Astris Finance is headquartered in Washington, D.C. Terry A. Powers is Managing Director and CEO. Fabrice Henry is Managing Director in charge of structured finance.

We have permanent representations in Mexico, Bolivia and the Dominican Republic, as well as partnership agreements in Panama, Argentina and Brazil.

With 10 permanent staff members, including principals, vice-presidents and modelers, the firm's nucleus is kept relatively small. However, we have the ability to quickly put deal teams together by drawing on two reliable sources of talents:

• Dexia's specialized teams, especially the New York and Paris project finance teams, the New York asset finance team, the Paris export credit team, the Paris municipal finance team, as well as teams from other regional offices when necessary.
  
  
• Astris Finance's consultant network. The network has been developed over years of collaboration with first rate professionals with strong technical specialization, excellent market knowledge, and direct contact with real sector leaders. Within the network are individual consultants specialized in:
  
  
  • Transport planning
  • Air, sea and road traffic studies
  • Port and airport management
  • Hotel management
  • Oil and gas engineering
  • Oil and gas pricing
  • Water and sanitation engineering
  • Water system operations
  • Capacity and willingness to pay studies
  • Utility billing systems
  • Tax administration systems
  • Cadastre, geographic information systems and environmental information systems
  • Civil engineering

An Astris deal team is invariably made up of the following ingredients: an Astris vice-president, which acts as team coordinator and bears the overall responsibility for project performance; an Astris modeler, which carries all financial analysis in house; and a series of specialists according to the need of the project.

Terry A. Powers, Managing Director and Founding Partner. Terry Powers has responsibility for its overall management, including its working relationships with Dexia in Europe, United States, and Latin America. He is a specialist in development project finance, with special emphasis on financial issues affecting state and municipal governments. He comes to Astris Finance from the Inter-American Development Bank, where he was Deputy Manager of Bank operations for Mexico, Central America and the Spanish speaking Caribbean. In that capacity, he managed a lending program in excess of US$2 billion per year. Prior to that post, he held a variety of management positions at the Bank with responsibilities for both public and private sector lending for financial intermediaries, basic infrastructure and municipal development. Mr. Powers was in charge of the Bank's economic adjustment lending and Brady Plan debt finance program for all of Latin America and the Caribbean during the period 1989-1993. This program was the largest source of lending for the Bank, accounting for almost one-third of the Bank's overall loans. Prior to that assignment, he was the Senior Research Economist for the Bank, developing and implementing advanced techniques for financial and economic appraisals of development projects.

Mr. Powers received a Bachelor of Science in 1966 and a Master of Science degree in 1968, respectively, in economics and municipal finance from Arizona State University, and a Ph.D. in economics and finance from the University of Texas, Austin in 1971.

Fabrice Henry, Managing Director and Founding Partner. Fabrice Henry has over 12 years of infrastructure development and finance experience, mostly in the Americas. He has been Astris Finance's Managing Director in charge of Structured Finance since the firm's inception in 2000. He oversees the firm's work related to financial advisory services to private sponsors of infrastructure projects, including debt structuring and placement. In the past five years, he has advised on over 30 infrastructure projects totaling over US$3 billion. The key projects on which Fabrice led or is leading the Astris team include the financial advisory mandate to the Government of Bolivia for the first securitization of gas royalties (2001); the financial advisor & arranger mandate for the Shell-controlled GTB gas pipeline mezzanine debt placement (2002); the co-arranger mandate for the first future toll securitization in Guatemala (2003); advisory mandates in connection with several leveraged refinancings in Central America, in the water sector, energy and tourism sector (2002-2003); concession structuring work related to three major PPP projects in Mexico (2004-2005); the financing, through a 144 A bond issue in the US market, of a MIGA enhanced road concession in the Dominican Republic (2006); and the first PPP road project in Peru (current).

Prior to joining Astris Finance, Fabrice held executive positions, first with the French Ministry of Infrastructure (Paris Region), then with the Inter-American Development Bank (Washington DC), in each case managing teams responsible for the structuring and/or financing of Public-Private Partnership projects, mostly for local governments in sectors as diverse as water, solid waste, urban and interurban roads, education, health, public transport, tax administration and municipal finance.

Fabrice graduated in pure and financial mathematics from Ecole Polytechnique, Paris (1988), and holds a post-graduate degree in regional and urban planning from Ecole des Ponts et Chaussees, Paris (1991). He also received executive training at the John F. Kennedy School of Government at Harvard University, the Leonard N. Stern School of Business at New York University, and the New York Institute of Finance.

Juan Pablo Crane, Vice President. Juan Pablo Crane has over ten years of experience in infrastructure projects and financings in Latin America. He joined the firm in 2004 and has concentrated in the financing of projects with commercial bank, multilateral and capital market debt as well as in the design of concession and financing schemes for local governments including public private partnerships. He has led Astris Finances team in the execution of various infrastructure related projects in the region including the successful capital markets financing of the US$162 million 196 km toll road in the Dominican Republic.

Prior to joining Astris Finance, he worked for Taylor DeJongh where he advised US Exim Bank for the financing of a US$225 million thermal power plant in Brazil, and as advisor to Empresas Municipales de Cali (EMCALI), a Colombian water, power and telecom public utility, for the restructuring of a Power Purchase Agreement (PPA) and US$370 million in financial debt.

Mr. Crane also was Deputy Director of Public Credit during two years for the Ministry of Finance of Colombia where he was involved in a) the design and execution of the financing strategy of the Colombian Government in both the local and international capital markets, b) the privatization of various state owned entities and c) a revision of the road concession scheme in Colombia.

Mr. Crane finished his MBA from the McDonough School of Business - Georgetown University in 2002 and is an industrial engineer from Universidad de los Andes in Colombia.

Juan Francisco Toro, Vice President. Juan Francisco has ten years of experience in financial analysis and banking, including over five years of project finance experience. He joined Astris Finance in 2005 as a Vice President and has focused on advising private clients in connection with the structuring and financing of a USD220 million PPP hydro project in Ecuador, won by Brazilian construction firm Odebrecht.

Prior to joining Astris Finance, Mr. Toro was a Vice President at Taylor-DeJongh (TDJ), a leading investment banking firm specialized in infrastructure projects. While working at TDJ, Mr. Toro participated in the structuring and financing of various power, petrochemical, and energy projects in Latin America, Asia, and Africa representing lenders and sponsors. Representative projects include two thermal power plants in Brazil and one in Mexico, a pipeline and refinery project in Jordan, a petrochemical facility in Venezuela and in Qatar, a utility's restructuring in Colombia, a transmission project in Kenya, an LPG project in India and a LNG facility in Chile. Previous to joining Taylor-DeJongh, Mr. Toro worked as both a financial analyst and a senior currency trader for Lloyds Bank (Colombia) and as a product manager for Siemens (Colombia).

Mr. Toro holds a M.S. in International Finance from the School of Foreign Service at Georgetown University and an economic and finance degree from Universidad EAFIT in Colombia.