AMERICAN CAPITAL SENIOR FLOATING, LTD. FQ1 2018 EARNINGS CALL MAY 10, 2018 Call Participants .................................................................................................................................................................... EXECUTIVES Kevin R. Braddish President & Chief Executive Officer Penelope F. Roll Chief Financial Officer Veronica Mendiola Vice President of Public IR & Communications 2 WWW.SPCAPITALIQ.COM Copyright © 2018 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved.

AMERICAN CAPITAL SENIOR FLOATING, LTD. FQ1 2018 EARNINGS CALL MAY 10, 2018 Presentation .................................................................................................................................................................... Operator Good morning, and welcome to the American Capital Senior Floating's First Quarter Ended March 31, 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded on Thursday, May 10, 2018. And now I would like to turn the call over to Veronica Mendiola in Investor Relations. Veronica Mendiola Vice President of Public IR & Communications Thank you. Good afternoon, and thank you for joining us today for ACSF's First Quarter Earnings Conference Call. I'm joined today by Kevin Braddish, our Director, President and Chief Executive Officer; and Penni Roll, our Chief Financial Officer. Before we begin, I want to remind you that comments made during the course of this conference call and webcast and the accompanying documents contain forward-looking statements and are subject to risks and uncertainties. Many of these forward-looking statements can be identified by the use of words such as anticipates, believes, expects, intends, will, should, may and similar expressions. ACSF's actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. ACSF assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results. ACSF's 8-K and 10-Q, both of which were filed today, are also available on our website at www.acsf.com. Just a note before we begin. This morning, via an 8-K and press release, ACSF announced that its Board of Directors unanimously approved a plan of complete liquidation and dissolution. Also today, ACSF filed a preliminary proxy statement indicating that the company plans to hold a special meeting of stockholders to seek approval to complete the plan. As a result, we will not be able to answer any questions on this call. We encourage you to review the preliminary proxy materials should you have further questions. I will now turn the call over to Kevin Braddish, ACSF's CEO. Kevin R. Braddish President & Chief Executive Officer Thank you, Veronica. Good afternoon, and thanks again to everyone for joining. As Veronica mentioned, this morning, we announced that our board has determined that it is in the best interest of the company and our stockholders to recommend a plan of liquidation and dissolution. Before we discuss the plan further, Penni will provide a brief overview of our first quarter results, and then I'll provide some commentary on the recent announcement. I'll now turn the call over to Penni. Penelope F. Roll Chief Financial Officer Thank you, Kevin. For the first quarter of 2018, we reported net investment income of $0.22 per share, a decrease of $0.03 per share from the fourth quarter of 2017 and $0.09 per share from the first quarter of 2017. As we discussed on our last call, we have been very active in repositioning our loan portfolios since taking over as ACSF's manager at the beginning of 2017. While asset spread compression continues to impact the spreads on our portfolio, the total portfolio yield increased to 7.2% at March 31, 2018, from 7.05% at December 31, 2017, primarily benefiting from increases in LIBOR through our loan portfolio. 3 WWW.SPCAPITALIQ.COM Copyright © 2018 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved.

AMERICAN CAPITAL SENIOR FLOATING, LTD. FQ1 2018 EARNINGS CALL MAY 10, 2018 The yield on the loan portfolio grew by 38 basis points to 6.46% at March 31, 2018, from 6.08% at December 31, 2017. However, yields in cash flows on our CLO investments, which represented 19% of our portfolio at March 31, 2018, have been impacted by declining loan spreads and by the mismatch between the LIBOR index on the underlying loan portfolio and the CLO's liabilities, reducing the yield on our CLO portfolio by 63 basis points to 9.96% at March 31, 2018, from 10.59% at December 31, 2017. While we had a higher portfolio yield at the end of the first quarter, our investment income was down versus the prior quarter due to having a smaller average investment portfolio, reflecting the continued challenges of finding investments that provide what we believe to be an appropriate risk-adjusted return that meets the investment objectives of the company. Net expenses for the 3 months ended March 31, 2018 were $1.9 million, consistent with net expenses for the 3 months ended December 31, 2017, and up 21% from the 3 months ended March 31, 2017. The increase over the first quarter of 2017 is related to an increase in interest expense, primarily due to rising LIBOR rates and the expiration of the Voluntary Expense Cap on general and administrative expenses. We had net realized and unrealized gains on investments of approximately $900,000 during the quarter, resulting in net earnings of $3.1 million or $0.31 per share compared to $0.25 per share in the fourth quarter of 2017 and $0.28 per share in the first quarter of --sorry, 2017. We ended the quarter with a net asset value of $13.11 per share as compared to $13.09 per share at the end of 2017. Looking at the right-hand side of our balance sheet, as of March 31, 2018, we had $93.8 million of debt outstanding under our current --under our credit facility. And our debt-to-equity ratio was 0.72:1, up from the 0.67:1 at December 31, 2017. In addition, at March 31, 2018, we had $3.6 million in cash and cash equivalents and $41.2 million of available capacity under our revolving credit facility. Turning to our portfolio composition. As of quarter end, we had a $225 million portfolio at fair value, comprised of $170 million or 75.5% in first lien loans, $13 million or 5.8% in second lien loans and $42 million or 18.7% in CLO equity. The weighted average yield at cost for the entire portfolio as of March 31, 2018 was 7.2%. And now with that, I would like to turn the call back over to Kevin. Kevin R. Braddish President & Chief Executive Officer Thanks, Penni. Since Ivy Hill became the manager of ACSF in January of 2017, we've been committed to managing ACSF in the best interest of its stockholders. Accordingly, after conducting a strategic review, our board has determined that it is in the best interest of the company and our stockholders to initiate a plan of complete liquidation and dissolution and to return the proceeds to stockholders. The management team and the board believe that conditions in the liquid credit market will continue to challenge the company's ability to improve its level of earnings in the foreseeable future. In addition, with the challenges of being able to cover its dividend from current net investment income and ACSF's common stock trading at a significant discount to its net asset value, the company is not in a position to scale without meaningful dilution to stockholders. For these reasons, we and the board believe that a managed liquidation is the best outcome for stockholders. In addition to considering our complete liquidation and dissolution, we and our board also explored various other strategic options. We also examined maintaining the company as a stand-alone entity with increased leverage, potentially permitted through the Small Business Credit Availability Act and engaging in a merger or acquisition with an affiliated or third-party company. Following the review process mentioned above, we concluded that a managed liquidation and distribution of the net cash proceeds to stockholders provides the most attractive option to enhance stockholder value when considering costs, certainty of result, timing and other factors. As outlined in the preliminary proxy materials, the plan is to sell all or substantially all of our assets and resolve our remaining liabilities and then distribute the net proceeds to our stockholders. After which, the company will be dissolved. 4 WWW.SPCAPITALIQ.COM Copyright © 2018 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved.

AMERICAN CAPITAL SENIOR FLOATING, LTD. FQ1 2018 EARNINGS CALL MAY 10, 2018 Based on the fair value of our portfolio as of March 31, 2018, we currently estimate the aggregate amount of distributions received by each stockholder, including cumulative dividends declared and payable after March 31, 2018, will be between 97% to 99% of the company's NAV or net asset value per share as of March 31, 2018, of $13.11, representing a range of $12.71 to $12.98 per share. This estimate is subject to certain assumptions, which are more fully described in the preliminary proxy statement that was filed earlier today. The actual distributions received by each stockholder could be more or less than this estimated range, and the timing of the asset sales and liquidating distributions is uncertain. As previous --as mentioned previously, we intend to hold a special meeting of stockholders to seek approval of the plan. We will file definitive proxy materials in the near future, which will establish the meeting date. Further, the board declared a monthly dividend of $0.097 per share, consistent with the previous monthly dividend level for stockholders of record on May 21, June 20 and July 20, 2018. In light of the initiation of the plan, the board will evaluate the payment of dividends on a monthly basis after the payment of the July 2018 dividend. As I trust you all understand, we are currently unable to provide any additional information or answer any questions at this time. Please refer to the preliminary proxy materials that were filed with the SEC this morning for additional information. There is a frequently asked question-and-answer section contained in the preliminary proxy that is also posted on our website for your review. Lastly, we have appreciated the opportunity to manage the company and want to thank everyone for their time today and over the past year. That concludes our prepared remarks. Operator Ladies and gentlemen, this concludes our conference call for today. If you missed any part of today's call, an archived replay of this conference call will be available approximately 1 hour after the end of the call through 1 hour at --through May 24, 2018, at 5:00 p.m. to domestic callers by dialing (877) 344-7529 and to international callers by dialing (412) 317-0088. For all replays, please reference conference number 10119904. An archived replay will also be available on the webcast link located at the homepage of the Investor Resources section of our website. Thank you, and have a good day. 5 WWW.SPCAPITALIQ.COM Copyright © 2018 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved.

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