MANAGED FUNDS

Established in 2008, American Capital Agency Corp. ("AGNC"), Nasdaq: AGNC, is a mortgage REIT that invests in agency securities 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 AGNC Management, LLC an indirect 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 2011, American Capital Mortgage Investment Corp. ("MTGE"), Nasdaq: MTGE, is a mortgage REIT that invests in and manages a leveraged portfolio of agency mortgage investments, non-agency mortgage investments and other mortgage-related investments. MTGE is externally managed and advised by American Capital MTGE Management, LLC, an indirect subsidiary of a wholly-owned portfolio company of American Capital. MTGE’s investment objective is to provide attractive risk-adjusted returns to our investors over the long-term through a combination of dividends and capital appreciation.

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Established in August 2005, European Capital is an investment company for pan-European equity, mezzanine and senior debt investments. European Capital is a wholly-owned affiliate of American Capital. It is managed by European Capital Financial Services (Guernsey) Limited (the "Investment Manager"), a wholly-owned affiliate of American Capital. The Investment Manager has offices in London and Paris. European Capital and its affiliates will consider investment opportunities from euro 5 million to euro 25 million.

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Established in 2006, American Capital CLO 2007-1 (“ACAS CLO 2007-1”) invests in broadly syndicated and middle market senior loans. ACAS CLO 2007-1 completed a $400 million securitization during April 2007. American Capital purchased 55% of the BB rated notes and 70% of the non-rated subordinated notes in ACAS CLO 2007-1.

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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