Apollo Senior Floating Rate Fund Inc. (the “Fund”) (NYSE: AFT) today announced the declaration of its first monthly distribution of $0.101 per common share, payable on the date noted below.

The following dates apply to the declared distribution:

Ex-Date: May 18, 2011Record Date: May 20, 2011Payment Date: May 31, 2011Per Share Amount: $0.101

Total distributions may exceed net investment income and accumulated realized capital gains, if any. It is expected that all or a portion of the distribution will be treated as a return of capital.

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.

Copyright Business Wire 2010

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