The Company is owned by the Alvarez Vitale family (83%) and Paul Capital (17%). The Alvarez Vitale family has been in the telecommunications business in Argentina for over four decades. They enjoy a strong reputation due to their high professional and ethical standards. TIBA’s CEO, Norberto Alvarez Vitale, has managed TIBA for the last 17 years. He is very well reputed in the satellite industry. He is in the board of directors of the World Teleport Association, and in 2003 was recognized as CEO of the Year by the World Teleport Association. Paul Capital is a US based private equity firm that was formed in 1991 and manages as of today US$6.6 billion in assets. It invested in TIBA in November 2008.

The Project consists of: Up-front financing of equipment in order to secure and maintain customer contracts; and Strengthening TIBA’s balance sheet by partially refinancing bank debt maturing over the next 1-2 years. For the period 2010-2012, the total project cost is estimated at US$20 million. TIBA is seeking US$10 million of long term financing from IFC, with the remaining needs to be covered by the Company’s internal cash-flow generation. IFC’s financing will be in the form of a loan of up to $10 million; with detachable open-ended warrants.

10.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

* These investment figures are indicative

The Company’s corporate headquarters are located in Martinez, Buenos Aires province, 20 km north from Buenos Aires city.

Outsourcing: TIBA is performing in Argentina services that are otherwise carried out in-house (mainly in the US) by Tier 1 content providers (i.e., Disney, Fox, ESPN, etc.). By outsourcing, the industry achieves efficiency, as broadcasters concentrate in their core business of producing content, while players like TIBA specialize and bring higher service quality to critical parts of the value added chain. Position Buenos Aires as a LAC media and entertainment center: Over the last few years, Tier 1 broadcasters have relocated Spanish-speaking support and creative resources to Argentina, lured by low/medium salary levels for an otherwise highly creative HR pool. Targeted advertisement: By providing efficiences (i.e., in spectrum usage, in compression, in content management, etc.), TIBA allows its customers to open new feeds of the same channels. This permits the streaming of more relevant and dedicated content and advertising to local audiences throughout LAC. Non-traditional, high-value added export: Over 90% of TIBA's revenues consist of export of services, thus increasing fiscal revenues and hard currency generation for the country. Increased delivery of content: Virtuous cycle, whereby more content drives new distribution channels and services, which create more demand and larger audiences. This improves cost structures and economies of scale, which provides better access to affordable relevant information. Employment: TIBA contributes to increasing the employment of technical skilled labor. The Company is seen as cutting edge in LAC's broadcasting industry. For many technicians, TIBA is their first job, thanks to agreements with Engineering universities.

Lender profile / Stamp of Approval: After having been financed by funds, TIBA has reached a phase where they see more value in being financed by a more visible type of investor. As such, they see IFC as a long term partner with deep commitment to private sector investments in Argentina and LAC. Access to Finance: TIBA's business (i.e., satellite and broadcast sectors, regional resale of satellite capacity, etc.) is relatively complex for traditional lenders to understand. There is also limited appetite from local and international banks for long term investments in Argentina, especially in medium-sized corporates.

Tiba''s digital transmissions help to save materials, energy, and carbon emissions associated with analog transmissions and reception. Appraisal showed that the proposed project will have no significant environmental or social risks and impacts, and that the company is managing the working conditions of its employees according to applicable standards, which it will be required to continue to do under IFC''s investment in this project classified as Category C according to IFC’s environmental and social review procedure.