Havana International Bank Ltd. (HIB) was set up on October 3, 1972, as a Private Limited Company, by means of a Certificate of Incorporation issued by "Company House", under the laws and regulations of the United Kingdom and is submitted to the supervision of the Finance Service Authority (FSA), which was created as a substitute for the activities that were previously carried out by the Bank of England.

The Bank of England authorised Havana International Bank Ltd. to operate as a bank, in August, 1973, being the only bank with absolutely Cuban capital formed outside Cuba, in which Banco Central de Cuba is a shareholder.

Banco Nacional de Cuba issued Havana International Bank Ltd. a License to establish a Representative Office in Cuba by means of Resolution No. 88, of 1991. The Office was officially set up in May, 1995.

From the beginning, HIB has known how to take advantage of its location in the City of London, one of the major financial centres of the world, and from having and developing an extensive understanding of the Cuban market, its enterprises, perspectives and peculiarities.

EThis unique position, together with the efficiency and professionalism of its personnel, has allowed it to conceive, develop and consolidate the Cuban market by conveying financing through the Bank and assisting its clients with a wide variety of banking services which, among others, enable it to perform the following operations:

• To attract, receive and keep resources in demand or time deposits, in suitable forms and at a very competitive rate of interest.
• To grant any form of financing.
• To carry out all types of operations with negotiable commercial paper.
• To carry out all forms of international banking activity.

SIts ample network of over 400 correspondents throughout the world, enables Havana International Bank Ltd. to provide a whole variety of banking services requested by its clients in different currencies and markets.

Note. Photo of the Head Office in the City of London

ING Bank N.V. set up its Representative Office in Cuba in August, 1994, by means of the License of June 20, 1994, issued to it under Resolution No. 159, of 1994, of Banco Nacional de Cuba. This License was modified by Banco Central de Cuba according to its Resolution No. 15, of 1999. ING Bank N.V. jointly with the Netherlands Caribbean Bank N.V. were the first foreign banks to establish a Representative Office in Havana.

ING Bank N.V. is part of the ING Group, which is one of the most important financial institutions in the world. Its international operations are made through 130 offices located in more than 50 countries, holding an outstanding position in emerging markets and inthe commodities and trade financing.

Its activities in Cuba are carried out with entities established in the national territory, including those with foreign capital participation and focus on the following objectives:

• To manage, promote or co-ordinate the granting of deposits, credits, loans and other forms of credit facilities.
• To manage, promote or co-ordinate the granting of collateral, guarantees and other forms of bank guarantees.
• To manage, promote or co-ordinate the making of correspondent agreements with financial institutions.
• To manage, promote or co-ordinate the realisation of all those business transactions involving its participation.
• To manage, promote or coordinate the accomplishment of legal banking business.
• To manage, promote or co-ordinate the accomplishment of other services offered by ING Bank N.V.

Netherlands Caribbean Bank N.V. (NCB) is a joint venture among the Dutch bank ING (50,0%), Gilmar Project Finance Establishment (Grupo ACEMEX) (25,0%) and Banco Popular de Ahorro (25,0%). It was incorporated as a foreign bank in Curacao, Netherlands Antilles on December 17, 1993; and went into operations officially by mid 1994.

The activities of the bank are based on providing its clients with the following products and services:

• Loans to banks and corporate clients.
• Documentary trade operations (letters of credit, collections, bill discount, factoring, etc)
• Deposit accounts and time deposits.
• Transfers.
• Exchange of freely convertible currency.
• Operations in the money and capital markets.
• Current accounts.
• Brokerage intermediation.

During the last years, Netherlands Caribbean Bank N.V. has been offering the aforementioned services in an active way to various sectors in Cuba, including debt negotiation and ship financing. Financial transactions follow the policy and regulations of ING, under the supervision of the Central Bank of the Netherlands Antilles and Holland through the ING.

For the execution of these services, Netherlands Caribbean Bank N.V. signed from its beginnings a General Agreement on Services with ING Curacao in order to use the infrastructure and the world wide correspondent network of the ING Group to provide NCB with a comprehensive structure which ensures an efficient and competitive banking service to its clients.

The Bank has also implemented all the internal procedures and regulations of the ING Group in its daily operations and risk analysis. Its management is carried out by a President and a Director, appointed by ING and Grupo ACEMEX and Banco Popular de Ahorro, under the control of the Supervisory Board of the Bank composed of member shareholders.

During the seven years of operations, the Bank’s results have been completely satisfactory, according to shareholders. Since its establishment, its financial figures have been audited by the KPMG Accountants firm, and banking operations are permanently controlled by the Internal Auditing Department of ING Curacao, under the regulations of ING Group and in correspondence with international banking practice.

National Bank of Canada, present within the economic and social scene of the country for more than 135 years, is currently registered as one of the most important banks of Canada with assets accounting for over 78 billion dollars. Its Canadian network comprises about 655 branches and offices as well as 49 service centres for enterprises. The Main Office of National Bank of Canada is in Montreal.

National Bank of Canada is also present in the international scene (USA, Europe, Asia, Latin America and the Caribbean). Its relation with Cuba, specifically, dates back to more than 28 years. The bank participates in the capital of many finance companies and has subsidiaries in the fiduciary, marketable securities and insurance sectors as well as in those of export development and financing.

National Bank of Canada has set itself the mission of serving a diversified clientele, thus offering a great number of products, adjusted to the needs of individuals and enterprises, whether small or big.

The constant worry of the Bank to satisfy the needs and expectations of its clients is expressed not only in a great variety of methods of payment, saving, investment and financing but also in the services provided by a specialised personnel, capable of properly advising clients on the increasingly number of products and services it offers.

Owing to its long tradition and to the experience of numerous institutions it has merged with, National Bank of Canada intends to continue its efforts through its broad network of branches and its 17,300 employees who, undoubtedly are the most precious asset of the Bank.

Since January 20, 1995, National Bank of Canada has been present in Cuba through a Representative Office, authorised by Resolution No. 22 of the same year, issued by Banco Nacional de Cuba.

Its Representative Office has contributed to strength commercial relations of its clients with Cuban enterprises as well as with the whole Cuban financial system. Its activities focus on promoting development on financing of bilateral trade, advising Canadian clients and orienting investors towards the best targets, offering them its expertise in foreign trade and international financing.

Banco Bilbao Vizcaya Argentaria, S. A. (BBVA) has completed in 2001 a successful stage. In only two years of its establishment, BBVA has been able to conclude a merging process and to place itself among the most efficient, profitable and solvent financial groups of Europe. In a downturn environment of the main economies, it has achieved high quality results, new efficiency advances and outstanding levels of profitability and equity soundness.

BBVA is a well diversified financial group internationally, and has made itself present in 37 countries, basically in Europe and Latin America through a network of 7,988 Offices, 3,620 in Spain, and a payroll of 98,588 employees, of which 31,686 are in Spain. The strategy of geographical expansion has been concentrated mainly in Latin America, a region in which the Group has built in recent years one of the main global franchise with a market share over 10,0 percent in the banking business and an outstanding leadership in the pension business with a share over 27,0 percent, high above its more immediate competitors.

Despite the downturn of the main economies, BBVA has achieved high quality results, new advances in efficiency and outstanding levels of profitability and equity soundness. Benefits obtained by the Group in the 2001, amount up to 2,363 million Euros, a figure over by 5,9 percent in relation to last year, determining profitability on equity of 18,0 percent. Efficiency margin is 50,4 percent, one of the best indicators of the major banks in the Euro zone, with an advance of almost 3 points in the fiscal year. Likewise, 3,511 million Euros has been destined to streamlining, a figure above by 70,0 percent to that of the 2000, despite profits made were less and that arrears of payment indicators are at minimum levels. Of the said amount, 1,354 millions have been used to hedge risk derived from investment in Argentina.

BBVA Group relations with Cuba are ancestral and intense covering diverse sectors of the Cuban economy, but focused on the financial sector by actively participating in traditional banking interchanges, such as industrial project and trade operation financing.

Its physical presence dates back from February, 1995, and the Representative Office’s main activities are oriented to management, promotion and coordination of business related with banking sector and other national entities, including those with foreign capital participation as well as to advise and provide information on different aspects related with banking operation and the economy in general.

Banco Sabadell was founded on December 31, 1881, in Sabadell (Barcelona) with Spanish private capital. Its main activity is commercial banking with important participation in medium and small size enterprises and individuals of high and medium income.

At the end of the 2001, it counted on more than 50,000 shareholders and

7,788 employees in 918 offices with a significant concentration in Cataluña, Asturias, and Madrid. Banco Sabadell leads the fourth Financial Group of the Spanish banking sector, together with Solbank (former NatWest Spain), Banco de Asturias and Banco Herrero. Caixa and Banco Comercial Portugués are its strategic partners. It is considered a leader in various financial services with a long historical record of high profitability. Its assets are over 26,500 million Euros.

During the 2001, Banco Sabadell reorganised and consolidated its presence internationally. At present the Bank has fifteen offices abroad, out of which four branches and eleven representative offices are disseminated along the world. As part of its America Project, it holds strategic participation in Banco del Bajío in Mexico, and Group BHD in the Dominican Republic.

The presence of Banco Sabadell in Cuba has been consolidated since 1995, when Banco Nacional de Cuba granted it License No. 330 to establish its Representative Office. At present it participates with 50,0 percent in Financiera Iberoamericana S.A, being the other 50,0 percent held by Grupo Nueva Banca S.A.

Société Générale opened its Representative Office in Cuba at the beginning of 1996, according to a License issued to it by Banco Nacional de Cuba, by means of Resolution No. 329, of February, 1996.

Société Générale was the first French bank to establish in the Cuban market. The License granted to it authorises the

Bank to manage, promote and coordinate financial activities with banks of the national banking system and other national entities.

In Cuba, Société Générale actively participates in export and import financing. Among others, it also intends to support foreign investors interested in the Cuban market as well as to facilitate contacts with clients of Société Générale which have or want to establish or develop trade and investment in Cuba.

Société Générale, set up in 1864, is a French bank group listed in the Paris Stock Exchange with a strong international dimension.

The world presence of the group is reflected in the following figures:

• In France, 2,600 branches service to 7,5 million clients.
• Abroad it holds 500 offices in 75 countries.

The group employs 86,500 persons in its total, of which, around half of it works outside France and also, it is the thirteenth European bank in regards to its stock exchange capital which raised to 27 billion Euros at the end of the 2001.

Its portfolio of activities is made up of three strong poles:

• Retail activity through its network of branches which has enabled it to gain 13 million clients in France and abroad.
• Asset management through SG Asset Management holding number one position in France and number three in the Euro zone.
• Investment banking and capital market, holding in 2000 and 2001 number two position in export financing and structure financing of commodities.

FRANSABANK SAL was established in Beirut in 1921 as a full branch of one of the major French banks at the time, Crédit Foncier d’Algérie et de Tunisie (C.F.A.T.). It includes among its partners two of the most worldwide-recognized financial institutions: Crédit Agricole from France and DEG from Germany.

FRANSABANK SAL is one of the leading Lebanese banks and it provides a wide range of retail and commercial banking and financial services, basically to individuals and private sector companies. The Bank also provides corporate banking services, such as lease financing (lease with the purchase option) through its subsidiary and syndicated loans. The Bank is experiencing a solid growth in a competitive market.

The Bank’s activities are diversified with the purpose to achieve the goal of becoming a Universal Bank. In recent years, it has introduced a broader range of retail banking products and services, such as small and medium personal credits and housing loans as well as debit cards and automated teller machines. Its corporate banking and project finance sectors also continue to develop and grow. While the trade finance remains an area of prime importance for the Bank, it is also emphasising longer-term lending to the industry and other sectors

FRANSABANK SAL provides its corporate clients with a full range of banking services including medium- and long-term loans offered to the industry and other sectors, discounting of bills, working capital facilities and international transfers.

In 2000, its strategy to become a Universal Bank was broadly evidenced. Its objective of widening and deepening relations with clients in all the economic sectors and of guaranteeing high quality services has been fulfilled to a great extent.

FRANSABANK SAL has been issued a License to establish an Investment Bank. Economic activities of this new entity will include private banking, such as brokerage and portfolio asset management, and selected activities of investment banking.

The credit department at the Bank has been restructured to include a Management Risk Unit, whose main objective is to control the Bank’s systematic risks.

FRANSABANK SAL’s Representative Office in Havana was inaugurated in 1995, by means of a license granted by Banco Nacional de Cuba under Resolution No. 53 of the same year. The Office is managed by a Representative from Beirut. Since 1994, FRANSABANK SAL has provided financial services to many Cuban enterprises.

FRANSABANK SAL is managing a medium- and short-term financing portfolio.

Banco Nacional de Comercio Exterior, S.N.C. (BANCOMEXT), founded in 1937, is the institution oriented to promote Mexico’s foreign trade as well as to drive the attraction of foreign investment and make joint investments with foreign enterprises and organisations.

BANCOMEXT offers a comprehensive range of products and services which includes: promotion of business opportunities with Mexico through the contact with potential counterparts; elaboration of work agendas; logistical support; technical assistance; organisation of commercial missions; entrepreneurial meetings, permanent exhibition rooms; support for participation at international fairs and exhibitions.

BANCOMEXT promotes Mexican products and investment opportunities through 38 Commercial Councils, located in Mexico’s 26 business partner countries, divided as such: 13 in North America, 7 in Asia and Oceania, 12 in Latin America and the Caribbean and 6 in West Europe. Likewise, it releases information on Mexican products and aspects where to invest in Mexico through its 38 centres distributed throughout all the states of the Mexican Republic.

As a bank it provides advisory services on different issues related to trade such as: credit to the buyer of Mexican products; letters of credit; contractual guarantees; financial scheme designs; investment banking; fiduciary services for project development in Mexico; purchase and sale of hard currency and hedging against the variations of the peso/dollar parity; foreign exchange, etc.

In Cuba, it counts on a representation of its interests as of 1985, through the Commercial Council of Mexico.

Caja de Ahorros y Monte de Piedad de Madrid (CAJA MADRID)was founded in its branch of Monte de Piedad in 1702 and as Savings Bank in 1869. At present Caja Madrid is one of the leading entities in the Spanish financial and banking sector comprising all the business areas of the sector through Caja Madrid itself and Corporación Financiera Caja Madrid. Furthermore, the presence of Caja Madrid in the insurance and pension areas is increasingly greater where it counts on its own companies.

Owing to its activities and results in business, within the Spanish financial scene, Caja Madrid is at present:

• One of the first financial entities of the country in regards to solvency, efficiency, quality of risk, growth capacity, productivity and profitability.
• The fourth financial entity granting credit with tangible security and mortgage loans.
• It is the fourth financial group and fourth entity of the Spanish financial system in relation to total assets, credits and financing to clients.
• Sixth position in capital ranking, administrated in management funds.
• One of the most active agents in the Spanish capital markets.

Caja Madrid’s vocation of providing services goes farther than financial matters only, for the entity reverts its benefits into a wide range of social and cultural activities, through its Obra Social and Fundación in areas, such as education, entertainment, healthcare, research, restoration of the Heritage, etc.

Caja Madrid will be 300 years old on December 3, 2002. It is an important event, from the point of view of a future of an entity, well prepared, modern and in constant progress.

On October 7th, 1998, Banco Central de Cuba issued Caja Madrid a Representative License by means of Resolution 92, 1998, to perform the following activities:

• To manage, promote and co-ordinate the execution of all the financial transactions between Caja Madrid and Cuban entities, including those with foreign participation.
• To manage, promote and co-ordinate the granting of credits, loans, and other credit facilities.
• To advise on commercial, financial and investment issues.
• To manage and promote the strengthening of the relationship of Caja Madrid with the Government of Cuba, the business community and the Cuban institutions linked to its activity.

The Representative Office acts by order and on account of its Head Office and it is not authorised to directly perform active or passive banking or financial operations.

Coinciding with the granting of the Representative License, Corporación Financiera Habana, S.A., a joint venture of financial character, was created between Caja Madrid and Banco Popular de Ahorro.

BNP PARIBAS, a power in international banking, is the first quoted bank group in the Euro zone. It holds the first position in that zone due to its net result and by the end of 2001, its shareholders’ equity was worth 24,600 million Euros.

The group has one of the most important international networks in the world, strengthened by its presence in

85 countries and in the group of first class financial markets. It has 85,000 employees of which 65,000 are in Europe. In 2001, BNP PARIBAS contracted more than 4,000 young people, the majority of them graduated from higher education. As the rest of the employees, these new incorporations benefited from a dynamic and incentivating employment management.

BNP PARIBAS is organised around the poles of activities which group the segments that the bank has chosen to develop.

• Financial and investment banking.
• Private banking, asset, security, insurance and real state management.
• Retail banking in France.
• International retail banking.
• Specialised international services.

BNP PARIBAS is, likewise, one of the main participants in the electronic commerce field, specially, in regard to securitization and the treatment of Internet flows.

Its Office in Cuba opened its doors as of February 1st, 2000, by means of Resolution No. 81, of October 4, 1999, of Banco Central de Cuba, to engage in the main activity of providing assistance to French investors/exporters, represent the Bank before the Cuban authorities and banks and to follow up operations of credits established by International Trade for the import financing of raw materials and energy.

EBN PROBANCA. EBN BANCO, Sociedad Española de Banca de Negocios, S.A., was set up on April 30, 1982. EBN Banco is a business bank whose activity is guided by specialization and complementary principles with its shareholders and other credit entities.

EBN BANCO is participating with five Spanish Savings Banks and Banco de la Provincia de Buenos Aires:

• Caja de Ahorros del Mediterráneo. CAM.
• UNICAJA.
• Caja de Ahorros de Zaragoza, Aragón y Rioja. IBERCAJA.
• Caja de Ahorros de Baleares "SA NOSTRA".
• Caja de Ahorros de Salamanca y Soria. CAJA DUERO.

EBN BANCO develops its activities mainly through the syndication of financial operations. Among its fundamental business lines stands out the navy sector financing, project financing, real state and entertainment sector financing, and financing in general to enterprises in the national and international scenario.

Likewise, it must be underscored that EBN Banco is the axis and head of Grupo EBN of which Titulación de Activos, SGFT are part of, and whose activity is the generation, organisation and management of operations (securitization funds) and management, guarantee, placement and intermediation of financial assets (Securitization Bonds) which finance those operations, EBM Sociedad Gestora de Entidades de Capital Riesgo which manages three Hedge Funds and PROINSA, Promotora Inmobiliaria del Este y Campus Patrimonial which develop the activity of the Group in the real state sector.

On October 25, 2001, EBN Banco culminated a process of enterprise merging with the absorption of PROBANCA, a Spanish business bank with a special presence in the Latin American and Caribbean market, contributing to EBN Group with a strengthening in their equities and its shareholders basis, as well as a platform for the development of international business.

Since June 4, 1999, PROBANCA has been present in Cuba through a Representative Office, by means of Resolution No. 60 of that year, granted by Banco Central de Cuba and it is, at present, on a modification phase after the merging of the new trade name EBN PROBANCA. This License enables management promotion and coordination of activities related to financial intermediation business, carried out between the represented Bank and the entities established in the national territory, including those with foreign capital participation.

Republic Bank Ltd. opened it Office of Representation in Cuba at the beginning of May, 2002, when it was issued to it a license by Banco Central de Cuba, under Resolution No.15/2002, inscribed in the General Register of Banks with number 38.

Republic Bank Ltd. was set up in 1837 in Trinidad Tobago. At present it is the top independent bank of the

Caribbean, with a broad projection in the whole region in the promotion of trade relations between these countries.

Republic Bank Ltd. counts on assets of over USD 3,000 millions, and equities for USD 400 millions. Its leader position has been consolidated in the last decade within the financial system of Trinidad and Tobago, attaining market participation of over 40,0 percent, in deposits as well as in placements. Moreover, it has extended its participation in the Caribbean through its branches, the National Commercial Bank of Granada and the National Bank of Industry and Commerce of Guyana, which are the top banks of their System. Also, their activities in the region have increased notably by means of trade financing operations in South America, Dominican Republic, Jamaica and Cuba.

The main services provided by Republic Bank Ltd are the following:

• Consumer banking.
• Foreign trade financing.
• Credit facilities for PYMES.
• Investment financing.
• Capital market operations.
• Credit cards.

Republic Bank Ltd. has been financing trade operations in Cuba since 1999, granting credit lines to different financial institutions established in the country, in support to import and exports made by Cuban enterprises.

The Representative Office of Republic Bank established in Cuba, will facilitate trade operations of the Bank in the Island, and identify business opportunities linked to financial services, such as bill discount, direct loans, opening of letters of credit to finance imports and export financing for subsequent approval and implementation by the Headquarters of Republic Bank Ltd. in Trinidad and Tobago.