East Wing, Trafalgar Court Admiral Park St. Peter Port, Guernsey

90 Long Acre London WC2E 9RZ United Kingdom

Info@EuropeanCapital.com
www.EuropeanCapital.com

FOR IMMEDIATE RELEASE:

October 6, 2005

Contact
John Erickson, Director, European Capital Limited +1 (301) 951-6122
Jean Eichenlaub, Managing Director, European Capital Financial Services + 33 (0)1 40 68 06 66
Nathalie Faure Beaulieu, Managing Director, European Capital Financial Services + 44 (0)87 0735 4184
Brian Maney, Corporate Communications, +1 (301) 951-6122

European Capital Announces Closing of €750 Million ($900 Million) of  Equity Commitments

St. Peter Port, Guernsey - October 6, 2005 - European Capital Limited ("European Capital") announced today that it had closed on the offering of €750 million ($900 million) of equity commitments. An aggregate of €229 million ($275 million) of equity commitments were provided by third party institutional investors with the balance provided by European Capital's affiliate, American Capital Strategies Ltd. (Nasdaq: ACAS). These equity commitments were privately placed. European Capital expects to draw down the equity commitments over an approximately two year period to fund its investments and operations in the ordinary course of business.

European Capital, through its subsidiary European Capital S.A. SICAR, will invest in and sponsor management and employee buyouts, invest in private equity buyouts and provide capital directly to private and mid-sized public companies. A wholly-owned affiliate of American Capital, European Capital Financial Services (Guernsey) Limited, will serve as the investment manager of European Capital S.A. SICAR.

The equity interests in European Capital described above have not been and will not be registered under the United States Securities Act of 1933, as amended, or the laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959 as amended, has been obtained by European Capital. Neither the Guernsey Financial Services Commission nor the States of Guernsey Policy Council takes any responsibility for the financial soundness of European Capital or for the correctness of any of the statements made or opinions expressed with regard to it.