Advisory Activities of GML Capital LLP

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Activities of GML International Limited

FTO Debts
GML is a member of the Forum of Trade Creditor Group Representatives for Trade Indebtedness of the Former USSR, and represents Western exporters and holders of trade-related claims on Foreign Trade Organisations of the Former USSR ("FTOs") which arose prior to the break-up of the Former USSR. GML’s primary role is to work on behalf of its members to achieve a restructuring of these obligations into securities issued by the Russian Government. The first round of this exchange took place in December 2002 and a second round is anticipated to be concluded during the first half of 2005. In its role as Agent, acting on behalf of holders of such debts, GML has been extremely successful in reconciling these debts with the Ministry of Economic Development and Trade of the Russian Federation and Bank for Foreign Economic Affairs - Vnesheconombank, which is required for the debts to become eligible for restructuring. Debts reconciled in such manner can also presently be sold in the secondary market, although the market for these types of debts is highly illiquid. Any holders of such trade claims on FTOs, or banks whose clients may hold such debts, are invited to contact Ted Stohner ( or Stefan Pinter ( to receive information about the Agency services offered by GML.

The Iraq Creditors Club
The Iraq Creditors Club (the "ICC") has been established by GML International Limited to represent creditors holding trade and construction-related debts owing by the Government of Iraq and its ministries, state-owned companies, parastatal organisations and banks.

Please visit the ICC's recently-launched website at or contact Stefan Pinter (, Ted Stohner ( and Janis Brady ( should you require further information.

GML Trade Finance AnalyticsTM
GML has written a very user-friendly Microsoft Windows™-based software package to allow our clients to perform their own industry-standard discounting calculations for forfaiting and other financial assets with irregular cash flows. The software can be downloaded directly from this website, or shipped on a CD-ROM for a free three-month trial. Please check the GML Forfaiting Software section for full details.





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