BANK GUARANTEE & LETTERS OF CREDIT

Balmoral Capital Markets ("BCM") plays a key role in the development of clients' finances by marketing bank debt and credit that is offered to Balmoral for cash or for the procurement of goods from America, Europe, or the Pacific Rim. BCM's activities include the following:

• Advising banks and governments in establishing fiscal, legal and regulatory frameworks that will support banks in selling debts
• Investing in financial institutions in developing countries and providing them with technical assistance
• Consulting firms in developing countries to gain access to local bank support
• Cooperating with a broad range of financial institutions - investment banks, venture capital companies, contractual savings institutions and private doctor and physician investors - in the USA and on other countries
• Expanding the use of debt-equity conversion programs and investment funds

FOREIGN EXCHANGE OPERATIONS

• Foreign exchange in 20 currencies

JOINT VENTURE/PROJECT DEVELOPMENT

• Advisory services
• Structuring/incorporation
• Taking positions in companies

COUNTER TRADE

• Structuring deals
• Documenting flows of goods/payments
• Bridging finance

TRADE FINANCE

• Documentary credits, both import and export
• Pre- and post-shipment financing
• Guarantees and standby letters of credit
• Bills discounting facilities
• Documentary/check collections
• Fund transfers/payments orders