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Subject: OPIC Eurasia Call Press Release
From: "Eric Johnson" EJohnson@cambridgeassociates.com
Date: Mon, 22 Aug 2005

Hi David,

Would you mind letting JRL readers know that the U.S. government's Overseas Private Investment Corporation ("OPIC") is inviting proposals from qualified private sector fund managers for the formation, management and OPIC financing of one or more private equity funds in OPIC-eligible countries in Eurasia that were members of the former Soviet Union? OPIC will consider providing up to $100 million in debt financing to one or more funds to facilitate the investment of risk capital in private companies in the region. Although managers may elect to include investments in Russia in their proposed strategy, OPIC expects a substantial portion of its support to be used in Eurasian countries other than Russia. OPIC will also consider proposals from fund managers with a Russia-focused strategy in which OPIC financing would be provided to a special-purpose vehicle for those investments made in the other eligible Eurasian countries.

Attached is the press release from OPIC and a link to the website (https://virtual.opic.gov/eurasia/call.nsf?open) for the Eurasia Fund Call for Proposals (which can also be reached via www.opic.gov, and clicking on the "Eurasia Fund" tab). Questions should be addressed to OPIC as indicated in the Press Release or via the website that has been set up for the Call.

The deadline for receipt of proposals from interested fund managers is Monday, September 26, 2005, as noted in the Call documents.

Thank you very much,

Eric Johnson

Cambridge Associates LLC
www.cambridgeassociates.com

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FOR IMMEDIATE RELEASE
Monday, August 22, 2005
For further information, contact:
Lawrence Spinelli (202) 336-8690
Timothy Harwood (202) 336-8744

OPIC ISSUES CALL TO MANAGE INVESTMENT FUNDS FOR EURASIA

WASHINGTON, D.C. ? The Overseas Private Investment Corporation (OPIC) has issued a call for proposals to manage one or more private equity investment funds designed to invest in Eurasian countries that were members of the former Soviet Union, OPIC Acting President and CEO Ross Connelly announced today.

OPIC will contribute up to $100 million in financing, or no more than 33 percent of the total capital of the funds, with the balance to be raised by the fund managers. The funds will invest in companies operating in Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. Deadline for the submission of proposals is September 26. Please visit https://virtual.opic.gov/eurasia/call.nsf?open for further details.

The funds are intended to facilitate the investment of risk capital in private companies operating in the region for new business development and existing company expansion, restructuring and/or privatization programs.

Responses to the call for proposals will be assessed according to their credibility and investment strategy, track record of the prospective managers, and the managers' ability to raise the targeted capital, among other criteria. OPIC has retained Cambridge Associates LLC, an independent investment consultant, to assist in evaluating and recommending managers for the funds.

"By establishing new investment funds for the emerging markets of Eurasia, OPIC hopes to expand economic development in the region by providing companies access to the kind of long-term capital that is crucial to their growth," Connelly said. "We hope to unlock some of the many opportunities the region presents to potential investors and to bring an infusion of equity capital to new and growing local businesses."

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.

OPIC's political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency's 33-year history, OPIC has supported $164 billion worth of investments that have helped developing countries to generate more than 732,000 host-country jobs and $13 billion in host-government revenues. OPIC projects have also generated $69 billion in U.S. exports and supported more than 264,000 American jobs.