European Capital Announces Completion of Debt Restructuring

ST. PETER PORT, Guernsey, June 28, 2010 - European Capital Limited ("European Capital") announced today that it has
recently completed the restructuring and partial retirement of its debt.
European Capital's parent company, American Capital, Ltd., is also announcing
today completion of its debt restructuring.

On 18 December 2009, European Capital's wholly owned subsidiary ECAS S.a
r.l. amended its existing secured multi-currency credit facility into a term
facility. As of 31 May 2010, the balance under the facility was euro 272
million. Interest on the borrowings under this amended facility is charged at
Euribor or LIBOR, depending on the currency of the borrowing, plus a margin
of 2.5%, and a Program Fee of either 5.0% or 7.5%, paid in kind, based on the
amount outstanding under the facility as shown in the table below. This
facility is collateralized by the assets of ECAS S.a r.l. The facility
matures on 31 December 2011, with all scheduled principal amortization until
30 June 2011 already met.

    Program Fee declines as principal is repaid:
      Advances outstanding                         Program fee
      Greater than euro 200 million                    7.5%
      Less than euro 200 million                       5.0%

As of 4 March 2010, European Capital S.A. SICAR, a wholly-owned
subsidiary of European Capital, paid down the remaining euro 85 million
balance on its unsecured multi-currency revolving credit facility. American
Capital funded US$75 million to European Capital S.A. SICAR as a bridge loan.
As of 31 May 2010, the amount outstanding under the bridge loan was US$15
million.

European Capital now has euro 283 million of secured debt, euro 142
million of unsecured debt and euro 168 million of securitized debt and has
approximately euro 583 million of net asset value.

"I am pleased to complete the amendment and partial retirement of
European Capital's debt, having delevered our balance sheet by more than euro
201 million over the past six months," said Malon Wilkus, Chairman and
Director, European Capital Limited. "This should enhance shareholder value
and provides us with a capital structure to continue to finance and grow our
portfolio companies. Since November 2009, European Capital has had euro 224
million in realizations, which has resulted in significant deleveraging."

ABOUT EUROPEAN CAPITAL

European Capital is an investment company for pan-European equity,
mezzanine and senior debt investments with euro 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 US$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.

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.

    Contact:
    Tom McHale, Director,                                 +1-301-951-6122
    European Capital Financial Services Limited
    Juan Carlos Morales Cortes, Operations and Finance
     Director,                                            +44-20-7539-7000
    European Capital Financial Services Limited

    Info@EuropeanCapital.com
    www.EuropeanCapital.com

Tom McHale, Director, European Capital Financial Services Limited, +1-301-951-6122, or Juan Carlos Morales Cortes, Operations and Finance Director, European Capital Financial Services Limited, +44-20-7539-7000