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The following statement is being issued by Izard Nobel LLP and Brower Piven, A Professional Corporation regarding the American Capital Class Action Settlement.

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF MARYLAND

WARD KLUGMANN, Individually and on behalf of all others similarly situated, Plaintiff, v. AMERICAN CAPITAL, LTD., MALON, WILKUS, JOHN R. ERICKSON, IRA WAGNER, SAMUEL A. FLAX, and RICHARD E. KONZMANN, Defendants. Civil Action No. 8:09-CV-00005-PJM

SUMMARY NOTICE OF PENDENCY OF PROPOSED
SETTLEMENT OF CLASS ACTION AND SETTLEMENT HEARING

TO: ALL PERSONS AND ENTITIES WHO PURCHASED SHARES OF THE PUBLICLY-TRADED COMMON STOCK OF AMERICAN CAPITAL, LTD. (THE “SHARES”) BETWEEN OCTOBER 31, 2007 AND NOVEMBER 7, 2008, INCLUSIVE.

You are hereby notified, pursuant to Court Order, that a hearing will be held on June 7, 2012, at 10:30 a.m., before the Honorable Peter J. Messitte, United States District Court Judge, United States District Court, District of Maryland, Courtroom 4C, 6500 Cherrywood Lane, Greenbelt, MD 20770 (the “Settlement Hearing”) to determine (1) whether the settlement of the Litigation in the amount of $18,000,000, plus any accrued interest thereon (the “Settlement”) should be approved as fair, reasonable, and adequate to the Settlement Class; (2) whether the proposed Plan of Allocation is fair, reasonable, and adequate; (3) whether the motion of Co-Lead Counsel for the Settlement Class (“Co-Lead Counsel”) for an award of attorneys’ fees, costs and expenses (the “Fee and Expense Motion”) and for an award to Plaintiffs relating to their representation of the Settlement Class (“Plaintiffs’ Expense Motion”) should be approved; and (4) whether the Litigation and the claims of the Members of the Settlement Class against Defendants should be dismissed on the merits and with prejudice as set forth in the Stipulation of Settlement (the “Settlement Stipulation”) filed with the Court.

If you purchased Shares during the period from October 31, 2007 through November 7, 2008, inclusive, your rights may be affected by the proposed Settlement and release of claims, as set forth in the Notice of Pendency of Proposed Settlement of Class Action and Settlement Hearing (the “Notice”). To share in the distribution of the Settlement Fund, Members of the Settlement Class must establish their rights and submit the Proof of Claim and Release form accompanying the Notice, which must be postmarked on or before July 20, 2012.

If you desire to be excluded from the Settlement Class, you must submit a request for exclusion by May 24, 2012, in the manner and form explained in the detailed Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Litigation pursuant to the Settlement Stipulation between the parties.

Any objection to the Settlement, the Plan of Allocation, the Fee and Expense Motion, or the Plaintiffs’ Expense Motion must be filed with the clerk of the Court and served upon each of the following law firms no later than May 24, 2012, at the addresses listed below:

Clerk of the United States District Court
District of Maryland
6500 Cherrywood Lane
Greenbelt, MD 20770

Jeffrey S. Nobel
IZARD NOBEL LLP
29 South Main Street, Suite 215
West Hartford, CT 06107

Charles Piven
BROWER PIVEN,
A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153

If you are a member of the Settlement Class and have not yet received the Notice, you may obtain a copy by visiting www.AmericanCapitalSecuritiesLitigation.com

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