Latin Finance (August 2005)

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TeAM YYePG AUGUST 2005

Digitally signed by TeAM YYePG DN: cn=TeAM YYePG, c=US, o=TeAM YYePG, ou=TeAM YYePG, [email protected] Reason: I attest to the accuracy and integrity of this document Date: 2005.09.18 23:23:00 +08'00'

NUMBER 169

www.latinfinance.com

The Latin Banking Guide The Key Data on Latin American Banks

Ethics Ranking Latin America’s Best Banks Trends in Banking Brazil Stays Way Ahead

Contents August 2005 DEALS 4 A summary of the month’s most important business deals and financial market transactions.

DATA

7 Doing the Numbers What five years of data on Latin America’s banks tell us about the health of the financial industry and where it is heading.

SURVEY

12 Being Good is Good for Business The findings of the first-ever survey of ethics, transparency and corporate social responsibility in Latin America’s biggest banks.

16 Banking Guide Data Complete balance sheet, profit and loss, market share data and performance ratios for every bank in Latin America.

Sources LatinFinance is grateful to the following organizations for their help and support in providing data for this year’s Latin Banking Guide.

COVER ART “Blue 24,” 15 3/4 X 15 3/4-inch 2004 acrylic on canvas by Michelle Concepción, courtesy of ArtSpace/Virginia Miller Galleries, Coral Gables (Miami), Florida.

LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published monthly except bimonthly December/January and April/May by Latin American Financial Publications, Inc., 2600 Douglas Road, Suite 410, Coral Gables, FL 33134 USA. Periodicals postage paid at Miami, FL and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO: LATINFINANCE, 2600 DOUGLAS ROAD, SUITE 410, CORAL GABLES, FLORIDA 33134 USA Copyright© 2005 Latin America Financial Publications, Inc. All rights reserved. Reproduction in whole or in part of any text, photograph, or illustration without written permission from the publisher is strictly prohibited. Title is protected through a trademark registration with the US Patent Office.

Austinet

Pacific Credit Rating

Erivelto Rodrigues Director

Oscar M. Jasaui President

Austin Rating Rua Leopoldo Couto de Magalhães Jr., 110 . Cj. 73/74, Itaim Bibi São Paulo, Brazil

Pacific Credit Rating República de Panamá 3531, Oficina 1302, San Isidro, Lima 27, Peru

E-mail: [email protected] Tel: (55 11) 3709 1500 Fax: (55 11) 3168-1083 www.austinet.com.br

E-mail: [email protected] Tel: (51 1) 442-7769 Fax: (51 1) 441-4284 www.ratingspcr.com

Moody’s

Progesa

Eduardo Barker Relationship Manager Latin America

Max Claren

Moody’s Investors Service Av. das Nações Unidas, 12551 – 16th floor 04578-903 São Paulo, SP Brazil E-mail: [email protected] Phone: (5511) 3043-7304 Fax: (5511) 3043-7311 www.moodys.com

Progesa Las Bellotas Nro. 200, Providencia, Santiago, Chile. E-mail: [email protected] Tel: (56-2) 489 4014 / 489 4037 www.proges.cl

August 2005 LATINFINANCE 1

front notes EDITOR John Barham MANAGING EDITOR Mary A. Dempsey WALL STREET EDITOR Maria O’Brien STAFF WRITER Michael Thomas Derham ART DIRECTOR Rosa Matamoros-Sense

Why Be Clean?

E

thical Latin American banking may seem an oxymoron, but as a survey carried out for LatinFinance by the Madrid consultancy Management & Excellence has established, the region has several banks that meet and in some cases exceed world-class standards for ethics and transparency. Most banks, however, scored poorly on a series of categories that also include corporate governance, social responsibility and sustainability, indicating that the bosses of Latin America’s biggest banks do not take these issues seriously. Many pay lip service to improving transparency or investing in sustainability. The ethical standards of some banks are lamentable. Yet why should banks that are well-entrenched in their local markets, and have close relationships with key clients and regulators care about questions that seem to be of greater concern to earnest business school professors and meddlesome NGOs? Busy executives are trying to improve the financial performance of their banks, fending off competition and hunting for acquisition opportunities. Unfortunately, banks and bankers are very unpopular in most countries – as they are around the world – and can scarcely afford to create new enemies. Clients, regulators, politicians and investors are demanding that banks clean up their act. Regulations and controls are already becoming more burdensome and intrusive. The new Basel II international capital adequacy rules that most Latin American banks will eventually have to comply with, requires new and highly sophisticated controls that will in turn require management to adopt stricter internal checks and balances. The same goes for the Sarbanes Oxley Act and the Patriot Act, which affect most large banks that have issued securities in the US. Investors, especially foreign fund managers, will avoid buying stock or debt issued by banks that fail to measure up to minimum international corporate governance standards, such as independent boards, audit committees and enforceable guidelines for related party transactions. Witness the case of Brazil’s Banco Santos, which collapsed earlier this year, and the more recent Banco Rural affair. Five Banco Rural executives were indicted in a political financing scandal and Moody’s reduced its outlook on the bank’s ratings to negative. Fitch Ratings cut its rating. Mexico’s Banco Azteca delisted in the US in the wake of a financial scandal. Conversely, banks that have put controls in place and actively enforce them can expect greater support and better valuations in the market. Brazil’s Banco Itaú is consistently held up as an example of what to do. For years, it has pursued the highest standards for corporate governance, ethics and transparency as a matter of policy. Although it is only Brazil’s fourth-largest bank by assets it is the most valuable bank in Latin America. Itaú trades at a price-to-book ratio of 3.3 and has a market capitalization of $48.67 billion. Far from being an imposition, banks such as Itaú have proved that trusting investors and the marketplace with information once thought to be strictly confidential pays off by creating an environment of openness and trust in management. Banking is a business built on mutual trust and confidence. Furthermore, the art of modern management embraces a range of disciplines that go beyond constantly improving financial performance to include human resources, social responsibility, corporate governance and sustainability. The global banking industry began moving sharply in this direction years ago. It’s time Latin American banks began following their example. 2 LATINFINANCE August 2005

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deals

CVRD Upgraded Rio de Janeiro-based Companhia Vale do Rio Doce, the world's largest iron-ore exporter, became the first Brazilian company to get an investment-grade rating after Moody’s raised its rating for Vale Overseas, a CVRD offshore debt-issuing vehicle. Its rating rose to Baa3 from Ba1. Vale’s rating is now four levels above the Brazilian government's B1 rating. The upgrade will cut Vale's financing costs as it plans to invest more than $16.8 billion on steel mills and mines in Brazil and around the world through 2010. Vale has invested about $1.8 billion a year since 2000 to expand capacity to meet soaring demand from China, Europe and the US.

Green Light for Peru Debt Deal The Paris Club of government creditors formally accepted a plan by Peruvian Finance Minister Pedro-Pablo Kuczynski to prepay $1.8 billion-$2.0 billion in loans due between 2005-2009. This should lighten the government’s debt service burden by about $400 million over the coming years. The government will issue about $800 million in bonds on the global markets and a further $400 million on the domestic capital markets to finance the prepayment. JP Morgan will lead an offering of dollar-denominated bonds and will co-lead with UBS a euro-denominated offering. The government will contribute a further $500 million from its reserves to prepay the Paris Club debt. The operation will both improve Peru’s debt profile and cut its foreign debt by replacing a portion of its hard currency debt with local-currency bonds.

Steinbruch Buys Out Partner Brazil’s Steinbruch family took control of Companhia Siderúrgica Nacional (CSN), the Rio de Janeiro-based steelmaker, after buying out the stake held by the Rabinovich family, their long-time business partners, for a reported $800 million. The Rabinovich family had a majority of the voting shares and 46% of CSN’s total stock. The Steinbruchs won a bidding war for CSN against Brazil’s leading steel group Gerdau. According to Brazilian media reports, a new holding company will control the Steinbruchs’ interests in companies operating in steel, iron ore and logistics; textiles; and cement. Banco Fibra, a bank controlled by Steinbruch family, will also be folded into the new holding company.

Brazil Reopens February Bonds In its sixth bond offering this year, Brazil sold $600 million in 10year bonds, completing its $6 billion financing target for 2005. The issue was priced to yield 363 basis points over comparable US Treasuries, or 7.732%. The government reopened its $1 billion issue of 10-year bonds launched in February at a spread of 352 basis points, to place the June bonds. Citigroup and HSBC were bookrunners on the offering. Brazil is rated B1 by Moody’s and BBby Standard & Poor’s, four and three notches below investment grade respectively.

Varig Files for Bankruptcy Latin America’s biggest airline, Rio de Janeiro-based Varig, filed for protection from creditors in Brazil and the US to restructure $2.8 billion in debt. Varig has suffered years of weak management and failed to respond to aggressive competition from rivals such as TAM and low-cost carrier Gol. Varig has posted a profit in only two years 4 LATINFINANCE August 2005

since 1990, accumulating $2.7 billion of losses in the period. The company sought protection in the US to bar creditors there from interfering with its restructuring in Brazil.

Satmex Seeks Protection Mexican satellite company Satmex, half-owned by Loral Space & Communications of the US, filed for bankruptcy in Mexico to restructure debt with creditors. The Mexico City-based company, which faces an involuntary bankruptcy petition from its US creditors, said the filing should enable it to launch its Satmex 6 satellite in early 2006. Satmex, which is 24%-owned by the Mexican government, defaulted on more than $520 million in bonds.

Itaú’s Double Whammy São Paulo-based Banco Itaú raised $345 million in a two-tranche asset-backed issue backed by future US dollar payment streams. The first seven-year tranche for $200 million was backed by insurer Ambac, giving the bonds a AAA-rating and issued at Libor plus 20 basis points. The second, $145 million three-year tranche is also backed by the bank’s payment flows but has no further credit enhancements. The BBB-rated bonds were priced at 30 basis points over Libor. Paris-based Calyon led the transaction. The second tranche refinances an earlier issue backed by US insurer MBIA and priced at 63 basis points over Libor. This deal follows a $400 million standby facility agreed earlier in June. Itaú will pay an undisclosed commitment fee for the three-year financing arranged by bookrunner HSBC. The financing will be available to Itaú irrespective of Brazil’s sovereign rating or other material changes. HSBC syndicated the deal to 20 other banks including West/LB, Calyon and Wachovia.

JC Penney Sells Lojas Renner US retailer JC Penney sold its 98% stake in Brazilian subsidiary Lojas Renner in an offering on the São Paulo Stock Exchange led by CSFB. JC Penney raised R$542 million ($230 million) with the deal. Lojas Renner raised a further R$231 million with the sale of 6.25 million in new shares. The company will use proceeds from the sale of new shares to pay off $80 million in debt to JC Penney and finance part of its expansion plans. Francisco Gros, a former investment banker and a senior business leader, is the company’s chairman. International institutional investors in the US and Europe bought 78% of the offering. Lojas Renner is the only company in Brazil without a single controlling shareholder group. CSFB says Lojas Renner’s largest shareholder now holds just 7% of the company and three others have 5%. The shares were launched at the lower end of the R$37-R$42 price range.

Dominican Republic Reschedules The government of President Leonel Fernández reached an agreement with creditors to reschedule some $200 million-worth of commercial loans due in 2005 in 2006. This should allow the government to narrow its budget deficit, which analysts estimate at about $170 million this year and $350 million in 2006. The deal should also satisfy the Paris Club of government creditors’ requirement of “comparability of treatment.” The government’s agreement with commercial banks allows for a two-year grace

deals

period for bank loans insured by the export finance agency and that have been completely disbursed. The government will resume principal payments on the rescheduled commercial loans in July 2007.

CAF Reopens Samurai Market Caracas-based development bank Andean Development Corp. (CAF) reopened Japan's Samurai market for Latin American issuers with a ¥20 billion ($184 million) two-tranche bond offering, with maturities of three and seven years. Japan's Mizuho Securities and Nomura Securities led the deal. Investment grade-rated CAF last issued on the Samurai market in 2001. The three-year ¥15 billion tranche was priced to yield 0.58%. CAF issued a further ¥5 billion in seven-year bonds yielding 1.31%. Pricing was in line with CAF’s dollar curve.

Ecuador’s Rating Cut Citing plans by the new government of Alfredo Palacios to increase spending, Standard & Poor’s cut Ecuador’s credit rating one level to CCC+, or seven levels below investment grade. S&P worries that increased government spending could affect its ability to cover debt payments. Ecuador defaulted on $6.5 billion in bonds in 1999. Congress recently approved legislation dismantling the FEIREP and FEP oil stabilization funds intended to accumulate savings from oil price windfalls. José Barrionuevo of Barclays Capital warns that

Ecuador’s financing requirements could reach $1.50 billion this year, compared with original projections of a $1.25 billion gap. According to Barrionuevo, “All past savings from the oil fund likely will be spent, resulting in both higher domestic debt issuance than expected and in the accumulation of arrears.”

CMPC Issues Debt Chilean pulp and paper manufacturer CMPC sold $208 millionequivalent in 10-year bonds on the local market. The bonds pay annual interest of 3.22%. The family of company chairman Eliodoro Matte owns a majority of the company.

EDF Quits Argentina State-owned French electric utility Electricité de France (EDF) sold a 65% stake in Argentine electricity distributor Edenor for $100 million to Argentine investment fund Dolphin, headed by financier Marcelo Mindlin. EDF, which first invested in Edenor in 1992, will retain a 25% stake in Edenor and will nominate two board directors. EDF will continuing operating Edenor under a five-year technical assistance contract with Dolphin. Edenor employees who indirectly hold the remaining 10% of the company want to sell their holding. Edenor is virtually bankrupt following the effects of a 75% devaluation of the peso in 2002 and a three-year governmentmandated freezing of charges. EDF began proceedings before a World Bank tribunal to demand $1 billion in damages.

August 2005 LATINFINANCE 5

deals

Top Latin 20 American and Caribbean M&A transactions - June 1 to June 30, 2005 Rank Date

Target

Bidder (US$ million)

Value Adviser

1 2 3 4 5 6 7 8

13-Jun 21-Jun 17-Jun 21-Jun 17-Jun 10-Jun 16-Jun 6-Jun

Oil & Gas Assets (in Colombia and Venezuela) Consorcio Siderurgia Amazonia (20%) Banco ABN Amro Real (3.86%) Polibrasil Resinas (50%) Oil & Gas Assets (Teak, Saman & Poui Oilfields, Trinidad) Companhia Siderurgica de Tubarao - CST (9.5%) Banco de Entre Rios Shopping centers (10 hypermarkets in Brazil)

Maurel & Prom Techint Group ABN Amro Holding Suzano Petroquimica Perenco; Neal & Massy Energy Arcelor Nuevo Banco de Santa Fe Carrefour

460.0 279.2 248.8 240.0 229.0 184.5 171.9 130.6

9 10 11 12 13 14 15 16 17 18

9-Jun 21-Jun 3-Jun 9-Jun 6-Jun 10-Jun 22-Jun 1-Jun 16-Jun 12-Jun

Manquehue Net Property portfolio (Torre Mayor, Mexico) American Founders Life Insurance Gafisa (32.18%) Banco Dibens (49%) Grupo Corvi (chocolate and candy business, Mexico) Hormigonera Mayaguezana Mining Assets (Ojos del Salado Copper Project, Chile) Oil & Gas Assets (Four Land Rigs, South America) Supermarkets (Megasuper, Costa Rica)

19 20

20-Jun 20-Jun

Summit Oil & Gas Worldwide - SOGW Grupo Super Motores

GTD Teleductos 117.9 DIFA Deutsche Immobilien Fonds 101.5 Sagicor Financial 58.0 Equity International Properties (EIP) 54.9 Unibanco 52.8 Grupo Bimbo 43.3 Cemex 30.0 Sumitomo Metal Mining Co, Sumitomo 24.9 Saxon Energy Services 22.9 Supermarkets (Supertiendas & Droguerias Olimpica, Colombia) 19.9 Summit Oil 16.7 Grupo Q 10.0

Target Adviser

Bidder Adviser

JP Morgan Morgan Stanley

Citigroup

Morgan Stanley

Deutsche Bank Santander Investment Services

Source: Dealogic

Top 10 Latin American and Caribbean bond issues - June 1 to June 30, 2005 Rank Date 1 2 3 4 5 6 7 8 9 10

1-Jun 7-Jun 21-Jun 21-Jun 1-Jun 7-Jun 22-Jun 28-Jun 23-Jun 10-Jun

Issuer

Bookrunner

Pemex Project Funding Master Trust United Mexican States Republic of Brazil Voto - Votorantim Overseas Operations Republic of El Salvador Corporación Interamericana de Entretenimiento (CIE) Banco BMG Air Jamaica Eletropaulo Braskem

Lehman Brothers, CSFB Barclays Capital, UBS HSBC, Citigroup CSFB Deutsche Bank Citigroup Morgan Stanley Bear Stearns Merrill Lynch Merrill Lynch

Value (US$ million) 1,500 920 600 400 375 200 200 200 198 150

Original currency

Amount (million)

US dollar Euro US dollar US dollar US dollar US dollar US dollar US dollar Brazilian real US dollar

1,500 746 600 400 375 200 200 200 474 150

Source: Dealogic

Latin American syndicated loans - June 1 to June 30, 2005 Rank Date 1 2 3 4 5

1-Jun 16-Jun 3-Jun 15-Jun 9-Jun

Borrower

Mandated Arranger

Pemex Project Funding Master Trust Energia Concon Banco Continental de Panama Votorantim Celulose e Papel Corporación Interamericana para el Financiamiento de Infraestructura (CIFI)

Banc of America Securities, Barclays, HVB Group, BNP Paribas, Mizuho BNP Paribas, Calyon, Citigroup Calyon, HVB Group Calyon, HVB Group

Source: Dealogic

6 LATINFINANCE August 2005

IDB

Value (US$ million) 1,250 410 225 100 50

data

Doing the Numbers L

atin America’s banks have not grown very much in asset terms over the last five years. Even though their asset base is still just over $1 trillion (roughly onethird less than Citigroup’s balance sheet), profitability has recovered impressively from a return on assets of almost zero in 2002 – thanks to the collapse of Argentina’s banks and Brazil’s currency collapse – to 1.5% last year. Net income surged last year by 35% to a record $15.15 billion. In 2002, Latin America’s banks posted a profit of just $610 million. High interest rates in many countries (real interest rates in Brazil are among the highest in the world), stinging increases in fees and more lending thanks to generalized economic recovery are responsible for the bank’s strapping health. Consolidation and a crackdown on efficiency ranging from more effective use of banking technology to job cuts across the region have also driven up profits, suggesting a higher new baseline of performance for the region’s banks. Some major trends lurk behind these numbers. To begin with, the region’s biggest banks – nearly all of them Brazilian – have grown larger. In 2000, five of the region’s ten largest banks were Brazilian with about one-quarter of total assets. In 2004, the top five held 31% of total assets and one Mexican bank – BBVA Bancomer – had pushed its way in at fourth position. Yet the Brazilian domination continues: now seven of the top ten are Brazilian and they control one-third of Latin America’s banking assets. Five years ago, the Brazilians had one-quarter of all assets. The Brazilian domestic banking system is itself highly concentrated. The country’s 10 biggest banks already account for 81% of loans and 82% of deposits, according to Moody’s. Unlike most other major Latin American economies, local

What the balance sheets and P&Ls say about the health and performance of the region’s banks and financial markets. agency Caixa Econômica Federal, will be privatized. Both are among the five largest banks 1,200 175% in Brazil. Meanwhile, privateROA Assets sector banks are steadily 150% 1,000 guzzling up smaller competitors, 125% especially those in the fast800 growing consumer credit 100% segments. 600 75% Unsurprisingly, the 400 Argentine banks have vanished 50% from the list of Latin America’s 200 ten biggest banks. Meanwhile, 25% international banks led by 0 0% Spain’s Banco Bilbao Vizcaya 2000 2001 2002 2003 2004 Argentaria and Santander Source: LatinFinance Central Hispano have tightened their grip over the market. They Recovering from Argentina now account for 15% of assets Latin American banks net income - US$ billion against less than 2% five years 16 ago. Since 2000, Citigroup, 14 HSBC and Bank of America have entered the Mexican 12 market. Santander bought 10 Brazil’s Banespa and ABN Amro has increased its investments in 8 Brazil. This contrasts with an 6 exit from Argentina by several 4 small- and mid-sized foreign banks since 2001 and a pitiless 2 reduction in activity there by the 0 larger banks that have chosen to 2000 2001 2002 2003 2004 remain. Source: LatinFinance Despite the upheaval in banks – both private- and public-sector Argentina and the uncertain outlook in institutions – still dominate the market. Venezuela, it seems likely that the foreign Furthermore, there is no sign that banks will continue their advance into the federally-owned Banco do Brasil, a region. Brazil is at the top of several banks commercial bank, or savings and mortgage for expansion. However, they will probably

A Bigger Bang

Latin American banks total assets - US$ billion

August 2005 LATINFINANCE 7

data

The Big Get Bigger Latin America's largest banks by assets Rank 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00

2000 Do Brasil Caixa Economica Federal Bradesco Itau Unibanco De la Nacion Argentina De Galicia y Bs Aires Banespa De la Prov de Bs Aires Rio de la Plata Total Latin American bank assets

Country Brazil Brazil Brazil Brazil Brazil Argentina Argentina Brazil Argentina Argentina

Assets Percent US$ billion share 70.76 6.93 64.48 6.31 48.52 4.75 35.57 3.48 26.34 2.58 17.87 1.75 15.32 1.50 15.23 1.49 14.66 1.44 14.09 1.38 1,021.60 31.60

Rank 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00

2004 Country Do Brasil Brazil Bradesco Brazil Caixa Economica Federal Brazil BBVA Bancomer Mexico Itau Holding Fin. Brazil Nacional de Mexico Mexico Unibanco Brazil Santander Brasil Brazil ABN Amro Brazil Banco Santander Chile Total Latin American bank assets

Assets US$ billion 90.05 69.67 55.68 49.45 49.10 42.21 29.89 26.23 23.22 20.03 1,026.00

Percent share 8.78 6.79 5.43 4.82 4.79 4.11 2.91 2.56 2.26 1.95 44.40

Source: LatinFinance, Moody's, PCR

have to pay a high price to do so because banks have ramped up profits aggressively. Last year, Brazil’s Banco Itaú posted $1.42 billion in net income, equivalent to 9.4% of the region’s $15.15 billion in income. In the 2000-2004 period, Itaú earned nearly $4 billion in profits for its owners, or a relatively modest average of $759 million per year for the period. Itaú is Latin America’s most valuable private-sector bank, with a price-to-book ratio of 3.3 and a market capitalization of $48.67 billion. However, size is not everything. Panama has the region’s largest banking industry, relative to the size of its economy. Last year, the country’s 63 banks had total assets of $33 billion compared with a GDP of only $12.86 billion. Panama has

succeeded in defending its status as an offshore banking industry by upgrading the effectiveness of its anti-money laundering controls. Chile comes second with an assets-to-GDP ratio of 122%, followed by Uruguay with 91% and Brazil with 80%. Mexico – which has the largest economy in Latin America – also has the smallest banking system. The asset base of its banks is equivalent to less than 28% of GDP. Assets are not the same as loans, of course. Very few of the region’s banks hold a large part of their assets in loans – most are in liquid government securities. Bankers are remarkably risk averse given the opportunities to increase lending to the corporate sector and to consumers, which

pay far more than Treasury bonds. On average, the 25 largest banks lend out just under half of their balance sheet. Nonetheless, Mexico is recovering from its 1994 peso crisis, which devastated its banking system. Now, largely under foreign control, the banks have cautiously started to increase lending, thanks to sound capitalization, improved regulation and a strong economy. Those banks most skilled at building up a solid asset and increasing loans will likely be the most successful and most profitable in the years ahead. Loan growth has accelerated as the economy expands, particularly in mortgage and consumer lending. Mexican banks still need to increase loans to the

A Brazilian Game Latin American banks ranked by net income 2000-2004 - US$ million Average Rank Bank 2000-2004 1.00 Itau Holding Fin. 759.30 2.00 Bradesco 592.60 3.00 Do Brasil 535.10 4.00 Santander Brasil 444.40 5.00 Unibanco 314.90 6.00 Banamex 257.70 7.00 Caixa 173.20 8.00 ABN Amro 147.20 9.00 BBVA Bancomer 141.40 10.00 Serfin 128.70 Total Latin American bank net income Source: LatinFinance, Moody's, PCR

8 LATINFINANCE August 2005

Accumulated 2000-2004 3,796.30 2,962.94 2,675.34 2,222.00 1,574.53 1,288.72 865.95 735.84 706.80 643.40 40,980.00

Rank Bank 1.00 Itau Holding Fin 2.00 Bradesco 3.00 Do Brasil 4.00 Santander Brasil 5.00 Caixa Economica Federal 6.00 BBVA Bancomer 7.00 Unibanco 8.00 ABN Amro 9.00 Serfin 10.00 Santander Santiago Total Latin American bank net income

Net income US$ million 2004 1,422.40 1,152.86 1,139.24 627.19 534.89 497.00 483.43 465.89 335.00 326.49 15,147.92

% share of total 9.39 7.61 7.52 4.14 3.53 3.28 3.19 3.08 2.21 2.16 46.11

data Way out Ahead

Panama Still Leads

Banking assets by country - 2000-2004 in US$ billion

Latin American 2004 bank assets as percentage of GDP

Brazil Mexico Chile Argentina Colombia Panama Venezuela Peru Uruguay El Salvador Costa Rica Guatemala Dominican Republic Ecuador Honduras Bolivia Nicaragua Paraguay

2000

0

50

Panama Chile Uruguay Brazil Honduras El Salvador Costa Rica Dominican Republic Colombia Nicaragua Argentina Bolivia Paraguay Guatemala Peru Venezuela Ecuador Mexico

2004

100 150 200 250 300 350 400 450 50

Source: LatinFinance, Moody’s, PCR

2004

0

Bank loans 2004 - in US$ billion

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Do Brasil Bradesco BBVA Bancomer Itau Holding Fin. Nacional de Mexico Santander (Chile) Unibanco Caixa Economica Federal ABN Amro De Chile Del Estado de Chile Mercantil del Norte Santander Brasil De Credito e Inversiones Safra Serfin Scotiabank Inverlat HSBC Bank Brasil HSBC Mexico Inbursa BBVA (Chile) Santander Mexicano CorpBanca De la Nacion Argentina Citibank (Brazil)

1

1.5

2

2.5

3

3.5

Source: MexDer

Risk Averse Rank Bank

0.5

2000

Gross loans 33.36 23.65 19.26 17.86 16.00 13.91 11.98 11.36 11.10 11.06 8.80 8.28 8.14 7.19 6.51 6.38 6.35 6.12 6.07 4.95 4.91 4.84 4.04 3.63 3.34

Total assets 90.05 69.67 49.45 49.10 42.21 20.03 29.89 55.68 23.22 14.85 15.10 15.09 26.23 10.53 14.51 12.22 9.37 12.95 18.16 7.82 6.69 15.62 5.26 14.53 8.27

Loans/ Assets 37.05 33.95 38.95 36.37 37.91 69.44 40.07 20.41 47.83 74.47 58.28 54.85 31.02 68.32 44.85 52.26 67.74 47.24 33.42 63.24 73.40 30.99 76.89 24.98 40.41

Ownership State Private sector Foreign Private sector Foreign Foreign Private sector State Foreign Private sector State Private sector Foreign Private sector Private sector Foreign Foreign Foreign Foreign Private sector Foreign Foreign Private sector State Foreign

Nationality of ownership Brazil Brazil Spain Brazil US Spain Brazil Brazil Netherlands Chile Chile Mexico Spain Chile Brazil Spain Canada UK UK Mexico Spain Spain Chile Argentina US

Source: LatinFinance, Moody's, PCR

corporate and small- and mediumenterprise sectors. The banks have little other choice as liquidity starts accumulating as after repayment of

Fobaproa/IPAB bank-bailout notes issued by the government following the 1995 crisis. Chile’s banks are the most active

lenders. Banco de Chile, a private-sector bank, had $11.06 billion in loans on its balance sheet of $14.85 billion last year. Decades of economic stability, vicious competition and financial sophistication have given Chile Latin America’s most advanced financial system. Unfortunately for shareholders, clear markets and a competitive environment limit the banks’ ability to raise fees, interest rates or exploit market inefficiencies – the keys to accelerating profitability. This suggests that there will be more consolidation in Chile in the years ahead. It has 27 banks but only $93.46 billion in total assets. Mexico, in contrast has shifted heavily in the opposite directions. It has only 20 banks and $180.97 billion in assets. Surprisingly, perhaps, Brazilian banks were among the least willing to lend. Brazilbased banks ranked in the bottom half of our list of the top 25 lenders, followed by Mexican and Argentine banks. The Brazilians are making record profits by increasing loans, admittedly from a small base, charging fat spreads and pushing fee income at every opportunity. The Chileans are less able to get away with this, since they operate in a highly liquid and competitive market. While Brazil’s Itaú earns more money than any other Latin American bank, it is not really the most profitable. Although its return on equity last year was a remarkable 27%, it doesn’t bear comparison with the ROE of 549% that Banco Privado para el Desarrollo of Guatemala achieved in 2004. However, such astronomically high returns are rarely a sign of good health. August 2005 LATINFINANCE 9

data

A Chilean Game Loan to asset ratios - 2004 CorpBanca Banco de Chile BBVA (Chile) Banco Santander (Chile) Banco de Credito e Inversiones Scotiabank Inverlat Banco Inbursa Banco del Estado de Chile Banco Mercantil del Norte Banca Serfin ABN Amro HSBC Bank Brasil Safra Citibank (Brazil) Unibanco BBVA Bancomer Banco Nacional de Mexico Banco do Brasil Itau Holding Fin Bradesco HSBC Mexico Santander Brasil Banco Santander Mexicano Banco de la Nacion Argentina Caixa Economica Federal

0%

10%

20%

30%

40%

50%

60%

70%

80%

Source: LatinFinance, Moody's, PCR

Venezuelan banks last year reported an average ROE of 37.6%. In a recent report on Venezuela’s banking industry, Moody’s says that, “Results posted at the system level may look good, but Moody's believes that the posted numbers do not reflect the realities and weaknesses of the Venezuelan financial system,

which is basically highly dysfunctional — it has essentially abandoned its role of financial intermediation. Gradually, banking institutions have been transformed into transactional entities.” Loan balances have shrunk in real terms and banks are reduced to serving both as a transaction system and a sinkhole for government bonds. Gross loans and leases are now equivalent to just 12% of GDP. Small banks and small markets, often very troubled ones, can create opportunities for rapid, but short-lived bursts in profitability. No single institution appears regularly on the list of the most profitable banks – obviously triple digit ROEs are not sustainable. LF

It's Always Itaú Latin America's highest-earning banks 2000-2004 - US$ million Bank 2000 Itau 941.30 Bradesco 889.90 Banamex 880.30 Do Brasil 498.20 Unibanco 378.00 Rio de la Plata 207.60 BBVA Bco. Frances 180.30 Safra 159.30 Santander Santiago 154.60 Bancomer 152.20 Total 4,441.60

Bank 2001 Itau 1,089.90 Santander Brasil 856.70 Do Brasil 777.90 Bradesco 701.10 Unibanco 545.80 BBVA Bancomer 502.40 Bamex 408.40 Serfin 343.40 BankBoston 295.20 Santander Santiago 184.80 5,705.60

Bank 2002 Santander Brasil 774.30 Itau 672.70 Do Brasil 573.90 Bradesco 572.50 BBVA Bancomer 554.10 Citibank 461.60 ABN AMRO 341.90 Caixa Economica Federal 306.00 Serfin 299.60 Unibanco 286.00 4,842.70

Bank Itau Holding Fin. Do Brasil Bradesco Santander Brasil Caixa ABN AMRO Unibanco Santander Santiago Galicia Uruguay Votorantim

2003 1091.00 824.20 798.30 590.40 559.40 393.40 364.30 294.40 240.90 217.80 5,374.10

Bank Itau Holding Fin. Bradesco Do Brasil Santander Brasil Caixa BBVA Bancomer Unibanco ABN Amro Serfin Santander Santiago

2004 1,422.40 1,152.90 1,139.20 627.20 534.90 497.00 483.40 465.90 335.00 326.50 6,984.40

Source: LatinFinance, Moody's, PCR

Where There's Risk… Latin America's most profitable banks 2000-2004 - ROE 2000 Del Sol De Stgo del Estero Creditanstalt Dresdner Bank CMF Societe Generale Mariva Centro De Sudameris Multistock

% 619.52 185.44 117.66 91.13 76.62 70.10 69.10 64.43 59.65

2001 De Stgo del Estero Tokyo-Mitsubishi Ltd. Societe Generale Del Valle Prestamos Del Tucuman Ciol de la Construccion Empresarial BEC

56.59 De Bogota

Source: LatinFinance, Moody's, PCR

10 LATINFINANCE August 2005

% 78.96 64.94 57.03 54.83 54.40 52.79 52.62 49.42 46.36

2002 % Nuevo Suquia 177.00 Provincia del Neuquen 171.00 Nuevo Bisel 169.00 Tokyo-Mitsubishi 134.00 Citibank 91.00 Macro 75.00 Del Tucuman 67.00 De la Provincia de Cordoba 66.00 Cargill 64.00

42.26

De Bogota

64.00

2003 Nova Scotia BAC el Salvador Deutsche Bank Bancoro Unibanco BNP Paribas ES Bank A Express Banco de Credito Centroamericano Profesional

% 163.85 76.05 57.21 55.24 47.96 42.70 40.73 38.54 37.95 37.39

2004 % Privado para el Desarrollo 548.49 Uno 122.69 Credicard Banco 93.28 De Exportacion 83.96 Hipotecario del Uruguay 78.54 Korea Exchange Bank, Limited 65.96 Agropecuario 61.32 The Bank of Nova Scotia 59.91 Citibank 54.12 Banco Exterior, C.A., Banco Universal

53.57

survey

Being Good is Good for Business by John Barham

B

eing profitable and having a solid balance sheet are no longer enough for banks and corporates anywhere in the world to be assured of success. Investors, the media, politicians and regulators are focusing increasingly on their willingness and ability to comply with stricter ethical and community standards. Being nice is no longer optional – it is becoming a business necessity. LatinFinance and Madrid-based consultancy Management & Excellence have launched the first survey of ethics and transparency at Latin America’s largest banks and the findings are startling. First, the good news. Brazil’s Banco Itaú tied for first place with Chile’s Banco Santander Santiago with a final score of 84.5 each out of 100. M&E Managing Director Bill Cox says in a report on the survey that “Itaú does nearly everything right. What is amazing is that it is not part of a big network such as Santander or BBVA. Itaú acts like a global bank even though its business and scope is basically Brazilian.” Remarkably, Itaú was the only bank in the study to get 100%, a perfect grade, in any area. M&E found its ethics policy to be literally faultless. It came close, with a score of 90 in sustainability and transparency. Says Roberto Setúbal, the bank’s president, “Everything we do in this area is interconnected. Our line is that we are continuing to improve and perfect our corporate governance, not just in attitudes but also in the quality of the things we are doing.” For instance, Itaú has set up an audit committee structured to exceed minimum regulatory standards. “We are not thinking of just building up the bank for today but for the long term and it needs a strong corporate governance to achieve this.” Santander’s Chilean bank owes its 12 LATINFINANCE August 2005

The first-ever ethics and transparency survey of Latin America’s biggest banks produced some surprising results. The A List Overall ranking, management indices Rank 1 3 4 5 6 7 8 9 10 11 12 14 16 17 18 19 20 21 22 23 24

Bank

Country

Nationality of ownership Score

Itaú Santander Chile BBVA Continental BBVA Bancomer Santander Serfin De Chile Unibanco BBVA Ganadero Santander Banespa Bradesco BBVA Frances Do Brasil Rio Santander HSBC Banamex ABN AMRO Real Bancolombia De Bogotá De Crédito del Peru Banorte Galicia Del Estado de Chile Hipotecario De la Nación Argentina

Brazil Chile Peru Mexico Mexico Chile Brazil Colombia Brazil Brazil Argentina Brazil Argentina Mexico Mexico Brazil Colombia Colombia Peru Mexico Argentina Chile Argentina Argentina

Brazil Spain Spain Spain Spain Chile Brazil Spain Spain Brazil Spain Brazil Spain UK US Netherlands Colombia Colombia Peru Mexico Argentina Chile Argentina Argentina

Source: M&E and LatinFinance

top ranking in the survey to very high scores across all five categories, the fruit of years of effort to raise its standards in what is already a strongly regulated and competitive banking industry. Mauricio

85.40 85.40 74.60 69.41 66.60 64.20 58.60 57.00 56.20 54.80 53.40 51.20 50.80 49.40 49.00 48.00 44.80 43.60 41.00 37.80 36.00 28.00 21.00 8.80

Villaraín, Santander Santiago’s president, says that excellence goes beyond just making money. “If you want to become a top company in the long term, you need to focus on financial targets. They are a necessary but not sufficient condition for success. You also need to achieve excellence in ethics and corporate social responsibility. You have to define what you want, communicate it measure it and stick to it its not a matter what for years.” Ultimately, he says, this is good for business. “Ethics and transparency pays. I think it’s a mistake that you can defeat competition by doing wrong, we believe that more disclosure, increased transparency increases trust and

that it pays.” There is an added, if unspoken, reason for banks to take these “soft” management objectives seriously. Banks are easy targets for politicians and are generally unpopular with

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survey

Ethics Rank 1 2

5 7

10 12 13 14 16 17 19 20 21 22 24

Bank Itaú Santander Chile Banamex BBVA Continental Rio Santander BBVA Bancomer BBVA Frances HSBC Santander Serfin Santander Banespa De Chile BBVA Ganadero ABN AMRO Real Unibanco De Bogotá Bancolombia Bradesco Banorte Galicia (Argentina) Do Brasil De Crédito del Peru Hipotecario Del Estado de Chile De la Nación Argentina

Score 100 96 96 96 92 92 88 88 88 84 84 80 72 68 68 64 48 48 44 40 24 20 20 8

Corporate Social Responsibility

Sustainability

Rank 1

Rank 1 2 3 4 5 6 7

3 4 6 8

11 12 14 15 16 17 18 19 20 21 22 23 24

Bank Santander Chile BBVA Continental Itaú De Chile BBVA Ganadero Do Brasil Santander Banespa Rio Santander Bradesco BBVA Bancomer De Crédito del Peru Unibanco ABN AMRO Real BBVA Frances Santander Serfin Banamex HSBC Galicia Del Estado de Chile De Bogotá Hipotecario Banorte De la Nación Argentina Bancolombia

Score 84 84 78 70 70 68 68 62 62 62 59 57 57 54 53 51 49 46 43 41 35 30 24 19

9 11 12 13 14

17 18 20 21 22 23 24

Bank Itaú Santander Chile BBVA Continental BBVA Bancomer Santander Serfin De Chile BBVA Frances Do Brasil Unibanco BBVA Ganadero De Bogotá Santander Banespa Del Estado de Chile Bradesco HSBC De Crédito del Peru ABN AMRO Real Rio Santander Bancolombia Banorte Banamex Galicia Hipotecario De la Nación Argentina

Score 90 86 83 74 71 62 57 57 55 55 52 50 48 45 45 45 43 40 40 38 33 29 12 5

Source: M&E and LatinFinance

clients. Regulators, politicians, the media and investors are increasingly focusing on these issues, threatening closer supervision and legislation to control the banks. This is part of a wider trend affecting businesses around the world. For instance, Kenneth Roth, executive director of New York-based Human Rights Watch, wrote in June that after years of resisting enforceable standards of corporate social responsibility, “some western companies have begun to recognize it might be in their interest to operate under enforceable standards that apply to all their competitors, rather than under voluntary ones that, for all practical purposes, apply only to prominent companies.” Investors, be they local pension funds or international asset mangers, are focusing more on these “soft” management issues than before. Peter Shaw, bank analyst at Fitch Ratings, says, “We say that exceptionally weak corporate governance can bring ratings down, although recognition of improved standards isn’t going to be an upgrade driver.” Fitch focuses on five areas – 14 LATINFINANCE August 2005

Methodology Management & Excellence prepared a detailed survey containing over 160 questions covering five broad areas – ethics, corporate governance, corporate social responsibility, sustainability and transparency. LatinFinance and M&E selected 24 of Latin America’s largest banks in six countries, including both domestically owned and foreignowned banks to receive the questionnaire. We decided to exclude financial institutions in Venezuela from the survey, since the business environment there is too conflictive to provide a fair reading of banks’ policies. M&E received 15 completed surveys, a response rate of 63%. In addition to analyzing the banks’ responses, M&E researchers doublechecked their replies against publicly available documents and data. Data that could not be externally confirmed was not included in the assessment. Banks that did not respond were still included in the survey. M&E analysts researched their policies and policy guidelines using public databases, annual reports and the banks’ websites. M&E rated banks according to their survey questions using factual, not judgmental criteria. The final ranking of banks was derived from their scores in the five sub-headings that were then weighted equally and averaged out for a maximum possible score of 100.

independent and effective boards, relatedparty transactions, integrity of the audit process, tying executive compensation to performance and varying shareholder structures. Global companies like BP and General Electric are anticipating tougher environmental controls with initiatives of their own. The financial industry has responded with the Equator Principles to manage environmental and social issues in project financing. Latin America is not in the vanguard of these shifts – only four Latin American banks, all of them Brazilian – have signed on to the Equator Principles. However, governments and increasingly assertive local pension funds, do generally respond with some lag. Spain’s Banco Bilbao Vizcaya Argentaria and Santander Central Hispano have built up a network of banks in almost every country in the region. They have executed, with differing degrees of success, well-designed strategies for ethics and transparency. Curiously, three other international banks with substantial Latin American franchises – ABN Amro,

survey Corporate Governance

Transparency

Rank 1 2 3

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

6 8 10 12 14 16 18 20 22 23

Bank Santander Chile Itaú Unibanco Bancolombia Santander Serfin Bradesco BBVA Bancomer De Chile BBVA Continental BBVA Ganadero De Crédito del Peru Galicia (Argentina) Banorte Do Brasil Santander Banespa De Bogotá Banamex BBVA Frances ABN AMRO Real Rio Santander HSBC Hipotecario De la Nación Argentina Del Estado de Chile

Score 73 69 58 58 58 54 54 50 50 42 42 38 38 31 31 27 27 23 23 15 15 8 4 4

Bank Itaú Santander Chile Bradesco BBVA Bancomer Santander Serfin Do Brasil BBVA Continental Unibanco De Chile HSBC Santander Banespa Rio Santander BBVA Frances ABN AMRO Real Bancolombia BBVA Ganadero Banamex Banorte De Crédito del Peru Hipotecario De Bogotá Del Estado de Chile Galicia De la Nación Argentina

Score 90 88 65 65 63 60 60 55 55 50 48 45 45 45 43 38 38 35 35 30 30 25 23 3

Source: M&E and LatinFinance

Citigroup and HSBC – have made less progress. Unlike the Spanish banks and high-ranking domestic banks, the big global banks aggregate data at the global level but provide strikingly little information on their activities at the local level. Reviewing the data, Cox notes that on the whole, “private banks do better than state banks and banks belonging to the BBVA/ Santander networks do better than independents.” The best publicly announce their codes of ethics, invest in training, set up strong and independent boards and board committees, report financial information in several languages, comply fully with national and NYSE corporate governance guidelines, support schools and the arts, and are rarely involved in public controversies. None of the top ten banks was recently involved in any major scandals. Even banks that did poorly in our survey remain highly regarded institutions. For instance, Medellín’s Bancolombia has won praise from discriminating organizations like the IFC,

the World Bank’s private sector arm. LatinFinance chose Banco de Crédito del Perú as the best bank in Latin America in 2002. The IFC approved a $98 million credit line for ABN Amro’s Brazilian subsidiary Banco Real, adding to an existing credit line, to support long-term lending to family-owned, middle-market companies that meet corporate governance criteria. As for those at the bottom of the pile, Cox says, “It is hard to find what bad banks actually do right. The worst companies M&E has ever rated are banks such as Banco de la Nación Argentina.” The country’s largest bank is wholly owned by the federal government and ranked last in our survey, achieving a final score of 8.8 out of 100. Banco Nación won low marks for ethics, sustainability, corporate governance and transparency. Indeed, Argentine banks as a whole did poorly in our survey, both a reflection of poor regulation and the after-effects of the chaos of the 2001-2002 crisis that wrecked the banking system. LF August 2005 LATINFINANCE 15

Argentina BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54

De la Nación Argentina De Galicia y Buenos Aires De la Provincia Buenos Aires Rio de la Plata BBVA Frances Hipotecario BankBoston De la Ciudad de Buenos Aires Macro Bansud HSBC Bank Argentina Citibank Credicoop Cooperativo Patagonia Sudameris Banca Nazionale del Lavoro Nuevo De Santa Fe De la Provincia de Cordoba Nuevo Suquia Itau Buen Ayre Nuevo Bisel Comafi Societe Generale De Santiago del Estero De Inversion y Comercio Exterior De la Pampa S.E.M. Nuevo Industrial Azul ABN AMRO Bank Provincia del Neuquen Del Chubut Banex De San Juan Del Tucuman De Corrientes CMF Deutsche Bank Nuevo Del Chaco De Santa Cruz BNP Paribas B.I. Creditanstalt Mariva JP Morgan Chase Bank Ford Credit Compania Financiera De Valores Regional de Cuyo Provincia de Tierra del Fuego Compania Financiera Argentina GMAC Compania Financiera Columbia Nuevo De La Rioja MBA De Inversiones Piano Empresario de Tucuman Cooperativo Saenz ING Bank Finansur

Net Interest Income = Int. Income - Int. Expenses - Prov.

16 LATINFINANCE August 2005

TOTAL ASSETS

GROSS LOANS 1

OVERDUE LOANS 2

14,526.01 7,488.50 7,224.71 4,988.28 4,867.54 3,040.23 2,850.47 2,517.30 2,039.33 2,017.77 1,847.97 1,471.47 1,381.75 1,292.89 1,236.68 1,068.46 902.20 589.89 587.65 510.05 503.57 439.26 394.16 393.80 355.71 344.52 325.33 318.20 308.87 302.98 289.79 250.79 234.59 212.17 210.30 193.20 172.96 163.59 137.82 131.71 130.22 121.89 113.83 96.56 94.51 88.84 87.77 87.76 86.29 80.25 79.33 78.58 69.81 68.06

3,628.94 2,492.75 1,482.03 1,869.87 2,849.07 938.93 995.12 1,299.95 665.86 1,090.54 916.34 571.84 625.76 562.89 351.08 118.63 362.77 359.10 252.27 187.99 227.02 33.62 243.77 113.56 160.30 101.81 105.11 74.65 136.51 42.86 88.42 23.54 104.55 20.12 44.49 54.67 54.40 68.03 49.68 0.40 25.35 31.57 50.33 36.26 81.04 72.48 43.74 17.07 3.07 33.04 53.87 45.13 0.15 31.80

815.99 232.67 219.41 73.34 38.05 119.85 128.01 58.29 30.64 123.35 215.26 18.90 83.42 159.92 9.74 0.00 40.66 6.49 56.47 7.29 46.42 3.10 14.55 0.00 18.03 17.72 9.04 44.18 2.19 8.84 5.07 3.49 16.30 0.00 1.15 1.88 18.48 20.58 2.95 0.01 1.92 1.38 7.02 7.20 11.55 0.13 6.41 1.98 0.00 9.64 29.29 10.27 0.30 2.00

EOA = Equity/Assets

EOGL = Equity/Gross Loans

LOAN LOSS RESERVES 852.54 170.97 215.69 69.88 39.99 96.60 91.96 52.07 27.48 80.59 150.22 33.37 99.42 123.20 4.90 35.68 48.27 8.35 43.45 5.69 20.64 3.16 15.76 5.30 10.02 5.97 7.30 39.97 2.87 9.03 3.00 1.70 10.97 0.10 0.59 1.00 8.94 11.91 2.26 0.00 1.89 1.16 2.16 6.34 11.81 0.82 4.79 1.36 0.03 2.42 22.23 9.95 0.00 1.13

DEPOSITS

EQUITY

10,132.96 1,124.90 2,020.99 403.11 3,844.55 381.04 2,474.37 277.24 3,093.18 544.48 79.53 659.10 1,603.21 306.75 2,095.20 292.17 1,175.84 422.98 1,258.09 235.63 1,218.89 149.44 1,105.41 165.64 702.55 202.80 834.24 123.83 989.20 166.32 796.79 71.60 519.33 105.65 371.90 121.28 306.34 27.36 233.66 63.12 383.35 32.72 265.94 45.73 0.00 301.74 298.48 52.65 218.84 35.86 137.13 29.94 234.23 23.16 231.68 19.48 201.89 45.18 202.28 73.51 208.89 18.92 162.81 12.03 84.62 60.14 38.60 96.70 178.64 14.82 171.17 15.52 93.40 31.61 1.41 29.42 60.39 31.34 21.54 64.63 3.12 78.78 88.13 28.53 93.36 14.76 82.39 7.55 6.98 43.82 0.00 29.29 60.12 15.88 68.24 14.75 33.84 7.07 46.02 22.04 53.41 9.38 37.31 25.06 17.66 12.27 36.98 5.66

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 20.75 10.70 10.32 7.12 6.95 4.34 4.07 3.60 2.91 2.88 2.64 2.10 1.97 1.85 1.77 1.53 1.29 0.84 0.84 0.73 0.72 0.63 0.56 0.56 0.51 0.49 0.46 0.45 0.44 0.43 0.41 0.36 0.34 0.30 0.30 0.28 0.25 0.23 0.20 0.19 0.19 0.17 0.16 0.14 0.13 0.13 0.13 0.13 0.12 0.11 0.11 0.11 0.10 0.10

13.19 10.60 5.92 8.42 13.18 3.84 4.07 5.82 2.98 4.53 3.29 2.59 2.54 1.89 1.60 0.56 1.51 1.65 0.92 0.85 0.85 0.14 1.07 0.53 0.67 0.39 0.45 0.14 0.63 0.16 0.39 0.09 0.41 0.09 0.20 0.25 0.17 0.22 0.22 0.00 0.11 0.14 0.20 0.14 0.33 0.34 0.18 0.07 0.01 0.11 0.12 0.16 0.00 0.14

OLOGL = Overdue Loans/Gross Loans

26.07 5.20 9.89 6.37 7.96 0.20 4.13 5.39 3.03 3.24 3.14 2.84 1.81 2.15 2.55 2.05 1.34 0.96 0.79 0.60 0.99 0.68 0.00 0.77 0.56 0.35 0.60 0.60 0.52 0.52 0.54 0.42 0.22 0.10 0.46 0.44 0.24 0.00 0.16 0.06 0.01 0.23 0.24 0.21 0.02 0.00 0.15 0.18 0.09 0.12 0.14 0.10 0.05 0.10

NET FINANCIAL INCOME 305.63 7.86 138.60 114.31 165.99 139.73 -20.83 127.71 98.68 -9.76 69.85 32.22 91.00 14.81 60.40 19.71 27.52 20.36 30.79 16.48 12.18 14.97 20.13 11.15 27.21 -8.14 10.26 3.51 19.80 15.72 4.18 2.59 15.37 27.50 8.44 11.25 9.32 1.38 5.93 -2.20 2.06 6.63 1.98 4.63 33.08 3.11 12.51 7.13 3.44 4.80 0.51 15.90 -1.44 2.97

INCOME STATEMENT (Millions of US$) NET NON-INTEREST OPERATING OPERATING NET INCOME 3 EXPENSES INCOME 4 EARNINGS 132.34 83.17 99.01 107.83 94.48 13.75 58.43 29.87 42.48 19.59 64.37 32.50 33.58 42.35 23.87 16.60 23.39 15.43 15.82 8.28 18.79 4.04 3.58 5.39 5.56 7.36 7.81 3.05 9.21 4.44 2.60 6.35 1.96 2.68 6.80 3.49 4.75 0.17 0.91 6.81 1.38 3.47 3.02 3.31 1.90 1.02 1.49 2.65 1.53 2.92 0.67 -5.71 1.15 0.31

EOGL = Equity/Gross Loans

327.14 150.28 253.59 173.40 161.24 35.77 160.56 67.62 83.94 49.52 130.59 50.40 64.95 67.24 47.46 40.52 38.45 42.92 40.96 20.67 32.78 9.82 6.77 10.46 16.88 24.80 22.85 6.38 24.84 10.52 6.82 11.64 6.63 17.81 12.67 9.25 18.26 5.75 4.74 13.63 3.70 5.12 4.73 7.90 25.76 1.50 13.21 3.72 4.74 5.36 2.11 6.57 8.69 2.00

110.83 -59.25 -15.98 48.74 99.23 117.71 -122.95 89.96 57.23 -39.70 3.63 14.32 59.63 -10.08 36.81 -4.22 12.47 -7.14 5.64 4.09 -1.80 9.19 16.95 6.07 15.89 -25.58 -4.78 0.18 4.17 9.64 -0.04 -2.69 10.70 12.37 2.56 5.49 -4.20 -4.20 2.09 -9.02 -0.26 4.98 0.27 0.05 9.22 2.63 0.79 6.07 0.24 2.36 -0.93 3.63 -8.97 1.09

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

18.86 -36.88 21.06 12.82 -28.76 94.80 -219.01 34.42 65.54 -53.46 -49.59 8.26 30.83 11.61 20.26 0.98 -19.05 -5.35 11.09 6.31 -14.32 11.12 15.96 6.68 7.06 -22.27 2.39 1.50 2.03 36.86 -0.47 -5.04 3.87 8.84 2.24 2.32 -6.00 14.59 1.71 -12.64 0.88 2.55 -0.19 0.98 7.18 1.16 1.06 3.13 0.33 1.96 -1.79 -0.88 -10.54 0.71

CAPITAL ADEQUACY EOA EOGL

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL

7.74 31.00 5.38 16.17 5.27 25.71 5.56 14.83 11.19 19.11 21.68 70.20 10.76 30.83 11.61 22.48 20.74 63.52 11.68 21.61 8.09 16.31 11.26 28.97 14.68 32.41 9.58 22.00 13.45 47.37 6.70 60.36 11.71 29.12 20.56 33.77 4.66 10.85 12.38 33.58 6.50 14.41 10.41 136.02 76.55 123.78 13.37 46.36 10.08 22.37 8.69 29.41 7.12 22.03 6.12 26.10 14.63 33.10 24.26 171.51 6.53 21.40 4.80 51.10 25.64 57.52 45.58 480.62 7.05 33.31 8.03 28.39 18.28 58.11 17.98 43.25 22.74 63.08 49.07 16,157.50 60.50 310.77 23.41 90.37 12.97 29.33 7.82 20.82 46.37 54.07 32.97 40.41 18.09 36.31 16.81 86.41 8.19 230.29 27.46 66.71 11.82 17.41 31.89 55.53 17.58 NA 8.32 17.80

27.40 22.49 114.88 9.33 32.94 14.80 72.75 3.92 90.82 1.34 1,059.13 12.76 56.33 12.86 59.56 4.48 54.29 4.60 80.28 11.31 62.85 23.49 48.71 3.31 74.92 13.33 52.71 28.41 35.00 2.77 10.41 0.00 60.56 11.21 94.31 1.81 68.17 22.38 78.02 3.88 53.84 20.45 11.45 9.22 NA 5.97 36.27 0.00 68.67 11.25 69.89 17.40 41.76 8.60 14.97 59.18 66.19 1.60 16.72 20.63 40.89 5.73 13.41 14.83 110.59 15.59 51.87 0.00 24.57 2.58 31.35 3.44 48.67 33.97 3,980.14 30.25 78.52 5.94 1.86 2.50 751.92 7.57 34.51 4.37 51.60 13.95 36.32 19.86 991.83 14.25 NA 0.18 64.79 14.65 23.02 11.60 8.98 0.00 66.54 29.18 59.24 54.37 94.29 22.76 0.85 200.00 82.94 6.29

104.48 73.48 98.30 95.28 105.10 80.60 71.84 89.33 89.69 65.33 69.79 176.56 119.18 77.04 50.31 NA 118.72 128.66 76.94 78.05 44.46 101.94 108.32 NA 55.57 33.69 80.75 90.47 131.05 102.15 59.17 48.71 67.30 NA 51.30 53.19 48.38 57.87 76.61 0.00 98.44 84.06 30.77 88.06 102.25 630.77 74.73 68.69 NA 25.10 75.90 96.88 0.00 56.50

EFFICIENCY OEONI 74.69 165.09 106.73 78.06 61.90 23.31 427.02 42.91 59.46 503.76 97.30 77.87 52.14 117.63 56.32 111.59 75.53 119.92 87.88 83.48 105.84 51.66 28.55 63.24 51.51 -3,179.49 126.45 97.26 85.63 52.18 100.59 130.20 38.26 59.01 83.14 62.75 129.78 370.97 69.30 295.66 107.56 50.69 94.60 99.50 73.64 36.32 94.36 38.04 95.37 69.43 178.81 64.47 NA 60.98

PROFITABILITY ROA ROE 0.13 -0.49 0.29 0.26 -0.59 3.12 -7.68 1.37 3.21 -2.65 -2.68 0.56 2.23 0.90 1.64 0.09 -2.11 -0.91 1.89 1.24 -2.84 2.53 4.05 1.70 1.98 -6.46 0.73 0.47 0.66 12.17 -0.16 -2.01 1.65 4.17 1.07 1.20 -3.47 8.92 1.24 -9.60 0.68 2.09 -0.17 1.01 7.60 1.31 1.21 3.57 0.38 2.44 -2.26 -1.12 NA 1.04

1.68 -9.15 5.53 4.62 -5.28 14.38 -71.40 11.78 15.49 -22.69 -33.18 4.99 15.20 9.38 12.18 1.37 -18.03 -4.41 40.53 10.00 -43.77 24.32 5.29 12.69 19.69 -74.38 10.32 7.70 4.49 50.14 -2.48 -41.90 6.43 9.14 15.11 14.95 -18.98 49.59 5.46 -19.56 1.12 8.94 -1.29 12.98 16.39 3.96 6.68 21.22 4.67 8.89 -19.08 -3.51 NA 12.54

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 17

Argentina Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

BALANCE SHEET DATA (Millions of US$) TOTAL ASSETS

55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72

Privado de Inversiones De Formosa BACS De Credito y Securitizacion De Servicios y Transaccionones Municipal de Rosario Bank of Tokyo-Mitsubishi Fiat Credit Compania Financiera Do Brasil Meridian Bank of America Roela RCI Banque Sucursal Argentina De la Rep. Oriental del Uruguay Bradesco Argentina Tutelar Compania Financiera V.W. Compania Financiera Lloyds TSB Bank Nuevo De Entre Rios TOTAL BANKING SYSTEM

67.84 64.48 58.56 56.18 53.37 47.52 43.51 33.75 28.66 25.64 24.61 21.29 19.20 18.56 18.42 14.30 0.78 0.00 70,012.80

GROSS LOANS 1

30.97 19.70 12.72 22.35 22.12 24.63 6.78 16.73 1.22 2.36 8.53 18.21 2.88 9.38 11.16 3.63 0.00 0.00 24,107.50

OVERDUE LOANS 2

1.00 1.61 0.00 3.62 3.23 0.00 1.20 2.86 0.11 0.00 0.79 0.00 0.23 0.00 2.41 0.99 0.00 0.00 2,778.90

LOAN LOSS RESERVES

0.97 1.08 0.21 2.87 2.56 0.11 0.82 2.18 0.04 0.00 0.52 0.17 0.18 0.04 1.74 1.19 0.00 0.00 2,491.60

DEPOSITS

EQUITY

35.13 6.47 55.38 5.90 0.00 35.41 10.76 11.24 43.32 5.95 5.06 38.55 0.00 42.46 2.98 27.34 3.72 13.74 0.86 23.61 5.72 17.61 0.00 8.27 4.51 14.04 1.00 16.66 12.95 3.60 0.51 7.58 0.00 0.30 0.00 0.00 38,861.00 7,473.10

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

0.10 0.09 0.08 0.08 0.08 0.07 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.00 0.00 100.00

0.14 0.08 0.06 0.09 0.09 0.12 0.03 0.07 0.01 0.01 0.04 0.09 0.01 0.04 0.04 0.01 0.00 0.00 100.00

0.09 0.14 0.00 0.03 0.11 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.03 0.00 0.00 0.00 100.00

Gross loans, leases and discounted notes Non performing loans Net income on services 4 Pre-provision income 1 2 3

Bolivia BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12

Nacional de Bolivia Mercantil BISA De Crédito de Bolivia De Santa Cruz Union Económico Ganadero Solidario Citibank NA –Bolivia branch Do Brasil De la Nación Argentina TOTAL BANKING SYSTEM

TOTAL ASSETS

GROSS LOANS

OVERDUE LOANS

622.85 545.76 531.54 457.44 443.03 299.33 222.05 186.65 138.21 121.10 28.87 16.89 3,613.71

430.90 355.41 380.47 322.99 238.58 217.90 173.33 140.66 110.11 53.23 2.26 13.06 2,438.90

2.55 1.22 4.72 2.50 1.20 1.74 1.58 2.46 0.60 10.28 0.00 0.04 28.89

LOAN LOSS RESERVES

DEPOSITS

EQUITY

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

35.68 35.33 51.48 35.56 23.09 45.20 15.24 9.77 5.46 26.24 0.18 2.63 285.87

479.32 424.27 318.87 333.07 358.78 209.76 150.68 133.77 82.62 49.28 14.18 4.30 2,558.92

41.94 59.16 74.62 59.78 54.90 17.88 20.22 11.60 18.65 34.89 11.70 9.74 415.07

17.24 15.10 14.71 12.66 12.26 8.28 6.14 5.17 3.82 3.35 0.80 0.47 100.00

17.77 14.70 15.59 13.30 9.85 8.97 7.13 5.73 4.54 1.78 0.09 0.54 100.00

Exchange rate for balance sheet data: 8.04 Bolivianos/US$ Exchange rate for income statement: 7.93 Bolivianos/US$

Net Interest Income = Int. Income - Int. Expenses - Prov.

18 LATINFINANCE August 2005

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

18.73 16.58 12.46 13.02 14.02 8.20 5.89 5.23 3.23 1.93 0.55 0.17 100.00

NET FINANCIAL INCOME

3.28 3.66 5.26 8.25 3.95 1.39 1.91 1.55 0.67 -16.32 3.15 1.17 1.90 0.74 1.01 -2.08 11.43 NA 1,789.80

INCOME STATEMENT (Millions of US$) NET NON-INTEREST OPERATING OPERATING NET INCOME 3 EXPENSES INCOME 4 EARNINGS

5.34 3.84 0.40 -0.23 3.03 0.13 0.34 0.60 0.02 0.69 1.32 0.09 0.22 0.09 0.40 0.51 8.86 NA 1,107.70

8.75 7.10 1.43 3.36 6.01 1.21 3.37 2.99 4.76 5.53 1.48 0.54 0.87 2.08 1.39 3.32 31.17 0.00 2,461.00

-0.12 0.40 4.24 4.66 0.97 0.31 -1.12 -0.84 -4.07 -21.17 2.99 0.73 1.24 -1.25 0.02 -4.89 -10.88 NA 436.40

-1.79 0.16 2.78 4.93 0.38 1.69 10.91 -1.07 -3.72 -21.24 2.42 0.28 0.99 -1.40 0.02 -6.85 -71.41 NA -95.21

CAPITAL ADEQUACY EOA EOGL

9.54 9.15 60.47 20.01 11.15 81.12 97.59 81.01 47.94 92.08 71.56 38.84 73.13 89.76 19.54 53.01 38.46 NA 10.67

20.89 29.95 278.38 50.29 26.90 156.52 626.25 163.42 1,126.23 1,000.42 206.45 45.41 487.50 177.61 32.26 208.82 NA NA 31.00

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL

85.40 33.62 NA 181.04 45.15 484.58 NA 488.26 31.72 274.42 140.03 NA 59.87 934.00 72.74 478.43 NA NA 55.62

3.23 8.17 0.00 16.20 14.60 0.00 17.70 17.10 9.02 0.00 9.26 0.00 7.99 0.00 21.59 27.27 NA NA 11.53

97.00 67.08 NA 79.28 79.26 NA 68.33 76.22 36.36 NA 65.82 NA 78.26 NA 72.20 120.20 NA NA 89.66

EFFICIENCY OEONI

101.51 94.67 25.27 41.90 86.10 79.61 149.78 139.07 689.86 -35.38 33.11 42.86 41.04 250.60 98.58 -211.46 153.62 NA 84.94

PROFITABILITY ROA ROE

-2.64 0.25 4.75 8.78 0.71 3.56 25.07 -3.17 -12.98 -82.84 9.83 1.32 5.16 -7.54 0.11 -47.90 NA NA -0.14

-27.67 2.71 7.85 43.86 6.39 4.38 25.69 -3.91 -27.07 -89.96 13.74 3.39 7.05 -8.40 0.56 -90.37 NA NA -1.27

Source: Moody's

INCOME STATEMENT (Millions of US$) NET INTEREST INCOME

NON-INTEREST INCOME

23.77 29.61 22.61 20.77 17.50 7.56 11.04 8.98 17.96 5.20 1.63 0.68 167.30

18.61 12.07 27.14 22.54 23.37 11.62 9.08 4.83 2.55 4.57 0.50 0.48 137.35

OPERATING EXPENSES 39.42 36.22 62.23 38.25 37.07 18.44 20.74 13.34 15.32 22.48 1.34 0.99 305.85

OPERATING RESULTS 2.96 5.47 -12.49 5.06 3.79 0.74 -0.62 0.47 5.19 -12.71 0.78 0.16 -1.20

NET EARNINGS 2.75 5.44 -12.77 4.90 3.55 0.42 -0.70 0.33 3.94 -13.87 0.69 0.16 -5.16

CAPITAL ADEQUACY EOA EOGL 6.73 10.84 14.04 13.07 12.39 5.97 9.11 6.22 13.50 28.81 40.54 57.66 11.49

9.73 16.65 19.61 18.51 23.01 8.20 11.67 8.25 167.94 65.54 517.51 74.58 17.02

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL 82.46 75.44 103.17 86.30 60.06 82.33 104.92 97.84 126.66 54.76 14.66 242.52 84.14

0.59 0.34 1.24 0.77 0.50 0.80 0.91 1.75 0.55 19.31 NA 0.31 1.18

1,399.34 2,898.01 1,089.78 1,424.92 1,931.60 2,590.84 965.37 396.60 906.95 255.29 NA 6,432.90 989.39

EFFICIENCY OEONI 93.01 86.89 125.10 88.32 90.73 96.16 103.08 96.60 74.69 230.15 63.15 86.07 100.39

PROFITABILITY ROA ROE 0.44 6.54 1.00 9.19 -2.40 -17.12 1.07 8.20 0.80 6.47 0.14 2.33 -0.31 -3.45 0.18 2.87 2.85 21.14 -11.45 -39.75 2.39 5.90 0.95 1.65 -0.14 -1.24 Source: PCR

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 19

Brazil BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size TOTAL ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

Do Brasil* Bradesco* Caixa Itau Holding Fin* Unibanco* Santander Brasil* ABN Amro* Safra* Votorantim* HSBC Bank Brasil* Nossa Caixa* Citibank* Bankboston* BNB Banrisul* Pactual* Alfa* BNP Paribas JP Morgan (Chase) Fibra* Rural* Credicard Banco Deutsche Bank* BBM * Cruzeiro do Sul* BMB* Bicbanco* Volkswagen Basa Besc* CNH Capital General Motors Rabobank BMG* Banestes* ABC Brasil* Panamericano* Banco IBI Bansicredi BRB Bancoob WestLB BMC* DaimlerChrysler BEC Dresdner Brasil* Calyon Brasil Lage Landen Classico Pine IBM John Deere

90,045.00 69,668.00 55,676.00 49,103.00 29,894.00 26,226.00 23,217.00 14,508.00 13,773.00 12,950.00 11,775.00 8,272.00 7,980.00 4,961.00 4,568.00 3,177.00 2,864.00 2,551.00 2,469.00 2,454.00 2,103.00 2,077.00 2,077.00 2,069.00 1,800.00 1,715.00 1,688.00 1,636.00 1,444.00 1,336.00 1,275.00 1,207.00 1,199.00 1,097.00 1,047.00 914.00 850.00 834.00 757.00 750.00 734.00 687.00 680.00 671.00 616.00 613.00 606.00 562.00 533.00 522.00 510.00 498.00

GROSS LOANS 33,361.00 23,654.00 11,363.00 17,860.00 11,979.00 8,135.00 11,104.00 6,507.00 2,675.00 6,118.00 1,835.00 3,343.00 3,244.00 1,509.00 2,119.00 98.00 1,439.00 284.00 33.00 496.00 1,302.00 1,838.00 99.00 330.00 162.00 854.00 869.00 1,587.00 302.00 181.00 1,169.00 989.00 322.00 734.00 257.00 599.00 634.00 769.00 329.00 265.00 225.00 63.00 364.00 652.00 81.00 155.00 35.00 496.00 276.00 420.00 492.00

OVERDUE LOANS 1,619.00 644.00 500.00 459.00 467.00 472.00 329.00 90.00 195.00 352.00 83.00 58.00 89.00 66.00 0.00 7.00 0.00 2.00 93.00 230.00 0.00 2.00 67.00 15.00 22.00 17.00 1.00 9.00 3.00 1.00 17.00 4.00 64.00 147.00 0.00 12.00 0.00 11.00 4.00 4.00 0.00 23.00 2.00 0.00 1.00

LOAN LOSS RESERVES 2,021.00 1,562.00 1,445.00 1,150.00 629.00 345.00 535.00 247.00 55.00 436.00 158.00 126.00 103.00 146.00 291.00 0.00 18.00 0.00 4.00 8.00 64.00 193.00 2.00 5.00 2.00 39.00 26.00 83.00 17.00 10.00 27.00 14.00 4.00 21.00 15.00 10.00 57.00 117.00 0.00 21.00 3.00 7.00 11.00 12.00 4.00 18.00 5.00 4.00 12.00 9.00

DEPOSITS

EQUITY

43,525.00 25,860.00 34,574.00 15,834.00 12,632.00 8,541.00 12,177.00 3,571.00 4,927.00 8,689.00 8,289.00 2,266.00 1,163.00 1,022.00 2,873.00 370.00 857.00 298.00 573.00 393.00 1,140.00 405.00 603.00 490.00 114.00 927.00 552.00 910.00 275.00 779.00 50.00 715.00 45.00 483.00 740.00 338.00 534.00 247.00 231.00 521.00 217.00 6.00 258.00 175.00 286.00 31.00 29.00 1.00 159.00 23.00 9.00

5,314.00 5,732.00 2,510.00 5,263.00 3,054.00 3,251.00 2,930.00 1,274.00 1,163.00 1,008.00 815.00 1,094.00 1,004.00 505.00 387.00 231.00 405.00 203.00 427.00 160.00 255.00 98.00 112.00 151.00 54.00 153.00 170.00 190.00 555.00 53.00 176.00 160.00 60.00 202.00 45.00 139.00 121.00 134.00 31.00 97.00 24.00 119.00 87.00 35.00 134.00 100.00 39.00 51.00 464.00 64.00 59.00 61.00

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 18.64 14.42 11.52 10.16 6.19 5.43 4.81 3.00 2.85 2.68 2.44 1.71 1.65 1.03 0.95 0.66 0.59 0.53 0.51 0.51 0.44 0.43 0.43 0.43 0.37 0.35 0.35 0.34 0.30 0.28 0.26 0.25 0.25 0.23 0.22 0.19 0.18 0.17 0.16 0.16 0.15 0.14 0.14 0.14 0.13 0.13 0.13 0.12 0.11 0.11 0.11 0.10

19.49 14.13 6.67 10.68 7.07 4.70 6.61 3.94 1.52 3.54 1.08 NA 1.96 0.87 1.26 0.06 0.88 0.17 NA 0.30 0.74 0.99 NA 0.20 0.10 0.48 0.52 0.96 0.17 0.11 0.71 0.61 0.20 0.44 NA 0.37 0.35 0.38 0.20 0.16 0.14 NA 0.22 0.40 0.05 0.10 NA 0.29 NA 0.17 0.26 0.30

Net Interest Income = Int. Income - Int. Expenses - Prov. EOA = Equity/Assets EOGL = Equity/Gross Loans NLOD = (Gross Loans - Loan-loss Res.)/Deposits OLOGL = Overdue Loans/Gross Loans LPOOL = Loan-loss Reserves/Overdue Loans OEONI = Operating Expenses/(Net Int. Income + Non-Int. Income) ROA = Net Earnings/Assets ROE = Net Earnings/Equity

20 LATINFINANCE August 2005

21.30 12.66 16.92 7.75 6.18 4.18 5.96 1.75 2.41 4.25 4.06 1.11 0.57 0.50 1.41 0.18 0.42 0.15 0.28 0.19 0.56 0.20 0.30 0.24 0.06 0.45 0.27 0.45 0.13 0.38 0.02 0.35 0.02 0.24 0.36 0.17 0.26 0.12 0.11 0.25 0.11 0.13 0.09 0.14 0.02 0.01 0.08 0.01 -

INCOME STATEMENT (Millions of US$) NET INTEREST INCOME 5,851.89 5,832.77 4,421.83 5,610.54 2,891.78 2,571.39 2,671.97 715.14 692.69 1,575.45 959.22 566.09 521.87 391.01 634.56 105.96 121.33 66.58 3.45 44.44 216.16 247.00 30.31 45.33 43.38 169.97 110.09 83.74 195.16 131.19 56.70 94.56 17.11 244.08 98.79 47.03 209.03 163.33 12.47 112.79 28.39 -7.20 56.09 25.60 64.82 12.46 6.62 7.10 95.18 28.65 -18.78 18.07

NON-INTEREST INCOME 2,265.02 1,996.77 1,593.57 2,113.64 1,111.00 708.88 662.34 124.34 29.11 520.28 149.76 275.47 152.06 187.28 152.98 91.64 10.66 19.62 12.35 3.21 25.75 256.83 7.34 6.60 3.41 36.76 8.55 0.00 83.72 32.15 1.88 20.45 0.95 14.62 33.29 4.69 10.83 38.40 6.26 32.60 19.79 1.27 1.79 0.00 10.08 5.23 2.63 4.58 0.00 2.19 0.00 3.91

EOGL = Equity/Gross Loans

OPERATING EXPENSES

OPERATING RESULTS

1,873.82 1,692.60 1,353.90 1,470.53 1,043.60 709.77 912.32 151.34 89.76 719.22 224.63 305.18 165.32 110.26 135.10 16.43 37.08 14.00 21.21 7.84 81.58 223.80 15.26 10.91 18.90 72.03 22.45 33.53 47.23 40.02 16.50 52.62 6.02 77.71 36.40 6.24 182.19 109.66 7.81 86.18 12.28 8.54 6.92 8.13 19.00 9.52 5.40 0.65 0.20 10.25 9.89 1.61

1,579.51 1,411.81 615.32 2,516.95 672.07 625.38 651.87 309.95 395.03 270.37 236.73 -0.60 48.75 130.90 166.25 78.53 54.96 44.11 -13.80 20.98 53.97 127.43 -6.28 36.30 18.06 17.39 51.40 20.99 59.12 8.56 37.81 55.82 1.98 141.25 19.26 23.97 29.90 35.49 1.50 8.01 4.99 -11.91 11.04 9.29 27.50 -10.69 -2.90 3.97 39.55 14.63 24.17 17.52

NET EARNINGS 1,139.24 1,152.86 534.89 1,422.40 483.43 627.19 465.89 235.79 279.11 198.36 135.19 -126.17 43.14 57.29 114.23 51.36 47.31 30.16 -8.87 13.58 49.89 91.41 -27.13 29.13 13.93 13.69 38.67 14.41 43.27 8.87 32.97 44.26 2.79 103.73 15.60 20.12 15.82 31.59 1.35 6.70 3.50 -9.83 6.03 6.33 24.80 -13.02 -4.74 2.09 34.94 12.08 17.72 12.51

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

CAPITAL ADEQUACY EOA EOGL 5.90 8.23 4.51 10.72 10.22 12.40 12.62 8.78 8.44 7.78 6.92 13.23 12.58 10.18 8.47 7.27 14.14 7.96 17.29 6.52 12.13 4.72 5.39 7.30 3.00 8.92 10.07 11.61 38.43 3.97 13.80 13.26 5.00 18.41 4.30 15.21 14.24 16.07 4.10 12.93 3.27 17.32 12.79 5.22 21.75 16.31 6.44 9.07 87.05 12.26 11.57 12.25

15.93 24.23 22.09 29.47 25.49 39.96 26.39 19.58 43.48 16.48 44.41 32.73 30.95 33.47 18.26 235.71 28.14 71.48 NA 32.26 19.59 5.33 113.13 45.76 33.33 17.92 19.56 11.97 183.77 29.28 15.06 16.18 18.63 27.52 17.51 23.21 19.09 17.43 9.42 36.60 10.67 188.89 23.90 5.37 165.43 64.52 111.43 10.28 NA 23.19 14.05 12.40

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL 72.00 85.43 28.69 105.53 89.85 91.21 86.79 175.30 53.18 65.39 20.23 141.97 270.08 133.37 63.63 26.49 165.81 95.30 5.06 124.17 108.60 406.17 16.09 66.33 140.35 87.92 152.72 165.27 103.64 21.95 2,284.00 136.36 706.67 147.62 32.70 174.26 108.05 263.97 142.42 46.83 102.30 933.33 136.82 365.71 26.92 441.94 NA NA NA 171.07 1,773.91 5,366.67

4.85 2.72 4.40 2.57 3.90 5.80 2.96 1.38 7.29 5.75 4.52 NA 1.79 5.90 3.11 0.00 0.49 0.00 NA 0.40 7.14 12.51 NA 0.00 1.23 7.85 1.73 1.39 5.63 0.55 0.77 0.30 0.31 2.32 NA 0.67 10.09 19.12 0.00 4.53 0.00 NA 3.02 0.61 4.94 0.00 NA 4.64 NA 0.72 0.00 0.20

124.83 242.55 289.00 250.54 134.69 73.09 162.61 274.44 28.21 123.86 190.36 NA 177.59 164.04 440.91 NA 257.14 NA NA 400.00 68.82 83.91 NA NA 100.00 58.21 173.33 377.27 100.00 NA 300.00 466.67 400.00 123.53 NA 250.00 89.06 79.59 NA 175.00 NA NA 100.00 300.00 100.00 NA NA 21.74 NA 200.00 NA 900.00

EFFICIENCY1 PROFITABILITY OEONI ROA ROE 73.60 58.40 67.40 44.40 58.30 55.90 62.00 43.00 18.90 75.90 66.10 82.50 66.40 56.50 55.40 25.00 50.50 42.80 NA 46.20 72.90 NA NA 38.40 59.20 86.50 45.40 40.20 60.70 84.20 32.20 55.60 72.00 36.20 78.00 39.20 85.80 71.20 92.00 121.70 70.00 NA 38.50 69.90 57.80 174.70 177.70 32.20 0.30 62.30 NA 19.50

1.27 1.65 0.96 2.90 1.62 2.39 2.01 1.63 2.03 1.53 1.15 -1.53 0.54 1.15 2.50 1.62 1.65 1.18 -0.36 0.55 2.37 4.40 -1.31 1.41 0.77 0.80 2.29 0.88 3.00 0.66 2.59 3.67 0.23 9.46 1.49 2.20 1.86 3.79 0.18 0.89 0.48 -1.43 0.89 0.94 4.03 -2.12 -0.78 0.37 6.56 2.31 3.47 2.51

21.44 20.11 21.31 27.03 15.83 19.29 15.90 18.51 24.00 19.68 16.59 -11.53 4.30 11.34 29.52 22.23 11.68 14.86 -2.08 8.49 19.56 93.28 -24.22 19.29 25.80 8.95 22.75 7.58 7.80 16.74 18.73 27.66 4.65 51.35 34.67 14.47 13.07 23.57 4.35 6.91 14.58 -8.26 6.93 18.09 18.51 -13.02 -12.15 4.10 7.53 18.88 30.03 20.51

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 21

Brazil BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105

ING Bank Daycoval Sofisa* Tokyo-Mitsubishi Banese J. Safra CSFB Schahin * Cacique* BVA Sumitomo Ford Industrial* Morgan Stanley Tribanco Brascan* Volvo Indusv Multistock* Barclays Banpara Banco BGN Banif Primus* Prosper Societe Generale* Lloyds TSB Bank PSA Finance Brasil* Toyota* Opportunity Modal* Arbi* GE Capital Intercap* Am Express Bank* Pebb* Honda Parana Banco Fator Pecunia Rendimento Paulista* Uruguai UBS * Bonsucesso Guanabara Ficsa Luso Brasileiro BEP VR A.J.Renner Credibel Morada Matone Gerdau

TOTAL ASSETS

GROSS LOANS

469.00 457.00 436.00 398.00 396.00 389.00 377.00 364.00 354.00 350.00 348.00 347.00 342.00 329.00 304.00 292.00 288.00 273.00 271.00 268.00 224.00 220.00 217.00 210.00 202.00 201.00 197.00 194.00 187.00 183.00 180.00 162.00 149.00 143.00 133.00 133.00 126.00 103.00 101.00 98.00 95.00 95.00 85.00 75.00 75.00 73.00 69.00 61.00 59.00 59.00 56.00 53.00 53.00

58.00 246.00 256.00 175.00 85.00 287.00 271.00 153.00 200.00 113.00 327.00 164.00 245.00 36.00 254.00 118.00 99.00 73.00 101.00 98.00 24.00 76.00 198.00 179.00 99.00 24.00 128.00 84.00 84.00 113.00 90.00 1.00 62.00 50.00 35.00 50.00 57.00 31.00 59.00 38.00 23.00 16.00 45.00 19.00 37.00 32.00 51.00

OVERDUE LOANS

2.00 7.00 0.00 8.00 0.00 18.00 12.00 22.00 3.00 3.00 7.00 1.00 0.00 2.00 1.00 1.00 1.00 0.00 1.00 1.00 0.00 3.00 8.00 2.00 16.00 12.00 1.00 0.00 2.00 3.00 4.00 3.00 0.00 1.00 1.00 7.00 13.00 7.00 1.00

LOAN LOSS RESERVES

7.00 6.00 1.00 7.00 2.00 18.00 7.00 9.00 1.00 7.00 2.00 7.00 0.00 3.00 2.00 24.00 7.00 4.00 1.00 1.00 3.00 2.00 0.00 4.00 13.00 5.00 6.00 2.00 4.00 4.00 1.00 2.00 7.00 2.00 1.00 5.00 4.00 1.00 1.00 3.00 8.00 4.00 5.00 0.00

DEPOSITS

EQUITY

168.00 200.00 273.00 60.00 258.00 188.00 323.00 199.00 130.00 84.00 81.00 203.00 112.00 20.00 216.00 66.00 55.00 96.00 0.00 171.00 164.00 52.00 26.00 38.00 2.00 128.00 133.00 3.00 40.00 25.00 28.00 137.00 74.00 6.00 94.00 86.00 5.00 63.00 40.00 38.00 3.00 1.00 61.00 33.00 46.00 50.00 32.00 8.00 35.00 30.00 23.00 37.00 39.00

75.00 126.00 97.00 122.00 42.00 94.00 45.00 57.00 99.00 53.00 115.00 87.00 52.00 41.00 57.00 95.00 39.00 48.00 70.00 28.00 39.00 18.00 23.00 42.00 148.00 27.00 33.00 42.00 30.00 8.00 31.00 20.00 42.00 88.00 21.00 28.00 24.00 19.00 24.00 15.00 19.00 32.00 14.00 25.00 22.00 14.00 16.00 19.00 20.00 25.00 13.00 12.00 13.00

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

0.10 0.09 0.09 0.08 0.08 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.07 0.07 0.06 0.06 0.06 0.06 0.06 0.06 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

NA 0.15 0.15 0.11 0.05 0.18 NA 0.16 0.09 0.11 NA 0.20 0.10 NA 0.15 0.02 0.16 0.07 0.06 0.04 0.06 0.06 NA NA NA 0.12 0.11 NA 0.06 NA NA 0.05 0.05 NA 0.07 0.05 NA 0.03 0.03 0.02 0.03 NA 0.03 NA 0.03 0.02 0.01 0.01 0.03 0.01 0.01 0.02 0.03

Net Interest Income = Int. Income - Int. Expenses - Prov. EOA = Equity/Assets EOGL = Equity/Gross Loans NLOD = (Gross Loans - Loan-loss Res.)/Deposits OLOGL = Overdue Loans/Gross Loans LPOOL = Loan-loss Reserves/Overdue Loans OEONI = Operating Expenses/(Net Int. Income + Non-Int. Income) ROA = Net Earnings/Assets ROE = Net Earnings/Equity

22 LATINFINANCE August 2005

0.08 0.10 0.13 0.03 0.13 0.09 0.16 0.10 0.06 0.04 0.04 0.10 0.05 0.01 0.11 0.03 0.03 0.05 0.08 0.08 0.03 0.01 0.02 0.06 0.07 0.02 0.01 0.01 0.07 0.04 0.05 0.04 0.03 0.02 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.02 0.02

INCOME STATEMENT (Millions of US$) NET INTEREST INCOME

7.02 48.63 33.52 11.23 44.93 14.59 15.34 46.70 53.57 14.81 5.64 19.20 17.51 18.17 31.49 28.61 12.06 38.24 19.73 42.25 18.01 18.00 1.09 10.99 15.91 16.26 14.12 13.35 10.79 2.30 42.10 21.68 16.44 15.96 13.23 20.27 14.66 23.66 11.03 15.13 6.22 34.89 18.88 7.55 18.58 7.93 11.75 6.68 7.02 2.65 19.16 17.61 7.33

NON-INTEREST INCOME

3.35 2.26 1.97 1.47 8.93 0.17 0.00 8.87 2.05 0.20 1.07 0.00 1.50 1.11 1.61 4.22 0.28 3.13 1.68 7.97 0.94 3.41 0.99 4.78 0.00 2.25 0.28 8.11 5.39 1.11 3.56 2.99 1.26 0.18 0.58 1.14 13.70 3.22 1.34 8.17 0.16 32.97 1.97 0.08 0.47 0.28 2.03 0.29 0.82 0.57 0.96 2.48 0.28

EOGL = Equity/Gross Loans

OPERATING EXPENSES

8.55 7.55 7.76 6.10 16.45 3.65 0.64 20.68 37.13 6.23 2.89 3.53 4.33 3.32 6.99 6.96 2.07 18.28 4.53 16.29 12.80 6.27 2.14 4.69 2.23 3.99 7.05 1.56 3.35 2.16 23.91 5.69 14.89 1.75 4.98 8.95 4.39 12.59 3.15 6.22 2.61 6.86 10.53 0.90 15.80 3.32 4.24 5.73 2.73 1.97 15.93 12.37 0.90

OPERATING RESULTS

NET EARNINGS

-21.82 29.79 13.49 -3.35 8.93 2.47 13.09 6.76 7.56 7.65 -2.45 18.98 5.86 14.00 17.12 13.74 6.55 5.79 13.55 2.92 1.72 0.99 0.08 -2.28 14.55 5.36 3.28 10.98 6.65 -1.75 3.01 8.42 -2.64 12.71 8.39 11.06 10.97 7.15 4.55 3.05 -1.32 5.31 7.71 5.05 1.62 0.77 2.46 -0.49 1.56 -3.89 0.97 -0.14 3.96

-15.90 26.42 15.45 -3.72 7.63 1.14 8.93 6.87 6.10 6.40 -3.53 13.32 5.77 11.23 13.52 9.20 4.92 5.31 15.24 2.07 1.11 0.64 2.23 -2.64 15.38 4.65 2.08 7.58 4.93 -1.90 2.90 6.29 -5.92 13.45 6.12 9.61 10.11 5.01 3.57 2.78 -2.15 3.17 6.37 4.27 1.79 0.58 2.54 -1.16 1.22 -5.88 0.93 0.40 3.28

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

CAPITAL ADEQUACY EOA EOGL

15.99 27.57 22.25 30.65 10.61 24.16 11.94 15.66 27.97 15.14 33.05 25.07 15.20 12.46 18.75 32.53 13.54 17.58 25.83 10.45 17.41 8.18 10.60 20.00 73.27 13.43 16.75 21.65 16.04 4.37 17.22 12.35 28.19 61.54 15.79 21.05 19.05 18.45 23.76 15.31 20.00 33.68 16.47 33.33 29.33 19.18 23.19 31.15 33.90 42.37 23.21 22.64 24.53

129.31 51.22 37.89 69.71 49.41 32.75 NA 21.03 64.71 26.50 101.77 26.61 31.71 NA 23.27 NA 15.35 40.68 70.71 38.36 38.61 18.37 95.83 55.26 NA 13.64 18.44 NA 30.30 33.33 24.22 23.81 50.00 NA 18.58 31.11 NA 30.65 48.00 42.86 38.00 NA 24.56 80.65 37.29 36.84 69.57 118.75 44.44 131.58 35.14 37.50 25.49

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL

NA 119.50 91.58 290.00 30.23 151.60 NA 127.14 112.31 227.38 138.27 157.64 144.64 NA 110.19 54.55 456.36 120.83 NA 38.60 59.15 186.54 88.46 NA NA 152.34 133.08 NA 247.50 80.00 410.71 57.66 105.41 NA 118.09 100.00 NA 92.06 122.50 86.84 1,433.33 NA 90.16 90.91 117.39 68.00 68.75 187.50 120.00 36.67 143.48 72.97 130.77

NA 0.81 2.73 0.00 9.41 0.00 NA 6.64 7.84 11.00 NA 0.92 1.83 NA 2.86 2.78 0.00 1.69 1.01 1.37 0.99 0.00 NA NA NA 0.51 0.56 NA 0.00 NA NA 3.57 9.52 NA 1.77 17.78 NA 19.35 2.00 0.00 4.00 NA 5.26 NA 6.78 7.89 0.00 6.25 2.22 36.84 35.14 21.88 1.96

NA 350.00 85.71 NA 87.50 NA NA 100.00 58.33 40.91 NA 233.33 66.67 NA 100.00 0.00 NA 100.00 2,400.00 700.00 400.00 NA NA NA NA 300.00 200.00 NA NA NA NA 166.67 75.00 NA 100.00 25.00 NA 33.33 100.00 NA 350.00 NA 66.67 NA 125.00 133.33 NA 100.00 300.00 114.29 30.77 71.43 0.00

EFFICIENCY1 PROFITABILITY OEONI ROA ROE

379.70 29.20 52.40 117.10 78.20 74.00 11.20 56.30 77.70 59.50 NA 18.40 57.20 18.30 40.20 49.50 17.20 79.50 55.60 84.40 82.60 67.20 324.70 100.40 19.50 31.60 74.00 15.00 58.30 149.70 79.10 47.70 125.50 21.60 37.60 51.80 34.40 57.80 51.60 76.20 80.50 77.40 59.10 26.40 90.70 76.70 74.20 99.60 69.40 NA 90.20 88.40 41.70

-3.39 5.78 3.54 -0.93 1.93 0.29 2.37 1.89 1.72 1.83 -1.01 3.84 1.69 3.41 4.45 3.15 1.71 1.95 5.62 0.77 0.50 0.29 1.03 -1.26 7.61 2.31 1.06 3.91 2.64 -1.04 1.61 3.88 -3.97 9.41 4.60 7.23 8.02 4.86 3.53 2.84 -2.26 3.34 7.49 5.69 2.39 0.79 3.68 -1.90 2.07 -9.97 1.66 0.75 6.19

-21.20 20.97 15.93 -3.05 18.17 1.21 19.84 12.05 6.16 12.08 -3.07 15.31 11.10 27.39 23.72 9.68 12.62 11.06 21.77 7.39 2.85 3.56 9.70 -6.29 10.39 17.22 6.30 18.05 16.43 -23.75 9.35 31.45 -14.10 15.28 29.14 34.32 42.13 26.37 14.88 18.53 -11.32 9.91 45.50 17.08 8.14 4.14 15.88 -6.11 6.10 -23.52 7.15 3.33 25.23

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 23

Brazil BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size TOTAL ASSETS 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127

BRP Rede Emblema BRJ Ourinvest Maxima* Buenos Aires Cargill Cedula BPN Brasil Uno-E Brasil Tricury Nacion Argentina Lemon Bank Pottencial Uruguay Bank Goldman Sachs Capital Maxinvest Keb do Brasil Banco BM&F Union – Brasil TOTAL BANKING SYSTEM

GROSS LOANS

51.00 39.00 48.00 0.00 46.00 5.00 43.00 30.00 42.00 17.00 42.00 8.00 38.00 5.00 36.00 36.00 27.00 28.00 18.00 28.00 28.00 15.00 21.00 9.00 20.00 1.00 16.00 9.00 15.00 1.00 13.00 12.00 5.00 11.00 8.00 10.00 1.00 8.00 6.00 1.00 483,159.00 169,267.00

OVERDUE LOANS 1.00 0.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.00 1.00 0.00 1.00 1.00 6,368.00

LOAN LOSS RESERVES 1.00 0.00 0.00 4.00 1.00 1.00 0.00 1.00 0.00 0.00 0.00 0.00 1.00 0.00 1.00 0.00 1.00 0.00 10,311.00

DEPOSITS

EQUITY

14.00 16.00 46.00 38.00 7.00 3.00 10.00 15.00 18.00 5.00 14.00 0.00 31.00 18.00 16.00 20.00 14.00 0.00 17.00 21.00 14.00 12.00 0.00 13.00 1.00 14.00 7.00 5.00 0.00 15.00 13.00 1.00 9.00 9.00 0.00 9.00 0.00 7.00 -1.00 204,346.00 43,652.00

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 100.00

0.02 NA NA 0.02 0.01 NA NA 0.02 0.01 NA 0.01 NA 0.01 NA NA 100.00

0.01 0.02 0.01 0.01 0.01 0.01 100.00

Exchange rate for balance sheet and net income data: R$: 2.654/US$ Exchange rate for income statement: R$ 2.917/US$ 1 (Administrative Costs + Staff Costs)/(Gross Income + Fee Income) *Consolidated Net Interest Income = Int. Income - Int. Expenses - Prov. EOA = Equity/Assets EOGL = Equity/Gross Loans NLOD = (Gross Loans - Loan-loss Res.)/Deposits OLOGL = Overdue Loans/Gross Loans LPOOL = Loan-loss Reserves/Overdue Loans OEONI = Operating Expenses/(Net Int. Income + Non-Int. Income) ROA = Net Earnings/Assets ROE = Net Earnings/Equity

Chile BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10

Santander Del Estado de Chile De Chile De Credito e Inversiones BBVA CorpBanca Citibank Scotiabank Sud Americano Bice Del Desarrollo

Net Interest Income = Int. Income - Int. Expenses - Prov.

24 LATINFINANCE August 2005

TOTAL ASSETS

GROSS LOANS1

OVERDUE LOANS2

20,027.41 15,098.75 14,854.75 10,526.66 6,690.57 5,258.43 2,938.41 2,906.85 2,807.16 2,768.26

13,907.90 8,800.17 11,062.13 7,192.03 4,910.66 4,042.97 1,455.19 1,955.44 1,589.93 2,465.39

235.16 73.69 152.38 74.24 86.43 35.34 16.25 41.42 7.42 44.73

EOA = Equity/Assets

EOGL = Equity/Gross Loans

LOAN LOSS RESERVES

DEPOSITS

EQUITY

303.10 12,025.18 1,856.51 159.63 8,615.52 742.23 268.08 9,543.70 1,213.73 133.77 6,511.55 766.33 107.61 4,801.66 479.97 74.86 3,367.52 677.28 40.93 1,742.39 435.06 37.71 1,882.58 238.30 22.99 2,005.11 213.22 67.12 1,549.24 269.25 NLOD = (Gross Loans - Loan-loss Res.)/Deposits

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 21.43 16.15 15.89 11.26 7.16 5.63 3.14 3.11 3.00 2.96

20.13 20.72 12.48 10.97 5.86 4.00 4.88 3.13 4.00 1.00

OLOGL = Overdue Loans/Gross Loans

20.87 14.95 16.56 11.30 8.33 5.84 3.02 3.27 3.48 2.69

INCOME STATEMENT (Millions of US$) NET INTEREST INCOME 4.26 2.78 1.51 6.19 11.85 9.52 -3.52 2.40 7.38 3.95 2.49 2.99 0.16 9.19 0.60 1.29 0.80 2.72 1.96 0.09 0.87 -3.04 39,966.09

NON-INTEREST INCOME 0.06 0.00 0.02 0.13 1.26 4.40 0.00 1.16 0.40 0.72 0.00 0.08 0.04 8.38 0.49 0.00 0.00 0.09 0.22 0.00 0.00 0.00 13,032.58

OPERATING EXPENSES

OPERATING RESULTS

NET EARNINGS

0.67 0.27 0.68 1.62 5.62 7.05 0.71 1.60 3.55 2.90 0.19 1.24 0.61 7.65 3.94 0.40 0.83 0.55 0.50 0.51 0.62 1.02 12,736.65

2.65 4.77 0.04 3.10 2.55 1.69 -4.90 -1.50 2.92 -0.31 1.88 1.24 -1.48 -1.46 0.99 0.46 -0.82 1.23 1.21 -1.17 0.20 -4.77 10,983.13

2.19 4.30 1.90 1.39 2.37 2.26 -1.47 -2.60 2.52 -0.24 1.82 1.21 -1.56 -1.64 0.71 0.52 -0.87 0.87 1.03 -1.28 0.15 -5.31 7,787.84

CAPITAL ADEQUACY EOA EOGL 31.37 95.83 15.22 23.26 42.86 33.33 81.58 44.44 38.89 60.71 75.00 42.86 61.90 70.00 31.25 100.00 100.00 75.00 81.82 90.00 87.50 -16.67 9.03

41.03 NA 140.00 33.33 105.88 175.00 620.00 NA 51.85 94.44 NA 80.00 144.44 NA 55.56 NA NA 180.00 112.50 900.00 NA NA 25.79

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL 271.43 2.56 NA NA 13.16 NA 866.67 0.00 106.67 5.88 140.00 12.50 NA NA NA NA 130.00 3.70 NA 0.00 NA NA 107.14 0.00 NA NA 100.00 0.00 114.29 0.00 NA 0.00 NA NA 400.00 20.00 NA 0.00 NA 100.00 NA NA NA 100.00 77.79 3.76

100.00 NA NA NA 100.00 100.00 NA NA 100.00 NA NA NA NA NA NA NA NA 100.00 NA 100.00 NA 0.00 161.92

EFFICIENCY1 PROFITABILITY OEONI ROA ROE 30.40 20.10 92.00 40.50 74.80 74.00 NA NA 55.40 100.50 7.40 49.50 NA 104.40 NA 61.50 197.50 31.80 33.80 NA 71.80 NA 59.15

4.29 8.96 4.13 3.23 5.64 5.38 -3.87 -7.22 7.00 -0.86 6.50 4.32 -7.43 -8.20 4.44 3.47 -6.69 7.25 9.36 -12.80 1.88 -88.50 1.61

13.69 9.35 27.14 13.90 13.17 16.14 -4.74 -16.25 18.00 -1.41 8.67 10.08 -12.00 -11.71 14.20 3.47 -6.69 9.67 11.44 -14.22 2.14 NA 17.84

Source: Austin Asis

EOGL = Equity/Gross Loans

NET INTEREST INCOME 694.56 306.59 476.09 276.95 137.36 167.84 139.74 60.73 49.05 103.13

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

INCOME STATEMENT (Millions of US$) NET NON-INTEREST OPERATING OPERATING INCOME EXPENSES INCOME 21.96 80.22 31.22 37.67 19.85 12.97 5.39 5.40 -1.06 2.58

EOGL = Equity/Gross Loans

428.83 318.72 333.75 215.20 140.40 83.23 151.01 61.75 37.29 72.18

469.96 175.04 317.60 189.98 65.80 126.14 25.76 26.26 21.94 66.46

OLOGL = Overdue Loans/Gross Loans

NET EARNINGS 326.49 73.23 250.67 145.67 23.79 83.38 16.77 20.16 23.41 32.97

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

CAPITAL ADEQUACY EOA EOGL 9.27 4.92 8.17 7.28 7.17 12.88 14.81 8.20 7.60 9.73

13.35 8.43 10.97 10.66 9.77 16.75 29.90 12.19 13.41 10.92

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI 113.14 100.29 113.10 108.40 100.03 117.83 81.17 101.87 78.15 154.80

1.69 0.84 1.38 1.03 1.76 0.87 1.12 2.12 0.47 1.81

128.89 216.62 175.93 180.19 124.51 211.83 251.88 91.04 309.84 150.06

59.85 82.40 65.79 68.40 89.31 46.03 104.05 93.38 77.70 68.28

PROFITABILITY ROA ROE 1.63 0.49 1.69 1.38 0.36 1.59 0.57 0.69 0.83 1.19

17.59 9.87 20.65 19.01 4.96 12.31 3.85 8.46 10.98 12.25

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 25

Chile BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

Security BankBoston Deutsche Bank HSBC Bank Chile ABN AMRO Bank Falabella JP Morgan Chase Bank Conosur Internacional Ripley Paris HNS Bank of Tokyo-Mitsubishi Ltd. Penta Monex Do Brasil De la Nación Argentina TOTAL BANKING SYSTEM

TOTAL ASSETS

GROSS LOANS1

OVERDUE LOANS2

LOAN LOSS RESERVES

2,767.66 2,199.29 735.47 698.76 670.31 547.29 453.13 321.82 315.76 205.54 191.19 188.95 81.71 76.97 58.52 47.47 27.53 93,464.62

2,011.33 1,499.55 6.94 171.39 355.57 491.68 12.44 291.22 217.09 175.18 178.01 148.42 41.00 0.90 24.11 40.59 22.48 63,069.71

16.45 20.68 0.00 0.03 4.38 0.91 0.00 1.13 4.57 0.18 0.66 2.34 0.00 0.00 0.00 0.00 0.21 818.60

33.40 35.11 0.07 2.65 4.20 16.79 0.01 20.89 4.26 4.55 7.85 5.17 0.29 0.00 0.38 0.45 0.14 1,352.01

TOTAL ASSETS

GROSS LOANS

DEPOSITS

EQUITY

1,906.27 248.36 1,382.58 190.15 393.24 137.37 182.15 160.38 166.01 167.79 373.25 87.37 95.74 224.99 259.12 58.93 240.46 30.23 157.83 23.52 163.58 25.08 142.13 22.96 48.98 24.46 29.51 35.06 31.49 14.91 10.15 35.43 4.27 22.37 57,631.21 8,401.24

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

2.96 2.35 0.79 0.75 0.72 0.59 0.48 0.34 0.34 0.22 0.20 0.20 0.09 0.08 0.06 0.05 0.03 100.00

2.49 2.30 2.40 1.74 1.04 0.18 1.45 0.10 0.32 0.10 0.04 0.13 0.13 0.25 0.11 0.02 0.02 100.00

3.31 2.40 0.68 0.32 0.29 0.65 0.17 0.45 0.42 0.27 0.28 0.25 0.08 0.05 0.05 0.02 0.01 100.00

Loans, leases and discounted notes Non performing loans Exchange rate for balance sheet data: 555.74 pesos/US$ Exchange rate for income statement: 556.83 pesos/US$ 1 2

Colombia Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Bancolombia De Bogota BBVA Bancafe Agrario Davivienda Occidente Popular Conavi Banco Comercial Granahorrar AV Villas Red Multibanca Colpatria Citibank Santander Colombia Colmena Megabanco

Net Interest Income = Int. Income - Int. Expenses - Prov.

26 LATINFINANCE August 2005

5,880.64 4,610.51 3,154.00 2,921.64 2,611.72 2,548.15 2,338.75 2,158.61 1,975.06 1,580.45 1,503.88 1,439.85 1,396.74 1,322.66 1,181.06 952.96 EOA = Equity/Assets

2,988.41 2,309.39 1,686.62 1,131.76 724.94 1,228.83 1,058.68 1,204.06 973.08 750.68 703.80 982.58 735.91 704.17 529.09 578.75

BALANCE SHEET DATA (Millions of US$) OVERDUE LOANS RESERVES DEPOSITS

113.02 94.02 132.20 29.48 72.28 21.30 59.64 76.32 42.07 10.37 45.95 37.36 5.84 14.65 61.78 14.87

EOGL = Equity/Gross Loans

139.10 86.47 125.79 41.03 69.76 99.74 66.77 67.24 52.33 43.31 32.42 40.17 12.21 20.94 49.95 17.95

3,727.62 3,347.13 2,401.91 1,978.84 1,694.07 1,834.85 1,695.20 1,595.07 1,620.66 1,079.64 1,221.25 981.61 844.38 789.22 1,036.48 629.76

SIZE INDICATORS (%) EQUITY

SHARE

MARKET

MARKET

825.55 511.08 261.04 193.95 188.88 307.63 249.55 204.29 170.96 207.83 142.34 151.46 213.28 162.45 89.01 51.77

14.02 10.99 7.52 6.96 6.22 6.07 5.57 5.14 4.71 3.77 3.58 3.43 3.33 3.15 2.81 2.27

14.28 11.00 7.72 5.48 3.24 6.00 4.96 5.60 4.62 3.68 3.27 4.70 3.63 3.43 2.32 2.80

12.65 11.36 8.15 6.72 5.75 6.23 5.75 5.41 5.50 3.66 4.15 3.33 2.87 2.68 3.52 2.14

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loan

NET INTEREST INCOME

60.54 67.50 7.77 17.68 14.29 53.58 15.36 66.91 12.15 16.25 2.01 8.14 1.02 0.38 1.25 1.37 0.68 2,758.92

INCOME STATEMENT (Millions of US$) NET NON-INTEREST OPERATING OPERATING INCOME EXPENSES INCOME

12.13 5.77 26.05 -8.61 5.61 1.30 31.33 -3.61 1.97 0.38 -0.03 1.76 0.02 -0.13 0.98 2.18 -0.67 292.63

48.51 70.82 5.97 9.11 16.70 25.63 9.28 42.29 11.37 14.90 1.00 11.72 2.10 2.69 2.25 2.62 1.05 2,120.37

33.00 17.11 27.53 0.16 10.60 34.48 37.63 25.79 4.46 5.23 1.83 -1.33 -0.80 -1.65 0.04 1.05 -0.96 1,679.11

NET EARNINGS

23.03 6.17 21.12 -1.35 5.57 17.24 28.09 16.55 2.98 1.02 0.17 -2.68 -1.18 -2.46 0.02 -0.58 -1.23 1,109.02

CAPITAL ADEQUACY EOA EOGL

8.97 8.65 18.68 22.95 25.03 15.96 49.65 18.31 9.57 11.44 13.12 12.15 29.94 45.55 25.48 74.64 81.26 8.99

12.35 12.68 1,979.39 93.58 47.19 17.77 1,808.60 20.24 13.93 13.43 14.09 15.47 59.66 3,895.56 61.84 87.29 99.51 13.32

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

103.76 105.92 1.75 92.64 211.66 127.23 12.98 104.33 88.51 108.11 104.02 100.79 83.12 3.05 75.36 395.47 523.19 107.09

0.82 1.38 0.00 0.02 1.23 0.19 0.00 0.39 2.11 0.10 0.37 1.58 0.00 0.00 0.00 0.00 0.93 1.30

203.04 169.78 NA 8,833.33 95.89 1,845.05 NA 1,848.67 93.22 2,527.78 1,189.39 220.94 NA NA NA NA 66.67 165.16

66.75 96.66 17.65 100.44 83.92 46.70 19.88 66.81 80.52 89.60 50.51 118.38 201.92 1,076.00 100.90 73.80 10,500.00 69.49

PROFITABILITY ROA ROE

0.83 9.27 0.28 3.24 2.87 15.37 -0.19 -0.84 0.83 3.32 3.15 19.73 6.20 12.48 5.14 28.08 0.94 9.86 0.50 4.34 0.09 0.68 -1.42 -11.67 -1.44 -4.82 -3.20 -7.02 0.03 0.13 -1.22 -1.64 -4.47 -5.50 1.19 13.20 Source: Moody's

INCOME

205.61 136.09 69.87 34.43 26.53 23.99 75.47 110.02 72.04 26.49 18.16 49.85 60.17 47.39 36.42 54.02

INCOME STATEMENT (Millions of US$) NON-INTEREST INCOME EXPENSES RESULTS

303.54 203.23 145.16 178.60 185.64 170.77 103.13 79.48 152.09 91.03 96.92 68.48 59.18 41.23 91.89 35.55

EOGL = Equity/Gross Loans

297.91 176.07 188.88 194.32 130.15 158.28 108.86 127.31 176.95 103.71 97.91 95.20 63.55 70.30 117.51 71.82

211.23 163.25 26.14 18.71 82.02 36.48 69.74 62.18 47.18 13.82 17.17 23.12 55.80 18.32 10.81 17.75

NET EARNINGS

164.85 112.91 40.28 60.64 63.91 64.10 51.97 42.34 42.05 39.11 17.08 26.23 43.72 41.07 12.78 9.78

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

CAPITAL ADEQUACY EOA EOGL

14.04 11.09 8.28 6.64 7.23 12.07 10.67 9.46 8.66 13.15 9.46 10.52 15.27 12.28 7.54 5.43

27.63 22.13 15.48 17.14 26.06 25.03 23.57 16.97 17.57 27.69 20.22 15.41 28.98 23.07 16.82 8.94

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL

76.44 66.41 64.98 55.12 38.68 61.54 58.51 71.27 56.81 65.52 54.97 96.01 85.71 86.57 46.23 89.05

3.78 4.07 7.84 2.60 9.97 1.73 5.63 6.34 4.32 1.38 6.53 3.80 0.79 2.08 11.68 2.57

123.08 91.97 95.15 139.20 96.51 468.17 111.96 88.11 124.39 417.84 70.57 107.52 208.94 142.97 80.84 120.74

EFFICIENCY OEONI

58.51 51.89 87.84 91.22 61.34 81.27 60.95 67.18 78.95 88.24 85.08 80.46 53.25 79.33 91.57 80.18

PROFITABILITY ROA ROE

2.80 2.45 1.28 2.08 2.45 2.52 2.22 1.96 2.13 2.47 1.14 1.82 3.13 3.11 1.08 1.03

19.97 22.09 15.43 31.27 33.84 20.84 20.82 20.72 24.59 18.82 12.00 17.32 20.50 25.28 14.35 18.88

OLOGL = Overdue Loans/Gross Loan

August 2005 LATINFINANCE 27

Colombia Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

17 18 19 20 21 22 23 24 25 26 27 28

Credito Caja Social Bansuperior Sudameris Banistmo Tequendama Union Colombiano Aliadas ABN Amro Banestado Standard Chartered BankBoston TOTAL BANKING SYSTEM

TOTAL ASSETS 872.74 693.25 476.92 426.60 411.31 409.35 290.53 250.62 224.05 192.95 67.71 64.02 41,956.74

GROSS LOANS

BALANCE SHEET DATA (Millions of US$) OVERDUE LOANS RESERVES DEPOSITS

606.12 519.42 326.49 220.70 292.10 302.19 208.21 218.26 74.82 47.35 19.67 6.33 21,132.43

14.77 27.75 11.27 13.19 9.76 12.29 2.25 3.15 0.00 75.87 0.10 0.00 1,001.54

14.90 25.16 12.75 8.33 11.70 9.16 3.99 6.09 0.81 41.26 0.30 0.06 1,099.69

620.06 577.92 376.02 250.79 311.87 267.84 181.88 179.52 158.88 0.85 25.68 32.97 29,462.00

SIZE INDICATORS (%) EQUITY

SHARE

MARKET

MARKET

114.47 72.14 67.27 36.95 41.29 40.44 32.98 31.42 33.52 101.69 27.42 20.72 4,551.38

2.08 1.65 1.14 1.02 0.98 0.98 0.69 0.60 0.53 0.46 0.16 0.15 100.00

2.94 2.44 1.57 1.03 1.40 1.44 1.02 1.07 0.37 -0.14 0.10 0.03 100.00

2.10 1.96 1.28 0.85 1.06 0.91 0.62 0.61 0.54 0.00 0.09 0.11 100.00

Exchange rate for balance sheet data: /US$ Exchange rate for income statement: /US$

Costa Rica BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size TOTAL ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Nacional de Costa Rica De Costa Rica Popular y de Desarrollo Comunal Interfin Banex BAC San José Crédito Agrícola de Cartago Cuscatlán de Costa Rica Scotiabank de Costa Rica Improsa Promérica Lafise Hipotecario de la Vivienda Uno BCT Citibank NA - Costa Rica branch Cathay de Costa Rica Elca TOTAL BANKING SYSTEM

3,087.90 2,100.48 1,114.68 728.27 604.49 573.63 461.53 289.75 271.14 181.14 162.21 110.93 106.40 75.11 73.44 67.20 40.13 29.01 10,077.45

GROSS LOANS 1,144.74 660.66 599.18 544.19 443.18 359.39 159.44 220.98 216.74 139.37 117.09 54.77 30.67 45.65 60.95 36.33 23.83 14.27 4,871.44

OVERDUE LOANS 20.88 134.13 123.68 15.68 9.58 14.21 19.51 7.70 37.44 2.94 5.15 0.77 1.35 6.07 0.66 2.24 1.32 12.46 415.79

LOAN LOSS RESERVES 33.18 18.83 13.56 7.23 12.07 6.38 4.76 2.64 2.95 2.01 2.23 1.42 1.17 1.26 2.23 1.07 0.37 11.89 125.25

DEPOSITS

EQUITY

2,644.67 214.53 1,584.36 225.58 790.17 226.82 404.91 50.62 318.91 62.58 430.58 50.87 284.81 30.72 161.89 23.66 180.95 27.04 66.77 17.86 126.08 12.48 48.10 8.70 21.85 57.89 57.71 9.10 24.49 14.66 47.57 14.55 21.13 7.74 30.07 -5.46 7,245.01 1,049.96

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 30.64 20.84 11.06 7.23 6.00 5.69 4.58 2.88 2.69 1.80 1.61 1.10 1.06 0.75 0.73 0.67 0.40 0.29 100.00

25.22 11.82 10.67 11.86 9.73 7.75 3.14 4.79 4.02 3.06 2.51 1.21 0.66 0.89 1.35 0.77 0.51 0.04 100.00

36.50 21.87 10.91 5.59 4.40 5.94 3.93 2.23 2.50 0.92 1.74 0.66 0.30 0.80 0.34 0.66 0.29 0.42 100.00

No data for Bantec CQ or Bancrecen available. Exchange rate for balance sheet data: 457.58/US$ Exchange rate for income statement: 437.19/US$

Net Interest Income = Int. Income - Int. Expenses - Prov.

28 LATINFINANCE August 2005

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

INCOME 32.13 70.47 29.38 9.32 21.83 19.24 12.30 21.88 -0.69 11.98 -1.05 3.04 1,276.38

INCOME STATEMENT (Millions of US$) NON-INTEREST INCOME EXPENSES RESULTS 23.96 26.82 51.15 13.33 12.23 3.86 9.90 5.19 14.89 13.60 5.57 0.47 2,186.89

38.70 83.88 59.22 20.16 34.40 20.94 15.93 16.21 12.62 20.04 3.02 10.41 2,514.28

17.39 13.41 21.31 2.49 -0.33 2.16 6.27 10.86 1.58 5.53 1.50 -6.90 948.99

NET EARNINGS 20.75 12.43 18.05 3.88 1.39 2.03 7.68 7.30 3.72 23.81 0.99 -7.49 927.36

CAPITAL ADEQUACY EOA EOGL 13.12 10.41 14.10 8.66 10.04 9.88 11.35 12.54 14.96 52.70 40.51 32.36 10.85

18.89 13.89 20.60 16.74 14.14 13.38 15.84 14.39 44.80 214.75 139.43 327.36 21.54

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY NLOD OLGL LPOOL

EFFICIENCY OEONI

95.35 2.44 85.52 5.34 83.44 3.45 84.68 5.98 89.91 3.34 109.41 4.07 112.28 1.08 118.19 1.44 46.58 0.00 713.01 160.23 75.41 0.50 19.00 0.00 68.00 4.74

69.00 86.22 73.54 89.01 100.97 90.66 71.76 59.89 88.87 78.37 66.72 NA 72.60

100.89 90.67 113.08 63.20 119.88 74.51 177.38 193.24 NA 54.39 305.01 NA 109.80

PROFITABILITY ROA ROE 2.38 1.79 3.78 0.91 0.34 0.50 2.64 2.91 1.66 12.34 1.46 NA 2.21

18.13 17.24 26.83 10.49 3.37 5.02 23.30 23.25 11.11 23.41 3.61 NA 20.38

Source: Progesa

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME 160.53 126.28 99.46 27.19 27.78 31.47 27.35 13.24 13.62 8.30 9.13 4.30 9.34 3.12 4.74 5.46 2.66 -8.90 565.08

91.98 46.58 25.19 11.46 13.94 23.33 10.64 5.00 3.37 1.30 4.59 1.77 3.44 4.99 0.95 2.43 0.64 0.79 252.39

OPERATING EXPENSES 203.26 128.03 93.13 27.39 26.31 37.43 32.61 13.43 11.50 5.82 11.42 4.60 5.46 6.71 4.18 5.68 2.86 4.66 624.48

OPERATING RESULTS 49.26 44.83 31.52 11.26 15.42 17.37 5.38 4.82 5.49 3.77 2.30 1.48 7.32 1.40 1.52 2.20 0.44 -12.78 193.00

NET EARNINGS 41.90 37.53 29.64 10.07 14.16 14.39 4.24 4.30 4.02 3.40 2.07 1.38 7.32 1.26 1.23 1.66 0.41 -12.76 166.23

CAPITAL ADEQUACY EOA EOGL 6.95 10.74 20.35 6.95 10.35 8.87 6.66 8.17 9.97 9.86 7.70 7.85 54.41 12.12 19.96 21.66 19.28 -18.83 10.42

18.74 34.15 37.86 9.30 14.12 14.16 19.27 10.71 12.47 12.82 10.66 15.89 188.76 19.94 24.05 40.06 32.46 NA 21.55

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

PROFITABILITY ROA ROE

42.03 40.51 74.11 132.61 135.18 81.98 54.31 134.87 118.15 205.72 91.11 110.92 135.01 76.92 239.79 74.12 111.04 NA 65.51

1.36 1.79 2.66 1.38 2.34 2.51 0.92 1.48 1.48 1.88 1.28 1.25 6.88 1.68 1.67 2.47 1.03 NA 1.65

1.82 20.30 20.64 2.88 2.16 3.95 12.24 3.49 17.28 2.11 4.40 1.41 4.39 13.30 1.08 6.17 5.54 NA 8.54

158.90 14.04 10.96 46.14 125.93 44.90 24.40 34.22 7.87 68.33 43.27 183.00 86.72 20.76 338.71 47.96 28.18 NA 30.12

80.49 74.07 74.71 70.86 63.04 68.31 85.84 73.60 67.71 60.69 83.20 75.72 42.71 82.78 73.38 72.06 86.80 NA 76.39

19.53 16.64 13.07 19.89 22.62 28.28 13.81 18.18 14.89 19.03 16.62 15.91 12.65 13.88 8.36 11.40 5.34 NA 15.83

Source: PCR

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 29

Dominican Republic BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

Popular De Reservas B.H.D. Dominicano del Progreso Scotia Bank Citibank Nacional de la Vivienda Santa Cruz Ademi Profesional BDI Lopez de Haro Altas Cumbres Vimenca Santiago Confisa Capital Agropecuario De la Peq. Empresa Peravia De las Americas Cotui De Exportacion Del Valle Idecosa Citicorp TOTAL BANKING SYSTEM

TOTAL ASSETS

GROSS LOANS

OVERDUE LOANS

LOAN LOSS RESERVES

2,661.32 2,648.37 1,087.73 841.60 599.80 231.87 218.34 122.79 92.76 89.14 86.59 61.26 41.16 34.95 34.33 21.60 10.64 9.15 6.48 6.09 4.83 4.26 4.09 3.95 1.34 0.56 8,925.00

1,300.72 1,558.69 512.49 323.04 230.92 88.30 62.90 36.96 68.86 31.32 46.86 26.28 32.64 4.38 3.87 13.43 8.84 8.46 4.54 2.85 1.55 3.01 1.57 3.26 0.79 0.00 4,376.50

44.66 93.89 43.52 18.62 16.29 4.45 1.75 0.50 4.64 9.09 7.26 1.38 3.12 0.00 0.07 1.44 2.21 2.92 0.19 0.35 0.14 0.21 0.05 0.01 0.06 0.00 256.80

74.63 79.03 53.59 46.56 15.34 17.56 0.73 2.36 2.65 1.55 4.01 1.14 1.23 0.04 0.07 0.57 0.67 0.78 0.18 0.41 0.25 0.08 0.28 0.00 0.07 0.00 303.80

DEPOSITS 1,463.07 1,292.69 544.77 731.69 248.88 136.62 1.40 26.44 3.23 75.06 21.32 2.16 36.95 28.42 14.53 0.04 0.08 0.02 0.18 0.63 0.00 0.10 0.00 0.07 0.08 0.00 4,628.40

EQUITY 262.55 171.24 103.35 61.16 78.37 43.45 161.62 22.17 10.34 12.19 11.45 8.78 3.64 5.92 6.71 7.88 5.67 4.31 0.93 2.43 1.66 0.48 1.49 2.54 0.56 0.55 991.50

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 29.82 29.67 12.19 9.43 6.72 2.60 2.45 1.38 1.04 1.00 0.97 0.69 0.46 0.39 0.38 0.24 0.12 0.10 0.07 0.07 0.05 0.05 0.05 0.04 0.01 0.01 100.00

30.49 35.56 11.38 7.39 5.21 2.04 1.48 0.88 1.56 0.54 0.96 0.60 0.72 0.11 0.09 0.29 0.16 0.13 0.11 0.06 0.03 0.07 0.04 0.08 0.02 0.00 100.00

31.61 27.93 11.77 15.81 5.38 2.95 0.03 0.57 0.07 1.62 0.46 0.05 0.80 0.61 0.31 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 100.00

Exchange rate for balance sheet data: 30.37 pesos/US$ Exchange rate for income statement: 41.25 pesos /US$

Ecuador BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9

Pichincha Guayaquil Produbanco Pacifico Bolivariano Internacional Austro Solidario Machala

Net Interest Income = Int. Income - Int. Expenses - Prov.

30 LATINFINANCE August 2005

TOTAL ASSETS

GROSS LOANS

OVERDUE LOANS

2,017.48 1,100.72 906.58 859.67 649.58 593.28 267.74 256.63 201.53

1,017.46 485.53 442.25 387.70 347.47 319.53 175.03 177.07 112.28

55.71 28.20 20.92 72.69 4.40 6.67 19.38 8.28 3.49

EOA = Equity/Assets

EOGL = Equity/Gross Loans

LOAN LOSS RESERVES

DEPOSITS

71.42 1,592.02 26.83 801.28 24.12 730.68 112.86 646.60 12.34 537.37 8.98 509.60 14.18 236.22 9.15 180.76 4.25 173.18

EQUITY 193.77 85.77 93.25 96.97 51.59 60.75 20.91 20.54 16.17

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 24.78 13.52 11.13 10.56 7.98 7.29 3.29 3.15 2.48

24.13 11.47 10.57 7.90 8.61 7.85 3.91 4.24 2.73

NLOD = (Gross Loans - Loan-loss Res.)/Deposits OLOGL = Overdue Loans/Gross Loans

24.97 12.57 11.46 10.14 8.43 7.99 3.70 2.83 2.72

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME 155.95 98.30 35.90 30.78 35.31 31.82 17.42 4.12 9.83 4.25 2.70 0.75 1.38 3.59 2.25 3.41 1.68 0.98 0.21 0.47 0.15 0.21 0.40 0.50 0.07 0.19 442.60

69.84 65.77 59.50 35.13 45.09 16.17 3.04 17.97 3.12 5.52 2.05 1.53 6.71 0.66 2.43 0.01 0.02 0.04 0.03 0.01 0.88 0.00 0.05 0.06 0.03 0.01 335.70

OPERATING EXPENSES 221.34 147.06 90.12 61.80 50.54 49.67 10.21 15.37 10.02 7.90 6.68 2.59 7.76 2.34 2.61 1.89 1.14 2.04 0.44 0.42 0.66 0.22 0.45 0.29 0.20 0.01 693.80

OPERATING RESULTS 4.46 17.01 5.28 4.11 29.86 -1.68 10.25 6.72 2.92 1.87 -1.93 -0.30 0.33 1.91 2.07 1.53 0.55 -1.01 -0.20 0.06 0.37 0.00 -0.01 0.28 -0.11 0.19 84.50

NET EARNINGS 37.97 27.59 7.66 5.17 28.70 6.77 7.85 6.35 3.72 1.91 0.21 0.51 0.46 2.01 2.13 1.30 0.57 2.64 -0.11 0.20 0.37 0.05 0.00 0.28 -0.10 0.19 144.40

CAPITAL ADEQUACY EOA EOGL 9.87 6.47 9.50 7.27 13.07 18.74 74.02 18.05 11.15 13.68 13.23 14.33 8.85 16.93 19.55 36.47 53.34 47.15 14.37 39.94 34.42 11.36 36.47 64.39 41.80 98.27 11.10

20.18 10.99 20.17 18.93 33.94 49.21 256.94 59.98 15.02 38.94 24.44 33.40 11.16 135.19 173.32 58.65 64.22 50.97 20.51 85.40 107.49 16.08 95.37 77.94 70.84 NA 22.70

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI 83.80 114.46 84.24 37.79 86.62 51.78 4,426.33 130.86 2,049.49 39.66 200.96 1,163.55 85.02 15.27 26.14 33,761.37 9,617.43 44,829.01 2,487.89 386.83 NA 2,891.03 64,054.14 4,533.86 903.51 NA 88.00

3.43 6.02 8.49 5.76 7.06 5.04 2.79 1.36 6.74 29.03 15.49 5.25 9.55 NA 1.68 10.72 25.00 34.48 4.19 12.14 8.78 7.08 3.48 0.29 7.84 NA 5.90

167.10 84.17 123.14 250.13 94.14 394.77 41.62 467.99 57.18 17.05 55.30 82.63 39.51 NA 112.91 39.63 30.43 26.76 96.82 118.70 184.78 39.43 508.76 1.37 105.63 NA 118.30

98.03 89.63 94.46 93.77 62.86 103.49 49.91 69.59 77.41 80.85 140.66 113.29 95.94 54.99 55.77 55.28 67.24 198.57 184.19 87.34 63.96 101.97 101.76 50.52 210.85 6.23 89.10

PROFITABILITY ROA ROE 1.43 14.46 1.04 16.11 0.70 7.41 0.61 8.45 4.78 36.61 2.92 15.59 3.60 4.86 5.17 28.63 4.01 35.94 2.14 15.67 0.24 1.85 0.83 5.79 1.11 12.52 5.74 33.89 6.20 31.69 6.02 16.51 5.32 9.98 28.91 61.32 -1.76 -12.26 3.23 8.09 7.71 22.39 1.22 10.76 -0.07 -0.20 7.21 11.19 -7.18 -17.18 32.88 33.46 1.60 14.60 Source: PCR

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME 104.26 39.62 35.16 44.65 27.35 32.53 14.59 9.29 12.05

77.48 30.27 28.24 12.30 20.33 10.87 7.39 27.62 5.07

EOGL = Equity/Gross Loans

OPERATING EXPENSES

OPERATING RESULTS

152.46 52.48 55.66 43.57 38.04 35.21 17.27 28.66 14.09

29.28 17.41 7.74 13.37 9.64 8.18 4.71 8.26 3.03

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

NET EARNINGS 26.57 11.64 13.11 12.52 9.39 14.11 3.20 3.55 1.90

CAPITAL ADEQUACY EOA EOGL 9.60 7.79 10.29 11.28 7.94 10.24 7.81 8.00 8.03

19.04 17.67 21.08 25.01 14.85 19.01 11.95 11.60 14.40

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI 59.42 57.25 57.22 42.51 62.37 60.94 68.09 92.90 62.38

5.48 5.81 4.73 18.75 1.27 2.09 11.07 4.67 3.10

128.20 95.16 115.30 155.27 280.50 134.61 73.20 110.58 121.97

83.89 75.09 87.80 76.52 79.77 81.15 78.57 77.64 82.30

PROFITABILITY ROA ROE 1.32 1.06 1.45 1.46 1.45 2.38 1.20 1.38 0.94

13.71 13.57 14.06 12.91 18.21 23.23 15.31 17.29 11.77

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 31

Ecuador BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Citibank General Rumiñahui M.M. JARAMILLO Arteaga Unibanco Centromundo Lloyds Bank (Blsa) Loja Amazonas Procredit Litoral Andes Territorial Cofiec Comercial de Manabi DELBANK Sudamericano TOTAL BANKING SYSTEM

TOTAL ASSETS

GROSS LOANS

OVERDUE LOANS

200.54 192.04 157.45 143.04 129.05 94.95 93.43 89.71 50.90 37.47 25.99 19.47 18.61 14.90 13.52 7.79 8,142.07

67.91 126.90 112.80 111.98 115.10 51.47 56.26 51.04 43.64 7.43 13.28 13.38 14.39 7.91 0.02 2.25 4,260.09

1.65 15.80 2.92 11.24 14.70 0.67 0.75 1.95 0.49 0.45 0.78 0.63 2.31 0.30 0.00 0.05 274.41

LOAN LOSS RESERVES

DEPOSITS

5.10 151.19 10.19 166.12 2.65 140.96 5.12 103.98 7.01 111.55 1.45 64.36 2.53 81.29 1.53 60.15 1.96 6.60 0.30 34.54 0.33 22.34 0.46 6.99 3.06 4.26 0.48 10.56 0.00 1.30 0.20 2.65 326.48 6,376.55

EQUITY

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

24.70 13.90 10.66 22.98 10.95 24.07 9.25 9.90 10.03 2.42 2.77 2.60 10.00 3.75 6.06 4.68 808.45

2.46 2.36 1.93 1.76 1.58 1.17 1.15 1.10 0.63 0.46 0.32 0.24 0.23 0.18 0.17 0.10 100.00

EQUITY

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

1.66 2.79 2.76 2.53 2.52 1.27 1.39 1.23 1.08 0.18 0.31 0.32 0.30 0.19 n.a 0.06 100.00

2.37 2.61 2.21 1.63 1.75 1.01 1.27 0.94 0.10 0.54 0.35 0.11 0.07 0.17 0.02 0.04 100.00

Original data in US dollars

El Salvador BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Agricola Cuscatlan Salvadoreño Comercio De America Central Scotiabank Uno Hipotecario Promerica Citibank De Fomento Procredit Americano First Commercial TOTAL BANKING SYSTEM

TOTAL ASSETS

GROSS LOANS

3,116.16 2,372.41 1,755.13 1,173.68 438.94 418.48 290.37 273.93 191.52 191.01 145.41 121.65 99.57 15.55 10,604.00

1,849.04 1,404.50 1,121.22 814.78 257.56 300.98 183.83 139.09 126.41 59.06 80.78 91.84 45.80 4.34 6,479.00

OVERDUE LOANS

36.10 25.04 26.72 18.61 3.25 6.98 7.48 2.40 3.93 0.58 17.35 1.14 0.96 0.35 151.00

LOAN LOSS RESERVES

61.48 40.91 27.66 26.50 4.27 6.36 9.12 2.58 3.31 0.66 10.90 2.93 2.77 0.20 200.00

DEPOSITS

1,994.24 1,475.00 1,136.22 825.51 261.66 259.60 208.70 209.09 163.62 96.32 110.34 60.62 69.13 3.72 6,874.00

313.39 241.59 201.17 126.17 46.37 51.50 29.92 25.81 19.71 16.25 17.67 16.04 13.76 11.81 1,131.00

29.39 22.37 16.55 11.07 4.14 3.95 2.74 2.58 1.81 1.80 1.37 1.15 0.94 0.15 100.00

28.65 21.80 17.30 12.58 4.02 4.65 2.79 2.16 1.94 0.92 1.00 1.43 0.71 0.06 100.00

Original data in US dollars Net Interest Income = Int. Income - Int. Expenses - Prov.

32 LATINFINANCE August 2005

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits OLOGL = Overdue Loans/Gross Loans

29.01 21.46 16.53 12.01 3.81 3.78 3.04 3.04 2.38 1.40 1.61 0.88 1.01 0.05 100.00

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

8.12 13.52 8.69 6.29 6.46 4.30 5.90 3.30 3.46 1.29 0.39 0.43 1.34 0.96 0.06 0.25 384.25

6.03 1.69 3.18 44.22 27.34 4.90 0.83 3.44 4.46 0.18 1.15 0.48 0.20 1.11 1.08 0.96 320.83

OPERATING EXPENSES

OPERATING RESULTS

12.52 12.03 8.69 27.32 23.18 6.85 4.16 5.44 4.90 2.35 2.43 1.44 1.46 1.12 0.67 1.11 553.12

1.63 3.18 3.18 23.19 10.62 2.35 2.57 1.29 3.03 -0.87 -0.88 -0.53 0.07 0.95 0.46 0.10 151.96

NET EARNINGS

1.38 0.33 1.40 11.59 2.81 2.16 2.01 0.51 1.24 0.42 0.19 -0.29 0.03 0.60 0.01 0.01 120.40

CAPITAL ADEQUACY EOA EOGL

12.32 36.38 7.24 10.95 6.77 9.45 16.07 20.52 8.49 9.52 25.35 46.76 9.90 16.43 11.03 19.40 19.71 22.99 6.46 32.58 10.64 20.83 13.37 19.45 53.72 69.49 25.17 47.40 44.87 26,423.74 60.04 208.31 9.93 18.98

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

41.54 70.26 78.15 102.76 96.89 77.73 66.10 82.30 631.89 20.66 57.95 184.99 266.01 70.42 NA 77.27 61.69

2.43 12.45 2.59 10.04 12.78 1.30 1.33 3.82 1.11 6.10 5.86 4.74 16.09 3.79 NA 2.18 6.44

308.84 64.52 90.68 45.54 47.68 216.79 338.16 78.51 404.06 65.11 43.01 71.91 132.07 159.10 NA 407.74 118.98

88.48 79.07 73.22 54.09 68.58 74.49 61.86 80.78 61.81 159.19 157.00 158.20 95.42 54.01 59.58 91.69 78.45

PROFITABILITY ROA ROE

0.69 0.17 0.89 8.10 2.18 2.28 2.15 0.56 2.43 1.12 0.74 -1.47 0.15 4.04 0.11 0.13 1.48

5.57 2.40 13.13 50.44 25.65 8.98 21.72 5.10 12.33 17.26 6.95 -11.01 0.29 16.06 0.24 0.22 14.89

Source: PCR

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

101.11 80.33 50.94 44.58 19.84 11.49 15.91 9.00 8.29 4.15 8.37 11.70 1.63 0.32 367.70

46.67 53.94 24.63 15.73 3.12 8.15 3.19 7.69 3.42 3.73 2.92 1.53 0.79 0.02 175.50

OPERATING EXPENSES

OPERATING RESULTS

96.98 91.42 52.17 42.95 14.15 16.92 14.36 11.91 9.79 7.95 12.55 11.95 4.76 0.53 388.40

50.80 42.85 23.39 17.36 8.81 2.72 4.75 4.78 1.92 -0.07 -1.27 1.29 -2.33 -0.18 154.80

NET EARNINGS

35.18 24.53 16.23 13.54 7.88 1.90 3.83 4.04 1.60 -0.17 -1.74 0.88 -2.40 -0.19 105.10

CAPITAL ADEQUACY EOA EOGL

10.06 10.18 11.46 10.75 10.56 12.31 10.30 9.42 10.29 8.51 12.15 13.18 13.82 75.93 10.70

16.95 17.20 17.94 15.49 18.00 17.11 16.28 18.56 15.59 27.52 21.87 17.46 30.04 272.21 17.50

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

89.64 92.45 96.25 95.49 96.80 113.49 83.71 65.29 75.23 60.63 63.33 146.66 62.23 111.35 91.40

1.95 1.78 2.38 2.28 1.26 2.32 4.07 1.73 3.11 0.98 21.48 1.24 2.10 8.06 2.30

170.33 163.36 103.53 142.40 131.57 91.12 121.93 107.36 84.30 113.51 62.84 256.54 287.91 57.21 132.30

65.62 68.09 69.05 71.22 61.63 86.14 75.15 71.35 83.62 100.90 111.23 90.27 195.99 153.74 71.50

PROFITABILITY ROA ROE

1.13 11.23 1.03 10.15 0.92 8.07 1.15 10.73 1.79 16.99 0.45 3.70 1.32 12.79 1.48 15.67 0.84 8.14 -0.09 -1.06 -1.20 -9.86 0.72 5.46 -2.41 -17.46 -1.19 -1.57 1.00 9.30 Source: PCR

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 33

Guatemala BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size TOTAL ASSETS

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

Industrial 1,918.57 G&T Continental 1,402.37 De Desarrollo Rural 995.99 Del Cafe 912.16 De Occidente 564.41 Agromercantil de Guatemala 529.27 Reformador 453.47 Cuscatlan de Guatemala 319.25 El Credito Hipotecario Nacional de Guatemala 316.64 De Exportacion 304.79 Internacional 256.42 De America Central 227.05 Uno 205.62 De los Trabajadores 180.64 Del Quetzal 168.65 Citibank NA - Guatemala branch 150.85 De Comercio 126.24 Inmobiliario 109.59 Corporativo 98.75 SCI 77.19 Promotor 71.99 Privado para el Desarrollo 35.91 Vivibanco 31.22 Metropolitano 23.87 Americano 21.96 De la Republica 10.26 Empresarial 5.57 De Antigua 4.70 TOTAL BANKING SYSTEM 9,523.42

GROSS LOANS

OVERDUE LOANS

LOAN LOSS RESERVES

DEPOSITS

EQUITY

844.33 586.07 425.04 338.55 341.98 289.89 297.83 138.88 139.79 151.56 165.71 152.83 104.05 135.11 83.42 30.02 46.54 6.88 61.09 47.22 49.13 24.28 8.03 69.27 16.10 61.18 31.29 0.36 4,646.45

5.26 20.58 0.58 8.40 3.37 11.04 11.69 0.48 49.48 5.28 8.31 0.39 1.54 3.08 0.19 0.02 2.56 2.90 1.93 2.02 49.09 0.50 0.39 69.25 0.88 1.07 30.73 0.35 291.37

0.96 16.51 5.07 7.95 9.30 9.28 5.44 1.39 17.54 3.81 6.81 4.57 1.90 2.69 1.85 0.01 3.43 2.17 1.35 1.22 49.07 0.40 0.54 69.24 0.76 1.44 3.11 0.75 228.57

1,370.30 1,158.74 860.00 826.45 354.78 371.84 281.05 259.86 226.68 196.47 165.78 165.45 135.60 143.45 114.25 87.95 109.74 60.26 81.71 4.90 1.45 2.96 17.70 8.69 7.06 72.19 0.09 37.37 7,122.76

157.24 93.35 48.96 46.81 57.60 64.15 47.38 29.19 43.67 5.34 24.00 22.72 2.23 22.25 15.63 24.75 10.20 9.89 6.72 12.46 -92.62 0.05 7.74 -138.56 5.05 12.00 -82.12 4.37 460.46

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

20.15 14.73 10.46 9.58 5.93 5.56 4.76 3.35 3.32 3.20 2.69 2.38 2.16 1.90 1.77 1.58 1.33 1.15 1.04 0.81 0.76 0.38 0.33 0.25 0.23 0.11 0.06 0.05 100.00

19.27 12.98 9.75 7.58 7.78 6.40 6.57 3.18 2.07 3.36 3.61 3.50 2.35 3.03 1.91 0.69 1.01 0.09 1.36 1.04 0.00 0.55 0.18 0.00 0.35 1.38 0.01 0.00 100.00

19.24 16.27 12.07 11.60 4.98 5.22 3.95 3.65 3.18 2.76 2.33 2.32 1.90 2.01 1.60 1.23 1.54 0.85 1.15 0.07 0.02 0.04 0.25 0.12 0.10 1.01 0.00 0.52 100.00

Exchange rate for balance sheet data: 7.9431 quetzales/US$ Exchange rate for income statement: 7.9354 quetzales/US$

Honduras BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size TOTAL ASSETS 1 2 3 4 5 6 7 8

Atlantida Grupo el Ahorro Hondureño De Occidente Financiera Comercial Hondureña Mercantil Del Pais De America Central Honduras Uno

Net Interest Income = Int. Income - Int. Expenses - Prov.

34 LATINFINANCE August 2005

891.64 884.15 718.41 708.94 571.84 527.54 347.11 160.88 EOA = Equity/Assets

GROSS LOANS 416.42 414.31 297.11 356.19 300.12 273.93 134.89 82.00

OVERDUE LOANS 7.25 4.93 16.80 2.62 5.68 10.27 0.27 9.37

EOGL = Equity/Gross Loans

LOAN LOSS RESERVES 14.95 16.35 17.95 10.60 10.49 13.06 3.01 6.42

DEPOSITS

EQUITY

584.01 518.83 544.70 457.59 378.34 346.83 111.80 96.18

72.41 79.02 50.75 41.17 41.10 46.32 24.48 12.04

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 15.35 15.22 12.36 12.20 9.84 9.08 5.97 2.77

15.07 15.08 10.33 13.02 10.85 9.71 4.96 2.68

OLOGL = Overdue Loans/Gross Loans

16.45 14.62 15.35 12.89 10.66 9.77 3.15 2.71

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

58.34 53.88 56.38 50.80 26.49 37.17 22.43 11.68 13.17 14.40 14.03 10.24 9.19 23.43 11.13 8.59 6.20 5.08 6.10 3.25 -0.03 3.89 3.88 -5.18 1.52 8.23 -2.76 10.96 462.47

19.29 13.36 8.22 8.40 4.24 5.62 0.87 0.67 18.71 2.04 2.56 0.41 1.85 0.37 1.53 2.02 1.86 0.32 0.46 0.58 0.00 0.04 0.28 0.03 0.10 2.35 0.00 1.86 98.06

OPERATING EXPENSES

52.93 48.52 44.08 50.40 23.76 25.98 15.28 10.44 17.54 11.31 16.02 5.60 7.73 15.12 9.75 7.40 7.47 4.96 6.28 3.44 2.48 3.32 3.34 0.55 0.90 9.85 5.07 12.49 422.04

OPERATING RESULTS

NET EARNINGS

24.69 18.72 19.23 8.79 6.97 16.72 8.01 1.91 13.36 5.13 0.57 5.05 3.28 8.50 2.70 3.21 0.58 0.45 0.29 0.34 -2.51 0.19 0.83 -5.70 0.71 0.73 -7.84 0.32 135.24

24.27 15.71 14.36 7.71 6.07 14.51 7.32 1.69 1.64 4.49 0.26 3.81 2.74 6.48 3.00 2.80 0.52 0.56 0.29 0.23 -2.45 0.25 0.76 -5.78 0.88 0.69 -7.19 1.06 106.67

CAPITAL ADEQUACY EOA EOGL

8.20 18.62 6.66 15.93 4.92 11.52 5.13 13.83 10.21 16.84 12.12 22.13 10.45 15.91 9.14 21.02 13.79 31.24 1.75 3.53 9.36 14.48 10.00 14.86 1.08 2.14 12.32 16.47 9.27 18.74 16.41 82.43 8.08 21.91 9.03 143.76 6.80 11.00 16.14 26.38 NA NA 0.13 0.19 24.77 96.37 NA NA 23.00 31.37 116.99 19.61 NA NA 93.07 1,204.68 4.84 9.91

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

PROFITABILITY ROA ROE

61.55 49.15 48.83 40.00 93.77 75.47 104.03 52.91 53.93 75.20 95.85 89.61 75.34 92.31 71.39 34.12 39.29 7.83 73.12 938.34 NA 807.24 42.29 NA 217.43 82.75 NA -1.03 62.02

1.27 15.44 1.12 16.83 1.44 29.33 0.85 16.48 1.07 10.53 2.74 22.62 1.61 15.45 0.53 5.79 0.52 3.75 1.47 83.96 0.10 1.07 1.68 16.76 1.33 122.69 3.59 29.11 1.78 19.19 1.85 11.31 0.41 5.08 0.51 5.65 0.29 4.28 0.29 1.83 NA NA 0.71 548.49 2.43 9.80 NA NA 4.02 17.49 6.76 5.78 NA NA 22.58 24.26 1.12 23.17

0.62 18.35 3.51 80.22 0.14 871.81 2.48 94.66 0.98 276.00 3.81 84.05 3.93 46.52 0.34 291.24 35.40 35.45 3.49 72.11 5.01 81.98 0.26 1,171.43 1.48 123.04 2.28 87.37 0.23 974.35 0.06 75.18 5.51 133.87 42.19 74.62 3.17 69.61 4.28 60.24 NA NA 2.04 80.98 4.89 137.95 NA NA 5.49 85.61 1.75 134.62 NA NA 96.70 213.13 6.27 78.45

68.19 72.16 68.24 85.14 77.32 60.72 65.61 84.55 55.04 68.79 96.57 52.61 70.05 63.53 77.00 69.77 92.63 91.67 95.58 89.74 NA 84.70 80.13 NA 55.61 93.09 NA 97.47 75.29

Source: PCR

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME 36.61 35.34 41.72 29.67 24.61 13.73 13.57 17.70

15.12 9.56 9.49 14.33 10.85 8.74 4.27 2.57

EOGL = Equity/Gross Loans

OPERATING EXPENSES 41.10 38.08 38.77 33.23 25.86 20.32 14.84 18.66

OPERATING RESULTS 10.63 6.81 12.43 10.78 9.60 2.15 3.00 1.61

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

NET EARNINGS 9.13 8.26 9.27 7.18 7.26 3.60 2.99 1.15

CAPITAL ADEQUACY EOA EOGL

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

PROFITABILITY ROA ROE

8.12 8.94 7.06 5.81 7.19 8.78 7.05 7.48

68.74 76.70 51.25 75.52 76.55 75.22 117.96 78.59

1.02 0.93 1.29 1.01 1.27 0.68 0.86 0.72

17.39 19.07 17.08 11.56 13.69 16.91 18.15 14.68

1.74 1.19 5.65 0.73 1.89 3.75 0.20 11.43

206.35 331.62 106.89 405.32 184.71 127.14 1,102.51 68.46

79.45 84.83 75.72 75.51 72.92 90.44 83.19 92.04

12.61 10.45 18.27 17.45 17.67 7.77 12.21 9.57

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 35

Honduras BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size TOTAL ASSETS 9 10 11 12 13 14 15 16 17 18

Continental Financiera Centroamericana Hondureño del Cafe Promerica De los Trabajadores Cuscatlan Agricola (BAC El Salvador) De Honduras Futuro Salvadoreño TOTAL BANKING SYSTEM

132.50 131.36 122.53 121.62 115.80 101.61 99.82 91.72 81.58 1.46 5,810.50

GROSS LOANS 59.90 83.58 37.98 50.71 76.33 35.66 99.66 25.31 38.77 1.45 2,784.30

OVERDUE LOANS

LOAN LOSS RESERVES

DEPOSITS

EQUITY

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

1.70 0.25 1.93 0.63 4.49 0.00 0.00 0.00 3.28 0.00 69.50

3.94 0.75 2.00 0.88 6.40 0.71 0.00 0.33 3.92 0.00 111.70

65.58 79.28 70.67 58.95 58.07 72.41 0.00 61.60 44.83 0.00 3,549.70

28.13 10.96 13.14 9.10 15.87 16.74 3.28 9.87 8.46 -0.02 482.80

2.28 2.26 2.11 2.09 1.99 1.75 1.72 1.58 1.40 0.03 100.00

2.14 3.07 1.33 1.84 2.65 1.31 3.67 0.93 1.31 0.05 100.00

1.85 2.23 1.99 1.66 1.64 2.04 0.00 1.74 1.26 0.00 100.00

Exchange rate for balance sheet data: 18.57 Lempira/US$ Exchange rate for income statement: 18.12 Lempira/US$

Mexico Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1

BBVA Bancomer Nacional de Mexico HSBC Mexico Santander Mexicano Mercantil del Norte Serfin Scotiabank Inverlat Inbursa Bank of America Mexico Del Bajio JP Morgan IXE AFIRME Interacciones Regional de Monterrey Deutsche Bank Mexico Del Centro Mifel BBVA Bancomer Servicios Bansi TOTAL BANKING SYSTEM

Past due loans

36 LATINFINANCE August 2005

BALANCE SHEET DATA (Millions of US$) TOTAL ASSETS

GROSS LOANS

49,449.00 42,211.00 18,163.00 15,622.00 15,090.00 12,217.00 9,372.00 7,819.00 2,843.00 2,225.00 941.00 914.00 720.00 690.00 622.00 554.00 490.00 440.00 385.00 207.00 180,974.00

19,259.00 16,001.00 6,070.00 4,841.00 8,277.00 6,384.00 6,349.00 4,945.00 321.00 1,789.00 24.00 474.00 450.00 428.00 516.00 0.00 90.00 279.00 0.00 168.00 76,665.00

OVERDUE LOANS1

414.00 1,125.00 294.00 27.00 144.00 85.00 156.00 30.00 0.00 20.00 0.00 1.00 5.00 3.00 9.00 0.00 14.00 5.00 0.00 3.00 2,335.00

LOAN LOSS RESERVES

1,104.00 1,369.00 574.00 106.00 227.00 246.00 296.00 570.00 10.00 90.00 1.00 21.00 31.00 20.00 37.00 0.00 14.00 14.00 0.00 14.00 4,744.00

DEPOSITS

EQUITY

35,958.00 26,608.00 15,199.00 11,054.00 11,722.00 7,141.00 7,140.00 4,793.00 489.00 1,207.00 29.00 577.00 613.00 525.00 370.00 0.00 0.00 314.00 0.00 138.00 123,877.00

4,878.00 5,687.00 1,163.00 1,362.00 938.00 1,453.00 946.00 2,085.00 131.00 190.00 277.00 88.00 68.00 66.00 138.00 124.00 370.00 63.00 370.00 48.00 20,445.00

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

27.32 23.32 10.04 8.63 8.34 6.75 5.18 4.32 1.57 1.23 0.52 0.51 0.40 0.38 0.34 0.31 0.27 0.24 0.21 0.11 100.00

25.35 20.01 7.77 6.48 10.94 8.47 8.33 6.61 0.43 2.38 0.03 0.64 0.60 0.57 0.68 0.00 0.10 0.37 0.00 0.22 100.00

29.03 21.48 12.27 8.92 9.46 5.76 5.76 3.87 0.39 0.97 0.02 0.47 0.49 0.42 0.30 0.00 0.00 0.25 0.00 0.11 100.00

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME 8.31 5.99 6.67 9.83 10.69 0.80 0.00 4.89 3.48 0.11 263.70

2.05 1.85 2.35 2.12 0.45 0.40 0.00 1.49 0.92 0.00 86.60

OPERATING EXPENSES

OPERATING RESULTS

7.21 5.97 9.18 10.55 9.77 1.20 0.01 3.68 8.17 0.04 286.60

3.15 1.87 -0.16 1.40 1.37 0.00 0.00 2.70 -3.77 0.07 63.60

NET EARNINGS 2.93 1.29 0.41 1.05 2.25 0.18 0.00 1.84 0.21 0.07 59.10

CAPITAL ADEQUACY EOA EOGL 21.23 8.34 10.72 7.48 13.70 16.47 3.28 10.76 10.37 -1.23 8.30

46.96 13.11 34.59 17.95 20.79 46.93 3.29 38.99 21.81 -1.24 17.30

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

PROFITABILITY ROA ROE

85.34 104.48 50.91 84.54 120.44 48.27 NA 40.56 77.73 NA 75.30

2.21 10.43 0.99 11.82 0.33 3.09 0.86 11.53 1.95 14.20 0.18 1.08 0.00 -0.03 2.00 18.60 0.26 2.51 4.97 -403.17 1.00 12.20

2.85 230.97 0.30 293.32 5.09 103.67 1.25 138.10 5.89 142.40 0.00 536,186.94 NA NA 0.00 53,488.12 8.45 119.73 NA NA 2.50 160.80

69.62 76.11 101.82 88.25 87.67 99.64 123.57 57.69 185.66 33.77 81.80

Source: PCR

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

2,235.00 2,324.00 1,025.00 405.00 839.00 663.00 467.00 224.00 23.00 74.00 18.00 33.00 36.00 33.00 52.00 12.00 12.00 24.00 19.00 17.00 8,535.00

-167.00 77.00 101.00 -8.00 64.00 19.00 171.00 141.00 23.00 19.00 46.00 24.00 9.00 12.00 7.00 4.00 4.00 10.00 0.00 3.00 559.00

OPERATING EXPENSES

1,835.00 2,167.00 1,051.00 447.00 870.00 412.00 476.00 125.00 35.00 61.00 18.00 42.00 40.00 26.00 27.00 19.00 62.00 20.00 20.00 12.00 7,765.00

OPERATING RESULTS

1,193.00 1,338.00 508.00 195.00 221.00 514.00 211.00 220.00 3.00 36.00 46.00 16.00 9.00 15.00 31.00 6.00 61.00 17.00 128.00 8.00 4,776.00

NET EARNINGS

497.00 265.00 274.00 182.00 164.00 335.00 197.00 116.00 -2.00 16.00 0.00 8.00 7.00 11.00 18.00 -10.00 47.00 9.00 69.00 4.00 2,207.00

CAPITAL ADEQUACY EOA EOGL

9.86 13.47 6.40 8.72 6.22 11.89 10.09 26.67 4.61 8.54 29.44 9.63 9.44 9.57 22.19 22.38 75.51 14.32 96.10 23.19 11.30

25.33 35.54 19.16 28.13 11.33 22.76 14.90 42.16 40.81 10.62 1,154.17 18.57 15.11 15.42 26.74 NA 411.11 22.58 NA 28.57 26.67

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

50.49 54.99 36.16 42.84 68.67 85.95 84.78 91.28 63.60 140.76 79.31 78.51 68.35 77.71 129.46 NA NA 84.39 NA 111.59 58.06

2.15 266.67 263.80 3.24 4.84 195.24 0.56 392.59 1.74 157.64 1.33 289.41 2.46 189.74 0.61 1,900.00 0.00 NA 1.12 450.00 0.00 NA 0.21 2,100.00 1.11 620.00 0.70 666.67 1.74 411.11 NA NA 15.56 100.00 1.79 280.00 NA NA 1.79 466.67 3.05 203.17

88.73 90.25 93.34 112.59 96.35 60.41 74.61 34.25 76.09 65.59 28.13 73.68 88.89 57.78 45.76 118.75 387.50 58.82 105.26 60.00 85.39

PROFITABILITY ROA ROE

1.01 0.63 1.51 1.17 1.09 2.74 2.10 1.48 -0.07 0.72 0.00 0.88 0.97 1.59 2.89 -1.81 9.59 2.05 17.92 1.93 1.22

10.19 4.66 23.56 13.36 17.48 23.06 20.82 5.56 -1.53 8.42 0.00 9.09 10.29 16.67 13.04 -8.06 12.70 14.29 18.65 8.33 10.79

Source: Moody’s

August 2005 LATINFINANCE 37

Nicaragua BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size TOTAL ASSETS

1 2 3 4 5 6

De la Produccion De Credito Centroamericano De America Central De Finanzas Uno Banistmo Nicaragua 1 TOTAL BANKING SYSTEM

673.89 565.88 402.13 330.28 223.08 10.99 2,206.30

GROSS LOANS

262.75 239.06 253.63 139.85 102.24 NA 997.50

OVERDUE LOANS

LOAN LOSS RESERVES

DEPOSITS

EQUITY

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

3.47 5.85 5.88 2.08 5.19 NA 22.50

8.28 12.31 11.31 3.16 6.00 NA 41.10

573.59 463.41 321.61 275.02 181.93 NA 1,815.60

49.01 43.94 39.96 24.97 22.54 NA 180.00

30.50 25.60 18.20 15.00 10.10 0.50 100.00

26.60 23.90 25.40 14.10 10.00 NA 100.00

31.60 25.50 17.70 15.10 10.00 NA 100.00

Exchange rate for balance sheet data: 16.33 cordobas/US$ Exchange rate for income statement: 15.94 cordobas/US$ No data available for Banco de B. Caley Dagnall. 1 Data for Banistmo Nicaragua is preliminary. Net Interest Income = Int. Income - Int. Expenses - Prov.

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

Panama BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

Primer Banco del Istmo Nacional de Panama Bladex General Continental de Panama BNP Paribas HSBC (Panama) Caja de Ahorros Bancolombia (Panama) Bilbao Vizcaya Argentaria (Panama) Global Bank Corporation Internacional de Costa Rica BAC International Bank Cuscatlán de Panama Multicredit Bank Citibank GTC Bank Atlántico Uno The Bank of Nova Scotia Popular ES Bank (Panama), S.A. BCT Bank International Aliado Dresdner Bank Lateinamerika A.G. Credicorp

Net Interest Income = Int. Income - Int. Expenses - Prov.

38 LATINFINANCE August 2005

TOTAL ASSETS

GROSS LOANS

4,487.24 3,143.07 2,744.89 2,593.91 2,202.40 1,835.57 1,217.22 1,096.29 921.17 896.21 811.29 660.86 647.57 624.95 574.99 514.99 445.47 440.58 416.59 408.64 399.20 389.05 367.66 363.74 348.11 325.72

2,136.36 2,073.62 2,441.69 1,524.78 1,435.21 708.95 756.55 738.25 681.63 829.09 488.40 373.76 262.18 369.49 338.03 258.79 249.49 294.67 322.33 368.26 264.53 364.29 333.59 192.86 6.78 202.70

EOA = Equity/Assets

OVERDUE LOANS

EOGL = Equity/Gross Loans

-

LOAN LOSS RESERVES

DEPOSITS

EQUITY

34.74 91.50 106.35 38.54 27.47 16.12 13.52 46.35 37.96 13.13 12.07 5.65 3.43 6.29 7.56 6.12 2.31 5.68 8.02 0.22 5.56 3.64 2.87 2.62 0.10 4.05

2,586.44 2,479.59 864.16 2,090.99 1,334.56 1,790.21 1,019.94 671.85 728.24 702.14 580.13 480.31 324.93 477.91 461.20 470.51 353.12 379.03 331.99 331.38 339.33 67.92 329.68 301.60 330.32 278.86

575.15 500.00 661.12 315.07 233.59 18.85 156.46 128.98 107.16 165.07 83.66 78.11 297.22 57.34 60.48 23.56 38.56 51.88 51.65 11.50 32.80 34.38 29.98 35.17 15.00 35.55

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 13.55 9.49 8.29 7.83 6.65 5.54 3.68 3.31 2.78 2.71 2.45 2.00 1.96 1.89 1.74 1.56 1.35 1.33 1.26 1.23 1.21 1.18 1.11 1.10 1.05 0.98

10.69 10.38 12.22 7.63 7.18 3.55 3.79 3.69 3.41 4.15 2.44 1.87 1.31 1.85 1.69 1.30 1.25 1.47 1.61 1.84 1.32 1.82 1.67 0.97 0.03 1.01

OLOGL = Overdue Loans/Gross Loans

11.11 10.65 3.71 8.98 5.73 7.69 4.38 2.89 3.13 3.02 2.49 2.06 1.40 2.05 1.98 2.02 1.52 1.63 1.43 1.42 1.46 0.29 1.42 1.30 1.42 1.20

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

37.56 29.71 43.45 27.56 29.64 NA 167.90

13.87 16.77 13.91 9.57 9.64 NA 63.80

OPERATING EXPENSES

OPERATING RESULTS

34.40 29.57 30.65 25.44 29.53 NA 149.60

17.03 16.91 26.71 11.70 9.76 NA 82.10

NET EARNINGS

13.84 11.24 20.24 7.53 7.12 NA 60.00

CAPITAL ADEQUACY EOA EOGL

7.30 7.80 9.90 7.60 10.10 NA 8.20

18.70 18.40 15.80 17.90 22.10 NA 18.10

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

PROFITABILITY ROA ROE

44.40 48.90 75.30 49.70 52.90 NA 52.70

2.10 2.00 5.00 2.30 3.20 NA 2.70

1.30 2.40 2.30 1.50 5.10 NA 2.30

238.60 210.20 192.20 151.60 115.50 NA 182.60

66.90 63.60 53.40 68.50 75.20 NA 64.60

28.30 25.60 50.60 30.20 31.60 NA 33.20

Source: PCR

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME 141.59 128.63 37.21 79.58 54.44 8.98 16.25 36.17 NA 35.53 16.05 13.63 7.47 NA 15.51 20.14 9.60 10.94 33.92 10.97 9.51 1.91 3.91 5.76 NA 7.91

66.88 15.47 8.91 42.52 25.80 24.09 10.18 24.88 0.00 16.36 25.96 9.07 90.17 0.00 6.49 19.13 1.76 11.91 23.42 0.84 6.61 1.48 5.25 4.28 0.00 6.12

EOGL = Equity/Gross Loans

OPERATING EXPENSES

OPERATING RESULTS

131.02 30.57 30.85 66.67 59.98 26.31 7.64 41.52 0.00 13.60 28.27 8.66 7.83 0.00 27.83 4.41 14.59 17.08 16.35 5.94 15.39 7.96 18.65 11.52 0.00 10.57

77.45 113.52 15.27 55.42 20.26 6.76 18.78 19.53 0.00 38.29 13.74 14.04 89.82 0.00 -5.82 34.87 -3.24 5.77 40.99 5.87 0.74 -4.56 -9.49 -1.48 0.00 3.45

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

NET EARNINGS 106.69 53.20 135.42 58.81 25.82 6.46 6.73 -4.61 0.00 21.03 12.37 4.98 87.80 0.00 4.65 12.75 6.25 7.89 11.85 6.89 11.15 1.76 4.98 4.92 0.00 3.81

CAPITAL ADEQUACY EOA EOGL 12.82 15.91 24.09 12.15 10.61 1.03 12.85 11.77 11.63 18.42 10.31 11.82 45.90 9.18 10.52 4.57 8.66 11.78 12.40 2.81 8.22 8.84 8.15 9.67 4.31 10.91

26.92 24.11 27.08 20.66 16.28 2.66 20.68 17.47 15.72 19.91 17.13 20.90 113.36 15.52 17.89 9.10 15.46 17.61 16.02 3.12 12.40 9.44 8.99 18.24 221.24 17.54

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI 81.26 79.94 270.24 71.08 105.48 38.70 72.85 102.98 88.39 116.21 82.11 76.64 79.63 76.00 71.65 53.70 70.00 76.24 94.67 111.06 76.32 530.99 100.32 63.08 2.02 71.24

-

-

62.85 21.21 66.89 54.60 74.75 79.56 28.91 68.01 NA 26.21 67.29 38.15 8.02 NA 126.50 11.23 128.43 74.75 28.51 50.30 95.47 234.81 203.60 114.74 NA 75.34

PROFITABILITY ROA ROE 2.38 1.69 4.93 2.27 1.17 0.35 0.55 -0.42 0.00 2.35 1.52 0.75 13.56 0.00 0.81 2.48 1.40 1.79 2.84 1.69 2.79 0.45 1.35 1.35 0.00 1.17

18.55 10.64 20.48 18.67 11.05 34.27 4.30 -3.57 0.00 12.74 14.79 6.38 29.54 0.00 7.69 54.12 16.21 15.21 22.94 59.91 33.99 5.12 16.61 13.99 0.00 10.72

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 39

Panama BALANCE SHEET DATA (Millions of US$)

Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63

TOTAL ASSETS

GROSS LOANS

De Occidente 301.06 De Crédito del Perú 293.38 Towerbank International 281.48 Do Brasil 264.67 Korea Exchange Bank, Limited 249.67 Banesco Banco Universal 238.64 Agrícola. 199.12 Alemán Platina 177.81 De la Provincia de Buenos Aires 175.90 St. George Bank 175.29 Bancafé 175.01 Trasatlántico 156.41 Panameño de la Vivienda 153.17 GNB Sudameris Bank 143.58 De Crédito Helm Financial Services 121.60 BAC Bank 113.51 De la Nación Argentina 102.76 Leumi-le Israel, B.M. 97.01 Santander 93.18 Banex International Bank Corp. 83.73 Universal 75.00 Del Pacífico 72.27 Sudamericano. 69.83 Del Centro 59.88 Metrobank 58.90 International Union 51.51 Austrobank Overseas 46.16 Bank of China 45.90 De Finanzas 35.48 MMG Bank Corporation 32.57 Blubank 21.76 Atlantic Security 20.83 Stanford 16.34 Bancafé (Lic. Internacional) 15.07 Mi Banco. 13.68 The International Commercial Bank of China Sudameris TOTAL BANKING SYSTEM 33,110.00

7.20 271.77 152.39 11.28 205.31 14.48 129.46 107.43 114.58 102.24 122.75 51.65 98.14 9.01 49.58 42.02 92.92 90.93 6.74 37.39 53.96 31.12 9.97 4.49 31.70 6.83 18.67 22.02 1.93 8.90 20.75 18.91 0.00 8.55 9.34 19,981.00

OVERDUE LOANS -

LOAN LOSS RESERVES 0.36 2.72 2.10 0.11 0.52 5.58 1.33 2.18 1.00 1.21 5.09 2.00 1.08 0.27 0.90 1.01 0.00 2.57 0.07 0.38 1.19 0.31 0.00 0.18 0.57 0.00 0.41 156.41 0.19 0.00 0.00 0.00 0.00 1.21 0.38 693.00

DEPOSITS

EQUITY

279.20 20.32 285.19 5.65 210.11 36.54 108.26 22.36 218.71 28.20 163.57 74.32 162.56 28.39 143.95 30.73 16.30 158.76 158.04 13.23 132.89 30.68 133.51 18.27 129.67 13.47 135.65 7.36 113.15 4.95 100.14 10.32 0.25 10.78 83.67 10.62 51.30 13.18 74.56 7.94 55.20 11.41 65.68 5.89 65.91 3.47 41.60 16.97 43.10 10.83 38.66 6.16 29.44 6.21 35.09 10.27 28.46 3.29 20.66 11.67 17.33 3.80 16.52 3.81 0.75 15.43 6.06 8.94 8.80 4.16 23,280.00 4,467.00

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE 0.91 0.89 0.85 0.80 0.75 0.72 0.60 0.54 0.53 0.53 0.53 0.47 0.46 0.43 0.37 0.34 0.31 0.29 0.28 0.25 0.23 0.22 0.21 0.18 0.18 0.16 0.14 0.14 0.11 0.10 0.07 0.06 0.05 0.05 0.04 NA NA 100.00

0.04 1.36 0.76 0.06 1.03 0.07 0.65 0.54 0.57 0.51 0.61 0.26 0.49 0.05 0.25 0.21 0.47 0.46 0.03 0.19 0.27 0.16 0.05 0.02 0.16 0.03 0.09 0.11 0.01 0.04 0.10 0.09 0.00 0.04 0.05 0.00 0.00 100.00

Original data in US dollars No data available for the following banks: Banco Panamericano, Banco LLoyds TSB, Unibanca, Wall Street, Mizuho Corporate, Cathay Internacional, Union Bancaire Privee. Net Interest Income = Int. Income - Int. Expenses - Prov.

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

Need this data in a spreadsheet...? 40 LATINFINANCE August 2005

1.20 1.23 0.90 0.47 0.94 0.70 0.70 0.62 0.07 0.68 0.57 0.57 0.56 0.58 0.49 0.43 0.00 0.36 0.22 0.32 0.24 0.28 0.28 0.18 0.19 0.17 0.13 0.15 0.12 0.09 0.07 0.07 0.00 0.03 0.04 NA NA 100.00

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME 1.97 2.58 9.85 1.52 5.95 8.34 3.73 7.61 1.29 0.83 6.59 1.94 4.12 NA 1.97 2.35 1.86 1.77 0.60 1.12 3.03 0.56 0.17 0.95 2.35 0.14 0.58 0.96 0.48 1.29 1.67 0.65 0.03 2.06 NA 4.87 0.71 792.00

3.22 0.07 2.15 1.38 14.26 33.06 0.31 0.17 29.92 0.20 4.75 2.47 0.81 0.00 0.96 0.24 0.00 0.76 1.48 0.79 2.41 0.73 0.13 8.21 1.12 1.24 1.19 0.36 0.52 0.30 0.00 2.98 0.16 0.06 0.00 1.86 13.10 579.00

OPERATING EXPENSES 7.11 0.00 6.30 3.87 3.58 2.87 5.36 5.98 4.72 1.79 4.11 6.03 4.96 0.00 2.13 2.75 5.11 3.47 0.94 3.50 2.31 3.00 2.23 0.78 2.02 1.54 1.35 0.40 2.69 0.54 0.35 0.77 0.00 0.28 0.00 2.54 1.23 700.00

OPERATING RESULTS -1.92 2.65 5.70 -0.98 16.63 38.53 -1.31 1.80 26.49 -0.76 7.23 -1.62 -0.03 0.00 0.81 -0.16 -3.25 -0.94 1.15 -1.60 3.12 -1.71 -1.93 8.38 1.44 -0.17 0.42 0.93 -1.69 1.05 1.32 2.86 0.19 1.83 0.00 4.19 12.58 671.00

NET EARNINGS 3.30 1.08 4.65 0.94 18.60 22.06 3.31 5.70 12.87 0.43 1.06 2.40 1.33 0.00 0.84 0.20 1.39 0.31 0.11 1.10 1.22 0.35 0.05 2.60 0.70 -0.57 0.97 0.21 0.06 0.83 0.80 0.81 -0.54 2.12 0.00 3.04 4.43 690.00

CAPITAL ADEQUACY EOA EOGL 6.75 1.93 12.98 8.45 11.29 31.14 14.26 17.28 90.26 7.55 17.53 11.68 8.79 5.13 4.07 9.09 10.49 10.95 14.14 9.48 15.21 8.15 4.97 28.34 18.39 11.96 13.45 22.37 9.27 35.83 17.46 18.29 94.43 59.32 30.41 NA NA 13.50

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

282.22 2.45 2.08 94.34 23.98 71.53 198.23 10.32 13.74 93.64 513.26 5.44 21.93 78.82 28.60 73.12 138.56 696.81 12.94 63.93 24.99 88.54 35.37 37.19 13.73 74.85 81.69 6.44 9.98 43.02 24.56 40.95 11.60 37,168.00 11.68 105.61 195.55 13.00 21.24 49.64 21.15 95.60 18.93 46.91 34.80 15.13 377.95 10.36 34.16 72.23 90.19 17.67 33.26 62.02 46.64 -382.99 170.47 6.11 131.12 43.08 18.31 119.73 20.15 114.47 NA 0.00 104.56 121.12 44.54 101.82 NA NA NA NA 22.40 82.80

-

-

136.99 0.00 52.50 133.45 17.71 6.93 132.67 76.86 15.12 173.79 36.24 136.73 100.61 NA 72.70 106.18 274.73 137.15 45.19 183.25 42.46 232.56 743.33 8.52 58.21 111.59 76.27 30.30 269.00 33.96 20.96 21.21 0.00 13.21 NA 37.74 8.91 51.00

PROFITABILITY ROA ROE 1.10 0.37 1.65 0.36 7.45 9.24 1.66 3.21 7.32 0.25 0.61 1.53 0.87 0.00 0.69 0.18 1.35 0.32 0.12 1.31 1.63 0.48 0.07 4.34 1.19 -1.11 2.10 0.46 0.17 2.55 3.68 3.89 -3.30 14.07 0.00 NA NA 2.10

16.24 19.12 12.73 4.20 65.96 29.68 11.66 18.55 8.11 3.25 3.46 13.14 9.87 0.00 16.97 1.94 12.89 2.92 0.83 13.85 10.69 5.94 1.44 15.32 6.46 -9.25 15.62 2.04 1.82 7.11 21.05 21.26 -3.50 23.71 0.00 NA NA 15.50

Source: PCR EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

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August 2005 LATINFINANCE 41

Paraguay Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Interbanco ABN Amro BBVA Nacional Lloyds TSB Bank Citibank Sudameris Continental Regional Integración Amambay Do Brasil De la Nación Argentina Chinatrust Commercial Bank TOTAL BANKING SYSTEM

BALANCE SHEET DATA (Millions of US$) TOTAL ASSETS

GROSS LOANS

332.02 314.18 299.25 233.76 193.07 179.57 161.99 124.63 124.53 66.53 53.63 51.75 33.86 7.81 2,176.58

167.85 188.31 174.16 102.55 114.27 99.34 81.45 78.17 77.95 34.35 17.22 22.86 17.93 3.59 1,180.00

OVERDUE LOANS

4.37 9.76 1.83 43.76 7.18 8.75 5.94 2.79 0.81 1.00 1.25 0.65 1.78 1.39 91.26

LOAN LOSS RESERVES

5.10 13.84 6.11 21.09 4.35 7.47 5.79 1.61 1.21 0.81 1.04 0.45 1.12 0.65 70.64

DEPOSITS

EQUITY

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

294.20 266.10 258.75 177.77 164.16 144.09 125.21 110.67 102.65 55.93 45.93 42.28 27.15 1.81 1,816.69

26.55 34.92 32.68 18.85 21.06 25.30 24.04 11.82 9.70 8.60 6.49 8.96 5.25 2.76 236.99

15.25 14.43 13.75 10.74 8.87 8.25 7.44 5.73 5.72 3.06 2.46 2.38 1.56 0.36 100.00

15.02 16.40 15.83 5.40 9.84 8.32 6.93 6.92 7.09 3.06 1.47 2.04 1.48 0.20 100.00

16.19 14.65 14.24 9.79 9.04 7.93 6.89 6.09 5.65 3.08 2.53 2.33 1.49 0.10 100.00

Exchange rate for balance sheet data: 6,240 guaranies/US$ Exchange rate for income statement: 5,970.1 guaranies/US$

Peru Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

De Crédito del Perú Continental Wiese Sudameris Nacion Interbank Citibank Sudamericano Interamericano de Finanzas Financiero BankBoston Del Trabajo Mibanco De Comercio Standard Chartered Agrobanco BNP Paribas Andes TOTAL BANKING SYSTEM

BALANCE SHEET DATA (Millions of US$) TOTAL ASSETS

GROSS LOANS

OVERDUE LOANS

6,005.07 4,204.34 3,174.55 2,590.60 1,767.77 755.82 617.50 554.81 545.55 349.45 323.31 162.65 149.08 53.64 34.69 16.77 21,305.61

3,206.70 2,187.94 1,558.84 1,569.28 1,080.08 404.27 475.69 399.26 342.08 298.43 269.83 128.36 83.57 25.53 13.52 2.43 12,045.79

61.31 3.65 63.87 25.17 5.70 8.16 8.23 4.56 9.75 2.97 10.57 4.27 0.66 0.21 0.00 0.00 209.09

LOAN LOSS RESERVES

DEPOSITS

EQUITY

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

212.04 137.49 148.26 58.94 82.49 16.10 28.39 32.66 24.03 6.60 13.34 6.40 6.12 3.00 0.17 0.10 776.13

4,544.43 3,507.48 2,264.84 1,510.89 1,327.08 368.19 334.55 384.72 296.92 195.39 201.27 86.00 123.78 20.11 0.00 4.04 15,169.69

737.05 399.84 266.23 341.38 148.75 127.50 52.72 38.52 78.40 39.93 36.61 37.15 16.73 23.54 34.30 9.66 2,388.27

28.19 19.73 14.90 12.16 8.30 3.55 2.90 2.60 2.56 1.64 1.52 0.76 0.70 0.25 0.16 0.08 100.00

26.57 18.45 12.63 13.05 9.08 3.35 3.95 3.33 2.81 2.50 2.19 1.05 0.70 0.21 0.11 0.02 100.00

Exchange rate for balance sheet data: 3.28 Nuevos Soles/US$ Exchange rate for income statement: 3.41 Nuevo Soles/US$ Net Interest Income = Int. Income - Int. Expenses - Prov.

42 LATINFINANCE August 2005

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits OLOGL = Overdue Loans/Gross Loans

29.96 23.12 14.93 9.96 8.75 2.43 2.21 2.54 1.96 1.29 1.33 0.57 0.82 0.13 0.00 0.03 100.00

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

15.15 14.19 15.06 13.23 9.39 11.30 3.55 6.77 6.79 4.32 1.24 0.98 1.21 0.12 103.28

7.03 6.91 3.60 5.03 3.33 3.80 4.77 2.21 1.68 1.40 2.88 1.07 0.55 0.15 44.41

OPERATING EXPENSES

OPERATING RESULTS

NET EARNINGS

14.24 13.23 5.48 17.62 9.89 11.13 9.00 5.89 5.11 4.05 3.21 3.26 2.00 1.23 105.34

7.94 7.87 13.18 0.64 2.83 3.97 -0.69 3.09 3.37 1.67 0.91 -1.21 -0.24 -0.96 42.35

6.63 7.91 10.69 1.24 2.70 2.45 0.26 3.03 2.70 1.62 0.97 -1.27 0.10 -0.85 38.17

CAPITAL ADEQUACY EOA EOGL

8.00 11.12 10.92 8.06 10.91 14.09 14.84 9.49 7.79 12.92 12.10 17.31 15.50 35.39 10.89

15.82 18.54 18.76 18.38 18.43 25.47 29.52 15.13 12.45 25.03 37.69 39.18 29.27 76.98 20.08

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

55.32 65.57 64.95 45.82 66.96 63.76 60.43 69.17 74.76 59.97 35.23 53.02 61.93 162.95 61.06

2.60 5.18 1.05 42.67 6.28 8.81 7.30 3.57 1.04 2.92 7.24 2.83 9.92 38.72 7.73

116.77 141.79 333.10 48.20 60.69 85.45 97.40 57.79 148.67 80.65 83.13 69.42 62.91 46.56 77.41

64.21 62.71 29.36 96.48 77.78 73.73 108.31 65.57 60.27 70.83 77.93 159.20 113.91 NA 71.33

PROFITABILITY ROA ROE

2.00 2.52 3.57 0.53 1.40 1.36 0.16 2.43 2.17 2.43 1.81 NA 0.30 NA 1.75

24.97 22.66 32.72 6.59 12.80 9.67 1.10 25.60 27.87 18.79 14.92 NA 1.95 NA 16.11

Source: Progeso

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

297.47 172.66 130.92 113.72 79.74 42.50 25.02 22.00 21.76 13.19 59.34 36.20 3.31 -2.29 1.27 0.35 1,017.15

181.57 79.28 61.50 94.57 52.65 12.61 13.47 10.08 8.89 3.60 7.33 0.59 0.69 0.54 1.02 1.20 529.61

OPERATING EXPENSES

264.01 121.84 132.50 141.66 87.82 32.81 28.69 21.58 18.38 11.36 52.76 23.80 2.90 2.33 2.79 0.91 946.15

OPERATING RESULTS

NET EARNINGS

215.03 130.11 59.91 66.63 44.57 22.30 9.79 10.50 12.27 5.43 13.91 12.99 1.10 -4.07 -0.50 0.64 600.61

93.67 68.48 2.92 34.30 19.32 10.53 2.56 2.60 4.56 1.50 10.55 7.52 0.87 -6.46 -1.88 -0.40 250.63

CAPITAL ADEQUACY EOA EOGL

12.27 9.51 8.39 13.18 8.41 16.87 8.54 6.94 14.37 11.43 11.32 22.84 11.22 43.89 98.86 57.58 11.21

22.98 18.27 17.08 21.75 13.77 31.54 11.08 9.65 22.92 13.38 13.57 28.94 20.02 92.22 253.74 397.67 19.83

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

65.90 58.46 62.28 99.96 75.17 105.43 133.70 95.29 107.11 149.36 127.43 141.82 62.57 112.03 NA 57.69 74.29

1.91 345.85 0.17 3,765.69 4.10 232.13 1.60 234.14 0.53 1,446.92 2.02 197.40 1.73 344.90 1.14 716.16 2.85 246.41 1.00 221.87 3.92 126.25 3.33 149.89 0.79 928.12 NA NA NA NA NA NA 1.74 371.19

55.11 48.36 68.86 68.01 66.34 59.53 74.56 67.27 59.98 67.68 79.14 64.70 72.42 -133.55 121.70 58.97 61.17

PROFITABILITY ROA ROE

1.56 1.63 0.09 1.32 1.09 1.39 0.41 0.47 0.84 0.43 3.26 4.62 0.59 -12.04 -5.41 -2.40 1.18

12.71 17.13 1.10 10.05 12.99 8.26 4.85 6.75 5.81 3.75 28.82 20.23 5.23 -27.43 -5.48 -4.17 10.49 Source: PCR

EOGL = Equit/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

August 2005 LATINFINANCE 43

Uruguay Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 2

De la Republica Oriental del Uruguay Hipotecario del Uruguay ABN AMRO Nuevo Banco Comercial BankBoston Santander A.C.A.C. Bilbao Vizcaya Argentina Discount Bank Citibank Lloyds TSB Bank HSBC Bank Surinvest De la Nacion Argentina Itau - BBA TOTAL BANKING SYSTEM

BALANCE SHEET DATA (Millions of US$) TOTAL ASSETS

GROSS LOANS

4,755.36 1,293.77 1,175.66 955.14 670.15 562.12 474.66 453.77 369.19 278.27 187.56 106.88 95.50 35.21 9.82 11,423.06

2,951.80 731.80 555.47 526.02 360.81 434.27 273.65 315.26 52.97 175.80 153.63 85.18 48.49 13.73 0.47 6,679.35

OVERDUE LOANS1

LOAN LOSS RESERVES

DEPOSITS

EQUITY

99.58 482.25 9.50 41.26 20.86 20.76 15.46 5.59 2.25 16.19 1.64 4.22 9.51 0.02 0.00 729.09

82.77 144.90 14.75 73.61 27.04 16.69 25.51 11.62 4.91 17.80 2.74 5.76 5.42 1.33 0.00 434.85

4,255.99 1,151.56 1,049.73 730.37 605.85 525.79 438.01 389.96 336.10 249.66 168.12 93.54 89.04 22.44 0.00 10,106.16

323.70 104.52 89.51 168.11 45.23 29.13 22.26 54.49 29.41 17.69 16.05 11.52 5.07 12.37 9.75 938.81

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

41.63 11.33 10.29 8.36 5.87 4.92 4.16 3.97 3.23 2.44 1.64 0.94 0.84 0.31 0.09 100.00

47.93 4.19 9.18 8.15 5.71 6.95 4.34 5.20 0.85 2.68 2.55 1.36 0.66 0.23 0.01 100.00

Past due loans Net Other Income

Net Interest Income = Int. Income - Int. Expenses - Prov.

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

Need this data in a spreadsheet...?

44 LATINFINANCE August 2005

42.11 11.39 10.39 7.23 5.99 5.20 4.33 3.86 3.33 2.47 1.66 0.93 0.88 0.22 0.00 100.00

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME2

183.01 61.58 39.25 51.60 30.82 19.20 24.21 17.60 8.55 16.76 5.84 1.52 3.48 1.56 0.86 465.84

-91.61 61.81 4.57 -9.02 -1.65 0.30 12.25 1.36 1.07 4.09 1.69 -0.05 0.60 2.11 -0.50 -12.98

OPERATING EXPENSES

OPERATING RESULTS

NET EARNINGS

145.34 32.45 41.03 52.14 30.50 19.13 27.68 16.60 13.05 19.17 7.90 4.59 4.75 1.73 0.45 416.51

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0.00

24.09 82.09 -0.48 10.57 -4.72 -14.56 5.36 -4.15 -1.72 2.01 -1.68 -1.28 -1.54 1.25 -1.09 94.15

CAPITAL ADEQUACY EOA EOGL

6.81 8.08 7.61 17.60 6.75 5.18 4.69 12.01 7.97 6.36 8.56 10.78 5.31 35.13 99.29 8.22

10.97 14.28 16.11 31.96 12.54 6.71 8.13 17.28 55.52 10.06 10.45 13.52 10.46 90.09 2,074.47 14.06

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

67.41 50.97 51.51 61.94 55.09 79.42 56.65 77.86 14.30 63.29 89.75 84.90 48.37 55.26 NA 61.79

3.37 83.12 65.90 30.05 1.71 155.26 7.84 178.41 5.78 129.63 4.78 80.39 5.65 165.01 1.77 207.87 4.25 218.22 9.21 109.94 1.07 167.07 4.95 136.49 19.61 56.99 0.15 6,650.00 0.00 NA 10.92 59.64

159.02 26.30 93.63 122.45 104.56 98.10 75.92 87.55 135.65 91.94 104.91 312.24 116.42 47.14 125.00 91.97

PROFITABILITY ROA ROE

0.51 6.35 -0.04 1.11 -0.70 -2.59 1.13 -0.91 -0.47 0.72 -0.90 -1.20 -1.61 3.55 -11.10 0.82

7.44 78.54 -0.54 6.29 -10.44 -49.98 24.08 -7.62 -5.85 11.36 -10.47 -11.11 -30.37 10.11 -11.18 10.03

Source: Moody’s

EOL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

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August 2005 LATINFINANCE 45

Venezuela Main Financial Indicators as of 12/31/2004 Banks Ranked by Asset Size

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

1

BALANCE SHEET DATA (Millions of US$) TOTAL ASSETS

GROSS LOANS1

De Venezuela, S.A. Grupo Santander 4,372.68 Mercantil, C.A., Banco Universal 4,186.48 BBVA Banco Provincial 4,043.68 Banesco Banco Universal 3,994.69 Occidental de Descuento 1,984.25 Industrial de Venezuela 1,307.21 Exterior, C.A., Banco Universal 802.95 Del Caribe, S.A., Banco Universal 794.47 Venezolano de Credito, S.A., Banco Universal 780.11 Federal 674.67 CorpBanca, C.A., Banco Universal 666.87 Citibank 589.33 Fondo Comun, C.A., Banco Universal 514.25 Caroni, C.A., Banco Universal 490.38 De Fomento Los Andes 458.09 Canarias de Venezuela 441.37 Guayana 417.68 Del Sur, Banco Universal 402.31 De Fomento Regional Coro 384.85 Central, Banco Universal 302.23 Bolivar 259.84 Nacional de Credito 222.74 Plaza 216.96 Sofitasa Banco Universal 216.79 Provivienda, Banco Universal 160.77 Banvalor Banco Comercial 143.26 Totalbank, C.A., Banco Comercial 120.30 Confederado 97.71 ABN Amro 82.44 Nuevo Mundo Banco Comercial 73.73 Inverunion Banco Comercial 58.16 Helm Bank 31.99 Galicia de Venezuela 28.89 De la Gente Emprendedora 17.25 TOTAL BANKING SYSTEM 29,339.38

1,867.51 1,880.66 1,534.34 1,094.02 991.15 167.03 623.54 523.73 380.77 158.55 269.97 263.02 194.32 95.16 92.03 291.78 99.22 53.59 91.45 119.60 169.21 108.14 161.56 85.31 77.29 5.82 14.04 5.95 43.82 23.99 3.15 14.82 5.99 12.86 11,523.39

OVERDUE LOANS

LOAN LOSS RESERVES

21.99 29.13 14.96 57.33 24.39 83.16 1.20 2.83 3.75 6.76 8.69 9.73 8.84 6.43 4.03 6.53 2.64 2.24 4.25 8.09 2.84 0.16 0.53 3.52 5.85 0.02 0.06 0.19 6.52 0.75 0.01 0.00 0.06 0.17 327.65

29.61 62.51 45.84 48.20 41.80 54.24 7.85 17.64 6.36 14.84 7.27 11.97 6.78 8.83 5.58 10.64 3.67 3.03 5.08 9.39 4.45 1.72 4.58 5.42 2.95 0.08 0.31 0.42 3.21 0.87 0.20 0.64 0.08 0.46 426.52

DEPOSITS

3,629.38 3,393.62 3,222.19 3,357.05 1,127.12 983.71 649.76 617.84 579.37 572.23 474.25 412.32 418.81 333.38 372.67 263.35 339.25 318.23 296.73 235.88 205.60 181.14 168.16 181.04 107.20 123.02 87.66 68.06 41.52 39.15 26.83 20.32 12.85 3.95 22,863.64

EQUITY

509.05 531.01 467.52 499.20 230.19 139.85 105.98 107.92 100.41 79.58 125.55 103.25 69.32 66.54 52.25 52.42 35.33 58.98 47.31 31.19 34.98 30.56 29.35 25.93 26.14 17.33 19.66 14.01 13.00 8.87 17.71 5.71 5.39 3.68 3,665.17

SIZE INDICATORS (%) ASSETS NET LOANS DEPOSITS MARKET MARKET MARKET SHARE SHARE SHARE

14.90 14.27 13.78 13.62 6.76 4.46 2.74 2.71 2.66 2.30 2.27 2.01 1.75 1.67 1.56 1.50 1.42 1.37 1.31 1.03 0.89 0.76 0.74 0.74 0.55 0.49 0.41 0.33 0.28 0.25 0.20 0.11 0.10 0.06 100.00

16.48 16.54 13.57 9.26 8.64 0.75 5.56 4.65 3.37 1.36 2.33 2.26 1.66 0.79 0.79 2.55 0.86 0.46 0.78 1.00 1.49 0.96 1.44 0.73 0.64 0.05 0.12 0.05 0.33 0.21 0.03 0.13 0.05 0.11 100.00

Gross loans and leases

Net Interest Income = Int. Income - Int. Expenses - Prov.

EOA = Equity/Assets

EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

Need this data in a spreadsheet...?

46 LATINFINANCE August 2005

15.87 14.84 14.09 14.68 4.93 4.30 2.84 2.70 2.53 2.50 2.07 1.80 1.83 1.46 1.63 1.15 1.48 1.39 1.30 1.03 0.90 0.79 0.74 0.79 0.47 0.54 0.38 0.30 0.18 0.17 0.12 0.09 0.06 0.02 100.00

INCOME STATEMENT (Millions of US$) NET INTEREST NON-INTEREST INCOME INCOME

326.42 333.71 337.59 257.29 189.59 60.38 99.69 82.02 68.74 44.59 74.51 70.66 73.65 29.70 30.60 50.37 27.25 28.69 20.88 27.23 23.01 11.86 22.46 21.78 13.97 2.60 2.04 6.49 5.82 3.65 2.88 3.05 1.10 3.41 2,357.68

-2.69 -18.45 -7.43 -38.33 -31.05 1.48 -3.14 -2.76 -2.56 -0.48 -10.07 1.44 -5.30 0.89 -1.42 1.71 -0.35 -3.11 -0.24 -0.25 -0.17 0.42 0.52 0.52 -0.17 0.00 1.53 -0.21 0.22 0.46 0.09 -0.25 0.00 -0.03 -119.18

OPERATING EXPENSES

247.08 281.90 268.73 251.53 136.02 136.17 48.06 78.15 47.04 42.61 62.81 48.05 73.64 30.34 27.62 26.63 15.95 36.78 15.11 22.20 15.09 11.99 15.63 23.92 16.32 2.92 5.68 7.18 5.91 4.07 3.07 3.00 1.71 3.55 2,016.46

OPERATING RESULTS

214.66 211.14 191.90 237.30 73.59 28.46 65.76 55.34 46.88 14.34 53.31 42.17 29.05 28.44 15.58 16.63 17.53 16.28 12.03 11.04 16.69 7.56 10.76 5.56 6.31 3.21 7.83 6.04 2.17 0.71 1.95 1.40 0.04 1.58 1,453.24

NET EARNINGS

203.55 188.46 188.33 232.11 69.12 26.38 56.77 54.29 41.75 13.63 53.64 40.27 27.61 28.08 12.37 15.85 17.45 15.96 11.99 10.67 16.53 7.47 9.64 5.39 6.13 3.17 7.76 5.99 1.38 0.63 1.93 1.21 0.03 1.54 1,377.08

CAPITAL ADEQUACY EOA EOGL

11.64 12.68 11.56 12.50 11.60 10.70 13.20 13.58 12.87 11.80 18.83 17.52 13.48 13.57 11.41 11.88 8.46 14.66 12.29 10.32 13.46 13.72 13.53 11.96 16.26 12.10 16.34 14.34 15.77 12.03 30.45 17.85 18.66 21.33 12.49

27.26 28.24 30.47 45.63 23.22 83.73 17.00 20.61 26.37 50.19 46.51 39.26 35.67 69.92 56.77 17.97 35.61 110.06 51.73 26.08 20.67 28.26 18.17 30.40 33.82 297.77 140.03 235.46 29.67 36.97 562.22 38.53 89.98 28.62 31.81

FINANCIAL INDICATORS (%) LIQUIDITY ASSET QUALITY EFFICIENCY NLOD OLGL LPOOL OEONI

PROFITABILITY ROA ROE

50.64 53.58 46.20 31.15 84.23 11.47 94.76 81.91 64.62 25.11 55.39 60.89 44.78 25.90 23.20 106.76 28.17 15.89 29.11 46.72 80.14 58.75 93.35 44.13 69.35 4.67 15.66 8.13 97.81 59.05 11.00 69.78 45.99 313.92 48.54

4.66 4.50 4.66 5.81 3.48 2.02 7.07 6.83 5.35 2.02 8.04 6.83 5.37 5.73 2.70 3.59 4.18 3.97 3.12 3.53 6.36 3.35 4.44 2.49 3.81 2.21 6.45 6.13 1.67 0.85 3.32 3.78 0.10 8.93 4.69

1.18 134.65 1.55 214.59 0.98 306.42 5.24 84.07 2.46 171.38 49.79 65.22 0.19 654.17 0.54 623.32 0.98 169.60 4.26 219.53 3.22 83.66 3.70 123.02 4.55 76.70 6.76 137.33 4.38 138.46 2.24 162.94 2.66 139.02 4.18 135.27 4.65 119.53 6.76 116.07 1.68 156.69 0.15 1,075.00 0.33 864.15 4.13 153.98 7.57 50.43 0.34 400.00 0.43 516.67 3.19 221.05 14.88 49.23 3.13 116.00 0.32 2,000.00 0.00 N/A 1.00 133.33 1.32 270.59 2.84 130.18

76.32 89.42 81.39 114.87 85.80 220.13 49.78 98.60 71.08 96.60 97.47 66.64 107.74 99.18 94.65 51.13 59.29 143.78 73.21 82.28 66.07 97.64 68.02 107.26 118.26 112.31 159.10 114.33 97.85 99.03 103.37 107.14 155.45 105.03 90.08

39.99 35.49 40.28 46.50 30.03 18.86 53.57 50.31 41.58 17.13 42.72 39.00 39.83 42.20 23.67 30.24 49.39 27.06 25.34 34.21 47.26 24.44 32.84 20.79 23.45 18.29 39.47 42.76 10.62 7.10 10.90 21.19 0.56 41.85 37.57

Source: Moody’s EOGL = Equity/Gross Loans

NLOD = (Gross Loans - Loan-loss Res.)/Deposits

OLOGL = Overdue Loans/Gross Loans

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Brazil 2005: The Way Forward The 3rd Brazil Investment Forum

PLA CE LIM S ARE APP ITED LY N OW !

Hotel InterContinental • Rio de Janeiro, Brazil 31 August - 1 September 2005 Join the dialogue at this annual high-level, invitation-only summit designed to advance discussion on the opportunities and challenges in Brazil, one of the world's most exciting and dynamic economies. Brazil's traditionally inward-looking economy is becoming more integrated with the global trading and financial systems, and its companies more integrated with global best practices in management, strategy and financing. But many challenges remain. With the active participation of both local and international CXOs, investors, bankers and advisers, you can join your peers, partners and clients to debate how Brazil can: • develop liquid, well-regulated local capital markets to channel local and international capital into productive investment; • disseminate the highest standards of management and corporate governance; • maintain the rapid evolution of the banking and financial system; • attract and retain foreign direct investment to fuel growth and stimulate competition in leading sectors such as oil, agribusiness, energy and telecommunications; and • support long-term growth through infrastructure development. Confirmed participants include: • Bernard Mencier, President, BNP Paribas • Carlos Guimarães, Private Sector Coordinator, Inter-American Development Bank • Sergio Pedreiro, CFO, ALL-Logistica • Maziar Minovi, Emerging Markets Fund Manager, Babson Capital Admission is at no cost but is by invitation only and places are strictly limited. We invite you to apply for an invitation now at www.latinfinance.com/brazil Lead Sponsors:

Co-Lead Sponsor:

For sponsorship information contact Teresa Aguilar at (305) 357-4226 or [email protected]

Apply at www.latinfinance.com/brazil or call +1 (305) 357-4213