Independent Partner and Advisor for Financial Operations

1. Independent Partner and Advisor for Financial Operations Institutional Services Desk Langallerie 11, CH-1003 Lausanne, Tel: +41 21 343 53 63, Fax: +41 21 343 55 50 Internet: www.tradition.ch, E-mail: instit@tradition.ch, Bloomberg: TRAS <GO>

2. Compagnie Financière Tradition Group www.traditiongroup.com 70,42% 27,13% 2,5% 98,79% 100% Brokerage money markets IRS Credit derivatives Emerging countries Stocks Bonds Interest rate and equity futures Moscow, London Luxemburg, Paris Lausanne, Milano New York, Los Angeles Buenos Aires, Tokyo Peking,Hong Kong SIngapore Brokerage Currency options equity derivatives metals energy paper human resources capital risk day trading Stockholm, London Frankfurt, Stamford New York, Houston Sydney, Tokyo Hong Kong, SIngapore 99,87% 100% TRADITION SA Lausanne TSAF SA Paris TFS = Tradition Financial Services TSH = Tradition Service Holding Viel & Cie - Paris Public The largest broker in Switzerland and third largest in the world Compagnie Financière Tradition SA – Lausanne * Solid, transparent financial figures Listed on the Swiss stock exchange TFS -Lausanne TSH -Lausanne * Worldwide, well established market presence * Four holding units covering the most important market segments * Detailed knowledge of the money and capital markets

3. Compagnie Financière Tradition Group www.traditiongroup.com Banks (Universal banks, Cantonal banks) Multinational Companies Insurance companies, Pension Funds, investment capital Public corporations (Cantons, Cities, Counties) We are institutional brokers and negotiate with top rated banks, financial institutions, multinational companies and public institutions * Our added values: -Optimization of your results - Global brokerage services -Centralization of counterparts - The best quotations from “Market Makers” -Personal and neutral advisory * Discovery of markets discrepancies and through that improved results

4. TRADITION SA Institutional Services Desk

5. Institutional Services Desk www.tradition.ch Products and Services ADVISORY • Our Institutional Services desk is analyzing and discussing the potential needs of our clients. We offer our advisory in areas in which we are one of the main market players. The areas covered are: • Financing & Credit Markets • Refinancing & Investments through Private Placements • Project Financings • Loan against acknowledgement of dept (Schuldschein) • Structured Credits • Investment • Private Placements • Loan against acknowledgement of dept (Schuldschein) • Structured Products • Short and Mid Term Deposit • Bonds • Financial Risk Management • Portfolio Simulation • Multi-Instrument Analysis and Presentation • Risk Hedging through OTC Derivatives & Structured Products • Strategic Advisory

6. Institutional Services Desk www.tradition.ch Products and Services ADVISORY Financing & Credit Markets Governmental Institutions and Corporations that do seek financing possibilities via the Swiss and European capital markets for various reasons like refinancings, investments or project financings can benefit from our professional advisory. We engineer flexible project financing operations that help companies to optimize their financing structure. We can offer tailor-made solutions that optimize financial risks through structured credits, OTC Derivatives like Swaps, Swaptions, Caps, Floors etc. and structured products. Our main advantage in this kind of business is that we are acting as a financial intermediate which enables us to be fully independent and to seek for the best available counterparty in the market. Further we are fully organizing those deals (introducing, negotiations, elaboration of legal aspects and execution) and are acting as a lead manger. Investment We offer Banks, Insurance companies, Pension funds and Private Banks new investment possibilities in the area of Private Placements, Structured Products, Short Term Deposit and Bonds. Financial Risk Management In mean time we help Corporations to elaborate alternatives to cover their assets and liabilities against future interest rate risks or fluctuations in the money market. Due to our dense and wide network we are able to find the best tailor made solutions existing in the markets. Our solutions can reach from using tailor made OTC Derivatives or creating contractual agreements that do cover investments from those kinds of potential risks.

7. Institutional Services Desk www.tradition.ch Products and Services FINANCIAL PRODUCTS • Financing • Refinancing & Investments Capital through Private PlacementsProject FinancingsLoan against acknowledgement of debt (Schuldschein)Structured Credits • Investment • Private PlacementsLoan against acknowledgement of debt (Schuldschein) • Structured ProductsShort and Mid Term DepositBonds • Financial Risk Management • Structured ProductsOTC Derivatives/ Interest Rate Options: • ForwardsArbitraging Exchange Rate Swaps and EuroratesForward Rate Agreement (FRA)Interest Rate Swaps (IRS) or Currency Swaps (CRS)Basis SwapsOptions on Interest Rate Swaps (Swaptions)Caps and Floors

8. Institutional Services Desk www.tradition.ch Your Advantages Short and mid term development of interest rate tendencies Articles on the economy and money Transparent No additional fees Considerately lower commissions than banks Market analysis Let us find the best conditions for you Quick responses Directly from our trading floor Updated continuously Time and energy saving The latest information on interest rates Updated interest rates and financial news Calculation tools and risk analysis Large and varied contact net Structured financing www.tradition.ch Quick reaction thanks to extensive client net Optimal solutions Profitable deals Detailed knowledge of the financial markets According to your needs Better results Competent, personal and neutral advisory

9. Institutional Services Desk www.tradition.ch Login Services Complete financial information * Java programmes to efficiently and accurately price derivatives and to estimate and analyze corresponding risks * Analysis and Charts Analysis of the tendencies on financial markets Discussions on economic issues and technical analysis * Login Services

10. Institutional Services Desk www.tradition.ch Login Services MARKET NEWS AND MARKET ANALYSIS & RESEARCH Daily Morning Market Update “The Tendance” Weekly Capital - Markets News and Forecasts “CHF Info” Quarterly Market Analysis Bulletin “The Market Focus” Weekly Fixed Income “The Market Focus”

11. Institutional Services Desk www.tradition.ch Charts and Data download LIBOR “Real-Time” Login Services MARKET QUOTES & ECONOMIC DATA Long Term Interest Rates (IRS) ISDA Benchmarks, Gov. Bonds und Spreads

12. Institutional Services Desk www.tradition.ch www.tradition.ch/calculateurs/forward_rates.asp Settlement Date Current Interest Rate (IRS-Ask) www.tradition.ch/calculateurs/yield_spread.asp Yield Curves (Deposit and IRS) Interest rate for future value dates Yield spreads between currencies Login Services CALCULATORS Forward Rates, Project yield curves for any future date based on the implied spot rates in today’s curve Yield Curvesfor an organized presentation of interest rate scenarios

13. Institutional Services Desk www.tradition.ch www.tradition.ch/calculateurs/forward_rates.asp www.tradition.ch/calculateurs/forward_rates.asp Login Services CALCULATORS Forward Rate History Graphical illustration of historical Forward Rates. 1. Select a period on the graph. 2. Click on the History button. Forward Rate History Evolution of Forward Rates since March 2004 on the 10 years Interest Rate Swap

14. Institutional Services Desk www.tradition.ch www.tradition.ch/calculateurs/bond.asp Sensitivity Factors www.tradition.ch/calculateurs/swap_valuation.asp www.tradition.ch/calculateurs/swap_valuation.asp Fill in your Values Login Services CALCULATORS Option calculatorcalculates the theoretical price and numerous risk parameters of a call/put Swap-Calculatorcalculates the theoretical and actual price in addition to risk parameters for an existing IRS Bond calculatorcalculates the price and risk parameters

15. Institutional Services Desk www.tradition.ch www.tradition.ch/calculateurs/instant.asp Mention the desired Maturity. SPREADS calculator Calculate the price of a Spread between two currencies and for two different periods. YIELD calculator Calculate Yields according to various usances. Login Services CALCULATORS IRS calculator for broken dates Calculate an IRS price, value Spot, until the desired maturity (by interpolation). It mentioned also the spread and the price of Government Bond for the same period.

16. Institutional Services Desk www.tradition.ch Bloomberg Page BLOOMBERG - RATES TRAS <GO> Own page for Private Placements with current Prices and other information Reference page for IRS and Cash ratesin Euro, USD and CHF

17. Institutional Services Desk www.tradition.ch Bloomberg Page BLOOMBERG – PRIVATE PLACEMENTS TRAS <GO> Own page for Private Placements with current Prices and other information

18. Institutional Services Desk www.tradition.ch Private Placements THE BONDS ALTERNATIVE A Private Placement is a common loan agreement with a Security Number and Valuation. The counterparty has at least a A rating at a rating agency. The transaction can be based on a refund put option. The daily ISDA Swap rate will be used as the basis for the calculation of the interest rate difference in case of an annulation (reassignment) Lower cost than by issuing bonds (All in) No interest rate risk thanks to reassignment clause Liquidity is ensured if the NPP is called; new offers at any time Save time, energy and money No stamp taxes or bank commissions Strict transaction and counterpart confidentiality

19. Tradition SA Institutional Services Daniel Blanchet – Manager Stéphane Weill – Sous-Directeur Christian Twerenbold – M.A. HSG ______________________________________________________________________ Rue Langallerie 11, CH-1003 Lausanne, Tel: +41 21 343 53 63, Fax: +41 21 343 55 50 Internet: www.tradition.ch, E-mail: instit@tradition.ch, Bloomberg: TRAS <GO>