Emerging Markets Calendar

WEEK OF MARCH 8

AES GENER SA: $300 million senior unsecured bonds due 2014 (Ba3/BB+/BB); Deutsche Bank Securities; Rule 144A/Regulation S (with registration rights); to repurchase and redeem 6% U.S. convertible senior notes due 2005, 6% Chilean convertible bonds due 2005, 6½% Yankee notes due 2006 and for working capital; Santiago, Chile power generating company; roadshow March 3-8, pricing expected on March 9.

EMERGING MARKETS OFFERINGS ON THE HORIZON

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

HANA BANK: up to $400 million of five-year-deal bonds; Korean financial institution; pricing expected in March.

REPUBLIC OF URUGUAY: Three-year notes due June 2007 (B3/B-/B-); to be listed on Luxembourg Stock Exchange; Citigroup; pricing expected in March.

ROADSHOWS

Started March 4: AES GENER SA $300 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10-year

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