PAF Securities - Recent Transactions

Since 2003, PAF Securities and its affiliate Pan American Finance have helped shareholders, management teams and investors achieve their business development, financing and value creation objectives.

Transactions: All
	One Caribbean Media Limited ("OCM") is a publicly owned and regionally focused media company quoted on the stock exchanges of 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 and Trinidad, from Cumulus Media Inc. (NASDAQ: CMLS). Pan American Finance acted as financial advisor to OCM in this transaction.

	Papelera Internacional, S.A. (“Painsa”) is a Guatemala-based manufacturer of tissue paper products. Pan American Financeadvised Grand Bay International, A.V.V., an affiliate of Montreal-based Kruger Group, on the acquisition of a majority stake in Painsa. With the acquisition, Grand Bay International gains a significant share of the Central American tissue-paper market and develops important synergies with its existing operations in Venezuela, Colombia, and Peru.

	Grupo Financiero CrediQ Corp. (“CrediQ”) is the consumer finance unit of Grupo Q Holdings, one of the largest multi-brand, auto retailers in Central America. Pan American Finance advised CrediQ on a new $20 million, 6-year, senior term loan from the International Finance Corporation (“IFC”) used as long-term financing to supplement the company’s existing funding sources in El Salvador, Honduras, Nicaragua, and Costa Rica.

	Grupo Financiero CrediQ Corp. (“CrediQ”) is the consumer finance unit of Grupo Q Holdings, one of the largest multi-brand, auto retailers in Central America. Pan American Finance advised CrediQ on a new $15 million, 6-year, senior term loan from DEG (the German Development Bank) used as long-term financing to supplement the company’s existing funding sources in El Salvador.

	Papeles Nacionales, S.A. (“Panasa”) is a Colombian manufacturer of tissue paper products and an affiliate of Montreal-based Kruger Group. Pan American Financeadvised Panasa on a comprehensive restructuring of its Peso denominated debt, reducing its local bank debt from US$24 million to US$14 million. Corfinsura acted as a local co-advisor in this transaction. In addition, Pan American Finance arranged a new US$10 million 8-year senior-debt financing from the German development bank, DEG.

	One Caribbean Media Limited ("OCM") is a publicly owned and regionally focused media company quoted on the stock exchanges of Trinidad & Tobago and of Barbados. OCM was created by the merger of Caribbean Communication Networks Ltd ("CCN") and The Nation Corporation ("Nation"). CCN is the owner of the Express newspaper and TV6 of Trinidad & Tobago, and Nation is the owner of The Nation newspaper and Starcom radio stations. Pan American Finance acted as financial advisor to both companies in the merger.

	La Curacao is the leading retailer focused on Hispanic consumers in Los Angeles, Southern California and the Southwestern U.S. and provides financing for the majority of its sales through its proprietary credit underwriting systems. New equity capital for store expansion via the sale of a minority interest in Adir International, LLC was provided by an affiliate of Citicorp Venture Capital International. Pan American Finance, through an affiliate, Azul Capital LLC, initiated this transaction and acted as advisor to Citicorp Venture Capital International.

	Grupo Financiero Uno provides retail banking, credit cards, insurance and asset management services to more than one million 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 liquidity management and funding diversification purposes by the German development bank, DEG. Pan American Finance initiated this transaction and acted as an advisor to DEG.

	Grupo Financiero Uno provides retail banking, credit cards, insurance and asset management services to more than one million 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 liquidity management and funding diversification purposes by the Dutch development bank, FMO. Pan American Finance initiated this transaction and acted as an advisor to FMO.

	Papeles Nacionales, S.A. ("Panasa") is a Colombian manufacturer of tissue paper products and an affiliate of Montreal-based Kruger Group. Pan American Finance acted as advisor to the company in the purchase of minority shareholders' stakes and the de-listing of the company's publicly-traded shares from the Bogota and Luxembourg stock exchanges as well as NASDAQ's PORTAL Market.

	Frigorifico Canelones, S.A. is a leading manufacturer and exporter of frozen and fresh meat and related products in Uruguay. During the banking crisis of 2002 - 2003, Pan American Finance advised the company on a debt and equity restructuring, including a debt buy-back from a U.S. based investor, the placement of equity with a U.K. based company, a new pre-export financing facility from a European bank, and a US$6 million long-term senior-debt financing for future capital expenditures from the German development bank, DEG.