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Trinidad Tissues Limited

Acquisition by Grand

Bay International A.V.V

October 2009

Trinidad Tissues Limited (“TTL”) is a Trinidad-based manufacturer of tissue paper products.

Pan American Finance advised Grand Bay International, an affiliate of Montreal-based Kruger Group, on the acquisition of TTL. The acquisition was completed simultaneously with the purchase of Unicell. With both acquisitions, Grand Bay gains a significant share of the Caribbean tissue paper market and develops important synergies with its existing operations in Venezuela and Guatemala.