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Alliance Financial Group S.A.



Alliance Financial Group S.A. - Waarschuwing SMV Panama - 2006-Aug-01



EXPLANATION
WARNING – NON AUTHORIZED ENTITY
The National Securities Commission advice the public that the warning mentioned in our
webpage www.conaval.gob.pa in the section of "Alerta al Inversionista", is referring to
the company ALLIANCE FINANCIAL GROUP, S.A.

All additional information content in the warning has remained as mention.

Agosto of 2006.