1. ACSDA Leadership Forum New York, October 9, 2007. PANEL DISCUSSION : CENTRAL DEPOSITARY SERVICES Byron Martinez, Project Manager

2. CEDEVAL‘s profile Began Operations : November 3, 1998. Common equity : USD 1.02 million. Shares are listed in the Stock Market. Rating: AA+ (stable), granted by: Fitch Ratings. Areas of Operation. Register Securities’ Accounts Register Issues Exercising Economic and Social Rights Allocation of ISIN Codes Servicing Participants Local and International Custody of Securities Clearing and Settlement of Stock Market Operations Deposit, Withdrawal and Transfer of securities Cross-border Operations Operations Project Development Improved International Practices Strategic Projects New Business Opportunities. Unit for the Registration of Shareholders Electronic Registration of Shareholders Processing Equity Actions: Stock Splits, Increase/Decrease of Equity. Processing the payment of Dividends, Coordination of the JGA, etc.

3. Law for the Electronic Bookkeeping of Securities Debt Securities MANDATORY Equities ISSUER’S DECISIONS Legal Framework The Law empowers CEDEVAL to provide registration and custody services of securities electronically: Local and International Issues. Whether listed or not in the local stock market.

4. CEDEVAL: Evolution of Securities on deposit Total Securities on Deposit: USD 4,270 million (Face Value) USD 5,265 million (Market Value) VALUE OF SECURITIES ON DEPOSIT 722.1 1,237.0 1,695.0 2,130.0 2,583.0 3,342.0 3,991.8 4,270.0 4,385.1 517.7 - 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 1998199920002001200220032004200520062007 Millions USD $

5. CEDEVAL: Evolución de los Valores en Depósito  Total Valores en Depósito: US$ 4,270 millones 28% El Salvador GDP Overall the Securities consist of: 70% Local Issues 30% International Issues Type of issue: 82% Dematerialized 18%Physical

6. Desmaterialización de Valores en El Salvador -5001,0001,5002,0002,5003,0003,5004,0004,500 1998 1999 2000 2001 2002 2003 2004 2005 2006 Sep-07 Years Millones de US$ PHYSICALDEMATERIALIZED DESMATERIALIZED 22 249 550 1,061 1,796 2,172 2,863 3,315 3,500 PHYSICAL 518 700 988 1,145 1,069 787 1,170 1,225 677 767 199819992000200120022003200420052006Sep-07 EVOLUTION OF SECURITIES ON DEPOSIT BY TYPE OF ISSUE (Millions of USD at face value) Note: The majority of the physical securities are equities and other individual instruments.

7. Securities on Deposit: $4,270 million CEDEVAL holds as a part of its inventory international securities: International Shares, Participation in Funds (ETF’s), Government (Public) Debt and Corporate Debt LOCAL CUSTODY INTERNACIONAL CUSTODY LOCAL VS INTERNACIONAL CUSTODY

8. Local Custody (Local and Private Sector Securities) Registration of dematerialized securities, issued by the Ministry of Finance and the Banco Central de Reserva de El Salvador. 100% Local Government Debt Registration and Administration of Debt Securities that are traded in the Stock Market, which are issued by the Salvadorian Private sector. 100% of Private Debt Issues Shares are kept in physical form, and a small percentage of them is in custody with CEDEVAL. (Immobilized) CEDEVAL assigns an ISIN Code to all local security issues

9. Event: Debt Securities issued in El Salvador Process for the Payment of Principal and Interest CEDEVAL requests payment from the issuer CEDEVAL ISSUER The issuer deposits in CEDEVAL’s account COMMERCIAL BANK CEDEVAL authorizes the Commercial Bank to debit its account and sends detailed information regarding the beneficial owners whose accounts must be credited. CCB XCCB YCCB Z CEDEVAL pays the respective banking accounts of each direct participant who then pays each investor. Inver.

10. International Custody Agreements: International Custody Sub-Custody of Securities Transfers: Buying /Selling Payment of Interest and Dividends Corporate Actions

11. International Equities :  Citigroup Inc.  Pfizer Inc.  Starbucks  Caterpillar  Chevron Corp.  Pepsi Co.  Office Depot, Inc  McDonald´s Corp  Microsoft Corporation  Procter & Gamble Inc.  Exxon Mobil Corp.  Bank of America Participation in Funds: Exchange Traded Funds (ETF´s)  SPY (S&P 500).  QQQQ (Nasdaq)  DIA (Dow Jones) International Custody (Equities and ETF´s)

12. Government (Public) and Corporate debt securities of:  Mexico  Chile  Colombia  Brazil  Venezuela  Guatemala  Costa Rica  Panama  Uruguay  United States of America  Turkey among others. International Custody (Debt)

13. Principal and Interest Payment Processing Event: International securities IssuerForeignLocal Interest or principal of foreign securities Delivers the Payment Paying Bank Credits Account In Luxembourg Luxembourg Credits Custodian’s Accounts CEDEVAL Credits accounts CCB Debits Its clients Investors Receive Payment Global Custodian Credits depositors Accounts

14. CEDEVAL’s role in the Process of Transforming the Salvadorian Financial System. Event: EL SALVADOR.

15. Landscape Prior to the Transformation of the Industry. Totally dollarized economy. Specialized supervision - Superintendence: Finance, Securities and Pensions. Developing Securities Market. Excellent position of the banking institutions within the rating of banks at the Central American level. Financial corporations expanding within the region.

16. 2006-2007:Financial Transformation. The Bank of Nova Scotia, makes an offer to purchase the Banco de Comercio. The Colombian Bank of the Grupo Antioqueño, makes an offer for the acquisition of the Banco Agrícola. HSBC completes the purchase of the Panamanian Banistmo, who on its own initiative had made an offer for the Banco Salvadoreño. Number of Shares *6.38 million8.1 million114.7 million Traded ValueUS$ 177.3 millionUS$ 381 millionUS$ 262.3 million Percentage/Total98.5%42.9%92.6% * Shares traded in the stock market of El Salvador and settled through CEDEVAL. CITIGROUP, completes the acquisition of the regional groups Cuscatlán and Grupo Financiero Uno. (Value of the transaction : USD 1,510 million)

17. The New Salvadorian Financial Landscape. A greater business and financial transactions potential at the regional level. New challenges and opportunities for the Securities Market. A more competitive Financial System. Improved expertise by the supporting institutions. Improved Business Practices: Risk Management and Dematerialization of Securities. ELECTRONIC REGISTRY OF SHAREHOLDERS. The new and modern service that CEDEVAL provided for the Market Implemented: August 2007.

18. Registry of Shareholders Unit Dematerialization of Shares of Salvadorian Companies. Electronic Handling of the Registry of Shareholders (vis-`a-vis Physical book) Management of Corporate Actions. Costumer Services Unit. Market Security. Efficient Processes for the Settlement and Transfer of Property. Benefits for the Issuer, Shareholder and the Capital Market.

19. THANK YOU VERY MUCH !