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Credit Enhanced Securities in South Africa  January 7, 2002

Eccles Associates was engaged in January 2002 by a South African financial institution to raise capital to support the growth of its operations. Eccles Associates will use its financial engineering expertise and longtime relationships to structure a financial instrument that will be used to offer credit enhanced debt securities to South African lenders and investors. The transaction will assist emerging businesses in South Africa, with emphasis on the housing and infrastructure development sector.