CORDIANT ANNOUNCES FIRST CLOSE OF US$500 MILLLION EMERGING LOAN FUND III

Montreal, May 24th, 2007: Cordiant, a leading manager of emerging market private equity and debt funds, today announced a first close of US$200 million for the expected US$500 million Cordiant Emerging Loan Fund III (CELF III).

CELF III, which has attracted both new and existing investors from North America and Europe, offers institutional investors a unique opportunity to invest in a diversified pool of carefully selected emerging market private sector loans.

The Fund aims to generate superior risk-adjusted returns by partnering with world-class institutions while providing an extra level of due diligence on all portfolio investments. CELF III appeals to those investors seeking stable, long-term returns with risk-mitigated exposure to the rapidly growing emerging markets. A second close of the Fund is expected in September.

Cordiant has received US$1.14 billion in subscriptions since inception and boasts a solid five- year track record which includes over 100 investments in 35 emerging countries. Cordiant also manages the highly successful IFPT ’01 and IFPT ’04, and is co-manager of the Canada Investment Fund for Africa, a private equity fund that provides risk capital to commercially viable businesses throughout the African continent.

For further information please contact:

Mr. David G. Creighton President and CEO
Cordiant Capital Inc
Suite 2400
1010 Sherbrooke Street West
Montreal, QC
H3A 2R7
Tel: 1-514-286-2631
e-mail: info@cordiantcap.com