based managing director who has
familiarity with British and European Union business practices," said
Jerry Grabowski, president and chief executive officer of Waters
Instruments."
In addition to its offices in Oakham, Rutland has a warehouse in
Brechin, Scotland.

Business Editors

WASHINGTON----Allied Capital
Corporation (NYSE:ALD) announced that it has provided $31. Since its IPO in
1960, the Company has provided long -term debt and equity financing to
thousands of middle market companies.
Headquartered in Washington , DC, Allied Capital offers
shareholders the opportunity to participate in the private equity
industry through an investment in the Company's New York Stock
Exchange-listed stock, which is traded under the symbol ALD. was founded in 1968
and is currently a leading manufacturer and marketer of branded
electric and high tensile fencing and accessories for animal
containment and exclusion.

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wtrs.com

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Rutland is owned by Waters' subsidiary, Zareba Systems Europe. The Company's private finance portfolio includes investments in
over 100 companies with aggregate revenues of approximately $11
billion, supporting more than 100,000 jobs.

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Its Electric Shepherd
energizers are sold to the farming and equestrian markets; the Rutland
Induced Pulse security fencing system has been accepted as the main
line of perimeter defense for many companies in the United Kingdom and
Europe., and to fund a dividend
recapitalization of the company. These forward-looking statements are
subject to the inherent uncertainties in predicting future results and
conditions.

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"Since we announced the acquisition of Rutland last September, it
was our intention to find a U. Allied Capital retains its warrants and equity
investment.

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Waters Instruments Names Simon Ragdale Managing Director of Its United Kingdom Operation

Ragdale was most recently marketing director for SCA Hygiene
Products based in the U. Woodstream manufactures and markets a
broad portfolio of branded consumer products.8 million equity
co-investment.com, call Allied Capital
investor relations toll-free at (888) 818-5298, or e-mail us at
ir@alliedcapital.

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com

About Fi-Shock, Inc. For more information ,
please visit www.fishock.

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The Company's medical products are sold both in the
United States and internationally. Its products are used to contain animals
such as cattle, horses, pigs and goats as well as protect animals,
gardens and ponds from predators and pests.

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"Simon is a proven leader with extensive experience in
manufacturing and marketing management.

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, the largest manufacturer of
electric fencing products in the United Kingdom, on March 14, 2005.
"Woodstream has distinguished itself as a leader in its markets by
offering customers a broad range of products, coupled with highly
recognizable brands and industry leading customer service," said
Michael Grisius, Managing Director of Allied Capital. We believe the
acquisition of Fi-Shock adds another quality brand to Woodstream 's
portfolio and our incremental investment represents an attractive
addition to our consumer products portfolio," added Grisius.0 million in
subordinated debt with warrants and a $1. For more information , please visit
www.

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For more
information, please visit www. For all media inquiries, please call (202)
331-1112. The company sells its products at more than
100,000 retail locations throughout the United States, Canada, and
other select international markets.

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Prior to his work at
SCA, he was with Thorn EMI Electronics, and Racal.

Waters Instruments, Inc.com.

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About Waters Instruments , Inc.
Woodstream's branded products, which include Victor mousetraps,
Havahart cage traps and Safer least toxic insecticides and fungicides,
among others, have leading market share positions within their
respective markets.

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, the largest manufacturer of
electric fencing products in the United Kingdom. Allied Capital invests in
the American entrepreneurial economy by providing capital to companies
seeking a long-term financial partner and access to managerial
resources often unavailable to smaller companies. Fi-Shock sells primarily to the electric
fencing products and accessories market and sells products such as
energizers, insulators, wire and related parts to hobby farmers,
ranchers and rural consumers.

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K. Zareba Systems Europe operates
through Rutland Electric Fencing Co. The Company has its corporate
office in Minneapolis, and operates manufacturing facilities in
Rochester and Ellendale, Minnesota, and in the United Kingdom.alliedcapital.woodstream. Certain factors could cause actual results and conditions
to differ materially from those projected in these forward-looking
statements, and some of these factors are enumerated in Allied
Capital's periodic filings with the Securities and Exchange
Commission.

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Business Editors

MINNEAPOLIS----Waters Instruments ,
Inc. is the world's leading manufacturer of
electric fence systems, marketed under the Zareba , Blitzer, BullDozer,
HOL-DEM, International, and Red Snap'r brand names.

Allied Capital Supports Strategic Acquisition by Woodstream Corporation

Headquartered in Knoxville, TN, Fi-Shock, Inc.

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K.0 million in
subordinated debt and second lien notes to Woodstream Corporation to
support its acquisition of Fi-Shock, Inc.

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About Allied Capital

Allied Capital Corporation, a leading business development company
with total assets of more than $3 billion, has paid regular, quarterly
cash dividends to shareholders since 1963.

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Zareba Systems is
North America's largest manufacturer of electric fence systems and
components, and targets the security, agricultural/livestock,
correctional, and consumer markets.

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As part of its current acquisition and
recapitalization, Woodstream has repaid this existing subordinated
debt obligation.

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We expect that he will be able
to continue the successful integration that is already occurring
between Waters and Rutland. The company has 55 employees.com

Forward-Looking Statements

The information contained in this press release contains
forward -looking statements.

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"Woodstream's
management team has a proven track record of acquiring and
successfully integrating complementary businesses, having made eight
such acquisitions since 2000, including Fi -Shock.
Allied Capital originally made a subordinated debt investment in
Woodstream in 1999, and later supported the buyout and
recapitalization of the company in 2003 by providing $17.

About Woodstream Corporation

Headquartered in Lititz, PA, Woodstream Corporation is a
manufacturer and marketer of a broad portfolio of branded consumer
products, including rodent control solutions , caring control products
for pets and wildlife, and least toxic pest control products.

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(NASDAQ:WTRS ) has named Simon Ragdale managing director of its
operation in the United Kingdom.
The Company 's Medical Systems division manufactures renal
perfusion devices for the organ preservation and transplant market and
whole blood oximeter products that provide oxygen saturation
information. Fi-Shock is a leading
manufacturer and marketer of above ground electric fencing and animal
containment systems. In serving its shareholders,
Allied Capital helps build American business and support American
jobs.

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He assumes his new responsibilities
as head of Rutland Electric Fencing Co., where he held various senior management
positions, including plant manager, since 1994. For
more information , visit the web site at www.