Securities Act of 1933
Rule 902(b)

June 21, 2006

RESPONSE OF THE OFFICE OF INTERNATIONAL CORPORATE FINANCE
DIVISION OF CORPORATION FINANCE

Dear Mr. Brenes:

This letter will confirm the response of the Division of Corporation Finance to your request that the Division designate the Panama Stock Exchange as a "designated offshore securities markets" within the meaning of Rule 902(b) of Regulation S under the Securities Act of 1933. A copy of your letter is enclosed in order to avoid having to recite or summarize the facts set forth therein. On the basis of the facts presented, we hereby so designate the Panama Stock Exchange.

Pursuant to delegated authority,

Incoming Letter:

The Incoming Letter is in Acrobat format.

http://www.sec.gov/divisions/corpfin/cf-noaction/panamastockexchange-060106.htm