LUIS CESPEDES

Director

• IRALY ENTERPRISES, INC.
• SATCHEL INVESTMENTS CORP.
• CHALANT ENTERPRISES, S.A.
• JENSEN HOLDINGS, S.A.
• COBRA SERVICES, S.A.
• ZAFTRIO INVESTMENT SERVICES, S. A.
• RAM OFFSHORE, S. A.
• EVINRUDE INTERNATIONAL, S. A.
• CONSORCIO FANTINI, S. A.
• NEOTERIC INVESTMENTS, INC.
• GEMINI GROUP INC.,
• VERTEX INVESTMENTS AND FINANCIAL, S.A.
• TRANSHIP CONTINENTAL, S.A.
• CENTRAL DE INVERSIONES JACINTO, S.A.
• OSPREY INVESTMENT AND TRADING, CORP.
• BROG BUSINESS ENTERPRISES, INC.
• WORLD TECHNOLOGY AND DEVELOPMENT CORPORATION
• CONTRAC OCEAN SHIPPING TRANSPORT COMPANY (COST LINE),S.A.
• INVERSIONES Y FINANZAS RINOSO, S. A.
• SOCIEDAD DE INVERSIONES SANTA FE, S. A.
• MINAMI ET CO., S. A.
• BATON TRADING CORP.
• TAISIA INVESTMENTS INC.
• MARITIMA PARANAGUA, S. A.
• FLOCAREX,S.A
• PANADUTCH DE ALIMENTOS RAPIDOS, S. A.
• BAHIA TELEVISION SALES CORP.
• URIGELER INTERNATIONAL, S.A.
• KIREBEL INVESTMENTS, S.A.
• BETHEL INVESTMENTS, INC.
• PELICAN BAY INC.
• SAN AGUSTIN COMERCIAL Y SERVICIOS S.A.
• FLOR DE LAUREL, S.A.
• ZIMMER INVESTMENTS, S.A.
• EUPAULAR INC.,S.A.
• WORLD TELEVISION TRADING COMPANY.
• INVERSIONES VALLENATAS, S.A.
• UZURI HOLDINGS, INC.
• EQUINOX & CO. (OVERSEAS), S.A.
• SECAY CORPORATION, S. A.
• SOCIEDAD DE INVERSIONES GOLETA, S. A.
• MYLAR FINANCE, INC.
• SOCIEDAD FINANCIERA GRIMAL, S. A.
• FINANCIERA LA RONDA, S. A.
• FIFTH TIME LIMITED, S.A.
• INVERSIONISTA BILBAO, S. A.
• COMPAGNIE NEDA DE FINANCE ET INVESTISSEMENT, S.A.
• PLATO INVESTMENTS, S.A.
• AMERICAN INVESTORS AND ASSOCIATES INC.
• VERNATIL INTERNATIONAL S.A.
• COMPAGNIE SEBAL DE FINANCE & INVESTISSEMENT S.A.
• ASTOLAT INVESTMENTS, INC.
• FAKAN, S.A.
• ISOLASANMARCOS CORP.
• CORPORACION KASIDELY, S.A.
• QUETZALIDES INVESTMENTS, INC
• ANFIBU INVERSIONES FINANCIERAS PANAMA, S.A.
• KESTAL FINANCING AND CONSULTING INTERNATIONAL, S.A.
• DAREX CORPORATION
• KUBAY CORPORATION
• CORPORACION FINANCIERA SIGMA, S.A.
• MARLAR INTERNATIONAL, S.A.
• KANZIL INTERNATIONAL, S.A.
• GENEVA INTERPROM, S.A.
• TRANSHIP INTERNATIONAL S.A.
• INVERSIONISTA LIPENOL, S.A.
• INMOBILIARIA MAJO, S.A.
• INVERSIONES T.O.C.A., S.A.
• BOCATI INVESTMENTS, S. A.
• KASTER LIMITED, CO.
• CORPORACION YACEMIL, S.A.
• CARIBBEAN MARITIME SUPPLY, INC.
• GROWTH INVESTMENT,INC.
• INTERNATIONAL GENERAL SERVICES CORPORATION
• VICMAR INTERNATIONAL TRADING, INC.
• YASUR INVESTMENTS, S.A.
• INTER RIO TRANSPORTES, S.A.
• DANIA OVERSEAS INVESTMENT, INC.
• AMMERSEE INC.
• FINANCIERA PREVONY, S.A.
• MADRIATIC CORPOTION, S.A.
• CADE INVESTMENTS, S.A.
• INVERSIONES PINTUPO, S.A.
• PEMAROL CORPORATION, S.A.
• CIRO INDUSTRIES, S.A.
• NEW YORK FINANCIAL INC.
• HAAGEN INVESTMENT COMPANY, S.A.
• OCTOPUS INVESTMENT AND FINANCE, S.A.
• SEAGULL SHIPPING AND CHARTERING, INC.
• OCEAN VENTURES, S.A.
• PENINSULAR EXPRESS LINES, INC.
• ORBIS SHIPPING AND FINANCE, S.A.
• FANTASY CORPORATION.
• TRADE CONTINENTAL HOLDINGS, S.A.
• CARIBEAN AMERICAN HOLDINGS, S.A.
• VIDCOM INTERNATIONAL CORP.
• JARCO SHIPPING, S.A.
• TOTAL INVESTMENT AND TRADING COMPANY, S.A.
• ORCHIDSHORE INVESTMENTS, S.A.
• COMPUTERSET SOFTWARE, S.A.
• EURAM LINES AND NAVIGATION, INC.
• EMPRESIM, S.A.
• VERACRUZ SHIPPING CO.,INC.
• ROSEBAY INVESTMENTS, INC.
• OSWEGO TRANSFEREE CORPORATION, S.A.
• ELTZER INVESTMENTS, S.A.
• CORPORACION MALVISA, S.A.
• WORLDWIDE TRADING ENTERPRISES, S.A.
• INVERSIONES CORALAND, S.A.
• INVESTMENT SUPPLY CORPORATION. (INSUCO).
• SOCIEDAD MINATEL, S.A.
• MILIGRAY INVESTMENTS AND FINANCE CORP., S.A.
• MERICLAY INVESTMENTS AND FINANCE, S.A.
• SUN ENTERPRISES, S.A.
• ODILEY INVESTMENTS, S.A.
• SANIBEL ENTERPRISES, S.A.
• MEDITERRANEAN SAIL CHARTER CORPORATION.
• INTERNATIONAL GAS INDUSTRIES INC.
• ZAMBINEX INVESTMENTS AND FINANCE, S.A.
• FINANCIERA MAVADELO, S.A.
• MEADE INVESTMENT CORPORATION.
• YARIMAH CORPORATION, S.A.
• VANEIRO INVESTMENTS, S.A.
• LYSEBETH INVESTMENTS, S.A.
• LONDON INTERNATIONAL INVESTMENTS, S.A.
• KOUTTS COMPANY, S.A.
• SAMURSI CORPORATION, S.A.
• ALPHA AUDEN INTERNATIONAL (PANAMA) CORPORATION.
• HAWKEYE HOLDINGS, INC.
• RIVER FALLS INVESTMENTS, INC.
• COMPANIA INTERNACIONAL TRIFODEL, S.A.
• NEW BEDFORD, INC.
• BENTON LAKE CORPORATION, S.A.
• WEST FORT CORPORATION
• CORPORACION DE INVERSIONES VENOPEL, S.A.
• SASUMEY INTERNATIONAL S.A.
• INVERSIONES APRICOT S.A.
• ZEPEL, S.A.
• INVERSIONISTA-HAGGAR, S.A.
• DETERMINED INVESTMENT S.A.
• SOUTHLAND INVESTMENTS, S. A.
• INTERLAND INVESTMENTS, S.A.
• HOENIXP VENTURES, INC.
• INVERSIONES ZUXIH, S.A.
• INVERSIONES LAURIEL, S.A.
• HELUSA, INC.
• LACASSINE CORPORATION, INC.
• KATSINA, S.A.
• KADUNA INVESTMENTS, S.A.
• ARABIAN OVERSEAS CORP.
• FINVEST UNDERWRITERS AND DEALERS CORPORATION
• ASESORIA TECNICA INTERGRAL, S.A. (ATI)
• FINVEST INVESTMENTS AND FINANCE, INC.
• C. A. G. TRADING COMPANY, S.A.
• ENSALADA COMPANY, S.A.
• ACHEKAY COMPANY, S.A.
• ESBAR COMPANY, S.A.
• PLANTAS Y FLORES DEL CARIBE, S.A.
• RHEUMAN CORP.
• EAGLE OIL AND MINERALS, S.A.
• EAGLE PETROLEUM TRADING S.A.
• CORPORACION SUNILEX, S.A.
• PENHAL INVESTMENT CORP.
• TECNO - EUROPA, S.A.
• LEINANI, S.A.
• SAUDI INTERNATIONAL INVESTMENT CORPORATION
• PROSPECT CORPORATION
• T.V. CINE, S.A.
• INVERSIONES LODISETI, S.A.
• COMPANIA DE INVERSIONES Y FINANZAS LEVISEG, S.A.
• MARKOTECK, S.A.
• CORPORACION LENIMAX, S.A.
• COMPANIA DE INVERSIONES KAIXAMAR, S.A.
• INVERSIONES BALADEY, S.A.
• GRINELSA INVESTMENTS, S.A.
• VELMORIEL INVESTMENTS, S.A.
• MALONEY CORPORATION, S.A.
• TEC INTERNATIONAL, CORP.
• SCORPIO TRADING CORPORATION
• CORPORACION DE INVERSIONES LORVILLE, S.A.
• POTOMAC TOWNE, S.A.
• NEW BAYARD CORPORATION
• BRASINCO, S.A.
• INVERSIONES MUNDIALES DE PANAMA, S.A.
• NIELREIB INTERNATIONAL CORP.
• DIESEL ENGINEERING, S.A.
• GOLD REPRODUCTIONS OF AMERICA, S.A.
• RETURN VENTURES, INC.
• KAIKAI, S.A.
• MADEIRA BEACH CORPORATION, S.A.
• STARFIRE CORPORATION INC.
• ODERE, S.A.
• SAINT PORTLAND CORPORATION, S.A.
• REALCO HOLDINGS LTD. INC.
• CORPORACION DE INVERSIONES LORENA, S.A.
• SALESMONT INVESTMENTS AND FINANCE, S.A.
• NAYARIT INVESTMENTS, S.A.
• NAZCA POINT INVESTMENTS, S.A.
• EAST WEST INVESTMENT AND TRADING, S.A.
• TECNOFINESA, INC.
• BLAIR HOUSE, INC.
• VERLAINE INVESTMENTS, S.A.
• ADMINISTRACION-INVERSION AGUILA, S.A.
• FONDO DE INVERSION INDUSTRIAL, S.A.
• OPAWA CORPORATION
• PANAMA CENTROAMERICANA DE NAVEGACION, S.A. (P.C.N., S.A.)
• CORPORACION DE INVERSIONES ALPHAVILLE, S.A.
• INVERSIONES DYNARAMA, S.A.
• BLUE DIAMOND SHIPPING COMPANY, S.A.
• EPOH, INC.
• SOCIETE D'INVESTISSEMENT GENEVOISE, S.A.
• CORPORACION CENTROAMERICANA DE FINANZAS, S.A.
• LUXERLAND CORPORATION, S.A.
• SEFITEC, S.A.
• ELAI INVESTMENT, INC.
• INSUMER, S.A.
• BETA WESTERLY, INC.
• DUSAVIL, S.A.
• STRATFORD EQUITY AND INVESTMENT, INC.
• MARYSVALE CORPORATION, S.A.
• INVERSIONES LUXOR, S.A.
• CORPORACION DE INVERSIONES OXIR, S.A.
• PANACAN, INC.
• CONCESIONARIO DEL GRUPO EDITORIAL VISION, S.A.
• CORPORACION XENAVIL, S.A.
• BLACK FOREST COMPANY, S.A.
• KIMBERLEY INTERNATIONAL, INC.
• EUROBRAS TRADING, CORP.
• OILFIELD SALES & SERVICES-LATIN AMERICAN, INC.
• KENVEDON INVESTMENTS, S.A.
• INVERSIONES ASARCO, S.A.
• KEYSTONE INVESTMENTS, S.A.
• MARGOT TRADING, INC.
• INVERSIONES TRAVEROL, S.A.
• EURO-AMERICAN ADVISERS, INC.
• GUIDANCE, INC.
• FANELARE INVESTMENTS & FINANCE CO., INC.
• DENNISON INVESTMENT CO., INC.
• YUKA SHIPPING COMPANY, S.A.
• FORT ROYAL INVESTMENTS AND FINANCE CORP.
• SEAMOUNT, INC.
• ROCK SPRINGS INCORPORATED
• FINANCIERA SERVIA, S.A.
• GASCO HOLDING CORPORATION.
• HILLSIDE SHIPPING CORPORATION
• DIVERSIFIED INTERNATIONAL CAPITAL CORP. S.A.
• CORPORACION KILIMANYARO, S.A.
• BAUDELAIRE, INC.
• ALCOSA ALUMINUM CONTAINERS, S.A.
• DISTRIBUIDORES MAS, S.A.
• IMPORTED BRANDS (PANAMA), S.A.
• INTERNACIONAL DE ASISTENCIA FINANCIERA, S.A.
• ATLANTIC MEATS, S.A.
• CJM INVESTMENTS INTERNATIONAL, S.A.
• KOMET FINANCIAL CORP.
• INS HOLDINGS, INC.
• MALENA UNIVERSAL INC.
• MONETARY MANAGEMENT CORPORATION
• AQUA SERVICIOS DE PANAMA, S.A.
• MARBLE INVESTMENT FINANCIAL CORP.
• ABES CONTINENTAL, S.A.
• SOLAR LIMITED CORP.
• SOCIETE ANONIME DES FLORENTINS, S.A.
• INVERSIONES HUMOR, S.A.
• SIMPLEX PARAGUAYA S.A.
• TEXTILES SAN JUAN, S.A.
• LATIN AMERICAN SUGAR INVESTMENT ENTERPRISES CAMUS CORPORATION
• GUEINLLER CORPORATION
• COMERCIAL VENTURA, S.A.
• SIERRA GRANDE INVERSIONISTA S.A.
• ST. CLAIRE DEVELOPMENT CORP.
• ALVES TRADING CORP.
• SPRING DEVELOPMENT INC.
• FOUNTAIN INTERNATIONAL INC.
• C.C.P. (OVERSEAS), INC.
• GRUPO CONSTANZA, S.A.
• FINANZAS DEL OCCIDENTE S.A.
• LEICESTER FINANCIAL BUSINESS, INC.
• IMPERATOR MARITIME, INC.
• CARIBBEAN SUN TRADING CORP.
• OCEAN FREIGHT SHIPPING CORP.
• AQUATOR SECURITIES, S.A.
• GATUN SHIPPING CORPORATION.
• SEATRADE HOLDING CORP. -.-
• DEFIANT MARINE CORP.
• WEST KING CORPORATION.
• Z.W. & COMPANY, INC.
• FRISIA DEVELOPMENT CORP.
• PORCHARD, S.A.
• SEALIFT SERVICES INTERNATIONAL, INC.
• WILBROOKE INVESTMENTS, INC.
• ASHELLY ENTERPRISES INC.
• FLOTAMAR, S.A.
• KAMIR HOLDINGS, INC.
• VALADIN OVERSEAS CORP.
• ASTRON, S.A.
• DESARROLLO ARIMAI, S.A.
• W. STAR COMPANY, INC.
• ALKIJA S.A.
• TAMECO, S.A.
• LUMINOR, S.A.
• ISMC, INC.
• TAMITSA INVESTMENT INC
• THE BLUE VISION GROUP CORPORATION.
• CHIRIQUI INTERNATIONAL VENTURES, S.A.
• MARITIMA COPEX, S.A.
• HYPNOS BELEGGINGSMAATSCHAPPIJ INC.
• PLAINFIELD INC.
• FOREIGN FILMS TRADING CORPORATION
• VERAVAL CORPORATION
• A-M ENTERPRISES S.A
• AYSEN TRADING INC.
• BOLDEND S.A.
• TRAVERS, IN.
• HOLSTEIN INVESTMENTS INCORPORATED
• INTERSTAR CORPORATION
• VANELLUS, S.A.
• FLUCOM INTERNACIONAL, S.A.
• VEIRKANT SHIPPING CO., S.A.
• SUNFISH CORPORATION
• DENTON DEVELOPMENT, INC.
• CORPORACION MUNDIAL DE CORRETAJES, S.A.
• SOCIEDAD DOMEYCO, S.A. -.-
• CRYSTAL BEACH COMPANY, INC.
• RED MONTGOMERY INTERNATIONAL, CORP.
• KOREL INVESTMENTS, INC.
• FLEMINGSBURG INVESTMENTS, S.A.
• CODIMEX S.A.
• INMOBILIARIA CAYENA, S.A.
• FINANCIERA LOS ARROYOS, S.A.
• INVERSIONES SANTA CRUZ DE LA PALMA, S.A.
• MARILEIDA COMPANIA INTERNACIONAL, S.A.
• NEGOCIOS ABECOR, S.A. REDOMICILIO DEFINITIVOL
• SOCIEDAD INVERSIONISTA OCEOLA, S.A.
• CIA.DE TRANSPORTES Y TANCAJES S.A.
• SIMI VALLEY FINANCIAL INC.
• INVERSIONES Y FINANZAS ARCONTE, S.A.
• VANREES ENTERPRISES, INC.
• KOLUVA ENTERPRISES, INC.
• NAXOS REALTY CORP.
• KITWE PARK INTERNATIONAL, CORP.
• RIO CLARO DEL SUR, S.A.
• OCALA INVESTMENTS, INC.
• ROSENEL ENTERPRISES, INC.
• FINANZAS VARALES, S.A.
• QUIMICOS PETERICK, S.A.
• OVERSEAS FINANCING OF MEILEN, S.A.
• MARIPOSA INTERNATIONAL, S.A.
• INVERSIONISTA SELEK, S.A.
• TAMILSA HOLDINGS, S.A.
• KAWAMA CORP.
• STEEPLECHASE, S.A.
• LEPTA INVESTMENTS, INC.
• WANKO FINANCE, INC.
• SHEBARRO, S.A.
• PROMOTORA INMOBILIARIA INTERNACIONAL, S.A.
• PIZZARELLA, S.A
• U.F.O. HOLDINGS, S.A.
• G. T. INTERNATIONAL, INC.
• CIA. DE DISTRIBUCION Y REPRESENTACION COLKEN, S.A.
• WE THREE, INC.
• VISTACO CORP.
• IRISPEL INVESTMENTS AND FINANCE, INC.
• TAIS PARFUMS, S.A.
• CORPORACION FINANCIERA SUNWAY, S.A.
• SPORT FISHING, INC.
• DISTRIBUIDORA L. M. , S. A.
• WESTBURY FINANCIAL CORP.
• ARTE GRAFICO INTERNACIONAL, S. A.
• YODAVI INTERNATIONAL, INC.
• MONTBLANCH INDUSTRIES, INC.
• INVERSIONES GLOMAR, S.A.
• SADURNI ENTERPRISES, S.A.
• REALCO MANAGEMENT COMPANY, S.A.
• PRECIOUS METALS-WORLDWIDE, INC.
• PALERMO, S.A.
• KOSTOPOL INVESTMENT, INC.
• YERALI, S.A.
• SOCIETE NATIONALE DE COMMERCE (PANAMA),S.A.
• AJO INTERAMERICAN TRADING, CO.
• PERCALIA, S.A.
• ALEJANDRO HOLDINGS, INC
• BOLO, S.A.
• TIEPOLO ENTERPRISES, S.A.
• PATINIR INVESTMENT, S.A.
• VENTACOR'S SOCIEDAD ANONIMA
• CRISTAL DE ROCA, S.A.
• JOULTY INTERNATIONAL, S.A.
• COMERCIAL EXITO, S.A.
• COMPANIA PESQUERA ISLA SAN ANDRES, S.A.
• COMPANIA INTERNACIONAL DEL GOLFO, S.A.
• WESTERLY DEVELOPMENT INC.
• DANCINE, S.A.
• MURRAY CONTINENTAL INC.
• COMERCIAL PACIFICO SUR, S.A.
• OWERRI COMMERCIAL INC. -.-
• CLEARFIN CORPORATION
• INVERSIONISTA GRANATE S.A.
• MEX INVERSORA DEL CARIBE, S.A.
• KAROJAMI, S.A.
• MERIDIAN GRAND INC.
• DILSART FINANCIAL, INC.
• CUSMARI INTERNATIONAL, S.A.
• INMOBILIARIA Y FINANCIERA LORISEC, S.A.
• STRATHSPEY CORPORATION
• INVERSIONISTA LA CUENCA, S. A.
• LIAREY OVERSEAS, INC.
• OMANI FINANCIAL, INC.
• FINANCIERA RIBEMEIRA, S.A.
• NELGIRI INVESTMENTS, INC
• EUROPEAN MOTOR CARS-PANAMA, S.A.
• BEYPURE CORP, INC
• RUMILAKE CORP.,
• INTERNATIONAL WORLD BUSINESS AND COMMERCE CORPORATION.
• KALAHARI FINANCE, INC.
• KEIDA ENTERPRISES, INC.
• DAXTRADE, CORP.
• COMERCIALES NEPTUNO, S.A.
• SHEFFIELD DEVELOPMENT CORP.
• CREPOS INTERNATIONAL CORPORATION.
• NEGOCIOS SAVOY, SA.
• LEVIS MANAGEMENT CORPORATION
• URANUS ENTERPRISES CO., INC. -.-
• PARADISE ISLAND SABOGA, S.A.

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• TORSOL, S.A.

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