UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-08076 |
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THE EMERGING MARKETS TELECOMMUNICATIONS FUND, INC. |
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(Exact name of registrant as specified in charter) |
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c/o Credit Suisse Asset Management, LLC Eleven Madison Avenue New York, New York |
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10010 |
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(Address of principal executive offices) |
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(Zip code) |
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J. Kevin Gao, Esq. Eleven Madison Avenue New York, New York 10010 |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
(212) 325-2000 |
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Date of fiscal year end: |
October 31st |
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Date of reporting period: |
May 1, 2008 to July 31, 2008 |
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Item 1: |
Schedule of Investments |
The Emerging Markets Telecommunications Fund, Inc.
Schedule of Investments
July 31, 2008 (unaudited)
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No. of |
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Description |
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Shares |
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Value |
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EQUITY OR EQUITY-LINKED SECURITIES-98.68% |
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Equity or Equity-Linked Securities of Telecommunication Companies in Emerging Countries-98.26% |
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Asia-0.34% |
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Diversified Telecommunication Services-0.34% |
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TVG Asian Communications Fund II, L.P. †‡ # |
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3,622,118 |
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644,650 |
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Total Asia (Cost $1,092,526) |
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644,650 |
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Brazil-3.54% |
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Diversified Telecommunication Services-2.73% |
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Brasil Telecom Participações S.A. |
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31,362 |
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1,025,719 |
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Net Servicos de Comunicacao S.A., ADR † |
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73,116 |
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918,337 |
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Tele Norte Leste Participações S.A. |
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36,582 |
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957,155 |
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Tele Norte Leste Participações S.A., ADR |
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97,037 |
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2,291,044 |
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5,192,255 |
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Wireless Telecommunication Services-0.81% |
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Vivo Participações S.A., ADR †§ |
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270,010 |
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1,536,357 |
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Total Brazil (Cost $5,507,981) |
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6,728,612 |
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China-26.94% |
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Diversified Telecommunication Services-2.30% |
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China Netcom Group Corp. (Hong Kong) Ltd. |
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854,000 |
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2,590,457 |
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China Telecom Corp. Ltd. |
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3,272,207 |
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1,784,946 |
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4,375,403 |
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Wireless Telecommunication Services-24.64% |
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China Mobile Ltd. |
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2,049,500 |
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27,379,391 |
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China Mobile Ltd., ADR |
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237,074 |
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15,848,397 |
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China Unicom Ltd. |
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1,748,618 |
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3,588,214 |
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46,816,002 |
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Total China (Cost $34,045,725) |
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51,191,405 |
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Egypt-2.59% |
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Diversified Telecommunication Services-0.28% |
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Telecom Egypt |
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189,710 |
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536,908 |
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Wireless Telecommunication Services-2.31% |
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Orascom Telecom Holding SAE |
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412,605 |
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4,390,275 |
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Total Egypt (Cost $5,438,321) |
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4,927,183 |
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India-3.12% |
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Diversified Telecommunication Services-3.12% |
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Bharti Airtel Ltd. † |
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49,511 |
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918,957 |
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Reliance Communications Ltd. |
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435,072 |
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5,017,416 |
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5,936,373 |
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Total India (Cost $5,338,005) |
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5,936,373 |
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Indonesia-2.88% |
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Diversified Telecommunication Services-2.88% |
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PT Indosat Tbk |
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3,443,500 |
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2,452,027 |
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PT Telekomunikasi Indonesia |
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3,624,290 |
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3,012,541 |
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5,464,568 |
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Total Indonesia (Cost $5,255,702) |
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5,464,568 |
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Israel-5.10% |
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Diversified Telecommunication Services-0.50% |
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Bezeq Israeli Telecommunication Corp. Ltd. |
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519,513 |
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943,124 |
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Technology-0.49% |
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SVE Star Ventures Enterprises GmbH & Co. No. IX KG † ‡ # |
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1,901,470 |
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937,691 |
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Venture Capital-2.71% |
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BPA Israel Ventures LLC † ‡ # |
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1,674,587 |
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1,073,814 |
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Concord Ventures Fund II, L.P. † ‡ |
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4,000,000 |
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1,017,964 |
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Formula Ventures L.P. † ‡ |
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1,500,000 |
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14,640 |
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Giza GE Venture Fund III, L.P. † ‡ |
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2,750,000 |
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1,493,222 |
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K.T. Concord Venture Fund L.P. † ‡ |
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2,000,000 |
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337,816 |
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Neurone Ventures II, L.P. † ‡ # |
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663,684 |
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195,827 |
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Walden-Israel Ventures III, L.P. † ‡ # |
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1,166,688 |
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1,018,985 |
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5,152,268 |
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Wireless Telecommunication Services-1.40% |
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Cellcom Israel Ltd. |
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54,432 |
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1,803,876 |
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Partner Communications Co., Ltd. |
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38,468 |
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842,261 |
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2,646,137 |
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Total Israel (Cost $13,561,912) |
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9,679,220 |
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Latin America-0.23% |
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Venture Capital-0.23% |
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JPMorgan Latin America Capital Partners L.P. † ‡ # |
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2,216,887 |
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437,170 |
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Total Latin America (Cost $597,379) |
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437,170 |
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Malaysia-1.46% |
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Diversified Telecommunication Services-0.34% |
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Telekom Malaysia Berhad |
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611,261 |
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642,788 |
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Wireless Telecommunication Services-1.12% |
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TM International Bhd † |
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1,089,265 |
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2,124,334 |
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Total Malaysia (Cost $3,134,192) |
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2,767,122 |
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Mexico-16.83% |
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Diversified Telecommunication Services-2.72% |
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Teléfonos de México S.A.B. de C.V., Series L, ADR § |
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205,168 |
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5,170,234 |
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Wireless Telecommunication Services-14.11% |
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America Movil S.A. de C.V., Series L, ADR |
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530,853 |
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26,802,768 |
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Total Mexico (Cost $10,725,413) |
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31,973,002 |
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Philippines-2.30% |
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Diversified Telecommunication Services-2.08% |
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Philippine Long Distance Telephone Co. |
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69,762 |
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3,956,330 |
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Wireless Telecommunication Services-0.22% |
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Globe Telecom, Inc. |
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16,600 |
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423,095 |
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Total Philippines (Cost $2,930,124) |
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4,379,425 |
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Poland-2.49% |
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Diversified Telecommunication Services-2.49% |
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Telekomunikacja Polska S.A. |
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425,681 |
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4,724,019 |
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Total Poland (Cost $4,350,713) |
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4,724,019 |
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Russia-9.06% |
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Wireless Telecommunication Services-9.06% |
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Mobile Telesystems, ADR |
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130,045 |
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9,285,213 |
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Vimpel-Communications, ADR |
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314,083 |
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7,924,314 |
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17,209,527 |
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Total Russia (Cost $10,894,440) |
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17,209,527 |
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South Africa-10.90% |
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Diversified Telecommunication Services-2.01% |
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Telkom South Africa Ltd. |
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201,867 |
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3,813,023 |
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Wireless Telecommunication Services-8.89% |
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MTN Group Ltd. |
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982,692 |
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16,895,383 |
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Total South Africa (Cost $12,756,420) |
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20,708,406 |
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South Korea-2.11% |
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Diversified Telecommunication Services-0.60% |
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KT Corp. |
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27,746 |
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1,143,345 |
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Wireless Telecommunication Services-1.51% |
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SK Telecom Co., Ltd. |
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15,005 |
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2,860,022 |
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Total South Korea (Cost $4,141,813) |
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4,003,367 |
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Taiwan-4.75% |
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Diversified Telecommunication Services-3.21% |
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Chunghwa Telecom Co., Ltd. † |
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2,408,264 |
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6,095,535 |
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Wireless Telecommunication Services-1.54% |
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Taiwan Mobile Co., Ltd. |
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1,629,535 |
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2,929,961 |
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Total Taiwan (Cost $8,776,926) |
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9,025,496 |
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Thailand-1.13% |
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Wireless Telecommunication Services-1.13% |
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Advanced Info Service Public Co., Ltd. |
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875,500 |
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2,143,655 |
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Total Thailand (Cost $2,729,479) |
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2,143,655 |
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Turkey-1.22% |
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Wireless Telecommunication Services-1.22% |
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Turkcell Iletisim Hizmetleri AS |
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301,543 |
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2,325,088 |
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Total Turkey (Cost $2,422,644) |
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2,325,088 |
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Global-1.27% |
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Diversified Telecommunication Services-0.61% |
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TeleSoft Partners L.P. † ‡ |
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1,250,000 |
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6,900 |
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TeleSoft Partners II QP, L.P. † ‡ # |
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2,160,000 |
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1,158,451 |
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1,165,351 |
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Venture Capital-0.66% |
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Emerging Markets Ventures I, L.P. † ‡ # |
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7,248,829 |
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1,248,538 |
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Total Global (Cost $3,938,678) |
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2,413,889 |
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Total Emerging Countries (Cost $137,638,393) |
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186,682,177 |
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Equity Securities of Telecommunication Companies in Developed Countries-0.41% |
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United States-0.41% |
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Internet Software & Services-0.41% |
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Technology
Crossover Ventures IV, L.P. † ‡ # |
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1,915,800 |
|
771,035 |
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Equity Securites of Companies Providing Other Essential Services in the Development of an Emerging Country’s Infrastructure-0.01% |
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Argentina-0.00% |
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Investment & Holding Companies-0.00% |
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Exxel Capital
Partners V, L.P. † ‡ |
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1,897,761 |
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0 |
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Israel-0.01% |
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Investment & Holding Companies-0.01% |
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The
Renaissance Fund LDC † ‡ |
|
160 |
|
9,744 |
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Total
Other Essential Services |
|
|
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9,744 |
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Total
Equity or Equity-Linked Securities |
|
|
|
187,462,956 |
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Principal |
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Amount |
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(000’s) |
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SHORT-TERM INVESTMENT-5.48% |
|
|
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Grand Cayman-2.29% |
|
|
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JPMorgan
Chase & Co., London overnight deposit, 1.28%, 08/01/08 |
|
4,349 |
|
4,349,000 |
|
|
|
|
|
|
|
|
|
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United States-3.19% |
|
|
|
|
|
|
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Brown
Brothers Investment Trust Securities Lending Fund, 2.50%, 08/01/08 §§ |
|
6,060 |
|
6,060,227 |
|
|
|
|
|
|
|
|
|
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Total Short-Term Investments |
|
|
|
|
|
|
|
(Cost $10,409,227) |
|
|
|
10,409,227 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments-104.16% |
|
|
|
|
|
|
|
(Cost $149,449,917) |
|
|
|
197,872,183 |
|
|
|
|
|
|
|
|
|
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Liabilities in Excess of Cash and Other Assets-(4.16)% |
|
|
|
(7,899,268) |
|
|
|
|
|
|
|
|
|
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NET ASSETS-100.00% |
|
|
|
$ |
189,972,915 |
|
|
|
|
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† |
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Non-income producing security. |
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‡ |
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Restricted security, not readily marketable; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors, under procedures established by the Board of Directors. |
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# |
|
As of July 31, 2008, the aggregate amount of open commitments for the Fund is $3,156,015. |
|
§ |
|
Security or portion thereof is out on loan. |
|
§§ |
|
Represents security purchased with cash collateral received for securities on loan. |
|
ADR |
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American Depositary Receipts. |
Security Valuation - The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the “Exchange”) on each day the Exchange is open for business. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the “Valuation Time”). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest ask quotation in the case of a short sale of securities. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that this method would not represent fair value. Investments in mutual funds are valued at the mutual fund’s closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund’s Valuation Time, but after the close of the securities’ primary market, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. At July 31, 2008, the Fund held 5.46% of its net assets in securities valued at fair value as determined in good faith under procedures established by the Board of Directors with an aggregate cost of $16,657,591 and fair value of $10,366,447. The Fund’s estimate of fair value assumes a willing buyer and a willing seller neither acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material.
Restricted Securities - Certain of the Fund’s investments are restricted as to resale and are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors in the absence of readily ascertainable market values.
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Number |
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Acquisition |
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Fair Value At |
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Value per |
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Percent of |
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Distributions |
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Open |
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|||||
|
Security |
|
of Shares |
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Date(s) |
|
Cost |
|
07/31/08 |
|
Share |
|
Net Assets |
|
Received |
|
Commitments |
|
|||||
|
BPA Israel |
|
|
|
10/05/00 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Ventures LLC |
|
1,674,587 |
|
12/09/05 |
|
$ |
1,187,922 |
|
$ |
1,073,814 |
|
$ |
0.64 |
|
0.57 |
|
$ |
— |
|
$ |
625,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Concord Ventures |
|
|
|
03/29/00 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Fund II, L.P. |
|
4,000,000 |
|
12/15/06 |
|
2,633,194 |
|
1,017,964 |
|
0.25 |
|
0.54 |
|
258,608 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Emerging Markets |
|
|
|
01/22/98 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Ventures I, L.P. |
|
7,248,829 |
|
01/10/06 |
|
2,734,691 |
|
1,248,538 |
|
0.17 |
|
0.66 |
|
7,090,156 |
|
851,172 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Exxel Capital |
|
|
|
05/11/98 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Partners V, L.P. |
|
1,897,761 |
|
12/03/98 |
|
380,481 |
|
0 |
|
0.00 |
|
0.00 |
|
205,185 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Formula Ventures |
|
|
|
08/06/99 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
L.P. |
|
1,500,000 |
|
06/14/04 |
|
259,527 |
|
14,640 |
|
0.01 |
|
0.01 |
|
496,915 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Giza GE Venture |
|
|
|
1/31/00- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Fund III, L.P. |
|
2,750,000 |
|
11/23/06 |
|
1,823,651 |
|
1,493,222 |
|
0.54 |
|
0.79 |
|
639,360 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
JPMorgan Latin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
America Capital |
|
|
|
04/10/00- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Partners L.P. |
|
2,157,213 |
|
12/21/06 |
|
541,379 |
|
425,402 |
|
0.20 |
|
0.22 |
|
|
|
|
|
|||||
|
|
|
11,037 |
|
12/27/07 |
|
10,248 |
|
2,177 |
|
0.20 |
|
0.00 |
|
|
|
|
|
|||||
|
|
|
48,637 |
|
03/20/08 |
|
45,752 |
|
9,591 |
|
0.20 |
|
0.01 |
|
|
|
|
|
|||||
|
|
|
2,216,887 |
|
|
|
597,379 |
|
437,170 |
|
|
|
0.23 |
|
2,217,354 |
|
571,535 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
K.T. Concord Venture |
|
|
|
12/08/97 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Fund L.P. |
|
2,000,000 |
|
09/29/00 |
|
1,340,180 |
|
337,816 |
|
0.17 |
|
0.18 |
|
1,241,168 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Neurone Ventures II, |
|
|
|
11/24/00- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
L.P. |
|
603,684 |
|
12/26/06 |
|
124,736 |
|
178,123 |
|
0.30 |
|
0.10 |
|
|
|
|
|
|||||
|
|
|
45,000 |
|
11/12/07 |
|
41,551 |
|
13,278 |
|
0.30 |
|
0.01 |
|
|
|
|
|
|||||
|
|
|
15,000 |
|
07/08/08 |
|
13,850 |
|
4,426 |
|
0.30 |
|
0.00 |
|
|
|
|
|
|||||
|
|
|
663,684 |
|
|
|
180,137 |
|
195,827 |
|
|
|
0.11 |
|
297,649 |
|
97,500 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
SVE Star Ventures Enterprises |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GmbH & Co. No. IX KG |
|
|
|
12/21/00- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
1,901,470 |
|
08/06/07 |
|
1,524,685 |
|
937,691 |
|
0.49 |
|
0.49 |
|
380,279 |
|
100,000 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Technology Crossover |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Ventures IV, L.P. |
|
|
|
03/08/00- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
1,902,600 |
|
09/06/07 |
|
576,809 |
|
765,722 |
|
0.40 |
|
0.40 |
|
|
|
|
|
|||||
|
|
|
13,200 |
|
04/08/08 |
|
13,200 |
|
5,313 |
|
0.40 |
|
0.00 |
|
|
|
|
|
|||||
|
|
|
1,915,800 |
|
|
|
590,009 |
|
771,035 |
|
|
|
0.40 |
|
1,561,696 |
|
84,200 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
07/22/97 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Telesoft Partners L.P. |
|
1,250,000 |
|
06/07/01 |
|
158,405 |
|
6,900 |
|
0.01 |
|
0.00 |
|
7,203,101 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Telesoft Partners II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
QP, L.P. |
|
|
|
07/14/00- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
2,040,000 |
|
04/18/07 |
|
932,487 |
|
1,094,093 |
|
0.54 |
|
0.58 |
|
|
|
|
|
|||||
|
|
|
120,000 |
|
06/12/08 |
|
113,094 |
|
64,358 |
|
0.54 |
|
0.03 |
|
|
|
|
|
|||||
|
|
|
2,160,000 |
|
|
|
1,045,581 |
|
1,158,451 |
|
|
|
0.61 |
|
1,109,561 |
|
240,000 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
The Renaissance |
|
|
|
03/30/94 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Fund LDC |
|
160 |
|
03/21/97 |
|
431,807 |
|
9,744 |
|
60.90 |
|
0.01 |
|
1,547,662 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
TVG Asian Communications |
|
|
|
06/07/00 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Fund II, L.P. |
|
3,622,118 |
|
10/27/05 |
|
1,092,526 |
|
644,650 |
|
0.18 |
|
0.34 |
|
3,308,829 |
|
377,882 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Walden-Israel |
|
|
|
02/23/01 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Ventures III, L.P. |
|
1,166,688 |
|
11/02/06 |
|
677,416 |
|
1,018,985 |
|
0.87 |
|
0.54 |
|
942,976 |
|
208,313 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total |
|
|
|
|
|
$ |
16,657,591 |
|
$ |
10,366,447 |
|
|
|
5.46 |
|
$ |
28,500,499 |
|
$ |
3,156,015 |
|
|
The Fund may incur certain costs in connection with the disposition of the above securities.
Federal Income Tax Cost - At July 31, 2008, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $149,449,917, $62,371,912, $(13,949,646) and $48,422,266, respectively.
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is also available on the Fund’s website at www.credit-suisse.com/us as well as on the website of the Securities and Exchange Commission at www.sec.gov.
Item 2: Controls and Procedures
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)), were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities and Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
1. The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
THE EMERGING MARKETS TELECOMMUNICATIONS FUND, INC. |
||
|
|
|
|
|
|
|
/s/George R. Hornig |
|
|
|
|
Name: |
George R. Hornig |
|
|
|
Title: |
Chief Executive Officer |
|
|
|
Date: |
September 26, 2008 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
/s/George R. Hornig |
|
|
|
|
Name: |
George R. Hornig |
|
|
|
Title: |
Chief Executive Officer |
|
|
|
Date: |
September 26, 2008 |
|
|
|
/s/Michael A. Pignataro |
|
|
|
|
Name: |
Michael A. Pignataro |
|
|
|
Title: |
Chief Financial Officer |
|
|
|
Date: |
September 26, 2008 |
|