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SHAREHOLDER UPDATES

Q3 2008 Shareholder Presentation

Investor Fact Sheet

2007 Annual Report

AMERICAN CAPITAL NEWS

American Capital Provides Details of $73 Million Net Realized Portfolio Gains from Third Quarter 2008 Exits

American Capital to Present at Merrill Lynch Banking & Financial Services Conference

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PRESS COVERAGE

American Capital Dons Debt Hat, Promenades To A Stronger Exit, Dow Jones Private Equity Analyst

Buyouts Beat: Five Questions with Bowen Diehl, Buyouts

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OUR PEOPLE

Miles Arnone

Managing Director, Technology Group

Miles Arnone joined American Capital in September 2002 as a Vice President in the Operations Team and was promoted to Principal in 2004 and to Managing Director in 2007. Mr. Arnone co-heads the American Capital Technology Group and is based in Boston, MA. He is involved in the Technology Group's current investments in Moxy Media, FreeConference.com, NextPoint, Tymphany Corporation, Contour Semiconductor and Avalon Laboratories, Inc., and serves on the Board of Directors of these companies and others, including Axygen, Inc., Value Plastics, Inc., Electro-Component Assembly Company, Futurelogic, Inc., and eLynx, Ltd.

Previously, Mr. Arnone was Entrepreneur-in-Residence at Charterhouse Group International, a private equity firm with $1 billion under management. There, Mr. Arnone was responsible for conducting due diligence and managing portfolio companies. His assignments included work in the machine tool, electronics, and medical device industries.

Prior to his tenure at Charterhouse Group Mr. Arnone was President of Boston Digital Corporation, a machine tool builder with approximately $30 million in sales. While there he authored the reference work High Performance Machining, an implementation guide for recent innovations in CNC machining. His most recent work, America's Trading Partners: the Good, the Bad, and the Ugly was published in November 2004.

Mr. Arnone holds graduate degrees in management and engineering from the Massachusetts Institute of Technology and an undergraduate degree in mechanical engineering from MIT as well.

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