The recent economic tumult has reinforced the need for patient money invested with careful attention to both detailed company fundamentals and the macroeconomic context within which companies operate. US Nordic Ventures, a subsidiary of WestMill Capital Partners, is a value investor interested in real assets (e.g., real estate, energy, intellectual property, etc.) and/or companies that serve a fundamental business need. To quote a more well-know value-investor, Warren Buffet, we are focused on finding an outstanding company at a sensible price.

We believe that the tremendous US government economic intervention in 2008 and 2009 has created a fundamental shift in the opportunity set, which makes it necessary to diversify out of the United States during the next five to ten years. Structural government deficits, continuing high consumer debt, and the anemic American banking sector compel us to seek new ventures abroad. At the same time, emerging and international markets have become more dynamic and robust than in anytime in history. We see these two major trends reinforcing each other and therefore we believe we will have greater opportunities to find well-priced investments with strong growth prospects in select foreign counties. Iceland is one market we are evaluating at this time.

The Nordic countries have a tradition of prudent economic and environmental stewardship that provides attractive, secure, long-term investment opportunities. The social, business, legal and political context has resulted in the region becoming a leader in developing global technologies and companies. We view recent events in Iceland as an aberration from this tradition, and believe the underlying fundamentals of the economy create an attractive investment environment.

We strongly believe, however, that local knowledge and expertise is essential to pricing and managing investments. Therefore, US Nordic Ventures is seeking local operating partners with which to co-invest. Our partners will have proven track records operating in the local business, social, and political climate. We will provide a range of support to our operating partners, including:

• Capital, through direct investment and through identifying and securing follow-on funding;
• Management assistance, with an emphasis on strategy, financing, operating controls and marketing;
• Export assistance and government/legal affairs at the federal, state and local levels for companies interested in expanding their presence in the United States and elsewhere; and
• Business development through our networks, relationships and contacts, in particular in the United States.

We believe that with a combination of support and capital, Nordic businesses can grow within an expanding international market and capitalize on closer relations with the United States.

* * *

WestMill Capital Partners is a Washington, DC based investment firm with a long investment history in private equity and real estate. WestMill has ample resources to bring to its portfolio companies and investments, including committed capital and a management team of experienced investors and operations executives and advisors with vast experience in government relations, financing, real estate and business operations.

Its largest subsidiary, Western Development Corporation (www.westdev.com), is a mixed-use real estate development company focused on the mid-Atlantic region of the United States. Western Development has developed some of the preeminent mixed-use projects in the Washington DC metro area, including Washington Harbor, Georgetown Park and Gallery Place and outlet malls including Potomac Mills, outside Washington, DC, Franklin Mills, outside Philadelphia, PA, Gurnee Mills, in Lake County, IL and Sawgrass Mills near Ft. Lauderdale, FL.

WestMill Capital Partners is building a new focus on investments in non-US real estate, real assets, and foreign operating companies that serve a fundamental business need. WestMill focuses its investment activities on emerging and international markets with stable governmental and judicial structures.

WestMill represents patient capital and recognizes that challenging market conditions require a long-term perspective and entrepreneurial approach to investing. WestMill has the experience and ability evaluate asset and business opportunities and the financial resources to act quickly and to remain committed to its portfolio companies during their development.