European Capital Limited Reports 2010 Net Earnings of euro 105 Million and Net Operating Income of euro 48 Million

By European Capital Limited, PRNE
Wednesday, March 16, 2011

ST. PETER PORT, Guernsey, March 17, 2011 - European Capital Limited ("European Capital") today issued an Interim
Management Statement announcing net operating income ("NOI") for the quarter
and year ended 31 December 2010 of euro 29 million and euro 48 million,
respectively. Net earnings for quarter and year were euro 47 million and euro
105 million
, respectively. As of 31 December 2010, net asset value ("NAV")
was euro 629 million, an 8%, or euro 46 million increase from the 30
September 2010
NAV of euro 583 million and a 19%, or euro 101 million
increase from the 31 December 2009 NAV of euro 528 million.

Q4 2010 FINANCIAL SUMMARY

    - euro 29 million NOI
    - euro 24 million net unrealised appreciation on investments
    - euro (9) million net realised loss on investments
    - euro 47 million net earnings
       - euro 48 million improvement over Q3 2010
       - 31% annualised return on average equity ("ROE")

2010 FINANCIAL SUMMARY

    - euro 48 million NOI
       - euro 10 million, or 28%, increase over 2009
    - euro 92 million net unrealised appreciation on investments
       - euro 395 million improvement over 2009
    - euro (53) million net realised loss on investments
       - euro 4 million improvement over 2009
    - euro 105 million net earnings
       - euro 408 million improvement over 2009
       - 18% ROE
    - euro 283 million of cash proceeds from realisations
       - euro 202 million improvement over 2009
    - euro 336 million of debt repaid
       - euro 293 million reduction in debt net of accrued interest
         and exchange
    - euro 629 million NAV
       - euro 101 million, or 19% increase over Q4 2009

"This past year was the year that many companies, including European
Capital, emerged from the great recession, and the year we began rebuilding
shareholder value while growing NAV by euro 101 million," said Malon Wilkus,
Chairman and Chief Executive Officer. "We earned euro 105 million in 2010 and
repaid euro 336 million of debt, delivering a 18% return on equity since the
low point of the financial crisis in Q4 2009. We believe this is just the
beginning of a growth phase for the economy and European Capital, and we look
forward to continuing the progress we made last year, in 2011."

"Our Investment Teams with 18 investment professionals in London and
Paris are seeking mezzanine debt investment opportunities from 10 million to
40 million in either euros or sterling and also up to 100 million in One-Stop
Buyouts(R)," said Ira Wagner, President. "With the economy improving
throughout Europe, we believe there will be many excellent investment
opportunities in 2011."

PORTFOLIO VALUATION

For the year ended 31 December 2010, net unrealised appreciation of
investments totalled euro 92 million. The primary components of the net
unrealised appreciation were:

    - euro 25 million appreciation from European Capital's private finance
      portfolio as a result of improved portfolio company performance
      and improved multiples; and
    - euro 53 million of reversals of prior unrealised depreciation
      associated with net realised losses on portfolio investments.

"In 2010, we strengthened our balance sheet by reducing our debt to
equity ratio to 0:8:1," said Nathalie Faure Beaulieu, Managing Director.
"During 2010, we began to see the re-emergence of the M&A and refinancing
markets for middle market companies."

"Our seasoned portfolio experienced euro 283 million of liquidity in
2010," said Tristan Parisot, Managing Director. "We look forward to
continuing to harvest mature investments and deploying the capital at
attractive risk adjusted returns."

PORTFOLIO LIQUIDITY AND PERFORMANCE

Since inception, European Capital has invested euro 3.3 billion in 91
portfolio companies. European Capital has realised euro 1.7 billion from the
portfolio since inception, including senior debt syndications. It has exited
fully 33 portfolio companies, realising an aggregate of euro 1.0 billion
comprising:

    - euro 668 million of principal repayments;
    - euro 129 million from loan syndications and sales;
    - euro 98 million of collections of PIK notes and dividends; and
    - euro 110 million from sales of equity.

These exits achieved an aggregate IRR of 10.0%. Exits from all equity
investments have achieved a 28.8% IRR.

European Capital's portfolio as of 31 December 2010 at fair market value
was euro 1.1 billion, with an average size of euro 19 million per portfolio
company. European Capital's largest investment represents 10.3% of total
investment assets, and the ten largest investments represent 50.5% of total
investment assets as of 31 December 2010.

During the year to 31 December 2010, European Capital:

    - Realised proceeds of euro 283 million, compared with euro 81
      million in 2009. The proceeds were at an average of 2.1% above the
      prior quarter's valuations of the realised investments. The
      realisations proceeds included:
       - euro 131 million including a euro 14 million equity realised
         gain from the sale of Spotless Group, resulting in a 21% annual
         equity return and a 15% annual mezzanine rate of return from the
         sale;
       - euro 74 million including a euro 10 million equity realised
         gain from the sale of GO Voyage, resulting in a 19% annual equity
         return and a 16% annual mezzanine rate of return from the sale;
       - euro 48 million repayment of a debt investment in Inspicio
         resulting in a 13% annual mezzanine rate of return.
    - Invested euro 2.4 million in existing portfolio companies, compared
      with euro 4.6 million in the same period of 2009.

Since the low point of the financial crisis in Q4 2009, European Capital
has increased its book value by euro 101 million or a 19% total return. Debt
was paid down by euro 336 million, a significant delevering of the balance
sheet.

As of 31 December 2010, loans with a fair value of euro 77 million were
on non-accrual, representing 8.9% of total loans at fair value, compared to
euro 46 million fair value of non-accrual loans, representing 5.5% of total
loans at fair value as of 30 September 2010.

European Capital will use proceeds from liquidity events in part to cover
expenses and service debt, to invest in its existing portfolio companies for
organic growth and add-on acquisitions, as well as to make new mezzanine
investments and One-Stop Buyouts(R).

"Our balance sheet continues to strengthen," said Juan Carlos Morales
Cortes
. "Our asset coverage ratio improved to 230% and debt of euro 336
million
has been repaid. This has caused the programme fee of our largest
credit facility to drop to the lowest rate available under the facility. We
continue to experience strong liquidity in the portfolio at attractive
valuations, which we believe will allow us to invest in existing portfolio
companies for organic growth and add-on acquisitions, as well as to make new
mezzanine investments and One-Stop Buyouts(R)."

                                EUROPEAN CAPITAL LIMITED
                              CONSOLIDATED BALANCE SHEETS
                            As of 31 December 2010 and 2009
                                  (in thousands)

                                                           31 December 2010
                                                      Versus 31 December 2009
                            31 December   31 December  ----------------------
                                2010          2009         euro           %
                                ----          ----         ----          ---

    Assets
    Investments at fair
     value (Cost basis
     of euro 1,721,230
     and euro 2,006,647,
     respectively)           1,075,766     1,212,319     (136,553)      -11%
    Cash and cash
     equivalents                 3,006        36,097      (33,091)      -92%
    Restricted cash             21,380        36,519      (15,139)      -41%
    Interest receivable          5,282         5,752         (470)       -8%
    Derivatives agreements
     at fair value              10,290        11,655       (1,365)      -12%
    Other                        8,316        12,943       (4,627)      -36%
                             ---------     ---------     --------       ---
         Total assets        1,124,040     1,315,285     (191,245)      -15%
                             =========     =========     ========       ===
    Liabilities and
     Shareholders' Equity
    Debt (maturing within
     one year euro 224,742
     and euro 163,008,
     respectively)             484,872       778,368     (293,496)      -38%
    Due to European Capital
     Financial Services
     (Guernsey) Limited          1,351         1,663         (312)      -19%
    Derivatives agreements
     at fair value               3,283         1,449        1,834       127%
    Other                        5,458         5,900         (442)       -7%
                               -------       -------     --------       ---
         Total liabilities     494,964       787,380     (292,416)      -37%
                               -------       -------     --------       ---
    Shareholders' equity:
       Share Capital           224,475       224,475            -         0%
       Undistributed net
        realised
        earnings             1,064,903     1,050,521       14,382         1%
       Net unrealised
        foreign currency
        depreciation           (98,147)      (93,182)      (4,965)       -5%
       Net unrealised
        depreciation of
        investments           (562,155)     (653,909)      91,754        14%
                             ---------     ---------     --------       ---
         Total shareholders'
          equity               629,076       527,905      101,171        19%
                             ---------     ---------     --------       ---
         Total liabilities
          and shareholders'
          equity             1,124,040     1,315,285     (191,245)      -15%
                             =========     =========     ========       ===

    NM = Not Meaningful
                                EUROPEAN CAPITAL LIMITED
                        CONSOLIDATED STATEMENTS OF OPERATIONS
               Three and Twelve Months Ended 31 December 2010 and 2009
                                (in thousands)

                                                         Three Months Ended
                                 Three Months Ended         31 December
                                    31 December           2010 Versus 2009
                                    -----------           ----------------
                                 2010          2009        euro        %
                                 ----          ----        ----       ---
                             (unaudited)   (unaudited)
    OPERATING INCOME:
    Interest and
     dividend income            41,480        28,161      13,319      47%
    Fee and other income           276           531        (255)    -48%
                                ------        ------      ------     ---
        Total operating
         income                 41,756        28,692      13,064      46%
                                ------        ------      ------     ---
    OPERATING EXPENSES:
    Interest                     7,704        11,445      (3,741)    -33%
    Management fee               3,943         4,852        (909)    -19%
    General and administrative   1,536         5,085      (3,549)    -70%
                                ------         -----      ------     ---
        Total operating
         expenses               13,183        21,382      (8,199)    -38%
                                ------        ------      ------     ---
    OPERATING INCOME BEFORE
     INCOME TAXES               28,573         7,310      21,263     291%
    Provision for income
     taxes                         (36)          (64)         28      44%
                                ------         -----      ------     ---
    NET OPERATING INCOME        28,537         7,246      21,291     294%
                                ------         -----      ------     ---

    Net realised foreign
     currency gains (losses)       308           361         (53)    -15%
    Net realised losses on
     investments                (9,164)      (20,738)     11,574      56%
                                ------       -------      ------      --
        Total net realised
         losses                 (8,856)      (20,377)     11,521      57%
                                ------       -------      ------      --

    NET REALISED EARNINGS
     (LOSSES)                   19,681       (13,131)     32,812      NM
                                ------       -------      ------      --

    Net foreign currency
     appreciation
     (depreciation)              3,043         3,441        (398)    -12%

    Net appreciation
     (depreciation) of
     investments                23,829         2,634      21,195     805%
                                ------         -----      ------     ---
        Total net appreciation
        (depreciation)          26,872         6,075      20,797     342%
                                ------         -----      ------     ---

    NET INCREASE (DECREASE)
     IN NET ASSETS RESULTING
     FROM OPERATIONS ("NET
     EARNINGS (LOSSES)")        46,553        (7,056)     53,609      NM
                                ======        ======      ======      ==

                                                        Twelve Months Ended
                                Twelve Months Ended         31 December
                                    31 December           2010 Versus 2009
                                    -----------           ----------------
                                 2010          2009        euro        %
                                 ----          ----        ----       ---

    OPERATING INCOME:
    Interest and
     dividend income           118,457       131,000     (12,543)    -10%
    Fee and other income         1,385         1,269         116       9%
                               -------       -------     -------      --
        Total operating
         Income                119,842       132,269     (12,427)     -9%
                               -------       -------     -------      --
    OPERATING EXPENSES:
    Interest                    46,492        58,374     (11,882)    -20%
    Management fee              17,313        22,165      (4,852)    -22%
    General and administrative   8,228        14,371      (6,143)    -43%
                                ------        ------      ------     ---
        Total operating
         expenses               72,033        94,910     (22,877)    -24%
                                ------        ------     -------     ---
    OPERATING INCOME BEFORE
     INCOME TAXES               47,809        37,359      10,450      28%
    Provision for income
     taxes                        (146)         (172)         26      15%
                                ------        ------      ------      --
    NET OPERATING INCOME        47,663        37,187      10,476      28%
                                ------        ------      ------      --

    Net realised foreign
     currency gains (losses)    22,786       (28,986)     51,772      NM
    Net realised losses on
     investments               (52,660)      (56,739)      4,079       7%
                               -------       -------      ------      --
        Total net realised
         losses                (29,874)      (85,725)     55,851      65%
                               -------       -------      ------      --

    NET REALISED EARNINGS
     (LOSSES)                   17,789       (48,538)     66,327      NM
                                ------       -------      ------      --

    Net foreign currency
     appreciation
     (depreciation)             (4,965)       48,002     (52,967)     NM
    Net appreciation
     (depreciation) of
     investments                91,754      (302,958)    394,712      NM
                                ------      --------     -------      --
        Total net appreciation
         (depreciation)         86,789      (254,956)    341,745      NM
                                ------      --------     -------      --

    NET INCREASE (DECREASE)
     IN NET ASSETS RESULTING
     FROM OPERATIONS ("NET
     EARNINGS (LOSSES)")       104,578      (303,494)    408,072      NM
                               =======      ========     =======      ==

    NM = Not Meaningful

                              EUROPEAN CAPITAL LIMITED
                             OTHER FINANCIAL INFORMATION
                      Fiscal Year ended 31 December 2010 and 2009
                       (in thousands, except per share data)

                                                              2010 Versus
                                          2010      2009         2009
                                          ----      ----      -----------
                                          euro      euro      euro      %

    New Investments:
      Subordinated Debt                    867         -       867    100%
      Common Equity                      1,556     4,567    (3,011)   -66%
                                         -----     -----    ------    ---
        Total                            2,423     4,567    (2,144)   -47%
                                         =====     =====    ======    ===

      Add-on Financing for
       Recapitalisations                 2,423     4,567    (2,144)   -47%
                                         -----     -----    ------    ---
        Total                            2,423     4,567    (2,144)   -47%
                                         =====     =====    ======    ===

    Realisations:
      Sale of Loans                      5,218    14,000     8,782     63%
      Principal Prepayments            192,122    53,087   139,035    262%
      Payment of Accrued Payment-in-
       kind Interest and Dividends
       and Original Issue Discount      47,894    13,657    34,237    251%
      Sale of Equity Investments        37,724      (236)   37,960     NM
                                       -------    ------   -------    ---
        Total                          282,958    80,508   202,450    251%
                                       =======    ======   =======    ===

    Appreciation, Depreciation,
     Gains and Losses:
      Gross Gains                       19,224    33,838   (14,614)   -43%
      Gross Losses                     (71,884)  (90,577)   18,693     21%
                                       -------   -------    ------    ---
        Net Portfolio (Losses) Gains   (52,660)  (56,739)    4,079      7%
      Net Gains (losses) on
       Foreign Currency Translation     22,786   (28,986)   51,772    179%
                                        ------   -------    ------    ---
        Total Net (Losses)             (29,874)  (85,725)   55,851     65%
                                       -------   -------    ------    ---

      Gross Appreciation               175,512    98,556    76,956     78%
      Gross Depreciation               (83,758) (401,514)  317,756     79%
                                       -------  --------   -------    ---
        Current Portfolio Net
         Appreciation (Depreciation)    91,754  (302,958)  394,712    130%
      Net (Depreciation) Appreciation
       on Foreign Currency
       Translation                      (4,965)   48,002   (52,966)  -110%
                                        ------    ------   -------   ----
        Total Net Appreciation
         (Depreciation)                 86,789  (254,956)  341,746    134%
                                        ------  --------   -------    ---

        Net Gains, Losses, Appreciation
         and Depreciation               56,915  (340,681)  397,597    117%
                                        ======  ========   =======    ===

    Other Financial Data:
      Net Asset Value                  629,076   527,905   101,171     19%
      Financial Liabilities            484,872   778,368  (293,496)   -38%
      Asset Coverage Ratio                 230%      168%
      Debt to Equity Ratio                 0.8 x     1.5 x
     Credit Quality:
      Weighted Average Effective
       Interest Rate on Debt
       Investments                         7.7%      7.5%
      Loans on Non-Accrual at Cost     300,669   280,368    20,301      7%
      Loans on Non-Accrual at
       Fair Value                       77,180    29,579    47,601    161%
      Non-Accrual Loans at Cost
       as a Percentage of Total Loans     23.8%     18.3%
      Non-Accrual Loans at Fair Value
       as a Percentage of Total Loans      8.9%     2.8%
     Return on Equity:
      LTM Net Operating Income Return
       on Average Equity at Cost           3.7%     2.9%
      LTM Realised Earnings Return on
       Average Equity at Cost              1.4%    -3.8%
      LTM Earnings Return on Average
       Equity                             18.0%   -59.4%
      Current Quarter Net Operating
       Income Return on Average
       Equity at Cost Annualised           9.1%     2.2%
      Current Quarter Realised
       Earnings Return on Average
       Equity at Cost Annualised           6.2%    -4.0%
      Current Quarter Earnings Return
       on Average Equity Annualised       30.6%    -5.3%

    NM = Not Meaningful
    NA = Not Applicable
                             EUROPEAN CAPITAL LIMITED
                             STATIC POOL INFORMATION
    Portfolio Statistics for Investments Made in Each of the Following Years
                   (euro in thousands, unless otherwise stated)

    Portfolio statistics (1) (9)               2005       2006        2007

    Internal Rate of Return -All
     Investments  (2) (8)                      14.3%       1.4%       (3.7)%
    Internal Rate of Return -Exited
     Investments  (2) (8)                      14.6%       9.1%       11.6%
    Internal Rate of Return -Equity
     Investments only  (2) (8) (10)            17.1%       1.6%      (17.5)%
    Internal Rate of Return -Exited
     Equity Investments only  (2) (8) (10)     21.1%      34.4%       18.7%
    Original Investments and
     Commitments  (8)                       240,461  1,220,284   1,508,515
    Total Exits and Prepayments of
     Original Investments  (8)              223,645    869,315     531,894
    Total Interest, Dividends and
     Fees Collected  (8)                     80,593    169,739     255,471
    Total Net Gains on Investments           11,750    (44,586)    (47,596)
    Current Cost of Investments              19,860    421,510   1,007,049
    Current Fair Value of Investments        25,026    241,276     581,399
    Current Fair Value of Investments as
     a % of Total Investments at Fair Value     2.3%      22.4%       54.0%
    Net Appreciation (Depreciation) (11)      5,194   (127,258)   (381,790)
    Non-Accruing Loans at Cost                    -     62,163     223,412
    Non-Accruing Loans at Fair Value              -     20,526      47,569
    Equity Interest at Fair Value            13,740    108,321      73,383
    Debt to EBITDA  (3) (4)                     4.5        4.7         5.9
    Interest Coverage  (3)                      3.6        4.2         5.4
    Debt Service Coverage  (3)                  1.8        2.4         4.0
    Average Age of Companies                     12         78          46
    Ownership Percentage                       50.1%      47.8%       13.9%
    Average Sales  (5)                       50,453    482,467     317,404
    Average EBITDA  (6)                       8,867     72,914      61,064
    Average EBITDA margin  (6)                 17.6%      15.1%       19.2%
    Total Sales  (5)                      1,161,817  8,816,204  17,142,834
    Total EBITDA  (6)                       211,138  1,168,696   2,968,826
    % Senior Loans  (7)                         0.0%      24.3%       33.4%
    % Loans with Lien (7)                     100.0%     100.0%      100.0%

    Portfolio statistics  (1) (9)                        2008    Aggregate

    Internal Rate of Return -All Investments  (2) (8)     0.5%         0.2%
    Internal Rate of Return -Exited
     Investments  (2) (8)                                -5.9%        10.0%
    Internal Rate of Return -Equity Investments
     only  (2) (8) (10)                                (100.0)%       (5.3)%
    Internal Rate of Return -Exited Equity
     Investments only  (2) (8) (10)                       0.0%        28.8%
    Original Investments and Commitments  (8)         333,631    3,302,890
    Total Exits and Prepayments of Original
     Investments  (8)                                  60,691    1,685,544
    Total Interest, Dividends and Fees
     Collected  (8)                                    58,143      563,946
    Total Net Gains on Investments                    (27,797)    (108,229)
    Current Cost of Investments                       272,811    1,721,230
    Current Fair Value of Investments                 228,065    1,075,766
    Current Fair Value of Investments as a %
     of Total Investments at Fair Value                  21.2%       100.0%
    Net Appreciation (Depreciation) (11)              (53,457)    (557,311)
    Non-Accruing Loans at Cost                         15,094      300,669
    Non-Accruing Loans at Fair Value                    9,085       77,180
    Equity Interest at Fair Value                           -      195,445
    Debt to EBITDA  (3) (4)                               5.9          5.6
    Interest Coverage  (3)                                2.7          4.5
    Debt Service Coverage (3)                             1.8          3.2
    Average Age of Companies                               35           49
    Ownership Percentage                                  0.3%        19.4%
    Average Sales  (5)                                182,833      320,873
    Average EBITDA  (6)                                35,626       57,339
    Average EBITDA margin  (6)                           19.5%        17.0%
    Total Sales  (5)                                1,421,054   28,541,909
    Total EBITDA  (6)                                 259,650    4,608,309
    % Senior Loans  (7)                                   0.0%        24.4%
    % Loans with Lien (7)                               100.0%       100.0%

    (1) Static pool classification is based on the year the initial
        investment was made.  Subsequent add-on investments are included in
        the static pool year of the original investment.
    (2) Assumes investments are exited at current US GAAP fair value.
    (3) These amounts do not include investments in which we own only equity.
    (4) For portfolio companies with a nominal EBITDA amount, the
        portfolio company's maximum debt leverage is limited to 15 times
        EBITDA.
    (5) Sales of the most recent twelve months, or when appropriate, the
        forecasted twelve months.
    (6) EBITDA of the most recent twelve months, or when appropriate, the
        forecasted twelve months.
    (7) As a percentage of our total debt investments.
    (8) Non euro-denominated amounts are retranslated at the exchange
        rate ruling at the date of original investment.
    (9) Non euro-denominated balances, other than those referred to in (8),
        are retranslated at the exchange rate ruling at the balance
        sheet date.
    (10) Excludes equity investments that are the result of conversions
        of debt and warrants received with the issuance of debt.
    (11) Balance Sheet appreciation (depreciation) of investments
        excluding foreign exchange revaluation.

IMPORTANT DISCLOSURES

NAV

Any valuation information relating to the portfolio companies of European
Capital stated or referred to in this release has been determined by the
Board of European Capital in good faith, on a basis consistent with past
practice and for the purposes of complying with its reporting obligations
under applicable laws.

Forward-looking statements

This document may contain "forward-looking statements." By their nature,
forward-looking statements involve risk and uncertainty because they relate
to future events and circumstances. Many of these risks and uncertainties
relate to factors beyond European Capital's control or which cannot be
estimated precisely. These factors include, but are not limited to,
uncertainties associated with the timing of transaction closings, changes in
interest rates, availability of transactions, changes in regional, national
or international economic conditions, and changes in the conditions of the
industries in which European Capital has made investments. Actual outcomes
and results may therefore differ materially from any outcomes or results
expressed or implied by any such forward-looking statements.

Performance data quoted above represents past performance of European
Capital. Past performance does not guarantee future results and the
investment return and principal value of an investment in European Capital
will likely fluctuate. Additionally, European Capital's current performance
may be lower or higher than the performance data quoted above.

Basis of preparation

This interim management statement has been prepared to provide further
transparent information about European Capital and should not be relied on by
any person for any other purpose. Certain financial information in this
interim management statement is based on unaudited management accounts.
Nothing in this document is intended to be, or should be construed as, a
profit forecast.

ABOUT EUROPEAN CAPITAL

European Capital is an investment company for pan-European equity,
mezzanine and senior debt investments with euro 1.1 billion in assets under
management. European Capital is wholly-owned affiliate of American Capital,
Ltd ("American Capital"). It is managed by European Capital Financial
Services (Guernsey) Limited ("ECFSG" or the "Investment Manager"), a
wholly-owned affiliate of American Capital. The Investment Manager has
offices in London and Paris. As of 31 December 2010 the Investment Manager
had 5 investment teams with 18 investment professionals and employed 28
support staff. European Capital and its affiliates will consider mezzanine
debt investment opportunities from 10 million to 40 million in either euros
or sterling and also up to 100 million One-Stop Buyouts(R). For further
information, please refer to www.EuropeanCapital.com/.

ABOUT AMERICAN CAPITAL

American Capital is a publicly traded private equity firm and global
asset manager. 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 has $23 billion in assets under
management and eight offices in the U.S., Europe and Asia. American Capital
and its affiliates will consider investment opportunities from $10 million to
$300 million
. For further information, please refer to
www.AmericanCapital.com/.

    EUROPEAN CAPITAL FINANCIAL SERVICES, LTD.
    London
    25 Bedford Street
    London WC2E 9ES
    United Kingdom
    +44(0)207-539-7000
    +44(0)207-539-7001 Fax

    Paris Branch
    37 Avenue Pierre 1er de Serbie
    75008 Paris
    France
    +33(0)1-40-68-06-66
    +33(0)1-40-68-06-88 Fax

    Contact: European Capital Financial Services Limited +44-207-539-7000
    Ira Wagner, President
    Juan Carlos Morales Cortes, Director
    Richard Smith, Finance Director

Ira Wagner, President, Juan Carlos Morales Cortes, Director, or Richard Smith, Finance Director, all of European Capital Financial Services Limited, + 44-207-539-7000

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