ACAS American Capital, Ltd.

American Capital to Report First Quarter Earnings on May 4 Shareholder Call Scheduled for May 5 BETHESDA, Md., April 21 /PRNewswire-FirstCall/ -- American Capital Strategies Ltd. announced today it will report first quarter 2004 earnings on Tuesday, May 4, 2004. American Capital invites shareholders, prospective shareholders and analysts to attend the American Capital Shareholder Call on Wednesday, May 5 at 11:00 am ET. The dial in number will be (888) 276-9995. International callers should dial 612-332-0345. 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, http://www.acas.com/, and click on the May 5 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 presentation on our website. The shareholder presentation will be made available after the earnings release on May 4. 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 9:30 pm May 5 until 11:59 pm May 15. 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 728507. We will also have the Shareholder Slide Shows with audio accompaniment available on our website, http://www.acas.com/, starting May 6. For further information or questions, please do not hesitate to call our Shareholder Relations department at (301) 951-6122. As of March 31, 2004, American Capital shareholders have enjoyed a total return of 296% since the Company's IPO -- an annualized return of 23%, assuming reinvestment of dividends. American Capital has declared a total of $13.82 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 $2.7 billion. American Capital is an investor in and sponsor of 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 at http://www.americancapital.com/. 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. DATASOURCE: American Capital Strategies Ltd. CONTACT: Tom McHale, Vice President, Finance and Investor Relations of American Capital Strategies Ltd., +1-301-951-6122 Web site: http://www.americancapital.com/ http://www.acas.com/

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