCo’s tax basis Owl Rock-Appointed Directors 3 MULTI-CLASS SHARE STRUCTURE § 4 Owl Rock and 3 Dyal principals will directly or indirectly hold high-vote shares in PubCo Dyal-Appointed Directors § These shares will collectively control 90% of the voting power in 2 PubCo § High-vote shares will automatically convert to single-vote shares upon customary terms (e.g., upon certain transfers) Neuberger Berman-Appointed Director 1 28


AppendixAppendix


High-Quality Portfolio Outperforms Relative to Peers (1) Non-Accruals FV / Par <80% % of Portfolio Pre-2017 Change Total # of % of % of Total # of % of Rated Below Vintage as % % of in NAV Assets Portfolio Portfolio Portfolio Portfolio Portfolio Internal of Debt Portfolio Debt / Since (2) (3) Company ($bn) Companies Companies Cost Companies Companies 1st Lien Equity 12/31/19 Expectations Portfolio Ares Capital Corporation $15.0 42 12% 5% 19 8% 20% 23% 45% 1.1x (5%) (4) OWL ROCK CAPITAL CORP. 10.2 2 2% 2% 2 2% 12% 7% 79% 0.7x (4%) FS KKR Capital Corp. II 7.8 13 8% 9% 27 22% 15% 33% 67% 0.8x (16%) FS KKR Capital Corp. 7.1 16 9% 8% 22 18% 13% 39% 54% 1.3x (20%) Golub Capital BDC, Inc. 4.4 9 4% 2% 18 8% 21% 39% 97% 0.8x (11%) New Mountain Finance Corporation 3.0 5 5% 4% 4 4% 9% 14% 57% 1.5x (8%) Main Street Capital Corp. 2.7 12 7% 7% 18 12% NA 30% 71% 0.8x (10%) Apollo Investment Corporation 2.7 7 5% 5% 10 8% NA 20% 86% 1.6x (15%) Bain Capital Specialty Finance Inc. 2.6 1 1% 0% 12 12% 13% 0% 87% 1.4x (16%) OWL ROCK TECHNOLOGY FINANCE 2.5 0 0% 0% 0 0% 3% 0% 74% 0.7x (0%) Hercules Capital, Inc. 2.5 5 3% 2% 2 2% 36% 9% 86% 1.1x (3%) Sixth Street Specialty Lending, Inc. 2.1 3 4% 2% 6 9% 4% 6% 95% 0.8x 0% TCG BDC, Inc. 2.0 5 4% 6% 9 9% 28% 26% 69% 1.2x (9%) Solar Capital Ltd. 2.0 0 0% 0% 0 0% NA 12% 91% 0.6x (6%) OWL ROCK CAPITAL CORP. II 1.9 2 2% 2% 2 2% 9% 0% 79% 0.6x (3%) BlackRock TCP Capital Corp. 1.7 5 5% 2% 6 7% NA 27% 82% 1.3x (4%) Oaktree Specialty Lending Corp. 1.6 2 2% 1% 6 7% NA 13% 62% 0.8x (2%) Goldman Sachs BDC, Inc. 1.6 5 5% 1% 8 8% 16% 9% 76% 1.5x (8%) Barings BDC 1.2 0 0% 0% 11 9% NA 0% 92% 1.3x (6%) PennantPark Floating Rate Capital 1.1 3 3% 2% 12 13% NA 21% 89% 1.4x (5%) PennantPark Investment Corp. 1.1 2 2% 5% 10 21% NA 15% 41% 1.1x (11%) Average 7 4% 3% 10 9% 15% 16% 75% 1.1x (8%) Source: BDC Collateral, Wells Fargo, Company filings and Wall Street research Note: As of 9/30/20 unless otherwise noted. Includes publicly-traded BDCs with total assets >$1bn, as well as ORTF and ORCC II; NA: Not available (1) Excludes revolvers, delayed draw term loans, letters of credit, and positions marked at 0 or NA 30 (2) Based on fair value; Internal expectations are based on BDC-manager ratings as available in their respective financial statements; Includes investments rated below equivalent of ORCC 2-rating (3) Metrics per Wells Fargo “4Q20 BDC Scorecard” published 9/11/20; Data as of 6/30/20 (4) Represents Net Debt / EquityHigh-Quality Portfolio Outperforms Relative to Peers (1) Non-Accruals FV / Par <80% % of Portfolio Pre-2017 Change Total # of % of % of Total # of % of Rated Below Vintage as % % of in NAV Assets Portfolio Portfolio Portfolio Portfolio Portfolio Internal of Debt Portfolio Debt / Since (2) (3) Company ($bn) Companies Companies Cost Companies Companies 1st Lien Equity 12/31/19 Expectations Portfolio Ares Capital Corporation $15.0 42 12% 5% 19 8% 20% 23% 45% 1.1x (5%) (4) OWL ROCK CAPITAL CORP. 10.2 2 2% 2% 2 2% 12% 7% 79% 0.7x (4%) FS KKR Capital Corp. II 7.8 13 8% 9% 27 22% 15% 33% 67% 0.8x (16%) FS KKR Capital Corp. 7.1 16 9% 8% 22 18% 13% 39% 54% 1.3x (20%) Golub Capital BDC, Inc. 4.4 9 4% 2% 18 8% 21% 39% 97% 0.8x (11%) New Mountain Finance Corporation 3.0 5 5% 4% 4 4% 9% 14% 57% 1.5x (8%) Main Street Capital Corp. 2.7 12 7% 7% 18 12% NA 30% 71% 0.8x (10%) Apollo Investment Corporation 2.7 7 5% 5% 10 8% NA 20% 86% 1.6x (15%) Bain Capital Specialty Finance Inc. 2.6 1 1% 0% 12 12% 13% 0% 87% 1.4x (16%) OWL ROCK TECHNOLOGY FINANCE 2.5 0 0% 0% 0 0% 3% 0% 74% 0.7x (0%) Hercules Capital, Inc. 2.5 5 3% 2% 2 2% 36% 9% 86% 1.1x (3%) Sixth Street Specialty Lending, Inc. 2.1 3 4% 2% 6 9% 4% 6% 95% 0.8x 0% TCG BDC, Inc. 2.0 5 4% 6% 9 9% 28% 26% 69% 1.2x (9%) Solar Capital Ltd. 2.0 0 0% 0% 0 0% NA 12% 91% 0.6x (6%) OWL ROCK CAPITAL CORP. II 1.9 2 2% 2% 2 2% 9% 0% 79% 0.6x (3%) BlackRock TCP Capital Corp. 1.7 5 5% 2% 6 7% NA 27% 82% 1.3x (4%) Oaktree Specialty Lending Corp. 1.6 2 2% 1% 6 7% NA 13% 62% 0.8x (2%) Goldman Sachs BDC, Inc. 1.6 5 5% 1% 8 8% 16% 9% 76% 1.5x (8%) Barings BDC 1.2 0 0% 0% 11 9% NA 0% 92% 1.3x (6%) PennantPark Floating Rate Capital 1.1 3 3% 2% 12 13% NA 21% 89% 1.4x (5%) PennantPark Investment Corp. 1.1 2 2% 5% 10 21% NA 15% 41% 1.1x (11%) Average 7 4% 3% 10 9% 15% 16% 75% 1.1x (8%) Source: BDC Collateral, Wells Fargo, Company filings and Wall Street research Note: As of 9/30/20 unless otherwise noted. Includes publicly-traded BDCs with total assets >$1bn, as well as ORTF and ORCC II; NA: Not available (1) Excludes revolvers, delayed draw term loans, letters of credit, and positions marked at 0 or NA 30 (2) Based on fair value; Internal expectations are based on BDC-manager ratings as available in their respective financial statements; Includes investments rated below equivalent of ORCC 2-rating (3) Metrics per Wells Fargo “4Q20 BDC Scorecard” published 9/11/20; Data as of 6/30/20 (4) Represents Net Debt / Equity


Peer Operating Benchmarking ü Blue Owl is a clear positive outlier vis-à-vis other comparables Higher-Growth, FRE-Centric Firms Broadly Diversified, Public Alternative Firms Other U.S. Higher- Blue Growth, Div. Pub. (1)(2) Alts. FRE-Centric Owl Median Median (3) AUM ($bn) $47 $55 $73 $96 $72 $72 $179 $433 $584 $230 $234 $234 $59 ’20-’22 AUM 36.3 % (2.2)% 9.9 % 10.9 % 19.8 % 10.4 % 12.2 % 9.9 % 13.0 % 10.1 % 13.7 % 12.2 % 11.2 % (4) CAGR (3) FEAUM / AUM 81.9 100.0 53.8 ND 61.5 61.5 62.9 77.6 76.1 72.4 75.8 75.8 85.2 4% 10% 12% 8% 13% 16% 13% 17% 23% Range of Range of Primarily 33% 37% (4) 18% 44% 16% 37% 45% 43% 46% 48% 18% 55% ’20 AUM Private Business 24% Business 57% 23% 41% 31% 72% 72% Equity 40% Mixes Mixes 30% 32% 23% Credit Private Equity Real Assets / Real Estate Other 7% 18% 26% 24% 25% 28% 29% 38% 50% ‘22 FRE / Realized 43% 41% 43% 50% 57% 62% 59% 57% PRE 74% 71% (8) 72% 82% 93% 100% 76% 75% FRE Realized PRE (5) ’20-’22 DE CAGR 65.1 % 67.9 % 13.1 % 25.2 % 19.8 % 22.5 % 20.1 % 31.4 % 22.5 % 18.7 % 20.0 % 20.1 % 17.8 % Long-Term DE 32.9 41.1 14.8 3.5 19.9 17.4 16.6 6.3 13.5 14.5 12.3 13.5 ND (6) CAGR ‘20 Pre-Tax 41.1 35.6 48.7 59.6 32.8 42.1 33.3 46.5 54.5 31.1 45.8 45.8 28.3 (7) Operating Margin ‘22 Pre-Tax 66.6 60.4 46.2 64.2 34.5 53.3 39.8 53.8 58.5 38.1 50.7 50.7 38.2 (7) Operating Margin Source: Company filings, IBES and GS Research as of 12/18/20 Note: (1) Assumes 40% compensation ratio for realized performance income; (2) Shown on standalone basis (excl. pending Global Atlantic acquisition); (3) As of 12/31/20 for Blue Owl, 6/30/20 for PGHN and 9/30/20 for other firms; (4) Based on fee-earning AUM for HLNE, STEP and GCM Grosvenor; GCM Grosvenor discloses private markets and public markets AUM, classified here as Private Equity and Other, respectively; 31 (5) Based on after-tax DE for Blue Owl, adjusted cash EPS for EQT, HLNE, PGHN and STEP, realized income per share for ARES and DE per share for rest of peers; (6) Represents 2020 – 2025E after-tax DE CAGR for Blue Owl and IBES estimates for peers; Represents FY2021E – 2023E EPS CAGR for HLNE and STEP and 5-year EPS CAGR for other peers; (7) Based on pre-tax distributable earnings before minority interest for Blue Owl; (8) GCM Grosvenor FRE / PRE mix based on revenue mix due to limited expense detail provided Earnings 1 Profitability Business Mix AUM GrowthPeer Operating Benchmarking ü Blue Owl is a clear positive outlier vis-à-vis other comparables Higher-Growth, FRE-Centric Firms Broadly Diversified, Public Alternative Firms Other U.S. Higher- Blue Growth, Div. Pub. (1)(2) Alts. FRE-Centric Owl Median Median (3) AUM ($bn) $47 $55 $73 $96 $72 $72 $179 $433 $584 $230 $234 $234 $59 ’20-’22 AUM 36.3 % (2.2)% 9.9 % 10.9 % 19.8 % 10.4 % 12.2 % 9.9 % 13.0 % 10.1 % 13.7 % 12.2 % 11.2 % (4) CAGR (3) FEAUM / AUM 81.9 100.0 53.8 ND 61.5 61.5 62.9 77.6 76.1 72.4 75.8 75.8 85.2 4% 10% 12% 8% 13% 16% 13% 17% 23% Range of Range of Primarily 33% 37% (4) 18% 44% 16% 37% 45% 43% 46% 48% 18% 55% ’20 AUM Private Business 24% Business 57% 23% 41% 31% 72% 72% Equity 40% Mixes Mixes 30% 32% 23% Credit Private Equity Real Assets / Real Estate Other 7% 18% 26% 24% 25% 28% 29% 38% 50% ‘22 FRE / Realized 43% 41% 43% 50% 57% 62% 59% 57% PRE 74% 71% (8) 72% 82% 93% 100% 76% 75% FRE Realized PRE (5) ’20-’22 DE CAGR 65.1 % 67.9 % 13.1 % 25.2 % 19.8 % 22.5 % 20.1 % 31.4 % 22.5 % 18.7 % 20.0 % 20.1 % 17.8 % Long-Term DE 32.9 41.1 14.8 3.5 19.9 17.4 16.6 6.3 13.5 14.5 12.3 13.5 ND (6) CAGR ‘20 Pre-Tax 41.1 35.6 48.7 59.6 32.8 42.1 33.3 46.5 54.5 31.1 45.8 45.8 28.3 (7) Operating Margin ‘22 Pre-Tax 66.6 60.4 46.2 64.2 34.5 53.3 39.8 53.8 58.5 38.1 50.7 50.7 38.2 (7) Operating Margin Source: Company filings, IBES and GS Research as of 12/18/20 Note: (1) Assumes 40% compensation ratio for realized performance income; (2) Shown on standalone basis (excl. pending Global Atlantic acquisition); (3) As of 12/31/20 for Blue Owl, 6/30/20 for PGHN and 9/30/20 for other firms; (4) Based on fee-earning AUM for HLNE, STEP and GCM Grosvenor; GCM Grosvenor discloses private markets and public markets AUM, classified here as Private Equity and Other, respectively; 31 (5) Based on after-tax DE for Blue Owl, adjusted cash EPS for EQT, HLNE, PGHN and STEP, realized income per share for ARES and DE per share for rest of peers; (6) Represents 2020 – 2025E after-tax DE CAGR for Blue Owl and IBES estimates for peers; Represents FY2021E – 2023E EPS CAGR for HLNE and STEP and 5-year EPS CAGR for other peers; (7) Based on pre-tax distributable earnings before minority interest for Blue Owl; (8) GCM Grosvenor FRE / PRE mix based on revenue mix due to limited expense detail provided Earnings 1 Profitability Business Mix AUM Growth


Peer Valuation Benchmarking ü Given Blue Owl’s fundamentals, buyside will focus on higher-growth FRE-centric peers NTM P/E SELECT PUBLIC ALTERNATIVE ASSET MANAGEMENT TRADING METRICS 40x Equity % of Calendarized Calendarized Dividend EV / EBITDA Multiples Market Cap 52 Week P/E Multiples Yield Company ($ in mm) High 2020E 2021E 2022E 2020E 2021E 2022E 2020E 34.7x Higher-Growth, FRE-Centric Firms Partners Group $ 30,396 97.7 % 40.0 x 29.7 x 25.5 x 31.3 x 24.9 x 21.5 x 2.6 % 30x EQT AB 21,868 83.9 85.3 33.4 30.3 63.4 27.2 26.3 1.3 Hamilton Lane 4,288 96.1 40.4 36.0 31.6 31.1 28.3 24.2 3.1 StepStone 3,428 96.0 56.1 47.5 39.1 34.1 31.6 26.7 NA Median 96.0 % 48.3 x 34.7 x 30.9 x 32.7 x 27.8 x 25.2 x 2.6 % Diversified Alt. Mgmt. Firms 20x 19.0x Blackstone $ 80,331 98.3 % 27.4 x 21.5 x 18.3 x 25.5 x 19.7 x 16.2 x 3.1 % KKR 35,794 98.4 23.6 19.0 16.3 16.8 13.7 10.9 1.3 Apollo 21,114 86.3 26.5 18.4 15.4 21.4 16.4 13.3 3.9 Ares 13,881 99.2 28.1 22.8 19.4 21.4 15.7 16.6 3.2 10x Carlyle 11,173 88.2 17.0 14.7 12.1 15.0 12.3 9.9 3.2 Median 98.3 % 26.5 x 19.0 x 16.3 x 21.4 x 15.7 x 13.3 x 3.2 % Other Firms GCM Grosvenor $ 2,372 82.6 % 26.7 x 24.4 x 19.2 x 23.0 x 19.3 x 15.5 x NA 0x Dec-2017 Dec-2018 Dec-2019 Dec-2020 ( ) Higher-Growth, FRE-Centric Firms ¹ (3) ( ) Diversified Alt. Mgmt. Firms Median 2021E FRE Multiple: 25.0x Diversified Alt. Mgmt. Firms ² ü Source: Company Filings, Bloomberg, IBES, Wall Street Research, Eikon; Market data as of 12/18/20 Note: (1) Higher-Growth, FRE-Centric Firms includes EQT, HLNE, PGHN and STEP (2) Diversified Alternative Management Firms includes APO, ARES, BX, CG and KKR 32 (3) Median of all implied 2021E FRE multiples for Diversified Alt. Mgmt. Firms from target prices published by 5 common analysts NTM-Time Weighted P/E Multiple Other Diversified Alt. Mgrs. HG, FRE-CentricPeer Valuation Benchmarking ü Given Blue Owl’s fundamentals, buyside will focus on higher-growth FRE-centric peers NTM P/E SELECT PUBLIC ALTERNATIVE ASSET MANAGEMENT TRADING METRICS 40x Equity % of Calendarized Calendarized Dividend EV / EBITDA Multiples Market Cap 52 Week P/E Multiples Yield Company ($ in mm) High 2020E 2021E 2022E 2020E 2021E 2022E 2020E 34.7x Higher-Growth, FRE-Centric Firms Partners Group $ 30,396 97.7 % 40.0 x 29.7 x 25.5 x 31.3 x 24.9 x 21.5 x 2.6 % 30x EQT AB 21,868 83.9 85.3 33.4 30.3 63.4 27.2 26.3 1.3 Hamilton Lane 4,288 96.1 40.4 36.0 31.6 31.1 28.3 24.2 3.1 StepStone 3,428 96.0 56.1 47.5 39.1 34.1 31.6 26.7 NA Median 96.0 % 48.3 x 34.7 x 30.9 x 32.7 x 27.8 x 25.2 x 2.6 % Diversified Alt. Mgmt. Firms 20x 19.0x Blackstone $ 80,331 98.3 % 27.4 x 21.5 x 18.3 x 25.5 x 19.7 x 16.2 x 3.1 % KKR 35,794 98.4 23.6 19.0 16.3 16.8 13.7 10.9 1.3 Apollo 21,114 86.3 26.5 18.4 15.4 21.4 16.4 13.3 3.9 Ares 13,881 99.2 28.1 22.8 19.4 21.4 15.7 16.6 3.2 10x Carlyle 11,173 88.2 17.0 14.7 12.1 15.0 12.3 9.9 3.2 Median 98.3 % 26.5 x 19.0 x 16.3 x 21.4 x 15.7 x 13.3 x 3.2 % Other Firms GCM Grosvenor $ 2,372 82.6 % 26.7 x 24.4 x 19.2 x 23.0 x 19.3 x 15.5 x NA 0x Dec-2017 Dec-2018 Dec-2019 Dec-2020 ( ) Higher-Growth, FRE-Centric Firms ¹ (3) ( ) Diversified Alt. Mgmt. Firms Median 2021E FRE Multiple: 25.0x Diversified Alt. Mgmt. Firms ² ü Source: Company Filings, Bloomberg, IBES, Wall Street Research, Eikon; Market data as of 12/18/20 Note: (1) Higher-Growth, FRE-Centric Firms includes EQT, HLNE, PGHN and STEP (2) Diversified Alternative Management Firms includes APO, ARES, BX, CG and KKR 32 (3) Median of all implied 2021E FRE multiples for Diversified Alt. Mgmt. Firms from target prices published by 5 common analysts NTM-Time Weighted P/E Multiple Other Diversified Alt. Mgrs. HG, FRE-Centric