NEWS February 3, 1998 GINGER EHN LEW NAMED BY TELECOMMUNICATIONS DEVELOPMENT FUND BOARD AS MANAGING DIRECTOR AND CHIEF OPERATING OFFICER The Telecommunications Development Fund (TDF) Board of Directors today announced the appointment of Ginger Ehn Lew as Managing Director and Chief Operating Officer of the TDF and the opening of its offices. TDF has opened its offices at: 1899 L Street N.W., Suite 500, Washington, D.C. 20036, Telephone: (202) 293-8840, fax: (202) 293-8850. TDF was created by Congress in the Telecommunications Act of 1996 to provide a source of loans and investment capital to small communications businesses to stimulate new technological growth and development, promote universal service, and enhance the delivery of telecommunications services to rural and underserved areas. Small businesses will be helped through loans, equity investments and technical assistance. The Fund is capitalized by the interest earned from the upfront payments bidders submit to participate in Federal Communications Commission's (FCC) auctions. TDF currently has $21.9 million in its capital account. Don Cornwell, Chairman of the TDF Board and CEO of Granite Broadcasting Corporation said, "I am pleased to announce the selection of Ginger Lew as the first member of the team we select to lead the Telecommunications Development Fund on the very important mission of helping small businesses gain capital to compete in the telecommunications market." Ms. Lew will develop and oversee TDF's application procedures and criteria for loans, equity investments and technical assistance. TDF is run by a seven-member Board of Directors. Four Directors are from the private sector: Don Cornwell; Thomas Hart, Vice Chairman, Partner, Ginsburg, Feldman & Bress; Richard L. Fields, Managing Director of Allen & Company, Incorporated; Debra L. Lee, President and Chief Operating Officer of BET Holdings, Inc. Three government members serve on the Board: William Kennard, Chairman of the FCC; and Jere W. Glover, Chief Counsel for Advocacy, Office of Advocacy, U.S. Small Business Administration. The director's seat for the U.S. Department of Treasury is currently vacant. (over) - 2 - FCC Chairman Kennard commented: "I am pleased the TDF is now underway. In Ginger Lew, the Fund has found a vibrant, experienced and skilled leader who knows about small business concerns, financial market strategies and technology business opportunities. I think she brings a rare-blend of talent to the Fund which will have a significant impact upon opportunity for small telecommunications businesses." From 1996-1998, Ms. Lew served as the Deputy Administrator of the U.S. Small Business Administration (SBA) where she provided day-to-day management and oversight of the agency's $42 billion loan portfolio. From 1993-1996, she served as General Counsel at the U.S. Department of Commerce. Prior to joining the Clinton Administration, Ms. Lew was the Vice President and General Counsel of a start-up high technology firm in San Francisco. Prior to that, she advised technology clients on overseas market expansion strategies for Ernest & Young, was a partner in a D.C. law firm, and served as Deputy Assistant Secretary of State for East Asia and the Pacific under both the Carter and Reagan Administrations. - FCC - For further information on the TDF, please contact Ms. Lew at (202) 293-8840, or Vivian Keller, FCC, at (202) 418-7266. For information on FCC proceedings affecting small communications businesses, please contact the FCC's Office of Communications Business Opportunities at (202) 418-0990.