Spreadsheet: 9021169d-48f4-4198-8aac-505a733c5c59
Sheet: Financial Table

AMERICAN CAPITAL, LTD.
OTHER FINANCIAL INFORMATION
Three Months Ended March 31, 2012, December 31, 2011 and March 31, 2011
(in millions, except per share data)
(unaudited)
 |  |  |  |  | Q1 2012 Versus  Q4 2011 |  |  |  |  |  | Q1 2012 Versus Q1 2011
 | Q1 2012 |  | Q4 2011 |  | $ |  | % |  | Q1 2011 |  | $ |  | %
Assets Under Management
American Capital Assets at Fair Value | 6421 |  | 5961 |  | 460 |  | 0.07716826035900017 |  | 6003 |  | 418 |  | 0.06963185074129602
Externally Managed Assets at Fair Value(1) | 62107 |  | 62168 |  | -61 |  | 0 |  | 31205 |  | 30902 |  | 0.99
Total | 68528 |  | 68129 |  | 399 |  | 0.01 |  | 37208 |  | 31320 |  | 0.84
Earning Assets Under Management(3) | 9816 |  | 7408 |  | 2408 |  | 0.3250539956803456 |  | 4585 |  | 5231 |  | 1.140894220283533
New Investments
Senior Debt | 25 |  | 14 |  | 11 |  | 0.7857142857142857 |  | 138 |  | -113 |  | -0.8188405797101449
Preferred Equity | 2 |  | 14 |  | -12 |  | -0.8571428571428571 |  | 0 |  | 2 |  | 1
Common Equity | 56 |  | 2 |  | 54 |  | NM |  | 14 |  | 42 |  | 3
Structured Products | 0 |  | 1 |  | -1 |  | -1 |  | 0 |  | 0 |  | 0
Total | 83 |  | 31 |  | 52 |  | 1.67741935483871 |  | 152 |  | -69 |  | -0.4539473684210527
Financing for Private Equity Buyouts | 0 |  | 10 |  | -10 |  | -1 |  | 0 |  | 0 |  | 0
Direct and Other Investments | 0 |  | 1 |  | -1 |  | -1 |  | 14 |  | -14 |  | -1
Add-on Financing for Acquisitions | 56 |  | 0 |  | 56 |  | 1 |  | 0 |  | 56 |  | 1
Add-on Financing for Working Capital in Distressed Situations | 15 |  | 14 |  | 1 |  | 0.07142857142857142 |  | 16 |  | -1 |  | -0.0625
Add-on Financing for Growth and Working Capital | 12 |  | 0 |  | 12 |  | 1 |  | 97 |  | -85 |  | -0.8762886597938144
Add-on Financing for Purchase of Debt of a Portfolio Company | 0 |  | 4 |  | -4 |  | -1 |  | 0 |  | 0 |  | 0
Add-on Financing for Recapitalizations, not Including Distressed Investments | 0 |  | 2 |  | -2 |  | -1 |  | 25 |  | -25 |  | -1
Total | 83 |  | 31 |  | 52 |  | 1.67741935483871 |  | 152 |  | -69 |  | -0.4539473684210527
Realizations
Sale of Equity Investments | 47 |  | 176 |  | -129 |  | -0.7329545454545454 |  | 63 |  | -16 |  | -0.253968253968254
Principal Prepayments | 288 |  | 151 |  | 137 |  | 0.9072847682119205 |  | 149 |  | 139 |  | 0.9328859060402684
Payment of Accrued Payment-in-Kind Notes and Dividends and Accreted Original Issue Discounts | 51 |  | 19 |  | 32 |  | 1.684210526315789 |  | 43 |  | 8 |  | 0.186046511627907
Scheduled Principal Amortization | 10 |  | 10 |  | 0 |  | 0 |  | 8 |  | 2 |  | 0.25
Loan Syndications and Sales | 0 |  | 0 |  | 0 |  | 0 |  | 6 |  | -6 |  | -1
Total | 396 |  | 356 |  | 40 |  | 0.1123595505617977 |  | 269 |  | 127 |  | 0.4721189591078067
Appreciation, Depreciation, Gain and Loss
Gross Realized Gain | 15 |  | 46 |  | -31 |  | -0.6739130434782609 |  | 14 |  | 1 |  | 0.07142857142857142
Gross Realized Loss | -137 |  | -200 |  | 63 |  | 0.315 |  | -4 |  | -133 |  | NM
Portfolio Net Realized (Loss) Gain | -122 |  | -154 |  | 32 |  | 0.2077922077922078 |  | 10 |  | -132 |  | NM
Foreign Currency Transactions | 1 |  | 0 |  | 1 |  | 1 |  | 0 |  | 1 |  | 1
Derivative Agreements | -8 |  | -13 |  | 5 |  | 0.3846153846153846 |  | -13 |  | 5 |  | 0.3846153846153846
Tax Benefit | 22 |  | 75 |  | -53 |  | -0.7066666666666667 |  | 0 |  | 22 |  | 1
Net Realized Loss | -107 |  | -92 |  | -15 |  | -0.1630434782608696 |  | -3 |  | -104 |  | NM
[NAME] of Private Finance Portfolio Investments | 134 |  | 147 |  | -13 |  | -0.08843537414965986 |  | 162 |  | -28 |  | -0.1728395061728395
[NAME] of Private Finance Portfolio Investments | -56 |  | -79 |  | 23 |  | 0.2911392405063291 |  | -87 |  | 31 |  | 0.3563218390804598
Net Unrealized Appreciation of Private Finance Portfolio Investments | 78 |  | 68 |  | 10 |  | 0.1470588235294118 |  | 75 |  | 3 |  | 0.04
Unrealized Appreciation (Depreciation) of European Capital Investment | 148 |  | -56 |  | 204 |  | NM |  | 133 |  | 15 |  | 0.112781954887218
Unrealized (Depreciation) Appreciation of European Capital Foreign Currency Translation | -21 |  | 33 |  | -54 |  | NM |  | -43 |  | 22 |  | 0.5116279069767442
Unrealized Appreciation of American Capital, LLC | 287 |  | 111 |  | 176 |  | 1.585585585585586 |  | 60 |  | 227 |  | 3.783333333333333
Net Unrealized Appreciation (Depreciation) of Structured Products | 18 |  | -1 |  | 19 |  | NM |  | 39 |  | -21 |  | -0.5384615384615384
Reversal of Prior Period Net Unrealized Depreciation (Appreciation) Upon Realization | 117 |  | 154 |  | -37 |  | -0.2402597402597403 |  | -8 |  | 125 |  | NM
Net Unrealized Appreciation of Portfolio Company Investments | 627 |  | 309 |  | 318 |  | 1.029126213592233 |  | 256 |  | 371 |  | 1.44921875
Foreign Currency Translation - European Capital | 37 |  | -62 |  | 99 |  | NM |  | 82 |  | -45 |  | -0.5487804878048781
Foreign Currency Translation - Other | 1 |  | -3 |  | 4 |  | NM |  | 3 |  | -2 |  | -0.6666666666666666
Derivative Agreements | -6 |  | 5 |  | -11 |  | NM |  | 13 |  | -19 |  | NM
Net Unrealized Appreciation of Investments | 659 |  | 249 |  | 410 |  | 1.646586345381526 |  | 354 |  | 305 |  | 0.8615819209039548
Tax (Provision) Benefit | -21 |  | 208 |  | -229 |  | NM |  | 0 |  | -21 |  | 1
Net Gains, Losses, Appreciation and Depreciation | 531 |  | 365 |  | 166 |  | 0.4547945205479452 |  | 351 |  | 180 |  | 0.5128205128205128
Other Financial Data
NAV per Share | 15.71 |  | 13.87 |  | 1.840000000000002 |  | 0.1326604181687096 |  | 11.97 |  | 3.74 |  | 0.3124477861319966
Debt at Cost | 1132 |  | 1251 |  | -119 |  | -0.09512390087929656 |  | 1742 |  | -610 |  | -0.3501722158438577
Debt at Fair Value | 1116 |  | 1210 |  | -94 |  | -0.07768595041322314 |  | 1708 |  | -592 |  | -0.3466042154566745
Market Capitalization | 2826 |  | 2215 |  | 611 |  | 0.2758465011286682 |  | 3408 |  | -582 |  | -0.1707746478873239
Total Enterprise Value(2) | 3645 |  | 3262 |  | 383 |  | 0.1174126302881668 |  | 5052 |  | -1407 |  | -0.2785035629453682
Asset Coverage Ratio | 5.52 |  | 4.65 |  |  |  |  |  | 3.36
Debt to Equity Ratio | 0.2x |  | 0.3x |  |  |  |  |  | 0.4x
Credit Quality
Weighted Average Effective Interest Rate on Private Finance Debt Investments at Period End | 0.111 |  | 0.107 |  |  |  |  |  | 0.103
Loans on Non-Accrual at Cost | 356 |  | 419 |  | -63 |  | -0.1503579952267303 |  | 663 |  | -307 |  | -0.4630467571644042
Loans on Non-Accrual at Fair Value | 178 |  | 219 |  | -41 |  | -0.1872146118721461 |  | 227 |  | -49 |  | -0.2158590308370044
Non-Accrual Loans at Cost as a Percentage of Total Loans at Cost | 0.15 |  | 0.153 |  |  |  |  |  | 0.193
Non-Accrual Loans at Fair Value as a Percentage of Total Loans at Fair Value | 0.081 |  | 0.087 |  |  |  |  |  | 0.077
Non-Accruing Loans at Fair Value as a Percent of Non-Accruing Loans at Cost | 0.5 |  | 0.523 |  |  |  |  |  | 0.342
Past Due Loans at Cost | 22 |  | 22 |  | 0 |  | 0 |  | 3 |  | 19 |  | 6.333333333333333
Debt to Equity Conversions at Cost | 20 |  | 46 |  | -26 |  | -0.5652173913043478 |  | 49 |  | -29 |  | -0.5918367346938775
Return on Average Equity
LTM Net Operating Income Return on Average Equity at Cost | 0.069 |  | 0.075 |  |  |  |  |  | 0.04
LTM Net Realized Earnings (Loss) Return on Average Equity at Cost | 0 |  | 0.023 |  |  |  |  |  | -0.036
LTM Net Earnings Return on Average Equity at Fair Value | 0.251 |  | 0.233 |  |  |  |  |  | 0.373
Current Quarter Annualized Net Operating Income Return on Average Equity at Cost | 0.033 |  | 0.152 |  |  |  |  |  | 0.055
Current Quarter Annualized Net Realized (Loss) Earnings Return on Average Equity at Cost | -0.039 |  | 0.091 |  |  |  |  |  | 0.053
Current Quarter Annualized Net Earnings Return on Average Equity at Fair Value | 0.479 |  | 0.554 |  |  |  |  |  | 0.446
NM = Not meaningful.
(1) Includes total assets of American Capital Agency Corp., European Capital, American Capital Equity I, American Capital Equity II and ACAS CLO-1 less American Capital's investment in        the funds.  Total assets of American Capital Agency Corp. and American Capital Mortgage Investment Corp. are as of December 31, 2011.
(2) Enterprise value is calculated as debt at cost plus market capitalization less cash and cash equivalents on hand.
(3) Represents third-party earning assets under management from which the associated base management fees are calculated.