FROM THE OFFICE OF PUBLIC AFFAIRS

Treasury Secretary Robert E. Rubin and MexicanFinance Minister Guillermo Ortiz, on behalf of the Board ofDirectors of the North American Development Bank (NADBank), namedVictor Miramontes as the new Managing Director of the Bank. Inaddition, they selected Raul Rodriguez to replace Mr. Miramontesas the Deputy Managing Director.

AI have been very pleased with the work of theNADBank management team during the past two years. The selectionof Victor Miramontes and Raul Rodriguez ensures continuity in theBank’s efforts to improve border environmentalconditions," Rubin said. AI would also like to take thisopportunity to express my personal thanks to former ManagingDirector Alfredo Phillips for shepherding the Bank through itsstart-up phase into a Bank that is having a real impact on theborder today.@

Mr. Miramontes has been the Bank’s DeputyManaging Director and Chief Operating Officer since December1994. He is largely responsible for the Bank’s policydevelopment and its relations with the U.S. Congress, U.S.agencies, and border state governments. Prior to working for theBank, he was Vice President and Regional Manager of Wells FargoBank of San Antonio, Texas, with considerable experience infinancing infrastructure projects in the border region.

Mr. Rodriguez was appointed Director of ProjectDevelopment and Finance at the NADBank in early 1995. He hasplayed the central role in developing the Bank’s firstprojects and establishing its institutional development program.Prior to joining the Bank, he has served as Executive Director ofthe Mexican Foreign Trade Bank, Mexico’s Trade Commissionerin Canada, and Secretary of Economic Development for the borderState of Tamaulipas.

The NADBank, which is capitalized and governed bythe U.S. and Mexican governments, is designed to financeenvironmental infrastructure projects along the U.S./Mexicoborder, particularly in the areas of water, wastewater treatment,and municipal solid waste. The Bank has already approvedfinancing packages for four border projects, two in the UnitedStates and two in Mexico.