FOR IMMEDIATE RELEASE:
May 16, 2007

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR THE REPUBLIC OF SOUTH AFRICA OR IN OR INTO ANY OTHER JURISDICTION WHERE SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BREACH ANY APPLICABLE SECURITIES LAW OR REGULATION.

Announcement of Exercise of Over-Allotment Option

European Capital Limited ("European Capital" or the "Company") announces that in connection with the initial public offering of the Company (the “Offer”), Citigroup Global Markets Limited (“Citi”), as stabilising manager, has today given notice to the Company that it will exercise the over-allotment option in respect of 1,905,487 ordinary shares of the Company (“Ordinary Shares”) (being the full over-allotment option), at an exercise price €9.84 per share. As a result of the issue of the Ordinary Shares on 21 May 2007 pursuant to the exercise of the over-allotment option, the Company’s issued share capital will comprise 108,364,254 Ordinary Shares of no par value, of which 14,608,739 Ordinary Shares will have been issued in connection with the Offer.

IMPORTANT INFORMATION

The contents of this announcement, which has been issued by European Capital, is the sole responsibility of European Capital.

Citi, JPMorgan Cazenove Limited (“JPMorgan Cazenove”) and Merrill Lynch International (“Merrill Lynch”), each of which is authorised and regulated in the UK by the Financial Services Authority, are acting for the Company in connection with the Offer, the contents of this announcement and any matter referred to herein, and will not be responsible to anyone other than European Capital for providing the protections afforded to the respective customers of Citi, JPMorgan Cazenove and Merrill Lynch nor for providing advice in relation to the Offer, the contents of this announcement or any matters referred to herein.

This announcement (or any part of it) and the information contained herein is not to be reproduced, published, distributed, passed on, or the contents otherwise divulged, directly or indirectly, in or into the United States, Canada, Australia, Japan or the Republic of South Africa, or any other jurisdiction where such reproduction or distribution would be unlawful, and does not constitute, or form part of, an offer of securities for sale into the United States, Canada, Australia, Japan or the Republic of South Africa, or any other jurisdiction.

The Ordinary Shares offered in the Offer have not been, and will not be, registered under the US Securities Act of 1933, as amended, or under the US Securities Exchange Act of 1934, as amended, or with any securities regulatory authority of any state or other jurisdiction in the US for offer or sale as part of their distribution and may not be offered or sold in the US except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable state securities laws. There will be no public offering of the securities in the United States.

Securities in European Capital have not been and will not be registered under the applicable securities laws of Australia, Canada, Japan or the Republic of South Africa and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan or the Republic of South Africa.

The Offer and the distribution of this announcement and other information in connection with the Offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities.