News

Bethesda, MD - January 30, 2004 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it will report fourth quarter 2003 earnings on Tuesday, February 10, 2004. American Capital invites shareholders, prospective shareholders and analysts to attend the American Capital Shareholder Call on Wednesday, February 11 at 11:00 am ET. The dial in number will be 888-428-4470. International callers should dial 612-332-0718. Please advise the operator you are dialing in for the American Capital Shareholder Call.

During the Shareholder Call, we invite you to turn to our shareholder website, www.ACAS.com, and click on the February 11 Shareholder Call Slide Show button. The quarterly shareholder presentation includes a summary slide show to accompany the call that participants may download and print and a longer version with supplementary information. Participants will also be able to access the complete streaming presentation on our website. The shareholder presentation will be made available shortly after the earnings release on February 10. You may wish to take the time to review the slides in advance of the Shareholder Call.

For the convenience of our shareholders, there will be a recording available from 6:00 pm February 11 until 11:55 pm February 21. 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 719785. We will also have the Shareholder Slide Shows with audio accompaniment available on our website, www.ACAS.com, starting February 10.

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

As of December 31, 2003, American Capital shareholders have enjoyed a total return of 247% since the Company's IPO - an annualized return of 22%, assuming reinvestment of dividends. American Capital has paid a total of $13.12 per share in dividends since its August 1997 IPO.

American Capital is a publicly traded buyout and mezzanine fund with capital resources in excess of $2.5 billion. American Capital is an equity partner in management and employee buyouts; invests in private equity sponsored buyouts, and provides capital directly to private and small public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions and recapitalizations.

Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Principal, 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 or national economic conditions, or changes in the conditions of the industries in which American Capital has made investments.