FOR IMMEDIATE RELEASE:
November 1, 2006

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

AMERICAN CAPITAL TO HOST EQUITY INVESTOR CONFERENCE
Scheduled for November 15, 2006

Bethesda, MD –- November 1, 2006 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it will hold an Equity Investor Conference for equity research analysts and shareholders on Wednesday, November 15, 2006 at the Hyatt Regency Hotel in Bethesda, MD.  A simultaneous webcast will be available for those who are unable to attend in person.

ATTENDING THE INVESTOR CONFERENCE IN PERSON:
Registration will begin at 9:30AM ET, with the webcast and prepared remarks beginning at approximately 10:00AM ET and ending at 3:00PM ET.  Shareholders are invited to join American Capital’s senior management team and managing directors for an informative discussion on performance and on-going strategy. The Company’s business heads will discuss current trends and opportunities.

Pre-registration is required to attend the American Capital Equity Investor Conference in person.  To register, please visit www.regonline.com/acasinvestorconference prior to November 6, 2006.  Confirmation materials will be sent in advance of the conference.

NOT ATTENDING THE INVESTOR CONFERENCE IN PERSON:
DURING THE INVESTOR CONFERENCE:
The conference will be simultaneously webcast on the Shareholder Presentations page of the American Capital website at www.americancapital.com.  The slide presentation will be posted prior to the start of the conference in the Investor Relations section of our website www.americancapital.com.

AFTER THE CONFERENCE:
An archive of the webcast and slide presentation will be available in the Investor Relations section of our website at www.americancapital.com.

For further information, please contact Amanda Cuthbertson in Investor Relations at amanda.cuthbertson@americancapital.com.

ABOUT AMERICAN CAPITAL

American Capital is a publicly traded buyout and mezzanine fund with $11.5 billion in capital resources under management. American Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts, provides capital directly to early stage and mature private and small public companies and through its asset management business is a manager of debt and equity investments in private companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital invests from $5 million to $500 million per company.

As of September 30, 2006, American Capital shareholders have enjoyed a total return of 500% since the Company's IPO - an annualized return of 22%, assuming reinvestment of dividends. American Capital has paid a total of over $1.2 billion in dividends and paid $22.44 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 www.AmericanCapital.com.

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 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.