Ca And Cgc Columbia Visit July 23-25, 2007

Marketing Visit to THE REPUBLIC OF COLOMBIA by Carlos Avila and Carla G Campos July 23rd through the 25th, 2007

Project and Export Finance Circulation M Lemmon/ P Luketa / J M Bailey / G Sharp / E M Bullen / G Smith / P Lewis S Lippitt / V. Gabrielli/G Von Dem Bussche / M Plumley /A French (PEF London) R Brigard/A Reyes/E Rugeles/ MF Calderon/ P Jiménez/JF López (HSCO) E Striegler / R Barbosa / Ana Baccan (PEF Sao Paulo) C Green/D Gardner (PEF Hong Kong) T Durand / G Pinot de Villechenon/ K Merere(PEF Paris) Y. Nakano (PEF Tokyo) F Mastro (PEF Rome) J Pujol (PEF Madrid) C Avila (Mexico) M Whalen / D Caird/J Brown/ J Kaiser/R Angiuoni / R Tull/ C Elizari (PEF New York)/ F Fiorentini (DCM NY)

Trip Report – Republic of Colombia

TABLE OF CONTENTS COMPANY

PAGE

Petrobras Colombia Limited Cementos Argos, S.A. Servicios Nacional de Chocolates Isagen Codensa Prodeco de Colombia Glencore Colombia

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CA & CGC July 23rd to the 25th, 2007

Trip Report – Republic of Columbia

Company: Address: Date: Client Attendees: HSBC Attendees:

Petrobras Colombia Limited Cra. 7 No. 71-21 Torre B Piso 17, Bogotá, D.C. - Colombia July 23rd, 2007 Fabio Barreto Lourenco, Finance Director and Maria Isabel Vargas, Finance Manager Alejandro Reyes, VP Corporate and Business Banking, Elisa Rugeles, Manager Commercial and Carla G. Campos, PEF New York

Topics Discussed: a.) The Petrobras Group maintains the following companies in Colombia: Petrobras Colombia Limited, Petrobras International Braspetro B.V., Petrobras Combustibles, S.A. and Petrobras Columbia Downstream, S.A. and our meeting with the Petrobras Colombia Finance team was a timely one as they were very pleased with the launching of the new HSBC Colombia (former Banistmo). Main strategy for Petrobras Colombia is to consolidate its main operations and activities in the coming year. Investments in Colombia will exceed US$150mm and may rise to US$700mm in the period of 2008-2011. The company has announced that in 2007 it will start drilling in Bouqueron Profundo and in the Guando Deposit. Further, Petrobras has associated with Ecopetrol with the intention of making progress in bio fuels, now that Colombia has started to produce ethanol based on sugarcane. b.) In Colombia, Petrobras maintains 250 employees under Dirceu Abrahao as the General Manager with four (4) Vice President, all of whom are Brazilians each managing exploration and production, operations and sales, financing and planning and support. F. Lourenco is the Finance Director who advised us that Project or Structured Finance opportunities are managed from head office under Daniel Oliveira responsible for Corporate Finance activities outside Brazil reporting to Zacharias. In the recent years Petrobras has not utilized much by way of Project Finance and ECA structures due to their healthy cashlfow position, a theme echoed by all parts of the Group. In any case, Petrobras head office analizes the overall debt of the group, with holding tax and other legal implications for Project and Structured Financings hence in general Petrobras Colombia will be asked to analyze financing options which will eventually be decided upon at the head office level. c.) Petrobras unfortunately could not come into an agreement after several months with Glencore for the refurbishment and expansion of the Cartagena Refinery. The Project is worth approximately US$1.5 - 2 bil with Glencore winning the 51% concession to develop the refinery while Ecopetrol maintains 49%. Petrobras had lost the bid but was approached by Glencore to enter into a shareholder’s agreement for the management of 51% ownership in the Refinery. d.) After months of extensive discussions between Petrobras and Glencore for the development of the refinery in Cartagena both parties did not come into an agreement to work together. Both parties have been very quiet as to the reasons behind the rupture of the potential Joint Venture. Sources were quoted in the Press alleging that Petrobras wanted as much as 70% of the 51% concession which Glencore had won since they would be providing the technical expertise to develop the refinery but these allegations have been unconfirmed by either party.

Action/Follow-Up:

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a.) A Reyes/E Rugeles to maintain contact with Petrobras Colombia to service operations and cash management needs for the new projects. b.) C Campos to coordinate with E Striegler/R Barbosa to increase dialogue with D Oliveira in Petrobras Rio to discuss any PEF needs the Head Office may have going forward to support the financing needs of its subisidiaries outside Brazil.

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Company: Address: Date: Client Attendees: HSBC Attendees:

Cementos Argos, S.A. (“Argos”) Calle 7D 43 A – 99, Medellin, Colombia July 24th, 2007 Carlos Horacio Yusty, Treasury Manager and Financial Planning and Alejandro Zuluaga, Director of Investments and Debt Maria Fernanda Calderon, HBCO Bogotá Alejandro Reyes, VP Corporate Banking, HBCO Bogotá, Juan Fernando Lopez Mora, HBCO Medellin, Carla G. Campos, PEF- HBUS NY, Federico Fiorentina, DCM Latin America HBUS NY, Carlos Avila PEF, HBMX

Topics Discussed: a.) Our meeting with the Argos Finance team was very productive. We arrived the day after the re-branding and re-naming of Banistmo into HSBC Colombia took place. The news which was given prominent coverage by the press and television all over the country. Argos expressed the desire to seek an overall relationship with a bank vs. one which was on a transactional basis. It was an advantage to have the local Argos GRM from Medellin, Head of Corporate Banking, Debt Capital Markets & Treasury (Bogota and New York) and PEF (Mexico and New York) present for the meeting. It was even more effective that our team presented a joint pitch to finance Argos’ US$350 – 400mm construction of a new cement plant in Cartagena through a combination of an ECA and international bond issuance (combination of COP and USD) which we believe was not the approach taken by our competition. b.) Argos is currently reviewing the company’s financing options to support this project. They have received a total of five (5) proposals for the ECA Financing tranche, ours being the fifth proposal received last Wednesday (July 15th). In addition, the company also received five (5) proposals for a US$200 to 400mm bond tranche which would cover the balance of the Project’s financing needs. Our DCM team will be submitting a more comprehensive bond proposal sometime next week. According to C. Yusty, Argos is more inclined to issue a combination of a COP or US$ Dollar international bond issuance vs. a syndicated loan due to potential tenors of 20 or 30 years tenors which Argos which would be available in the bond market. Our DCM team spent a lot of time reviewing the pros, cons and procedures entailed in such bond issuance. c.) Along with the bond mandate, Argos is considering a 6 month bridge loan of US$100 to150mm to provide financing for the project in advance of financial close. The company is anticipating the funds will be needed for the project the last quarter 2007/ first quarter 2008. Argos is due to award mandates for the bond and ECA financing the last week of August/first week of September. d.) On the EKF Financing tranche, C.Yusty and A Zuluaga were very interested in our proposal utilizing a co-borrower or guarantee structure involving Argos, U.S.A. which could possibly reduce the exposure fee due to the externalization of the risk since the subsidiary’s earnings are denominated in U.S. Dollars. Argos U.S.A. has an 8% market share of the U.S. cement market and has expanded rapidly in the last year, as the growth prospects in construction industry have continued to remain strong. We emphasized our desire, if mandated to work with the company to seek creative financing structures in order to provide them with the most competitive all in costs financing for the ECA tranche.

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e.) EKF has pre-approved USS$150mm Facility in support of exports from FL Schmidth subject to further due diligence and an environmental study. The Nordic Investment Bank (NIB) has also provided Argos with a Letter of Interest (LOI) for financing up to US$50mm for a total of US$200mm through a combination of an ECA and Multilateral tranche with a tenor of up to 14 years. The EKF tranche has a potential all in costs of between 121 b.p. to 140 b.p. over Libor with Argos as Borrower and 86 b.p. to 113 b.p. with a combination of Argos Colombia and U.S.A. as Co-Borrowers or with Argos U.S.A. acting as Guarantor. These costs are inclusive a HSBC fees, margin and EKF exposure fees. e.) EKF will also be visiting the company for due diligence visit earlier in the month which A Zuluaga was preparing for. In addition, Argos is also preparing an Environmental Impact Assessment (EIA) which will be requirement for the EKF approval. Action/Follow-Up: a.) C Avila/C Campos to provide Argos with a copy of EKF’s environmental study or equator principles guidelines in readiness for the EIA which the company will prepare. DONE b.) F Fiorentini/MF Calderon to prepare and submit bond financing proposal next week. c.) A Reyes/JF Lopez to arrange for R Brigard to meet with Argos President and Senior Management to continue to push for both the bond and ECA financing mandate.

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Company: Address: Date: Client Attendees: HSBC Attendees:

Servicios Nacional de Chocolates, S.A. (« SNA ») Carrera 52 No. 2-38, Medellin, Colombia July 24th, 2007 Jorge Hernan Calderion, Director of Liquidity and Short Term Funding Alejandro Reyes, VP Corporate and Business Banking, HBCO Bogotá, Juan Fernando Lopez Mora, Corporate and Business Banking, Medellin, HBCO, Carlos Avila, PEF, HBMX, Carla G. Campos PEF, HBUS

Topics Discussed: a.) Met with J. Hernan Calderon, Director of Liquidity and Funding who is the main contact for commercial banking and cash management business for the Group. Unfortunately, Jose Miguel Moreno who works for Ana Maria Giraldo in charge of all debt financing was unable to join us at the meeting. SNA also known as Grupo Nacional de Chocolates, S.A. (“GNA”) consists of several subisidiaries covering various sectors of the food business such as Meats, Cookies, Chocolates, Coffee, Ice-Cream and Pasta. GNA is present in El Salvador, Honduras, Guatemala, Costa Rica, Panama, Nicaragua, Venezuela, Ecuador, Venezuela and the U.S.A. Ideal for the footprint of HSBC who is present in all these countries with the exception of Ecuador. b.) GNA has strong distribution network 65% in stores, 20% in chain stores and 15% through independent supermarkets. The Company has several plants in Colombia and throughout the region for its various products. GNA sales of COP 2.8 bil in 2006 a 24% rise from the 2005 gross sales and total employees group wide of 19,248. Principal strategic investors in the company are Argos with 11.18% and Suramerican de Inversiones, S.A. with 12.62%. c.) GNA centralizes its decision making when it comes to medium to long term funding needs of the group under the team of Ana Maria Giraldo. J. Hernan manages the cash management needs for the group but each subsidiary in the various countries have autonomy for local operations. GNA’s main banks are Citi and Bancolombia, with the latter being a shareholder of the group, GNA would prefer to identify other banks to provide the service which could be an opportunity for HBCO. Most recent syndicated loan launched by ABN Amro in the market for GNA was done in two (2) tranches, US$45mm and US$47mm with a tenor of 7 years amortizing quarterly. The pricing on this loan was eventually too low for HBCO to participate but we are keeping the dialogue open for new opportunities. d.) GNA currently maintains a capex program of US$100mm (approximately) on an annual basis which represents a very good opportunity for PEF to pitch credit guarantee facilities or one –off buyer credits. We emphasized our expertise in this area and our hopes to set up a separate meeting with A. Giraldo’s team to provide them with alternative ideas on how to finance these capital goods purchases using ECA covered financing structures. e.) GNA has goals to double sales through some planned strategic aquisitions in the area. Management would like to capture commercial synergies among the companies and maintain one common technological platform while at the same time maintaining sound corporate governance initiatives.

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Action/Follow-Up: a.) A. Reyes/J. F. Lopez to maintain contact with GNA and seek a meeting fo C. Avila/CCampos with Ana Maria Giraldo’s team to introduce alternative financing solutions for GNA’s US$100mm annual capex budget. b.) J. F. Lopez to maintain contact for cash management and other commercial banking opportunities with GNA from HBCO Medellin.

Company: Address:

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Isagen Juan Fernando Vásquez Velázquez, Director of Value Development, Maria Cristina Hincapié, Financing Resources 7

Trip Report – Republic of Columbia

Date: Client Attendees: HSBC Attendees:

July 24th, 2007 Av. El Poblado Cra. 43ª No 11ª-80, Medellin, Colombia Maria Fernanda Calderon, HBCO Bogotá, Alejandro Reyes, VP Corporate Banking, HBCO Bogotá, Juan Fernando Lopez Mora, HBCO Medellín, Carla G. Campos, PEF, HBUS NY, Federico Fiorentini, DCM Latin America, HBUS NY, Carlos Avila PEF, HBMX

Topics Discussed: a.) Isagen is Colombia’s third largest power producer headquartered in Medellín. The company operates five (5) power generation stations located in the states of Antioca, Santander and Calda. Isagen has an installed capacity of 2,123 MW equivalent of 16% of the total capacity of the Interconnected National System. This capacity is complemented by the 150 MW interconnection with the power grid of Venezuela. We had a good follow up meeting with J Fernandez, (?) and MC Hincapié, the first one was a meeting with our DCM Latin America team where Isagen expressed interest in accessing the international bond markets to finance a 200 MW power project which will require an investment of US$1.8 bil. They recently completed a smaller project of 80 MW with an investment amount of US$130mm which was financed from the company’s own resources. b.) JF Vásquez was primarily interested in the process of issuing international COP and US Dollar bonds. F Fiorentina and MF Calderon presented the steps involved inclusive of the roadshow, ratings by the major rating agencies and the documentation process required. He had also advised the company’s interest in listing for its equity shares via ADRs in the New York Stock Exchange. Isagen had been in touch with The Bank of New York (whose main business is in acting as Trustee and Depository for ADRs) to advise them on the listing process. c.) Isagen has not used ECA financing in the past their first experience was in the issuance of a US$250mm OPIC insured facility arranged by Citibank in December, 2005. The use of proceeds was primarily to modernize the San Carlos, Jaguas and Termocentro facilities, to restore damage to the Calderas hydroelectric plant and to facilitate the development of the Amoya project. Tranche A was a US$212mm 20 year Sovereign Guaranteed and OPIC Insured Facility (under OPIC’s Non Honoring Sovereign Policy) and Tranche B was for a US$38mm five (5) year bank facility with Citibank as Lender. The financing was a combination of COP and US Dollar where OPIC provided a form of appreciation cover against an appreciating peso. d.) The Isagen finance team is open to evaluating ECA financing options in addition to the issuance of international bonds in support of their future modernization and maintenance projects in addition to reconstruction of existing power generation facilities. We should continue to maintain a dialogue with the company on the local level to be ready to participate in the RFP process.

Action/Follow-Up:

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a.)A Reyes/JF Lopez to maintain contact and dialogue with Isagen Finance team for local commercial banking needs, as well as major bond or PEF financing requirements. b.) A Reyes/JF Lopez to coordinate with MF Calderon/F Fiorentini to respond to Isagen’s request for information on bond issuances and to C Avila/C Campos for any inquires requiring ECA support or Project Finance advisory needs.

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Company: Address: Date: Client Attendees: HSBC Attendees:

Codensa Carrera 13ª No. 93 -66 Piso 4, Bogotá, Colombia July 25th, 2007 Maria Elizabeth Laverde Enciso, Chief of Treasury and Financing, Francisco Alberto Meza Campuzano, Chief of Financing Maria Fernanda Calderon, HBCO Bogotá Alejandro Reyes, VP Corporate Banking, HBCO Bogotá, Pilar Jiménez Pardo, Commercial Manager for State Companies, HBCO Bogotá, Carla G. Campos, PEFHBUS NY, Federico Fiorentina, DCM Latin America HBUS NY, Carlos Avila PEF, HBMX

Topics Discussed: a.) Codensa is the largest electricity supply company in Columbia with a service area of approximately 14,000km2 and 2.1 million customers. Codenza operates in the Columbian electricity market both distributing and retailing energy services to residential, industrial and commercial customers. The purpose of the meeting was to basically present HSBC’s global capabilities in DCM and PEF demonstrating the bank’s ability to service Codensa domestic commercial banking needs as well as structured financing requirements for its various projects. b.) Codensa main shareholdes include 51% Empresa Nacional de Bogota 49% Endesa of Spain. The company’s main concern is to raise financing in order to participate in the public bidding to acquire power generation concessions in the state of Kundimarca. Public law states that no electricity generating company can own more than 25% of the country’s power generation assets, Codensa already controls 22% and is currently looking to increase its holdings in the country to the 25% level allowed by the Columbian government. To reach the desired level, Codensa would need to acquire power generation assets in the next public bidding in the amount of US$300 to 400mm which the company will be looking to raise through the international bond market. c.) In December 2006 Codensa launched a US$290mm bond issuance which was rated triple A by Duff and Phelps. They are currently examining the option to issue international bonds both in COP and US Dollars for tenors of 5, 7, 10 years or more for the acquisition of these power generation assets soon to be auctioned by the Government. On August 8th, the new rules for the public bidding of such assets will be released to the potential participants. Codensa is viewing this with keen interest as the current ruling requires that the first issuance of shares be offered to shareholders from the “Sector Solidario” of pension funds, unions and company’s workers. The second phase of the auction will be for the participation of strategic investors like Codensa. Those shares not purchased by the Sector Solidario will be offered to the strategic investors. d.) Codensa purchases a US$100mm per year in equipment and replacement parts this is an area for PEF to explore the possible creation of Credit Guaranteed or Multi-Framework Agreements covering the financing of yearly capex purchases by the company. M Laverede was keen to explore this opportunity and promised to put PEF in touch with the unit within Codensa responsible for purchasing equipment from potential suppliers. Action/Follow-Up:

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a.) A Reyes/P Jimenez to maintain dialogue with the company as to the timing of bid process for power generation assets and the subsequent to finance the acquisition of these assets and to coordinate with DCM Latin America. b.) P. Jimenez to coordinate with ME Laverde for appropriate contacts responsible for the purchase of maintainance and ongoing capex needs and the replenishment of spare parts and to coordinate with PEF.

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Company: Address: Date: Client Attendees: HSBC Attendees:

Prodeco de Colombia, S.A. (“Prodeco”) Carrera: 54 No. 72 – 80 Piso 7 Edeficio Centro Ejecutivo No. 1 July 25th, 2007 Chris Phillips Eliza Rugeles Pineda, Manager for Commercial and Corporate Banking, HBCO Bogotá, Carlos Avila PEF, HBMX, Carla G. Campos PEF, HBUS NY

Topics Discussed: a.) We had a lunch meeting with Chris Phillps of Prodeco held a La Cigalle restaurant in Bogota. Prodeco de Colombia is the primary mining subsidiary of Glencore in Columbia which exports coal through its port facility in Santa Marta. Coal is produced by its own mine (La Jagua and La Loma). In July 2004, Prodeco opened its Calenturitas mine located in La Loma. Glencore also owns Carbones de la Jagua, S.A. and Comercio Minero Unido, S.A. (CMU) in Columbia. Glencore is busy expanding the exploration of the Calenturitas mine as well as increasing its ownership 80% of the railroad concession which would transport the coal into the port at Santa Marta. The company through its holdings in Columbia hopes to renew its port concession which is due to expire in 2008 so that it can develop the port facilities to allow barges to load the coal product directly for export to the U.S. and Europe. Total project cost for the next few years will be US$1 billion for the coal exploration, rail road transport and development of port facilities. b.) According to C Phillips the first phase of the project which included the purchase of the locomotives were financed through Glencore/Prodeco’s internal resources. Barclays Bank is also provide a 5 year commercial facility in the amount of US$250-300mm to finance the acquisition of shoves and earth moving equipment for the coal mine exploration. Prodeco realized that working through mine operators like the Washington Group to acquire the mining equipment from Caterpillar, Komatsu and others would only increase the costs by 10% and it was more advantageous for Prodeco to invest in this equipment directly for its own account. c.) It is viewed that the coal produced by the Calenturitas mine has among the lowest sulfur content in the world hence would meet the stringent environmental standards imposed by the U.S. market which is Prodeco’s largest market for its exported coal. d.) C Phillips advised us that financing decisions for the balance of the project will be taken by Glencore AG in Switzerland and that we should coordinate with G Nagle and W Mueller to position ourselves for PEF opportunities. Glencore is due to invest US$4 bill in Columbia over the next few years in the areas of Oil and Gas (Cartagena Refinery US$1.52 bil), Metals (Aluminum, copper) and Coal. Contact for strategic financing decisions oil and gas investment would be overseen by Guy Castellos of Glencore, London, financing for Metals and Mining would be overseen by the team in Glencore, AG in Switzerland. Action/Follow-Up: a.) C Campos to coordinate with E Bullen/Sam Lippitt to visit with G Nagle and W Mueller in Glencore Switzerland for financing decisions for the balance of Prodeco’s mine exploration, railroad and port project. b.) C. Campos to coordinate with M Whalen/J Kaiser/J Bishop for Project Finance opportunities arising from Glencore’s Cartagena Refinery and Metals Project.

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c.) C Campos to contact B Gordon of the Washington Group advising them of Prodeco’s decision to finance the purchase of equipment via a commercial facility from Barclays Bank.

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Company: Address: Date: Client Attendees: HSBC Attendees:

Glencore Colombia Carrera 7a No 71- 52 Torre B Oficina 505, Bogotá, Colombia July 25th, 2007 Jose Gabriel Romero, Head of Financing Christopher Harrocks, Headof Global Markets – Central America and Colombia, HSBC Panama, Eliza Rugeles Pineda, Manager for Commerical and Coroporate Banking, HBCO Bogotá, Bogotá Alejandro Reyes, VP Corporate Banking, HBCO Bogotá, Carla G. Campos, PEFHBUS NY, Carlos Avila PEF, HBMX

Topics Discussed: a.) The purpose of the meeting was to introduce Glencore Columbia Finance team to HSBC Columbia’s domestic and global financing capabilities. Glencore is a platinum CIB name hence the HSBC team was well respresented from the local RM, Head of Corporate Banking, Head of Global Markets, PEF representatives responsible for Central America and the Columbia. b.) Glencore’s operations in Columbia are divided into Coal Mining, Metals (Copper, Aluminum), Oil and Gas (Cartagena Refinery) and ownership in 35% ownership in Xstrata which is a metals trading company. In terms of its Coal Mining operations, Prodeco has decided that it would invest on its own resources for the development of coal extraction, railroad transport and port facilities for the export of the coal produced from its own mines. In terms of Oil and Gas, Glencore has won the 51% of concession to develop and upgrade Ecopetrol’s Cartagena Refinery in the amount of approximately US$1.5 2 billion. Ecopetrol will retain 49% ownership share in this facility. In a recent development Petrobras and Glencore failed to reach an agreement to operate 51% share in the concession as a Joint Venture, hence Glencore has decided to develop the refinery on its own. c.) According to JG Romero the Cartagena Refinery has a development plan until 2010. Ecopetrol will operate and maintain current operations in the old refinery and Glencore has financed the initial phase of operations from its own resources of US$650mm. Thirty percent of these funds is in a time deposit at Citibank (US$195mm) and the other 30% (US$218mm) is held by Glencore AG, the balance is currently in use to fund current operations. The next phase of US$850mm or balance for the new refinery will be financed through the participation of banks and will be evaluated by Glencore’s Oil and Gas team in London. By the end of October /beginning of November 2007 Glencore will be awarding mandates for the design, engineering and procurement contracts for the development of the new refinery at Cartagena. They will also be selecting the potential suppliers of the equipment required for the refinery upgrade and will at that time evaluate financing schemes for financing the balance of the project. d.) Glencore Columbia currently maintains accounts with six (6) banks, three (3) accounts for domestic operations with Bancolombia, Banco Credito and Banco de Bogota. Two (2) external accounts with Citi, ABN for payments and remittances off-shore. Glencore’s Treasury function in Columbia is evolving and JG Romero’s aim would be to rationalize the number of accounts with various banks and minimize the company’s reporting requirements. HSBC Columbia due to our local and global presence is well positioned to bid for the business as one of Glencore’s line banks.

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Action/Follow-Up: a.) A Reyes/E Rugeles to follow up with JG Romero in terms of setting up local accounts for Glencore Columbia such process would commence a relationship with the company and assisting them in the major cities where their line operations are located. b.) C. Campos to coordinate with EF teams (E Bullen) and PF teams (M Whalen/J Kaiser) to meet with appropriate contacts in Glencore London and Switzerland to position PEF for financing Glencore’s projects in Colombia, i.e. Oil and Gas, Metals and Mining. c.) A Reyes/E Rugeles to coordinate with DCM Latam for potential participation in financing and hedging requirements for Glencore Columbia’s various projects.

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