Allied Capital to Host Conference Call Monday, June 17, 2002 at 1:00 pm EST.

Business Editors

WASHINGTON--(BUSINESS WIRE)--June 14, 2002

Allied Capital Corporation (NYSE:ALD) today announced that it will host a webcast/conference call on Monday, June 17, 2002, at 1:00 pm (EST).

Bill Walton, Chairman and CEO, remarked, "As we stated in our last conference call, we are committed to having an open dialogue with our shareholders. In Monday's call we will continue our process of educating the public about Allied Capital's business, as well as providing an update on recent market activity."

All interested parties are welcome to attend the live webcast, which will be hosted through our website at www.alliedcapital.com. Please visit the website to test your connection before the call. You can also access the conference call by dialing [phone] approximately 15 minutes prior to the call; please reference the passcode "Allied Capital."

International callers should dial [phone]. An archived replay of the call can be accessed by dialing [phone]. Please reference the passcode "4569445". International callers should dial [phone] to access the replay. The webcast will also be archived and available on our website through July 1, 2002.

For complete information about the webcast/conference call and the replay, please visit our website or call Allied Capital Investor Relations at [phone].

About Allied Capital

Allied Capital is the nation's largest business development company, and provides long-term investment capital to support the expansion of growing middle-market companies. The company provides mezzanine debt and equity financing, and also participates in the real estate capital markets as an investor in commercial mortgage-backed securities.

The company is headquartered in Washington, DC. For more information, please visit the web site at www.alliedcapital.com, call Allied Capital Investor Relations toll-free at [phone], or e-mail us at [e-mail].

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.