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					Investor Presentation
Fifth Street Finance Corp.


Fourth Quarter Ended
September 30, 2010




                             www.fifthstreetfinance.com
Forward-Looking Statements

 This presentation may contain certain forward-looking statements, including statements with regard to the future
 performance of Fifth Street Finance Corp. (“Fifth Street Finance Corp.,” “FSC” or “Company”). Words such as
 “believes,” “expects,” “projects,” “anticipates” and “future” or similar expressions are intended to identify forward-looking
 statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and
 conditions.
 conditions Certain factors could cause actual results to differ materially from those projected in these forward-looking
 statements, and such factors are identified from time to time in our filings with the Securities and Exchange
 Commission. Fifth Street Finance Corp. undertakes no obligation to publicly update or revise any forward-looking
 statements, whether as a result of new information, future events or otherwise.

 This presentation is neither an offer to sell nor a solicitation of an offer to purchase securities in Fifth Street Finance
 Corp. Such an offer or solicitation can only be made by way of a Company prospectus and otherwise in accordance
 with applicable securities laws.

 The summary descriptions and other information included herein and any other materials provided to you by the
 Company or its representatives are intended only for informational purposes and convenient reference. The information
     t i d herein is t intended to         id     d h ld t b
 contained h i i not i t d d t provide, and should not be relied upon for, accounting, l
                                                                   li d       f          ti      l tax d i
                                                                                             legal or t advice or
 investment recommendations. Before making an investment decision with respect to the Company, investors are
 advised to carefully review an applicable prospectus to review the risk factors described therein, and to consult with
 their tax, financial, investment and legal advisors. These materials do not purport to be complete, and are qualified in
 their entirety by reference to the more detailed disclosures contained in an applicable prospectus, and the Company’s
          documentation.
 related documentation

 No representation or warranty, express or implied, is made as to the accuracy or completeness of the information
 contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the
 Company.




Fifth Street Finance Corp.                                                                                                     2
Overview

• A specialty finance company providing first lien, second lien and one-stop financing
  solutions for small to mid-sized companies

                                                            sponsor-backed
• Nearly all debt investments are internally originated and sponsor backed transactions

• Typical investment size: $5 million to $75 million

• Over $600 million market capitalization

• Disciplined investment process with a proven 12-year track record

• Operates as an externally managed BDC/RIC
   p                      y     g


         Fund I                     Fund II        Fund III           BDC Conversion             IPO
         1998                        2005           2007                  2008                June 2008




                             Wells Fargo                                   ING Capital-led
                                               SBIC License Granted
                             Credit Facility                                Credit Facility
                                                       2010
                                 2009                                           2010




Fifth Street Finance Corp.                                                                                3
Strong Value Proposition
                           ● Substantial debt yields with nearly all investments on monthly payment schedules
 High Quality
                           ● 98% of portfolio consists of 1st and 2nd lien debt securities with over 73% first lien exposure
   Portfolio
                              at fair value1



                            ● Multi-year financing facilities with the ability to co-invest between vehicles
Diverse Funding                - $100 million credit facility with Wells Fargo Bank, N.A., expandable up to $150 million
     Base                      - $90 million credit facility led by ING Capital LLC, expandable up to $150 million
                               - $225 million SBIC subsidiary (includes $75 million of regulatory capital)



                            ● Monthly dividend of $0.1066 per share (payable 1/31/2011; 2/28/2011 and 3/31/2011)
  Dividends                 ● FSC has declared $2.82 in dividends per share since its IPO in June 20081
                            ● FSC adopted an amended and restated DRIP offering up to a 5% discount on newly issued shares



                            ● Releases regular newsletters
Transparency &
                            ● Discloses leverage ratio for each loan rating category and specifies non-performing assets
  Shareholder
   Alignment                ● Investment Adviser permanently waived management fees on cash and cash equivalents
                            ● Leonard Tannenbaum, CEO, owns over 2.7% (1,461,690 shares) of FSC common stock1

       1   As of September 30, 2010

 Fifth Street Finance Corp.                                                                                                    4
Why Invest in Fifth Street Today?
• Safer portfolio relative to its peers
     - Over 73% of the portfolio is first lien
     - High quality pipeline comprised primarily of first lien and one-stop opportunities


• Deployment of available leverage should enhance earnings growth


• High yielding portfolio
     - Weighted average portfolio debt yield is 14% (with an11.8% cash component)
       vs. industry average of approximately 13%1




      1   As of September 30, 2010

Fifth Street Finance Corp.                                                                  5
Strong Risk Adjusted Returns
• Hedge against rise in interest rates
     - Nearly 33% of debt portfolio consists of floating rate securities1
     - Multi-year $100 million swap agreement for .99%
     - Primarily all floating rate loans have a minimum interest floor of 9%


                                                                 FSC Floating Rate Debt vs. 3-month Libor
                                      35%                                                                                                      3.5%

                                      30%                                                                                                      3.0%
     FSC Floating Rate Debt




                                      25%                                                                                                      2.5%




                                                                                                                                                      Interest Rate
                                      20%                                                                                                      2.0%
                  R




                                                                                                                                                               R
                                      15%                                                                                                      1.5%

                                      10%                                                                                                      1.0%

                                       5%                                                                                                      0.5%

                                       0%                                                                                                      0.0%
                                                Q2-08


                                                         Q3-08


                                                                   Q4-08


                                                                           Q1-09


                                                                                   Q2-09


                                                                                           Q3-09


                                                                                                   Q4-09


                                                                                                           Q1-10


                                                                                                                       Q2-10


                                                                                                                               Q3-10


                                                                                                                                       Q4-10
                                                                     FSC Floating Debt                             3 Month LIBOR




                   1          As of September 30, 2010

Fifth Street Finance Corp.                                                                                                                                            6
FSC Funding Sources
•      Diverse sources of long-term, cost efficient capital enhance overall shareholder return
•      Target leverage of 0.5x (excluding SBA leverage)

                                                                              Wells Fargo                                      Capital led
                                                                                                                           ING Capital-led
                                 SBIC Facility                               Credit Facility                                Credit Facility
                   $75 million Regulatory Capital
     Size          $150 million SBA Leverage (max)
                   $225 million investable capital
                                                                   $100 million; expandable up to $150 million   $90 million; expandable up to $150 million




    Terms          10 years (7 years recyclable)                   3 years                                       3 years




                   10-year Treasury plus a market-driven
    Interest       spread (pricing on drawn debt is fixed
                                                                   LIBOR+350 with no LIBOR floor                 LIBOR+350 with no LIBOR floor
                   twice per year). Fixed $73 million at 3.2% in
      Rate         September 2010



Maximum            $22.5 million maximum investment size
                                                                   $20 million maximum investment size           $20 million maximum investment size
                   (10% of total SBIC capital)
Deal Size

                   Non-recourse asset backed SPV;
                                                                                                                 Secured by all assets of FSC not held in the
                   fully-funded. Fifth Street and its SBIC
                                                                                                                 SBIC or the Wells SPV. Minimum collateral
Key Info           subsidiary received an exemptive order that
                   excludes debt of its SBIC subsidiary from its
                                                                   Non-recourse asset backed SPV
                                                                                                                 requirement of $175 million with 100% of
                                                                                                                 facility covered by cash and first lien assets
                                                                                                                        y          y
                   200% asset coverage test




Fifth Street Finance Corp.                                                                                                                               7
BDC Structure and Regulation
  • Business Development Companies (“BDCs”) are uniquely positioned financing
    vehicles that provide debt and equity capital to private and small publicly-owned
    enterprises

  • BDCs were created by Congress in 1980 with the stated mission of facilitating the
    flow of capital to companies lacking access to public capital markets

  • BDC regulations allow a maximum debt-to-equity ratio of 1:1 which allow BDCs to
    modestly enhance their return (SBA leverage is excluded with exemptive order)

  • BDCs are required to distribute at least 90% of their income to shareholders annually

  • SEC regulations require BDCs to report the fair value of assets quarterly




Fifth Street Finance Corp.                                                                  8
Portfolio Mix at Fair Value
(September 30 Fiscal Year End)




Fifth Street Finance Corp.       9
   Diversified Portfolio
   At Fair Value as of September 30, 2010

                                            Retail, 4%         Logistics, 3%   Other1, 1%


                    Media-advertising, 6%
                                                                                                          Healthcare, 28%


    Environmental chemicals &
                                                                                                                             Healthcare Breakdown
           services, 6%

                                                                                                                                       Healthcare
                                                                                                                                               gy
                                                                                                                                       technology,
Household products & home                                                                                                                 14%
    improvement, 7%
                                                                                                                                Healthcare            Healthcare
                                                                                                                              equipment, 30%         services, 56%


           Education,
           Education 7%




                                                                                                             Food & restaurants, 11%

                Diversified support services,
                             7%

                                             Infrastructure, 8%                             Manufacturing, 11%




            1   Includes all other industries representing <2% at fair value

    Fifth Street Finance Corp.                                                                                                                               10
Experienced Team
Entire team consists of over 30 professionals
      Leonard M. Tannenbaum, CFA, Chairman and CEO                       Bernard D. Berman, JD, President
      • Founded Fifth Street Capital in 1998 and has led investments     • 14+ years legal experience focusing on corporate and
        of over $800 million since that time                               investment transactions
      • Currently serves on the Board of Directors of several            • Formerly with the law firm Riemer & Braunstein LLP
        Greenlight Capital affiliated entities and has served on the     • JD from Boston College Law School and BS in Finance
        Board of Directors of five other public companies                  from Lehigh University
      • Formerly an equity analyst for Merrill Lynch
      • MBA in Finance and BS in Economics from the Wharton
        School of the University of Pennsylvania


      Ivelin M. Dimitrov, CFA, Partner, Co-CIO                           Chad S. Blakeman, Managing Director, Co-CIO
      • 7+ years experience structuring small and mid-cap transactions   • 20+ years experience structuring debt investments
                                            analysis,
      • Substantial experience in financial analysis valuation and                                Financial,    Capital,
                                                                         • Formerly with Freeport Financial GE Capital
        investment research                                                Heller Financial and Bank of America
      • MS in Finance from Boston College and BS in Business             • MBA from De Paul University and BS from University of
        Administration from University of Maine                            Illinois



              J. Zmijeski, Partner
      Casey J Zmijeski Partner, Origination                                    E. Alva, Partner,
                                                                         Juan E Alva Partner Origination
      • 17+ years experience in originating and structuring debt         • 16+ years experience in M&A and corporate finance,
        investments                                                        specializing in small and mid-cap transactions
      • Formerly with Churchill Financial, CapitalSource,                • Formerly a senior investment banker at Trinity Capital and
        Heller Financial, GE Capital and ING                               investment banker at Goldman Sachs
      • MBA from Goizueta Business School at Emory                       • BS in Economics from the Wharton School of the
        University and AB from Duke University
                 y                            y                            University of Pennsylvania
                                                                                    y          y

      Sunny K. Khorana, Managing Director, Origination                   William H. Craig, CPA/ABV/CFF, CFO
      • 10+ years experience in M&A and corporate finance,               • 30+ years experience (10 in SEC) in financial reporting
        specializing sponsor backed middle market transactions           • Formerly with GE Capital and Deloitte & Touche
      • Formerly with CIT Group and JPMorgan Chase                       • CFO of Vital-Signs, Inc. (NASDAQ listed)
      •MBA in Finance from Michigan Ross School of Business
                                  g                                      • MBA from Texas A&M University and BA from Wake
                                                                                                         y
        and BS in Accounting from Indiana University                       Forest University



Fifth Street Finance Corp.                                                                                                       11
Opportunity in Target Market is Significant
                                                                              Middle Market Deals Closed (Under $500M)1
• Pipeline of over $1.5 billion consisting of      $20       190                    189                                                                 200
  primarily first lien and “one-stop”              $18                 159                                                                              180
                                                   $16                                                                                                  160
  opportunities                                    $14
                                                                                           107
                                                                                                                           119                          140
                                                                                                  105                            106
                                                   $12                                                                                   93     87      120
                                                   $10                                                  96      103                                     100
• Unraveling of CLOs should create an               $8                                                                                                  80
  abundance of opportunities through 2014           $6                                                                                                  60
                                                    $4                                                                                                  40
                                                    $2       $14       $11      $18       $8     $5     $5      $9       $9      $8     $10     $8      20
• Multiple credit facilities with the ability to    $0                                                                                                  0
  cross fund                                                 1Q        2Q       3Q        4Q     1Q     2Q      3Q       4Q      1Q     2Q      3Q

                                                                             2008                            2009                      2010
   - Ability to commit to one-stop financing                                          Capital Invested ($B)               # of Deals
     solutions without syndication risk
                                                                                          Middle Market Debt Types1
   - Opportunity to select high quality            100%
     transactions                                   90%
                                                    80%
                                                    70%
                                                    60%
                                                    50%
                                                    40%
                                                    30%
                                                    20%
                                                    10%
                                                     0%
                                                                     2006                 2007               2008              2009             2010*
       1   Source: Pitchbook                                                 Senior    Subordinated   Mezzanine       Revolving Credit Line   Other
                                                         *As of 12/16/2010
 Fifth Street Finance Corp.                                                                                                                     12
Strong Middle Market Presence
     Established Relationships with                                  Opportunity to Expand Network of
    Leading Middle Market Sponsors                                            Relationships
                                                                                      Active Sponsor
                                                                                      Relationships1,
                                                                                      R l ti   hi
                       Reputation for                                                     (~140)
                                                                                           10%
                       Delivering on
                       Commitments


                                                                                            Potential
                                                                                      Sponsor Relationships,
                                                                                      S
               Consistent             Common                                                (~1400)
                  Market             Investment                                               90%
                  Focus              Philosophy




•    Partnering versus transactional based relationships        •   Focus on originating with a core group of sponsors to
                                                                    enhance origination efficiency and asset performance
•    ‘Lender of choice’ for sponsors that invest in small and
     mid-sized companies                                        •   Benefiting from growth of sponsors as their new funds
       -   Providing certainty of close is critical                 increase in size
                                                                      - Typical sponsor fund size is $300-$500 million
•    Mutual benefits of strategic partnerships including:
      - Incremental due diligence                               •   Significant opportunity to increase market penetration and
                                                                    enhance investment pipeline
      - Additional layer of monitoring
      - Additional source of operating expertise
      1   As of September 30, 2010

Fifth Street Finance Corp.                                                                                           13
Intense Focus on Managing Credit Risk
Comprehensive Investment Process


    Target Transaction Characteristics                                  Structuring Methodology

•     Substantial excess enterprise value                  •         Focus on first lien investments
•     Significant investment(s) by private
                                                           •         Low leverage
      equity sponsor(s)
•     Predictable positive operating cash                  •         Strong covenants and collateral
      flow for at least 5 years                                      packages
•     Ongoing and available liquidity

                                      Representative Investment

                                                    Term Loan A
                                    $20 million
                                                    (5-20% amortization per year)
                                                                                        FSC
                                    $20 million     Term Loan B
                                                    (bullet)
                                                                                     I    t   t
                                                                                     Investment

                                   $5-$10 million   Rollover Equity or Seller Note




                                    $20 million     Sponsor Equity



Fifth Street Finance Corp.                                                                             14
Intense Focus on Managing Credit Risk
Comprehensive Investment Process

•    Established and proven investment process
•    Dual underwriting methodology with stringent underwriting standards
•              p             g                       y
     Dedicated portfolio management team that actively monitors each investment


          Origination                    Underwriting                 Portfolio Management

• Deal Opportunities are          • Term sheet negotiated           • Proactive monthly /
  sourced and screened            • Ongoing Investment                quarterly review and
• Comprehensive investment          Committee review                  monitoring process
  summary prepared                • Thorough due diligence             - Covenant compliance
  Sponsor underwriting
• S            d     ii           • Structuring                        - B d observation rights
                                                                         Board b          i i h
• Proprietary deal scoring        • Closing and funding               - Current performance vs.
  model                             following final Investment           budget
• Preliminary due diligence         Committee approval                 - Onsite inspection
• Initial Investment                                                   - Internal ratings
  Committee review                                                  • Increased monitoring of
• Draft term sheet                                                    problem credits




Fifth Street Finance Corp.                                                                  15
Schedule of Investments
At Fair Value as of September 30, 2010
                                                                      Investment
    Company                                Security                                    Industry
                                                                    ($, in millions)
    Tegra Medical, LLC                     First Lien                     48.3         Healthcare equipment
    NDSSI Holdings, Inc.                   First Lien                     32.9         Electronic equipment & instruments
    Ambath/Rebath Holdings, Inc.           First Lien                     32.5         Home improvement retail
    JTC Education, Inc.                    First Lien                     30.3         Education services
    ADAPCO, Inc.                           First Lien                     26.8         Fertilizers & agricultural chemicals
    Enhanced Recovery Company, LLC         First Lien                     26.2         Diversified support services
    Traffic Control & Safety Corporation   Second Lien & Sub Loan         23.8         Construction and engineering
    Boot Barn                              Second Lien                    23.5         Apparel, accessories and footwear
    Caregiver Services, Inc.               Second Lien                    22.6         Healthcare services
    IZI Medical Products, Inc.             First Lien                     22.1         Healthcare technology
    Specialty Bakers, LLC                  First Lien                     21.4         Food distributors
    Epic Acquisition, Inc.                 First Lien                     21.0         Healthcare services
    Cenegenics, LLC
    C         i                            First Li
                                           Fi t Lien                      21 0
                                                                          21.0         H lth             i
                                                                                       Healthcare services
    Flatout, Inc.                          First Lien                     19.8         Food retail
    Rail Acquisition Corp.                 First Lien                     18.1         Electronic manufacturing services
    Western Emulsions, Inc.                Second Lien                    17.0         Construction materials
    HealthDrive Corporation                First Lien                     17.0         Healthcare services
    Trans-Trade, Inc.                      First Lien                     14.0         Air freight & logistics
    idX Corporation                        Second Lien                    13.3         Distributors
    O Currance, Inc.
    O'Currance Inc                         First Lien                     12 7
                                                                          12.7         Data processing & outsourced services
    MK Network, LLC                        First Lien                     11.9         Education services
    TBA Global, LLC                        Second Lien                    11.0         Advertising
    Pacific Press Technologies, Inc.       Second Lien                    10.2         Industrial machinery
    Filet of Chicken                       Second Lien                     9.0         Food distributors
    Mansell Group, Inc.                    First Lien                      8.8         Advertising
    Goldco, LLC                            Second Lien                     8.3         Restaurants
                    Physicians, Inc.
    Eagle Hospital Physicians Inc          First Lien                      7.7
                                                                           77          Healthcare services
    Fitness Edge, LLC                      First Lien                      7.0         Leisure facilities
    Vanguard Vinyl, Inc.                   First Lien                      6.8         Building products
    Nicos Polymers & Grinding Inc.         First Lien                      5.1         Environmental & facilities services
    Premier Trailer Leasing, Inc.          Second Lien                     4.6         Trucking
    Repechage Investments Limited          First Lien                      3.8         Restaurants
    Lighting by Gregory, LLC               First Lien                      3.7         Housewares & specialties
    CPAC, Inc.                             Subordinated Loan               1.1         Household products
    Storyteller Theaters Corporation       Equity                          0.3         Movies & entertainment
    Other                                  LP Interests                    0.2         Multi-sector holdings

                                            Total Portfolio            $563.8
Fifth Street Finance Corp.                                                                                                     16
Investment Rating at Fair Value
(September 30 Fiscal Year End)
              100%

               90%

               80%

               70%

               60%

               50%

               40%

               30%

               20%

               10%

                0%
                        Q2-08       Q3-08       Q4-08       Q1-09      Q2-09       Q3-09       Q4-09       Q1-10       Q2-10       Q3-10       Q4-10

                                  Investment Rating 1              Investment Rating 2              Investment Rating 3, 4 & 5
                  Investment Rating 1 — Investment is performing above expectations and/or a capital gain is expected.
                  Investment Rating 2 — Investment is performing substantially within our expectations, and whose risks remain neutral or
                  favorable compared to the potential risks at the time of the original investment. All new loans are initially rated 2.
                  Investment Rating 3 — Investment is performing below our expectations and that require closer monitoring, but where we
                  expect no loss of investment return (interest and/or dividends) or principal. Companies with a rating of 3 may be out of
                  compliance with financial covenants.
                  Investment Rating 4 — Investment is performing below our expectations and for which risk has increased materially since the
                  original investment. We expect some loss of investment return, but no loss of principal.
                  Investment Rating 5 — Investment is performing substantially below our expectations and whose risks have increased
                     b t ti ll i      the i i l investment. I
                  substantially since th original i   t             t    t   ith
                                                            t Investments with a rating of 5 are those for which some l
                                                                                     ti    f     th      f   hi h                f i i l is      t d
                                                                                                                        loss of principal i expected.




Fifth Street Finance Corp.                                                                                                                              17
Asset Quality
At Fair Value as of September 30, 2010
•      Portfolio investments are assessed and rated quarterly on a scale from 1 to 5 based on underlying
       credit and performance statistics
•      Primarily all securities are externally valued
•      Over 91% of the portfolio is rated 1 or 2
                                                                                                                                   Investment       Percent of      Debt/EBITDA
Investment Rating                                                 Description                                                      (in millions)   Total Portfolio Leverage Ratio

       1                Investment is performing above expectations and/or a capital gain is expected.                                $ 89.1           15.8%           3.0x


       2                                                                     expectations,
                        Investment is performing substantially within our expectations and whose risks                                 424.5
                                                                                                                                       424 5           75 3
                                                                                                                                                       75.3             43
                                                                                                                                                                        4.3
                        remain neutral or favorable compared to the potential risks at the time of the
                        original investment. All new loans are initially rated 2.


       3                Investment is performing below our expectations and that require closer                                         18.1            3.2            13.3
                        monitoring, but where we expect no loss of investment return (interest and/or
                        dividends) or principal. Companies with a rating of 3 may be out of compliance
                        with financial covenants.


       4                Investment is performing below our expectations and for which risk has                                          23.8            4.2             8.1
                        increased materially since the original investment. We expect some loss of
                        investment return, but no loss of principal.



       5                Investment is performing substantially below our expectations and whose risks                                     8.3           1.5            NM1
                        have increased substantially since the original investment. Investments with a
                        rating of 5 are those for which some loss of principal is expected.

                                                                      Total                                                          $ 563.8          100.0%           4.5x

           1   Due to operating performance this ratio is not measurable and, as a result, is excluded from the total portfolio calculation

Fifth Street Finance Corp.                                                                                                                                                    18
Summary Financials
At and for the quarter ended September 30, 2010

                                                         $ in thousands (except per share data)
  Statement of Operations Data:
  Total investment income                                                            $ 20,033
  Base management fee                                                                    2,876
  Incentive fee                                                                          2,859
  All other expenses                                                                     2,861
  Net investment income                                                                 11,437
  Net unrealized appreciation                                                            9,917
  Net realized loss on investments                                                    (15,979)
  Net increase in net assets resulting from operations                                   5,375
  Statement of Assets and Liabilities Data:
  Total investments at fair value                                                   $ 563,821
  Cash and cash equivalents                                                            76,765
  Other assets                                                                         11,340
  Total assets                                                                        651,926
  Total liabilities                                                                    82,754
  Total net assets                                                                    569,172
                                                                                      569 172
  Per Share Data:
  NAV per share at beginning of period                                                 $ 10.43
  Net investment income                                                                    0.21
  Net unrealized appreciation                                                              0.18
  Net realized loss on investments                                                       (0.29)
  Di id d paid
  Dividends id                                                                           (0 10)
                                                                                         (0.10)
  NAV per share at end of period                                                       $ 10.43




Fifth Street Finance Corp.                                                                        19
Corporate Governance
Board of Directors
     Independent (5)
•    Byron J. Haney (Chair of the Audit Committee) – 20+ years of business experience, including serving as chief financial officer
     of a private retail store chain and as an auditor with a predecessor of Deloitte & Touche LLP. Served on the Board of Directors
     of Sterling Chemicals, Inc. (public company) and Furniture.com

•    Frank C. Meyer (Chair of the Valuation Committee) – Former Chairman of Glenwood Capital Investments, LLC (purchased by
     the Man Group). Previously served on the Board of Directors of several companies including Quality Systems, Inc. (public
     company)

•    Brian S. Dunn – 15+ years of marketing, logistical and entrepreneurial experience

•    Richard P. Dutkiewicz – Chief Financial Officer and Executive Vice President of Real Mex Restaurants, Inc. Prior financial
     experience with Einstein Noah Restaurant Group, Inc., Sirenza Microdevices, Inc., Vari-L Company, Inc., Coleman Natural
     Products, Inc. and multiple divisions of United Technologies Corporation

•            F.                              acquiring developing,
     Douglas F Ray – 14+ years experience acquiring, developing financing and managing a diverse portfolio of real estate
     investments, including three healthcare properties funds

     Interested (2)
•    Bernard D. Berman – President of Fifth Street Finance Corp. – 14+ years of legal experience focusing on corporate and
                 transactions Mr.
     investment transactions. Mr Berman was formerly a corporate attorney with the law firm Riemer & Braunstein LLP

•    Leonard M. Tannenbaum, CFA – Chairman and CEO of Fifth Street Finance Corp. – 14+ years of experience making
     investments in small to mid-sized companies. Mr. Tannenbaum has founded a number of private investment firms, including
     Fifth Street Capital LLC. Mr. Tannenbaum currently serves on the Board of Directors of several Greenlight Capital affiliated
     entities and has previously served on the Board of Directors of five other public companies




Fifth Street Finance Corp.                                                                                                        20
    Key Investment Highlights

•     Strong risk adjusted returns
       – High-quality investments with substantial cash yields
       – Nearly 33% of debt portfolio consists of floating rate loans1

•     Safety
       – Intense focus on managing credit risk
       – Over 91% of our debt portfolio is rated 1 or 21

•     Transparency
       – Releases regular newsletters, discloses leverage ratio for each investment rating category and
          specifies non-performing assets

•     Relationships
       – Strong relationships with private equity sponsors focused on small and mid-sized companies that
           drive new deal flow

•     Multiple sources of capital to manage liquidity

•     Experienced, cohesive management team that is aligned with investors



          1   As of September 30, 2010

    Fifth Street Finance Corp.                                                                        21
FSC Corporate Information
Board of Directors                 Corporate Headquarters                 Independent Audit Firm
(Independent)
                                   10 Bank Street, 12th floor             PricewaterhouseCoopers LLP
Brian S. Dunn                      White Plains, NY 10606
                                   Tel: (914) 286-6800
Richard P. Dutkiewicz              Fax: (914) 328-4214
                                                                          Independent Valuation Firms
Byron J. Haney                                                            Murray, Devine & Co.
Frank C. Meyer                     Investor Relations Contact
                                                                          Lincoln Partner Advisors LLC
Douglas F. Ray                     Stacey L. Thorne
                                   Fifth Street Finance Corp.
(Interested)
                                   Tel: (914) 286-6811                    Corporate Counsel
Bernard D. Berman                  ir@fifthstreetfinance.com
                                                                          Sutherland Asbill & Brennan LLP
Leonard M. Tannenbaum


                                                                          Transfer Agent
Fiscal Year End
                                                                          American Stock Transfer & Trust Company, LLC
September 30                                                              Tel: (212) 936-5100
                                                                          www.amstock.com

Listed

                             To be added to our newsletter distribution list,
                                   please contact Investor Relations

Fifth Street Finance Corp.                                                                                   22
Research Coverage
                                                          Buy/Outperform
                                                          B /O t    f

  Casey Al
  C           d         940-9276
        Alexander (212) 940 9276                         Brian Harvey (305) 572 4110
                                                         Bi H               572-4110          Robert Dodd
                                                                                              R b t D dd (901) 579 4560
                                                                                                               579-4560




   Jason Arnold (415) 633-8594                           Dean Choksi (212) 713-2382         Christopher Harris (443) 263-6513


                                      Market Perform/Hold/Neutral


                                                                                                James Ballan (212) 632-6762
    David Chiaverini (212) 885-4115                      John T.G. Rogers (202) 955-4316                      (   )
                                                                                                Tate Sullivan (212) 632-8246




                             Matthew Howlett (212) 231-8063                  Troy Ward (314) 342-2714
                             Jasper Burch (212) 231-8060                     Greg Mason (314) 342-2194

      Note: UBS initiated coverage on December 1, 2010

Fifth Street Finance Corp.                                                                                                      23
FSC Portfolio Investments
As of September 30, 2010




Fifth Street Finance Corp.   24