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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:
October 22, 1999

AMERICAN CAPITAL TO REPORT THIRD QUARTER EARNINGS, ANALYST CALL SCHEDULED FOR NOVEMBER 3, 1999

Bethesda, MD -- American Capital Strategies, Ltd. (Nasdaq:ACAS), today announced that it will report third quarter earnings on November 2, 1999. American Capital invites its prospective shareholders, shareholders and analysts to attend the American Capital Analyst Meeting by phone on Wednesday, November 3 at 11:00 a.m. EST. The dial in number is 800-230-1074. Please advise the operator 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 and click on the November 3, 1999 Analyst Call Slide Show to view slides displaying information concerning some of the issues that will be discussed during the conference call. This slide show will be made available shortly after the earnings release on November 2nd. We would hope that you will take the time to review the slides in advance of the Analyst Call. We do not intend to review all the slides during the Analyst Call so that we can devote more time for questions and answers.

For the convenience of our shareholders, there will be a recording available from November 3 through 8, 1999. If you are interested in hearing the recording of the presentation, please dial 800-475-6701 from within the United States and enter code 477735. International callers may dial 320-365-3844 and enter code 477735. Starting November 4th and thereafter, we intend to have both the slides and the audio of the Analyst Call available on our website.

For further information or questions, please do not hesitate to call our Shareholder Relations department at 301-841-1359.

American Capital is a buyout and specialty finance company with capital resources exceeding $360 million. American Capital invests in senior debt, subordinated debt and equity in middle market companies in need of capital for growth, acquisitions, ESOP buyouts, management buyouts, liquidity and restructurings. Through www.AmericanCapitalOnline.com financing is provided to small and middle market companies in need of capital for receivable and inventory financing, working capital loans, machinery and equipment loans, real estate loans, construction financing, acquisition funding, management buyouts, ESOP financings, liquidity and restructurings.

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 are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional or national economic conditions, or changes in the conditions of the industries in which American Capital has made investments.


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