Vanguardia Educativa ( Vaneduc ), Founded in 1942, Is a Leading Educational Provider To

FIES Argentina– $5mm Mortgage Finance in Education

The Fundación Interamericana de Estudios Superiores (“FIES”) is a leading educational foundation incorporated in 1942 that provides accredited educational services to 20,000 university and high school students in Argentina and Latin America. The foundation is comprised of a leading national university Universidad Abierta Interamericana (“UAI”); a university hospital; a modern sporting complex; and seven high schools.

UAI is planning to begin construction of a new state-of-the-art university building located in the city of Buenos Aires starting in the fourth quarter 2008. The new 5,100 m2 building will offer improved facilities and services to over 15,000 university and post-graduate students. For more information, please visit www.vaneduc.edu.ar.

For this purpose, FIES is seeking to raise $5 million in long-term secured finance. Specifically, FIES is intending to structure a 10-15 year, US dollar based loan on competitive terms, which would be secured by a senior mortgage on the building and/or escrowed funds.

FIES mission is to provide quality education with social inclusion through its 3,200 educators in over 1.2 million square meters of building infrastructure in the cities of Buenos Aires and Rosario. The President of FIES and Dean of UAI is Dr. Edgardo Néstor De Vincenzi, a leading educational figure in Argentina and Latin America. Financially, FIES is expected to achieve year-end 2008 revenues of approximately $27 million and net earnings of $4.3 million.

FIES appointed Aptus Associates to advise and arrange the aforementioned project loan. Due to the current financial environment, in general, banks in Argentina are unable to provide US dollar or Argentine peso financing at reasonable rates beyond five years. Aptus Associates is contacting a limited number of international financial institutions to obtain expressions of interest in relation to this transaction. FIES has an outstanding credit history in the local market. Based on its audited financial statements, the group has adequate debt and repayment capacity.

Fore more information, please contact:

Gerardo Segura Jaime Deane

Executive Director Director

Aptus Associates Aptus Associates

Email: Email:

Avenida Eduardo Madero 900, piso 17, C1106ACV – Ciudad de Buenos Aires

Telefonos: 4891- 3623/ 155 174 4303 /155 617 1565

Aptus Associates