Who are we? VALORES BROKERAGE HOUSE CREDIT ANDORRA GROUP

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2 Who are we? VALORES BROKERAGE HOUSE CREDIT ANDORRA GROUP Financial intermediaries with the largest market share in Paraguay s local market with 43,30% of total traded volume in the Exchange in 2013, and almost 52% of the total traded volume in the last 11 years Creators of the Official Paraguayan Stock Exchange Index, PDV 20, and General PDV Creators of the Digital Security s Guide, a financial reference tool for business consultants Only institution legally authorized by the Securities Exchange Commission for International Investment Advisory Members of The Executives Club of Paraguay Member of The Paraguayan-American Commerce Chamber Member of The Paraguayan-German Commerce Chamber Members The Advertisers Chamber of Paraguay Undisputed leaders in any valuation criteria

3 Our History Created in the year 1994, back then known as Sudameris Casa de Bolsa S.A., member of Sudameris Bank Paraguay SAECA, vinculated to Gruppo Intesa Banca Comerciale Italiana, mayor Italian Group and one of the ten biggest Groups in Europa In July 1997 Portafolio de Valores SAECA acquires 50% of Sudameris Casa de Bolsa with the objective of bolstering the Stock Market development in Paraguay Over 19 years of market experience proves its success and leadership. In January 2004 Portafolio de Valores SAECA acquires 100% of Sudameris Casa de Bolsa S.A. giving inception to a new firm: Valores Casa de Bolsa S.A. (Valores Brokerage House) In late 2012 Valores Casa de Bolsa is acquired by Credit Andorra Group, international banking institution with over 60 years of experience as one of the most solid and well managed banks in the world.

4 Our History Mission Provide to all Investors and Listing Companies all the financial products they require. Promote the development of Paraguayan Exchange. Vision Strengthening the Internal Market. Integrate the Country in the Worldwide Markets.

5 Our Market Position Traded Volume share on both Selling/Purchasing points In million Guaranies Valores En millones de guaraníes Source: BVPASA - Edition: Valores CBSA * Information based on Dec/2010

6 Traded Volume share Year 2012 on both Selling/Purchasing points Valores CBSA En millones de guaraníes Source: BVPASA - Edition: Valores CBSA

7 Valores CBSA History The most experienced Financial & Stock Exchange intermediaries with the highest market share. We seized 43,3% of the total traded volume at the Exchange BVPASA (2012) And 54% of the total traded volume on the Exchange the last 12 years Volumen Negociado por Casa de Bolsa 2012 Valores CBSA 43,30% Brokerage House 2 29,32% Brokerage House 3 15,92% Brokerage House 4 7,28% Brokerage House 5 0,38% 15,92% 7,28% 0,38% 29,32% 43,30% Valores CBSA Casa de Bolsa 2 Casa de Bolsa 3 Casa de Bolsa 4 Casa de Bolsa 5 Source: 7

8 Valores Brokerage leads Securities Listings and Fiduciary Structuring (SPVs) taking major companies from different sectors to the Exchange. Some of them are: Chacomer SAECA Comagro SAECA Hilagro SAECA Tecnoservice SAECA Atlantic SAECA Rieder SACI Automaq SAECA NGO SAECA Record Electric SAECA Fideicomiso Electrofácil Wisdom Products SAE Fideicomiso Casa Centro Fideicomiso Urunaga Telecel SAE Lubripar SAECA Perfecta Automotores SA Banco Continental SAECA Municipalidad de Asunción El Campo SAECA Casa Centro SAECA Fideicomiso Jardín de la Paz Metalúrgica Fernández Inverfin SAECA y muchos más Making the Market evolve

9 Our Services A) Stock Exchange Intermediaries We manage around 50% of the total trading average at the Exchange (BVPASA). Our track record gives us the title of being the Brokerage House with the broadest experience. In the year 2010 took forth on the First E-Listing through the Exchange s Electronic Trading System (SEN) with excellent results. B) Investment Advisory We count with Financial and Exchange products of the highest quality, letting the investments be safe as well as profitable. We offer an Economic and Financial Analysis service for each product available in the Market, in order to enable smart decision-making for our clients. We accompany our client investments from its inception to its maturity.

10 Our services c) Listing Agent We support companies in their way to be financed by the Exchange. We manage the Structuring and Listing Administration, projecting it to its success. When hiring this service, the Listing customer access our Exclusive investor Portfolio, further ensuring the sale of its Listing. We are the leading Fiduciary structurers in the country since 2003, and also the most prolific. d) Fiduciary Structuring (SPVs) Specialized advising and mastering in fiduciary matters, from Valores, many ventures have been launched with great success in its public offering. Tailor made SPVs (Trusts/Fideicommissum), reflecting and accompanying inflationary variations, actuarial calculation (Retirement Funds), currency diversification, staggered amortization and maturities, thorough contractual reviews and solid collaterals, focused on maximizing profitability and the security of the SPV venture.

11 Our services e) International Advisory Valores Brokerage has an International Advisory Service, and is the only legally authorized to provide international Advisory in our country by the National Securities Commission. Strategic alliances abroad allow us to have high quality information tools, serving Private and Institutional clients. f) Financial Advisory Services for Public-Private Partnership We ease partnerships between the Public and Private Sector in the development of large projects. We Structure Projects, present the Offering to local and international investors (Road Shows). We facilitate the involvement of society through their entrepreneurs who wish to support the country's development. We accompany Foreigners Investors in their incursion into the Paraguayan Exchange.

12 Advantages of operating in the Asuncion Exchange (Paraguay) Yield: International Investors can advantage the country s conditions to optimize profitability with tax incentives and attractive rates. The Investors: We have the very important customer database. Taxation: Interests gained on Fixed-Income Investments in our Exchange are Income Tax Free (Securities Exchange Law #1284/98), with an additional impact to the Personal Income Tax (IRP) Access to international markets: ISIN Registration Number from the Electronic Trading System, currently allows local businesses to access international markets. Country Stable economy: Healthy environment for investment, a Paraguayan economy characterized by predictable and controlled levels of inflation. Government and Local Private Companies: A potential market for all types of businesses, including Public Private Partnerships (PPPs). Location: Offices in Paraguay s Capital City s financial hub (Asuncion), and one branch in Ciudad del Este, from where 40% the country s GDP comes from. All-in-one Financial Service: Financial reporting, economic and feasibility studies, ratios, contract analysis at our customers reach, ALL in one place. Values: Experience, professionalism and customer service attitude with a growth projection make Valores Brokerage House your best Financial and Exchange ally.

13 Phone: +595 (21) Mcal. López Ave & Dr. Morra Mariscal Center Building 4th Floor Villa Morra Asunción Paraguay

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