The company PUMA Energy accepted and complied with the ex ante remedies established by the Board of Directors (BD) of the Competition Superintendence (CS), complying with the proposed requirements in order to authorize this acquisition.

1. Press Release C. 06-12
El Salvador, February 9th, 2012.
PUMA complies with ex ante remedies
established by the CS
The company PUMA Energy accepted and complied with the ex ante remedies established by the
Board of Directors (BD) of the Competition Superintendence (CS), complying with the proposed
requirements in order to authorize this acquisition.
The companies Puma Energy Centam Holdings I LLC and Puma Energy
“Harmony between Centam Holdings II LLC requested authorization for the purchase of all the
economic efficiency and shares of the companies Esso Standard Oil S. A. Ltd. (ESSO); Servicios
consumer welfare is the Santa Elena, S. A. de C. V.; as well as ESSO´s shares in the Salvadoran
essential equilibrium for refinery Refinería Petrolera Acajutla, Ltda. de C. V. (RASA).
a healthy competition
regime and this is the Pursuant to the resolution dated January 24th, 2012, the BD established as
complex constitutional an ex ante remedy in order to authorize the above cited operation, the
and legal duty of the acquiring company should precise the expected economic efficiencies and
Competition a plan to transfer these efficiencies as direct benefits to consumers.
Superintendence”,
asserted the According to the writ dated January 30th, 2012, the petitioners filed for the
Superintendent, BD´s consideration a document titled “Efficiencies Plan” which contains
Francisco Diaz an approximate detail of the estimated efficiencies resulting from the
Rodriguez. aforementioned purchase; the quantification of savings generated by the
productive efficiencies due to this acquisition; the investments to be
executed, their amounts and way said savings will be directly transferred to the consumers; as well as a
timetable specifying the periods during which the above cited savings will be transferred as benefits to
the consumers.
Some examples of these transfers regarding prices will be the “happy hours” during which fuel prices
will decrease. In addition, the petitioners also set forth the commitment to carry sales, discount
programs using credit cards of the same trademark, and raffles with attractive prizes.
During the next three years, the CS will be responsible for verifying the expected economic efficiencies
and their transfer to the consumer.
Furthermore, the BD´s authorization contains ex post obligations, that is obligations to the complied
with after the acquisition has been closed, such as fuel supply without discriminating the distributors´
flag.

2. Background
October 10th, 2011 Puma Energy filed the acquisition authorization request before the CS.
November 1st, 2011 The BD of the CS admitted the request for analysis.
January 4th, 2012 The BD of the CS established an ex ante remedy in order for the
operation to be authorized.
February 7th, 2012 The BD of the CS issued a resolution having the ex ante remedies
complied with and authorizing the requested acquisition.