Álvaro Clarke President and Business Partner ICR Chile Clasificadora de Riesgo

Currently Position

President ICR, rating agency

Principal Partner Clarke & Associates

Director of Board Telefónica CTC S.A.

Director of Board Gergens Investment Fund

Professor at University of Chile, Faculty of Law and Faculty of Economics.

Education

Catholic University of Louvain, Master of Arts (M.A.Economics, 1993

Universidad de Chile, Ingeniero Comercial (Business Engineer) ,1987

Licentiate in Economic Sciences (B.A.), 1986

Specialization Areas

Corporate Governance, Financial Reforms, Security Market Regulation, Insurance Market

regulation, Pension Funds, Financial Institutions, Privatizations, Industrial Organization,

Financial Optimization, Political Engineering of Legal Reforms.

Work Experience

2000-2003 Chairman Chilean Securities and Insurance Commission

2001-2003 President (American Association of Insurance Supervisor)

2001-2003 President Instituto Iberoamericano de Mercado de Valores

2000-2002 Vice-president de IOSCO America

1999-2000 Vice-Minister of Finance

1994-1998 Advisor to the Finance Minister (Capital Markets)

1994-1998 Exec. Secretary Capital Market Committee, Ministry Finance

1997-1999 Director of Board ESVAL (Publicly owned utility, water sector)

1996-1999 Director of Board Colbún (electric generator)

1994-1999 Director of Board Metro (Publicly owned firm, subway)

1994-1996 Member Antitrust Commission

Ceres Lisboa Associate Managing Director, Financial Institutions Group Moody's Ratings

Ceres joined Moody’s in 2006 and is the Associate Managing Director - Latin American Banking.

Ceres came from Standard Bank - Brazil, where she was the RegionalCredit Officer for Latin American Financial Institutions. Ceres, a long-time Brazilian bank industry specialist, was also a credit analyst withBank of America’s Trading Group for over six years, and prior to that she worked for ABN AMRO (Brazil) and BankBoston (Brazil) as a credit analyst for the middle market sector. She holds a B.A. degree from Pontificia Universidade Católica - São Paulo and an MBA in Banking from Fundação Getúlio Vargas, Brazil.

Felipe Carvallo Vice President - Senior Credit Officer, Financial Institutions Group Moody’s Ratings

Felipe is a Vice President-Senior Credit Officer in the Financial Institutions Group for Moody's. Based in Mexico City, he leads the credit analysis of various financial institutions, including banks, securities firms and finance companies in Mexico, Chile and Peru. Prior to this position, he had similar responsibilities for financial institutions throughout Latin America. Felipe joined Moody's in 2000. He holds an MBA from New York University and received a B.S. in Business Administration from the University of Boston. He speaks fluent Spanish, English and Portuguese

Barbara Mattos Senior Vice President, Corporate Finance Group Moody's Ratings

Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.

Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.

Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder

Daniela Cuan Vice President-Senior Analyst, Public Projects and Infrastructure Finance Moody's Ratings

Daniela Cuan is a VP/Senior Analyst in the Global Infrastructure Finance Group.

Based in Buenos Aires, Argentina, Daniela is lead analyst for debt issuers in the utility sector in Argentina and other countries in the region. Daniela works in the Americas team, providing her local and regional perspective to the analysis of Argentinean and regional issuers.

Daniela has more than 20 years in the financial services industry. Prior to joining Moody’s in 2000, Daniela worked for a local rating agency in Argentina, covering a variety of local industries. She began her career in corporate and commercial banking. She had worked for BCI between 1991 and 1994, taking responsibility for a portfolio of more than 20 Argentinean corporations. She continued her banking career at BBVA during 1994.

Daniela holds a Bachelor’s degree in Economics from Universidad de Buenos Aires/UBA and a Master’s Degree in Finance and Capital Markets also from the Universidad de Buenos Aires.

Álvaro Clarke President and Business Partner ICR Chile Clasificadora de Riesgo

Currently Position

President ICR, rating agency

Principal Partner Clarke & Associates

Director of Board Telefónica CTC S.A.

Director of Board Gergens Investment Fund

Professor at University of Chile, Faculty of Law and Faculty of Economics.

Education

Catholic University of Louvain, Master of Arts (M.A.Economics, 1993

Universidad de Chile, Ingeniero Comercial (Business Engineer) ,1987

Licentiate in Economic Sciences (B.A.), 1986

Specialization Areas

Corporate Governance, Financial Reforms, Security Market Regulation, Insurance Market

regulation, Pension Funds, Financial Institutions, Privatizations, Industrial Organization,

Financial Optimization, Political Engineering of Legal Reforms.

Work Experience

2000-2003 Chairman Chilean Securities and Insurance Commission

2001-2003 President (American Association of Insurance Supervisor)

2001-2003 President Instituto Iberoamericano de Mercado de Valores

2000-2002 Vice-president de IOSCO America

1999-2000 Vice-Minister of Finance

1994-1998 Advisor to the Finance Minister (Capital Markets)

1994-1998 Exec. Secretary Capital Market Committee, Ministry Finance

1997-1999 Director of Board ESVAL (Publicly owned utility, water sector)

1996-1999 Director of Board Colbún (electric generator)

1994-1999 Director of Board Metro (Publicly owned firm, subway)

1994-1996 Member Antitrust Commission

Ceres Lisboa Associate Managing Director, Financial Institutions Group Moody's Ratings

Ceres joined Moody’s in 2006 and is the Associate Managing Director - Latin American Banking.

Ceres came from Standard Bank - Brazil, where she was the RegionalCredit Officer for Latin American Financial Institutions. Ceres, a long-time Brazilian bank industry specialist, was also a credit analyst withBank of America’s Trading Group for over six years, and prior to that she worked for ABN AMRO (Brazil) and BankBoston (Brazil) as a credit analyst for the middle market sector. She holds a B.A. degree from Pontificia Universidade Católica - São Paulo and an MBA in Banking from Fundação Getúlio Vargas, Brazil.

Álvaro Clarke President and Business Partner ICR Chile Clasificadora de Riesgo

Currently Position

President ICR, rating agency

Principal Partner Clarke & Associates

Director of Board Telefónica CTC S.A.

Director of Board Gergens Investment Fund

Professor at University of Chile, Faculty of Law and Faculty of Economics.

Education

Catholic University of Louvain, Master of Arts (M.A.Economics, 1993

Universidad de Chile, Ingeniero Comercial (Business Engineer) ,1987

Licentiate in Economic Sciences (B.A.), 1986

Specialization Areas

Corporate Governance, Financial Reforms, Security Market Regulation, Insurance Market

regulation, Pension Funds, Financial Institutions, Privatizations, Industrial Organization,

Financial Optimization, Political Engineering of Legal Reforms.

Work Experience

2000-2003 Chairman Chilean Securities and Insurance Commission

2001-2003 President (American Association of Insurance Supervisor)

2001-2003 President Instituto Iberoamericano de Mercado de Valores

2000-2002 Vice-president de IOSCO America

1999-2000 Vice-Minister of Finance

1994-1998 Advisor to the Finance Minister (Capital Markets)

1994-1998 Exec. Secretary Capital Market Committee, Ministry Finance

1997-1999 Director of Board ESVAL (Publicly owned utility, water sector)

1996-1999 Director of Board Colbún (electric generator)

1994-1999 Director of Board Metro (Publicly owned firm, subway)

1994-1996 Member Antitrust Commission

Felipe Carvallo Vice President - Senior Credit Officer, Financial Institutions Group Moody’s Ratings

Felipe is a Vice President-Senior Credit Officer in the Financial Institutions Group for Moody's. Based in Mexico City, he leads the credit analysis of various financial institutions, including banks, securities firms and finance companies in Mexico, Chile and Peru. Prior to this position, he had similar responsibilities for financial institutions throughout Latin America. Felipe joined Moody's in 2000. He holds an MBA from New York University and received a B.S. in Business Administration from the University of Boston. He speaks fluent Spanish, English and Portuguese

Barbara Mattos Senior Vice President, Corporate Finance Group Moody's Ratings

Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.

Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.

Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder

Daniela Cuan Vice President-Senior Analyst, Public Projects and Infrastructure Finance Moody's Ratings

Daniela Cuan is a VP/Senior Analyst in the Global Infrastructure Finance Group.

Based in Buenos Aires, Argentina, Daniela is lead analyst for debt issuers in the utility sector in Argentina and other countries in the region. Daniela works in the Americas team, providing her local and regional perspective to the analysis of Argentinean and regional issuers.

Daniela has more than 20 years in the financial services industry. Prior to joining Moody’s in 2000, Daniela worked for a local rating agency in Argentina, covering a variety of local industries. She began her career in corporate and commercial banking. She had worked for BCI between 1991 and 1994, taking responsibility for a portfolio of more than 20 Argentinean corporations. She continued her banking career at BBVA during 1994.

Daniela holds a Bachelor’s degree in Economics from Universidad de Buenos Aires/UBA and a Master’s Degree in Finance and Capital Markets also from the Universidad de Buenos Aires.