2. MAY 28 TH 2010 FACTORING INTERNACIONAL

3. L. Gabriel Segura President and founding officer of CVCredit Inc, a Miami-based company which focuses in USA-domestic and international factoring services. Eight years experience in international factoring services Nine years experience in international banking including: trade financing, commercial lending and correspondent banking. MBA - Florida International University. Bachelors Degree in Industrial Engineering - Universidad de los Andes.

4. CVCredit Inc. focuses in: USA-domestic accounts International clients selling to USA buyers CVCredit is the affiliate financial company of Credivalores for the United States. Credivalores’ 50-year-old holding company has participation in other industrial sectors such as: sugar mills, brokerage firms, gas stations, energy power plants and financial services. Who we are

5. Agenda What is factoring - general characteristics Statistics - tendencies The Industry in the USA vs. Latin America Conclusions and Recomendations AGENDA

6. What is Factoring Characteristics 1. Delivers product and issues invoice 3. Accepts product and endorsement 2. Endorses Invoice 4. 80% advance 6. 20% balance payment 5. Payment Factoring without recourse. (40%) Factoring with recourse - Accounts receivable financing or discount of accounts receivable. (60%) Reverse Factoring – Cadenas Productivas

7. Source: abfjournal April 2009, with a content provided by Factor Chain International 2010 Statistics - Tendencies Statistics – Tendencies:

8. Source: (1) Factor Chain International (2)Wikipedia – GDP list provided by the International Monetary Fund. (3) % calculated by L.G.Segura

9. Surveys were distributed to 1,377 factors (US based and international) in January 2009. In total, 160 factors participated in the study.

14. 1.Do we have an opportunity to grow in the Americas? 2.Why there is such a big gap in comparison to Europe AmericasUSAEurope Different currencies FX controls (Vzla, Col, Bra) Same currency No FX Controls Same currency No standard factoring law (import vs. export factoring) Simple law for domestic factoring Standard set of regulations Low use Lack of knowledge Some use. Not so good image High use of factoring. Well known & seen. Increasing banking presence (Cadenas Productivas Mexico, Chile, Law 1231 in Colombia) Low bank presence Bank Factors vs. Private Factors Higher banking presence (lower price)

15. DOCUMENTATION USA: - Perpetual notification letter to debtors - Lien (UCC1) on Sellers receivables. Clients can only deal with one factor. - Private factors vs. bank factors - Cooperation from big retailers Latin America: - No standard documents and procedures - Domestic, Import and Export factoring can have different procedures. - No perpetual notification. Clients can do spot factoring with different factors - No UCC1 on Seller -Requirement to use local language in contracts (Brazil, Province of Quebec) - Some countries limit the ability to pay to a 3 rd party such Factors (Brazil, Venezuela) - In some countries, banks have an strong presence in Factoring (Chile)

16. CONCLUSIONS: Factoring has a big potential to grow in the Americas, either domestic and international. As Factoring is a substitute for banking, weak (non-bankable) companies can have a tremendous benefit with a more sophisticated factoring service (example: Cadenas productivas). The prices of factoring is determined by the penetration of the banks in the industry (directly or indirectly). It would be ideal to have an standard set of rules and regulation for international factoring in the Americas

17. How Can you Participate SOME RECOMENDATIONS: Use local attorneys in the country of origin and in the country of destiny. Refer / Re-factor: - Private Factors (CVCredit Inc) - Factors such us Wells Fargo - Factor Chain Be part of organizations such us: - International Factoring Association - Factor Chain - Commercial Finance Association - CFA - abfjournal

18. Contact Information L. Gabriel Segura Tel: 305 792 2366 Ext. 510 Cell: 786-554-5033 e-mail: Lgsegura@cvcredit.com 1101 Brickell Ave. Suite 703 North Tower Miami, Florida 33131 www.cvcredit.com CONTACT INFORMATION