FOR IMMEDIATE RELEASE:
April 22, 2005

Contact
Tom McHale, Vice President, Finance and Investor Relations (301) 951-6122
Amanda Ladd, Manager, Investor Relations (301) 951-6122

AMERICAN CAPITAL TO REPORT Q1 RESULTS ON MAY 3
Shareholder Call Scheduled for May 4

Bethesda, MD - April 22, 2005 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it will report first quarter 2005 earnings on Tuesday, May 3, 2005. American Capital invites shareholders, prospective shareholders and analysts to attend the American Capital Shareholder Call on Wednesday, May 4 at 11:00 am ET. The dial in number will be (800) 762-6558. International callers should dial (480) 629-9025. Please advise the operator you are dialing in for the American Capital Shareholder Call.

BEFORE THE CALL:
REVIEW SLIDE PRESENTATION IN ADVANCE OF THE SHAREHOLDER CALL
The quarterly shareholder presentation includes a summary slide show to accompany the call that participants may download and print prior to the call. You may wish to take the time to review the slides in advance of the Shareholder Call.

DURING THE CALL:
VIEW STREAMING SLIDE PRESENTATION DURING THE SHAREHOLDER CALL
During the Shareholder Call, we invite you to turn to our website, www.ACAS.com, and click on the May 4 Shareholder Call Slide Show button to view the complete streaming slide presentation while listening to the shareholder call by phone as it occurs.

AFTER THE CALL:
LISTEN AND VIEW AUDIO SLIDE PRESENTATION AFTER THE CALL
The audio of the shareholder call combined with the slide presentation will be made available after the call on May 4 on our website. An archive of our audio and slide presentations of our quarterly shareholder calls can be found in the Investor Relations section of our website at www.ACAS.com.

AUDIO ONLY PRESENTATION AVAILABLE AFTER THE SHAREHOLDER CALL:
There will be a phone recording available from 9:30 pm Wednesday, May 4 until 11:59 pm Wednesday, May 20. If you are interested in hearing the recording of the presentation, please dial (800) 475-6701. International callers may dial (320) 365-3844. The access code for both domestic and international callers is 779711.

For further information or questions, please do not hesitate to call our Shareholder Relations Department at (301) 951-6122.

ABOUT AMERICAN CAPITAL

American Capital is a publicly traded buyout and mezzanine fund with capital resources of approximately $5.2 billion. American Capital is an investor in and sponsor of management and employee buyouts, invests in private equity buyouts, and provides capital directly to private and small public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions and recapitalizations.

As of March 31, 2005, American Capital shareholders have enjoyed a total return of 311% since the Company's IPO - an annualized return of 21%, assuming reinvestment of dividends. American Capital has paid a total of $717 million in dividends and paid $16.76 dividends per share since its August 1997 IPO at $15 per share.

Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Senior Vice President, Business Development, at (800) 248-9340, or visit our website.

Performance data quoted above represents past performance of American Capital. Past performance does not guarantee future results and the investment return and principal value of an investment in American Capital will likely fluctuate. Consequently, an investor's shares, when sold, may be worth more or less than their original cost. Additionally, American Capital's current performance may be lower or higher than the performance data quoted above.

This press release contains forward-looking statements. 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, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.