Allied Capital Corporation
1919 Pennsylvania Avenue NW
Washington, DC 20006
(202) 331 - 1112
www.americancapital.com
UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
27-Nov-00 UPGRADE   Outperform  Buy Ferris Baker
13-Sep-00 INITIATED   Buy
Banc of America Sec
13-Jan-00 UPGRADE   NT Accum  NT Buy Merrill Lynch
9-Dec-99 INITIATED   NT Accum/LT Buy
Merrill Lynch
2-July-99 DOWNGRADE   Buy  Accumule Friedman Billings
3-June-99 INITIATED   Buy
First Union Cap Markets
15-Apr-99 INITIATED   Buy
Friedman Billings