FOR IMMEDIATE RELEASE:

February 28, 2006

Contact
Jean Eichenlaub, Managing Director +33 (0)1 40 68 06 66
Stéphane Legrand, Manager, +33 (0)1 40 68 06 66
Brian Maney, Corporate Communications, +1 (301) 951-6122

European Capital Invests €22.5 Million in Alma Consulting Group

Paris - February 28, 2006 - European Capital, S.A. SICAR announced today it has invested €22.5 million in the mezzanine facility of Alma Consulting Group ("Alma"), the leading French provider of tax recovery and cost reduction services for companies. European Capital's investment represents 50% of the mezzanine facility arranged by Royal Bank of Scotland, supporting Apax Partners' acquisition of Alma. European Capital will be Agent of the mezzanine facility and will have a Board observer seat. Alma management and employees retain significant equity investments.

"European Capital is investing in the undisputed leader in a dynamic market," said Ira Wagner, President of European Capital Financial Services Limited ("European Capital Services"), the sub-investment manager of European Capital. "In addition, we are very pleased to be working with Apax Partners, one of the world's leading private equity firms, and Royal Bank of Scotland, one of the leading leveraged loan arrangers in Europe and the world."

European Capital has invested approximately €300 million ($356 million) in 14 companies since its formation in August of 2005. For more information about European Capital's portfolio, click here.

"Alma has developed a low cost, standardized approach to achieving cost savings for its clients," said European Capital Managing Director Jean Eichenlaub. "It has a widely diversified, loyal client base and operates in one of the fastest growing segments of overall consulting services. Its strong sales growth, high margins and extraordinarily high rate of contract renewals make it a very attractive investment."

"We are supporting a strong, experienced and well incentivized management team that has driven Alma's growth and remarkable success," said European Capital Vice President Stéphane Legrand.

Alma generates clearly identified, measurable and secured savings for its customers with respect to social charges, tax-related costs and G&A costs, as well as obtaining Research and Development tax credits or subsidies. The Company is paid on the basis of an agreed percentage of the savings achieved or subsidies obtained. Operating from its two main offices in Paris and Lyon, Alma has a customer base of 9,000 companies, including 60% of the top 200 largest French companies. The Company has 585 employees, operates in France, Belgium, Spain, Poland and Israel, and has seen annualized sales growth above 20% over the past 10 years.

"We are pleased to work with European Capital and value our relationship with them," said Apax Partners Director Simon Marc. "They bring a rare combination of depth and speed to a transaction."

"European Capital immediately understood the investment thesis and acted quickly to complete the transaction," said Royal Bank of Scotland Managing Director Howard Sharp. "We are impressed with their flexibility and hard work."

ABOUT EUROPEAN CAPITAL
European Capital is a buyout and mezzanine fund with capital resources of €750 million. European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and mid-sized public companies. European Capital invests from €5 million to €125 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalizations.

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, or Nathalie Faure Beaulieu or Simon Henderson at + 44 (0)207 539 7000 in London, or visit our website at www.EuropeanCapital.com.

ABOUT AMERICAN CAPITAL
American Capital Strategies Ltd. (Nasdaq: ACAS) is a publicly traded buyout and mezzanine fund with capital resources of approximately $7 billion. American Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts, provides capital directly to early stage and mature private and small public companies and through its asset management business is a manager of debt and equity investments in private companies and commercial loan obligations. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital invests up to $300 million per transaction.

ABOUT APAX PARTNERS
Apax Partners is one of the world's leading private equity investment groups, operating across Europe, Israel and the United States. Apax Partners has raised or advised approximately $20 billion around the world. With over 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to entrepreneurs. Apax invests in late venture, growth capital and buyouts. Apax Partners' Funds invest in companies across its global sectors of Tech & Telecoms, Retail & Consumer, Media, Healthcare and Financial and Business Services. Other Apax investments include Travelex, the world's largest foreign exchange specialist; SULO Group, one of Germany's largest waste management companies; and UK consumer finance group Picture Financial.

This press release contains forward-looking statements. The statements regarding expected results of American Capital Strategies are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.

This announcement is neither an offer to sell nor a solicitation to buy securities.
This announcement appears as a matter of record only.