The document discusses technology investments in emerging markets. It notes that while emerging markets have traditionally copied innovations from developed countries, native innovation will eventually flower in key industry sectors in countries like China, India, Russia, and Latin America. However, there are still significant hurdles to success in these markets, including management talent, capital markets, infrastructure development, and government support. The document introduces panelists from investment firms focusing on different emerging markets.

1. C ELSIUS C APITAL A T ECHNOLOGY I NVESTMENT F IRM Pushing the Technology Frontier: Technology Investments in Emerging Markets Carlos M. Bhola Managing Partner Washington, D.C. May 20, 2005

2. U.S. I NNOVATIONS HAVE BEEN S UCCESSFULLY R EPLICATED IN O THER G EOGRAPHIES Auctions Portal Search Travel Retail Recruitment Europe Japan Emerging Markets United States Mid 90’s Late 90’s Early 00’s Financial Services

3. E MERGING M ARKETS R EMAIN IN THE “C OPYCAT ” S TAGE OF D EVELOPMENT … Purchase Copycat Innovate ? ? ? ? ? TODAY

4. … B UT N ATIVE I NNOVATION WILL E VENTUALLY F LOWER IN K EY I NDUSTRY S ECTORS … China India Russia Latin America Mobile Applications Networking Semiconductors Broadband Applications Software Development – High relevance – Low relevance KEY:

5. … A LTHOUGH THE H URDLES TO S UCCESS ARE S IGNIFICANT Management Talent Capital Markets Infrastructure Government Support Governance China India Russia Latin America Mature Evolving Fledgling Abundant Sufficient Scarce Established Evolving Suspect Leapfrog Established Decrepit Enthusiastic Nurturing Non-existent