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The team, left to right: Aiata Mediratta, Francis Rodilosso, Ivo Almuh, Conor ODfiscoll, Gail Bumet (seated), Patricia Bacchi, Jim Alban-Davies, and Peter Urbanczyk.

Credit Lyonnais Securities (USA) Inc. 1301 Avenue of the Americas New York, NY 10019 Telephone: (212) 261-7000

Latin American Fixed Income Team

In 1996, Credit Lyonnais reinforced its commitment to Latin American by building a Latin American Fixed Income Trading & Sales team within the Fixed Income division of Credit Lyonnais Securities (USA) Inc. The Team works closely with the Latin American Network, Syndications and Corporate Finance to ensure that it offers CL customers a seamless investment banking presence. In addition, the team's sales force works with CL Private Banking on a worldwide basis and offers a fill range of Latin American Fixed Income products.

The Team covers the full yield curve spectrum from Brady bonds, which are 30 year instruments, to Eurobonds, which are issued from 2 to 10 years, to commercial paper and local instruments which range from as little as one week to 360 days. Geographically, the team restricts itself to Latin America with its principal focus on Brazil, Argentina and Mexico as well as, to a lesser extent, Venezuela and the other Latin American countries. Brady bonds have already been issued for almost all the Latin American countries and are actively traded and offer good liquidity. Eurobonds involve the careful calculation of credit risk so the Group works with Corporate Finance and Syndication on a targeted customer list.

The Latin American Fixed Income Trading & Sales Team was recruited in early 1996 and is made up of nine people with extensive Latin American experience.

James D- Alban-Davies, Managing Director and Head of Latin American Fixed Income Trading & Sales, has almost thirty years of Latin American commercial and investment banking experience having worked in Argentina, Panama and Paraguay as well as The Bahamas, Miami, London and New York. He was Managing Director of the Emerging Markets Group at Midland Bank plc for more than eight years and created their New York Emerging Markets Group. He served as a Director of the Emerging Markets Traders Association and was a Director of Banco Roberts S.A. from 1992 to 1995.

Conor O'Driscoll, Managing Director and Head of Eurobond Trading, has fourteen years of experience in banking and, before joining CLS, was Executive Director, responsible for emerging markets of Standard Chartered Capital Markets. Conor brings extensive experience with Eurobond syndication and market risk to the group and knows well both the European, American and Asian markets.

Peter Urbanazyk, Director Brady Bond Trading, brings twelve years of Latin American experience to Credit Lyonnais, having worked previously at HSBC Securities, Bankers Trust and National Westminster Bank. Peter is best known for his trading of Brazilian assets, but has also worked extensively on Venezuelan transactions. Working with Peter is Francis Rodilosso, who is focused primarily on Argentine and Mexican sovereign debt as well as relative value trading. Before joining Latin America, Fran specialized in European and U.S. Fixed Income arbitrage trading for Hong Kong Bank. Peter and Fran write the group's daily market commentary, which is sent to its customers worldwide.

Ajata Mediratta, Director Latin American Structured Products & Money Markets Trading, was a partner in the Weston Group, a small investment bank specializing in Mexico. He traveled extensively in Mexico and specialized in the origination and structuring of Mexican local currency instruments and structured products for US and European institutional investors. In the wake of the December 1994 Mexican peso devaluation, he worked closely with Mexican companies and US bondholder creditor committees to restructure corporate issuances.

The head of the sales team is Ivo Almuli, who is fluent in four languages: English, Portuguese, Spanish and French. He has been with Credit Lyonnais for eight years, and has worked with Banco Frances e Brasileiro in Sao Paulo and ARFINT (Arbitrages Financiers Internationaux) in Paris. Working with Ivo is Patricia Bacchi, a native Argentine, who has worked for major Mexican banks in local fixed income trading for over five years and has extensive selling experience in both Mexico & Argentina. Raquel Franco joined Credit Lyonnais after working at Oppenheimer & Co. in Institutional Sales for Fixed Income with Brazilian investment finds and banks as her main focus. The Sales team liaises with Credit Lyonnais’ domestic sales force to ensure coverage of the major US funds which are also CL counterparties on European Government Bonds.

Gail Burnett, formerly of Midland Bank plc and Hong Kong Bank is trading assistant to the entire team and has worked in the Emerging Markets since 1991.