1. Presentation of the Central America Small Enterprise Investment Fund´s experience Buenos Aires, Argentine Oct 21, 2005 Management company

2. Contents Financial results Financial resultsof CASEIF/LIM CASEIF/LIM Financial results Financial resultsof CASEIF/LIM CASEIF/LIM Summary of Summary ofCASEIFandLIM CASEIFandLIM Success factors ofCASEIFandLIM ofCASEIFandLIM 2

3. Fund Summary 3  Equity fund incorporated in October 18, 2000 after initiative by MIF and NORFUND. The life of the fund is 10 years.  The shareholders of CASEIF are MIF, NORFUND; NDF and LAFISE.  Covering all 7 countries in Central America, with HQ in Managua, Nicaragua.  Focus on the SME sectors - companies with fewer than 100 employees and less than US$ 3 million in sales/assets, thereby having a stronger development impact with more poverty reduction.  Investment amount per company: US$ 250,000 up to US$ 1.5 million.  The Fund is being managed by Lafise Investment Management, a JV between NORFUND and LAFISE.

4. The LAFISE Group – with presence in 10 countries and more than of 20 years of experience into a successful organization of 1,800 employees 4

5. The LAFISE Group – a complete portfolio of services and solutions 5 Banking (4 banks in the region) Brokerage services Trading Securities Corporate finance Insurances Commodites Broker/Dealer Warehouse Currency exchange Leasing

6. What represents the Lafise Group for CASEIF/LIM? 6 Knowlodgement and expertise of the region Contacts and relations with authorities, multinational companies, financial system Reference of new deals Check of references of companies and sponsors Support from the corporative team lawyers Facilities of logistic Help CASEIF´s investees in trading activities, to find clients and suppliers, strategic alliances. Reference of potential buyers/investors for the companies in the Portfolio. Follow up and supervision of the CASEIF’s investees in each country.

7. CASEIF financial results 7 Break even

8. CASEIF financial results 8 The ROE is 12%. Stock redemption of US$ 1.8million. It represents that 19% of the investors contribution has been reimbursed to the CASEIF’s shareholders. Before the expiration of the investment period 2 exits has been done and 2 more are on the way for the end of 2005. With this on hands, a 49% of the of the investors contribution will be reimbursed to the CASEIF’s shareholders. Given that the investment period is ended, LIM is on position to establish a second fund.

9. LIM financial results 9

10. Model of deal structure 10 Banking model Private Equity model Private Equity model Hybrid model Convertible debt Hybrid model Convertible debt It allows: To generate income (interests) during the grace period Security for the loan – to recover the funds Legal rights like a lender Time for evaluate a conversion To extend the conversion period if it is required Time to establish strong relationship with sponsors A way of early exit Dividends 1 share with preferential rights To have the full upside in the exit

11. 11 Example 1: First exit of CASEIF - Metrored US$ Lessons learned: Opportune moment to begin the exit process and talk about it with sponsors To make your own valuation of the company and to discuss it in the Board of Directors To participates actively in the due diligence and negotiations meetings To look for different alternatives

12. Example 2: Colección 2000 12 Coleccion 2000 average unit price: US$ 1.80 Chinese average unit price: US$ 1.15

13. 13 Example 3: Second exit of CASEIF - Consultel Contractor of Ericsson for different projects of telecommunications Contracts of short term and high profitability. Lessons learned: Not use money of long term for short term projects To have an appropiate legal structure focused on the cash control To request collaterals not related to the company (personnal assets from sponsors)

14. The way to follow up of investees 14 To establish strong relationship with sponsors since the initial conversations Coaching/mentoring To provide value added To improve the corporate governance Monthly certification of financial statements To help in ISO 9000/HACCP certifications TA Funds – NORAD Follow up of environmental issues Follow up of laboral rights To become in a strategic partner

15. Where to invest? - CASEIF Portfolio Sep, 05 Commitment capital US$ M CountrySector/activity 1.00 Nicaragua ISP/Carrier 0.50 Nicaragua Fishing/value added products 0.51 Costa Rica Niche of Special plastics products 1.30 El Salvador Tourism 0.95 Honduras Niche of special plastic products 15 S.A. Muebles 0.80 Honduras Exports of furnitures of high value to USA 0.50 Costa Rica Processing prepared food and canned products

16. Thanks for your time..........