FOR IMMEDIATE RELEASE:
May 17, 2006

Contact
Sean Eagle, Principal (301) 951-6122
Eugene Krichevsky, Vice President (301) 951-6122
Brian Maney, Director, Corporate Communications (301) 951-6122

American Capital Commits Up to $74 Million in Cibt Holdings

Bethesda, MD - May 17, 2006 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it has invested $59 million to support the acquisition of CIBT Holdings, Inc. ("CIBT") by Audax Group ("Audax"). CIBT is the world's largest expeditor of short-term visas, passports and other documents for business and leisure travel. American Capital's investment takes the form of unitranche term debt. In addition, American Capital committed $15 million to a revolving line of credit and an acquisition facility, both of which were undrawn at close. Audax and CIBT management are investing in equity.

"This is American Capital's second platform transaction with Audax Group and we're delighted to expand on our relationship," said American Capital Regional Managing Director Brian Graff. "We worked with Audax in the buyout of and subsequent add-on financing for Dynisco LLC, which has been a highly successful investment. We are pleased to again be working with Audax, a leading private equity investor in the middle market, which brings to the transaction years of experience in a variety of sectors, including outsourced business services and technology."

American Capital has invested approximately $3.8 billion in the last twelve months, approximately $1.3 billion year to date and $563 million quarter to date. These amounts do not include American Capital's unfunded equity commitment and debt funded to its portfolio company European Capital. For more information about American Capital's portfolio click here.

"CIBT has established itself as the unrivalled worldwide leader in expediting travel documents in a rapidly growing industry where scale affords a significant advantage. In addition to its leadership position in the U.S. market, CIBT is also one of the largest expeditors in the U.K. and the Netherlands," said American Capital Principal Sean Eagle. "There are multiple factors driving demand for CIBT's services: the growth of outsourcing and rapid economic expansion in emerging markets such as China, India, Russia and Brazil, retiring baby boomers' increasing travel to exotic, visa-requiring locations and the growing need for travel documentation due to security concerns."

"CIBT's multiple locations position it to serve large, corporate clients and travel management companies whose business volume in turn enables CIBT to provide value added services, including dedicated call center support, which most small expeditors cannot," said American Capital Vice President Eugene Krichevsky. "CIBT also has a strong record of successful acquisitions, including three in Europe during the last year."

CIBT, founded in 1989, now operates in eight major U.S. cities as well as internationally. It is the largest travel document expeditor in the U.S. and in the U.K., which are, respectively, the largest and third largest outbound travel markets worldwide. CIBT expedites the procurement of visas, passports, international driver's licenses and other specialized documents. In 2005, the Company processed documents for a large and diverse customer base including most Fortune 500 companies, major travel management companies, cruise lines and large government agencies. CIBT is based in McLean, VA.

ABOUT AMERICAN CAPITAL
American Capital is a publicly traded buyout and mezzanine fund with capital resources of approximately $7 billion. American Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts, provides capital directly to private and small public companies and through its asset management business is a manager of debt and equity investments in private companies and commercial loan obligations. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations.

As of December 31, 2005, American Capital shareholders have enjoyed a total return of 405% since the Company's IPO - an annualized return of 21%, assuming reinvestment of dividends. American Capital has paid a total of $868 million in dividends and paid$20.73 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.

ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in middle market companies.  With offices in Boston and New York, Audax manages in excess of $2 billion in equity and mezzanine debt capital.

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.

This announcement is neither an offer to sell nor a solicitation to buy securities.
This announcement appears as a matter of record only.