Emerging Capital Partners Closes Africa Fund III at US$613 Million

Largest growth equity fund focused on investing in Pan-Africa

WASHINGTON, July 25, 2010 - Emerging Capital Partners (ECP), an international private equity firm
focused on investing across the African continent, announced today the final
close of its ECP Africa Fund III PCC (Africa Fund III) with total commitments
of over US$613 million. Africa Fund III, one of the largest funds ever raised
for investment across the African continent, marks the seventh fund managed
by ECP, bringing the firm's total capital raised to more than US$1.8 billion,
with more than US$1 billion invested to date.

Consistent with ECP's investment strategy, Africa Fund III will seek
controlling stakes or influential minority positions in high growth companies
through equity and quasi-equity investments including convertible debt
instruments. The fund targets leading companies focused on under-penetrated
markets where factors such as industry consolidation, positive macroeconomic
trends, liberalization and improved regulations offer opportunities for
above-market returns. Investing across various sectors, including
telecommunications, natural resources, financial services, agriculture,
transportation and utility businesses, ECP will focus on companies pursuing
regional strategies.

"The positive response we've received from investors for Africa Fund III
demonstrates the growing appreciation of the tremendous investment
opportunity that exists across the African continent," said Hurley Doddy,
co-chief executive officer of ECP. "With more than a decade of African
private equity experience, our team has the optimal combination of local
market knowledge, operational prowess and financial expertise to provide
investors with diversification and competitive returns by sourcing attractive
investment opportunities and expanding our portfolio companies' business into
regional and global markets."

Africa Fund III received strong support from the global investment
community, anchored by over US$450 million from return investors, including
the African Development Bank, the International Financial Corporation (IFC),
the Overseas Private Investment Corporation and CDC, the United Kingdom
government development finance institution. The remainder came from new
investors such as pan-African fund-of-funds manager, South Suez.

"With its long track record of successful investing in Africa and
established presence via six regional offices, ECP is a first choice for us
when looking at investing on the continent," said Matthew Hunt, Director of
South Suez.

The Africa opportunity continues with economic growth widely spread
across the continent, opening up investment opportunities across sectors and
in countries beyond the traditional commercial hubs. The appearance of new
technologies such as mobile telephony and the emergence of a middle class
have shown that Africa is not simply a "resource play," as many foreign
investors once considered it.

Continental growth is also less likely to stumble as a result of ongoing
uncertainty in global credit markets as most African governments, companies
and individuals eschewed excessive borrowing. Thanks to debt forgiveness
plans, external debt as a percent of economic output in Africa has plunged,
improving credit worthiness of the continent.

"Investors can see development models that were successful in India,
Brazil and Mexico and project that growth onto Africa," said Vincent Le
Guennou, co-chief executive officer of ECP. "Many see Africa as the next
place that's going to boom as local companies adopt efficient management
practices, financial discipline and governance standards."

Leveraging its African private equity expertise, ECP has begun deploying
capital from Africa Fund III, making four investments totaling over US$180
million: Financial Bank, which provides banking services in six countries in
Central and West Africa; Wananchi Group, the Zuku-branded pay television and
high-speed internet provider in East Africa; Groupe NSIA, the West and
Central Africa insurer; and the Madagascar and Cote d'Ivoire based Thunnus
Overseas Group which provides 25% of the canned tuna in the French market.

ABOUT ECP

Emerging Capital Partners (ECP) is the first private equity firm to raise
over US$1.8 billion to invest in companies across Africa. The ECP team has a
10-year track record of investing in Africa through seven successful funds,
with investments in more than 50 companies across 40 African countries. The
firm's investment strategy is based on delivering consistently above-market
returns by focusing on economies uncorrelated to the U.S. and other developed
nations. The ECP team operates from offices in Washington, D.C., Abidjan,
Casablanca, Douala, Johannesburg, Lagos, Paris and Tunis. For more
information, please see www.ecpinvestments.com.

Daniel Del'Re, FD for ECP, +1-212-850-5724, daniel.delre at fd.com