European Capital

European Capital Reports euro 0.90 NOI and euro 0.95 Realised Earnings in 2007

St. Peter Port, Guernsey (ots/PRNewswire) - - Forecasts 68% Dividend Increase in 2008 to euro 0.62

- Forecasts Q1 Dividend of euro 0.15

European Capital Limited ("European Capital") (LSE: ECAS) announced today its results for the fourth quarter and full year of 2007.

2007 RESULTS

European Capital announced today its results for the quarter and year ended 31 December 2007. Net Operating Income ("NOI") for the year increased 109% to euro 0.90 per share, compared to euro 0.43 per share for 2006. For the quarter, NOI increased 29% to euro 0.27 per share, compared to euro 0.21 per share in the fourth quarter of 2006.

"European Capital had a strong 2007 and is in an excellent position to have superior performance in 2008," said Malon Wilkus, European Capital Chairman. "However, the market has dramatically priced down financial stocks, and European Capital, being a young company, has experienced more than its share of these declines. We and our Investment Manager could not be more focused on this issue. We are reviewing all our options with respect to our extremely low price to book value and we will do all we can to see it rise in 2008."

Earnings less appreciation and depreciation ("Realised Earnings"), increased 121% to euro 0.95 per share for 2007, compared to euro 0.43 per share for 2006. For the quarter, Realised Earnings increased 23% to euro 0.27 per share, compared to euro 0.22 per share for the fourth quarter of 2006. Realised Earnings return on equity at cost for 2007 was 10%. 2007 Realised Earnings exceeded 2007 total dividends by 64%.

Earnings increased 31% to euro 0.68 per share for 2007, compared to euro 0.52 per share for 2006. For the quarter, Earnings decreased 69% to euro 0.09 per share, compared to euro 0.29 per share for the fourth quarter of 2006. Earnings return on equity for 2007 was 7%.

As previously announced, fourth quarter 2007 dividends were euro 0.14 per share. For the quarter, European Capital's Realised Earnings of euro 0.27 per basic share exceeded the dividend by 93%.

European Capital's net asset value ("NAV") per share at 31 December 2007 was euro 9.67, a euro 0.06 decrease, including dividend distributions of euro 0.37 per share, from the 10 May 2007 IPO NAV per share of euro 9.73. The 31 December 2007 NAV was euro 0.04 per share less than at the end of the prior quarter.

"The credit quality of our portfolio is excellent and we believe that the performance of European Capital's portfolio remains very strong," said John Erickson, Director of European Capital Financial Services (Guernsey) Limited, European Capital's Investment Manager. "Delinquencies and non-accruing loans are at a low level of 1.9% of the portfolio at cost. Commercial credit quality remains outstanding, spreads have widened, and many of our highly geared competitors are experiencing difficulty raising capital. With euro 2.3 billion of capital resources, we continue to have access to capital, permitting us to meet continued mid-market demand. Subsequent to our IPO in May 2007 we raised an unsecured multicurrency revolving line of credit in August 2007, a time when access to capital was closed to many financial institutions. Our ability to raise capital in this environment is also an ongoing affirmation of our business model, the outstanding quality of the Investment Manager's investment team and the portfolio."

For the year, European Capital invested euro 1.6 billion and received euro 0.7 billion of proceeds from realisations of portfolio investments. In the fourth quarter of 2007, European Capital invested euro 180 million and received euro 112 million of proceeds from realisations of portfolio investments.

The weighted average effective interest rate on European Capital's total investments in debt securities at 31 December 2007 was 12.7%, 50 basis points higher than at 30 September 2007. As of 31 December 2007, loans at cost of euro 30 million in relation to one Portfolio Company, which had been fully depreciated, were on non-accrual. These non-accruing loans represented 1.9% of total loans at cost and 0.0% of total loans at fair value at 31 December 2007.

"European Capital possesses significant competitive advantages as many of our competitors face a difficult environment in which many middle market investors are trying to find their way," said Ira Wagner, President of European Capital Financial Services Limited ("ECFS"). "European Capital's One Stop Buyouts(TM), in which we fund senior debt, mezzanine debt and equity, have become even more important to sellers of companies in this uncertain financing environment. In addition, European Capital's resources and ability to underwrite mezzanine assets is in great demand from other private equity funds who are seeking certainty of financing for their transactions. Financing is going to be much harder to raise for most private equity funds in the current environment, mezzanine debt is going to play an increasingly significant role and we are superbly positioned to take advantage of these market conditions. Although investment opportunities in the second half of 2007 declined, due to the significant decline of large multi-billion euro transactions, the mid-market targeted by our four offices remains active. At the close of 2007, we were reviewing approximately euro 9 billion of opportunities. We continue to find mid-market companies with robust track records, strong cash flows, significant growth prospects, highly competitive positioning, experienced management teams and the potential for European Capital to gain liquidity and/or realise appreciation in its investments. We continue to make progress increasing our market coverage across Europe, with offices in London, Paris, Frankfurt and Madrid, and having investments in the U.K., Germany, France, Luxembourg, the Netherlands, Sweden, Norway, Spain, Switzerland and Italy."

Since inception European Capital has earned a 15% compounded annual return, including interest, dividends, fees and net gains, on 27 realisations of senior debt, subordinated debt and equity investments, totalling euro 1 billion of invested capital. These realisations represent 34% of all amounts invested by European Capital since inception.

2008 DIVIDEND GUIDANCE

European Capital forecast total 2008 dividends of euro 0.62 per share, a 68% growth over post-IPO 2007 dividends of euro 0.37 per share in 2007. The 2008 dividends per share are forecast to be in the following quarterly amounts:

euro 0.15 for Q1 2008; euro 0.15 for Q2 2008, 50% increase over Q2 2007; euro 0.16 for Q3 2008, 23% increase over Q3 2007; and euro 0.16 for Q4 2008, 14% increase over Q4 2007.

THIRD PARTY VALUATION OF PORTFOLIO INVESTMENTS

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 euro 10 million. In the fourth quarter of 2007, Houlihan Lokey reviewed valuations of 23 portfolio company investments having an aggregate euro 741 million in fair value as of the period end. 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.

Financial highlights for the quarter and year are as follows:

                             EUROPEAN CAPITAL LIMITED
                           CONSOLIDATED BALANCE SHEETS
                         As of 31 December 2007 and 2006
                      (in thousands, except per share data)
                                    31 December  31 December
                                        2007        2006     2007 Versus 2006
                                        euro        euro         euro      %
    Assets
    Investments at fair value (Cost
     basis of euro 1,968,468 and
     euro 1,072,938, respectively)    1,925,696   1,077,709    847,987    79%
    Cash and cash equivalents             2,575      85,932    (83,357)  -97%
    Restricted cash                      30,214      12,913     17,301   134%
    Other                                 9,558      18,031     (8,473)  -47%
      Total assets                    1,968,043   1,194,585    773,458    65%
    Liabilities and Shareholders'
     Equity
    Debt (maturing within one year
     euro 101,061 and euro nil,
     respectively)                      896,157     422,414    473,743   112%
    Due to European Capital
     Financial Services (Guernsey)
      Limited                               718       3,568     (2,850)  -80%
    Accrued dividends payable            15,171      21,750     (6,579)  -30%
    Other                                 8,377       2,699      5,678   210%
      Total liabilities                 920,423     450,431    469,992   104%
    Commitments and contingencies
    Shareholders' equity:
      Ordinary shares (nil par
       value, authorised to issue
       unlimited number of shares,
       108,364 issued and
       outstanding)                   1,030,888           -  1,030,888    NM
      Preference shares (nil par
       value, authorised to issue
       unlimited number of shares,
       75,000 issued and
       outstanding)                           -     737,696   (737,696)   NM
      Undistributed net realised
       earnings                          37,235       1,261     35,974    NM
      Net foreign currency
       (depreciation)
       appreciation                     (28,391)        332    (28,723)   NM
      Net appreciation of
       investments                        7,888       5,638      2,250    40%
      Other reserve                           -        (773)       773   100%
        Total shareholders'
         equity                       1,047,620     744,154    303,466    41%
        Total liabilities and
         shareholders' equity         1,968,043   1,194,585    773,458    65%
    NM = Not Meaningful 
                            EUROPEAN CAPITAL LIMITED
                     CONSOLIDATED STATEMENTS OF OPERATIONS
            Three and Twelve Months Ended 31 December 2007 and 2006
                     (in thousands, except per share data)
                                         Three Months Ended Three Months Ended
                                              31 December       31 December
                                             2007     2006   2007 Versus 2006
                                        (unaudited)(unaudited)
                                             euro     euro       euro      %
    OPERATING INCOME:
    Interest and dividend income             55,214   30,039    25,175    84%
    Fee and other income                        612    6,241    (5,629)  -90%
      Total operating income                 55,826   36,280    19,546    54%
    OPERATING EXPENSES:
    Interest                                 14,880    7,135     7,745   109%
    Management fee and reimbursed expenses    9,775   11,238    (1,463)  -13%
    Incentive fee                                 -        -         -     -
    General and administrative                1,728    1,935      (207)  -11%
      Total operating expenses               26,383   20,308     6,075    30%
    OPERATING INCOME BEFORE INCOME TAXES     29,443   15,972    13,471    84%
    Provision for income taxes                  (49)    (207)      158    76%
    NET OPERATING INCOME                     29,394   15,765    13,629    86%
    Net foreign currency gains (losses)          46     (829)      875    NM
    Net gains on investments                      -    1,345    (1,345) -100%
    TOTAL NET REALISED EARNINGS              29,440   16,281    13,159    81%
    Net foreign currency (depreciation)
     appreciation                           (13,782)   1,819   (15,601)   NM
    Net (depreciation) appreciation of
     investments                             (5,950)   3,276    (9,226)   NM
    INCREASE IN NET ASSETS RESULTING FROM
     OPERATIONS ("EARNINGS")                  9,708   21,376   (11,668)  -55%
    NET OPERATING INCOME PER SHARE:
      Basic & Diluted                          0.27     0.21      0.06    29%
    NET REALISED EARNINGS PER SHARE:
      Basic & Diluted                          0.27     0.22      0.05    23%
    NET EARNINGS PER SHARE:
      Basic & Diluted                          0.09     0.29     (0.20)  -69%
    WEIGHTED AVERAGE NUMBER OF SHARES
     OUTSTANDING:
      Basic                                 108,364   75,000    33,364    44%
      Diluted                               108,364   75,166    33,198    44%
    DIVIDENDS DECLARED PER SHARE               0.14     0.29      0.14    NM
                                               Year Ended        Year Ended
                                               31 December      31 December
                                              2007     2006   2007 Versus 2006
                                              euro     euro      euro     %
    OPERATING INCOME:
    Interest and dividend income             174,470   69,943   104,527  149%
    Fee and other income                       6,715   15,220    (8,505) -56%
      Total operating income                 181,185   85,163    96,022  113%
    OPERATING EXPENSES:
    Interest                                  42,149   16,134    26,015  161%
    Management fee and reimbursed expenses    39,459   32,279     7,180   22%
    Incentive fee                              5,115        -     5,115   NM
    General and administrative                 7,286    4,286     3,000   70%
      Total operating expenses                94,009   52,699    41,310   78%
    OPERATING INCOME BEFORE INCOME TAXES      87,176   32,464    54,712  169%
    Provision for income taxes                  (257)    (276)       19    7%
    NET OPERATING INCOME                      86,919   32,188    54,731  170%
    Net foreign currency gains (losses)        2,578   (1,564)    4,142  265%
    Net gains on investments                   2,321    1,547       774   50%
    TOTAL NET REALISED EARNINGS               91,818   32,171    59,647  185%
    Net foreign currency (depreciation)
     appreciation                            (28,723)   1,074   (29,797)  NM
    Net (depreciation) appreciation of
     investments                               2,250    5,638    (3,388) -60%
    INCREASE IN NET ASSETS RESULTING FROM
     OPERATIONS ("EARNINGS")                  65,345   38,883    26,462   68%
    NET OPERATING INCOME PER SHARE:
      Basic & Diluted                           0.90     0.43      0.47  109%
    NET REALISED EARNINGS PER SHARE:
      Basic & Diluted                           0.95     0.43      0.52  121%
    NET EARNINGS PER SHARE:
      Basic & Diluted                           0.68     0.52      0.16   31%
    WEIGHTED AVERAGE NUMBER OF SHARES
     OUTSTANDING:
      Basic                                   96,573   75,000    21,573   29%
      Diluted                                 96,573   75,055    21,518   29%
    DIVIDENDS DECLARED PER SHARE                0.58     0.29      0.29  100%
    NM = Not Meaningful 
                            EUROPEAN CAPITAL LIMITED
                           OTHER FINANCIAL INFORMATION
             Three and Twelve Months Ended 31 December 2007 and 2006
                      (in thousands, except per share data)
                                   (unaudited)
                                      Three Months Ended    Three Months Ended
                                        31 December            31 December
                                        2007       2006      2007 Versus 2006
                                        euro       euro          euro      %
     New Investments:
       Senior Debt                     25,000     185,650     (160,650)  -87%
       Subordinated Debt              149,937     129,740       20,197    16%
       Preferred Equity                 3,263      63,795      (60,532)  -95%
       Common Equity                    1,775      14,031      (12,256)  -87%
       CDO/CLO Investments                  -           -            -    NM
          Total                       179,975     393,216     (213,241)  -54%
       European Capital Sponsored
        Buyouts                             -     243,367     (243,367) -100%
       Financing for Sponsored
        Buyouts                       178,625     148,091       30,534    21%
       Direct Investments                   -           -            -     -
       Add-on Financing for
        Acquisitions                    1,350       1,758         (408)  -23%
       Add-on Financing for
        Recapitalisations                   -           -            -     -
       CDO/CLO Investments                  -           -            -     -
          Total                       179,975     393,216     (213,241)  -54%
     Realisations:
       Senior Loan Refinancings        40,000     122,702      (82,702)  -67%
       Principal Prepayments           68,218      28,279       39,939   141%
       Payment of Accrued
        Payment-in-kind Interest
        and Dividends and
        Original Issue Discount         3,304       2,026        1,278    63%
       Sale of Equity Investments           -       1,357       (1,357) -100%
          Total                       111,522     154,364      (42,842)  -28%
     Appreciation, Depreciation,
      Gains and Losses:
       Gross Gains                          -       1,345       (1,345)   NM
       Gross Losses                         -           -            -    NM
          Portfolio Gains                   -       1,345       (1,345)   NM
       Net Gains (Losses) for
        Foreign Currency
        Translation                        46        (829)         875    NM
          Total Gains and Losses           46         516         (470)   NM
       Gross Appreciation at 7,
        2, 12 and 2 Portfolio
        Companies                      18,819       3,678       15,141    NM
       Gross Depreciation at 7,
        0, 7 and 1 Portfolio
        Companies                     (24,769)          -      (24,769)   NM
          Current Portfolio Net
           Appreciation                (5,950)      3,678       (9,628) -262%
       Net Depreciation From the
        Recognition of Net Gains            -        (402)         402   100%
       Net (Depreciation)
        Appreciation for Foreign
        Currency Translation          (13,782)      1,819      (15,601)   NM
          Total Appreciation and
           Depreciation               (19,732)      5,095      (24,827)   NM
          Net Gains, Losses,
           Appreciation and
           Depreciation               (19,686)      5,611      (25,297)   NM
     Other Financial Data:
       Net Asset Value per Share         9.67        9.92        (0.25)   -3%
       Market Capitalisation          756,381          NA           NA    NA
       Total Enterprise Value       1,649,963          NA           NA    NA
      Credit Quality:
       Weighted Average Effective
        Interest Rate on Debt
        Investments                      12.7%       12.5%
       Loans on Non-Accrual at
        Cost                           29,875           -       29,875    NM
       Loans on Non-Accrual at
        Fair Value                          -           -            -     -
       Past Due Loans at Cost               -           -            -     -
       Past Due and Non-Accrual
        Loans at Cost as a
        Percentage of Total Loans         1.9%        0.0%
       Past Due and Non-Accrual
        Loans at Fair Value as a
        Percentage of Total Loans         0.0%        0.0%
       Number of Portfolio
        Companies on Non-Accrual
        and Past Due                        1           -
      Return on Equity:
       2007 Net Operating Income
        Return on Average Equity
        at Cost                           9.4%        7.9%
       2007 Realised Earnings
        Return on Average Equity
        at Cost                           9.9%        7.9%
       2007 Earnings Return on
        Average Equity                    7.0%        9.5%
       Current Quarter Net
        Operating Income Return
        on Average Equity at Cost
        Annualised                       11.2%       10.1%
       Current Quarter Realised
        Earnings Return on
        Average Equity at Cost
        Annualised                       11.2%       10.4%
       Current Quarter Earnings
        Return on Average Equity
        Annualised                        3.7%       13.7%
      Dividends:
       Dividend Coverage
        (Realised Earnings per
        Basic Share/Dividend per
        Share)                           1.93 x      0.75 x
       Dividend Payout Ratio
        (Dividend per
        Share/Realised Earnings
        per Basic Share)                 0.52 x      1.34 x
                                           Year Ended            Year Ended
                                           31 December          31 December
                                        2007         2006    2007 Versus 2006
                                        euro         euro       euro      %
     New Investments:
       Senior Debt                     629,618      459,037    170,581    37%
       Subordinated Debt               748,207      501,589    246,618    49%
       Preferred Equity                  3,263      180,216   (176,953)  -98%
       Common Equity                   178,084       23,870    154,214    NM
       CDO/CLO Investments              23,483            -     23,483    NM
         Total                       1,582,655    1,164,712    417,943    36%
       European Capital
        Sponsored Buyouts              543,677      530,569     13,108     2%
       Financing for
        Sponsored Buyouts              812,130      601,561    210,569    35%
       Direct Investments               95,713            -     95,713    NM
       Add-on Financing
        for Acquisitions                38,124       32,582      5,542    17%
       Add-on Financing
        for
        Recapitalisations               69,528            -     69,528    NM
       CDO/CLO Investments              23,483            -     23,483    NM
         Total                       1,582,655    1,164,712    417,943    36%
     Realisations:
       Senior Loan
        Refinancings                   357,786      247,286    110,500    45%
       Principal
        Prepayments                    319,533       35,433    284,100    NM
       Payment of Accrued
        Payment-in-kind
        Interest and
        Dividends and
        Original Issue
        Discount                        20,284        2,223     18,061    NM
       Sale of Equity
        Investments                      9,304        5,005      4,299    86%
         Total                         706,907      289,947    416,960   144%
     Appreciation,
      Depreciation, Gains
      and Losses:
       Gross Gains                       2,321        1,547        774    50%
       Gross Losses                          -            -          -    NM
         Portfolio Gains                 2,321        1,547        774    50%
       Net Gains (Losses)
        for Foreign
        Currency
        Translation                      2,578       (1,564)     4,142    NM
         Total Gains and
          Losses                         4,899          (17)     4,916    NM
       Gross Appreciation
        at 7, 2, 12 and 2
        Portfolio
        Companies                       73,590        6,383     67,207    NM
       Gross Depreciation
        at 7, 0, 7 and 1
        Portfolio
        Companies                      (71,340)           -    (71,340)   NM
         Current Portfolio
          Net Appreciation               2,250        6,383     (4,133)  -65%
       Net Depreciation
        From the
        Recognition of Net
        Gains                                -         (745)       745   100%
       Net (Depreciation)
        Appreciation for
        Foreign Currency
        Translation                    (28,723)       1,074    (29,797)   NM
         Total
          Appreciation and
          Depreciation                 (26,473)       6,712    (33,185)    0%
         Net Gains,
          Losses,
          Appreciation and
          Depreciation                 (21,574)       6,695    (28,269)   NM
     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
                                 euro         euro         euro       euro
    Internal Rate of Return
     - All Investments(2)(8)    16.3%        11.9%        16.3%       14.0%
    Internal Rate of Return
     - Equity Investments
     only(2)(8)(10)             38.3%        12.1%        27.0%        18.2%
    Original Investments
     and Commitments(8)      237,612    1,213,336    1,473,669    2,924,617
    Total Exits and
     Prepayments of
     Original Investments(8)  85,928      594,481      340,514    1,020,923
    Total Interest,
     Dividends and Fees
     Collected(8)             36,684      104,852       51,111      192,647
    Total Net Gains
     on Investments              202        3,666            -        3,868
    Current Cost of
     Investments             164,242      658,313    1,145,913    1,968,468
    Current Fair Value of
     Investments(11)         177,205      607,925    1,129,638    1,914,768
    Net Appreciation
     (Depreciation)(12)       12,969     (21,754)       15,966        7,181
    Non-Accruing Loans
     at Cost                       -      29,875            -        29,875
    Non-Accruing Loans
     at Fair Value                 -           -            -             -
    Equity Interest at
     Fair Value               31,754     205,646      189,352       426,752
    Debt to EBITDA(3)(4)         5.2         6.3          6.4           6.3
    Interest Coverage(3)         3.1         2.3          3.6           3.1
    Debt Service Coverage(3)     1.9         2.0          2.7           2.4
    Average Age of
     Companies             109 years    92 years     45 years      65 years
    Ownership Percentage       11.5%       33.5%        15.9%         21.3%
    Average Sales(5)         666,234     483,548      288,536       387,117
    Average EBITDA(6)         89,317      65,903       50,690        59,356
    Average EBITDA margin(6)   15.4%       14.4%        16.1%         15.3%
    Total Sales(5)         4,588,938  16,042,751   15,942,894    36,574,583
    Total EBITDA(6)          706,815   2,316,138    2,560,501     5,583,454
    % Senior Loans(7)           9.1%       21.5%        34.2%         28.1%
    % Loans with Lien(7)      100.0%      100.0%       100.0%        100.0%
     (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 we own
          only equity.
     (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.
     (11) Excludes derivative instruments.
     (12) Balance sheet appreciation (depreciation) of investments
          excluding foreign exchange revaluation. 

A summary of European Capital's dividend history post IPO and forecast follows. For more information, please visit our website at www.EuropeanCapital.com or call our Investor Relations Department at +44-(0)-800-458-0770.

            EUROPEAN CAPITAL'S DIVIDEND HISTORY POST MAY 2007 IPO
    Year and Quarter                   % Change of Dividend Over
                             Dividend        Prior Period          Total
                                 euro             euro              euro
    Total                                                           0.99
    2008                         0.62              68%              0.62
    Q4 Forecast                  0.16              14%
    Q3 Forecast                  0.16              23%
    Q2 Forecast                  0.15              50%
    Q1 Forecast                  0.15              N/A
    2007                         0.37              N/A              0.37
    Q4                           0.14
    Q3                           0.13
    Q2 (IPO = 10 May 2007)       0.10 

SHAREHOLDER CALL

European Capital invites shareholders, analysts and other interested persons to attend the European Capital Shareholder Call on Thursday 14 February at 14:30 GMT (9:30 EST). Callers within the UK can dial +44-(0)-800-678-1161, while other callers from within Europe should dial +44-(0)-207-740-9501. Callers within the United States should dial +1-866-804-8688. The access code for callers is 320 568.

Point your browser to www.EuropeanCapital.com and click on the Q4 2007 Shareholder Call Slide Show button.

BEFORE THE CALL:

REVIEW SLIDE PRESENTATION IN ADVANCE OF THE SHAREHOLDER CALL

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AFTER THE CALL:

LISTEN AND VIEW AUDIO SLIDE PRESENTATION AFTER THE CALL

The audio of the Shareholder Call combined with the slide presentation will be made available after the call on 14 February on our website www.EuropeanCapital.com.

AUDIO ONLY PRESENTATION AVAILABLE AFTER THE SHAREHOLDER CALL:

There will be a phone recording available from 23:59 GMT Thursday 14 February until 23:59 GMT Thursday 28 February. 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 77284642.

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

ABOUT EUROPEAN CAPITAL

European Capital is a publicly traded investment company for pan-European equity, mezzanine and senior debt investments with current capital resources of approximately euro 2.3 billion (US$3.3 billion). It is managed by European Capital Financial Services (Guernsey) Limited, an indirect wholly-owned affiliate of American Capital Strategies Ltd. ECFSG, together with its wholly owned subsidiary European Capital Financial Services Ltd ("ECFS"), is referred to as the "Investment Manager". ECFS has offices in Paris, London, Frankfurt and Madrid. As of 31 December 2007 the Investment Manager had 43 investment professionals and 61 support staff.

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 euro 5 million and euro 500 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalisations.

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 investments:

European Capital One Stop Buyouts(TM)

Through our One Stop Buyouts(TM), European Capital provides equity, mezzanine debt and senior debt as the lead investor in the buyout of private and public companies.

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 Simon Henderson or Nathalie Faure Beaulieu at +44-(0)-20-7539-7000 in London, Jean Eichenlaub at +33-(0)-1-40-68-06-66 in Paris, Robert von Finckenstein at +49-(0)-69-71-71-297-0 in Frankfurt, or Luis Felipe Castellanos at +34-91-423-27-60 in Madrid, or visit the website at www.EuropeanCapital.com.

ABOUT AMERICAN CAPITAL

American Capital Strategies Ltd. (Nasdaq: ACAS), with US$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 US$5 million to US$800 million per company in North America and euro 5 million to euro 500 million per company in Europe.

IMPORTANT DISCLOSURES

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.

Web site: http://www.EuropeanCapital.com

Contact:

John Erickson, Dir., European Capital Financial Services (Guernsey)
Limited, +1-301-951-6122, or Tom McHale, Dir., European Capital
Financial Services Limited, +1-301-951-6122, or Justin Cressall,
Equity Capital Markets, European Capital Financial Services Limited,
+1-301-951-6122

Original-Content von: European Capital, übermittelt durch news aktuell

Weitere Meldungen: European Capital

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