CLIENTS

Partial List of Clients

ABSA Bank, South Africa

AIG International

Africa Finance Corp.

Afreximbank, Egypt

Africa Development Bank,

Tunis/Abidjan

Africa Finance Corp., Nigeria

Australia and New Zealand (ANZ) Bank

Bahrain Institute of Banking, Bahrain

Baring Point/KPMG Peat Marwick (Armenia, Kazakhstan, Russia, Moldova, Ukraine)

Banamex, Mexico

Banco Anglo Costarricense, Costa Rica

Banobras, Mexico

Bangkok Bank, Thailand

Bank of Industry (BOI), Nigeria

Bear Stearns, New York

Bladex, Panama

BNDES, Brazil

CABEI, Honduras

China Development Bank (CDB), Beijing

Corporacion Andina de Fomento (CAF), Venezuela

Centre for Applied Finance, Singapore

Chevron, California

Cibar Technologies

Citicorp

Development Bank of South Africa

DEG, Germany

U.S. Department of Energy (DOE)

Dean Witter Reynolds Futures Corp.

Ecopetrol, Colombia

Ernst & Young, Saudi Arabia

Export Development Corp, Canada

Euromoney Institute of Finance (North America, Latin America, Africa, Asia)

Fidelity Investments

FMO, Netherlands

General Electric/ General Electric Capital Corp.

GuarantCo, Cameroon

Freddie Mac, Washington DC

Guarantco, Douala

Huawei Technologies, China

IBM Corp./ISSC

ICBC Argentina

Infracredit, Nigeria

Inter-American Development Bank

Isagen S.A., Colombia

Islamic Development Bank, Saudi Arabia

JP Morgan Chase Bank

Jamaica Money Market Brokers

Kleinwort Benson, UK

KfW IPEX, Germany

Lanco International Inc.

Lucent Technologies, Malaysia

Maraven (PDVSA), Venezuela

Mitsubishi Bank of Tokyo

Moscow International Business School

Moody’s Analytics, New York

ING Bank, New York

National Banks of Moldova and Ukraine

Nafinsa , Mexico

National Gas Company of Trinidad and Tobago

NCB Saudi Arabia

NCB Jamaica

Nedcorp, South Africa

Nokia

Nord LB, Singapore

Northern Telecom, Canada

NRG Energy Inc.

Oando Energy Holdings, Nigeria

OPEC Fund, Austria

Orascom, Egypt

Pemex, Mexico

The Polish American Enterprise Fund

Pryvat Bank, Ukraine

Promon Tecnologia, Brazil

Proparco, France

Saudi Aramco, Saudi Arabia

Staatsolie, Surinam

Sipen, Dominican Republic

Shearman and Sterling

Standard Bank, South Africa

Tom.com, Hong Kong

U.S. AID

U.S. Commerce Department (ITA)

U.S. Eximbank

U.S. OPIC

U.S. Treasury

Westpac Banking Corp.

West Deutsche Landesbank, Germany

The World Bank/IFC/MIGA