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American Capital Announces the Purchase of 9 Million of Its Shares



      American Capital Announces the Purchase of 9 Million of Its Shares

PR Newswire

BETHESDA, Md., March 28, 2013

BETHESDA, Md., March 28, 2013 /PRNewswire/ -- American Capital, Ltd. (Nasdaq:
ACAS) ("American Capital" or the "Company") announced today that in the first
quarter of 2013, it made open market purchases of approximately 9.0 million
shares of American Capital common stock, or 3% of the Company's outstanding
shares as of December 31, 2012.  The shares were purchased at an average price
of $14.23 per share, totaling approximately $128.3 million.

Starting in the third quarter of 2011, American Capital has made open market
purchases of 61.4 million shares, or 17.8% of the Company's outstanding shares
as of June 30, 2011, at an average price of $10.16 per share, totaling $623.5
million.  Purchases starting in the third quarter of 2011 through December
2012 were $1.09 per share accretive to the Company's $17.84 net asset value
per share ("NAV") as of December 31, 2012.  Had these shares not been
repurchased, American Capital would have had to earn an additional $332
million during that six quarter period to have produced the same NAV per
share.  Accretion from the purchases in the first quarter of 2013 will be
disclosed in the Company's first quarter earnings release. 

These share purchases were completed in accordance with the Company's Share
Repurchase and Dividend Policy under which 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 NAV, 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 NAV.  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.

ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq: ACAS) 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 $117 billion of total assets under management (including
levered assets).  Through an affiliate, American Capital manages publicly
traded American Capital Agency Corp. (Nasdaq: AGNC) with approximately a $13
billion market capitalization and American Capital Mortgage Investment Corp.
(Nasdaq: MTGE) with approximately a $1.5 billion market capitalization. From
its eight offices in the U.S. and Europe, American Capital and its affiliate,
European Capital, will consider investment opportunities from $10 million to
$750 million.  For further information, please refer to
www.AmericanCapital.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.

Contact:
Investor Relations - (301) 951-5917

SOURCE American Capital, Ltd.

Website: http://www.americancapital.com
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