FOR IMMEDIATE RELEASE:
June 5, 2007

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

EUROPEAN CAPITAL INVESTS €55 MILLION IN GO VOYAGES

Paris - June 5, 2007 -  European Capital S.A. SICAR, a wholly-owned subsidiary of European Capital Limited (LSE: ECAS), announced today that it has invested €55 million ($73 million) in Go Voyages, a leading online travel agent in France.  European Capital’s investment supports the acquisition of Go Voyages by Financière Agache Private Equity and takes the form of senior and junior mezzanine bonds and preferred and common equity. Go Voyages management is also investing in Go Voyages’ equity.

“We are delighted to be supporting the buyout of Go Voyages, a leading French online travel agent, by our new private equity partner Financière Agache Private Equity,” said Ira Wagner, President of European Capital Financial Services Limited ("European Capital Services"), the sub-investment manager of European Capital, and Chief Operating Officer of American Capital Strategies Ltd.  “Our reputation as an outstanding partner for private equity firms and our deep financial capabilities are producing an expanding group of such rewarding relationships. Our Paris office has now invested in 17 transactions led by 12 different private equity firms in France.”

“Go Voyages, one of the largest French online travel agents, and the largest French online seller of scheduled flight tickets, is ideally positioned to capture an ever greater share of the rapidly growing online tourism market,” said Jean Eichenlaub, European Capital Managing Director.  “Go Voyages is the only online travel agent with connections to all major global distribution systems, enabling it to pass on the best available prices and anchoring its unique primary market focus on supplying good value airline tickets only.”

”Go Voyages is the only online travel agent providing both scheduled and chartered flights and serves the most diverse customer base.  Go Voyages captures growth in all channels, including directly to customers and through more than 1,000 online partners, tour operators and other travel agents,” said Stéphane Legrand, European Capital Director.  “Leveraging its exceptional brand recognition and powerful search engine, Go Voyages anticipates building on its already robust growth through a new emphasis on the more profitable marketing of hotel reservations, rental cars and dynamic packages.”

Founded in 1997, Go Voyages markets scheduled airline tickets, charter flights, car rentals, hotel accommodations and packages.  Its primary focus is on low-cost scheduled flights.  Go Voyages’ major customers are those accessed through www.govoyages.com and web partners, including co-branded travel websites.  The Company also markets to travel agents and tour operators.  Go Voyages is headquartered in Paris where it has three office locations.  The Company has nearly 300 employees.

”Partnering together for the first time with European Capital, we have been very impressed with its quick response and the depth of its analyses. Its ability to fund across the capital structure proved invaluable for this transaction,” said Jean-Marc Espalioux, Financière Agache Private Equity CEO.  “We look forward to working with European Capital and Go Voyages’ highly experienced management team to build on the Company’s leading position in the online tourist market.”

For more information about European Capital’s portfolio, click here.

ABOUT EUROPEAN CAPITAL

European Capital is a closed-end investment company for pan-European equity, mezzanine and senior debt investments with capital resources of approximately €2.1 billion ($2.9 billion).  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 €5 million and €500 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, Simon Henderson or Nathalie Faure Beaulieu in London at + 44 (0)20 7539 7000, or Robert von Finckenstein at +49 (0)69 7171 2970 in Frankfurt or visit the website at www.EuropeanCapital.com.

ABOUT AMERICAN CAPITAL

American Capital Strategies Ltd. (Nasdaq: ACAS), an affiliate of European Capital, is the second largest U.S. publicly traded alternative asset manager with approximately $11 billion in assets under management (second to Fortress (NYSE: FIG)).  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, recapitalizations and securitizations.  American Capital and its affiliates invest from $5 million to $800 million per company in North America and €5 million to €500 million per company in Europe.

ABOUT FINANCIÈRE AGACHE

As part of Groupe Arnault, Financière Agache Private Equity conducts private equity investments in mid-cap firms.  Aiming at achieving several deals per year for an enterprise value from €50 million to €500 million, Financière Agache Private Equity targets also co-investment in larger buy-outs.  Financière Agache Private Equity is managed by Jean-Marc Espalioux.

This press release contains forward-looking statements.  The statements regarding expected results of European Capital and/or American Capital 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 European Capital and/or 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.