Result of March 2020 Tender Process

Alcentra European Floating Rate Income Fund Limited (the "Company")

14 April 2020

Result of March 2020 Tender Process

The Board of Directors of Alcentra European Floating Rate Income Fund Limited (the "Company") announces that the Company has accepted in full the Tender Requests in respect of the March 2020 Tender.

Accordingly, the Company repurchased 11,683,734 Shares on 9 April 2020 at GBP 0.8342 per Share, this being the Tender Price.

The Company will pay GBP 0.8335 per Share that it repurchases, this being the Tender Price less the Expenses of the Quarterly Tender Offer.

Settlement of the repurchase will be made on 15 May 2020, the Share Sale Settlement Date.

The Company will hold the repurchased shares in treasury, in line with the policy set out in the circular to Shareholders published by the Company on 28 August 2019 (the "Circular"). Following this transaction, as at 15 May 2020 the Company will have 91,677,667 Shares in issue and 110,013,200 voting rights. There will be 28,193,862 Shares held in the Company's treasury account.

As reported in the Update on March 2020 Tender announcement on 19 February 2020, these Tender Requests represent 11.3 per cent. of the Company's Shares in issue, less than the maximum 20 per cent. of the Company's Shares in issue available to be tendered in the quarter.

The capitalised terms used in this announcement but not defined herein are as defined in the Circular.

Enquiries:

Siobhan Lavery

BNP Paribas Securities Services S.C.A., Guernsey Branch

Tel: 01534 709181

LEI: 549300BZ4K4RM8RKES49