Apollo Senior Floating Rate Fund Inc. (the “Fund”) (NYSE: AFT) today announced the issuance of 450,000 shares, which completes the exercise of the underwriters’ overallotment option on the initial public offering that priced on February 24, 2011. The initial public offering and the overallotment result in an aggregate issuance of 15,450,000 shares for $309,000,000 in gross proceeds. On April 4, 2011, the Fund's board declared a dividend of $0.101 per share payable on May 31, 2011. Apollo Credit Management, LLC, an affiliate of Apollo Global Management, LLC, is the Fund’s investment adviser. The lead managers of the common share underwriting syndicate were Morgan Stanley, Citi, BofA Merrill Lynch, and Wells Fargo Securities. Shares of closed-end investment companies, such as the Fund, usually trade on a national stock exchange, and these shares frequently trade at a discount to their net asset value, which may increase investors’ risk of loss. For more information about Apollo Senior Floating Rate Fund Inc., please visit www.agmfunds.com. The Fund is a newly organized, non-diversified, closed-end management company with no operating history.Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing.For a prospectus which contains this and other information relevant to an investment in the Fund, please contact your securities representative.Investors should read the prospectus carefully before they invest.There can be no assurance the Fund’s investment objectives will be obtained.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.