BROKER/DEALER AND INVESTMENT BANKING SERVICES

MFR Securities, Inc. (“MFR”), established in 1994, provides a broad range of investment banking and securities trading services to institutional clients. The firm trades a full range of taxable and non-taxable fixed income securities in all spectrums of the yield curve. MFR trades emerging market debt securities, and also participates in underwritings, selling groups and private placements. MFR is a member of FINRA (www.finra.org), SIPC and MSRB.

MFR is an approved underwriter of Fannie Mae, Freddie Mac Farmer Mac and the FHLBank system for their benchmark and global note programs. The firm also has direct access to the discount window of the aforementioned Agencies.

MFR Securities, Inc. offers its clients the global economic and market analysis of Maria Fiorini Ramirez, Inc., a macro research firm founded in 1992 to provide independent, real-time analysis to financial institutions and corporations around the world. Maria Fiorini Ramirez, previously Chief Money Market Economist and Managing Director at Drexel Burnham Lambert, is widely known for her accurate appraisals of U.S. and international economic conditions, central bank policy, political trends, and the effects of these influences on global financial markets.

The Investment Banking Group of MFR provides its clients with a variety of financial consulting services, including advisory work in connection with mergers and acquisitions, divestitures, and capital raising. The group is staffed by investment bankers highly qualified to evaluate a client’s financial condition, to conduct due diligence reviews, and to provide advice to companies seeking capital.

CONTACT INFORMATION:

George M. Ramirez, President and CEO, georgem@mfr.com

Mr. Ramirez has been the President and CEO of MFR Securities since 1998. Mr. Ramirez has more than 30 years of financial management experience in commercial and investment banking, the securities industry and high technology manufacturing. Prior to joining MFR, Mr. Ramirez was Managing Director of Garban LLC (1994-97), responsible for the Emerging Markets Group. He was also President of Garban Argentina, a wholly owned subsidiary of Garban LLC. Prior to joining Garban, Mr. Ramirez was a principal of Coventry Capital, a private partnership, providing investment banking advisory work to Latin Governments and multinational corporations doing business in Latin America. From 1985 to 1990, Mr. Ramirez was principal and CFO of Irtronics Systems, Inc., a Connecticut company engaged in the development and manufacturing of infrared instrumentation. From 1978 to 1990, he developed and managed the Latin American Group of Chemco International Corporation, a wholly owned subsidiary of Chemical Bank. Mr. Ramirez attended the Lubin School of Business of Pace University in New York, after receiving his degree in Mathematics in Colombia.

Ernesto Mejer, Managing Director, ernestom@mfr.com

Mr. Mejer has been Managing Director of MFR Securities, Inc. since 2000. Prior to joining MFR, Mr. Mejer was Managing Director of Prudential Securities, heading the investment bank’s activities in Emerging Markets, particularly Latin America. In this connection, Mr. Mejer was responsible for lead managing numerous Eurobond issues and private placements of debt and equity for companies and financial institutions in Latin America. Prior to joining Prudential, Mr. Mejer was Vice President of Capital Markets for Chemical Bank and Vice President and General Counsel for Citibank’s institutional banking activities in Latin America. Mr. Mejer was also counsel for Latin America, Middle East and Africa at General Motors Corporation and was an Associate Attorney at Reid and Priest in New York. Mr. Mejer received a BA magna cum laude from the University of Pennsylvania and a JD from the University of Pennsylvania Law School.