WNISEF BOARD MEETING & BRIEFING HELD IN WASHINGTON
Have raised a follow-on private equity fund of $130 million
U.S.-Ukraine Business Council (USUBC)
Washington, D.C. Monday, November 5, 2007

WASHINGTON - The Board of Directors of the Western NIS Enterprise
Fund (WNISEF) met in Washington, DC on October 30, 2007.  While in
Washington the top management of WNISEF, along with the board,
provided financial highlights from the past year at an informal luncheon
briefing attending by officials of the U.S. government, Ukraine Embassy,
think-tanks. businesses and other organizations interested in Ukraine.

Natalie Jaresko, President and Chief Executive Officer said, "In 1995 when
Ukraine and Moldova were in the early years of their transition to a market
economy, WNISEF set upon a path to help these economies build a strong
private sector. A great deal has changed in the region since that time.

"A substantial M&A market has developed in Ukraine; foreign direct
investment and fixed capital investment overall are rising dramatically. The
banking sector of both Ukraine and Moldova is growing rapidly along with
consumer disposable income.

"This year we opened a new chapter in our effort to fulfill our mission. We
succeeded in raising a follow-on private equity fund of $132 million in less
than a year based on the team's experience and expertise, as well as the
region's promise."

Mark Iwashko, Executive Vice President and Chief Investments Officer
stated, "WNISEF has completed its twelfth full year of operations in
the region with over $130 million invested in 31 companies in Ukraine and
Moldova since inception and a second, private $132 million fund almost
fully invested.

Our track record is proof to the marketplace that profitable investments
can be undertaken in this region and, as a result, create the human,
technological and investment capital needed to sustain these market
economies."

WNISEF was established by the U.S. Congress and funded by the U.S.
government via U.S. Agency for International Development (USAID).

WNISEF is managed by Horizon Capital, a private equity fund manager
that originates and manages investments in mid-cap companies with
outstanding growth and profit potential in Ukraine and Moldova.

Horizon Capital team currently manages two funds, Emerging Europe
Growth Fund, LP (EEGF) and Western NIS Enterprise Fund (WNISEF).

Horizon Capital Advisors, LLC-Emerging Europe Growth Fund is
a member of the U.S.-Ukraine Business Council (USUBC). Natalie
Jaresko, Managing & Founding Partner, is a member of the USUBC
board of directors.  USUBC was represented at the WNISEF briefing
by its president, Morgan Williams.

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LINK: www.wnisef.org
LINK: http://www.horizoncapital.com.ua/