San Salvador, August 19th 1999

Name of the company: xxxxx
Address:             xxxxx
Phone:               (503) xxx-xxxx
Fax:                 (503) xxx-xxxx
P.O.Box:             xxxxx
E-Mail:              xxxxx

History:

Numbers under which Company is registered:
Commerce Registry:
Foundation:          No. xxx, Book xxx of societies
Board of Directors:  No. xxx, Book xxx of societies
Balance sheet:       No. xxx, Book xxx of Balances

Founded: July 25th 1995

Lawyer: xxxxx

Partners:      xxxxx
               xxxxx
               xxxxx
               xxxxx
               xxxxx


Main Activity: 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Initial share capital: ¢ xxx,xxx.xx colones salvadoreños  (¢)
Number of employees:     xxx

Bank References:

      Bank XXXXX
      Address: xxxxx
      Phone: (503) xxx-xxxx
      Fax: (503) xxx-xxxx
      E-Mail: xxxxx

Commercial References:   

      Company xxxxx
      Address: xxxxx
      Phone: (503) xxx-xxxx
      Fax: (503) xxx-xxxx
      E-Mail: xxxxx

Finance: 

Balance sheet at December 31st 1997 or 1998.

ASSETS: amounts in colones salvadoreños; 
official exchange trade ¢ 8.70 colones = $ 1.00 dollar

Cash and banks, accounts to collect -----------------------¢2,775,626.47
Anticipate payments-----------------------------------------  321,506.84
Furnitures--------------------------------------------------  190,104.58
Incoming merchandise----------------------------------------    7,814.06

         Total --------------------------------¢  3,295,051.95

LIABILITIES:
Accounts and documents to pay------------------------------¢2,433,443.75
Minimun share capital--------------------------------------   100,000.00
Variable share capital-------------------------------------   550,000.00
Work obligations-------------------------------------------       100.00
Legal reserve----------------------------------------------    17,259.67
Past profits-----------------------------------------------    47,596.90
Present profit---------------------------------------------   146,651.63

         Total --------------------------------¢  3,295,051.95 

Comments: 

XXXXX

Your faithfully, Altagracia Gregg.