Arias, Fábrega & Fábrega acted as special Panamanian counsel to The Bank of Nova Scotia (Administrative Agent) and to Scotiabank & Trust (Cayman) Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Export Development Canada (Lenders), in connection with a US$200 million credit agreement to Celulosa Arauco Constitución, S.A, a corporation organized in accordance with the laws of Chile and acting through its branch office in Panama.

Scotiabank & Trust (Cayman) Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Export Development Canada, acted as Lenders.

The Bank of Tokyo-Mitsubishi UFJ, Ltd., The Bank of Nova Scotia and Export Development Canada, acted as Joint Lead Arrangers and Bookrunners.

Celulosa Arauco Constitución, S.A is a Chilean wood pulp, engineered wood and forestry company; and indirect subsidiary of AntarChile, one of the largest conglomerates in South America.