PAF Securities - Industry Track Record: Consumer Products, Including Food and Beverage

DATE	CLIENT	TRANSACTION	DEAL SIZE (US$m)	REGION	DEAL TYPE

2010	First Citizens Bank	Debt restructuring for Angostura	$110	Caribbean	Restructuring
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	n.a.	Andean Region	M&A
2004	Frigorifico Canelones, S.A.	Debt and equity restructuring and new financing by DEG	$24	South America	Restructuring

2009	PepsiCo	Acquisition of Amacoco	n.a.	Brazil	M&A
2009	PepsiCo	Acquisition of Karinto S.A.C. and Bocaditos Nacionales S.A.	n.a.	Andean Region	M&A
2007	PepsiCo	Acquisition of Lucky (Comercio de Doces Lucky)	n.a.	Brazil	M&A
2007	PepsiCo	Acquisition of Snacks America Latina (Buyout of remaining 50% stake)	n.a.	Andean Region	M&A
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:	$630

Note: Transactions in black font are transactions in which PAF Securities’ bankers participated prior joining our firm. Total transaction value includes undisclosed transactions