FOR IMMEDIATE RELEASE:
February 4, 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 2004 RESULTS ON FEBRUARY 15
Shareholder Call Scheduled for February 16

Bethesda, MD - February 4, 2005 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it will report fourth quarter 2004 earnings on Tuesday, February 15, 2005. American Capital invites shareholders, prospective shareholders and analysts to attend the American Capital Shareholder Call on Wednesday, February 16 at 11:00 am ET. The dial in number will be (888) 428-4473. International callers should dial (612) 332-0630. Please advise the operator you are dialing in for the American Capital Shareholder Call.

BEFORE THE CALL:
SLIDE PRESENTATION AVAILABLE 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:
STREAMING SLIDE PRESENTATION DURING THE SHAREHOLDER CALL:
During the Shareholder Call, we invite you to turn to our shareholder website, www.ACAS.com, and click on the February 16 Shareholder Call Slide Show button. Participants will be able to access the complete streaming slide presentation on our website while listening to the shareholder call by phone as it occurs.

AFTER THE CALL:
AUDIO AND SLIDE PRESENTATION AVAILABLE AFTER THE CALL:
The audio of the shareholder call combined with the slide presentation will be made available after the call on February 16 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, February 16 until 11:59 pm Monday, February 28. 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 769421.

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

ABOUT AMERICAN CAPITAL

As of January 31, 2005, American Capital shareholders have enjoyed a total return of 335% since the Company's IPO - an annualized return of 22%, assuming reinvestment of dividends. American Capital has paid a total of $651 million in dividends and paid $16.03 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.

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.