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Apollo Senior Floating Rate Fund Inc. Declares Special Year-End Distribution Of $0.084 Per Share

Apollo Senior Floating Rate Fund Inc. (the “Fund”) (NYSE: AFT) today announced the declaration of a special year-end distribution of $0.084 per common share, payable on the date noted below.

The following dates apply to the declared distribution:
Ex-Date: December 15, 2011
Record Date: December 19, 2011
Payment Date: December 30, 2011
Per Share Amount: $0.084

As required under the Investment Company Act of 1940, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if the distribution does not consist solely of net investment income.

At present, it is estimated that a portion of the Fund’s special year-end distribution will be paid from short term capital gains (approximately 22.9%) with the remainder paid from net investment income (approximately 77.1%). These percentages are estimates only and may change before the distribution notice is sent to shareholders. Neither this announcement nor the notice should be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. The amounts and sources of the distribution provided in this announcement are only estimates and are not being provided for tax reporting purposes. After the end of the calendar year, investors will be sent a Form 1099-DIV which will state for Federal income tax purposes the amount and composition of distributions with respect to their appropriate tax treatment for the 2011 calendar year.

Forward-Looking Statements

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Fund’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to the Fund’s dependence on certain key personnel, market conditions generally, changes in the regulatory environment, the variability of Fund revenue, net income and cash flow, the Fund’s use of leverage and other risks.

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