Introduction

GML International Limited is a private investment banking firm, formed in London in 1983 to specialise in international financial engineering and merchant banking, primarily in emerging and transition countries.

On July 31st 2007, GML International Limited ceased to act as the investment adviser to the fund.  On August 1st 2007 GML Capital LLP was contracted to provide the role of Investment Adviser to the funds.  GML International Limited is the Managing Member of GML Capital LLP and all the personnel and intellectual property formerly provided by GML International Limited is now provided by GML Capital LLP.  Any use of the term "GML" throughout this web site refers to GML International Limited prior to August 1st 2007 and GML Capital LLP from August 1st 2007 and onwards

With its headquarters in London, GML maintains full Representative Offices in Moscow, Kyiv, Tbilisi and Genoa, as well as representation in Accra, Geneva, Madrid, Stockholm and Vienna. GML is owned by London-based officers of the company, all of whom are involved on a full-time basis in GML’s business. We are extremely proud of the entrepreneurial culture of the firm, and plan to remain a dynamic and agile organisation..

GML professionals world-wide are collectively fluent in seventeen languages, and have extensive backgrounds in investment banking (including corporate finance and mergers and acquisitions), trade and project finance (in particular, without recourse financing), commercial banking, private banking, sovereign and investment advisory work, capital markets origination, loan structuring and syndication, bond and loan dealing / market making, trading and financing of commodities (in particular, electricity), and multilateral development banking. GML specialists have experience in structuring virtually every type of financial transaction ever concluded in GML’s target markets of Central and Eastern Europe, the Near East, Central Asia, Africa and the Middle East.

GML is authorised and regulated by the Financial Services Authority (the "FSA"), the United Kingdom regulator of all financial services institutions. Pursuant to United Kingdom regulations and the European Investment Services Directive, UK firms intending to give advice or arrange transactions involving "investments" (which broadly consist of securities, such as bonds and shares) in the United Kingdom and the European Union are required to be authorised and regulated by the FSA.

GML has five primary lines of business, namely:

Advising governments and other public and private sector entities on debt reduction and restructuring strategies, access to capital markets, debt conversion programmes, debt set-off structures, and financial engineering using value impaired debts as a currency of payment. GML has executed sovereign debt management programmes involving more than USD 3.5 billion of debt obligations. GML is accustomed to structuring complex multi-party and cross-border transactions, and maintains many close relationships with governments and financial institutions in GML’s target markets. As an example, GML is one of very few foreign firms accepted by the Russian State Committee for Foreign Assets and Liabilities as a financial institution approved to conclude debt-related transactions with the Government of the Russian Federation. GML has also executed advisory assignments on behalf of multilateral development institutions.

Originating, structuring and distributing new financings for emerging market borrowers within GML’s target markets in Central and Eastern Europe, the Near East, and Central Asia. Transactions encompass the entire spectrum of types of borrowing, ranging from trade finance and working capital finance for corporations (usually guaranteed by local banks), project finance for para-statal or other organisations, financing for real estate and hotel projects, and general purpose funding for banks, corporations and sovereign borrowers. Risk placement is concluded in the "à forfait" market, the euro-loan market, through distribution to emerging market investment funds, pension funds, and in the international bond markets. In support of its risk placement and syndication efforts, GML produces research reports on a range of countries, intended for use by credit officers in financial institutions and fund managers (see Country Reports to download reports). GML has produced a Microsoft WindowsTM-based industry standard proprietary software programme, GML Trade Finance AnalyticsTM for use in pricing forfaiting assets, which can be downloaded from GML Forfaiting Software. A CD-ROM disk is also available upon request.

Corporate finance advisory services. GML advises companies on strategic acquisition, investment and joint venture opportunities in GML’s target markets (including privatisations and opportunities arising from corporate restructurings), and also advises companies and banks on the disposal and restructuring of investments and operations in these markets. GML also advises governments on privatisation of state-owned assets. GML has developed particular expertise in structuring and arranging innovative investments in hotel properties in GML’s target markets.

Structuring and acting as Investment Advisor to investment funds. GML has structured and acted as Investment Advisor to two closed-end investment funds, one which invested in rescheduled Iranian debt (successfully liquidated in August 1998) and one which invested in Polish Mass Privatisation Programme equity instruments (successfully liquidated in December 1999). GML’s open-ended fund launched in June 1998, Growth Management Limited, is GML’s flagship diversified emerging markets investment fund (see Investment Management for more detailed information, including performance analytics and history and subscription forms). See www.gmlcapital.net

Debt recovery and trading of debt instruments, both performing and non-performing, as well as trading of equities. GML is a member of the Forum of Trade Creditor Group Representatives for the restructuring of trade indebtedness of the Former USSR, and presently represents creditors holding over USD 300 million of such claims. GML has had great success in achieving the reconciliation by the relevant Russian Government authorities of more than 100 claims on Foreign Trade Organisations of the Former USSR, aggregating more than USD 400 million equivalent. GML is especially proud of its expertise in structuring and settling extremely complex and pioneering financial transactions, and works very closely on legal issues and documentation with Sidley Austin Brown & Wood, London, GML’s principal legal counsel, as well as with other law firms world-wide.

Banking and Insurance Relationships

GML is accustomed to concluding its structured transactions in the names of first class European banks, ensuring that clients of GML bear no counterparty performance risk in such transactions. GML’s closest banking relationships are with Standard Bank London Limited, Banca Lombarda International S.A. and Dresdner Kleinwort Wasserstein Limited. GML also maintains very close relationships with a number of other leading financial institutions with strengths in emerging markets. However, GML is an independent provider of financial services and is not tied to any institution, enabling GML to work and place risk with any of the more than 1,000 banks and other institutions world-wide with which GML maintains regular contact. GML has also developed close and long-standing relationships with Export Credit Agencies and private providers of credit and default insurance.

Global Transactional Experience

Transactions have been arranged by GML involving governments, financial institutions and companies throughout the Western world and also in Albania, Brazil, Bulgaria, Croatia, Czech Republic, Egypt, Georgia, Ghana, Hungary, Iran, Iraq, Jordan, Kazakhstan, Kenya, Macedonia, Malawi, Montenegro, Morocco, Nigeria, Paraguay, Peoples Republic of China, Poland, Romania, Russian Federation, Slovak Republic, Slovenia, Tanzania, Turkey, Turkmenistan and Ukraine. (Hyperlinks lead to a GML country reports)

How Does GML Add Value?

GML adds value to transactions primarily through its structuring skills, impeccable attention to detail, world-wide network of long-standing relationships and sources of on-the-ground intelligence, and ability to execute transactions flawlessly and discreetly in international capital markets. GML’s relationships and expertise in virtually all areas of international finance have enabled the firm to conclude numerous proprietary and innovative financings and other transactions on behalf of its clients. GML is accustomed to working for its clients on a success-basis only.

Further Information on audited financial accounts, and references concerning GML’s performance in a wide variety of transactions are available upon request (please contact Mr. Stefan Pinter, Director, in GML’s London Headquarters, email: spinter@gml.net).