Washington D.C., January 4, 2007 - EMP Latin American Management LLC ("EMPLA") announced today that the AIG-GE Capital Latin American Infrastructure Fund L.P. ("LAIF") has sold its entire participation in Cablemas S.A. de C.V. ("Cablemas"), Mexico's second largest cable TV company.  LAIF and the other financial investors in the company reached an agreement with their Mexican partner and founding shareholder, the Alvarez family, to sell their combined 52.7% economic interest in Cablemas. The transaction valued LAIF's stake at approximately $92.0 million.

In the third quarter of 1998, LAIF invested in a Mexican greenfield venture in order to take advantage of the strategic opportunities to consolidate a number of small cable systems. The entity, which started with around 23,000 subscribers, merged into Cablemas at the end of 1999 to reach 175,000 video subscribers. Currently, Cablemas serves more than 675,000 video subscribers, and has about 170,000 internet clients and more than 20,500 telephony lines.

The EMPLA team played an instrumental role throughout the life of the investment, with an active participation in Cablemas' Board of Directors and influential positions on internal Committees handling strategic and operational matters. Although Cablemas faced periods of political and economic turbulence, including the global telecom sector downturn in 2000/2001, it was able to grow aggressively, both organically and through acquisitions. The company has become one of the most important players in the Mexican cable industry, allowing it to tap the international capital markets in 2005 with a US$175 million public debt issuance and to be one of the first pay television providers in the country to offer its customers IP telephony on a bundled basis with television and high-speed Internet services.

James F. Martin, EMPLA's Managing Partner, said:

"The sale to our local partner is an example of the increasing variety of exit options for our Latin American portfolio. The transaction is the completion of the plan started years ago when our team decided the investment opportunity in the cable sector in Mexico was one not to be missed. We are pleased to have participated as an active player in the transformation of the cable sector in Mexico and in the successful development of Cablemas. We are confident this well-managed company will continue to advance as a key player in Mexico" 

Marcos Rampoldi, the Senior Associate for the investment, added: 

"Cablemas' business plan developed as a result of combined efforts and common interests among the different parties involved. A talented management team, a Mexican partner with extensive local experience and capabilities, and a group of international private equity players with valuable knowledge of the industry and the region were able together to capture market opportunities and achieve significant growth. We believe it appropriate at this stage of LAIF's history to sell our participation in the company but, at the same time, we are excited that Cablemas has very good prospects with the enactment of the new convergence law for the Mexican telecom industry and Cablemas' current solid market position and financial profile." 

Since its inception in November 1996, LAIF has invested approximately US$805 million in 24 companies throughout the Latin America region, which are engaged in a variety of infrastructure sectors including telecom, transport, energy, and natural resources.  This sale is one of several recent LAIF exits.  

EMPLA expects additional significant realizations for LAIF will be achieved over the coming year.  EMPLA's objective is to remain a leading player in private equity and mezzanine finance in the Latin American region.

About EMP Latin American Management LLC 

EMP Latin American Management LLC, a joint venture between EMP Global LLC and the four principal members of EMP Global's Latin American team, is the Principal Adviser to the AIG-GE Capital Latin American Infrastructure Fund L.P.