Financial Services Experience

Afghan Growth Finance (“AGF”) is a joint venture between Delphos and SEAF, a private equity fund manager. In 2008, Delphos structured and closed a $25 million facility to provide senior and mezzanine debt to companies in Afghanistan. Delphos helped obtain $5 million in equity through a grant from the U.S. Department of Defense and further leveraged these funds with a $20 million loan commitment from Overseas Private Investment Corporation (“OPIC”). Subsequently, in 2010, OPIC committed an additional $30 million of direct financing and a co-financing line of $25 million. As of January 2011, AGF had approved a total of $19 million in commitments. In addition to generating growth in sales and profits, the partnership with AGF provides strong potential for portfolio companies to significantly increase in value over the investment term. Additionally, AGF investments have contributed to increased employment, better benefits, expansion of products and services, as well as greater penetration into export markets. Mr. William Delphos served on the Board of Directors and the Investment Committee of AGF.