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Papelera Internacional, S.A.

Senior Long-Term

Financing Provided by DEG

US$ 10,000,000

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.

Pan American Finance advised Painsa on a new US$10 million, 8-year, senior term loan from DEG, the German Development Bank, to finance the expansion of its paper production and conversion equipment and facilities.