Rule 8.3 - AMERICAN CAP LTD

FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
              (Rule 8.3 of the City Code on Takeovers and Mergers)


1.   KEY INFORMATION

Name of person dealing        BARCLAYS PLC
(Note 1)
Company dealt in              AMERICAN CAP LTD
Class of relevant security    COM USD0.01
to which the dealings being
disclosed relate (Note 2)
Date of dealing               19 December 2008

2.   INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a)  Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

                            Long                     Short

                      Number       (%)         Number       (%)

(1) Relevant      14,475,013     7.00%         46,725     0.02%
securities
(2) Derivatives        3,400     0.00%
(other than
options)
(3) Options and        6,428     0.00%         1,397      0.00%
agreements to
purchase/sell
Total             14,484,841     7.01%        48,122      0.02%

(b)  Interests and short positions in relevant securities of the company, other
     than the class dealt in (Note 3)

Class of                    Long                     Short
relevant
security:

                  Number              (%)   Number              (%)

(1) Relevant
securities

(2) Derivatives
(other than
options)

(3) Options and
agreements to
purchase/sell

Total


  (c)  Rights to subscribe (Note 3)

Class of relevant security:   Details



3.   DEALINGS (Note 4)

  (a)  Purchases and sales

Purchase/sale Number of Securities Price per unit
                                   (GBP)
Purchase      47                   3.3300 USD
Purchase      100                  3.2100
Purchase      100                  3.2200
Purchase      100                  3.2610
Purchase      151                  3.1637
Purchase      826                  3.0900
Purchase      8,260                3.1700
Purchase      3,900                3.1226
Purchase      2,700                3.2331
Purchase      6,000                3.1745
Purchase      18,729               3.1878 USD
Purchase      708                  3.0900 USD
Purchase      22,800               3.1636 USD
Purchase      200                  3.1700
Purchase      596                  3.3300 USD
Purchase      100                  3.3300
Purchase      510                  3.3300 USD
Purchase      270                  3.3300 USD
Purchase      2,486                3.3300 USD
Purchase      565                  3.3300 USD
Purchase      2,200                3.3300 USD
Purchase      1,045                3.3300 USD
Purchase      3,680                3.3250 USD
Purchase      16,780               3.3250 USD
Purchase      6,448                3.3250 USD
Purchase      5,929                3.3300 USD
Purchase      1,819                3.1730 USD
Purchase      2,007                3.3300
Purchase      298                  3.3300 USD
Purchase      856,643              3.0200
Purchase      300                  3.1700
Purchase      6                    3.1650
Purchase      251                  3.3300
Purchase      22,700               3.3300
Purchase      31,400               3.3343
Purchase      200                  3.1800
Purchase      50                   3.1500
Purchase      91,300               3.1042
Purchase      26,787               3.1706
Purchase      45                   3.1500
Purchase      1,300                3.2038
Purchase      1,655                3.3300
Sale          10,800               3.1318
Sale          54                   3.3300
Sale          864                  3.3300 USD
Sale          1,110                3.3300
Sale          165                  3.3300 USD
Sale          9,500                3.1553
Sale          11,890               3.1033
Sale          1,819                3.1730 USD
Sale          6,000                3.1745
Sale          2,007                3.3300
Sale          22,625               3.0942
Sale          38,685               3.1075
Sale          2,989                3.3300
Sale          200                  3.2200
Sale          400                  3.2600
Sale          3,400                3.1071
Sale          31,400               3.3343
Sale          22,951               3.3300
Sale          616                  3.3300 USD
Sale          300                  3.1667
Sale          119                  3.3300 USD
Sale          301                  3.1702
Sale          587                  3.3300
Sale          545                  3.3300
Sale          5,600                3.3300 USD
Sale          151                  3.1637
Sale          802                  3.3300 USD
Sale          7,300                3.2276
Sale          7,400                3.2022

(b)  Derivatives transactions (other than options)
Product name,  Long/Short    Number of     Price per
(e.g. CFD)     (Note 6)      Securities    unit (GBP)

(c)  Options transactions in respect of existing securities

(i)  Writing, selling, purchasing or varying

Product name,   Writing,          Number of          Exercise  Type, e.g.      Expiry      Option money
e.g. call       selling,          securities to      price     American,       date        paid/received
option          purchasing,       which the option             European etc.               per unit (GBP)
                varying etc.      relates (GBP)
Call            Selling           5                  5         AMER         21/02/2009     0.3

(ii) Exercising

Product name, e.g.  Number of           Exercise price per
call option         securities          unit (Note 5)



(d)  Other dealings (including new securities) (Note 4)


Nature of transaction Details           Price per unit
(Note 8)                                (if applicable)
                                        (Note 5)




4.   OTHER INFORMATION
None

Agreements, arrangements or understandings relating to options or derivatives


Full details of any agreement, arrangement or understanding between the
person disclosing and any other person relating to the voting rights of
any relevant securities under any option referred to on this form or
relating to the voting rights or future acquisition or disposal of any
relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.




Is a Supplemental Form 8 attached? (Note 9)                 YES


Date of disclosure                         22 December 2008
Contact name                               Geoff Smith
Telephone number                           020 7116 2913
If a connected EFM, name of
offeree/offeror with which connected
If a connected EFM, state nature of
connection (Note 10)


Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk

SUPPLEMENTAL FORM 8

DETAILS OF OPEN POSITIONS
(This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3, as appropriate)


Product name,     Written or  Number of securities   Exercise price   Type, e.g.     Expiry date
e.g. call option  purchased   to which the option    (Note 2)         American,
                              or derivative relates                   European etc.
Option            Purchased   -11                    22.5000          AMER           21/02/2009
Option            Purchased   -4                     17.5000          AMER           20/12/2008
Option            Purchased   -14                    10.0000          AMER           16/05/2009
Option            Purchased   -14                    15.0000          AMER           16/05/2009
Option            Purchased   -13                    10.0000          AMER           20/12/2008
Option            Purchased   -13                    5.0000           AMER           21/02/2009
Option            Purchased   -17                    10.0000          AMER           21/02/2009
Option            Purchased   -11                    15.0000          AMER           21/02/2009
Option            Purchased   -18                    7.5000           AMER           21/02/2009
Option            Purchased   -10                    40.0000          AMER           21/02/2009
Option            Purchased   -9                     2.5000           AMER           17/01/2009
Option            Purchased   -8                     7.5000           AMER           17/01/2009
Option            Purchased   -7                     12.5000          AMER           16/05/2009
Option            Purchased   -6                     7.5000           AMER           16/05/2009
Option            Purchased   -252                   17.5000          AMER           21/02/2009
Option            Purchased   -12                    10.0000          AMER           16/05/2009
Option            Purchased   -56                    20.0000          AMER           21/02/2009
Option            Purchased   -187                   30.0000          AMER           21/02/2009
Option            Purchased   -185                   5.0000           AMER           21/02/2009
Option            Purchased   -142                   10.0000          AMER           20/12/2008
Option            Purchased   -116                   5.0000           AMER           16/05/2009
Option            Purchased   -90                    2.5000           AMER           20/12/2008
Option            Purchased   -16                    25.0000          AMER           16/05/2009
Option            Purchased   1,100                  25.0000          AMER           21/02/2009
Option            Purchased   -2                     17.5000          AMER           16/05/2009
Option            Purchased   -53                    5.0000           AMER           20/12/2008
Option            Purchased   -29                    7.5000           AMER           20/12/2008
Option            Purchased   -28                    7.5000           AMER           21/02/2009
Option            Purchased   -25                    30.0000          AMER           16/05/2009
Option            Purchased   -22                    2.5000           AMER           21/02/2009
Option            Purchased   -20                    12.5000          AMER           20/12/2008
Option            Purchased   628                    10.0000          AMER           21/02/2009
Option            Purchased   99                     12.5000          AMER           21/02/2009
Option            Purchased   -5                     12.5000          AMER           16/05/2009
Option            Purchased   22                     10.0000          AMER           21/02/2009
Option            Purchased   22                     20.0000          AMER           16/05/2009
Option            Purchased   24                     15.0000          AMER           21/02/2009
Option            Purchased   29                     5.0000           AMER           20/12/2008
Option            Purchased   15                     2.5000           AMER           16/05/2009
Option            Purchased   92                     20.0000          AMER           21/02/2009
Option            Purchased   14                     5.0000           AMER           17/01/2009
Option            Purchased   119                    25.0000          AMER           21/02/2009
Option            Purchased   144                    20.0000          AMER           21/02/2009
Option            Purchased   436                    7.5000           AMER           21/02/2009
Option            Purchased   448                    15.0000          AMER           21/02/2009
Option            Purchased   566                    12.5000          AMER           21/02/2009
Option            Purchased   612                    12.5000          AMER           21/02/2009
Option            Purchased   37                     35.0000          AMER           21/02/2009
Option            Purchased   7                      30.0000          AMER           16/05/2009
Option            Purchased   -2                     17.5000          AMER           16/05/2009
Option            Purchased   1                      15.0000          AMER           20/12/2008
Option            Purchased   1                      20.0000          AMER           16/05/2009
Option            Purchased   1                      5.0000           AMER           17/01/2009
Option            Purchased   2                      17.5000          AMER           20/12/2008
Option            Purchased   16                     2.5000           AMER           16/05/2009
Option            Purchased   7                      15.0000          AMER           16/05/2009
Option            Purchased   1,920                  17.5000          AMER           21/02/2009
Option            Purchased   7                      40.0000          AMER           21/02/2009
Option            Purchased   8                      17.5000          AMER           21/02/2009
Option            Purchased   10                     7.5000           AMER           16/05/2009
Option            Purchased   11                     30.0000          AMER           21/02/2009
Option            Purchased   12                     2.5000           AMER           21/02/2009
Option            Purchased   13                     5.0000           AMER           16/05/2009
Option            Purchased   5                      12.5000          AMER           20/12/2008

Notes

1. Where there are open option positions or open derivative positions (except for CFDs), full details should be given.
Full details of any  existing agreements to purchase or to sell  should also be given on this form.

2. For all prices and other monetary amounts, the currency must be stated.

For details of the Code's dealing disclosure requirements, see Rule 8 and its Notes which can be viewed on the Takeover
Panel's website at www.thetakeoverpanel.org.uk