Posse, Herrera & Ruiz acted as legal advisor to Nexus Capital Partners III and Alusa S.A., in the acquisition of 100% of the shares of Empaques Flexa S.A.S., a subsidiary of Carvajal S.A. responsible for the production and marketing of flexible packaging.

The buyers are San Isidro Global Opportunities Corp., and Inversiones Alusa S.A., subsidiaries of Nexus Capital Partners III and Alusa S.A., respectively.

The Share Purchase Agreement had been signed on March 13, 2012, and closing occurred on May 31upon completion

of conditions precedent.

LEGAL ADVISORS

Counsel to Carvajal S.A.:

In-house lawyer Catalina Giraldo.

Brigard & Urrutia Abogados: Associates Darío Laguado, María Camila Bages and Clara Robledo.

Counsel to Nexus Capital Partners III:

In–house lawyers Juan Antonio Castro and Gianina Gotuzzo.

Posse Herrera & Ruiz Abogados: Partner Jaime Herrera and associates Oscar Tutasaura, Jorge De Los Ríos, Rodrigo Herrera and Susana Gómez.

Counsel to Alusa S.A.:

Noguera Larraín & Dulanto: Partner Diego Noguera E.