Bethesda, MD – February 19, 2009 – American Capital Ltd. (Nasdaq: ACAS) (the “Company”) announced today that its stockholders have approved a proposal authorizing the Company to sell shares of its common stock in one or more offerings below the net asset value per share (“NAV”), subject to certain limitations, including the prior approval of the Company’s Board of Directors. The authorization expires on February 19, 2010. The number of shares of common stock that may be issued below NAV is limited to: (i) the shares necessary for the Company to complete its proposed acquisition of the ordinary shares of European Capital Limited that it does not already own and (ii) up to an additional 42,812,640 shares (which is 20% of the Company’s common stock outstanding as of the record date for the special meeting), subject to adjustment for any shares issued following the occurrence of events such as stock splits, stock dividends, distributions and recapitalizations.

ABOUT AMERICAN CAPITAL

American Capital, with $17 billion in capital resources under management(1), is the only private equity fund and the largest alternative asset management company in the S&P 500. American Capital, both directly and through its global asset management business, originates, underwrites and manages investments in private equity, leveraged finance, real estate and structured products. American Capital and its affiliates invest from $5 million to $400 million per company in North America and €5 million to €100 million per company in Europe. American Capital was founded in 1986 and currently has 10 offices in the U.S., Europe and Asia.

(1) As of September 30, 2008.

Contact:
Amanda Cuthbertson, Director, Investor Relations
Pete Deoudes, Director, Equity Capital Markets

SOURCE: American Capital Ltd.