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:

@@start.t1@@                                              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@@end@@

@@start.t2@@                                            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@@end@@

@@start.t3@@                                            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@@end@@

@@start.t4@@      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.@@end@@

    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.

@@start.t5@@                  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@@end@@

    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

    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 Call.

    DURING THE CALL:

    VIEW STREAMING SLIDE PRESENTATION DURING THE SHAREHOLDER CALL

    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.

    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

ots Originaltext: European Capital
Im Internet recherchierbar: http://www.presseportal.ch



Weitere Meldungen: European Capital

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