FOR IMMEDIATE RELEASE:
July 16, 2007

Contact
Tom McHale, Senior Vice President, Finance (301) 951-6122
Amanda Cuthbertson, Director, Investor Relations (301) 951-6122

AMERICAN CAPITAL WILL REPORT Q2 2007 RESULTS ON JULY 31
Shareholder Call Scheduled for August 1

Bethesda, MD – July 16, 2007 – American Capital Strategies Ltd. (Nasdaq: ACAS) announced today it will report second quarter 2007 earnings on Tuesday, July 31, 2007. American Capital invites shareholders, prospective shareholders and analysts to attend the American Capital Shareholder Call on Wednesday, August 1 at 11:00 am ET. The dial in number will be (888) 428-4480. International callers should dial +1 (612) 288-0337. Please advise the operator you are dialing in for the American Capital Shareholder Call. Point your browser to www.AmericanCapital.com and click on the Q2 2007 Shareholder Call Slide Show button.

Point your browser to www.ACAS.com and click on the Q2 2007 Shareholder Call Slide Show button.

BEFORE THE CALL:
REVIEW SLIDE PRESENTATION IN ADVANCE OF THE SHAREHOLDER CALL
The quarterly shareholder presentation includes a slide presentation to accompany the call that participants may download and print prior to the call.  You may wish to take the time to review the slides in advance of the Shareholder Call.

DURING THE CALL:
VIEW STREAMING SLIDE PRESENTATION DURING THE SHAREHOLDER CALL
During the Shareholder Call you may watch and listen to the webcast or listen to the Shareholder Call by phone and step through the slides at your own pace.

AFTER THE CALL:
LISTEN AND VIEW AUDIO SLIDE PRESENTATION AFTER THE CALL
The audio of the Shareholder Call combined with the slide presentation will be made available on our website after the call on August 1.  An archive of our audio and slide presentations of our quarterly shareholder calls can be found in the Investor Relations section of our website at www.AmericanCapital.com.

AUDIO ONLY PRESENTATION AVAILABLE AFTER THE SHAREHOLDER CALL:
There will be a phone recording available from 9:30 pm Wednesday, August 1 until 11:59 pm Wednesday, August 15.  If you are interested in hearing the recording of the presentation, please dial (800) 475-6701.  International callers may dial +1 (320) 365-3844.  The access code for both domestic and international callers is 880757.

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

ABOUT AMERICAN CAPITAL

American Capital is the only alternative asset management company that is a member of the S&P 500. With $15 billion in assets under management, American Capital is the largest U.S. publicly traded private equity fund and one of the largest publicly traded alternative asset managers. American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $800 million per company in North America and €5 million to €500 million per company in Europe.

As of June 30, 2007, American Capital shareholders have enjoyed a total return of 578% since the Company's August 1997 IPO—an annualized return of 22% assuming reinvestment of dividends.  American Capital has paid a total of $1.7 billion in dividends and paid $24.24 dividends per share since IPO at $15 per share.

Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Senior Vice President, Business Development, at (800) 248-9340, or visit www.AmericanCapital.com or www.EuropeanCapital.com.

This press release contains forward-looking statements. The statements regarding expected results of American Capital 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, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.