Allied Capital Announces Continuation of 2008 Annual Meeting of Stockholders

WASHINGTON--(Business Wire)--
Allied Capital Corporation (NYSE:ALD) reconvened its 2008 annual
meeting of stockholders today. Stockholders approved further
adjournment of the meeting in order to continue solicitation of votes
on the proposal to authorize the Company, with the approval of its
Board of Directors, to sell shares of its common stock below the
Company's then current net asset value per share in one or more
offerings. The annual meeting was adjourned until Tuesday, June 10,
2008 at 8:00 a.m. (EDT). The meeting will take place at the Company's
headquarters, 1919 Pennsylvania Avenue NW, 3rd Floor, Washington, DC,
20006.

For those stockholders that have submitted a proxy, that proxy
will remain valid for the adjourned meeting. For those that have not
yet submitted a proxy, additional proxy voting materials will be
circulated to stockholders. The Company encourages all stockholders to
vote their proxy.

About Allied Capital

Allied Capital is a leading business development company (BDC) in
the U.S. that invests private debt and equity capital in middle market
businesses nationwide. Founded in 1958 and operating as a public
company since 1960, Allied Capital is celebrating 50 years of
investing in and supporting the U.S. entrepreneurial economy.

Allied Capital provides long-term debt and equity capital for
management and sponsor-led buyouts, and for recapitalizations,
acquisitions and growth of middle market companies. Allied Capital's
one-stop financing capabilities include first and second lien senior
loans, unitranche debt, junior or subordinated debt and equity. Allied
Capital seeks to invest in stable, less cyclical companies that
produce significant free cash flow and high returns on invested
capital. At March 31, 2008, the company's private finance portfolio
included investments in 124 companies that generate aggregate revenues
of over $13 billion and employ more than 98,000 people.

Allied Capital provides flexible, competitive debt and equity
capital for management and sponsor-led buyouts, recapitalizations,
acquisitions and growth of middle market companies. Allied Capital's
seamless, one-stop financing capabilities include first and second
lien senior loans, unitranche debt, junior or mezzanine debt and
equity.

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. For more
information, please visit www.alliedcapital.com, call Allied Capital
investor relations toll-free at (888) 818-5298, or e-mail us at
ir@alliedcapital.com.

Investor Relations Inquiries:
Allied Capital Corporation
Shelley Huchel, 202-721-6100
or
Media Inquiries:
Sitrick and Company, Inc.
Tom Becker, 212-573-6100

Copyright Business Wire 2008