Financial Services Experience

The New World Liberty China Fund (the “Fund”) is co-sponsored by Liberty Mutual, a diversified multinational financial services group, and New World Development Company, one of Hong Kong’s largest conglomerates. Delphos negotiated the participation of the Asian Development Bank (“ADB”) as a lead investor, obtaining ADB Board approval in the fall of 2000 for a $150 million investment. The Fund invested in high growth small and medium-sized enterprises in China, which will directly benefit from the increasing disposable income of the Chinese population as well as from China’s access to WTO. The Fund concentrates on four core business sectors: healthcare, consumer products, building materials, and automotive mid-stream and down-stream services.