The Gapstone Group
select experience of gapstonE SENIOR SPECIALISTS
ACOM Consumer Loan Structured Finance Notes
  $2 billion springing-sale asset-backed MTN issuance facility
  $2 billion springing-sale asset-backed MTN issuance facility
  Credit enhanced by Monoline Insurers
   
AEL Corporation/Loan Star Consumer Lender Financing & Restructuring
  Asset-Based Lending Facility
  Bond Tender, Exchange, and Restructuring
  Pre-Packaged Bankruptcy Plan
  JPY80 billion true-sale DIP facility for bankrupt non-bank lender
  Principal purchase of JPY22 billion consumer loan receivables from bankruptcy
   
Air One/Alitalia Italy: Merger Execution
  Financial Adviser
   
Air One Italy: Aircraft Fleet Financing: Senior & Mezzanine Debt
  Financial Adviser
   
Akbank Credit Cards Turkey: Future Flow Securitization
  $250mm Credit Cards Future Flow Securitization
  Financial Guaranty Structuring
   
Akbank Remittance Turkey: Remittances Future Flow Securitization
  $200mm Future Flow Securitization
  Financial Guaranty Structuring
   
Alliance Capital L.P.  Mexico: Advisor to Bondholder Committee
  Advisor to $100MM Bondholder Committee led by Alliance Capital and Cigna for the 
  restructuring of Grupo Azucarero Mexico, S.A. (GAM), a Mexican sugar company
   
Altos Hornos de Mexico, S.A.(AHMSA) Mexico: Financial Advisor
  Restructuring Advisor to Mexican Steel Company
   
Arcel Finance Limited (Aracruz)  Brazil: Commodity Future Flow Securitization
  $250mm Pulp Exports Future Flow Securitization
  Financial Guaranty Structuring
   
ASAX Co. Consumer Loan Securitization
  JPY7.5 billion Master Trust ABS facility
  Backed by blanket mortgage small business loans
   
Asher Xino / ENI (Agip) Nigeria: Investment in Undeveloped Oil Field
  Led discussion for potential joint development
  Advisory on Capital Structure & Financing Plan 
   
Asian Development Bank South Asia:  Structurered Solutions for Disaster Risk Financing
  Advisory for Public Sector program lending
  Catastrophe-contingent financing structures
   
Asian Development Bank Southeast Asia: Structured Fund for Renewable Energy Capacity Development
  Advisory for Private Sector financing
  Structured Fund alternatives to support small hydro & biogas
   
Atlantide S.R.I. Italy: Healthcare Receivables Future Flow Securitization
  $482mm Lazio Healthcare Receivables Future Flow Securitization
  Financial Guaranty Structuring
   
Autodistribution-Finelist/BC Partners/Butler Capital UK: LBO Senior & Mezzanine Debt
  Joint Arranger
   
AvanStrate (Korea) Enhanced Credit Facility
  $130 mm, NEXI-insured term facilities
   
Aviation Capital Group US: Secured Bond
  Aircraft equipment lease and mortgage financing
   
Banamex Mexico: Future Flow Securitization
  $250mm Credit Card Future Flow Securitization
  $150mm Credit Card Future Flow Securitization
  $400mm Future Flow Securitization
  $800mm Credit Cards Future Flow Securitization
  Financial Guaranty Structuring
   
Banco Agricola (XL) El Salvador: Future Flow Securitization
  $60mm Diversified Payment Rights Securitization
  Financial Guaranty Structuring
   
Banco Agricola El Salvador: Remittance Future Flow Securitization
  $100mm Future Flow Securitization
  Financial Guaranty Structuring
   
Banco Bradesco PRI Brazil: PRI Sub-Debt & $/¥ Swap
  First Political Risk Insurance policy provided directly by Merrill Lynch.
  2002 Emerging Markets Investor - Deal of the Year
  2002 Latin Finance - Credit Enhanced Deal of the Year
   
Banco Cuscatlan El Salvador: Remittance Future Flow Securitizations
  $100mm Cuscatlan Remittance Master Trust 2002
  $100mm Cuscatlan Remittance Master Trust 2003
  $125mm Cuscatlan Remittance Master Trust 2003
  $100mm Cuscatlan Remittance Master Trust 2003
  Financial Guaranty Structuring
   
Banco do Brazil (Nikkei Remittance) Brazil: Remmittance Future Flow
  Securitization of workers remmitances from Japan to Brazil
  First Brazilian remmittance-backed future flow transaction.
  First Brazilian financial future flow transaction.
  2001 Emerging Markets Investor - Best Securitization of the Year
  2001 SFI - Emg Mkts Securitization Deal of the Year
   
Banco do Brazil (Nikkei Remittance) Brazil: Remittance Future Flow Securitization
  $200mm Nikkei Remittance Trust
  Financial Guaranty Structuring
   
 
Banco Do Brasil DPR Brazil: MT100 Future Flow
  First Brazilian MT100 future flow transaction.
  First future flow transaction based on Issuer's branch flows.
  2002 IFR Latin America Bond Issue of the Year
  2002 Latin Finance Structured Finance Deal of the Year
   
Banco Do Brasil Brazil: Remittances Future Flow Securitizations
  $250mm Dollar Diversified Payment Rights Finance Co.
  $120mm Dollar Diversified Payment Rights Finance Co.
  Financial Guaranty Structuring
   
Banco General Panama: Future Flow Securitizations
  $64mm Credit Card Future Flow Securitization
  $64mm Credit Cards Future Flow Secured Loan
  Financial Guaranty Structuring
   
Banco Industrial Guatemala: Remittances Future Flow Securitization
  $125mm Industrial DPR Funding Ltd. Series 2005-1
  Financial Guaranty Structuring
   
Banco Itau Brazil: Diversified Payment Rights Future Flow Securitization
  Securitization of financial future flows
  Principal Bid for immediate pricing
   
Banco Itau Brazil: DPR Future Flow Securitizations
  $250mm Brazilian Diversified Payment Rights Finance Co.
  $150mm Brazilian Diversified Payment Rights Finance Co.
  $250mm Brazilian Diversified Payment Rights Finance Co.
  $150mm Brazilian Diversified Payment Rights Finance Co.
  Financial Guaranty Structuring
   
Banco Itau PRI Brazil: Subordinated Debt with PRI
  Debt backed by Political Risk Insurance
  First Brazilian subordinated debt issuance.
  First Emerging Markets long-term Japanese Yen deal. 
   
Banespa Brazil: DPR Future Flow Securitizations
  Securitization of financial future flows (2004-1)
  First Multi-Bank DPR Program
   
Banespa Brazil: Remittances Future Flow Securitization
  $400mm Brazil Foreign Diversified Payment Rights 2004-1
  Financial Guaranty Structuring
   
[Top 10 Domestic Bank] Lebanon:  Core Tier 1 Equity Capital Raise
  CET1 Structured Solution
   
Belize Telecom Ltd. Belize: Financial Advisor
  Negotiated purchase and integration of Intelco by Belize Telecom Ltd.
   
Bestel, S.A. de C.V. Mexico: Financial Advisor
  Advisor to Mexican Telecom Operator
  Implemented and Executed Bond Repurchase Program
   
Bierrebi Italy: LBO Senior & Mezzanine Debt
  Arranger
   
Bierrebi II / OPI Italy: LBO Senior and Mezzanine Debt
  Arranger
   
Blue Circle / Lafarge UK: Acquisition Finance Senior Debt
  Arranger
   
Brazil Resources Inc. Brazil: Limestone Mining Company Capital Raising
  Valuation & Capital Structure Review
  Development of Preferred Stock potential investor base
  Assist with marketing materials
   
Cap Cana, S.A. Dominican Republic: Financial Restructuring: Real Estate Development
  Financial Restructuring for Large-scale Mixed-Use Development
  Master Plan Land Area: 120 Km-Sq
  Senior Secured Note Restructuring through Consent Solicitation and Exchange Offer
   
Caravans International/Trigano Italy: Acquisition Finance Senior Debt
  Arranger
   
Castelgarden/BCI Private Equity Italy: LBO Senior Debt
  Joint Arranger
   
Cemex, S.A. de C.V. Costa Rica: Financial Advisor
  Advised third largest cement company in the world on the acquisition 
  of CEMPASA, a government-owned cement company in Costa Rica
   
Cognis/Permira & Goldman Sachs Germany: LBO Senior Debt
  Co-Arranger
   
Colonial First State Investments Australia / New Zealand: Fund Management Fee Securitization
  Tier II capital funding
  First Asset Management Fee securitization in Australia
  First Australian embedded value transaction
   
Comerci S.A. Mexico: Derivatives Valuation & Risk Analysis 
  Target Redemption Swap Structures
  Currency Exposure
  Analytical and Litigation advisory
   
Companhia Vale do Rio Doce (CVRD) Brazil: 30Yr Senior Debt
  Debt for Multinational Mining & Logistincs Company Mining and 
  Longest ever EMG Mkts Corporate issuance
   
Coral/Charterhouse Development Capital UK: LBO Senior Debt
  Co-Arranger
   
Cosipa II Brazil: Commodity Future Flow Securitization
  $110mm Steel Slab Future Flow Securitization
  Financial Guaranty Structuring
   
Costa Crociere Italy: Ship financing
  Arranger
   
CPS Energy South Texas Nuclear Project Financing
  Financial advisory for US public utility financing of nuclear project
  Toshiba as EPC
   
Credomatic CIC Receivables Master Trust Costa Rica: Future Flow Securitization
  $200mm Credit Cards Future Flow Securitization
  Financial Guaranty Structuring
   
CS First Boston Corp. Mexico: Advisor to Bondholder Committee
  Restructuring of Grupo Mexicano de Desarrollo, S.A. de C.V. (GMD), a major Mexican construction company.
   
Daiei OMC Consumer Loan ABS
  JPY 20 billion Euro Yen ABS
  Backed by unsecured consumer loans
   
Debt Resolve Inc. US: Debt Resolution Platform Company Turnaround
  Turnaround Advisory
  Financial Restructuring Advisory
   
Delta Airlines US: Secured Bond
  Aircraft equipment lease and mortgage financing
   
Dina Trucks (USA), S.A.  Mexico: Pre-Export Note Placement
  Structured and placed medium-term senior secured guaranteed notes for  Mexican truck manufacturer
   
DOTS I-IV US: Bank Portfolio Risk Transfer
  Porfolio synthetic risk transfers of large bank credit exposures into the capital markets
  Deal sizes approx $1000MM per transaction
   
Dubai Pearl / Zaidan Group Dubai: Distressed Real Estate Acquisition
  Large Dubai Mixed-Use Development
  International Financial Advisor
   
Ducati/TPG & Others Italy: LBO Senior Debt
  Joint Arranger
   
Duni AB/EQT Sweden: LBO Senior & Mezzanine Debt
  Joint Arranger
   
DVI US: Medical Equipment Receivables ABS
  Securitization of equipment lease portfolio
  Complex and Hostile Restructuring Followed
   
EA Developers Panama: Financial Advisory: Hospitality Real Estate
  Embassy Suites & Glass Tower Complex:  Feasibility and Business Plans for hotel and office business complex
  Embassy Suites & Glass Tower Complex: Interim financing
   
EGPC Egypt: Export Receivebles Future Flow Securitization
  $250mm Gas Export Receivebles
  Financial Guaranty Structuring
   
Eiffage France: LBO Senior Debt
  Arranger
   
Elior  France: LBO Senior Debt
  Arranger
   
Elis Group/BC Partners France: LBO Senior and Mezzanine Debt
  Co-Arranger
   
Empresas ICA Mexico: Derivatives Restructuring Advisory 
  Target Redemption Swap Structures
   
Esselte/JW Childs Sweden: LBO Senior & Mezzanine Debt
  Co-Arranger
   
FARAC Mexico: Financing Commitment
  3Billion financing commitment for acquisition of toll road concession portfolio
   
Focus DIA/Duke Street UK: LBO Senior Debt
  Co-Arranger
   
Ford Motor US: Debt Repackaging
  Repackaging of Subordinated Asset-backed Debt
   
Forethought Financial Services Acquisition: Closed Block Life Insurance Future Flow Securitization
  $135mm Closed Block Life Insurance Book
  Financial Guaranty Structuring
   
Foseco/Cinven UK: LBO Senior Debt
  Co-Arranger
   
Fumisa Mexico City Airport Mexico: Commercial Revenue Securitization
  Financing of Mexico City Airport Commercialization Concession
   
Fumisa Mexico:  Unwind/Restructuring of Airport Securitization Exposure
  Bondholder search
  Credit & Valuation Analysis
  Facilitate Commutation of Monoline Insurance Policy
   
Garanti Bank Turkey: Remittances Future Flow Securitizations
  $250mm Garanti Bank MT100-2005H Securitization
  $125mm Garanti BankMT100-2005I Securitization
  $100mm Garanti Diversified Payment Rights Series 2007-C
  Financial Guaranty Structuring
   
Gazprom Secured Export Financing
  Securitization of Gas Contract Receivables from Europe
   
GE Consumer Finance Consumer Loan ABS
  JPY 17.1 billion Gyro Mortgage Trust Series 2007-1 AB
  Backed by consumer mortgage loans for GE Consumer Finance
   
Genworth: LIICA US: A-XXX Financing
  Life reinsurance backed bond
   
Gerflor/PAI France: LBO Senior and Mezzanine Debt
  Arranger
   
Grand Pub/Nomura UK: Acquisition Finance Senior debt
  Joint Arranger
   
Grands Moulins de Paris/AXA France: LBO Senior Debt
  Arranger
   
Greene King Pubs UK: Acquisition Finance Senior Debt
  Joint Arranger
   
Group Bercy Management France: LBO Senior Debt
  Arranger
   
Group Maeva, S.A.  Mexico: Financial Advisor
  Advisor to owner/operator of Mexican all-inclusive resort properties
   
Group Valfond/Phildrew Ventures France: LBO Senior Debt
  Arranger
   
Grupo Dina Mexico: Distressed Debt Acquisition
  Defaulted Mexican Issuer
   
Grupo Itevelesa/CVC Spain Spain: LBO Senior Debt
  Arranger
   
Grupo Recoletas/CVC Capital Partners Spain: LBO Senior Debt
  Arranger
   
Grupo Sidek, S.A. de C.V. Mexico: Advisor to Bondholder Committee
  Advised Bondholder Committee led by WL Ross, CS First Boston,
   and Cargill on Bonds for Mexican Tour Property Developer
   
Grupo Superdiplo II/Vista Capital Spain: LBO Senior Debt
  Arranger
   
Halfords/CVC Capital Partners UK: LBO Senior & Mezzanine Debt
  Co-Arranger
   
Harrick/Lederman Panama: Financial Advisory: Residential/Commercial Real Estate
  The Pavilions Towers: Feasibilty and Business Plan of a residential and commercial complex
  The Pavilions Towers: Interim financing
   
Hong Kong Monetary Authority Credit Relief Program for Underwater Mortgagees
  Innovative Solution Using Special Purpose Reinsurance 
  Repackaging of Secured and Unsecured Exposures
  Emulated by HK Banks
   
Iberica de Diagnostico y Cirugia/CVC Capital Spain: LBO Senior Debt
  Arranger
   
ICA Panama Toll Road Panama: Panamanian Toll Road
  Financing of central toll road of Panama City
  First local transaction to peirce the sovereign credit rating
   
IDEA/Ecovisions Inc. KSA:  Jeddah Free Trade City Development
  City Center Project wtih Saudi/Chinese Sponsorphip
  International Financial Advisor
   
IMO Car Wash/Natwest Private Equity UK: LBO Senior & Mezzanine Debt
  Arranger
   
Innovative Communication Corp. Belize: Acquisition of Belize Telecom Ltd.
  Financial Advisor
  Negotiated settlement of claims by Greenlight Capital and Brickell Partners 
   
IRSA-SUR Peru: Secured Debt & PRI Policy
  Financing of Progress payments based PPP for Peru highways program
  Political Risk Credit Reserve Policy provided by Merrill Lynch
   
Isbank Turkey: Remittances Future Flow Securitization
  $250mm Isbank MT100/Remittance
  Financial Guaranty Structuring
   
Japan Leasing Co. Consumer Loan ABS Restructuring
  Settlement with bankruptcy trustee in respect of four Euro Yen ABS
   
Jipangu Inc. Structured Loan
  $20mm 3-year lending to Japanese mining company
  Backed by mining equipment & gold put option hedges
   
Juan Eljuri Group Panama: Financial Advisory: Banking
  Austrobank: Restructuring of operations
  Austrobank: Financial Restructuring
   
[Large Japanese Electronics Company] Asset Based Lending Transaction
  $65mm, 3-year ABL revolver facility
   
Kappa Packaging/CVC Capital Partners Netherlands: LBO Senior Debt
  Co-Arranger
   
Kardonski Group Panama: Financial Advisory: Hospitality Real Estate
  Emporio Grand Hotel:  Feasibility and Business Plans for limited service hotel in Panama
  Emporio Grand Hotel: Interim financing
   
Le Figaro/Carlyle France: LBO Senior Debt
  Arranger
   
Legrand/KKR / Wendel Investments France: LBO Senior
  Co-Arranger
   
Leucas Ltd. Japan: Japanese Consumer Loan ABS
  Restructuring/Resecuritization of consumer credit asset pool
   
Lima Airport Partners Peru: Securitization of Lima Airport Concession
  Financing of Jorge Chavez International Airport Concession (Lima, Peru)
   
Luxottica US: US Shoes Acquisition Finance Senior debt
  Co-Arranger
   
Mashantucket Pequot Tribe / Foxwoods US: Gaming Enterprise Bond
  Securitization financing for North American Indian Gaming
   
Maxtor US: Securitization of Accounts Receivables
  Financing of accounts receivables portfolio from global disk drive sales
   
MCII Buses (USA), Inc. Mexico: Pre-Export Note Placement
  Structured and Placed $65MM and $85MM of medium-term pre-export notes 
   
[Mexican Mining Company] Mexico: Integrated Manganese Miner & Ferroalloy Producer 
  Advisory on Corporate strategy and capital financing plan
  Projections & Valuation for strategic alternatives
  Capital Structure optimization
  Asset/Liability Management
   
[Large Japanese Conglomerate] Shipping Lease Residual Value Guarantee
  $21 mm, 15-year residual value guarantee for two bulk carriers
   
Mitsubishi Motor (USA) Enhanced Credit Facility
  $80 mm, 1.5-year credit enhanced term loan
   
Mivisa/PAI Spain: LBO Senior & Mezzanine Debt
  Co-Arranger
   
Morgan de Toi/Apax Partners France: LBO Senior and Mezzanine Debt
  Arranger
   
Multitek S.A./Elandia US: Distressed Acquisition Process
  Acquisition of telecommunications company shares in receivership
  Financial Advisor to the Acquirer
   
NCB Jamaica Jamaica: Future Flow Securitizations
  $125mm Credit Card Future Flow Securitization
  $200mm Credit Cards Future Flow Securitization
  $225mm Credit Cards Future Flow Securitization
  Financial Guaranty Structuring
   
Newland Intl Properties (Trump Ocean Club) Panama: Turnaround/Restructuring Financial Adviser
  Turnaround of Iconic Mixed Use Real Estate Project
  $220MM Financial Restructuring
  First Ever South American Prepackaged Chap 11
  Runner-up: 2013 Latin Finance Restructuring Deal of the Year
   
Newland Intl Properties / Sun International  Panama: Casino Acquisition Advisory & Sales Process
  Sale of Casino and related assets at the Trump Ocean Cub
  Sales Process & Analysis of Bidder Proposals
  Negotiations & Structuring
   
Nippon Paper Credit Facility
  A$20 mm, 1-year uncommitted facility
   
Nippon Sheet Glass (UK) Enhanced Credit Facility
  $130 mm, NEXI-insured term facilities
   
NoFire Technologies, Inc.  US: Specialty Coatings Company Restructuring
  Turnaround Advisory
  Financial Restructuring Advisory
   
OMA-GACN/Aeroinvest Mexico: Securitization of Airport Concession Portfolio
  Securitization of 13 Privatized Mexican Airport Concessions
  Securitization of Dividend Rights
  Innovative Structure using HoldCo as Issuer
   
Omnitel Pronto Italy: Telco Project Financing
  Arranger
   
Ontex/Candover Belgium: LBO Senior & Mezzanine Debt
  Joint Arranger
   
OPP Brazil: Petrochem Pre-export Finance Bond
  Securitization of future sales of petrochemical products
   
Pepsi-Gemex, S.A. de C.V. Mexico: Financial Advisor
  Advisor to controlling shareholder of largest Pepsi bottler outside of US (Mexico)
   
Perkins/ABN Capital UK: LBO Senior & Mezzanine Debt
  Co-Arranger
   
Perrier-Jouet & Mumm/Hicks Muse France: LBO Senior Debt
  Joint Arranger
   
Petrobras Brazil: Commodity Future Flow Securitization
  $150mm Oil Future Flow Securitization
  Financial Guaranty Structuring
   
Porchlight Entertainment/Creditor US: Production & Distribution Company Media Rights Liquidation Process
  Bankrupt Production & Distribution company
  Collateral Marketing Process for Creditor
  Collateral consisting of IP and physical materials
   
Port Authority of Jamaica Liability Management Across Port Operations
  Financial Advisor
  Renegotiation of Debt Portfolio
  Feasibility for Securitization of Receivables
   
Promise Consumer Loan Structured Finance
  $500mm springing-sale asset-backed MTN issuance facility
  Credit enhanced by Monoline Insurer
   
PYCSA Panama, S.A. de C.V. Panama: Financial Advisor
  Restructured $131MM Bond Issue for Panamanian Toll Road Operator
   
Repsol / YPF Spain/Argentina: Commodity Future Flow Securitization
  $163mm Oil Future Flow Securitization
  Financial Guaranty Structuring
   
RG Group Panama: Financial Advisory: Hospitality Real Estate
  Nikki Panama City Hotel:  Feasibility and Business plan for 5 Star full services hotel
  Nikki Panama City Hotel: Interim financing
   
Rich Consumer Loan Structured Finance
  $200mm springing-sale asset-backed MTN issuance facility
  Credit enhanced by Monoline Insurer
   
Sanwa Finance Pylos I-III / Leucas Japan: Japanese Consumer Loan ABS
  Securitization of unsecured consumer loan receivables
  First On-BalanceSheet True Sale Consumer Loan ABS in Japanwith follow-on transactions
  JPY 26 billion Euro Yen ABS
  JPY 12 billion Euro Yen ABS
  JPY 11 billion Euro Yen ABS
  JPY 17 billion Euro Yen ABS
   
Sanwa Finance Consumer Loan ABS Restructuring
  Total JPY 46 billion ABS liability management transactions for a non-bank lender
  Tender offer, extension, and amendment of prior ABS
   
Sanwa Money (Korea) Financing for Korean Consumer Finance Company
  Whole Business Securitization Structure
  JPY 9 billion whole business backed facility
  Secured by entire Korean consumer lending business
  Significant Complexity due to Perfection Law in Korea
  Cross-Border: WH Tax Solution using Irish Lending Entity
   
Sears 2002-3AX US: Credit Card ABS
  Securitization financing of Sears global card portfolio
  Principal bid during time of headline risk. 
  Portfolio subsequesntly sold to Citibank
   
SEAT Pagine Gialle/Investitori Associati Italy: LBO Senior Debt Refinancing
  Joint Arranger
   
SEAT/Investitori Associati Italy: LBO Senior and Mezzanine Debt
  Joint Arranger
   
Seminole Tribe of Florida - ACA US: Gaming Enterprise Bond
  Securitization financing for North American Indian Gaming
   
SFCG Consumer Loan Structured Finance
  JPY 120 billion whole business backed facility
  Secured by commercial mortgage lending business
   
Sharp Electronics Asset Based Lending Transaction
  $150mm, 3-year ABL revolver facility
   
State Farm: Merna Re US: Catastrophe Reinsurance Bond
  Multiple-Peril North America
   
Steadfast Properties Mexico: Advisor on Acquisition of Hotel Portfolio
  Advised Company on acquisition of hotel portfolio from Grupo Sidek
   
Strada dei Parchi (Highway concession) Italy: Project Loan: Securitization of Highway Concession Revenues
  Project Loan and study of asset securitization of highway revenues
  Financial Adviser
   
[Large Japanese Conglomerate (Indonesia)] Enhanced Credit Facility
  $30 mm, NEXI-insured term facilities
   
[Large Japanese Conglomerate]

Portfolio Acquisition Transaction
  Principal purchase of 100% stake in a Hungarian subsidiary
   
[Large Japanese Conglomerate]

Portfolio Acquisition Transaction
  Principal purchase of MXN 2.4 billion ($200 mm) Mexican retail auto loans
   
Takefuji Consumer Loan Structured Finance Notes
  $1 billion springing-sale asset-backed MTN issuance facility
  $1 billion springing-sale asset-backed MTN issuance facility
  $3.5 billion true-sale asset-backed MTN issuance facility
  Credit enhanced by Monoline Insurers
   
Telepiu' Italia Italy: Media Financing
  Arranger
   
The MV Group Panama: Financial Advisory: Banking
  Financial Advisory for establishment of a banking operation in Panama
   
The Nurol Group Panama: Financial Advisory: Banking
  Financial Advisory for establishment of a banking operation in Panama
   
The Suzer Group Panama: Financial Advisory: Banking
  Financial Advisory for establishment of a banking operation in Panama
   
UDI-Bono Credit Swap Mexico: Local Currency CDS
  Credit intermediation of lliquid local market Mexican bond
   
Uni B & T Holdings Panama: Financial Advisory: Banking
  Business Plan for establishment of a banking operation in Panama
  Operating polivcies and procedures for Regualtory approvals
  Private placement for the establishment of a Unibank
   
USAA: Residential Reinsurance US: Catastrophe Reinsurance Bond
  Property Risk to Florida Windstorm
   
Virgin Islands Telephone Corp. (VITELCO) US Virgin Islands: Preferred Stock Issuance
  $85MM for Virgin Islands Sole Landline Telecom Operator
   
VisaNet Brazil: Credit Card Future Flow
  Securitization of merchant vouchers acquired under the VISA brand 
  First Brazilian credit card future flow transaction
  First ever monopoly acquirer credit card future flow transaction.
  Innovative Multi-Bank transaction structure (BdB & Bradesco).
  Highest rated financial future flow transaction ever (BBB+/Baa1)
  2003 IFR - Latam Issue of the Year
  2003 Asset Securitization Report - Latam Deal of the Year
  2003 SFI - Emg Mkts Securitization Deal of the Year
  2003 Latin Finance - Structured Finance Deal of the Year
  2003 Emerging Markets Investor - Latam Securitization of Year
   
Vitro S.A. Mexico: Derivatives Valuation and Risk Analysis 
  Target Redemption Swap Structures
  Currency & Commodity Exposure
  Analytical and Litigation advisory
   
W.L. Ross and Co. Argentina: Advisor to Bondholder Committee
  Advised Bondholder Committee led by W.L. Ross
  for Banco Medefin, failed Argentine bank affiliated with Socimer Group 
   
XL Capital Assurance Reinsurance Contingent Capital Facility
  Liquidity Swap Provider
   
Yapi Kredi Turkey: Remittances Future Flow Securitization
  $250mm Yapi Kredi Diversified Payment Rights Series 2007-B
  Financial Guaranty Structuring