ARGENTINA The best is yet to come Read our exclusive Interview MBA BANCO DE INVERSIONES Mr. Alejandro F. Reynal President of MBA Banco de Inversiones Contact Av. Alicia M. De Justo 140 Buenos Aires C110 7AAD ARGENTINA Phone: (5411) 4319-5800 Fax: (5411) 4311-6376 E-mail: info@mbadirecto.com Web Site: www.mbadirecto.com MBA Group Presentation INTRODUCTION Merchant Bankers Asociados (MBA) is a preeminent Argentine financial services firm with global reach that maintains leading market positions in each of its businesses - Corporate Finance, Trading, Asset Management, Private Equity, Private Banking and Research ( The MBA Group”). MBA combines leadership in investment banking (including underwriting public offerings of securities and mergers and acquisitions advice) and institutional sales and trading, with strengths in providing investment and asset management services. During its more than 20 years of activity, MBA has made strategic alliances with some of the most prestigious international banks. The Firm was associated to Salomon Smith Barney for almost a decade, and at present MBA has become associated to Bank of America so as to jointly render full investment banking services in Argentina. MBA has also invited two prestigious financial investors to participate as shareholders of the Firm. Darby Overseas Partners LP and the International Finance Corporation have been shareholders of MBA since mid-90's. These combinations have brought together world-class origination and execution skills and a unique balance of institutional and retail capabilities. MBA is also the holding company of several subsidiaries that operate as an integrated group: MBA Banco de Inversiones, MBA Sociedad de Bolsa, MBA Asset Management and MBA Private Equity. HISTORICAL REVIEW MBA was formed in 1981 and started as a small investment banking boutique which acted as financial advisor to companies in the capital markets, focusing particularly on mergers and acquisitions and financing investment projects. In 1987, MBA became associated to Salomon Brothers Inc. in order to jointly develop their Corporate Finance and Capital Markets businesses. This partnership gave MBA access to international markets and allowed it to offer its clients an array of world-class financial services. As a result of the economic expansion experienced during the preceding decade, new opportunities developed in the capital markets business. In 1991, the Firm set up MBA Sociedad de Bolsa (the first corporate entity to be admitted as a stockbroker in the Buenos Aires Stock Exchange), and in 1994 formed MBA Banco de Inversiones which was approved by the Argentine Central Bank as a fully licensed investment banking operation. In the subsequent years, MBA continued to grow with the support of the new international partners that brought capital and synergies to MBA's various activities. In April 1995, Darby Overseas Partners LP, an investment company set up by the former U.S. Treasury Secretary, the Honorable Nicholas F. Brady, subscribed for a capital increase in MBA through which it acquired 22.05% of MBA’s shares. In December 1995, Salomon Brothers Inc. acquired 49% of the equity of MBA Banco de Inversiones and MBA Sociedad de Bolsa, the two subsidiaries that are active in fixed income and equity trading. In June 1998, as a result of the merger between Travelers Group (Salomon Smith Barney) and Citigroup, the shareholders of MBA exercised the option to buy back from Salomon Smith Barney the shares they had in those two subsidiaries. In December 2000, MBA and Bank of America formed an alliance to jointly offer global investment banking services in Argentina, as required by the nature of the industry and location of the participants. MBA ASSOCIATED TO BANK OF AMERICA MBA and Bank of America form one of the leading investment banks in Argentina, offering their clients a full array of financial advisory services together with deep financing capacity and easy access to capital markets worldwide. Bank of America is the largest U.S. commercial bank, with more than 146,000 professionals worldwide, serving its customers in more than 190 countries. Bank of America holds more than US$ 680 billion in assets, a loan portfolio of US$ 382 billion and over US$ 75 billion in market value. Bank of America has a wholly-owned subsidiary through which it attends all its investment banking businesses, Bank of America Securities ( BAS”), which counts with more than 11.000 professionals worldwide. In Argentina, MBA and BAS jointly offer their customers full investment banking services and financial and strategic advisory in all type of corporate transactions and capital markets operations. MBA and BAS jointly render a full array of advisory services, including: sales, mergers and acquisitions of companies, search for strategic partners, corporate valuations, leveraged buy-outs, recapitalizations, joint-ventures, debt restructuring, liability management, cross-border transactions and fairness opinions. Additionally, MBA and BAS have a well-recognized experience in a wide variety of capital raising activities, such as public debt issuing, private placements, project financing and equity offerings. As a matter of fact, BAS is a worldwide leader in the development of creative financial strategies, such as loan syndication, synthetic lease agreements, interest rate and derivative products’ coverage, and off-balance financing. MBA ASSOCIATED TO BANK OF AMERICABAS/MBA: a One-Stop Shop. LEGAL STRUCTURE MBA Group’s legal structure is the following: MAIN BUSINESS Through the different companies of the group, MBA is engaged in all investment banking activities. MBA Services Corporate Finance: financial advice on mergers and acquisitions, capital markets financing, privatizations and financial restructurings. Securitized Products Trading fixed income, equities and derivatives. Macro and Microeconomic Research Asset Management Private Equity Private Banking MBAdirecto.com: Internet site providing financial services CORPORATE FINANCE MBA is a recognized leader in the Argentine mergers and acquisitions market and has also become one of the most important domestic players in capital markets financing, financial restructuring and privatization advisory. MBA is a recognized leader in investment banking and is ranked among the top Argentine institutions in mergers and acquisitions, financial restructuring, underwriting of equity and equity-related transactions, high yield financing and corporate debt issuance. With a large team of world-class professionals, MBA bankers work together to advise clients on the complete range of global strategic and financial activities and services. For more information or inquiries, please contact MBA through www.mbadirecto.com. MBA's corporate finance department is primarily responsible for initiating, developing and maintaining the Firm's investment banking relationships with clients in Argentina and abroad. This department is organized on different practices and industries. Our investment bankers work in close coordination with MBA's other specialists and departments (in particular, the research department) to provide MBA's clients advice on mergers, acquisitions and restructurings as well as to assist in raising capital in both the equity and debt markets. The mergers, acquisitions and restructuring team is responsible for structuring and executing a wide range of complex domestic and international transactions including acquisitions, divestitures, mergers, joint ventures, corporate restructurings, shareholder relations, recapitalizations, spin-offs, exchange offers, leveraged buyouts and privatizations. The team members also establish and maintain strategic dialogues with existing and potential clients, providing financial advice and solutions to strategic problems and assisting clients in achieving short- and long-term strategic objectives. SECURITIZED PRODUCTS MBA Banco de Inversiones has consistently been one of the market leaders in asset securitization since the inception of the asset-backed securities market in Argentina in early 1996. MBA Securitized Products Division uses securitization technology to convert loans and other financial assets into securities on behalf of MBA clients and the Firm. In December 1995, the Argentine Government issued the regulations concerning assets securitization, through Law 24.441. As a result, MBA established a group of professionals which engage in client coverage and advisory, design of tailor made financial products to suit their needs and secondary trading of securitized products. MBA has been a leader in designing schemes to securitize traditional assets (such as mortgages, commercial loans and credit card receivables) and emerging assets (such as utility receivables, leases or other income generating assets). MBA has been extremely active in working with investment banking clients to provide unique financing solutions using securitization techniques. MBA Securitized Products Division is formed by 4 professionals exclusively devoted to the developing and structuring of asset-backed products and services. This division has focused on developing three main types of products: Credit Assets, Structured Products and Project Finance/Future Flows. MBA has developed programs for the securitization of payables originated by specific financial institutions, including pledges on cars, mortgages, consumption loans, deferred payment checks and credit cards. In January 1998, MBA arranged a US$ 500 million ABS program to securitize these debt instruments. Since then, MBA has issued ten different tranches under this program totaling over US$ 140 million. TRADING MBA’s bond and equity brokerage businesses are developed through MBA Banco de Inversiones (debt) and MBA Sociedad de Bolsa (equity). MBA’s trading services are well known for their professionalism in carrying out orders for its clients. In addition, MBA offers its clients the support of a top research team. In 1999, MBA ranked tenth in trade volume in Buenos Aires Stock Exchange and has a leading position in the wholesale equity market. MBA offers the following services: - Purchase and sale of equities on the Stock Exchange (over the counter and floor trading) - Purchase and sale of Government and corporate bonds - Purchase and sale of options and restructuring of derivatives - Custody of government and corporate securities deposited in the Caja de Valores MBA is a member of the Buenos Aires Stock Exchange, the Over the Counter Market (MAE) and the Futures and Options Market (MERFOX). MBA RESEARCH TEAM MBA has one of the most prestigious research departments in Argentina. MBA’s Research Team, one of the firsts of its kind in Argentina, was formed in 1991. Is assigns significant resources to cover the overall equity market and specific local companies. It also covers all Government and corporate bonds. MBA's Research Department assists the Firm's clients in making sound investment decisions, offering high quality and fresh research on selected issues, sectors and strategies. MBA's analysts and economists strive to provide insights based on original research, close relationships with clients and integrity. For more information or inquiries regarding MBA research please contact apitchon@merchant.com.ar. The Firm's Research Department has consistently earned among the highest possible rankings from widely recognized industry surveys for its outstanding achievements and skills. MBA's equity research provides timely, in-depth analysis to enhance the performance of clients' global portfolios. Our research analysts compile economic, market, industry and Firm data to interpret and anticipate developments that will affect security values worldwide. They assess the investment outlook for their respective industries and companies. From that data, they produce comprehensive, insightful studies for the Firm's clients. The Research Department publishes stand-alone reports on individual companies and industry reviews that explore short- and long-term business trends and developments. Their opinions are disseminated in a timely manner through daily meetings, spot calls and intranet-distributed reports that update MBA's salesforce and, ultimately, clients in Argentina and abroad. The Research Department issues and distributes daily, weekly and monthly reports, as well as non regular reports on the companies that it covers. ASSET MANAGEMENT MBA Asset Management is the institutional investment management division of MBA. Serving institutional and individual investors in Argentina and abroad, MBA has over $150 million in assets under management and fiduciary advice. MBA provides portfolio management services to companies and institutions. The clients are offered tailor made investment portfolio alternatives according to pre-established objectives. MBA manages a family of locally registered mutual funds. These funds are among the top performing funds in Argentina. The Cardinal family of funds includes the following: · Cardinal Ahorro Pesos - Money Market in Pesos. · Cardinal Ahorro Dólar - Money Market in US Dollar. · Cardinal Renta en Dólares - Fixed Income - Argentine bonds in US$. · Cardinal Premium - Fixed Income - Argentine bonds in US$ and Pesos. · Cardinal Maxidólares Latinoamericanos - Fixed Income - Latin American bonds in US$. · Cardinal Acciones - Argentine Equity. In addition to our comprehensive product array, we pride ourselves on our ability to create customized solutions for the investment issues our clients face. With our ability to provide services such as personalized asset allocation studies, asset/liability management, proprietary strategic research, specialized reporting and client service, we are able to tailor these investment strategies to meet specific client objectives. Note: MBA is an authorized Investment Advisor registered before the U.S. Securities and Exchange Commission since 1989. This allows MBA to act as local advisor to U.S. investment funds. PRIVATE EQUITY MBA is a leading player in the field of Argentine private equity investment. With more than 15 years of experience we invest in both growing and mature companies in a broad range of industries. MBA has invested in several privately held, industrial and service companies. These investments were made using its own capital funds and funds from local and international investors. Some significant investments have been: - San Miguel (agribusiness); Otis Argentina (construction services) - Fondo Patagonia (Joint Venture with Electra Fleming Inc., the IFC and General Electric Invst.). - Sullair Argentina (construction equipment) - Milkaut S. A. (dairy products) MBA has been the main advisor of several funds managed by BEA Associates, a former US subsidiary of Credit Suisse, including the following: - The South America Fund N.V.” - Latin American Capital Partners Ltd.” - Argentina Equity Investments Ltd.” MBA is a financial investor with a strong industrial vocation. The Company and its investor seek long-term growth through an appropriate selection of opportunities, partners and management teams. MBA has made substantial contributions to the consolidation and strategic development of the companies in which it has invested, both in minority holdings and controlling stakes. PRIVATE BANKING MBA Private Banking offers personalized advice from a professional financial advisor and the convenience of real-time account access through our Internet site www.MBAdirecto.com MBA Private Banking offers world-class personal advise to its clients, and assists them in defining their investments according to their risk aversion, diversification strategy, liquidity requirements and other personal needs, in order to maximize their yield. MBA intends to establish long term relationships with its clients in order to learn more about their needs and preferences and to develop the perfect service that demanding individuals require from excellent private bankers. The purpose is to reconcile maximum yield with other relevant individual objectives. MBA Private Banking offers its customers highly professional financial advise and deep knowledge of local and foreign financial markets. These services are rendered by MBA’s professionals, who are supported by MBA directors, managers, financial consultants and research team. Additionally, MBA Private Banking also provides high quality advise on the legal and tax implications of their investment alternatives. All financial products offered to our clients, both proprietary and from third parties, are approved and supervised by MBA Directors. MBA Private Banking is also pleased to advise its clients with respect to their personal financial investments in other banks or institutions. MBADIRECTO.COM. MBAdirecto.com is the Internet site that allows our clients to complete a wide variety of on-line financial transactions. MBAdirecto.com is MBA Banco de Inversiones financial site that allows our customers to trade securities on-line. The trading module of MBAdirecto allows our customers to place automatic orders to purchase or sell bonds and stocks traded locally and globally, personalized portfolio tracking, access to the site and mobile capabilities through Palmtops, fund transfers, and other advanced functions. MBAdirecto provides its clients with a high and unique security system. Its exclusive Security Key prevents unauthorized access to its customers’ accounts, by providing each registered user with a 4-digit PIN and a 6-digit password. This password changes every 60 seconds, so only the client, provided with a smart card that gives him the new password, can access to his account. Besides, all communications between customers and MBAdirecto are encrypted with a 128-bit SSL system, which assures total privacy.MBAdirecto.com is not just another Internet virtual site. It has the real-life support of MBA Banco de Inversiones that provides for an efficient execution by its sales & trading department and the reliability of its experienced back office. Our clients and visitors can obtain top quality information and content supplied by MBA Research Department and other qualified sources, including Reuters' reports and other 3,000 information suppliers worldwide. COMMITMENT WITH EXCELLENCE MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 2000 Confidential (in process) Financial Advisory Advisor for debt restructuring Pharmaceutical 2000 Confidential (in process) Financial Advisory Sale of majority stake Worker Compens. Ins. 2000 Confidential (in process) Financial Advisory Analysis of potential sale or merger Pharmaceutical 2000 Confidential (in process) Financial Advisory Valuation of the Company Airport Services 2000 S.A. San Miguel Financial Advisory Advisory & valuation of potential acquisition Agribusiness 2000 Confidential (in process) Financial Advisory Adv. for the acquisition of remaining stake Insurance 2000 Confidential (in process) Financial Advisory Valuation & negotiation with potential partner Hospitals 2000 Confidential (in process) Financial Advisory Adv. for the acquisition of a local company Insurance 2000 Confidential (in process) Financial Advisory Advisory for capital rising Internet 2000 Confidential (in process) Financial Advisory Search for strategic partner or sale Oil & Gas (downstream) 2000 Optatel.com Financial Advisory Advisory for capital rising Internet 2000 Vinares.com Financial Advisory Advisory for capital rising Internet 2000 Confidential (in process) Financial Advisory Advisory on capital structure Holding 2000 Confidential (in process) Financial Advisory Sale of 100% of the Company shares Banking 2000 S.A. San Miguel Financial Advisory Adv. for the acquisition of two companies Agribusiness 2000 Confidential (in process) Financial Advisory Shares Auction Construction 2000 Confidential (in process) Financial Advisory Sale of 100% of the Company shares Insurance 1999 A. Oxenford (Sullair) Financial Advisory Repurchase of Company shares. Construction Equipment 1999 EDISA Financial Advisory Sale of 100% of the Company shares to Baesa Beverages 1999 Confidential (in process) Financial Advisory Sale of 100% of the Company shares to Baesa Beverages 1999 Confidential (in process) Financial Advisory Sale of 100% of the Company shares to Baesa Beverages 1999 Confidential Financial Advisory Sale of minority stake Transport 1999 Labinca Financial Advisory Sale of 100% of the Company shares Pharmaceutical 1999 CEPA - GRD Financial Advisory Advisor for debt restructuring Food (Meat Packing) 1999 Unicargo Financial Advisory Sale of 100% of the Company shares Logistics 1999 S.A. San Miguel Financial Advisory Evaluation of strategic alliance with Expofrut Agribusiness MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1999 Citibank (Generar AFJP) Financial Advisory Advisor for the acquisition of a company Pension Funds 1999 C. de Narvaez (Grainco) Financial Advisory Search for strategic investors/partners Real State 1999 Metrovías Financial Advisory Advisor for the sale of non-core businesses Real State 1999 Confidential (in process) Financial Advisory Sale of 100% of the Company shares Facings 1999 La Continental Financial Advisory Evaluation, restructuring and spin-off Insurance 1999 Confidential (in process) Financial Advisory Financial advisory for strategic alternatives Food (Meat Products) 1999 Cigna Corporation Financial Advisory Advisory to analyze investment opportunities Health Care 1999 Candlewood Financial Advisory Search for strategic investor Wood 1999 Necón Financial Advisory Valuation of its participation in Aguas de Salta Water & Sewage 1999 Supermercados Aragone Financial Advisory Advisor for debt restructuring and sale Supermarkets 1999 Atlántida Libros Financial Advisory Spin-off Editorial 1999 El Mundo del Juguete Financial Advisory Sale of 100% of the Company shares Retailer - Toys 1999 Editorial Estrada Financial Advisory Advisory for the sale of a subsidiary Retailer - Office Supply 1999 BAE Shareholders Financial Advisory Financial advisory for strategic alternatives Media 1999 SIP Shareholders Financial Advisory Financial advisory for their Magret operation Food (Pork products) 1999 Celulosa Campana Financial Advisory Advisor for debt restructuring and sale Pulp & Paper 1999 CEI (Aceros Zapla) Financial Advisory Search for strategic partner or sale Steel 1999 BAESA Financial Advisory Sale of 100% of the Company shares Beverages 1999 Soc. Comercial del Plata Financial Advisory Advisor for debt restructuring Holding 1998 Pescarmona (TCA) Financial Advisory Search for strategic partner or sale Autoparts 1998 BBV Banco Francés Financial Advisory Valuation of its share in a leasing company Banking 1998 Petrobras Financial Advisory Advisor for the acquisition of Sol Petroleo Oil 1998 Jugos del Sur Financial Advisory Search for financial investor Beverages 1998 Alpargatas SA Financial Advisory Advisor in debt restructuring Textile 1998 YPF SA Financial Advisory Syndicate for share placement Oil & Gas 1998 Glaxo Wellcome Financial Advisory Advisory for the acquisition of Gador Pharmaceutical 1998 Cia Cimentos Votorantim Financial Advisory Financial Advisor for an acquisition Cement 1998 Cám. Com. Ext. Córdoba Financial Advisory Advisory for Centro Integral de Servicios Logistics MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1998 Surinvest International Ltd. Financial Advisory Advisory for the sale of its banks Banking 1998 Prosegur Financial Advisory Advisory for the purchase of remaining stock Security Services 1998 Banco Trasandino Financial Advisory Advisory for the sale of the company Banking 1998 SOCMA Group Financial Advisory Sale of 51% of capital of Fax S.A. Media Planning 1998 La Caja de Ahorro SA. Financial Advisory Sale of minority stake Insurance 1998 S.A. San Miguel Financial Advisory Advisor for acquisition of Caputto (Uruguay) Agribusiness 1998 RTSA Shareholders Financial Advisory Search for strategic partner or sale Cell Phones 1998 Principal Group Financial Advisory Sale of Company shares of Ethika AFJP Pension Fund 1998 Los W S.A. Financial Advisory Sale of 20% of CEI to HMT&F Banking 1998 Bco Liniers Sudamericano Financial Advisory Sale of 100% of Company shares Banking 1998 Banco Societé Generale Financial Advisory Public tender to repurchase shares Banking 1998 BISA and TAICO Financial Advisory Advisor for sale of 20% of shares of TIBSA S.A. Energy 1997 IECSA Financial Advisory Search for a strategic partner Construction 1997 Rontag Shareholders Financial Advisory Sale of 100% of Company shares Pharmaceutical 1997 Massuh S.A. Financial Advisory Search for strategic partner Pulp & Paper 1997 OSBA Solidaridad Financial Advisory Search for strategic partner Health Services 1997 WFG S.A. Financial Advisory Acquisition of 73% of Droguería Monroe Wholesaler - Pharma 1997 BGH S.A. Lead Manager Lead Manager - placement of 30% Home Appliances 1997 Philco Argentina S.A. Financial Advisory Incorporation of Daewoo as a partner Home Appliances 1997 Ferrocons S.A. Financial Advisory Valuation and Strategic Analysis Construction Materials 1997 General Cereals S.A. Financial Advisory Valuation and sale between partners Food (Cereals) 1997 Pacific Enterprises Financial Advisory Investments Opportunities in Argentina Energy 1997 Sullair Financial Advisory Sale of 65% of shares to Neff Corporation Construction Equipment 1997 Banco del Buen Ayre Financial Advisory Sale of 100% of shares to Banco Itaú Banking 1997 Pepsi Cola Eng. (Brasil) Financial Advisory Debt Restructuring and sale to Brahma Beverages 1997 Compañía Fin. Argentina Financial Advisory Sale of 100% % of shares to AIG. Banking 1997 CEI Citicorp Holdings Financial Advisory Sale of 12.5% of Sodigas Pampeana and Sur Energy 1997 CEI Citicorp Holdings Financial Advisory Sale of 9.9% of Energy Distrib. Co. Atlántica Energy 1997 CEI Citicorp Holdings Financial Advisory Sale of 10% of Edersa Energy MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1997 Grupo CEPA Financial Advisory Sale of CEPA S.A., Willmor S.A. & GRD S.A. Food & Other 1997 San Miguel S.A. Financial Advisory Initial Public Offering (IPO) Agribusiness 1997 Banco Crédito Argentino Financial Advisory Sale to BBV Banco Francés Banking 1996 BAESA Financial Advisory Advisor for debt restructuring Beverages 1996 La Lácteo S.A. Financial Advisory Sale of majority stake to Coragri S.A. Food (Dairy) 1996 Javier Vergara Editor S.A. Financial Advisory Sale of majority stake to Grupo Editorial Zeta Editorial 1996 Banco Liniers Sudam. Financial Advisory Sale of 51% to Bankers Trust Private Equity Banking 1996 San Miguel S.A. Financial Advisory Acquisition of Magar S.A. Agribusiness 1996 Shareholders of Ipako Financial Advisory Initial Public Offering (IPO) Petrochemical 1996 Sideco Americana S.A. Financial Advisory Sale of 45.9% of Distribuidora Gas Centro Energy 1996 Sideco Americana S.A. Financial Advisory Sale of 14.4% of Distrib. de Gas de Cuyo Energy 1996 Clorox S.A. Financial Advisory Acquisition of Pinoluz division from Ubyco Cleaning Goods 1996 Editorial Atlántida S.A. Financial Advisory Joint-venture with Lord Cochrane S.A. Printer 1996 Ipako S.A. Financial Advisory Merger with Garovaglio & Zorraquín Petrochemical 1996 Banco Francés Financial Advisory Sale to Banco Bilbao Vizcaya (BBV) Banking 1996 San Miguel S.A. Financial Advisory Acquisition of Citrus Trade Famaillá Agribusiness 1996 Ipako Financial Advisory Sale of 100% of Polisur to Dow Chemical Petrochemical 1996 Ipako Financial Advisory Sale of 21% of PBB to Dow Chemical Petrochemical 1996 Pacific Entreprises Financial Advisory Acq. of 12.5% Sodigas Sur and Pampeana Energy 1996 Alto Paraná Financial Advisory Advisor for debt restructuring Pulp and Paper 1996 Citi, Boston, & Others Financial Advisory Sale of Argencard Mastercard Banking 1996 American Airlines Financial Advisory Advisor for strategic alternatives Transportation (Air) 1996 Telefónica Internacional Financial Advisory Acquisition of 25% of Multicanal Telecommunications 1996 IMPSA S.A.I.C. Share placement Placement Agent and Organizer Metallurgic 1996 Disco S.A. Share placement Placement Agent for the issuing of ADRs. Supermarkets 1996 Quinsa S.A. Share placement Placement Agent for the issuing of ADRs. Food (Beverages) 1996 Nortel Share placement Placement Agent for the issuing of MEDS Telecommunications 1996 Dow Chemical Argentina Financial Advisory Advisor for evaluation of Petroquímica Cuyo Petrochemical MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1996 Siderar S.A.I.C. Share placement Placement Agent leader in IPO Steel 1996 Petrolera Patagónica S.A. Financial Advisory Joint bid for oil props. with Oxy Oil and Gas 1995 Polledo S.A. Financial Advisory Advisor for debt restructuring. Construction 1995 Carter Holt Harvey Financial Advisory Search of investment opportunities Paper & Packaging 1995 Transp Gas del Norte Financial Advisory Advisor to Argentine Government in sale Energy 1995 Credit Lyonnais Financial Advisory Sale of its argentine bank to Luksic Group Banking 1995 Backstop Fund S.A. Financial Advisory Advisor to Argentine Government Banking 1995 Lloyds Bank Financial Advisory Search of investment opportunities Banking 1995 YPF S.A. Financial Advisory With Salomon Bros acquisition of Maxxus Energy 1995 Petrolera Patagónica Financial Advisory Acquisition of ski resort at Cerro Catedral. Ski Resort 1995 Clorox Financial Advisory Advisor for the acquisition of Poett S.A. Cleaning Goods 1995 Prov de Buenos Aires Share placement Placement Agent in German market. With SBI. Banking 1995 Telecom de Argentina Share placement Placement Agent in US market. With SBI. Telecommunications 1995 Prov de Buenos Aires Share placement Placement Agent bondsith SBI. Government 1995 Gaticuer S.A. Financial Advisory Advisor for its valuation and sale Leather Tanning 1995 Grupo Telefé Financial Advisory Advisor in the sale of Cable TV operations. Telecommunications 1994 Canale S.A. Shareholders Financial Advisory Sale of majority stake to Conagri S.A. Food (Flour Products) 1994 Ministerio de Economía Financial Advisory Advisor for $ 868 MM Access Roads to Bs.As. Construction (Highways) 1994 Electrónica Iguazú/ Saiar Financial Advisory Sale of 30% of Company shares Home Appliances 1994 Centro Médico Santa Fe Financial Advisory Strategic partnership. Health Care 1994 Cigna Corporation Financial Advisory Sale of AFJP Dignitas Pension Funds 1994 Saiar Packaging Division Financial Advisory Sale of 30% of Company shares Packaging 1994 Arcor Financial Advisory Advisor for the sale of a packaging Company Packaging 1994 Prov. De Buenos Aires Share placement Placement Agent. With SBI. Government 1994 Alimentos Pomard Financial Advisory Advisor for valuation and sale Foodstuffs 1994 Metrogas Share Placement Manager in the placement of shares. Energy 1994 Telefónica de Argentina Share Placement Placement Agent bonds US market. With SBI. Telecommunications 1994 Banco del Suquía Share Placement Manager in the placement of shares. Banking MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1994 Transport. de Gas del Sur Share Placement Senior Manager in the placement of shares. Energy 1994 Astra Capsa Financial Advisory Advisor for sale of Astra Evangelista Engineering/Construction 1994 Sideco/Waste Manag. Financial Advisory Advisor for the sale of Aseo S,A. Industrial cleaning 1993 Garovaglio & Zorraquín Financial Advisory Advisor for debt restructuring Holding 1993 YPF Share Placement Main Placement Agent Oil & Gas 1993 Banco del Sud Offering of shares Organization and Lead Underwriter of IPO Banking 1993 Mendoza Refrescos Financial Advisory Lead Manager in the debt issuing Beverages 1993 YPF Financial Advisory $ 135 MM acquisition of Petroq Gral Mosconi Petrochemical 1993 Radio Buenos Aires Financial Advisory Sale of Radio Splendid Media 1993 Georgalos Financial Advisory Advisory for strategic alternatives Food 1993 MBP/MBA Financial Advisory Option & management of S.A. San Miguel Agribusiness 1993 Infupa Financial Advisory Sale of 4 banking branches Banking 1993 Westco Financial Advisory Confidential transaction Services 1993 Massalin Particulares Financial Advisory Valuation & negotiation of Stani Food 1993 American Pie Financial Advisory Search for strategic partner Textile 1993 Cartellone/Madanes Financial Advisory Advisor in electrical privatizations Energy 1993 Central Costanera Share Placement Placed shares in privatization Energy 1993 Central Puerto Share Placement Placed shares in privatization Energy 1993 Edesur Dealers with Salomon MTN Program for $300M Energy 1993 Banco de la Prov BsAs Share Placement MTN Program for $450MM. Banking 1993 Petroken Shareholders Financial Advisory Sale of 51% of Company shares. Petrochemical 1993 Interamericana Seguros Financial Advisory Analysis of strategic alternatives Insurance 1993 YPF Financial Advisory Acquisition of Agip Argentina Energy 1993 YPF Privatization Evaluation of Electric Utility in Mendoza Electric Energy 1993 La Unión Gremial Financial Advisory Evaluation and sale of insurance company. Insurance 1993 Genaro García Financial Advisory Evaluation and sale of vegetable oil plants. Agribusiness 1993 Republic of Argentina Share Placement Agent of Placement in the first global issuing Government 1993 Celulosa Argentina Financial Advisory Sale of its shares in Alto Paraná Pulp & Paper MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1992 YPF Privatization Sale of San Lorenzo Refinery Refinery & Distrib. Plant 1992 YPF Privatization Sale of Dock Sud Refinery Refinery 1992 YPF Privatization Sale of Pipeline Allen-P. Rosales-La Plata Pipeline 1992 YPF Privatization Sale of Product Line of Home Products Home Products 1992 YPF Privatization Sale of Termap S.A. shares Oil ( Maritime Terminals) 1992 Compañía Continental Financial Advisory Valuation & negotiation of local company Agribusiness 1992 Ipako S.A. Placement of shares Organization of the offering of de US$ 40 MM Petrochemical 1992 SOMISA Privatization Financial Advisor to Defense Ministry Steel 1992 Telecom Share Placement Agent of Placement in local market Telecommunications 1992 República Argentina Share Placement Agent of Placement with SBI Government 1992 ICI - Duperial Financial Advisory Valuation and negotiation for sale of Orbea Chemicals 1991 Da Granja S.A. (Brasil) Financial Advisory Company sale to a local group. Food 1991 Banco di Napoli Financial Advisory Sale to Comafi S. A. Banking 1991 Oxy Petroleum/ P. Patag. Financial Advisory Puesto Hernandez JV with YPF Oil 1991 Telefónica Share Placement Agent of Placement Telecommunications 1991 Santa Ursula Shareholders Financial Advisory Valuation for sale (Morgan Seeds) Agribusiness 1990 Willmor S.A. Financial Advisory Valuation for association with intern. co. Rendering” 1990 Colorín S.A. Financial Advisory Valuation and negotiation with PPG. Paints and Coatings 1989 San Sebastián S.A. Financial Advisory Company sale to a local group. Food 1989 Canteras Cerro Negro . Financial Advisory Valuation & alternatives. Construction Materials 1989 Inrots Shareholders Financial Advisory Valuation & search for investors Construction 1989 Ferrarini Shareholders Financial Advisory Valuation & search for investors Metallurgic 1989 German Company Financial Advisory Valuation & Advisory of beer company. Beverages 1989 Banesto Bank Financial Advisory Restructuring of the bank in Uruguay Banking 1989 Sol Petróleo Shareholders Financial Advisory Valuation & search for investors Oil 1989 Petroquímica Río Tercero Financial Advisory Debt cancellation de with the Club de Paris Petrochemical 1988 Agroman S.A. (España) Financial Advisory Association for construction of port Patagonia. Construction 1988 Banco Español Financial Advisory Sale of 125 branches for private bidding Banking MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1988 Petroquímica Río Tercero Financial Advisory Purchase of stock package from Via Valrosse Petrochemicals 1988 Productos Stani S.A. Financial Advisory Valuation of Warner Lambert Confectionary 1988 Lab Janssen Financial Advisory Valuation of Parke Davis Laboratories 1988 Moxey Savon S.A. Financial Advisory Valuation and bidding for acquisition. Metallurgic 1988 Vantoc S.A. Financial Advisory Joint-venture with Benetton (Italy) Textile 1988 Dow Chemical Financial Advisory Analysis of massive consumption companies Chemical 1987 ICI Farma (Duperial) Financial Advisory Advisory for acquisition of hospital suppl. co. Hospital Supplies 1987 Pepsico Inc. (Pepsi/7-Up) Financial Advisory Identification of a new bottler. Sale to BAESA. Beverages 1987 Bunge & Born Group Financial Advisory Sale of business in Salta. (Río Tartagal S.A.) Agribusiness 1987 Polledo S.A. Shareholders Financial Advisory Valuation and negotiation Construction 1987 Bemberg Group Financial Advisory Valuation of Sierras de Tandil mineral water Beverages 1987 Intercrédito S.A. Financial Advisory Sale of the credit card company. Credit Cards 1987 Bunge & Born Financial Advisory Valuation & sale of Sulfacid S.A. Chemical 1987 Geowell S.A. Shareholders Financial Advisory Valuation and bidding for acquisition. Oil Services 1986 Lepetit (Dow Chemical ) Financial Advisory Valuation of Argentine laboratory Pharmaceutics 1986 Grupo Werthein Financial Advisory Search for investors. Partial sale. Agro-industrial 1986 Nestlé S.A. Financial Advisory Evaluation and negotiation of CICA S.A. Food (canned vegets.) 1986 San Martín Refrescos S.A. Financial Advisory Sale of the Coca-Cola bottler to Coca-Cola S.A. Beverages 1986 Mundo Nuevo-"Chicco" Financial Advisory Evaluation of 5 companies. Toys and Baby Products 1986 Grupo Bemberg Financial Advisory Sale of participation in Banco de Montevideo. Banking 1986 Compañía Química Lauril Financial Advisory Valuation of the company Chemical 1986 Bunge & Born S.A. Financial Advisory Acquisition of Petroquímica Río Tercero. Petrochemical 1986 Souberain-Chobet S.A. Financial Advisory Valuation of the company Pharmaceutical 1986 PASA Petroquímica Financial Advisory Valuation of Carboclor Petrochemical 1986 Bunge & Born S.A. Financial Advisory Sale of minority stake in Ducilo to DuPont Chemical 1985 Banco de Boston Financial Advisory Advisor in opening of new branches. Banking 1985 Petrosur/AngloAmerican Financial Advisory Advisor for the acquisition of "Pirquitas". Mining 1985 Geosource Shareholders Financial Advisory Sale of the argentine branch to Loma Negra Geology MBA’s Clients and Mandates since 1981. Year Client Object Transaction Sector 1984 Banco Ganadero Financial Advisory Sale to Banco Río and later merger. Banking 1984 Security Pacific Nat Bank Financial Advisory Acquisition of minority stake in a local bank. Banking 1984 Banco Ambrosiano Trust Financial Advisory Sale of local branch to BNL Banking 1984 Head Argentina S.A. Financial Advisory Industrial Project with AMF (USA). Tennis Rackets 1984 Hotel Libertador Financial Advisory Sale to a group contacted by client. Hotels 1983 Banco de Chile Financial Advisory Acquisition of local branch of Bank of America Banking 1983 Banco del Iberá Financial Advisory Search for investors Banking 1983 Argenbel S.A. Financial Advisory Debt restructuring and sale Fishing 1983 Bemberg group Financial Advisory Acquisition of Company in Europe Others 1983 Banco Galicia Financial Advisory Sale of Banco Argentino de Inversión (BAI) Banking 1982 Group of investors Financial Advisory Acquisition of Electrometalúrgica Andina Metallurgic 1982 Lamipack S.A. Financial Advisory Company sale and merger with "Vero S.A." Flexible Packaging 1982 Astilleros Corrientes S.A. Financial Advisory $100 MM Project financing/ sale to R. & Bates Shipyard 1981 Banco Español Financial Advisory Call option for Banco Galicia Banking 1981 Gulf & Western (USA) Investment Advisory Sale of "Simmons" and "Cine Metro" Others 1981 Private Group Project financing Fin Adv for hydroproject in Misiones Province Hydroelectric dam   Read on   © World INvestment NEws, 2001. This is the electronic edition of the special country report on Argentina published in Forbes Global . October 15th 2001 Issue. .