FOR IMMEDIATE RELEASE:
April 17, 2008

Contact
Amanda Cuthbertson, Director, Investor Relations (301) 951-5917
Pete Deoudes, Director, Equity Capital Markets (301) 951-5917

AMERICAN CAPITAL TO HOST EQUITY INVESTOR CONFERENCE AND ANNUAL MEETING
Scheduled for May 19

Bethesda, MD – April 17, 2008 – American Capital Strategies Ltd. (“American Capital” or the “Company”) (Nasdaq: ACAS) announced today that it will hold its 2008 Equity Investor Conference followed by the 2008 Annual Meeting of Stockholders on Monday, May 19, 2008 at the New York Palace Hotel, 455 Madison Avenue, New York, NY 10022.

Equity research analysts and investors are invited to join American Capital's senior management team and managing directors for an informative discussion on performance and ongoing strategy.

Pre-registration is required to attend the American Capital Equity Investor Conference in person and space is limited. To register, please visit www.regonline.com/acasinvestorconference prior to April 25, 2008. Confirmation materials and the final agenda will be sent in advance of the conference. For those who will not attend in person, a webcast will be available at www.AmericanCapital.com.

The webcast and prepared remarks will begin at approximately 9:30AM ET and end at 3:00PM ET. As part of the conference, there will be a senior management presentation and question and answer session starting at 2:00PM ET. The conference will be followed by American Capital's 2008 Annual Meeting of Stockholders, which will start at 3:00PM ET at the same location. The items to be discussed at this meeting can be found in the Company's proxy statement available at www.AmericanCapital.com.

For further information or questions, please do not hesitate to call our Investor Relations Department at 301-951-5917.

ABOUT AMERICAN CAPITAL

American Capital is the only private equity fund and the largest alternative asset management company that is a member of the S&P 500. With $19 billion in capital resources under management, American Capital is the largest U.S. publicly traded alternative asset manager. American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $800 million per company in North America and €5 million to €500 million per company in Europe.

In the first quarter of 2008, American Capital and its managed funds invested over $1.2 billion, compared to $1.5 billion invested in the first quarter of 2007. American Capital and its managed funds raised over $700 million of capital in the first quarter of 2008, compared to $980 million raised in the first quarter of 2007 and $5.6 billion in all of 2007. In addition, American Capital and its managed funds realized $910 million from investments in the first quarter of 2008, compared to $540 million in the first quarter of 2007 and $3.5 billion in all of 2007; a portion of these funds are available for reinvestment.

As of March 31, 2008, American Capital shareholders have enjoyed a total return of 490% since the Company's IPO—an annualized return of 18%, assuming reinvestment of dividends. American Capital has paid a total of $2.3 billion in dividends and paid $27.17 dividends per share since going public in August 1997 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 or www.EuropeanCapital.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.