American Capital Reports Net Operating Income Before Income Taxes Of $90 Million, Or $0.27 Per Diluted Share, And Net Earnings

   American Capital Reports Net Operating Income Before Income Taxes Of $90
  Million, Or $0.27 Per Diluted Share, And Net Earnings Of $196 Million, Or
                           $0.60 Per Diluted Share

PR Newswire

BETHESDA, Md., Oct. 29, 2012

BETHESDA, Md., Oct. 29, 2012 /PRNewswire/ -- American Capital, Ltd. ("American
Capital" or the "Company") (Nasdaq: ACAS) announced net operating income
("NOI") before income taxes for the quarter ended September30, 2012 of $90
million, or $0.27 per diluted share. NOI after income taxes for the quarter
was $71 million, or $0.22 per diluted share, and net earnings for the quarter
were  $196 million, or $0.60 per diluted share. As of September30, 2012, net
asset value ("NAV") per share was $17.39, a 5%, or $0.77 per share, increase
from the June30, 2012 NAV per share of $16.62.

Q3 2012 FINANCIAL SUMMARY

  o$0.27 NOI before income taxes per diluted share, or $90 million

       o$25 million increase over Q3 2011
       o$0.22 NOI after income taxes per diluted share, or $71 million

  o$0.22 net realized earnings per diluted share, or $72 million

       o$26 million decrease over Q3 2011

  o$0.38 net unrealized appreciation per diluted share, or $124 million

       o$686 million improvement over Q3 2011

  o$0.60 net earnings per diluted share, or $196 million

       o$660 million improvement over Q3 2011

  o$136 million of cash proceeds from realizations
  o$150 million of securitized debt repaid
  o11.4 million shares of American Capital common stock repurchased, totaling
    $125 million

       o$10.99 average price per share
       o$0.23 accretive to NAV per share

  o$17.39 NAV per share

       o$0.77 per share, or 5%, increase over Q2 2012

"NAV per share grew by $0.77 for the quarter to $17.39, delivering a 19%
annualized return for the quarter," said Malon Wilkus, Chairman and Chief
Executive Officer. "In the past three months, our operating companies,
excluding American Capital, LLC, experienced slight aggregate revenue growth
and modest adjusted EBITDA growth, year over year. Over the same period,
European Capital's portfolio companies experienced moderate aggregate revenue
growth and modest adjusted EBITDA declines. Additionally, the fair value of
our investment in European Capital also appreciated, primarily because of an
increase in the stock price to NAV ratio of comparable public funds and the
appreciation of the Euro against the U.S. dollar. We are also pleased to
continue to grow our funds under management, with the closing of a second
managed CLO during the quarter and the raising $1.2 billion of equity by
American Capital Agency Corp. As a result of the increase in the assets under
management by American Capital, LLC, our investment in American Capital, LLC
maintained its fair value despite a reduction in its forecasted growth."

PORTFOLIO VALUATION

For the quarter ended September30, 2012, net unrealized appreciation, before
income taxes, totaled $144 million. The primary components of the net
unrealized appreciation were:

  o$41 million net unrealized appreciation from American Capital's private
    finance portfolio, generally as a result of improved portfolio company
    performance and improved multiples;
  o$20 million net unrealized appreciation from American Capital's structured
    products investments, generally as a result of improved projected cash
    flows; and
  o$77 million net unrealized appreciation in American Capital's investment
    in European Capital, primarily due to a strengthening of the Euro and a
    decrease in the implied discount to European Capital's NAV.

       oThe Company's equity investment in European Capital was valued at
         $651 million as of September30, 2012, or 75% of NAV, compared to
         $574 million as of June 30, 2012, or 70% of NAV.

PORTFOLIO REALIZATIONS AND PERFORMANCE
In the third quarter of 2012, $136 million of cash proceeds were received from
realizations of portfolio investments. American Capital made $6 million in
new committed investments during the quarter. The weighted average effective
interest rate on American Capital's debt investments as of September30, 2012
was 11.1%, 10 basis points higher than the June30, 2012 rate of 11.0%. As of
September30, 2012, loans with a fair value of $252 million were on
non-accrual, representing 12.5% of total loans at fair value, compared to $243
million fair value of non-accrual loans, or 12.3% of total loans at fair value
as of June30, 2012. The $9 million increase in the fair value of loans on
non-accrual was generallydriven by appreciation in the fair value of loans
already on non-accrual status.

STOCK REPURCHASE AND DIVIDEND PROGRAM
During the third quarter of 2011, American Capital's Board of Directors
adopted a program that may provide for repurchases of shares or dividend
payments through December 31, 2013. Under the program, American Capital will
consider quarterly setting an amount to be utilized for stock repurchases or
dividends. Generally, the amount may be utilized for repurchases if the price
of American Capital's common stock represents a discount to the NAV of its
shares, and the amount may be utilized for the payment of cash dividends if
the price of American Capital's common stock represents a premium to the NAV
of its shares.

In determining the quarterly amount for repurchases or dividends, the
Company's Board will be guided by the Company's cumulative net cash provided
by operating activities in the prior quarter and since the beginning of 2012,
cumulative repurchases or dividends, cash on hand, debt service
considerations, investment plans, forecasts of financial liquidity and
economic conditions, operational issues and the then current trading price of
American Capital stock.

The repurchase and dividend program may be suspended, terminated or modified
at any time for any reason. The program does not obligate American Capital to
acquire any specific number of shares, and all repurchases will be made in
accordance with SEC Rule 10b-18, which sets certain restrictions on the
method, timing, price and volume of stock repurchases. During the third
quarter of 2012, American Capital made open market purchases of 11.4 million
shares, or $125 million, of American Capital common stock at an average price
of $10.99 per share. Since the inception of the program, American Capital has
made open market purchases of 43.6 million shares, or $392 million, of
American Capital common stock at an average price of $9.00 per share.

CAPITAL MANAGEMENT
"During the quarter, we continued to strengthen our balance sheet and lower
our cost of capital as we refinanced our secured debt with a $600 million
four-year secured term facility and obtained a new $250 million four-year
secured revolving credit facility," said John Erickson, Chief Financial
Officer. "Relative to the facility it replaced and assuming drawing 75%
ofthe secured revolving credit facility, welowered our cost of debt capital
by approximately 3.5%. We also repaid an additional $150 million on our debt
that is securitized in the business loan trusts (BLT's). Given our strong
liquidity and balance sheet, we are able to enhance shareholder value with our
share repurchase program. With 11.4 million of share repurchases during the
quarter, we have now repurchased 12% of our sharesissued at June 30,
2011through September 30, 2012, which has accreted $0.90 to NAV per share."



AMERICAN CAPITAL, LTD.
CONSOLIDATED BALANCE SHEETS
As of September 30, 2012, December 31, 2011 and September 30, 2011
(in millions, except per share amounts)
                                       Q3 2012                    Q3 2012
                 Q3           Q4       Versus        Q3           Versus
                                       Q4 2011                    Q3 2011
                 2012         2011     $      %      2011         $      %
                 (unaudited)                         (unaudited)
Assets
Investments at
fair value (cost              $     $                        $    
of               $                    3 %    $          
$5,943,$6,739   5,309       5,130               5,295            -
 and $7,148,                         179                        14
respectively)
Cash and cash    304          204      100    49 %   187          117    63 %
equivalents
Restricted cash
and cash         21           80       (59)   (74%)  85           (64)   (75%)
equivalents
Interest         19           24       (5)    (21%)  25           (6)    (24%)
receivable
Deferred tax     511          428      83     19 %   -            511    100 %
asset, net
Derivative
agreements at    10           10       -      -      13           (3)    (23%)
fair value
Other            92           85       7      8 %    87           5      6 %
                              $     $                        $  
Total assets     $                    5 %    $            10 %
                 6,266       5,961               5,692        574
                                       305
Liabilities and
Shareholders'
Equity
                              $     $                        $  
Debt             $                   (36%)  $            (47%)
                  803        1,251                1,519       (716)
                                       (448)
Derivative
agreements at    40           99       (59)   (60%)  108          (68)   (63%)
fair value
Other            47           48       (1)    (2%)   49           (2)    (4%)
Total            890          1,398    (508)  (36%)  1,676        (786)  (47%)
liabilities
Shareholders'
equity
 Undesignated
preferred stock,
$0.01 par
 value,
5.0 shares       -            -        -      -      -            -      -
authorized, 0
issued
 and
outstanding
 Common
stock, $0.01 par
value, 1,000.0
 shares
authorized,
315.4, 336.4 and
344.8            3            3        -      -      3            -      -
  issued
and 309.2, 329.1
and 337.0

outstanding,
respectively
Capital in
excess of par    6,853        7,053    (200)  (3%)   7,100        (247)  (3%)
value
Distributions in
excess of net    (974)        (999)    25     3 %    (1,137)      163    14 %
realized
earnings
Net unrealized
depreciation of  (506)        (1,494)  988    66 %   (1,950)      1,444  74 %
investments
Total
shareholders'    5,376        4,563    813    18 %   4,016        1,360  34 %
equity
Total                         $     $                        $  
liabilities and  $                    5 %    $            10 %
shareholders'    6,266       5,961               5,692        574
equity                                 305
NAV per common                $     $                        $  
share            $                    25 %   $            46 %
outstanding      17.39       13.87                11.92       5.47
                                       3.52



AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Nine Months Ended September 30, 2012 and 2011
(in millions, except per share data)
(unaudited)
                                Three Months                    Nine Months
                                Ended                           Ended
                Three Months    September 30,    Nine Months    September 30,
                Ended                            Ended
                September 30,   2012 Versus      September 30,  2012 Versus
                                2011                            2011
                2012   2011     $        %       2012    2011   $       %
OPERATING
INCOME
Interest and    $    $     $             $     $    $  
dividend income                21 %                  9 %
                 142  117      25                429    394    35
Fee income      12     13       (1)      (8%)    37      37     -       -
Total operating 154    130      24       18 %    466     431    35      8 %
revene
OPERATING
EXPENSES
Interest        15     20       (5)      (25%)   47      69     (22)    (32%)
Salaries,
benefits and    34     33       1        3 %     108     107    1       1 %
stock-based
compensation
General and     15     12       3        25 %    43      36     7       19 %
administrative
Total operating 64     65       (1)      (2%)    198     212    (14)    (7%)
expenses
NET OPERATING
INCOME BEFORE   90     65       25       38 %    268     219    49      22 %
INCOME
 TAXES
Tax (provision) (19)   -        (19)     (100    46      -      46      100 %
benefit                                  %)
NET OPERATING   71     65       6        9 %     314     219    95      43 %
INCOME
Loss on
extinguishment  (3)    -        (3)      (100    (3)     -      (3)     100 %
of debt, net of                          %)
tax
Net realized
gain (loss)
Portfolio
company         5      44       (39)     (89 %)  (280)   (181)  (99)    (55%)
investments
Foreign
currency        -      (1)      1        100 %   1       -      1       100 %
transactions
Derivative      (5)    (10)     5        50 %    (84)    (37)   (47)    (127%)
agreements
Tax benefit     4      -        4        100 %   78      -      78      100 %
Total net
realized gain   4      33       (29)     (88%)   (285)   (218)  (67)    (31%)
(loss)
NET REALIZED    72     98       (26)     (27%)   26      1      25      2,500
EARNINGS                                                                %
Net unrealized
appreciation
(depreciation)
Portfolio
company         109    (477)    586      NM    983     337    646     192 %
investments
Foreign
currency        29     (80)     109      NM    (9)     34     (43)    NM
translation
Derivative      6      (5)      11       NM    59      8      51      638 %
agreements
Tax provision   (20)   -        (20)     (100%)  (46)    -      (46)    (100%)
Total net
unrealized
appreciation   124    (562)    686      NM    987     379    608     160 %

(depreciation)
NET INCREASE
(DECREASE) IN
NET ASSETS
 RESULTING    $    $     $             $     $    $  
FROM                             NM                   167 %
OPERATIONS      196  (464)    660              1,013   380   633
("NET
EARNINGS
(LOSS)")
NET OPERATING
INCOME PER
COMMON
 SHARE
                $    $     $             $     $    $  
 Basic                           16 %                  54 %
                0.22  0.19    0.03            0.97   0.63  0.34
                $    $     $             $     $    $  
 Diluted                         16 %                  54 %
                0.22  0.19    0.03            0.94   0.61  0.33
NET REALIZED
EARNINGS PER
COMMON
 SHARE
                $    $     $             $     $    $  
 Basic                            (18 %)                100 %
                0.23  0.28    (0.05)          0.08        0.08
                                                         -
                $    $     $             $     $    $  
 Diluted                          (21 %)                100 %
                0.22  0.28    (0.06)          0.08        0.08
                                                         -
NET EARNINGS
(LOSS) PER
COMMON
 SHARE
                $    $     $             $     $    $  
 Basic                            NM                  185 %
                0.62  (1.34)  1.96            3.13   1.10  2.03
                $    $     $             $     $    $  
 Diluted                          NM                  187 %
                0.60  (1.34)  1.94            3.04   1.06  1.98
WEIGHTED
AVERAGE SHARES
OF COMMON
 STOCK
OUTSTANDING
 Basic         316.4  345.3    (28.9)   (8%)    323.9   346.2  (22.3)  (6%)
 Diluted       327.3  345.3    (18.0)   (5%)    333.6   359.1  (25.5)  (7%)
NM = Not
meaningful.





AMERICAN CAPITAL, LTD.
OTHER FINANCIAL INFORMATION
Three Months Ended September 30, 2012, June 30, 2012 and September 30, 2011
(in millions, except per share data)
(unaudited)
                                       Q3 2012                 Q3 2012 Versus
                                       Versus                   Q3 2011
                                       Q2 2012
                    Q3 2012  Q2 2012   $       %       Q3 2011  $       %
Assets Under
Management
American Capital    $               $             $     $  
Assets at Fair             $           (1%)                10 %
Value               6,266    6,325                  5,692     574
                                       (59)
Externally Managed
Assets at Fair      111,566  93,845    17,721  19 %    50,941   60,625  119 %
Value(1)
                    $     $        $             $     $  
Total               117,832  100,170        18 %                  108 %
                                       17,662          56,633   61,199
Third-Party Earning $     $       $             $     $  
Assets Under                10,991        12 %                90 %
Management(2)       12,359             1,368           6,496    5,863
Total Earning       $     $       $             $     $  
Assets Under                17,245        8 %                  53 %
Management(3)       18,567             1,322           12,134   6,433
New Investments
                    $               $             $     $  
Senior Debt              $           (100%)            (100%)
                     -        43                 27      
                                       (43)                    (27)
Mezzanine Debt      -        29        (29)    (100%)  57       (57)    (100%)
Preferred Equity    6        -         6       100 %   -        6       100 %
Common Equity       -        30        (30)    (100%)  43       (43)    (100%)
Equity Warrants     -        1         (1)     (100%)  1        (1)     (100%)
                    $               $             $     $  
Total                    $           (94%)              (95%)
                     6       103                  128     (122)
                                       (97)
Financing for       $               $             $     $  
Private Equity           $           (100%)            (100%)
Buyouts              -        22                 15      
                                       (22)                    (15)
Investments in      -        -         -       -       40       (40)    (100%)
Managed Funds
American Capital    -        -         -       -       1        (1)     (100%)
Buyouts
Add-on Investment
in American         -        30        (30)    (100%)  11       (11)    (100%)
Capital, LLC
Add-on Financing    6        3         3       100 %   57       (51)    (89%)
for Acquisitions
Add-on Financing
for Working Capital -        2         (2)     (100%)  2        (2)     (100%)
in Distressed
Situations
Add-on Financing
for Growth and      -        4         (4)     (100%)  2        (2)     (100%)
Working Capital
Add-on Financing
for
Recapitalizations,
not Including       -        42        (42)    (100%)  -        -       -
Distressed

 Investments
                    $               $             $     $  
Total                    $           (94%)              (95%)
                     6       103                  128     (122)
                                       (97)
Realizations
                    $               $             $     $  
Sale of Equity           $           33 %               (56%)
Investments         56         42                127     
                                       14                      (71)
Principal           24       223       (199)   (89%)   96       (72)    (75%)
Prepayments
Payment of Accrued
Payment-in-Kind
Notes and Dividends
and                 42       56        (14)    (25%)   16       26      163 %
 Accreted
Original Issue
Discounts
Scheduled Principal 14       11        3       27 %    11       3       27 %
Amortization
Loan Syndications   -        -         -       -       10       (10)    (100%)
and Sales
                    $     $      $             $     $  
Total                       332        (59%)              (48%)
                    136               (196)          260     (124)
Appreciation,
Depreciation, Gain
and Loss
                    $     $      $             $     $  
Gross Realized Gain                 25 %              (90 %)
                    10      8                      96      
                                       2                       (86)
Gross Realized Loss (5)      (171)     166     97 %    (52)     47      90 %
Portfolio Net
Realized Gain       5        (163)     168     103 %   44       (39)    (89 %)
(Loss)
Foreign Currency    -        -         -       -       (1)      1       100 %
Transactions
Derivative          (5)      (71)      66      93 %    (10)     5       50 %
Agreements
Tax Benefit         4        52        (48)    (92%)   -        4       100 %
Net Realized Gain   4        (182)     186     102 %   33       (29)    (88 %)
(Loss)
Gross Unrealized
Appreciation of
Private Finance     152      133       19      14 %    82       70      85 %
Portfolio
 Investments
Gross Unrealized
Depreciation of
Private Finance     (111)    (53)      (58)    (109%)  (285)    174     61 %
Portfolio
 Investments
Net Unrealized
Appreciation
(Depreciation) of   41       80        (39)    (49%)   (203)    244     NM
Private Finance
 Portfolio
Investments
Unrealized
Appreciation
(Depreciation) of   65       (98)      163     166 %   (248)    313     NM
European Capital
 Investment
Unrealized
(Depreciation)
Appreciation of     (15)     33        (48)    NM    25       (40)    NM
European Capital
 Foreign Currency
Translation
Unrealized
Appreciation
(Depreciation) of   1        41        (40)    (98%)   (47)     48      NM
American Capital,
 LLC
Unrealized
Appreciation of
American Capital    -        5         (5)     (100%)  -        -       -
Mortgage
 Investment Corp.
Net Unrealized
Appreciation of     20       4         16      400 %   6        14      233 %
Structured Products
Reversal of Prior
Period Net
Unrealized          (3)      182       (185)   NM    (10)     7       70 %
(Appreciation)
 Depreciation
Upon Realization
Net Unrealized
Appreciation
(Depreciation) of   109      247       (138)   (56%)   (477)    586     NM
Portfolio
 Company
Investments
Foreign Currency
Translation -       27       (73)      100     NM    (77)     104     NM
European Capital
Foreign Currency    2        (3)       5       NM    (3)      5       NM
Translation - Other
Derivative          6        4         2       50 %    (6)      12      NM
Agreements
Reversal of Prior
Period Net
Unrealized          -        55        (55)    (100%)  1        (1)     (100%)
Depreciation Upon
 Realization of
Terminated Swaps
Tax Provision       (20)     (5)       (15)    (300%)  -        (20)    (100%)
Net Unrealized
Appreciation        124      225       (101)   (45%)   (562)    686     NM
(Depreciation) of
 Investments
Net Gains, Losses,  $               $             $     $  
Appreciation and          $           198 %               NM
Depreciation        128        43                (529)    657
                                       85
Other Financial
Data
                    $     $      $             $     $  
NAV per Share              16.62         5 %                 46 %
                    17.39               0.77          11.92     5.47
                    $     $      $             $     $  
Debt at Cost                941        (15%)               (47%)
                    803               (138)          1,519    (716)
                    $     $      $             $     $  
Debt at Fair Value          928        (14%)               (45%)
                    797               (131)          1,443    (646)
Market              $     $      $             $     $  
Capitalization             3,196         10 %                53 %
                    3,509               313          2,299    1,210
Total Enterprise    $     $      $             $     $  
Value(4)                   3,831         5 %                 10 %
                    4,008               177          3,631     377
Asset Coverage      769 %    661 %                     364 %
Ratio
Debt to Equity      0.1x     0.2x                      0.4x
Ratio
Credit Quality
Weighted Average
Effective Interest
Rate on Debt        11.1 %   11.0 %                    10.3 %
Investments at
 Period End
                    $               $             $     $  
Loans on                  $           (8%)               (35%)
Non-Accrual at Cost 370       402                  569     (199)
                                       (32)
Loans on            $               $             $     $  
Non-Accrual at Fair       $           4 %                46 %
Value               252       243                173      
                                       9                       79
Non-Accrual Loans
at Cost as a
Percentage of Total 17.4 %   18.8 %                    18.6 %
Loans at
 Cost
Non-Accrual Loans
at Fair Value as a
Percentage of Total 12.5 %   12.3 %                    6.6 %
Loans
 at Fair Value
Non-Accrual Loans
at Fair Value as a
Percentage of Non-  68.1 %   60.4 %                    30.4%
 Accruing Loans
at Cost
                    $     $      $             $     $  
Past Due Loans at                   -                 200 %
Cost                 9     9                       3       
                                       -                       6
                    $               $             $     $  
Debt to Equity           $           (95%)             100 %
Conversions at Cost  2        38                  -       
                                       (36)                    2
Return on Average
Equity
LTM Net Operating
Income Return on    9.1 %    9.0 %                     4.8 %
Average Equity at
Cost
LTM Net Realized
Earnings Return on  2.8 %    3.2 %                     0.1 %
Average Equity at
Cost
LTM Net Earnings
Return on Average   33.0 %   20.1 %                    19.4 %
Equity at Fair
Value
Current Quarter
Annualized Net
Operating Income    4.8 %    13.1 %                    4.3 %
Return on
 Average Equity
at Cost
Current Quarter
Annualized Net
Realized Earnings   5.2 %    0.9 %                     6.6 %
Return on
 Average Equity
at Cost
Current Quarter
Annualized Net
Earnings (Loss)     14.7 %   18.3 %                    (43.4%)
Return on
 Average Equity
at Fair Value
NM = Not
meaningful.
(1) Includes total assets of American Capital Agency Corp., American Capital
Mortgage Investment Corp., European Capital, American Capital Equity I,
American Capital Equity II, ACASCLO 2007-1 and ACAS

CLO 2012-1, less American Capital's investment in the funds. Total
assets of American Capital Mortgage Investment Corp. are as of June 30, 2012.
(2) Represents third-party earning assets under management from which the
associated base management fees are calculated.
(3) Represents total assets of American Capital less American Capital's
investment in the funds as well as third-party earning assets under management
from which the associated base management fees are
 calculated.
(4) Enterprise value is calculated as debt at cost plus market capitalization
less cash and cash equivalents on hand.





                         Static Pool (1)
Portfolio Statistics                                                                                 Pre-2001
($ in millions,                                                                                      - 2012
unaudited)                                                                                           Static
                                                                                                     Pools
Aggregate                Pre-2001 2001  2002   2003   2004   2005   2006   2007     2008   2011 2012 Aggregate
IRR at Fair Value of All 8.2 %    18.1  8.1 %  20.5 % 13.5 % 12.6 % 10.6 % (3.6%)   7.6 %  24.4 11.9 8.7 %
Investments(2)                    %                                                        %    %
IRR of Exited            9.2 %    18.6  9.7 %  20.0 % 16.7 % 21.9 % 7.3 %  (6.5%)   3.7 %  35.1 N/A  10.1 %
Investments(3)                    %                                                        %
IRR at Fair Value of              46.4                                                     31.4
Equity Investments       6.2 %    %     11.2 % 27.9 % 26.1 % 11.4 % 14.9 % (7.7%)   19.8 % %    N/A  11.2 %
Only(2)(4)(5)
IRR of Exited Equity              46.4                                                     35.1
Investments              10.9 %   %     21.4 % 36.7 % 49.0 % 50.8 % 11.5 % 9.5 %    35.3 % %    N/A  26.8 %
Only(3)(4)(5)
IRR at Fair Value of All          17.1
One Stop Buyout®         1.8 %    %     10.6 % 19.1 % 15.9 % 28.5 % 12.9 % 2.5 %    15.3 % —%   N/A  13.7 %
Investments(2)
IRR at Fair Value of
Current One Stop Buyout® 10.0 %   N/A   (0.4%) 17.8 % 7.0 %  24.0 % 11.6 % 0.1 %    15.4 % —%   N/A  11.3 %
Investments(2)
IRR of Exited One Stop   1.4 %    17.1  14.7 % 16.3 % 26.0 % 30.5 % 10.6 % 14.9 %   13.9 % N/A  N/A  15.3 %
Buyout® Investments(3)            %
Committed Investments(7) $1,065   $376  $966   $1,436 $2,267 $4,856 $5,267 $7,495   $1,039 $137 $22  $24,926
Total Exits and
Prepayments of Committed $999     $367  $836   $1,267 $1,987 $2,597 $4,243 $5,132   $503   $40  $—   $17,971
Investments(7)
Total Interest,
Dividends and Fees       $408     $148  $349   $456   $697   $1,223 $1,277 $1,249   $358   $11  $—   $6,176
Collected
Total Net Realized
(Loss) Gain on           $(135)   $(23) $(118) $143   $16    $375   $(306) $(1,131) $(115) $9   $—   $(1,285)
Investments
Current Cost of          $74      $4    $114   $162   $271   $1,971 $916   $1,991   $349   $70  $21  $5,943
Investments
Current Fair Value of    $34      $—    $80    $339   $192   $2,016 $1,039 $1,201   $316   $71  $21  $5,309
Investments
Current Fair Value of
Investments as a % of                                                                      1.3  0.4
Total Investments at     0.6 %    —%    1.5 %  6.4 %  3.6 %  38.0 % 19.6 % 22.6 %   6.0 %  %    %    100.0 %

 Fair Value
Net Unrealized
(Depreciation)           $(40)    $(4)  $(34)  $177   $(79)  $45    $123   $(790)   $(33)  $1   $—   $(634)
Appreciation
Non-Accruing Loans at    $—       $—    $26    $—     $30    $58    $47    $187     $22    $—   $—   $370
Cost
Non-Accruing Loans at    $—       $—    $15    $—     $9     $40    $17    $147     $24    $—   $—   $252
Fair Value
Equity Interest at Fair  $8       $—    $—     $302   $117   $1,654 $501   $365     $104   $5   $—   $3,056
Value(4)
Debt to Adjusted         7.0      NM    12.3   3.0    5.0    1.8    4.1    6.2      5.8    5.4  6.7  4.3
EBITDA(8)(9)(10)(11)(14)
Interest                 1.8      NM    1.3    3.6    2.7    4.9    2.8    2.2      2.4    1.9  4.3  3.3
Coverage(10)(11)(14)
Debt Service             1.8      NM    1.3    3.2    1.9    0.5    2.4    2.0      2.1    1.7  3.8  1.7
Coverage(10)(11)(14)
Average Age of           40 yrs —     28    40    52    16    38    31 yrs 18    25  31  28 yrs
Companies(11)(14)                       yrs   yrs   yrs   yrs   yrs            yrs   yrs yrs
Diluted Ownership        66 %     —%    —%     56 %   80 %   91 %   46 %   60 %     55 %   25 % —%   74 %
Percentage(4)(15)
Average                  $50      $—    $42    $225   $67    $168   $170   $197     $84    $152 $261 $167
Revenue(11)(12)(14)
Average Adjusted         $5       $—    $8     $49    $14    $71    $44    $36      $19    $43  $84  $46
EBITDA(8)(11)(14)
Total Revenue(11)(12)    $83      $216  $76    $1,509 $365   $1,300 $3,031 $4,563   $1,186 $441 $557 $13,327
Total Adjusted           $7       $2    $11    $211   $56    $301   $425   $734     $206   $145 $176 $2,274
EBITDA(8)(11)
% of Senior              75 %     —%    59 %   —%     27 %   36 %   19 %   60 %     30 %   38 % 100  42 %
Loans(10)(11)(13)                                                                               %
% of Loans with          100 %    —%    100 %  100 %  100 %  97 %   94 %   89 %     67 %   38 % 100  72 %
Lien(10)(11)(13)                                                                                %
                         Pre-2001 -
Majority Owned Portfolio 2012 Static
Companies ("MOPC")(6)    Pools
                         Aggregate
Total Number of MOPC     44
Total Revenue(12)        $3,221
Total Gross Profit(12)   $1,612
Total Adjusted EBITDA(8) $716
Total Capital            $105
Expenditures(12)
Total Current ACAS
Investment in MOPC at    $3,460
Fair Value
Total Current ACAS
Investment in MOPC at    $3,240
Cost Basis
Total Current ACAS Debt
Investment in MOPC at    $1,264
Fair Value
Total Current ACAS Debt
Investment in MOPC at    $1,341
Cost Basis
Diluted Ownership
Percentage of ACAS in    72 %
MOPC(15)
Total Cash(16)           $205
Total Assets(16)         $4,403
Total Debt(16)           $3,484
Total Third-party Debt   $1,707
at Cost(16)
Total Shareholders'      $3,214
Equity(16)(17)
(1) Static pool classification is based on the year the initial investment was made. Subsequent add-on
investments are included in the static pool year of the original investment. There were no

investments made in 2009 and 2010 static pool years.
(2) Assumes investments are exited at current fair value.
(3) Includes fully exited investments of existing portfolio companies.
(4) Excludes investments in Structured Products.
(5) Excludes equity investments that are the result of conversions of debt and warrants received
with the issuance of debt.
(6) MOPC investments represent portfolio company investments in which American Capital, or its affiliates,
have a fully diluted ownership percentage of 50% or more or have over 50% board

 representation at the portfolio company. Excludes our investment in European Capital.
(7) Represents committed investment amount at the time of origination.
(8) Adjusted EBITDA may reflect certain adjustments to the reported EBITDA of a portfolio company for
non-recurring, unusual or infrequent items or other pro-forma items or events to normalize

 current earnings which a buyer may consider in a change in control transactions. These adjustments may
be material and are highly subjective in nature. Portfolio company reported EBITDA is for

 the most recently available twelve months, or when appropriate, the forecasted twelve months or
current annualized run-rate.
(9) For portfolio companies with a nominal Adjusted EBITDA amount, the portfolio company's maximum
debt leverage is limited to 15 times Adjusted EBITDA.
(10) Excludes investments in which we own only equity.
(11) Excludes investments in Structured Products and managed funds.
(12) For the most recent twelve months, or when appropriate, the forecasted twelve months.
(13) As a percentage of our total debt investments.
(14) Weighted average based on fair value.
(15) Weighted average based on fair value of equity investments.
(16) As of the most recent month end available.
(17) Calculated as the estimated enterprise value of the MOPC's less the cost basis of any
outstanding debt of the MOPC's.



SHAREHOLDER CALL
American Capital invites shareholders, analysts and interested parties to
attend the shareholder call on November 1, 2012 at 2:00 pm ET. The
shareholder call can be accessed through a live webcast, free of charge, at
www.AmericanCapital.com or by dialing (877) 270-2148 (U.S. domestic) or (412)
902-6510 (international). All callers are asked to dial in 10-15 minutes
prior to the call to register. Please advise the operator you are dialing in
for the American Capital shareholder call. Callers who do not plan on asking
a question and have access to the internet are asked to utilize the webcast.
The shareholder call may be postponed depending on when equity markets reopen
following Hurricane Sandy.

A slide presentation will accompany the shareholder call and will be available
at www.AmericanCapital.com. Select the Q3 2012 Earnings Presentation link to
download and print the presentation in advance of the shareholder call.

An archived audio replay of the shareholder call combined with the slide
presentation will be made available on our website after the call onNovember
1, 2012. In addition, there will be a phone recording available from 4:00 pm
ETNovember 1, 2012 until 9:00 am ET November 16, 2012. If you are interested
in hearing the recording of the presentation, please dial (877) 344-7529 (U.S.
domestic) or (412) 317-0088 (international). The access code for both
domestic and international callers is 10019010.

ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset
manager. American Capital, both directly and through its asset management
business, originates, underwrites and manages investments in middle market
private equity, leveraged finance, real estate and structured products.
American Capital manages $18.6 billion of assets, including assets on its
balance sheet and fee earning assets under management by affiliated managers,
with $118 billion of total assets under management (including levered
assets). From its seven offices in the U.S. and Europe, American Capital and
its affiliate, European Capital, will consider investment opportunities from
$10 million to $500 million. For further information, please refer to
www.AmericanCapital.com. 

ADDITIONAL INFORMATION
Persons considering an investment in American Capital should consider the
investment objectives, risks and charges and expenses of the Company carefully
before investing. Such information and other information about the Company is
available in the Company's annual report on Form 10-K, quarterly reports on
Form 10-Q and in the prospectuses the Company issues from time to time in
connection with its offering of securities. Such materials are filed with the
Securities and Exchange Commission ("SEC") and copies are available on the
SEC's website, www.sec.gov. Prospective investors should read such materials
carefully before investing. Performance data quoted above represents past
performance of American Capital. Past performance does not guarantee future
results and the investment return and principal value of an investment in
American Capital will likely fluctuate. 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.

This press release contains forward-looking statements. Forward-looking
statements are based on estimates, projections, beliefs and assumptions of
management of the Company at the time of such statements and are not
guarantees of future performance. Forward-looking statements involve risks and
uncertainties in predicting future results and conditions. Actual results
could differ materially from those projected in these forward-looking
statements due to a variety of factors, including, without limitation, 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. Certain factors
that could cause actual results to differ materially from those contained in
the forward-looking statements are included in the "Risk Factors" section of
the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2011 and the Company's subsequent periodic filings. Copies are available
on the SEC's website at www.sec.gov. Forward-looking statements are made as
of the date of this press release, and are subject to change without notice.
We disclaim any obligation to update or revise any forward-looking statements
based on the occurrence of future events, the receipt of new information, or
otherwise.

CONTACT:
Investors - (301) 951-5917
Media - (301) 968-9400

SOURCE American Capital, Ltd.

Website: http://www.AmericanCapital.com
 
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