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European Capital Ltd (ECAS)

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Tuesday 06 November, 2007

European Capital Ltd

Earnings Result

European Capital Limited
06 November 2007

European Capital Limited
First Floor, Dorey Court, Admiral Park
St. Peter Port, Guernsey GY1 6HJ
[email protected]


6 November 2007


John Erickson, Dir., European Capital Financial Services (Guernsey) Limited:
+1(301) 951-6122

Tom McHale, Dir., European Capital Financial Services Limited: +1 (301) 951-6122

Justin Cressall, Vice President, Equity Capital Markets, American Capital
Strategies Ltd: +1 (301) 951-6122


                    REITERATES Q4 DIVIDEND GUIDANCE OF €0.14

St. Peter Port, Guernsey - 6 November 2007 - European Capital Limited ("European
Capital") (LSE: ECAS) announced today its fourth quarter 2007 dividend guidance
and its results for the third quarter of 2007.


European Capital reiterates guidance for a fourth quarter 2007 dividend of €0.14
per share.  This would be an 8% increase over the third quarter 2007 dividend of
€0.13 per share.  It is in line with the dividend target announced at the time
European Capital declared its second quarter 2007 dividend and represents a 37%
increase from guidance provided in the Listing Prospectus.  European Capital has
now paid a total of €24.9 million in dividends since its May 2007 initial public
offering ("IPO").


European Capital also announced that for the third quarter of 2007, quarterly
net operating income ("NOI") (earnings less appreciation, depreciation, gains
and losses) increased 62% to €23 million, compared to €14 million for the third
quarter of 2006.  NOI per share increased 11% to €0.21 per share from €0.19 per
share for the third quarter of 2006.

Earnings less appreciation (depreciation) ("Realised Earnings") increased 44% to
€23 million, compared to €16 million for the third quarter of 2006.  Realised
Earnings per share were the same at €0.21 per share for the quarter compared to
the third quarter of 2006.  The last twelve months Realised Earnings return on
average equity totals 10%.

Earnings for the third quarter of 2007 decreased 84% to €3 million, compared to
€17 million for the third quarter of 2006.  Earnings per share for the quarter
decreased 87% to €0.03 compared to €0.23 for the third quarter of 2006.  The
last twelve months Earnings return on equity totals 9%.

"We are pleased with our third quarter performance, particularly compared to
many other financial institutions.  We continue to report outstanding Realised
Earnings, significantly in excess of our dividends, resulting in a 62% dividend
payout ratio," said Malon Wilkus, European Capital Chairman. "Our Realised
Earnings are driven by the exceptional performance of our underlying assets,
with a 15% annual return since our inception in August 2005 on all of our
assets.  In fact, the 21% of our assets comprising our equity investments have
experienced 25% annual returns since inception.  These returns have been
corroborated by the €0.9 billion of realisations we've experienced since
inception in which we've enjoyed a 16% weighted average IRR.  Not only are these
excellent realised returns, but 57% of these realisations were from senior debt,
providing our shareholders with exceptional risk adjusted returns.  Our risk
profile is further enhanced by an extremely conservative balance sheet and the
fact that more than 50% of our Realised Earnings are paid out in cash dividends
that the market can't re-price and we can't restate.  This is a great time to
have permanent capital, a great time to have one of the best capitalised balance
sheets and a great time to be levered less than 1:1 debt to equity."

As previously announced, third quarter 2007 dividends were €0.13 per share, a
30% growth over the second quarter 2007 dividend of €0.10 per share.  For the
quarter, European Capital's dividend payout ratio was 62% of Realised Earnings
of €0.21 per share.  European Capital's net asset value ("NAV") per share at 30
September 2007 was €9.71, a €0.02 decrease, including distributions of €0.23 per
share, from the 10 May 2007 IPO NAV per share of €9.73.

"European Capital's portfolio continues to perform well," said John Erickson,
Director, European Capital Financial Services (Guernsey) Limited, European
Capital's Investment Manager. "Despite the €3.7 million in portfolio company net
depreciation this quarter, European Capital's net portfolio company appreciation
and gains have totalled €18 million from inception to date, not counting foreign
currency translation.  Delinquency or non-accruing loans are at a low level of
2% and have been fully depreciated.  European Capital's aggregate portfolio is
generating a 15% IRR after taking in to consideration the depreciation. We
believe that the performance of European Capital's portfolio remains

In the third quarter of 2007, European Capital invested €0.4 billion of capital
to make a total of €1.9 billion of invested assets.  In the third quarter of
2007, European Capital had €3.7 million of net portfolio depreciation, excluding
foreign currency exchange translation.  Foreign currency net depreciation and
losses were €16.7 million, mainly as a result of the weakening of sterling
against the euro.  This is comprised of net depreciation of €16.1 million and
net losses of €0.6 million.

The weighted average effective interest rate on European Capital's total
investments in debt securities at 30 September 2007 was 12.2% versus 12.0% at 30
June 2007.  At the same time, one portfolio company with loans totalling €29
million at face value was on non-accrual.  This represented 2.0% of total loans
at face value at 30 September 2007, compared to no loans at 30 September 2006.
The fair value of this loan at 30 September 2007 was nil.

"We have successfully increased European Capital's yields on debt investments
during the third quarter of 2007 in response to the disruption of the credit
markets.  That has caused the average effective interest rate to increase by 50
basis points above the level at the end of the second quarter of 2007," said Ira
Wagner, President of European Capital Financial Services Limited ("ECFS").  "
European Capital's One Stop BuyoutsTM have become even more important to sellers
of companies in this uncertain financing environment and European Capital's
ability to underwrite mezzanine tranches is in great demand from other private
equity sponsors.  In addition, we continue to make progress increasing our
market coverage across Europe, and although our investment opportunities in the
third quarter of 2007 declined from the second quarter of 2007, due to the
decline in very large transactions, the mid-sized transaction market remains
active, and our investment opportunities grew 55% over the third quarter of 

Since its inception in August 2005 up until 30 September 2007, European Capital
has invested in 73 portfolio companies totalling €2.7 billion. European Capital
has earned a 16% compounded annual return, including interest, dividends, fees
and net gains, on realisations of senior debt, subordinated debt and equity
investments, totalling €885 million of committed capital.  These realisations
represent 32% of all amounts committed by European Capital.

"During the third quarter of 2007, European Capital's strong balance sheet and
capital markets credibility allowed us to raise €150 million of financing,
during a time when access to capital was closed to many financial institutions,"
said Tom McHale, Director, ECFS.  "European Capital has zero percent of its
portfolio in CMBS investments. Only 1.3% of our portfolio assets are in CDOs,
which have produced a 21% IRR since our initial investments.  It has no
sub-prime mortgages.  Equity investments in portfolio companies have produced an
excellent 25% IRR since inception.  European Capital is very well capitalised
and has a portfolio that is performing in a market where opportunities have just
become far more profitable."


European Capital's Board of Directors is responsible for determining the fair
value of European Capital's portfolio investments on a quarterly basis.  In that
regard, the Board retains Houlihan Lokey Howard & Zukin Financial Advisors Inc.
("Houlihan Lokey") to assist it by having Houlihan Lokey regularly review its
fair value determinations.  Houlihan Lokey is a leading valuation firm engaged
in approximately 1,000 valuation assignments per year for clients worldwide.
Each quarter, Houlihan Lokey reviews European Capital's determination of the
fair value of all portfolio companies that have been a portfolio company at
least one year and that have a fair value in excess of €10 million.  In the
third quarter of 2007, Houlihan Lokey reviewed valuations of 16 portfolio
company investments having an aggregate €594 million in fair value as of the
period end.  Since European Capital's May 2007 IPO, Houlihan Lokey has reviewed
28 portfolio companies totaling €949 million in fair value as of their
respective valuation dates.  In addition, Houlihan Lokey representatives attend
European Capital's quarterly valuation meetings and provide periodic reports and
recommendations to the Audit Committee of the Board of Directors.

For those portfolio company investments that Houlihan Lokey has reviewed during
each applicable period, using the scope of review set forth by European
Capital's Board of Directors, the Board has made a fair value determination that
is within the aggregate range of fair value for such investments as determined
by Houlihan Lokey.


European Capital has made available its Quarterly Consolidated Financial
Statements for the nine months ended 30 September 2007.  A copy may be
downloaded from

Financial highlights for the quarter are as follows:

                                            EUROPEAN CAPITAL LIMITED
                                          CONSOLIDATED BALANCE SHEETS
                                  As of 30 September 2007 and 31 December 2006
                                     (in thousands, except per share data)

                                                   30 September         31 December        Q3 2007 Versus Q4 2006
                                                           2007                2006               €            %
Investments at fair value (Cost basis of €           €1,900,947          €1,077,709        €823,238          76%
1,909,041 and €1,072,938, respectively)
Cash and cash equivalents                                20,571              85,932        (65,361)         -76%
Restricted cash                                          17,404              12,913           4,491          35%
Other                                                    11,616              18,031         (6,415)         -36%
            Total assets                             €1,950,538          €1,194,585        €755,953          63%

Liabilities and Shareholders' Equity
Debt (maturing within one year €106,951 and €         € 877,246           € 422,414       € 454,832         108%
nil, respectively)
Due to European Capital Financial Services                3,776               3,568             208           6%
(Guernsey) Limited
Accrued dividends payable                                14,087              21,750         (7,663)         -35%
Other                                                     2,863               2,699             164           6%
            Total liabilities                           897,972             450,431         447,541          99%

Commitments and contingencies
Shareholders' equity:
Ordinary shares (nil par value, authorised to         1,030,371                   -     1,030,371             NM
issue unlimited number of shares,
108,364 issued and outstanding)
Preference shares (nil par value, authorised                  -             737,696       (737,696)        -100%
to issue unlimited number of shares, 75,000
issued and outstanding)
Undistributed net realised earnings                      22,966               1,261          21,705           NM
Net foreign currency (depreciation)                    (14,609)                 332        (14,941)           NM
Net appreciation of investments                          13,838               5,638           8,200         145%
Other reserve                                                 -               (773)             773         100%
Total shareholders' equity                            1,052,566             744,154         308,412          41%

Total liabilities and shareholders' equity           €1,950,538          €1,194,585        €755,953          63%

NM = Not Meaningful

                                                     EUROPEAN CAPITAL LIMITED
                                               CONSOLIDATED STATEMENTS OF OPERATIONS
                                      Three and Nine Months Ended 30 September 2007 and 2006
                                               (in thousands, except per share data)

                         Three Months Ended       Three Months Ended        Nine Months Ended     Nine Months Ended
                         30              30       30 September 2007         30             30     30 September 2007
                         September September        Versus 2006            September September    
                         2007          2006                                2007          2006        Versus 2006
                                                        €           %                                   €          %
Interest and dividend 
income                   €45,294    €20,361       €24,933        122%      €119,256    €39,904    €79,352       199%
Fee and Other Income       1,076      7,959        (6,883)       -86%         6,103      8,979     (2,876)      -32%
 Total operating income   46,370     28,320        18,050         64%       125,359     48,883     76,476       156%

Interest                  12,066      5,103         6,963        136%        27,270      8,999     18,271       203%
Management fee and         8,945      7,971           974         12%        29,684     21,041      8,643        41%
reimbursed expenses
Incentive fee                  -          -             -         NM          5,115          -      5,115         NM
General and administrative 2,213        898         1,315        146%         5,573      2,351      3,222       137%
 Total operating          23,224     13,972         9,252         66%        67,642     32,391     35,251       109%

OPERATING INCOME BEFORE   23,146     14,348         8,798         61%        57,717     16,492     41,225       250%
(Provision) benefit for      (12)       (69)           57         83%          (191)       (69)      (122)     -177%
income taxes
NET OPERATING INCOME      23,134     14,279         8,855         62%        57,526     16,423     41,103       250%
Net foreign currency        (623)     1,406        (2,029)      -144%         2,531       (735)     3,266       444%
(losses) gains

Net gains on investments       -          -             -          NM         2,321        202      2,119         NM

EARNINGS                  22,511     15,685         6,826         44%        62,378     15,890     46,488       293%

Net foreign currency     (16,065)       237       (16,302)         NM       (14,941)      (745)   (14,196)        NM
(depreciation) appreciation

Net (depreciation)        (3,653)     1,158        (4,811)       -415%        8,200       2,362     5,838        247%
appreciation of investments

("EARNINGS")              €2,793    €17,080      €(14,287)        -84%      €55,637     €17,507   €38,130        218%

  Basic & Diluted          €0.21      €0.19          €0.02         11%        €0.62       €0.22     €0.40        182%

  Basic & Diluted          €0.21      €0.21          €0.00          0%        €0.67       €0.21     €0.46        219%
  Basic & Diluted          €0.03      €0.23         €(0.20)        -87%       €0.60       €0.23     €0.37        161%

  Basic & Diluted        108,364     75,000          33,364         44%      92,599      75,000    17,599         23%
PER SHARE                  €0.13      €0.00           €0.13         NM        €0.44       €0.00     €0.44          NM

NM = Not Meaningful

                                                      EUROPEAN CAPITAL LIMITED
                                                    OTHER FINANCIAL INFORMATION
                            Three Months Ended 30 September 2007, 31 December 2006 and 30 September 2006
                                               (in thousands, except per share data)

                                      Q3           Q4       Q3 2007 Versus Q4 2006           Q3  Q3 2007 Versus Q3 2006
                                    2007         2006              €         %             2006        €           %
New Investments:
Senior Debt                    € 155,670    € 185,650       €(29,980)        -16%     € 167,306     €(11,636)     -7%
Subordinated Debt                212,785      129,740          83,045         64%       161,481        51,304     32%
Preferred Equity                  13,441       63,795         (50,354)       -79%       109,341      (95,900)    -88%
Common Equity                     30,181       14,031          16,150        115%         5,719        24,462    428%
CDO/CLO Investments               16,973            -          16,973          NM             -        16,973      NM
                    Total      € 429,050    € 393,216        € 35,834          9%     € 443,847    € (14,797)     -3%

European Capital Sponsored 
Buyouts                        € 123,040    € 243,367     €(120,327)         -49%     € 259,002    €(135,962)    -52%
Financing for Sponsored 
Buyouts                          184,105      148,091          36,014         24%       154,021        30,084     20%
Direct Investments                95,713            -          95,713          NM             -        95,713      NM
Add-on Financing for 
Acquisitions                       9,219        1,758           7,461        424%        30,824       (21,605)   -70%
Add-on Financing for                   -            -               -          NM             -             -      NM
CDO/CLO Investments               16,973            -          16,973          NM             -        16,973      NM
                    Total      € 429,050    € 393,216        € 35,834          9%     € 443,847    € (14,797)     -3%

Senior Loan Syndications          42,048      122,702         (80,654)       -66%        62,391       (20,343)   -33%
Principal Prepayments             76,916       30,306          46,610        154%         7,182        69,734    971%
Payment of Accrued 
Payment-in-kind                    4,109            -           4,109          NM            -          4,109      NM
Interest and Dividends and                                                                          
original Issue Discount
Sale of Equity Investments             -        1,357          (1,357)      -100%        1,206         (1,206)  -100%
                    Total      € 123,073    € 154,365       € (31,292)       -20%     € 70,779        € 52,294    74%

Appreciation, Depreciation, 
Gains and Losses:
Gross Gains                    €       -      € 1,345       €  (1,345)      -100%     €      -         € 2,119     NM
Gross Losses                           -            -               -          NM            -               -     NM
        Net Gains              €       -      € 1,345       €  (1,345)      -100%     €      -         €     -   100%

Gross Appreciation at 
7, 2 and 2                        31,191        3,678          27,513        748%        1,903          29,288     NM
Portfolio Companies
Gross Depreciation at 5, 
1 and 1                          (34,844)           -         (34,844)         NM         (745)        (34,099)    NM
Portfolio Companies
        Current Portfolio Net     (3,653)       3,678          (7,331)      -199%        1,158          (4,811)  -415%
Net Depreciation From the              -         (402)            402        100%            -               -     NM
Recognition of Net Gains
Net (Depreciation) 
Appreciation for                 (16,065)       1,819         (17,884)      -983%          237         (16,302)    NM
Foreign Currency Translation
Net (Losses) Gains for Foreign      (623)        (829)            206         25%        1,406          (2,029)  -144%
Currency Translation
        Net Gains, Losses,     € (20,341)      € 5,611      € (25,952)      -463%      € 2,801       € (23,142)  -826%
        Appreciation and

Other Financial Data:
Net Asset Value per Share         € 9.71       €  9.92        € (0.21)        -2%       € 6.77        €   2.94     43%
Market Capitalisation          € 938,432            NA             NM          NM           NA              NM      NM
Total Enterprise Value       € 1,795,107            NA             NM          NM           NA              NM      NM  
Credit Quality:
Weighted Average Effective 
Interest                            12.2%        12.5%                                   11.6%
Rate on Debt Investments
Loans on Non-Accrual at Face €    29,000       €     -        € 29,000       100%       €    -        € 29,000      NM
Loans on Non-Accrual at 
Fair Value                   €         -       €     -        €      -         NM       €    -        €      -      NM
Past Due Loans at Face       €         -       €     -        €      -         NM       €    -        €      -      NM
Past Due and Non-Accrual 
Loans at                             2.0%         0.0%                                     0.0%
Face as a Percentage of 
Total Loans
Past Due and Non-Accrual 
Loans at                             0.0%         0.0%                                     0.0%
Fair Value as a Percentage 
of Total Loans
Number of Portfolio Companies on        1            -                                       -
Non-Accrual and Past Due
Return on Equity:
LTM Net Operating Income Return on   9.0%         7.9%                                     2.4%
Average Equity at Cost
LTM Realised Earnings Return on      9.6%         7.9%                                     2.5%
Average Equity at Cost
LTM Earnings Return on Average       9.3%         9.5%                                     2.8%
Current Quarter Net Operating 
Income                               8.8%        10.1%                                    13.0%
Return on Average Equity at Cost
Current Quarter Realised Earnings    8.6%        10.4%                                    14.3%
Return on Average Equity at Cost                                                       

Current Quarter Earnings Return on   1.1%        13.7%                                    15.6%
Average Equity Annualised

Dividend Coverage (Realised 
Earnings                            1.62   x     1.48   x                                    NM
per Basic Share/Dividend per Share)

Dividend Payout Ratio (Dividend per 0.62   x     0.68   x                                    NM
Share/Realised Earnings per Basic

NM = Not Meaningful
NA = Not Applicable

                                            EUROPEAN CAPITAL LIMITED
                                            STATIC POOL INFORMATION
                    Portfolio Statistics for Investments Made in Each of the Following Years
                                                 (in thousands)

Portfolio statistics  (1) (9)                 2005              2006              2007            Aggregate

Internal Rate of Return - All
Investments  (2) (8)                         16.3%             13.5%             17.0%                14.8%
Internal Rate of Return - Equity
Investments only  (2) (8) (10)               38.3%             21.3%              29.4%               24.5%
Original Investments and Commitments     € 237,612       € 1,209,653       €  1,297,377        €  2,744,642
Total Exits and Prepayments of Original  €  86,151       €   526,263       €    300,711        €    913,125
Investments  (8)                                                                        
Total Interest, Dividends and Fees       €  30,482       €    79,071       €     23,988        €    133,541
Collected  (8)                                                                    
Total Net Gains on Investments           €     202       €     3,666       €          -        €      3,868
Current Cost of Investments              € 163,475       €   721,193       €  1,024,373        €  1,909,041
Current Fair Value of Investments        € 174,798       €   705,294       €  1,020,855        €  1,900,947
Net Appreciation (Depreciation)          €  11,347       €    (5,681)      €      7,892        €     13,558
Non-Accruing Loans at Face               €       -       €    29,000       €          -        €     29,000
Non-Accruing Loans at Fair Value         €       -       €         -       €          -        €          -             
Equity Interest at Fair Value            €  29,895       €   226,667       €    184,788        €    441,350
Debt to EBITDA  (3) (4)                        5.1               6.3                7.4                 6.8
Interest Coverage  (3)                         3.5               2.8                4.1                 3.6
Debt Service Coverage  (3)                     2.3               2.2                3.4                 2.8
Average Age of Companies                  88 years          93 years           37 years            63 years
Ownership Percentage                         11.2%             31.2%              19.3%               23.1%
Average Sales (5)                        € 659,700       €   442,249       €    267,310        €    369,549
Average EBITDA (6)                       €  87,704       €    62,208       €     46,164        €     56,058
Average EBITDA margin (6)                    15.5%             14.7%              17.1%               15.7%
Total Sales (5)                        € 4,554,897       €15,895,962       € 13,660,229        € 34,111,088
Total EBITDA (6)                         € 706,051       € 2,333,138       €  2,329,007        €  5,368,196
% of Senior Loans (7)                          10%               23%                38%                 30%
% of Loans with Lien (7)                      100%              100%               100%                100%

(1)  Static pool classification is based on the year the initial investment was
     made. Subsequent add-on investments are included in the static pool year of 
     the original investment.

(2)  Assumes investments are exited at current fair value.

(3)  These amounts do not include investments in which European Capital owns only

(4)  For portfolio companies with a nominal EBITDA amount, the portfolio
     company's maximum debt leverage is limited to 15 times EBITDA.

(5)  Sales of the most recent twelve months, or when appropriate, the forecasted
     twelve months.

(6)  EBITDA of the most recent twelve months, or when appropriate, the forecasted
     twelve months.

(7)  As a percentage of our total debt investments.

(8)  Non euro-denominated amounts are retranslated at the exchange rate ruling at
     the date of original investment.

(9)  Non euro-denominated balances, other than those referred to in (8), are
     retranslated at the exchange rate ruling at the balance sheet date.

(10) Excludes equity investments that are the result of conversions of debt and
     warrants received with the issuance of debt.

A summary of European Capital's dividend history post IPO and forecast follows.
For more information, please visit our website at or
call our Investor Relations Department at +44 (0)20 7539 7100.


   Year and Quarter          Dividend        % Change of           Total
                                            Dividend Over
                                            Prior Period

2007                            €0.37            N/A               €0.37
Q4 Guidance                     €0.14
Q3                              €0.13
Q2 (IPO = 10 May 2007)          €0.10


European Capital invites shareholders, analysts and other interested persons to
attend the European Capital Shareholder Call on Wednesday 7 November 2007 at 14:
30 GMT (9:30 EST). The dial in number will be +44 (0)129 648 0100. Callers
within the United States should dial +1 (866) 804-8688. The access code for
callers is 814911.

Point your browser to and click on the Q3 2007
Shareholder Call Slide Show button.



The quarterly shareholder presentation includes a slide presentation to
accompany the call that participants may download and print prior to the call.
You may wish to take the time to review the slides in advance of the Shareholder



During the Shareholder Call you may watch and listen to the webcast or listen to
the Shareholder Call by phone and step through the slides at your own pace.



The audio of the Shareholder Call combined with the slide presentation will be
made available after the call on 7 November on our website


There will be a phone recording available from 23:59 GMT Wednesday 7 November
until 23:59 GMT Wednesday 21 November. If you are interested in hearing the
recording of the presentation, please dial +44 (0)800 032 9687 or +44 (0)207 136
9233. The access code for callers is 18522018.

For further information or questions, please do not hesitate to call our
Investor Relations Department at +44 (0)20 7539 7100.


European Capital is a publicly traded investment company for pan-European
equity, mezzanine and senior debt investments with capital resources of
approximately €2.3 billion ($3.3 billion). It is managed by European Capital
Financial Services (Guernsey) Limited ("ECFSG" or "the Investment Manager"), a
wholly-owned affiliate of American Capital Strategies, Ltd ("American Capital").

European Capital invests in and sponsors management and employee buyouts,
invests in private equity buyouts and provides capital directly to private and
public companies headquartered predominantly in Europe. European Capital
generally invests between €5 million and €500 million per transaction in equity,
mezzanine debt and senior debt to fund growth, acquisitions and

The investment objective of European Capital is to provide investors with
dividend income and the potential for share value appreciation by investing in
debt and equity investments in private and public companies headquartered
primarily in Europe.

European Capital seeks to achieve this through pursuing the following types of

European Capital One Stop BuyoutsTM

Through our One Stop BuyoutsTM, European Capital provides equity, mezzanine debt
and senior debt as the lead investor in the buyout of private and public

Mezzanine Direct with Sponsors

European Capital provides debt and equity financing for buyouts sponsored by
private equity firms where European Capital is either the sole or lead mezzanine
debt investor.

Syndicated Mezzanine and Senior Debt

European Capital provides mezzanine and senior financing for buyouts sponsored
by private equity firms where European Capital is neither the sole nor lead
mezzanine or senior debt investor.

Direct Investments

European Capital provides debt and equity financing directly to private and
public companies, which is used for growth, acquisitions or recapitalisations,
and investing in structured finance vehicles.

Companies interested in learning more about European Capital's flexible
financing should contact Jean Eichenlaub at + 33 (0)1 40 68 06 66 in Paris,
Simon Henderson or Nathalie Faure Beaulieu at + 44 (0)20 7539 7000 in London,
Robert von Finckenstein at +49 (0) 69 71 71 297-0 in Frankfurt, or Luis Felipe
Castellanos at +(34) 91 745 99 63 in Madrid, or visit the website at


American Capital Strategies Ltd. (Nasdaq: ACAS), with $19 billion in capital
resources under management, is an affiliate of European Capital and a member of
the S&P 500. It is the largest U.S. publicly traded private equity firm and one
of the largest publicly traded alternative asset managers. American Capital,
both directly and through its global asset management business, is an investor
in management and employee buyouts, private equity buyouts, and early stage and
mature private and public companies. American Capital provides senior debt,
mezzanine debt and equity to fund growth, acquisitions, recapitalisations and
securitisations. American Capital and its affiliates invest from $5 million to
$800 million per company in North America and €5 million to €500 million per
company in Europe.


This document may contain "forward-looking statements". By their nature,
forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances. Many of these risks and uncertainties relate to
factors beyond European Capital's control or which cannot be estimated
precisely. These factors include, but are not limited to, uncertainties
associated with the timing of transaction closings, changes in interest rates,
availability of transactions, changes in regional, national or international
economic conditions, and changes in the conditions of the industries in which
European Capital has made investments. Actual outcomes and results may therefore
differ materially from any outcomes or results expressed or implied by any such
forward-looking statements.

Performance data quoted above represents past performance of European Capital.
Past performance does not guarantee future results and the investment return and
principal value of an investment in European Capital will likely fluctuate.
Consequently, an investor's shares, when sold, may be worth more or less than
their original cost. Additionally, European Capital's current performance may be
lower or higher than the performance data quoted above.

Nothing in this document is intended to be a profit forecast.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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