ALMAZ CAPITAL FUND II, LP

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 The proposed project is an investment of up to US$25 million in equity, not to exceed 20% of total fund commitments, in Almaz Capital Fund II, L.P., a Cayman Islands exempted limited partnership (the “Fund”), a venture capital fund sponsored by Almaz Capital Partners Ltd. (“Almaz”). Almaz is seeking to raise about US$175 million of aggregate commitments for the Fund, with initial closing targeted at US$100 million. This is the second fund to be managed by Almaz. Almaz successfully raised $72 million for the Almaz Russia Fund I in 2008/2009.  The Fund will make venture capital investments in information technology (“IT”) companies in Russia and Commonwealth of Independent States (CIS) with a focus on (i) proven technologies for global markets, developed in Russia/CIS; and (ii) proven business models targeted at Russian/CIS consumers. Target sectors include: (i) internet, software, and systems; and (ii) semiconductors and optoelectronics. The Fund aims to invest in 15-18 portfolio companies, each in the range of $7-16 million over the life of the investee company. The Fund plans to invest in 7-8 early-stage companies; 5-7 mid-stage companies; and opportunistically invest in 2-3 late stage, pre-IPO deals. Finally, the Fund will allocate $5 to 10 million for early seed investments only to be invested with select angel investors (typically experienced technology entrepreneurs) as well as in cooperation with incubators and accelerators.