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American Capital Two Bethesda Metro Center
14th Floor
Bethesda, MD 20814
(301) 951-6122
(301) 654-6714 Fax
Info@AmericanCapital.com
www.AmericanCapital.com

FOR IMMEDIATE RELEASE:
April 28, 2003

Contact:
Kelley Gregory, Director, Investor Relations (301) 951-6122
AMERICAN CAPITAL TO REPORT FIRST QUARTER EARNINGS MAY 13
SHAREHOLDER CALL SCHEDULED FOR MAY 14

Bethesda, MD - April 28, 2003 - American Capital Strategies Ltd. (Nasdaq:ACAS)announced today it will report first quarter 2003 earnings on May 13, 2003. American Capital invites its prospective shareholders, shareholders and analysts to attend the American Capital Shareholder Call on Wednesday, May 14 at 11:00 am ET. The dial in number is 888-428-4473. International callers should dial 612-332-0418. 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 and click on the May 14 Shareholder Call Slide Presentation button. The Shareholder Call Slide Presentation includes a summary slide presentation to accompany the call that participants may download and print, a longer version with supplementary information, and a downloadable spreadsheet with summary financial data. Participants will also be able to access the complete streaming presentation on our website during the call. The Shareholder Call Slide Presentation will be posted on our website after the earnings release on May 13. You may wish to take the time to review the Shareholder Call Slide Presentation in advance of the Shareholder Call.

For the convenience of our shareholders, there will be a recording available from 9:30 pm May 14 until 11:00 pm May 24. If you are interested in hearing the recording of the presentation, please dial 800-475-6701 and enter code 682834. International callers may dial 320-365-3844 and enter the same code, 682834. We will also have the Shareholder Call Slide Presentation with audio accompaniment available on our website starting the evening of May 14.

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

American Capital paid $2.55 in regular dividends in 2002, a 15% increase over 2001, and including the bonus dividend declared in 2002, paid or declared a total of $2.57 in dividends in 2002. American Capital has paid or declared a total of $11.68 in dividends since its August 1997 IPO at $15 per share, including a $.68 per share dividend declared for the second quarter of 2002.

American Capital is a publicly traded buyout and mezzanine fund with capital resources exceeding $1.7 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.

HOME OFFICE
Washington
2 Bethesda Metro Center
14th Floor
Bethesda, MD 20814
(301) 951-6122
(301) 654-6714 fax
Info@AmericanCapital.com
REGIONAL OFFICES
New York
461 Fifth Avenue
26th Floor
New York, NY 10017
(212) 213-2009
(212) 213-2060 fax
NYInfo@AmericanCapital.com
San Francisco
Three Embarcadero Center
Suite 2320
San Francisco, CA 94111
(415) 591-0120
(415) 591-0111 fax
SanFranInfo@AmericanCapital.com
Dallas
2200 Ross Avenue
Suite 4500W
Dallas, TX 75201
(214) 273-6630
(214) 273-6635 fax
DallasInfo@AmericanCapital.com
Chicago
5775 Sears Tower
233 South Wacker Drive
Chicago, IL 60606
(312) 681-7400
(312) 454-0600 fax
ChicagoInfo@AmericanCapital.com
Los Angeles
21550 Oxnard Street, Suite 1010
Warner Center Plaza Two
Woodland Hills, CA 91367
(818) 676-1222
(818) 676-1733 fax
LAInfo@AmericanCapital.com
Philadelphia
One Tower Bridge, Suite 250
100 Front Street
West Conshohocken, PA 19428
(610) 238-0210
(610) 828-9501 fax
PhilaInfo@AmericanCapital.com