MSF Holding Ltd.

In 1997, The International Finance Corporation (IFC), the private sector financing arm of the World Bank, DVI International, Netherlands Development Finance Corporation (FMO) and Philadelphia International Equities invested in MSF Holding Limited, a financial company dedicated to leasing diagnostic and treatment equipment in Latin America. The project provided cross-border lease and loan financing to private hospitals, clinics, and physician groups throughout Latin America, enabling the beneficiaries to purchase high-tech diagnostic imaging and radiation therapy equipment. In August 2000, MSF issued the first Brazilian internationally rated securitization of Domestic Hard Assets. Deutsche Bank Alex Brown joint underwriter with Credit Suisse First Boston. The U$D 80 Millions floating rate asset backed note was monitored by Standard & Poor’s , Moody’s and Fitch IBCA. The Securitization was named “Best Securitization of Emerging Market Assets in 2000” by Structured Finance International Magazine (Euromoney Group).