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Papeles Nacionales, S.A.

Debt restructuring and $10 million

new long term Financing by DEG

US$24,000,000

May 2006

Papeles Nacionales, S.A. (“Panasa”) is a Colombian manufacturer of tissue paper products and an affiliate of Montreal-based Kruger Group.

Pan American Finance advised 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.