Introduction To Paf January 2010

PAF SECURITIES, LLC

PAF Securities, LLC | 601 Brickell Key Drive, Suite 604 | Miami, Florida 33131

Tel: +1 (305) 577-9799 | Fax: +1 (305) 577-9766 | www.pafsecurities.com | Member FINRA / SIPC

PAF SECURITIES, LLCAn affiliate of Pan American FinanceIntroduction to our Firm

An affiliate of Pan American FinanceIntroduction to our Firm

January 2010

Introduction to the Firm

� Founded in 2003 by Ben Moody and Ralph von Specht

- Over 60 years combined investment banking experience

- Over $3.0 billion in M&A advisory, $3.0 billion in restructuring, and $8.5 billion in

debt and equity capital raising transactions prior to founding our firm

� PAF Securities has been a member of FINRA/SIPC since November 2006

� Team of investment banking professionals with diversified experience

- European, Latin American and U.S. backgrounds

Overview

Our firm was established in 2003 to provide high quality, senior level advisoryservices to businesses and their owners in Latin America and the Caribbean

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- European, Latin American and U.S. backgrounds

- Investment banking, private equity and executive level corporate experience

- Global perspective, local knowledge

� Since inception, we have completed over 20 M&A advisory, restructuring

and capital raising transactions with a total transaction value of $1.0 billion

for our clients across Latin America and the Caribbean


� We provide advisory services in the following areas:

- Mergers and acquisitions, including buyouts and divestitures

- Financial restructurings

- Debt and equity capital raising

- Corporate strategy and business development, including partnerships and joint

ventures

� We help both private and public companies achieve their strategic

Advisory Services


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� We help both private and public companies achieve their strategic

business development, financing and value creation objectives

- Advising management, boards and shareholders

- Background and experience with family ownership

� We also identify, structure, and execute transactions for multilateral

institutions, private equity funds and other professional investors

- Specific expertise in raising new capital for our clients from development banks

� Our firm seeks to establish long-term relationships with our clients and to

become their trusted advisor of choice


� Geographic Focus

- Andean countries, Central America and the Caribbean basin

- Selectively, Mexico and the U.S. Hispanic market

- Personal backgrounds and transaction experience in these markets

� Transaction Focus

- “Mid-market” transaction sizes: less than $1 billion

Focus


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- Often private, complex or cross-border transactions

- Under-served by “Wall Street”

- Fills an otherwise un-met need for larger and smaller clients

� Senior level experience and active involvement

- Ben Moody and/or Ralph von Specht are involved in every transaction

- Our team has experience as bankers, investors, executives and Board members

- Our Senior Advisors provide access, contacts, experience and knowledge


� We have specific industry expertise and transaction experience

- Consumer products, including food and beverages

- Energy, infrastructure and mining

- Financial services

- Manufacturing, retailing and distribution

- Media, telecom and technology

- Transportation and logistics

Industry Expertise


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- Transportation and logistics

� Our industry expertise is backed by our professional backgrounds

- Investment banking at Citigroup, JPMorgan and VB&P

- Executive level positions at Cisneros Group, Telefonica and Valorem

- Board level experience, with private equity and venture capital track record

� We are complemented by a group of experienced Senior Advisors

- Active in private and public sectors in Latin America, the U.S., Europe, and Asia

- Executive leadership positions at major corporations such as Basic Energy,

BWIA Airlines, DirecTV Latin America, Global Crossing, One Caribbean Media,

and Telefonica

- Banking and private equity experience at CDC, DEG, IADB and ING Group

Introduction to the Firm Track Record

Since inception, we have completed $1.0 billion in M&A advisory, restructuring andcapital raising transactions for our clients across Latin America and the Caribbean

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Unicell Paper Mills Caribbean Limited (“Unicell”) is a Trinidad-based manufacturer of tissue paper products and the leading tissuepaper mill in the Caribbean.

PAF Securities advised Grand Bay International, an affiliate ofMontreal-based Kruger Group, on the acquisition of Unicell. Theacquisition was completed simultaneously with the purchase ofTrinidad Tissues. With both acquisitions, Grand Bay gains asignificant share of the Caribbean tissue paper market and

October 2009

Unicell Paper Mills Caribbean Limited

Acquisition by Grand Bay International

A.V.V.


Track Record

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Unicell Paper Mills Caribbean Limited (“Unicell”) is a Trinidad-based manufacturer of tissue paper products and the leading tissuepaper mill in the Caribbean.

PAF Securities advised Grand Bay International, an affiliate ofMontreal-based Kruger Group, on the restructuring of US$44.5million in existing long-term bank debt and the structuring ofUS$10.5 million in new working capital facilities from the IFC,RBTT Bank, First Citizens Bank and the Export-Import Bank ofTrinidad & Tobago.

October 2009

Unicell Paper Mills Caribbean Limited

US$ 55,000,000

Debt Restructuring and New Financing

Financial Advisor

develops important synergies with its existing operations inVenezuela and Guatemala.

Financial Advisor



October 2009

Trinidad Tissues Limited

Acquisition by Grand Bay International

A.V.V.

Trinidad Tissues Limited (“TTL”) is a Trinidad-basedmanufacturer of tissue paper products.

PAF Securities advised Grand Bay International, an affiliate ofMontreal-based Kruger Group, on the acquisition of TTL. Theacquisition was completed simultaneously with the purchase ofUnicell. With both acquisitions, Grand Bay gains a significant shareof the Caribbean tissue paper market and develops importantsynergies with its existing operations in Venezuela and Guatemala.

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First Citizens Bank Limited (“First Citizens”) is a leadingcommercial bank in Trinidad & Tobago. Founded in 1993 throughthe merger of three banks, First Citizens is wholly-owned by theRepublic of Trinidad & Tobago and, effective upon completion ofthe 2009 transactions, had total assets of over US$ 4 billion.

PAF Securities advised First Citizens on the acquisition ofCaribbean Money Market Brokers (CMMB), the former subsidiaryof CL Financial.

May 2009

First Citizens Bank Ltd.

Acquisition of the Shares of

Caribbean Money Market Brokers Ltd.A Subsidiary of CL Financial Ltd.

Financial Advisorto First Citizens

Financial Advisor



First Citizens Bank Limited (“First Citizens”) is a leadingcommercial bank in Trinidad & Tobago. Founded in 1993 throughthe merger of three banks, First Citizens is wholly-owned by theRepublic of Trinidad & Tobago and, effective upon the completionof the 2009 transactions, had total assets of over US$ 4 billion.

PAF Securities advised First Citizens on a new TT$ 300 million(US$ 50 million) capital commitment by the Republic of Trinidad &Tobago.

May 2009


New Equity Capital of

US$ 50,000,000

Committed by

Republic of Trinidad and Tobago

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May 2009

Ferretería EPA S.A.Costa Rica

US$ 12,000,000

Senior Long-Term FinancingProvided by

DEG

Financial Advisor

Ferretería EPA S.A. (“EPA”) is one of the largest homeimprovement store chains in Costa Rica.

PAF Securities advised EPA on a new US$ 12 million, 10-year,senior term loan from DEG - Deutsche Investitions- undEntwicklungsgesellschaft (the German Development Bank) usedfor EPA’s expansion in Costa Rica.

Financial Advisorto First Citizens



First Citizens Bank Limited (“First Citizens”) is a leadingcommercial bank in Trinidad & Tobago. Founded in 1993 throughthe merger of three banks, First Citizens is wholly-owned by theRepublic of Trinidad & Tobago and, effective upon the completionof the 2009 transactions, had total assets of over US$ 4 billion.

PAF Securities advised First Citizens on the assumption ofapproximately TT$ 1.7 billion (US$ 280 million) in customerdeposits from CLICO Investment Bank following its intervention

February 2009


Assumption of

US$ 280,000,000

In Customer Deposits of

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NovoPayment is a provider of branded prepaid and stored valuecards in Latin America. It is an affiliate of Banco Venezolano deCredito.

PAF Securities advised NovoPayment on its Latin Americanexpansion strategy.

February 2009

An Affiliate ofBanco Venezolano de Credito

Strategic Adviceon

Latin AmericanExpansion Strategy

Financial Advisor

and closure by the Central Bank of Trinidad & Tobago.Financial Advisorto First Citizens



Papelera Internacional, S.A. (“Painsa”) is a Guatemala-basedmanufacturer and distributor of tissue paper products and anaffiliate of Montreal-based Kruger Group.

PAF Securities advised Painsa on a new US$ 10 million, 8-year,senior term loan from DEG, the German Development Bank, tofinance the expansion of its paper production and conversionequipment and facilities.

February 2009

Papelera Internacional, S.A.

US$ 10,000,000


DEG

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November 2008

Compañia Minera Atacocha S.A.A.

US$ 145,000,000

Sale of 282,851,186Class A Voting Shares

Financial Advisor

Compañía Minera Atacocha S.A.A. (“CMA”) is a miningcompany based in Perú, founded in 1936 by the Gallo family. Thecompany owns and operates mines focused on the exploration andproduction of zinc and lead (to a lesser extent, silver) and, morerecently, of gold.

PAF Securities advised the Gallo family and other sellingshareholders on the sale of 84% of the Class A voting shares ofCMA to Votorantim Andina Peru S.A.C., a subsidiary of VotorantimMetais Ltda.

Financial Advisor



July 2008

Sigma S.A. (“Sigma Q”)Central America

Strategic Adviceon

Financing Alternatives

Sigma S.A. (“Sigma Q”) is the leading manufacturer of corrugatedcarton, folding carton, flexible, and container packaging products inCentral America.

PAF Securities provided Sigma Q with strategic advice on anumber of potential financing alternatives.

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One Caribbean Media Limited (“OCM”) is a publicly owned andregionally focused media company quoted on the stock exchangesof Trinidad & Tobago and of Barbados.

OCM acquired Caribbean Communications Company / GEM Radio,a chain of 5 radio stations in Antigua, BVI, St. Kitts, St. Lucia andTrinidad, from Cumulus Media Inc. (NASDAQ: CMLS).

Pan American Finance acted as financial advisor to OCM in thistransaction.

November 2007

One Caribbean Media

Acquisition of

CCC/GEM Radiofrom

Cumulus Media

Financial Advisor

Financial Advisor



Papelera Internacional, S.A. (“Painsa”) is a Guatemala-basedmanufacturer of tissue paper products.

Pan American Finance advised Grand Bay International, A.V.V., anaffiliate of Montreal-based Kruger Group, on the acquisition of amajority stake in Painsa. With the acquisition, Grand BayInternational gains a significant share of the Central Americantissue-paper market and develops important synergies with itsexisting operations in Venezuela, Colombia, and Peru.

July 2007

Papelera Internacional, S.A.

Acquisition

by

Grand Bay International, A.V.V.

Financial Advisor to

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Grupo Financiero CrediQ Corp. (“CrediQ”) is the consumerfinance unit of Grupo Q Holdings, one of the largest multi-brand,auto retailers in Central America.

Pan American Finance advised CrediQ on a new US$ 20 million, 6-year, senior term loan from the International Finance Corporation(“IFC”) used as long-term financing to supplement the company’sexisting funding sources in El Salvador, Honduras, Nicaragua, andCosta Rica.

June 2007

Grupo Financiero CrediQ Corp.

US$ 20,000,000


IFC

Financial Advisor

Financial Advisor toGrand Bay International, A.V.V.



June 2007

Grupo Financiero CrediQ Corp.

US$ 15,000,000


DEG

Financial Advisor

Grupo Financiero CrediQ Corp. (“CrediQ”) is the consumerfinance unit of Grupo Q Holdings, one of the largest multi-brand,auto retailers in Central America.

Pan American Finance advised CrediQ on a new US$ 15 million, 6-year, senior term loan from DEG – Deutsche Investitions- undEntwicklungsgesellschaft mbH (the German Development Bank)used as long-term financing to supplement the company’s existingfunding sources in El Salvador.

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Papeles Nacionales, S.A. (“Panasa”) is a Colombianmanufacturer of tissue paper products and an affiliate of Montreal-based Kruger Group.

Pan American Finance advised Panasa on a comprehensiverestructuring of its Peso denominated debt, reducing its local bankdebt from US$ 24 million to US$ 14 million. Corfinsura acted as alocal co-advisor in this transaction.

In addition, Pan American Finance arranged a new US$ 10 million8-year senior-debt financing from the German development bank,DEG.

May 2006

An affiliate of Kruger, Inc.

US$ 24,000,000

Debt Restructuring and$10 Million New

Long-Term FinancingFrom DEG

Financial Advisor

PAPELES NACIONALES S.A.

Financial Advisor



January 2006

One Caribbean Media

US$ 205,000,000

Merger of Caribbean Communications Network and

The Nation Corp.

Financial Advisor

One Caribbean Media Limited (“OCM”) is a publicly owned andregionally focused media company quoted on the stock exchangesof Trinidad & Tobago and of Barbados.

OCM was created by the merger of Caribbean CommunicationNetworks Ltd (“CCN”) and The Nation Corporation (“Nation”). CCNis the owner of the Express newspaper and TV6 of Trinidad &Tobago, and Nation is the owner of The Nation newspaper andStarcom radio stations.

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La Curacao is the leading retailer focused on Hispanic consumersin Los Angeles, Southern California and the Southwestern U.S. andprovides financing for the majority of its sales through itsproprietary credit underwriting systems.

New equity capital for store expansion via the sale of a minorityinterest in Adir International, LLC was provided by an affiliate ofCitigroup Venture Capital International.

Pan American Finance, through its affiliate Azul Capital LLC,initiated this transaction and acted as advisor to Citigroup VentureCapital International.

August 2005

Adir International, LLC

US$ 20,000,000

Sale of a Minority Interest to Citigroup Venture Capital

International

Financial Advisor to Citigroup

Financial Advisor

Pan American Finance acted as financial advisor to bothcompanies in the merger.



Grupo Financiero Uno provides retail banking, credit cards,insurance and asset management services to more than onemillion retail customers in Central America.

Long-term senior-debt financing was provided to Banco Uno S.A.(Panama) and Banco Uno S.A. (El Salvador) for liquiditymanagement and funding diversification purposes by the Germandevelopment bank, DEG.

Pan American Finance initiated this transaction and acted as an

June 2005

Grupo Financiero Uno

US$ 15,000,000


DEG

Financial Advisor to DEG

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Grupo Financiero Uno provides retail banking, credit cards,insurance and asset management services to more than onemillion retail customers in Central America.

Long-term senior-debt financing was provided to Banco Uno S.A.(Panama) and Banco Uno S.A. (El Salvador) for liquiditymanagement and funding diversification purposes by the Dutchdevelopment bank, FMO.

Pan American Finance initiated this transaction and acted as anadvisor to FMO.

June 2005

Grupo Financiero Uno

US$ 12,500,000

Long-Term Financing Provided by

FMO

Financial Advisor to FMO

Pan American Finance initiated this transaction and acted as anadvisor to DEG.

Financial Advisor to DEG



Papeles Nacionales, S.A. (“Panasa”) is a Colombianmanufacturer of tissue paper products and an affiliate of Montreal-based Kruger Group.

Pan American Finance acted as advisor to the company in thepurchase of minority shareholders’ stakes and the de-listing of thecompany’s publicly-traded shares from the Bogota andLuxembourg stock exchanges, as well as from NASDAQ’s PORTALMarket.

February 2005

An affiliate of Kruger, Inc.

Tender Offer for Publicly-Traded Shares and De-Listing

Financial Advisor

PAPELES NACIONALES S.A.

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Frigorifico Canelones, S.A. is a leading manufacturer andexporter of frozen and fresh meat and related products in Uruguay.

During the banking crisis of 2002 - 2003, Pan American Financeadvised the company on a debt and equity restructuring, includinga debt buy-back from a U.S. based investor, the placement ofequity with a U.K. based company, a new pre-export financingfacility from a European bank, and a US$ 6 million long-termsenior-debt financing for future capital expenditures from theGerman development bank, DEG.

June 2004

Frigorifico Canelones

US$ 24,000,000

Debt and Equity Restructuring, New Medium- and Long-Term

Loans IncludingUS$ 6 million from DEG

Financial Advisor


Benjamin S. A. Moody, Co-Founder and Managing Director

� Over 25 years of experience in investment banking, corporate finance and private equity

� Expertise in the Media and Communications, Retailing, Tourism and Transportation sectors

� From 1998 to 2001, Managing Director and CFO of Ibero American Media Partners, a $500 million

private equity vehicle, jointly owned by the Cisneros Group of Companies and Hicks, Muse, Tate &

Furst

� Managing Director at Violy, Byorum & Partners, investment bank focused on Latin America

� Prior positions at Citicorp Securities and Continental Bank

Team

Our team is composed of senior level, highly experienced investment bankingprofessionals with broad industry expertise and strong, local knowledge

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� Prior positions at Citicorp Securities and Continental Bank

� Graduate of the University of Oxford

Ralph von Specht, Co-Founder and Managing Director

� Over 35 years of experience advising companies and governments

� Expertise in Consumer Products, Food & Beverage, and Industrials and Manufacturing sectors

� During ’70s and ’80s worked with JP Morgan in Europe, the U.S., and Latin America

- Served on debt refinancing advisory committees for Argentina and Venezuela

� In late ’80s founded an investment banking firm in Venezuela and became a joint venture partner of

ING Group

� Advisor to Berenberg Bank (oldest private bank in Germany) and board member of Venecredit

Securities in Miami

� Graduate of Hamburg University and European Business School in Frankfurt,

Paris and London


Mauricio Borgonovo Baldocchi, Director

� Over 15 years of experience advising and operating companies in Latin America and the U.S.

� Industry experience in Consumer Products and Services, Food & Beverage, and Healthcare

� Serves on the board of several companies in Central America including General Business

Machines, exclusive distributor for IBM in Central America and the Dominican Republic

� MBA from the Wharton School at the University of Pennsylvania and Bachelor of Science degree in

Civil Engineering from the Massachusetts Institute of Technology

Team


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Alessio Mazzanti, Director

� Over 15 years of experience in investment banking, corporate finance, and business management

in Latin America

� Industry experience in Transportation and Logistics, Media and Entertainment,

Telecommunications, and Food & Beverage

� From 2001 to 2005 worked with Valorem, investment arm of the Santo Domingo Group, as

President of portfolio company Gamma Carriers and as advisor to Caracol TV and

Caracol Radio

� Investment banker with Violy, Byorum & Partners from 1997 to 2001

� Engineering and MBA degrees from Universidad de los Andes; post-graduate education from

Harvard Business School and London School of Economics


Fernando Rodrigo, Associate

� Three years of experience in investment banking and sales and trading

� Previously was an Analyst in Credit Suisse’s Latin America Investment Banking Group

� Prior to Credit Suisse, was an Analyst on Goldman Sachs’s International Equities Sales Trading

desk

� Bachelor of Arts degree in Government from Harvard College

Pedro Obregon, Analyst

Team


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Pedro Obregon, Analyst

� Two years of experience in investment banking

� Previously was an Analyst with Bulger Capital, a Boston-based merchant bank, advising Software

and Services companies on mergers and acquisitions and private placements

� Bachelor of Arts degree in Political Science from Yale University


Ximena Holguin, Advisor

� More than 12 years of experience in investment banking and has worked extensively in the

Andean, Central American and Caribbean regions

� From 2002 to 2009, Head of the Central American and Caribbean regions for Standard Bank,

responsible for business origination and client relationship management; closed trades and

transactions in debt capital markets, structured and project finance and global markets totaling

US$1.7 billion

� From 1998 to 2002, worked for Bank of America in their Latin American Project Finance and

Mergers & Acquisitions / Merchant Banking teams

Advisors

Our team is supplemented by a group of advisors with broad investment bankingexperience and strong, local knowledge of our markets

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Mergers & Acquisitions / Merchant Banking teams

� B.S. in Finance and International Relations from Universidad Externado de Colombia

Andrea Uribe, Advisor

� More than 16 years of experience in investment banking and has worked extensively in Colombia

and the Andean countries

� From 1998 to 2007, Vice President of Standard Bank in Bogotá, Colombia and Miami, Florida,

responsible for business origination and client relationship management, closing over US$800

million in debt financing transactions

� Previously with Corporación Financiera de Caldas and with Estrategias Corporativas in Bogotá,

Colombia

� Masters in Business Administration from INALDE and B.S. in Industrial Engineering from Los

Andes University in Colombia


Michael Bax, Senior Advisor

� Over 15 years of experience investing in and operating power companies in Latin America and the Caribbean

� Currently serves on the boards of directors of six energy companies and is COO of Basic Energy Ltd., a 1,400MW regional power company with $800 million in revenue, operations in Latin America and the Caribbean, and a portfolio of technologies operating on coal, gas, diesel and wind

� From 1997 to 2000, served as Regional Manager in Latin America for CDC Capital Partners, where he was responsible for the development and management of a portfolio of $650 million in equity and debt investments

Senior Advisors

Our Senior Advisors are high level executives with extensive experience and provenexpertise in managing businesses in both the public and private sectors

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� From 1995 to 1997 served as CEO of Compañía de Electricidad de Puerto Plata (CEPP) in the Dominican Republic

� Worked the first 10 years of his professional career with Deloitte and Touche, is qualified as a

Chartered Accountant of the Institute of England and Wales, and graduated from Bristol University

in the United Kingdom

Mayu Hume, Senior Advisor

� For over 30 years has occupied positions of leadership in the public and private sector

� Currently serves on the boards of 16 for-profit and not-for-profit organizations in Peru including ING

Wealth Management, Austral Group S.A., E. Wong S.A., AFP Integra, Calidda S.A., Promujer

Internacional, Fundacion Peruana del Cancer, and IPAE

� Has also served as Country Manager in Peru and Colombia for ING Group, as Vice Minister of

Commerce (Peru), and as advisor to the Inter-American Development Bank

� Social Science, Engineering, and Management degrees from Pontificia Universidad Catolica del

Peru and post-graduate work at Universidad de Piura, IESE, and University of Michigan


Hendrik Lühl, Senior Advisor

� Over 25 years of experience as banker with development finance institutions

� Joined German Development Bank (DEG) in 1980, serving initially as head of various Asiandivisions

� Served as Director and Head of the Latin American Department for 15 years, where he wasresponsible for originating and structuring debt and equity transactions

� Served on the boards of directors of various DEG project companies

� Retired in 2006 to work independently as a financial advisor

� Graduate of Freiburg University in Germany

Senior Advisors


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� Graduate of Freiburg University in Germany

Craig Reynald, Senior Advisor

� Over 35 years of experience as senior business executive in Trinidad & Tobago and over 15 years as media industry leader in the Caribbean

� Former CEO and Director of One Caribbean Media (OCM), having led the creation of OCM through the merger of Caribbean Communications Network (CCN) of Trinidad & Tobago and The Nation Corporation of Barbados

� Former CEO of BWIA (now Caribbean Airlines) and former Managing Director of Penta Paints

� Served as Chairman of Grenada Broadcasting Network (GBN) and Caribbean News Agency (CANA), and as Director of Caribbean Media Company (CMC), the Jamaica Observer, and The Nation Corporation

� Fellow of Chartered Institute of Management Accountants in London


Jose Antonio Ríos, Senior Advisor

� For over 30 years has served in executive leadership positions for large corporations across Asia, Europe and Latin America, and on numerous corporate and philanthropic boards

� Current CEO of Vadium Technology, the leading worldwide provider of unbreakable data encryption solutions

� Current Chairman of Global Crossing Latin America, and former International President of Global Crossing, where he led operations in over 20 countries

� Former CEO of Telefonica Media and former Chairman of Atento, both subsidiaries of Telefonica

� Former CEO of DirecTV Latin America and former Vice President of Hughes Electronics

Senior Advisors


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� Former CEO of DirecTV Latin America and former Vice President of Hughes Electronics

� Former President and COO of the Cisneros Group of Companies

� Founder and current Chairman of Navidad Real Estate Holding, a real estate investment company

� Serves as Honorary Business Representative of Singapore


Contact Information

Ben Moody

Managing Director

Mobile: +1 (786) 556 – 2273

email: [email protected]

Mauricio Borgonovo Baldocchi

Director

Mobile: +1 (305) 401 – 7009


Contacts

Ralph von Specht

Managing Director

Mobile: +1 (786) 223 – 4814


Alessio Mazzanti

Director

Mobile: +1 (305) 510 – 7661


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Fernando Rodrigo

Associate

Mobile: +1 (617) 869 – 1887


PAF Securities, LLC

601 Brickell Key Drive, Suite 604

Miami, Florida 33131

Tel: +1 (305) 577-9799

Fax: +1 (305) 577-9766

Website: www.pafsecurities.com

Pedro Obregon

Analyst

Mobile: +1 (786) 200 – 0464



INDUSTRY TRACK RECORD

Selected Deal History

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INDUSTRY TRACK RECORD


Consumer Products, Including Food & Beverages


DEAL SIZE

DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE

2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean M&A

2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group 55$ Caribbean Restructuring

2009 Grand Bay International Acquisition of Trinidad Tissues Limited n.a. Caribbean M&A

2009 Papelera Internacional Senior long-term debt from DEG (German Dev. Bank) 10$ Central America Debt Raise

2007 Grand Bay International Acquisition of Papelera Internacional S.A. n.a. Central America M&A

2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG (German Dev. Bank) 24$ Andean Region Restructuring

2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing 2$ Andean Region M&A

2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ South America Restructuring

2002 Cerveceria Regional Syndicated bank loans, development bank financings and bond issues 110$ Andean Region Debt Raise

1999 Cerveceria Regional Syndicated multi-currency term debt 66$ Andean Region Debt Raise

1999 Lloreda Debt restructuring 100$ Andean Region Restructuring

1997 Delimex Sale to Fenway Partners 94$ United States M&A

1995 Dolimca Sale to Kimberly Clark n.a. Andean Region M&A

1994 Papeles Guaicaypuro Sale to Kimberly Clark n.a. Andean Region M&A

1986 Ron Santa Teresa Bank debt restructuring 35$ Andean Region Restructuring

TOTAL TRANSACTION VALUE: 520$

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Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm.


Financial Services


DEAL SIZE


2009 First Citizens Bank Assumption of deposits from CLICO Investment Bank 280$ Caribbean Restructuring

2009 First Citizens Bank Equity capital commitment by Republic of Trinidad & Tobago 50$ Caribbean Equity Raise

2009 First Citizens Bank Acquisition of Caribbean Money Market Brokers (CMMB) n.a. Caribbean M&A

2009 NovoPayment Latin American expansion strategy n.a. Andean Region M&A

2007 Grupo Financiero CrediQ Senior long-term debt from International Finance Corp. (IFC) 20$ Central America Debt Raise

2007 Grupo Financiero CrediQ Senior long-term debt from DEG (German Dev. Bank) 15$ Central America Debt Raise

2005 DEG (German Development Bank) New senior-debt financing to Grupo Uno 15$ Central America Debt Raise

2005 FMO (Dutch Development Bank) New senior-debt financing to Grupo Uno 13$ Central America Debt Raise

1988 Frends BV (Continental Bank) Placement of asset backed notes 140$ United States Debt Raise

1986 Finalven Bank debt restructuring 300$ Andean Region Restructuring

1983 Banco de la Nacion de Argentina Multi-currency debt restructuring 650$ South America Restructuring

1983 Banco de la Provincia de Buenos Aires Multi-currency debt restructuring 350$ South America Restructuring

TOTAL TRANSACTION VALUE: 1,833$

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Manufacturing


DEAL SIZE


2008 Sigma S.A. (SigmaQ) Strategic alternatives and capital raising strategies n.a. Central America Debt Raise

2000 SIVENSA Bank loans and development bank financings 175$ Andean Region Debt Raise

1998 Corfivalle Sale of Icollantas subsidiary 120$ Andean Region M&A

1997 Venepal Restructuring and recapitalization 125$ Andean Region Restructuring

1996 Grupo Corimon Sale of Otidor subsidiary 8$ Andean Region M&A

1993 Sidetur (subsidiary of SIVENSA) Senior long-term debt from DEG (German Dev. Bank) 10$ Andean Region Debt Raise

1992 Sidetur (subsidiary of SIVENSA) Syndicated bank financing 24$ Andean Region Debt Raise

1992 Sidetur (subsidiary of SIVENSA) Commercial paper program 12$ Andean Region Debt Raise

1990 Sidetur (subsidiary of SIVENSA) Pre-export financing facility 30$ Andean Region Debt Raise

1987 General Motors de Venezuela Sale to Grupo Mendoza n.a. Andean Region M&A

1986 Grupo Corimon Strategic alternatives and debt raising strategies n.a. Andean Region Debt Raise

1985 Tocars C.A. (Toyota) Bank debt restructuring 80$ Andean Region Restructuring


29



Media, Telecom and Technology


DEAL SIZE


2007 One Caribbean Media Acquisition of radio stations from Cumulus Media n.a. Caribbean M&A

2006 One Caribbean Media Merger of Caribbean Communications Network and Nation Corporation 205$ Caribbean M&A

2003 Palm Pictures Sale of Manga Entertainment n.a. United States M&A

2002 Caribbean Communications Network Strategic alternatives and capital raising strategies n.a. Caribbean M&A

2002 Claxson Interactive Group Merger of DMX Music and AEI Music in Latin America n.a. Latin America M&A

2001 Claxson Interactive Group Merger of Ibero American Media Partners and El Sitio 900$ Latin America M&A

2001 Claxson Interactive Group Investment in Playboy.com 5$ Latin America Equity Raise

2001 Ibero American Media Partners Sale of 20% investment in Caribbean Communications Network n.a. Caribbean M&A

2000 Grupo Sarmiento Sale of Cocelco subsidiary 600$ Andean Region M&A

2000 Ibero American Media Partners Syndicated bank debt facilities to Radio Chile 40$ Latin America Debt Raise

2000 Ibero American Media Partners IPO of Artistdirect 60$ United States Equity Raise

1999 Cisneros Television Group Investment in Playboy TV International 100$ International Equity Raise

1999 Ibero American Media Partners Acquisition of Chilevision n.a. South America M&A

1999 Ibero American Media Partners Acquisition of and/or JV with Muchmusic, HTV, AEI Music, Clase n.a. Latin America M&A

1999 Ibero American Media Partners IPO of El Sitio 151$ United States Equity Raise

1999 Ibero American Media Partners Investment in El Sitio 28$ United States Equity Raise

1999 Ibero American Media Partners Investment in Artistdirect and AD Latin America Joint Venture 20$ United States Equity Raise

1999 Intergraph Corporation Sale of Veribest division to Mentor Graphics n.a. United States M&A

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1999 Intergraph Corporation Sale of Veribest division to Mentor Graphics n.a. United States M&A

1998 Ibero American Media Partners Acquisition of Radio Chile n.a. South America M&A

1998 Ibero American Media Partners Acquisition of 20% stake in Caribbean Communications Network n.a. Caribbean M&A

1998 Ibero American Media Partners Acquisition of Cisneros Television Group 150$ Latin America M&A

1998 Imagen Satelital 144A placement of senior notes 80$ South America Debt Raise

1998 Radio Chile Senior secured bridge financing 30$ South America Debt Raise

1997 Cisneros Group of Companies Formation of Ibero American Media Partners 500$ Latin America M&A

1997 Cisneros Television Group Acquisition of Imagen Satelital 115$ South America M&A

1997 Imagen Satelital Senior secured bridge financing 50$ South America Debt Raise

1997 TV Azteca Initial Public Offering 605$ Mexico Equity Raise

1997 TV Azteca Public issue of notes 425$ Mexico Debt Raise

1997 TV Cidade Acquisition of cable TV licenses and joint venture financing 250$ Brazil M&A

1991 Orion Pictures Bank debt restructuring 500$ United States Restructuring

1990 MTM Enterprises Bank debt restructuring 85$ United States Restructuring

1990 Touchwood (Walt Disney Co.) Bank debt facility 420$ United States Debt Raise



Retailing and Distribution


DEAL SIZE


2009 Ferreteria EPA Costa Rica Senior long-term debt from DEG (German Dev. Bank) 12$ Central America Debt Raise

2005 Citigroup Venture Capital Intl. Equity investment in La Curacao 20$ United States Equity Raise

1991 Pic "n" Save Bank debt facility restructuring 240$ United States Restructuring

1990 Hartmarx Corporation Senior note private placement 45$ United States Debt Raise

1990 Kellwood Company Private placement of senior notes 60$ United States Debt Raise

1989 Higbee's (Dillard Dept Stores) Receivables securitization 35$ United States Debt Raise

1988 Ames Department Stores Bank debt for acquisition financing 900$ United States Debt Raise

1988 Higbee's (Dillard Dept. Stores) Bank debt for acquisition financing 184$ United States Debt Raise

1988 The Stop & Shop Companies Inc. Bank debt for acquisition financing 1,425$ United States Debt Raise

1986 Oxford Clothes, Inc. Bank debt for acquisition financing 17$ United States Debt Raise


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Transportation and Logistics


DEAL SIZE


1996 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Debt Raise

1995 Crowley Maritime Corporation Structured finance lease by Citicorp 46$ United States Debt Raise

1994 Hvide Marine Senior secured debt facilities by Citicorp 63$ United States Debt Raise

1994 Hvide Marine Subordinated debt issue and recapitalization 50$ United States Debt Raise

1994 Royal Caribbean Cruises Revolving credit facility 750$ United States Debt Raise

1993 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Debt Raise

1993 Royal Caribbean Cruises Senior secured credit facilities 650$ United States Debt Raise

1993 Transportacion Maritima Mexicana Public senior note issue 150$ Mexico Debt Raise

1993 Transportacion Maritima Mexicana Senior secured loan by Citicorp 115$ Mexico Debt Raise

1992 Pacific Fruit Group Senior secured loan by Citicorp 150$ Andean Region Debt Raise

1984 Continental Bank Loan portfolio transferred to the FDIC n.a. Europe Restructuring

1983 Aerolineas Argentinas Multi-currency debt restructuring n.a. South America Restructuring


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Energy and Infrastructure; Healthcare; Metals & Mining; Real Estate


DEAL SIZEDATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE INDUSTRY

2008 Compania Minera Atacocha Sale of controlling stake by shareholders 145$ Andean Region M&A Metals and Mining

1999 Community Care Services Acquisition by Landauer Hospitals n.a. United States M&A Healthcare

1999 The Guthrie Clinic Renegotiation of management agreement with PhyCor n.a. United States M&A Healthcare

1999 Weitzer Homebuilders Sale to Century Partners Group n.a. United States M&A Real Estate

1998 SCP Sale of minority stake in Aguas Argentinas 150$ South America M&A Infrastructure

1991 Securicor International Investment in Vicasa n.a. Andean Region Equity Raise Business Services

1987 Republic of Venezuela First Eurobond issue after debt crisis 100$ Andean Region Debt Raise Sovereign

1986 Electricidad de Caracas Bank debt restructuring 650$ Andean Region Restructuring Energy

1985 J.P. Morgan Restructuring of Republic of Venezuela debt n.a. Andean Region Restructuring Sovereign

1983 J.P. Morgan Restructuring of Republic of Argentina debt n.a. South America Restructuring Sovereign


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TRANSACTION TRACK RECORD


34

TRANSACTION TRACK RECORD


Multilateral Institution Transactions


DEAL SIZEDATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE INDUSTRY

2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group 55$ Caribbean Restructuring Consumer Products and F&B

2009 Ferreteria EPA Costa Rica Senior long-term debt from DEG (German Dev. Bank) 12$ Central America Debt Raise Retailing and Distribution

2009 Papelera Internacional Senior long-term debt from DEG (German Dev. Bank) 10$ Central America Debt Raise Consumer Products and F&B2007 Grupo Financiero CrediQ Senior long-term debt from International Finance Corp. (IFC) 20$ Central America Debt Raise Financial Services

2007 Grupo Financiero CrediQ Senior long-term debt from DEG (German Dev. Bank) 15$ Central America Debt Raise Financial Services

2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG (German Dev. Bank) 24$ Andean Region Restructuring Consumer Products and F&B

2005 DEG (German Development Bank) New senior-debt financing to Grupo Uno 15$ Central America Debt Raise Financial Services

2005 FMO (Dutch Development Bank) New senior-debt financing to Grupo Uno 13$ Central America Debt Raise Financial Services

2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ South America Restructuring Consumer Products and F&B

2002 Cerveceria Regional Syndicated bank loans, development bank financings and bond issues 110$ Andean Region Debt Raise Consumer Products and F&B

2000 SIVENSA Bank loans and development bank financings 175$ Andean Region Debt Raise Manufacturing

1999 Cerveceria Regional Syndicated multi-currency term debt 66$ Andean Region Debt Raise Consumer Products and F&B

1997 Venepal Restructuring and recapitalization 125$ Andean Region Restructuring Manufacturing

1993 Sidetur (subsidiary of SIVENSA) Senior long-term debt from DEG (German Dev. Bank) 10$ Andean Region Debt Raise Manufacturing


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Merger & Acquisition Transactions


DEAL SIZEDATE CLIENT TRANSACTION (US$m) REGION INDUSTRY

2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean Consumer Products and F&B

2009 Grand Bay International Acquisition of Trinidad Tissues Limited n.a. Caribbean Consumer Products and F&B

2009 First Citizens Bank Assumption of deposits from CLICO Investment Bank 280$ Caribbean Financial Services2009 First Citizens Bank Acquisition of Caribbean Money Market Brokers (CMMB) n.a. Caribbean Financial Services

2009 NovoPayment Latin American expansion strategy n.a. Andean Region Financial Services

2008 Compania Minera Atacocha Sale of controlling stake by shareholders 145$ Andean Region Metals and Mining

2007 Grand Bay International Acquisition of Papelera Internacional S.A. n.a. Central America Consumer Products and F&B

2007 One Caribbean Media Acquisition of radio stations from Cumulus Media n.a. Caribbean Media, Telecom & Technology2006 One Caribbean Media Merger of Caribbean Communications Network and Nation Corporation 205$ Caribbean Media, Telecom & Technology

2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing 2$ Andean Region Consumer Products and F&B

2003 Palm Pictures Sale of Manga Entertainment n.a. United States Media, Telecom & Technology

2002 Caribbean Communications Network Strategic alternatives and capital raising strategies n.a. Caribbean Media, Telecom & Technology

2002 Claxson Interactive Group Merger of DMX Music and AEI Music in Latin America n.a. Latin America Media, Telecom & Technology2001 Claxson Interactive Group Merger of Ibero American Media Partners and El Sitio 900$ Latin America Media, Telecom & Technology

2001 Ibero American Media Partners Sale of 20% investment in Caribbean Communications Network n.a. Caribbean Media, Telecom & Technology

2000 Grupo Sarmiento Sale of Cocelco subsidiary 600$ Andean Region Media, Telecom & Technology

1999 Community Care Services Acquisition by Landauer Hospitals n.a. United States Healthcare

1999 Ibero American Media Partners Acquisition of Chilevision n.a. South America Media, Telecom & Technology1999 Ibero American Media Partners Acquisition of and/or JV with Muchmusic, HTV, AEI Music, Clase n.a. Latin America Media, Telecom & Technology

1999 Intergraph Corporation Sale of Veribest division to Mentor Graphics n.a. United States Media, Telecom & Technology

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1999 Intergraph Corporation Sale of Veribest division to Mentor Graphics n.a. United States Media, Telecom & Technology

1999 The Guthrie Clinic Renegotiation of management agreement with PhyCor n.a. United States Healthcare

1999 Weitzer Homebuilders Sale to Century Partners Group n.a. United States Real Estate

1998 Corfivalle Sale of Icollantas subsidiary 120$ Andean Region Manufacturing

1998 Ibero American Media Partners Acquisition of Radio Chile n.a. South America Media, Telecom & Technology1998 Ibero American Media Partners Acquisition of 20% stake in Caribbean Communications Network n.a. Caribbean Media, Telecom & Technology

1998 Ibero American Media Partners Acquisition of Cisneros Television Group 150$ Latin America Media, Telecom & Technology

1998 SCP Sale of minority stake in Aguas Argentinas 150$ South America Infrastructure

1997 Cisneros Group of Companies Formation of Ibero American Media Partners 500$ Latin America Media, Telecom & Technology

1997 Cisneros Television Group Acquisition of Imagen Satelital 115$ South America Media, Telecom & Technology1997 Delimex Sale to Fenway Partners 94$ United States Consumer Products and F&B

1997 TV Cidade Acquisition of cable TV licenses and joint venture financing 250$ Brazil Media, Telecom & Technology

1996 Grupo Corimon Sale of Otidor subsidiary 8$ Andean Region Manufacturing

1995 Dolimca Sale to Kimberly Clark n.a. Andean Region Consumer Products and F&B

1994 Papeles Guaicaypuro Sale to Kimberly Clark n.a. Andean Region Consumer Products and F&B

1987 General Motors de Venezuela Sale to Grupo Mendoza n.a. Andean Region Manufacturing



Debt Raise Transactions


DEAL SIZE

DATE CLIENT TRANSACTION (US$m) REGION INDUSTRY

2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group 55$ Caribbean Consumer Products and F&B

2009 Ferreteria EPA Costa Rica Senior long-term debt from DEG (German Dev. Bank) 12$ Central America Retailing and Distribution

2009 Papelera Internacional Senior long-term debt from DEG (German Dev. Bank) 10$ Central America Consumer Products and F&B

2008 Sigma S.A. (SigmaQ) Strategic alternatives and capital raising strategies n.a. Central America Manufacturing

2007 Grupo Financiero CrediQ Senior long-term debt from International Finance Corp. (IFC) 20$ Central America Financial Services

2007 Grupo Financiero CrediQ Senior long-term debt from DEG (German Dev. Bank) 15$ Central America Financial Services

2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG (German Dev. Bank) 24$ Andean Region Consumer Products and F&B

2005 DEG (German Development Bank) New senior-debt financing to Grupo Uno 15$ Central America Financial Services

2005 FMO (Dutch Development Bank) New senior-debt financing to Grupo Uno 13$ Central America Financial Services

2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ South America Consumer Products and F&B

2002 Cerveceria Regional Syndicated bank loans, development bank financings and bond issues 110$ Andean Region Consumer Products and F&B

2000 Ibero American Media Partners Syndicated bank debt facilities to Radio Chile 40$ Latin America Media, Telecom & Technology

2000 SIVENSA Bank loans and development bank financings 175$ Andean Region Manufacturing

1999 Cerveceria Regional Syndicated multi-currency term debt 66$ Andean Region Consumer Products and F&B

1998 Imagen Satelital 144A placement of senior notes 80$ South America Media, Telecom & Technology

1998 Radio Chile Senior secured bridge financing 30$ South America Media, Telecom & Technology

1997 Imagen Satelital Senior secured bridge financing 50$ South America Media, Telecom & Technology

1997 TV Azteca Public issue of notes 425$ Mexico Media, Telecom & Technology

1997 Venepal Restructuring and recapitalization 125$ Andean Region Manufacturing

1996 Crowley Maritime Corporation Revolving credit facility by Citicorp 150$ United States Transportation and Logistics

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1995 Crowley Maritime Corporation Structured finance lease by Citicorp 46$ United States Transportation and Logistics

1994 Hvide Marine Senior secured debt facilities by Citicorp 63$ United States Transportation and Logistics

1994 Hvide Marine Subordinated debt issue and recapitalization 50$ United States Transportation and Logistics

1994 Royal Caribbean Cruises Revolving credit facility 750$ United States Transportation and Logistics


1993 Royal Caribbean Cruises Senior secured credit facilities 650$ United States Transportation and Logistics

1993 Sidetur (subsidiary of SIVENSA) Senior long-term debt from DEG (German Dev. Bank) 10$ Andean Region Manufacturing

1993 Transportacion Maritima Mexicana Public senior note issue 150$ Mexico Transportation and Logistics

1993 Transportacion Maritima Mexicana Senior secured loan by Citicorp 115$ Mexico Transportation and Logistics

1992 Pacific Fruit Group Senior secured loan by Citicorp 150$ Andean Region Transportation and Logistics

1992 Sidetur (subsidiary of SIVENSA) Syndicated bank financing 24$ Andean Region Manufacturing

1992 Sidetur (subsidiary of SIVENSA) Commercial paper program 12$ Andean Region Manufacturing

1991 Pic "n" Save Bank debt facility restructuring 240$ United States Retailing and Distribution

1990 Hartmarx Corporation Senior note private placement 45$ United States Retailing and Distribution

1990 Kellwood Company Private placement of senior notes 60$ United States Retailing and Distribution

1990 Sidetur (subsidiary of SIVENSA) Pre-export financing facility 30$ Andean Region Manufacturing

1990 Touchwood (Walt Disney Co.) Bank debt facility 420$ United States Media, Telecom & Technology

1989 Higbee's (Dillard Dept Stores) Receivables securitization 35$ United States Retailing and Distribution

1988 Ames Department Stores Bank debt for acquisition financing 900$ United States Retailing and Distribution

1988 Frends BV (Continental Bank) Placement of asset backed notes 140$ United States Financial Services

1988 Higbee's (Dillard Dept. Stores) Bank debt for acquisition financing 184$ United States Retailing and Distribution

1988 The Stop & Shop Companies Inc. Bank debt for acquisition financing 1,425$ United States Retailing and Distribution

1987 Republic of Venezuela First Eurobond issue after debt crisis 100$ Andean Region Sovereign

1986 Grupo Corimon Strategic alternatives and debt raising strategies n.a. Andean Region Manufacturing

1986 Oxford Clothes, Inc. Bank debt for acquisition financing 17$ United States Retailing and Distribution



Equity Raise Transactions



2009 Grand Bay International Acquisition of Unicell and capital commitment by Grand Bay International n.a. Caribbean Consumer Products and F&B

2009 First Citizens Bank Equity capital commitment by Republic of Trinidad & Tobago 50$ Caribbean Financial Services

2005 Citigroup Venture Capital Intl. Equity investment in La Curacao 20$ United States Retailing and Distribution

2005 Papeles Nacionales S.A. Tender offer for publicly-traded shares and de-listing n.a. Andean Region Consumer Products and F&B

2001 Claxson Interactive Group Investment in Playboy.com 5$ Latin America Media, Telecom & Technology

2000 Ibero American Media Partners IPO of Artistdirect 60$ United States Media, Telecom & Technology

1999 Cisneros Television Group Investment in Playboy TV International 100$ International Media, Telecom & Technology1999 Ibero American Media Partners IPO of El Sitio 151$ United States Media, Telecom & Technology

1999 Ibero American Media Partners Investment in El Sitio 28$ United States Media, Telecom & Technology

1999 Ibero American Media Partners Investment in Artistdirect and AD Latin America Joint Venture 20$ United States Media, Telecom & Technology

1997 Cisneros Group of Companies Formation of Ibero American Media Partners 500$ Latin America Media, Telecom & Technology

1997 TV Azteca Initial Public Offering 605$ Mexico Media, Telecom & Technology

1991 Securicor International Investment in Vicasa n.a. Andean Region Business Services


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Financial Restructuring Transactions



2009 Unicell Paper Mills Caribbean Limited Debt restructuring and new financing from IFC and bank group 55$ Caribbean Consumer Products and F&B

2009 First Citizens Bank Assumption of deposits from CLICO Investment Bank 280$ Caribbean Financial Services2009 First Citizens Bank Acquisition of Caribbean Money Market Brokers (CMMB) n.a. Caribbean Financial Services

2006 Papeles Nacionales S.A. Debt restructuring and new financing from DEG (German Dev. Bank) 24$ Andean Region Consumer Products and F&B

2004 Frigorifico Canelones, S.A. Debt and equity restructuring and new financing by DEG 24$ South America Consumer Products and F&B

1999 Lloreda Debt restructuring 100$ Andean Region Consumer Products and F&B

1997 Venepal Restructuring and recapitalization 125$ Andean Region Manufacturing

1991 Orion Pictures Bank debt restructuring 500$ United States Media, Telecom & Technology

1991 Pic "n" Save Bank debt facility restructuring 240$ United States Retailing and Distribution

1990 MTM Enterprises Bank debt restructuring 85$ United States Media, Telecom & Technology

1986 Electricidad de Caracas Bank debt restructuring 650$ Andean Region Energy1986 Finalven Bank debt restructuring 300$ Andean Region Financial Services

1986 Ron Santa Teresa Bank debt restructuring 35$ Andean Region Consumer Products and F&B

1985 J.P. Morgan Restructuring of Republic of Venezuela debt n.a. Andean Region Sovereign

1985 Tocars C.A. (Toyota) Bank debt restructuring 80$ Andean Region Manufacturing

1984 Continental Bank Loan portfolio transferred to the FDIC n.a. Europe Transportation and Logistics1983 Aerolineas Argentinas Multi-currency debt restructuring n.a. South America Transportation and Logistics

1983 Banco de la Nacion de Argentina Multi-currency debt restructuring 650$ South America Financial Services

1983 Banco de la Provincia de Buenos Aires Multi-currency debt restructuring 350$ South America Financial Services

1983 J.P. Morgan Restructuring of Republic of Argentina debt n.a. South America Sovereign

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1983 J.P. Morgan Restructuring of Republic of Argentina debt n.a. South America Sovereign


Introduction To Paf January 2010

Documents

Transcript of Introduction To Paf January 2010