Fifth Street Senior Floating Rate Corp Sends Letter to Holders: Urges Vote for WHITE Proxy Card

Fifth Street Senior Floating Rate Corp.

("FSFR" or the "Company") announced today that it is mailing a letter to stockholders in connection with the Company's 2016 Annual Meeting of Stockholders to be held on April 7, 2016. The letter will also be filed with the Securities and Exchange Commission (SEC). The FSFR Board unanimously urges stockholders to vote the WHITE proxy card by phone or Internet today in support of FSFR's highly qualified and experienced directors, Ivelin Dimitrov and Brian Dunn. The full text of the letter follows: Dear Fellow Stockholder, This is a critical time for Fifth Street Senior Floating Rate Corp. ("FSFR" or the "Company") with FSFR's Annual Meeting on April 7, 2016 just days away. VOTE THE WHITE PROXY CARD BY PHONE OR INTERNET TODAY SUPPORT THE FSFR BOARD OF DIRECTORS AS IT CONTINUES TO ADVANCE THE INTERESTS OF ALL FSFR STOCKHOLDERS The FSFR Board of Directors, including Ivelin Dimitrov and Brian Dunn, who are up for election at the 2016 Annual Meeting, are committed to driving strong performance and profitable growth across the Company. Under the Board's guidance, FSFR has continually taken steps to enhance value for all stockholders and distinguish itself amongst its peers, including: One of the lowest base management fees among its BDC peers, with only one out of 18 peer companies paying a lower fee; A best-in-class management fee vs. dividend ratio of 23% as compared to a median ratio of 34% for its peer group; An expense ratio of total non-interest expenses to average assets of only 2.5%, with only three of 18 peers reporting a lower ratio; and An efficiency ratio of total non-interest expenses to total investment income of 37.6%, well below the 40.2% median ratio for its peer group. The FSFR Board has the diversity, experience and qualifications necessary to continue to provide effective and independent oversight and direction critical to FSFR's success. FSM IS THE RIGHT INVESTMENT ADVISOR FOR FSFR FSFR's investment advisory agreement with its external asset manager, Fifth Street Management LLC ("FSM"), is the result of a comprehensive annual review. With FSM's deep understanding of FSFR's business, leading credit origination platform, crucial relationships with financial sponsors and demonstrated ability to manage our portfolio, the Board unanimously determined that FSM is the best investment advisor for FSFR. A VOTE FOR IRONSIDES COULD BE EXTREMELY DETRIMENTAL TO THE COMPANY AND ITS STOCKHOLDERS Ironsides' proposal to terminate FSM's investment advisory agreement could have potentially disastrous consequences for FSFR and all of its stockholders, including: an event of default on the Company's credit facility; a negative effect on 2015 debt securitization; loss of administrative services and the Fifth Street name; and a disruption of FSFR's day-to-day operations. Additionally, Ironsides' proposal that FSFR should sell the Company or seek a business combination with another BDC would only benefit stockholders of the acquiring company. Such a transaction would be potentially detrimental to FSFR stockholders for a number of reasons, including: A permanent dilution to NAV for FSFR stockholders; A potential increase in management fees; and Exposure to another BDC's credit book, which may include volatile energy and CLO exposure. Moreover, Ironsides' nominees – Robert Knapp and Richard Cohen – would only bring their poor track records to FSFR, including: the tumultuous history of MVC Capital, Inc. during Robert Knapp's lengthy leadership on its board of directors; and Richard Cohen's repeated rejections as a nominee to other boards of directors. Don't let Ironsides destroy the value of your investment in FSFR with their ill-conceived proposals. TIME IS SHORT VOTE THE WHITE PROXY CARD TODAY, BY TELEPHONE OR BY INTERNET We urge stockholders – do not sign or return any Green proxy card. Simply discard it to ensure the value of your investment. If you have inadvertently returned a Green proxy card, you have every legal right to change your vote. To ensure your vote is recorded before the meeting, VOTE TODAY by telephone or Internet, by following the easy instructions on the enclosed WHITE proxy card. On behalf of your Board of Directors, we thank you for your continued support. Sincerely, /s/ Bernard D. Berman /s/ Ivelin M. Dimitrov Bernard D. Berman Ivelin M. Dimitrov Chairman Chief Executive Officer