American Capital Concludes Initial Phase of Strategic Review; SaysWill Solicit Offers to Purchase Company or Business Lines

American Capital, Ltd.

announced today that its Board of Directors has completed the initial phase of its previously announced strategic review process and has authorized the Company to proceed with the solicitation of offers to purchase the Company or its various business lines in whole or in part.  Goldman Sachs & Co. and Credit Suisse Securities (USA) LLC, retained by the Company as its financial advisors for the strategic review process, will assist with the solicitation of offers.     "The strategic review process has included an extensive consideration of various means of maximizing shareholder value," said Neil M. Hahl, Chair of the Board's independent Strategic Review Committee.  "After careful consideration, the Board unanimously concluded that soliciting proposals at this time provides the best and most expedient path to unlock shareholder value.  The Board has asked the Strategic Review Committee to continue working closely with our advisors, to report to the full Board and to make further recommendations as the strategic review process continues." "The management team recommended and fully supports the decision by the Board to proceed with the solicitation of offers and believes that it is in the