MVC Capital Declares Third Quarter Dividend of $0.12 Per Share

PURCHASE, N.Y.--(Business Wire)--
MVC Capital, Inc. (NYSE: MVC), a publicly traded business development company
that makes private debt and equity investments, has announced that its board of
directors has declared a dividend of $0.12 per share, or a total of
approximately $2.9 million, to be distributed to shareholders for the third
quarter of fiscal 2009. The dividend is payable on July 31, 2009 to shareholders
of record on July 24, 2009. This distribution represents the seventeenth
consecutive quarterly dividend paid by the Fund since implementing a dividend
policy in July of 2005.

The Fund has a dividend reinvestment plan (DRIP Plan) for its registered
shareholders. Under the DRIP Plan, each registered shareholder's pro rata share
of the dividend is automatically reinvested in additional shares of the Fund
unless the shareholder provides specific instructions to receive the dividend in
cash. ComputerShare Trust Company, N.A. serves as the Fund's DRIP Plan Agent and
can be reached at 800-426-5523.

The amount and specific timing of future dividends paid pursuant to the Fund's
quarterly dividend policy will be determined by the board of directors each
quarter.

MVC-G

About MVC Capital, Inc.

MVC Capital is a Business Development Company traded on the New York Stock
Exchange that provides long-term debt and equity investment capital to fund
growth, acquisitions and recapitalizations of companies in a variety of
industries. For MVC's investor relations, please call 914-510-9400. All media
inquiries should be directed to Nathaniel Garnick at 212-687-8080.

Forward-Looking Statements

The information contained in this press release contains forward-looking
statements. These forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. Certain factors could
cause actual results and conditions to differ materially from those projected in
these forward-looking statements, and these factors are enumerated in the
company's periodic filings with the Securities and Exchange Commission.

MVC Capital, Inc.
Investor Relations, 914-510-9400
or
Media Inquiries
Nathaniel Garnick, 212-687-8080

Copyright Business Wire 2009