The Group has been listed since December 2005 in the Panamanian Stock Exchange. Its main shareholders as of December 2007 are as follows:

- Guardian Americas Limited (GAL) - 18.7%
- Jorge Ruben Rosas - 11.6%
- Orlando Sanchez Aviles - 9.8%
- the Lewis Family (through World Financial Holdings, Inc.) - 8.8%
- Rodrigo Diaz Paredes - 7.0%
- International Finance Corporation (IFC) – 7.0%

The proposed new IFC investment is for up to $15.6 million.

20.60 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.60

* These investment figures are indicative

Grupo Mundial is headquartered in Panama City, where the Group concentrates its banking operations and the largest portion of its insurance and banking businesses. Over the last year, the Group has expanded its regional coverage and has acquired companies in Guatemala, Nicaragua, Honduras and Colombia.

The current project is a natural next step of this long-term partnership between IFC and Grupo Mundial, as justified by the following factors:

- Strong Alignment with IFC’s Priority Sectors:

In addition to its original focus on insurance, the Group has proven its commitment to align with other IFC’s priority sectors, including:

- microfinance, through the recent purchase of Microserfin;
- microinsurance; and
- expansion into frontier countries, through the recent purchase of insurance companies in Nicaragua and Honduras.

In all these initiatives, the Group has sought IFC’s support and advice.

- Recent Changes in the Competitive Landscape:

As new banking conglomerates consolidate into the region, the business environment is gradually becoming more “efficient” and a clear definition of strategy, target markets and action plans are critical to increase the chances of success for a locally-owned entity like Grupo Mundial. Therefore, an increased IFC shareholding is decisive to leverage on previous experiences and exercise the necessary influence to support the Group’s continued growth.

IFC’s additionality in this project is critical and represented by the following key features:

- Commitment to support Grupo Mundial’s strategy to downscale operations to serve the poorer and expand to frontier markets;
- Institutional building;
- Provision of long-term capital; and
- Regional knowledge and experience.

This project involves IFC support for the business of insurance and microfinance and has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. For the microfinance operations, Grupo Mundial and/or Microserfin will be required to:

- Develop a procedure relevant to its business process, prior to disbursement, that is satisfactory to IFC, and that ensures that all its investments are screened and processed to avoid supporting activities on the Microfinance Exclusion List;
- Identify qualified persons to manage and implement the procedure;
- Commit to establish a similar screening process to avoid supporting activities on the IFC Microfinance Exclusion List in MFIs in which it will take a controlling stake;
- Demonstrate commitment and resources to implementing the procedure;
- Submit a periodic report to IFC as per a format to be provided by IFC.

The investment in the common shares of Grupo Mundial will not trigger the above requirements. However, Grupo Mundial is required to inform IFC in the event of any change in nature or scope of its present or contemplated business or operations.