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Frigorifico Canelones, S.A.

Frigorifico Canelones, S.A.

Debt and Equity Restructuring

US$ 24,000,000

June 2004

Frigorifico Canelones, S.A. is a leading manufacturer and exporter of frozen and fresh meat and related products in Uruguay.

During the banking crisis of 2002 – 2003, Pan American Finance advised the company on a debt and equity restructuring, including a debt buy-back from a U.S. based investor, the placement of equity with a U.K. based company, a new pre-export financing facility from a European bank, and a US$6 million long-term senior-debt financing for future capital expenditures from the German development bank, DEG.

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Grupo Financiero Uno

Grupo Financiero Uno

Senior long- Term

Financing Provided by DEG

US$ 27,500,000

June 2005

Grupo Financiero Uno provides retail banking, credit cards, insurance and asset management services to more than one million retail customers in Central America.

Long-term senior-debt financing was provided to Banco Uno S.A. (Panama) and Banco Uno S.A. (El Salvador) for liquidity management and funding diversification purposes by the German development bank, DEG.

Pan American Finance initiated this transaction and acted as an advisor to DEG.

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Papeles Nacionales, S.A.

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.

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Grupo Financiero CrediQ Corp.

Grupo Financiero CrediQ Corp.

Senior Long- Term

Financing Provided by IFC

US$ 20,000,000

June 2007

Grupo Financiero CrediQ Corp. (“CrediQ”) is the consumer finance unit of Grupo Q Holdings, one of the largest multi-brand, auto retailers in Central America.

Pan American Finance advised CrediQ on a new US$20 million, 6-year, senior term loan from the International Finance Corporation (“IFC”) used as long-term financing to supplement the company’s existing funding sources in El Salvador, Honduras, Nicaragua, and Costa Rica.

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Papelera Internacional, S.A.

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.

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Ferreteria EPA S.A.

Ferreteria EPA S.A.

Senior Long- Term Financing

Provided by DEG

US$ 12,000,000

May 2009

Ferretería EPA S.A. (“EPA”) is one of the largest home improvement store chains in Costa Rica.

Pan American Finance advised EPA on a new US$12 million, 10-year, senior term loan from DEG – Deutsche Investitions- und Entwicklungsgesellschaft (the German Development Bank) used for EPA’s expansion in Costa Rica.

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Polaris Energy Nicaragua

Polaris Energy Nicaragua

Subordinated Debt

Long-Term Project Financing

US$ 20,000,000

November 2010

Polaris Energy Nicaragua, S.A. (“PENSA”), owns and operates the San Jacinto – Tizate geothermal power project in Nicaragua. PENSA is a subsidiary of Ram Power Corp (TSX: RPG), a renewable energy company engaged in geothermal power in the US, Canada, and Latin America.

Pan American Finance co-advised PENSA on US$160 million in long-term financing for the Phase II expansion of the project, consisting of US$140 million in senior secured term loans and US$20 million in subordinated debt. The consortium of development bank co-lenders was led by the IFC and included the IDB, Bio, CABEI, DEG, FMO, OeEB, and PROPARCO

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Polaris Energy Nicaragua

Polaris Energy Nicaragua

Senior Secured Debt

Long-Term Project Financing

US$ 140,000,000

November 2010

Polaris Energy Nicaragua, S.A. (“PENSA”), owns and operates the San Jacinto – Tizate geothermal power project in Nicaragua. PENSA is a subsidiary of Ram Power Corp (TSX: RPG), a renewable energy company engaged in geothermal power in the US, Canada, and Latin America.

Pan American Finance co-advised PENSA on US$160 million in long-term financing for the Phase II expansion of the project, consisting of US$140 million in senior secured term loans and US$20 million in subordinated debt. The consortium of development bank co-lenders was led by the IFC and included the IDB, Bio, CABEI, DEG, FMO, OeEB, and PROPARCO.

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InterEnergy Holdings

InterEnergy Holdings

Bridge Financing for a 215

MW Wind Project in Panama

US$ 100,000,000

April 2014

InterEnergy Holdings (“IEH”) is a holding company that owns and operates power generation and distribution assets in Latin America and the Caribbean.  Its predecessor, Basic Energy Ltd., led by power entrepreneur Rolando Gonzalez Bunster, had 25 years of investment and operational experience in the power sector having acquired and developed over 1,500MW in the Dominican Republic, Argentina, Panama and Jamaica.

Pan American Finance advised IEH on raising US$100 million in bridge financing from Portugal’s Banco Espírito Santo de Investimento (“BESI”) for the acquisition, development, and construction of a 215 MW wind project in Penonome, Panama. The project is expected to be the largest wind power plant in the Central America and Caribbean regions.

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InterEnergy Holdings

InterEnergy Holdings

Senior and Subordinated Debt

Project Financing

US$ 300,000,000

December 2014

InterEnergy Holdings (“IEH”) is a holding company that owns and operates power generation and distribution assets in Latin America and the Caribbean.  Its predecessor, Basic Energy Ltd., led by power entrepreneur Rolando Gonzalez Bunster, had 25 years of investment and operational experience in the power sector having acquired and developed over 1,500MW in the Dominican Republic, Argentina, Panama and Jamaica.

Pan American Finance advised IEH on raising US$300 million in long-term financing for the construction of the Phase II and Phase III 215 MW Penonome wind power plant, the largest wind farm in Central America, consisting of US$284 million in senior secured term loans and US$16 million in subordinated debt. The consortium of co-lenders was led by the IFC and included development finance institutions and Panamanian banks.

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