Fondo País Ecuador invests in Moderna Alimentos S.A.

(Quito, May 22, 2006).- The investment of Fondo País Ecuador (FPE) in Moderna Alimentos S.A, for US $1,200,000 was formalized in the offices of Corporación Financiera Nacional (CFN),

The event was attended by senior executives from the Andean Development Corporation, Corporación Financiera Nacional, Banco de Guayaquil, Quito Stock Exchange, Administradora de Fondos BG, and Moderna Alimentos S.A.

Fondo País Ecuador was formed with initial contributions from CAF, CFN, Banco de Guayaquil, Merchantbansa S.A. and the Quito Stock Exchange. The fund is managed by Administradora de Fondos BG. of Banco de Guayaquil.

Moderna Alimentos S.A. is a leading Ecuadorian company in food production in the line of bread and baking products, and in the flour and infant nutrition market.

This investment will take place through a private offering in which FPE acquires a block of shares in Moderna Alimentos S.A. (equity).

Moderna Alimentos S.A. will use the funds to expand the company’s productive capacity in order to meet the demand for its products on the local market.