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Papel, Carton y Derivados S.A. de C.V.

Papel, Carton y Derivados S.A. de C.V. 2 nd Annual Securitization in Mexico: Financing the Future October 29-30, 2007 Mexico City, Mexico. Agenda. Finacity Overview 2. PCD Transaction 3. Conclusion. 1. Finacity Overview. Finacity Overview.

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Papel, Carton y Derivados S.A. de C.V.

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  1. Papel, Carton y Derivados S.A. de C.V. 2nd Annual Securitization in Mexico: Financing the Future October 29-30, 2007 Mexico City, Mexico

  2. Agenda • Finacity Overview • 2. PCD Transaction • 3. Conclusion 2

  3. 1. Finacity Overview 3

  4. Finacity Overview Finacity makes trade receivable securitization less complex, yet more cost-effective, efficient, and global • Finacity possesses proprietary global servicing, collection and reporting capabilities • Finacity currently processes and funds approximately $10 Billion of trade receivable flows annually, and at peak has processed over 10 million invoices annually • Offerings include both domestic and international receivable programs for clients and obligors located in such countries as Argentina, Bulgaria, China, Egypt, France, • Indonesia, Italy, Jordan, Mexico, Pakistan, Philippines, Russia, South Africa, Spain, • Turkey, Ukraine, United Arab Emirates • Finacity strategic partners are leading providers of banking, global trade and risk mitigation services. They include ABN AMRO Bank, Bank of America, Euler Hermes ACI, AMROC Investments, Texas Pacific Group and Kleiner Perkins Caufield & Byers 4

  5. Key Benefits Finacity’s unique construct and execution capabilities benefit corporations by: • Streamlining operations by standardizing legal and accounting requirements • Enforcing homogeneous credit pool underwriting even for a diverse portfolio of obligors • Assuming certain duties and risks of the Seller Servicer • Introducing transaction credit enhancements • Structuring efficient cross-border, multi-currency operations 5

  6. Selected Transactions Finacity Innovates in Trade Receivables Securitizations $250 MillionIntegrated 27 subs /18 platforms $55 MillionAll obligors from non-OECD countries$150 Million$300 MillionAchieved true-sale treatment across complex jurisdictions$105 MillionAchieved a highadvance rate $55 MillionInvoice volume exceeded 10 million per year$40 MillionDollar denominated trade receivable securitization backed by a Mexican Peso Asset Type $21.5 Million $50 Million$19 Million + MXN 550 MillionFirst Ever Mexican Domestic Trade Receivables Securitization 6

  7. 2. PCD Overview 7

  8. PCD Overview Leading Mexican Paperboard and Containerboard Manufacturer Papel, Carton y Derivados S.A. de C.V. PCD, a private company founded in 1973, manufactures paperboard and containerboard. Its customers include, but are not limited to, Grupo Lala, Alpura, Sabritas, Honda, Coca Cola, Ideal Esándar, Starbucks, and Tequila Herradura. In 2006, its year-over-year net sales grew 40% to MXN 986 million. Through August 2007, PCD’s sales were MXN 837 million. PCD employs approximately 1,400 people. Fitch has rated the company at BBB-. PCD’s headquarters are located at Camino Viejo a Cortazar Km. 2.5, Celaya, Gto. CP 38020. 8

  9. Transaction Overview Transaction Overview • Full compliance with regulatory requirements • Rated AA+.mx by S&P Mexico, plans to register with CNBV • Peso-denominated liabilities and assets • Facility size: MXN 270 million senior tranche • Asset base: Mexican domestic receivables Finacity Value-Added • Achieved a successful execution for a variable amount of accounts receivable, thereby allowing PCD to raise the amount of its securitization by 25% as its sales grow over time • Daily reporting and funding 9

  10. 4. Conclusion 10

  11. Conclusion Finacity’s comprehensive and compelling securitization program allowed PCD to maximize the liquidity obtainable from its accounts receivable portfolio • Optimize working capital and improve its balance sheet • Mitigate risk • Reduce cost/increase profitability • Support cyclical business operations • Reduce dependency on other third parties funding sources • Capture valuable insights about business process • Better utilize internal resources 11

  12. Contact Information Adrian Katz Chief Executive Officer Finacity Corporation akatz@finacity.com Antonio Vidal Carrillo Chief Financial Officer Papel, Cartón Y Derivados, S.A. de C.V. avc@pcd.com.mx 12

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