PAF SECURITIES, LLC
                                            An affiliate of Pan American Finance
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Introduction to the Firm                                                                              Overview


Our firm ...
Introduction to the Firm                                                                        Advisory Services


Our fi...
Introduction to the Firm                                                                            Focus


Our firm was e...
Introduction to the Firm                                                                        Industry Expertise


Our f...
Introduction to the Firm                                                Track Record


Since inception, we have completed ...
Introduction to the Firm                                                                                  Track Record


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Introduction to the Firm                                                                                             Track...
Introduction to the Firm                                                                                    Track Record

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Introduction to the Firm                                                                                  Track Record


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Introduction to the Firm                                                                                 Track Record


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Introduction to the Firm                                                                                   Track Record


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Introduction to the Firm                                                                                     Track Record
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Introduction to the Firm                                                                                    Track Record

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Introduction to the Firm                                                                                    Track Record

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Introduction to the Firm                                                                             Track Record


Since ...
Introduction to the Firm                                                                                    Track Record

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Introduction to the Firm                                                                                      Team


Our t...
Introduction to the Firm                                                                                     Team


Our te...
Introduction to the Firm                                                                                  Team


Our team ...
Introduction to the Firm                                                                                 Advisors


Our te...
Introduction to the Firm                                                                                    Senior Advisor...
Introduction to the Firm                                                                              Senior Advisors


Ou...
Introduction to the Firm                                                                                 Senior Advisors

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Introduction to the Firm                                                            Contacts


Contact Information


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Introduction to the Firm                 Selected Deal History




                 INDUSTRY TRACK RECORD




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Introduction to the Firm                                                                                                  ...
Introduction to the Firm                                                                                                  ...
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Introduction to the Firm            Selected Deal History




             TRANSACTION TRACK RECORD




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Introduction to the Firm                                                                                                  ...
Introduction to the Firm                                                                                                  ...
Introduction To Paf   January 2010
Introduction To Paf   January 2010
Introduction To Paf   January 2010
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Introduction To Paf January 2010

  1. 1. PAF SECURITIES, LLC An affiliate of Pan American Finance Introduction to our Firm January 2010 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
  2. 2. Introduction to the Firm Overview Our firm was established in 2003 to provide high quality, senior level advisory services to businesses and their owners in Latin America and the Caribbean 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 - 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 2
  3. 3. Introduction to the Firm Advisory Services Our firm was established in 2003 to provide high quality, senior level advisory services to businesses and their owners in 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 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 3
  4. 4. Introduction to the Firm Focus Our firm was established in 2003 to provide high quality, senior level advisory services to businesses and their owners in Latin America and the Caribbean 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 - 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 4
  5. 5. Introduction to the Firm Industry Expertise Our firm was established in 2003 to provide high quality, senior level advisory services to businesses and their owners in Latin America and the Caribbean 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 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 5
  6. 6. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean 6
  7. 7. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean October 2009 Unicell Paper Mills Caribbean Limited (“Unicell”) is a Trinidad- based manufacturer of tissue paper products and the leading tissue paper mill in the Caribbean. PAF Securities advised Grand Bay International, an affiliate of Unicell Paper Mills Caribbean Limited Montreal-based Kruger Group, on the acquisition of Unicell. The Acquisition by acquisition was completed simultaneously with the purchase of Grand Bay International A.V.V. Trinidad Tissues. With both acquisitions, Grand Bay gains a significant share of the Caribbean tissue paper market and Financial Advisor develops important synergies with its existing operations in Venezuela and Guatemala. October 2009 Unicell Paper Mills Caribbean Limited (“Unicell”) is a Trinidad- based manufacturer of tissue paper products and the leading tissue paper mill in the Caribbean. PAF Securities advised Grand Bay International, an affiliate of Unicell Paper Mills Caribbean Limited Montreal-based Kruger Group, on the restructuring of US$44.5 US$ 55,000,000 million in existing long-term bank debt and the structuring of Debt Restructuring and New US$10.5 million in new working capital facilities from the IFC, Financing RBTT Bank, First Citizens Bank and the Export-Import Bank of Financial Advisor Trinidad & Tobago. 7
  8. 8. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean October 2009 Trinidad Tissues Limited (“TTL”) is a Trinidad-based manufacturer of tissue paper products. PAF Securities advised Grand Bay International, an affiliate of Montreal-based Kruger Group, on the acquisition of TTL. The Trinidad Tissues Limited acquisition was completed simultaneously with the purchase of Acquisition by Grand Bay International Unicell. With both acquisitions, Grand Bay gains a significant share A.V.V. of the Caribbean tissue paper market and develops important synergies with its existing operations in Venezuela and Guatemala. Financial Advisor May 2009 First Citizens Bank Limited (“First Citizens”) is a leading commercial bank in Trinidad & Tobago. Founded in 1993 through the merger of three banks, First Citizens is wholly-owned by the First Citizens Bank Ltd. Acquisition of the Shares of Republic of Trinidad & Tobago and, effective upon completion of the 2009 transactions, had total assets of over US$ 4 billion. PAF Securities advised First Citizens on the acquisition of Caribbean Money Market Brokers Ltd. A Subsidiary of CL Financial Ltd. Caribbean Money Market Brokers (CMMB), the former subsidiary of CL Financial. Financial Advisor to First Citizens 8
  9. 9. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean May 2009 First Citizens Bank Limited (“First Citizens”) is a leading commercial bank in Trinidad & Tobago. Founded in 1993 through the merger of three banks, First Citizens is wholly-owned by the First Citizens Bank Ltd. New Equity Capital of Republic of Trinidad & Tobago and, effective upon the completion US$ 50,000,000 of the 2009 transactions, had total assets of over US$ 4 billion. Committed by Republic of Trinidad and Tobago PAF Securities advised First Citizens on a new TT$ 300 million (US$ 50 million) capital commitment by the Republic of Trinidad & Tobago. Financial Advisor to First Citizens May 2009 Ferretería EPA S.A. (“EPA”) is one of the largest home improvement store chains in Costa Rica. PAF Securities advised EPA on a new US$ 12 million, 10-year, Ferretería EPA S.A. Costa Rica senior term loan from DEG - Deutsche Investitions- und US$ 12,000,000 Entwicklungsgesellschaft (the German Development Bank) used Senior Long-Term Financing for EPA’s expansion in Costa Rica. Provided by DEG Financial Advisor 9
  10. 10. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean February 2009 First Citizens Bank Limited (“First Citizens”) is a leading commercial bank in Trinidad & Tobago. Founded in 1993 through the merger of three banks, First Citizens is wholly-owned by the First Citizens Bank Ltd. Republic of Trinidad & Tobago and, effective upon the completion Assumption of US$ 280,000,000 of the 2009 transactions, had total assets of over US$ 4 billion. In Customer Deposits of PAF Securities advised First Citizens on the assumption of approximately TT$ 1.7 billion (US$ 280 million) in customer deposits from CLICO Investment Bank following its intervention Financial Advisor to First Citizens and closure by the Central Bank of Trinidad & Tobago. February 2009 NovoPayment is a provider of branded prepaid and stored value cards in Latin America. It is an affiliate of Banco Venezolano de An Affiliate of Credito. Banco Venezolano de Credito PAF Securities advised NovoPayment on its Latin American Strategic Advice on expansion strategy. Latin American Expansion Strategy Financial Advisor 10
  11. 11. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean February 2009 Papelera Internacional, S.A. (“Painsa”) is a Guatemala-based manufacturer and distributor of tissue paper products and an affiliate of Montreal-based Kruger Group. Papelera Internacional, S.A. PAF Securities advised Painsa on a new US$ 10 million, 8-year, US$ 10,000,000 senior term loan from DEG, the German Development Bank, to Senior Long-Term Financing finance the expansion of its paper production and conversion Provided by DEG equipment and facilities. Financial Advisor November 2008 Compañía Minera Atacocha S.A.A. (“CMA”) is a mining company based in Perú, founded in 1936 by the Gallo family. The company owns and operates mines focused on the exploration and Compañia Minera Atacocha S.A.A. production of zinc and lead (to a lesser extent, silver) and, more US$ 145,000,000 recently, of gold. Sale of 282,851,186 PAF Securities advised the Gallo family and other selling Class A Voting Shares shareholders on the sale of 84% of the Class A voting shares of CMA to Votorantim Andina Peru S.A.C., a subsidiary of Votorantim Financial Advisor Metais Ltda. 11
  12. 12. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean July 2008 Sigma S.A. (“Sigma Q”) is the leading manufacturer of corrugated carton, folding carton, flexible, and container packaging products in Sigma S.A. (“Sigma Q”) Central America. Central America PAF Securities provided Sigma Q with strategic advice on a Strategic Advice number of potential financing alternatives. on Financing Alternatives Financial Advisor November 2007 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. One Caribbean Media OCM acquired Caribbean Communications Company / GEM Radio, Acquisition of a chain of 5 radio stations in Antigua, BVI, St. Kitts, St. Lucia and CCC/GEM Radio from Trinidad, from Cumulus Media Inc. (NASDAQ: CMLS). Cumulus Media Pan American Finance acted as financial advisor to OCM in this Financial Advisor transaction. 12
  13. 13. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean July 2007 Papelera Internacional, S.A. (“Painsa”) is a Guatemala-based manufacturer of tissue paper products. Pan American Finance advised Grand Bay International, A.V.V., an Papelera Internacional, S.A. affiliate of Montreal-based Kruger Group, on the acquisition of a Acquisition majority stake in Painsa. With the acquisition, Grand Bay by International gains a significant share of the Central American Grand Bay International, A.V.V. tissue-paper market and develops important synergies with its existing operations in Venezuela, Colombia, and Peru. Financial Advisor to Grand Bay International, A.V.V. June 2007 Grupo Financiero CrediQ Corp. (“CrediQ”) is the consumer finance unit of Grupo Q Holdings, one of the largest multi-brand, auto retailers in Central America. Grupo Financiero CrediQ Corp. Pan American Finance advised CrediQ on a new US$ 20 million, 6- US$ 20,000,000 year, senior term loan from the International Finance Corporation Senior Long-Term Financing Provided by (“IFC”) used as long-term financing to supplement the company’s IFC existing funding sources in El Salvador, Honduras, Nicaragua, and Costa Rica. Financial Advisor 13
  14. 14. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean June 2007 Grupo Financiero CrediQ Corp. (“CrediQ”) is the consumer finance unit of Grupo Q Holdings, one of the largest multi-brand, auto retailers in Central America. Grupo Financiero CrediQ Corp. Pan American Finance advised CrediQ on a new US$ 15 million, 6- US$ 15,000,000 year, senior term loan from DEG – Deutsche Investitions- und Senior Long-Term Financing Provided by Entwicklungsgesellschaft mbH (the German Development Bank) DEG used as long-term financing to supplement the company’s existing funding sources in El Salvador. Financial Advisor May 2006 Papeles Nacionales, S.A. (“Panasa”) is a Colombian manufacturer of tissue paper products and an affiliate of Montreal- PAPELES NACIONALES S.A. An affiliate of Kruger, Inc. based Kruger Group. US$ 24,000,000 Pan American Finance advised Panasa on a comprehensive Debt Restructuring and restructuring of its Peso denominated debt, reducing its local bank $10 Million New Long-Term Financing debt from US$ 24 million to US$ 14 million. Corfinsura acted as a From DEG local co-advisor in this transaction. Financial Advisor In addition, Pan American Finance arranged a new US$ 10 million 8-year senior-debt financing from the German development bank, DEG. 14
  15. 15. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean January 2006 One Caribbean Media Limited (“OCM”) is a publicly owned and regionally focused media company quoted on the stock exchanges One Caribbean Media of Trinidad & Tobago and of Barbados. US$ 205,000,000 OCM was created by the merger of Caribbean Communication Merger of Caribbean Networks Ltd (“CCN”) and The Nation Corporation (“Nation”). CCN Communications Network and The Nation Corp. 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. Financial Advisor Pan American Finance acted as financial advisor to both companies in the merger. August 2005 La Curacao is the leading retailer focused on Hispanic consumers in Los Angeles, Southern California and the Southwestern U.S. and Adir International, LLC provides financing for the majority of its sales through its US$ 20,000,000 proprietary credit underwriting systems. Sale of a Minority Interest to New equity capital for store expansion via the sale of a minority Citigroup Venture Capital International interest in Adir International, LLC was provided by an affiliate of Citigroup Venture Capital International. Financial Advisor to Citigroup Pan American Finance, through its affiliate Azul Capital LLC, initiated this transaction and acted as advisor to Citigroup Venture Capital International. 15
  16. 16. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean June 2005 Grupo Financiero Uno provides retail banking, credit cards, insurance and asset management services to more than one Grupo Financiero Uno million retail customers in Central America. US$ 15,000,000 Long-term senior-debt financing was provided to Banco Uno S.A. Senior Long-Term Financing (Panama) and Banco Uno S.A. (El Salvador) for liquidity Provided by DEG management and funding diversification purposes by the German development bank, DEG. Financial Advisor to DEG Pan American Finance initiated this transaction and acted as an advisor to DEG. June 2005 Grupo Financiero Uno provides retail banking, credit cards, insurance and asset management services to more than one million retail customers in Central America. Grupo Financiero Uno US$ 12,500,000 Long-term senior-debt financing was provided to Banco Uno S.A. Long-Term Financing (Panama) and Banco Uno S.A. (El Salvador) for liquidity Provided by FMO management and funding diversification purposes by the Dutch development bank, FMO. Financial Advisor to FMO Pan American Finance initiated this transaction and acted as an advisor to FMO. 16
  17. 17. Introduction to the Firm Track Record Since inception, we have completed $1.0 billion in M&A advisory, restructuring and capital raising transactions for our clients across Latin America and the Caribbean February 2005 Papeles Nacionales, S.A. (“Panasa”) is a Colombian manufacturer of tissue paper products and an affiliate of Montreal- PAPELES NACIONALES S.A. An affiliate of Kruger, Inc. based Kruger Group. Pan American Finance acted as advisor to the company in the Tender Offer for Publicly- purchase of minority shareholders’ stakes and the de-listing of the Traded Shares and De-Listing company’s publicly-traded shares from the Bogota and Luxembourg stock exchanges, as well as from NASDAQ’s PORTAL Financial Advisor Market. June 2004 Frigorifico Canelones, S.A. is a leading manufacturer and exporter of frozen and fresh meat and related products in Uruguay. Frigorifico Canelones During the banking crisis of 2002 - 2003, Pan American Finance US$ 24,000,000 advised the company on a debt and equity restructuring, including Debt and Equity Restructuring, a debt buy-back from a U.S. based investor, the placement of New Medium- and Long-Term Loans Including equity with a U.K. based company, a new pre-export financing US$ 6 million from DEG facility from a European bank, and a US$ 6 million long-term senior-debt financing for future capital expenditures from the Financial Advisor German development bank, DEG. 17
  18. 18. Introduction to the Firm Team Our team is composed of senior level, highly experienced investment banking professionals with broad industry expertise and strong, local knowledge 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 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 18
  19. 19. Introduction to the Firm Team Our team is composed of senior level, highly experienced investment banking professionals with broad industry expertise and strong, local knowledge 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 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 19
  20. 20. Introduction to the Firm Team Our team is composed of senior level, highly experienced investment banking professionals with broad industry expertise and strong, local knowledge 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 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 20
  21. 21. Introduction to the Firm Advisors Our team is supplemented by a group of advisors with broad investment banking experience and strong, local knowledge of our markets 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 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 21
  22. 22. Introduction to the Firm Senior Advisors Our Senior Advisors are high level executives with extensive experience and proven expertise in managing businesses in both the public and private sectors 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 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 22
  23. 23. Introduction to the Firm Senior Advisors Our Senior Advisors are high level executives with extensive experience and proven expertise in managing businesses in both the public and private sectors 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 Asian divisions Served as Director and Head of the Latin American Department for 15 years, where he was responsible 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 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 23
  24. 24. Introduction to the Firm Senior Advisors Our Senior Advisors are high level executives with extensive experience and proven expertise in managing businesses in both the public and private sectors 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 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 24
  25. 25. Introduction to the Firm Contacts Contact Information Ben Moody Ralph von Specht Managing Director Managing Director Mobile: +1 (786) 556 – 2273 Mobile: +1 (786) 223 – 4814 email: ben@pafsecurities.com email: ralph@pafsecurities.com Mauricio Borgonovo Baldocchi Alessio Mazzanti Director Director Mobile: +1 (305) 401 – 7009 Mobile: +1 (305) 510 – 7661 email: mborgonovo@pafsecurities.com email: amazzanti@pafsecurities.com Fernando Rodrigo Pedro Obregon Associate Analyst Mobile: +1 (617) 869 – 1887 Mobile: +1 (786) 200 – 0464 email: frodrigo@pafsecurities.com email: pobregon@pafsecurities.com 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 25
  26. 26. Introduction to the Firm Selected Deal History INDUSTRY TRACK RECORD 26
  27. 27. Introduction to the Firm Selected Deal History 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 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 27
  28. 28. Introduction to the Firm Selected Deal History Financial Services DEAL SIZE DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE 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 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 28
  29. 29. Introduction to the Firm Selected Deal History Manufacturing DEAL SIZE DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE 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 TOTAL TRANSACTION VALUE: $ 584 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 29
  30. 30. Introduction to the Firm Selected Deal History Media, Telecom and Technology DEAL SIZE DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE 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 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 TOTAL TRANSACTION VALUE: $ 5,319 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 30
  31. 31. Introduction to the Firm Selected Deal History Retailing and Distribution DEAL SIZE DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE 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 TOTAL TRANSACTION VALUE: $ 2,938 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 31
  32. 32. Introduction to the Firm Selected Deal History Transportation and Logistics DEAL SIZE DATE CLIENT TRANSACTION (US$m) REGION DEAL TYPE 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 TOTAL TRANSACTION VALUE: $ 2,274 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 32
  33. 33. Introduction to the Firm Selected Deal History Energy and Infrastructure; Healthcare; Metals & Mining; Real Estate DEAL SIZE DATE 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 TOTAL TRANSACTION VALUE: $ 1,045 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 33
  34. 34. Introduction to the Firm Selected Deal History TRANSACTION TRACK RECORD 34
  35. 35. Introduction to the Firm Selected Deal History Multilateral Institution Transactions DEAL SIZE DATE 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&B 2007 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 TOTAL TRANSACTION VALUE: $ 674 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 35
  36. 36. Introduction to the Firm Selected Deal History Merger & Acquisition Transactions DEAL SIZE DATE 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 Services 2009 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 & Technology 2006 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 & Technology 2001 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 & Technology 1999 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 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 & Technology 1998 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 & Technology 1997 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 TOTAL TRANSACTION VALUE: $ 3,519 Note: Transactions completed prior to 2004 are transactions in which PAF Securities’ principals participated prior to the founding of our firm. 36

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