November 2016

Q3 2016 Earnings Results

Alcentra Capital Corporation

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Forward-Looking StatementsThis presentation has been prepared for informational purposes only from information supplied by Alcentra Capital Corporation (“ABDC” or the “Company”) and from third-party sources indicated herein. Such third-party information has not been independently verified. The Company makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.This presentation contains forward-looking statements which are based on current expectations and assumptions about future events. Forward-looking statements describe future financial or business performance, strategies, or expectations, and are generally identified by words or phrases such as “trend,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “plan,” “potential,” “project,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future of conditional verbs such as “will,” “would,” “could,” “should,” “may,” or similar expressions. You are cautioned that such statements are subject to a multitude of risks and uncertainties. Actual results could differ materially from those expressed or implied in the forward-looking statements, and future results could differ materially from historical performance. These forward-looking statements are subject to risks that include, but are not limited to, the following:

― Future operating results, including the performance of our existing loans and warrants;― Business prospects and the prospects of our portfolio companies;― The effect of investments that we expect to make;― Contractual arrangements and relationships with third parties;― Actual and potential conflicts of interest with our investment adviser, Alcentra NY, LLC (the “Adviser”);― The dependence of our future success on the general economy and its effect on the industries in which we invest;― The ability of our portfolio companies to achieve their objectives;― The use of borrowed money to finance a portion of our investments;― The adequacy of our financing sources and working capital;― The timing of cash flows, if any, from the operations of our portfolio companies;― The ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;― The ability of the Adviser to attract and retain highly talented professionals;― The ability to qualify and maintain our qualification as a regulated investment company and a business development company; and― Other risks and uncertainties described in our SEC filings.

You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward looking statements speak only as of the date they are made, and we undertake no obligation to update such statements.

OverviewSection 1

Financial ResultsSection 2

Portfolio OverviewSection 3

Stock Repurchase ProgramSection 4

Note OfferingSection 5

AppendixSection 6

OverviewSection 1

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Alcentra Capital Corporation – 3Q 2016 Snapshot

Net Investment Income of $4.8 million, or $0.35 per share for the quarter

Paid regular quarterly dividend of $0.34 per share on October 6, 2016

Declared dividend of $0.34 per share to shareholders of record on December 31, 2016; payable January 5, 2017

Net decrease in Net Assets from Operations of $1.8 million, or $(0.14) per share

Net change in unrealized depreciation on investments, before the benefit for taxes, of $10.1 million (see page 17)

$24 million in proceeds from the reduction of equity through warrant gain and secondary sale of equity interests permits the further rebalancing of the portfolio to enhance Net Investment Income after these proceeds are re-deployed in debt investments

Net Asset Value (“NAV”) of $13.69 per share as of September 30, 2016

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3Q 2016 Snapshot – Portfolio Activity

Invested in 3 new portfolio companies in the quarter ($51.9 million of capital invested):

Limbach Holdings

Limbach Holdings (“Limbach”) provides building infrastructure services, including the design, installation, and maintenance of HVAC and mechanical, electrical, and plumbing systems for commercial and institutional building owners

Invested $13.0 million in 16% Senior Subordinated Notes

LRI

Lighting Retrofit International (“LRI”) is a leading provider of lighting and water building efficiency services to government, institutional, and commercial customers

Invested $18.0 million in 10.25% First Lien Notes and $1.0 million in preferred equity for 3.94% ownership interest

NextCare

NextCare Holdings (“NextCare”) is one of the nation’s largest privately-owned providers of urgent care and occupational medicine services. NextCare operates over 100 clinics nationwide and represents 10 brands across 11 states

Invested $15.0 million in 14.0% Senior Subordinated Notes

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3Q 2016 Snapshot – Portfolio Activity (cont’d)

Provided incremental investments to 2 existing portfolio company:

Pharmalogic

Invested an additional $1.8 million in 12% Subordinated Notes to support an acquisition

My Alarm Company

Invested an additional $3.125 in 11.0% Second Lien Notes

Realizations

DBI

Company repaid our Senior Subordinated Notes of $9.2 million and Holdco PIK Notes of $9.1 million for a total repayment of $18.3 million

The warrant had a realized gain of $8.9 million

Largest debt investments with PIK coupons have now been repaid.

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1 Weighted average leverage as of September 30, 2016 not inclusive of Black Diamond and XGS is 3.68x which are both on our watch list.

Snapshot – Portfolio Changes

December 31, 2015 March 31, 2016 June 30, 2016 September 30, 2016

Portfolio Fair Value $296.3 million $282.4 million $293.6 million $305.9 million

Weighted Average Yield 12.4% 12.0% 11.7% 11.8%

Weighted Average Leverage 3.72x 3.86x 3.88x 4.34x1

43%57%

48%52%

43%57%

Floating Fixed

Q4 2015

Q2 2016 Q3 2016

43%57%

Q1 2016

30% 30% 27% 31%

28% 28% 32%31%

27% 25% 24%27%

15% 17% 17%11%

12/31/2015 3/31/2016 6/30/2016 9/30/2016

Equity

SubordinatedDebt2nd Lien Debt

1st Lien Debt

Financial ResultsSection 2

Financial Summary1

Notes: (1) Information on this page summarizes the financial statements of Alcentra Capital Corporation contained in the Quarterly Reports (10-Q) filed on November 10, 2015, May 5, 2016, August 4, 2016, and November 3, 2016 and the Annual Report (10-K) filed on March 9, 2016. All quarterly and annual reports are filed with the SEC and can be accessed on the SEC website, www.sec.gov.(2) On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses.

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Quarter ended December 31, 2014

Quarter ended March 31, 2015

Quarter ended June 30, 2015

Quarter ended September 30, 2015

Quarter ended December 31, 2015

Quarter endedMarch 31, 2016

Quarter endedJune 30, 2016

Quarter endedSeptember 30, 2016

Total Investment Income 6,670,403 8,224,653 8,507,540 8,507,142 8,676,914 9,946,391 10,639,969 9,116,468

Management Fee 1,056,912 1,148,005 1,219,963 1,273,705 1,302,213 1,289,036 1,283,763 1,335,294 Incentive Fee - Ordinary Income 806,100 397,028 546,027 521,295 790,727 926,158 607,739 Incentive Fee - Capital Gains 1,001,467 434,217 (434,217) - - - - Incentive Fee 202,509 1,807,567 831,245 111,810 521,295 790,727 926,158 607,739 Other Expenses 1,503,328 1,293,374 1,806,983 1,979,583 2,323,804 2,261,736 2,531,702 2,386,642

Total Expenses 2,762,749 4,248,946 3,858,191 3,365,098 4,147,312 4,341,499 4,741,623 4,329,675 Management Fee Waiver (441,243) - - - - - - - Incentive Fee Waiver (202,509) (1,001,467) - - - - - - Waiver of management and incentive fees (643,752) (1,001,467) - - - - - -

Net Expenses 2,118,997 3,247,479 3,858,191 3,365,098 4,147,312 4,341,499 4,741,623 4,329,675

Net Investment Income 4,551,406 4,977,174 4,649,349 5,142,044 4,529,602 5,604,892 5,898,346 4,786,793 NII per share 0.34 0.37 0.34 0.38 0.34 0.41 0.44 0.35

Capital Gains Incentive Fee (Reversal) Expense

- - 434,217 (434,217) - - - -

Adjusted Net Investment Income2 4,551,406 4,977,174 5,083,566 4,707,827 4,529,602 5,604,892 5,898,346 4,786,793 Adjusted NII per share2 0.34 0.37 0.38 0.35 0.34 0.41 0.44 0.35

Financial Summary1

Notes: (1) Information on this page summarizes the financial statements of Alcentra Capital Corporation contained in the Quarterly Reports (10-Q) filed on November 10, 2015, May 5, 2016, August 4, 2016, and November 3, 2016 and the Annual Report (10-K) filed on March 9, 2016. All quarterly and annual reports are filed with the SEC and can be accessed on the SEC website, www.sec.gov.

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As of December 31, 2014

As of March 31, 2015

As of June 30, 2015

As of September 30, 2015

As of December 31, 2015

As of March 31, 2016

As of June 30, 2016

As of September 30, 2016

Portfolio investments, at fair valueNon-controlled / non-affiliated investments 167,325,100$ 173,433,992$ 189,074,441$ 194,281,248$ 221,349,073$ 205,364,448$ 228,320,326$ 269,067,466$ Non-controlled / affiliated investments 61,253,192 63,435,406 66,136,367 67,237,740 59,243,999 62,734,755 50,927,904 23,066,462 Controlled / affiliated investments 30,055,562 30,158,773 30,078,391 27,417,562 15,748,539 14,291,727 14,390,754 13,814,627

Total Portfolio Investments 258,633,854 267,028,171 285,289,199 288,936,550 296,341,611 282,390,930 293,638,984 305,948,555

Cash 10,022,617 3,962,318 3,806,606 11,472,602 4,866,972 3,831,847 5,038,752 6,708,245 Other Assets 3,562,904 2,866,260 4,045,943 5,593,200 6,287,224 6,031,457 5,860,596 10,608,526 Total Assets 272,219,375 273,856,749 293,141,748 306,002,352 307,495,807 292,254,234 304,538,332 323,265,326

Credit facility payable 62,499,154 56,954,490 38,054,738 52,654,738 63,504,738 42,709,057 51,685,846 70,872,238 Notes payable (net of deferred offering costs) - - 40,000,000 40,000,000 40,000,000 44,120,163 50,130,063 53,451,176 Other Liabilities 8,730,913 15,547,928 11,955,953 11,613,942 8,958,858 10,856,828 11,634,887 14,283,719 Total Liabilities 71,230,067 72,502,418 90,010,691 104,268,680 112,463,596 97,686,048 113,450,796 138,607,133

Net Assets 200,989,308 201,354,331 203,131,057 201,733,672 195,032,211 194,568,186 191,087,536 184,658,193 Shares Outstanding 13,516,766 13,516,766 13,516,766 13,516,766 13,516,766 13,506,257 13,490,636 13,490,636 NAV per Share 14.87 14.90 15.03 14.92 14.43 14.41 14.16 13.69

Financial Snapshot

Adjusted Net Investment Income1 & Dividends Paid Per Share2

Notes: (1) Adjusted net investment income, which is a non-GAAP measure, represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. See page 10 for a reconciliation of these non-GAAP measures.(2) Per share data based on shares outstanding at the end of each period.

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0.34

0.37 0.38

0.35 0.34

0.41

0.44

0.350.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

Q2 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016Adjusted Net Investment Income Dividends

Financial Snapshot

Net Asset Value Per Share and Dividends Paid

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14.87 14.90 15.03 14.9214.43 14.41 14.16

13.69

0.86 1.201.54 1.88

2.222.56 2.90

3.24

15.7316.10

16.5716.80 16.65

16.97 17.06

$10.00

$12.00

$14.00

$16.00

$18.00

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Net Asset Value per Share Cumulative Dividend Per Share

16.93

Portfolio OverviewSection 3

Portfolio Growth

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198.9209.6

254.1 262.3278.2

289.5303.4

281.7298.8

330.1

200.2214.2

258.6 267.0285.9 290 296.3

282.4

293.6305.9

21

24

28 2829 29

3231

33

35

0

5

10

15

20

25

30

35

40

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Num

ber

of P

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Com

pani

es

$ M

illio

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Cost Fair Market Value # of Portfolio Companies

ABDC Realizations as of 9.30.16

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Note: Subsequent to September 30, 2016, Alcentra Capital sold its equity interests in Tunnel Hill, Media Storm and Dentistry for Children in a secondary sale. Also, the equity in Response Team 1 was abandoned on November 1, 2016.

Realized Investments Security Type

Repayment ($000)

Repayment Date

Gross IRR

Gross MOIC

GTT Communications Debt 6,324 8/6/2014 47.50% 1.10xWholesome Sweeteners Debt 8,846 9/2/2014 19.78% 1.06xAcis Offshore Warrants 953 12/23/2014 34.30% 1.20xAmerican Addiction Centers Debt 8,248 2/25/2015 19.13% 1.14xChoice Cable Debt 7,575 6/3/2015 12.95% 1.12xWellBiz Brands Debt 7,830 6/16/2015 15.34% 1.16xDatascan Debt 3,050 8/5/2015 12.67% 1.15xNARL Marketing Debt 15,337 8/6/2015 16.87% 1.10xNet Access Corporation Debt & Equity 14,684 11/19/2015 19.98% 1.23xHealthFusion Debt & Warrants 8,038 1/4/2016 30.86% 1.51xDRC Debt 1,695 1/19/2016 -56.09% 0.55xResponse Team 1 Debt 10,368 3/21/2016 15.78% 1.27xDentistry for Children Debt 14,880 3/28/2016 14.19% 1.26xACT Lighting Debt & Warrants 13,804 4/4/2016 31.04% 1.49xRadiant Logistics Debt 10,300 4/22/2016 17.58% 1.17xCity Carting Preferred Equity 12,504 5/27/2016 8.87% 1.18xDBI Debt & Warrants 27,340 7/31/2016 39.13% 2.02x

Total: $171,776 15.63% 1.20x

● 3Q2016 Unrealized Loss Composition:

ABDC Unrealized Loss

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Breakdown of Unrealized Gain/Loss 3Q16:

Secondary Sale (1,941) 1

Write Downs - Response Team 1 (4,817) 1

(6,758) Write Downs - Other Portfolio Companies (2,488) Write Downs - Previously on Watch List (1,462)

Total Unrealized Losses (10,708)

Unrealized Gains 591 Net Unrealized Loss (10,117)

1 These unrealized losses became realized during the fourth quarter of 2016.

● Warrant and Equity Gains offset Losses from weather related companies:

Gains offset Investment Losses

Warrant Gains Security Type

Cost ($000)

Repayment ($000)

Repayment Date

Realized Gain

ACIS Offshore Warrant 793 953 12/22/2014 160 Net Access Common Equity 8,112 11,124 11/19/2015 3,012 HealthFusion Warrant 418 2,125 1/4/2016 1,707 ACT Lighting Warrant 143 1,500 4/4/2016 1,357 DBI Warrant 519 9,516 7/31/2016 8,997

$9,985 $25,218 $15,233

Weather Related Deals Security Type

Cost ($000)

Repayment ($000)

Repayment Date Realized Loss

DRC Emergency Services Debt/Equity 12,957 1,802 12/22/2014 (11,155) Response Team 1 Common Equity 3,204 - 11/19/2015 (3,204)

$16,161 $1,802 ($14,359)

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● Management pursued the sale of select equity securities when the City Carting/Tunnel Hill merger was completed on a stock for stock basis. As such, the portfolio was likely to have a large single exposure of equity to one name, with the prospects of a cash realization two to three years hence.

● Secondary sale generated $14.5 million in proceeds and resulted in a $1.9 million realized loss in the fourth quarter

● The proceeds of $14.5 million can be deployed into ~$22 million of debt at ~11.0%/12.0%*

● Potential net investment income increase of approximately $2.3 million annually after re-deployment into debt instruments

Secondary Sale of Select Equity Investments

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* This reflects the leveraged amount of proceeds based upon our credit facility advance rates applicable to debt investments

Asset Quality – Risk Adjusted Return, First Dollar of Attachment on ABDC Portfolio($ in thousands)

Notes: Total portfolio excludes investments in Aphena Pharma Solutions, Wellbiz Brands, and Triton Technologies. Aphena, WellBiz, and Triton are secured by $210 million of private equity fund assets. Therefore, the EBITDA first dollar loss analysis is not relevant for these investments. DRC is excluded for Q3 2015 and Q4 2015, as it had negative EBITDA and thus this calculation is not meaningful.

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$115,310 $88,413 $91,646 $100,967

$121,641 $152,316

$128,036 $133,277

$34,699 $18,510 $52,383 $28,815

$17,049 $18,140

$14,587 $39,571

December 31, 2015 March 31, 2016 June 30, 2016 September 30, 2016

Cum

ulat

ive

Inve

stm

ent

($ in

thou

sand

s)

0.0x - 1.0x 1.0x- 3.0x 3.0x - 4.0x 4.0x - 4.5x 4.5x +

7%0%

7%

55%

32%

13%0%

10%

44%

33%

6%0%

12%

42%

40%

ABDC Portfolio – Industry Concentration

As of September 30, 2016, portfolio consisted of 35 companies representing 23 industry sectors

Average portfolio investment at amortized cost was approximately $9.1 million

21

21%

14%

8%

7%7%

6%

5%

4%

4%

4%

4%

3%

3%2%

2%2% 1% 1% 1%

1%0%

0%0%

Healthcare ServicesTechnology & TelecomWaste ServicesHigh Tech IndustriesAutomotiveEnergy ServicesIndustrial ManufacturingEducationMechanical ServicesSecurityMedia: Advertising, Printing & PublishingOil & Gas ServicesIndustrial ServicesEnvironmental ServicesMedia & EntertainmentWholesaleTechnology & ITFood & BeverageAerospaceTransportation and LogisticsCall Center ServicesPackagingRestoration Services

ABDC Portfolio – Oil & Gas Exposure

As of September 30, 2016, exposure to the oil & gas industry was 2.9% (of portfolio FMV) through investment in Black Diamond

$5.815 million investment (at cost) in Senior Secured Notes (Second Lien) and $7.969 million investment (at cost) in Subordinated Notes

$9.05 million in combined FMV as of September 30, 2016

This investment was highly structured when it was made in 2013. It had a deferred draw down structure in order to keep our exposure low and leverage at or below 2.5x

Owned by a family office and institutional investor with deep resources and extensive experience in the industry. Very experienced management team

Focused on Texas and Oklahoma, where the marginal cost of production is amongst the most efficient in the industry

Rig Count increasing in Texas and Oklahoma

2.9%

22

4050607080

Rig Count May through November

Oklahoma

150200250300

Rig Count May through November

Texas

Stock Repurchase ProgramSection 4

On January 18, 2016, the Board of Directors approved a $5.0 million open market stock repurchase program

Authorized repurchase of up to $5.0 million in the aggregate of outstanding common stock in the open market

The timing, manner, price and amount of any share repurchases will be determined by management, in its discretion,

based upon the evaluation of economic conditions, stock price, applicable legal and regulatory requirements and other

factors

In effect until the approved dollar amount has been used to repurchase shares

As of June 30, 2016, the Company repurchased a total of 26,130 shares at an average share price of $11.65 for a total dollar

amount of $305,450 (1Q16 – 10,509 shares and 2Q16 – 15,621 shares)

Stock Repurchase Program

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Note OfferingSection 5

In the first half of 2016, closed on $11.5 million in unsecured notes with weighted average yield of 6.42%

As of July 2016, raised an aggregate $55.0 million in unsecured notes since January 2015

Given some of the volatility that we saw in the capital markets over the past few months, we raised unsecured debt to optimize

borrowing base and liquidity during 2016

Unsecured Note Offering

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AppendixSection 6

Corporate Information

Corporate Headquarters

Securities Listing

Transfer Agent

Research Coverage

Corporate Counsel

Accounting

Interested DirectorsPaul EchaussePresident & CEO

Paul HatfieldChairman of the Board

Independent DirectorsT. Ulrich BrechbuhlDouglas J. GreenlawRudolph L. HertleinEdward GrebowSteven H. Reiff1

TeamEllida McMillanChief Accounting Officer

David ScopellitiSenior Vice President

Branko KrmpoticSenior Vice President

Karin KovacicVice President

Dante DeRogatisAssociate

Alfred MinahanAssociate

200 Park Avenue 7th FloorNew York, NY 10166www.alcentracapital.com

NASDAQ: “ABDC”

Robert W. Baird & Co.Bryce Rowe, CFA

Raymond JamesRobert J. Dodd, PhD

Oppenheimer & Co.Chris Kotowski

Janney MontgomeryMitchell Penn

StonegateKevin Latta

Computershare Inc.250 Royall StreetCanton, Massachusetts 02021

Sutherland Asbill & Brennan LLP

State Street Bank & Trust

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1 Effective January 1, 2017

Portfolio Investments as of September 30, 2016

Notes: Total Unrealized Investments in Alcentra Capital Corporation (ABDC) as of June 30, 2016

($ in thousands)

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Portfolio Company Industry Security Type Maturity Fixed/ Floating

Coupon Structure Cost Basis Market Value

Country

A2Z Wireless Technology & Telecom Term Note 1/15/2021 Floating L + 9% (100bps floor) Cash 10,775 10,884 USAA2Z Wireless Technology & Telecom Delayed Draw Term Note 1/15/2021 Floating L + 9% (100bps floor) Cash 3,704 3,741 Alpine Waste Waste Services 2nd Lien Debt 12/30/2020 Floating L + 9% (100bps floor) Cash /

2.0% PIK 11,174 11,174 USA

Aphena Pharma Solutions Packaging Senior Secured 3/3/2019 Fixed 8.5% Cash / 2.0% PIK 1,063 1,063 USABattery Solutions Environmental Services Senior Subordinated Notes 11/6/2021 Fixed 6% Cash / 8% PIK 2,173 2,173 USABattery Solutions Environmental Services Preferred Equity 11/6/2021 Fixed 8% PIK 3,740 3,740 Battery Solutions Environmental Services Common Equity & Warrants - - - 1,058 246 Bioventus Healthcare Services 2nd Lien Debt 4/10/2020 Floating L + 10% (100bps floor) Cash 11,842 12,000 USABlack Diamond Oil & Gas Services Senior Secured 7/9/2018 Fixed 12% Cash / 5% PIK 5,815 5,078 USABlack Diamond Oil & Gas Services Senior Subordinated Notes 7/9/2018 Fixed 4.0% Cash 7,969 3,984 Conisus Media: Advertising, Printing &

Publishing2nd Lien Debt 6/23/2021 Floating L + 8.75% (100bps floor) Cash 11,750 10,870 USA

Dentistry for Children Healthcare Services Common Equity - - - 2,203 3,533 USAFST Technical Services Technology & Telecom 1st Lien Debt 11/18/2018 Fixed 12% Cash / 5% PIK 13,148 13,148 USAFST Technical Services Technology & Telecom Equity 11/18/2018 Fixed 9% PIK 1,807 667 Graco Supply Aerospace 2nd Lien Debt 3/17/2021 Fixed 12% Cash 4,000 3,877 USAGST AutoLeather Automotive Senior Subordinated Notes 1/11/2021 Fixed 11% Cash / 2% PIK 8,369 8,369 USAHCAT Healthcare Services 2nd Lien Debt 4/30/2022 Fixed 12.25% Cash 8,500 8,500 USAIGT Industrial Services 1st Lien Debt 12/10/2019 Floating L + 8.75% (100bps floor) Cash /

1.5% PIK 7,993 8,056 USA

IGT Industrial Services Class AA preferred 12/10/2019 Fixed 15% Preferred Dividend 271 271 IGT Industrial Services Preferred Equity - Fixed 11% Preferred Dividend 1,111 - IGT Industrial Services Common Equity - - - 44 - Limbach Mechanical Services Senior Subordinated Notes 7/20/2022 Fixed 13% Cash / 3% PIK 13,078 13,078 USALRI Energy Services 1st Lien Debt 9/28/2021 Floating L + 9.75% (50bps floor) Cash 18,000 18,000 USA

Equity 1,000 1,000 Media Storm Media & Entertainment Senior Subordinated Notes 8/28/2019 Fixed 10% Cash 2,455 2,455 USAMedia Storm Media & Entertainment Equity - - - 2,347 250 Medsurant Healthcare Services 2nd Lien Debt 6/18/2021 Fixed 12.25% Cash 6,138 6,200 USA

Portfolio Investments as of September 30, 2016 (cont’d)($ in thousands)

Notes: Total Unrealized Investments in Alcentra Capital Corporation (ABDC) as of September 30, 2016

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Portfolio Company Industry Security Type Maturity Fixed/ Floating

Coupon Structure Cost Basis Market Value

Country

Metal Powder Products Industrial Manufacturing Senior Subordinated Notes 11/5/2021 Floating L + 12.25% (75bps floor) Cash 8,250 8,250 USAMetal Powder Products Industrial Manufacturing Common Equity - - L + 11% (100bps floor) Cash 500 626 My Alarm Center Security 2nd Lien Debt 7/9/2019 Floating L + 11% (100bps floor) Cash 12,625 12,625 USANation Safe Drivers Automotive 2nd Lien Debt 9/29/2020 Floating L + 8% (200bps floor) Cash 11,721 11,838 USANextCare Healthcare Services Senior Subordinated Notes 12/31/2018 Fixed 10% Cash/4% PIK 14,825 15,050 USANTI Technology & Telecom Unitranche Debt 3/30/2021 Floating L + 8% (100bps floor) Cash 11,672 11,685 USANTI Technology & Telecom Common Equity - - - 403 780 NTI Technology & Telecom Warrant 1/0/1900 - - 225 445 NWN Technology & IT 1st Lien Debt 10/16/2020 Floating L + 9% Cash (100bps floor) 4,142 4,227 USAPharmalogic Healthcare Services Subordinated Debt 9/1/2021 Fixed 12% Cash 19,000 19,000 USAQRC High Tech Industries Subordinated Debt 11/19/2021 Fixed 12.25% Cash 10,000 10,000 USAResponse Team 1 Restoration Services Preferred 3/28/2019 Fixed 12% Accrued Dividend 3,204 1 USAResponse Team 1 Restoration Services Warrant - - - - - Show Media Media & Entertainment Senior Secured 8/10/2017 Fixed 5.50% PIK / 5.50% Cash 4,027 3,297 USAShow Media Media & Entertainment Series A Preferred 1/31/2019 Fixed - 3,747 - Show Media Media & Entertainment Warrant - - - - - Southern Technical Education 2nd Lien Debt 12/2/2020 Floating L + 8.00% (100bps floor) Cash /

4% PIK 8,156 8,156 USA

Southern Technical Education Class SP-1 Units - Fixed 15.75% Preferred Dividend 4,293 4,404 Southern Technical Education Equity 10/15/2022 - - 2,167 915 Southern Technical Education Warrant - - - 110 - Southern Technical Education Penny Warrants - - - 111 135 Stancor Wholesale Unitranche Debt 8/19/2019 Floating L + 8% (75bps floor) Cash 5,091 5,091 USASuperior Controls High Tech Industries Senior Secured Notes 3/22/2021 Floating L + 8.75% (100bps floor) Cash 10,000 10,000 USASuperior Controls High Tech Industries Preferred Equity - - - 400 507 Triton Technologies Call Center Services Senior Secured 10/23/2018 Fixed 8.5% Cash / 2% PIK 1,191 1,200 USATunnel Hill Waste Services Common Equity - - - 2,454 1,909 USATunnel Hill Waste Services Common Equity - - - 13,052 10,154 Vectra Industrial Manufacturing 2nd Lien Debt 10/28/2022 Floating L + 9.75% (100bps floor) Cash 6,702 6,720 USAWholesome Sweeteners Food & Beverage Equity - - - 5,000 3,984 USAXGS Transportation and Logistics 2nd Lien Term Loan 4/10/2020 Floating L + 10.5% (100bps floor) Cash /

2% PIK 5,539 2,352 USA

XGS Transportation and Logistics Warrant Units - - - 489 - Total Investments $330,580 $305,665

Team Overview Paul Hatfield, Chairman of the Board of Directors of ABDC

Paul joined Alcentra in 2003 and was the senior portfolio manager for the European CLOs at Alcentra Ltd., until moving to head Alcentra NY’s U.S. business in July 2008. In February 2010, Paul became Global Chief Investment Officer of Alcentra, Ltd. From April 2002 to March 2003, Paul was a senior analyst for the CDO operations of Intermediate Capital Group, where he covered building products and construction, aerospace and consumer credits. Between 1995 and 2001, Paul worked at Deutsche Bank in London for the Leveraged Finance Group. In 1998, while at Deutsche Bank, Paul worked in New York where he supervised Leveraged Finance and the telecom division. Before joining Deutsche Bank, Paul originated a portfolio of mezzanine and development capital loans at FennoScandia Bank. He originally trained as a chartered accountant in the audit division of Arthur Andersen. Paul received a B.A. (Honors) in Economics from Cambridge University.

Paul Echausse, Chief Executive Officer & President of ABDC

Paul is responsible for the overall management and direction of fund investing, including transaction sourcing, deal execution and the monitoring of portfolio companies. Paul is a member of the investment committee, serves as the Chairman of the board of directors of Grindmaster Cecilware Corporation and is a member of the board of directors of Emerald Waste Services, EB Brands, Battery Solutions, DRC and FST Technical Services. Paul brings more than 20 years of leveraged finance experience to the origination and management of the Partnership’s investment portfolios.

Prior to joining Alcentra, Paul was President of Kisco Capital Corporation, the growth capital Small Business Investment Company affiliate of the Kohlberg family office. Previously he was Chief Operating Officer of IBJS Capital Corporation, the junior capital investment affiliate of IBJ Schroder Bank. Prior to IBJS, Paul was the Assistant Division Head of Southeast Banking for the Bank of New York. Paul has served as President of the Northeast Regional Association of Small Business Investment Companies and on the national board of the NationalAssociation of Small Business Investment Companies. Paul received a B.S. from Fordham University, magna cum laude, Phi Beta Kappa, an M.B.A. from New York University and a J.D. from Fordham Law School, and is a member of the New York State Bar.

Ellida McMillan, Chief Accounting Officer of ABDC

Ellida joined Alcentra in 2013 and is the Chief Accounting Officer. Prior to joining Alcentra in 2013, Ellida consulted with Tatum Partners, the largest executive services firm in the US offering CFO services. Previously, she was a corporate controller at KBC Financial Holdings, a subsidiary of KBC Financial Products UK Ltd, which engaged in the sales, structuring and risk management of equity linked and equity derivatives instruments. Prior to KBC, Ellida was an associated director of Fixed Income Derivatives at Bear Stearns. Ellida began her career as an auditor at Arthur Andersen in the financial service sector. Ellida holds a B.S. from Fairfield University and is a licensed C.P.A.

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Team Overview David Scopelliti, Senior Vice President of ABDC and the Adviser

David joined Alcentra in 2014. Most recently, David was a Principal at GarMark where he focused on investing subordinated debt and equity in middle market companies. Prior to joining GarMark in 2007, David was a Managing Director with Pacific Corporate Group, an alternative asset investment firm, responsible for discretionary and non-discretionary private investment programs for corporate and governmental entities. Prior to that, David served as Head of Private Equity for the State of Connecticut, where he restructured and rebuilt its $4.0 billion private equity program. David’s prior experience also includes having been a Managing Director with CIBC World Markets in its leveraged finance group investing capital alongside financial sponsors. David received his B.B.A. in Finance/Accounting from Pace University, Lubin School of Business.

Branko Krmpotic, Senior Vice President of the Adviser

Branko rejoined Alcentra in 2013. Prior to Alcentra, Branko was a senior analyst at Raven Asset Management, a credit hedge fund focused on a wide variety of credit investments. Prior to Raven, he structured private investments and loans at GSO Capital Partners (now owned by Blackstone) and before that at Technology Investment Capital Corp. (NASDAQ:TICC). Branko worked with Paul Echausse at the Bank of New York in the formation of the Mezzanine Group at its inception. Branko received his M.B.A. from Baruch College – CUNY where he received the Vincent De Lorenzo award for scholastic excellence. He received undergraduate degrees from New York University and University ofBelgrade, Serbia.

Karin Kovacic, Vice President, Business Development & Marketing of the Adviser

Karin joined Alcentra in 2013. Prior to Alcentra, Karin developed and implemented CBIZ MHM LLC’s growth, marketing and business development strategies in the New York Metropolitan area. Prior to CBIZ, Karin spent four years as Vice President at Fifth Street Capital, where she was responsible for North East deal origination, as well as coordinating their business development and marketing efforts. She also spent four years with UBS Financial as a Registered Associate where she was actively involved in institutional sales of equity related products and relationship management. Karin began her career at Smith Barney as a Registered Sales Associate. Karin graduated magna cum laude from SUNY Purchase with a B.A. in Liberal Arts. She is on the board of the New York Chapter of the Alliance of Merger & Acquisitions Advisors (AM&AA) and is the President of the Connecticut Chapter of the Association for Corporate Growth (ACG).

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Team Overview Dante DeRogatis, Associate, Finance Professional of the Advisor

Dante is responsible for transaction execution, due diligence, and the monitoring of portfolio companies. Prior to joining Alcentra, Dante was a senior analyst in the Corporate and Project Workouts Group at Prudential Capital Group and interned at Imperial Capital and UBS previously. While at Prudential Capital, Dante worked on various distressed investments and restructurings. Dante graduated from University of Maryland, College Park, with a BA in Economics.

Alfred Minahan. Associate, Finance Professional of the Advisor Al is responsible for transaction execution, due diligence, and the monitoring of portfolio companies. Prior to joining Alcentra, Al was an

analyst in the Leveraged Finance group at Jefferies in New York, and before that worked at Ernst & Young in Boston. While at Jefferies, Al worked on a variety of leveraged finance transactions including acquisitions, mergers, recapitalizations, and restructurings across multiple industries. Al graduated from Boston College, Carroll School of Management with a B.S. in Finance and Accounting.

Steven Levinson, Chief Compliance Officer of ABDC and the Advisor

Steven joined Alcentra in October 2011. Prior to joining Alcentra, Steven spent four years at Stone Tower Capital where he served as Director of Compliance. From March 2003 to December 2006, Steven was the Chief Audit Executive at IDT Corporation. He began his career at Price Waterhouse and spent fourteen years in the Internal Audit departments of major financial institutions. Steven received a B.A. in Accounting and Economics from Queens College of the City University of New York and an M.B.A. with a concentration in Financial Management from Pace University.

Prumiys Dulger, Deputy Chief Compliance Officer of the Advisor

Prumiys joined Alcentra in July 2014. Prior to joining Alcentra, Prumiys spent two years as the Chief Compliance Officer for Daiwa Asset Management America, a Latin American security focused registered investment advisor. Previously, Prumiys spent 8 years working at Keefe, Bruyette & Woods, Inc. where she was a Vice President in the Compliance Department. Prior to joining Keefe, Bruyette & Woods, Inc., Prumiys was an Assistant Vice President in the Asset Management Compliance Department at Citigroup covering the North American Fixed Income Group at Citigroup Asset Management. Prior to Citigroup, Prumiys spent two years at Nomura Holdings America, Inc. where she was responsible for two fixed income registered investment advisors with focuses in distressed debt, emerging market and mortgage backed securities. Prumiys holds a B.A. in Economics from Barnard College, Columbia University and a J.D. from New York Law School.

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