Q Shareholder Presentation March 2, American Capital. All Rights Reserved. Nasdaq: ACAS

Safe Harbor Statement Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 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 Litigation Reform Act of 1995. All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. Actual outcomes and results could differ materially from those forecast due to the impact of many factors beyond the control of American Capital. All forward looking statements included in this presentation are made only as of the date of this presentation and are subject to change without notice. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our periodic reports filed with the SEC. Copies are available on the SEC s website at www.sec.gov. We disclaim any obligation to update our forward looking statements unless required by law. The following slides contain summaries of certain financial and statistical information about American Capital, Ltd. They should be read in conjunction with our periodic reports that are filed from time-to-time with the Securities and Exchange Commission including our annual report on Form 10-K for the year ended December 31, 2007, and our quarterly report on Form 10-Q for the quarter ended September 30, 2008. Historical results discussed in this presentation are not indicative of future results. 2

Use of Non-GAAP Financial Information In addition to the results presented in accordance with GAAP, this presentation includes non-gaap financial information, including realizable value and certain financial metrics derived based on realizable value, which management uses in its internal analysis of results, and believes may be informative to investors gauging the quality of American Capital s assets and financial performance from a long-term perspective, identifying trends in its results and providing meaningful period-to- period comparisons. Realizable value is defined as the future value that American Capital currently anticipates realizing on the settlement or maturity of its investments. It does not represent current fair value or net present value. American Capital believes that these non-gaap financial measures provide information useful to investors because American Capital generally intends to hold its assets to settlement or maturity, and there may be material differences between the GAAP fair value of its investments and the amounts American Capital expects to realize on settlement or maturity. Thisis primarily because the current lack of liquidity in the financial markets has caused investment spreads between the cost of funds and investment income to widen significantly on investments, resulting in current fair values under Statement of Financial Accounting Standards No. 157 that are materially lower than what American Capital currently anticipates realizing on settlement or maturity. American Capital believes that providing investors with realizable value and certain financial metrics derived based on realizable value, in addition to the related GAAP measures gives investors greater transparency to the information used by management in its financiali and operational decision-making. i Although American Capital believes that these non-gaap financial measures enhance investors understanding of its business and performance, realizable value and the other non-gaap financial metrics included herein should not be considered as alternatives to GAAP basis financial measures. A reconciliation of non-gaap realizable value to GAAP fair value is set forth on slide 30. Additional Information No information contained in this presentation constitutes an offer or invitation to acquire or dispose of any securities or investment advice in any jurisdiction. Any statements included herein regarding earnings enhancement are not a profit forecast and should not be interpreted to mean that American Capital s future earnings will necessarily match or exceed those of any prior year. 3

Challenges Faced by American Capital Portfolio Performance During Severe Recession Mark-to-Market Valuation of Hold To Maturity Investments Breach of Covenants under Credit Agreements Unqualified Audit Opinion With Explanatory Going Concern Paragraph 4

Challenges Faced by American Capital Portfolio Performance During Severe Recession Approximately $440 MM of Q4 2008 depreciation is based on performance Only 26% of $1.9 B of depreciation in Q4 2.9% of our loans are non-accruing at fair value $2.2 B of realizations in 2008 Proceeds 1.7% lower than prior quarter s valuation 5

Challenges Faced by American Capital Mark-to-Market Valuation of Hold to Maturity Investments Valued using hypothetical markets Reflecting illiquid distressed trades $1.2 B of depreciation in Q4 2008 due to widening spreads A portion of which reflects illiquid id distressed trades We are a long term, patient investor Depreciation doesn t necessarily represent permanent loss of value Assets are at Fair Value but Liabilities are at Face Value Net worth would increase $1.2 B if we could fair value our liabilities under FAS 159 Adoption window for FAS 159 closed before impact of FAS 157 became clear 6

Challenges Faced by American Capital Credit Agreements Breached covenants due to asset value declines Initially set prior to adoption of FAS 157 and FAS 159 Expect 2009 interest coverage to exceed 2x Unqualified Audit Opinion With explanatory going concern paragraph 7

Q4 2008 Financial Highlights g $0.21 NOI Per Diluted Share 72% decline from Q3 2008 $0.41 prior to one time charges $0.01 Realized Loss Per Diluted Share $246 MM realizations $32 MM in net realized loss on portfolio companies $8.13 Loss Per Diluted Share $1.7 B net unrealized depreciation Approximately $440 MM related to performance $144 MM Cash Flow from Operations $15.41 NAV per share $20.63 NAV per share based on Realizable Value* $209 MM of Cash at Quarter End * See footnote (1) on slide 30 for the definition of Realizable Value. 8

$1.00 $0.90 Nasdaq: ACAS 2008 Net Operating Income Reconciliation Pro Forma NOI 45% decline from Q3 2008 NOI $0.80 $0.70 $0.60 $0.50 $0.40 $0.77 $0.71 $0.74 $0.16 $0.14 Non Recurring Items $0.04 $0.41 $0.05 $0.04 $0.05 $0.17 $0.30 $0.20 $0.10 $0.29 $0.08 $0.21 $0.00 Q1 NOI Q2 NOI Q3 NOI Non Accrual Allowances Elimination of ECAS Dividend and Other Decrease in Financing Fees Increase in Interest Expense Other Pro Forma Q4 NOI Reversal of Bonus Accrual Deferred Tax Restructuring Asset Charge Valuation Allowance Q4 NOI 9

2008 Financial Highlights g $2.42 NOI Per Diluted Share 28% decline from 2007 $2.62 prior to one time charges $2.58 Realized Earnings Per Diluted Share $132 MM in net realized gains on portfolio companies $15.29 Loss Per Diluted Share $3.6 B net unrealized depreciation Approximately $1.0 B related to performance $3.09 Dividend Per Share Paid Additional $0.72 deemed dividend per share $383 MM Cash Flow from Operations 10

$1,000 Structured Product Cash Flows Versus Fair Value An Example of Widening Spreads In millions $990 $900 Annualized Cash Flows Fair Value $833 $800 $716 $700 $660 $600 $500 $463 $400 $300 $322 $386 $200 $100 $69 $86 $83 $121 $134 $182 $134 $122 $186 $0 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Multiple 12.1x 11.5x 8.6x 5.5x 2.4x 2.4x 2.9x 1.5x 11

Portfolio Statistics As of December 31, 2008 $7.4 B Portfolio of Investments Based on GAAP $8.5 B based on Realizable Value 10.7% weighted average yield on debt investments* as of Q4 Q4 2008 Revenue from Portfolio Investments $218 MM for Q4 2008 $1.1 B for 2008 2.9% Non-Accruing Loans at Fair Value 50 basis point increase over Q3 2008 $150 MM of $5.1 B total loans at fair value 5.9x Average Debt to EBITDA 2.0x Average Interest Coverage Ratio 1.7x Average Debt Service Coverage Ratio $1.2 B Unfunded Portfolio Company Commitments as of 12/31/08 $660 MM as of 2/23/09 * Incorporates non-accruing loans. 12

Internal Rate of Return by - Anticipated Realizable Value* and Exited Portfolio Companies + All Investments* Exited Portfolio Companies+ 69% Nasdaq: ACAS 55% 25% 28% 18% 16% 22% 20% 23% 15% 29% 21% 18% 24% 10% 10% 8% 8% 8% 9% 8% 5% 1% 9% 7% -5% Pre-2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 Pre-2000- -1% 2008 Aggregate Investments at Fair Value as % of Total 12/31/08 Portfolio at Fair Value Pre-2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 06% 0.6% 00% 0.0% 01% 0.1% 20% 2.0% 51% 5.1% 53% 5.3% 19.0% 21.4% 36.7% 98% 9.8% 2004-2008 Aggregate * Assumes investments are exited at the anticipated proceeds to be received upon settlement or maturity and not at its current fair value determined in accordance with GAAP. + Represents fully exited portfolio companies and excludes partially exited portfolio companies. 13

Credit Agreements $4.4 B Total Debt Outstanding $943 MM Reduction of Debt Since the Peak in Q2 2007 Repaid and terminating our secured revolving facility Interest Coverage in 2009 Expected to Exceed 2x $2.1 B of Debt is Securitized and Non-recourse No covenant breaches or cross defaults with unsecured debt Covenant Breaches on $2.3 B of Unsecured Debt Covenants were initially iti set prior to adoption of current fair value standards We expect lenders and note holders to declare a default Charge default interest Lenders and note holders could choose to accelerate Auditors Issued Unqualified Opinion With explanatory going concern paragraph 14

Credit Agreements - Continued Negotiations Ongoing Negotiations Began in December 2008 and are Ongoing We Offered Both Secured and Unsecured Proposals Creditors Responded with Secured Proposal Requiring unacceptable amount of scheduled amortization Nasdaq: ACAS We are unwilling to risk becoming a forced seller We must maintain our ability to refuse unacceptable offers on our assets Unsecured Creditors Do Not Have Rights to Foreclose on Assets 15

Interest Coverage $ in Millions 2006 2007 2008 Net Earnings (Loss) $896 $700 $(3,115) Interest Expense 190 287 220 Income Taxes 11 6 37 Deprecation Property and Equipment 4 8 18 Net Unrealized (Appreciation) Depreciation (297) 108 3,640 Net Realized Gain (173) (214) (32) Periodic Interest Rate Swap (Payments) Receipts in Realized Gains - (2) 5 Periodic Interest Rate Swap Receipts (Payments) in Realized Gains 6 10 (31) EBITDA $637 $903 $732 Interest Expense 190 287 220 Amortization of Deferred Financing Costs, Premiums and Discounts (8) (8) (14) Cash Interest Expense $182 $279 $206 Interest t Coverage 35 3.5x 32 3.2x 36 3.6x 16

2009 Outlook Operating in a Severe Recession Recession Anticipated to Continue Through 2009 Focused on Providing Operational, Managerial and Financial Support to Our Portfolio Companies Dramatic Decline in Middle Market M&A Volume in Q4 2008 Multiples also declined Appears to be continuing in Q1 2009 We are a long-term, patient investor Remain Focused on Operating Efficiencies Reduced headcount by 32% and offices by 29% in 2008 $50 MM estimated annualized head count cost savings* 93% reduction in bonuses in 2008 versus 2007** Implemented other operating efficiencies * Includes salary, benefits and stock-based compensation ** Excludes severance costs 17

2009 Outlook - continued Operating in a Severe Recession Proactively Managing our Balance Sheet Working with creditors to restructure credit facilities Focused on capital preservation No Q1 2009 dividend declared Forecasting $296 MM dividends declared by June 15 and paid by September 30 IRS ruling temporarily permits up to 90% of dividends to be paid in stock Focused on liquidity at reasonable prices Exceeding 1 to 1 debt-to-equity at 1.4 to 1 BDC rules generally do not allow additional debt until we re below 1 to 1 Except to repay existing indebtedness Board of Directors, Management and the Employees Remain Highly Aligned with Shareholders 11 MM shares owned by employees and Board of Directors 34 MM underwater options held by employees and Board of Directors 18

Key Takeaways Portfolio Generated $144 MM Q4 2008 Cash Flow from Operations Focused on Providing Operational, Managerial and Financial Support to Our Portfolio Companies Proactively Managing Our Balance Sheet Working with creditors to restructure credit agreements Preserving capital by deferring dividends Achieving portfolio liquidity at good prices Our Portfolio and Platform Vastly Exceed the Value of our Stock 19

* % of Original Investments Exited In millions $8,000 Original Investments and Commitments $7,000 Total Exits and Prepayments of Original Investments $7,310 $6,000 $5,000 $4,000 $4,527 $5,126 $3,000 $2,000 $1,000 $0 $2,728 $2,266 $2,005 $1,856 $1,641 $1,432 $960 $1,083 $1,012 $780$689 $706 $285 $285 $375 $336 $15 Pre-2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 % of Original Investments Exited 88.3% 100.0% 89.6% 73.5% 75.6% 72.4% 44.3% 53.2% 25.4% 1.5% * pool classification 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. Investments in interest rate derivative agreements are excluded. 22

Credit Quality Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Debt to EBITDA* 4.8 4.9 5.5 5.6 5.9 5.9 6.0 6.0 5.9 Interest Coverage* 2.1 2.0 2.0 2.0 2.0 1.9 1.8 1.9 2.0 Debt Service Coverage* 1.7 1.6 1.7 1.7 1.7 1.6 1.6 1.6 1.7 Debt to EBITDA Sum of Debt with Equal or Senior Security Rights to our Debt Investments Divided by the Total Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of the Most Recent Twelve Months, or when Appropriate, the Forecasted Twelve Months. For portfolio companies with a nominal EBITDA, the Debt to EBITDA calculation is limited to 15 times EBITDA. Interest Coverage EBITDA Divided by the Total Scheduled Cash Interest Payments Required to Have Been Made by the Portfolio Company During the Most Recent Twelve Month Period, or when Appropriate, the Forecast Twelve Months. Debt Service Coverage EBITDA Divided by the Total Scheduled Principal Amortization and Total Scheduled Cash Interest Payments Required to Have Been Made by the Portfolio Company During the Most Recent Twelve Month Period, or when Appropriate, the Forecast Twelve Months. * Weighted average based on total private financing portfolio assets at fair value 23

Portfolio Statistics* $ In Millions Pre- 2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 Pre-2000-2008 Aggregate Portfolio 2004-2008 Aggregate Portfolio Internal Rate of Return-All Investments(1) Internal Rate of Return-All Investments(2) Internal Rate of Return-Equity Investments Only(2)(3) Internal Rate of Return-Exited Portfolio Companies(4) Original Investments and Commitments ts Total Exits & Prepayments of Original Investments Total Interest, Dividends and Fees Collected 7.8% 8.0% 18.4% 8.3% 21.5% 14.6% 4.8% 10.2% 0.9% (1.3)% 8.9% 6.9% 7.8% 8.0% 18.4% 8.3% 21.4% 13.6% 4.3% 8.0% (13.9)% (15.8)% 5.6% 1.8% 2.9% 12.1% 46.9% 11.9% 29.9% 27.4% (8.6)% 16.9% (9.8)% (35.7)% 5.3% 0.9% 9.5% 8.0% 27.6% 15.8% 20.3% 22.8% 28.8% 20.9% 8.9% 69.0% 18.0% 23.7% $780 $285 $375 $960 $1,432 $2,266 $4,527 $5,126 $7,310 $1,012 $24,073 $20,241 $689 $285 $336 $706 $1,083 $1,641 $2,005 $2,728 $1,856 $15 $11,344 $8,245 $301 $105 $148 $310 $370 $558 $856 $746 $610 $84 $4,088 $2,854 Total Net Realized (Loss) Gain $(118) $(39) $9 $(51) $142 $160 $322 $139 $(24) $6 $546 $603 Current Cost of Investments $81 $- $37 $234 $317 $617 $2,261 261 $2,047 $4,202 $895 $10,691 $10,022022 Current Fair Value of Investments Current Fair Value of Investments as a % of Total Investments $47 $- $7 $149 $378 $394 $1,409 $1,588 $2,722 $724 $7,418 $6,837 0.6% -% 0.1% 2.0% 5.1% 5.3% 19.0% 21.4% 36.7% 9.8% 100.0% 92.2% Net Unrealized Appreciation $(34) $- $(30) $(85) $61 $(223) $(852) $(459) $(1,480) $(171) $(3,273) $(3,185) (Depreciation) * pool classification 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. Investments in interest rate derivative agreements are excluded. (1)Assumes investments are exited at the anticipated proceeds to be received upon settlement or maturity. Refer to slide 3 of this presentation for further discussion of the use of non-gaap financial information. (2)Assumes investments are exited at current GAAP fair value. (3)Excludes investments t in Structured t Products and excludes equity investments t that t are the result of conversions of debt and warrants received with the issuance of debt. (4)Excludes exited securities of existing portfolio companies. 24

Portfolio Statistics* $ In Millions Pre-2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 Pre-2000-2008 Aggregate Portfolio 2004-2008 Aggregate Portfolio Non-accrual Loans at Face $20 $- $46 $53 $14 $55 $70 $330 $212 $71 $871 $738 Non-accrual Loans at Fair Value Equity Interests at Fair Value(10) $6 $- $3 $11 $3 $15 $23 $42 $27 $20 $150 $127 $35 $- $1 $4 $154 $70 $438 $534 $728 $156 $2,120 $1,926 Debt to EBITDA(5)(6)(7) 49 4.9 - NM 68 6.8 46 4.6 63 6.3 46 4.6 56 5.6 64 6.4 59 5.9 59 5.9 59 5.9 Interest Coverage(7)(8) 4.0 - NM 1.4 1.7 1.7 2.3 2.0 2.0 1.8 2.0 2.0 Debt Service Coverage(7)(8) 3.3 - NM 1.0 1.7 1.3 1.6 1.7 1.8 1.6 1.7 1.7 Average Age of Companies(8) 63 yrs - 24 yrs 45 yrs 40 yrs 40 yrs 31 yrs 26 yrs 27 yrs 26 yrs 29 yrs 28 yrs Ownership Percentage(10) 55% -% 70% 38% 52% 34% 50% 35% 48% 31% 43% 43% * pool classification 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. Investments in government securities and interest rate derivative agreements are excluded. (5) These amounts do not include investments in which American Capital owns only equity. (6) These amounts do not include Structured Products, investments in Managed Funds and American Capital, LLC. (7) For portfolio companies with a nominal EBITDA amount, the portfolio company s maximum debt leverage is limited to 15 times EBITDA. (8) Sales and EBITDA of the most recent twelve months, or when appropriate the forecasted twelve months. (9) As a percentage of the Company s total debt investments. (10) These amounts do not include American Capital s Investments in Commercial MBS and Commercial CLOs. 25

Portfolio Statistics* $ In Millions Pre-2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 Pre-2000-2008 Aggregate Portfolio 2004-2008 Aggregate Portfolio Average Sales(6)(8) ) $135 $- $56 $65 $194 $115 $120 $139 $205 $128 $162 $163 Average EBITDA(6)(8) $11 $- $1 $12 $37 $24 $23 $31 $40 $34 $33 $34 Average EBITDA Margin(6) 8.1% -% 1.8% 18.5% 19.1% 20.9% 19.2% 22.3% 19.5% 26.6% 20.4% 20.9% Total Sales(6)(8) $379 $- $256 $254 $1,385 $1,533 $2,692 $6,081 $15,044 $1,244 $28,868 $26,594 Total EBITDA(6)(8) $28 $- $6 $30 $191 $254 $382 $948 $2,653 $289 $4,781 $4,526 % of Senior Loans(6)(9) 42% -% 0% 66% 61% 53% 66% 42% 60% 29% 54% 53% % of Loans with Lien(6)(9) 100% -% 100% 100% 100% 93% 91% 95% 94% 55% 90% 89% * pool classification 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. Investments in government securities and interest rate derivative agreements are excluded. (6) These amounts do not include Structured Products, investments Managed Funds and American Capital, LLC. (7) For portfolio companies with a nominal EBITDA amount, the portfolio company s maximum debt leverage is limited to 15 times EBITDA. (8) Sales and EBITDA of the most recent twelve months, or when appropriate p the forecasted twelve months. (9) As a percentage of the Company s total debt investments. 26

Appreciation, Depreciation, Gains and Losses $ in Millions NET REALIZED GAIN AND LOSS Private Finance Portfolio Structured Products Foreign Currency Interest Rate Derivatives Taxes on Retained Capital Gain Q4 08 $ (32) - 1 (15) - 2008 $ 151 (19) (6) (40) (54) Other Taxes (1) - Net Realized Loss $ (47) $ 32 NET UNREALIZED APPRECIATION AND DEPRECIATION Reversal of Prior Appreciation Associated with Net Realized Loss (Gain) $ 40 $ (140) Private Finance Portfolio Investments in Managed Funds Foreign Currency Translation (961) (280) (24) (1,763) (671) (41) American Capital, LLC Structured Products Derivative and Option Agreements (141) (206) (109) (300) (606) (119) Net Unrealized Depreciation $ (1,681) $ (3,640) TOTAL APPRECIATION, DEPRECIATION, GAINS AND LOSSES $ (1,728) $ (3,608) 28

Components of Q4 2008 Depreciation Investments in Managed Funds $305 MM net depreciation in European Capital largely due to: 75% decline in quoted price Private Finance $961 MM net depreciation on $8.3 B of assets at cost Approximately $280 MM due to performance Structured Products (CLOs, CDOs and CMBS) $206 MM net depreciation on $956 MM of assets at cost value Approximately $55 MM due to performance Very low actual losses 29

Material Differences Between GAAP Fair Value and Anticipated Realizable ab e Value in Millions Asset Class Q4 2008 Q4 2008 Cost Basis Fair Value Q4 2008 Realizable Value (1) Q4 2008 Difference Between Realizable Value and FV Nasdaq: ACAS Q3 2008 Difference Between Realizable Value and FV Private Finance Portfolio $ 8,285 $ 6,474 $ 6,921 $ 447 $ 199 Structured Products 956 186 870 684 535 Managed Funds 1,381 583 583 - - American Capital, LLC 69 175 175 - - Derivative and Option Agreements (20) (213) (276) (63) (3) Total $ 10,671 $ 7,205 $ 8,273 $ 1,068 $ 731 (1) Realizable Value is a non-gaap financial measure which does not represent current fair value or net present value. Realizable Value is the future value that we anticipate realizing on the settlement or maturity of our investments. Refer to slide 3 of this presentation for further discussion of the use of non-gaap financial information. 30

$337 MM of Q4 New Investments* By Use of Funds $2 MM for Recapitalization in 1 Portfolio Company $2 MM for Acquisition in 1 Portfolio Company $4 MM for Working Capital in 1 Portfolio company $6 MM for Growth in 2 Portfolio Companies $9 MM for 3 Direct Portfolio Companies <1% <1% 1% 2% 3% 8% 11% 74% $250 MM for European Capital** $27 MM for 2 Sponsored Portfolio Companies $37 MM for 9 Distressed Portfolio Companies *New investments reported on committed amounts at origination. **$250 MM revolving credit facility currently unfunded. 32

$2,607 MM of 2008 New Investments* By Use of Funds $775 MM for Managed Funds in 3 Portfolio Companies $14 MM for 6 CLO/DCO Investments 30% $18 MM for Working Capital in 8 Portfolio Companies $98 MM for Acquisition in 6 Portfolio Companies $111 MM for 3 Recapitalized Finance Portfolio Companies $125 MM for 19 Distressed Finance Portfolio Companies <1% <1% 4% 4% 5% 5% 7% 12% 19% 13% $484 MM for 8 Sponsored Finance Portfolio Companies $350 MM for 5 Growth Finance Portfolio Companies $137 MM for 11 CMBS Portfolio Companies $192 MM for 6 Direct $303 MM for 2 Buyout Finance Portfolio Finance Portfolio Companies Companies *New investments reported on committed amounts at origination. 33

$246 MM Q4 Realizations Not Including Interest Rate Swaps and Derivatives $133 MM Received from Principal Payments and Loan Sales $112 MM in principal prepayments $11 MM in principal amortization $4 MM of accrued PIK interest and dividends and accreted OID $6 MM in senior loan syndications $113 MM of Proceeds Received From the Sale of Portfolio Company Equity Investments $32 MM Net Portfolio Realized Loss $8 MM gross portfolio realized gain $40 MM gross portfolio realized loss 34

$2.2 B 2008 Realizations Not Including Interest Rate Swaps and Derivatives $1.3 B Received from Principal Payments and Loan Sales $770 MM in principal prepayments $80 MM in principal amortization $64 MM of accrued PIK interest and dividends and accreted OID $349 MM in senior loan syndications $913 MM of Proceeds Received from the Sale of Portfolio Company Equity Investments $132 MM Net Portfolio Realized Loss $295 MM gross portfolio realized gain $163 MM gross portfolio realized loss 35

ACAS Realizations 1997 IPO-to-Date 17% Weighted Avg IRR on Senior Debt, Sub-debt and Equity Exits 249 realizations $11 B of capital committed 47% of total capital committed Proceeds exceed prior quarter valuations by less than 1% Inclusive of fees earned 30% Weighted Average IRR on Equity Realizations* Inclusive of fees earned $800 MM of Accrued PIK and Accreted OID Repaid 36% of total accrued PIK and accreted OID *Includes fully exited portfolio companies and exited securities of existing portfolio companies. Excludes Commercial MBS and Commercial CDO exits, equity investments that are the result of conversions of debt to equity and equity warrants received with debt fundings. 36

Loan Balances By Interest Receivable Aging, in Millions Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Current 4,623 4,752 6,041 5,479 5,708 5,365 5,523523 5,680 5,438 1 Month Past Due 0 0 0 0 150 0 0 4 22 2 Months Past Due 0 0 0 10 0 41 0 0 0 3 Months Past Due 0 0 27 0 0 10 0 76 0 > 3M Months Past tdue 12 11 0 0 0 55 42 0 28 Total Past Due Loans at Face 12 11 27 10 150 106 42 80 50 Non-Accrual Loans 183 208 232 309 338 375 481 602 871 Past Due and Non-Accrual Loans at Face 195 219 259 319 488 481 523 682 921 Non-Accrual Loans at Fair Value 54 55 56 85 122 80 116 135 150 Total Loans at Face 4,818 4,971 6,300 5,798 6,196 5,846 6,046 6,362 6,359 Total Loans at Fair Value 4,621 4,760 6,052 5,488 5,889 5,338 5,433 5,591 5,112 Past Due and Non-Accrual Loans as a % of Total Loans at Face 4.0% 4.4% 4.1% 5.5% 7.9% 8.2% 8.6% 10.7% 14.5% Non-Accrual Loans as a % of Total Loans at Fair Value 1.2% 1.2% 0.9% 1.5% 2.1% 1.5% 2.1% 2.4% 2.9% 38

Past Due and Non-Accrual Loans 20% Past Due and Non-Accrual Loans as a % of Total Loans at Face Non-Accrual Loans as a % of Total Loans at Fair Value 15% 15.2% 14.5% 10% 11.7% 9.0% 9.8% 11.1% 10.1% 10.0% 10.7% 8.0% 7.3% 8.1% 6.9% 6.6% 7.1% 8.2% 7.9% 8.6% 5% 0% 5.0% 6.0% Q4 01 49% 4.9% 2.1% 2.3% 6.0% 5.7% 3.9% 35% 4.3% 3.5% 2.7% 2.0% 1.9% 1.6% Q4 02 Q4 03 4.5% 4.6% 5.3% 5.4% 5.7% 4.2% 4.0% 4.4% 2.4% 2.2% 1.2% 1.5% 1.4% 1.7% 1.2% 1.6% 1.4% 1.5% Q4 04 Q4 05 Q4 06 5.5% 4.1% 2.9% 2.4% 2.1% 2.1% 1.5% 1.5% 1.2% 0.9% Q4 07 Q4 08 39

Full Year Income Statements $ in Millions 2004 2005 2006 2007 2008 Total Operating Income $336 $555 $860 $1,240 $ 1,051 Total Operating Expense 77 127 234 353 301 Interest Expense 37 101 190 287 220 Provision for Income Taxes (2) (13) (11) (6) (37) Net Operating Income 220 314 425 594 493 Net Realized ed Gain (Loss) (38) 36 173 214 32 Unrealized Appreciation (Depreciation) 99 15 297 (108) (3,640) Cumulative Effect of Accounting Change, Net of Income Tax 0 0 1 0 0 Net Increase (Decrease) in Net Assets Resulting from Operations $281 $365 $896 $ 700 $(3,115) 41

Balance Sheet Highlights g Q4 08 vs. Q4 07 Change ($ in millions, except per share data and financial metrics) 2006 2007 2008 $ % Assets Debt Investments Equity Investments $4,621 $2,766 $5,889 $4,375 $5,112 $2,120 $(777) $(2,255) (13)% (52)% Total Investments at Fair Value* $8,076 $10,928 $7,427 $(3,501) (32)% Liabilities Short term (maturing <1 year)** Long term Total Debt Outstanding % Secured / % Unsecured $353 $3,573 $3,926 67% / 33% $267 $4,557 $4,824 52% / 48% $2,512 $1,916 $4,428 47%/53% $2,245 $(2,641) $(396) NM 841% (58)% (8)% NM Equity Net Asset Value per Share $29.42 $32.88 $15.41 $(17.47) (53)% Ratios Debt to Equity Price to Book 0.9:1 1.6 X 0.7:1 1.0 X 1.4:1 0.2 X NM NM NM NM NM = Not Meaningful * Includes investments in commercial mortgage backed securities, collateralized debt obligations and derivative agreements. **Debt obligations that covenant breaches are shown immediately due and payable. 42

Debt Schedule As of December 31, 2008 Type Amounts Outstanding* Covenant Compliance as of 12/31/08 Amounts due in 2009 Securitizations $ 2,099 Yes $ 181 Secured Revolver - Extinguished - Unsecured Revolver 1,389 No 1,389 *** Unsecured Private Notes 392 No 392 *** Public Bonds 550 No** 550 *** Total $ 4,430 $ 2,512 *Excludes original issue discount. **60-day cure period before an event of default occurs ***Debt obligations with covenant breaches are shown immediately due and payable. 43

Debt Maturity Schedule* As of December 31, 2008 $ in Millions Maturity Current** Contractual 2009 $ 2,512 $ 400 2010 143 269 2011 96 1,457 2012 278 828 2013 651 651 Thereafter 750 825 Total $ 4,430 $ 4,430 *Excludes original issue discount. **Borrowing arrangements in which we are currently in breach of covenants are shown as currently due. 44

Historical Price to Book Multiple 0.1x Price to Book at February 27, 2009 20X 2.0X 15X 1.5X 1.3 1.6 1.7 1.3 1.2 1.2 Price to book at period end 1.41.4 14 14 1.4 1.3 1.3 1.4 1.71.7 1.7 1.6 1.6 1.9 1.7 1.2 Average Since IPO 1.8 1.7 1.6 1.6 1.61.6 1.6 1.51.5 1.5 1.5 1414 1.41.4 14 1.4 14 1.4 14 1.4 14 1.4 1.2 1.21.2 1.2 1.4x 1.0X 1.0 09 0.9 1.0 0.5X 0.2 0.0X Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 97 98 99 00 01 02 03 04 05 06 07 08 45

Industry Diversification $7.4 Billion Total Investments at Fair Value Global Industry Classification Standard (GICS) Real Estate Investment Trusts, 1.5% Containers & Packaging, 1.7% IT Services, 1.8% Energy Equipment & Services, 1.8% Building Products, 2.0% Other, 10.5% Commercial Services & Supplies, 11.6% Household Durables, 7.8% Computers & Peripherals, 2.0% Aerospace & Defense, 2.1% Electronic Equipment & Instruments, 2.2% Software, 2.3% Capital Markets, 2.6% Construction & Engineering, 2.7% Pharmaceuticals, 2.8% Food Products, 3.0% Health Care Providers & Services, 3.3% Auto Components, 3.2% Hotels, Restaurants & Leisure, 3.6% Life Sciences Tools & Services, 4.8% Real Estate, 4.8% Health Care Equipment & Supplies, 4.7% Electrical Equipment, 4.7% Internet & Catalog Retail, 4.6% Diversified Consumer Services, 43% 4.3% Diversified Financial Services, 3.6% 46

100% 75% 50% ACAS Current Investments At Cost Common Preferred Warrants Equity in Managed Funds Sub Debt CLO CMBS Senior Senior >= LIBOR+650* Senior < LIBOR+650* Revolver 1% 2% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 5% 5% 5% 10% 12% 17% 14% 17% 15% 14% 5% 20% 20% 16% 16% 19% 19% 21% 24% 13% 14% 24% 27% 28% 17% 13% 1% 1% 1% 11% 14% 13% 14% 22% 14% 1% 1% 1% 2% 1% 3% 12% 16% 14% 14% 13% 5% 5% 5% 7% 1% 6% 1% 6% 3% 5% 6% 7% 7% 7% 2% 3% 3% 3% 3% 3% 2% 2% 53% 54% 51% 51% 48% 35% 25% 46% 42% 37% 30% 29% 23% 43% 24% 24% 26% 29% 28% 24% 26% 25% 7% 12% 7% 13% 7% 14% 1% 3% 4% 5% 6% 9% 9% 9% 5% 4% 4% 8% 8% 8% 11% 5% 6% 10% 10% 6% 6% 6% 5% 4% 3% 3% 2% 1% 1% 1% 1% 1% 18% 19% 12% 13% 15% 16% 17% 20% 16% 17% 19% 18% 18% 13% 17% 16% 16% 15% 0% 6% 6% 6% 6% 7% 8% 7% 6% 6% 7% 6% 5% 4% 5% 5% 7% 7% 7% 6% 6% Q4 03 Q4 04 Q4 05 *Senior debt above and below LIBOR+650 basis points is only broken out for the last 13 quarters. Q4 06 Q4 07 6% Q4 08 47

100% ACAS Current Investments At Fair Value 2% Common Preferred Warrants Equity in Managed Funds Sub Debt CLO CMBS Senior Senior >= LIBOR+650* Senior < LIBOR+650* Revolving Credit Facility 2% 3% 2% 2% 2% 2% 2% 20% 19% 19% 21% 24% 24% 28% 28% 2% 2% 2% 2% 2% 2% 2% 1% 2% 2% 5% 5% 7% 10% 12% 16% 13% 14% 13% 16% 18% 15% 16% 5% 13% 15% 75% 50% 25% 0% 17% 13% 1% 11% 14% 13% 14% 1% 1% 14% 11% 16% 14% 14% 26% 1% 1% 2% 3% 14% 1% 1% 4% 4% 4% 1% 2% 6% 7% 6% 3% 4% 2% 2% 1% 2% 3% 2% 3% 2% 3% 1% 1% 1% 52% 49% 55% 48% 22% 24% 45% 45% 41% 40% 35% 33% 28% 27% 26% 26% 22% 21% 10% 7% 11% 9% 12% 10% 11% 9% 9% 9% 8% 9% 7% 11% 1% 3% 4% 5% 6% 6% 6% 5% 5% 6% 17% 19% 13% 15% 19% 24% 27% 32% 9% 9% 8% 8% 9% 9% 6% 10% 3% 2% 1% 10% 1% 3% 4% 4% 15% 18% 1% 1% 18% 20% 19% 15% 15% 18% 18% 6% 7% 7% 8% 10% 11% 10% 9% 9% 9% 9% 8% 6% 7% 12% 13% 12% 12% 9% 6% 6% Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08 *Senior debt above and below LIBOR+650 basis points is only broken out for the last 13 quarters. 48