Northern Gulf Advisors, a wholly-owned subsidiary of NGP, manages Iraq
Investment Partners I (IIPI), the first Iraq-only pooled investment
vehicle. IIPI, a Delaware LP, was launched in March, 2009.
IIPI (Bloomberg code: IRAQIPI US) is a long-only equities fund
that focuses on the ISX, the stock exchange in Baghdad. A Luxembourg
SICAV following the same strategy as IIPI will launch in Q1 2010.