MANAGED FUNDS

Established in 2005, European Capital Limited ("European Capital"), LSE: ECAS, is a publicly traded fund for pan-European equity, mezzanine and senior debt investments, which is not registered under U.S. securities law or any other state or foreign securities laws. It is managed by European Capital Financial Services (Guernsey), Limited, a subsidiary of a wholly-owned portfolio company of American Capital, Ltd. European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and public companies headquartered predominantly in Europe. European Capital generally invests between €5 million and €500 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalisations.

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Established in 2008, American Capital Agency Corp. ("AGNC"), Nasdaq: AGNC, is a mortgage REIT that invests exclusively in agency securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. AGNC is externally managed and advised by American Capital Agency Management, LLC, a subsidiary of a wholly-owned portfolio company of American Capital. AGNC’s principal goal is to generate net income for distribution to stockholders through regular quarterly dividends, from net interest income, which is the spread between the interest income earned on the investment portfolio and the interest costs of borrowings and hedging activities.

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Established in October 2006, American Capital Equity I ("ACE I") is a $1 billion private equity fund managed by American Capital. ACE I purchased 30% of American Capital’s equity interest in 96 portfolio companies and used committed capital to co-invest in future investments in American Capital equity investments.

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Established in October 2007, American Capital Equity II ("ACE II") is a $585 million private equity fund managed by American Capital. ACE II purchased 17% of American Capital’s equity investments in 80 portfolio companies, and will also fund follow-on investments in the 80 portfolio companies.

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