Order 1838-2012

On December 12, 2012, the Twelfth Civil Circuit Court of the First Judicial Circuit of Panama granted a request by BDT Investments Inc. and ordered an attachment (embargo) against Lisa, S.A. for up to $19,184,880.00. The judge directed that the attachment apply to Lisa, S.A.’s shares in several Guatemalan companies and in Villamorey, S.A., as well as to any dividends declared in favor of Lisa, S.A.—both those already generated and unpaid and those that may be generated in the future—until the attached amount is fully covered. The order also extends to any sums of money, rights or credits recognized in favor of Lisa, S.A. in the ordinary proceeding of greater amount with sequestration action that Lisa, S.A. pursues against Villamorey, S.A. before the Eleventh Civil Circuit Court of the First Judicial Circuit of Panama (Case No. 556-99, sequestration action No. 7081-08), to monies belonging to Lisa, S.A. held on deposit in GTC Bank Inc. accounts through Villamorey, S.A., and to any additional balances that Lisa, S.A. maintains in local banks.

This broad attachment order significantly restricted Lisa, S.A.’s ability to dispose of its shareholdings, dividends and liquid funds while the underlying dispute with Villamorey, S.A. remains unresolved. The ruling reinforces BDT Investments Inc.’s position as a secured creditor by placing nearly all of Lisa, S.A.’s key financial and corporate rights under judicial control, which can substantially affect the company’s liquidity and operational flexibility even though the merits of the principal proceedings are still pending final determination.