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MayerBrownLLPpresentsRecentTrendsinBrazilianandMexicanDebtRestructuring

March4,2009

RecentTrendsinBrazilianandMexicanDebtRestructuringTableofContentsMarch4,2009

Tab

Agenda 1

SpeakerBiographies 2

LatinAmericanRestructuringsParticipants,CharacteristicsofRestructurings&Recoveries

3

DebtRestructuringinBrazilWhatisdifferentthistime? 4

MexicanInsolvenciesandRestructuringsLessonsLearned 5

Chapter15oftheUnitedStatesBankruptcyCode:AncillaryandOtherCrossBorderProceedings

6

LatinAmericanRestructuringDerivativeIssues 7

TAB 1

RecentTrendsinBrazilianandMexicanDebtRestructuring

AgendaMarch4,2009

Time Topic Presenters

3:00p.m. Introduction DougDoetschMayerBrown

PeterDarrowMayerBrown

3:10p.m. LatinAmericanRestructuringParticipantsandCharacteristics

GabrielBreslerFTIConsulting

3:35p.m. DebtRestructuringinBrazilWhatisdifferentthistime?

RonHerscoviciSouza,CesconAvedissian,BarrieueFlesch

JimPattiMayerBrown

4:10p.m. MexicanInsolvenciesandRestructuringsLessonsLearned

MichellNaderJauregui,Navarrete&Nader

DavidDuffeeMayerBrown

4:45p.m. Break

5:00p.m. Chapter15oftheUnitedStatesBankruptcyCode:AncillaryandOtherCrossBorderProceedings

RobertStollMayerBrown

5:15p.m. LatinAmericanRestructuringDerivativeIssues

JamilaPiracciMayerBrown

5:30p.m. PredictionsonRecoveriesintheCurrentRoundofRestructurings

GabrielBreslerFTIConsulting

RonHerscoviciSouza,CesconAvedissian,BarrieueFlesch

MichellNaderJauregui,Navarrete&Nader

6:00p.m. Reception

TAB 2

GabrielBreslerFTIConsulting,SeniorManagingDirector

Email:gabe.bresler@fticonsulting.com Phone:+16178971500

GabrielBreslerisaseniormanagingdirectorinFTIsCorporateFinancepracticeandisbasedin Boston. Gabriel specializes in providing strategic and financial planning, processimprovement, merger integration planning and effectuation, cost allocation studies,troubledcompanyevaluationandrestructurings,interimmanagementservices,mergersandacquisitions,businessvaluations,anddisputeadvisoryassistance.Withmorethan20yearsexperience, Mr. Bresler has provided advice to a widerange of clients in thetelecommunicationsandmedia,energy,distribution,andmanufacturingindustries.

Gabrielscompanyadvisoryworkhasincludedleadingthedevelopmentandimplementationofoperationalplans,process improvement, financialmanagementplanning,productroadmappingandcustomersegmentation.Hehasservedasfinancialadvisortovariouspartiesintransactions, including due diligence on behalf of financing sources, identification ofacquisitiontargets,analysisoffinancialandoperationalsynergiesinpotentialmergers,andpreparation and negotiation of bids and acquisition agreements for both distressed andhealthyinvestments.

Gabriel has led and managed a broad array of cases for clients in formal bankruptcyproceedingsandoutofcourtrestructurings(bothcreditorsanddebtors),leadingtheeffortsof company and creditor groups in the development of valuemaximization strategies.Relatedserviceshave includeddevelopmentandreviewofbusinessplans,managementofoperations and network closures, valuations, competitive benchmarking, distressed assetandbusinessmarketing and sales, renegotiationof credit facilities,anddevelopment andimplementationofcashmanagementprograms.

PeterV.DarrowMayerBrown,NewYorkPartnerEmail:pdarrow@mayerbrown.com Phone:+12125062560PeterDarrow isapartner intheNewYorkOfficeofMayerBrownLLP.Peter iscoheadofthefirmsLatinAmericanandCaribbeanpractice,andspecializesinrepresentingissuersandunderwriters in securitiesofferingsby companies in the region in the international capitalmarkets,andinadvisingcompaniesandfinancialinstitutionsintheregioninconnectionwithliabilitymanagementtransactionsanddebtrestructuring.Peterhasrepresentedborrowers,lenderscreditorcommitteesandfinancialadvisorsinnumerousdebtrestructurings inLatinAmericaandtheCaribbean.

PetergraduatedfromColumbiaCollegein1972,andreceivedaB.PhilfromTrinityCollege,Oxford,in1974.HegraduatedfromMichiganLawSchoolin1978,wherehewasamemberoftheLawReview.

DouglasA.DoetschMayerBrown,ChicagoPartnerEmail:ddoetsch@mayerbrown.com Phone:+13127017973DouglasDoetschservesascoheadofthefirmsLatinAmericanandCaribbeanpracticeandleadstheChicagoofficesbankingandfinancepractice.Headvisesclientsonacquisitionandotherleveragedlendingtransactions,structuredcredittransactions,andprojectfinancings,particularlyinLatinAmericaandotheremergingmarkets.Heisalsoaleaderincrossbordersecuritizationtransactions,especiallyfuturecashflowsecuritizations.Inhiscrossborderwork,Dougregularlyadvisesonemergingmarketdebtrestructuringanddebt exchange offers. In addition, his transactional work involves asset and stockacquisitions, real estate investments, and crossborder joint ventures.Doug also advisesemerging market companies on Eurosecurities offerings and US equity offerings.Doughasearnedwiderecognitionforhisworkinemergingmarketssincejoiningthefirmin1988.AccordingtoChambersLatinAmerica2009,hehasanunparalleledabilitytoquicklyclosecomplextransactionsandmake itseem likeawalk inthepark. ChambersUSA2007calls him a simply great attorneywhowins praise for his emergingmarkets expertise.TherecanbefewlawyerswhohavethedepthofexperiencethathecanboastinSouthandCentralAmerica.In1986,Doug receivedhisJD fromColumbiaUniversityLawSchool.DougalsograduatedfromKalamazooCollegewherehereceivedhisBA,magnacumlaude,in1979.

DavidK.DuffeeMayerBrown,NewYorkPartnerEmail:dduffee@mayerbrown.com Phone:+12125062630David Duffee advises financial institutions on US and crossborder financings, with aparticular focus on secured transactions and acquisitions.His financework also includesinternationalprojectfinanceandsovereignandprivatesectordebtrestructuring, includingdebtorinpossessionfinancingsandworkouts.Major clients in Davids practice are investment banks, commercial banks, hedge funds,finance companies, insurance companies and governmental entities.David also providestransactionalcounseltocorporateborrowersandtofinancialadvisors.David attended ColumbiaUniversity School of Law and received his JD in 1984.He alsoattendedSt.OlafCollegeforhisBA,magnacumlaude,in1981.

RonaldHerscoviciSouza,CesconAvedissian,BarrieueFlesch,Partner

SoPauloEmail:ronald@scbf.com.br Phone:+551130896506Ronald Herscovici is involved in the following practice areas: Capital Markets andSecuritization,ProjectFinanceandBankingandStructuredFinance.Mr.HerscovicireceivedhisLLBattheUniversityofSoPauloLawSchool(USP)in1994andhisLLMattheCornellUniversityLawSchoolin1996.

MichellNaderJauregui,Navarrete&Nader,PartnerEmail:mnader@jnn.com.mx Phone:+525552674507Mr. Naders practice focuses on Banking, Finance, Debt and Equity Restructurings,InsolvencyandMergers&Acquisitions. Mr.Naderhasworked inanumberof the largestrestructuringsand insolvencies inMexicogenerally representingcreditorsandoccasionallyhasrepresenteddebtorsincomplexcases.HehasalsoparticipatedinMexicaninsolvencieswithUS insolvencyandbankruptcy ramifications. He iscurrentlyworking in fourMexicancasesinvolvingderivativesandinotherworkoutsrepresentingbondholdersandlenders.

Mr.Naderistheauthororcoauthorofvariousarticlesandchaptersofspecializedbooksandmagazines, including the Mexican Banking Impasse Resolved at Last, published byEuromoney Publications PLC; Ins and Outs ofMergers and Acquisitions inMexico; TheFutureofMexicanFinancialServicesIncludingMoneyLaunderingRegulations,publishedbyTheU.S.MexicoLawInstitute;DebtRestructuringinMexico,publishedbyMayerBrown.

In1979,Mr.NaderreceivedhislawdegreefromtheUniversidadIberoamericanainMexico,summacumlaude,andin1980,heobtainedaMasterofComparativeLawfromGeorgetownUniversity.

JamesP.PattiMayerBrown,ChicagoPartnerEmail:jpatti@mayerbrown.com Phone:+13127018476JamesPattirepresentsclientsinvolvedwithcomplex,cuttingedgefinancingtransactionsinemerging markets that range from Brazil and Peru to Russia, Turkey, Kazakhstan andNigeria.Hisworkemphasizesstructuredfinance,includingcrossbordersecuritizationsandstructured loans,witha strong focuson futurecash flowandexportrelated securitizationtransactions.Healsoassistsglobalclientswithproject/infrastructure financeandgenerallending (secured and unsecured) transactions, as well as with unregistered securitiesofferings,debtrestructuringsandacquisitionsfinancings.Approximately half of the emergingmarket transactions that Jim handles focus on LatinAmerica.He isproficient inSpanish,andChambersGlobal2006notes thathe "handlesalarge proportion of Latin American work." According to Chambers USA 2008, "clientsemphasized his 'internationalwork, and particularly his emergingmarkets experience' as'highly beneficial assets in any deal.'"Most recently in Chambers LatinAmerica 2009, heearns plaudits for highly detailed approach and technical expertise. In addition to hispresence in theUS, Jim spends timeworking from the firmsLondonoffice.Hispracticetherefacilitateshisabilitytoassistemergingmarketclients inCentralandEasternEurope,TurkeyandAfrica.James receivedhis JD from theUniversityofChicago in1994. Jamesalsograduated fromGeorgetownUniversity,wherehereceivedhisBS,magnacumlaude,in1989.

JamilaA.PiracciMayerBrown,ChicagoAssociateEmail:jpiracci@mayerbrown.com Phone:+13127018609

JamilaPiraccipracticesinthederivativesarea.Shehasrepresentedbanks,investmentfundsandcorporationsinavarietyofderivativestransactions,withcoveragethatincludescredit,equity,commodity,currencyandinterestrateproducts.

In theareaof structured finance, Jamilahashandledcreditderivativesdocumentation forsyntheticCDOs andCLOs and interest rate swap documentation for securitizations.Shealsoprovides clientswith technicalanalysisandguidancewith respect todocumentation,regulatoryandmarketdevelopmentsforarangeofder