As of 05/08/03

BradyNet Group Ladder

AFRICA
Botswana	76.19
Tunisia	64.07
South Africa	63.01
Egypt	55.42
Morocco	50.69
Senegal	40.91
*Group Average*	*58.38*

EASTERN EUROPE
Slovenia	80.45
Cyprus	76.23
Hungary	73.05
Estonia	71.46
Czech Republic	70.08
Poland	68.56
Latvia	64.40
Slovakia	61.30
Croatia	59.24
Lithuania	57.99
Bulgaria	44.52
Russia	43.20
Romania	39.82
Turkey	37.19
Ukraine	30.15
Moldova	22.32
Belarus	0.00
Georgia	0.00
*Group Average*	*56.25*

Eastern Europe & FSU
Slovenia	80.45
Cyprus	76.23
Hungary	73.05
Estonia	71.46
Czech Republic	70.08
Poland	68.56
Latvia	64.40
Slovakia	61.30
Croatia	59.24
Lithuania	57.99
Kazakstan	55.16
Azerbaijan	50.00
Bulgaria	44.52
Russia	43.20
Romania	39.82
Turkey	37.19
Ukraine	30.15
Turkmenistan	29.17
Moldova	22.32
Belarus	0.00
Georgia	0.00
*Group Average*	*54.44*

Americas
Bermuda	92.60
Cayman Islands	85.71
Chile	71.46
Bahamas	71.43
Barbados	67.32
Mexico	61.17
Trinidad & Tob	60.39
El Salvador	56.67
Panama	53.90
Costa Rica	52.85
Colombia	49.93
Guatemala	48.81
Dominican Rep	46.54
Peru	45.77
Belize	44.26
Jamaica	41.88
Bolivia	39.50
Brazil	38.64
Honduras	33.33
Nicaragua	33.33
Suriname	31.82
Venezuela	28.14
Ecuador	26.22
Cuba	23.81
Uruguay	19.62
Paraguay	16.45
Argentina	10.37
*Group Average*	*46.37*

Group Index

The BradyNet Group Ladder is the calculated average rating of the four agencies participating on BradyNet: Moody's, S&P, FitchIBCA Duff & Phelps, and Thomson Financial Bankwatch. Specific points are assigned to each possible rating level. Starting with 100 points assigned to a perfect AAA (or Aaa) rating, points are then subtracted for every ratings level below AAA for each country. In case of a positive or negative outlook, 1 point is added or subtracted, repectively. The average is calculated from these assigned points. The table above lists groups by their average rating.

DISCLAIMER: The information and opinions contained herein do not necessarily express the opinions of BradyNet, Inc. This report has been prepared solely for informational purposes and is not a solicitation of any transaction in the securities with which it deals or an offer to enter into any such transaction. Prices and/or other information in this report are subject to change without prior notice.

Copyright © 1998
BradyNet, Inc.

Please read our disclaimer.

General Correspondence: bradynet@bradynet.com Questions/Problems? support@bradynet.com