Trading Update for ACP Capital

21 January 2008

ACP Capital Limited ("ACP Capital" or the "Company": APL.LN), the merchant bank and asset manager focused on European small and medium-sized enterprises ("SME"), today provides an update on trading.

• ACP Capital has made strong progress during 2007, establishing strategic SME loan and investment platforms in Germany and France
• The Company has withdrawn its offer for Davenham Group PLC ("Davenham") but has subsequently approached the Board of Davenham with a proposal to establish an SME corporate loan joint venture funding program for the UK
• In December 2007, the Company successfully refinanced €175 million of senior and second lien advances via a primary syndication with European banks and investors
• ACP Capital remains confident that it will meet its dividend target for 2007 o Management estimates that the net asset value is circa 115 pence per share as at 31 December 2007 with no deterioration since this date
• ACP Capital reiterates that it has no distressed assets, no credit losses, and no exposure to US subprime credit markets
• The Company has no short-term funding lines - debt finance is secured in 5-year term facilities
• The pipeline of European SME loan and investment opportunities remains strong and the outlook continues to improve given current market conditions
• ACP intends to announce shortly two further joint ventures, including one for the European renewable energy sector which will be part of ACP Infrastructure, a vehicle to be managed by ACP Capital Investment Management
• ACP is currently evaluating a planned secondary for ACP Mezzanine, given the strong market opportunities, and is in discussions with banks as regards the planned launch of ACP Infrastructure and ACP Senior, a vehicle which will
  predominantly acquire senior loan assets and which will target the private client and high net worth investor market

ACP Capital will announce preliminary results for the 12 months ended 31 December 2007 no later than 29 February 2008

Enquiries:

For further information on ACP Capital, please visit www.acpcapital.com.

About ACP Capital

ACP Capital Limited (LSE AIM: APL) is a Jersey-incorporated specialist integrated finance and asset management company focused on European small and mid-sized enterprises. ACP Capital provides equity, mezzanine and senior debt to companies
targeting an integrated finance solution across their capital structure. ACP Capital aims to benefit from the strong growth in SME demand for integrated finance to optimise corporate profitability and the reduced appetite for SME lending among traditional banks owing to higher regulatory capital requirements. ACP Capital is establishing strategic platforms in Germany, France, the United Kingdom and Italy to originate lending and investment opportunities to generate interest and fee income. In addition ACP Capital earns management and performance-related fees from its listed investment vehicles ACP Mezzanine Limited and IFR Capital Plc. Since January 2006 ACP Capital has raised £215 million of public equity from leading institutional investors in primary and secondary transactions.