Roger P. Nye, President
Global Investment Advisors, Inc.
2281 Masters Road
Carlsbad, California 92008  USA

Tel: 1-760-268-0750
Fax: 1-760-268-0749
Email: rpn@gia-inc.com

GIA Advisors

Roger P. Nye
Mr. Nye is President of Global Investment Advisors, Inc. (GIA), a capital markets consulting firm which he founded in 1991. Prior to that, he worked for five years at Moody’s Investors Service in New York as a Senior Analyst in the Financial Institutions Group, assessing the creditworthiness of government borrowers and banks and assigning credit ratings.

Previously, he headed the International Evaluation department at Atlantic Richfield Company in Los Angeles and was responsible for evaluating all foreign investment projects for the petroleum company from the standpoint of country risk. He also supervised a staff devoted to global intelligence and strategic planning.

His years of teaching and consulting include assignments with Republic National Bank of New York, Monsanto Company, Burns Fry Ltd. and Smith Barney Shearson. Mr. Nye has published more than three dozen articles and books on investment and ratings-related topics encompassing the Middle East, Africa, and Asia. He writes and publishes the monthly GIA Bulletin and GIA’s series of Occasional Papers.

He has addressed numerous public and private forums on issues involving direct and fixed-income investment. His degrees include a Ph.D. in international relations from Washington University and a B.A. in political science from Williams College. Postdoctoral courses in international trade and finance were completed at the University of Southern California and at New York University.

Burcu Güvenek
From 1996 to 2000 Ms. Burcu Güvenek was vice president responsible for Turkish banks at IBAR/DCR, the Turkish subsidiary of Duff & Phelps Credit Rating Company in Istanbul. In addition, she developed expertise in corporate and structured finance ratings.

Prior to that, as a financial analyst and credit officer with two respected Turkish financial institutions, Global Securities and Interbank, Ltd., Ms. Güvenek analyzed and reported on various Turkish industries and companies. She earned a B.S. in Economics and an M.A. in Money-Banking-Finance from the University of Sheffield, United Kingdom.

Ms. Güvenek's primary responsibility is developing and expanding GIA's ratings advisory service in Turkey, Western Europe and certain CIS countries.

Thomas B. Harker
Mr. Harker is a career financial professional with expertise in corporate finance.  He managed the Industrial Group at Fitch for fifteen years with responsibility for all U.S. and international industrial ratings.  During that period he also launched a new credit rating agency in London. Mr. Harker developed rating criteria for private placement and bank syndicated loan ratings.  He has spoken at numerous financial seminars and conferences. After leaving Fitch, Mr. Harker founded an investment banking firm in the U.S. and has worked in Korea and Poland on capital markets related activities.

Mr. Harker has an MBA in Finance from Indiana University and is a Chartered Financial Analyst. 

Mahesh K. Kotecha
Mr. Kotecha is President and founder of Structured Credit International Corp., which provides financial advisory services on credit ratings and securitization for clients in Asia.  Prior to that, he was Managing Director of MBIA Insurance Corporation.   He came to CapMAC in 1989 from Kidder, Peabody, where he led the firm into the UK mortgage backed securities markets, structured the first public collateralized bond obligation and advised the International Finance Corporation and Turkey on capital markets issues.

While working at Standard & Poor's Corporation, Mahesh founded and headed the department responsible for international public sector ratings.  Prior to 1979, Mr. Kotecha worked at the New York Fed and at the United Nations Development Program.

Mahesh holds a Master's degree in management from the Sloan School of Management at MIT and a Bachelor's degree in physics and engineering from Harvey Mudd College. He completed all requirements for a PHD at the N.Y.U. Stern School of Business in international finance and economics, except the dissertation.  Mr. Kotecha is a Chartered Financial Analyst, a member of the Council on Foreign Relations and a member of the International Advisory Panel of the East African Development Bank.

J. Michael McMullen
Mr. McMullen is the founder and President of Enterprise Capital, Inc., a merchant banking and financial consulting firm. He spent twenty-four years at Moody's Investors Service, retiring in 1992 as Vice President, Financial Institutions.

While at Moody’s, Mr. McMullen developed the analytical methodology that Moody’s employs in rating banks and other financial institutions, and headed rating committees that decided on bank ratings in Europe and Scandinavia, Japan, Australia and New Zealand. He oversaw the development of Moody’s bank rating statistical data base and also developed the analytical methodology for the mortgage banking industry.

Mr. McMullen has worked overseas for fourteen years:
(a) In Japan where he was Executive Vice President and resident executive of Moody’s in Tokyo;
(b) In Poland where he helped establish and manage Poland’s first domestic credit rating agency, Central European Rating Agency;
(c) In Korea where he served as president of Thomson BankWatch Daeil Ratings;
(d) In Bangladesh where he served as CEO of the Credit Bridge and Standby Facility, helped reform the mutual fund industry, and organized securitization training;
(e) In Bahrain where he is currently training new analysts at the Islamic International Rating Agency.

Mr. McMullen is a highly experienced executive specializing in capital market fundamentals and credit rating agency development.  He established three bond market rating agencies, designed and taught seminars on structured finance, rating agency analysis, the formation of insurance companies, and the characteristics of sound capital markets.

Mr. McMullen graduated cum laude from Pace University in New York and completed his Master of Science degree at the Columbia University Graduate School of Business.

S. Melvin Rines
Mr. Rines, a former Senior Vice President and Managing Director of Kidder, Peabody, has broad investment banking experience in public, corporate and international finance. He is a specialist in the financing of sovereign and supranational credits. He has served as a financial advisor to sovereigns and international financial institutions and was active in privatizations and restructurings.

Mr. Rines is an expert on international credit analysis and rating agency relations. He worked extensively with the African Development Bank to develop an innovative capital structure that made triple A ratings possible. Mr. Rines also assisted the International Finance Corporation in its initial credit rating request and achieved AAA/Aaa ratings.

Mr. Rines has testified before the House Banking Committee of the U.S. Congress on numerous occasions with respect to U.S. support of the IMF, the World Bank, the Inter-American Development Bank, and the IFC. He has also testified before the Joint Economic Committee of Congress on economic and legal issues related to China's reform process, published articles on China's debt management, and addressed the Asia Society on China's external financing strategy.

As an adjunct professor at American University in Washington D.C., Mr. Rines taught a graduate level course on international capital markets and lectured at the University of International Business and Economics in Beijing, China. He was co-editor and contributing author of the book The Supranationals (Euromoney, 1986). Mr. Rines remains actively involved in international finance as an adjunct professor of International Business and Finance at the University of New Hampshire. His educational background includes a B.A. at the University of New Hampshire.

Roderick H. Rumreich
Mr. Rumreich is a Rating Strategist, providing independent professional advice to companies on credit, credit ratings, rating agency relations, and related finance strategies. He brings to his practice a quarter-century of experience in commercial lending and corporate credit analysis with commercial banks and a major credit rating agency.

Mr. Rumreich was a Senior Analyst with Moody’s Investors Service for eleven years. He had primary responsibility there for the analysis and ratings of companies in several industries, including food processing, agricultural commodity marketing and processing, lodging, and several consumer-oriented businesses. He is an expert on the issues involving the understanding of non-US financial statements by US-based analysts. Mr. Rumreich worked with the US Agency for International Development (USAID) in Budapest, Hungary to establish that country’s first rating agency.

Before he joined Moody’s, his career incorporated credit and lending responsibility at commercial banks. He had extensive experience as a lender, managing relationships with businesses covering the spectrum of industry from local firms through major multinationals. Mr. Rumreich holds BS-Finance and MBA-Corporate Finance degrees from New York University.

GIA’s Advisory Service Is

• Unique - No one else offers this kind of inside advice or has the credentials of GIA
• Independent - We have no underwriting affiliation
• Cost-effective - Our fee is only a fraction of potential incremental borrowing costs
• Immediate - We can be on the next airplane to meet with you at your convenience

And we guarantee confidentiality; no other issuer or financial intermediary will know of GIA’s relationship with you. Your proprietary information will remain secure.