ACAS Logo Portfolio Company
BOSTON| CHICAGO| DALLAS| FRANKFURT| HONG KONG| LONDON| LOS ANGELES| MADRID| NEW YORK| PALO ALTO| PARIS| PROVIDENCE| WASHINGTON, DC

NEWS

Two Bethesda Metro Center
14th Floor
Bethesda MD 20814
(301) 951-6122
(301) 654-6714 Fax
Info@AmericanCapital.com
www.AmericanCapital.com
American Capital 461 Fifth Ave.
26th Floor
New York, NY 10017
(212) 213-2009
(212) 213-2060 Fax
NYInfo@AmericanCapital.com

FOR IMMEDIATE RELEASE:
April 30, 1999

AMERICAN CAPITAL TO REPORT FIRST QUARTER EARNINGS, ANALYST AND SHAREHOLDER CALL SCHEDULED FOR MAY 5, 1999, 11:00 A.M. EDT

BETHESDA, Md., May 6 -- American Capital Strategies, Ltd. (Nasdaq:ACAS) announced today that it will report first quarter earnings on May 5, 1999. American Capital invites its shareholders and analysts to attend the American Capital "Analyst Meeting" by phone on Wednesday, May 5, 1999 at 11:00 a.m. EDT. The dial in number is 800-863-3256. Please advise the operator that you are dialing in for the "American Capital Analyst Meeting."

During the Analyst Call, we would like to invite you to turn to our shareholder website www.ACAS1.com/Slide/slideshow.html and click on the May 5, 1999 Analyst Call Slide Show link to view slides presenting information that will be covered during the conference call. This slide show will not be available prior to the Analyst Call.

For your convenience a recording of the presentation will be available from May 5 through May 12, 1999. To listen to the recording, please dial 800-611-0653 and enter access code 1634. Alternatively, visit our shareholder website at www.ACAS1.com/Slide/slideshow.html to listen to the presentation and view the slides presented during the Analyst Call.

For further information please call our Shareholder Relations Department at (301) 951-6122.

American Capital is a buyout and specialty finance company with capital resources exceeding $250 million. American Capital invests $3 to $20 million in the form of senior debt, subordinated debt and equity to middle market companies in need of capital for growth, acquisitions, ESOP buyouts, management buyouts, liquidity and restructurings. Companies interested in learning more about American Capital and its unique and flexible financing should contact John Hoffmire, Vice President of Sales and Marketing, at (800) 248-9340 or visit its website at www.American-Capital.com or its shareholder site at www.ACAS1.com.

If you would like to change how (or whether) you receive invitations to participate in future Analyst and Shareholder Calls, please e-mail responses to Info@American-Capital.com with one of the following phrases in the subject field: Fax Only; E-Mail Only; Fax and E-Mail; Remove.

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements regarding expected results of American Capital Strategies, Ltd. are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings and national economic trends.


HOME OFFICE
Washington
2 Bethesda Metro Center
14th Floor
Bethesda, MD 20814
(301) 951-6122
(301) 654-6714 fax
Info@AmericanCapital.com
REGIONAL OFFICES
New York
461 Fifth Avenue
26th Floor
New York, NY 10017
(212) 213-2009
(212) 213-2060 fax
NYInfo@AmericanCapital.com
San Francisco
Three Embarcadero Center
Suite 2320
San Francisco, CA 94111
(415) 591-0120
(415) 591-0111 fax
SanFranInfo@AmericanCapital.com
Dallas
2200 Ross Avenue
Suite 4500W
Dallas, TX 75201
(214) 273-6630
(214) 273-6635 fax
DallasInfo@AmericanCapital.com
Chicago
5775 Sears Tower
233 South Wacker Drive
Chicago, IL 60606
(312) 681-7400
(312) 454-0600 fax
ChicagoInfo@AmericanCapital.com
Los Angeles
21550 Oxnard Street, Suite 1010
Warner Center Plaza Two
Woodland Hills, CA 91367
(818) 676-1222
(818) 676-1733 fax
LAInfo@AmericanCapital.com
Philadelphia
One Tower Bridge, Suite 250
100 Front Street
West Conshohocken, PA 19428
(610) 238-0210
(610) 828-9501 fax
PhilaInfo@AmericanCapital.com