Portugal’s Millennium Investment Banking (MIB) Joins Auerbach Grayson’s Global Broker Network

New York - 13 February 2007

Auerbach Grayson & Company Inc., the only global agency brokerage providing U.S. institutional investors with access to in-depth, local securities research as well as execution and settlement services in more than 100 countries, announced today that it has entered into an exclusive partnership with Millennium Investment Banking (MIB), the investment banking arm of Portugal’s leading bank, Millennium bcp (Banco Comercial Português, SA).

As part of the Millennium group, MIB has access to the strongest retail and institutional investor base in Portugal. The Millennium group also operates in Poland, Greece, the United States, Mozambique, Turkey and Angola.

MIB is active in capital markets, covering fixed income and equity, brokerage and equity research, treasury products, strategic and financial advisory and corporate finance, as well as specialized financing, including project finance and structured finance. A premier provider of investment banking services in Portugal, MIB was named by Global Finance as Portugal’s best investment bank in 2006 and 2005.

With a substantial share in Portuguese equity trading, MIB has a highly regarded research and brokerage operation. MIB’s analysts have garnered international recognition for accuracy and precision of forecasts for 2005 companies’ results, one of them placing second among 2,700 European stock market analysts evaluated on performance in the StarMine 2005 study. MIB’s experienced analysts and professionals provide regular coverage of the main companies listed on the Euronext Lisbon, maintain close relationships with firms and institutional investors in Portugal and offer deep insight into the local market.

“MIB is committed to developing long-term relationships to ensure a broad base of the largest corporate domestic and international clients,” said Luis Feria, Head of Equities. “MIB welcomes this strategic alliance to promote U.S. portfolio investment in Portugal.”

David S. Grayson, Managing Director and co-founder of Auerbach Grayson, said: “We are very pleased to welcome MIB to the Auerbach-Grayson Global Broker Network. As more American assets are being deployed outside the U.S. to foreign markets, we look forward to working with MIB to provide our U.S. institutional clients with opportunities that would not be discovered without consistent, focused and detailed analysis of the local market and small- and mid-cap companies in Portugal.”

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