4. American Capital outperformed 86%, 78%,
93% and 98% of all public companies in the 1-year, 3-years, 5-years and the
approximately 7-1/2 years since our IPO, in each case ending May 31, 2005.AmericanCapital. Past performance does not guarantee future results and the
investment return and principal value of an investment in American Capital
will likely fluctuate.ifilm.

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Failure to receive sufficient votes on the matter could require
American Capital to incur additional proxy solicitation costs.

INSTRUCTIONS FOR VOTING ONLINE
1.proxyvote.

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VH1.

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, American Capital
Strategies Ltd. Proxy Statement and enclosed
Voting Instruction Form. Follow the instructions.

User-Submitted Content: Since "Web Junk 20" first aired, IFILM, VH1's "Web
Junk 20" partner has experienced a 60 percent increased in user-submitted
videos on http://www.

Some sites offer head-to-head ratings; where two or more images are displayed simultaneously and the user is required to select the best.

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Stockholders who have not
yet voted may still vote in advance of the meeting, either by telephone or
Internet, as described below.
Stockholders should review the Company's proxy statement for further
information on this matter and the other matters to be considered at the
meeting.

INSTRUCTIONS FOR VOTING BY PHONE
Using a touch-tone telephone, call the toll-free number which appears on
your Voting Instruction Form and follow these four steps:
1. Enter your 12-digit Control Number located on your Voting Instruction
Form. Consequently, an investor 's shares, when sold, may be
worth more or less than their original cost. Additionally, American Capital 's
current performance may be lower or higher than the performance data quoted
above. In addition , 914,000
total viewers (P 2+) tuned in to that episode.

VH1 connects viewers to the music, artists and pop culture that matter to
them most with series, specials, live events, exclusive online content and
public affairs initiatives. VH1 is available in over 87 million households in
the U.

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American Capital has paid a total of $717 million in dividends and paid or
declared $17.
Each episode of "Web Junk 20" is available on-demand on VSPOT
(http://vspot.
To learn more about "Web Junk 20" visit http://www.

Picture ratings sites typically allow visitors to view pictures and give a rating.

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American Capital has engaged Georgeson Shareholder Communications Inc. Contact Georgeson Shareholder Communications Inc.
Performance data quoted above represents past performance of American
Capital. Additionally,
"Web Junk 20" was the #1 or #2 ranked VH1 content on Verizon Wireless'
V CAST 4 days last week.

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, a
proxy solicitation firm, to contact stockholders by telephone to encourage
voting. Proxy Statement and enclosed
Voting Instruction Form.

ABOUT AMERICAN CAPITAL
American Capital is a publicly traded buyout and mezzanine fund with
capital resources of approximately $5.
This press release contains forward-looking statements. VH1 also has an array of digital services including VH1 Classic, VH1
Soul, VH Uno and VH1 Country.

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Contacts:
Erica Cantwell/VH1 Luis Defrank/VH1
212/846 -3683 212/846-7012

* Nielsen Media Research, 1/27/2005

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(Nasdaq: ACAS) announced today that it is encouraging all
stockholders to submit promptly their voting instructions for the annual
meeting of stockholders to be held on June 20, 2005.

Connect with VH1 at http://www.

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The
affirmative votes of 46 million shares are necessary for the matter to pass.

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American Capital Encourages Stockholders to Submit Voting Instructions for Its Annual Meeting

Many stockholders have received these calls over the past few days. Follow the recorded instructions . at 800-790-6795 in
order to vote your proxy.

Other features often include a facility to add comments, contact the submitter and view a profile of the submitter, and lists of new, hot or ugly pictures.

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3.
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 our website at
http://www.
"Web Junk 20", hosted by comic Patrice O'Neal airs every Friday night at
11:30 PM (EST) on VH1.com, and provides viewers with
the ability to upload clips for consideration in future episodes of
"Web Junk 20".

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Read the American Capital Strategies Ltd. Call the toll-free number located on your Voting Instruction Form.2 billion.com) after airing on VH1 every Friday night.

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The web site keeps tally of the ratings and the results are also displayed alongside the picture.

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Even if stockholders have returned their voting
instruction forms through the mail, they may use the telephone or Internet to
ensure that their vote is counted.
One of the matters under consideration at the meeting, approval of an
amendment to American Capital's Fundamental Policies, requires an affirmative
vote of a majority of all of the Company's outstanding voting securities,
regardless of whether the holders of such shares are represented in person or
by proxy at the annual meeting. To date, a total of 35 million shares have
been voted in favor of this proposal and 2 million shares against. Read the American Capital Strategies Ltd. Enter your 12-digit Control Number located on your Voting Instruction
Form. American Capital is an
investor in and sponsor of management and employee buyouts, invests in private
equity 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.51 dividends per share since its August 1997 IPO at $15 per
share.

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INSTRUCTIONS FOR VOTING IF YOU HAVE MAILED YOUR VOTE OR DO NOT HAVE YOUR
BALLOT
1.
As of May 31, 2005, American Capital shareholders have enjoyed a total
return of 364% since the Company's IPO -- an annualized return of 22%,
assuming reinvestment of dividends.vh1.

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Unlike certain other matters to be considered at the meeting, brokers will
not vote shares on the Fundamental Policies without specific stockholder
instructions.com. On-Air Ratings, VSPOT Streams, User-Submitted Videos , and Mobile Downloads
Gain Significant Momentum

VH1 Scores Its Most Watched January Ever

NEW YORK, In its third week, "Web VH1's
new weekly countdown of the hottest viral videos on the internet -- is
reaching viewers across multiple platforms at increasing rates.

VSPOT: Streams from VSPOT, VH1's broadband network almost quadrupled from
the first to the second week and grew 6-fold, week-over-week in its third
week.

VH1 Mobile: "Web Junk 20" accounted for over 25 percent of the total VH1
content requested on Verizon Wireless' V CAST last week. In addition to
providing research on the show, IFILM makes each clip in its entirety
available on its Web site at http://www.IFILM.S.

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2.com. 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 , national or international economic
conditions, or changes in the conditions of the industries in which American
Capital has made investments.com.

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VH1's 'Web Junk 20' Shines Across Multiple Platforms

"Web Junk 20's" Multiplatform Highlights Include:

On-air Ratings: According to Nielsen Media Research*, the third premiere
episode of "Web Junk 20" on Friday, January 27 scored a .6 among the key
18-49 demo -- a 50% increase over the series' first two episode premieres ,
making it the highest rated VH1 show of the day.

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Go to the website http://www.

In addition, VH1 scored its most watched January ever, averaging 701,000
total viewers in primetime throughout the month. It is a production of VH1; Executive Produced by
Richard Hankey, Shelly Tatro and Michael Hirschorn.