Eduardo Cepeda is the Managing Director JPMorgan Grupo Financiero, S. A. De C.V., the firm's financial group subsidiary which includes Banco JPMorgan, S.A. and JPMorgan Casa de Bolsa, S.A. de C.V. Prior to joining JPMorgan's Mexico office, Mr. Cepeda was the director and head of the international capital markets department of Banco Bilbao Vizcaya in Madrid. He previously worked for J.P. Morgan as vice president in charge of the firm's capital markets activities in Spain. Mr. Cepeda is the immediate past President of Asociación de Instituciones Financieras Internacionales, A.C., Mexico's foreign bankers' association. Between April 1997 and April 1999, he was the Vice Chairman of the Asociación de Banqueros de México, the Mexican bankers' association. Mr. Cepeda is a member of the International Advisory Board of the Mexican Foundation for Health. Eduardo Cepeda was awarded a Fulbright Scholarship at the University of Southern California, Los Angeles, where he earned an MBA with specialization in international finance in 1982. He earned degrees in economics and business from Deusto University in Bilbao, Spain in 1979.