PPR Voya Prime Rate Trust

Voya Prime Rate Trust ("PPR") – Webinar

Presented by

Dan Norman, Group Head and Senior Managing Director Chuck LeMieux, Senior Vice President, Portfolio Manager Tamara Wieging, Vice President, Client Portfolio Manager

April 2020

CID 1159056

Presenter Biographies

Dan Norman

Group Head and Senior Managing Director, Senior Loans

Years of investment experience: 34

Years with company: 27

Dan Norman is senior managing director, group head of the Voya Investment Management senior loan group. He co- manages the group with Jeff Bakalar, and serves as a member of the group's investment committee. Dan is a former member of the board of directors of the Loan Syndications and Trading Association and the International Association of Credit Portfolio Managers. Dan received his MBA from the University of Nebraska.

Chuck E. LeMieux, CFA

Senior Vice President, Portfolio Manager

Years of investment experience: 32

Years with company: 21

Chuck LeMieux is a senior vice president, portfolio manager of the Voya Investment Management senior loan group. Chuck serves as a member of the senior loan group's investment committee. Chuck also serves as the portfolio manager for U.S. mutual funds and offshore commingled funds. Prior to joining the firm, Chuck was an assistant treasurer for a major Arizona power and water utility and also worked in a variety of business and investment positions in the chemicals and global mining industries. Chuck received his MBA from the University of Arizona and holds the Chartered Financial Analyst®.

2

Voya Prime Rate Trust: Principal Risks

Risk is inherent in all investing. The following are the principal risks associated with investing in Voya Prime Rate Trust.

Credit Risk: The fund invests a substantial portion of its assets in below investment grade senior bank loans and other below investment grade assets. Below investment grade loans involve a greater risk that borrowers may not make timely payment of the interest and principal due on their loans. They also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments of the interest due on their loans, the yield on the fund's Common Shares will decrease. If borrowers do not make timely payment of the principal due on their loans, or if the value of such loans decreases, the fund's NAV will decrease.

Interest rate risk: The yield on senior loans is directly affected by changes in market interest rates. If such rates fall, the yield may fall. Also, if overall interest rates on loans decline, the yield may fall and the value of the loans may decrease. When market interest rates rise, there may be a delay in the rise in the yield on loans due to a lag between changes in such rates and the resetting of the floating rates on the loans. There may also be a delay due to the effect of LIBOR floors, which establish a lower limit on the LIBOR portion of a loan's yield. Rises in market interest rates must exceed applicable LIBOR floors before such rises will affect the yield on a loan with a LIBOR floor.

Leverage risk: The fund's use of leverage through borrowings and the issuance of Preferred Shares can adversely affect the yield on the fund's Common Shares. To the extent that the fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the fund's Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the fund invests, the effect of that decline will be magnified in the fund because of the additional assets purchased with proceeds of the leverage.

Limited secondary market for loans: Because of the limited secondary market for loans, the fund may be limited in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price.

Demand for loans: An increase in demand for loans may adversely affect the rate of interest payable on new loans acquired by the fund, and it may also increase the price of loans in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the fund's portfolio, which could cause the fund's NAV to decline.

This is not, and is not intended to be, a description of all risks of investing in the fund. The fund's current Prospectus should be read carefully before investing. Consider the fund's investment objective, risks, and charges and expenses carefully before investing.

3

PPR History and Overview

Leverage provided via a low cost revolving credit facility

No preferred shares

–Pays monthly dividend

Source: Morningstar: CE Bank Loan Category; data as of December 31, 2019

Note: We are using December 31 leverage data as a source for leverage data for the Morningstar Closed End Loan Funds because Morningstar's leverage ratio methodology utilizes the borrowings reported on a fund's most recent regulatory filing divided by the assets at the noted period end. Normally this approach would likely not be materially different than the actual official leverage ratio of a fund at that point in time, but given the massive marked-to-market changes in March we did not want to misrepresent leverage levels which each manager was likely adjusting relative to their usual percentages.

4

Voya Senior Loan Platform

Total Assets: $27.1 billion

Team members as of 03/31/2020; AUM and other stats as of 12/31/19. Totals may not equal due to rounding.

1Source: S&P LCD ("LCD") as of 12/31/2019. Includes all accounts that LCD was able to track with commitments of $10 million or more in estimated allocations. The data is based on LCD's collection and therefore is, by definition, incomplete. LCD's collection does not include loans that are not syndicated; materially different rankings could result from a change in collections or ranking methodology. Only accounts with more than 50 commitments were included in this analysis

5

COVID-19 and Total Returns

Daily Cumulative Returns

S&P/LSTA Leveraged Loan Index and Ratings Constrained

Sub-Indices;

March 2020

0.0%

-5.0%

-10.0%

-15.0%

-20.0%

-25.0%

Source: S&P/LCD and Bloomberg (ICE Bof A US HY Index).. Investors cannot invest directly in an index. Past performance is no guarantee of future results.

6

Price, Yields and Relative Value Trends

7

Fundamentals

Source: S&P/LCD. Data as of March 31, 2020

8

Q2 2020 Market Outlook

MACRO HEADWINDS/VOLATILITY

FED/GOVERNMENT POLICY

TECHNICALS

FUNDAMENTALS

9

PPR Portfolio Characteristics

Data as of March 31, 2020. Source: Voya Investment Management and S&P/LSTA Leveraged Loan Index.

*These weightings reflect "other net assets." "Other net assets" includes cash, payables, receivables and all other assets and liabilities on the balance sheet.

**The Portfolio's weighted average coupon is calculated by using nominal spread and 60-day LIBOR, while the Index's weighted average coupon is calculated using nominal spread and weighted average contracts. Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics.

11

LTM Data as of March 31, 2020. Past performance does not guarantee future results and there is the possibility of loss. Aggregate Default count and rate includes both Payment Defaults and other categories of defaults, as described on the following slide. Source: Voya Investment Management, S&P/LCD LoanStats Weekly "Lagging Twelve-Month Default Rate by Principal Amount & Rolling Twelve-Month Principal Amount of Index Defaults."

LTM shows defaults over the most recent 12 months. Therefore, the number and amount of defaults shown include defaults from portions of the previous year. Lagging twelve month default rate is shown to permit comparison to the S&P Index rate, which also shows lagging twelve months. Payment defaults are included within aggregate default statistics.

The information provided from market and index sources may be subject to change, and such data may be restated in the future as additional information becomes available from public sources.

Please see explanation on the following slide for a description of how defaults are determined and default and recovery rates are calculated and presented. Aggregate Default rate for the Trust includes both Payment Defaults and other categories of defaults, as described on the following slide.

13

Questions?

14

Voya Prime Rate Trust

Risk is inherent in all investing. The following are the principal risks associated with investing in Voya Prime Rate Trust.

Credit Risk: The fund invests a substantial portion of its assets in below investment grade senior bank loans and other below investment grade assets. Below investment grade loans involve a greater risk that borrowers may not make timely payment of the interest and principal due on their loans. They also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments of the interest due on their loans, the yield on the fund's Common Shares will decrease. If borrowers do not make timely payment of the principal due on their loans, or if the value of such loans decreases, the fund's NAV will decrease.

Interest rate risk: The yield on senior loans is directly affected by changes in market interest rates. If such rates fall, the yield may fall. Also, if overall interest rates on loans decline, the yield may fall and the value of the loans may decrease. When market interest rates rise, there may be a delay in the rise in the yield on loans due to a lag between changes in such rates and the resetting of the floating rates on the loans. There may also be a delay due to the effect of LIBOR floors, which establish a lower limit on the LIBOR portion of a loan's yield. Rises in market interest rates must exceed applicable LIBOR floors before such rises will affect the yield on a loan with a LIBOR floor.

Leverage risk: The fund's use of leverage through borrowings and the issuance of Preferred Shares can adversely affect the yield on the fund's Common Shares. To the extent that the fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the fund's Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the fund invests, the effect of that decline will be magnified in the fund because of the additional assets purchased with proceeds of the leverage.

Limited secondary market for loans: Because of the limited secondary market for loans, the fund may be limited in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price.

Demand for loans: An increase in demand for loans may adversely affect the rate of interest payable on new loans acquired by the fund, and it may also increase the price of loans in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the fund's portfolio, which could cause the fund's NAV to decline.

This is not, and is not intended to be, a description of all risks of investing in the fund. The fund's current Prospectus should be read carefully before investing. Consider the fund's investment objective, risks, and charges and expenses carefully before investing.

15

Disclosures

This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Voya Investment Management ("Voya IM") considers reliable; Voya IM does not represent that such information is accurate or complete. Certain statements contained herein may constitute "projections," "forecasts" and other "forward-looking statements" which do not reflect actual results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain historical financial data. Actual results, performance or events may differ materially from those in such statements. Any opinions, projections, forecasts and forward-looking statements presented herein are valid only as of the date of this document and are subject to change. Nothing contained herein should be construed as (i) an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Voya IM assumes no obligation to update any forward-looking information.

Past performance is no guarantee of future results.

©2019 Voya Investments Distributor, LLC, 230 Park Ave, New York, NY 10169

Voya assumes no obligation to update any forward-looking information contained in this document.

This is not, and is not intended to be, a description of all risks of investing in senior loans. The applicable offering documents should be read carefully before investing. Voya Compliance Approval ID #20200108-1050290-3159152.

www.voyainvestments.com

16