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Painsa Holdings, S.A.

Acquisition of Papelera

Istmena S.A.

October 2010

Painsa Holdings, S.A. (“Painsa Holdings”) is an affiliate of Montreal-based Kruger Group and the parent company of Papelera Internacional, S.A., a Guatemala-based manufacturer and marketer of tissue paper products.

Pan American Finance advised Painsa Holdings on the acquisition of a majority stake in Papelera Istmeña S.A., the leading manufacturer and marketer of tissue paper products in Panama. With the acquisition, Painsa Holdings gains a foothold in the southern part of Central America and continues its regional expansion.