Zurich, Switzerland, March 30, 2006 — A Group of Trustees has been established to play leadership roles in the development of the emerging markets financial system, it was announced today at the Spring Membership Meeting of the Institute of International Finance (IIF). The new Group is co-chaired by Mr. Jean-Claude Trichet, President of the European Central Bank, Mr. Henrique de Campos Meirelles, Governor of the Central Bank of Brazil, and Mr. Toyoo Gyohten, President of the Institute for International Monetary Affairs in Tokyo, a former Japanese Vice Minister of Finance and a former Chairman of the Bank of Tokyo.

Dr. Josef Ackermann, Chairman of the IIF's Board of Directors and Chairman of the Management Board and Group Executive Committee of Deutsche Bank AG, stated: "The increasingly central place that the international capital markets have assumed for emerging market sovereign borrowers has resulted in a growing recognition that work to strengthen the architecture of the emerging market financial system requires close cooperation between borrowers and investors. This understanding led to the development of the "Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets," which were endorsed by the Group of 20 in November 2004. Now, as the Principles have gained rising international support, a new step is being taken to guide the implementation and the evolution of the Principles with the establishment of a Group of Trustees of exceptional international experience."

Dr. Ackermann noted that the Principles are market-based and voluntary and explicitly address the weaknesses in the current system. They provide a framework for cooperative actions for crisis prevention and crisis management and they address such important issues as data transparency and investor relations. He said, "Over the last 15 months we have seen rising interest and support for this approach from sovereign authorities, such as those of China, Mexico, Korea, Brazil, Russia and Turkey, and from private financial institutions. We at the IIF are committed to the success of this approach and we are encouraging the participation in this process by our members."

The IIF Chairman said the mandate of the Group of Trustees includes:

• Reviewing the evolution of the international financial system as it relates to the emerging markets.
• Reviewing the development of the Principles including their implementation.
• Proposing modification of the Principles if needed.

President Trichet stated, "The new Group of Trustees, which I am honored to co-chair, represents an important initiative in the development of the architecture of the emerging markets financial system. I believe the implementation of the Principles can make a valuable contribution to building a system which promotes global cooperation, growth and financial stability."

Governor Henrique de Campos Meirelles, said, "I look forward to co-chairing the new Group of Trustees. The Principles focus on transparency and the timely flow of information; close debtor-creditor dialogue and cooperation to avoid restructuring; good faith actions, and fair treatment. They build on a best practices by issuers and investors and their full implementation and acceptance is important."

Mr. Gyohten noted that, "The application of the Principles and the development of a stable architecture for emerging markets finance can have beneficial effects for all regions of the world. I am delighted to be a co-chair of the Group of Trustees."

Mr. William Rhodes, IIF First Vice Chairman and Senior Vice Chairman of Citigroup and Chairman and President of Citibank, stated, "We are now at an historic juncture in the development of emerging markets finance and we are seeing both record net private capital flows to emerging markets and a range of global economic uncertainties that pose downside risks to emerging markets finance. It is therefore important to press ahead with the implementation of the Principles, which are unique given their joint ownership by sovereign borrowers and by the creditors themselves. The establishment of the Group of Trustees will provide important leadership in this area."

Mr. Roberto Setúbal, Vice Chairman of the IIF Board of Directors and President and Chief Executive Officer, Banco Itaú S.A. pointed out that, "Although the Principles are voluntary, we do believe that only full adherence by all market participants will lead to its complete implementation."
IIF Managing Director Charles Dallara noted that part of the work of the Trustees will be to provide guidance to the Principles Consultative Group (PCG). The PCG, which was established several months ago, consists of senior private sector financial executives and public sector officials that evaluate individual country situations.

On a case-by-case basis, the PCG will provide feedback to national authorities and their creditors to encourage further progress in areas where actions are already moving forward. Further, as appropriate, the PCG will also provide suggestions to national authorities and their creditors on how best to adjust their current approaches in line with the spirit of the Principles.

Initial Members of the Group of Trustees

Co-Chair: Mr. Jean-Claude Trichet, President of the European Central Bank. Formerly Governor of the Banque de France.

Co-Chair: Mr. Toyoo Gyohten, President of the Institute for International Monetary Affairs. Former Chairman of the Bank of Tokyo and former senior advisor of the Bank of Tokyo-Mitsubishi. He served as Japan's Vice Minister of Finance for International Affairs and he is a former IIF Chairman.

Co-Chair: Mr. Henrique de Campos Meirelles, Governor, Banco Central do Brasil. Prior to his appointment in December, 2002, he was President of BankBoston and FleetBoston's Global Bank.

Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG. Dr. Ackermann is Chairman of the Board of Directors of the Institute of International Finance.¹

Mr. Herbert M. Allison, Chairman, President and CEO, TIAA Cref.

His Excellency Ali Babacan, Minister of State in Charge of Economy, Republic of Turkey. Since June, 2005, he has been the Chief Negotiator of Turkey for European Union affairs. He is a founding Member and Board Member of the Justice and Development Party (AK Parti) entered Parliament in 2002.

The Honorable Leszek Balcerowicz, President, National Bank of Poland.

The Honorable Sheikh Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency.

The Honorable Nicholas Brady, Chairman, Darby Overseas Investments, Ltd. He is a former United States Secretary of the Treasury.

The Honorable Vittorio Corbo Lioi Governor Banco Central de Chile. Positions he held directly before his appointment as Central Bank Governor in 2003 included: Economic Advisor to the Santander-Chile Group (1991-2003), Director of the Santander-Chile Bank (1995-2003), Director of Universia-Chile (2000-2003). He has been an advisor to the World Bank and the International Monetary Fund.

Mr. Andrew Crockett, President, J.P. Morgan Chase International. Mr. Crockett is a former General Manager of the Bank for International Settlements and former Chairman of the Financial Stability Forum. He was previously an Executive Director of the Bank of England.

Mr. Jacques de Larosière Advisor to the Chairman BNP Paribas. Positions that he has previously held included Governor of the Banque de France, President of the European Bank for Reconstruction and Development and Managing Director of the International Monetary Fund.

Mr. Tom de Swaan Member of the Managing Board ABN AMRO Bank N.V. Formerly Executive Director in charge of Banking Supervision at the Dutch Central Bank. Former Chairman of the Basel Committee on Banking Supervision.

Minister Francisco Gil Díaz, Secretary of Finance and Public Credit of Mexico. Formerly, he held numerous senior positions over many years in the Government of Mexico and the Bank of Mexico.

Mr. Arminio Fraga Neto Chairman Gavea Investimentos Ltda. Formerly Governor Banco Central do Brasil.

Mr. Caio Koch-Weser Vice Chairman Deutsche Bank AG. Formerly State Secretary and Deputy Minister, German Federal Ministry of Finance and, prior to that, Managing Director, the World Bank.

Mr. Klaus-Peter Mueller, Chairman of the Board of Managing Directors of Commerzbank AG.

The Honorable Dr. Ngozi Okonjo-Iweala, Minister of Finance Ministry of Finance, Nigeria. Previously, the Minister served as Vice President and Corporate Secretary of the World Bank Group.

His Excellency Pedro Pablo Kuczynski Godard President of the Council of Ministers Presidencia del Consejo de Ministros. Former investment banker and held several ministerial positions in Peru.

Mr. William Rhodes is the Senior International Officer for Citigroup. He is Chairman, President & Chief Executive Officer, Citibank N.A.; Chairman, President & Chief Executive Officer, Citicorp Holdings Inc.; Senior Vice Chairman, Citigroup Inc.

Mr. Francisco González Rodriguez, Chairman and CEO, BBVA.

Mr. Paul A. Volcker, former Chairman of the U.S. Federal Reserve Board. Positions he has held include Chairman of Wolfensohn & Co., Chairman of the Board of Trustees of the International Accounting Standards Committee, and Chairman of the Group of Thirty.

Sir David Walker Senior Advisor Morgan Stanley International Limited. Former Chairman of Morgan Stanley International Inc., former Deputy Chairman of Lloyds Bank plc, and a former Director of the Bank of England.

Mr. Richard E. Waugh, President and CEO of The Bank of Nova Scotia, Canada.

¹Dr. Ackermann, as Chairman of the IIF's Board of Directors is an ex officio member of the Group of Trustees.