1. CORPORATE AND COMMERCIAL LAW

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1 The firm was founded in 1968 by Dr. Guillermo F. Peroni and Dr. Demetrio Ayala. In 1973 it began publishing the legal review La Ley Paraguaya, the first Paraguayan legal review devoted to jurisprudence, legislation and national doctrine. La Ley was published under the direction of Dr. Juan Guillermo Peroni, in cooperation with the Argentine legal review La Ley, a collaborative effort which continued for 20 years, until the former became an independent editorial firm, in which PSTBN partners became shareholders. In 1997 new partners were incorporated, and the firm changed its name to PERONI SOSA TELLECHEA BURT & NARVAJA (PSTBN). It currently has seven partners, twelve associates, and three paralegals. Dr. Enrique Sosa rejoined the firm in 2003, after a leave of absence to serve as Supreme Court justice. Dr. Antonio Tellechea, while still a partner in the firm, is currently the President of the Catholic University of Asuncion. PSTBN is a member of the prestigious international networks Lex Mundi and Club de Abogados, as well as the editor of the Paraguayan Law Digest for the Martindale-Hubbell Law Directory. PSTBN offers a wide variety of legal services in Paraguay for international and local business. It specializes in banking and finance operations, mineral-related investment projects, telecommunications, hydrocarbon exploration, foreign investment, maritime and aeronautical law, as well as representation and advisory services in civil, commercial, labor, tax, and intellectual property issues. 1. CORPORATE AND COMMERCIAL LAW PSTBN represents a number of important national and international companies with a wide range of business activities in Paraguay. The firm provides advisory services in a variety of commercial areas, including the establishment of corporations and other types of businesses. The firm prepares, negotiates, and legalizes commercial contracts at the national and international levels, and represents buyers and sellers in mergers and acquisitions. PSTBN represents local companies in their international commercial transactions, as well as foreign clients in their efforts to establish businesses in Paraguay, including the opening of branch offices and subsidiaries, and joint ventures; and has advised clients to develop large industrial and agricultural projects through negotiation with foreign investors. PSTBN offers advice on all aspects of corporate activity: incorporation, drafting of bylaws and their amendments, shareholder agreements, change of corporate form, liquidation; as well as on registration of all the proceedings necessary for the functioning of the companies and the solution of corporate conflicts. It participates as well in the design of adequate legal structures to facilitate the client s activities.

2 The Firm has wide experience in the capital market, through convertible bonds, the issuance of equity and debt and trust certificates. 2. FOREIGN INVESMENT PROJECTS PSTBN provides assistance to people and companies interested in establishing business in Paraguay and create joint ventures with local companies. The laws and incentives Paraguay offers generally favor foreign companies. The Firm deals with every aspect related to client s projects, including the coordination of feasibility studies, contact with the Paraguayan government to promote the implementation of fiscal incentives offered by the Investments and Maquila Acts and launching this new operation. Partners Guillermo F. Peroni and Esteban Burt participated in the drafting and implementation of the Law of Incentives for Economic Development (Law no. 60/90). 3. LITIGATION AND DISPUTE RESOLUTION Representing clients before civil, commercial, administrative, family and labor Courts and Tribunals, acting as both plaintiff and defendants, has been an on-going, fundamental activity at PSTBN for more than 40 uninterrupted years. The Litigation Department, which includes alternative dispute resolution specialists, integrated by some of the most renowned litigators in Paraguay, has represented clients in many cases which have established key precedents and jurisprudence. Moreover, it has represented financial institutions interests, as well as the Paraguayan government s interests and those of other countries, before Tribunals. 4. ADVISORY SERVICES REGARDING AGENCY, DISTRIBUTION AND REPRESENTATION PSTBN participated in the drafting and legislative consideration of the Law of Distribution and Representation N 194/93. Several PSTBN s attorneys have ample experience in the preparation of said contracts, and in conflict resolution between foreign firms and their representatives or distributors in Paraguay, which have established jurisprudence in this area. At the same time, PSTBN handles much litigation related to agency, distribution and representation agreements, representing both foreign manufacturers and Paraguayan distributors.

3 5. BANKING AND FINANCIAL OPERATIONS PSTBN provides advice to leading banks established in Paraguay, as well as to foreign financial institutions, Investment Banks and all types of credit institutions, in their relationship with local clients. PSTBN has participated in the establishment of national branches of several international banks, representing them in Paraguay. In addition, the firm represents financial institutions which do not have branches or subsidiaries in Paraguay, but which offer financing to the Paraguayan government, independent government agencies, or private companies. 6. ADMINISTRATIVE AND REGULATORY LAW PSTBN offers a broad range of legal services such as advisory, consultancy and representation in administrative and judicial proceedings, backed up by lawyers vast experience. The Firm also provides legal consultancy services to the develop institution-building and regulatory improvement programs, administrative reorganization and restructuring, transparency and integrity in public sector management, public procurement systems, decentralization, public services management, water regime and other legal aspects related to Regulatory Agencies. PSTBN advices national and international clients in litigation related to administrative and regulatory law; actions of unconstitutionality against regulatory acts; actions of protection, including those initiated against Regulatory Agencies delay; contract fulfillment or compensation for damages claims against Regulatory Agencies and other judicial institutions. 7. TAX LAW PSTBN provides legal advisory and consultancy in diverse areas related to tax matters, directly, objectively and in a preventive sense. The Firm s lawyers evaluate and answer queries regarding the application of national tax laws, allowing clients to make decisions from the tax regime perspective. PSTBN s lawyers have expertise in advisory to public institutions and international agencies.

4 Services provided by the Firm include advice to initiate tax claims and establish administrative appeals, administrative proceedings to regain fiscal credits due to withheld taxes, and liquidation challenges. PSTBN constantly represents national and international clients in administrative and judicial procedures related to this matter, with a success rate favorable to its clients. 8. EXPLORATION OF NATURAL RESOURCES AND HYDROCARBONS According to the Paraguayan Constitutional, mineral resources are property of the State. PSTBN represents and has represented companies interested in obtaining exploration concessions for minerals and hydrocarbons, and have assisted clients in negotiations with the Executive and Legislative branches. The Firm has vast experience in this field, and has played a key role in the obtainment of concessions for clients, promoting innovation in contracts and mining regulation. 9. INTELLECTUAL PROPERTY RIGHTS The Intellectual Property Rights Department of PSTBN deals with all aspects regarding brands, patents, industrial models and designs, as well as registration and commercial use in Paraguay for both domestic and international businesses, with the Ministry of Industry and Commerce and judicial agencies. The firm offers advice to clients in all aspects related to concessions and licensing of brand name products and services. It drafts and registers distribution, representation, and agency rights contracts. In addition, it attends to intellectual property rights issues such as copyrights and related rights, as well as software registration with the Intellectual Property Rights section of the Ministry of Education and Culture. PSTBN s lawyers have successfully conducted registration applications rejections and defended others, as well as actions to declare illegal registration of some trademarks void before the authorities, representing national and international clients. The Intellectual Property Rights Department is equipped with the latest technology in terms of computers, word processing, and specially created intellectual property software, offering clients control and verification services of brand names and patents.

5 10. AGRIBUSINESS PSTBN provides legal services to some of the most renowned companies related to agribusiness and it has become specialized in finding legal solution in the Agribusiness industry. The Firm has extensive experience in structuring legal solutions for the agribusiness financing, as well as attending to the needs of producers, investors, marketers, management and the other parties involved in the industry. 11. TELECOMMUNICATIONS LAW PSTBN has vast experience and knowledge in this area. In the past few years, it has participated in many telecom investment projects, in addition to the legislative reform to stimulate and ensure private sector participation. The Firm s lawyers represent a number of Telecom companies and many of them are even Board members in said companies. 12. SPORTS LAW PSTBN s Sport Management and Law Department provides legal advice and its management in the sports field, related to civil, labor and administrative legislations; including agreement engagement, negotiation techniques, marketing, sponsorship, insurance and merchandising, intellectual property law, human resources, television rights, economic rights and doping. The Department deals with International Sports Arbitration Issues before FIFA, CAS/TAS and others. 13. AVIATION LAW PSTBN has an acknowledged experience in this field, advising clients in the regulatory aspects of this business, such as the procurement of licenses, authorizations and other legal requirements involved in the operation of passenger and cargo aircraft, as well as advice related to the purchase of equipment, insurance, leasing agreements, sale and financing of private aircraft and establishment of guarantees. The Firm provides legal advice to its clients on the potential claims that authorities or competitors may bring against them as a result of their operations in the country, and advices some of the most internationally renowned airlines.

6 14. INSURANCE LAW PSTBN provides legal services to a number of insurance companies in Paraguay, regarding legislation, representation in Court proceedings, insurance contracts and negotiation with insurance companies. 15. LABOR LAW AND SOCIAL SECURITY In Paraguay, working relationships between employers and employees are regulated by the National Constitution and the Labor Code. These laws are based on public safety and order, in other words; the parties will cannot disobey this provisions. PSTBN has provided legal advice to local and international companies related to labor policies and the development of strategies, preventive solutions to conflict and negotiation in general. Likewise, the Firm offers an integrated service which is not limited to specific labor issues, but to interdisciplinary labor problems. PSTBN deals with day-to-day labor issues in companies, creating close ties with Human Resources Departments, whose task is to solve these situations within the company. 16. REAL ESTATE AND HOTEL INVESTMENT PSTBN handles local and international real estate transactions, representing real estate owners, developers, lenders and investors. Services provided include: legal advice on acquisition, sale, management, leasing, financing and restructuring of real estate holdings in a single asset, as well as advice related to development project throughout the country. The Firm has been actively involved in the establishment of some of the most renowned international Hotel chains in Paraguay. 17. ENVIRONMENTAL LAW PSTBN has a highly specialized Environmental Law Department, which has handled high profile cases and continues to do so, including leading cases related to the field. Aside from its corporate environmental services, PSTBN also offers legal pro-bono services to national an international NGOs.

7 PRO-BONO PSTBN and its lawyers dedicate an important amount of time to pro-bono issues related to Foundations and NGOs. Many of PSTBN s attorneys advice and are former or current members of some of the following organizations: Fundación Paraguaya de Cooperación y Desarrollo Manuel Blinder 5589 c/ Tte. Espinoza Paraguay Green Building Council Mc Arthur y La Franconi Villa Morra Fundación Moisés Bertoni Conservación de la Naturaleza Procer Arguello 208 e/ Mcal. López y Boggiani Centro Cultural Paraguayo Americano España 342 E/ Brasil y E.E.U.U. Foro Brasil Cnel. Luis Irrazabal y Eligio Ayala Fundación ALDA Israel 353 e/río de Janeiro y De La Residenta comunicacion@fundacionalda.org

8 NETWORKS PSTBN is a member of Lex Mundi, an exclusive worldwide network of renowned independent lay firms which facilitates the exchange of professional information about local and international practice and the development of law. Likewise, PSTBN is a member of Club de Abogados de Iberoamérica, an organization of the most prestigious law firm in Latin America and Europe. PSTBN s participation provides access to a wide network of highly reliable colleagues. In addition, Meritas, a network which provides access to 7,096 experienced lawyers in 180 renowned law firm working in 235 different jurisdictions; all of them thoroughly qualified, independent and participative, is another network PSTBN is a member of.

9 Lawyers Resume GUILLERMO F. PERONI Born in Asuncion, Paraguay; Licensed since 1962 in Argentina and since 1968 in Paraguay. Education: Universidad de Buenos Aires (Lawyer); Eisenhower Fellow for Paraguay, Author: Paraguay: Laws & Economy, 1985 President of the Association of Finance Companies of Paraguay, ; President of the Paraguayan American Chamber of Commerce, ; President of the Paraguayan Argentinean Chamber, and Member: Bar Association of Argentina, Bar Association of Paraguay; Interamerican Bar Association; American Society of International Law; International Bar Association. International Private Law, Banking and Financial Law, Privatizations, Foreign Investments. ENRIQUE A. SOSA ELIZECHE Born in Asuncion, Paraguay; Licensed since Education: Universidad Nacional de Asunción (Lawyer, Doctor for Laws and Social Sciences); Université de Lyon, France (Doctorate Course). President of the Supreme Court of Justice 1997, Minister of the Supreme Court of Justice Professor of Administrative Law and Juridical Technique in the Universidad Nacional de Asuncion and in the Universidad Católica de Asunción. Arbitrator ad-hoc of MERCOSUR. Member: Colegio de Abogados del Paraguay. Constitutional and Administrative Law. Civil and Commercial Law. Languages: Spanish and French. ESTEBAN BURT Born in Asuncion, Paraguay; Licensed since Education: University of Florida; Universidad Católica de Asunción (Lawyer). Harvard Law School (LL.M., 1984). Legal Advisor, Bank of Boston, Boston, Massachusetts, Legal Advisor for the Council of State ( ). Agent of Industrial Property; Legal Advisor for the Municipalidad de Asunción ( ). Member: Colegio de Abogados del Paraguay; International Bar Association; American Bar Association. International and Corporate Law, Aeronautical Law, Foreign Investments, Mining and Petroleum.

10 ANTONIO TELLECHEA SOLIS Born in Asuncion, Paraguay, Licensed since Education: Universidad Nacional de Asunción (Lawyer, Doctor for Laws and Social Sciences). Professor: Facultad de Derecho, UNA and School of Juridical and Diplomatic Sciences of the Catholic University of Asuncion. Prosecutor, Court of First Instance in Civil and Commercial Matters, ; Judge, Court of First Instance in Civil and Commercial Matters, ; Judge, Court of Appeals in Civil and Commercial Matters, Former President of the Catholic University of Asuncion. Member: Paraguayan Bar Association; International Law Association; Pan-American Institute of Procedural Law; Center of Procedural Studies of Rosario, Argentina; Inter-American Bar Association; Arbitrator for the Center of Mediation and Arbitration of the National Council for Financial and Economic Policies, Member of Honor of the "Center for Legal International Studies", Salzburg-Austria. Director: "La Ley" Magazine, Director: Magazine "Anales de Legislacion Paraguaya ". Civil litigation, Arbitration. Language: Spanish JOSÉ ALBERTO SOSA GUSTALE Born in Asuncion, Paraguay, Licensed since Education: Universidad Católica de Asuncion (Lawyer); Author of several papers published in La Ley magazine, such as: " Hipoteca. Tercer Poseedor. Derecho de Persecución ; La Prenda. Innovaciones introducidas por el nuevo Código Civil ; Honorarios de Abogados. Privilegio. Extensión ; Régimen Legal de las Sociedades Anónimas. Principales Aspectos Member: Paraguayan Bar Association. Paraguayan Institute of Banking law. Civil and Commercial Litigation. Language: Spanish. jose.sosa@pstbn.com.py GRACIELA NARVAJA JONES Born in Villarrica, Paraguay. Licensed since Education: Facultad de Derecho y Ciencias Sociales, Universidad Nacional de Asuncion, (Lawyer); Instituto de Administración Publica, Caracas, Venezuela (Public Administration studies); George Washington University, National Law Center (Washington, D.C.) (Master in Comparative Law). Professional experience: Vouga, Olmedo & Narvaja, Partner (Asuncion) ( ); Wolf, Arnold & Monroig P.C. (Washington, D.C.) ( ); Burnham, Oesterle & Henry, (Washington D.C.), ( ). Member of: Colegio de Abogados del Paraguay, International Bar Association, Paraguayan-American Chamber of Commerce (Past President and current Secretary of the Board), Foro Brazil (current member of the Board) Fundación Moisés Bertoni para la Conservación de la Naturaleza (Member of the Administration Council).

11 Corporate Law, Contracts, Foreign Investments, Mergers and Acquisitions, Telecommunications Law. ELBA ROSA BRITEZ DE ORTIZ Born in Asuncion, Paraguay, Licensed since 1974; Education: Facultad de Derecho, Universidad Catolica de Asuncion (Lawyer). Agent of the Industrial Property. Assistant Professor: Roman Law I, Facultad de Derecho, Universidad Catolica de Asuncion, Member: Colegio de Abogados del Paraguay; Asociacion de Agentes de la Propiedad Industrial (APAPI), President of APAPI, , Council of Honor of APAPI; International Trademark Association (INTA), Inter-American Association of the Industrial Property (ASIPI), International Association for the Protection of the Intellectual Property (AIPP). Intellectual Property Law: trademarks, invention patents, utility models, copyrights, domain names; litigations in the area of Intellectual Property. Litigation in distribution, agency and representation cases. Languages: Spanish. MARÍA BERTHA PERONI Born in Asuncion, Paraguay; Licensed since Education: Argentine Catholic University of Buenos Aires (Lawyer); National University of Colombia, School of Law, Bogotá, Colombia, Specialist in Labor Law, Member: Colegio de Abogados del Paraguay; Service for Education and Studies of Women (SEFEM), Asuncion, Paraguay. Civil and Commercial Law. Litigation, Contracts and Family Law. ENRIQUE NESTOR SOSA ARRUA Born in Asuncion, Paraguay; Licensed since Education: Catholic University of Asuncion, (Lawyer); Scholarship of the Spanish Agency of International Cooperation (AECI) for Post Graduate course at Universidad Autonoma of Madrid, (Spain). Representative for Paraguay before the 5th and 6th Meetings of the Experts' Committee of the Inter-American Convention against Corruption (Washington, 2004). Member of Municipal Council of Asuncion ( ). President of the Legislation Commission of Asuncion's Municipal Council ( ). Director of the Legal Department of the Municipality of Asuncion. ( ). Consultant to various multilateral international organizations and Paraguayan government agencies in matters of procurement and administrative law. Administrative Law, Public Bids, Administrative Litigation. Language: Spanish

12 MARCOS JUAN PERONI-CLIFTON Born in Buenos Aires, Argentina; Licensed since 2002 in Paraguay. Education: Universidad Catolica de Asuncion (Lawyer). Member: International Bar Association. Corporate Law, Contracts Law, Civil and Commercial Law and Foreign Investments. Current Managing Partner of the firm GERARDO DURÉ BENITEZ Born in Asuncion, Paraguay, Licensed since Education: Catholic University of Asuncion (Lawyer and Economist). Post-Graduate Studies in Taxation (Centro de Estudios Fiscales, Asuncion); National Strategic Planning (Institute of High Strategic Studies, Asuncion); Evaluation of Investment Projects (P.U.C., Campinas, Brazil); International Commercial Policy (School of Government John F. Kennedy, Harvard University) Assistant Professor of Tax Law and Public Finances (Law School, Catholic University, Asuncion). Executive Secretary of the "Maquila" National Council ( ), Advisor to the Chairman of the Chamber of Deputies. Member of the Steering Committee of the Paraguayan-Argentine Chamber of Commerce. Tax Law, "Maquila System Projects", Foreign Investments. Maritime and Corporate Law. Languages: Spanish, English and Portuguese. JUAN CARLOS BOGGINO Born in Asuncion, Paraguay, Licensed since Education: Catholic University of Asuncion (Lawyer). Agent of Industrial and Intellectual Property. Counsel to Legal Department of the Municipality of Asuncion; Consultant to the Inter-American Development Bank, the World Bank, U.S.A.I.D. and UNDP. Administrative and Tax Law, Administrative Litigation. Languages: Spanish and English (working knowledge). FRANCISCO PERONI CLIFTON Born in Buenos Aires, Argentina; Licensed since Education: Universidad Católica de Asunción (Lawyer, BA in Business Management). Corporate, Contracts, Civil, Commercial and Foreign Investments.

13 NÉSTOR RICARDO LEÓN FRANCO Born in Asuncion, Paraguay, Licensed since Education: Catholic University of Asuncion (Lawyer). Post Graduate Degree in University Didactic (2002) National University of Asunción. Post Graduate Course on International Acquisitions, Electronic Commerce and other Current Private Law Problems (2002), Carlos III University, Madrid - Spain. Member: Colegio de Abogados del Paraguay; Paraguayan Association of Computer and Technological law (APADIT). Civil and Commercial Law; Litigation. Language: Spanish. nestor.leon@pstbn.com.pyç MARIANA PERONI DE ZUBIRI Born in Buenos Aires, Argentina; Licensed since 1991 in Paraguay. Education: Catholic University of Asuncion, (Notary Public and Lawyer) Agent of Industrial Property. Member: Colegio de Abogados del Paraguay; Asociación de Agentes de la Propiedad Industrial (APAPI), International Bar Association, Intellectual Property Committee (IBA). Intellectual Property Law; trademark registrations abroad, patents, utility patents, copyrights; registration of new vegetable varieties; sanitarium registration of food and pharmaceutical products. mariana.peroni@pstbn.com.py LIA ZANOTTI CAVAZZONI Born in Asuncion, Paraguay. Licensed since Education: Universidad Nacional de Asunción (Lawyer and Notary Public). Contracts, Civil and Commercial Law, Litigation. lia.zanotti@pstbn.com.py JOSE MIGUEL SOSA FRACCHIA Born in Asuncion, Paraguay. Licensed since Education: Facultad de Ciencias Juridicas y Diplomáticas, Universidad Catolica Nuestra Señora de la Asunción (Lawyer); International Contract Law (Castilla-La Mancha University, Spain, 2004); Cambridge Law Studio, Legal English and Contracts, Cambridge University, U.K., 2004; Corporate law (Castilla La Mancha University, Spain, 2007). Master in Environmental Law (Universite de Limoges, France) Languages: Spanish, Portuguese and English. jose.sosafracchia@pstbn.com.py

14 JUAN FREMIORT ORTIZ Born in Asuncion, Paraguay, Licensed since Education: Facultad de Derecho y Ciencias Sociales, Universidad Nacional Asunción (Lawyer). Post-graduate degree in Industrial Property, University of Buenos Aires (2004). Industrial Property and Copyright Law. juan.ortiz@pstbn.com.py JOSE LUIS VEGA MEZA Born in Asuncion, Paraguay. Licensed since Education: National University of Asuncion (Lawyer). Assistant Professor of Logica Juridica, Universidad Nacional de Asuncion. Corporate, Civil and Commercial Law. Language: Spanish. joseluis.vega@pstbn.com.py PELUCIA GIMENEZ DE RUIZ DIAZ Born in Asuncion, Paraguay. Licensed since Education: Universidad Catolica de Asuncion (Lawyer). Assistant teacher for Labor Law and Agricultural Law at the Universidad Católica de Asunción. Labor Law Language: Spanish pelucia.gimenez@pstbn.com.py FELIX SANTIAGO BOFFERON MEZA Born in Formosa, Argentina. Graduated with Distinguished Academic average at the Universidad Catolica Nuestra Señora de la Asunción, Paraguay. Corporate and Contracts. Civil and Commercial Law. Language: Spanish. santiago.bofferon@pstbn.com.py ESTEFANIA ELICETCHE Born in Asuncion, Paraguay. Licensed since Education: Universidad Católica de Asunción (Lawyer). Corporate, Commercial, Civil, International law. estefania.elicetche@pstbn.com.py

15 EDUARDO ALFARO PAROT Born in Asuncion, Paraguay. Licensed since Education: Universidad Americana and Universidad Católica de Asunción (Lawyer). Corporate, Commercial, Civil. LUANA NARVAJA LEITE Born in Rio de Janeiro, Brazil. Licensed since Education: Universidad Católica de Asunción (Lawyer-2008) and Notary Public in 2009; Master in Private Law (Salamanca University, Spain 2012); Master in Private Law (Rosario University, Argentina, 2011) Civil and Commercial Litigation.

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