JAIME GUILLERMO DUNN DE AVILA

PERSONAL INFORMATION

Date of Birth:

May 21, 1968 Marital Status: Married, three children Profession: Masters in Business Administration (MBA), International Relations (BA), Registered Representative (National Association of Securities Dealers, New York Stock Exchange), Fixed Income Trader and Broker. Citizenship: Bolivian citizen, US RESIDENT (Green Card) Mailing Address: P.O. Box 3-34975, La Paz-Bolivia Telephones: Cell: +591 76200760/Home: +591 2 2745600 Email: jdunn1968@gmail.com.bo

EXPERIENCE 1995-to date FINANCIAL CONSULTANT. La Paz, Bolivia.

Project Manager for Building Remittances Initiative Development (BRIDGE), a remittances securitization Project led by the US Department of State, reporting to Mr. Jose W. Fernndez, Undersecretary of State. Washington, DC. Chemonics/USAID (2011 to date). Securitization consultant for Banco Centroamericano de Integracin Econmica (BCIE) in Guatemala (2012). Project Director in charge of revision of the Ley del Mercado de Valores and drafting new norms for Securitization, Investment Funds and Trusts for Repblica Dominicana. Superintendencia de Valores (SIV) de Rep. Dominicana (2011 to date). Financial consultant for various Bolivian corporations. (2011 to date). Director of Securitization companies, San Salvador, El Salvador. (2011 to date). Securitization consultant for the Banco Central de la Repblica Dominicana. (2011). Financial consultant for ALDESA Investment Bank, de Costa Rica (2011). Securitization structurer for Ad Astra Rocket/ALDESA, aerospace company based in Costa Rica y Houston, EE.UU. (2011). Consultant on securitization for Asociacin de Administradoras de Fondos y Fideicomisos del Ecuador. (2010-2011). Remittance securitization consultant for Chemonics/USAID in Repblica Dominicana, El Salvador and Honduras. (2010). Securitization consultant for Fundacin Burstil de El Salvador (2008-2011). Securitization consultant for Egyptian Government, USAID EGYPT/Chemonics Egypt Financial Services Project. Led the drafting for the securitization law (2007-2008). Consultant for Grupo Securitization companies, El Salvador and USA (2007-2009). Consultant for Trust Fiduciaria del Ecuador (2006). Consultant for Titularizadora Panamericana de Guatemala (2006). Consultant for PROFIN Bolivia, (2006).

Consultant for Ministerio de Desarrollo Econmico de Bolivia (2005). Consultant for Programa de Naciones Unidas para el Desarrollo, PNUD (2000-2001). Consultant for Comisin de Hacienda of Cmara de Diputados de Bolivia for the revision and drafting of the Ley de Mercado de Valores de Bolivia. (1998). Consultant for Sociedad Boliviana de Cemento (1999). Consultant for Universidad Mayor de San Simn (1999). Consultant for Cmara de Comercio de Cochabamba (1999). Project Manager for the issuance and placement of US$ 75 million municipal Eurobonds for the city of La Paz. (1996-1997). Project Manager for the issuance of US$ 11 million for the city of La Paz (1996-1997). Consultant for Cervecera Boliviana Nacional S.A-Inbursa Project Manager for the issuance of US$ 40 million in shares via ADRs (1995).

Oct/2005-June/2011 BDP SOCIEDAD DE TITULARIZACION (NAFIBO ST) La Paz, Bolivia. CEO, Shareholder and Co-founder Created over US$ 520 million in Structured Notes, for mining and energy projects in Bolivia. Created internationally recognized securitization mechanism for small business in Bolivia. This model has been further developed in Ecuador and Argentina. Created internationally recognized securitization of a Non-Governmental Organization known. First of its kind Latin America. Structured securitization mechanisms for building/maintenance of Bolivian highway system. Structured and design Securitization deals of future cash flows and mortgage backed securities. Administered 19 Special Purpose Vehicles (SPVs) of about US$ 650 million. Designed new securities for institutional investors. Together with Viceministerio de Vivienda, Superintendencia de Pensiones, Valores y Seguros de Bolivia, worked on issuing new regulation for creation of securities aimed at developing the housing sector in Bolivia. Expanded BDP operations to Guatemala, Costa Rica, Honduras El Salvador and Ecuador. Structured the first microcredit securitization model in Latin America with support of USAID. Structured the first Securitization for a small business in Bolivia. Structured the first deal in Bolivia with guarantee on capital together with Socit Genrale and Standard Bank of New York. Structured the only AAA rated securities in Bolivia. NACIONAL FINANCIERA BOLIVIANA SOCIEDAD DE TITULARIZACION S.A. (NAFIBO ST). La Paz, Bolivia. CEO

July/00-Oct/2005

Co-founder and shareholder of NAFIBO ST. A leading securitization agency in Bolivia. In charge of design and implementation of securitization deals of Asset Back Securities and Future Cash Flows for public offering through the Bolivian securities market. Executed first fifteen securitization deals in Bolivia. Worked with government officials and regulators on establishment of mortgage-banks and secondary market for mortgage-backed securities in Bolivia. Worked with Bolivian Government in creation of inflation-indexed Securities. Implemented secondary market for municipal securities integrated to a Securitization mechanism of future tax revenues. Member of the Commission for the Reduction of the Fiscal deficit of the Bolivian Pension System, co-author of Supreme Decree No. 27991. Structured first securitization deal for a small enterprise (PYME) in Bolivia with principal guaranteed. This model is being studied in Ecuador, Argentina and Guatemala. Structured first SPV of foreign securities in Bolivia, together with Socit Genrale, Barclays and Standard Bank of New York.

Supervised the execution of a US$ 10 million securitization project of mortgage backed securities deal sponsored by the International Development Bank (IDB). Structured issue US$ 100 million issue of corporate bonds for NAFIBO SAM with full faith and credit of the Bolivian government. Co-founder of the Bolivian Securities Clearing Corporation (EDV). Cash flow analysis and computer financial modeling for originators and Administrator of Special Purpose Vehicles (SPVs). MUNICIPALITY OF CITY OF EL ALTO. El Alto, Bolivia. FINANCIAL AND ADMINISTRATIVE MANAGER

Feb/00- July/00

Implemented financial and administrative systems required by law. Supervised directions of municipal tax collection, budget, financial planning and urban development. NATIONAL HOUSING FUND (FONVIS). La Paz, Bolivia ADVISOR

Jul/99-Dec/99

Advisor to the President and Board of Directors on budget, financial planning and liquidation strategy for FONVIS. DEPARTMENT (STATE) OF LA PAZ. La Paz, Bolivia. GOVERNOR A.i.

Sep/98- Jun/99

Prefecto (Governor) a.i. of the Department (State) of La Paz. DEPARTMENT OF LA PAZ. La Paz, Bolivia FINANCIAL AND ADMINISTRATIVE MANAGER

Sep/98- Jul/99

Implemented financial and administrative systems. Supervised areas of budget, treasury, accounting, administration and public investment. FIRST BOLIVIAN SECURITIES SRL. La Paz, Bolivia. GENERAL MANAGER AND PROPIETOR:

Nov/95- Sep/98

Founder of specialized consulting company in international private deals of debt and equity in US markets through 144A, Reg. S and Reg. D issues. Extensive contacts with top investment banks and law firms in Wall Street. Project Manager for the Municipality of La Paz in international private placement of US$ 75 million in municipal bonds, in conjunction with Lehman Brothers. Project Manager for Cervecera Boliviana Nacional S.A. in a US$ 40 million ADR project. Consultant to private and public entities in issuance of debt and equity in local markets. Consultant to Bolivian Congress on drafting of Bolivian Securities Law. INVERSIONES BURSATILES SRL. La Paz, Bolivia. GENERAL MANAGER:

Jan/95- Oct/95

In charge of administration and financial planning. Instructor of securities analysis and trading techniques. Worked on securitization of Bolivian mortgage backed securities. MABON SECURITIES CORP. IMI Group. New York City, USA. VICE PRESIDENT, FIXED INCOME TRADING AND SALES:

Mar/91- Dec/94

Securities Broker: Registered Representative in the New York Stock Exchange (NYSE), Central registration Depository (CRD) and the Securities and Exchange Commission (SEC), series 7 and 64.

Mortgage Backed Securities (MBS) Sales and Trading: Sales and trading of Mortgage Backed Securities (Fannie Mae, Freddy Mac and Ginnie Mae), Collateralized Mortgage Obligations, Derivatives, US Treasuries and Non- Agency issues. International Fixed Income: Sales and trading of US dollar/foreign currency Eurobonds and Emerging Markets issues. Concentration in Latin-American sovereigns and corporate issues. Hedge strategist and active trader of foreign currency. Traded over US$ 2 billion in fixed income to 180 Broker Dealer accounts in the USA. MABON NUGENT & Co. New York City, USA. ASSISTANT TRADER, MUNICIPAL BOND DEPARTMENT:

Sep/90- Mar/91

Assisted municipal trading and sales desk with back-office related matters. Research and record keeping of illiquid and defaulted issues. Trained in cold calling, market research, group presentations and technical sales.

AWARDS AND ACHIEVEMENTS Recognized as Investment Banker of the Year 2011 in Bolivia by World News Media, World Finance Magazine and the London Stock Exchange. London, England. 2011. Recognized as Best employee of NAFIBO ST and BDP ST for the 2006-2010 period. Beneficiary of the BDP ST Scholarship in 2011. Receptor of the Best Investment Bank of Bolivia 2010 award for BDP ST, by World News Media, World Finance Magazine and the London Stock Exchange. London, England. Named amongst the 10 Most Influential People of the Financial Sector of Bolivia, by Nueva Economa Bolivia, 2009. Securitization Profesor recognized by Congreso Latinoamericano de Fideicomiso (COLAFI) of Federacin Latinoamericana de Bancos (FELABAN), Caracas Venezuela, 2008. Recognized as best lecturer by COLAFI for the years: 2005, 2006, 2007 and 2008. Co-author of the Ley del Mercado de Valores de Bolivia. 1998. Public recognition from the Economic and Finance Committee of the Chamber of Deputies of Bolivia for co-authoring the Bolivian Securities Law. Recognition of Excellency from the Council of the Department of La Paz for achievements as Financial and Administrative Manager of City of El Alto. Outstanding Citizen Award given by the municipality of Guanay for achievements as Governor a.i. of the Department of La Paz, 1999. President and Founder of the Investment Club of Maestras Para el Desarrollo program (Harvard University/Universidad Catlica Boliviana). Excellency Academic Award recipient from the Administrative Council of Maestras Para el Desarrollo program (Harvard University/Universidad Catlica Boliviana). Top producing International Fixed Income salesman in 1993 and 1994. First to introduce Euro issues to regional Broker Dealers in the US, increasing volume to US$ 14 million per month at Mabon Securities. Developed Zero Coupon desk reaching a daily volume of US$ 6 million at Mabon Securities. Distinguished by the Bolivian Society of New York as Outstanding Bolivian Citizen in the USA. Certificate of Merit by the Assembly of the State of New York. Frequent guest to public debates on securities issues. Frequently interviewed and published on financial matters. UNIVERSITY PROFESSOR Only securitization professor certified by COLAFI-FELABAN. Securitization professor of COLAFI-FELABAN in Panam, Ecuador, Honduras and Paraguay (2006 to date).

Securitization professor for Masters in Business Administration and Masters in Corporate Finance programs at Maestras Para el Desarrollo (Harvard University/Universidad Catlica Boliviana, Harvard Institute for International Development), 2001 to present. Securitization professor. Universidad Catlica Santiago de Guayaquil. Ecuador. (2011-2012). Securitization professor in Centro AFIN (2009-2010). Securitization professor at Universidad Andina Simon Bolivar. Masters in Business Administration program. 2007 Capital Markets professor for Masters in Business Administration at Universidad de San Simn. 2003-2004. Capital Markets professor for Masters in Business Administration at Escuela Europea de Negocios. 2004-2006.

INTERNATIONAL LECTURER Introduction to Securitization and Structured Finance, Universidad Catolica Santiago de Guayaquil, Guayaquil, Ecuador, 12 of April 2012. Securitization, COLAFI Diplomado, Panama City, Panama , 26-28 of April 2012 Securitization: A successful mechanism and Proper Implementation, CIPLAFIT, San Jos, Costa Rica, 18-20 of April, 2012 Microcredit in Bolivia and Securitization for Non-Governmental Organizations, US Department of the Treasury, CAFTA-DR, 3-4 mayo of 2012. Commercial Banks Situation, Capital Markets and Opportunities in Bolivia, Executive Forum, Santa Cruz, Bolivia, 12 of May 2012. Introduction to Securitization and Structured Finance, Universidad Catolica Santiago de Guayaquil, Guayaquil, Ecuador, 27 of august 2011. Securitization as a Financial Tool, Instituto Tecnologico de Monterrey, Santo Domingo, Repblica Dominicana, 28-29 of October 2011. Operational Aspects of Assets Securitization, Banco Central de Repblica Dominicana, 1215 of July 2011. Titularizacin para Proyectos de Infraestructura Pblicos y Privados, Fundacin Burstil de El Salvador, San salvador. September 7-9 of 2011. Panelista del VI Encuentro de Expertos de Fiducia y Titularizacin, Superintendencia de Compaas del Ecuador y Trust Fiduciaria. Guayaquil, Ecuador, August 16 of 2011. Riesgos de la Titularizacin de Flujos sobre la Expectativa de Ventas, Superintendencia de Compaas del Ecuador. Guayaquil, Ecuador, May 31 of 2011. Titularizacin de Notas Estructuradas, Aldesa. San Jos, Costa Rica, March 4 of 2011. Titularizacin como Mecanismo de Financiamiento, Derechos Reales, La Paz, Bolivia. January 13-14 of 2011. Financiamiento de Infraestructura a travs del mercado de capitales Titularizacin: El Caso de Bolivia, Federacin Iberoamericana de Bolsas (FIAB), XXVIII Asamblea General. San Salvador, El Salvador. 5-7 September 2010. La titularizacin en Bolivia: Experiencias y Perspectivas Futuras. Viceministerio de Poltica Tributaria. Ministerio de Economa y Finanzas Pblicas. La Paz, Bolivia, February 27 2010. Titularizacin de los Certificados de Devolucin Impositiva (CEDEIMs) para Exportadores y Titularizacin para PyMES. Feria - Taller sobre Opciones y Mecanismos de Financiamiento, Formas de pago Internacional y Operaciones de Comercio Exterior para Pequeas, Medianas y Grandes Empresas". Centro Internacional de Negocios CIN FEICOBOL, CADEXCO. Cochabamba, May 3 of 2010. La Titularizacin como Instrumento de Financiamiento para PyMES. CAINCO, 15 december of 2010. Titularizacin y Financiamiento Estructurado, Bolsa de Valores de El Salvador y Fundacin Burstil de El Salvador. San Salvador, 1-2 de October of 2010.

Financiamiento de Infraestructura a travs del Mercado de capitales Titularizacin: El Caso de Bolivia, El Salvador, San Salvador, 5-7 September of 2010. Titularizacin y Financiamiento Estructurado, Asesoramiento especial a la Superintendencia de Compaas del Ecuador. Guayaqil, Ecuador, 5 November of 2010. Titularizacin Aplicada a Proyectos Municipales y de Infraestructura, Humphreys S.A. Calificadora de Riesgo. Quito, 16 June 2010. Titularizacin Aplicada a Proyectos Municipales y de Infraestructura, Humphreys S.A. Calificadora de Riesgo. Guayaquil, 17 June 2010. La titularizacin en Bolivia: Experiencias y Perspectivas para el Futuro. Autoridad de Empresas (AEMP). 28 November 2009. La Titularizacin como Instrumento Financiero para PYMES. CADEPIA. Cochabamba, 26 August of 2009. La titularizacin en Bolivia: Experiencias y Perspectivas para el Futuro. Autoridad del Sistema Financiero (ASFI). 30 June 2009. La Titularizacin: Mecanismo de Financiamiento para PYMES. Foro Internacional: La Titularizacin: Oportunidad ante la Crisis. Banco Centroamericano de Integracin Econmica (BCIE). Presidencia de la Repblica de Honduras. Tegucigalpa, Honduras 18 June 2009. Titularizacin, IV Feria a la Inversa de Servicios Financieros. Cochabamba, Bolivia. 27 April 2009. La Titularizacin como Mecanismo para la Reduccin del Riesgo en el Mercado de Valores, Pacific Credit Rating (PCR)y Amcham. Lima, Per. 18 May 2009. La Titularizacin como Mecanismo de Financiamiento. Programa Internacional Fiduciario. Ciudad de Panam, Panam. 11-13 December 2008 Ejemplos Concretos de Titularizacin como Mecanismo para la reduccin de Riesgo en el mercado de valores. COLAFI. Caracas, Venezuela. 15-17 Octubre 2008 La Titularizacin como Mecanismo de Financiamiento. Programa Internacional fiduciario. Tegucigalpa, Honduras. 11-13 September of 2008. Securitization as a Finance Tool, Bolsa de Valores de El Salvador, Fundacin Burstil. San Salvador, El Salvador. September 2008. Securitization as a Finance Tool, Bolsa de Valores de El Salvador, Fundacin Burstil. San Salvador, El Salvador. May 2008. Securitization of Assets and Future Cash Flows, Capital Market Authority, Egyptian Financial Services, Cairo, Egypt. January 8, 2008. Issuing Mortgage Backed Securities, Capital Market Authority, Egyptian Financial Services, Cairo, Egypt. August 4, 2008. Structuring Assets Backed and Future Cash Flow Securitizations, Capital Market Authority, Egyptian Financial Services, Cairo, Egypt. August 6, 2008. Enhancements to Regulation and Rules for Securitization in Egypt, Capital Market Authority, Egyptian financial Services, Cairo, Egypt. August 11, 2008. Securitization as a Finance Tool, Francisco Marroquin University, School of Business. Guatemala City, Guatemala. August 22-25, 2007. Securitization, the Finance Tool for the New Millennium, Titularizadora Panamericana, Guatemala City, Guatemala, June 20-21, 2007. Securitization in Bolivia, XVI Congreso Latinoamericano de Fideicomiso, Latin American Federation of Banks. Montevideo, Uruguay. October 18-20, 2006. Securitization, Bolivian Stock Exchange, USAID, cities of Santa Cruz, La Paz, Cochabamba, 2006.

Securitization, Superintendencia de Compaas de Ecuador, Trust Fiduciaria, First Encounter of experts on Securitization. Guayaquil, Ecuador. September 13, 2006 MBS, Trusts and Securitization of Future Flows. Housing Mortgages and Benefits for Financial Institutions, Instituto Bancario Internacional, Centro de Estudios Superiores, Asociacin Bancaria de Panam. Panam City, Panam. June 26-28, 2006. The Trust, Servicio de Impuestos Nacionales, Colegio de Abogados de Bolivia. La Paz, Bolivia. April 18 2006. Securitization, an Important Tool for Housing Finance, Instituto de Fomento de Hipotecas Aseguradas (FHA), Asesores Fiduciarios, Guatemala City, Guatemala March 27-28, 2006. Securitization as a Finance Tool, Cmara de la Construccin de Bolivia, La Paz, Bolivia. December, 2005 Government Housing Programs and Securitization of Mortgage Backed Securities, Republic of Bolivia, Ministry of Economic Development, Vice Ministry of Housing and Urban Development. La Paz, Bolivia, November 3, 2005. Securitization of Mortgage Backed Securities, Ministry of Economic Development, Bolivian Stock Exchange, Pension Fund Administrators, La Paz, Bolivia. December 2005. Housing Finance. Mortgage Backed Securities, XV COLAFI, Latin American Federation of Banks. Panama City, Panama. September 7-9, 2005. Securitization of Fixed Income Instruments", Cmara de la Construccin de Cochabamba, Bolivia. March, 2005. Securitization in Latinamerica: Securitization of Project Finance for Infrastructure, XIV Congreso Latinoamericano de Fideicomiso, Latin American Federation of Banks. Quito, Ecuador. October 20-22, 2004. Securitization, Universidad Catlica Boliviana, La Paz, Bolivia, May 2002. How to Invest in Wall Street, PROMEC, Universidad Mayor de San Simn, Cochabamba, Bolivia, October 2002. Securitization of Motgage Backed Securities, First International Congress of Securitization, Quito, Ecuador. June 21, 2001. Securitization in Bolivia. A Private Sector View, Third Course on regulation and South American Capital Markets Supervision, Instituto Iberoamericano de Mercado de Valores de Madrid, Espaa. Santa Cruz, Bolivia. June 2001. Securities Investments Through the Internet, Universidad Mayor de San Andrs, Cochabamba, Bolivia. March 2001. Securities Markets, National School of Higher Studies, Armed Forces of Bolivia, Cochabamba, Bolivia. June 1998.

LANGUAGES Fluent in English and Spanish.

MEMBERSHIPS Stockholder and owner of Seat in the Bolivian Stock Exchange. Honorary member of the Bolivian American Society of N.Y. Treasurer of the Bolivian Society of N.Y. and N.J. (1993-1995).

EDUCATION MAESTRIAS PARA EL DESARROLLO (HARVARD UNIVERSITY, UNIVERSIDAD CATOLICA BOLIVIANA, HARVARD INSTITUTE OF INTERNATIONAL DEVELOPMENT). La Paz, Bolivia (1996-1998) MASTER IN BUSINESS ADMINISTRATION (MBA), Class of 1998 Awarded with academic scholarship. Graduated with Honors.

COLGATE UNIVERSITY. Hamilton, New York, USA (1986-1990) B.A. (MAJOR): INTERNATIONAL STUDIES - MINOR: LATINAMERICAN STUDIES Awarded with full-time scholarship. Deans Award for academic Excellency (1987and 1988). Selected member for Geneva (Switzerland) Study Group (1988). Physics student at the nuclear Investigation of particles Center (CERN) and Peace studies student at the United Nations. FEDERAL NATIONAL MORTGAGE ASSOCIATION (Fannie Mae) Washington D.C., USA (2001) Completed training on securitization of mortgage backed securities (MBS). NATIONAL ASOCIATION OF SECURITIES DEALERS (NASD) NEW YORK STOCK EXCHANGE (NYSE). New York City, USA (1990-1991) REGISTERED REPRESENTATIVE Completed advance courses on Securities markets, investment banking, Securities laws and Regulations. Registered Representative, Series 7 and 63. Blue Sky Laws. BOLIVIAN STOCK EXCHANGE. La Paz, Bolivia (1996) REGISTERED OPERATOR Completed study and examination for Operador de Ruedo. AUTHOR-WRITER Author of the book La Revolucin Neoliberal Boliviana de 1985, in edition. Co-author of the book Mercado de Capitales de Bolivia, in edition. Co-autor of the book La Titularizacin de Hipotecas. Author of the book,La titularizacin de cartera de microcrdito. Author of paper Creacin de una Nota Estructurada para una Planta Hidroelctrica en Bolivia Mediante un Proceso de Titularizacin: Un Ejemplo Prctico. Author of paper Titularizacin y Financiamiento estructurado Tomos I y II. Author of paper Proceso de Titularizacin Por Acto Unilateral de Pagars Emitidos por un ONG Microcrediticia. Writer in local and international newspapers, magazines and financial related Internet services.

REFERENCES Available upon request.