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FOR IMMEDIATE RELEASE:
6 July 2010

EUROPEAN CAPITAL RECEIVES PROCEEDS OF €74 MILLION
FROM THE GO VOYAGES EXIT

St. Peter Port, Guernsey–6 July 2010–European Capital Limited ("European Capital") announced today that it has received proceeds of €74 million from exiting its investment in GO Voyages.

Created in 1997, GO Voyages, employing 350 people, is one of the largest on-line travel agents in Europe and the market leader for on-line leisure flight tickets in France. In March 2007, European Capital provided €50 million to support the acquisition of GO Voyages by an affiliate of Groupe Arnault and Compagnie Nationale a Portefeuille (Groupe Albert Frere). European Capital's investment took the form of senior and junior mezzanine bonds and preferred and common equity.

On July 2nd 2010, funds advised by AXA Private Equity purchased GO Voyages, leading to the repayment of European Capital's senior and junior mezzanine bonds and to the sale of European Capital's preferred and common shares, generating proceeds of €74 million. European Capital realized a 16% annual blended mezzanine rate of return, a 19% annual blended equity rate of return and a €10 million equity gain from the transaction.

"GO Voyages has been a remarkable investment for European Capital and is the second exit for European Capital's Paris branch in 2010, following the Spotless Group exit, which generated proceeds of €131 million," said Ira Wagner, President of European Capital Financial Services. "European Capital has been pleased to partner with Groupe Arnault and Compagnie Nationale a Portefeuille which brought an invaluable contribution to the success of GO Voyages."

"We are pleased to have supported GO Voyages and its outstanding management team in building on the Company's leading position in the fast-growing on-line tourism market," said Stephane Legrand, Director of European Capital Financial Services. "It exemplifies European Capital's willingness to support the development of leading companies in rapidly moving markets."

"European Capital's in-depth, hands on and expert support has been instrumental in the achievement of GO Voyages' outstanding growth over the last three years," said Carlos da Silva, CEO of GO Voyages. "We valued their contribution in helping us capture an ever greater share of the rapidly growing online tourism market and successfully initiate our international expansion in other major European markets," said Nicolas Brumelot, Deputy CEO of GO Voyages.

For more information about European Capital's investment in GO Voyages, please click here.

ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European equity, mezzanine and senior debt investments with €1.2 billion in assets under management.  It is managed by European Capital Financial Services (Guernsey) Limited ("ECFSG" or the "Investment Manager"), a wholly-owned affiliate of American Capital, Ltd.

ABOUT AMERICAN CAPITAL
American Capital (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager with $14 billion in capital resources under management.  American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products.  Founded in 1986, American Capital currently has eight offices in the U.S., Europe and Asia.  For further information, please refer to www.AmericanCapital.com.

ABOUT AXA PRIVATE EQUITY
Founded in 1996, AXA Private Equity, an AXA Investment Managers company, is a diversified private equity firm with $25 billion of assets managed or advised and eight offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna. For further information, please refer to www.axaprivateequity.com.