Citi US Financial Services Conference 030613

8/23/2019 Citi US Financial Services Conference 030613

1/98

2012 American Capital. All Rights Reserved. Nasdaq: ACAS

Citi US Financial ServicesConferenceMarch 6, 2013


2/98

Nasdaq: ACAS

2

SAFEHARBORSTATEMENT

This presentation contains statements that, to the extent they are not recitations of historical fact,constitute "forward-looking statements" within the meaning of the Private Securities LitigationReform Act of 1995. All such forward-looking statements are intended to be subject to the safeharbor protection provided by the Reform Act. Actual outcomes and results could differmaterially from those forecast due to the impact of many factors beyond the control of AmericanCapital. All forward looking statements included in this presentation are made only as of the dateof this presentation and are subject to change without notice. Certain factors that could causeactual results to differ materially from those contained in the forward-looking statements areincluded in our periodic reports filed with the SEC. Copies are available on the SECs website at

www.sec.gov. We disclaim any obligation to update our forward looking statements unlessrequired by law.

The following slides contain summaries of certain financial and statistical information aboutAmer ican Capital , Ltd. They should be read in conjunct ion wi th our per iodic repor ts that are filedfrom time-to-time with the Securities and Exchange Commission including our annual report onForm 10-K for the year ended December 31, 2011 and our subsequent periodic filings. Historicalresults discussed in this presentation are not indicative of future results.

Additional Informat ion

No information contained in this presentation constitutes an offer or invitation to acquire ordispose of any securities or investment advice in any jurisdiction. Any statements includedherein regarding earnings enhancement are not a profit forecast and should not be interpreted tomean that American Capitals future earnings will necessarily match or exceed those of any prioryear.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATIONREFORMACTOF1995
http://www.sec.gov/http://www.sec.gov/


3/98

Nasdaq: ACAS

3

2012 HIGHLIGHTS

$17.84 Net Asset Value ( NAV ) Per Share

$3.97 per share, or 29%, increase from 2011 $1.16 Net Operating Income ( NOI ) Before Income Taxes Per Diluted

Share, or $383 MM 7.7% return on average shareholders equity

$3.44 Net Earnings Per Diluted Share, or $1,136 MM 22.1% return on average shareholders equity

$1,498 MM in Realizations $719 MM in New Committed Investments*

Stock Repurchase and Dividend Program 35 MM shares repurchased for $362 MM at an average price of $10.39 per share $0.77 per share accretive to December 31, 2012 NAV per share

Per share impact equivalent to $234 MM of additional retained earnings

Refinanced Secured Debt with a $600 MM Four-year Term Facility andObtained a New Four-year $250 MM Senior Secured Revolving CreditFacility

$487 MM of Securit ized Debt Repaid

S&P Credit Rating Upgraded from B to B+

* New investments reported on commit ted amounts at orig ination.


4/98

Nasdaq: ACAS

4

Q4 2012 HIGHLIGHTS

$17.84 NAV Per Share

$0.45 per share, or 10% annualized increase from Q3 2012

$0.36 NOI Before Income Taxes Per Diluted Share, or $115 MM

$0.26 NOI after taxes per diluted share, or $83 MM

6.1% annualized return on average shareholders equity

$0.38 Net Earnings Per Diluted Share, or $123 MM

9.1% annualized return on average shareholders equity $634 MM in Realizations

$527 MM in New Committed Investments*

$28 MM of Secur it ized Debt Repaid

Stock Repurchase and Dividend Program

9 MM shares repurchased for $103 MM at an average price of $11.72 per share

$0.18 per share accretive to December 31, 2012 NAV per share

Per share impact equivalent to $55 MM of additional retained earnings

* New investments reported on commit ted amounts at orig ination.


5/98

Nasdaq: ACAS

$719 MM OF2012 NEWINVESTMENTS*BYUSEOFFUNDS

* New investments reported on commit ted amounts at orig ination.** Recapitalization occur red in non-dist ressed portf olio companies

5

$301 MM for 2 One StopBuyout Investments,

42%

$109 MM for 8 SponsorFinance Investments,

15%

$50 MM for Investmentin European Capital,

7%

$9 MM for a CLOInvestment,

1%

$116 MM for Investmentin American Capital

Asset Management,LLC,

16%

$71 MM forRecapitalization in 5

Portfolio Companies**,

10%

$22 MM for WorkingCapital in Distressed

Situations in 4 PortfolioCompanies,

3%

$22 MM for Growth andWorking Capital in 3

Portfolio Companies,3%

$19 MM for Acquisitionsin 3 Portfolio

Companies,3%


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Nasdaq: ACAS

$527 MM OFQ4 2012 NEWINVESTMENTS*BYUSEOFFUNDS


6


57%$87 MM for 6 SponsorFinance Investments,

17%


9%


2%


Asset Management,LLC,6%


Portfolio Companies**,5%

$10 MM for Acquisitions

in 2 PortfolioCompanies,2%

$6 MM for Growth and

Working Capital in aPortfolio Company,1%


Situations in a PortfolioCompany,

1%


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Nasdaq: ACAS

CAMBRIDGEMAJORLABORATORIES, INC. ( CML )

$212 MM Committed in Q4 2012

$155 MM Unirate Note $57 MM Convertible Preferred Stock

93% Diluted Ownership in the Company

Headquartered in Germantown, WI, Cambridge Major Laboratories, Inc.(CML ) is a leading, global chemistry-based development service andactive pharmaceutical ingredient (API ) manufacturing company providing

comprehensive chemistry outsourcing services to a broad customer baseof pharmaceutical, biotech, and generic drug companies. CML operatesglobally f rom three state-of-the-art facili ties, two in Germantown, WI andone in Weert, Netherlands.

CML boasts a robust pipeline of APIs, which includes approximately 40pre-clinical compounds, 100 clinical compounds and 14 commercialcompounds.

The products CML manufactures span a wide range of therapeuticcategories from cancer to neurology to rare genetic diseases.

CML expands American Capital's portfol io of healthcare products andservices companies, which have aggregate revenues of over $600 MM.

ONESTOPBUYOUTS

7


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Nasdaq: ACAS

ASAP INDUSTRIES, LLC ( ASAP )

$89 MM Committed in Q4 2012

$12 MM Revolving Credit Facili ty $5 MM CAPEX Loan Facility

$23 MM Senior Term Loan

$20 MM Mezzanine Debt

$29 MM Preferred Equity

Founded in 2001, ASAP is a leading independent manufacturer and

refurbisher of high-pressure flow control products for the global oiland gas industry.

Based in Houma, Louisiana, ASAP manufactures a wide variety of flowcontrol products for small local operations to major oilfield servicescompanies and original equipment manufacturers. ASAPs productsare used in numerous applications including onshore and offshore

projects, crude oil and natural gas wells and drilling, completion andproduction applications.

This acquisition is part of our Energy and Infrastructure funddevelopment efforts under Paul Hanrahan.

ONESTOPBUYOUTS

8


9/98

Nasdaq: ACAS

9

OPERATINGCOMPANIES* UPDATE

$301 MM Committed in 2 New Operating Companies in Q4 2012

$19 MM Net Unrealized Depreciation in Q4 2012

Driven primarily by reduced portfolio company performance

$96 MM of net appreciation in 2012

Companies had a Modest Aggregate Revenue and Adjusted EBITDAIncrease in the Past 3 Months Year-Over-Year**

Outlook Working to increase value of portfol io companies through funding

Organic growth

Accretive add-on acquisitions

Continuing to improve operational performance

Continuing to pursue One Stop Buyouts

Continuing to pursue high operating company realizations

$2.5 B FAIRVALUE

* Includes our investments in One Stop Buyoutsless our investment in American Capital Asset Management, LLC.** For the most recent three months available, or when appropriate, forecasted data for portf olio companies held in

both periods and weighted based on fair value.


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Nasdaq: ACAS

10

AMERICANCAPITALASSETMANAGEMENT, LLC UPDATE

No Appreciation or Depreciation to Fair Value in Q4 2012

$329 MM of appreciation in 2012

$110B of Third-party Assets Under Management*

$12 B third-party earning assets under management**

63% increase over 2011

$83 MM 2012 Dividend Income to American Capital

$21 MM Q4 2012 div idend income to American Capital

$91 MM 2012 Adjusted EBITDA***

$23 MM Q4 2012 Adjusted EBITDA***

$828 MM FAIRVALUE

* Includes total assets of American Capital Agency Corp., American Capital Mortgage Investment Corp., EuropeanCapital, American Capital Equity I, American Capital Equity II, ACAS CLO 2007-1, ACAS CLO 2012-1 and ACAS CRECDO less ACAS investments in t he funds.

** Represents thir d-party earning assets under management from which the associated base management fees arecalculated.

*** Based on non-GAAP financial measures. Adjusted EBITDA reflects adjustments to exclude non-recurring income andnon-cash charges and minori ty interest as permitted in our debt agreements.


11/98

Nasdaq: ACAS

11

AMERICANCAPITALASSETMANAGEMENT, LLC UPDATE- CONTINUED

$4.8 B Increase in Earning Assets Under Management in 2012

$3.8 B equity raised for American Capital Agency (NASDAQ: AGNC) Becoming the 2ndlargest agency REIT with $10 B market capitalization*

$0.6 B equi ty raised for American Capital Mortgage (NASDAQ: MTGE)

$362 MM ACAS CLO 2012-1, Ltd. Closed in Q3 2012

Annual management fee of 42 basis points of total assets

Incentive fee of 20% of net profits, subject to performance hurdles

Outlook

To grow existing funds

To raise new funds

Leveraging our exist ing cost structure to grow assets under management

$20 MM, or 10%, of $204 MM of ACAS operating expenses before interest expense, was

reimbursed by our asset management company in 2012

$828 MM FAIRVALUE

* Estimated market capitalization as of December 31, 2012.


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12

SPONSORFINANCEANDDIRECTINVESTMENTSUPDATE

$87 MM Committed in 6 New Sponsor Finance Investments in Q4 2012

$76 MM 2ndLien

$11 MM Unirate

$109 MM commit ted in 8 new Sponsor Finance investments in 2012

$21 MM Net Unrealized Appreciation in Q4 2012

$98 MM net unrealized appreciation in 2012

Companies had a Modest Aggregate Revenue Increase and AdjustedEBITDA Increase in the Past 3 Months Year-Over-Year*

Outlook

Continuing to Pursue UniTranche, Second Lien and Mezzanine Investments

$919 MM FAIRVALUE

* For the most recent three months available, or when appropr iate, forecast data for portfo lio companies held inboth periods and weighted based on fair value.

N d


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NON-PERFORMINGLOANSANALYSIS

$110 MM Decrease of Non-accruing Loans at Cost

$260 MM versus $370 MM in Q3 2012 Decrease compr ised primarily of:

$118 MM decrease for removal of loans from non-accrual status due to improved portfoliocompany performance

$11 MM decrease from write-offs of non-accruing loans

$21 MM increase in new non-accruing loans due to weaker performance

$75 MM Decrease of Non-accruing Loans at Fair Value $177 MM versus $252 MM in Q3 2012 Decrease compr ised primarily of:


$21 MM increase due to net appreciation of existing non-accruing loans


Non-Accruing Loans Valued at 68% of Cost Our expected recovery rate

No change from the prior quarter

$54 MM of Accruing Past Due Loans at Cost

PASTDUEANDNON-ACCRUINGLOANS

N d


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EUROPEANCAPITALUPDATE

34 MM Increase in NAV from 671 MM NAV at September 30, 2012

20% annualized increase78 MM increase in NAV from 627 MM NAV at December 31, 2011 12% annual increase

Companies had a Moderate Aggregate Revenue Increase and a ModestAdjusted EBITDA Increase in the Past 3 Months Year-Over-Year*

341 MM of Equity Assets at Fair Value82 MM Realizations in 2012 (1 MM in Q4 2012)

153 MM New Investment Commitments in 2012 (24 MM in Q4 2012)

Outlook 99.5% of ECAS assets are invested in portfolio companies headquartered in

countries with AA rating or better**

Expect continued portfolio company realizations and opportunities for newinvestments

Continuing to pursue new senior and mezzanine debt investment opportunitiesfrom 10 MM to 40 MM and One Stop Buyoutsup to 400 MM

ECAS NAV TOTALS705 MM

* For the most recent three months available, or when appropr iate, forecasted data for portfo lio companies heldin both periods and weighted based on fair value.

** Standard & Poors rating as of December 31, 2012.

N d ACAS


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Nasdaq: ACAS

$700 MM Equity at Fair Value and $109 MM Debt at Fair Value

$153 MM Net Appreciation on ACAS Investment in ECAS in 2012

25% annual increase

$50 MM Net Appreciation on ACAS Investment in ECAS in Q4 2012

27% annualized increase

$31 MM of net unrealized appreciation

$19 MM of net unrealized appreciation driven by foreign currency translationdue to a stronger Euro

Fair Value of ACAS Investment in ECAS is 75% of ECAS NAV atDecember 31, 2012 and September 30, 2012

$231 MM discount to ECAS NAV of $931 MM

$132 MM of Bond Yield Discount on Performing ECAS Debt Assets is notIncluded in the Fair Value of ACAS Investment

15

ACAS INVESTMENTINEUROPEANCAPITAL$809 MM FAIRVALUE

Nasdaq: ACAS


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Nasdaq: ACAS

STRUCTUREDPRODUCTSUPDATE

$9 MM New Investments in Q4 2012 ($9 MM in 2012)

$247 MM Total Investments in CLOs, CMBS and CDOs at Fair Value

$228 MM in 25 CLOs secured by diverse pool of commercial corporate loans

$18 MM in 15 CMBS secured by diverse pool of commercial mortgage loans

$1 MM in 1 CDO secured by bonds of separate securitizations

Non-investment Grade Tranches with Intention to Hold to Matur ity

Structured Products Represents 5% of Investment Port fol io at FairValue

$17 MM of Interest Income in Q4 2012

$67 MM of Interest Income in 2012

$11 MM more than 2011

16

$247 MM FAIRVALUE

Nasdaq: ACAS


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Nasdaq: ACAS

17

2012 BALANCESHEETMANAGEMENTUPDATE

Refinanced Secured Debt with a $600 MM Four-year Term Facil ity

LIBOR plus 4.25%, with a LIBOR floor of 1.25% ~3.5% improvement over cost of prior secured debt and assuming drawing 75% of

new revolving credit facility

Obtained a New Four-year $250 MM Senior Secured Revolving Credit Facil ity LIBOR plus 3.75%

0.1:1.0 Net Debt to Equity as of December 31, 2012

Stock Repurchase Plan Approved through December 2013

$495 MM cumulative repurchases s ince inception in Q3 2011 15% of shares issued at June 30, 2011 repurchased over the past 6 quarters

$1.09 per share accretive to NAV per share Per share impact equivalent to $332 MM of additional retained earnings

Optimizing Tax Asset

Potential to retain future ordinary and capital income as a C Corporation $531 MM of net operating loss carryforwards

$359 MM of net capital loss carryforwards

S&P Credit Rating Upgraded from B to B+

Nasdaq: ACAS


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Nasdaq: ACAS

DRIVINGGROWTHINNAV PERSHARE

Potential Appreciation of $1.5 B of Equity Assets*

Through organic growth, add-on acquisitions and cont inual operationalimprovements

Continue to Grow our $828 MM Equity Investment in American Capital AssetManagement Expanding existing funds and raising new funds

Leveraging our existing cost structure to grow assets under management

Potential for Appreciation in ACAS $700 MM Equity Investment in ECAS $231 MM discount to ECAS NAV

Addi tional $132 MM bond yield discount on performing ECAS debt assets if repaid atcost

Share Repurchase and Dividend Program (Approved through 2013) $495 MM cumulative repurchases s ince inception in Q3 2011

15% of shares issued at June 30, 2011 repurchased over the past 6 quarters

$1.09 per share accretive to NAV per share

Optimizing Tax Asset Potential to retain future ordinary and capital income as a C Corporation

$531 MM of net operating loss carryforwards

$359 MM of net capital loss carryforwards

30% ANNUALIZEDGROWTHSINCEU.S. GDP TURNEDPOSITIVEINQ3 2009

18* Excludes equity investment in European Capital and American Capital Asset Management, LLC.

Nasdaq: ACAS


19/98

Nasdaq: ACAS

IRR BYSTATICPOOLANDEXITEDINVESTMENTS*

ONABLENDOFSENIORDEBT, MEZZANINEDEBTANDEQUITYINVESTMENTS

* Static pool classificatio n is based on the year the initial investment was made. Subsequent add-on investments are includ ed

in the static pool year of the original investm ent. There were no investments made in 2009 and 2010 static poo l years.** Includes exited securities of existing portfol io companies.NM = Not meaningfu l

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Pre-2001 2001 2002 2003 2004 2005 2006 2007 2008 2011 2012 Aggr egate

8%

18%

8%

20%

14% 13%11%

-3%

8%

24%

9%9%

19%

10%

20%

16%

22%

8%

-5%

4%

33%

10%

$25B All Investments

$18B Exited Investments**

NMNM

19

Investments Exited as a Percent of the Original Static Pool93.8% 97.6% 86.5% 88.2% 91.8% 52.8% 82.8% 70.3% 48.1% 36.5% 0.5% 72.2%

Nasdaq: ACAS


20/98

Nasdaq: ACAS

$0

$5

$10

$15

$20

2009 2010 2011 2012

$8.29

$10.71

$13.87

$17.84

Net Asset Value per Common Share Outstanding as of Period End

20

NETASSETVALUEANDGROWTHRATESINCEQ4 200938% ANNUALIZEDGROWTHRATESINCEQ4 2009

Nasdaq: ACAS


21/98

Nasdaq: ACAS

OUTLOOK

Uncertain Macroeconomic Trends

However, port folio operating performance has been moderately posit ive

We Remain Focused on our Portfo lio Companies

Providing operational and financial support

High priority to appreciate control companies by funding

Organic growth

Add-on acquisitions

And continual operational improvements

We are Seeking UniTranche, Second Lien and Mezzanine Investments

We are Pursuing American Capital One Stop Buyouts

We Continue to Repurchase Shares or Pay Dividends

Depending on our share price relative to NAV per share

We are a Long-term, Patient Investor

Targeting high exit values

21


22/98 2012 American Capital. All Rights Reserved.

End of Formal Presentation

22

Nasdaq: ACAS


23/98

Nasdaq: ACAS

Corporate Headquarters American Capital Office

Bethesda, MDNew York

BostonChicago

Dallas

LondonParis

Founded in 1986

IPO in 1997 Leading Manager of and Investor in Al ternative Assets $18.6 B of Earning Assets under Management and on Balance Sheet as of

December 31, 2012 $6.3 B internally managed at American Capital**

$12.3 B externally managed by fee based asset manager in 5 private and 2 public funds

$117B of total assets under management (including levered assets)*** 8 offices and 340 employees in the U.S. and Europe.

OVERVIEWOFAMERICANCAPITALGLOBALPRIVATEFINANCEINVESTOR& ASSETMANAGER*

* Includes assets managed by American Capital Asset Management, LLC, a wholly-ow ned portfolio company.

** Includes total assets for American Capital less American Capital's investment in the funds.

*** Includes assets managed by American Capital Asset Management, LLC, a wholly-ow ned portfolio company, less American Capitalsinvestments in the funds.

23

Annapolis

Nasdaq: ACAS


24/98

Nasdaq: ACAS

$0

$5

$10

$15

$20

2006 2007 2008 2009 2010 2011 2012

$8.6

$11.5

$7.8$6.6 $6.1 $5.9 $6.3

$1.0

$2.3

$1.8

$1.9 $2.9

$7.6

$12.3

$9.6

$13.8

$9.6$8.5

$9.0

$13.5

$18.6

American Capital Tot al Assets* Earning Assets Under Management**

EARNINGASSETSUNDERMANAGEMENT

* Includes total assets for American Capital less American Capital's investment in the funds .** Represents third-party earning assets under management from which the associated base management fees

are calculated. Includes American Capital Agency Corp ., American Capital Mortgage Investment Corp, AmericanCapital Equity I, American Capital Equity II, ACAS CLO 2007-1, ACAS CLO 2012-1, ACAS CLO-2 and ACAS CRECDO.

$ in Billions

24

Nasdaq: ACAS


25/98

asdaq ACAS

$0

$10$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$120

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

$0.2 $0.3 $0.4 $0.6 $0.9 $1.3$2.1 $3.5

$5.5$10.6

$16.3$12.8 $14.0

$22.6

$68.1

$116.8

American Capital Assets Externally Managed Assets*

ASSETSUNDERMANAGEMENT

* Includes total assets of American Capital Agency Corp., American Capital Mortgage Investment Corp., European

Capital, American Capital Equity I, American Capital Equity II, ACAS CLO 2007-1, ACAS CLO 2012-1 and ACASCRE CDO less ACAS investments in the funds.

$ in Billions

25

Nasdaq: ACAS


26/98

q ACAS

OURCOMPETITIVEADVANTAGE

31 Investment Teams (Including those at American Capital Asset

Management, LLC) 100 investment professionals

34 Audit and Valuation Professionals (FACT)

Unique in our industry

15 Person Operations Team

One of the largest in our industry 8 former CEOs & Presidents

1 former COO

1 former CFO

5 Financial VPs and Associates

4 Supply Chain Management Professionals

5 Person Syndication Team

23 Person Legal Team

8 Person Human Resource Team

340 EMPLOYEES*

* Includes 84 Employees at American Capital Asset Management, LLC, a whol ly-owned portfoli o company26

Nasdaq: ACAS


27/98

q ACAS

27

Sponsor Finance &

Direct Investments

$919 MM FV

American Capi tal

Asset Management

$828 MM FV

European Capital

$809 MM FV

Structured

Products

$247 MM FV

Operating

Companies*

$2.5 B FV

* Represents our investments in One Stop Buyouts , excluding American Capital Asset Management, LLC.

BUSINESSLINES

Method of Investing

Equity Mezzanine 2ndLien Syndicated Senior Real Estate Financing UniTranche and UniRate

Types of Investments Recapitalizations Growth Financings Add -on Finan cin gs

Sector Specialization Health Care Products &

Services Consumer Products &

Services Commercial Services Industrial Software & Technology Energy Special Situations

Method of Investing

One Stop Buyouts One Stop Financing Equity Mezzanine 2ndLien Syndicated Senior Real Estate Financing UniTranche and UniRate


Sector Specialization Health Care Products &

Services Consumer Products &

Services Commercial Services Industrial Software & Technology Energy Special Situations

Types of Investments

Agenc y Securi ties RMBS Non-Agency Mortgage

Securities Residential Mortgage

Securities Commercial Mortgage

Securities CLO

Method of Investing

One Stop Buyouts One Stop Financing Equity Mezzanine 2ndLien Syndicated Senior Real Estate Financing UniTranche and UniRate


Types of Investments

CMBS CLO CDO

Nasdaq: ACAS


28/98

q

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q4 2012Revenue

Q4 2012Fair Value

$97 $2,462

$26

$828

$38

$919

$17

$247

$2

$809

Operating Companies* American Capital Asset Management, LLCSponsor Finance, Direct and Other Structu red ProductsManaged Funds (including MTGE, ECAS, etc.)

TOTALOPERATINGREVENUEANDFAIRVALUEBYBUSINESSLINE

* Includes our investments in One Stop Buyoutsless our investment in American Capital Asset Management, LLC.

$ in Millions

$180 $5,265

28

Nasdaq: ACAS


29/98

AMERICANCAPITALASSETSBYBUSINESSLINEATFAIRVALUE

$2,462

$828

$919

$809

$247

$471

$583 9%, Deferred Tax Assets & Other Non-InvestmentAssets

7%, Cash, Cash Equivalents and Restricted Cash

4%, Structured Products

13%, European Capital

15%, Sponsor Finance & Direct Investments

13%, American Capital Asset Management, LLC

39%, Operating Companies*

$ in Millions

$6,319

29* Includes our investments in One Stop Buyoutsless our investment in American Capital Asset Management, LLC.

Nasdaq: ACAS


30/98

AMERICANCAPITALASSETSBYTYPEOFSECURITYATFAIRVALUE

$1,077

$90

$1,194

$700

$247

$1,114

$843

$471

$5839% Non-Investment Assets

8% Cash, Cash Equivalents and Restr icted Cash

13% Senior Debt & Revolving Credit Facili ties

18% Mezzanine Debt

4% Structured Products

11% Equity in European Capital

19% Preferred Equity

1% Warrants

17% Common Equity

$ in Millions

$6,319

30

Nasdaq: ACAS


31/98

Capital Markets, 20%

Life Sciences Tools andServices, 7%

Electrical Equipm ent, 6%

Health Care Providers andServices, 5%

Commercial Services andSupplies, 5%

Aerospace and Defense, 4%

Pharmaceuticals, 4%Hotels, Restaurants and

Leisure, 4%

Professional Services, 4%

Construction andEngineering, 4%

Health Care Equipment andSupplies, 4%

Internet and Catalog Retail,3%

Aut o Components, 3%

Food Products, 3%

Electronic Equipment,Instruments andComponents , 2%

Computers and Peripherals,

2%

Diversified ConsumerServices, 2%

Real Estate and Real EstateInvestment Trust s, 2%

Building Products, 2%

Energy Equipment andServices, 2%

Other, 12%

31

INDUSTRYDIVERSIFICATION*INVESTMENTSATFAIRVALUEBASEDONGLOBALINDUSTRYCLASSIFICATIONSTANDARD

* European Capital, CLOs and CDOs are excluded from industry diversification break-out. CMBS are included inReal Estateand Real Estate Investment Trusts grouping .


32/98

2012 American Capital. All Rights Reserved.

Private Finance(Operating Companies, Sponsor Finance & Direct Investments)

32

Nasdaq: ACAS


33/98

PRIVATEFINANCEBUSINESS*

$21 B Invested in over 370 Portfolio Companies Since IPO**

$11 B in over 115 One Stop Buyouts

$8 B in over 150 PE buyouts sponsored by 147 PE firms

$2 B in over 105 direct & all o ther investments

12% IRR on $16 B of Exited Investments in Private Finance* PortfolioOver 14 Years of:

Senior debt

Mezzanine debt

Equity

27% IRR on Exits of Equity Investments in Private Finance* Portfolio

* Excludes European Capital, Structu red Produc ts, American Capital Agency Corp., American Capital Mortgage

Investment Corp. and American Capital Asset Management, LLC.** Includes investments and portfo lio companies of American Capital Equity I and II.

33

Nasdaq: ACAS


34/98

ONESTOPBUYOUTS

0

5

10

15

20

25

30

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

6 64 4

13

7

13

17 1715

3 2

1 2

4

2

2

2

5

4

4

1 23

1

1

3

6 6 56

17

9

15

19

23

20

7

12 3

5

One Stop Buyouts Add-on Financing for Acqu isitions Investments in American Capital Asset Management, LLC

$8.5 B* in 107 One Stop Buyouts$0.8 B* in 34 Add-on Acquis itions

$0.2 B* in 5 Investments in American Capital Asset Management, LLC

Count

34* Committed amounts at origination.

Nasdaq: ACAS


35/98

35

One Stop BuyoutPortfolio Company IRRs$11.5 B INVESTEDOFWHICH$9.5 B EXITEDASOFDECEMBER31, 2012

0%

5%

10%

15%

20%

25%

30%

35%

$11.5 B* Active and Exited One Stop BuyoutSince Inception

$9.8 B** Exited One Stop Buyout Since Incepti on

9% 9%

12% 12%

18%

28%

14%15%

Senior Debt Mezzanine Debt Equity Investments All Investments

* Invested capital of Active and Exited One Stop Buyou ts

** Realizations of Exited Securities of One Stop Buyou ts


36/98


American Capital Asset

Management, LLC

36

Nasdaq: ACAS


37/98

PRIVATEFINANCE REALESTATE STRUCTUREDFUNDSAmerican Capi tal Equity I

Private equity fund $584 MM of AUM 2% management fees Up to a 30% incentive fee***

American Capi tal Equity II

Private equity fund $254 MM of AUM 2% management fees Up to a 35% incentive fee***

European Capital Private equity fund $1.6 B of AUM

Wholly-owned by AmericanCapital

American Capi tal AgencyCorp.

Publicly traded (NASDAQ:AGNC)

$100.5 B of AUM 1.25% management fees

generally based on $10.9 Bof shareholders equity ofAGNC

American Capi tal MortgageInvestment Corp.

Publicly traded (NASDAQ:MTGE)

$7.7B of AUM 1.50% management fees

generally based on $0.9B ofshareholders equity ofMTGE

ACAS CLO 2007-1 CLO of broadly syndicated

middle market leveragedcorporate debt investments

$390 MM of AUM 0.68% management fees

20% incentive fee***ACAS CLO 2012-1

CLO of broadly syndicatedcommercial loans

$350 MM of AUM 0.42% management fees 20% incentive fee***

AMERICANCAPITALASSETMANAGEMENT, LLC*$12 B OFEARNINGAUM, $117 B AUM INCLUDINGLEVEREDASSETS**5 PRIVATE& 2 PUBLICFUNDS

* Assets managed by American Capital Asset Management, LLC, a whol ly-owned portfolio company of AmericanCapital.

** Total assets of funds under management less American Capitals investment in the funds.*** Subject to performance hurdles.

37


38/98


European Capital

38

Nasdaq: ACAS


39/98

EUROPEANCAPITALOVERVIEW

Founded in 2005

Private Finance Investments One Stop Buyouts Sponsor Finance

Wholly-Owned by American Capital, Ltd.

Offices in London and Paris 49 Employees

$5 B Invested in 105 Portfolio Companies Since Inception $1.4 B in 9 One Stop Buyouts

$2.9 B in 90 Private Equity buyouts $0.3 B in 6 direct and all other investments

3% IRR on $5B of Investments Over 6 Years of: Senior debt Mezzanine debt

Equity 7% IRR on $3B of Exited Investments* in Over 6 Years of: Senior debt Mezzanine debt Equity

39* Excludes investments in Structured Products .

Nasdaq: ACAS


40/98

GEOGRAPHICDIVERSIFICATION*99.5% OF PORTFOLIO COMPANIES HEADQUARTERED INCOUNTRIESRATEDAA ORBETTER

40* Country based on location of invested entity. Excludes CLO investments. Based on Standard & Poors ratings

as of December 31, 2012. Assumed fo reign exchange rate of 1.32 USD/EUR as of December 31, 2012.

LUXEMBOURG(AAA)$78 MM

5%

SPAIN(BBB-)$7 MM


41/98


Structured Products(Commercial Senior Debt CLOs, CDOs & CMBS)

41

Nasdaq: ACAS


42/98

STRUCTUREDPRODUCTSUPDATE

$9 MM New Investments in Q4 2012 ($9 MM in 2012)

$247 MM Total Investments in CLOs, CMBS and CDOs at Fair Value $228 MM in 25 CLOs secured by diverse pool of commercial corporate loans

$18 MM in 15 CMBS secured by diverse pool of commercial mortgage loans

$1 MM in 1 CDO secured by bonds of separate securitizations

Non-investment Grade Tranches with Intention to Hold to Matur ity

Structured Products Represents 5% of Investment Port fol io at FairValue

$17 MM of Interest Income in Q4 2012

$67 MM of Interest Income in 2012

42

$247 MM FAIRVALUE


43/98


Additional Financial

Information

43

Nasdaq: ACAS


44/98

BALANCESHEETS

44

($ in Millions, except per shar e data and financial metr ics) 2010 2011 2012 $ %

Assets Investments at Fair Value $ 5,475 $ 5,130 $ 5,265 $ 135 3%

Cash and Cash Equivalents 269 204 331 127 62%

Restricted Cash and Cash Equivalents 185 80 140 60 75%

Deferred Tax Asset, Net - 428 455 27 6%

Other Assets 155 119 128 9 8%

Total Assets $ 6,084 $ 5,961 $ 6,319 $ 358 6%

Liabilities and Shareholders' EquityBLT Securitizations $ 1,248 $ 665 $ 178 $ (487) -73%

Secured Debt 1,000 575 597 22 4%

Unsecured Debt 11 11 - (11) -100%

Other Liabilit ies 157 147 115 (32) -22%

Total Liabilit ies $ 2,416 $ 1,398 $ 890 $ (508) -36%

Shareholders Equity 3,668 4,563 5,429 866 19%

Total Liabilities and Shareholders' Equity $ 6,084 $ 5,961 $ 6,319 $ 358 6%

Net Asset Value per Share $ 10.71 $ 13.87 $ 17.84 $ 3.97 29%Ratios

Debt-to-Equity 0.6:1 0.3:1 0.1:1 N/A N/A

Net Debt-to-Equity 0.5:1 0.2:1 0.1:1 N/A N/A

Average Cost of Debt 4.0% 4.3% 4.5% 0.2% 5%

Price-to-Book 0.71 X 0.49 X 0.67 X N/A N/A

2012 vs. 2011December 31,

Nasdaq: ACAS


45/98

45

DEFERREDTAXASSET

Upon Becoming a Taxable C Corp in Q2 2011, ACAS Recognized

Deferred Tax Assets and Liabili ties Valuation Al lowance Needed if i t is More Likely than Not that a Deferred

Tax Asset Will Not be Realized

Must be able to forecast suffic ient taxable income of the appropriatecharacter (ordinary versus capital)

(in millions) December 31, 2011 December 31, 2012

Ordinary Deferred Tax Asset $428 $455

Valuation Allowance -- --

Net Ordinary Deferred Tax Asset $428 $455

Capital Deferred Tax Asset 841 397

Valuation Allowance (841) (397)Net Capital Deferred Tax Asset -- --

Total Net Deferred Tax Asset $428 $455

Nasdaq: ACAS


46/98

QUARTERLYINCOMESTATEMENTS

(1) Salaries, benefits and stock-based compensation and general and administr ative expenses.46

$ in Millions Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

Total Operating Income $ 160 $ 149 $ 163 $ 154 $ 180

Total Operating Expense(1)

55 52 50 49 53

Interest Expense 21 16 16 15 12

Net Operating Income before Income Taxes 84 81 97 90 115

Tax Benefit (Provision) 145 (32) 97 (19) (32)Net Operating Income $ 229 $ 49 $ 194 $ 71 $ 83

Loss on Extinguishment of Debt, Net of Tax - - - (3) -

Net Realized (Loss) Gain, Net of Tax (92) (107) (182) 4 15

Net Unrealized Appreciation, Net of Tax 457 638 225 124 25

Net Earnings $ 594 $ 580 $ 237 $ 196 $ 123Diluted NOI per Common Share $0.67 $0.14 $0.58 $0.22 $0.26

Diluted Net Earnings per Common Share $1.73 $1.71 $0.71 $0.60 $0.38

Nasdaq: ACAS


47/98

ANNUALINCOMESTATEMENTS

(1) Salaries, benefits and stock-based compensation and general and administr ative expenses.

$ in Millions 2010 2011 2012 $ %

Total Operating Revenue $ 600 $ 591 $ 646 $ 55 9%

Total Operating Expense(1)

198 198 204 6 3%

Interest Expense 177 90 59 (31) -34%

Debt Refinancing Costs 21 - - - -

Net Operating Income before Income Taxes 204 303 383 80 26%

Tax Benefit - 145 14 (131) -90%

Net Operating Income $ 204 $ 448 $ 397 $ (51) -11%

Loss on Extinguishment of Debt, Net of Tax - - (3) (3) -100%

Net Realized Loss, Net of Tax (576) (310) (270) 40 -13%

Net Unrealized Appreciation, Net of Tax 1,370 836 1,012 176 21%

Net Earnings $ 998 $ 974 $ 1,136 $ 162 17%

Diluted NOI per Common Share $ 0.62 $ 1.26 $ 1.20 $ (0.06) -5%

Diluted Net Earnings per Common Share $ 3.02 $ 2.74 $ 3.44 $ 0.70 26%

2012 vs. 2011

47

Nasdaq: ACAS


48/98

OPERATINGREVENUE- QUARTERLY

48

($ in Millions) 2011 2012 2012 $ %Interest Income on Debt Investments $ 78 $ 61 $ 66 $ 5 8%

Impact of Non-accrual Adjustments 14 (10) 13 23 -230%

Reported Interest Income on Debt Investments 92 51 79 28 55%

Interest Income on Structured Products Investments 15 19 17 (2) -11%

Dividend Income on Equity Investments 18 36 38 2 6%

Impact of Non-accrual Adjustments 14 9 2 (7) -78%

Reported Dividend Income on Equity Investments 32 45 40 (5) -11%

Dividend Income - American Capital Asset Management, LLC 10 26 21 (5) -19%

Fee and Other Income 11 13 23 10 77%


Effective Interest Rate on Debt Investments 12.5% 9.6% 15.1% 5.5% 57%

Effective Dividend Yield on Equ ity Investments(1) 5.5% 8.6% 7.9% -0.7% -8%

Q4 Q3 Q4 12 vs. Q3 12Q4

(1) Excludes our equity investments in American Capital Asset Management, LLC and European Capital.

Nasdaq: ACAS


49/98

OPERATINGREVENUE- ANNUAL

49

($ in Millions) 2010 2011 2012 $ %Interest Income on Debt Investments $ 441 $ 348 $ 268 $ (80) -23%

Impact of Non-accrual Adjustments (7) 2 6 4 200%

Reported Interest Income on Debt Investments 434 350 274 (76) -22%

In terest Income on Structu red Products Investmen ts 52 56 67 11 20%

Dividend Income on Equity Investments 69 70 124 54 77%

Impact of Non-accrual Adjustments (11) 36 37 1 3%

Reported Div idend Income on Equity Investments 58 106 161 55 52%

Dividend Income - American Capital Asset Management, LLC - 30 83 53 177%

Fee and Other Income 56 49 61 12 24%


Effective Interest Rate on Debt Investments 10.5% 11.0% 11.9% 0.9% 8%

Effective Dividend Yield on Equity Investments (1) 2.5% 4.7% 7.6% 2.9% 62%

2012 vs. 2011

(1) Excludes our equity investments in American Capital Asset Management, LLC and European Capital.

Nasdaq: ACAS


50/98

2008 2009 2010 2011 2012

40%45%

53% 54% 52%

4%

4%

3%9% 16%33%

33%

32%27% 20%

11%

12%9%

9% 10%12%6% 3%

1% 2%

Operating Companies* American Capital Asset Management, LLCSponsor Finance, Direct and Other Structured ProductsManaged Funds (including MTGE, ECAS, etc.)

TOTALOPERATINGREVENUEBYBUSINESSLINE

50* Includes our investments in One Stop Buyoutsless our investment in American Capital Asset Management, LLC.

Nasdaq: ACAS


51/98

LOWESTOPERATINGEXPENSES

ASA% OFNETASSETVALUEVS. TOP5 BDCS(1)

(1) Based on estimated market capitalization data as of December 31, 2012.(2) As of September 30, 2012.(3) For ACAS, includes expense reimbursements received from American Capital Asset Management, LLC classified as operating revenue in its financial statements and

excludes stock-based compensation. For externally managed BDCs, incentive management fees are excluded. Excludes interest expense.(4) For the last twelve months ended September 30, 2012.(5) Calculated as Net Earnings return for the last twelve months ended September 30, 2012.

BDC BDC BDC BDC BDC($ in Millions) ACAS #1 #2 #3 #4 #5

Net Asset Value(2) $ 5,376 $ 3,909 $ 1,715 $ 1,883 $ 878 $ 904

Operating Expenses(3)(4) $ 142 $ 113 $ 69 $ 55 $ 31 $ 33

As a % of Net Asset Value(2) 2.6% 2.9% 4.0% 2.9% 3.5% 3.7%

Operating Expenses(3) and Stock-based or

Incentive Compensation(4) $ 187 $ 226 $ 109 $ 113 $ 50 $ 55

As a % of Net Asset Value(2) 3.5% 5.8% 6.4% 6.0% 5.7% 6.1%

Total Investments(2) at Fair Value $ 5,309 $ 5,936 $ 2,676 $ 2,664 $ 1,171 $ 1,288

Equity Investments as a % of Total Investments 57.6% 33.6% 8.8% 6.5% 17.1% 3.6%

Net Earnings Return on Net Asset Value(5) 29.9% 11.5% 14.1% 10.5% 16.4% 8.8%

51

Nasdaq: ACAS


52/98

OPERATINGEXPENSERATIO*ACAS OPERATINGEXPENSESTOACAS EQUITYATPERIODEND

* Operating Expenses of ACAS excluding interest expense, expense reimbursement from American Capital Asset

Management, LLC, debt refinancing costs and stock based compensation divided by total shareholders equityof ACAS.

0.0%

2.0%

4.0%

6.0%

8.0%

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

2.0%

5.2%

3.5%3.8%

3.6%

4.4%

3.8% 3.6%3.9%

2.1%

4.1%

5.4%

7.4%

3.8%

2.9%2.6%

52

Nasdaq: ACAS


53/98

53

$0

$200

$400

$600

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

$520

$246

$79

$125

$463$476

$163

$351

$305

$474

$269

$180

$261

$356

$396

$332

$136

$634

$ in Millions

$5.8 B OFREALIZATIONSSINCEJUNE30, 2008

Nasdaq: ACAS


54/98

REALIZATIONPERFORMANCE*ASSETSHAVEGENERALLYBEENSOLDNEARFAIRVALUE

Asset Sale Price Relati ve to Pr ior Quarters Fair Market Value

These Realizations were onAverage 1.7% Greater than Pr ior

Quarters Valuations

54* Measure defined as the comparison of the realized asset exit price to the previous periods fair market value for

fully exited debt and equity securities.

1.4%

-1.9% -1.9%

1.1%

-0.6% -0.7% -3.7%

7.7%

-2.9%

2.8%

-0.1%

1.6%

18.1%

-0.4%

0.5%6.0% 2.4% 2.2%

-100%

-75%

-50%

-25%

0%

25%

50%

75%

100%

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Nasdaq: ACAS


55/98

CASHREALIZATIONS

Q4 2012

$505 MM Received f rom Principal Payments $403 MM in principal prepayments

$93 MM collection of accrued PIK notes, PIK dividends and accreted OID

$6 MM in scheduled principal amort ization

$3 MM in loan syndications and sales

$129 MM Received from the Sale of Equity Investments

2012

$1,224 MM Received from Principal Payments

$938 MM in principal prepayments

$242 MM col lection of accrued PIK notes, PIK dividends and accreted OID $41 MM in scheduled principal amort ization

$3 MM in loan syndications and sales

$274 MM Received from the Sale of Equity Investments

55

Nasdaq: ACAS


56/98

REALIZATIONSANDNEWINVESTMENT* ANALYSISREALIZATIONMIXVSNEWINVESTMENTMIX

* New investments reported on commit ted amounts at origination.

$0

$1,000

$2,000

$3,000

Realizations New Investments

$2,739

$923

$1,118

$338

Debt Investments Equity Investments

$1,261

1/1/2010 12/31/2012

71%

29%

27%

73%

$ in Millions

56

$3,857

Nasdaq: ACAS


57/98

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2009 2010 2011 2012

$41

$410

$109

$234

$236

$143

$40

$166

$109

$234

$317

$719

New Portfolio Companies

Add-On Investments Excluding Investments in Amer ican Capital AssetManagement, LLC and European CapitalInvestments in American Capital Asset Management, LLC and EuropeanCapital

NEWINVESTMENTS* - ANNUALLY

* New investments reported on commit ted amounts at origination. Restructuring of existing portfoli o companiesinto new portfolio companies included in Add-on investments.

$ in Millions

57

Nasdaq: ACAS


58/98

$527 MM OFQ4 2012 NEWINVESTMENTS*BYUSEOFFUNDS


58


57%$87 MM for 6 SponsorFinance Investments,

17%


9%

$9 MM for a CLOInvestment,2%



$29 MM forRecapitalization in 3Portfolio Companies**,

5%

$10 MM for Acquisitionsin 2 Portfolio

Companies,2%

$6 MM for Growth andWorking Capital in a

Portfolio Company,1%


Situations in a PortfolioCompany,

1%

Nasdaq: ACAS


59/98

$719 MM OF2012 NEWINVESTMENTS*BYUSEOFFUNDS


59


42%

$109 MM for 8 SponsorFinance Investments,

15%


7%


1%




Portfolio Companies**,10%


Situations in 4 PortfolioCompanies,

3%

$22 MM for Growth andWorking Capital in 3Portfolio Companies,

3%

$19 MM for Acquisitionsin 3 PortfolioCompanies,

3%

Nasdaq: ACAS


60/98

* Investments at Fair Value.

$33$32

$30$29 $30

$31

$33 $33 $34$36

$39

$35$34

$37$38

$39$38

0.00%

0.25%

0.50%

0.75%

1.00%

$0

$10

$20

$30

$40

$50

$60

Q4 08 Q4 09 Q4 10 Q4 11 Q4 12

Average Investment Average Investment as a % of Total Assets

$38 MM AVERAGEINVESTMENTSIZE*0.6% OFTOTALACAS ASSETS$ in Millions

60


61/98


Historical Income StatementInformation

61

Nasdaq: ACAS


62/98

$0

$50

$100

$150

$200

$250

$300

Q4 08 Q4 09 Q4 10 Q4 11 Q4 12

$202$179

$127

$176$156 $150

$138$125 $133

$146$131 $117 $149 $136

$151 $142$157

$16

$16

$13

$17

$13 $14

$13

$17$10

$13

$11

$13

$11$13

$12$12

$23

$218

$195

$140

$193

$169$164

$151$142 $143

$159

$142

$130

$160$149

$163$154

$180

Fee income Interest and divi dend income

2008 2009 2010 2011 2012$1,051 $697 $600 $591 $646

$ in Millions

Annual Operating Revenue Totals

62

OPERATINGREVENUE- QUARTERLY13% INCREASEFROMQ4 2011

Nasdaq: ACAS


63/98

$0

$300

$600

$900

$1,200

$1,500

2006 2007 2008 2009 2010 2011 2012

$669

$999 $950

$638$546 $543

$586

$191

$241

$101

$59

$54 $48$60

$860

$1,240

$1,051

$697

$600 $591

$646

Fee income Interest and divi dend income

$ in Millions

63

OPERATINGREVENUE- ANNUAL9% INCREASEFROM2011

Nasdaq: ACASNETOPERATINGINCOMEBEFOREINCOMETAXESPERDILUTED


64/98

SHARE

* May not equal the sum of the 4 quarters or YTD due to changes in the weighted shares outstand ing.

$0.00

$0.15

$0.30

$0.45

Q4 08 Q4 09 Q4 10 Q4 11 Q4 12

$0.42

$0.31

$0.04

$0.12

$0.03

$0.17

$0.09

$0.17

$0.19

$0.23

$0.20$0.19

$0.24 $0.24

$0.29$0.27

$0.36

Annual Pre-Tax NOI per Di lu ted Share*

2008 2009 2010 2011 2012$2.60 $0.48 $0.62 $0.85 $1.16

64

Nasdaq: ACAS

O S


65/98

NETOPERATINGINCOMEPERDILUTEDSHARE

* Includes tax benefit (provision).** May not equal the sum of the 4 quarters or YTD due to changes in the weighted shares outstand ing.

$0.00

$0.15

$0.30

$0.45

$0.60

$0.75

Q4 08 Q4 09 Q4 10 Q4 11 Q4 12

$0.21

$0.31

$0.09$0.12

$0.07

$0.17

$0.09

$0.17$0.19

$0.23$0.20 $0.19

$0.67

$0.14

$0.58

$0.22

$0.26

Annual NOI per Di lu ted Share**

2008 2009 2010 2011 2012$2.42 $0.56 $0.62 $1.26 $1.20

*

*

*

65

*

*

Nasdaq: ACAS

N R E (L ) P D S


66/98

-$1.50

-$1.00

-$0.50

$0.00

$0.50

Q408

Q409

Q410

Q411

Q412

($0.01)

($0.27)

($1.41)

($0.13)

($1.00)

($0.27)

($0.87)

($0.03)

$0.01

$0.22

($0.49)

$0.28

$0.40

($0.17)

$0.04

$0.22

$0.31

NETREALIZEDEARNINGS(LOSS) PERDILUTEDSHARENETEARNINGS(LOSS) LESSNETAPPRECIATION(DEPRECIATION)

* May not equal the sum of the 4 quarters or YTD due to changes in the weighted shares outstanding.

2008 2009 2010 2011 2012$2.58 $(2.81) $(1.12) $0.39 $0.38

Annual Net Realized Earn ings (Loss) per Di lu ted Share*

66

Nasdaq: ACAS

N R G (L ) A (D )


67/98

$(2,000)

$(1,500)

$(1,000)

$(500)

$-

$500

Q408

Q409

Q410

Q411

Q412

$(1,728)

$(624)$(567)

$45 $88$138

$252

$90

$314 $351 $339

$(529)

$365

$531

$43$128

$40

67

$ in Millions

2008 2009 2010 2011 2012$(3,608) $(1,057) $794 $526 $742

Annual Net Reali zed Gain, (Loss), Appreciation , and (Deprec iat ion)

NETREALIZEDGAIN, (LOSS), APPRECIATION(DEPRECIATION)

Nasdaq: ACAS

N E (L )


68/98

($1,684)

($547)($547)

$77 $107 $187 $281 $149

$381 $434 $410

($464)

$594 $580

$237$196 $123

-8.9%

-5.3%

-0.3%

1.5%

4.0%

2.3%2.2% 2.6% 2.4%

0.1%

2.5% 1.3%

4.1%

2.0%1.3%

3.1%

-0.1%

-20%

-15%

-10%

-5%

0%

5%

10%

($2,000)

($1,500)

($1,000)

($500)

$0

$500

$1,000

Q408

Q409

Q410

Q411

Q412

Net Earnings (Loss) US GDP

2008 2009 2010 2011 2012$(3,115) $(910) $998 $974 $1,136

US GDP

68

$ in Millions

Annual Net Earn ings (Loss)

NETEARNINGS(LOSS)

Nasdaq: ACAS

N E (L ) P D S


69/98

NETEARNINGS(LOSS) PERDILUTEDSHARE

* May not equal the sum of the 4 quarters or YTD due to changes in the weighted shares outstand ing.

-$8.50

-$6.50

-$4.50

-$2.50

-$0.50

$1.50

Q408

Q409

Q410

Q411

Q412

($8.13)

($2.65)($2.52)

$0.30 $0.38$0.65 $0.84

$0.43

$1.08 $1.21 $1.13

($1.34)

$1.73 $1.71

$0.71 $0.60$0.38

2008 2009 2010 2011 2012$(15.29) $(3.77) $3.02 $2.74 $3.44

Annual Net Earnings (Loss) per Di lu ted Share Totals*

69


70/98


Portfolio Company Statistics

70

Nasdaq: ACAS

PORTFOLIO STATISTICS


71/98

PORTFOLIOSTATISTICSREALIZATIONSHADLITTLEIMPACTONPORTFOLIOATTRIBUTES

(1) See Credit Quality of Private Finance Portfolio slidefor defin ition of Mean and Total Net Debt to Adjusted EBITDA.(2) Majority Owned Portfolio Company ( MOPC ) investments represent investments in which American Capital, or its

affiliates, have a fully diluted ownership percentage of 50% or more or have over 50% board representation at theportfolio company. Excludes our investment in European Capital.

2007 2008 2009 2010 2011 2012

Majority Owned Portfolio Company(2)Investments atFair Value as a % of Total Investments at Fair Value

49% 54% 59% 60% 65% 64%

Total Investments at Fair Value to Total Investmentsat Cost

102% 69% 61% 71% 76% 90%

Mean Net Debt to Adjusted EBITDA(1) 4.3 4.0 4.5 4.1 3.9 4.5

Total Net Debt to Adjusted EBITDA(1) 5.3 5.1 5.8 5.1 5.0 5.7

Total Senior Debt as a % of Investments at Fair Value 33% 37% 33% 24% 21% 16%

Total Subordinated Debt as a % of Investments at FairValue

21% 32% 34% 33% 29% 21%

Total Equity Assets as a % of Investments at FairValue

40% 29% 30% 40% 47% 58%

71

Nasdaq: ACAS

CREDIT QUALITY OF PRIVATE FINANCE PORTFOLIO*


72/98

72

CREDITQUALITYOFPRIVATEFINANCEPORTFOLIO*

* Weighted average based on total private financing portfol io assets at fair value. Private Finance Portfolioexcludes European Capital, Structured Produc ts and American Capital Asset Management, LLC.

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012Mean Net Debt to Adjusted EBITDA(1) 4.1 4.2 4.1 4.0 3.9 4.3 4.2 4.2 4.5

Total Net Debt to Adjus ted EBITDA(2) 5.1 5.4 5.2 5.1 5.0 5.3 5.2 5.3 5.7

Interest Coverage(3)(5) 2.5 2.3 2.4 2.5 2.6 2.3 2.6 3.3 1.9

Debt Service Coverage(4)(5) 2.1 2.0 1.9 2.0 2.0 1.7 1.7 1.7 1.5

(1) Mean Net Debt represents the sum of (i) debt and other liabilities senior to ACAS, (ii) normalization for working capital and (iii) themean of the total of ACAS debt in each portfo lio companys debt capitalization, less cash of the portfoli o company. EBITDA isdefined as the earnings before interest, taxes, depreciation and amortization and other non-recur ring charges. The Adjus tedEBITDA is defined as the EBITDA used to value the current enterp rise value of the portf olio company wh ich may be the EBITDA ofthe most recent twelve months or, when approp riate, the forecasted twelve months. Ratio excludes ACAS investments intechnology, real estate and financial services companies as well as debt investments valued at liquidation value.

(2) Total Net Debt represents the sum of (i) debt and other liabilit ies senior to ACAS, (ii) normalization for working capital and (iii) thetotal of ACAS debt in each portfo lio companys debt capitalization, less cash of the portfoli o company. Ratio excludes ACAS

investments in t echnology, real estate and financial services companies as well as debt investments valued at liquidation value.(3) Adjus ted EBITDA divided by the total cash interest expense of the portf olio company during the most recent twelve month period ,

or when appropriate as a result of a new debt capital structure, the forecasted twelve months.(4) Adjusted EBITDA divided by the total scheduled principal amortization and total cash interest expense of the portfolio company

during the most recent twelve month period, or when appropriate, the forecasted twelve months.(5) Excludes investments in which we own only equity, Structured Products and Managed Funds.

Nasdaq: ACAS

NON PERFORMING LOANS ANALYSIS


73/98

Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

Current $ 2,304 $ 2,001 $ 1,728 $ 1,744 $ 1,709

0 - 30 Days Past Due 16 5 - - -

31 - 60 Days Past Due 3 14 - - -

61 - 90 Days Past Due - - - - -

> 90 Days Past Due 3 3 9 9 54

Total Past Due Loans at Cost $ 22 $ 22 $ 9 $ 9 $ 54

Non-Accrual Loans at Cost $ 419 $ 356 $ 402 $ 370 $ 260

Total Loans at Cost $ 2,745 $ 2,379 $ 2,139 $ 2,123 $ 2,023

Non-Accrual Loans at Fair Value $ 219 $ 178 $ 243 $ 252 $ 177

Total Loans at Fair Value $ 2,518 $ 2,190 $ 1,971 $ 2,016 $ 1,957

Non-Accrual Loans as a % of Total Loans at Cost 15.3% 15.0% 18.8% 17.4% 12.9%

Non-Accrual Loans as a % of Total Loans at Fair Value 8.7% 8.1% 12.3% 12.5% 9.0%

Non-Accrual Loans at Fair Value as a % of Non-Accrual

Loans at Cost 52.3% 50.0% 60.4% 68.1% 68.1%

73

$ in Millions

NON-PERFORMINGLOANSANALYSIS

Nasdaq: ACAS

NON PERFORMING LOANS ANALYSIS CONTINUED


74/98

74

NON-PERFORMINGLOANSANALYSIS- CONTINUED

$110 MM Decrease of Non-accruing Loans at Cost

$260 MM versus $370 MM in Q3 2012 Decrease compr ised primarily of: $118 MM decrease for removal of loans from non-accrual status due to improved portfolio

company performance

$11 MM decrease from write-offs of non-accruing loans


$75 MM Decrease of Non-accruing Loans at Fair Value

$177 MM versus $252 MM in Q3 2012 Decrease compr ised primarily of:


$21 MM increase due to net appreciation of existing non-accruing loans


Non-Accruing Loans Valued at 68% of Cost Our expected recovery rate

No change from the prior quarter

$54 MM of Accruing Past Due Loans at Cost

PASTDUEANDNON-ACCRUINGLOANS

Nasdaq: ACAS

NON PERFORMING LOANS ANALYSIS CONTINUED


75/98

NON-PERFORMINGLOANSANALYSIS- CONTINUED

7.8%

9.2%

6.6%

5.7%

4.1%

4.0%

5.4%

3.6%

4.0%3.7%3.8%

3.6%

4.8%4.2%

3.5%3.6%

3.9%

3.4%

5.0%5.2%

6.2%

7.7%

9.0%

13.2%

17.1%

18.3%

17.3%

18.1%

15.4%

16.5%

18.8%

19.6% 19.3%

16.7%

18.6%

15.3%15.0%

18.8%

17.4%

12.9%

3.9%

4.3%

3.5%

2.0%1.9%

1.6%

2.4%

1.6%2.2%

1.2%

1.4%1.5%1.7%

1.4%1.5%1.2%1.2%

0.9%

1.5%

2.1%

1.5%

2.1%2.4%

2.9%

4.4%

7.2%6.9%

7.8%

7.0%

8.5%

7.8% 7.8%

7.7%

9.0%

6.6%

8.7%

8.1%

12.3%

12.5%

9.0%

0%

5%

10%

15%

20%

Q403

Q404

Q405

Q406

Q407

Q408

Q409

Q410

Q411

Q412

Non-Accrual Loans as a % of Total Loans at CostNon-Accrual Loans as a % of Total Loans at Fair Value

75

Nasdaq: ACAS

APPRECIATION DEPRECIATION GAINS AND LOSSES


76/98

Cost Fair

Basi s Val ue Q4 2012 2012

NET UNREALIZED APPRECIATION AND DEPRECIATION

Operating Companies* $ 2,885 $ 2,462 $ (19) $ 96Sponsored Finance, Direct and Other Portfol io 1,047 919 21 98

European Capital Investment 1,376 809 31 146

American Capital Asset Managem ent, LLC 149 828 - 329

American Capital Mor tgage Investment Corp . - - - 12

Structured Products 385 247 5 47

Foreign Currency Translation** N/A N/A 20 8

Derivative Agreements -- (27) 3 62

Reversal of Pri or Period Unrealized Depreciation on $6 MM ofReali zed Gains for Q4 2012 and $357 MM of Real ized Losses in FY 2012 N/A N/A - 296

Subtotal $ 5,842 $ 5,238 $ 61 $ 1,094

Tax Provision (36) (82)

Subtotal $ 25 $ 1,012

NET REALIZED GAINS AND LOSSES

Investment Portfolio $ 9 $ (271)

Derivative Agreements and Foreign Currency Transactions (3) (86)

Tax Benefit 9 87Subtotal $ 15 $ (270)

TOTAL $ 40 $ 742

76

APPRECIATION, DEPRECIATION, GAINSANDLOSSES

* Includes our investments in One Stop Buyoutsless ou r investment i n American Capital Asset Management, LLC.** The Q4 2012 and 2012 Foreign currency translation includes, respectively:

1- $16 MM and $19 MM unrealized depreciation of foreign currency translation on the accumulated unrealized depreciation on theinvestment of European Capital which is reported in net unrealized appreciation of investments on our Consolidated Statements ofOperations.2 - $35 MM and $26 MM and unrealized appreciation of foreign cu rrency translation on the cost basis of European Capital which is reportedin net unrealized appreciation fro m foreign currency translation on our Consolidated Statement of Operations.

3 - $1 MM and $1 MM appreciation of other foreign currency denominated assets and liabilities which is reported in net unrealizedappreciation from foreign c urrency translation on our Consolid ated Statements of Operations.

($ in Millions)

Nasdaq: ACAS

NUMBER OF PORTFOLIO COMPANIES


77/98

NUMBEROFPORTFOLIOCOMPANIES

0

50

100

150

200

250

300

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

3 1536 46 55

6986

117141

188217 223

187160 152

139

8

37

6773

69

6251

58

149

225

284

296

256

222

203 197

ACAS Por tfol io Companies ECAS Portfol io Companies

77


78/98


Static Pool Information

78

Nasdaq: ACAS

IRR BY STATIC POOL AND EXITED INVESTMENTS*


79/98

IRR BYSTATICPOOLANDEXITEDINVESTMENTS

ONABLENDOFSENIORDEBT, MEZZANINEDEBTANDEQUITYINVESTMENTS

* Static pool classificatio n is based on the year the initial investment was made. Subsequent add-on investments are includ edin the static pool year of the original investm ent. There were no investments made in 2009 and 2010 static poo l years.

** Includes exited securities of existing portfol io companies.NM = Not meaningfu l

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Pre-2001 2001 2002 2003 2004 2005 2006 2007 2008 2011 2012 Aggr egate

8%

18%

8%

20%

14% 13%11%

-3%

8%

24%

9%9%

19%

10%

20%

16%

22%

8%

-5%

4%

33%

10%

$25B All Investments

$18B Exited Investments**

NMNM

79

Investments Exited as a Percent of the Original Static Pool93.8% 97.6% 86.5% 88.2% 91.8% 52.8% 82.8% 70.3% 48.1% 36.5% 0.5% 72.2%

Nasdaq: ACASIRR BYSTATICPOOL* HASIMPROVEDDRAMATICALLYFROMITS Q2 2009 LOW POINT


80/98

80

ITSQ2 2009 LOWPOINTONABLENDOFSENIORDEBT, MEZZANINEDEBTANDEQUITYINVESTMENTS

-20%

-10%

0%

10%

20%

Pre-2001 2001 2002 2003 2004 2005 2006 2007 2008 Aggregate**

8%

18%

7%

21%

13%

-3%

7%

-15% -16%

3%

8%

18%

8%

20%

14% 13%11%

-3%

8% 9%

Q2 2009 All Investments, at Low Point Q4 2012 All Investments

* Static pool classification is based on the year the initial investment was made. Subsequent add-on investments areincluded in the static pool year of the original investment. There were no investments made in 2009 and 2010 staticpool years. The 2011 and 2012 Static Pool years were excluded as these investments did not exist as of Q2 2009.

** Consists of the investments made from the time of our IPO through the quarter ended December 31, 2012.

Investments Exited as a Percent of the Original Static Pool93.8% 97.6% 86.5% 88.2% 91.8% 52.8% 82.8% 70.3% 48.1% 72.2%

Nasdaq: ACAS

Static Pool Portfolio Statist ics - Aggregate(1)


81/98

See Static Pool Portfolio Statistics Footnote Legend slide for footnote disclosures81

$ In Millions

Pre- 2001StaticPool

2001StaticPool

2002StaticPool

2003StaticPool

2004StaticPool

2005StaticPool

2006StaticPool

2007StaticPool

2008StaticPool

2011StaticPool

2012StaticPool

Pre-2001-2012Static PoolsAggr egate

IRR at Fair Value of AllInvestments (2)

8.1 % 18.1 % 7.6 % 20.4 % 13.6 % 12.7 % 10.8 % (3.0)% 7.9 % 23.5 % NM 8.8 %

IRR of Exited Investments(3) 9.2 % 18.6 % 9.7 % 20.0 % 15.8 % 22.1 % 8.4 % (5.2)% 3.7 % 32.5 % NM 10.2 %

IRR at Fair Value of Equit yInvestments Only(2)(4)(5)

6.2 % 46.4 % 11.2 % 27.6 % 26.2 % 11.5 % 14.9 % (7.5)% 19.8 % 30.8 % NM 11.1 %

IRR of Exited Equity InvestmentsOnly(3)(4)(5)

10.9 % 46.4 % 21.4 % 36.7 % 45.8 % 50.2 % 11.5 % 9.5 % 35.3 % 35.1 % N/A 26.6 %

IRR at Fair Value of All One StopBuyout Investments(2)

1.9 % 17.1 % 9.9 % 18.9 % 16.0 % 28.4 % 13.0 % 2.7 % 15.4 % % NM 13.7 %

IRR at Fair Value of Current OneStop Buyout Investments(2)

10.0 % N/A (2.6)% 17.6 % 5.6 % 24.3 % 11.9 % 0.4 % 15.5 % % NM 11.3 %

IRR of Exited One Stop BuyoutInvestments(3)

1.4 % 17.1 % 14.7 % 16.3 % 21.4 % 30.8 % 11.9 % 14.8 % 13.9 % N/A N/A 15.2 %

Committed Investments(7) $1,065 $376 $9 66 $1,437 $2,267 $4,943 $5,297 $7,501 $1,045 $137 $419 $25,453

Total Exits and Prepayments ofCommitted Investments(7)

$999 $367 $836 $1,267 $2,081 $2,611 $4,384 $5,275 $503 $50 $2 $18,375

Total Interest, Dividends andFees Collected

$400 $143 $344 $448 $702 $1,259 $1,375 $1,358 $355 $19 $12 $6,415

Total Net Realized (Loss) Gainon Investments

($135) ($23) ($118) $143 $18 $375 ($305) ($1,137) ($104) $10 $ ($1,276)

Current Cost of Investments $75 $4 $110 $166 $218 $2,038 $682 $1,850 $355 $60 $284 $5,842

Current Fair Value ofInvestments

$27 $ $62 $343 $145 $2,147 $792 $1,096 $320 $61 $272 $5,265

Current Fair Value ofInvestments as a % of TotalInvestments at Fair Value

0.5 % % 1.2 % 6.5 % 2.7 % 40.8 % 15.0 % 20.8 % 6.1 % 1.2 % 5.2 % 100.0 %

Net Unrealized (Depreciation)Appr eciat ion

($48) ($4) ($48) $177 ($73) $109 $110 ($754) ($35) $1 ($12) ($577)

Static Pool Portfolio Statist ics - Aggregate( )

Nasdaq: ACAS

Static Pool Portfolio Statist ics - Aggregate(1)


82/98

82

$ In Millions

Pre-2001StaticPool

2001StaticPool

2002StaticPool

2003StaticPool

2004StaticPool

2005StaticPool

2006StaticPool

2007StaticPool

2008StaticPool

2011StaticPool

2012StaticPool

Pre-2001-2012Static PoolsAggr egate

Non-Accruing Loans at Cost $ $ $47 $ $10 $58 $48 $75 $22 $ $ $260

Non-Accruing Loans at Fair Value $ $ $22 $ $6 $53 $16 $49 $31 $ $ $177

Equity Interest at Fair Value(4) $ $ $ $305 $82 $1,743 $411 $348 $96 $5 $71 $3,061

Debt to AdjustedEBITDA(8)(9)(12)(13)(16)

6.5 N/A 13.2 2.8 3.4 1.8 4.5 6.4 6.4 5.1 4.6 4.3

Interest Coverage(10)(12)(13)(16) 1.9 N/A 1.2 3.4 3.9 0.9 2.7 1.9 2.3 1.9 3.0 1.9

Debt ServiceCoverage(11)(12)(13)(16)

1.8 N/A 1.2 3.1 3.5 0.6 1.7 1.7 2.1 1.6 2.4 1.5

Average Age ofCompanies(13)(16)

43 yrs N/A 29 yrs 41 yrs 40 yrs 17 yrs 37 yrs 29 yrs 19 yrs 26 yrs 19 yrs 26 yrs

Diluted OwnershipPercentage(4)(17)

62 % % % 56 % 73 % 49 % 48 % 61 % 58 % 26 % 90 % 53 %

Averag e Revenue(13)(14)(16) $48 $ $42 $220 $47 $162 $154 $189 $87 $168 $190 $162

Averag e Adju stedEBITDA(8)(13)(16)

$5 $ $8 $48 $13 $65 $41 $32 $21 $45 $47 $44

Total Revenue(13)(14) $81 $225 $78 $1,513 $243 $1,319 $3,043 $4,553 $1,209 $354 $2,913 $15,531

Total Adjusted EBITDA(8)(13) $7 $2 $10 $204 $40 $296 $431 $628 $213 $108 $576 $2,515

% of Senior Loans(12)(13)(15) 75 % % 77 % % 39 % 32 % 31 % 51 % 29 % 27 % 69 % 43 %

% of Loans with Lien(12)(13)(15) 100 % % 100 % 100 % 100 % 84 % 90 % 85 % 67 % 27 % 100 % 67 %

Static Pool Portfolio Statist ics - Aggregate( )

See Static Pool Portfolio Statistics Footnote Legend slide for footnote disclosures

Nasdaq: ACASSTATICPOOLPORTFOLIOSTATISTICS MAJORITYOWNEDPORTFOLIO COMPANIES(6)


83/98

$ In Millions

Pre-2001-2012Static PoolsAggregate

Total Number of Majori ty Owned Portfolio Companies 45

Total Revenue(14) $3,299

Total Gross Profit(14) $1,691

Total Adjusted EBITDA(8) $768

Total Capital Expenditu res(14) $118

Total Current ACAS Investments in Majority Owned Portfol io Companies at Fair Value

$3,384

Total Current ACAS Investments in Majority Owned Portfoli o Companies at Cost Basis

$3,178

Total Current ACAS Debt Investments in Majority Owned Portfolio Companies at Fair Value

$1,207

Total Current ACAS Debt Investments in Majorit y Owned Portfolio Companies at Cost Basis

$1,260

Diluted Ownership Percentage of ACAS in Majority Owned Portfol io Companies(17) 72 %

Total Cash(18) $212

Total Assets(18) $4,506

Total Debt(18) $3,895

Total Third-party Debt at Cost(18) $2,164

Total Shareholders Equit y(18)(19) $3,075

PORTFOLIOCOMPANIES( )

ASOFANDFORTHELTM ENDEDDECEMBER31, 2012

See Static Pool Portfolio Statistics Footnote Legend slide for footnote disclosures83

Nasdaq: ACAS

STATIC POOL PORTFOLIO STATISTICS FOOTNOTE LEGEND


84/98

84

NM - Not meaningfu l(1) Static pool classifi cation is based on the year the initial investment was made. Subsequent add-on investments are included in

the static pool year of the original investment. There were no investments made in 2009 and 2010 static pool years.

(2) Assumes investments are exited at current fair value.(3) Includes fully exited investments of existing portf olio companies.(4) Excludes investments in Structured Products .(5) Excludes equity investments that are the result of conversions of debt and warrants received with the issuance of debt.(6) Majority Owned Portfol io Company ( MOPC) investments represent portf olio company investments in which American Capital,

or it affi liates, have a fully di luted ownership percentage of 50% or more or have over 50% board representation at the portfo liocompany. Excludes our investment in European Capital.

(7) Represents commit ted investment amount at the time of origination.(8) Adjus ted EBITDA may reflect certain adjustments to the reported EBITDA of a port folio company for non-recurring, unusual or

infrequent it ems or other pro -forma items or events to normalize current earnings wh ich a buyer may consider in a change in

control transactions. These adjustments may be material and are highly subjective in nature. Portfoli o company reportedEBITDA is for the most recently available twelve months, or when appropri ate, the forecasted twelve months or cur rentannualized run-rate.

(9) Debt, which represents the debt and other liabilities senior to ACAS and the total of ACAS's debt in each portfolio company'sdebt capitalization, divided by Adjusted EBITDA. For portfolio companies with a nominal Adjusted EBITDA amount, the portfoliocompany's maximum debt leverage is limited to 15 times Adjusted EBITDA.

(10) Adjusted EBITDA divided by the total cash interest expense of the portfolio company during the most recent twelve monthperiod, or when appropriate as a result of a new debt capital structure, the forecasted twelve months.

(11) Adjusted EBITDA divided by the total scheduled principal amortization and total cash interest expense of the portfolio companyduring the most recent twelve month period, or when appropriate, the forecasted twelve months.

(12) Excludes investments in which we own only equity.

(13) Excludes investments in Structured Products and managed funds.(14) For the most recent twelve months, or when appropriate, the forecasted twelve months.(15) As a percentage of our total debt investments.(16) Weighted average based on fair value.(17) Weighted average based on fair value of equity investments.(18) As of the most recent month end available.(19) Calculated as the estimated enterpri se value of the MOPC less the cost basis of any outstanding debt of t he MOPC.

STATICPOOLPORTFOLIOSTATISTICS FOOTNOTELEGEND


85/98


Stock Performance

85

Nasdaq: ACASBOOKVALUE& DIVIDENDSRETURN: ACAS VS. S&P 500ANDS&P 500 FINANCIALS SECTOR


86/98

S&P 500 FINANCIALSSECTOR% CHANGEINBOOKVALUE, INCLUDINGDIVIDENDSSINCEIPO

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

Q497

Q498

Q499

Q400

Q401

Q402

Q403

Q404

Q405

Q406

Q407

Q408

Q409

Q410

Q411

Q412

ACAS*

S&P 500**

S&P 500 Financials Sector**

* Treats the stock portion of the 2009 dividend as a cash dividend.** Source: Capital IQ. Assumes dividends are not reinvested.

ACAS IRR of 254% as of December 31, 2012

86

Nasdaq: ACAS

BOOK VALUE & DIVIDENDS RETURNS: ACAS VS INDICES


87/98

BOOKVALUE& DIVIDENDSRETURNS: ACAS VSINDICESSINCEAUGUST1997 IPO,ASOFDECEMBER31, 2012

* Treats the stock port ion of the 2009 dividend as a cash dividend. NAV used for inception to date return basedon the NAV as of 8/29/97.

** Source: Capital IQ. Assumes dividends are not reinvested.

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

16.5%

3.0%

-0.8%

3.6% 4.6%

AnnualReturn

ACASBook Value*

S&P 500**

S&P 500FinancialsSector**

Dow Jones 30Industrials**

NASDAQComposite**

87

Nasdaq: ACAS

BOOK VALUE & DIVIDENDS RETURNS THRU Q4 2012


88/98

BOOKVALUE& DIVIDENDSRETURNSTHRUQ4 201281% OFTHETIMEPERIODSACAS OUTPERFORMEDTHES&P 500

17% 17%18%

15%17% 16%

17%

14%

9%

4%

-3%

-9%

6%

29% 29% 29%

3% 3%1%

0%1%

2%5%

3% 2% 2%0%

-1%

12%

9%6%

13%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

8/29/97 -12/31/12

1/1/98 -12/31/12

1/1/99 -12/31/12

1/1/00 -12/31/12

1/1/01 -12/31/12

1/1/02 -12/31/12

1/1/03 -12/31/12

1/1/04 -12/31/12

1/1/05 -12/31/12

1/1/06 -12/31/12

1/1/07 -12/31/12

1/1/08 -12/31/12

1/1/09 -12/31/12

1/1/10 -12/31/12

1/1/11 -12/31/12

1/1/12 -12/31/12

ACAS*

S&P 500**

Note: All periods are annualized.* Treats the stock port ion of the 2009 dividend as a cash dividend. NAV used for inception to date return based

on the NAV as of 8/29/97.** Source: Capital IQ. Assumes dividends are not reinvested.

88

Annual Return

Nasdaq: ACAS

BOOK VALUE & DIVIDENDS RETURNS THRU Q4 2012


89/98

BOOKVALUE& DIVIDENDSRETURNSTHRUQ4 201294% OF THE TIME PERIODS ACAS OUTPERFORMED THE S&P 500FINANCIALSSECTOR



17% 17%18%

15%17% 16% 17%

14%

9%

4%

-3%

-9%

6%

29% 29% 29%

-1%-2% -2% -3%

-5% -4%-3%

-6% -7%-9%

-13%-11%

7%5%

1%

26%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

8/29/97 -12/31/12

1/1/98 -12/31/12

1/1/99 -12/31/12

1/1/00 -12/31/12

1/1/01 -12/31/12

1/1/02 -12/31/12

1/1/03 -12/31/12

1/1/04 -12/31/12

1/1/05 -12/31/12

1/1/06 -12/31/12

1/1/07 -12/31/12

1/1/08 -12/31/12

1/1/09 -12/31/12

1/1/10 -12/31/12

1/1/11 -12/31/12

1/1/12 -12/31/12

ACAS*


89

Annual Return

Nasdaq: ACAS

BOOK VALUE & DIVIDENDS RETURNS BY CALENDAR YEAR


90/98

BOOKVALUE& DIVIDENDSRETURNSBYCALENDARYEAR75% OFTHEYEARSACAS OUTPERFORMEDTHES&P 500



5%

11%

38%

6%

21%

10%

32%

37%

32%36%

26%

-44%-41%

29% 30% 29%

25% 27%

20%

-10%-13%

-23%

26%

9%

3%

14%

4%

-38%

23%

13%

0%

13%

-60%

-40%

-20%

0%

20%

40%

60%

8/29/97 -12/31/97

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

ACAS*S&P 500**

90

Annual Return

Nasdaq: ACAS

BOOKVALUE& DIVIDENDSRETURNSBYCALENDARYEAR


91/98

&81% OF THE YEARS ACAS OUTPERFORMED THE S&P 500 FINANCIALSSECTOR



5%11%

38%

6%

21%

10%

32%37%

32%36%

26%

-44%-41%

29%30%

29%

50%

10%

2%

23%

-11%

-16%

28%

8%4%

16%

-21%

-57%

15%11%

-18%

26%

-60%

-40%

-20%

0%

20%

40%

60%

8/29/97 -12/31/97

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

ACAS*


91

Annual Return

Nasdaq: ACASSTOCKPRICE& DIVIDENDSRETURNS: ACAS VS. S&P 500AND S&P 500 FINANCIALS SECTOR


92/98

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

Q497

Q498

Q499

Q400

Q401

Q402

Q403

Q404

Q405

Q406

Q407

Q408

Q409

Q410

Q411

Q412

ACAS - Since IPO*

S&P 500**


ANDS&P 500 FINANCIALSSECTOR% CHANGEINSHAREPRICE, INCLUDINGDIVIDENDSSINCE8/29/97

* Assumes dividends are not reinvested. Treats the stock portion of the 2009 dividend as a cash dividend.** Source: Capital IQ. Assumes dividends are not reinvested.

ACAS IRR of 182% as of December 31, 2012

92

Nasdaq: ACAS

STOCKPRICE& DIVIDENDSRETURNS: ACAS VSINDICES


93/98

SINCEAUGUST1997 IPO,ASOFDECEMBER31, 2012

* Assumes dividends are not reinvested. Treats the stock portion of the 2009 dividend as a cash dividend.** Source: Capital IQ. Assumes dividends are not reinvested.

-2%

0%

2%

4%

6%

8%

10%

12%

14%

14.0%

3.0%

-0.8%

3.6% 4.6%

AnnualReturn ACAS

Stock Price *

S&P 500**

Dow Jones 30Industrials**

NASDAQComposite**

S&P 500FinancialsSector**

93

Nasdaq: ACASSTOCKPRICE& DIVIDENDSRETURNSBYYEAROFINVESTMENTTHRU12/31/12


94/98

69% OFTHETIMEPERIODSACAS OUTPERFORMEDTHES&P 500

Note: All periods are annualized.* Assumes dividends are not reinvested. Treats the stock portion of the 2009 dividend as a cash dividend.** Source: Capital IQ. Assumes dividends are not reinvested.

14%11%

13%8% 6% 3%

7%

0%

-5% -9%

-17% -16%

50%

70%

26%

78%

3% 3% 1% 0% 1% 2%5%

3% 2% 2% 0%

-1%

12%9% 6%

13%

-30%

-10%

10%

30%

50%

70%

90%

110%

130%

150%

8/29/97 -12/31/12

1/1/98 -12/31/12

1/1/99 -12/31/12

1/1/00 -12/31/12

1/1/01 -12/31/12

1/1/02 -12/31/12

1/1/03 -12/31/12

1/1/04 -12/31/12

1/1/05 -12/31/12

1/1/06 -12/31/12

1/1/07 -12/31/12

1/1/08 -12/31/12

1/1/09 -12/31/12

1/1/10 -12/31/12

1/1/11 -12/31/12

1/1/12 -12/31/12

ACAS*

S&P 500**

94

Annual Return

Nasdaq: ACASSTOCKPRICE& DIVIDENDSRETURNSBYYEAROFINVESTMENTTHRU12/31/12

Citi US Financial Services Conference 030613

Documents

Transcript of Citi US Financial Services Conference 030613