European Capital Portfolio Company Metall Technologie Holding Establishes Sino-Foreign Joint Venture

ST. PETER PORT, Guernsey, January 5 - European Capital Limited ("European Capital") announced today that its
portfolio company Metall Technologie Holding ("Metall Technologie"), a
leading European manufacturer of high-end heat treatment industrial furnaces,
has established a sino-foreign joint venture with Shanghai Huisen Industrial
Furnaces Company Limited, one of the fastest growing manufacturers of heat
treatment industrial furnaces in the People's Republic of China ("China").
Post-closing, Metall Technologie holds a 70% stake in newly established
Shanghai Huisen-MTH Industrial Furnaces Company Limited (the "JV").

"The managers of Metall Technologie, one of our portfolio companies with
the largest geographical footprints, chose to partner with European Capital
back in 2006 primarily because of our willingness and capability to deal with
international external growth," said Etienne Haubold, Director of European
Capital Financial Services. "We now expect Metall Technologie to further
consolidate an already long-established leading position in the Chinese heat
treatment furnaces market."

"The Chinese market has been the third largest market of Metall
Technologie over the recent years, as long-time European clients have been
setting up or supporting operations in China," said Olivier Meline, Manager,
European Capital Financial Services. "Metall Technologie — through the
establishment of the JV and a wider product offering — will now be in a
position to better address the extremely dynamic domestic market in China."

European Capital originally invested euro 104 million in the One Stop
Buyout(TM) of Metall Technologie in December 2006. With main offices in
France and Germany, and headquartered in Menden, Germany, Metall Technologie
consists of four operating entities all trading under their own brand names:
BMI in France and IVA, Mahler, and Schmetz in Germany. Metall Technologie
focuses exclusively on high-end furnaces requiring an advanced level of
technology to meet strict specifications such as high temperatures, control
accuracy and consistent heat application in all areas of the furnace
chambers. Industrial heat treatment furnaces are used by a broad range of
industries to modify a material's surface or physical characteristics in
order to increase flexibility, wear-resistance or hardness. Metall
Technologie designs, assembles and markets furnaces and also performs
after-market services to its installed base of approximately 4,000 units. In
addition to its four main European subsidiaries, the Company also operates a
joint-venture in Poland. Its products are sold to blue-chip customers in more
than 35 industries, including heat treatment service, aerospace, automotive,
machinery and energy.

For more information about European Capital's investment in Metall
Technologie, please go to
www.europeancapital.com/our_portfolio/companies/metall_technologie.html .

Founded in 2006, Shanghai Huisen Industrial Furnaces Company Limited
designs, manufactures and distributes atmospheric heat-treatment furnaces
primarily in China and is one of the fastest growing heat-treatment furnace
manufacturers in China. Shanghai Huisen Industrial Furnaces Company Limited
operates a modern, recently extended 4,400 square meter production site
located in the Minhang district of Shanghai.

"We are confident that we have chosen the best possible partner for our
initiative," said Stefan Blum, Metall Technologie Managing Director. "Dr
Zeng, founder of Shanghai Huisen Industrial Furnaces Company Limited, is not
only a successful entrepreneur and manager, he also has a significant
experience of working with Europe — he holds a German PhD in Engineering and
headed the Chinese subsidiary of a Germany-based international company for 9
years — and he is perfectly trilingual."

"In addition to the expected growth in the Chinese market, we are
delighted that the JV will enable us to offer a closer and more efficient
service center to our long-time clients in China," said Luigi Dall'o, Metall
Technologie Managing Director. "Among other items, we're in the process of
starting to stock spare parts on the JV's premises to dramatically reduce
lead-time for our clients who have maintenance needs."

"Shanghai Huisen Industrial Furnaces Company Limited's integration with
Metall Technologie will further help to strengthen our position in China,"
said Dr. Aiqun Zeng, Managing Director of Shanghai Huisen-MTH Industrial
Furnaces Company Limited. "We are confident that our partnership has been
very carefully prepared prior to the establishment of the JV, as our teams
took the time to get to know each other and review all potential commercial
and technical opportunities to develop. As a result, the synergies between
both Chinese and European teams have been effective from day one."

ABOUT EUROPEAN CAPITAL

European Capital is an investment company for pan-European equity,
mezzanine and senior debt investments with euro 1.3 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 is a publicly traded private equity firm and global
asset manager with US$12 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: European Capital Financial Services Limited,
    Tel: +33(0)1-40-68-06-66
    Etienne Haubold, Director
    Olivier Meline, Manager

Etienne Haubold, Director, or Olivier Meline, Manager, both of European Capital Financial Services Limited, + 33(0)1-40-68-06-66