PANGAEA PARTNERS, LTD.

investment and financial services; namely, investment and financial research, analysis, counselling and portfolio management; financial counselling and consulting on mergers, acquisitions, leveraged buyouts, tender offers, start-ups, divestitures, joint-ventures, marketing or distribution arrangements, private placements (of debt and/or equity securities), project financings, restructurings, capital markets activities and international development; merchant and investment banking; providing loans and loan services to corporations and governments; trading of financial securities for others; arranging financing from investors and lenders for clients