The document provides an overview of an investment opportunity in Neopak, a Chilean corporation in the paper, corrugated board, and corrugated packaging industry. Some key points: - Neopak has over 45 years of success in Chile and recently built the most modern facility of its kind in Latin America. - It focuses on manufacturing corrugated boxes for Chilean clients and large multinational companies. - Chile provides a stable economic environment and growing corrugated packaging market, both domestically and for exports. - Neopak has established long-term customer relationships and barriers to entry include capital requirements and access to recycled fiber/paper supply networks. -

1. INVESTMENT OPPORTUNITY
NEOPAK
(CHILE)
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I Teaser for Investors
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Prepared by:
New York Commercial Office
March 2009

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yet-to-be signed by the parties. By using this Presentation, you an investment in a new company that will continue the business for
hereby agree to adhere to and be legally bound by these Carrascal and/or Neopak. If you choose to use this Presentation,
terms and conditions. you agree to accept NYCO as the sole liaison and party between
you and its clients Carrascal or Neopak, in any and all matters
C You acknowledge that this Presentation is part of NYCO’s involving a potential investment. Te information provided hereby is,
O property and therefore, is subject to NYCO’s Term and to our best knowledge, true and accurate. Nevertheless, this
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I This Presentation is intended solely for informational purposes Presentation shall not be distributed without prior consent from
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A proposal that NYCO is managing on behalf of its clients,
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3. The Corporation
• The Company is a Chilean corporation with over 45
years of successful track records in the paper,
corrugated board and corrugated packaging industry
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O that recently finished building the most modern and
N advanced facility of its kind in Latin America.
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• The prospect concentrated its business in the
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manufacturing of corrugated board boxes for
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E Chilean clients.
N • The company has well-established long-term
T relationship with most of the largest customers in
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Chile, and all Fortune 500 operating in that market.
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L • Main Distinctive Characteristic: Long History as a
Great Cash Flow Generator.

4. The Business
• Economy: Chile has presented decades of dynamic, strong and
stable economic climate with sustained growth and political stability.
• Chilean Corrugated Board Packaging Market: it comprises
C two distinctive segments: a) Industrial Market: all packaging used in
O the manufacturing and distribution verticals for domestic use and b)
N Export Market: including all packaging used by produce, vineyards,
F meat and seafood exporters to be shipped abroad.
I • Barriers of Entrance: the key to understand the market.
D INDUSTRIAL MARKET: users of cheap and light packaging. There
E are only 4 companies in Chile with the ability to effectively compete
in this market. The amount of investment required and difficult
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access to an atomized and closed network of supply for recycled
T fiber and paper that creates natural barriers of entrance to new
I competitors in the market representing a historic main competitive
A advantage, which was reflected in its consistent and outstanding
L EBITDA. With the sole exception of 2 quarters in year 2008, where
skyrocketing energy prices hit every player worldwide, Prospects’s
EBITDA has oscillated between $2M and $5M, with an average
EBITDA/Earnings ratio of 13.5% (2001-2007) besides the use of very
outdated installations.

5. The Business
• Export Market: it has become particularly attractive due to its
higher prices, growth rates and the dynamism of the food
manufacturing vertical. Chile is now positioned among the top 20
food exporters in the world. The Barriers of Entrance in this market
are different and concentrated in technology and K (working capital)
C • Technology Barriers: this segment requires a variable and huge
O set of technical requirements and flexibility in materials, formats and
N graphics as each product is custom manufactured following importer
F specifications. Most Industrial-oriented companies lack the
I capabilities to compete in this market (that was the case with the
D Prospect until its investment in the new plant) Finally, the Prospect
was able to leverage its extensive experience and achieved a
E promising market share with a value-offer based on the most modern
N installations and equipments for a plant in Latin America giving best
T and unique quality and graphic capabilities.
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• Working Capital (K): the export market differs from the industrial
A market as it requires large sums of working capital. While in the
L industrial market customary terms are net 30 days, in the export
market, customary terms are net 120-180 days. The paper required
needs to be procured 60 days in advance of delivery adding to
already stretched working capital requirement. By having a strong
industrial operation –while many competitors don’t- the Prospect may
reduce K impacts resting on a strong operation.

6. The Business
• Market Projections:
• The Size of the Domestic Market in both segments,
Industrial and Export Markets, is growing.
C • In the Chilean Export Market, fruit, meats and
O seafood are projecting growth rates over 6% per
N year. Only salmon exporters are affected by short-to-
F mid term effects from some environmental issues .
I • Demand from bordering countries with deficit in
D installed capacity or lacking advanced high-quality
E packaging offer (mainly Argentina and Peru) is also
N expected to grow.
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I • The Export Market is demanding stay-of-the-art
A products including user interactive design, high
L structural quality and attractive graphics. The
Prospect is the only supplier in the market with the
ability to fulfill those demands. The Industrial Market
is slowly following the same trend in search of
elements of differentiation.

7. The Business
Market Size and Share
Paper Corrugated Boxes
C Company Ton Share Company Ton Share
Papeles Cordillera 300.000 70% Roble Alto y Envases Impresos 180.000 41%
O CPP 70.000 16% International Paper 50.000 11%
N Carrascal
Paimasa
45.000
15.000
10%
3%
Cartones San Fernando (Dole) 47.000 11%
Cartocor 40.000 9%
F Total 430.000 100%
Carrascal 32.000 7%
I Imicar 26.000 6%
Corrupac 25.000 6%
D Smufit 25.000 6%
E Extremely Concentrated Chilempack 12.000 3%
Total 437.000 100%
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A News Alert: On March 16, 2009, a fire Atomized
L partially destroyed Papeles Cordillera
(CMPC) main facility, including 70,000 of 50% = Export Market
paper in stock. Prices will skyrocket and
supply will be scarce for the rest of the year.
50% = Industrial Market
Total Size of Chilean Corrugated Market for 2009 is estimated at 500,000 Tons.

8. The Project
• 1963: Carrascal is founded by a Jewish Hungarian
immigrant: Tiberio Feger. The company became an
industry leader during the mid 70’s. Five years ago, and
after 41 successful years, the family gave control to a
financial conglomerate: Toronto Trust. In 2007,
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Carrascal created a subsidiary by the name NEOPAK.
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N • The main objective of the project is to acquire the assets
F of NEOPAK at a discounted liquidation value with the
I Feger Family retaking control. The move will leave the
D company with an outstanding leverage and enhancing
E the cash flow generation in years to come. To achieve
N that objective, the shareholders are selling
T PREFERRED STOCKS for up $10 Million and
I equivalent to 51% of shares in its corporation. The
preferred stocks will carry a 40% dividend for the first
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years to offer new investors a quick return period
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estimated in 5 years. The IRR is valued over at 38%.
• NEOPAK represented a $30 million investment project
creating a corrugating and conversion capacity of
80,000 Tons with a stay of the art facility.

9. NEOPAK Plant:
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10. NEOPAK Products:
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11. Proposal
•Acquire all NEOPAK assets (new plant) and two
fairly new converting machines from Carrascal (hereby
this new entity is referred as NEOPAK II)
After a throughout analysis of the situation for both companies, the
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turnover plan considers rescuing only the corrugating and converting
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operation in the new plant. There are several reasons behind this
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reasoning including: working capital demands, profitability for the first
F 5 years, paper price projections, debt restructuring, etc.
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D The Paper business –the greatest strength in the past- is not longer
E an attractive niche while the packaging business is flourishing and
N recycled/recycling materials in high demand. Toronto failed in
T recognizing the new market conditions which precipitated the downfall
I of the company managed without expertise and reckless.
A The Paper plant –as a continuous process- is impossible to escalate
L for startup and requires high K, its energy demands are very important
and it can’t adjust to energy/price cycles or corrugating demand. Its
profitability has been decreasing.
Corrugating and converting are extremely flexible process, can be
adjusted to K availability, are less energy driven and more profitable.

12. Strategic Plan
• Additional Equity Investment of $10M equivalent to 51% of
shares in NEOPAK II to provide working capital and buyout
machines in leasing with a large discount (exact amount depends on
currency rates at the time of transaction)
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O • Loan in the amount of $8M dollars to purchase assets from
N creditors at a discounted rate, create a new entity reaching an
F agreement with current creditors to settle liabilities erasing more than $20M
dollars in debt.
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E • NEOPAK II will have only $8M in debt and assets –at market
N value- for over $24M. The financial position will be strong with great
T liquidity. Becoming a strong player and an attractive investment for any party.
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A • Projected Cash Flows offer great return on the investment and provide
L consistently positive EBITDA. Additionally, a new C-level management headed
by successful industry executives is in place and ready to lead the project
repositioning NEOPAK II as the industry benchmark it always was. The Feger
Group will regain control from the current controlling group –a financial
institution- They have great experience in the industry and lead the company
during its golden times for over 40 years.

13. Great Opportunity
• The new investors shall get special covenants: a stockholder
agreement shall protect the minority and balance the power inside the new
company for the first 3 years, offering new investors many attributes normally
reserved to the controlling majority.
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O • The new investor shall have reduced exposure to risk: for the first
N years, a preferred structure for distribution of dividends will allow the new
F investor a faster return by getting a 100% stake in distribution of dividends. A
buyout structure is also in place starting the fifth year. The preferred stocks will
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gain full voting power after 5 years and will transform in common stocks.
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N • The new company shall give an outstanding IRR: according with
current cash flow projections, the IRR for the investor shall be over 38% which
T represents a difficult-to-find industrial market profitability
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• Great sales perspectives: in the past, the company has received many
L purchase offers from main competitors and other groups interested in the
vertical. This strategic strike at turning around the company is aiming to place
the company in position for a prospective sale with a high return, within 5 to 8
years. Later acquisitions in the industry reached an average price over $30M
for plants with similar size and market share.

14. Projected Cash Flows
Highlighted Information Year 2010 2011 2012 2013 2014
Sales Volume Ton 18,310 34,450 38,513 42,617 46,626
Estimated Market Share % 3.7 6.7 7.3 7.8 8.3
C Average Crew Count # 97 131 140 140 140
Tons per Person Ton 189 263 275 304 333
O Values in US$
N Net Sales - Sales Revenues K$ 17,368 33,356 37,571 41,967 46,299
Average Price $/Ton 949 968 976 985 993
F Cost of Goods Sold K$ -14,029 -25,630 -28,709 -31,992 -35,118
I Average Cost of Goods Sold $/Ton 766 744 745 751 753
Costs of Goods as percentage of sales % 76.6 74.4 74.5 75.1 75.3
D Gross Profit K$ 3,339 7,726 8,862 9,975 11,182
E Gross Profit as percentage of sales % 19.2 23.2 23.6 23.8 24.2
Operating Expenses K$ -3,513 -4,013 -4,040 -4,065 -4,089
N Average Operating Cost $/Ton 192 116 105 95 88
T Operating Costs as percentage of sales % 19.2 11.6 10.5 9.5 8.8
Operating Income/Loss K$ -179 3,713 4,822 5,910 7,093
I Average Total Costs $/Ton 958 860 850 846 841
A EBITDA K$ 1,282 5,174 6,283 7,370 8,554
EBITDA as percentage of sales % 7.4 15.5 16.7 17.6 18.5
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Values in Thousands of Dollars
Projections based on company budgets and historic performance.
Financial Statements audited by Delloite + Touche

15. Projected Cash Flows
EBITDA K$ 1,282 5,174 6,283 7,370 8,554
EBITDA as percentage of sales % 7.4 15.5 16.7 17.6 18.5
C Acid Test Ratio Ratio 1.5 1.2 1.7 1.7 1.7
Working Capital Turnover Ratio 4.5 5.2 8.1 9.0 9.9
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N Total NPV after amortization (5yr-15%dr) K$ 17,692 Shareholder Equity Ratio 4.16
51% Share NPV after amortization K$ 11,470 Debt/EBITDA Ratio 1.27
F 51% Share IRR (8 years) % 38.5 Debt/Equity Ratio 0.25
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Total New Investment K$ 18,000 Preferred Stocks Dividends
D Total New Financing K$ 8,000 Year Amount Acumulated
E 1 0 0
Preferred Shares (51%) K$ 9,180 2 2,069 2,069
N Common Shares (49%) K$ 4,000 3 2,513 4,582
T Common Share Initial Goodwill Valuation K$ 1,764 4 2,948 7,531
Eq.Ratios 5 3,421 10,952
I Patrimony before Purchase of Assets K$ 19,764 2.47 6 1,469 12,421
Patrimony after Revalorization of Assets K$ 33,264 4.16 7 1,580 14,000
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Values in Thousands of Dollars
Projections based on company budgets and historic performance.
Financial Statements audited by Delloite + Touche