eBizGuides Ecuador by eBizGuides

ECUADOR

PRODUCTION Producer: Pascal Belda Regional Director: Esther Posadilla Guide Developers: Xabier Garagorri (Guide Director) Julie Bruneau, Paloma Vizcay and Vera Sharova (Sales Representatives) Pablo Landrau (Economic Journalist) EDITION Written by Xabier Garagorri Artwork and Advertising design: Yasser Torres, Sumika Miho Edited by Florence Broderick & Thomas Wash ACKNOWLEDGEMENTS We sincerely thank the following individuals and companies: The City Hall of Guayaquil and specially Joseph Garzozi and Marigloria Cornejo for believing in this report, for its constant support and for providing beautiful pictures; Cámara de Comercio de Guayaquil (Chamber of Commerce) for their support; Cámara de Industrias de Guayaquil (Chamber of Industry) for providing text, photographs and their support; Chamber of Construction of Quito for their support CAMESPA the Spanish Chamber and Rafael Roldán for its constant support CORPEI and Eduardo Egas for the material and pictures given DELOITTE for helping with the Investment and Legal Framework chapter. MEER (Minister of Electricity and Renewable Energy) and its exMinister Miguel Calahorrano for its support and for providing invaluable photographs; Minister of Tourism for its collaboration with text and pictures Deloitte for helping us with legal and investment framework texts; Santiago Caviedes, Viceminister of the Coordinator Ministry of Economic Policies for sharing with us its vision of the macroeconomy Investecuador and specially Camilo Pinzón, Job Vergara and Alvaro Samaniego for its unvaluable support and belief in this project. The Coordination Ministry of Production and its Minister Nathalie Cely for welcoming our readers. The Embassy of Ecuador in El Salvador and its Ambassador Universi Zambrano for their support. The Embassy of Ecuador in China and its Ambassador Leonardo Arizaga. The Embassy of Spain in Ecuador and its Ambassador Federico Torres Muro. The Embassy of France and its Ambassador Jean-Baptiste Main de Boissiere. The Embassy of the Russian Federation and its Ambassador Jan Burliai. The Economic Bureau of Spain and its Economic Chief Rodrigo Madrazo; Jorge Saade, for helping us from the beginning of this report. The City Hall of Quito in the person of Eduardo Dousdebes for providing information about industrial areas and pictures of the city; The Viceministry of Mines and its exViceminister Luis Bustamante and the Subsecretary Jorge Espinosa for providing material and pictures. The Coordinator Ministry for Strategic Sector for the texts of the future key projects of the country. The Ministry of Housing and Urban Development for the material given; Azucarera Valdez and Eng. Ricardo Ribadeneira for providing photographs; Pedro Armijos, eBizguides’general representative for its unvaluable knowledge of the country and constant support. Hotel Oro Verde Guayaquil, Howard Johnsson Hotels, Hotel Café Cultura and Laszlo Karolyi, Exclusive Hotels and Haciendas of Ecuador and Grand Hotel Guayaquil Hotels for making us feel at home; CENTROSUR; CONELEC and specially Elvira Salvador; Diamond Roses Grupo DOLE and Naportec; QUIPORT and specially Philippe Baril; Cuerpo de Ingenieros del Ejercito and specially Jenny Silva; MVG Comunicaciones and Michelle Villarroel; Metrovia; Iván Martínez, Dean of Economy and Tourism at SEK International University; Manatee Explorer; Andean Travel Company; Cotococha Lodge; Metropolitan Touring; Ministry of Tourism We would also like to thank the heads of the following companies and organizations for their sponsorship and support and without this eBizguide would not have been possible: City Hall of Guayaquil, Hotel Oro Verde Guayaquil, Metrovia, Corporación Noboa, Howard Johnsson Hotels, Grand Hotel Guayaquil, Investecuador, Hotel Café Cultura and Exclusive Hotels and Haciendas of Ecuador, Empresa Electrica de Quito (¿???), Ministerio de Agricultura, Ganaderia, Acuacultura y Pesca (!!!!), LAN, TAME, Prefectura del Gobierno de Pichincha (!!!), Conelec (!!!!), Andean Travel Company.

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Printed by Goü Print ISBN: Legal deposit: 978-84-938169-0-2

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HOW TO USE THIS GUIDE

The goal of eBiz Guides is to offer extensive economic and investment information on a country, with a focus on the top companies, while offering the best tourism and entertainment information for your spare time. With this tool, we believe that our readers can get fully acquainted with the country, before investing in it long term. This book comprises three major sections, which deal with general information, the countryâ&#x20AC;&#x2122;s economy and entertainment and leisure.

General Information

Icons eBiz Recommended These companies were particular favorites of our team during their stays; this stamp is mostly given to restaurants, hotels and so on.

Background information on the country is coupled with a useful map and vocabulary.

Business This section of the book starts off with the main business resources available for you as well as an in-depth look at the countryâ&#x20AC;&#x2122;s investment and legal framework and the economy itself.

eBiz Recommended Partner Our team has been interviewing the heads of many companies; when they choose to allocate this stamp to a company, it is because they have received reliable service from the company.

Through personal interviews with the most important business people in the country, we then provide our readers with privileged information and sector analysis, including introductions written by decisionmakers in the sector, such as government ministers. You will also find fact files of all major corporations, outlining their business activities, key projects and any investment opportunities.

Leisure For you to fall in love with the country, we also showcase the best spots to visit, essential areas to discover, the top hotels, restaurants and much more.

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ATTENTION! This indicates that the information is important and something to take notice of when planning, or during your stay.

Proverbs These local phrases will help you to understand the popular culture in the country better. Perhaps you can use them yourself.

INDEX

INTRODUCTION Map and Country Profile

General Information

Did you know?

Vocabulary

I NDEX

BUSINESS Top Companies

Business Resources

Investment and Legal

Economy

Finance

Energy

Industry and Trade

119

Real Estate and Construction

142

ICTs and Media Companies

159

Guayaquil

171

Tourism Industry

185

Transportation

203

Public Services

217

Education

231

Agriculture and Fisheries

241

ENTERTAINMENT (BY REGION) Introduction

269

Galapagos

270

Guayaquil

284

Andes

290

Useful websites

314 7

ECON. NATHALIE CELY Coordinating Minister of Production, Employment and Competitiveness

Dear Friends, When I think of investing, the first thing that comes to my mind is the word association. The sense of getting together for sharing responsibilities and benefits. I welcome to Ecuador investors who think it is possible to grow together, who have the courage to risk their capital for thousands of Ecuadorians, improving the quality of life and at the same time, knowing that their collaboration will have fair recognition. Ecuador is not a land of speculation, unreasonable profit, is the country of economic ethics. It is a proud nation, that treats with respect its citizens and investors. Our main legal instrument is the Production Code, through which the rules are clearly defined for the State of Ecuador and for investors under the precept that there is no better development that the one than allows everyone to grow. The Politic Constitution of the Republic of Ecuador is the first to recognize the rights of nature. This, far from being a rhetorical statement, is the verification of the country with greater biodiversity per square kilometer, a reality that makes us responsible for preserving one of the largest living laboratories in the world. The commitment of the State, as well as the private producers, investors, tourists, is clear: strengthening the center of the world, nature and humans, as a way to build a new civilization. Therefore I present to you this Ecuador, country of intelligent investment, where we are building a future in which the central axis will always be the integral development of the human being.

Econ. Nathalie Cely Coordinating Minister of Production, Employment and Competitiveness

MAP

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COUNTRY PROFILE

Official name Capital city Government system

President Geographical location

Main cities

Area Population Population growth Population density Religion Unemployment rate GDP per capita External debt Composition of GDP by sector

Employed population by sector

Official language

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Currency Time difference Climate

Required vaccines

The Republic of Ecuador Quito (declared a World Heritage Site by UNESCO) Republic with an elected president for a four-year term that can be re-elected for another consecutive term (next elections to be held in 2013). Rafael Correa Delgado Western South America, bordering the Pacific Ocean at the Equator, Colombia on the north and Peru on the east and south. The country also includes the Galápagos Islands in the Pacific, about 1,000 kilometers (620 mi) west of the mainland. Guayaquil, Quito, Cuenca, Portoviejo, Machala, Santo Domingo de los Colorados, Ambato, Manta, Eloy Alfaro, Riobamba. 283,561 km2 14,790,608 (July 2010 EST.) 1.466% (2010 EST.) 53.8 inhabitants per km2 Roman Catholic 95%, other 5% 7.6% (2010 EST.) $7,800 (2010 EST.) $14.71 billion (31 December 2010 EST.) agriculture: 6.8% industry: 32.9% services: 60.3% (2010 EST.) agriculture: 8.3% industry: 21.2% services: 70.4% Spanish (official), Amerindian languages (especially Quechua) US dollar UTC-5 tropical along coast, becoming cooler inland at higher elevations; tropical in Amazonian jungle lowlands; Because of its location at the equator, Ecuador experiences little variation in daylight hours during the course of a year. There are no compulsory vaccines.

Source: MITUR

GENERAL INFORMATION

Without tenacity, there is no idea that matures Ecuadorian proverb

General Information Introduction Welcome to the Republic of Ecuador, a fascinating country located between Colombia and Peru. With one of the largest concentrations of biodiversity in the world, it is a forward thinking country due to the changes being made to improve it’s industries and to ensure its competitiveness. Ecuador strives to become more attractive to investors and to provide guarantees for its entrepreneurs and workers whilst preserving a natural and priveleged environment.

History The Ecuadorian territory was the northern part of the Inca Empire, with its center in Quito. In 1526 Spanish explorers reached the coast of present day Ecuador. The internal fight for succession between Huascar and Atahualpa decreased the power of the Empire, facilitating its conquest by Sebastian Benalcázar in 1534. Initially, this territory was part of the Viceroyalty of Peru, incorporated in 1717 to New Granada. Despite the separatist movements, the liberation army led by General Antonio José de Sucre, got the lead in 1822. After the victory, the Royal assembly joined the Gran Colombia, of which Venezuela, Colombia and Panama were also a part of. In 1830 it became independent, adopting its title as the Republic of Ecuador. The first president was the Venezuelan General Juan José Flores, who represented the interests of the ultra-conservative group.

In 1833 civil war broke out between conservatives and liberals in Quito, which gave way to a series of conflicts that provoked the creation of dictatorial regimes. In 1895 the liberal revolution led by Eloy Alfaro brought him to power, delivering a liberal constitution during its second term (1907-1911). Alfaro was killed in 1912 and the country found itself under the economic influence of the British Empire. In 1941, after a brief war with Peru, Ecuador renounced its claims to sovereignty over large parts of the Amazon, signing the Peace Protocol of Rio de Janeiro in 1942 which established borders between the two countries. Many of these borders were fundamental in preventing further conflict. In 1972 US companies began to export oil making Ecuador the second largest oil exporter in Latin America after Venezuela. In January 1995 Ecuador found itself in a new armed conflict against Peru. The root of this confrontation being Cordillera del Condor, which boasted large deposits of gold and oil. Thanks to the intervention of the guarantor countries, Ecuador and Peru adopted the Declaration of Peace Itamaratí. In 1998 Jamil Mahuad Witt, the mayor of Quito, was elected president. Under his rule the conflict with Peru was finally settled. As a result of price increases, social protests broke out causing the government to declare the US dollar as the national currency in early 2000. policy which brought about further public protests and general strikes. Mahuad was deposed by a military coup, giving the government the power to Vice President Gustavo Noboa Bejarano due to international pressure. Noboa, however, continued the process of dollarization started by his predecessor. Important dates from 2000:

2001

Actor dressed up as Eloy Alfaro

The exodus of labor (Ecuadorians working in other countries) emerged as a major source of foreign income. It also marked the beginning of the sale of electricity distribution companies. Feb. 2 - Noboa decreed a state of emergency after indigenous uprisings. The Indigenous peoples closed roads in Cuenca, Riobamba, Ambato, Cayambe and other places interprovincial transport in the mountains were in meltdown. Feb. 5 - Three villagers were killed and more than 80 were injured (including 9 soldiers) during armed conflicts at Tena and Ambato.

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General Information

2002

Nov. 3 - The Reventador volcano erupted after 29 years. Nov. 20 - Military depot exploded in Riobamba, 7 to 10 died and hundreds were injured. Nov. 29 - Fidel Castro and Hugo Chávez, respective presidents of Cuba and Venezuela, visited Ecuador.

2003

Jan. 15 - Colonel (Ret.) Lucio Gutiérrez Borbúa assumed power as constitutional president, Alfredo Palacio became Vice President.

2004

Dec. 9 - Gutiérrez government alongside new allies in Congress, removed the Supreme Court and reorganized the Supreme Electoral Tribunal and the Constitutional Court.

2005

Apr. 20 - The "Revolt of the Outlaws", particularly in Quito, created the appropriate conditions for the military to withdraw support to Lucio Gutierrezwhich led to Dr. Alfredo Palacio González assuming the Presidency.Palacio, previously Vice President of Ecuador was voted in an emergency meeting in CIESPAL facilities after clear consensus emerged that Gutierrez had abandoned his constitutional duties The outlaw movement didn’tconsider political parties as their partners but instead as opposition.Predominantly because of their disapproval of the widespread corruption committed by politicians and their associates. Alfredo Palacio appointed a ministerial team including Rafael Correa as Minister of Economy and Finance.

2006

Aug. - Citizen Rafael Correa was a candidate for President of the Republic. Alongside his campaign team (Alianza PAIS) they argued that there was a lack of public credibility amongst traditional politicians and underlined the importance of strengthening institutionalism. Oct. 15 - Together, Rafael Correa and Lenin Moreno progressed to the second round of elections to contest the presidency. Nov. 26 - At 43 years old, Rafael Correa Delgado was elected President of the Republic of Ecuador with the support of 56.67 percent of the electorate.

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2007 Jan. 15 - Economist Rafael Correa assumed the presidency of the Republic and Lenin Moreno Garcés became Vice President. It would be a great challenge for them to deliver the promises stated in their manifesto, especially with such tough parliamentary opposition. Abr. 15 - Correa called a referendum on establishing a Constituent Assembly to rewrite the constitution which received overwhelming support from 81.7% of voters. Sep. 30 - The Ecuadorian over 18 choose the 130 Assembly that elaborated the new Constitution of the Republic of Ecuador, with a result that it is still widespread support to the government of Rafael Correa.60 percent of the representatives to the

Source: Military Engineers Corp

Feb. 7 - The Indigenous peoples reached an agreement with the government to reduce fuel prices and urban transport ceases Indian uprising.

Rafael Correa, President of the Republic of Ecuador

Constituent National Assembly are in the movement Country Agreement.

From 2007

In November 2006, Rafael Correa was elected for the period 2007-2011. The electoral margin was the third highest in the current constitutional and democratic period (1979-2007), second only to that of Jaime Roldós election (1979) and that of Sixto Duran Ballen (1992). The Constituent Assembly election was held on April 15 and Correa´s Alianza PAIS took the majority of the seats. The assembly would sit for a maximum of 180 days with the possibility of a 60 day extension.. Because the new Constitution, had to call general elections to appoint the authorities, with President Correa and in 2009 was re-elected in office in a single lap, a position he has held since August 10 of that year.

General Information

On September 30, 2010 from an early hour there was a work stoppage by the Police of Ecuador and the Air Force. President Rafael Correa in a bid to confront the police directly rebels from the outbreak of the revolt. For 12 hours, President Rafael Correa was detained by force. At night, special forces and military police pulled him from the Police Hospital.

Symbols Flag

When Gen. Eloy Alfaro was president, the Congress of 1900 established the countryÂ´s flag by decree of October 31. The second article stated: "The National Flag will, without any alteration, be the one adopted the Ecuador since proclaimed its independence, whose colors are: yellow, blue and red horizontal lists, in the order they are expressed from top to bottom, the yellow should have a height twice that of the other colours." The colours of our flag have the following meanings: Yellow: gold, the abundant wealth of agriculture and the great resources the country is endowed. Blue symbolizes the ocean, the sky clear and clean of Ecuador. Red: represents the blood shed by the heroes that gave freedom to the country.

The coat of arms went through five processes, since the proclamation of the Independence of Guayaquil, October 9, 1820, until the presidency of Gen. Eloy Alfaro, in 1900. The Ecuadorian shield features the following symbols: The condor, that crowns the shield is an emblem of strength and courage. The golden sun is positioned in the centre of the flag alongside several signs of the zodiac, namely Aries, Taurus, Gemini and Cancer for the months of March, April, May and June, the period in which the battle against General Juan JosĂŠ Flores occurred. The scrubland symbolizes the Chimborazo, the river that stems from it represents the Guayas. The vessel that crosses the waters is also called Guayas and is said to be the first ship built in South America and the first to explore South American rivers since 1841. The vessel and the caduceus (a rod surrounded by two snakes and topped with a hat with wings), symbolizes the locomotion, peace and trade that developed within the country. The palm and laurel branches represent peace and commemorate the glories of the nation whilst the consular beams denote Republican dignity.

Coat of Arms

Coastal Ministry in Guayaquil

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General Information

The National Parlament of Ecuador in Quito

Government structure Ecuador is governed by a democratically elected President, for a four year term. The current president of Ecuador, Rafael Correa, exercises his power from the presidential Palacio de Carondelet in Quito. The current constitution was written by the Ecuadorian Constituent Assembly elected in 2007, and was approved by referendum in 2008. The executive branch includes 28 ministries. Provincial governors and councillors (mayors, aldermen, and parish boards) are directly elected. The National Congress of Ecuador meets throughout most of the year except in the occasion of recesses in July and December. There are 69 congressional committees. Justices of the Supreme Court are appointed by Congress for indefinite terms.

Source: CONELEC

Government and its Institutions meetings are frequent

Foreign Affairs / Foreign Policy

currency and the promotion of the Southern Union. Furthermore, Ecuador returned to the OPEC in 2007 after 15 years of absence and signed several cooperation agreements with Venezuela on energy.

External relations have been marked by regional integration. Two events of particular importance for Ecuador have been the creation of Banco del Sur, which was founded in the Declaration of Rio de Janeiro as a Regional Development Bank and had a key role in developing new projects such as regional

Ecuador started 2008 by opening a number of geoeconomic development policies. In recent years Ecuador has continued to strengthen and develop relationships with Asian countries such as China, Japan, Korea, Singapore and also with Russia in its most strategic sectors.

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General Information

On an international level, Ecuador participated actively in negotiations for an Association Agreement between the European Union (EU) and the Climate Action Network (CAN). Ecuador places great emphasis on multilateral approaches to international issues. Ecuador is a member of the United Nations (and the majority of its specialized agencies) and a member of many regional groups, including the Rio Group, the Latin American Economic System, the Latin American Energy Organization, the Latin American Integration Association, the Bolivarian Alliance for the Peoples of Our America and the Andean Community of Nations.

Political Parties The building of the Azuay Province Government

Since the emergence of Rafael Correa, traditional parties have lost representation. In fact, Rafael Correa himself defined Alianza PAIS as a social movement rather than a political party. Below are the political parties that are represented in Parliament:

Acronym

Ideology

PAIS

Democratic socialism

PAIS Alliance Alianza PAIS

PSP

Conservatism

January 21 Patriotic Society Party Partido Sociedad Patriótica 21 de Enero

PSC

Christian democracy

Social Christian Party Partido Social Cristiano

PRIAN

Right-wing populism

Institutional Renewal Party of National Action Partido Renovador Institucional de Acción Nacional

MPD

Communism

Democratic People’s Movement Movimiento Popular Democrático

MMIN

Municipalist Movement for National Integrity Movimiento Municipalista por la Integridad Nacional

MUPP–NP

Name

Indigenous rights Democratic socialism

Pachakutik Plurinational Unity Movement – New Countr

The Citizen Revolution (Revolución Ciudadana) Citizen Revolution is a project supported by a coalition of political and social movements along with the President Rafael Correa and his Alianza PAIS Movement . It seeks the implementation of socialism in XXI century in Ecuador. 5 axes of the Citizen Revolution:

Constitutional Revolution This document proposed the restructuring of Congress and other state institutions through a constituent assembly with full powers, whose members were elected in 2007 by a popular vote. This assembly was established in the town of Montecristi, Manabi province. The primary goal was to draft a new constitution that would politicize the justice system (that was currently in the hands of more traditional parties) amongst other objectives.

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General Information

On September 30, 2007 Alianza PAIS won the majority of the 130 available seats. As the constitutional reforms will be approved without negotiating with the rightist opposition from January 2007 from the Congress opposed the referendum offered by Rafael Correa's presidential campaign to ask citizens if they wanted to institute a Constituent Assembly with full powers. The opposition, took advantage of Alianza PAISâ&#x20AC;&#x2122;s weak representation in the national congress and tried to block demands to prosecute members of the supreme electoral tribunal [4] as 57 members were dismissed as opponents since according to the Ecuadorian electoral law any officer who attempts to prevent an election is automatically removed from office.

Fight against corruption This element seeks to combat corruption through citizen oversight. It also strives to implement an online electronic system where citizens can check prices on the contracts of sectional bodies like municipalities and compare them with other municipalities. It also promotes the removal of officials by referendum for all national dignitaries including the president. Economic Revolution A plan to support various groups within the economy, such as micro-entrepreneurs, informal traders, farmers and artisans through a system of micro-credits called 5-5-5 (up to $ 5 000, 5 year term and 5% annual interest). It also aims to improve the democratization of the means of production and to ensure joint ventures with other countries.

Revolution of Health and Education Systems Ecuador is seeking to ensure universal health care and free education. In effect, this would increase the percentage of the annual budget allocated to these initiatives by 0.5% of the GDP until it reaches 5% for the health system and 6% for the education system. Rescue of the dignity, sovereignty and the pursuit of Latin American integration To maintain Ecuadorian political and economic sovereignty of the country in the face of international financial organizations and foreign powers who pursue the issue of debt renegotiation. It also seeks cancellation of debt tranches considered illegitimate. In this sense, Ecuador took a decisive step to end its relations with the IMF loan. Additionally, it will decrease the percentage of the budget that the country intended to pay the debt which once reached 50% of the general budget of the state and that 2008 will be reduced to 28%. For 2009 is projected to further reduce the percentage of payment to 12%. The country is also seeking a renegotiation of oil contracts and reintegration of Ecuador within OPEC. In terms of integration with other Latin American With regard to the integration of Latin American countries will host Ecuador's political Unasur (Union of South American Nations) project that seeks to integrate the countries of South America in a single economic and political bloc. Ecuador's government also strongly encourages the creation of the South Bank in partnerships with with Argentina, Venezuela, Brazil, Paraguay and Bolivia.

Ecuador has very well prepared work force

CONELEC

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General Information

Law of Good Living (Sumak Kawsay)

Coordination Ministries

1. The National Plan for Good Living, is the National Development Plan referred to in Article 280 of the Constitution. It consists of 12 change strategies and 12 objectives.

Coordination Ministry of Social Development Santa María E4-333 and Amazonas, Tarqui Building, 8th Floor, Quito Tel: +593 2 2909 189 www.desarrollosocial.gob.ec atencionalciudadano@desarrollosocial.gob.ec

2. The Plan seeks to realize the 5 Revolutions proposed by the Government: Constitutional and democratic, Ethics, Economic and agricultural, Social, and Dignity, Sovereignty and Integration. These revolutions are "a conceptual break". 3. Starting from the premise that development should be central to man and not markets or production, it is based on the diagnosis that the Ecuadorian economy is highly concentrated on extractive, primary-exporting activities (which implies a stagnation in industry), it sets a new pattern in specialization focused on secondary and tertiary production, it generates,adds value, and aims to develop the domestic market while taking advantage of foreign trade. 4. However, the emphasis of this plan is to reposition the state as a strong actor in the economyand enable it to influence the market behavior and even consumption decisions of the population. In this context, the State takes control of strategic sectors of the economy (cement, pharmaceuticals, mining etc.) i.e. those that are associated with the exploitation of natural resources, as well as others such as those related to biochemistry, hardware and software, tourism and the environment. 5. To fulfill its role in the economy, the state will have strong investments and, in turn, it will impose restrictions on private investment particularly in strategic industries.

Addresses of the Ministries Institutional Directory Presidential Office García Moreno N10-43, between Chile and Espejo, Quito Tel: +593 2 3827 000, 2584 000 www.presidencia.gob.ec Vice-Presidency Calle Benalcázar N4-40, between Espejo and Chile, Quito Tel: +593 2 2584 574 www.vicepresidencia.gob.ec

Coordination Ministry of Natural and Cultural Heritage Alpallana Street E7-50 and Whymper María Victoria 3 (Banred), Floors 1, 2 and 3, Quito Tel: +593 2 2557 933, 2525 280, 2541 979 www.ministeriopatrimonio.gob.ec Coordination Ministry of Strategic Sectors Av. Amazonas 44-30 and Villalengua, First Floor, Amazonas Building 100, Quito Tel: +593 2 2260 169, 2923 323, 2268 447 www.micse.gob.ec Coordination Ministry of Policy and Autonomous Governments Venezuela N3-66, between Sucre and Mirror, Quito Tel: +593 2 2288 367 www.mcpolitica.gob.ec comunicacion@mcpolitica.gob.ec Coordination Ministry of Economic Policy Av. 10 de Agosto and Briceño (Central Bank of Ecuador Building) Floor 8 and 9, Quito Tel: +593 2 2584 186, 2583 329 www.mcpe.gob.ec Coordination Ministry of State Security Calle García Moreno and Bolivar (corner), Building: Former Central Bank Historical Archive, Quito Tel: +593 2 2287 666 www.micsie.gob.ec info@micsie.gob.ec Coordination Ministry of Production, Employment and Competitiveness Av. La Coruña E-2558 and San Ignacio Altana Plaza Building Floor 4, Quito Tel: +593 2 3815 600 www.mcpec.gob.ec

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General Information

The sommet of the Cotopaxi Volcano

Ministries Ministry of Education Av. Amazonas N34-451 between Av. Atahualpa and Juan Pablo Sanz, Quito Tel: +593 2 3961 300, 2 3961 400, 2 3961 500 www.educacion.gob.ec Ministry of Housing and Urban Development Av. 10 de Agosto 2270 and Cordero, 6th floor, Quito Tel: +593 2 2566 785 www.miduvi.gob.ec despacho@miduvi.gob.ec Ministry of Culture Colón E 534 and Juan León Mera, Quito Tel: +593 2 3814 550 www.ministeriodecultura.gob.ec comunicacion@ministeriodecultura.gob.ec Ministry of Tourism Av. Eloy Alfaro N32-300 and Carlos Tobar, 2nd Floor, Quito Tel: +593 2 3999 333 www.turismo.gob.ec

Ministry of Finance Av. 10 de Agosto 1661 and Bolivia, Quito Tel: +593 2 3998 300, 3998 400, 3998 500, 3998 600 www.finanzas.gob.ec mefecuador@finanzas.gob.ec Ministry of Foreign Affairs, Trade and Integration Carrión E1-76 and Av. 10 de Agosto, Quito Tel: + 593 2 2993 200 www.mmrree.gob.ec webmast@mmrree.gob.ec Ministry of Agriculture, Livestock, Aquaculture and Fishery Av. Amazonas and Eloy Alfaro, Quito Tel: +593 2 3960 100, 3960 200 www.magap.gob.ec Ministry of Industry and Competitiveness Av. Eloy Alfaro and Amazonas, Quito Tel: + 593 2 2546 690, 3960 121 www.mic.gob.ec

Ministry of Electricity and Renewable Energy Av. Eloy Alfaro N29-50 and 9 de Octubre, Quito Tel: +593 2 3976 000 www.meer.gob.ec Ministry of Transport and Public Works Juan León Mera N 26-220 and Av. Orellana, Quito Tel: +593 2 2550 100, 2553 638, 2560 290 www.mtop.gob.ec

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General Information Geography

5 14

13 7

23 4

12 11

18 10

2 9

3 22

6 8

Cities and Departments 1 Pichincha 2 Guayas 3 Azuay 4 Manabí 5 Esmeraldas 6 El Oro 7 Los Ríos 8 Loja 9 Cañar 10 Chimborazo 11 Bolívar 12 Tungurahua

13 Cotopaxi 14 Imbabura 15 Carchi 16 Zamora-Chinchipe 17 Morona-Santiago 18 Pastaza 19 Napo 20 Sucumbíos 21 Orellana 22 Galápagos 23 Santo Domingo 24 Santa Elena

million live in the Sierra. In the Pacific Coast the figure is closer to 6 million inhabitants. In the Amazon there are over 600 thousand inhabitants, and in the Galapagos an estimated 17 thousand inhabitants. The largest cities are Guayaquil, Quito, and Cuenca. Ecuador is divided into 24 provinces (Spanish: provincias), each with its own administrative capital:

Population and Housing Census statistics recorded in 2010 show that Ecuador has a population of 14.306.876 inhabitants. Population density is around 45 inhabitants per square kilometer. Over half of the people (59.8%) are between the ages of fifteen and sixty-four. Ecuador is multiethnic and multicultural. Its population exceeds 14 million. Out of that, more than 5 ½

Flags of Ecuador and Guayaquil altogether

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General Information

Province

Capital

Population

Azuay

Cuenca

702.893

Bolívar

Guaranda

182.744

Cañar

Azogues

223.563

Carchi

Tulcán

165.659

Chimborazo

Riobamba

452.352

Cotopaxi

Latacunga

406.798

El Oro

Machala

588.546

Esmeraldas

520.711

Galápagos

Puerto Baquerizo Moreno

22.770

Guayas

Guayaquil

3.573.003

Imbabura

Ibarra

400.359

Loja

446.743

Los Ríos

Babahoyo

765.274

Manabí

Portoviejo

1.345.779

Morona-Santiago

Macas

147.866

Napo

Tena

104.047

Orellana

Puerto Francisco de Orellana

137.848

Pastaza

Puyo

84.329

Pichincha

Quito

2.570.201

Santa Elena

301.168

Santo Domingo

365.965

Sucumbíos

Nueva Loja

174.522

Tungurahua

Ambato

500.755

Zamora-Chinchipe

Zamora

91.219

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Ecuador has three main geographic regions, plus an insular region in the Pacific Ocean: • La Costa, or the coast, is comprised of the low-lying land in the western part of the country, including the Pacific coastline. • La Sierra, ("the highlands") is the high-altitude belt running north tosouth along the centre of the country, its mountainous terrain is dominated by the Andes mountain range. • La Amazonía, also known as El Oriente ("the east"), includes the Amazon rainforest areas in the eastern part of the country, accounting for just under half of the country's total surface area, whilst only populated by less than 5% of the population. • La Región Insular is the region comprising the Galápagos Islands, some 1,000 kilometers (620 mi) west of the mainland in the Pacific Ocean. Ecuador's capital is Quito, which is in the province of Pichincha in the Sierra region. Its largest city is Guayaquil, in the Guayas Province. Cotopaxi, which is just south of Quito, features one of the world's highest active volcanoes. The top of Mount Chimborazo (6,310m above sea level) is considered to be the most distant point from the center of the earth, given the ovoid shape of the planet.

Climate There is great variety in the climate which is largely determined by varying altitudes. It is mild all yearround in the mountain valleys and there exists a humid Subtropical climate in coastal areas and rain forests in the lowlands. The Pacific coastal area has a tropical climate, with a torrential rainy season. The climate in the Andean highlands is temperate and relatively dry. Quito is dominated by the spring weatherbut can see extreme changes in relatively short periods of time. The temperature can reach 25 degrees during the daylight hours while at night may drop to 7 degrees. This same climate is maintained throughout the year apart from changes to rainfall levels for 2 to 3 months a year. The Amazon basin on the eastern side of the mountains shares the same climate as other rain forest zones. Because of its equatorial location, Ecuador experiences little variation in daylight hours during the course of the year.

Biodiversity Ecuador is one of seventeen megadiverse countries in the world according to Conservation International. In addition to the mainland, Ecuador owns the

Traditional Tigua painter

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Galapagos Islands, for which the country is most well known. Ecuador has 1,600 bird species (15% of the world's known bird species) in the continental area and there are 38 more endemic species in the Galápagos. In addition to over 16,000 species of plants, the country has 106 endemic reptiles, 138 endemic amphibians, and 6,000 species of butterfly. The Galápagos Islands are well known for their distinct fauna, reknowned as the place of birth of Darwin's Theory of Evolution and it is listed as a UNESCO World Heritage Site.

Languages and etnies Spanish is the official and business language. English is spoken extensively, especially in business circles. According to the Unesco’s Atlas, Ecuador has 14 languages vulnerable but according to the UN 8 are in "critical condition of extinction”. Of this group, two are considered extinct: Ando and Tetete. Sia Padee and Zapara have been placed in the critically endangered category. Ancestral languages of the Ecuadorian Amazon: 1. Paikoka: Language spoken by the Sekoya Nationality. 2. Shiwiar Chicham: the Shiwiar nationality speaks. 3. Achuar Chicham: The language spoken by the Achuar nationality. 4. A’ingae: The dialect used by Ai, commonly known as Cofán. This tribe hail from Aguarico and San Miguel which are situated in the province of Sucumbios. The speaking communities of a'ingae are: Dureno, Duvuno, Sinang, Bermejo, Chad, Chang Na'en. 5. Waotededo: Language spoken by the Wao tribein the areas of the Yasuni rivers, Cononaco Curaray Nushiño and in the provinces of Napo and Pastaza.

province of Pastaza and in Balsaura. is the only Ecuadorian language that indicates gender in the verb. Indigenous languages of the coast: 1. Awapit: Belongs to the Chibcha linguistic family. The Awa tribe and their language are present in both Ecuador and Colombia. They can be found on the borders of Carchi and Esmeraldas and in the northwestern part of Imbabura. 2. Pede Zia: This language belongs to the Epera tribe. They are situated in the province of Esmeraldas. 3. Cha’palaa: Language Spoken by the Chachi "cayapas tribe". They can be found in the Cayapas river and in Muisne Canandé in Esmeraldas. 4. Tsafiqui: Meaning "man's tongue"is that language of the Tsa'chila tribe. They are located in the more modern province of Santo Domingo de los Tsa'chila, formerly part of the province of Pichincha. Language spoken throughout the country: Kichwa: Language spoken by the 14 towns of the Kichwa tribue that are situated in the Amazon, the Coast and throughout the Andean region. The speakers of this language are located in the provinces of the inter-Andean corridor and throughout the east. Migration processes have also led to the use of Quechua being maintained in some coastal provinces.

Culture Ecuadorian culture is diverse and wide-reaching. It has been influenced by Spanish conquerors, ancient traditions and prehistoric customs. The population is composed of many ethnic groups and as a result is immensely diverse.

Classical music concerts happen all year round

6. Shuar Chicham: Spoken by the Shuar tribe, otherwise known as Jivaros because of their warrior attitude. These indigenous peoples are located in Zamora Chinchipe, Morona Santiago and Pastaza and to some extent in Napo, Sucumbíos and in some coastal provinces. 7. Kayapi or Sapara Atupama: Language spoken by the Sapara tribe. It is declared as a national and intangible heritage of humanity by UNESCO. 8. Baikok: Located in Curaray and in the northern

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The largest of these ethnic groups are the Mestizos (those of mixed Spanish and Amerindian ancestry) and they constitute 65% of the population. The Amerindians account for approximately 25% of the population. A small minority of Afro-Ecuadorians, including the mulattoes, make up the rest. A few decades ago most of the population was concentrated in the Andean highlands but now the population is more equally distributed between the Sierra and the Coast whilst a small percentage still live in the Galapagos islands.

CURRENCY Ecuador has dollarized its economy and currently uses the United States of America Dollar as legal tender for national and international transactions. Prices, wages, accounting records are expressed in US Dollars.

Public Holidays January 1st February 23 to 24 April 9 May 1 July 24 August 10 October 9 October 12 November 2 November 3 December 25

New Year Carnival Maundy Thursday Battle of Pichincha Bolivarâ&#x20AC;&#x2122;s Birthday First Cry Independence Independence of Quito Independence of Guayaquil Discovery of America All Souls Day Independence of Cuenca Christmas

Working Hours The normal working hours in the public sector are from 8:30 to 16:30, whilst in the private sector this time can range from a single day (8:00 to 16:00) to a double day 9:00 to 13:00 and 15:00 to 18:00. Cultural Direction of Guayaquil

Internet is easily available

TELECOMUNNICATIONS Fixed phones The fixed phone network covers all parts of the country. There are 2 public companies: CNT - National Telecommunications Company, (the result of the merger of the Andinatel and Pacifictel) and ETAPA in Cuenca. CNT has 90% of the fixed phone market. Significant private companies include: Linkotel SA, Setel (from TVCable Group Telecommunications Services), Telmex and Etapa Telecom SA. The country code is +593. ATMs are easy to find

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Movile phones This market has been dominated by foreign operators such as CLARO (70% of the market, belongs to the Mexican America Mobile which changed its name from PORTA), and Telefónica (around 30% of the market is commanded by this Spanish company). CNT also own a third company named Alegro. Blackberries are very popular. Internet The internet is an intrinsic part of the Ecuadorian economy with extensive broadband access. The use of internet on smartphone is becoming increasingly popular. Small internet cafés can be found almost everywhere.

Health And Security We would recommend to all businessmen and investors to use private hospitals as they are of a far superior quality and have experienced doctors. No vaccines are compulsory but it is always recommended that basic ones are updated and that the yellow fever vaccine is administered if you intend on visiting the Amazon area. Take a look at the Health chapter where you will find profiles of the best private hospitals in the country.

TRANSPORTATION By Plane Ecuador is very well connected by plane and gradually many new airports are being constructed. There are international airports in: Bahía de Caráquez, Latacunga, Cuenca, Guayaquil, Manta, Baltra, Portoviejo, Salinas, San Cristóbal, Tulcán and Quito.Ecuador's biggest airlines are TAME, LAN and Aerogal (recently bought by Avianca TACA in 2010) and then there are some small ones such as Icaro and Air Cuenca. The larger airlines offer daily service to 10 cities in Ecuador. These 3 are also the only airlines that fly to the Galápagos Islands. Flying within Ecuador is affordable and well worth considering because of the short distances from point-to-point it can save you many hours of travel time. For example, a flight from Quito to Guayaquil takes about 35 minutes and costs around $120 round trip, while the bus takes over 8 hours each way and costs roughly $24 return. A flight from Quito to Lago Agrio, the nearest airport to the Cuyabeno National Reserve in the Amazon, takes 25 minutes and costs $220 round trip opposed to the 8-10 hour bus ride on dated and rough roads that costs $16 round trip. It is easiest to stop at a travel agency to book your flight

In Guayaquil we would recommend that you only take taxis from hotels or reliable taxi chains to avoid any trouble. Regardless, only use yellow taxis with official stickers and try to memorize the license plate. We took many taxis and never encountered any problems whatsoever.

Visas Entry and exit formalities The Ecuadorian authorities grant two types of visa to foreigners wishing to enter the country: - Immigrant Visa Types 10-I (rentiers), 10-II and 10-III (Investors), 10 IV (permanent workers), 10-V (professionals), 10-VI (amparo). - Non-Immigrant Visa Types 12-I (diplomats), 12-II (senior foreign officials), 12-III (employees diplomats); 12-IV (refugees), 12-V (students), 12-VI (working), 12VII (missionaries), 12-VIII (cultural exchange), 12-IX (commercial transactions), 12-X (bystanders). Check with your embassy but most nationalities do not require a visa. Once you arrive you’ll get a maximum of 3 months (90 day) tourist visa. All travelers must pay a $40 tax before leaving the country’s airports.

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The airport network covers the whole country, including Cuenca

By Car After air travel, cars are the second best option and extremely useful once you arrive at your destination. The general philosophy of drivers in Ecuador is 'I have the right of way'. In practice, whoever has a larger vehicle goes first. As a result, you will encounter lots of horns blaring, brakes screeching and pedestrians running in the big cities. There are some advantages to renting a car whilst you are travelling in Ecuador.

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There are some spots where buses dare not venture and can only be reached by 4-wheel drive, on bicycle or by foot. Secondly, Ecuadorian roads are undergoing extreme maintenance nationwide in some instances increasing the number of lanes from 2 to 8. In order to legally drive in Ecuador, you need an international driver’s license which must be used in conjunction with a driver’s license from your home country. Passport and credit cards are compulsory. It’s a good idea to also have comprehensive insurance coverage. Several car rental companies operate in Ecuador; all charge in the region of $50 a day.

By Bus Bus is the most common method of transportation for Ecuadorians as well as the cheapest, they operate with great frequency and throughout the entire country. The best way to get used to these buses is by reading the major destinations on the placards on the front window of the bus and by asking the driver and/or driver's assistant if they will be passing by your destination. Bus drivers, especially in the sierra, are fearless and drive very quickly towards advancing cars. You may not want to sit at the very front where you can see exactly what the driver is doing. Sometimes it is better not to know! Most longdistance buses are equipped with on board TV and DVD entertainment as you speed around the windy two-lane mountain roads. Only use the bus if you cannot afford to travel by plane or to rent a car.

By Train Despite the construction of a railway from the Sierra to the coast in 1873 the train is only really used for tourism. One popular thrill ride is “La Nariz del Diablo” (the Devil's Nose) a series of switch back tracks that run from downtown Riobamba to Alausi where the scenery is stunning. The National Railroad Company is trying to recover hundreds of abandoned and unused kilometres.

of the dashboard, below the radio. Currently, the meters start at $0.35 and go up from there. During the daytime,taxis must use it if the passenger asks. When dealing with foreigners, some of the more relaxed drivers will hide it or claim that it doesn't work. As a rule of thumb: once you flag down a cab, ask to see the taximeter before you get in. If the driver starts mumbling something about it being broken, get the next cab or try to negotiate a good price. There are some exceptions: taxis at the airport are not required to use the taximeter and instead negotiate directly with passengers. Before you get in the cab, however, you should agree on the price for your destination. It will go up if you're sitting in the back seat when you begin to negotiate. From the airport, expect to pay anything from $5 to the Mariscal but more for Old Town. After 9 p.m, Quito cabs are allowed to disconnect their taximeters and bargain with passengers. Expect to pay about a dollar more than you would for the same trip in the daytime. Again, you should negotiate before you get in the cab: never simply get in and ask how much it was once you arrive at your destination. The buses stop running at about 8 p.m and after that it is safer to travel by taxis, even for very short distances.

Hitchhiking Although this is not a common method of travel for businessmen we included it – just in case! In a country full of pickup trucks, hitchhiking is a fairly common way to get around, especially in small towns where there is no established bus system. Some drivers, especially in larger pickup trucks with seats and wooden walls to block the wind will charge a small fee. You should always ask about the price before hopping in. Although hitchhiking is more common in Ecuador than in many other countries, it is still not guaranteed to be safe. Use common sense, especially if you are a woman or travelling alone.

FOREIGN EMBASSIEs

By Taxi

Foreign Embassies in Quito

In Quito and Guayaquil, taxis are fundamental in getting around. They are relatively cheap, reliable and safe. However, there are a few rules and tips you need to familiarize yourself with first. In Quito (but not in Guayaquil), taxis are required to have a taximetro ( taxi meter) which measures how much the passenger must pay. Generally, the drivers keep it in the centre

Germany Av. Naciones Unidas E 10-44 y República de El Salvador, Edif. Citiplaza, piso 12 - 14, Quito Tel: 29 70 820 / 099 49 79 67 Fax: 29 70 815 / 29 70 816 PO 17 17 536

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info@quito.diplo.de www.quito.diplo.de Argentina Av. Amazonas No. 21-147 y Roca, Piso 8, Of. 812 a la 820, Quito Tel: 25 62 292 / 25 64 149 / 09 97 39 957 Fax: 25 68 177 PO 17 21 0002 / 17 12 937 embarge2@uio.satnet.net embarge2@andinanet.net www.cancillleria.gov.ar Bolivia Av. Eloy Alfaro No. 2432 y Fernando Ayarza, Quito Tel: 22 44 830 / 22 44 831 Agregaduría de Defensa: 3 330 627 Fax: 22 44 833 PO 17 21 0003 emboliviaquito@andinanet.net Brazil Edificio España, Av. Amazonas 1429 y Colon, Pisos 9 y 10, Quito Tel: (+593 2) 25 63 142 / 25 63 141 / 25 63 086 / 25 63 115 Fax: (+593 2) 25 04 468 Casilla 17 01 231 ebrasil@embajadadelbrasil.org.ec www.embajadadelbrasil.org.ec Canada Av. Amazonas 4153 y Unión Nacional de Periodistas, edificio Eurocenter, 3er Piso, Quito Tel: 24 55 499 / Fax: 22 77 672 PO 17 11 6512 quito@international.gc.ca www.ecuador.gc.ca Chile Juan Pablo Sanz 3617 y Amazonas, Edif. Xerox, 4to Piso, Quito Tel: 22 49 403 / 24 53 327 / 24 52 752 / 24 66 780 Fax: 24 44 470 / 22 58 447 PO 17 17 206 embachileecu@uio.satnet.net China Av. Atahualpa 349 y Av. Amazonas, Quito Tel: 24 33 337 / 24 44 362 Economic and Commercial Office: 24 33 474 Military Office: 22 53 759 Political Office: 22 46 543 Consulate: 24 33 407 Cultural Office: 24 33 502 Fax: 24 44 364/62

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South Korea Av. 12 de Octubre 1942 y Cordero, Edf. World Trade Centrer, Torre B, piso 3, Quito Tel: 29 09 227 / 29 09 228 / 29 09 229 Fax: 25 01 190 PO 17 03 626 embajada_decorea@yahoo.com ecuador@mofat.go.kr Costa Rica Isla San Cristóbal N44-385 y Guepi (Jipijapa), Quito Tel: 24 40 781 / 22 56 016 / 22 52 330 Fax: 22 54 087 PO 17 03 301 embajcr@uio.satnet.net secretcr@uio.satnet.net Cuba Mercurio 365, entre la Razón y El Vengador, Quito Tel: 22 60 981 / 24 56 936 / 22 59 183 Fax: 24 30 594 embajada@embacuba.ec http://embacu.cubaminrex.cu Egypt Av. Tarqui E 4 - 56 y 6 de Diciembre, Quito Tel: 25 09 501 / 22 25 240 Fax: 25 63 521 PO 17 7 9355 embassy.quito@mfa.gov.eg El Salvador Av. República de El Salvador 733 y Portugal, Edif. Gabriela III, penthouse, Quito Tel: 24 33 070 / 24 61 883 Fax: 22 42 829 embajada@elsalvador.com.ec www.elsalvador.com.ec Spain Francisco Salazar E12-73 y Toledo, Quito Tel: 32 26 296 / 32 26 303 / 32 26 896 Fax: 32 27 805 PO 17 01 9322 emb.quito@mae.es www.mae.es/embajadas/quito United States Of America Avigiras 12-170 y Eloy Alfaro, Quito Tel: 39 85 000 After hours numbers: 0 97 88 222/ 39 85 000 Fax: 39 85 100 PO 17-17-1538

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France Calle Leonidas Plaza 107 y Patria, Quito Tel: 29 43 800 / 29 43 840 (visas) Fax: 29 43 809 / 25 66 424 / 29 43 839 PO 1913 y 536 chancellerie.quito@ifrance.com www.ambafrance-ec.org

Italy Calle La Isla 111 y Humberto Albornoz, Quito Tel: 25 61 077 / 25 61 074 / 22 38 685 Fax: 25 02 818 / Visas 25 64 133 / 099 780861 PO 17-03-72 archivio.quito@esteri.it www.ambitalquito.org

United Kingdom Av. Naciones Unidas y República de El Salvador, Edif. Citiplaza, Piso 14, Quito Tel: 29 70 800 / 29 70 801 Fax: 29 70 809 PO 17-17-830 embajadabritanicaquito@cablemodem.com.ec www.britembquito.org.ec www.ukinecuador.fco.gov.uk

Japan Av. Amazonas N39-123 y José Arízaga, Edif. Amazonas Plaza, Pisos 11 y 12, Quito Tel: 22 78 700 / 24 56 426 / 24 68 738 Fax: 24 49 399 PO 17-21-01518 japembec@embajadadeljapon.org.ec embapon@embajadadeljapon.org.ec www.ec.emb-japam.go.jp

Guatemala República de El Salvador 733 y Portugal, Edif. Gabriela 3, Piso 3, Of. 301, Quito Tel: 24 59 700 / 24 37 751 Fax: 22 64 228 PO 17 03 294 embecuador@minex.gob.gt www.guatemala-ecuador.org

Malta Av. Amazonas 477 y Roca, Edificio Río Amazonas, Piso 10, Of. 1001, Quito Tel: 22 24 703 Fax: 22 27 344 PO 17-01-1229 magansa@fdm.com.ec

Netherlands Av. 12 de Octubre 1942 y Cordero, Edif. WTC, Torre A, Piso 1, Quito Tel: 22 29 229 / 22 29 230 / 22 29 231 / 22 29 232 / 22 29 233 / 22 29 234 Fax: 25 67 917 PO 17 21 1384 qui-@minbuza.nl www.mfa.nl/qui Honduras Av. de los Shyris y calle Suecia No. 277, Edf. Suecia, piso 5 Norte, Quito Tel: 24 38 820 / 24 42 476 / 22 54 196 Fax: 24 42 476 PO 17-03-4753 embhquito@yahoo.com Israel Av. Coruña E26-48 y San Ignacio, Edificio Altana Plaza, piso 5, Quito Tel: 39 71 500 / 2 Fax: 39 71 555 PO 17-21-038 info@quito.mfa.gov.il www.quito.mfa.gov.il Opening hours, Mon - Fri: 09:00 - 13:00 hrs

Mexico Av. 6 de Diciembre N36 - 165 y Naciones Unidas, Quito Tel: 29 23 770 / 29 23 771 Fax: 24 48 245 embajadamexico@embamex.org.ec www.sre.gov.mx/ecuador Panama Flores Jijón No. 268 y Manuel Sotomayor, Sector Bellavista, Quito Fax: (+5932) 33 30 640 / 33 30 641 PO 17 07 9017 panaembaecuador@hotmail.com www.embajadadepanamaecuador.com Paraguay Av. 12 de Octubre, esquina Gral. Francisco Salazar, Edif. Torre Sol Verde, Piso 8, Quito Tel: 29 09 005 / 29 09 006 Fax: 29 09 006 embapar@uio.satnet.net Opening hours, Mon - Thur: 8:30 a 15:00 hrs Opening hours, Friday: 8:30 a 13:00 Peru Av. República de El Salvador N 34-361 e Irlanda, Quito Tel: 24 68 410 / 24 68 411 / 24 68 404 Fax: 22 52 560

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PO 17 - 07 - 9380 embaperu-quito@rree.gob.pe www.embajadadelperu.org.ec Opening hours, Mon - Fri: 09:00 - 13:00 and 15:00 - 18:00 hrs. Dominican Republic C/German Alemán E 12-80 and Juan Ramírez, behind Megamaxi (Batan Alto), Quito Tel: 24 34 232 / 2244 478 / 2269163 Fax: 2434275 info@embajadadominicanaecuador.com www.embajadadominicanaecuador.com Opening hours, Mon - Thur: 09:00 - 17:00 hrs Opening hours, Fri: 09:00 - 15:00 hrs Russia Reina Victoria 462 and Ramón Roca, Quito Tel: 25 26 361 / 25 26 375 Fax: 25 65 531 PO 17 01 3868 embrusia@accessinter.net www.ecuador.mid.ru The Vatican Orellana 692 E10-03, Quito Tel: 25 05 200 / 25 05 201 Fax: 25 64 810 PO 17 07 8980 nunzec@uio.satnet.net Opening hours, Mon - Fri: 08:30 a 13:00 and 15: 00 - 17: 30 hrs Satudays: 08:30 - 13:00 Switzerland Av. Amazonas 3617 y Juan Pablo Sanz, Edif. Xerox, Piso 2, Quito Tel: 24 34 949 Fax: 24 49 314 PO 17-11-4815 qui.vertretung@eda.admin.ch www.eda.admin.ch/quito Horario: 09:00 a 12:00 horas de lunes a viernes Uruguay Av. 6 de Diciembre 2816 y Paul Rivet, Edif. Josueth González Piso 9, Quito Tel: 2563 762 / 2544 228 Fax: 2563 763 PO 17-12-282 uruguay@embajadauruguay.com.ec Opening hours, Mon - Fri: 09:30 a 15:30 hrs Venezuela Av. Amazonas N 30-240 y Eloy Alfaro, Edif. COMONSA, pisos 8 y 9, Quito

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Tel: 25 54 032 / 25 57 209 /25 54 483 Fax: 25 20 306 / 22 32 334 / 32 38 318 / 09 82 31 175 PO 17-01-688 embve.ecqto@mre.gob.ve www.venezuela.org.ec

Ecuador’s Embassies Abroad Germany Joachimstaler Str. 10-12, 10719 Berlín, Federal Republic of Germany Tel: (+4930) 800 9695 Fax: (+4930) 800 9696 eecualemania@mmrree.gov.ec Argentina Av. Quintana 585, piso 9 Postcode: C1129 ABB Buenos Aires Tel: (+54 11) 4804 0073 (+54 11) 4806 3464 (+54 11) 4804 3051 Fax: (+54 11) 4804 0074 embecuador@embecuador.com.ar Australia 6 Pindari Crescent O’Malley, ACT 2606, Australia Tel: (+612) 6286 4021 Fax: (+612) 6286 1231 embecu@bigpond.net.au consuecu@bigpond.net.au Austria Goldschmiedgasse 10/2/24, A 1010 Viena Austria Tel: (+431) 535 3208 / (+431) 535 3218 Fax: (+431) 535 0897 mecaustria@chello.at Belgium Av. Louise 363, 9th floor 1050 Brussels, Belguim Tel: (+ 322) 644 30 50 Fax: (+ 322) 644 28 13 amb.equateur@skynet.be Bolivia Calle 10 No. 8054, Calacoto Casilla de Correo No. 406 La Paz, Bolivia Tel: (+591 2) 278 4422 / (+591 2) 211 5869 Fax: (+591 2) 277 1043 eecuabolivia@mmrree.gov.ec

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Brazil SHIS QL 10, Conjunto 8, Casa 01 CEP: 71630085, Brasilia DF, Brasil Tel: (+55 61) 3248 5560 Fax: (+55 61) 3248 1290 embeq@solar.com.br eecubrasil@mmrree.gov.ec Canada 50 O’Connor Street, Office 316, Ottawa, Ontario K1P 6L2, CANADA Tel: (+1613) 563 8206 / 563 4286 Fax: (+1613) 235 5776 mecuacan@rogers.com Chile Av. Providencia No. 1979 y Pedro Valdivia, Quinto Piso, 7500945 Providencia, Santiago, Chile PO 16007, Correo 9 Tel: (+562) 231 5073 / 231 2015 Fax: (+562) 232 5833 embajadaecuador@adsl.tie.cl http://www.embajadaecuador.cl/ China 2-62 San Li Tun Office Building Beijing 100600, People´s Republic of China Tel: (+86-10) 6532 3849 / 6532 0489 / 6532 3158 Fax: (+86-10) 6532 4371 eecuchina@mmrree.gov.ec Colombia Calle 72, Nº 6-30, Edificio Mazuera, Piso 7, Bogotá Tel: 00571 212 65 12/23/25/41/49/69 Fax: 00571 212 65 36 eecucolombia@mmrree.gov.ec

Consulate Ext.: 102 PO 1374 - 1000, San José eecucostarica@mmrree.gov.ec www.consuladoecuadorsj.com Cuba Av. Quinta A, 4407, entre 44 y 46 Miramar, La Habana, Cuba Tel: + 537 2042868 / 2141425 Fax: + 537 2042 868 embecuador@yahoo.com Egypt 33, Ismail Mohamed St, 2nd Floor, Zamalek, El Cairo Tel: (+2) 02 27372776 / (002) 02 2736 7355 / (+2) 02 2736 1839 Fax: (+2) 02 2736 1841 Emergency number for Ecuadorian citizens. Mobile phone number: (+2) 01 0927 8027 ecuademb@link.net El Salvador 15 Calle Poniente y 87 Av. Norte, No. 830, Colonia Escalón, San Salvador, El Salvador, C.A. Tel: (503) 2263 5258 / 2263 5325 Fax: (503) 2264 2973 eecuelsalvador@mmrree.gov.ec Spain Calle Velásquez No.114 - 2º, Derecha 28006 Madrid (+34) 91-5625436 (Ambassador´s office) (+34) 91-5627215 (+34) 91-5627216 Fax: (+34) 91-7450244 embajada@mecuador.es

South Korea 19th Fl, Korea First Bank Bldg. 100 Gongpyeong-Dong, Jongno-Gu Seoul, Korea 110-702 Tel: (+82-2) 739 2401 / (+82-2) 739 2402 Fax: (+82-2) 739 2355 eecucorea@mmrree.gob.ec

United States Of America 2535 15th St. N.W. Washington, D.C. 20009, U.S.A. Tel: (+1 202) 234 7200 / (+1 202) 234 7201 Ext. 117 (+1 202) 234 7202 / (+1 202) 234 7203 Fax: (+1 202) 667 3482 / 234 3429 / (+1 202) 265 6385 embassy@ecuador.org

Costa Rica Casilla Postal 1374-1000 San José, Costa Rica San José, Costa Rica Tel: (+506) 232 1503 (PBX) Consulate Ext.: 101 Embassy Fax Ext.: 105 Fax: 232 1562

France 34 Ave. de Messine 75008 Paris, France Tel: (331) 4561 1021 / (331) 4256 2259 Fax: (331) 4256 0664 embajadaenfrancia@ambassade-equateur.fr www.ambassade-equateur.fr

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United Kingdom Flat 3b, 3 Hans Crescent London, SW1X OLS Tel: +44 207 584 1367 / +44 20 7 590 2507 Líneas directas: +44 20 7 590 2501 eecugranbretania@mmrree.gov.ec Guatemala Cuarta Av. 12-04 Zona 14, Guatemala Tel: (+502) 2337 2902 / 2337 2994 / 2367 5015 Fax: (+502) 2368 1831 embecuad@itelgua.com Netherlands Koninginnengracht 84, 2514 AJ, La Haya, The Netherlands Tel: (3170) 346 9563 Fax: (3170) 365 8910 embajada@embajadaecuador.nl Honduras Sendero Senecio, Bloque F, No. 2968 Colonia Lomas del Castaños Sur, contiguo A Catholic Relief Service, Tegucigalpa, Honduras Tel: 504- 221 4906 / 221 6613 Fax: 221 1049 mecuahon@multivisionhn.net Hungary Levél utca 4.II.3., 2nd Floor, 1023 Budapest, Hungary Tel: (+36-1) 315-2124 / 345-0424 Fax: 315-2104 embajada@ecuador.hu India Vasant Vihar B9 / 1A, New Delhi, 110057 Tel: (+91) 011 46011801 / (+91) 011 46011802 / (+91) 011 46011803 Fax: (+91) 011 46011804 Indonesia World Trade Center Building, 16th floor Jl. Jenderal Sudirman, Kav. 29-31 Jakarta, 12920 Tel: ++ 62 21 522 69 53 / ++ 62 21 521 14 84 Fax: ++ 62 21 522 69 54 eecuindonesia@mmrree.gov.ec ecuadorindonesia@gmail.com Iran Dirección: Teherán, Av. Valie Assr, Mahyar St, No. 66

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Tel: + 98 21 262 031 77 / +98 21 262 031 78 Fax: +98 21 262 031 79 ocecuiran@mmrree.gov.ec Israel 4, Weizmann St., “Asia House”, 5th Floor, Tel-Aviv 64239 PO 34002, Tel-Aviv, 64239-Israel Tel: (+972) 3695 8764 / (+972) 3695 8073 Fax: (+972) 3691 3604 eecuisrael@mmrree.gov.ec mecuaisr@netvision.net.il Italy Vía Antonio Bertoloni 8 (Parioli) 00197 Roma, Italia Tel: +39 0689672820 / Fax: +39 0689672821 mecuroma@ecuador.it Japan 38 Kowa Building, Room 806, 8F 4-12-24 Nishi-Azabu, Minato-Ku, Tokyo 1060031, Japón Tel: (+81 3) 3499 2800 / (+81 3) 3499 2866 / (+81 3) 3498 3984 Fax: (+81 3) 3499 4400 ecujapon@alto.ocn.ne.jp www.ecuador-embassy.or.jp Malaysia 10th Floor, West Block Wisma Selangor Dredging 142-C Jalan Ampang Mailbox No. 29 50480, Kuala Lumpur, Malaysia Tel: (603) 2163 5094 / 2163 5078 Fax: (603) 2163 5096 / 2698 5931 http://www.embaecuador-Malaysia.com embecua@po.jaring.my Mexico Calle Tennyson N° 217, entre Av. Homero y Horacio, Colonia Polanco 11560 México D.F., México Tel: (+52 55) 55 45 31 41 / (+52 55) 55 45 60 13 Fax: (+52 55) 55 54 24 42 mecuamex@prodigy.net.mx Nicaragua De los Pipitos 1 1/2 Cuadras oeste, Barrio Bolonia-Managua, Nicaragua Apartado C-33 Managua. Tel: (+505) 268 1098 Fax: (+505) 266 8081 ecuador@ibw.com.ni

General Information

Panama Edificio p.h. Torre 2000, sexto piso (anterior edificio Bancomer, diagonal a Danté) Calle 50, Marbella, Bellavista Panamá, Panamá Apartado Postal 8380, Zona 7, Panamá Tel: (+507) 264 2654 / (+507) 269 0477 Fax: (+507) 223 0159 eecuador@cwpanama.net

export@ecuaemb.ru www.embajada-ecuador.ru

Paraguay Dr. Bestard No. 861 c/del Carmen, Barrio Manorá Asunción, Paraguay PO 13162 Tel: (+595-21) 614814 665060 Director Embajador: 610865 Fax: (+595-21) 614 813 eecuparaguay@mmrree.gov.ec mecuapy@conexion.com.py http://www.ecuadorparaguay.com

South Africa 36 Selati St, Suite 3, Selatipark Building Alphen Park, Pretoria 0081 South Africa Tel: +27 12 3461662 Fax: +27 12 3467082 eecusudafrica@mmrree.gov.ec

Peru Las Palmeras N° 356, San Isidro, Lima 27 Lima, Perú Tel: (00511) 212 4161 / 212 4171 / 212 5502 / 212 5481 Fax: 421 5907 / 422 0711 embajada@mecuadorperu.org.pe www.mecuadorperu.org.pe Poland Ulica Rejtana 15/15, 02-516 Warsaw, Poland Tel: (48 22) 848 72 30 / (48 22) 848 81 96 Fax: (48 22) 848 81 96 eecupolonia@mmrree.gov.ec Dominican Republic Av. Abraham Lincoln 1007, Edificio Optica Félix, Apartamento 601, Ensanche Piantini, Santo D, D.N. PO 808 Tel: (+1809) 563 8363 (+1809) 563-8231 Fax: (+1809) 563 8153 mecuador@yahoo.com Russia Gorokhovsky Pereulok No. 12, 103064 Moscú, Rusia Tel: +7 499 261 55 30 / +7 499 261 55 27 / +7 499 261 27 39 / +7 499 267 43 02 Fax: +7 499 267 70 79 embajada@embajada-ecuador.ru

The Vatican Via di Porta Angelica 63 Roma 00193, Italia Tel: +3906 6897179 Fax: +3906 68892786 mecuadorsantasede@ecuaemss.it

Sweden Engelbrektsgatan 13 SE-114 32 Stockholm Tel: (46 8) 679 60 43 ext 3 (46 8) 679 60 70 ext 3 Fax: (46 8) 611 55 93 mecuador.suecia@embecu.se http://www.embecu.se Switzerland Kramgasse 54, 3011 Berna, Suiza Tel: (+4131) 351 1755 (+4131) 351 6254 Fax: (+4131) 351 2771 embecusuiza@bluewin.ch Uruguay Juan María Pérez, Nº 2810 y Tomás Diago Montevideo, Uruguay Telf: +598 2 7110448 / +598 2 7104712 Fax: + 598 2 7102492 eecuuruguay@mmrree.gov.ec embajadaecuador@netgate.com.uy Venezuela Av. Principal la Castellana con 2da Transversal, Edif. Bancaracas, Piso 8, Ofic. 8-01. PO 62124 Tel: (212) 265 08 01 / 25 10 / 264 77 90 Fax: (212)264 69 17 eecuvenezuela@mmrree.gov.ec Turkey Kelebek Sk 21/1 GOP Ankara Tel: (+90) 3124460160 eecuturquia@mmrree.gov.ec

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DID YOU KNOW? • The famous Panama Hat actually originally comes from Ecuador. No one is sure of exactly how the hat got this name but it is likely that it has something to do with the decision to carve out the Panama Canal in order to reduce traveling time for ships sailing between the Atlantic and Indian oceans. The hat would have been an accessible commodity in the region and since it was likely to have first been introduced to Europeans in large quantities in Panama, it can be surmised that visiting builders and surveyors gave the hat the name of a ‘Panama Hat’. • The biodiversity of Ecuador is one of its greatest riches. Ecuador ranks fifth in the world for the number of species it hosts. In Ecuador one can find more than 1.445 species of birds (compared to only 600 in the whole of the United States). • Chimborazo Volcano, at 6310 metres, forms the highest point in Ecuador. Whilst the summit of Mount Everest is the highest point on the Earth above sea level, the summit of Chimborazo is the farthest place on the surface of the Earth from its exact center, a distance of 3,968 miles (6,384.4 kilometers). • The Galapagos Islands make up the first National Park of Ecuador, being one of the natural wonders of the world and the most important natural monument of Ecuador. • For a country that is relatively small, Ecuador has many UNESCO World Heritage sites. Quito's Centro Histórico, or Old Town, has been a UNESCO World Heritage site since 1978, making it the first city declared a World Heritage site. • The rose is the national flower of Ecuador. Ecuadorian roses are known for their large blooms, which occur in about 60 varieties in various colors and shades of red, pink, yellow, purple and lavender. • Ecuador has a strip of 323,600 square kilometers of territory in Antarctica (in the South Pole). Means a larger territory that have the Ecuador now in the Americas (256.370 square kilometers)

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VOCABULARY

Greetings Hello Hola Goodbye Adiós Good Morning Buenos días Good Afternoon Buenas tardes Good Evening Buenas tardes How are you? ¿Qué tal está? I am well Estoy bien What is your name? ¿Cómo te llamas? My name is … Mi nombre es I am from … Soy de Useful Words No No Yes Sí Please Por favor Thank you Gracias Sorry Lo siento Is it possible to … ? ¿Es posible …? Is there …? ¿Hay …? No hay problema No problem Where is … ? ¿Dónde está …? When? ¿Cuándo? Go away Vete I Yo You Tú Money Dinero Change Cambio Let’s go Vamos Stop / finish Para / termina Good Bueno Everything ok Todo está bien Closed Cerrado Business Company Empresa Meeting Reunión Available Disponible Busy Ocupado Director Director Ministry Ministerio Minister Ministro When does he come back? ¿Cuándo vuelve? Can I speak to …? ¿Puedo hablar con...?

Common Phrases I live at the Vivo en I want to go Quiero irme ¿Hablás inglés? Do you speak English? I don’t speak Spanish No hablo español How do you say … in Spanish? ¿Cómo dice … en español? Food & Drink Water Agua Bread Pan Coffee Café Milk Leche Tea Te Sugar Azúcar Meat Carne Rice Arroz Potatoes Papas / patatas Lemon Limón Banana Guineo / plátano Time and Space Yesterday Ayer Tonight Esta noche Today Hoy Tomorrow Mañana Time Tiempo What time? ¿Qué hora? Week Semana Sunday Domingo Monday Lunes Tuesday Martes Wednesday Miércoles Thursday Jueves Friday Viernes Saturday Sábado Straight Directo / recto Left Izquierda Right Derecha Stop here Pare aquí Far Lejos

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TOP COMPANIES 1 Petroecuador 2 Corporación Favorita 3 CONECEL 4 Corporación El Rosado 5 Omnibus BB Transportes 6 Pronaca 7 Dinadec S.A. 8 Otecel 9 Corporación Nacional de Telecomunicaciones 10 Construmercado 11 Cervecería Nacional CN 12 Holcim Ecuador 13 Nestlé Ecuador 14 Unión de Bananeros Ecuatorianos (UBESA) 15 Petróleos y Servicios 16 La Fabril 17 Difare 18 Empresa Eléctrica Quito 19 Ecuador Bottling Company 20 Primax Comercial del Ecuador 21 Oleoducto de Crudos Pesados (OCP) Ecuador 22 Tiendas Industriales Asociadas (Tía) 23 Quifatex 24 Farcomed (Fybeca) 25 Proesa 26 Unilever Andina Ecuador 27 Acería del Ecuador (Adelca) 28 Schlumberger Surenco 29 Negocios Automotrices Neohyundai 30 Industrias Danec 31 Hidalgo e Hidalgo 32 Expalsa 33 Exxonmobil Ecuador 34 Negocios Industriales NIRSA 35 Industrias Ales 36 Andec 37 Repsol Ypf Ecuador 38 Comandato 39 Agripac 40 Reybanpac 41 Econofarm (Sana-Sana) 42 Yanbal Ecuador 43 Maresa 44 Importadora Industrial Agrícola IIASA 45 Novacero 46 Maquinarias y vehículos (Mavesa) 47 Stimm Soluciones Tecnológicas Inteligentes para Mercado Móvil 48 Ipac 49 Primax Ecuador 50 Indurama

51 Fertisa 52 Lutexsa Industrial (Terpel) 53 Mabe Ecuador 54 Colgate Palmolive 55 General Motors del Ecuador 56 Lafarge Cementos 57 Toyota del Ecuador 58 Ecuaquímica 59 Almacenes Juan Eljuri 60 Moderna Alimentos 61 Fopeca 62 Conservas Isabel Ecuatoriana 63 Petrolríos 64 Automotores Continental 65 Corpetrolsa 66 Halliburton Latin América 67 Almacenes De Prati 68 Productos Avon (Ecuador) 69 Gerardo Ortíz e Hijos 70 Kimberly - Clark Ecuador 71 Cartopel 72 Leterago del Ecuador 73 Masgas 74 Comercial Kywi 75 Aymesa 76 Ideal Alambrec 77 Ecuafarmacias & Asociados 78 Marcimex 79 Compañía de Elaborados de Café El Café 80 Continental Tire Andina 81 Industrias Lácteas Toni 82 Importadora Tomebamba 83 Sociedad Agrícola e Industrial San Carlos 84 Fadesa 85 Productora Cartonera (Procarsa) 86 Construcciones y Servicios de Minería 87 Bayer 88 Contecon Guayaquil 89 Interagua 90 Productos Familia Sancela 91 Industria Cartonera Palmar (Incarpalm) 92 Corporación Azende 93 Panamericana Vial (Panavial) 94 Conauto Automotriz 95 Aekia 96 Int Food Services 97 Casablanca 98 Técnica General de Construcciones 99 Grupo Superior 100 Herdoíza Crespo Construcciones

*Source: Vistazo Magazine, Nº1034, September 2010

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BUSINESS RESOURCES

To thank is to remember. Remember not what we gave, but what we were given. Not what we need, but what we owe Ecuadorian proverb

Business Resources ADVERTISING AGENCIES Artic Publicidad Av. Juan Tanca Marengo km ½ Centro Comercial Dicentro, No 19 Planta alta, Guayaquil Tel: (+593 4) 2270 940/ 2504 579 Fax: (+593 4) 2249 797 artic@telconet.net McСann-Eriksson Ecuador Finlandia 345 and Suecia, Quito Tel: (+593 2) 2468 401 Fax:(+593 2) 2468 401 mbenaven@mccann.com.ec Lautrec Moscú N34-95 and República de El Salvador, Quito Tel: (+593 2) 2458 075 Fax:(+593 2) 2444 983 gerencia@lautrec.com.ec Vip Publicidad Whimper 777 and 6 de Diciembre, Quito Tel: (+593 2) 2502 024/2502 025 Fax:(+593 2) 2563 901 amvallej@vip.com.ec Qualitat Bálsamos Sur 110 and Victor Emilio Estrada Guayaquil Tel: (+593 4) 2886 380 Fax:(+593 4) 2886 319 mfitz@qualitatlowe.com

AIRLINES LAN Airlines Amazonas N47 -205 and Río Palora Edif. Hamonnia, Quito Tel: (+593 4) 259 8500 www.lan.com Tame Amazonas N49-122 and Río Curaray Quito Tel: (+593 2) 209 0454 www.tame.com.ec Icaro Palora No SO3-20 and Avenida Amazonas Quito Tel: (+593 2) 2451 499 Fax: (+593 2) 2439 867 www.icaro.aero

Air Cuenca Avenida Espana and Elia Liut, Cuenca Tel: (+593 2) 330 0335 (Quito), (+593 7) 408 3381 / 408 4410 (Cuenca) www.postges-ec.com Aerogal (AviancaTaca) Av. Amazonas 7797 and Juan Holguín, Quito Tel: (+593 2) 396 0600 / (593 2) 396 0600 Fax: (+593 2)2430487 www.aerogal.com.ec COPA Airlines Ave. De la Prensa 50-55 and Cristobal Sandoval C los Cristales, 2nd floor, Quito Tel: (+593 2) 224 9341 Fax: (+593 2) 243 1602 www.copacargo.com American Airlines Av. Patria and Amazonas, Quito Tel: (+593 2) 226 0900 British Airways Av. Amazonas 1429 and Colón, Quito Tel: (+593 2) 254 0000 Continental Airlines Av.12 de Octubre 1830 and Cordero, Quito Tel: (+539 2) 251 7170 Air France KLM 12 de Octubre and Lincoln, Quito Tel: (+593 2) 254 3502 Avianca Taca Amazonas N49-123 and Río Curaray, Quito Tel: (+593 2) 224 9130 Fax: (+593 2)224 9132 www.taca.com

ARCHITECTS Nuñez Arquitectos Av. 6 de Diciembre 2816, Quito Tel: (+593 2) 256 3717 Gina Vásconez Av. 10 de Agosto y Rumipamba, Quito Tel: (+593 2) 290 5647 HABITARQ Av.10 de Agosto y Joaquin Auz, Quito Tel: (+593 2) 227 8530

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Business Resources

Ordoñez Arquitectos Suecia 277 y Shirys, Quito Tel: (+593 2) 227 7676

BANKS Banco Promerica Av. Amazonas and Colón (corner), Quito Tel: (+593 2) 250 4030 www.bancopromerica.ec Banco Territorial P. Icaza No. 115 between Malecón and Pichincha Guayaquil Tel: (+593 4) 256 1950 www.bancoterritorial.com Banco Capital Av. Amazonas N34-311 and Av. Atahualpa, Quito Tel: (+593 2) 226 5230 / 225 9021 Fax: (+593 2) 226 5235 www.bancocapital.com Banco Nacional de Fomento (BNF) Ante 107 and 10 de Agosto, Quito Tel: (+593 2) 256 0680 / 257 2049 / 257 2248 Fax: (+593 2) 257 0268 www.bnf.fin.ec Banco de Guayaquil Plaza Icaza 105 y Pichincha, Guayaquil Tel: (+593 4) 373 0100 www.bancoguayaquil.com Banco del Pacífico Plaza Icaza 200 E/Pichincha y Pedro Carbo, Guayaquil Tel: (+593 4) 232 8333 www.bancodelpacifico.com Bring your credit card to Ecuador

Bulding Banco La Previsora, Guayaquil

Banco Internacional Av. Patria y 9 de Octubre, Quito Tel: (+593 2) 225 6547 www.bancointernacional.com.ec Banco del Pichincha Av. Amazonas and Pereira, Quito Tel: (+593 2) 298 0980 www.pichincha.com Banco Central del Ecuador Av.Amazonas and Atahualpa, Quito Tel: (+593 2) 225 5777 www.bce.fin.ec Produbanco Av. Amazonas N35-211 and Japón, Quito Tel: (+593 2) 299 9000 www.produbanco.com Banco Solidario Av. Amazonas and Corea, Quito Tel: (+593 2) 226 0260 www.banco-solidario.com Banco del Austro Av. Amazonas and Sta. María, Quito Tel: (+593 2) 250 9534 www.bancodelaustro.com

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Business Resources

Banco Procredit Atahualpa and Amazonas corner, Quito Tel: (+593 2) 600 3820 www.bancoprocredit.com.ec

TNT Eloy Alfaro and Anonas, Quito Tel: (+593 2) 328 0982 www.tnt.com

Banco COFIEC Av .Amazonas E4-69 and Patria, Quito Tel: (+593 2) 225 6939 www.cofiec.fin.ec

Martinair Cargo Av. Amazonas 7548 and Topo, Mariscal Sucre International Airport, Quito Tel: (+593 2) 330 3349 cargo.martinair.com

Banco Bolivariano Av. Naciones Unidas E6-99, Quito Tel: (+593 2) 284 5000 www.bolivariano.com Banco General Rumiñahui Av. República and Eloy Alfaro, Quito Tel: (+593 2) 250 9929 www.bgr.com.ec Banco Amazonas Av.Francisco de Orellana 238, Guayaquil Tel: (+593 4) 256 5612 www.bancoamazonas.com Banco Finca Av. Amazonas No 39-123 and José Arizaga Edif. Amazonas Plaza Piso 9, Quito Tel: (+593 2) 246 1660 www.bancofinca.com

CARGO AND SHIPPING Panatlantic Logistics Alpallana E7-50 and Whymper, Quito Tel: (+593 2) 396 5800 Av. de las Américas, edificio Mecanos , 3rd floor, Guayaquil Tel: (+593 4) 228 6203 www.panatlantic.com

Agencia de Transportes CIA LTDA. Av. 25 de Julio, km 2.5, Vía Puerto Marítimo Guayaquil Tel: (+593 4)248 5800 Mamut Andino Km 7 ½ Vía a la Costa, San Eduardo, Guayaquil Tel: (+593 4)287 3636 www.mamutandino.com Cargolux Airlines Internacional Whimper 1105 and Alpallana, Quito Tel: (+593 2) 290 4563 www.cargolux.com Agnamar Av. Pedro Menéndez Gilbert s/n (diagonal with SOLCA) Guayaquil Tel: (+593 4) 229 3808 / 228 0122 www.agnamar.com

CATERERS Catering Balzac 10 de Agosto 34 583 and República, Quito Tel: (+593 2) 249 4324 Fax: (+593 2) 246 2324

The Dole boat

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Business Resources

catering@cateringbalzac.com www.cateringbalzac.com Hotel San Sebastián Diego de Almagro 822 and Luis Cordero, Quito Tel: (+593 2) 222 2300 Fax: (+593 2) 222 2500 reservaciones@hotelsebastian.com www.hotelsebastian.com

perts in Public Relations, Corporate Image, Political Communication, as well as Crisis Management.

CONFERENCE FACILITIES

Ananda Group Alejandro de Valdez 158,593, Quito Tel: (+593 2) 255 2976 cmoreno@anandagroup.com.ec www.anandagroup.com.ec Grand Hotel Guayaquil Boyacá and Clemente Ballén, Guayaquil Tel: (+593 4) 232 9690 www.grandhotelguayaquil.com

COMMUNICATION AGENCIES MVG Comunicaciones Av. Brasil N40-38 and Charles Darwin, Edf. Kaufer, Of. 5, Quito Tel: (+592 2) 331 9246 / 331 9358 / 604 6588 Parque Empresarial Colón, Edf. Colón Corp. Torre 5, Of. 310, Guayaquil Tel: (+593 4) 213 6336 / 2136347 / 213 6348 mvgcomunicaciones@cablemodem. com.ec

MVG Integrated Communications is a company specialized in Public Relations, Lobbying and Political Marketing. It helps its customers to develop effective communications within various audiences with the purpose of creating a friendly business environment that allows optimizing the positioning of their products and services in the market. Estrategika Comunicaciones Yánez Pinzón N25-70 and Av. Colón, Edif. CRYOM, 3rd floor, Quito Tel: (+593 2) 22 22816 / 603 8122 esteban.mejia@estrategikacomunicaciones.com ESTRATÉGIKA Communicaciones is a consolidated company formed by a multidisciplinary team of ex-

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Organize your event in Ecuador

Hotel Oro Verde Guayaquil 9 de Octubre 414 and García Moreno, Guayaquil Tel: (+593 4) 232 7999 www.oroverdehotels.com Grand Hotel Guayaquil Boyacá and Clemente Ballén, Guayaquil Tel: (+593 4) 232 9690 www.grandhotelguayaquil.com Hotel Quito Av. González Suárez N27 142, Quito Tel: (+593 2) 254 46 00 www.hotelquito.com reservaciones@hotelquito.com Hotel Reina Isabel Av. Amazonas N-23-44 and Veintimilla, Quito Tel: (+593 2) 254 4454 / 254 156 / 254 5193 / 255 5196 www.hotelreinaisabel.com informes@hotelreinaisabel.com Leparc Hotel Avenida República de El Salvador N34-349 and Irlanda, Quito Tel: (+593 2) 227 6800 www.leparc.com.ec JW Marriot Orellana y Av. Amazonas 1172, Quito Tel: (+593 2) 297 2000 www.marriott.com

Business Resources

Ernst & Young E&Y CIA. LTDA Andalucía and Cordero corner Edif. Cyede, 3rd floor, Quito Tel: (+593 2) 2555 553 milton.vasconez@ec.ey.com Tata Consultancy Services Bogotá 100-200 and Av. 10 de Agosto, Quito Tel: (+593 2) 290 3393 www.tcs.com

Innovation Management Seminar - Quito Municipality

Swiss Hotel Av.12 de Octubre and 1820 Luis Cordero, Quito Tel: (+593 2) 256 7600 www.swissotel.com Hilton Colon Av.Amazonas and Patria, Quito Tel: (+593 2) 256 0666 / 256 3731 www.hilton.com Hotel Oro Verde Cuenca Av. Ordoñez Lazo S/N, Cuenca Tel: (+593 7) 409 0000 www.oroverdehotels.com

CONSULTANTS & ACCOUNTANTS Tributum Consultores Av. de los Shyris N34-40 and República de El Salvador, Edificio Tapia, 10th floor, Of. 1002, Quito Tel: (+593 2) 3332 742 www.tributum.com.ec gerencia@tributum.com.ec Deloitte & Touche Avenida Amazonas N3517, Quito Tel: (+593 2) 2251 319 www.deloitte.com BDO Stern Avenida Amazonas N21-252 and Carrión Edif. Londres, 5th floor, Quito Tel: (+ 593 2) 2544 024 / 2552 271 / 2544 263 Avenida 9 de Octubre 100 and Malecón Edif. La Previsora, 25th floor, of. 2505, Guayaquil Tel.: (+ 593 4) 2565 394 www.e-bdo.com/bdoecuador_al

PriceWaterhouseCoopers Diego de Almagro N32-48 and Whimper Edif. IBM, Quito Tel: (+593 2) 256 4142 www.pwc.com Advance Consultora Universo 8-48 and Av. Shirys, 1st floor, Quito Tel: (+593 2) 603 5440 www.advance.ec KPMG Av. República de El Salvador 734 and Portugal Edif. Athos, 3rd floor, Quito Tel: (+593 2) 244 4225 Cdla.Kennedy Norte, Av. Miguel Alcivar Mz.302 Solar 7 and 8, Guayaquil Tel: (+593 4) 229 0697

COURIER EXPRESS TNT Eloy Alfaro and Anonas, Quito Tel: (+593 2) 328 0982 Av. Juan Tanca Marengo km 3.5, Guayaquil Tel: (+593 4) 223 2312 www.tnt.com World Courier Paez 370 and Robles, Quito Tel: (+593 2) 252 2461 www.worldcourier.com/ec/officei.html GLOBALEX Iñaquito N35-155 and Ignacio San María, Quito Tel: (+593 2) 225 6790 UPS Jose Andrade Oe1-456 and Joaquin Mancheno Quito Tel: (+593 2) 248 0450

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Business Resources

Ciudadela Santa Leonor MZ11, Solar 10 and 11, Guayaquil Tel: (+593 4) 239 8838 http://www.ups.com/content/corp/worldwide/souamerica/ecuador.html FEDEX EXPRESS Jose Orton 142, between Paul Ribet and Noboa Camaño, Quito Tel: (+593 2) 290 9201 Km 0.5, Av. Juan Tanca Marengo, Edif. Triangolar Guayaquil Tel: (+593 4) 230 3586 http://fedex.com/ec_english/ DHL EXPRESS Av. Eloy Alfaro and de los Juncos, Quito Tel: (+593 2) 298 5961 www.dhl.com.ec Empresa Nacional de Correos Av. Eloy Alfaro 354 and 9 de Octubre, Quito Tel: (+593 2) 256 1964 www.correosdelecuador.com.ec

DENTAL SERVICE Master Dent Suiza N33-49 and Noruega Edif. Sta Lucía, 3rd floor, Of. 302, Quito Tel: (+593 2) 244 1942 www.odontologosenquito.com Dental Plus Kennedy Vieja, Calle G, between 8 and 9 Edif. Polígono, 1st floor, Of. 105, Guayaquil Tel: (+593 4) 239 4314 www.dentaplus.com.ec

DRY CLEANER Martinizing Av. 12 de Octubre N24-80 and Madrid, Quito Tel: (+593 2) 250 8484 Wash and Wear O´Connor N1009, Guayaquil Tel: (+593 4) 258 2518 Soltintec Vicente Duque N73-85 and D.Rengifo, Quito Tel: (+593 2) 247 0138

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HAIR AND BEAUTY In general, the Health & Beauty Industry is highly developed in Ecuador, where you can find a wide variety of specialized services establishments that offer both exclusive and economical treatments. Almost every four or five star hotel offers services, such as spa procedures, facial and body treatments, here we suggest you a couple of places: Hair Republic Grecia N33-77 and Av. República, Quito Tel: (+593 2) 245 3697 Nails & Body Shop Quicentro Shopping, 108-109, Quito Tel: (+593 2) 225 0313 Beauty Hair Salon Spa La Garzota Mz 24 Sl 8, Guayaquil Tel: (+593 4) 223 4973

HEALTH CLUBS Gym Fitness Center Swissotel Av.12 de Octubre and Luis Cordero Quito Tel: (+593 2) 256 7600 www.swissotel.com Shambhala SPA Ruiz de Castilla 763 and Andagoya Edif. Expocolor, 2nd floor Quito Tel: (+593 2) 255 4587 www.shambhalaspa.com Dharma SPA V.E Estrada 505A and Las Monjas Guayaquil Tel: (+593 4) 238 0960 www.dharma-spa.com Zumay Gym & SPA (Marriott Hotel Quito) Av. Orellana 1172 and Av.Amazonas, Quito Tel: (+593 2) 2297 200 www.marriott.com/hotels/hotel-information/fitnessspa-services/uiodt-jw-marriott-hotel-quito/ Spa Le Parc By L´Occitane República de El Salvador N34-349 and Irlanda Quito Phone: (+593 2) 2276 800 www.leparc.com.ec/spa/leparc

Business Resources INSURANCE Mutualista Pichincha 18 de septiembre E4-161 and Juan León Mera Quito Tel: (+593 2) 2979 300 www.mutualistapichincha.com Aseguradora del Sur Av. República de El Salvador N34-211 and Moscú Quito Tel: (+593 2) 299 7500 www.aseguradoradelsur.com.ec Seguros Sucre Pedro Carbo and Av. 9 de Octubre Edif. San Francisco 300, 6th floor, Quito Tel: (+593 2) 256 3399 www.segurossucre.fin.ec Seguros Equinoccial Av. Eloy Alfaro 2342 and Ayarza, Quito Tel: (+593 2) 244 7574 www.segurosequinoccial.com.ec Seguros Colonial Av.Amazonas N44-105 and Río Coca, Quito Tel: (+593 2) 226 3795 www.seguroscolonial.com Seguros Confianza Av. Las Lomas 409 and calle 5ta. Guayaquil Tel: (+593 4) 2380 680 www.confianza.com.ec Seguros La Unión 5 ½ mile route to the East Coast Urb. Los Cedros Solar 1 to 2, Guayaquil Tel: (+ 593 4) 2851 500, 2851 600 www.seguroslaunion.com AIG Seguros Av. Brazil and A. Granda Centeno, IACA Building. 5th floor, Quito Tel: 1 800 244 244 / (+593 2) 2467 004 www.aig.com.ec Panamericana Compañía de Seguros Avda.Portugal y Eloy Alfaro, Quito Tel: (+593 2) 246 8840 www.panamericana.com.ec

INTERNET SOLUTIONS Ecuanet

Av. Nuñez de Vela 3-13 and Atahualpa Edif. Torre del Puente, 2nd floor. Quito Tel: (+593 2) 226 5050/226 5040/243 3233 Edif. Coloncorp, Urb. Ciudad Colón, Guayaquil. Tel: (+593 2) 256 2577/268 7600/266 7610 www.ecuanet.com Interactive Av. 12 de Octubre N24-660 and Francisco Salazar Edif. Concorde. Quito. Tel: (+593 2) 298 6440 Kennedy Norte, Av.Miguel H. Alcivar, Edificio Torres del Norte, Torre B. Guayaquil. Tel: (+593 4) 268 7500. www.interactive.com.ec Panchonet Ruiz de Castilla 763 and Andagoya, Edif. Expocolor 3td floor, Quito Tel: (+593 2) 255 1267 www.panchonet.net

LANGUAGE CENTERS Wall Street Center Av. Orellana E9-102 and 6 de Diciembre, Quito Tel: (593 2) 223 0566 Instituto Superior de Español Darquea Terán 1650 y Av. 10 de Agosto, Quito Tel: (+593 2) 222 3242 Education First (EF) Catalina Aldaz 363 and Av. De Portugal, Quito Tel: (+593 2) 246 6833

LEGAL REFERENCES Pérez Bustamante y Ponce Abogados Av. República de El Salvador 1082, Quito Tel: (+593 2) 226 0666 www.pbplaw.com Larreátegui Meythaler & Zambrano Abogados Av. 6 de Diciembre 2816 and Paúl Rivet, Edif. Josueth González, 10th floor, Quito Tel: (+593 2) 223 2720 www.lmzabogados.com

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Business Resources

Heinz Moeller Freile Av.9 de Octubre 1911, Edif. Finansur, 8th floor , Guayaquil Tel: (+593 4) 245 1030

MEDIA Canal Uno Kennedy Norte, Av. del Bosque and Francisco de Orellana, Guayaquil. Tel: (+593 4) 268 0200 TC Televisión Av. De las Américas and Abel Romeo Castillo, Guayaquil Tel: (+593 4) 600 3030 www.tctelevision.com Ecuavisa Cerro del Carmen,Guayaquil Tel: (+593 4) 256 2444 www.ecuavisa.com El Universo Av. Domingo Comín between 11 and Ernesto Albán st. Guayaquil Tel: (+593 4) 249 0000 www.eluniverso.com El Comercio Av. Pedro Maldonado 11515 and El Tablón, Quito. Tel: (+593 2) 267 0999

MEDICAL SERVICES Clínica Santa Lucía Suiza 209 and Av. Eloy Alfaro, Quito Tel: (+593 2) 2274 900, 2274 901 Hospital Kennedy Av. del Periodista and Callejón 11-A, N.O. Guayaquil Tel: (+ 593 4) 2289 666 www.hospikennedy.med.ec dsp@hospikennedy.med.ec Hospital del Río Av. 24 de Mayo and Av. De las Américas Cuenca Tel: (+ 593 7) 2459 555 www.hospitaldelrio.com.ec info@hospirio.com

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Hospital Santa Inés Av. Daniel Córdova T. 2-67 and Agustín Cueva Cuenca Tel: (+ 593 7) 2827 888/ 2846 477 www.sisantaines.com hospital@sisantaines.com Hospital de los Valles Av. Interoceánica km 12 ½ and Av. Florencia Cumbayá Tel: (+593 2) 237 9050 www.hospitaldelosvalles.com Hospital de Clínicas Pichincha Paéz n22-160 and Veintimilla, Quito Tel: (+593 2) 299 8700 www.hcp.com.ec Hospital Metropolitano Av. Mariana de Jesús s/n and Nicolás Arteta Quito Tel: (+593 2) 399 8000 www.hospitalmetropolitano.org Hospital Alcivar Coronel 2301 and Cañar Guayaquil Tel: (+593 4) 500 2500 www.hospitalalcivar.com

OFFICE SUPPORT Super Paco Av. Colon 14-80 and Av. 9 de Octubre, Quito Tel: (+593 2) 255 7300 www.superpaco.com Dilipa Av. 10 de Agosto N 52-15 and Captain ramon Borja, Quito Tel: (+593 2) 241 8640, 241 8753 www.dilipaecu.com.ec

PHARMACIES Pharmacys Tel: (+ 593 2) 909 190 1800 www.pharmacys.com.ec Farmacias Cruz Azul Av. América N34-417 and Veracruz, Quito Tel: (+ 593 2) 224 5743 www.farmaciascruzazul.com

Business Resources

Sana Sana Cristobal de Acuña 0e2-07 and Toribio Montes, Quito Tel: (+593 2) 222 2065 Fybeca Av. Amazonas N19-51 and Av. Patria, Quito Tel: (+593 2) 290 2660

PHOTOGRAPHY Fujifilm Av. Amazonas 14-29 and Colón, Quito Tel: (+593 2) 255 1275 Kodak Av. Colón 1147 and Amazonas, Quito Tel: (+593 2) 256 5738

REAL ESTATE XSC Bienes Raíces Pto. Azul Mz. D11 n 22, Guayaquil Tel: (+593 ) 97 566849

Photography exhibition

RENT A CAR Adventure Av. Belermo 660 2nd Transversal, Quito Tel: (+593 2) 222 8688 Budget Colón E4-387 and Amazonas, Quito Tel: (+593 2) 223 7026

Inmovisión Av. Interoceánica km 12, Cumbayá, Quito Tel: (+593 2) 289 7202

Carmax Av.de la Américas Cdla. Simón Bolivar, Mzna 4ª, Solar 25, Guayaquil (+593 4) 228 5326, 239 1120, 239 8305 www.carmaxrentacar.com

Mancasas Bienes Raíces Cumbayá calle A 46, Quito Tel: (+593 2) 289 1318

Avis Rent a Car Av. Granados E11-26, Quito Tel: (+593 2) 225 9333

REMOVALS

Hertz Car Rental Av.10 de Agosto and Murialdo, Quito Tel: (+593 2) 225 4258

Insa (TNT) Eloy Alfaro and Anonas, Quito Tel: (593 2) 328 0982 www.insa.com.ec

Localiza Rent a Car Av. Atahualpa and Víctor Hugo, Quito Tel: (+593 2) 250 0725

Golden Move Av.Orellana E9-38 and 6 de Diciembre Edif. La Viña 4th floor, of. 403 Quito Tel: (+593 2) 223 9162

SCHOOLS

Mudanzas Iglesias S.A. Sauces VL Mz 260 Villa 8 Guayaquil Tel: (+593 4) 282 4334

Liceo La Condamine Japón and Naciones Unidas, Quito Tel: (+593 2) 292 1090

British Vía Cumbayaco, Quito Tel: (+593 2) 237 3876

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Business Resources

Alemán San Patricio, Lumbisí entrance, Quito Tel: (+593 2) 289 4733

Sepronac Av. De la Prensa N48-37 y Nicolás López, Quito Tel: (+593 2) 330 0921

American School of Guayaquil Av.Juan Tanca Morengo KM6 ½, Guayaquil Tel: (+593 4)226 1893

SHOPPING CENTERS AND SUPERMARKETS

SECURITY SERVICES G4S Luis Cordero E12-114 and Toledo Edif. Lugano, La Floresta corner, Quito Tel: (+593 2) 3801 234 www.g4s.ec

Tevcol Quito (+ 593 2) 229 3440 www.tevcol.com.ec

Sistemas de seguridad S.A. Guayacanes 310, 3 and 4 st., Urdesa Central Guayaquil Tel: (+593 4) 238 2400 Maxxguard Av. 6 de Diciembre 2234, Quito Tel: (+593 2) 222 4051

El Jardín Shopping Center Av. Amazonas N6-114 and Av. República esquina Quito Tel: (+593 2) 298 0298 Quicentro Shopping Av. Naciones Unidas between 6 de Diciembre and Shirys Quito Tel: (+593 2) 246 4526 Mall del Sol Av. Constitución and Av. Juan Tanca Marengo Guayaquil Tel:( +593 4) 269 0100 Centro Comercial San Marino Av. Francisco de Orellana and Av. Carlos Luis Plaza Danín, Guayaquil Tel: (+593 4) 208 3180 Megamaxi (In all the main cities in Ecuador) Mall del Sol, Av. Constitución and Av. Juan Tanca Marengo Guayaquil

Ecuador has a wide variety of modern supermarkets and commercial centers

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Business Resources

El Comisariato (in all the main cities in Ecuador) Avenida Naciones Unidas, Quicentro shopping mall, Quito

Cooperativa de Taxis Centenario Guayaquil Tel: (+593 4) 244 8790

SPORTS CLUBS

Cooperativa de Taxis Fénix Guayaquil Tel: (+593 4) 237 3565

Guayaquil Tenis Club Km. 4.5 Via Samborondon, Guayaquil Tel: (+593 4) 209 7807 www.guayaquiltenisclub.com

Cooperativa de Taxis León Guayaquil Tel: (+593 4) 237 1783

Quito Tenis y Golf Club Urb. El Condado Av. AN73-154 and B Quito Tel: (+593 2) 249 1420, 249 5232/3/4 www.qtgc.com Arrayanes Country Club Mangahuanta Urb. El Ingenio, Quito Tel: (+593 2) 239 3000 Club de la Unión Avenida Olmedo and Malecón Simón Bolívar, Guayaquil Tel: (+593 4) 240 3212 Bankers Club Guayaquil Malecón Simón Bolívar 100 and Plaza Icaza, Guayaquil Tel: (+593 4) 2512 066 Salinas Yatch Club Sector Chipipe Malecón and Eleodoro Peña, Guayaquil Tel: (+593 4) 277 2018 / 277 3959

TAXIS Taxi Amigo Quito Tel: (+593 2) 222 2222 Radio Taxi El Bosque Quito Tel: (+593 2) 227 6276 Autoexpress Quito Tel: (+593 2) 292 2922 Taxi Express Quito Tel: (+593 2) 334 5342

The yellow taxis typical in Ecuador

TELECOMUNICATIONS Porta (CONECEL) Av. Fco. De Orellana and Franciso Borges, Edificio Centrum, Guayaquil Tel: (+593 4) 269 3693 Av.Amazonas N44-105 and Río Coca, Quito Tel: (+593 2) 397 1000 www.porta.net Movistar (OTECEL) Av. República, Edificio Movistar, Quito Tel: (+593 2) 222 7700 www.movistar.com.ec Corporación Nacional de Telecomunicaciones (CNT) Benalcazar N5-45 entre Mejía y Chile, Quito Tel: (+593 2) 258 9169 www.cnt.com.ec

TRAVEL AGENCIES Metropolitan Touring República El Salvador N36-84 and Naciones Unidas, Quito Tel: (+593 2) 298 8200

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Business Resources

Andean Travel Company Amazonas N24-03 and Wilson, Edif CJ, Quito Tel: (+593 2) 222 8385 / 222 8487 www.andeantc.com info@andeantc.com Delgado Travel Amazonas N24-141 and Foch, Quito Tel: (+593 2) 290 1898 Galasam Internacional Cordero N24-214 and Av. Amazonas, Quito Tel: (+593 2) 290 3909 / 250 7080 www.galasam.com Tip Top Travel Mariscal Foch E7-81 and Almagro Tel: (+ 593 2) 256 3181 www.tiptoptravel.ec Kleintours Eloy Alfaro N34-151 y Catalina Aldaz, Quito Tel: 8+593 2) 226 7000 Aeromundo Junín 430 and Córdoba, Guayaquil Tel: (+593 4) 256 4096

Universidad de las Américas Av.Colon E9-241 and 6 de Diciembre, Quito Tel: (+593 2) 2555735 2547700 Universidad Internacional SEK Calle Fray Francisco Compte and Cruz de Piedra, Quito Tel: (+593 2) 222 3688, 223 8385 www.uisek.edu.ec ECOTEC Tecnological University Av. Juan Tanca Marengo Km 2, Guayaquil Tel: (+593 4) 268 1740 www.ecotec.edu.ec UEES Universidad de Especialidades Espíritu Santo Km 2.5 vía La Puntilla, Samborondón, Guayaquil Tel: (+593 4) 283 5630 www.uees.edu.ec Universidad de Guayaquil Cdla. Facso, Ciudadela Quisquís Calle Eugenio Espejo e/. Héctor Toscano y Abel Romeo Castillo, Guayaquil Tel: (+593 4) 288 7169, 288 9400 www.ug.edu.ec

UNIVERSITIES

Universidad Católica de Quito 12 de Octubre entre Patria and Veintimilla, Quito Tel: (+593 2) 299 1700 www.puce.edu.ec

ESPOL (Escuela Superior Politécnica del Litoral) Av. 6 de Diciembre and Eloy Alfaro, Quito Tel: (+593 2) 851094 / 852419 / 853208 / 854482 / 854560 www.espol.edu.ec

Universidad San Francisco de Quito Campús Cumbayá-Diego Robles and Vía Interoceánica, Quito Tel: (+593 2) 297 1700 www.usfq.edu.ec

Laica Vicente Rocafuerte Avenida de las Américas in front of the Cuartel Modelo Guayaquil (+593 4) 2287 200 www.alaicavr.edu.ec

Universidad de Israel Fco. Pizarro E4-4-142 and A. Orellana, Quito Tel: (+593 2) 380 3804 www.uisrael.ec

Universidad Católica de Santiago de Guayaquil Av. Carlos Julio Arosemena Km 1½, Guayaquil Tel: (+593 4) 2221650, 2222024 www.ucsq.edu.ec

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Universidad Tecnológica Empresarial de Guayaquil Urdesa Central, Guayacanes 399 and la 5ta Guayaquil Tel: (+593 4) 288 4833 www.uteg.edu.ec

INVESTMENT & LEGAL FRAMEWORK

It worth more trying and dying than living the whole life and regretting about not doing Ecuadorian proverb

Investment & Legal Framework

ECUADOR: An ethical management of the economy is central to Ecuador’s Development Some elements of governance must be performed responsibly ensuring that the development of the economy is supported in an ethical manner – this is otherwise known as “ethonomics”, something of which is central to Ecuador’s evolution. However, more importantly than a government decision, it is national behavior that defines a nation’s core human, natural, geographic and historical values. . If these two highly important values are considered by the people of Ecuador then harmony will be found between productive endeavors and natural sustainable development. Strategic Reasons for Investing in Ecuador 1. Strategic Geographic location

all being grown in the Ecuadorian environment. Agricultural development is aided by the water streaming down from snow capped mountains and regular rainfall. The high quality of Ecuadorian products is not based on genetic modification, but rather on excellent conditions for production as a result of its privileged geographical position. 4. Dollarized economy After 10 years of dollarization the Ecuadorian Economy could be catalogued as stable, even though the existence of speculation about a possible de-dollarization. All economic indicators reflect a settled economic system with these positive results exhibited in the growth of GDP.

The origin of the word Ecuador is “equalizer, which creates balance”. The equator crosses Ecuador, but its unique positioning in the Andes makes it a country of four distinct regions: - The Galapagos Islands in the Pacific: one of the world largest live laboratories of biodiversity in the world. - The Pacific Coast: where world-famous quality products are harvested (e.g. bananas and cocoa) - The Andean Mountain range: where its special micro-climate makes agricultural production incredibly efficient for the global flower industry and other products. - The Amazonian Region: one of the world’s most unique and biodiverse spectacles.

5. Telecommunication infrastructure

2. Air, land and sea access to international markets.

Over the last two years, Ecuador has invested in infrastructure development more than in any other country in Latin America. They are currently working on a waterway to connect the Brazilian port of Manaus to Manta, a joint project between both countries that will eventually enable efficient operations between the Atlantic and Pacific Oceans. Ecuador already has 4 public and 17 private ports, including international airports. Guayaquil airport is listed as one of the best in Latin America by the International Airports Council. A new S.A international airport is currently under construction in Quito and will become operational in a matter of months.

Located in northwestern South America, Ecuador has a unique geostrategic position (the port of Manta is the closest point to Asian ports). It is the center of America and, therefore, equidistant from markets such as Brazil, Chile, Argentina, Colombia, Peru, Mexico, United States and Canada. Thanks to its proximity to the Panama Channel, Ecuador also has an economically attractive level of access to European and Middle Eastern markets. 3. Climatic diversity that allows a wide range of opportunities Nature favors Ecuador with conditions that are stable and consistent. This allows planning production and harvests without interruption and excessive risks. There is a wet and dry season but light is constant resulting in a great variety of fruit, vegetables and spices

Ecuador has access to the most sophisticated telecommunications services available globally. It is connected to the fibre optic network which is operated by Telefonica Wholesale Services. The network guarantees redundancy according to international standards. It also has connections to America II submarine cable, through Pan-American cable, to the networks Maya, Arcos, Emergía and Global Crossing (Transnexa network). All cities have fibre optic connections as it is an indispensable tool for the development of innovation. 6. Efficient logistics and infrastructure

7. Great human potential and social investment Ecuador is also taking considerable steps to transform its educational system, recognizing that knowledge is becoming increasingly important to the national economy as more and more educated pr ofessionals are needed.

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Investment & Legal Framework

The government have made a strong push to increase the number of quality, fairly paid jobs to accommodate Ecuador’s young and skilled workforce. Public investment in science and technology is intended to foster innovation and create a research support network as a permanent infrastructure for new business and entrepreneurial activity Ecuador: ready and waiting for more business opportunities Three years ago, Ecuador made some key decisions about its future. An unprecedented national commitment was made to build an economy based on strong partnerships between their government and both national and international private investors. Drawing upon the experience of other high-growth, high performing nations around the world, Ecuador has entered an era of productive transformation. Working hand in hand with private sector leaders, government officials at every level in Ecuador are committed to shaping policies and targeting public investment to reach its productive transformation goals: higher productivity, economic development for all and new standards of efficiency. 2006: Rafael Correa is elected president and sparks a new era of unity and stability. 2007-2008: The Administration’s absolute majority in the national assembly makes it possible to enact broad institutional change. 2008: Ecuadorians show overwhelmingly support for the new Constitution: • A new vision for the nation • Government reforms • Long-term planning and stable leadership • Transformed economic policies • New models for natural resources management What is being transformed and why? Ecuador looks into the future with eyes wide open “We are building an economic system centered on the idea of a good life for all who participate. We seek a balance that acknowledges our economic diversity, public desire for the advancement and effective transformation of the State” ”We propose a move away from a primary export and extractive economic model to one that emphasizes diverse and eco-efficient productions of goods and services based on knowledge and our unique biodiversity” National Plan for Good Living, 2009-2013

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A 5 step strategy 1. Transform our pattern of specialization • Enhance production of goods and services of high added value, rich in innovation and knowledge. • Promote products with dynamic comparative advantages that generate employment and protect the environment. • Make rational and efficient use of natural resources. 2. Improve productivity, quality and production safety • Focus on access to technology, innovation, training and technical assistance. • Increase productivity and quality in the agricultural sector. • Ensure food independence for Ecuadorians and access to healthy, high quality food. 3. Contribute to structural change that reduces productivity gaps among the various sectors • Complete development policy for micro, small and medium enterprises through instruments such as access to seed capital for entrepreneurship, venture capital, technical, technology transfer and strengthening export supply and promotion. • Bring more workers into the formal economy with fair wages. • Promote energy efficiency. 4. Democratize and create opportunities for employee investment and wealth creation. • Enable Ecuadorian workers- especially traditionally excluded groups- to share in the risks and rewards of ownership in all aspects of production, relying upon new enterprises that offer specific economic inclusion programs. 5. Support Systemic Competitiveness for greater production. • Maximize public investment in production infrastructure. • Reduce transaction costs for business by cutting government paper work and promoting an open culture of quality public services and online governments. • Coordinate job opportunities with the education and health systems to create a work force that is well educated, trained and readily available.

Investment & Legal Framework Investment climate in the country and its legal framework Chapter Source: Coordination Ministry of Strategic Sectors

Ecuador is a country that is open to national and foreign investment. It is proven by numbers: production assets of private companies have grown to 2200 million US dollars over the last five years. The new legal framework developed by the National Government is striving to create conditions that would lead to further increase of private investment in Ecuador. According to the Production Code, there are various incentives of both general and specific character incorporated in the legislation.

General Incentives 1. Progressive reduction of the Income Tax rate from 25% to 22%. One percentage point per year. 2. Exemption from payment of the minimum tax for expenditures associated with a new employment, salary increase, acquisition of new assets aimed at increasing production and technology, encouraging cleaner production and with other incentives of this code. 3. Exemption from payment of the minimum tax for new companies during first 5 years. The progressive reduction by three points of the Income Tax places Ecuador between countries with the lowest Income Tax rate of the region. In addition, those companies that reinvest their profits can benefit from a ten-point reduction of the tax imposed on a total amount of reinvested profits.

Specific Incentives

different fiscal incentives that would allow tax deductions in case of a rent or a purchase of new eco efficient machinery or of expenses associated with innovation, encouragement and promotion of export activities. It is necessary to take into consideration that currently there is already a number of important incentives1, such as a 10% reduction of the Income Tax rate on profits that are reinvested in production assets and in innovation and development, and that dividends can be distributed without any deductions. The Code also anticipates creation of economic zones for development associated with technology transfer and industrialization in order to boost export and export of logistic services. These zones have important additional benefits such as duty and tax exemptions for the national aggregated value of exported products.

Ecuador is open for national and foreign investment The environment is favorable for investment in Ecuador. The National Government is interested in attracting investments that, apart from being profitable, are also responsible: that fulfill their tax obligations, as well as responsible and fair with their workers, environment and the society in general. There are different guarantees for investment in Ecuador. The Production Code creates different alternatives and economic incentives that havenâ&#x20AC;&#x2122;t been provided before by any other investment treaty. In general, all regulations that form part of different investment treaties are included in the Production Code. The Ecuadorian CONELEC and the South Korean KOSEP after signing an agreement

The National Government has prioritized sectors that contribute to the change of the production matrix of the country. There has been proposed a total Income Tax as well as Minimum Tax exemption for any new investment in these sectors. Another objective of the production policy is to encourage the Green Production, improve the productivity of companies and boost their access to international markets. For this, there have been planned

Source: CONELEC

1. www.mcpec.gov.ec

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Investment & Legal Framework

Arch by night in Quito

The Code defines the concept of investment, ratifies the respect for investment and for property, allows and motivates signing of contract agreements between an Investor and the State, foresees incentives and alternative dispute resolution strategies. Investors already trust Ecuador. Around a dozen of international companies from such sectors as industrial, alimentary, textile, metallurgic and others have demonstrated their interest in investing in the country the overall amount that will exceed 4.000 millions of dollars during coming years.

INCENTIVES FOR NEW INVESTMENTS IN PRIORITIZED SECTORS Total exemption from payment of the Income Tax and its respective down payment, for 5 years, for new investments in new prioritized sectors of the economy: • Fresh and processed foods • Forestry, agro forestry and related products • Metal Mechanics • Petrochemical sector • Pharmaceutical sector • Tourism • Renewable energies • Logistic services • Biotechnology and applied software

GENERAL INCENTIVES FOR INVESTMENTS

Reduction of the Income Tax rate from 25% to 22%. 1% every year, once the Code comes into effect. Exempt from payment of the minimum tax for: expenditures associated with a new employment and salary increases, acquisition of new assets aimed at increasing production and technology, encouraging cleaner production and with other incentives of this code. For new companies: exemption from payment of the minimum tax during first five years. Exemption from payment of the tax imposed on foreign exchange outflows2 associated with external payments for external credits, with a maximum period of one year and with a rate not superior to the one authorized by the ECB.

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Investment & Legal Framework

of renewable energies (solar, wind or similar) or for mitigation of the environmental impact.

TERRITORIAL INCENTIVE Those companies that develop investment in rundown areas could benefit from the additional deduction of 100% from their expenses related to new employment generated in the area, for 5 years.

Rafael Correa and Philippe Baril when reaching the agreement to build a new airport in Quito

INCENTIVE TO REDUCE CREDIT COSTS

These investments have to be developed under any jurisdiction of the country, except Quito, Guayaquil and Cuenca.

There has been eliminated the obligatory retention of the Income Tax on interest payments outside the country associated with credits provided by international financial institutions.

INCENTIVES FOR MEDIUM-SIZED COMPANIES

The benefit is not applied to situations when credits are provided by institutions located in fiscal paradises.

They can benefit from additional Income Tax deductions applied to expenditures and investments associated with the following activities: • Technical education and training aimed at investigation, development and technological innovation (up to 1% of salary and wage expenses per year). • Expenditures aimed at boosting production of the company (up to 1% of sales). • Promotional expenses of the company and its products (up to 50% of promotional and advertising expenses).

INCENTIVES FOR MICRO AND SMALL COMPANIES Governmental programs of co-financing of production improvements, innovation, quality, export offer and its promotion.

INCENTIVES IN ZEDE

(Special zones for economic development) Additional reduction by 5 percentage points of the Income Tax, for administrators and operators of these areas on a permanent basis. If they belong to a preferred sector and it’s a new investment, 0% tariff is applied. 0% VAT will be applied to imported goods. Foreign goods will be free from paying any duties while they remain within this area. Both administrators and operators will have a tax credit for their local purchases of services, consumables and raw materials used for production processes.

Programs of co-financing of entrepreneurship and innovation.

Exemption from payment of the tax associated with foreign exchange outflows on imports and foreign payments associated with external financing.

INCENTIVES FOR GREEN PRODUCTION

INCENTIVES FOR CAPITAL OPENING OF PRIVATE COMPANIES

To calculate the Income Tax, additional deduction of 100% will be applied to costs associated with such activities as purchasing of machinery and equipment for cleaner production ,implementation of systems

Those companies that decide to open their capital and sell shares to their employees will enjoy the following benefits:

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Investment & Legal Framework

• Defer the payment of the Income Tax and its down payment, for 5 years. • In case of asking for a credit to finance the purchase of shares, interest payments will be exempt from paying the Income Tax.

The Coordinating Ministry for Strategic Sectors proposes, coordinates, executes, articulates, controls and evaluates policies, projects, intersectorial strategies and action plans that the Ministries of Non Renewable Natural Resources (old Ministry for Oil and Mining), Electricity and Renewable Energies, Telecommunications and the National Secretariat for Water Resources undertake and administrate to fulfill the National Development Plan and improve the Ecuadorian’s everyday quality of life. Additionally it carries out specific programs that enhance the new sustainable development model of the country. What are the strategic sectors?

It is easy to do business in Ecuador

STRATEGIC SECTORS Ecuador has several strategic sectors that are facilitated by its location, flexible policy and economic performance – these areas should be considered by potential investors. A total of USD4.546 million has been invested in strategic sectors between 2007 and 2009: USD 3.077 million in Oil and Gas; USD 554, 6 million in Water Resources, USD 474 million in Electricity and USD 441 million in Telecommunications. The main objectives of the Government are to build infrastructure to meet the demands of 14 million Ecuadorians, to exploit strategic areas in the country, to generate resources that will benefit the entire population and to acquire resources that will allow the development of these areas. Four Ethical Principles for Foreign Investment There are four ethical principles set out by the Government, which must be met: - Respect for employees’ rights - Fair prices regarding the offer of goods and services - Compliance with tax obligations - Respect towards Ecuador’s environment Ecuador opens its doors to receive foreign investment of mutual benefit that will contribute to development and growth. Organization of the Strategic Sectors

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The Ecuadorian Constitution considers the following sectors to be strategic: • Energy • Telecommunications • Nonrenewable energy • Oil and gas refining • Biodiversity and genetic heritage • Water What are the strategic objectives? 1. TO BE SOVEREIGN, with self-sufficiency in the generation of electricity, oil and gas (by-products) refinement, access to ICT systems and secure management of water resources. 2. TO BE PRODUCTIVE, with quality in electricity and telecommunications services; oil and gas, mineral exploitation; and efficient use of water resources. 3. TO BE INCLUSIVE in the provision of public services accessible to the entire population, and to have access to exploit resources and benefit from their income. Transparency in public contracting Public contracting processes will be carried out through the National Institute of Public Procurement (INCOP) that articulates, harmonizes and controls the execution of works made with public resources through speedy, transparent, efficient and technologically updated procedures that ease control works both with the contracting entities as well as with the suppliers and citizens in general. For further information visit: www.compraspublicas. gov.ec Guidelines for presenting a bid What is relevant when assessing an offer?

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- Companies require recognized international performance - Competitive economic offer - Quality of materials, equipment and service - Percentage of national aggregated value If the offer includes financing: - Firm financing plan with an internationally respected and established bank - Financing percentage over the investment value - Credit terms - Grace period to pay capital (at least equal to the execution time of the project) - Interest rate (all in cost) Contracting modes: - Direct financing Government to Government - International Bidding with Financing - Strategic Alliances - Service Contracts - Auction - Bidding

DOING BUSINESS IN ECUADOR THE TAX SYSTEM Principal taxes Taxes are levied in Ecuador both at a national level by the central government and at a local level by municipal authorities. The principal national taxes are corporate income tax, personal income tax, overseas payments tax, value added tax - VAT and excise tax (ICE). Other taxes include business fees, inheritance and gift tax, municipal tax on total assets and municipal property taxes. Basic legislation and tax administration The Tax Code (Código Tributario) is the general law that prevails over other laws with respect to taxation. The Internal Tax Regime Law (Ley Orgánica de Régimen Tributario Interno) covers income tax, overseas payments tax, value added tax and excise tax. This law came into effect on 1 January 1990 and since then several regulations and reforms have been added. Special tax provisions are included in other laws such as the Tax Equity Law (Ley de Equidad Tributaria), Hydrocarbons Law (Ley de Hidrocarburos), Mining Law (Ley de Minería), Tourism Law (Ley de Fomento Turístico), Free Trade Zone Law (Ley de Zonas Francas), Factory Law (Ley de Maquila), Stock Market Law (Ley de Mercado de Valores) and Telecommunications Law (Ley de Telecomunicaciones). Municipal taxes are generally governed by the Municipal Tax Law (Ley de Régimen Municipal).

Income tax, value added tax, excise tax, and inheritance and gift tax are administered by Central Government through the Internal Revenue Service (Servicio de Rentas Internas). The municipalities administer the various municipal taxes. Written questions may be addressed to tax authorities on tax implications of specific proposed transactions. Tax authorities must observe the criteria included in the formal answer. Double Tax Relief Relief under Double Tax Treaties Ecuador has ratified agreements with the countries of the Andean Community, Belgium, Brazil, Canada, Chile, France, Germany, Italy, Mexico, Romania, Spain and Switzerland to prevent double taxation of income. These treaties cover most types of income. The treaties are based on the Model Treaty of the Organization for Economic Cooperation and Development (OECD) and observe the principle of the source of income. In general terms, income from real estate may be taxed in the country in which the property is located. Companies’ profits are taxed in the country in which operations are carried out, unless the company is operating in another country through a permanent establishment. In that case, such profits are taxed in the other country up to the amount attributable to such an establishment. Ecuador is party to the multilateral treaty concluded by the Community Andean countries. Ecuador has also signed some bilateral tax treaties dealing with international shipping and air transport.

FOREIGN INVESTMENT RULES AND INTERNATIONAL AGREEMENTS Ecuador is a member of the Andean Community, along with Bolivia, Colombia, and Peru. In 1992, the Andean Community decided on a common regime for the treatment of foreign capital and trademarks, patents, licenses, and royalties. These decisions were then incorporated into Ecuadorian legislation. Under this legislation, foreign investment is split into three categories: 1. Direct foreign investment that is not considered subregional or neutral. 2. Subregional foreign investment from other Andean Pact countries. 3. Neutral foreign investment by international public financial entities owned by member countries of the

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Andean Community. Neutral investments are not considered to be either foreign or local investments. Foreign investors are entitled to the free remittance of profits. REQUIRED NATIONAL PARTICIPATION In principle, Ecuadorian corporations wholly owned by foreigners are free to operate in all economic sectors, without prior authorization, except those reserved for the state (unless The State has delegated the activities to the private sector). The Ecuadorian State may grant to the private sector the performance of the following activities: 1. The production, transportation, storage, and commercial use of hydrocarbons and minerals 2. The generation, distribution, and commercial use of electric power 3. Telecommunications REGISTRATION AND LICENCING For tax purposes, every new entity must be registered with the local tax office of the Internal Revenue Service (Servicio de Rentas Internas—SRI) and obtain a taxpayer registration number (Registro Único de Contribuyentes— RUC). For company law purposes, registration with the Commercial Registry is required in the circumstances outlined in Chapter 6. Every new business must also apply to the municipal authorities to obtain a license to commence business. Trading or manufacturing licenses as such are not required, but specific permits may be necessary for some activities. Registration for social security purposes with the Ecuadorian Social Security Institute (Instituto Ecuatoriano de Seguridad Social—IESS) is required. Businesses in Ecuador are required to join a production chamber as per their specific line of business (i.e., chamber of commerce, of industries, of mining, etc.) IMPORTS AND EXPORTS Ecuador is committed to liberalizing commerce. Many commercial restrictions have been eliminated, and import and export procedures have been greatly simplified. Ecuador is a signatory of economic integration agreements implemented to increase commerce under tariff conditions, as well as to promote the economic and social development of the member countries. Apart from the Andean Community, Ecuador is a signatory of the ALADI (Acuerdo Latinoamericano de Integración), whose other members are the countries in the American

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Continent including Canada and United States. Ecuador has been a member of the World Trade Organization (WTO) since January 2, 1996. It is also a member of the Pacific Basin Economic Council (PBEC). Imports All companies importing goods into Ecuador must be registered with the Foreign Trade Department (Departamento de Comercio Exterior), which is controlled by the Central Bank. The import and export paperwork can be undertaken by private banks. Special imports (agricultural and pharmaceutical products) are subject to additional controls from the Agricultural Ministry and Health Ministry (Ministerio de Agricultura y Ministerio de Salud). The special regimes for imports are as follows: - Temporary admission with reexportation in the same state—suspended regime of customs duties and value added tax if the imports are reexported within the stated term. - Temporary admission for active improvement suspended regime of customs duties and value added tax if the foreign merchandise is reexported after a transformation or amendment process. - Customs transit—suspended regime of taxes for the local transport of merchandise to another country - Customs deposit—suspended regime of taxes for the storage of merchandise in a commercial or industrial storage house. - Temporary export with reimport in the same state— suspended regime of taxes that allows the departure of merchandise. - Drawback—total or partial refund of taxes paid on the import of merchandise to be subsequently exported. - Special transformation regime—Merchandise is subject to a special regime if it undergoes a transformation process; is incorporated into other merchandise or packaging; is used in the production or transformation process; or is replaced with identical or equivalent merchandise, which is allowed to be imported tax free and is reexported after a transformation process. - Free Trade Zone—Allows entrance of merchandise free of customs duties to authorized areas. - Maquila—Allows entrance of mercandise into Ecuador for their transformation in order to reexport them. Ecuador has adopted a classification and a merchandise coding system for Andean Pact members (Nomenclatura Arancelario Común de los Países Miembros del Grupo Andino—NANDINA). The NANDINA is based on a designation system

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and a merchandise coding structure of the Customs Cooperation Council. Most imports are subject to import duties (levied at ad valorem rates varying from 0% to 35%, depending on the importance of the imported product to Ecuador’s economic development) and to value added tax (levied at 12%, but some goods are subject to 0%). Additional customs duties must be paid for control service, storage service, and the country’s modernization program.

The Consumer Protection Law (Ley de Defensa del Consumidor) establishes procedures to protect consumers and defines the rights and obligations of the various parties that must be considered by the authorities.

CREATION OF COMPANIES AND CHOICE OF BUSINESS ENTITY

TRADE AGENTS

The principal forms of business organization in Ecuador are corporations, the limited liability companies and branch of a foreign company. Partnerships and other types of entities may also be formed. Registration of corporations, limited liability companies, and branches with the Commercial Registry is governed by the Companies’ Law. Each business must have a legal representative domiciled in Ecuador.

Relations between trade agents and their principal offices (which grant foreign trademarks) are subject to the principles of free will and contractual liberty. Trade agents can sign civil representation contracts, trade commission contracts, or any other type of contract permitted under the law. Such contracts must establish conditions, causes for termination, indemnities, and so forth.

Corporations are the most flexible form of entity, allowing a mixture of foreign and local capital. Limited liability companies are useful as closed companies, but they have disadvantages with respect to the sale and transfer of capital and are usually not advantageous for foreign investors. Most foreigners choose to use corporations or branches to set up business in Ecuador.

MONOPOLIES

CORPORATIONS

The Companies’ Law (Ley de Compañías) prohibits the formation or functioning of companies that monopolize any industry.

The corporation offers the same major advantages to investors as the corporate form does in other countries. It provides limited liability for its shareholders and the possibility of unrestricted transfer of shares without affecting the corporation’s existence.

Exports The Central Bank requires exporters to obtain export licenses. Itemized listings must be presented that clearly show the amount, quality, and unit value of the goods to be exported.

PROTECTION OF INTELLECTUAL PROPERTY Patents and trademarks are registered with the IEPI (Instituto Ecuatoriano de Propiedad Intelectual). Patents are granted for twenty years from the date of application. Trademarks are granted for five years from the date of application. Copyright protection can be obtained for literary, scientific, technical, musical, and artistic works. Copyrights grant the holder exclusive right to use, exploit, and reproduce the work during the lifetime of the author or creator and for fifty years after his or her death. Ecuador is a member of the Paris Convention for the Protection of Industrial Properties, the Patent Cooperation Treaty, and the Berne and universal copyright conventions. SAFETY AND CONSUMER REGULATIONS

Incorporation The Incorporation formalities are usually entrusted to lawyers and public accounting firms in Ecuador. For formation purposes, a corporation needs at least two Founder shareholders or incorporators, although the number of shareholders can be reduced to one at any time following incorporation. The founder shareholders may be Ecuadorian nationals or foreigners, individuals, or legal entities. The entity that supervises and controls corporations is the Superintendency of Companies (Superintendencia de Compañías); banks and financial entities, however, are supervised and controlled by the Superintendency of Banks (Superintendencia de Bancos). The proposed name of the corporation must be approved by the Superintendency of Companies. The Commercial

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Registry gives permission for the use of the proposed name so as to avoid confusion with any other name already registered. The cost of forming a corporation can vary, depending on the size of the share capital stated in the deed of incorporation. Costs include professional fees for the drafting of the documents, notary fees, and fees for registration with the Commercial Registry. Other professional fees may arise from necessary investigations and legal consultations. Capital. A corporation’s share capital may not be less than USD$800 million. All shares must have a par or face value and must be in nominative (registered) form. Bearer shares may be freely transferred at any time. The initial share capital with which the corporation proposes to be incorporated (its authorized capital) must be stated in the deed of incorporation and recorded at the Commercial Registry. The deed of incorporation and the entry at the registry must be amended when the share capital is modified. A corporation cannot be set up unless its share capital is fully subscribed and at least 25% of the face value of each share is paid in. The balance must be paid in within two years. The form of paying the balance will be determined by the articles of association or by the shareholders at the general meeting. Legal Reserve and Dividends At least 10% of a corporation’s after-tax profits for each financial year must be transferred to a legal reserve until this reserve reaches 50% of the authorized share capital. A legal reserve may be used to meet future losses and, when so used, must be rebuilt out of subsequent profits. It may be capitalized but may not be distributed to shareholders except on the dissolution of the corporation. BRANCHES Establishing a branch of a foreign company in Ecuador requires the following documentation: proof that the company has been legally established in its country of origin; proof that, according to the laws of its country of origin, the company can establish branches and is authorized to negotiate abroad; and the name of a permanent legal representative in Ecuador. The branch must have assigned capital of no less than US$ 2,000. The documentation must be presented to the Superintendency of Companies, along with a

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certificate issued by the Ecuadorian consul nearest to the foreign company’s head office certifying the establishment and legality of the company in its country of origin and authorizing it to do business abroad. Also, the company’s legal representative must present a certified bank deposit of the capital paid. If the legal representative is a foreign citizen, he or she must obtain a resident visa. The formation procedures applying to corporations must also be followed. A branch is easier than a corporation to set up, but this factor should not be the overriding consideration in deciding which type of entity to use. A branch cannot be reorganized as a subsidiary. The license granted to a branch to operate in Ecuador must be canceled before a new company can be formed. Instead of forming a branch, a company that simply requires representation in Ecuador may prefer to open a representative office. LIMITED LIABILITY COMPANIES Limited liability companies closely resemble limited partnerships in other countries and are suitable for similar types of operations. They must have at least three members and not more than fifteen. Members have limited liability for corporate obligations up to the amount of their individual contributions. Capital cannot be less than USD$ 400. At least half of the capital must be paid in at the time of formation, and the remainder within one year. A legal reserve must be set up by transfer of 5% of annual after-tax profits until the reserve equals 20% of capital. Foreign corporations are excluded from membership. PARTNERSHIPS A partnership may be organized in two different forms: as a company with a collective name in which all partners are jointly and severally liable for all actions taken by any partner in the firm’s name or as a silent partnership, which has general partners and limited partners. Silent partners are not part of the firm’s name and do not participate in management. The bylaws of a partnership must state the name, nationality, and domicile of the partners; number of payments made and future payments; form of payments made and future payments; time period for which the company will function; manner in which the administration will be organized; and fiscal control established, if any. A draft copy of the bylaws

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is presented before a civil judge, who will order the extract to be published in a newspaper. Later, the judge will order the inscription of the bylaws in the Commercial Registry and, if there are property taxes, in the Property Registry (Registro de la Propiedad ). JOINT VENTURES Joint ventures are customarily formed by two corporations. The rights of the partners are limited to obtaining an accounting of funds that have been paid in and an accounting of losses or earnings obtained by the end of the contract. OTHER TYPES OF COMPANIES Other types of companies include the mixed economy company. In such a company, both private and public capital is used. The public sector funds may come from the state, municipal, or provincial governments or from judicial representatives of either the public or semipublic sector. The dispositions imposed on corporations generally apply to mixed economy companies as well. When the public sector investment exceeds half of the capital in a company, a director from this sector acts as president of the board of directors. Private shareholders may later acquire the public-sector investment. When this happens, the company may continue to function in the form of a corporation. Any modification of the bylaws or other action or transaction necessary to achieve this transformation is free of any municipal or special tax. Another type of company is the holding company. A holding company buys shares from other companies, with the purpose of gaining control through shareholder relationships, performance, administration, credit responsibility, or results, and then forms a business group. Companies formed with this objective are obliged to make and maintain individual financial statements for control purposes, for profit distribution among employees, and for the corresponding tax payment. Also, the companies must fulfill their liabilities with the public treasury and the pertaining comptroller bodies on the basis of their financial statements.

EMPLOYMENT AND LABOR RELATIONS Regulations relating to employment are envisaged in the Employment Code. Contracts There is a wide variety of employment contracts depending on the nature of the activity

performed by the employee and requirements of the employer. An employment subordinated relationship exists when an employee renders his/her services within a specific schedule, at pre-established premises and in exchange of a wage agreed on between employer and employee. Any such contract starts with a trial term lasting three months. Within said trial term, either employer or employee may finalize the employment relationship in accordance with their interests. The minimum employment term is of one year. A fixed term employment contract may not exceed from two years. Following these two years the employment contract will be deemed to have an indefinite term and may only terminate in accordance with the provisions stipulated in the Employment Code, with the corresponding indemnities. The following employment contracts are allowed: specific work, temporary and occasional, domestic service, apprenticeship, craftsmanship, piecework, among others. Working Hours, Holidays, and Vacations Normal working hours are eight hours per day, forty hours per week. However, working time may be increased. Overtime must be paid at a rate of between 120% and 200% of the workerâ&#x20AC;&#x2122;s normal rate. In offices, a five-day, forty-hour week is the norm. Regular office hours are from 8:30 A.M. to 13:00 A.M. and from 2:30 P.M. to 6:00 P.M. Generally, nine paid public holidays are given each year. Employees are entitled to fifteen days of paid vacation per year. An additional day per year is granted after five years of continuous employment with the same employer.

BUSINESS ETIQUETTE IN ECUADOR Appearance - For dress, formality increases as you move inland. Inland, business dress should be conservative. Men should wear dark suits and women should dress conservatively and modestly -- a suit or dress - Ecuadorians stand closer together when conversing than North Americans - It is considered impolite to yawn or point at others in public - Nervous, repetitive movements (toe tapping, knee jiggling, thumb twiddling, and so forth) should be minimized -- Ecuadorians find them annoying

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Behavior - Make appointments about two weeks in advance - Have business cards printed in English on one side and the translation in Spanish on the other. Present the card with the Spanish side facing your Ecuadorian colleague - Lunch is the customary time for the main meal and is the usual business meal. Ecuadorians are used to alcohol with lunch - Women should note that while it is acceptable to drink wine, Ecuadorians are not accustomed to seeing a woman drink whiskey or other hard liquor - If a businesswoman wishes to pay for an Ecuadorian man’s meal, arrangements should be made ahead of time, otherwise the man will refuse to let her pay - If you are given a gift, be very effusive in your thanks - Fine wines and liquors make good gifts. Avoid lilies and marigolds, which are used at funerals - Let the host make the toast first, then you may wish to make one.

www.mcpec.gob.ec Activity: Coordination Ministry

Communications - Handshaking common when arriving and when leaving - Men friends embrace and women friends kiss - Titles are important and should be included on business cards. Address a person directly by using his or her title only. A Ph.D or a physician is called Doctor. Teachers prefer the title Profesor, engineers go by Ingeniero, architects are Arquitecto, and lawyers are Abogado. Persons who do not have professional titles should be addressed as Mr., Mrs., or Miss, plus their surnames. In Spanish these are • Mr. = Senor • Mrs. = Senora • Miss = Senorita Most Hispanics have two surnames: one from their father, which is listed first, followed by one from their mother. Only the father’s surname is used when addressing someone - Relations with neighbor Peru have always been strained - A famous part of Ecuador are the Galapagos Islands - Good conversation topics: family, culture, history - Bad conversation topics: politics, U.S. political influence

d. Facilitate foreign and local investment in compliance with national policies.

MAIN ENTITIES COORDINATION MINISTRY OF PRODUCTION, EMPLOYMENT AND COMPETITIVENESS Econ. Nathalie Cely Smith Minister Av La Coruña N2558 and San Ignacio. Altana Plaza Building Floor 4, Quito Tel: (593) 02 3815600.

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The Coordination Ministry of Production, Employment and Competitiveness was created with the purpose of coordinating, promoting, implementing and evaluating policies, strategies and initiatives to transform the initial production model of Ecuador, increasing its competitiveness and boosting employment initiatives. Strategic Goals: a. Promote the transform of the production model generating better performance and employment rates. b. Contribute to the systematic competitiveness of production sectors. c. Promote public policies using a comprehensive and holistic approach in order to coordinate government actions in the field of production, under the principles of social responsibility, solidarity and sustainability.

In order to achieve its strategic goals, the Ministry has elaborated a New Production Code, a set of legal decisions that help the country to get better engaged in productive activities. It emphasizes the importance of innovation, entrepreneurship and technology transfer. The expected result of this change will benefit lives of many Ecuadorian people in the medium and long run. The Ministry is also distinguished by its numerous programs aimed at boosting the development of productive sectors in different directions, such as EmprendEcuador, InnovaEcuador, CreEcuador, No paperwork, InvestEcuador, among others. INVEST ECUADOR Camilo Pinzón General Manager Coruña E-2558 y San Ignacio Edificio Altana Plaza, 4° piso, Quito Tel.: (593) 2 3815600 www.investecuador.ec Activity: Promote and attract investment Date of creation: 2010 InvestEcuador supports the development of productive investment projects, in order to promote specific investment opportunities and attract investment for their implementation. This is an institution under the

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Coordination Ministry for Productivity, Employment and Competitiveness. Projects identified and validated are admitted to Portfolio of Investment Projects. The inclusion of projects for the Portfolio are made based on the following criteria: • Being a company and / or financially stable promoter • Be predisposed to the opening of capital (joint ventures) • Maintaining the level of their liabilities not exceeding 70% of its asset, New projects, expansions and / or rehabilitation financially feasible, to seek technological innovation, quality employment generation, selective substitution of imports. • Search for investment amounts above $ 1,000,000. Projects must be loaded in the “Rate your projects” on this website for a first evaluation. The selected projects will be promoted locally and internationally through the different channels that for this purpose InvestEcuador has: Web Site, embassies, trade offices, international organizations, etc. Companies or individual entrepreneurs can approach InvestEcuador with your project or project idea for a first evaluation. Foreign investors interested in identifying and meetings with relevant contacts in the country, such as authorities, service providers, partners or potential partners, among others, can contact INVESTECUADOR to assist them locally. The main responsibility of InvestEcuador is to promote Ecuador as a destination for domestic and foreign investment and the opportunities the country presents to investors. In this line, InvestEcuador makes investment promotion activities at various levels: • Promoting the country as a destination for investment • Promotion of the sectors considered most |promising for investment (Betting Production) • Promotion of specific investment opportunities (investment project portfolio) To perform these activities they have different channels that contribute to its implementation: Trade shows, business conferences, External Trade Offices, Embassies and Consulates, Website, related institutions, among others.

PICHINCHA GOVERNMENT Gustavo Baroja Prefect of Pichincha Ed. Consejo Provincial. Manuel Larrea N1345 and Antonio Ante Tel: +593 2 22549222 / 2236982 csgpp@pichincha.gov.ec

Building of the Pichincha Government in Quito

www.pichincha.gov.ec Activity: Government of the Pichincha Province Date of creation: 1830 The Core Mission of the Pichincha Government is to promote human development through an effective and participative government model that allows and encourages a sustained institutional strengthening, social commitment and attractive investment opportunities. The Pichincha Government is a decentralized autonomous government and one the key building blocks in the process of community management. Currently, it is involved in a wide array of programs and projects: • Safe Water and Sanitation in Public Schools Aim: Reduce water-borne diseases through the construction of a water treatment system and thereby improving health. • Toachi-Pilatón

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The electrification project that will benefit not only the inhabitants of the province but the country. - Irrigation Channel Cayambe-Pedro Moncayo - Solidarity between Galápagos and Pichincha - Zero accident plan 2011 - Land Use Plan - General Development Plan - Youth in Democracy “We are building a new state structure that meets the needs of the vast majority of men and women in the country and in our province of Pichincha, with a different economic vision called the Popular and Solidaire Economy.” Gustavo Baroja Governor of the Pichincha Province

CORPEI Eduardo Egas Peña Executive Vice-President Av. Amazonas y Villalengua, Edif. Amazonas Piso 8, Quito Tel: +593 2 246 0606 Fax: +593 2 246 0605 www.corpei.org Activity: Foreign Trade (Exports and Investment) Date of creation: 1997 CORPEI, the Corporation for Promotion of Exports and Investments, was established in1997 in Ecuador, under the Law of International Trade and Investment called LEXI. Nowadays, CORPEI is a private non-profit organization aimed at contributing to the national economic growth through the design and implementation of non-financial promotions of exports and investments, leading and coordinating the activities of public and private sectors. In order to fulfill its objectives, the CORPEI performs the following functions: • Run non-financial promotion of exports in the country and abroad, • Support the efforts of producers and exporters, • Strengthen and diversify markets and export products, • Increase the value-added products and export volumes, • Identify new products and services with export potential, • Insert the companies, products and services in international marketing systems,

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• Guide and direct the promotion of direct investment in the country, • Encourage the formation of consortia or associations of exporters in order to achieve a more dynamic presence in international markets, • Advice both public and private sectors on aspects related to the adoption or improvement of policies, regulations, mechanisms and actions that contribute to generating competitiveness in production, exports and investment. In Ecuador, CORPEI is represented by the following institutions: • The Ministry of Foreign Trade, Industrialization and Fisheries; • The Ministry of Foreign Affairs • The Ministry of Agriculture and Livestock; • National Financial Corporation; • The Ecuadorian Federation of Exporters FEDEXPOR; • The National Federation of Chambers of Industry of Ecuador; One of the strategic objectives of the CORPEI is to develop areas of user support: Ecuadorian exporters and investors by providing high value-added services that enhance their knowledge base and competitiveness. To this end, it has developed the following service units: Network Services External Unit Foreign officials who perform market intelligence and support the management of Ecuadorian and foreign entrepreneurs in trade and investment. Information Services Unit Provides the information needed for Ecuadorian and foreign entrepreneurs to conduct business and investment. Investment Promotion Services Unit Gives priority to the promotion of foreign direct investment (FDI) in the activities of productive sectors in Ecuador. Unit for Export Promotion Services Ecuadorian businessmen supplying products and nonfinancial services with high added value, to promote exports of Ecuadorian supply of products. Given the new reality, it is a priority of the country to design and implement policies that encourage exports under schemes of sustainability of natural resources. In this way, the CORPEI has presented the country with a National Plan for the Promotion of Exports for the period of ten years to help guiding the coordinated efforts of all stakeholders (public, private and international aid agencies) in pursuit of the goal to increase the country’s participation in the globalization process.

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“We promote the Ecuadorian exportable offer - both internally looking to increase the supply, quality and product diversification - and externally in international markets. The bulk of Ecuador’s export supply is focused on food products such as bananas, fruits, coffee, tuna, shrimp and flowers.” Eduardo Egas Vicepresident CORPEI

CAMESPA Rafael Muñoz Presidente Av Amazonas 3123 and Azuay, Edificio Copladi, 2 floor Tel.: +593 2 244-6984 / 245-3611 Fax: +593 2 244-6833 www.camespa.com Activity: Spanish Chamber of Commerce in Quito Date of creation: 1988 The Spanish Chamber of Commerce and Industry of Quito, is a body corporate, independent, apolitical, which aims to promote and strengthen trade relations between Ecuador and Spain. Founded on February 19, 1988, legally recognized by the Ministry of Industry, Tourism and Trade of Spain and Ecuador by the current Ministry of Foreign Affairs, Trade and Integration, the Chamber has grown at a significant pace. The progress achieved since its foundation in the business relationship between the two countries stands out, thanks to running management, services provided and the various activities carried out. The House linked with the Network of Spanish Chambers of Commerce Abroad, is the appropriate mechanism for providing timely and efficient business opportunities both locally and internationally. Services 1. Offices and equipment 2. Availability of Information 3. Commercial Missions 4. Inverse Missions 5. Business Meetings with authorities 6. Database 7. Corporate agreements 8. Promotional spaces 9. Courses and Training Sessions 10. Participation in Trade Fairs and Exhibitions 11. Services associates with visa formalities and others

INDUSTRIAL CHAMBER OF GUAYAQUIL Henry Kronfle President Av. Francisco de Orellana and Miguel H. Alcívar, Centro Empresarial Las Cámaras, Institutional Tower, 4th and 5th floor Tel: +593 4 2682618 Fax: +593 4 682680 www.cig.org.ec Activity: Chamber of Industry Date of creation: 1936 The Chamber was created with the objective to represent legitimate interests of its members, industrial companies of all sizes, and support the industrial development of the city and the country by providing effective and timely services that respond to the needs of its members and the industry. The Chamber of Commerce strives to achieve the optimal development of industrial activities in the region, undertaking numerous projects to take care of the environment, help companies to obtain necessary quality certifications and promote social development in the region. Special Projects In 2008, the Industrial Chamber of Guayaquil initiated the development of three institutional projects aimed at further promotion of its services, as well to enhance collaboration with Universities and small and medium-sized companies. • As part of the Internship Program, the Chamber signed agreements with numerous technical universities and research centers all around the region. • Promotion Program Services of the IGC, has enabled the Chamber to reach 500 nonaffiliated companies located in the city of Guayaquil that received information from the consultants on the Enterprise Service Plan, designed specifically to meet growing needs of small and medium enterprises, providing them with representation and association services, training, consultancy and knowledge management services. • System Implementation Program for Safety and Health was designed to train technical staff of a group of SMEs affiliated to the Provincial Chambers

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of Industry to form the National Federation of Chambers of Industry of Ecuador (FCI), in implementing the Integrated Management System in Occupational Health and Safety to reduce risks and negative effects of industrial activities on the health of workers and the environment.

THE GUAYAQUIL CHAMBER OF COMMERCE Dr. Eduardo Peña Hurtado President Avenida Francisco de Orellana and Victor H. Sicouret Tel: +593 4 268 2771 info@lacamara.com www.lacamara.com Activity: Chamber of Commerce of Guayaquil Date of creation: 1889 Member companies: 14000 Thanks to information, training, consulting and services offered, the Guayaquil Chamber of Commerce has become a strategic business partner of its members, affirming that “SER SOCIO ES UN BUEN NEGOCIO”, which means “to be a member is a good business”. The Guayaquil Chamber of Commerce is a private independent non-profit organization, headquartered in Guayaquil and aimed at promoting trade development, as well as other sources of business and wealth, striving to help its members to achieve desired levels of prosperity, providing support in developing cooperation activities and achieving social, economic and cultural goals of the region. Initially, it was born as a private sector union, being the third chamber of commerce established in the South America. In 1909, it expanded to the “Chamber of Commerce and Agriculture”, in 1934 - the “Chamber of Commerce, Agriculture and Industry” and in 1938 became known as the “Chamber of Commerce of Guayaquil.” The Guayaquil Chamber of Commerce is the most representative chamber of commerce in the country with 14000 companies, 56% of which are small and medium-sized businesses. For over a century, business has grown in the region along with this institution, making it possible to promote trade, create wealth and productive employment, thereby contributing to the social development of Ecuador.

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AIHE (Hydrocarbon Industry Association of Ecuador) Jose Luis Ziritt Executive President Av. Amazonas N37-102 and UNP Puerta del Sol building, 8th floor, Quito Tel: +593 2 226 1270 / 226 1271 aihe@aihe.org.ec www.aihe.org.ec Activity: Hydrocarbon Industry Association of Ecuador AIHE is an abbreviation for the Hydrocarbon Industry Association of Ecuador, a nonprofit organization established within the legal framework of the Republic of Ecuador. It brings together companies specialized in: • Exploration, production and transportation of hydrocarbons. • Sales of fuels, derivatives and lubricants. • Oilfield Services to the Industry. The association is formed by 17 companies that all together represent 85% of the market. It represents only the biggest companies within the sector and the only way to become a member of AIHE is by invitation. Member companies are divided into 3 main groups depending on their core activity. • Upstream: AGIP Oil Ecuador, Andes Petroleum Ecuador Ltd., Ivanhoe Energy Ecuador Inc., OCP Ecuador SA, Repsol YPF and Tecpetrol. • Downstream: ExxonMobil Ecuador Cía. Ltd., Terpel, Primax SA. • Oil Services: Halliburton, Sertecpet, Schlumberger, Tenaris. Currently and after the process of contract renegotiation was finished between different companies and there are petrol deposits that still have to be explored, there are interesting opportunities both for state companies since they do not need to participate in tenders and for smaller companies interested in exploring marginal fields. “The new service agreement between oil companies and the state is unique in the world. Most companies have decided to stay in the country being positive for both. With this framework the oil companies can invest in the country and do business, that is what interests them.” Eng. Jose Luís Ziritt President of AIHE

Investment & Legal Framework

ABPE (Association of Private Banks of Ecuador) Cesar Robalino Executive President Avenida República de El Salvador and Suecia, Delta 890 Building, 7th floor Tel: +593 2 2466670 / 2466671 / 2466672 Fax: +593 2 2466701 / 2466702 abpe1@asobancos.org.ec www.asobancos.org.ec Activity: Banking services Date of creation: 1965 Members: 25 The Association of Private Banks of Ecuador, ABPE, is a professional nonprofit association created in 1965, which represents and defends the interests of its members and provides a wide range of services to member banks. It is formed by 25 private banks, 5 of them dedicated to microcredits. The Association’s mission is mainly aimed at developing a proper functioning of the banking system and economy in Ecuador. It provides news, information regarding the banking legislation, regulations and instructions issued by various agencies. The Association constantly tries to maintain a close relationship, through constant dialogue with the Government, which has allowed the agency to be involved in core issues related to strengthening of the banking sector and, consequently, development of the country. ABPE is currently serving as a member of the managing committee of the Latin American Banking Federation FELABAN. “We want to develop new financial products and services for the people who have been outside the system. More than 200,000 Ecuadorians want to use financial services in addition to cash, which is mainly a custom in the south. “ Econ. Cesar Robalino President of ABPE

Av. República del Salvador 1082 y Naciones Unidas, Edificio Mansión Blanca Quito- Ecuador Tel: +593 2 225 4323 Fax: +593 2 225 8038 www.pbplaw.com Activity: Legal Date of Creation: 2001 Pérez Bustamante & Ponce resulted from the merger in 2001 of two Ecuadorian law firms having international presence: Pérez Bustamante y Pérez and Fabián Ponce O. & Asociados, established in 1916 and 1959, respectively. They are convinced that the practice of law is essentially a service to the community.Their actions are in line with the highest ethical and professional standards. Their mission is to provide legal services based on excellence and professional ethics for the purpose of ensuring client satisfaction and serving the society, to be a benchmark in the national legal thought. Their vision is to be recognized at national and international level as a leading firm in the provision of legal services based on excellence and ethical values, committed to society and law, using modern technology, adequately meeting the needs of its members in a positive team-work environment. Pérez Bustamante & Ponce keeps relations with law firms worldwide. The law firm is a member of the following international organizations: Lex Mundi, Interlaw, Club de Abogados, Globalaw. Pérez Bustamante & Ponce embodies corporate social responsibility in its managerial system. To this end, it meets all legal obligations, issues and implements policies that promote human resources, is concerned about the community’s social development, and defends a pollution-free environment. Pérez Bustamante & Ponce is committed to pro bono work. To ratify this commitment, the firm executed the Pro Bono Declaration for the Americas in 2008. The firm provides legal services to low-income persons through the Fabian Ponce O. Foundation established in 1987.

PEREZ BUSTAMANTE Y PONCE (Association of Private Banks of Ecuador)

SRI

Federico Chiriboga Senior Partner

Carlos Marx Carrasco President

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Investment & Legal Framework

10 de Agosto y Luis Tufiño, Quito- Ecuador Tel: +593 2 247 1282 www.sri.gob.ec Activity: Tax collection Date of Creation: January 2000 The Internal Revenue Service (SRI) is a technical and autonomous entity which is responsible for collecting domestic taxes established by law through the application of existing legislation. Its purpose is to consolidate the tax culture in the country in order to consistently increase voluntary compliance with tax obligations by taxpayers. Their compromise is to promote and enforce compliance with tax obligations in the context of ethical and legal principles, to ensure effective fund to promote social cohesion. Their aim is to be an institution that is trusted and of social recognition for doing good to the country. Doing good to the country because of their transparency, modernity, closeness and respect for the rights of citizens and taxpayers. Doing good to the country because they have competent staff, honest, committed and motivated. Doing good to the country by the tax management, significantly reducing evasion, avoidance and tax evasion. The SRI has national coverage with offices in all provinces. The SRI is responsible for implementing the country’s tax policy in regard to domestic taxes. To do this you have the following powers: • Identify, collect and control internal taxation • Publicize and provide training to the taxpayer on their tax obligations • Prepare studies tax reform legislation • Sanction Taxes administered and collected by the IRS are: • Income Tax • Value Added Tax • Special Consumption Tax • Property Tax Vehicle “The institutional mission of SRI goes beyond being a tax collection agency and tries to become the institution responsible to promote, stimulate and disseminate fiscal citizenship building.” Carlos Marx Carrasco President of SRI

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DELOITTE Rafael Muñoz President Tulcan 803 y Av. 9 de Octubre Guayaquil-Ecuador Tel: +593 4 245 2770 www.deloitte.com.ec Activity: Consulting & Audit Date of creation: 1966 Employees: 350 Turnover: $ 15M “Deloitte” is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are members of Deloitte Touche Tohmatsu Limited (DTTL), a UK private company limited by guarantee. Each member firm provides services in a particular geographic area and is subject to the laws and professional regulations of the particular country or countries in which it operates. Deloitte member firms offer clients a broad range of audit, consulting, financial advisory, risk, and tax services. Its client service teams, under the leadership of a Lead Client Service Partner, help create powerful business solutions for organizations operating anywhere in the world. The newest client service offering: As One, the discipline of collective leadership, aims to help managers solve a specific and timeless leadership challenge—how to get large numbers of individuals working together to achieve a shared purpose. In Ecuador, Deloitte is the biggest and the most important multinational consulting company. It offers 250 different products, divided in 4 areas, with 60% of its business in Quito, 35% in Guayaquil and 5% in the rest of the country. It has experienced a substantial growth in the region and currently has a consolidated portfolio of important clients, both multinational companies and local ones. The company is open to new opportunities in Ecuador, a country with such an important business potential. “We are present in Ecuador since 1966 serving the largest companies in the country and being the No. 1 consultant company in Ecuador.” Rafael Muñoz Main partner of Deloitte

THE ECUADORIAN ECONOMY

Source: MITUR

If you donâ&#x20AC;&#x2122;t fight, you will never feel the taste of triumph Ecuadorian proverb

The Ecuadorian Economy HISTORICAL INTRODUCTION: ECUADOR – THE ULTIMATE PRIMARY PRODUCER The Ecuadorian economy is the eighth largest in Latin America after Brazil, Mexico, Argentina, Chile, Colombia, Venezuela, and Peru. Ecuador’s exports have been the key factor in its economic growth since the late nineteenth century until the Great Depression. Ecuador gets its revenue based on the export of two primary products: cocoa and coffee. However, this has had a negative effect on industrialization as it means alternative areas have not been investigated or exploited. Exports account for between 70% and 80% of the total economic activity, most of which are agricultural products: cocoa and coffee with 64.1% and 5.4% respectively. As a result the economy grew but became more dependent on international markets. This growth was extensive and this was portrayed in the increase size of the Ecuadorian workforce and the increase in the amount of land being cultivated. . Ecuador has almost come from nowhere when you consider that in 1900 it only had a population of 1 million. The fragmentation of Ecuadorian markets back then meant that they missed the export boom, however, Ecuador markets are feeling positive effects now with growing exports to the USA and increased trade with European countries. In 1913, cocoa accounted for 64% of Ecuador’s exports which made the country somewhat one dimensional on the global economic scene. This type of situation is always risky because countries that specialize in production become very vulnerable in that they are completely reliant on global demand for certain products. With the arrival of the First World War exports dropped. In 1917, due to the cocoa crisis and falling world prices, exports suffer another stroke back and drop again Since 1950, Ecuador regained its position in international markets thanks one of its most important exports – the banana. Ecuador then saw a period of prosperity. The increasing demand for bananas in Europe and the United States and the impact of pests and hurricanes in Central American plantations were the two main factors that contributed to Ecuador becoming so important in the worldwide banana market. The country was perfect because of its cheap labor, its

abundance of agricultural land, its government support policy (which included credit and infrastructure) and its lack of pests and hurricaines. Banana exportation was the focus of the Ecuadorian economy until the 1970’s, when oil also became very important to trade mechanisms within Ecuador. In the 1970’s, the country’s mining and oil industries were aided by the development of a unique situation characterized by high oil prices on the global market. The export of oil allowed incremental growth of major economic aggregates. These aggregates grew previously unseen rates. Exports rounded $ 190 million at that time whilstGDP increased from $1.062 million dollars to $ 13.946 billion dollars from 1970 to 1977 and RMI from $ 55 million to $ 563 million dollars. This energized the participation of Ecuador in the globalizing logic of international capitalism. The country became more attractive for investments and foreign banks because of this newfound oil wealth and suddenly the Ecuadorian ‘nouveau riche’ was formed. The subsequent acquisition of extensive resources allowed the state to invest in roads, energy, health and address multiple economic and social pressures. These and many other circumstances (that had not previously been experienced) marked the beginning of a different stage in the economic history of Ecuador from 1972. The country was moving away from the inefficient economic model based on exports of raw materials and primary products of agricultural origin to a new one that was based on petroleum prices. From that period, the industrialization process intensified, generating further economic growth and wealth and laying a path for creating a new urban and industrial society. The seventies had brought further development but the commodity based system had made the country relatively vulnerable to external trade. In recent years Ecuador has been developing a new strategy that would use oil revenues to change the productive matrix and create an indigenous industry that would create added value to raw materials that are usually exported as primary products. This would cause a re-industrialization of the country.

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The Ecuadorian Economy OVERVIEW

Economic Activity By Regions

To a considerable extent, Ecuador is dependent on its petroleum resources which have accounted for more than half of the countryâ&#x20AC;&#x2122;s export earnings and one-fourth of public sector revenues in recent years.

Economic activity is mainly centralised in the cities of Quito and Guayaquil. The central government is based in Quito, as a result, most of the countryâ&#x20AC;&#x2122;s leading companies are based there as well as being the home of international companies and public institutions offices.

From 1999 to 2000, Ecuador suffered a severe economic crisis, with GDP reducing by more than 6%. Poverty increased significantly and the banking system collapsed and as a result Ecuador defaulted on its external debt later that year. In March 2000, Congress approved a series of structural reforms that also implemented the use of the US dollar as legal tender. Dollarization stabilized the economy and helped it to grow, although this had also been facilitated by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew 5.5%, the highest five-year average in 25 years. The poverty rate declined during this period but remained high at 38% in 2006. After moderate growth in 2007, the economy reached a growth rate of 6.5% in 2008, mainly due to high global petroleum prices. Poverty levels declined to about 35% by the end of 2008.

Guayaquil is also of great significance because of its coastal location. As a port, many of the key agricultural exports leave from this city such as bananas, cocoa and shrimp. However, aside from the two major cities, there are also important economic hubs throughout all regions . Cuenca, the third largest city, concentrates on the craft and ceramic industry whilst Manta is considered the world capital of tuna. Most of the important oil extraction points and refineries are in the Esmeraldas / The Amazon Rainforest. Then, in terms of the tourism industry, the Galapagos islands are the important economic location.

GDP (growth, GDP by activity and by expense)

GDP by sector and expense Sector

2005

2006

2007

2008

2009

Agriculture, livestock and fishing

10.3

10.5

10.6

10.5

10.4

Mines and quarries

13.8

12.6

11.1

10.0

12.2

Manufacturing industry

13.3

13.7

14.0

14.2

15.6

Electricity and water supply

0.8

0.9

1.0

0.9

Construction

8.7

8.6

8.4

9.0

9.3

14.4

14.6

14.7

14.5

Transport and storage

7.3

7.4

7.3

7.4

Financial intermediation

1.8

2.0

2.2

2.3

2.2

15.3

15.6

16.1

16.2

16.0

Civil service

4.5

4.6

5.0

5.1

Other services

9.8

9.7

10.0

9.8

Wholesome and Retail trade

Other service sectors (hotels, restaurants and education)

100

6.4 100

Source: Economic and Commercial Bureau of Spain

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The Ecuadorian Economy

Ecuador: Investment by Economic Activity 2005 - 2008 Millions of USD$

Economic activity Brach

2005

2006

2007

Agriculture, forestry, hunting and fishing

23.9

47.3

24.2

18.7

198.3

(116.6)

(124.4)

253.8 170.2

Mines and quarries

2008

75.4

90.2

96.9

Electricity, gas and water

6.5

6.9

16.4

(8.9)

Construction

7.4

8.4

33.0

38.7

Trade

72.5

32.3

78.1

149.5

Transport, storage and communication

17.5

83.3

(52.1)

216.5

Services lent to businesses

73.8

89.4

117.1

153.1

Manufacturing industry

Comural, social and personal services TOTAL

17.9

29.5

5.2

1.7

493.2

270.7

194.4

993.3

Source: BCE

Foreign Investment by Country and by Sector By Country Panama

20052 76.2

006

007

008

66.7

-12%

78.3

17.4%

78.3

009

-9.10%

117.9

65.62%

Spain

2.6

6.8

156%

72.7

957.7%

72.7

75.2%

68.2

-46.44%

China

-19.9

11.9

160%

59.7

400.7%

59.7

-17.9%

56.3

14.89%

Canada

29.1

-251

-962%

35.4

114.1%

35.4

22.5%

51.6

18.93%

Virgin Isles

44.9

39.2

-12%

41.9

6.8%

41.9

33.8%

39.9

-34.95%

7.2

42.5

485%

-40

-194%

-40

856.5%

38.9

-87.14%

72.6

15.4

-78%

24.8

60.6%

24.8

-79.8%

419.01% 138.45%

Mexico Chile Argentina

1.7

2.9

68.5%

7.4

155.5%

7.4

-15.4%

Venezuela

2.4

-0.1

-104.2%

15.7

15800%

15.7

24.2%

-59.1%

288.8

368.9

28.1%

75.8

-79.4%

75.8

-51%

2.9

-92.12%

The Bahamas

28.3

-17.4

-161%

-111

541%

-111

-68.3%

-1.9

94.57%

France

-0.7

8.4

1216%

77.5

819.2%

77.5

-59.8%

-2.8

-109.02%

USA

-77.1

-159

-107%

-151.3%

-122%

-37.7

-108.39%

Total IED

493.4

270

-45.1%

194.2

28.2%

194.2

401.3%

311.7

-67.98%

Brasil

By Sector Agriculture, forestry, hunting and fishing

23.9

47.3

97.7%

25.5

-46.1%

19.9

-22.1%

51.6

159.21%

Mines and quarries

198.3

-116.6

-158.8%

-124.1

-6.4%

247.9

299.7%

-6.4

-102.58% -39.99%

Manufacturing industry

75.4

90.2

19.5%

9.8%

204.9

107%

123

Electricity, gas and water

6.5

6.9

6.5%

11.9

71.7%

-7.7

-164.6%

-0.1

98.34%

Construction

7.4

8.4

13.9%

41.1

386.5%

48.5

18%

-13.9

-128.66%

Trade

72.5

32.3

-55.4%

92.2

185.4%

115.3

25.1%

74.5

-35.41%

Transport, storage and communication

17.5

83.3

376.1%

-52.5

-163%

211.2

502.7%

88.2

-58.22%

Services lent to companies

73.8

89.4

21%

84.6

-5.3%

138.2

63.4%

-24.5

-117.74%

29.5

64.1%

16.8

-43.2%

-10.4%

19.4

29.17%

Comercial, social and personal services

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The Ecuadoran Economy

Unemployment. Workforce. Employed population by sector. The official unemployment rate is 7.0% as of March 2011, however the underemployed group represented 50.0%. The total occupation rate in Ecuador is 41.2%. With respect to March 2011, these figures demonstrate that unemployment and underemployment figures decreased 2.1 and 1.3 percentage point respectively. The sector that concentrates more manpower are public services which count for 52.9% followed by agriculture, hunting and fishing with 28.4% and finally, industry with 18.6%.

GDP per Capita According to Central Bank estimations, GDP per capita for 2008 was $3,961 which indicates 17.67% increase from 2007 when it was just $ 3,366. The figure for 2009 is $ 3,715. However, in 2010 there was a reported increase of 2.12% (from $1,722 in 2009 to $1,758 in 2010), as a result of recovery from the Global Economic Crisis of 2009.

Key Macroeconomic Indicators Source: MCPEC

GDP (purchasing power parity): $110.4 billion (2009 est.) country comparison to the world: 64 $109.9 billion (2008 est.) $102.5 billion (2007 est.) note: data are in 2009 US dollars GDP (official exchange rate): $55.55 billion (2009 est.) GDP - per capita (PPP): $7,600 (2009 est.) country comparison to the world: 126 $7,700 (2008 est.) $7,300 (2007 est.) note: data are in 2009 US dollars GDP - composition by sector: agriculture: 6.8% industry: 35.2% services: 58% (2009 est.) Labor force: 4.503 million (urban) (2009 est.) country comparison to the world: 79 Investment (gross fixed): 24.2% of GDP (2009 est.) country comparison to the world: 52

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Ecuadorians childs will always smile at you

Budget: revenues: $18.28 billion expenditures: planned $21.15 billion (2009 est.) Public debt: 19.7% of GDP (November 2009 est.) country comparison to the world: 108 25.3% of GDP (2008 est.)

NEW VISION AND CHANGE IN THE ENERGY AND PRODUCTION MATRIX Ecuador is a country with enviable macroeconomic stability. Its macroeconomic indicators are very similar to those countries that have investment grade but enjoy a lesser degree due to the renegotiation of external debt held in 2009 and had a 93% acceptance of the Bond Holders.

The Ecuadoran Economy

The growth rates of the last 10 years in Ecuador have been very positive and when compared with other neighbouring countries it is the second fastest growing economy after Peru. However, arguably with better social outcomes. After the global credit crunch of 2009, many emerging economies were gravely affected. However, Ecuador managed to maintain a remarkable degree of macrostability providing major success in terms of return on stocks, imports and in achieving positive economic growth.

When analyzing the Ecuadorian economy it is important to differentiate between Oil GDP Growth and Non. Oil GDP represents 12-14% of the economy and is central to Ecuador’s dollarized economy. Under the current government, oil revenues have increased. Similarly, Non-Oil GDP has also grown in recent years at an estimated 3.8% per year . However, with the recent rises in oil revenues, this figure is expected to be around 5%. In 2010, the economy has seen a slow but steady recovery. Positively, high public investment has been made in infrastructure changing the energy and production situation which is ultimately pulling the economy in the right direction.

Private investment recovery is expected to grow to 5% in coming years due to general economic recovery and increased oil production. Oil production has otherwise been falling during the last 3 years due to renegotiations of oil contracts. As the rules were not clear, private oil investment had fallen as public investment had risen. With regards to Non-Oil GDP, with the new Production Code it will inevitably boost private investment, foreign direct investment (FDI) and mirror image economic hotspots like China, but with better conditions. The increasing importance of mining to the economy in 2012 will also shine through as it did in the 1970’s. Another important factor is the considerable shift in trends within the energy market. Ecuador has imported diesel powered thermal energy and is also consciously encouraging hydropower. This has had a significant fiscal impact because the diesel is subsidized. When the power plant of Coca-Codo-Sinclair is up and running, the state will save 700 million USD per year from a fiscal and external standpoint in an economy of about 50,000 M USD, helping to have more liquidity in the economy, i.e., more dollars will circulate and therefore will be able to finance more economic activities. On the other hand, the Pacific Refinery that is in construction will prevent the importation of fuel and therefore will be dollar inflows in the economy because it imports about USD 3,000 M of fuel annually.

MACROECONOMIC INDEX AND FORECASTS Ecuador’s economy grew by 3.7% in 2010 and is forecast to grow by 5.06% in 2011. In 2012, it is predicted that the economy will grow by 5.17%. For 2010, the Government forecasts predict an inflation rate of 4% and 3.69% in 2011 whilst it was below 5.1% in 2009.

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The Ecuadoran Economy

The current predictions are that the Ecuadorâ&#x20AC;&#x2122;s economy will remain in deficit at a rate of 0.6% of GDP in 2010 and 1.6% in 2011 after 1.1% in 2009. The overall Ecuadorian national budget in 2011 is set to reach 23,950 million USD. In 2010, the budget amounted to about 21,282 million USD. The proposed 2011 budget, delivered to the National Assembly for approval, has a fiscal deficit of about 3.734 million dollars and also requires a further 4,951 million USD in additional finance. The main sources of revenue to cover the budget for next year will be taxes and public financing, especially foreign investment. The project includes about 3,859 million dollars in foreign loans and about 1,093 million dollars in domestic loans. The proposed plan of the Government promotes strong public investment and the prioritization ofstrategic, social and productive sectors. In 2011, public investment is estimated to reach about 4.691 million dollars excluding the resources allocated in the state oil companies. Whilst on the fiscal side of matters, the main source of financing will be tax, which is projected to amount to some 9,426 million USD in 2011. On the expenditure side, Ecuador plans to spend an estimated 1.573 million dollars on debt repayment and about 6.523 million dollars on wages and salaries. President Rafael Correa has announced a downsizing in the public sector. The percentage of debt to GDP is 13.4%. Additionally, the unemployment rate will hover around 7.4%. The draft budget of the smallest partner of the OPEC also sees production volume of 180.8 million barrels and exports of 125.6 million barrels. Oil revenues next year are forecast to reach an estimated 3.507 million dollars. The oil sector would therefore grow by 1.6 percent, despite the contraction that occurred between 2007 and 2010 by the fall in production of private firms due to lack of investment, while waiting to sign new contracts to provide services. The signing of new agreements would mean an investment of 1,200 million dollars over five years, which would increase the level of oil production which is ultimately one of the main sources of national income.

Highway tolls help financing the State budget

PROGRAMMING GUIDELINES OF THE 2011-2014 BUDGET AND 2011 PROFORMA OF THE STATE BUDGET Macroeconomic Policy In compliance with the Arts. 283 and 284 of the Republican Constitution and the Goal 11 of the National Plan of Good Living - PNBV, the Governmentâ&#x20AC;&#x2122;s macroeconomic program is a tool in changing the model for consolidation of a social and fair economic system that ensures the production and reproduction of material and immaterial conditions that would potentially raise living standards across the board in Ecuador. Macroeconomic Policy must be contextualized within the framework of Chapter Four Title Six of the Constitution relating to Economic Sovereignty and the objectives are defined as: 1. Ensure proper distribution of income and national wealth. 2. Encourage domestic production, productivity and systemic competitiveness, the accumulation of scientific knowledge and technology, the strategic integration in the global economy and productive complementary activities within the regional integration. 3. Ensure food and energy sovereignty. 4. Promote the incorporation of added value with maximum efficiency, within the biophysical limits of nature and respect for life and cultures. 5. Balanced development of the country, integration of regions in the country, between rural and urban, economic, social and cultural. 6. Promoting full employment and enhancing all forms of work with respect to labour rights. 7. Maintain economic stability, defined as the maxi-

The Ecuadorian Economy

mum level sustainable production and use over time. 8. Promote fair and complementary exchange of goods and services in transparent and efficient markets. 9. Promote a socially and environmentally responsible consumption.

economic inclusion in favour of priority attention groups. 3 .- The budget allocations should be directed towards strengthening the economic base of the first phase of the new mode of accumulation and redistribution. Policies and thus the resources devoted to the production sector: they will promote the transformation of the specialization of the economy, democratization of the means of production, sustainability of the economic activities and the rational and responsible use of renewable and non-renewable resources, productivity gains, and export diversification.

Francisco de Orellana Avenue, one of the financial areas of Guayaquil

General Guidelines

Likewise, the State will encourage energy sovereignty based on renewable energy, allowing having the future with an effective, efficient and friendly environment. Additionally, the allocation of resources should influence consumer habits. It will prioritize the allocation of resources, expanding connectivity and telecommunications as essential elements for production.

1 - The public resources should be directed to guarantee the rights for the good life. Therefore, the State must ensure through public sector to promote the satisfaction of basic needs of the population such as: a) Universal education, inclusive and with quality. b) Accessible health services, continuous, timely, with quality and without exclusion. c) Water for human consumption. d) Permanent access to healthy, sufficient and nutritious food, preferably locally produced and with the guarantee of food sovereignty. e) Decent and adequate housing. f) Safe and healthy habitat. g) Social security and decent work, with fair wages and salaries. All forms of work should be recognized and must promote access to non-taxpayers (self-employment, unpaid domestic work, human care work, intangible work, self-sustaining work in the field), and to access quality services in health, workplace hazards, disability and old age retirement. h) Culture: to encourage the creation and dissemination of different cultural expressions, the exercise of artistic activities and protection of patrimonial and moral rights. 2 .- The budget allocations should be directed towards public actions to promote social and

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FINANCE

Serenity in the face of danger, dignity in the face of unfortune, tranquility in the face of death Ecuadorian proverb

Finance Overview In 2008, the financial sector accounted for 2.4% of GDP with a total of 1,261 million dollars. This sector was consolidated by the dollarization of the country after the severe crisis of 1999 when many financial institutions went bankrupt and were there subject to government bailouts. The low level of domestic savings, high administrative costs and the high interest rates have made the Ecuadorian financial sector somewhat complex. Growth in this sector has never been exponential, but it has been steady as a result of a new Finance Act, which allows segmentation of credit and interest rate differentials. According to a report by the Association of Private Banks of Ecuador (ABPE), after the first half of the year, total deposits in private banks registered an increase of USD$ 997 million with a closing balance of USD$14.575 million whilst savings deposits continued to rise and closed with a balance of USD$4.101 billion, representing an increase of USD$875 million. Similarly, the same trend could be seen with monetary deposits. Compared to June 2009, monetary deposits increased by 17.19%, an increase of $896 million on the previous year. This behaviour is partly explained by the apparent revival of some of the labour intensive economic sectors. Investment demand has increased which has resulted in reduced deposits and the expansion of credit lines. Term deposits are not far behind these figures, since between June 2009 and June 2010 they reached a growth rate of 16.17%. Private banking saw considerable growth bring the figure to $4,369 billion. Regarding the structure of term deposits during the first six months of the year, the participation of these (the deposits) with a maturity greater than 361 days was located at 3.17%, while 34.82% were term deposits of less than 90 days and over 31 days. The 20.45% corresponds to deposits with terms longer than 90 days and less than 181 days, therefore, the sum of deposits with terms greater than 180 days represent 11.75% of the total. Thousands of dollar Banks Pichincha Pacífico Guayaquil Produbanco Bolivariano Internacional Austro Machala Prómerica Citibank Gral.Rumiñahui Loja

Jun. 09 3.423.761 1.329.418 1.191.579 1.131.963 910.475 868.384 427.847 246.435 245.360 215.209 211.590 151.946

Jun. 10 2.767.869 950.697 1.087.470 1.000.886 731.013 710.403 337.770 215.822 231.945 250.585 168.887 112.349

Lloyds Bank ProCredit Solidario Amazonas Unibanco Territorial Comercial de Manabí Litoral Delbank Capital Cofiec Sudamericano Finca Total

75.094 74.714 38.125 33.098 25.962 25.036 22.232 15.005 6.362 5.237 3.771 1.846 897 10.681.345

68.150 53.826 35.986 30.581 18.594 28.405 18636 10.322 4.132 3.174 1.412 1.622 267 8.840.802

Even in smaller cities is common to have ATMs

Credit Destination By June 2010, credits for industry and other productive sectors were the most demanding; hence, their participation in the Loan Portfolio (including contingencies) was 52.4%. This was followed by consumer credits, with 28.3% of the portfolio in the private banking system, while 11.9% corresponds to the accommodation sector and 7.4% to Microenterprise. Between June 2010 and June 2009, credits for housing saw a slight increase of $106 million, implying a growth rate of 8.72%, leaving the balance of the Housing portfolio at $1.319 million in June 2010. Total arrears in payments within the private banking system, on June 2010, showed a reduction of 0.3 percentage points going from 3.36% to 3.06% in response to the decreasing trend in all economic segments in the first half of 2010. Therefore, the slowness in payments in the Consumer and Microcredit sectors decreased by 0.38 percentage points which makes the private banking system remain the lowest in the national financial system with a growth rate of 3.06%. This is corroborated by the fact that between June 2010 and June 2009, nonperforming loans decreased in the following segments: Sales (USD$625 thousand), Consumption ($2.2 million) and Microcredit (USD$19.9 million). However, not in the Housing segment where there was an increase of USD$2.8 million.

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CRÉDIT DESTINATION - JUN 2010 Type of credit Industry and other sectors Housing Microbusiness Total production credit Personal credit Total credit

Sum, thousand $ 5.882.773 1.341.660 836.385 8.060.817 3.174.274 11.235.091

Participation 52,40% 1,90% 7,40% 71,70% 28,30% 100,00%

demoted from second to fourth in these rankings; where they also stood at the end of 2007. On the other hand, Produbanco Bank and Guayaquil Bank climbed up a position in the first quarter of this year. Previously, first placed Produbanco moved from third place to second, while Guayaquil bank shifted from fourth place to third place. In terms of medium-sized banks, Bolivariano bank holds first position, according to the CAMEL index; a position it previously held in the first quarter of 2010 and during the final quarter of 2007.Austro, Machala and Proamérica Banks held places 4,5 and 6 respectively in the same rankings. Rumiñahui bank have also seen extensive improvement, jumping from 7th to 3rd from 2007 to 2010. The International Bank has also held first position for some time. For the first half of 2010 it held second place (as it did for most of 2007) and in March this year it held third place. Office of the biggest bank of Ecuador Financial tower of the Territorial Bank in Quito

BANKING There are different ways of evaluating the main banks of Ecuador. The CAMEL method is used to measure and analyze five key parameters: Capital, Asset, Management, Corporate Income and Liquidity. This tool is used primarily in the financial sector to make measurements of corporate risk. In June 2010, based on rates published by the Superintendence of Banks, in calculating the CAMEL Index for Banking Institutions, there are several changes in terms of the level of the positions of the banks, both large,medium and small. Thus, in the group of large banks one can see that Banco del Pacífico continues to occupy first place, a position that it also held in December 2007. Of the “Big Four” Ecuadorian banks, Pichincha was

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10 largest banks of the country*

Private banking consists of 1,167 agencies, branches and window banks, compared to the smaller 936 of the public banks, which further underlines the disjointed nature of banking channels in Ecuador. According to the MCPE, public banks turned over USD$884 million in 2008, USD$1,045 million in 2009 and USD$789 million in June 2010. Insurance sector The utilities sector of the private insurance market in Ecuador grew by 15% and net premiums uptake increased by 8% between September 2008 and September 2009 as a result of the introduction of new products and services.

*Source: Vistazo Magazine, Nº1034, September 2010

Changes in Small banks The CAMEL Index of small banks has shown considerable variation. This is why the bank that occupies first place, is an institution that in December 2007 was ranked 7 and in March this year moved to fifth position. At the end of the first sector, Banco Sudamericano was declared to be leader of the group.. ProCredit Bank was 7th in March 2010 but later took 2nd position in June later in the year. Loja bank was first in the rankings in December 2007 and in March 2011Unibanco has seen a steady decline in rankings in recent months, between 2007 and 2010 it has slid from third to eighth.

Total market premiums rose from USD$656.1 to 708.5 millionand technical utilitiesrose from USD$43.9 to 50.6 million between 2008 and 2009 after increased revenues and expenditures. According to the “Superintendencia de Bancos y Seguros” there are a total of 43 banks in the country, 2 of which are public. Within the private insurance sector, 6 of the main companies are international: American Home, Cigna, Mapfre, Coface, Norwich Union and Pan American Life. This highlights the international interest that lies in the Ecuadorian market. There are other international brands but they are considered as nationals such as Generali or AIG. Banco Solidario

PUBLIC BANKING: CREATION OF THE INTEGRATED DEVELOPMENT BANK The Integrated Development Bank seeks an integrated financial services sector incorporating public banking and financial institution networks. This process has been driven by the coordinating Ministry of Economic Policy (MCPE). The development bank will also ensure that public banks become interconnected to a greater extent. Furthermore, the Corporación Financiera Nacional (CFN), the National Development Bank (BNF), the State Bank and the Housing Bank will be integrated so that citizens can benefit from reduced process and transfer bureaucracy. This system will join the Ecuadorian Institute for Education Credit (IECE) which will enable the transformation of a consumer credit institution to an investment body. The Savings and Credit cooperatives will also be integrated so they are closer to people in rural areas.

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Investment, Equity and Funds The ABPE showed that in the first half of 2010 the number of investment accounts in the private banking system had grown by 3.78%, representing USD$ 2.659 milion. . This can be compared alongside 2009 when investment accounts recorded an annual growth of $625 million, an annual increase of 30.74%. Available Funds Abroad decreased by 3.43% over the first half of 2010, meaning a reduction of $500 million. Consequently, funds available abroad accounted for 8.65% of the country’s assets posting a balance of $1.935 million. The same report showed an average growth of 0.55% during the first half of 2010 in the private banking system, which represents an additional USD$62 million for the same period. However, this growth was lower than the one recorded during the first half of 2009, which stood at 0.70%. This represents a decrease in the growth of assets.

No change? Do not worry and use this machine to get coin

Currency In the immediate aftermath of the financial crisis of 1998 and 1999, Ecuador struggled and over thirty banks and financial institutions went through the hoop. During this harsh economic period, the former president, Jamil Mahuad, decided to take the radical step of dollarization as it was the only option at the time. 10 years since this change, the overall consensus of opinion is that it has had a positive effect on the Ecuadorian economy,even though the continuity of the monetary system has been effected somewhat. Dollarization paved the way for the country to recover its economic stability,in turn leading to the reappearance of long-term credit and decreasing inflation, which in 2009

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was 4.31%. The exchange rate of the sucre to the dollar gave some confidence to domestic industries and sparked better production. The fear of devaluation generating unforeseen losses was eliminated. To maintain and sustain the dollar, the country must have enough savings to enable itself to overcome the harsh blow that the Ecuadorian economy could face – for example a natural disaster of a severe drop in oil prices. Faced with this, the increase in public spending and the use of savings that the country has in the Ecuadorian Central Bank and international reserves by the present government could constitute a risk for dollarization in Ecuador. Guayaquil and Quito Stock Exchanges As previously mentioned, there are two stock exchanges in Ecuador, one in Guayaquil and one in Quito. Quito stands for 45% of the negotiation volumes while Guayaquil leads with approximately 55%. Companies can be present in both exchanges. For instance, the Stock Exchange of Guayaquil has 270 companies and negotiates more than $ 2.700 million per year. There has been a “boom” of emissions mainly because obtaining financing through stock market transactions is a very attractive option , with interest rates higher than 7% over 2 years. The biggest problem facing Ecuador is the lack of stock market culture, people are not always willing to involve themselves in it . For this reason, the Quito stock exchange has launched a promotion campaign in the hope of having a national and international impact.

PUBLIC FINANCES AND FISCAL POLICY The Constitution states that the State should use taxation to fund services, investment and public goods,as well as to redistribute the money fairly across society’s different social groups. On top of this they should generate incentives for investment in different sectors of the economy and promote the production of socially and environmentally desirable goods. Additionally, the public finances at all levels of the government, should be sustainable, accountable and transparent as well as seeking economic stability. In this context, the General State Budget, constitutes the fundamental instrument of Fiscal Policy:

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Budget 2011 gives priority to the investment in social development Investing in health, education and strategic sectors will be prioritized by the Ecuadorian government throughout 2011 and will receive 76% of total investment. As a result, it is estimated that the health and education sectors are expected to increase by 0.5% of Gross Domestic Product (GDP), which means USD$ 310 million, i.e. each sector will receive USD$ 2,400 million in the next year. There will also be a focus on the development of hydroelectric and thermoelectric projects, such as Multi-Baba Coca Codo Sinclair and Sopladora, among others. . 2011 will also be a year of great investment in housing, transporation and infrastructure projects. Ecuador has taken shrewd approach to their borrowing, they plan to borrow money at 6% and if their calculations are correct, these projects will give a yield of 25-30%. 2010 Record on Public Investment 2010 was a year of extensive public investment. USD$1,400 million more dollars were spent than in 2009 in real investment. It was estimated that at the end of 2010 a total of USD$4.925 million dollars would beinvested, whilst investment of public enterprises (including Petroecuador EP) would exceed USD$1,300 million.

REVENUES The Government seeks to increase the income tax burden by minimizing the evasion and tax avoidance and consolidating the structure of the income budget that favors direct and indirect taxation. It is established as a State policy that all public resources from oil origins must enter the State Budget as capital inflows and will be distributed solely for investment purposes. It removes all that earmarking that was generated by oil revenues with the exception of resources from Application of Law 10 for the Ecodevelopment Fund of the Amazon Region and the Law 47.

inequities. Decisions on allocation of operational expenditure and public investment will underpin the emphasis on compliance with the Constitution and the National Plan of Good Living.

DEBT Government policy aims to ensure that public funding is adequate and timely enough to meet the requirements of public investment. Borrowing policies will meet the provisions of the Constitution, LOREYTF and LOAFYC laws in order to: 1. Ensure the cash resources necessary to carry out the Government Bonds. 2. Maintain a financing policy for development that maintains ratio of debt to GDP below 40%. 3. Maintain the requirements for credit operations, through selectivity in the recruitment of new loans only in cases that are covered by the Annual Investment Plan approved and validated by SENPLADES within the ceilings provided for in the Debt Reduction Plan.

PUBLIC INVESTMENT The country is in the process of change that requires new challenges. The Constitution of the Republic, the National Plan of Good Living and Public policies have restored the importance of public investment as an instrument to achieve structural changes that allow Ecuador to have a more fair and equal society and in which local citizens live in harmony with their neighbors and with the nature. Public banking is becoming important for the countryâ&#x20AC;&#x2122;s development

EXPENSES The spending policy aims at expanding coverage of basic social spending mainly in health and education sectors, in order to correct social and gender

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BANCO DEL PACIFICO

BANCO AMAZONAS

Andrés Baquerizo President P. Icaza 200 E/Pichincha y Pedro Carbo. Guayaquil Tel: +593 4 2328333 mmantill@pacifico.fin.ec / www.bancodelpacifico.com Area of activity: Bank Date of creation: 2000 (restructured bank) Deposits: 1485 million USD (2009)

Sergio Torassa CEO Av. Amazonas num 4430 y Villalengua Quito Tel: +593 2 226-0400 Av. Francisco de Orellana238 / Tel: +593 4 268 3600 www.bancoamazonas.com Area of activity: Investment Bank Date of creation: 1975 Assets: 200 M USD

The New Pacific Bank was created in October 2000. This flexible and modern bank is optimistic about its future and its potential clients can be assured that they will receive first class services from this leading Ecuadorian bank. The bank operates nationwide across 14 provinces and 26 counties with a total of 117 branches, 14 business centres, 9 “Drive Through” banks, 41 window banks and many ATMs throughout the country. The bank also serves clients in Miami and Panama. The bank is currently represented by a professional management team and technical specialists and is focused on providing quality customer service. It tries to achieve excellence in all areas serving clients more efficiently and bringing a range of products and services whilst still recognizing its commitment to work on a daily basis with its clients in Ecuador. The Pacific Bank is an integral part of the Pacifico Financial Group that, in turn, belongs to the Central Bank of Ecuador, but with private management. The following companies are members of the group: Paficic National Bank (Miami), Banco del Pacifico (Panama), Valpacifico, Fiduciaria del Pacifico, Seguros Sucre, Almagro, Pacificad. “We are currently the third largest bank with a stake of 12%, very close to the second. We are recognized as a national bank thanks to our operational and brand management, which has allowed a sustained growth in all provinces.” Econ. Andrés Baquerizo President of Banco del Pacífico

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Banco Amazonas came about as the result of a private entrepreneurship initiative in Ecuador. Since 1975, they have worked hard to ensure transparency, reliability, safety and profitability for its customers. The bank understands the importance of developing long-term relationships of mutual trust with its clients. They also appreciate that clients like the ‘personal touch’ that their bank offers. The employees of the Bank are fully aware that the success of the relationship is based on understanding the needs of each client and having the ability and the capacity to offer the most suitable products and services to meet their requirements. It offers a wide array of investment banking solutions, such as securitization, deposit certification, ACT (Amazon Capital Markets) and stock exchange securities, applying effective policies to client portfolios and also providing risk management services. Banco Amazonas offers integrated value-added services to its customers, including a contact center and additional benefits within the program of “Asistencia Banco Amazonas Contigo”, such as road assistance, medical insurance, home and travel insurance, as well as online banking. “Our bank has 35 years experience and is one of the few banks that have never been restructured, we are very careful in risk management. We are very conservative and solvency is the primary focus of the management team and shareholders. We are specialists in business management, in investment banking and wealth management”. Sergio Torassa CEO of Banco Amazonas

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BANCO DEL AUSTRO Guillermo Talbot General Manager Sucre and Borrerp corner, Cuenca Tel.: +593 7 2831 222, Fax.: +593 7 2831 067 www.bancodelaustro.com Area of activity: Bank Date of creation: 1977 Employees: 1200 Assets: $700 million USD Banco del Austro was originally founded in Cuenca and is now one of the largest financial institutions in the southern region within the sector of medium sized banks in the country. Its history goes back to the late 70’s when a group of enthusiastic entrepreneurs, formed by the well-known families of Mora Vázquez, Peña Calderón and Eljuri Anton, came up with the idea to create the institution. At the beginning of its operations on 28 November 1977, Banco del Austro had a start-up capital of 31.5 million sucres and a building was rented which was located on Bolivar Street, between Calle Hermano Miguel and Mariano Cueva.Determination, human capital and a philosophy of trust have all contributed to making the bank the success that it is today. Currently, Banco del Austro is the seventh largest bank in the country with $ 700 million USD in assets and 500 million USD in loans. The institution has 77 service offices all around the country that offer a wide array of products and services, combined with personalized attention and technological support required by modern banking, as well as 4000 service points, including 250 cash machines. It is the third most successful bank in terms of profitability ratings. Offices are laid out in such a way that it provides its customers with easy and secure access to services enabling them to complete their transactions in total comfort and security. One of Banco del Austro’s key aims is to be the leading bank in providing services for foreigners and immigrants. Currently, it has agreements with the USA (10 offices), Italy (2 offices) and Spain (8 offices) and conducts its operations through the Austro Financial Services group. It also has 50 agreements with remittance companies and is constantly looking for new expansion strategies in this field. Banco del Austro consistently tries to be innovative and introduce the latest technologies to improve their range of services. For example, there are automated offices called “Austromático”, where all the services are automated. This bank is an ideal partner for investors who wish to create strategic alliances in Ecuador together.

Our bank is deeply rooted in the region of the south of Ecuador, in the Austro, but with a vision to spread nationwide, which has been constantly supported by large industrialists and merchants in Cuenca. “ Eng. Guillermo Talbot General Manager of Banco del Austro

BANCO DE GUAYAQUIL (THE BANK OF GUAYAQUIL) Guillermo Lasso Mendoza Executive President P. Icaza 107 and Pichincha, Guayaquil Tel: +593 4 373 0100 Area of activity: Bank Date of creation: 1923 Employees: 3000 Assets: $2500 million USD The Bank of Guayaquil is the second largest bank within the financial system of Ecuador, with over 87 years of consolidated experience in providing financial solutions to companies and individuals. The bank is highly respect and well regarded in the Ecuadorian financial world thanks to its solidity, liquidity and profitability. The Bank of Guayaquil has many competitive advantages: firstly it has a customer orientated strategy, a capacity to identify individual client’s needs and an ability to create adequate solutions, as well as focusing on product and service innovation. The company has over 20 new projects to be implemented within the upcoming 2 years. Today, The Bank of Guayaquil has the largest network of banking services in Ecuador, where more than 15 million dollars worth of transactions are realized on a yearly basis. It also has international coverage through its subsidiaries in Spain and Panama, which allow The Bank of Guayaquil to offer a wide array of financial services in an immediate and efficient way to those Ecuadorian people living outside the country. They also support the foreign investment initiatives of local entrepreneurs. Within its portfolio of credit cards, the Bank of Guayaquil manages the following brands: Visa, Mastercard and has exclusivity for American Express. The Bank of Guayaquil is the most profitable bank in the country and guarantees up to 24% return on investment, a rate that makes it competitive and attractive for foreign investors. The “Banco del Barrio” Project – Transforming positively the life of Ecuadorian people In February 2011, the “Banco del Barrio” or the “District Bank” project of the Bank of Guayaquil gained first place

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within the category of “Banking Strategies” at the “Beyond Banking” awards organized by the Inter-American Development Bank (IDB), where the project was recognized for its impressive social and environmental sustainability initiatives, as well as for its corporate governance of financial intermediaries in Latin America and Caribbean. “El Banco del Barrio” has positively transformed the lives of Ecuadorian people through boosting banking activities in the country”, declares Guillermo Lasso Mendoza, the Executive President of the bank. “El Banco del Barrio” forms a strategic alliance between the Bank of Guayaquil and small businesses across Ecuador. As of 2008, district banks allowed the Bank of Guayaquil to quintuple the total coverage of its services, establishing more than 3.400 branches in Ecuador, which corresponds to 45% of the total amount of branches of the entire Ecuadorian banking sector; with 1,500,000 transactions on a monthly basis. Their range of financial services is extensive with: deposits, cash withdrawal, payments of services, remittance payments, transfers and cell phone recharges, as well as payments of the Human Development Bonus, a subsidy of $35 given to unemployed Ecuadorian people on a monthly basis. District banks guarantee accessibility, availability and security of banking services to everyone, where a person that lives in a small rural community does not have to travel to a nearby city and incur excessive transportation costs, but can make all necessary transactions just around the corner. “With district banks we have reached urban and rural segments, but our core vision are small businesses, small shops, those that can feel the positive transformation of their lives when their sales grow from 40% to 60%”, comments Guillermo Lasso Mendoza. The Project has seen international recognition, as an important social initiative that considerably improves the life of Ecuadorian people. Currently, there are more than 2.,700 district banks in all of Ecuador’s provinces. In just three years, the Project has incorporated thousands of Ecuadorian people into the formal economy. “El Banco del Barrio” has added dynamics to smaller communities, allowing their economies to grow and thereby terminating their exclusion from the national financial system. “The Bank of Guayaquil” has provided the banking business with a social focus, amplifying its vision not to 25% of Ecuadorians, but to 100%. We are making a business using a model that is successful and sustainable over time. “El Banco del Barrio” will continue incorporating more and more Ecuadorians into the formal economy”, concludes the Executive President of the Bank

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BANCO FINCA Leonardo R. Polit Country Director Finca Ecuador Av. Amazonas N39-123 and José Arizaga Amazonas Plaza Building, 9th floor, Quito Tel.: +593 2 225 246 1660 / 246 1444 www.bancofinca.com Area of activity: Microcredit Bank Date of creation: 1993 Employees: 328 Assets: $20 million USD “Small loans – Big changes” Banco Finca is one of the leading financial institutions for microcredit in Ecuador, aimed at providing financial products and services to Ecuador’s poorest families, allowing them to increase and stabilize their incomes, achieve significant improvements in their living standards and they can become more involved in the development of productive activities. By providing financial products and services targeted at low-income people, Banco Finca strives to balance financial returns with social returns. Banco Finca came to Ecuador in 1993 as an affiliate institution of the FINCA International network worldwide. It began its operations in Quito, under the supervision of the Ministry of Social Welfare. In 2004, it was transformed into a financial institution and in 2008 into a bank in order to facilitate the process of attracting local funds and offer its products to the neediest customers. Currently, Banco Finca has around 51.000 clients that in average value $470 USD (in microcredit), whereas the financial institution gains less that 5 USD on a daily basis. The vast majority of its clients are single mothers. Banco Finca has a limit of interests of 30% established by the Government. The bank also has 10 subsidiary offices in Ecuador, although its sales representatives travel all around the country in order to visit their customers. The core products offered by the Banco Finca are the following: - Loans to Community Banks - Credits for Community Development Groups - Individual Credits - Savings Accounts Finca is an international nonprofit institution, headquartered in Washington, with a presence in 21 countries in Latin America, Africa, Asia and Eastern Europe. It was founded in 1984 in Bolivia, by John Hatch, who

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also developed a new methodology to provide assistance to the most vulnerable people without access to financial resources through community banks in order to better manage their businesses, savings, credit options and payment schemes. Subsequently, this idea was adopted by other institutions in microfinance and has increased their performance in many countries, benefiting local societies. “We are a microcredit bank present in 21 countries with a mission to serve the neediest and lowest strata of the population, those who do not have access to traditional credit.” Econ. Leonardo Polit General Manager of Banco Finca

BANCO CAPITAL Franklin Hidrobo President Av. Amazonas N34-311 and Av. Atahualpa, Quito Tel.: +593 2 225 9021 / 226 5230 www.bancocapital.com Area of activity: Bank Banco Capital S.A, is a financial institution that offers investment, credit, and financial services. It forms part of the Hidrobo Estrada Group. The institution serves not only as a contractual partner of its clients, but also as a keeper of its client’s financial interests, being responsible for their deposits and individual interests. In spite of the economic and political crisis, Banco Capital, together with the other companies of Hidrobo Estrada Group have remained solid and can look confidently into the future. Its core strengths are loyalty and a clear understanding of financial business, realistic and coherent strategies and an excellent team that has talent for innovation based on tradition. Banco Capital S.A. offers its clients a wide array of products and services, which include: • Certificates of Deposit or Investment • Repos • Car Loans • Loans • Factoring • Leasing • Financial Advising and Services Banco Capital S.A. is governed by the laws of the Republic of Ecuador. Banco Capital itself is governed by the Ecuadorian General Law of Financial Institutions. Banco Capital S.A. is approved to operate as a financial institution by the Ecuadorian banking supervisory institution (Superintendencia de Bancos). As a financial institution it is legally permitted to perform all operations that a bank can perform.

Banco Capital S.A. was recognized as the best financial institution in the Private Banking sector (entities with a capital less than 200.000,000 USD) and received a prestigious award in 2010 named the “Premio EKOS DE ORO”.

Aseguradora del Sur Rodrigo Cevallos Breilh Executive President Av. República del Salvador N34-211 and Moscú, Quito www.aseguradoradelsur.com.ec Area of activity: Insurance Company Date of creation: 1990 Annual turnover: $ 27.424.701,00 USD Created in 1990, Aseguradora del Sur is an insurance company originally founded in the city of Cuenca. In 1994, the headquarters of the company were moved to Quito because of its importance as a centre of rapid commercial development. From 1997 to 2010, the company opened new branches in Cuenca, Loja, Ibarra, Portoviejo, Manta, Ambato, Riobamba, Santo Domingo, Machala and the South Coast. In recent years, Aseguradora del Sur has experienced steady growth, always emphasizing the seriousness with which its treats its policyholders and providers. In September 2009, Aseguradora del Sur increased its capital by U.S. $ 1,890,995, from a capital of $ 1,320,005 to $ 3,131,000. This investment allowed the company to pass from 18th to 7th place within the insurance companies rankings (in accordance with their social capital), established the Superintendence of Banks. Types of Insurance Policies Offered: General Insurance • Fire • Theft or assault • Business Interruption • Fidelity (public and private) • Personal Accidents • Vehicles • Liability • Electronic Equipment • Other Technical Insurance • Equipment and Machinery • Breakage and Machinery • Risks in Construction • Civil Works • Transportation • Other

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Aseguradora del Sur is a serious, trustworthy and transparent organization that is led by a team of professionals sensitive towards social concerns; always trying to contribute to the development of local society. In accordance with its program of social compromise, every year Aseguradora del Sur chooses a charity which they will support..

ity of its clients are private companies, many of which are multinationals. The company is interested in further expansion and is currently characterized by promising financial indicators.

“I try to convey to my children the mystique of Aseguradora del Sur, which is the honesty, recognized both in the country and abroad. As a result, I have good reinsurers and I just assured the Ecuadorian Armed Forces, which is the largest institution in the country. “ Rodrigo Cevallos Brehill President of Aseguradora del Sur AIG Metropolitana Juan Luis Campos President Av. 12 de Octubre 1561 and Madrid, Quito Tel: +593 2 255 42 25 www.superban.gov.ec, www.aig.com.ec Area of activity: Bank supervision Date of creation: 1969 Employees: 107 Annual turnover: $50 million USD AIG is a multinational company that was originally founded in Shanghai (China) and subsequently became a major global insurance provider. In Ecuador, the company has been present since 1969, with offices in Quito, Guayaquil and Cuenca, insuring thousands of businesses and households and providing them with efficient support.

People walking as they pass by a Banco Pichincha office in Guayaquil

BANCO PICHINCHA Dr. Fidel Egas Grijalva President Av. Amazonas and Pereira, Quito Tel: +593 2 298 0980 www.pichincha.com Area of activity: Bank Date of creation: 1906 Employees: 4000 Deposits: $3911 million USD (2009)

Currently headquartered in the United States, it leads the global insurance and financial services industry. AIG’s international businesses also includes asset management and other service such as, aircraft leasing, financial products, trading and market making, consumer finance and institutional fund management, retail direct investment, investment management in real estate and retirement funds. AIG shares are publicly traded in New York, London, Paris, Switzerland and Tokyo.

The Bank of Pichincha was created on April 11, 1906 in Ecuador.

One of the core objectives of the company is to innovate and launch new products and services whilst providing customized high-quality services to its clients.

The first bank branch was established at the intersection of Venezuela and Sucre, under the ownership of Juan Francisco Freile.

Currently, AIG Metropolitana is one of the Big 5 companies within the insurance sector of Ecuador, with 6% of the total market share, but being the first one in terms of profitability. The major-

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Since its creation, the bank has established its strategic priority as working on the foreign exchange market. Thanks to the efforts of the former Vice President, the institution was able to place funds abroad with the initial capital of 600 thousand sucres, which marked the beginning of the legal existence of Banco Pichincha and the start of its global operations.

Its first board of directors consisted of the famous Ecuadorians: Jijón Manuel Larrea (founding president), Manuel and Ignacio Fernández Donoso Freile Salvador (founding managers).

Finance

Subsequently, due to the fast and growing development of the country, the bank started acquiring a capital increase, which was particularly obvious in 1928 when a hefty sum of $ 3,200,000 was turned over. Nowadays, the bank has 4000 employees and assets valued at $5.000 million USD. The bank is a market leader that contributes to the development of Ecuador to support the financial needs of individuals, their institutions and their businesses. Banco Pichincha is considered a leader in terms of image, participation and quality of its products and services. They focus their efforts on clients, anticipating their needs, developing competitive employees and providing sustainable yields to their shareholders. “We are the country’s largest bank, with the third part of the Ecuadorian financial system and the unique philosophy of President Fidel Egas, which is to serve areas where traditional banks do not reach, thereby helping people and benefiting the society. Abel Castillo Public Relations Vice President of Banco Pichincha

SEGUROS EQUINOCCIAL Andrés Cordovez General Manager Av. Eloy Alfaro and Ayarza PBX: +593 2 398 4000 info@segurosequinoccial.com www.seguros equinoccial.com.ec Area of activity: Insurance Date of creation: 1979 Annual turnover: $9 million USD

stages of growth. The first was to specialise their services and to focus its work on the private sector of Ecuador, which resulted in decreased sales of $ 20 to $ 9 million. During the second growth stage, which lasted for five years, it implemented the consolidation of two private areas, local and international. Currently it represents 11 international companies. The third phase of business growth was the individual, in which the goal was to be a market leader. Seguros Equinoccial has a AA- rating and it is a member of the Futuro Group. Futuro Group Enterprises: Salud, Equivida, Metropolitan Touring and Tecniseguros.

UNIBANCO Ramon Larrea President República 500 and Pasaje Carrión Tel:: +593 2 2906 555 www.unibanco.com Area of activity: Microfinance Bank Deposits: $195 million USD (2009)

UNIBANCO came into operation in 2000 and now have over 1,100,000 customers nationwide making this financial institution the third largest bank in terms of credit customers. This bank is committed to improving the quality of life for Ecuadorian people through micro financing, savings and investment. They have also helped thousands of families to build a credit history and they have also taught many customers how to use financial tools properly and to access the wide range of services that they provide. The bank offers cutting edge financial solutions, all of which are tailor/made for Ecuadorian people.

At the beginning of 1979,Seguros Generales Equinoccial S.A was formed, a new insurance provider for Ecuadorians. It was created with a capital of 1,500,000 sucres, 9 employees and 10 million sucres in sales on March 1, 1973. Since that time, the company has extended its operations to wider groups of people.

UNIBANCO ensure that their customers will see attractive returns and that investment with them is low risk. To strengthen the trust of their customers, they manage their company responsibly through special inspection bodies. They believe in the development of Ecuador through promoting its great cultural richness.

In 1997, Ecuador’s attitude towards insurance began a new era in which many different concepts were applied, such as strategic planning, value creation and improved service. The firm went through three

The company endeavor to provide safety and profitability for its investors. Since 2000 they incorporated more than 1 million Ecuadorians into the economy, the average monthly income being

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Finance

$250. UNIBANCO are committed to providing the range of credit options that people need to meet their basic daily needs and to organize their lives long term. The bank also wants to exploit the microfinance sector and become highly specialized and flexible by training their employees further and ensuring that they are 100% committed to their work.

Seguros Sucre Maximiliano Donoso Gerente General Av. Naciones Unidas E7-95 and Shyris, Building of the Pacific Bank, Quito Tel: +593 2 226 3435 Emergency: +593 2 246 3441 www.segurossucre.fin.ec Area of activity: Insurance Date of creation: 1944 Net Premium Paid (2010): $66,913,592.70 USD Seguros Sucre is one of the strongest and the most important insurance companies in Ecuador. Over 66 years, they have worked hard to serve the customers and provide them with a range of effective and accessible solutions.

customers, whilst maintain their reputation of being reliable and responsible towards local society. Seguros Sucre strives to achieve a number of strategic long-term objectives in order to keep its leadership positions in the Ecuadorian market: 1. Increase its financial strength while being a flexible and efficient organization. 2. Provide high-quality services to as many individuals as possible, regardless of their social status, as well as to a greater number of companies. 3. Keep leading positions within the insurance sector, constantly searching for excellence and continuous improvement. 4. Establish market trends and keep the best industry practices both within the legal and technical framework. 5. Increase national savings through a more rational use of public services. “Sucre insurance belongs to the Pacific Financial Group in which the largest shareholder is the Central Bank of Ecuador, therefore it belongs to the Ecuadorian government but it is governed by private arrangements being under the Insurance Act in the country.” Maximiliano Donoso General Manager Seguros Sucre

The company was created by Englishman, Harry Shepherd, who decided to invest in Ecuador and create an insurance company that would benefit local society. Thanks to the support of the Royal Insurance Company Limited, Seguros Sucre started its operations in the country in 1944. Currently it forms part of the Pacific Bank Group that holds 99,7% of its shares. Seguros Sucre is dedicated to providing high quality services to both individuals and companies within strategic sectors of the Ecuadorian economy, such as airports, ports, cultural heritage and petroleum companies. As one of the top 5 insurance companies in the country, it offers a wide array of customized services such as general and personal insurance, as well as innovative products such as The Bone for Human Development that has already benefited more than 1 600 000 people. The company has experienced significant growth in recent years, reaching 45% in 2009-2010 due to its constant focus on innovation and development. One of the key strategic priorities of the company is to make its services available to different groups of

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headquarters of Produbanco

PRODUBANCO Abelardo Pachano President Av. Amazonas N35-211 and Japón Tel: +593 2 2999 000 bancaenlínea@produbanco.com www.produbanco.com

Finance

Area of activity: Bank Deposits: $1380 million USD (2009) Produbanco Financial Group (GFP) provides quality services the financial needs of all their customers. A strong business ethics and efficiency are central principles of this bank. The GFP wants to be recognized by society for the strength of their performance and for supporting economic development through safe and efficient financial management. The rationale of Produbanco Financial Group is to meet all financial needs of its customers, seeking excellence in service. The PFG generates attractive returns for shareholders, decent jobs for their employees and consistently supports the community. Produbanco Financial Group is within the top 5 largest financial groups in Ecuador. As a bank, they rank fourth in terms of deposits held. It is recognized as an elite bank because they target companies (60% of its business), managing very important corporate clients focusing on SME’s. They also offer a sophisticated online banking service. In recent years, the bank gained numerous awards in magazines such as The Banker and Management. It has a subsidiary in Panama called Produbank. They employ 2,300 people in the group and its assets consist of $ 2300 million loans, $ 950 million deposits and $ 12 million of earnings. “Because of the group of companies we manage, we see that Ecuador has great business potential and that in Produbanco we have international projects with business groups, thanks to our well prepared professionals”. Oscar Iñarrea Marketing Manager of Produbanco

Main building of the banks and insurances control institution

SUPERINTENDENCIA DE BANCOS Y SEGUROS Pedro Solines Chacón President Av. 12 de Octubre 1561 andMadrid, Quito Tel: +593 2 255 42 25 www. superban.gov.ec Area of activity: Bank and Insurance supervision institution Date of creation: 1914 After gaining independence in 1830, Ecuador had a date and backward economy where gold and silver coin circulated until currency laws were brought in. In 1914 a supervisory authority for banks was created by executive decree. The Tax Commissioner of Banks was created to oversee the issuance and redemption of bank notes. Inspired by the Kemmerer mission, a transformation of the banking and financial sector took place in 1927 forming considerable legislation. The Organic Law of Banks, the Organic Mortgage Bank Law (National Development Bank) and the Central Bank Law all strengthened the system and regulated the management of public finances. Since then, the supervision of banks through the creation of the superintendent of banks was established on September 6, 1927. Its objectives are to:

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Finance

• Strengthen the legal and regulatory framework based on principles, best practices and current international standards. • Ensure proper risk management by strengthening the oversight processes controlled systems. • Protect the rights of financial consumers. • Strengthen organizational management and human resource management. • Quality assurance and information security, as well as computer services with technology. • Optimize the management of financial resources

IESS Ramiro González Jaramillo President 10 de Agosto and Bogotá Quito Tel.: +593 2 254 7400 enavas@iess.gov.ec www.iess.gob.ec Area of activity: Institute for Social Security Date of Creation: 1970 On the 15th of July of 1970 the “Caja Nacional de Seguridad Social” was transformed into the “Instituto Ecuatoriano de Seguridad Social” (IESS). On November 30, 2001, the Social Security Act was published, containing 308 articles and 23 transitional provisions. The IESS, as determined by the force of the Compulsory Social Security Act, remains as an autonomous entity with legal personality. The Social Security Institute (IESS) is an organization that operates based on the principles of solidarity, binding, universality, equity, efficiency, subsidiarity and adequacy. It is responsible for implementing the General Obligatory Insurance System which is part of the national social security system. The Social Security Institute is in a stage of transformation, the strategic plan is being implemented, based on the current Social Security Act. This will make this institution into a modern and technical insurance firm, technical with an efficient and committed workforce. The IESS strives to protect the urban and rural population, both employed and unemployed, against sickness, maternity issues, work injury, disability, unemployment,

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invalidity, old age and death. Assistance: Health Insurance Pensions Work Injury Insurance Farmer Insurance Services: Loans Reserve funds Unemployment

Guayaquil Stock Exchange Adv. Rodolfo Kronfle Akel President Pichincha 335 and Illingworth (corner) Guayaquil Tel: +593 4 252 3523 / 252 3524 www.mundobvg.com Area of activity: Stock Exchange Date of creation: 1969 Annual volume: $2500 million USD The Guayaquil Stock Exchange, whose roots stretch back to 1969, became a Civil Nonprofit Corporation in 1994, under the Securities Act. However, like all stock exchanges, it has the capacity to be self-regulated, with the power to issue rules and regulations to control and monitor trading. Thus, the BVG provides the physical space, facilities, systems and all the institutional infrastructure so that respected negotiations are developed in a structured, transparent and secure way. The Ecuadorian stock market is still very young and is represented by two stock exchanges, one in Quito and one in Guayaquil. The Guayaquil Stock Exchange is considered more dynamic, with a total volume traded of 1583 million dollars during the first ten months of 2007. Currently, around 270 Ecuadorian companies manage their investments on the stock market. The Guayaquil Stock Exchange uses a more sophisticated stock trading system. It is currently waiting for the publication of a new stock market law that will affect operations of stock exchanges, converting them into non-profit entities aimed at providing benefits to their major stakeholders and brokers. Once approved, the law will allow the Guayaquil and Quito Stock Exchanges to connect with the major stock exchanges in Chile, Peru and Colombia. Currently, the Guayaquil Stock Exchange is much more profitable for banks, producing interest of over 7% over

Finance

2 years with all related guarantees. Thereby being the best place for foreign investors interested in making profitable investments in Ecuador. The Guayaquil Stock Exchange allows investors to place bond issue offers for a very long time and with a very attractive return, being the source of a very safe financing. “ Rodolfo Kronfle President of the Stock Exchange of Guayaquil and Decevale

CFN (National Financial Corporation) Ing. Camilo Samán Salem President Juán León Mera 130 and Av. Patria CFN Building, Quito Tel.: +593 2 256 4900 / 256 1030 www.cfn.fin.ec Area of activity: Banking services CFN, the National Financial Corporation of Ecuador development bank is a public financial institution, whose mission is to channel financial and nonfinancial products in alignment with the National Plan of Good Living to serve the country’s productive sectors. Institutional action is set within the guidelines of the National Government programs and aims towards economic stabilization and the revitalization of the Ecuadorian economy. Its actions and services are in line with national objectives, providing the necessary support to productive sectors allowing them to face foreign competition. The private sector is stimulated to undertake major projects through modern and sophisticated technological processes according to the demands of the society and the globalization nature of the contemporary world. CFN has a wide network of independent and autonomous branch offices nationwide, allowing them to serve customers far away from the major provincial capitals in the most effective way possible. Throughout its institutional history, CFN has consolidated its reputation of serving productive sectors with the emphasis on micro and small businesses, providing them with additional training and technical assistance, always seeking to improve and enhance corporate governance as a source of competitiveness in the medium and long term.

The National Finance Corporation reaffirms the intention of walking hand in hand with the macroeconomic policies of the state, being a cornerstone of national development, as well as creating jobs in order to benefit Ecuadorians. The Risk Rating Committee No. 214-2010 Pacific Credit Rating SA held on December 23, 2010, rated the NFC as A+ after analyzing their financial information on September 30, 2010.

BNF (National Development Bank) Econ. Alexandra Arias Granda President Antonio Ante Oe1-15 and Av. 10 de Agosto Quito Tel.: +593 2 2946 500 www.bnf.fin.ec Area of activity: Development Bank BNF, the National Development Bank of Ecuador, is also a financial institution that aims to provide competitive financial products and services acting as an executor of the government’s financial policy to support productive sectors within the local economy and to contribute to the social and economic development of Ecuador. The core strategic objective of the BNF is to be a role model in the productive development of the country by reducing migration, preventing family breakdowns and allowing people to grow together for the mutual benefit of society. Currently, BNF has 137 agencies around Ecuador that provide a wide array of financial services: • Opening of Current Accounts, Savings Accounts • Cancellation of checkbooks or checks • Check Certification • Investment Certificates • Portfolio Recovery BEV • Portfolio Recovery BNF • Development Credits • Micro credits • Shipping and payment of money • Retirement savings, customers same branch, among others With the aim of providing better services to Ecuadorian citizens, the Bank began a restructuring process that is based on two fundamental aspects: the implementation of a new Human Resources Management division and the implementation of a new process of management in branches and agencies. BNF has announced its intention to open new branches, especially in the Amazon region.

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ENERGY

The greatest misfortune of a man is not to be ignorant, but to ignore that he is Ecuadorian proverb

Energy HISTORICAL Overview Ecuador initiated reforms in the electricity sector in the mid 1990s, with the adoption of new sector legislation and regulation. The sector saw the creation of regulatory and electricity wholesale market institutions and the break-up of national monopolies. The new electricity sector law and derived secondary regulations included policies and mechanisms to make services more accessible and affordable to the poor, as well as making the power sector more environmentally friendly. While the overall reformed framework was perceived as satisfactory, by the early 2000s the electricity sector still faced different hurdles before it would attain its short-term and long-term development targets. The sector had to address the following problems: Gaps in the regulatory framework • Weak institutional capacity • Inadequate tariffs. Total subsidization for consumption of electricity in 2000 was nearly 1.5% of GDP (around $300 million USD) and electricity prices on average covered only 55-60% of economic costs. • Sub-optimal investment in the sector: Inadequate tariffs over extended periods lead to a serious deterioration of the financial position of the sector’s enterprises. Financial problems, and the weak planning capacity of the sector institutions, have been the two major reasons why expansion of generating capacity did not keep up with demand and investment has been traditionally high cost in order to meet emergency needs, rather than part of a less costly expansion plan. Lack of access to electricity in rural and remote areas: • In 1999, 80.3%of the population in Ecuador had access to electricity. This national average hides a huge rural/urban gap: 95.8% of the urban population, but only 54.9 per cent in the rural zones. By 2000, it was predicted that the National Electrification Plan would increase coverage in rural areas by up to 65% over ten years. However, it had an important shortcoming in its approach: it only considered increases in coverage through grid extensions, financed in part by the National Rural Electrification Fund (FERUM).

FERUM In the context of Ecuador’s overall developmental goals of reducing poverty and reactivating the economy, the Government and the public company CONELEC have been committed to the extension of electricity services to the rural world through the Rural Electrification Program (FERUM) with $648 million USD on investments. Andean communities, from the Coast, Orient and the

Electricity generation machinery. Source: Conelec

Inside the construction of a dam. Source: Conelec

Galapagos region are taking advantage of this program. Only in 2008 there have been registered 2442 electrification projects running across the country. It is expected that in the next 5 years a further 350,000 families will have electricity in the most remote parts of Ecuador. NOWADAYS During the past three years, Ecuador relied on imported electricity from Colombia and Peru to meet demands during the dry season, but now those demands are covered. To achieve the goal of energy self-sufficiency the Government of Rafael Correa began the construction, for the first time in 20 years, of new hydroelectric plants to improve generation capacity. Many opportunities are available for international companies that want to invest in the country. So far, both private and state companies from China, Korea or Russia have taken advantage but there are many potential investors yet to emerge.

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Energy

Workers operating machinery

1 ) HYDROELECTRICITY Ecuador has huge potential in the hydroelectricity sector. Hydropower is the base of the country’s energy matrix, with 63% of electricity produced from hydroelectric power plants, the figure that is expected to rise in the coming years. According to the National Electricity Council (CONELEC) and the National Center for Energy Control (CENACE) the demand for December 2010 was 1 225 gigawatt per hour (GW / h), compared with power demand of about 2 879.2 megawatts (MW) in January 2010. In general, the electricity demand was growing at the annual rate of 6% during the given period. Mazar, Pisayambo, Peripa Daule and Amaluza reservoirs generate a total of 743 GW / h, which represents 83% of the total hydroelectric generation that Ecuador requires.

Dam generating electricity

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Machinery equipment in Paute Dam

Key Institutions: CELEC The Electricity Corporation of Ecuador (CELEC) is the State company in charge of generating and supplying electricity to the country. CELEC was created in February 2010 and brings together generators Hidropaute, Electroguayas, Termoesmeraldas, Termopichincha and Hidroagoyán along with transmission company Transelectric. The company boasts an installed capacity of 1.94GW and produces 9.83TWh/y, satisfying 61.1% of current demand. The generators have a number of projects currently under construction and/or in the bidding process. CONELEC (THE NATIONAL COUNCIL OF ELECTRICITY) CONELEC is a regulatory, controlling and planning organization that allows the State to establish rules and regulations in order to enable the harmonious development of the Electricity Sector in Ecuador. Ultimately, the primary objective is to provide quality, continuity and trustworthiness of CONELEC’s services to the community. On April 14, 2011, the following regulations by the Board of Directors of CONELEC were approved: 1. No. 002/11 - “Exceptionality of private participation in electric power generation”. 2. No. 003/11 - “Determination of the methodology to calculate timings and prices related to projects of power generation and auto generation”. 3. No. 004/11 - “Treatment of the energy produced with the use of Non-Conventional Renewable Resources”. These three regulatory measures allow fulfillment of requirements established by the Constitution of the Republic, giving the possibility to delegate, on the basis of exceptionality, development of projects of power generation to private companies. These concepts are also developed in the Organic Production, Commerce and Investment Code.

Energy

15 hydroelectric projects prioritized in Ecuador With energy demand increasing year on year and the worrying dependence on other countries for energy supplies, the energy authorities of Ecuador have pushed hard for 15 hydroelectric projects, such as Coca Codo Sinclair, Toachi Pilatón and the Baba Project. These ambitious projects require $8 billion USD of investment and could potentially place Ecuador as a true leader in the hydroelectricity sector. According to senior government officials, Ecuador plans to. double its use of hydropower in the next decade. By 2020 officials estimate that 86% of Ecuador’s electricity needs will be covered by hydropower. SAN FRANCISCO DAM Ecuador’s hydroelectricty sector was the subject of global attention when Brazilian company Odebrecht constructed the 230 MW plant that transports water 11.2 kilometres in an underground tunnel under turbine pressure from the Agoyán Central plant. Located in Tungurahua Province, the tunnel has a diameter of 7 metres and costs approximately $286 million USD to construct. Hidroagoyán and Odebrecht invested in the project

together, however, one year after it opened, the dam was shut down because of severe construction faults which caused blackouts nationwide. President Rafael Correa ordered troops to seize Odebrecht’s assets demanding a compensation package amounting to around $30 million USD. The project reopened in 2010 after the Brazilian construction company paid their fine and continued their work alongside the Ecuadorian government. In full flow, the hydroelectric plant could save Ecuador $30 million USD per year and increase the national generation capacity by 12%.

MAZAR DAM The Mazar dam is also hugely important to Ecuador. This 166 metre high concrete faced rockfill dam has a capacity of 160 MW and a rockfill volume of 5.000.000 m3. The diversion tunnel in this project is 1,100 metres long and 12 metres in diameter. This hydroelectric plant is owned by Hidropaute S.A and its design was supervised by Leme (Brazil), Caminosca (Ecuador), Coyne et Bellier (France) and MN (Chile). Construction was headed by one of the leading Italian construction companies Impregilo and another Ecuadorian company called Herdoiza Crespo. Electro mechanical equipment was purchased from many companies:

Aerial view of a dam. Source: Meer

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Energy

Alstom (France), Voith Siemens (Germany), Siemens (Colombia) and Santos CMI (Ecuador). The project cost in excess of $700 million. COCA CODO SINCLAIR PLANT The Coca Codo Sinclair plant is owned by CELEC and therefore is the property of the Ecuadorian State. This particular project is an example of the strong relationship between China and Ecuador. Plans for this project began in 1970’s, however until Rafael Correa came to power in 2007 the development of this plant was not prioritized. The project stalled for a couple of years until China agreed to invest in it. After extensive negotiation, the government secured a $1.7 billion loan from the Eximbankof China. Together with 3000 local workers, Chinese specialists from contractor Sinohydro are creating the 1500MW and 8600 GW-hour per year hydroelectric plant. Once in operation, the dam should meet 35% of Ecuador’s power needs by 2016, whilst reducing CO2 emissions by four million tonnes a year. The dam will be built at the foothills of the Andes, in the Amazon rainforest, some 75 kilometres east of the capital Quito The project lies 20 kilometres upstream of the fall to divert the Coca river, one of Ecuador’s largest Amazonian rivers. It is predicted that the dam will help reduce gas oil and bunker subsidies, which currently amount for $1 billion. This would in turn eliminate the need to import electricity from Colombia and Peru. This security of supply issue is fundamental to Ecuador’s development as an economy.

TOACHI PILATÓN This hydroelectric project uses the power of the waters of Pilatón and Toachi and is located in the province of Santo Domingo de los Sachilas. This 228MW capacity facility has not yet been constructed but in April 2011 it finally attracted the investment it needed. The total cost of the project is $517 million USD, 123.2 million of which will be loaned from Russian bank Vnesheconombank and 250 million of which will come from the Banco del Instituto Ecuatoriano de Seguridad Social (BIESS). Chinese state company China CWE will lead the construction project with a target completion date of 2015. The facility will include a 60m concrete dam, two penstocks and two underground tunnels of 4.5 kilometres and 10 kilometres in length. The project is linked to two power stations, Sarapullo and Arulliquin situated on rough volcanic terrain in Canton Sa. Being the first contract of its nature in the relationships between the Russian Federation and the Republic of Ecuador, it opened the doors for future credits to be provided by the Russian Government, which would allow Ecuador to finance other strategic projects.

BABA MULTI-PURPOSE PROJECT The Baba Multi-Purpose dam is a 45MW facility located on the Baba River in Ecuador’s Guayas River basin. CONELEC granted permission to Hidroliteral to develop the project in 2007. This eight kilometre diversion project would re-route water from its reservoir on the Baba and Toachi rivers to the 213 MW Marcel Laniado de Wind Hydro Complex on the Daule and Peripa rivers. When fully installed, the project could potentially

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The HidroAgoyan dam located in Baños, province of Tungurahua

During the construction process, the project could generate around 10,000 direct and 50,000 indirect jobs. The Coca Codo project is expected to begin commercial production by 2015 according to government officials.

generate 388 gigawatt-hours per year which would reduce energy imports by 22%, something that Ecuador is focused on achieving. It is comprised of an interconnected series of four dams and three canals, which take advantage of the surplus water in the Baba River to improve water supply to the Peripa Daule dam which is currently responsible for supplying drinking water and irrigation for an estimated four million people in the provinces of Los Rios, Manabi, Guayas and Santa Elena. At the same time, the plant will help to reduce river flooding and ensure a minimum drainage level during periods of drought.

Energy

INTEGRATED HYDROELECTRIC SYSTEM OF GUAYLLABAMBA This integrated hydroelectric system located in the Guayllabamba river basin is comprised of 11 separate hydrocentres, namely: Chespi, Villadora, Chontal, Calderón, Cubi, Palma Real, San Pedro, Chirapí, Mandarayacu Grande, Tortuga and Llurimaguas. The project will generate 1670 megawatts, important progress for a country that will supposedly require 5277MW by 2020. Example of a hydroelectric turbine. Source: Meer

SOPLADORA After the successful completion of the Mazar Project, Hidropaute has taken charge of the construction of Sopladora, another hydroelectric projected based downstream from the Molino Central project. The plant will collect turbined water flows of up to 150m³/s, directly from the two discharge tunnels of the Central Paute-Molino, and will drive this water through to the underground powerhouse through a system of high pressure tunnels stretching across 5.5km.

JUBONES RIVER HYDROELECTRIC COMPLEX

Sopladora will have three generating units designed for a flow of 150 m³/s with a net height of 361.9 metres. The plant will have a capacity of 487 MW and will generate an annual 2,770 GWh for the National Interconnected System. On October 20, 2010 the Commercial contract was signed with the Chinese Consortium Gezhouba Group Company – FOPECA S. A. (CGGC – Fopeca S. A.) giving them full leadership in the construction process.

This hydroelectric complex will be located in the Jubones river basin and will be comprised of two components – the Minas project and the La Union project. These sites will have respective capacities of 273MW and 80MW. Funded by Ecuador’s Energy and Hydrocarbon Investment Fund, electricity generator Enerjubones S.A named an Italian Ecuadorian consortium to perform further studies and design strategies for the project. At the Minas site there will be a 65.4 metre high dam and a powerhouse containingthree Pelton turbine-generators below the confluence of the Minas River. La Union site is set to include a 21-meter-tall dam and powerhouse containing two Francis turbine-generators downstream from the Minas project site. Geodata-Astec is working hard to complement feasibility studies and perform definitive design for the two projects. The budget is $4.3 million USD for work on Minas and $3 million USD for La Union.

The Project Paute Cardenillo will be developed directly downstream of the Paute Sopladora Central, with a direct connection meaning that they will use the same flows. It will have an estimated installed power of at least 400 MW and 2,200 GWh. On December 23, 2010 the contract was signed with the Consortium POYRY-CAMINOSCA for the execution of the studies of pre-feasibility, feasibility and finality. Eximbank has also expressed interest in financing the Sopladora hydroelectric plant downstream from the Paute complex in southeast Ecuador, with a new $600 million USD credit. Like the Coca Codo Sinclair dam, this plant would also be built by a Chinese company. If the deal for the Sopladora plant goes through as expected, China will be financing nearly 60% of all public works projects in the energy sector currently underway in Ecuador.

Different view of the Mazar dam. Source: Meer

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Energy

2) HYDROCARBONS

Preparing the oil equipment. Source: Sertecpet

Oil Production in Ecuador

Front view of Agoyan Dam. Source: Conelec

10 BIGGEST ENERGY COMPANIES

The net production of Ecuadorian oil fields reached 495,055 barrels per day in 2010. Of this total, private companies contributed 172,766 barrels per day. The daily average total net production projected for December 2010 was 509,509 barrels per day, according to the Ministry of Non Renewable Resources. The state production (EP Petroecuador, and Rio Napo Petroamazonas EP) since October 2010 increased and reached 313,450 barrels, while private companies contributed 158,550 barrels. The total production in October 2010 was 472 000 barrels.

RENEGOTIATION OF OIL CONTRACTS 2010 The following 8 contracts were renegotiated and amended to provide services for oil exploration and exploitation. Overall, they represent 86% of the total oil production: - Block 10 of Agip - MDC (Mauro Dávalos Cordero) and PBHI (Paraíso, Boguinos, Huachito and Intracampos) blocks of Enap Sipetrol - Tarapoa block of Andes Petroleum - Block 14 and 17 of PetroOriental - Blocks 16 and Bogui-Capiron of Repsol

Source: Vistazo Magazine, Nº1034, September 2010

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On the other hand, 5 contracts that only represented the 14% of the total oil production of the country were finished: - Block 18 and Campo Unificado Palo Alto Azul block of Ecuador TLC Petrobras - Block 1 of Canada Grande - Block 3 of EDC - Block 11 of CNPC These blocks will be taken under exploitation of the state oil company Petroecuador EP.

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Energy

Thanks to renegotiation, any increase in international oil prices will mean a 100% profit for the State. For every dollar per barrel increase in international oil prices, the state will earn $245 million USD more. All specialized international institutions like the International Energy Agency, the Department of Energy of the United States, the Cambridge Energy Research Associates and the Organization of Petroleum Exporting Countries predict that oil prices will increase in the future reaching levels between $ 100 $/ bbl and 160 $/ bbl in 2020. With current business contracts, companies receive 20% of oil revenues and the State 80%, whereas previously it was a 30/70 split. If the international oil prices decline in a given year, the State will always receive the first Sovereignty Margin of 25%. The contractors are obliged to reduce production costs to improve profits. Relatively constant tariff rates during the duration of the contract force the improvement of profits in order to reduce costs. This reduction will benefit the country because in doing so they will pay more in income and participation taxes for workers. These 3 dynamic factors: rising prices, reducing costs and increasing production converge in greater State participation in oil revenues and therefore in higher benefits for the country.

The oil field has reserves of 42.1 million barrels of oil, with the estimated production of 24 thousand barrels per day for the next 20 years.

Santa Elena Refinery

Improvement in the Esmeraldas Refinery The Esmeraldas refinery is pivotal in Ecuador’s hydrocarbon sector. It has been well maintained and updated with an approximate investment of $700 million. One of the most important aspects of this improvement was carried out by the Korean company SK which was contracted in 2008 to perform some enhancement tasks in Phase 1 as well as construction a new reactor in the refinery. Pacific Refinery The Pacific Industrial Complex is also a very important facility as it combines a high conversion facility (refining at least 300,000 barrels per day) and a fertilizer plant (of 20,000 barrels per day). This type of set up is crucial to Ecuador gaining self sufficiency in the energy sector.

It is necessary to deposit the oil even in the Galapagos Islands

INVESTMENTS Opening of new oilfields: Panacocha Ecuador has many investment opportunities for international companies. For example, in 2010 Ecuador opened Pañacocha oilfield, located in the Amazonian province of Sucumbios, on the Colombian border, which will generate $ 750 million USD annually. With a yield of 125%, in 6 months the Pañacocha field will recover the $ 292 million USD that was invested in its construction, which took 31 months.

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The Pacific refinery is located in the province of Manabi and will have the capacity to refine 300,000 barrels of oil to produce gasoline, fuels, lubricants, light gases, LPG, naphtha, kerosene, diesel, asphalt, minerals, fertilizers, among others. The project is a major investment with its astronomical costs of $12,560 million. However, considering that Ecuador imports about $3,000 million worth of products per annum, with this new refinery we have the possibility of exporting products. Construction began in 2010 and operations are scheduled for 2013. This refinery will be the largest of the Pacific coast and is a great contribution to the development of the area.

YASUNI ITT PROJECT In 2007, the Ecuadorian government unveiled an ambi-

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tious environmental plan called the Yasuni-ITT Initiative, which would call for the oil reserves ( an estimated 870 million barrels) found in the Ishpingo-TambocochaTiputini (ITT) oil field within the Yasuni National Park to remain underground. By not drilling in the area, the government states that this will prevent approximately 400 million metric tons of carbon dioxide from being emitted into the atmosphere. In addition, it seeks to prevent environmental damage to the Amazonian region and the negative effects to its residents, which has occurred in the past with previous oil exploration projects. In return for the forgone revenues, the government expects collaboration from industrialized countries equivalent to at least of 50% of the value of the reserves. The money will be used for renewable energy projects and other environmental activities.

BIGGEST 10 OIL COMPANIES

Source: Vistazo Magazine, Nยบ1034, September 2010

The Yasuni-ITT Trust Fund was officially launched on 3 August 2010. It will be administered by the Multi-Donor Trust Fund of the UNDP. In case there are not enough funds in the Trust Fund the Government is still considering exploiting the oil field.

The Amazon basin is where more oil is produced

3) MINING OBJECTIVES AND RESPONSIBILITIES OF THE MINISTRY OF NON RENEWABLE NATURAL RESOURCES The Ministry of Non-Renewable Natural Resources, after the term of the current mining law, assumes the exercise of the steering and evaluation of public policies, plans and projects for the development, management and regulation of the mining sector in addition to promoting coordination, , scientific research and technology. OBJECTIVES AND RESPONSIBILITIES OF THE VICEMINISTRY OF MINING Front image of two working in a oil tower. Source: Sertecpet

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The Vice Ministry of Mining is responsible for pro-

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moting the country’s mining policy, especially with regard to the administration, regulation, control and management of development of the mining industry, giving priority to sustainable development and promoting social participation. DESCRIPTION OF THE INSTITUTIONS DEPENDENT ON THE VICEMINISTRY The Mining Law which was published in Official Gazette No. 517 on January 29, 2009 states that the ministerial structure is comprised of the following institutions: • MINING REGULATION AND CONTROL AGENCY (ARCOM)is the technical and administrative body in charge of the implementation of State power monitoring, audit, intervention and control phases of the mining industry that form the National Mining Company, as well as joint ventures in mining, private, small-scale, artisanal and subsistence mining, in accordance with all corresponding regulations. ARCOM is a public institution, which is attached to other ministries and is authorised to supervise and take administrative actions that contribute to the rational use of mining and technical resources. • NATIONAL INSTITUTE OF METALLURGY, MINING AND GEOLOGY SURVEY (INIGEMM) is the public institution responsible for conducting research, technological development and innovation in Geology, Mining and Metallurgy. The INIGEMM has a legal personality, as well as administrative, technical, economic, financial and equity capital. It is dependent on ministries and has the power to create, organize, focus and manage geological information throughout the national territory, to promote sustainable development and sustainable management of mineral resources and prevent the occurrence of geological hazards and those caused by man, in accordance with the land law. • NATIONAL MINING COMPANY (Enami-EP)is a corporation under public law with legal personality, with its own equity, endowed with budgetary, financial, economic and administrative autonomy. It is responsible for the management of mining activities and for the sustainable use of natural resources. ENAMI is subject to specific regulations and control policies established by the Public Enterprises Act and must act with high standards of quality, economic, social, environmental and business criteria. The National Mining Company may constitute mixed economy companies, associations, temporary associations, strategic alliances and any other act or contract allowed by national laws in order to fulfil its purpose and achieve national goals.

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CURRENT SITUATION Ecuador is relatively new to the mining industry. Neighbouring countries such as Colombia, Peru and Chile have a more developed mining sectorthan Ecuador. However, nonetheless, there are many opportunities awaiting investors in the Ecuadorian market. The south in particular has a lot of potential as there is much untouched land that could later be exploited for energy purposes. To reverse the trend that marked the development of the sector over the past three decades, through the so-called Constituent No. 6, the state made the decision to regulate the mining concessions that were in force in the country. As well as this, it was decided that the government would adapt the development of the mining sector to the new regulations and provisions of the Constitution. In Ecuador, 16 minerals are processed.. Therefore, it is necessary to undertake an intensive process of geological mining research at the national level to enhance the implementation of mining projects to be developed by both the INIGEMM, ENAMI-EP, as well as by private enterprise. Mining is one of the strategic high-potential industries of the Ecuadorian economy, associated with a significant multiplier effect that generates value to the economy, creates employment as well as income streams from investments and purchases of domestic inputs. It generates foreign exchange, stimulates technical and technological innovation, infrastructure development, creates resources for investment in health, education and social development. Thousands of families in the country directly depend on this activity and many more will benefit indirectly from income streams that it generates. Therefore, the core strategic priority of the mining sector in Ecuador is to develop its own mining projects, benefit from the development of existing ones, generate taxes, royalties and fair distribution of benefits between the shareholders, learning from international mining practices. Model Change: from extractive model to socially and environmentally responsible model Ecuador mining of the 21 century is at its transition point. Despite the old mining tradition of the country, particularly in small-scale activities in metal mining, non-metallic building materials, the mining sector remained under the shadow of the oil industry as a marginal sector.

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Nowadays, the possibilities of industrial-scale mining development are enormous. Mining is an important source of resources for national development, a lever for job creation, a factor for balanced local and regional development, and a source of balance of trade mineral balance. However, it is necessary to have predictable investment scenarios, to take into account local communities, to develop sustainable policies where mining brings harmony, progress, work, improves the quality of life, boosts sustainable growth in the areas where investments are made, where productive relations are made on the basis of equity, where the respect for human life and nature are considered to be core priorities. This requires overcoming the extractive vision that has characterized the oil and mining policy in the country. The traditional non-renewable resources found in the basement can no longer be taken for the benefit of only the economies of oil and mineral importing companies, their businesses and their representatives. Their removal should be rational in social and environmental terms, and must be fair to investors, communities and the state.

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5 Strategic Projects There are five mining projects considered strategic, which are in the advanced exploration stage: Fruta del Norte (Kinross Aurelian); Quimsacocha (IAMGOLD SA), Rio Blanco (San Luis Minerals SA), Bay (Ecuacorriente) and Panantza San Carlos (Explorcobres SA).

MINING MAP Ecuador currently in minerals that are removed are: • Gold • Limestone • Building Materials • Kaolin • Bentonite • Feldspar • Clay • Silica • Stone Ponez • Carbon Dioxide • Pozzolan • ferruginous sands • Silver • Zeolites • Copper Concentrate

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STATISTICS OF THE MINING SECTOR % Gross Domestic Product Mining GDP

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

185.155

207.448

215.353

232.696

233.735

244.365

257.609

275.631

286.264

308.900

318.757

Exploitation of mines and quarries

61.268

68.597

70.872

73.543

75.685

80.840

82.176

85.522

87,303

92.817

97.272

Production of Mineral non-metallic products

123.887

138.851

144.481

159.153

158.050

163.525

175.433

190,109

198,961

216.083

221.485

1,2

1,3

1,2

1,3

0,4

0,9

0,8

0,9

0,08333

- 0,0769

0,08333

Participation of the mining GDP as a percentage of the total GDP Participation of the GDP (exploitation of mines and quarries) as a percentage of the total GDP Participation of the GDP (manufacturing of mineral non-metallic products) as a percentage of the total GDP Variation of the mining GDP

0,8

Source: Viceministry of Mining

The projected increase in production for the year 2011 is 10% over2010. It is also necessary to mention that this production corresponds to small-scale mining.

ted to support the development of renewable energy and energy efficiency as a mean to diversify energy sources and prepare the way for the post-oil era.

Source: Viceministry of Mining

There many uses of the solar energy, even to boil eggs

Nambija mines. Source: Viceministry of Mining

4) RENEWABLE ENERGIES On March 22, 1967 there the first barrel of oil was extracted in Ecuador. Since then, the Ecuadorian economy was highly dependent on oil revenues. Unfortunately, there revenues are not sufficient for a balanced, dynamic and self-sufficient development of the national economy, since they imply risks of increasing the external debt, poverty, inequality, environmental destruction and cultural disintegration. Nowadays, the Ecuadorian government is commit-

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Source: Hidroespol

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PIÑON PROJECT There are many opportunities in the Renewable Energy sector in Ecuador. As an example, it is expected that by 2015 Galapagos will be declared the area free of fossil fuels. Right now, Floreana is the first island in the World supplied with 100% Renewable Energy: pure “piñon” vegetable oil for thermal generation with a photovoltaic system. Thermal generation of pure “piñon” vegetable oil as a gear will extend to other inhabited islands of the archipelago. For the year 2011 is expected to extend the project to the island of Isabela with the support of the German Cooperation. On the other hand,

It is estimated that between 2007 and 2011 91 rural villages will have access to solar energy. Biofuels In the context of sustainable development, the supply of sustainably generated energy plays a crucial role. Biofuels are a promising opportunity and Ecuador has a great potential to further develop bioethanol production based on sugarcane and other agricultural wastes. Ecoelectric that forms part of the Nobis group is one of the few companies that is developing promising projects in this field.

AGREEMENT BETWEEN KOSEP (KOREA) AND CELEC (ECUADOR) An agreement with a total values of $1000 million USD for the development of Renewable Energy projects was signed between the South Korean company Kosep and the Electricity Corporation of Ecuador (Celec). The first project to be carried out will be the wind energy project of Villanaco in Loja that will generate 140 megawatts of energy. The next project is aimed at reducing losses, in other words, improving the energy efficiency. According to the official figures,In Ecuador there are losses of 2,700 Gigawatts GW) per hour, which means $ 300 million USD per year. Since the inception of this government, the figure was reduced from 27% to 17% but it still remains high. Wind energyThe wind project Villanaco in Loja has already been started in collaboration with the South Korean company KOSEP. It will have a total capacity of 30 MW, expandable to 140 MW. For this project $ 40 million USD will come from a bank loan of Eximbank of Korea and another$30 million USD as a loan from the Social Security. Solar energy The Rural Electrification Program FERUM emphasizes the importance of participation of local communities in works of installation of solar panels. One of the most distinguished projects developed within the program consists of 631 small-scale photovoltaic projects that form part of the decentralized rural electrification program. On the other hand, the Euro-solar financial program, supported by the European Union, aims at offering rural communities access to the electrical network.

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Solar panels are ideal when being far from cities, for instance in the Amazon

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QUITO ELECTRIC COMPANY Eng. Ivan Velástegui General Manager Av. 10 de Agosto and Las CasasQuito Tel: +593 2 3964 700 www.eeq.com.ec Area of activity: energy Date of creation: 1894 Annual turnover: $283 million USD

In 1894, Mr. Victor Gangotena, Manuel Jijon and Julio Urrutia teamed up to open a company called “The Power” which began with a power generation plant with capacity of 200KW, located in the area of “Chimbacalle” by the river Machángara. In 1915 “The Quito Electric Light and Power Company” was born and subsequently started expanding its operations in the country, installing the Hydro Project “The Chill” with a total potential of 1,760 KW. On July 16, 1932 “The Quito Electric Light and Power Company was sold to “Electric Quito”, while in 1946 and after numerous structural changes, the municipality bought “Quito Electric” with all its facilities and equipment. Quito Electric Company is a public company with 3 major shareholders (98% of shares, the rest is divided between 1200 shareholders): The Ministry of Electricity, the Municipality of Quito and the Government of the Province. The Quito Electric Company aims to provide sufficient and sustainable energy services in the Province by means of professional management, technological infrastructure and a highly competitive team of professionals. Currently, the company generates 130 Mw of proper energy (94 Mw are produced by hydroelectric power stations) and is planning to build more stations that could potentially generate a further 150 Mw. The Quito Electric Company holds 80% of the total market share in the Province, making it the leading power distribution company in the country (25%) and within the 10 largest companies in the country, with USD$300 million in assets. The company is planning to invest USD$800 million in order to reach its strategic objectives to provide 100% coverage within the Province and to reach the annual growth of 5% with a million of clients.

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The Conelec building in Quito

CONELEC (THE NATIONAL COUNCIL OF ELECTRICITY) Francisco Vergara General Manager Av. Naciones Unidas E7-71 and Av. De los Shyris, Quito Tel: + 593 2 2268 744 www.conelec.gob.ec Area of activity: Electricity Regulation Company CONELEC serves to regulate the electrical sector and assure compliance with legal dispositions, rules and other technical regulations of electrification in the country, in accordance with the National Energy Policy. Its primary objective is to provide quality, continuity and trustworthiness of its service to the community. The MEER is responsible for this company. The State, through the Ministry of Electricity and Renewable Energy (MEER), is the principal agent in the sector, handlingits management, planning, and development. One of the key strategic projects developed by CONELEC in Ecuador is FERUM. It promotes the development of other projects for rural and urban electrification and the electrification works dedicated to the supply of drinking water. In stands for the “Fund for Rural and Marginal-Urban Electrification.”

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CELEC – Corporación Eléctrica del Ecuador Eng. José Medardo Cadena Mosquera General Manager Av. 6 de Diciembre N26-235 and Av. Orellana, Edif. Transelectric, Quito Tel: +593 2 5221 546 comunicación.corporativa@transelectric.com.ec www.celec.com.ec Area of activity: power generation Date of creation: 2010 Ecuador’s state power generation holding company CELEC, which was created in February 2010, brings together generators Hidropaute, Hidrolitoral, Hidronación, Electroguayas, Termoesmeraldas, Termopichincha and Hidroagoyán along with a transmission company Transelectric. The company boasts an installed capacity of 1.94GW and produces 9.83TWh/y, satisfying 61.1% of current demand. All of these firms have a number of projects under construction or in the bidding process. Ecuador’s solidarity fund, which has since been liquidated, had been the majority shareholder in the distributors, generators and the transmission company. The state entity is headquartered in the Ecuadorian capital of Quito. The seven companies are strategic business units and their mission is to generate and transmit electricity at lower cost, in a reliable manner and following quality standards. Hidropaute: Hydroelectric System Paute has 3 plants: Molino (1075 MW), Mazar (180MW) and Sopladora (400MW). Three reservoirs support the plants: Amaluza, Mazar and Marcayacu. Put together, these plants and reservoirs support the canton of Mendez, in the province of Cuenca. All together they have a total installed capacity of around 1655MW. Hidronación: This was incorporated in 1998, in order to operate, manage, maintain and expand the hydroelectric energy output generated by the dam Daule Peripa (213MW). Therefore, this energy could be exploited. Hidroagoyan: This plant is responsible for managing the production of plants of Agoyán (156MW) and Pucara (73MW) and also has a contract with Strategic Public Enterprise EP Hidropastaza for the operation and maintenance of the San Francisco plant (290MW) which is also located in the canton of Baños in the Tungurahua Province. Hidrolitoral: This plant is responsible for the genera-

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tion of 42MW and $212 million in the Baba hydroelectric project in Los Ríos province. Electroguayas: This site currently has an installed capacity of 527 MW, making it the largest thermal power company in Ecuador Termopichincha: This plant is responsible for managing the production of plants of Guangopolo (33MW), Santa Rosa (51MW), La Propicia (8MW), Miraflores (50MW), Pedernales (2MW), Barcaza PB II (45MW), Quevedo (130MW), Santa Elena (40MW) and Secoya (10MW) in different regions of the country. Termoesmeraldas: Termoesmeraldas is a Steam Power Plant (120 MW); including substation and transmission line Santo Domingo-Esmeraldas. Transelectric: This is the project responsible for operating the National Transmission System. Its primary purpose is the transport of electricity, ensuring open access to transmission networks for the agents of the Wholesale Electricity Market, consisting of generators, distributors and large consumers. The National Transmission System is comprised of substations and transmission lines throughout the country; it has: 36 substations nationwide, 1,668 km of transmission lines of 230 kV, 1,770 km of transmission lines 138 kV and a processing capacity (MVA) 7495. Within the thermal energy sector, the most important players are Termoesmeraldas with 130 Mw and Termoesmeraldas 2, 130 Mw. There are another 3 projects within the geothermal sector: Tufino, Chacano and Chachimbico. Located in Loja, there are three wind energy plants: Ulbaco, Ducal and Las Chinches. CELEC is also responsible for the placement of solar panels within the rural electrification program (PERVA). A programme that requires USD$10 million per annum. CELEC is open to foreign investment, especially those coming from China, Japan, Russia and Korea. One of its emblematic projects that involve foreign investment from China is Coca Codo Sinclair (1500 MW) (www.cocasinclair.com).

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SERTECPET Eng. Eduardo López Robayo CEO Av. Eloy Alfaro N37-25 and José Correa, Quito Tel: +593 2 2257 626 www.sertecpet.com.ec Area of activity: Technical services for the Petroleum Industry Date of creation: 1990 Employees: 350 engineers The company has a forward-looking, proactive approach based on sound professional training, experience, deep personal and corporate values and a spirit of creativity. Founded by the Robayo López brothers in 1990, they aimed to meet the needs of the national and international oil, gas, and energy industry. Over the years, after extensive investment, innovation, reinvestment, and research, Sertecpet has acquired and equipped an industrial complex with state-of-the-art precision machinery and tools for designing and building equipment, tools, parts, and pieces for the oil industry. Sertecpet is a company specialized in • artificial lift systems: • hydraulic, electric and PCP; • conceptual, basic, and detailed engineering projects for the oil, gas and energy sector; • design and construction of onshore and offshore production facilities; • oilfield administration, optimization, and operation During the last two decades, Sertecpet has concentrated its efforts on building up its infrastructure, processes, knowledge and technological innovation, recruiting the very best talent. They have worked hard to consolidate their trademark, products and services, both nationwide and internationally, thus becoming leaders in services and solutions of high added value. The Sertecpet Group is committed to providing its clients and customers with ongoing support in every project undertaken, fully meeting their needs and expectations through a solid relationship as long-term strategic partners. Its modern infrastructure, development of new technology and effective management has enabled the company to successfully implement continuous improvement processes throughout the organization. Sertecpet operates under a dependable and integrated Quality, Environmental, Health, and Occupational Safety Management System certified in compliance with ISO 9001, ISO 14001 and OHSAS 18001 standards. The API Q1 Standard of the Amer-

110

ican Petroleum Institute assures that the threaded connections, parts and pieces manufactured at their production plant under the API Monogram Program meet with international standards. Its plant is also licensed by Tenaris Connection AG to manufacture the premium connections needed throughout the world by the oil and gas sector. The company is also certified by the American Society of Mechanical Engineers (ASME) to construct and stamp pressure vessels, validating their compliance with the ASME code. Moreover, the National Board Inspection Code (NBIC) certification that repairs pressure vessels has also allowed Sertecpet to enter new markets. The Sertecpet Group creates full service solutions for the energy sector. It provides products, services, engineering, design, construction and installation of onshore and offshore production facilities, striving to meet the needs of its clients and others concerned. They are committed to protecting the environment and preventing work-related injuries and illnesses in all their activities. Through its human resources and technological innovation, Sertecpet continually seeks improvement of all product and service processes, complying with the laws in force in every country where it has operations. Constitutionally and legally, the country encourages foreign investment, especially in new highlytechnological areas. Sertecpet is an Ecuadorian company, highly specialized in the development of technological solutions for the Energy Sector and in particular, for the Petroleum Industry, supported by international norms and certifications that guarantee the quality of products and services we offer to the international market. Eduardo Lopez CEO of Septecpet

TRIBOILGAS Eng. Ángel Ruiz Castillo General Manager Roca 130 and 12 DE Octubre, Edif. Gayal, Of. 307, Quito Tel: +593 2 2238 695 / 658 / 691 triboilgas@triboilgas.com www.triboilgas.com Areas of activity: Oil services and fuel trading Date of creation: 1995

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Employees: 630 Annual turnover: $30 million USD Triboilgas is another Ecuadorian company, created with the purpose of providing the most optimal response to requirements within the modern oil services industry. Currently, it is the leading company in the sector. Triboilgas offers a wide array of specialized services and has 10 drills that operate in 700 wells, being the only Ecuadorian company with its proper technology to assemble drills. Services provided by the company: • Static caravans • Workover • Pulling • Swab • Vacuums • Oil Transportation • High-bed and low-bed trucks • Telescopic crane • Winches (Macho Oil) Major clients: • Petroproducción • Petroamazonas • City Oriente • Tecpecuador • Geopetsa Servicios Petroleros • Schlumberger Ecuador • BJ Services • Eventual projects provided to SIPEC, AEC, PERENCO within the Amazonian district and other companies. Triboilgas is developing complex strategies in order to improve Occupational Health, Industrial Safety and Environmental Control, complying with existing Ecuadorian legislation. These strategies are based on effective information management, training and risk management as well as on the implementation of appropriate technical methods and procedures, control and monitoring of actions and substandard conditions. Triboilgas currently holds certification in the Quality Management System ISO 9001-2000. The company is formed by a team of highly-trained professionals with a proven track record in the oil industry. They strive to deliver high quality professional services and maintain close and constant communication with their customers. The company is interested in widening its range of activities and starting to explore petrol deposits.

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Hence why they are constantly looking for international business partners with innovative technology in order to create strategic alliances. Triboilgas is the youngest and largest oil service company in the country. We are always looking for opportunities to enter the exploitation of oil fields because we have all the knowledge and experience to exploit oil fields with the towers of refurbishment, transport, fluid transport sectioning of wells, etc... Angel Ruiz General Manager of Triboil Gas

TECPETROL Eng. Ricardo Berra General Manager Av. 12 de Octubre N26-97 and Abraham Lincoln Edif. Torre 1492, 2nd floor, Quito Tel: +593 2 398 8600 www.tecpetrol.com Area of activity: Oil and Gas Exploration and Production Date of creation: 1999 Employees: 100 direct and 100 indirect Tecpetrol is an Argentinean company whose principal activities include oil and gas exploration and production as well as the transport and distribution of gas and electricity. Tecpetrol forms part of the Techint Group. In Argentina, Tecpetrol has been working in exploration and production (E&P) since the 1980s in the Northeastern, Neuquina and San Jorge basins. The company has an annual production capacity of 31.7 million barrels and with operations in Ecuador, Venezuela, Bolivia, Peru and Mexico, the company has been growing steadily in Latin America. Tecpetrol also transports and distributes gas and electricity (G&E) and has accumulated significant experience in the development of large-scale energy integration projects in Argentina, Brazil and Peru since it started its activities in Argentina. Currently, its transport and distribution capacity is 12 million cubic meters of gas per day. Tecpetrol in brief (global operations): More than 7,500 employees (fixed and subcontracted)

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20 areas operated in 7 countries 1,080 producing wells In Ecuador, Tecpetrol has been operating in the Bermejo Marginal Field since 1999, producing 4,700 barrels per day (bpd) of oil. Using the latest technology, technical, economic and administrative explorations have been prioritized. Together with 2 other companies, Consorcio Petrosud Petroriva and Petrobell, they form an association of companies dedicated to exploration of marginal fields in Ecuador. Strongly committed to the environment, Tecpetrol conducts a recertification audit every three years, as well as internal and external environmental management audits that take place every year. In this respect, the company is certified with the 14001 standard. We are opening mature fields for national or international investment and, as a company specialized in the management of mature fields we follow with interest the many opportunities that are emerging. Ricardo Berra Country Manager Tecpetrol

automation) - Control and monitoring of energy - Services in critical power and cooling The company started its operations in Ecuador in 1976. At present, it has a sales office in Quito that is managed in an independent and autonomous way despite being an integral part of a multinational company. In Ecuador, the company has 4 main activities where it is a market leader: construction materials (for residential and commercial development), industry, oil & gas. Schneider Electric was the company responsible for electricity works and equipment supplies of big construction projects in the country, such as the Quito Airport and therefore is considered to be an ideal partner for international construction companies interested in developing projects in the country. Together with other global subsidiaries, Schneider Electric Ecuador is making an effort in order to unify its corporate image that is called Plan Uno and aimed at reducing the total number of global brands from 120 to 11. We work in industry, energy, construction, information technology, building automation and other areas and we are in a process of brands unification. Eng. Diego Santoliva Country Manager Schneider Electric

SCHNEIDER ELECTRIC Diego Santoliva General Manager Av. Republica de El Salvador N35-204 and Suecia Edif. Delta, 5th floor, Quito Tel: +593 2 2465 792 www.schneider-electric.ec Area of activity: Energy Date of creation: 1976 Employees: 18 Annual turnover: $30 million USD Schneider Electric is a global specialist in energy management offering integrated solutions and making energy safe, reliable, efficient and productive for energy markets and infrastructure, industry, data centers and network management as well as residential buildings. The company has more than 100,000 employees worldwide and operates in 100 different countries. Schneider Electric manages a broad portfolio of integrated and balanced activities: - Electrical distribution (medium and low voltage) - Control and Industrial Automation - Automation and building security - Control system and installation (wiring devices home

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INPROEL Roque Arroyo Jarrín Regional Director Km 15 ½ vía a Daule Pascuales Industrial Park, Guayaquil Tel: +593 2 216 2111 Av. Eloy Alfaro 1731 and Av.Los Shyris Edif. Nuevolar, 10th floor, Of. 10W, Quito Tel: +593 2 2255 931 / 2255 932 www.inproel.com Area of activity: Electric materials and equipment Date of creation: 1972 Employees: 100 Annual turnover: $50 million USD Created in 1972, Inproel is a 100% Ecuadorian company and a true pioneer in implementation, development and commercialization of new technologies within Ecuador’s electronic sector. Inproel succeeded in the market due to the initial philosophy of its president to reinvest in the country and comply with the legal frame-

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work for taxation and activities, thereby being able to receive substantial support from the government. They have major clients in both private and public companies although the majority of them are construction companies. The company represents more than 80 manufacturers and more than 8,000 products at a global level and owns more than 60,000 sq.m. of industrial facilities. Inproel employs a team of 100 professionals specialized in electric, civil, industrial and telecommunication engineering, providing high quality electric supplies of high, medium and low voltage. The workforce is skilled and highly specialized allowing them to provide these quality services to their clients. Inproel have represented many brands in Ecuador including: Cutler-Hammer, Trafo, ABB, Schneider Electric, Survalent Technology, Topaz, Temper, Crady, Koban, Parres, LifeTouch, Bosch, Ecuanac, Ecuacable, Philips, Fisher Pierse, among others. The company offers a wide array of products including: measurement systems, transformers, boards, breakers, generation systems, substations, lighting, accessories for poles equipment and fittings, copper and aluminum cables, structures or wiring, home automation, power house, etc. Throughout our 35 year history, the key factor was the complete fulfillment of all tasks assigned to us. Ing. Roque Arroyo Regional Manager of Inproel

GRUPO SYNERGY Raúl A. Dubié General Manager Av.Amazonas N44-105 and Rio Coca, Quito Tel: +593 2 396 4600, www.petrobell.com.ec

the total market share, with an annual production of 2 million barrels and a team of 400 employees. Ecuador currently operates 2 oil fields with a 100% of the Tigüino marginal field in the province of Orellana and 90% of the Gustavo Galindo Velasco field in Ancon, Santa Elena Province. Ancon field Key facts and figures: • Current Production: 1400 bpd. • Productive wells: 1400. • Investments: USD$ 48.06 million (1996-2009). • Direct jobs: 356. • Community Investment by 2010: USD$ 100K, accumulated to 2009 USD$ 3663.7K. • Reserves at January 1, 2010: Ancon 2.704 million barrels for the same period. Tigüino field • Current production: 5000 bpd. • Productive wells 14. • Investments: USD$ 74.75 million (1996-2009). • Direct jobs: 89. • Community Investment by 2010: USD$1 million, accumulated to 2009 USD$ 7372.5K. • Reserves at January 1, 2010: 8.8 million barrels. The group is interested in looking for new strategic partners in order to create mutually beneficial synergies and explore marginal fields in Ecuador and neighboring countries. We seek investors who are looking for trusted operators. We can ensure the credibility and experience of the Synergy Group, with a proven track record in the operation and performance enhancement of mature fields, with the possibility of operating fields in different parts of the world, especially in Latin America. Raúl Dubié General Manager of Synergy

Area of activity: Oil & Gas Date of creation: 2001 Employees: 400 Annual turnover: $94 million USD The Synergy Group was born in Brazil and has been present in Ecuador since 2001 since the acquisition of Pacifpetrol and Petrobell. Synergy is a diversified business group with investments in various industries in Brazil, Colombia, Ecuador and other countries. In Ecuador, Synergy Group is specialized in the management of marginal fields. Currently, it holds 1% of

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Boat loading petrol equipment in the Napo River

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KINROSS AURELIAN Dominic Channer VP and General Manager Av. Amazonas N37-29 and UNP Edif. Eurocenter, 5th floor, Quito Telephone: +593 2 2996 400 Fax: +593 2 2772 072 www.kinross.com Area of activity: Mining Employees: 5000 Kinross is a Canadian-based gold mining company with mines in the United States, Brazil, Russia and Chile. With approximately 5,000 employees worldwide, Kinross’ strategic focus is to maximize net asset value and cash flow per share through a four-point plan built upon: generating growth from core operations; expanding capacity for the future; attracting and retaining the best people in the industry and driving new opportunities through exploration and acquisition.

life of mine gold production of 6.3 million ounces and silver production of 6.7 million ounces. Annual production is expected to average approximately 410,000 gold equivalent ounces per annum over the life of mine. On January 29, 2009, a new Mining Law was published in the official record of the Ecuadorian government which came into force in 2010. On 10 November 2009, Kinross received approval from the Ecuadorian government to resume exploration in FDN and they then continued with an 18,000 metre deep drilling campaign in the hope of finding new resources.

OCP (Oleoducto de Crudos Pesados) Andrés Mendizabal General Manager Av. Amazonas 1014 and Naciones Unidas Edif. Banco La Previsora, Torre A, 3rd floor, Quito PBX +593 2 297 3200 www.ocpecuador.com

Aurelian Resources Inc. is a publicly-listed (TSX: ARU) company engaged in exploring, discovering and developing mineral wealth in Ecuador.

Area of activity: Crude Oil Transport Date of creation: 2003 Annual turnover: $264 million USD

Aurelian is committed to working with the government and the people of Ecuador to achieve a modern, sustainable mining industry, which will play an important role in the future growth of the country.

OCP SA Ecuador is a private company that has been in operation since 2003. The OCP is the second main heavy crude pipeline in Ecuador to transport oil from the Amazon to the Coast.

The Fruta del Norte (FDN) project is located within a 95,000 hectare land package in southeastern Ecuador, in the province of Zamora-Chinchipe. Kinross acquired 100% of the project on September 30, 2008, through the acquisition of Aurelian Resources Inc.

This project was entirely funded by private investment without any financial participation of the State.

The Condor project is about 80 kilometres northeast of Loja, one of the largest cities in southern Ecuador. Due to its proximity to the equator and elevation of approximately 1,400 metres, the climate around FDN is tropical rain forest, and the temperature hovers between 21 to 24 degrees Celsius year round. FDN is a high grade, intermediate sulphidation epithermal gold-silver system, hosted in andesitic volcanics. The FDN discovery drill hole was reported on April 5, 2006. Kinross has prepared a pre-feasibility study and technical report for FDN, incorporating reserve and resource information as of year-end 2010. Proven and probable mineral reserves are estimated at 6.8 million ounces of gold and 9.1 million ounces of silver. The study is based on a mine life of approximately 16 years, with

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The OCP will be transferred to the Ecuadorian State, at no cost, after 20 years since the start of its operation in November 2003. The pipeline was originally designed for a capacity of 310 thousand barrels per day. At the request of the Ecuadorian government it was extended to 450 thousand barrels per day. The cost was audited by the Audit Management Unit and the OCP (UAF) of the Ministry of Mines and Petroleum as well as international accounting firms like PriceWaterhouseCoopers, Moores Rowland and Ernst & Young. The SRI verified this cost. In Ecuador’s history, no single project has ever received the same strict and rigorous level of external and internal control and monitoring than the OCP. All government institutions that are related to environmental management and energy have been involved in the project to ensure its success. The OCP is the second pipeline operating in Ecuador

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and is specifically designed for the transport of heavy oil (18 to 24 degrees API). The OCP runs 485 kilometres from the city of Nueva Loja (Lago Agrio, Sucumbios) to the outskirts of the city of Esmeraldas. OCP operations began in November 2003 and up until 2010 approximately 375 million barrels of heavy oil had been transported. It can carry a peak volume of 517,241 barrels per day with a sustainable level of 450,000 barrels.

They are also distributors of YPF Lubricants and hold5% of the market share. They aim to increase this figure to 10%. PRIMAX provide quality fuels and distinguish themselves for doing business in a thorough and professional manner. It’s fuel mix formula (G-PRIX) is made with the best additives developed in German and American laboratories, which has improved the quality of their gasoline Super, Extra, Ecopaís and Diesel, thus meeting their customers’ requirements. The G-PRIX formula aims to deliver fuels that keep engines clean and protected. Its additives improve fuel quality in compliance with European and American standards supported by major global automotive houses. They do this through their unique blend of additives which include dispersants, inhibitors, detergents and emulsifiers. They have 7 laboratories to check the quality of their fuels.

There are many petrol stations along the 44.000 km of roads in Ecuador. Source: Primax

PRIMAX Agustín Herrero General Manager Av. Juan Tanca Marengo and Jaime Roldos Aguilera Tel: +593 4 2 590230/+593 2 2550 998 rgodoyo@primax.com.ec http://www.primax.com.ec/ Area of activity: Energy and Retail services within the Oil & Gas Industry Date of creation: 2006 Employees: 612 Annual turnover: $400 million USD Primax was born as the result of a merger of the fuels division of Romero Trading and the National Oil Company of Chile (ENAP). These companies have respective shares of 51% and 49%. In August 2006, the company acquiredshares of Shell Ecuador. Shell Ecuador SA was renamed Primax SA, (which had previously been owned by Shell Overseas Holding Limited). In 2006, Primax acquired a chain of petrol stations formerly owned by the Shell Group (60 stations) and in 2008 bought 123 petrol stations from Repsol. Currently, it has 183 petrol stations and 18.5% of the total market share. They also have 14 retail stores called Listo! and are thinking of allying with Sweet and Coffee to create their own brand of fast food and increase the number of stores.

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We do not just see ourselves as an energy company but as a retail company because our work is not just selling fuel. We’re creating concepts for our stores that can complement the experience of filling the tank. Agustín Herrero General Manager

SCHLUMBERGER SURENCO Carlos Sarmiento General Manager Av. Rep. de El Salvador and Irlanda Edif. Torre Siglo XXI, 7th floor Tel:+593 2 2979 423 Area of activity: Oilfield Services Annual turnover: $203 million USD Schlumberger is one of the leading oilfield services providers worldwide. They are trusted to deliver better results in any location and to help customers improve their levels of exploration and performance. They have a fine reputation as their brand is renowned for its innovation and technology as well as its domain knowledge, service quality, global presence and shareholder confidence. Their brand is born from their commitment to excellence and their promise to deliver the best possible performance - anytime, anywhere.

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Energy

Knowledge, technical innovation and teamwork are Schlumberger’s key success factors. For more than 80 years, they have focused on leveraging these assets to deliver solutions that improve customer performance. Today, their real-time technology services and solutions enable customers to translate acquired data into useful information and then transform this information into the knowledge necessary for improved decision making. Harnessing information technology in this way offers enormous opportunities to enhance efficiency and productivity. This is a quantum leap from providing traditional ‘just-in-case’ information to delivering ‘just-in-time’ knowledge that meets the changing needs of their customers. The company is also well known for its business consultancy expertise. Schlumberger Business Consulting (SBC) is all about transforming the world’s energy business for the 21st century. This management consulting firm focuses on the energy industry, for which efficient and sustainable solutions are vital to social well-being and economic growth across the globe. They are the only management consultancy with the strategic and operational insight, the global reach and the practical experience capable of providing a material impact on the oil and gas sector. In 2004, Schlumberger Business Consulting (SBC) was established under the sponsorship of Schlumberger Chairman and Chief Executive Officer Andrew Gould to help oil and gas companies realize dramatic performance improvements and sustained growth. SBC combines true management consulting expertise with an unrivalled knowledge of oil and gas operations and technologies. SBC has rapidly become a global management consulting firm and a leader in the oil and gas sector. The company is comprised of almost 200 consultants recruited from the best consulting firms, energy companies and institutions. SBC operates from 13 offices around the world, SBC engages clients on a wide spectrum of management issues, ranging from strategy and organization to operational effectiveness. To date, they have delivered more than 550 projects in over 30 countries for some of the world’s largest energy companies. These include over 60% of the major international oil companies and over 70% of the major state-owned oil companies. In 2009, the combined production from their clients accounted for more than 40% of total world oil production.

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ANDES PETROLEUM / PETRO ORIENTAL / SINOPEC / CNPC Zhang Xing Ph. D Executive President Av. Naciones Unidas E10-44 and República de El Salvador Quito Telephone: +593 2 2988 500 Fax: +593 2 2970 271 www.andespetro.com Area of activity: Oil Date of creation: 2006 Annual turnover: Sinopec $85 million USD and CNPC $56 million USD Andes Petroleum Ecuador Ltd. operates in the Tarapoa Block and the Lago Agrio Storage and Transfer Station in the province of Sucumbios. PetroOriental S.A. operates in Blocks 14 and 17 in the province of Orellana. The hydrocarbons exploited by these companies are found in the “Ecuadorian Oriental Basin”, an area depicting the complex history of Ecuador’s geological evolution in the structural traps of the Tena, Napo and Hollin formations. Since 2006, the drilling and workover operations performed have successfully maintained the production in the blocks. The fields inside the Tarapoa block are developed in compliance with international standards. The crude oil produced is transported to Lago Agrio and then shipped through the OCP and/or SOTE to the Coast of Esmeraldas. These companies were set up with shareholder capital from state-run corporations of the People’s Republic of China: China National Petroleum Corporation (CNPC), with a 55% of shares, and China Petrochemical Corporation (SINOPEC), with a 45%. They have been in Ecuador since 2006 and have consolidated a multicultural, efficient, talented and highly-professional team, responsible for meeting the high production and quality standards the company have demonstrated throughout this period. The company has received numerousacknowledgments, such as the ISO 14001 certification from Det Norske Veritas of Norway for the Storage and Transfer Station (LTF). Similarly, its Community Health Initiative in Sucumbios won the “Canadian Prize for International Cooperation” and the “World Oil Prize” from World Oil magazine. Furthermore, a 3D seismic acquisition program in Block 14 was conferred the “Environmental World Award” from the Great Britain Institute of Energy.

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ECUACORRIENTE (ECSA) Ian Harris General Manager Av. República de El Salvador 1082 and Naciones Unidas Edif. Mansión Blanca, Torre París, Mezanine Tel: +593 2 3972 000 Fax: +593 2 3972 002 www.ecuacorriente.com Area of activity: Mining Date of creation: 1999 Mining company Ecuacorriente (ECSA)has been operatingin Ecuador for over 10 years. The company has invested more than UD$80 million in concessions and project development. Recently, they discovered significant copper deposits and therefore intend on moving exploration along so that the construction and production phase can begin. Mirador, which is the flagship project, is already ready for construction and there is a team of 120 people working on it. After the Ecuadorian government authorized the project, Corriente Resources announced that it expects to begin pre-construction of Mirador in the second quarter of 2010. A feasibility study has been completed on Mirador, outlining 30,000t/d throughput within 19 years. Mirador has 438Mt grading 0.61% copper, 0.19g/t gold and 1.5g/t silver in measured and indicated resources, plus 235Mt of 0.52% copper, 0.17g/t gold and 1.3g/t silver in the inferred category. “Today a mining project is much more than a technical challenge; it’s also political and social challenge.” Ian Harris General Manager

Navipac S.A. is the first and the largest private bunker physical supplier in Ecuador. They consistently meet the needs of coastal transportation of petroleum products and provide bunkering services in all Ecuadorian ports at the most competitive market prices. Established in 1952 and headquartered in the port city of Guayaquil, Navipac has been the industry leader from the very start. The company has owned more than 20 oil tankers, something that makes it the best choice for bunkering nationwide. At present, Navipac S. A.’s fleet is composed of seven tankers (barges) with a capacity that ranges from 100 to 4.500 metric tons, which makes it the only physical supplier in Ecuador capable of delivering over 4,000 MTs with a single barge. Their tankers are classified by IACS members such as Lloyd’s Register (4) and DNV (1). It is the first private company in the Ecuadorian industry that is certified by ISO 9001. This certification has been extended by Lloyd’s Register (LRQA) for Transportation of Hydrocarbon Services and Bunkering Services since 2002. Most of the In addition to their bunkering services, Navipac also offers complementary solutions required for ships’ operations in Ecuador. Products such as lubricants, water, manning and agency services are offered. For commercial convenience they also have operations in Perú, through its affiliate Naviera Miraflores. These links give clients better flexibility and choice. .

NAVIPAC Ramón Espinel General Manager Av. Pedro Menéndez Gilbert Guayaquil Tel: +593 4 2293808 Fax: +593 4 229 6594 bunkers@navipac.com www.navipac.com Area of activity: Bunker Supplier Date of creation: 1952 Annual turnover: $82 million USD

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PETROECUADOR Marco Calpoviña General Manager Alpallana E8-86 and Av. 6 de Diciembre Quito Tel: +593 2 2563 060 / +593 2 2547233 rortega@eppetroecuador.ec www.eppetroecuador.ec Area of activity: Oil Date of creation: 1989 Annual turnover: $8145 million USD Petroecuador (Empresa Estatal Petróleos del Ecuador now called Empresa Pública Petroecuador) [Petroleums of Ecuador State Enterprise] is the national oil company of Ecuador. Founded on September 26th 1989, it is a state-owned enterprise. It is the successor of CEPE (Corporación Estatal Petrolera Ecuatoriana) which was formed in 1972. In fact, they are the leading Ecuadorian company in terms of sales with a turnover of USD$8.145,30 million in 2009. The company is split into three divisions: • Petroproducción for exploration and extraction • Petroindustrial for refinery operations • Petrocomercial for transportation and marketing of refined products to the internal market in Ecuador. Petroecuador is also in charge of managing the operation of the Trans-Ecuadorian oil pipeline network, (Sistema de Oleoducto Transecuatoriano or SOTE) built in 1972 for Texaco-Gulf. Alongside its subsidiaries, the Public Oil Company of Ecuador EP PETROECUADOR develops and manages the hydrocarbon sector through exploration, exploitation, transportation, storage, processing and marketing of hydrocarbons, both nationally and internationally. They strive to preserve the environment and contribute to rational and sustainable utilization of natural resources in order to develop comprehensive, sustainable and decentralized activities subject to the principles and regulations established by the Constitution of the Republic, the Public Enterprise Law, the Hydrocarbons Law and the Legal Framework of Ecuador that relates to their specific activities. Their vision is to ensure compliance with targets set by national politics and to become internationally recognized for its premium business efficiency in the hydrocarbon management sector. On top of this, they strive to do so with responsibility towards the environment and with respect for their workforce of

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professional, competent and committed employees. Petroecuador owns three petroleum refineries in Ecuador. Its capacity is expected to increase due to the increasing demand in Ecuador and the U.S. (Ecuador is the second largest exporter of oil products of South America to the U.S.). Refineries in Ecuador: • Esmeraldas Refinery (Petroecuador), 110,000 bpd (start-up 1978) • La Libertad Refinery (Petroecuador), 45,000 bbl/d (7,200 m³/d) • Shushufindi Refinery (Petroecuador), 20,000 bbl/d (3,200 m³/d)

Repsol YPF. Luís García General Manager Av. 12 de Octubre N24-593 and Francisco Salazar Edif. Expoplaza 2000, 5th floor, Quito Tel: +593 2 2 976 600 www.repsol.com Area of activity: Oil Date of creation: 1927 Employees: 37.000 Annual turnover: $5083 million USD The Spanish-Argentinean oil company Repsol-YPF has a significant presence in Ecuador with 55% of Block 16. Moreover, the mining field operated by Repsol is made up of: Block 16 Stockholding Contract, the Bogi Capirón Unified Mining Agreement and the Specific Services Contract for the Tivacuno Area. Block 16, located in the Orellana Province (Amazon Region), along with the Tivacuno and Bogi Capirón areas, are spread over 220,000 hectares, occupying 22% of the Waorani ethnic reserve and 12% of the Yasuní National Park. In 2010, a new kind of contract was signed with the Ecuadorian Government. The new agreement is until 2018 with a total investment worth USD173,5 million. Apart from the Hydrocarbon exploration, development and production activities, Repsol is a world benchmark company in the downstream area with a proven track record for value creation. It also presents LNG, or Liquefied Natural Gas, activity. Moreover, Repsol owns Duragas, the leading company in LPG distribution in Ecuador. It operates nationwide with a market share of 37.6%.

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INDUSTRY AND TRADE

Nobility is a cleanliness of body and soul, straightforwardness and firmness, generosity and discretion Ecuadorian proverb

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Industry and Trade INDUSTRIAL SECTOR IN ECUADOR Industrial activity is fundamental for national development. The areas include agriculture, fishing and aquaculture, construction, mining, power engineering, forestry, tourism and hospitality, commercial services, banking, finance and insurance, transport and telecommunications, development and adaptation of production technologies, systems, processing and dissemination of electronic information. Modern industry is a compendium of knowledge and pragmatism and is intrinsic to offering better living standards throughout Ecuadorian society. The manufacturing industry contributed $4.363 million to the annual GDP in 2008 , representing 8.3% with a 12.7% increase, compared to the previous year, when it was only $3.870 million. Ecuador does not have the same industrial history as many other countries but slowly and surely, this sector has seen development. This progress is particularly visible in Quito and Guayaquil however not so much in Cuenca. The fishing market has also become central to the Ecuadorian economy, particularly in the city of Manta. Fish processing has become very important, in particular tuna fish. Due to its strategic location, it is one of the largest ports on the Pacific coast of Ecuador. The white spot virus in shrimp has had two effects on the Ecuadorian fishing industry in the region: the rise of processed shrimp and the very significant growth of the tuna industry, with the intention of giving more value to seafood.

The manufacturing industry is the sector that contributes most to the country’s economy after trade; its contribution to gross domestic product is around 14%. Food and drinks are the most significant manufactured products in terms of profit. The most exported industry products are marine products, motor vehicles and parts, extracts and vegetable oils, metal manufactured products, juices and preserves. What are the main industrial exports of Ecuador? Industrial sector exports represent 23% of total exports and 46% of total non-oil exports. The industrial sector imports represent about 43% of total imports. The branch that contributes most to industrial GDP is food and drink, followed by textiles and wood.

The sector’s exports in 2008 grew 15% in value in relation to the amount exported in 2007. However, this growth was lower than in the three previous years. In terms of volume exported, the figure fell by 13% from 2007. Non-oil industrial exports in 2008 registered a growth of 13%, but volume fell 9%. Five groups of products represent 62% of non-oil industrial exports. The most exported products are: Seafood: In 2008, $ 890 million of seafood was exported with a recorded growth of 19% in value whilst volume fell by 7%. Marine products represent 21% of total industrial exports. Main destinations are the USA, Spain and Holland. Canned fish represents a value of 92% of total exports of marine products. These exports grew by 21% in value in 2008 whilst volume fell by 4%. Vehicles and parts: $407 million’s worth of vehicles and parts were exported in 2008 with a recorded growth of 6% in value and a 14% fall in volume compared to 2007. These exports represent 10% of total exports within the entire industrial sector.

One of the most traditional export product of Ecuador is the bananas. Source: DOLE

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Imports of industrial raw materials increased in value by 42% but only by 4% in volume. The main non-oil raw materials imported within this industry are: Semi-chemical and pharmaceutical industry: Of these products, $1.288 billion USD accounted for imports; of this, there was a 35% increase in value and a 15% rise in volume compared to 2007. Imports of these products represent 27% of the total volume of imports of raw materials for the industry.

Car industry is having a good year

Extracts and vegetable oils: In 2008, this sector accounted for $248 million of turnover. The value of these products grew by 57% and 1% respectively in volume. These exports represent 6% of total exports by value in this sector and account for 8% in terms of volume. Exports of crude oil account for 59% of total exports of extracts and vegetable oils. Their main destinations were Venezuela and the United Kingdom. These exports grew by 34% in value in 2008 and fell by 14% in volume. Manufactures of metals: This industry represents 6% of total industrial exports. The total exported value is $ 237 million, down 1% in value and 7% in volume compared to 2007. Juices and canned fruit: In 2008, exports of these products grew by 8% in value and 37% in volume. They represent 5% of non-oil industrial exports ($162 million). Palm exports represent 44% of total exports of juices and canned fruits. Their main destinations are France, Venezuela, Argentina, Chile and the U.S. These exports grew by 2% in value in 2008 whilst volume decreased by 1% compared to 2007. Passion fruit concentrate exports represent 28% of total exports of juices and canned fruits and their main destinations were the Netherlands and the U.S. The amount exported in 2008 fell in by 25% in value and 36% in volume compared to 2007.

Semi-processed mineral products industry: Imports of these products increased by 83% in value and 24% in volume compared to the previous year ($1,272 million). Imports of these products represent 27% of imports of raw materials for the industry. Manufactured mineral products industry: In 2008, $686 million USD of these products were imported, an increase of 19% and 14% in value and volume respectively. Imports of these products represent 14% of imports of raw materials for the industry. In 2008, a total of 2,846 million USD was imported in the capital goods industry, which represented an increase of 40% on the previous year. Imports of industrial machinery account for 54% (an approximated $678 million) of the manufacturing industry whilst the rest comes from power generation and other activities. The import of cell phones also accounts for a large percentage of Ecuadorian imports. Ecuador also produces sugar. Source: Azucarera Valdez

What are the main industrial imports of Ecuador? Total imports for the industrial sector were worth $7.443 million and registered a growth of 41% in value, but only grew by 5% in volume. Industrial imports represent 43% of total imports. The industry imports are distributed as follows: 62% raw materials and 38% capital goods.

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Service Sector The tertiary sector contributed $34.644 million towards Ecuador’s GDP in 2008. This figure represents 65.9% of the total 66.7% growth of 2007 which was valued at $20.776 million. Other services contribute to the country’s GDP (hotels, restaurants, education, etc.) with $13.143 million USD which is 25.6% of the total. Trade follows with $6.150 million USD, (11.6% of the total GDP), then Construction comes next with $5.257 USD and 10% of GDP. Finally, Transport and Communications has a value of $3.469 million USD which is 6.6% of GDP. New Industries Ecuador is on its way towards a new process of industrialization with added value to replace imports. A move from a productive model as a primary exporter to tertiary, value-added products, through new industries linked to bio-knowledge, software, wood, petrochemicals, agro-industry, textile and obviously, tourism.

BIGGEST AUTOMOTIVE COMPANIES Automotive

Company

Sales 2009 (mln $)

Omnibus BB Transportes

665,70

Negocios Automotrices Neohyundai

198,58

Maresa

156,57

Maquinarias y vehículos (Mavesa)

142,01

General Motors del Ecuador

127,36

Toyota del Ecuador

124,96

Automotores Continental

117,36

Aymesa

108,57

Continental Tire Andina

104,10

Impotadora Tomebanda

103,11

market share in 2009 in relation to previous years. Ecuador imports from different countries, the most common ones being Korea (40,22%), Japan (26,37%) and the United States (8,68%). These three countries represent 75% of the total number of imported vehicles in Ecuador. Colombia has steadily reduced its market share from 17,83% to 7,49%. The top 5 companies in this sector are: 1.General Motors del Ecuador S.A. 2.Alvarez Barba S.A. 3.Teojama Comercial S.A. 4.Maquinarias y Vehículos S.A. Mavesa 5.Aekia S.A. 2.Automotive – dealers During the first semester of 2010, a 22,8% increase was registered in sales of vehicles in relation to the same period of the previous year. Depending on the dealer and the financial alternatives it offers, there are options that allow individuals to buy vehicles with a 15% initial fee.Then, a monthly installments system can be used over a period of up to 60 months. The number of new vehicles that have been registered during this period also increased. The overall number of vehicles in the country reached almost a million in 2009. The top 5 dealerships include: 1.Andinamotors S.A. 2.Importadora Tomebamba S.A. 3.Proauto C.A. 4.Latinoamericana de Vehiculos CA LAVCA 5.KMOTOR S.A.

Source: Vistazo Magazine, Nº1034, September 2010

Service Sector 1.Automotive – importers Sales of imported vehicles have exceeded those of locally produced ones during recent years. However, due to measures undertaken by the government, vehicles assembled in Ecuador have increased their

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The Superintendency of Companies is responsible for controlling them

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Industry and Trade

BIGGEST BEVERAGE COMPANIES

Company

Sales 2009 (mln $)

Dinadec

489,00

Cervecería Nacional CN

423,91

Ecuador Bottling Company

279,77

Corporación Azende

94,32

Ecuajugos

87,20

Ajecuador

57,94

Delisoda

49,24

The Tesalia Springs Company

47,52

Licores Nacionales y Extranjeros

26,33

Cocacola de Ecuador

22,95

Source: Vistazo Magazine, Nº1034, September 2010

Beauty products

Cartoon industry

BIGGEST PAPER COMPANIES

Company

Sales 2009 (mln $)

The Cosmetics and Beauty Products sector has presented the best indicators in recent years with a significant annual increase of 20%. In 2009, this sector turned over $600 million USD and created more than 350,000 direct jobs, mainly in the sales area.

Kimberly Clark Ecuador

112,05

Cartopel

110,58

According to Ekos Magazine thetop 5 companies in this sector are: 1. Productos Avon (Ecuador) S.A. 2. Yanbal Ecuador S.A. 3. Grupo Transbel S.A. 4. Laboratorios Rene Chardon del Ecuador C Ltda 5. Mercantil Garzozi & Garbu S.A.

Productora Cartonera (Procarsa)

99,52

Productos Familia Sancela

94,69

Industria Cartonera Palmar (Incarpalm)

94,56

Grupasa Grupo Papelero

70,39

Papelera Nacional

54,84

Industria Cartonera Ecuatoriana

46,76

Papelesa

28,97

Elipol (Lidraría Científica)

24,19

Source: Vistazo Magazine, Nº1034, September

BIGGEST BEAUTY COMPANIES

Company

Sales 2009 (mln $)

Unilever Andina Ecuador

208,90

Yanbal Ecuador

158,48

Colgate Palmolive

127,36

Productos Avon Ecuador

112,52

Johnson & Johnson del Ecuador

63,70

Grupo Transbel

58,61

Procter & Gamble Ecuador

49,00

Otelo & Fabell

38,90

Zaimella del Ecuador

38,57

Jabonería Wilson

24,02

Source: Vistazo Magazine, Nº1034, September

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Bag/Sack industry. Source: Chamber of Industry of Guayaquil

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BIGGEST ADVERTISING AGENCIES

Company

BIGGEST PLASTIC COMPANIES

Sales 2009 (mln $)

Company

Sales 2009 (mln $)

Norlop Thompson Asociados

29,81

Amanco Plastigama

84,52

Rivas & Herrera Publicidad

26,25

Plasticaucho Industrial

81,09

Publicitaria Cariba

24,46

Pica Plásticos Industriales

61,50

Táctica Publicitaria

17,97

Plásticos Rival

44,21

BOPP del Ecuador

44,13

Sigmaplast

34,47

Plásticos Ecuatorianos

32,18

Plásticos del Litoral (Plastlit)

29,61

Flexiplast

24,96

Amcor Rigid Plastics Ecuador

20,98

Source: Vistazo Magazine, Nº1034, September

Plastic Industry According to statistics, manufacturing of plastic products represents around 80% of the gross production of the sector. In 2008, $47 million USD’s worth of these products were exported. The main buyers of Ecuadorian plastic products are countries of the Andean Region and Mercosur (Colombia, Venezuela, Brazil and Peru).

Source: Vistazo Magazine, Nº1034, September

Top 5 companies according to Ekos Magazine: 1. Montgar C.A. 2. Amanco Plastigama S.A. 3. Impresiones y Empaques Industriales Printopac Compañía Limitada 4. Plasticos Rival Cia Ltda 5. Fupel C Ltda

Biggest food court of Ecuador in shopping mall of Guayaquil

BIGGEST RESTAURANT CHAINS Plastic industry. Source: Chamber of Industry of Guayaquil

Company

Sales 2009 (mln $)

Int Food Services

91,04

Nuevas Operaciones Comerciales (Nucopsa)

60,45

Deli Internacional (El Español)

24,05

Tecfood Servicios de Alimentación

20,83

Source: Vistazo Magazine, Nº1034, September

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Industry and Trade

BIGGEST CHEMICAL COMPANIES

Company

Sales 2009 (mln $)

Ecuaquimica

124,13

Proquimsa

39,13

Profiandina

21,73

Interquimec

20,76

Quimica industrial Montalvo Aguilar

19,07

Quimipac

17,74

Resiquim

17,41

Source: Vistazo Magazine, Nยบ1034, September

Textile Industry During the last ten years, the Ecuadrorian textile industry has shown positive indicators that positions this sector as the second most important within the manufacturing GDP structure after the food and beverage production industry. In 2009, the textile industry registered profits of $443 million USD (1.9% of the GDP and 2% less than the same period of 2008). In spite of this, the industry has gained a competitive position in product exportation and registered sales increases of 23.6%.

BIGGEST TEXTILE COMPANIES

Company

Sales 2009 (mln $)

Tecnistamp Gasespol Cem

31,20

La internacional

28,76

Pat Primo Ecuador

23,47

Impodenim Importadora Textil

23,09

Empresas Pinto

20,76

Source: Vistazo Magazine, Nยบ1034, September Example of packaging work for the banana industry

BIGGEST PACKAGING COMPANIES

Company

Sales 2009 (mln $)

Fadesa

100,97

Cridesa

35,54

Source: Vistazo Magazine, Nยบ1034, September

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Top 5 companies according to Ekos Magazine: 1. Textiles Texsa SA 2. Textil San Pedro SA 3. Royaltex S.A. 4. Impordenim Importadora Textil Cia. Ltda 5. Textiles del Pacífico TEXPAC Cia. Ltda

Shopping malls are very successful throughout Ecuador

Best wholesale distributors

Inside of a industrial plant

The metal industry of Ecuador (including electrical appliances) exported $302 million USD’s worth of goods in 2009, four times more than the $69 million USD of 2001. However, 2009 was a year of crisis in this sector and as a result, since then there has been a 15% decrease in sales. According to Ekos Magazine the top 5 largest metal industry companies are: 1. Ideal Alambrec SA 2. Industria de Soldaduras y Metales Insomet C.L. 3. Industrias Clavec C Ltda 4. Acería del Ecuador CA Adelca 5. IPAC SA Best Electrical appliance companies The financial crisis led to a significant decrease in the consumption of electrical appliances globally. In absolute values, this sector presented a reduction of 30% in sales, which corresponds to $100 million USD. In terms of exports, this reduction was even greater with a fall of 50%

Security, financial crisis and blackouts were between the most important factors that led to negative indicators in 2009. According to the information provided by the Central Bank of Ecuador, this sector represented a reduction by 2,35% in its activity. However, wholesale distribution remains the most important activity in the GDP structure (approximately 15%). The Coordinating Ministry of Production presented other significant numbers, asserting that 6 out of 29 activities presented positive indicators. It is important to mention that these activities concentrate 51% of total sales of the sector and 50,2% of employees in the country. Among activities that belong to this group are sales of household products, food, beverages and tobacco, sales of fuel, that represented an average increase of 2,4%. Top 5 companies: 1. 3M Ecuador CA 2. Havells Sylvania N.V. 3. Distribuidora Vecemar Cia. Ltda 4. Oficina Comercial Raymond Wells Cia. Ltda 5. Johnsonwax del Ecuador S.A.

According to Ekos Magazine, the top 5 largest appliances companies are: 1. Television y Ventas Televent S.A. 2. La Casa del Electrodomestico Electroexito Cia. Ltda 3. Teka Ecuador S.A. 4. Comohogar S.A. 5. Marcimex S.A. Good logistics is essential for the success of a company

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TRADE CHAPTER Foreign trade of goods and services With dollarization, Ecuador has been undergoing a process of increasing its imports and contracting exports. However, this process has been reversed and in recent years Ecuador has had a growing surplus in its trade balance, from $550 million in 2005 to $1.462 million in 2006, from $1,261 in 2007 to $1,096 million in 2008. In 2009 the process has changed and shifted from a surplus to trade balance deficit of $332.38 million. One of the main reasons for this variation has been the fall of oil prices during the first half of 2009. Oil exports have gone from $11,672.84 million in 2008 to $6964.59 million in 2009. Trade Opening (X+M/PIB Y M/PIB) (X+M)/PIB

2005

2006

53%

58%

2005

2006

26%

27%

2007 59%

2007 28%

2008 68%

2008 33%

2009 54,20%

2009 27,40%

Spanish Economic and Commercial Bureau

Major trading partners (Import and Export) The geographical pattern of Ecuadorian trade is explained in two axes. The first is the United States, clearly, Ecuador’s main trading partner. Much of Ecuador’s exports to the United States is represented by oil. The second axis is the regional trade with South American countries and, in particular, with Colombia and Venezuela. It also trades with the EU, represented mainly by Italy, Spain and Germany, but to a lesser extent. Asian countries still represent a very small portion of the Ecuadorian trade, but this is a a growing market with a lot of potential. The figures for 2009 show that around 57.42% of Ecuador’s exports are concentrated in five countries, which include the United States with (33.46%), Panama, (14.47%), Peru (6.77% ), Chile (6.42%) and Colombia (4.89%). Spain is in the tenth position with a market share of 2.29%. Grouping countries in major international markets after the U.S., the largest destination market for Ecuadorian exports is the CAN (Andean Community of Nations), which participates with 21.3% of total exports.

$14.072 million, a 19.2% less than in 2008. The decline has been influenced mainly by the decline in foreign purchases of fuels, lubricants and raw materials for the industry. The main suppliers of Ecuador are ranked in the following order: United States (25.43%), the Andean Community (15.09%); by country: United States followed by China, Colombia, Venezuela, Brazil, Peru, Mexico and Japan. Spain, with a share of 1.12%, has fallen to seventeenth position and is the fourth within the EU after Germany, Italy and Belgium. Main sectors of goods (Import and Export) The sectoral pattern is characterized by imports of industrial goods, consumer goods and the export of primary products. The oil case perfectly illustrates this pattern because Ecuador is a major exporter of oil but also imports large quantities of refined petroleum products, which demonstrates the weakness of the country’s industrial sector. Imports, goods are divided into industrial raw materials 25.28% (3.557 million USD), fuels 16.58% (2.333 million USD), industrial capital goods 18.67% (2.626 million USD). Main sectors of services (Import and Export) Ecuador is a major exporter of services and this situation is clearly reflected in the chronic deficit in its balance of services. The balance in 2007 was -1.371 million, equivalent to 2.1% of GDP. In 2008 the services balance reaches a negative value of -1.641 million. And in 2009 it reached a value of -1.389 million. Although the balance of payments is not recorded as an export of services, remittances from Ecuadorean emigrants abroad are an important support for the local economy. In 2007, this concept was 3.087 million dollars, of which approximately 41.7% were from Ecuadorians settled in Spain. In 2008, the figure was 2,821 million dollars of which 41% came from Spain. In 2009 it was $ 2.495 million, significantly below the 2008 figure, which represented a decrease of 11.57%. 18.67% (2.626 million USD). Processing banana

Regarding imports, the absolute number in 2009 is

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Prices (retail and wholesale) The commercialization system is quite traditional and although there are big companies, approximately 75% is controlled by specialized retailers that get their supplies from importers and wholesale distributors. The margin of a wholesaler can range between 10% and 15% of the final product. In the distribution chain of fast moving consumer goods and food, supplies and small businesses still have the leading role. There are, in some cases, significant price differences between the supply of traditional retailers (with lower prices) and department stores. As for industrial products, the situation is just the opposite. By volume and turnover, large stores and supermarkets may offer better prices and discounts. The distribution chain can be composed by a producer or an importer / wholesaler - distributor-large stores - small stores and supplies with a cumulative margin between 30% and 40%. In terms of commercialization of consumer goods, although most is done through small businesses, it should be noted the existence of two major supermarket chains in the country. Supermaxi, which belongs to La Favorita, is the group that has more outlets, mainly located in cities but with more presence in the mountain region than on the coast. The second largest group is “Mi Comisariato”, belongs to Importadora El Rosado. Likewise, it also has presence throughout the country; however, it is more popular on the coast than in the mountain region. Opportunities The sectors with the largest potential are public infrastructure which includes roads, bridges or tunnels, the modernization of the airport network, railways and Quito subway. It also includes hydropower, wind power generation and oil exploration from drilling equipment to electricity generation. Hybrid cars, hardware, last generation telephony, cosmetics and raw materials for the plastic industry, petrochemicals and automotive are also among sectors with a lot of future and high potential. There is also a need to import medical equipment. Sectors with potential demand for imports Among these sectors are machinery for the woodworking industry, machinery for the textile clothing industry and leather, machinery for agriculture and for the transformation of raw materials into power. Another sector that has a lot of growth potential is the food processing industry. Other areas with high demand for imports are

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the ceramics, household products, both in furniture and decorative and design accessories. Electronics, both consumer and specialized, has potential for growth, mainly because hardly any of these products are manufactured locally. As regards the chemical industry, chemical production is very low, since most of these products must be imported. In the public sector, the areas of civil engineering, electricity and oil should be emphasized. There are possibilities in the construction sector, especially to use the savings of Ecuadorian immigrants in financing their future homes. Finally, within the private sector in which Spanish companies do better there is the fishing and provision of equipment for ships and factories for processing and canning of fish. Other sectors with potential include agro-industry, floriculture and tourism. Supermarkets There are nine large commercial chains in the country, mainly located in Quito and Guayaquil. In 2009, this sector had an important technological development and considerable investment, both in volume and in sales points. Top 5 companies according to Ekos Magazine: 1. Corporación Favorita CA 2. Tiendas Industriales Asociadas SA Tia 3. Corporación El Rosado S.A. 4. Mega Santamaria S.A. 5. Disor Distribuidores del Oriente Cia Ltda Management services The sector that has registered the major increase in sales was the one linked to real estate and management services. These activities presented a total growth by 2,2% compared to 2008. The most significant contribution to this growth was provided by companies within the segment of IT services that increased their revenues by 118%. Activities related to rental of machinery and equipment add another 4,5% increase to this group. Special attention should be also dedicated to architectural and engineering services that registered 2% growth each. Top 5 companies: 1. DK Management Services Sociedad Anonima 2. Tecnica General de Construcciones SA 3. Leadcom del Ecuador SA 4. Moneyfast SA 5. Agropartner SA

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Harbour of the company Industrial Molinera and Headquarters of Noboa Corporation in Guayaquil

CORPORACIÓN NOBOA Álvaro Noboa President Address: El Oro 101 y La Ría, Guayaquil. Tel.: +593 4 2446210 Fax: +593 4 2442569 jruiz@bonita.com www.bonita.com

but the corporation maintains and develops their image. For example, Industrial Molinera, want to open plant in Peru. In addition, they want to improve banana sales spreading out from Asia to the Mediterranean and the Adriatic Sea. The banana plantations are spread across a mammoth 55,000 hectares, these are fertilized by fleets of fumigation planes. One picked, bananas are packaged in boxes with the company’s labels before they are shipped to destinations worldwide. Noboa is one of the largest producers and exporters of bananas in Ecuador. With the increase of Ecuadorian exports, Noboa’s control volume has increased in a significant manner. The company currently controls about 9% of the world banana market. Noboa owns the biggest maritime operation in the banana industry. Its exports are more diverse compared to other large companies, with volumes also transported to Japan, New Zealand and Southeast Asia, North America, Eastern Europe, Russia, Middle East and the Southern Cone of South America. Witohut any doubt, Noboa Corporation is the perfect partner for strategic alliances for any of interested international business groups.

Area of activity: Multi-sectorial

ALMACENES BOYACÁ

The Noboa Group was founded by Luis Noboa Naranjo, father of the current president of the corporation, Álvaro Noboa. The group is comprised of 110 enterprises and as a result is the largest employer and company in Ecuador. The group is involved in many sectors, namely: agriculture, commodity trading, banking, mining, real estate, construction and sea transport. Each group has several specialist divisions:

Sr. José Barciona Chedraui President Av. Juan Tanca Marengo Km 1,5 Guayaquil Tel: +593 4 2681600 Fax: +593 4 2681603 almacenes@boyaca.com www.boyaca.com

• Noboa Group: the representative companies include Industrial Molinera (wheat flour, leader in coastal provinces), Molinos Poultier (flour, leader in the Sierra region) and El Café (coffee exporter) • Alvaro Noboa companies: Banco del Litoral, Global Sociedad Financiera and Construction Constructora Alvaro Noboa; Corporacion Noboa: • Banana Division: Known for its Bonita brand, under which it markets other fruit products as well as bananas. For instance, there are some representative companies such as the exporting Bananera Noboa or Fertilizantes del Pacífico ( Pacific Fertilizers). • Packaging Division: Industria Cartonera Ecuatoriana and Compañía Nacional de Plásticos. • Other divisions: Shipping, Livestock, Automotive Division (representations of Chrysler and Fiat).

Area of activity: Construction Date of creation: 1965 Employees: 530 Annual turnover: $30 million USD

All of them are autonomous in terms of management,

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Almacenes Boyacá is a leader in the Ecudorian construction sector, they specialise in decorative products and are renowned for their fine taste in their field. The company offer a wide range of services and products including: locksmiths, bathroom design, security, furniture, organizers, floor and wall tiles, cleaning, and home decor, lighting and fans, patio , garden, garage, plumbing fixtures, kitchenware, tools, electrical equipment, etc. 96% of the items are imported from a wide range of destinations worldwide. Almacenes Boyacá always endeavor to stock the latest products by sourcing from

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many different companies and visiting trade fairs in many different countries. Currently it has a consolidated national presence in 8 different stores: 3 in Guayaquil, 3 in Quito 1 in Cuenca and 1 in Manta. It also plans to open a new one in the Samborondón Area in the near future. “I do invite all people interested in Ecuador. It is a rich and a friendly country, the one that promises a lot. It is a country that is very quickly appreciated by anyone who wants to invest in it. We are from Ecuador, we live for Ecuadorians and we want everyone to come and visit us. “ José Barciona Chedraui President

G4S Galo Santacruz Coronel Country Manager Calle C de El Establo y Calle E, Centro Financiero Site Center, Torre II, 3rd floor, of. 306, Santa Lucía Alta, Cumbayá Tel: +593 2 380 1233 Emergency: +593 2 380 1234 negocios@ec.g4s.com www.g4s.ec Area of activity: Security Date of creation: 1968 Employees: 4500 Annual turnover: $140 million USD G4S is a worldwide leading international security solutions group which specializes in outsourced business processes and facilities in sectors where security and safety risks are considered a strategic threat. G4S has operations in more than 120 countries and has more than 625,000 employees, making them the largest employer on the London Stock Exchange. G4S is a global expert in assessment and management of security and safety risks for buildings, infrastructure, materials, valuables, people and society. In Ecuador, the company has been present for more than 40 years. It is largest security solutions

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group holding 38% of the market share, with offices in 19 cities and more than 4500 direct employees, being the 7th largest employer in the country. The company strives to deliver the most effective security solutions through its strategic business units: Fleet Management, Transportation Services (cash transit solutions), Oil & Mining and Personal Security Services. The company started by providing Personal Security Services which proved to be one of the most important elements of their business. However, technology is fast catching up. G4S has integrated the latest technology in its operations guaranteeing the maximum degree of efficiency of its operations and communication channels. The company has developed successful operations throughout strategic sectors of the economy, serving large multinational clients within the petroleum and mining industries, foreign embassies, agriculture companies as well as the car industry and many other sectors. G4S services in Ecuador are always tailored to each client’s particular needs and operational risks. Through a comprehensive study the company is able to identify the most appropriate program and action plan that guarantees maximum degrees of safety and efficiency. Its core programs include: -

risk assessment physical security information management personal protection in rural and urban areas surveillance detection crisis and emergency response consulting and training technology integration industrial safety community relations

These programs are integrated into a coherent security system that is managed and constantly updated by the best specialists, being the most important value of the company. “We recruit the best people being our most valuable asset and Ecuador is a country rich in human resources and also in natural resources. This is a country full of opportunities, which is hungry to grow and to develop. We offer our consultancy and expertise services for those interested in investing in the country with security.” Eng. Galo Santacruz Country Manager of G4S

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ELECTROCABLES GROUP Sr. José Barciona Chedraui President Parque Industrial El Sauce, km. 11 ½ vía a Daule Guayaquil Tel: +593 4 2100500 / 2100800 Fax: +593 4 2100441 / 2100435 info@electrocable.com www.electrocable.com Area of activity: Manufacture of electrical conductors and enamelled wire, PVC compounds and pipes Date of creation: 1982Employees: 400 Annual turnover: $50 million USD In 1982 C.A. Electrocable began its industrial operations in Guayaquil with production lines for manufacturing of electrical conductors with the latest technology at the time. Within its sector, it is one of the most modern facilities.

for the future. At present, Electrocable export 40% of the goods that they produce making them the undisputed market in Ecuador. Electrocable also aim to lead the electrical conduction manufacture sector in their region. They continually strive to fully satisfy their customers by providing high quality products that meet the international requirement standards. The group sales the products at competitive prices backed by an efficient after-sales service and industrial efficiency. In the words of its President José Barciona Chedraui, honesty is what characterizes Electrocable and it is their main tool in maintaining their loyal customer base. Currently, they are among the 160 largest companies in Ecuador and they intend to move up those rankings in forthcoming years.

The Electrocable Group consists of 4 companies: • Electrocable: manufacture of electrical conductors (aluminium cables, copper wire) and enamelled wire. • Doltrex: has been operating since 1996. Basically, the production line of PVC compounds of all kinds of flexible and rigid applications. Additionally, the company is dedicated to assembly and injection of extension cords and power cables, as well as the creation and further processing of aluminium clothes hangers. • Kobrec (Ecuadorian Corporation of copper): Electrolytic Copper Rod Oxygen-free high conductivity obtained by continuous casting. • Tubes Pacific: its latest acquisition. Produces and sells PVC tubes, Polypropylene and Polyethylene, which meet international standards. Electrocable group have always been characterized by introducing cutting edge products and meeting international standards and requirements to provide customers with top quality products. They were pioneers in their sector by providing greater security with shielded cables. The group has German and Italian machines and has recently invested in new machines to improve their services even further. Since 1992, Electrocable have started to export in Central and South America. This part of their business has seen considerable growth in recent years. Currently, they have representatives in the United States, Colombia, Venezuela, Haiti, Panama and Puerto Rico, as well as distributors in Chile and the Dominican Republic. Peru is one of their key targets

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There are 3 assembly car companies in Ecuador: Maresa, Aymesa and Omnibus BB

CORPORACIÓN MARESA Eng. Francisco Cobo Owner Av. De los Granados E11-67 y De las Hiedras, Esquina. Edificio de Corporación Maresa Holding, Segundo Piso, Quito. Tel: +593 2 3999500 Fax: +593 2 3999500 - 2098 www.corpmaresa.com.ec Area of activity: Car Assembly (Mazda) Date of creation: 1997 Employees: 512 Annual turnover: $156 million USD

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Founded in 1997, Coporación Maresa connects 7 business units (Maresa Ensambladora-Mazda, Avis Rent a Car, Mazmotors, Kawamotors-Kawasaki, GPS Track, Orgu-Ford and Mares Colombia) most of which have up to 30 years experience of their respective markets. Together, the groups specialize in car assembly, commercialization and car rentals. Business strategies are developed in Quito and are related to six areas: corporate finance, marketing, organizational development, technology strategies, control, and R&D. Although based in Ecuador, Corporación Maresa has branches in Colombia and Peru.

Fundiciones Industriales S.A (FISA) Henry Kronfle Vice President Escobedo 1402 y Luque, Guayaquil. Tel.: +593 4 211 0710 Fax: +593 4 232 4531 fisa@fisa.com.ec www.aluminiosfisa.com Area of activity: Aluminum Extrusion Date of Creation: 1969 Employees: 550 Annual turnover: 50 M usd

Nowadays, Corporación Maresa assemble 14 different Mazda truck models which represents 80% of its profits. The company also imports several Mazda models for the Ecuadorian market such as the Mazda 3, Mazda 5, Mazda 6 and Mazda CX-9. These represent the remaining 20% of the profit.

FISA, Fundiciones Industriales S. A., was founded in 1969 in Guayaquil, Ecuador. FISA is the first and the largest aluminum extrusion plant in Ecuador. FISA is a second-generation family-owned and operated business recognized by its excellence in customer service, product quality, innovation and technology. The quality of the products and services supplied by FISA has opened major markets around the Americas. Since 1998, the majority of the products has been exported to one of the most competitive and demanding markets, United States of America. Additionally, FISA exports to Colombia, Peru, Bolivia and the Caribbean. Among the market segments served are the architectural, marine, industrial, automotive and sales-distribution. Their mission is to design, produce and distribute aluminum extrusion products, generating value to their customers through innovation and excellence in the quality of their products and services. The domestic distribution network for FISA is composed of 40 distributors located nationwide. Production: • Raw Material

Corporación Maresa’s capital is 100% Ecuadorian owned. Its efficient performance in human resources management, product quality, corporate social responsibility and friendly environment policies are well recognized in the country.

o Extrusion o Surface Treatments o Packaging o Casting o Recycling

“We began assembling trucks and evolved in the manufacture of light vehicles, being pickups our main product. We have worked with prestigious brands like Toyota, Mazda and Ford. We have also worked with Mitsubishi and Fiat but now we choose to stay only with Mazda, with much emphasis on the quality of our production.”

• Products: o Tube Lines o Belly Plates o Angles o Profile Cuttings o Bars o Lattices o Slidings o Fixed o Proyectables o Accordion doors o Sliding doors

According to Francisco Restrepo, Chief Executive Officer of the corporation, until 2010 the group didn’t begin to reap the full benefits of its hard work due to the crisis of 2000 that affected the automotive sector in such a grave manner. The Maresa plant has an annual assembling capacity of 15,360 units per year. However, due to the international automotive sector crisis, the present demand is only an estimated 6.000 units. Due to the severe effects of the crisis, the corporation is exploring the possibility of renting its industrial plant out to other enterprises, or to begin assembling motorcycles to adapt to the changing market.

Eng. Francisco Cobo President of Corporación Maresa

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Guayaquil is an industrial city that has competitive companies like ours that export to sophisticated countries such as the United States. It is a very dynamic centre in business terms, with people with many ideas in the private sector. Henry Kronfle Vicepresident of Fundiciones Industriales President of the Chamber of Industry of Guayaquil President of the Latin-American Industrial Association (AILA)

GRUPO NOBIS Isabel Noboa President Av. Joaquín Orrantia y Av. Tanca Marengo, Guayaquil- Ecuador Tel.: +593 4 2158 000 Fax: +593 4 2158 001 rdunn@nobis.com.ec www.consorcionobis.com.ec Area of activity: Agro-industrial, Real Estate, Energy and Tourism Led by director Isabel Noboa Ponton (one of Ecuador’s most successful entrepreneurs), the Nobis group has done business in many sectors including the following: agroindustrial, real estate, tourism and energy. Their creative, efficient and disciplined approach, along with their concern for social responsibility, places Nobis as a new corporate leader in the country. The group is comprised of: NOBIS AGROINDUSTRIAL:Valdez Sugar Mill Company is the only sugar mill in the country with the Environmental Certification ISO 14001:2004. It also has the Quality Certification ISO 9001: 2008 for sugar cane production. The company sells various types of sugar, all of which are processed at the mill. Today, Valdez represents 33% of the sugar market in the country. State of the art technology allows the company to harvest around 20,000 hectares of cane annually, with a capacity to mill 9.000 tons of cane daily and an average yearly production of 3,100,000 50 kilogram sacks of sugar.

NOBIS REAL ESTATE, TOURISTIC AND COMMERCIAL: -Pronobis is the first real estate company in Ecuador to acheive triple certification: ISO 9001:2008, for

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the Quality Management System, ISO 14001:2004, for the Environmental Management System, and OSHAS 18001:2007, for the Management System Occupational Health and Safety. It is also the first real estate company in Latin America that has been awarded tristandard accreditation offering excellence in design, development, financing, marketing, investments and real estate services. Pronobis has demonstrated these exceptional standards in its hugely impressive projects of Mall del Sol Shopping Center (the largest contemporary Shopping Center in the country), The Sheraton Hotel in Guayaquil, Howard Johnson in Quito, Manta and Guayaquil and the Executive Building and Professional Center. The company has built some of the most modern office and leisure facilities nationwide again proving their excellence within their field. Since the Mall del Sol was built in 1997 it has changed Ecuadorian shopping culture and receives up to 2 million visitors per month. The Mundo San Rafael is also an impressive piece of Pronobis’ work in its elegant mountainous surroundings in the coastal lowlands near the majestic Andres. NOBIS ENERGY: Ecoelectric S.A is an ambitious project which involves a co-generation plant, that operates non-stop to produce 48MW of energy, even during the non-harvest season. 13 megawatts produced will be used up by Ingenio Valdez and the rest will become part of the national interconnected system. In total, $35 million dollars have been invested in the project by the CAF (Corporación Andina de Fomento), international banks and other activists. NOBIS INDUSTRIAL: The company also entails their Universal Sweet Industries division which includes the following sub divisions: Codana: Pioneers in the production of the highest quality alcohol in Ecuador. Carbogas: One of the best alternatives for the soft drink industry, preservers for agricultural products, freezing options, food transportation, silo fumigations, industrial cleaning and more. Ecuador is a rich country with a great biodiversity where almost everything can be done. From the political perspective, I am sure we will develop better systems overtime. International investors can count on the Nobis Group in the areas of energy, agriculture and others so that Ecuador becomes the Switzerland of Latin America with legal and urban security. I am sure this is what all Ecuadorian citizens want. Isabel Noboa President of Grupo Nobis

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CORPORACIÓN LA FAVORITA Andy Wright Commercial Vice President Av. General Enriquez Quito – Ecuador Tel: 593 2996500 favorita@supermaxi.com www.supermaxi.com

and homeware. The hypermarkets manage the following private brands: AFK (small appliances), Sportiva & Roadstone N2000 (clothing, tires), Centry International (audio and video accessories), Choco Maker (bakery utensils), DK City (machinery exercises), Uniden (Mobile), Galant (microwave ovens), Neotec (air purifiers). Megamaxi has a national sales area of 56,375 m2 with an additional 9 offices and 1323 direct employees.

Area of activity: Retail Date of creation: 1945 Employees: 5974 Annual turnover: $1145 million USD

Industrial Area:

Corporación La Favorita is one of Ecuador’s largest and most famous commercial companies. The business is comprised of a large chain of convenience stores that offer basics and sometimes more luxurious products. It all began in 1945 when William Wright Vallarino and three minority shareholders opened a convenience shop selling soaps, candles and other imported goods. They then named it “La Favorita” and it was located at the Plaza de San Francisco. Later in 1971, they opened the first modern shopping centre in the town. Taking advantage of this situation, the company also decided to open the first major supermarket in the country, ushering in the modern era of the company. Since 1975, Supermercados La Favorita have allowed the incorporation of shareholders, raising funds to support business growth. In 1979, they opened the first store outside the city of Quito, in the city of Guayaquil. In 1983, the commercial name was changed to Supermaxi. Its integration into the Quito Stock Exchange took place in 1992 and in 1998 the company already had 2967 shareholders. In 2007, the company changed its name from Supermercados La Favorita SA to Corporación Favorita C.A. and built a rigid corporate structure. In 2009, they had 5,974 employees putting them in second place in the rankings in terms of sales with a record turnover of $1,145,50 million.

Real Estate Area:

The company has three branches within its retail activity, commercial, industrial and real estate: Commercial: La Favorita offers a wide range of brands including: Juguetón, Bebemundo, Mr. Books, Kywi, MegaKywi, Radioshack, Tventas, Salón de Navidad, Todohogar, Sukasa, Akí, and Gran Akí. These brands are sold under the two main brands, Supermaxi and Megamaxi. Supermaxi supermarkets offer a great selection of products, but the hypermarket Megamaxi goes one step further offering further sections for clothing, audio and video, home appliances, hardware, camping equipment

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In their industrial division they manage the following brands: Enermax, Maxipan, Agropesa and Pofasa.

In their real estate division the company managed the following centres: Mall El jardín, Mall del Sol, Mall del Sur, Mall de Los Andes, Centro Comercial La Pradera, Centro Comercial Miraflores, Multiplaza.

GERARDO ORTIZ E HIJOS Patricio Ortiz President Av. De las Américas 6-118 and Nicolás de Rocha Cuenca. Tel: +593 7 288 7070, 288 77 66 www.grupoempresarialortiz.com Areas of activity: Multi-sectorial Date of creation: 1943 Employees: 4000 Annual turnover: $113 million USD Gerardo Ortiz & Sons Co. Ltd is a Cuencan industrial group. Since their foundation in 1943, the company has focused on the distribution of industrial products and has ultimately become one of its most strategic business lines. Gerardo Ortiz & Hijos is the leading industrial group in importing and marketing of articles for industry and commerce. The company offers a wide range of products of various kinds including footwear, printing materials, hardware, machinery, homeware, liquor, plastics and construction. The company has more than 15,000 strategic business partners across Ecuador and have become great contributors to national development. Gerardo Ortiz e Hijos is the seventh largest commercial (40%) and industrial (60%) group in the country with a total of 4,000 employees. Gerardo Ortiz y Hijos forms strategic alliances with the best brands in the world, fulfilling their goals through

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specialized services, as well as sticking to its integral vision of the market aiming for total customer satisfaction. The company strives to offer and provide the best customer service by means of implementing a model of process integration and optimization across its product lines. Thereby creating effective strategies for market development. Being a conglomerate with so many differentiated businesses in different areas, Gerardo Ortiz e Hijos is always open to establishing new business opportunities and strategic alliances to continue growing at an international level.

other company in Latin America. They also have another company called Plasti Util which manufactures cutlery, glasses and trays for fast food restaurants. The company currently employs 500 people and has a turnover of $33 million with an impressive 12-14% growth rate in 2011. Its products are exported to Panama, Venezuela, Colombia, Peru, Chile, Argentina and Uruguay and they are also currently targeting Mexico. $6 million has been invested in improving machinery further.

AYMESA (AUTOS Y MÁQUINAS DEL ECUADOR)

Ecuador needs more stores that will cover local needs, however we are selling products to Peru and Colombia with much success and it would be ideal to have plants there. Patricio Ortiz President of Gerardo Ortiz e Hijos Centro Comercial Miraflores, Multiplaza.

Patricio Acosta Executive President Av. Maldonado 8519 Quito Tel: +593 2 2673166

PLÁSTICOS DEL LITORAL (PLASLIT S.A)

Aymesa is a reputable Ecuadorian car assembly company. Nowadays, it produces different models of Kia cars, such as the Rio, Grand Pregio and Sportage. The plant also produces the Vitara model for Chevrolet as an extra. When the company was founded in 1970 it became the first assembling automotive company in Ecuador and one of the only two countries selected worldwide by General Motors to take part in the BTV (Basic Transport Vehicle) programme. The challenge was to produce vehicles based on a simple and low cost process, using a totally lean design. In May 1973, the first vehicle made in Ecuador (called the “Andino”) was launched into the market. By 1975, more than 1.000 vehicles had been assembled already, some of them were sold to Colombia as the first exporting product made by the Ecuadorian Automotive Industry. In 1981 the company installed a new high tech welding plant as to improve their bodywork capabilities. This result in the successful launch of a new product, the Chevrolet Chevette – a family car. Aymesa has always been recognized in the market for its creativity and tenacity. Aymesa implements the most modern and innovative technology in its processes to ensure quality and future innovation. They work hard to ensure international security and safety levels are met. In full flow, the factory can produce 6 units per hour meaning that 36,000 can come off the production line in one year. Investments and projects under execution will give the company the opportunity to offer, in a

Xavier Simon President Km. 11½ s/n Vía a Daule., Guayaquil. Tel.: +593 4 2100 070 www.plaslit.com Area of activity: Plastics Date of Creation: 1969 Employees: 500 Annual turnover: $50 million USD Since its foundation in November 1969, Plasticos del Litoral S.A. has offered its services to many different production sectors in Ecuador, as well as in the rest of Latin America. The company provides flexible packaging solutions. The company supplies high quality products and constantly innovates within their range ensuring that their equipment and staff are up to date in all sectors. For 40 years they have led the flexible packaging industry in Ecuador as well as offering disposable products for the food, beverages and pharmaceutical consumption industries . The company came about in order to meet the demand of the banana export industry. After they had cracked the basics, they moved into manufacturing more sophisticated packaging using polyethene, polypropylene and labelling systems. Using high tech Spanish machinery the company has started making elaborate vacuum packaging and nylon covers like no

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Area of activity: Car assembly Date of Creation: 1970 Annual turnover: $108 million USD

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short term, the production capacity of 54.000 units per year, which will be used to assembly many models and brands recognized internationally.

CERVECERÍA NACIONAL DEL ECUADOR Roberto Harrín President Francisco de Orellana Km. 4 1/2 Guayaquil. www.cervecerianacional.com.ec Area of activity: BreweryDate of creation: 1887 Employees: 1688 Annual turnover: $424 million USD Until 1987, when beer production began at the Cervercería Nacional in Guayaquil, only imported beer had been consumed in Ecuador. Cerveceria Nacional, CN SA is a subsidiary of SABMiller PLC (since 2005). The company is a market leader in the manufacturing and marketing of beer and soft drinks in Ecuador.. Its main brand is Pilsner Premium but it also produces the first Premium beer of Ecuador: Club. Cervecería Nacional is the leader in the beer market in Ecuador. SABMiller is one of the largest brewers in the world with interests and distribution agreements in over 60 countries across six continents. SABMiller operates in Latin America in Honduras, El Salvador, Colombia, Peru, Ecuador and Panama. It has 18 breweries with a production capacity of 44.8 million hectolitres of beer, water and juices. In Ecuador, the national brewery has two plants located in Quito and Guayaquil that are dedicated to the development and marketing of beer, malt and water table. The production capacity is of more than 4.000.000 hectolitres. Throughout its history, the Cervecería Nacional has been distinguished by the quality of its products and services, which has resulted in trust and preference of consumers both at home and abroad. They are committed to Ecuador, generating direct and indirect employment for about 500,000 people. They strive to be a responsible company and to ensure continuous improvements to their products. In Ecuador they have 1,454 direct employees and an

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impressive 125,000 points of sale across the four regions of Ecuador. Cerveceria Nacional, CN S. A. offers a wide array of beverages, ranging from beer to soft drinks which are produced under strict international standards to provide its customers with products that taste great and are 100% quality. The brewery makes Pilsener, Club,Dorada, Conquer, Manantial and Pony Malta.

ALMACENES JUAN ELJURI Juan Doumet Anton General Manager Gil Ramirez Davalos 5-82 y Armenillas Cuenca Tel: +593 2 286211 Fax: +593 2 286211 www.grupoeljuri.com Area of activity: Retail Date of creation: 1921 Employees: 866 Annual turnover: $120 million USD The Juan Eljuri Group was created in 1921 by a Lebanese businessman called Juan Eljuri Chica. Alongside his wife, Olga Anthony, a graduate of the Sorbonne in Paris they worked hard to make the company what it is today. Their entrepreneurial activities began with their launch of transistor radios. Then, after industrialization, the company took advantage of the new popularity of cosmetics bringing Max Factor to Ecuador. The group also imported 30 Yamaha motorcycles from Japan at a time when no one even knew of the Yamaha brand in Ecuador. Eljuri stores belong to the Eljuri group and employ 866 people with a turnover of $120.83 million in 2009. These stores are specialized in electronics (laptops, printers, computer peripherals), home appliances (stoves, vacuum cleaners, air conditioning units), audio and video (DVDs, stereos, TV Accessories, Audio , iPod), cameras and video cameras, musical instruments of all types, office, personal accessories, light transport, hotel items and even industrial products. Their sterling reputation has allowed the company to work with many brands and have slowly expanded partnerships and strategic alliances with companies abroad. They belong to the commercial and industrial branch of the economy and act as a business representative, being also an exporter and an importer.

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CORPORACIÓN EL ROSADO Johnny Czarninsky General Manager 9 de Octubre 729 y Boyacá Guayaquil Tel: +593 4 2322000 www.elrosado.com Area of activity: Retail Date of creation: 1936 Employees: 7366 Annual turnover: $705 million USD This company began when Alfredo Czarninsky opened a small bakery called “El Rosado” in 1936. Alongside his wife Ruth, he worked hard to expand the business and to offer a wider range of products in the shop. Eventually, the bakery became the restaurant “El Rosado” and Czarninsky decided to purchase a shop opposite which he later called “Importaciones El Rosado”. Some months after, the restaurant was closed and, the business grew into a chain of selfservice supermarkets called “El Rosado”. It was the first establishment of its type in Ecuador, Corporación El Rosado is now one of the largest supermarket chains, toy stores, cinemas, department stores and hardware stores in Ecuador. They have 7366 employees and in 2009 they registered $704,40 million in sales, making them the 4th biggest business group in Ecuador. Their premises are located in Guayaquil, Quito, Machala, Manta, Portoviejo, Salinas and Milagro. In each of these branches you will find a variety of domestic and imported items: food, clothing, footwear, toys, tools, furniture and other items. The company always endeavours to provide low priced goods and has earned the trust and confidence of a large number of firms and households in the country. They maintain a commitment to quality, care and innovation, providing multiple benefits for their customers.

MARATHON SPORTS Fernando Corral General Manager Av. 10 de Agosto. Num 13-205 Interseccion los Cerezos Quito Tel: +593 2 2483914

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Fax: +593 2 2484490 www.marathon-sports.com Area of activity: Sport Retail Date of creation: 1980 Employees: 583 Annual turnover: $69 million USD Marathon Sports is an Ecuadorian company that is committed to sport across the nation as well as the country’s economic development. Since its foundation in Quito on May 2 the company has worked hard towards becoming the leader within their sector of sports retail, both in Ecuador and throughout Latin America. Marathon Sports are well respected and strive to build partnerships with the community through teamwork, discipline, fair play and constant improvement to their products and services. In 2009, they had 583 employees and their sales were $69, 16 million. They have also shown their support to Ecuadorian sport by sponsoring several sportsmen, including Jefferson Perez and two members of the national football team. In 2009, due to the increase in assets of Marathon Sports, the company ranked among the 25 Most Profitable in Ecuador according to a survey by the magazine Management. 2010 was a year of many acheivements for the company as they won an award in the financial publication “Ekos” and theyalso opened the largest sports shop in the country in the South Mall Quicentro.

OMNIBUS BB (GENERAL MOTORS) Jeffrey Cadena Executive President Panamericana Norte km 5,5 - Urbanización Carcelén Tel: +593 2 297 7700 Fax: +593 2 247 8181 Area of activity: Car assembly Date of Creation: 1975 Employees: 1255 Annual turnover: $665 million USD This car plant was founded in 1975 by a Hungarian named Belo Botar. This plant is important in both Ecuador and in Latin America as it produces very

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high volums of Chevrolet cars, not just for the Ecuadorian market but also for exportation abroad. General Motors have worked hard to become leaders within their sector. They have received much praise for their work towards industrial development in Ecuador through constantly introducing new cards onto production lines. Among other reasons, the company associatess its success with its ability to integrate processes and advanced manufacturing systems that make their operations an example of efficiency and productivity. At the end of the eighties, the company actively participated in the program Popular Auto, releasing the Suzuki Forsa, one of the most successful models in the sales history of Ecuador. Since the turn of the century, more than 40% of the production capacity of GMOBB was directed to the Andean market. The company has established itself as the largest exporting automotive plant in Ecuador, achieving several quality certifications including: ISO 9001 and ISO 14001. In 1981, General Motors accepted OBB as a shareholder. Since then, they worked hard on planned investment that has allowed the assembly of thousands of cars, trucks and SUVs such as the Blazer, Trooper, Vitara, Luv and many other models. The nineties brought success for the company as exporting to Colombia and Venezuela increased rapidly. Also, the Total Quality System was implemented in the OBB. The plant, located in Quito, produces an estimated 220 units each day, half of which is exported to countries such as Venezuela, Colombia and Chile. The current products are Aveo, Luv D-Max, Gran Vitara, SZ and the flagship product is the Luv Dmax which counts for almost 40% of production. The company is constantly investing in improving of its facilities. In recent years, the plant has been upgraded with the equipment whose value reaches almost 13 million dollars.

TIENDAS INDUSTRIALES ASOCIADAS Luis Reyes Portocarrero General Manager Chimborazo 217 y Luque, Guayaquil Tel: +593 4 328870 / 2598830 www.tia.com.ec

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Are of activity: Retail Chain Date of creation: 1960 Employees: 4207 Annual turnover: $264 million USD TIA was founded on November 29, 1960 and is a retail chain that offers consumer goods. They focus on seasonal offers and events to expand their business and to increase their coverage nationwide. TIA cover a wide geographic area offering an extensive range of products for their target market. They also promote the social development of the community and country, whilst maintaining profitability and growth levels. Currently, their sales are worth around $264 million per annum, with a workforce of 4207 employees. The principal goals of the company are: To generate wealth in Ecuadorian households To promote professional growth of their employees To generate new jobs To increase the value of their company year on year The main focus of the company is within the retail sector selling products to the consumer, even through modern self-service facilities. The business is divided into several divisions. • TIA: These are smaller branches located in cities with populations of more than 25,000 inhabitants, with areas of up to 300m2. These shops focus predominantly on the organization of events and seasonal offers. • SUPER TIA: Super Tia’s are larger supermarkets, located in cities with populations of more than 125,000 inhabitants. These are normally about 700m2 in size, with a greater range of products (groceries, food, perishables, bakery, prepared foods, meat, fruit and vegetables). • MULTIAHORROS: These are slightly different shops as they are located in smaller suburban areas. The shops are only about 200m2 in size. These branches focus on the development of private labels.. It is estimated that TIA attracts 95,000 customers per day. To meet these demands the company has a National Distribution Centre (NDC) located in Guayaquil and a Regional Distribution Center (RDC) located in Quito. Employees are an important asset to the company as they maintain relationships with customers and ensure repeat business. They are greatly valued by the company.

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TIA always channels its efforts and actions according to its values and mission strategies. They train their staff regularly to ensure that skills are maintained and developed so that performance levels will improve.

GRUPO MAVESA (Maquinaria y Vehículos S.A.) Kleber Vaca Garzón President Av. Juan Tanca Marengo Km 3.5, Guayaquil. Tel: +593 42272600 Fax: +593 42272600 Area of activity: Automobiles Date of creation: 2001 Employees: 224 Annual turnover: $142 million USD Automotive company Mavesa S.A was formed in 2001 after the grouping of Maquinaria y Vehiculos S.A and Ecuatoriana de Motores Cia Ltd. Collectively these companies had over a hundred years of experience. The company are now distributors of HINO and Citroen vehicles throughout Ecuador. In the past five years Mavesa Group has become a market leader in the distribution of automotive vehicles renowned for their high quality products and comprehensive after sales services. The confidence of its suppliers and above all of its customers has allowed Mavesa Group to gain strong commercial and financial positions and achieve sustained growth in sales. It has also been considered by Hino Motors., Ltd. as the best distributor in Latin America in the years 2007 and 2008, with regard to vehicle sales, parts sales and servicing. Mavesa Group currently has one of the biggest and the best technical service workshops in Latin America, which has machinery, equipment and specialized tooling. This has provided the company with a solid national image, consolidated in February 2009 with the opening of its first workshop dedicated to solving Commercial Vehicle crashes in Ecuador. They work hard to satisfy both their clients and suppliers whilst maintaining a strong relationships with their employees. High quality in all of these areas will help Mavesa on its way to further improvements in the future.

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INDURAMA Av. Don Bosco and Av. De las Américas Cuenca Tel.: +593 7 2882 900 www.indurama.com Area of activity: Home Appliances Date of creation: 1972 Employees: 2023 Annual turnover: $133 million USD Indurama was established in 1972 in the city of Cuenca. Since its inception was aimed at producing home appliances, meeting the highest standards of design and technology. Today, the company occupies over 50,000 square meters and employs over 2000 people committed to maintaining the highest quality standards in all manufacturing processes. The quality and design policy for all the products has enabled the brand to gain a significant market share in the Ecuadorian market. Indurama is the first appliances company in Ecuador to be certified ISO 9001. Moreover, since 1999 their production processes are insured through rigorous checks and audits of raw materials, production processes and finished products. Indurama is a leading company in the white line Ecuadorian market thanks to an extensive distribution network that include major retail chains and wholesalers. Currently, the company’s sales are exceeding 500,000 products annually. Product designs of Indurama are born after a deep analysis of consumer tastes and preferences, whereas the shapes of their components are based on ergonomic criteria to ensure ease and efficiency during the use of its products. The company invests in Research and Technological Development in order to be at the forefront of the industry. Indurama has products that carry digital control panels, electronic ignition, ultra fast Triple Crown burner and Turbo system, latest generation components in the kitchen.

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YANBAL Robert Watson General Manager Av.Naciones Unidas 1084 and Amazonas Edif. Banco la Previsora, Torre B, 1st floor, Quito Tel.: +593 2 2263 200 Fax: +593 2 2463 087 rwatson@unique-yanbal.com www.yanbal.com Area of activity: Cosmetics Date of creation: 1967 Employees: 640 Annual turnover: $158 million USD Since its founding in 1967, the Corporation Yanbal Women International is synonymous to the American Beauty. The company is present in 7 Latin American countries: Bolivia, Colombia, Ecuador, Guatemala, Mexico, Peru and Venezuela, as well as in Spain. Yanbal International is dedicated to manufacturing and distribution of face and personal care

products, make up, fragrances and jewellery, which are sold exclusively through direct sales by catalogues or through beauty consultants. In Ecuador, Colombia and Peru, they have a total of 5 production plants that cover the market demand in these countries, meeting highest quality standards. The Research and Development Center of the company is located in Fort Lauderdale-Miami, where their perfumers and beauty experts are developing exclusive formulas for each product. Jewellery design professionals are based in New York, where they are always at the forefront of fashion styles and trends to be able to develop the most innovative collections of jewellery. Without any doubt, Yanbal International is one of the most successful Latin American companies. According to Robert Watson, the General Manager of Yanbal Ecuador, the expansion of the brand in the country exceeded all expectations. “Currently, Yanbal has 10 centres and in 2011, we expect to open three more.”, says Watson.

Façade of the Rickie’s warehouse

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REAL ESTATE AND CONSTRUCTION

The real merit is a lamp that does not switch off and a perfume that does not lose its scent Ecuadorian proverb

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Real Estate and Construction INTRODUCTION What does Construction sector represent for Ecuador? Construction is the thermometer of the economy. During 2009, this sector has presented positive figures that allowed finishing the year with an important sales increase of 10% compared to 2008. Building construction that represents 84% of the total income, has grown 15,2%, from 2 030 mln USD in 2008 to 2 338 mln USD in 2009, which means 338 new buildings.

$ 927 million, of which, until October 24 2010, $629.87 million were put into action, representing a compliance of 67.93%. This investment has provided the country with necessary conditions to settle private investment. That is the intention of the Annual Investment Program. The productive transformation of the country requires a basic requirement that the country has the conditions to attract investment, i.e. roads, ports, airports, incentives, technology services and possibilities to generate cheap energy.

Other activities related to construction, such as professional services (architecture, design) and engineering also had positive performance with an average growth of 2%, from 2 372 mln USD in 2008 to 2 413 mln USD in 2009. The construction area is responsible for 10% of the gross domestic product of Ecuador. As for employment figures, the sector provides livelihood to at least 300 thousand Ecuadorians directly, and five times more people indirectly, i.e. 1’500.000 people receive some type of income coming from construction. When it comes to taxation, the construction activity contributes to the treasury with millions of dollars in taxes, contributing to the dynamism of the economy through public investment. STRATEGIC OBJECTIVES OF THE MTOP (Ministry of Transport and Public Works) • Address the National Transportation Policy. • Provides the Country with intermodal and multimodal infrastructure with high standards of quality, safety and efficiency. • Implements an integrated system of transport services. • Improves rail, air, sea and river connectivity of the country. Ecuador breaks the public investment record 2010 is the year of public investment. Compared to 2009, until the end of this year there was an increase of 1,400 million dollars in real investment (accrued from the execution of works) of the central government and autonomous and decentralized entities. When it comes to roads, the Ministry of Transportation and Public Works received an allocation of

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Road rehabilitation is continuous in Ecuador

ROADS Ecuador has the road network of approximately 44,000 km, of which 8,654 km, corresponds to the state network and the rest to provincial networks and pathways that make up the urban network. The Ministry of Transportation and Public Works is responsible for the administration of the State Road Network, with a length of 8653.56 kilometers that represents 20% of the total road network. State Road Network (SRN) is composed of arterial and collector routes. The state network is composed of arterial roads connecting the border crossings with Colombia and Peru, as well as transverse axes that begin at the coast and go to the Amazon region. Provincial networks are composed of paths that allow the output of local production to large regional and national markets.

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Lenght of SRN: 8653,56 km. Arterial routes: 5.693,12 km. Collector routes: 2.960,44 km. Nowadays, all relevant projects that support high traffic are being built at with Rigid Pavement, ensuring that for many years the country will have excellent roads. It also ordered that no more roads in the State Road Network will be built with Dual Bituminous Surface Treatment, because of its poor durability. The expansion of the main state network has been done from 4 to 6 lanes, including access to all nearby populations from the main roads.

MOST IMPORTANT PROJECTS Manta- Manaos route Spondylus route Tulcán –Riobamba road Quito -Sto. Domingo- Quinindé-Esmeraldas road Troncal Amazónica road Santa Elena- Guayaquil road Ibarra- San Lorenzo-San Mateo-Súa- Pedernales road.

The Road Revolution is underway! The current government has participated in construction of: 4680.56 km of roads and 16967.33 meters of linear bridges throughout the country; awarded: 1349.46 km, delegated: 562.57 km, and maintained: 2060.97 km, giving a total of: 8653.56 km with a total investment of USD. 2,265,884,610.00. However, most of these projects (54.09%) are rebuilding, upgrading and rehabilitation of roads.

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As mentioned before, because of the huge cost of conservation and reconstruction brought on by the implementation of surface layers with Flexible Pavement (asphalt mixtures), the Government decided to launch the countryâ&#x20AC;&#x2122;s road reconstruction with the use of surface layers with rigid pavements. Despite requiring high initial investment costs, it brings economic benefits in the long run: - Longer lifetime (more than 30 years) - Lower cost of maintenance of their structure

BRIDGES Full connectivity of the network has also been the decision of the current administration. The following large scale projects are being under construction: - Chone Estuary Bridge (also known as the Bridge between Bahia and San Vicente): this is the largest bridge of the country with a length of two kilometers and it was built by the Army Corps of Engineers. - The Fourth Bridge (over the river Babahoyo): 1975 mts long, the second largest - Bridges over the Esmeraldas River Estuary: 3 bridges, with 850 mts. - Yacuambi River Bridge - Coca River Bridge - Napo River Bridge - The Fifth Bridge (Guayas)

AIRPORTS Within its ambitious policy to build and rehabilitate the countryâ&#x20AC;&#x2122;s infrastructure, the Government is determined establish connections between different provinces through new airports such as Santa Rosa, near the border with Peru, or Lago Agrio in the Amazon. Likewise, the government has ambitious plans for the Manta airport, a former U.S. airbase, which is the most western point of Ecuador and a perfect spot to connect the country with Asia, thereby becoming the gateway to Latin America. Moreover, in the same city of Manta a deep-water port is being built, creating a pole of economic development. What is more, both cities Quito and Guayaquil are planning to build new airports, being the new airport of Quito at a very advanced stage.

The new terminal of the International Airport of Guayaquil was built in 2006

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Real Estate and Construction

NEW INTERNATIONAL AIRPORT OF DAULAR IN GUAYAQUIL For more information please read the special chapter about Guayaquil NewAirportQuiport+PW+ECU+EBZ11 Mention: Construction of the new international airport of Quito Source. Quiport NEW INTERNATIONAL AIRPORT OF QUITO Comfort, Safety and Efficiency The New Quito International Airport is being built with the most advanced construction techniques, while at the same time taking care of every detail to provide Quito with a modern, comfortable, safe and efficient airport. Its location and characteristics will help turn the city into an excellent meeting point to connect with more destinations in Latin America and around the world. In order to cover the ever increasing needs of the city and the country, the airport is planned to extend its infrastructure and operating capacity, in line with the increase of passengers and cargo traffic. Corporación Quiport builds this great infrastructure project respecting the highest international standards of environmental protection. As a result, the project of the New Quito International Airport was honored with the 2009 Best Practice on Environmental Sustainability in the Americas by CIFAL – a United Nations Training Center and the Americas 2009 Award for Environmental Sustainability Leadership by the Organization of American States (OAS). The airport has the longest runway in America The 4,100 meter long runway and its location 400 meters below the current runway at the Mariscal Sucre, will improve take-off performance with more payload and fuel capacity, avoiding refueling stopovers and long-haul flights. Airport facilities fully comply with the standards of the ICAO (International Civil Aviation Organization). Minimum landing approach parameters will be lower than those established for the Mariscal Sucre, thus guaranteeing safer operations. Earthquake resistant Passenger Terminal The 38,000 m2 terminal building is designed to provide an unequaled experience to airport users. Passengers will find a variety of exclusive quality products and services in comfortable surroundings, with first class service. Fire and high-intensity earthquake resistant materials were used together with the best construction techniques.

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Control Tower The 41 meter high control tower at the New Quito Airport will be the highest in South America. It will be equipped with state-of-the-art traffic control technology. Integrated Cargo Facilities 42,000 m2 will be used to develop an efficient cargo area. The projected facilities will allow direct crossdocking of trucks to cold rooms and from there to the aircrafts that will transport products around the world. With round the clock operations, exporters will optimize time and program more convenient arrival times for their shipments.

Detail of the terminals, new airport of Quito

RAILWAY REHABILITATION The Empresa de Ferrocarriles Ecuatorianos (EFE) (Ecuadorian Railways Company) is the national railway of Ecuador. The railway system was devised to connect the Pacific coast with the Andean highlands. After many decades of service, the railway was severely damaged by the El Niño in 1997 and 1998 and general neglect. In 2008 only 10 percent of the 600 miles railway network was open. The president Rafael Correa named the railroad a “national cultural patrimony” and indicated that it would be restored. The government of Ecuador has started to rehabilitate the railway and plans to have full service between Guayaquil and Quito by 2012 The Rehabilitation of the Ecuadorian Railway System constitutes one of the most visionary projects of the Ecuadorian State, which final result will be returning the country the most beautiful train of Latin America, which involves an important work of engineering and the sociability of the new Company of Ecuadorian Railroads with a tourist - patrimonial mission, in other words,

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with the purpose of promoting the recovery of the road infrastructure of Ecuador.

Company

Sales 2009 (mln $)

Construmercado

424,97

Holcim Ecuador

370,85

Aceria del Ecuador

206,57

Hidalgo y Hidalgo

196,55

Andec

176,13

Importadora industrial Agrícola

148,71

Novacero

143,69

Ipac

138,83

Lafarge Cementos

125,45

Fopeca

119,67

The Yacht Club of Salinas, in the province of Guayas

Source: Vistazo Magazine, Nº1034, September 2010

PORTS AND HARBOURS

Top 5 companies according to Ekos Magazine:

The construction of the deep water port of Manta is the most ambitious ongoing project. For the future, it is foreseen to build another deep water port in Posorja, near Guayaquil.

1. Herdoiza Crespo Construcciones S.A. 2. Bagant Ecuatoriana C Ltda 3. Concrescorp S.A. 4. Sistemas Construlivianos Cia. Ltda 5. Opevial S.A.

Also it is important to mention the number of new artisanal fishing ports that are being built. Such as Playas, Santa Rosa, Jaramijo, Puna, San Lorenzo, Puerto López, Puerto Bolivar, Hualtaco, Anconcito, El Matal, El Palmar, Engabao, etc.

INTRO Real Estate / Modern building along the Amazonas Avenue in Quito

REAL ESTATE Key Institution: Ministry of Housing and Urban Development (MIDUVI) The MIDUVI is doing a big effort to provide Ecuadorians with the basic need of housing. From 2007 to 2010, there have been delivered 205 000 housing solutions. They have invested more than 660 usd millions in social housing.

The new skyscraper of Guayaquil, The Point

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Institutional Mission

Real Estate Market

Develop standards, policies, guidelines, plans, programs and projects for housing, drinking water, health and solid waste through efficient, transparent and ethical management to contribute to the good life of the Ecuadorian society.

Despite the global economic crisis, Ecuador did not feel beaten in terms of homes buying and selling.

Strategic Objectives a) Facilitate the conditions that enable lower income families to access to decent housing, or improving the substandard housing they have. b) Improve and expand water supply and clean up poor urban and rural areas, with high rates of poverty, deficit and high population density.

c) Promote and encourage private sector participation in both financing and construction of social housing programs and projects of drinkable water, cleaning up and solid waste. d) Provide support municipalities in developing mechanisms and tools that enable them to manage the use of land and its occupation, in a way that will improve social and environmental conditions of towns and cities. e) Encourage the participation of organized communities, to facilitate the attention to the demand for housing, drinking water, cleaning up and solid waste.

According to the Ministry of Housing, in Ecuador there is a housing deficit of one million houses. Knowing this background, real estate firms offer alternatives to meet customer needs. Thus, there is the possibility of financing through direct credit from banks or, the most affordable, with the IESS. Real estate services in Ecuador have not declined despite the crisis experienced in 2009. Just walking around big cities, such as Quito or Guayaquil, you can see many houses and office buildings being built. Shopping Malls Despite the large number of Shopping Malls built in recent years, there is still the tendency to create more. For instance, in the classy neighbourhood of Cumbaya, 2 malls are being built at the same time. Office buildings The property development companies are aware that office buildings have always been an attractive investment. In Guayaquil, there is a large investment by Coloncorp creating the â&#x20AC;&#x153;Ciudad ColĂłnâ&#x20AC;? business city. Pronobis is another traditional and very active player in these developments.

Metrolvia

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PUNTAGALERA CONSTRUCCIONES S.A

Turnover: 21 M usd

Pedro Armijos Hidalgo General Manager Gonzales Suarez n31-136. Atrium Building. PB-6, Quito. Tel: +593 23817992 / +593 99206553 Info.puntagalera@gmail.com www.puntagalera.com

It has been 30 years since the company started its operations, a period during which they have made many advances to reach the ultimate goal.

Activity: Construction Date of creation: 2006 Puntagalera Construcciones S.A. is a construction company founded in 2006. Currently, it is dedicated to building luxury beach front properties on the Ecuadorian coast. The company is owned by Spanish and Ecuadorian partners. Its present project is called “Torres del Mar” and will last for the next 3 to 4 years. It is comprised of 120 high end apartments on 170,000 sq. feet for sale and another 50,000 sq. feet in prestigious condos for rent. With the help of Spanish investors, the company has successfully finished the first of three parts of the project and is currently looking for reliable investors to complete the development of the next two stages. Investors receive high rates of return, with all the guarantees needed to ensure their security. The first apartments went to the market on January 2011. The project consists of 3 building towers and 1 hotel complex surrounded by the Pacific Ocean in its front and a golf course in its back. It has swimming pools, tennis courts, and food & beverage areas. The project is in the middle of a private complex called “Casa Blanca” in the town of “Same”, province of Esmeraldas, with over 3,000 luxury apartments, several entertainment areas, restaurants and a private Marina with a Yacht club. Puntagalera Construcciones S.A. is a new company growing at a high rate and being recognised for its efficiency and individual approach to each customer.

Initially, the company was formed by young professionals that did not belong to the monopoly of the architectonic Quito, as well as by the youth from the northern Mexico, from modest economic backgrounds but with a strong will to find a way to solve problems related to the housing shortage in the country. It began with small contracts with the Municipality of Quito. In 1986, they built their first project under the new formula with retail cost levels: 18 single-family housing project, very welcoming and of a very good quality. Although it was the most economical on the market, it was not enough: the offer still maintained a high price. In 1988 they launched their first housing plan without interior finishing. The project was a success and many families benefited from it. In 1998, the National Government began the project of voucher housing, but the economic situation and the construction crisis of 1995, as well as conventional approaches to social housing did not allow the program to succeed. In the year 1999, they started cooperating with the Ministry of Urban Development and Housing (MIDUVI) to deliver an appropriate proposal for social housing. On February 2000, they delivered the first 66 homes that gave a good start to their program that has been subsequently implemented, adding 8600 residential units - projects that gave shelter to families who had lost hope of having a house and, essentially, creating jobs for hundreds of workers, thereby regaining the confidence of the local society in construction companies.

Eduardo Castro President Burgeois N34-507 y República, Quito- Ecuador Tel: +593 2 3317 206. Fax: +593 2 3317 098 www.eco-arquitectos.com

In fact, they were the pioneers in developing social housing in 1998 (social housing is considered between USD$10 000 to 80 000 worth houses). In 2009, the company had a turnover of USD$7 to 10 million, in 2010 will be USD$18 and in 2011 they expected to reach USD$21 million. There are 60 employees working for the company. Most of its houses are located in Quito.

Activity: construction of social houses Date of creation: 1980’s Employees: 60

In 2004, the company was named as the Constructor of the year, by the Construction Chamber of Ecuador.

ECO & ARQUITECTOS

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CONCESIONARIA VIAL DEL NORTE – CONORTE S.A. Aurelio Hidalgo Executive President Av. Constitución y Juan Tanca M. Edif.. Executive Center, 4º piso, Guayaquil, Ecuador Tlf: +593 4 2158282 Fax: +593 4 2158 519 vanchundia@conortesa.com www.conortesa.com Activity: Road Maintenance and Development Date of creation: 1998 Employees: 300 Turnover: US$ 35 M In October 1998, the North Highway Concessionaire CONORTE S.A. signed a contract for a public works concession with the Honorable Provincial Council of Guayas, for the design, rehabilitation, administration, operation, maintenance and services of the main road of the province of Guayas: No. 1 North sector with a current length of 331.1 km of track, for a period that was increased from 20 to 25 years. The State Modernization Act in its Article # 43, section C established and approved the type of contract that allows private sector participation in public infrastructure projects. This type of a public-private partnership allows financing public works that the government cannot afford due to the lack of economic resources. The investment made by the private sector is subsequently recovered by tolls paid during the term of the contract. The charge has remained at an average of USD$ 1 for light vehicles and CONORTE receives annual compensation from the Guayas Provincial Council. The last 12 years in the country went through some critical situations caused by external factors, such as the phenomenon “El Niño”, the country’s economic crisis of 1998, as well as changes in the investment structure cause by the dollarization of the country. One goal of this project is to expand the north sector to four lines at the end of the concession period. One of the latest enlargements that have been made is the Durán-Jujan road stretch from 9.4 to 17.4, which also implied the construction of the North Alternate Bridge (PAN) of 600 meters. Another important objective of CONORTE is road safety. It is developing projects to increase safety of high-speed roots, establishing preventive traffic signs, providing road and security services, me-

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chanical assistance, health care, telephony, as well as emergency road patrols and SOS posts, among others. From the overview of the situation of the road network in Guayas it has been reported that the province moves more than 73% of the country’s external trade. The Province has an area of 20,566 sq km, 8.02% of the country and 3,309,034 inhabitants, representing 26.0% of the country, which indicated its strategic importance for the country.

URIBE & SCHWARZKOPF Arch. Tommy Schwarzkopf President Moreno Bellido 200 and Amazonas Quito, Ecuador Tel: +593 2 255 4314 www.viviendaexpress.com Activity: Construction Date of creation: 1973 Employees: 2500 (direct and indirect) In 1973, a group of entrepreneurs decided to create a construction company Davivienda aimed at offering high quality construction solutions with the use of innovative materials and architectural structures. Nowadays, Uribe & Schwarzkopf is a construction company with over 36 years of history that is proud of its achievements in the fields of promotion, planning, construction and sale of homes, apartments, commercial offices and buildings for social purposes in Quito. Uribe & Schwarzkopf is the only Ecuadorian company that developed more than 200 projects in a little more than 30 years. It is the first company that started using the concept of an “intelligent” building in its projects. Uribe & Schwarzkopf is also the first company that offered its clients a possibility of direct investment, without interests. This tool allowed its customers to take advantage of a flexible payment schemes, in accordance with their economic capacity. The combination of its social knowledge, increasing technological capabilities and an effective business model enabled Uribe & Schwarzkopf to become a highly dynamic company. The company is focused on innovation, development and implementation of high-quality construction solutions, using “smart” technologies with a strong technological support.

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Uribe & Schwarzkopf has made significant efforts to address all the challenges of the modern construction market, thanks to its creativity, efficiency and continuous improvement. Among its numerous projects, there are buildings of different categories such as: Synagogue of the Jewish Community, Dann Carlton Quito Hotel, Santa Fe Country Club, Le Parc Hotel, in addition to different restaurants, shopping, commercial and entertainment centers. The company has established an office in Madrid, Spain and is planning to open two more offices in Europe. Our company has accompanied the growth of the city of Quito in the past 36 years, with Chilean and Spanish partners, and with 23 major projects in course. Arch. Tommy Schwarzkopf President of Uribe & Schwarzkopf

Telf: +593 2 2432-369 / 370 / 773 www.camaraconstruccionquito.ec Activity: Construction Chamber Date of creation: 1962 The main strategic goal of the Construction Chamber of Quito is to contribute to the national development and human welfare by promoting activities within construction and infrastructure sectors of Ecuador. The history of the Chamber began in the mid-60s and until today it continues ensuring integrity of its member companies. The Chamber is mainly financed by its members that include all the major construction and real estate companies, as well as those dedicated to distribution of construction materials and machinery. Several years ago, the Chamber has started negotiating with foreign construction companies interested in coming to Ecuador to participate in important construction and infrastructure projects. The Construction Chamber is also actively involved in the promotion of the Real Estate sector in the country that has a lot of opportunities due to the availability of credit financing provided by local banks. Within the Tourism Sector, the Chamber is developing numerous projects to build new hotels all around the country. In the Energy Sector, it is involved in developing strategies for the construction of power stations, as well as infrastructure for projects with the sector of Renewable Energies. The Construction Chamber of Quito is strengthening its contribution to the national development through its pioneer projects, as well as through forums and seminars. One of the pioneer projects in Ecuador is the plan of housing for construction workers to be implemented with the support of the Ecuadorian Housing Bank and the Ministry of Housing.

Façade of the Construction Chamber of Quito

CONSTRUCTION CHAMBER OF QUITO Ing. Hermel Flores Maldonado President Psje. Juan Pablo Sanz and Iñaquito Edf CCQ Quito

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“We are always willing to help companies with the technology so they can reach international standards to make them participate in international projects, as in the case of high-potential companies producing construction materials.“ Eng. Hermel Flores President of the Chamber of Construction of Quito

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Real Estate and Construction

BAGANT ECUATORIANA Leonardo Meneses President Alfonso Moncayo and Panamericana Norte Km 10 (Carapungo) Ecuador Tel: +593 2 2420 740 Fax: +593 2 2421 535 www.bagant.com Activity: Construction (Machinery, Equipment and related services) Date of creation: 1977 Employees: 146 Turnover: $ 20M BAGANT ECUATORIANA was created in 1977 a Spanish national and being a 50% Spanish company at that time. In the 90s the company stopped its operations in Spain and become 100% Ecuadorian. BAGANT ECUATORIANA is the leading company in the Ecuadorian market dedicated to manufacturing, distribution and rental of scaffolds, forming and metal shoring systems, at the same time being a representative of numerous prestigious foreign companies from China, Germany, Spain, USA, as well as Brazil, Canada and Dubai. BAGANG has formed a strategic alliance with a company of a Spanish-Peruvian origin in order to develop its operations in Peru. However, nowadays its strategic focus is to continue consolidating its leading market positions in Ecuador. BAGANT ECUTORIANA has participated in several emblematic projects in Ecuador, such as the construction of the new airport in Quito, expansion of Lafarge, together with Holcim, the Refinery of Esmeraldas and others. The company owns a Total Land Area of 17.306m2, Total Construction Area of 6000 m2, including 840m2 of offices. BAGANT is the national leader that provides innovative high-quality solutions within metalworking and construction sectors, thanks to its team of highly professional and dedicated employees that are aimed at contributing to the development of the country and its people. The company is constantly engaged in the process of continuous improvement and holds an ISO 9000 certification.

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“In Ecuador there is much to do and there are great opportunities in the construction sector. We have the experience to identify opportunities and the team to carry them out. We are a company with experience in international alliances that would help international companies to develop their business in Ecuador”. Leonardo Meneses President of Bagant

ADELCA Felipe Avellán General Manager Av. Naciones Unidas 1014,torre A, piso 11, oficina 1102– Ecuador Tel:+593 2 2260500. Fax: +593 2 2460509 info@adelca.com www.adelcaecuador.com Activity: steel Date of creation: 1963 Employees: 993 Turnover: 206 M usd (2009) In 1963, a group of Ecuadorian entrepreneurs was challenged to develop a steel industry in the country, which in technical and economic terms would cover the needs of the construction sector and related industries. Since its inception, the steelmaker C.A. ECUADOR ADELCA remained consistent in innovation of their production systems and customer services, reinvesting their profits in order to provide the company with advanced technology and highly skilled personnel. Adelca maintains constant presence in international markets, especially in Latin America, in the neighbouring markets of Colombia and Peru. Adelca products meet international quality standards. Below there is a list of products available for export: - Steel rods for reinforced concrete adapted to international standards and in diameters from 8.00 to 32.00 mm - Profiles: square and round smooth bars, structural angles, plates, and tees. - Nails - Galvanized wire, both annealed and barbed. Adelca company was awarded the Industrial Merit Award by the Chamber of Industry of Pichincha Province. Felipe Avellan, the General Manager, highlighted the growth of the company since its inception 43 years ago, when it produced 5,000 tonnes of rod mill a year whilst now the figure is 200,000 tonnes.

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CONSTRUCTORA VILLACRECES ANDRADE

DISENSA

Gustavo Villacreces Andrade President Av 12 de octubre N24-562 y cordero. Edificio World Trade Center torre A piso 15 oficina 1508 Tel: +593 2 229244 Fax: +593 2 229553 constructuracva@com.ec www.villacrecesandrade.com

Fernando Enderica General Manager Calle 7 de Octubre 819 y Novena Quevedo Tel: +593 5 2753711 www.disensa.com

More than four decades ago, Gustavo Villacreces Andrade started his career as a technician and a builder, working both with public and private entities. Throughout this period, he gained considerable recognition and experience in order to start his own business. In 1996, Constructora Villacreces Andrade Cia. Ltda was established, being currently present in Ecuador and Peru as an organization to provide integrated solutions within the construction sector.

Disensa franchise is the largest marketing network of construction materials in the country and the first franchise of its kind in the world. The products and services they offer are tailored to satisfy expectations of their customers, while meeting the most stringent international quality standards. They are distributors of the best brands of building products in the country.

Constructora Villacreces Andrade is a company that provides, develops and implements engineering, design and construction projects. They constantly seek for excellence in services through a philosophy based on honesty that is reflected in customer satisfaction. The company holds various quality certifications such as ISO 9001, ISO 14001 and OHSAS 18001. Services offered: -Civil-Area Systems for road construction, drilling platforms, bridges, camps, industrial plants, buildings, airports, heliports canals, tunnels, installation of tanks, pipelines, water systems and sewerage. -Environmental Area -Electromechanical Area Assembly and installation of power plants, installation of ductwork and piping, installation of tanks and assembly of motor generators. -Oil Area Oil facilities, drilling platforms, oil tank assembly, production facilities and pumping stations. -Real estate Property development, design and construction of buildings, design and construction of architectural projects, urban design consulting.

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Activity: Franchises in Construction materials

Their goal is to offer a wide range of products and services for construction, providing advantageous options for their customers. Their products are marketed at competitive prices and with personalized attention. They have 15 regional offices located in Guayaquil (St. Edward and the Heron), Quito (North and South), Cuenca, Ambato, Babahoyo, Esmeraldas, Loja, Machala, Manta, Portoviejo, Quevedo, Santa Elena and Santo Domingo. With over 500 franchisees across the country, they are the leaders in the marketing of construction materials in Ecuador. Their key franchisees offer excellent services, an easily identifiable image of their premises, and provide personalized service to their customers. With the franchise concept they want to transform the traditional and sometimes not optimal way to serve customers interested in buying building materials. They search for standardization of services, products and processes that help the company to achieve continuous improvement in its distribution operations. The main challenge is to maintain the standards achieved and improve day by day for the benefit of end consumers through the innovative business concept for this type of business. It is important to mention that Disensa is the first franchise of building materials in the world. With Disensa, anyone can take a decision to open a shop, being supported by a consolidated brand and with the minimum level of risk. Stakeholders

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Real Estate and Construction

have all the necessary support, from the moment of choosing the right place to locate their sales points and developing operations to stock management and personnel training. As an essential tool that allows franchisees to operate their business effectively, they are provided with an online shopping service for the supply of building materials, as well as with a specially designed software to manage this type of business, policy manuals and procedures, supported by a strong brand image.

HERDOIZA CRESPO Ing. Marcelo Herdoíza Crespo General Manager Rusia E9-94 y Av. Eloy Alfaro Quito– Ecuador Tel:+593 2 2445400 Fax: +593 2 2443031 gerencia@herdoizacrespo.com www.constructoramazar.com.ec Activity: road construction Date of creation: 30 years ago Employees: 1246 Turnover: 88 M usd (2009) Herdoiza Crespo Construcciones SA, began its operations 30 years ago from the execution of road works, accumulating vast experience in building first class roads and highways. It is the leading company in the field of road construction in Ecuador. The Company has also been expanding its activities in Central America, where it developed the road network in the south of the Republic of Honduras. It is a pioneer in developing concessions in Ecuador through its subsidiary “Panavial”, with activities covering a large part of the Ecuadorian Sierra, that is, from Rumichaca region bordering Colombia to the city of Riobamba with the total distance of 400 miles. It is also a pioneer in the construction of roads with Rigid Pavement in” Basin - Lentag”. The organization was provided with loans both from international and national banks with the total volume of more than USD$ 250 million during the recent years.

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In the industrial field of value added products, HERDOIZA CRESPO CONSTRUCCIONES SA, has installed its” Asphalt Emulsion Plant” in the city of Quito, which is one of the largest in the South America. Among the works carried out by the company, it is worth mentioning the construction of the Road “Sevilla del Oro-Palmas-Guarumal-Méndez” that is of a great geopolitical importance for the country. Currently, apart from the execution of road works, they are building a consortium with Impregilo SpA to execute the Hydroelectric Project “Mazar”, which is one of the mega projects in the country. As for their recent initiatives, the company has developed the following programs: 1. Application of asphalt emulsion in “recycling” and “micro paving” 2. Management of economic variables in the process of granting 3. Quality control and project development.

HIDALGO E HIDALGO Ing. Juan Francisco Hidalgo President Av. Galo Plaza Lasso N51-127 Quito– Ecuador Tel:+593 2 408038 Fax: +593 2 400541 hidalgo@hehconstructores.com.ec www.hehconstructores.com.ec Activity: road construction Date of creation: 1969 Employees: 3017 Tornover: 196 M usd (2009) In 1969, a talented engineer Julio Hidalgo González founded the company that was named HIDALGO e HIDALGO S.A. The organization was built with 100% Ecuadorian capital. HIDALGO e HIDALGO S. A. has contributed to the development of a highway system in the country, building 1500Km of highways of primary and secondary roads in cooperation with the Ministry of Public Works. The company has succeeded in the natural environment of Ecuador, regardless of the difficulties that exist for the construction industry.

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It was able to successfully manage highway projects of several levels of technological complexity. Part of the success of HIDALGO e HIDALGO SA is attributed to its human capital, an excellent team of technicians and operators and a professional management team. An example of their work are the main ways in the Metropolitan area of Quito, like the North and South Pan-American highway as well and streets and avenues in different cities of the country that add up to 200Km (125 miles). They have build, rehabilitated and improved pavements, using modern technologies and recyclable materials.

HOLCIM ECUADOR Mauricio Rada General Manager Av. Barcelona, Edificio El Caimán, piso 2 Guayaquil – Ecuador Tel: +593 4 2871900 Fax: +593 4 2873482 www.holcim.com.ec Activity: cement Employees: 1000 Turnover: 400 M usd HOLCIM Ecuador forms part of the Swiss group Holcim, one of the largest cement companies in the world. They produce cement, aggregates and concrete. HOLCIM Ecuador operates 2 cement plants, 7 concrete plants and offers technical assistance through 15 regional sales offices in the country. Their administrative offices are located in the city of Guayaquil. HOLCIM Ecuador is considered to be the center of best practices within the HOLCIM Group. In the last three years they have invested more than USD$3 million in training of their personnel, which corresponds to more than 96,000 hours of training. They have also invested an average of USD$ 2 million in the Corporate Social Responsibility. In 2009, 480 000 tons of cement were shipped. They have 2 cement plants, one in Guayaquil and one in Latacunga. The cement plant in Guayaquil got the HOLCIM Award as the second best cement plant from over 70 companies that form part of the HOLCIM Group worldwide.

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HOLCIM Ecuador has 7 concrete plants located in Guayaquil, Quito, Cuenca, Montecristi, Machala and Ambato with a total sales volume of 730 thousand cubic meters in 2009. They have 3 plants of aggregates, located in the cities of Montecristi, Portoviejo and Quito. In 2009, the total sales volume of aggregates was 1 million 784 thousand tons. HOLCIM Ecuador offers customized technical assistance to its clients through the Concrete Technical Center (HTC) located in the city of Guayaquil. HOLCIM Ecuador is highly committed to the community. To this end, at the end of 2005, Ecuador Holcim Foundation was created as an entity responsible for corporate social investment, which established the Community Development Program consisting of five areas: • Education. • Health. • Water and environmental management. • Training and social organization. • Production and employment initiatives.

IIASA – Importadora Industrial Agricola S.A. Luis F. Gómez President Ave. J. Tanca Marengo Km. 3, Guayaquil– Ecuador Tel: +593 42237000 cedeno_roberto@iiasacat.com www.iiasacat.com cedeno_roberto@iiasacat.com Activity: commerce Date of creation: 1924 Employees: 451 Turnover: 148 M usd (2009) Importadora Industrial Agrícola S.A. IIASA was born on September 24, 1924 in the city of Guayaquil, thanks to the vision of Mr. Benjamin Rosales Pareja, being the oldest Caterpillar dealer in Latin America and Canada. The company is dedicated to sales of road, industrial and agricultural equipment in the country, being an important element of the global network of distributors of CATERPILLAR machinery, a world’s leading manufacturer of construction and mining equipment, clean diesel engines as well as natural gas and industrial gas turbines. Parts & Services:

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Real Estate and Construction

All of their service-related businesses, such as Cat Financial and Cat Reman are united by a common goal: ensuring that the added value will always be provided after the sale. Construction: The Caterpillar product line, with more than 300 machines, sets the standard for the entire industry, a standard that is increasingly focused on what the customer needs. They want to remain the leader and continue helping the customer to meet its needs with the help of a highly professional team, the best distribution network and the best product support system that ever existed in any capital goods industry, as well as a constant focus on innovation and product development. Mining: Caterpillar provides intelligent solutions for today’s mining operations. Cat mining systems work and last longer, helping move more material at lower cost.

Industry: On the road or at sea, moving ground or below it, their engines power the world. With over 500 models, it is among the largest engine manufacturers in the world, and unique with ACERT ™ Technology. Agricultural: VALTRA a highly professional team, the best distribution network and the best product support system that ever existed in any capital goods industry, as well as a constant focus on innovation and product development. Mining: Caterpillar provides intelligent solutions for today’s mining operations. Cat mining systems work and last longer, helping move more material at lower cost.

LAFARGE CEMENTOS Charles Law General Manager Avda.General Enríquez y 6ta Transversal, Quito- Ecuador Tel.: +593 2 2462108 servicioalcliente@lafarge.com www.lafarge.com.ec Activity: Cements Employees: 300 direct (+ 600 indirect) Turnover: 124 M usd (2009) In December 2004, the Lafarge Group acquired the company Cementos Selva Alegre SA, giving it a new focus as an integral part of the world largest building materials group. In Ecuador, Lafarge Cementos SA is headquartered in Quito and has a plant with two lines of cement located in Otavalo, Imbabura province. They currently have a nominal capacity of 1 million 600 thousand tons which allows them to hold positions of the market leader in the northern region, through the sale of their products, cements Selvalegre. Lafarge Cementos Ecuador employs around 300 people directly and 600 indirectly. The global Lafarge Group’s strategy can be broken down into a series of clear and ambitious priorities: - 2 strategic priorities: Continued development in emerging markets. Accelerated innovation to achieve sales of EUR3000 million worldwide, with an innovative product portfolio for 2012. - 3 operational priorities: Ensure the safety of its employees and achieve the goal of 0 accidents Continue cost reduction Develop human potential within the group Lafarge Group is one of the world leaders in building materials At the global level, Lafarge is: No 1 in cements No 2 in aggregates No 3 in Concrete No 3 in Gypsum The Group controls a unique business portfolio:

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Cement: 60% Aggregates and concrete: 32% Gypsum: 8%. Lafarge Group is present in 78 countries, has over 78.000 employees, counts with 2013 production locations, and a turnover or EUR15.884 million.

RIPCONCIV Francisco Peña General Manager Av. Eloy Alfaro N35-09 y Portugal Quito - Ecuador Tel:+593 2 3332136 / 7 gperez@ripconciv.com.ec www.ripconciv.com.ec Activity: construction and real estate Date of creation: 1966 Employees: 3000 Turnover: 40 M usd The company RIPCONCIV Civil Construction Co. Ltd. was formally constituted on July 26th 1996, with a nominal capital of S / 2’000 000.00 sucres. After 12 years of work, it has accumulated assets of more than USD$ 2’500 thousand and revenues of more than USD$30 million, placing it within the 500 largest companies in Ecuador and within the top 10 companies in the Construction segment.

This growth has allowed RIPCONSIV to consolidate its presence in the construction sector in Ecuador. Along with this growth, the company has endeavoured to invest in the organization, quality and administrative tools, machinery, equipment and vehicles, as well as in training and development of its personnel that may be evidenced by the ISO 9001 certification. It has implemented advanced methodologies such as PMI Project Management, Lean Construction, integrated computer systems and other tools necessary to deliver high quality services to its customers. Infrastructure projects are of vital importance for socioeconomic development of the country, since they provide the foundation for growth and progress of the cities where these projects are developed. This is why, since its very inception, Ripconciv Civil Construction Co. Ltd. developed a wide range of infrastructure projects, making the company an important part of public and private development, bringing its work and experience in the most significant civil projects in the country, such as, ports, airports, hydroelectric projects, oil works, etc. Main projects around the country: international port of Guayaquil and Manta, Manta air base, regeneration of neighbourhoods, roads, bridges, dams, buildings such as the American Embassy, its current headquarters, the Holiday Inn hotel, and the railroad. In some projects it works in cooperation with the government, but the vast majority are private projects. They have strategic alliances with other construction companies such as Hidalgo and Hidalgo. They work also in Guayaquil with the Municipality, Contecon, Interagua, Pronobis, etc. and have an alliance with the Spanish company Indox.

Headquarters of the Nobis Group

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ICTs AND MEDIA COMPANIES

Never forget about the austerity of the content and the gallantry of the shape Ecuadorian proverb

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ICTs and Media Companies OVERVIEW In October, 1972, the national government stimulated the legal framework for telecommunications. As a result of the need of decentralizing the functions of the state: regulation, planning and operation. This monopolistic system needed a draft towards a new scheme of intensive changes that the market was demanding. As a result, in 1991, 75 per cent of the population had officially a telephone line. on August 10, 1992, the Ecuadorian sector of telecommunications was restructured by the approval of the Special Law of Telecommunications in which the basic services of telecommunications were kept as an exclusive monopoly of the State, with the transformation of the IETEL in a State Company of Telecommunications (EMETEL).

Receiving antennas on the top of a hill in Guayaquil

An important aspect of this law was the creation of the Superintendence of Telecommunications (SUPTEL) as a regulative and control body, under the supervision of the National Congress.

On August 13th, 2009, the President of the Republic Econ. Rafael Correa Delgado issued an executive order establishing the Ministry of Telecommunication and Information (MTI).

Subsequently, the law was subject to changes due to the fact that all the regulative functions were concentrated into just one public organization (the Superintendence of Telecommunications), that lead to inefficiency in the sector. This led to the reform of the Special Law of Telecommunications and the approval of the Law of Broadcasting and Television. This led to the creation of several independent organizations: the National Council of Telecommunications (CONATEL), International Union of the Telecommunications (UIT), the National Secretariat of Telecommunications (SENATEL), the Superintendence of Telecommunications (SUPTEL).

Delgado established the MTI in order to refine the telecommunications industry within Ecuador. ItÂ´s primary was to provide the country with telecommunications services such as the internet, telephone lines, television and so on.

In March 2000, with the promulgation of the Law for the Economic Transformation, the policy for the sector of telecommunications was re-oriented towards the regime stablishing a free market, which can be seen in the reform of the article 38 of the Special Law of Telecommunications, delegating the production and promulgation of an appropiate regulative framework to CONATEL. To confront the new challenge, both CONATEL and the SENATEL are working together in order to strengthen the sector of telecommunications, directing their efforts to the consolidation of a free market.

MINISTRY

At present the Minister of Telecommunications, is Mr. Jaime Guerrero Ruiz. Regulations Considered to indispensable to provide telecommunications services a legal framework consistent with the importance, complexity, scale, technology and expertise of these services, so that companies can develop this activity with business management criteria and social benefit, the Special Telecommunications Act was amended. The government has implemented reforms in the state constitution, both regarding the role it plays in the provision of telecommunications services, and regarding the prohibition of monopolies. In addition, some changes were made to the Special Telecommunications Act that are not incorporated in the general regulations, making it necessary therefore to issue a new one. The new regulations established procedures for the registration, amendment and cancellation of telecommunications activities in the Public Register of

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Telecommunications, and their requirements, characteristics and content. Other important laws in this sector have been the broadcasting and the television act ( Supreme Decree nº 256-a), as well as the e-commerce law (law nº 2002-67).

This plan outlines the dutties of the state to develop telecommunications in order to improve well-being of Ecuadorians.. These strategies are aimed at helping the underserved.

ORGANIZATIONS CONATEL Conatel´s main function is to be the regulate telecommunication as well as integrate all citizens to modern telecommunication technology. SENATEL Senatel delivers telecommunications services such as radio, television and internet throughout Latin America. (Strategic Plan 2010-2014) Ecuador has an excellent air connection with the whole country

MAIN COMPANIES Telecommunications

Company

Sales 2009 (mln $)

Conecel (Claro)

The government is improving the road communication all along the country

PROJECTS National Development Telecommunication Plan 2007 – 2012 The National Plan for Telecommunications Development for 2007-2012 is based on the 12 main policies adopted by CONATEL. The plan provides the guide to develop and promote the necessary actions for equitable development of the sector. It appoints a strong regulator and controller, to stablish clear and transparent policies that enable its development, to ensure legal certainty, which allows the introduction of new technologies. The purpose is to provide quality services at reasonable prices, that is attractive to both domestic and international investors, without neglecting the social sense to reach the most vulnerable sectors of the society.

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1.036,00

Otecel (Telefónica)

479,98

CNT Alegro

441,56

Mercado Móvil

141,66

Broadnet

50,49

Nokia Siemens Network Ecuador

47,79

Huawei Technologies

46,15

Suratel

44,66

Tatasolution Center

43,00

Empresa de Televisión Satelcom

42,96

Source: Vistazo Magazine, Nº1034, September 2010

Example of the old brand of Porta that nowadays is Claro

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1. Technology Currently, technological development of Ecuador is considered one of the main priorities of the State. Around 70% of the total population of Ecuador uses Internet. The 25 biggest companies within the sector generated revenues of approximately 3 096 mlllion USD. Top 5 companies according to Ekos Magazine: 1. Banred S.A. 2. Bigbranch S.A. 3. Tatasolution Center S.A. 4. Binaria Sistemas C Ltda 5. Sonda del Ecuador Ecuasonda S.A. 2. Mobile Telephone Industry The mobile phone market in Ecuador is one of the most dynamic ones. During the last years, their sector presented a growth of 28%. According to the statistics, 88% of the users prefer pre-paid services. Top companies according to Ekos Magazine: 1. Consorcio Ecuatoriano de Telecomunicaciones S.A. CONECEL 2. Otecel S.A.

VOICE SERVICES…………………………445, 30 Fixed Telephony……………………………163, 30 Mobile telephone…………………………...180,00 Modernization and expansion………….…102,00 INTERNET SERVICES……………………172, 27 Broadband…………………………………....49, 87 International connectivity…………………102, 40 TV Services…………………………....….....20,00 MARKETING COSTS……………………….100,00 TOTAL INVESTMENT……………………617, 50

CONCLUSIONS After the analysis we have seen a real change in the role of operators and the human resource management. This is supported by investment from transnational corporations. Connectivity is not sufficient and digital training plans are needed, as well as contents and local applications. Therefore, every modernization is being encouraged in the sector. Last year, Internet services for mobile phones has improved, expanding transmission bands and offering 3G´s services for smart mobile phones.

Even if you do not have a mobile phone is easy to call

INVESTMENT Due to investing in the telecommunication in Ecuador, Movistar and Claro received the highest earnings out of the top 5 transnational companies in the world. The ECLAC(Economic Comission for Latin America and Caribbean) report supports the position of the President Rafael Correa, who since 2007 has questioned the system of registration of the FDI figures by the Central Bank of Ecuador. In 2008 there was $849 million invested in Ecuador:

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Aerial view of Guayaquil

Within the best software vendors in Latin America Ecuador was recognized as one of the best software vendors in Latin America. Ten years ago, it was the third largest exporter in this field. Now, although it exports more, it occupies a secondary position, according to the Ecuadorian Association of Software (AESOFT). This country gained its reputation in the eighties, due to the banking software, which was the best in the region. And although there is no figure of how many programs are exported a year, it is known to be sold in the

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ICTs and Media Companies

U.S., Colombia, Venezuela, Chile, Bolivia and Central America. City of Knowledge in Loja One of the Government’s objectives is the export of knowledge assets and development of a highly-skilled talent pool. The government plan announced by SENPLADES states that it will create a city of learning with first-class universities and worldwide recognized companies

Global Customer option: a contract in any country can benefit from the network of Telefónica in all Latin American countries. The company has 1100 employees. They invest 25% of the profits in R&D and are considered the most innovative company that has launched 20 new products in 2009 and 50 in 2010. They have won numerous awards, including the Great Place to Work. Through Telefónica Foundation Proniño they have taken out 26000 children from the streets. They are renovating the brand and being the best partners for current and future businesses. Telefónica is the best partner for all the companies of Ecuador, we have the best staff and best services, we are very innovative, close to the citizens and committed with the country. Sergio Almallo Marketing Vicepresident nized companies

CONECEL - CLARO Truck using the General Rumiñahui Highway in Pichincha province

OTECEL S.A. (TELEFONICA - MOVISTAR) Juan Federico Goulu General Manager Avenida República and Pradera, Edif. BellSouth, Quito Tel: +593 2 2227 700 Fax: +593 2 2227 297 www.movistar.com.ec Activity: Telecommunications Date of creation: 2004 Employees: 1167 Annual turnover: USD$ 480 million (2009) Formerly BellSouth Ecuador and operating under the name Otecel until the 100% acquisition by Telefónica Móviles in October 2004, the company now operates under the brand name Movistar. It is the second largest provider of wireless communication services including voice services, enhanced calling features, international roaming, wireless internet and data services and other corporate services. Otecel is the second mobile company with 25-28% of the market share. They have gone from 1.3 to 4 million of both individual and corporate customers. They are prominent leaders in the corporate area and they also have 50% of mobile Internet connections. One of the main competitive advantages of the company is the

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Alfredo Escobar President Av. Francisco de Orellana and Alberto Borges, Edif. Centrum, Guayaquil Tel: +593 4 2693693 www.porta.net Area of activity: Telecommunications Date of creation: 1993 Employees: 2500 Annual turnover: $1200 million USD Formerly the commercial name used by Conecel was PORTA until it changed to CLARO in June 2011, the name that is commonly used in Latin America. Conecel has been operating in the market since 1993. It is the leading mobile phone company in Ecuador with 10,4 million users, nationwide service, covering more than 1309 towns, 7.933. Kilometers of highways and roads in all the 4 regions of the country. It is remarkable that only between 2007 and 2010, Claro invested USD$800 million to improve services and technology. In 2011 the investment was USD$180 million. CLARO is a subsidiary company of the Mexican group America Movil, the leading provider of wireless services in Latin America with diverse operations throughout the continent and more than 100 million subscribers in the region. CLARO was born as a response to the need to strengthen the aggressive internationalization strate-

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gy of the group in order to consolidate its operations in all markets where it operates. The main objective of this multinational company is to consolidate its leadership in Latin America and to be number one in all countries where it operates. Currently, CLARO has 55 customer service centers located in twenty-five cities and a presence in all four regions of the country, in addition to more than 4,500 sales points nationwide that are available to its customers.

CNT (Alegro) Eng. Cesar Regalado General Manager Av.Eloy Alfaro and 9 de Octubre Quito Tel: +593 2 2977 100 www.cnt.com.ec Area of activity: Telecommunications Date of creation: 2008 Employees: 5955 Annual turnover: $441 million USD (2009) CNTA SA, the National Telecommunications Corporation, was born in October 2008 as a merger of Andinatel SA and Pacifitel SA in order to provide services to all Ecuadorians and connect the entire country to telecommunication networks. However, after a little more than a year, on February 4th 2010, CNT SA became a public company and currently operates under the name EP (Public Enterprise) National Telecommunication Corporation CNT. Competitive advantages and distinctive features: • The largest national fiber optic network, with more than 10,000 km of optical fiber installed throughout Ecuador according to international standards, such as 568B.3.1. • The national network IP / MPLS TE CNT is a network of advanced technology, one of the best in South America. It is a fully implemented Cisco technology, which is at the forefront of innovation and is used in most developed countries. • Variety of telecommunications solutions, adapted to individual customer’s needs that enable to achieve high capacity, high quality and increasing business efficiency. • The most advanced fixed access technologies that provide the best speed corporate Internet, such as ADSL2 +, GPON, G. SHDSL, WIMAX. • International connectivity. CNT has TIER 2 level being the best country’s international connectivity with a data transmission capacity of 192 international

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STM-1. Internal applications: • Pacific Standard Webmail • Webmail Andean Zone • E-Training • Care Work Orders

ALCATEL LUCENT Juan Carlos Cisneros General Manager La Pinta 236 and Rabida Edif. ALCATEL, 1st floor, Quito Tel: +593 2 2940 700 / +593 2 2228 122 Fax: +593 2 2229 098 alcatel.ecuador@alcatel-lucent.com www.alcatel-lucent.com Area of activity: Telecommunications Employees: 12 fixed and 250 subcontracted Alcatel-Lucent is a leading company specialized in mobile, fixed, IP and optics technologies, as well as in applications and services. The merger of AlcatelLucent in 2006 created the world’s first truly global communications solutions provider, with the most complete end-to-end portfolio of solutions and services in the industry. With operations in more than 130 countries and the most experienced global services organization in the industry, Alcatel-Lucent defines itself as a global partner with a local reach. Alcatel-Lucent achieved global revenues of EUR16 billion in 2010. With a strong focus on complete solutions that generate value for customers and help them to realize the potential of a connected world, Alcatel-Lucent is organized around three operating segments and three geographic regions. Applications focuses on developing and maintaining innovative applications and software products for its global customer base. Networks is responsible for managing its network product portfolio, in line with the company’s High Leverage Network™ strategy. It provides industryleading products that address its customers’ network requirements in all market segments such as service providers, industries and enterprises. Services supports a network’s entire life cycle, including consultation, integration, migration and transformation, as well as deployment, maintenance and management of operations. The company’s geographic regions are the Americas; Europe, Middle East, and Africa; and Asia Pacific. In Ecuador, Alcatel has more than 40 years of his-

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ICTs and Media Companies

tory and only 3 years after its alliance with Lucent Technologies, being a provider of technology and networks for the 4 biggest companies within the telecommunications sector of Ecuador. The company has a little less than 10% of the total market share in mobile phone networks, but 50% in fixed phone networks, being its core product. The company is aware of the existence of business opportunities in the telecommunication sector that represents 6-7% of the total GDP and expects to cover USD$20 million of the USD$350 million generated by the market. “We are the major telecommunications multinational company that has created a new organizational culture through the merger of Alcatel and Lucent” Eng. Juan Carlos Cisneros General Manager Alcatel-Lucent

STIMM SOLUCIONES TECNOLÓGICAS (BRIGHTSTAR CORP.) Juan Carlos Archilla President for Latin America Entrada Llano Grande, Av. Garcia Moreno Bodega San Jorge B-2 Calderon, Quito Tel: +593 2 2020 990 www.brightstarcorp.com Area of activity: Telecommunications Annual turnover: $141 million USD (2009) Stimm Soluciones Tecnológicas is a Limited Liability Company dedicated to a wholesale trade of telecommunications equipment and technical services for mobile telecommunications systems. It is a local subsidiary company of Brightstar. Brightstar is an innovative global services company that provides services and solutions that enhance the performance and profitability of the three key participants in the wireless device ecosystem: device manufacturers, network operators and retailers. It offers comprehensive, customized services and solutions and value-added distribution, allowing customers to focus on their core competencies, improve end-user satisfaction, drive supply chain efficiencies, enhance product pricing and expand channel reach, which ultimately results in lower operating costs and incremental demand generation for their products and services. The company operates in over 40 countries in four geographic regions (U.S./Canada, Latin America, Asia Pacific and Europe, via the joint venture of

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Brightstar Europe with Tech Data Corporation (“Tech Data”), through two core business lines: • Value-Added Distribution, which provides customized distribution services for device manufacturers and network operators • Services and Solutions, which provides customized supply chain services and solutions for device manufacturers, network operators and retailers, focused on three areas: (i) sourcing and business intelligence, (ii) device management and (iii) supply chain optimization solutions.

TELCONET Tomislav Topic Granados General Manager Colon Business Park, Edif. Coloncorp, 1st. Floor, Guayaquil Tel: +593 4 390 0111 fv@telconet.net, mescobar@uio.telconet.net www.telconet.net Area of activity: Telecommunications Employees: 380 Annual turnover: $38 million USD (2009) TELCONET is a local data communication provider, known for its excellent services, innovation and continuous improvement. The company follows international standards of quality and provides services using the system for Management of Information Security, thereby minimizing the risk of incidents that threaten confidentiality, integrity and availability of TELCONET. TELCONET provides access to a powerful network in more than a hundred cities in Ecuador. Due to its financial and technological capacity, knowhow and experience in telecommunications, in addition to its qualified personnel with a great service spirit, TELCONET has become a highly competitive internationally recognized telecommunications company. Competitive advantages: • A systemic corporate learning culture • Own infrastructure • Market expertise • Diversity of technological solutions based on a common and stable platform • Qualified human resources • The most comprehensive coverage area Solutions and services offered: • High speed Internet 1:1 • Traffic to the Internet backbone

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• Traffic data • Transmission of video • Internet 2 • Managed IP PBX • Virtual data centers • Managed security • Security consultancy • Unified communications

COBISCORP Richard Moss President Site Center, Calle del Establo, 50 Sta. Lucia Alta, Cumbayá, Quito Tel: +593 2 380 2920 www.cobiscorp.com

named the ‘Best Story of 2008’ in the Business category by the “Revista Líderes” magazine.

GRUPO GESTOR Alfonso Falcony President República Av. 396 and Almargo, Edif. Forum 300 Of. 203, Quito Telephone: +593 2 2508 005/6/7/12/13/14 ventas@gestorinc.com www.gestorinc.com Area of activity: IT solutions for Investment Banking Date of creation: 1997 Annual turnover: $3 million USD Employees: 64

Area of activity: Banking Technology Date of creation: 1953 Employees: 280 Annual turnover: $25 million USD

Grupo Gestor is a company aimed at transforming innovation into specific strategic actions in order to improve business processes of its clients, remaining loyal to its principles and core values.

Cobiscorp one of the leading providers of software and services for financial institutions of various sizes and specialties in Latin America and the leading company in Ecuador, where it was born.

Since 1997, it has been developing innovative technological solutions for the International Investment Banking Industry, being a company specialized in fiduciary business, investment funds, savings and pension funds, securitization, portfolio management, brokerage and Wealth/Asset Management.

The company has a long and successful history: 56 years as a banking solutions provider. Cobiscorp is known for its solid reputation and exceptional market recognition in the region. The core product of the company is called COBIS. COBIS is a proven, state-of-the-art, financial transaction-processing system that is designed to work in cooperative, multi-level, client-server computing environments. It enables financial institutions to take on the challenges of this millennium with security and conviction. Its clients are based in 13 countries across Latin America and include prominent regional banks, Central and South American affiliates of large multinational institutions and banks in the United States. In total, the company employs 600 people, 280 of which are working in Ecuador. Cobiscorp has offices in USA, Mexico, El Salvador, Panama, Colombia and Ecuador, with its corporate headquarters in Washington, DC metropolitan area. The intellectual property of the company is also registered in the United States. In 2009, Cobiscorp obtained ISO 9001 and was

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Grupo Gestor develops specific solutions that respond to individual needs of each client and guarantee minimum levels of risks in their operations, thereby creating high degrees of customer loyalty and satisfaction. The company is proud of having the highest number of clients across the industry in most of the countries of Latin America, proving their leadership as the only global provider of technological solutions in the sector of investment banking. It is currently present in Ecuador, Argentina, Colombia, Guatemala, Mexico, Panama, Peru and Venezuela. Due to its professionalism, transparency and compromise with its customers, Grupo Gestor have been recognized and certified by PriceWaterhouseCoopers, under its own fiduciary assessment, with ISO 9001: 2008. Furthermore, the company has adopted and implemented the Code of the Good Corporate Governance and is currently in the process of obtaining the CMMi certification. The solutions offered by Grupo Gestor have proven to generate positive impact on returns on invest-

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ICTs and Media Companies

ments, with zero replacement in its customers. The company is characterized by efficiency in its operations, absolute compliance with timings and budgets, excellent customer services and effective human resources management, where people are seen as the key strategic resource of an organization and where ambitions, development and innovation are highly appreciated in employees. Grupo Gestor is open to look for international partners in order to create strategic alliances, as well as to continue further expansion at the international level.

TATA Consultancy Services Gonzalo Pozo Crespo General Manager Francisco Salazar E10-61 and Camilo Destruge Edif. Inluxor, 7th floor, Quito Tel: +593 2 2902 888 / +593 2 2903 393 www.tcs.com Area of activity: Consulting, Business Solutions, Business Process Outsourcing Date of creation: 2007 (Ecuador) Employees: 1500 Annual turnover: $50 million USD Tata Consultancy Services is a multinational company of Indian origin dedicated to providing solutions in the area of IT Services, Business Solutions and Business Process Outsourcing. The company focuses its activities on emerging markets. TCS Ecuador is the most important technology and BPO company in the country with an end-to-end model, which includes capacities in technology, Business Processes Outsourcing (BPO) services and business consulting. It started its operations in 2007 with Banco Pichincha, the largest bank of the country, as its first client. TCS Ecuador is an essential part of TCS Latin America and acts as a business arm of Tata Consultancy Services, which operates with Global Delivery Centers in Argentina, Brazil, Chile, Colombia, Ecuador, Peru, and Uruguay. These centers are CMMi level 5 certified, the highest quality standard of the industry. In addition, there are service centers of Business Process Outsourcing in Chile and Uruguay. TCS Ecuador is part of a cluster composed of Chile and Peru with regional initiatives in marketing and sales. This cluster structure has optimized internal pro-

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cesses and created synergy among the three countries, achieving a better complement and quality of services. TCS Ecuador operations include automating and improving operative and business processes based on technological platforms and global administration of services. Its BPO service center also includes business units of Help Desk and Call Center, which is one of the largest in the country. The company has wide experience in many industries, mainly in the financial, public, and retail sectors. TCS Ecuador has around 1,500 highly professional employees who offer their talent, passion, and commitment in the information technology sector, consulting and Business Processes Outsourcing (BPO) services, where the company accounts for 30 percent of the operating market. TCS has an IQMS internal system that complies with international standards; ISO 9001, ISO 2000, ISO 27000, TL 9000, as well as CMMi Level 5 and PCMM Level models. Besides, it complies with the highest infrastructure and security standards including physical, networks, personnel, and systems. The main regional clients include: Banco Pichincha with branches in Miami, Panama, Spain, Peru, Insurances AIG Metropolitana, Financiera Rural, Instituto Ecuatoriano de Seguridad Social – IESS (Ecuadorian Institute of Social Security), Seguros Pichincha, Universidad Técnica Particular de Loja, Corporación Nacional de Telecomunicaciones – CNT (National Corporation of Telecommunications). The company is interested in further growth within the region, following the strategy of organic growth and market diversification across different industries. BUMERAN (MULTITRABAJOS) Jorge Mejía Esteban Founder and General Manager Av. 12 de Octubre N 24-593 and Francisco Salazar (corner) Edif. Plaza 2000, tower B, 7th floor, Quito Tel: +593 2 333 0702 / 256 1617 / 256 1656 jmejia@bumeran.com www.bumeran.com / www.multitrabajos.com Area of activity: IT services, online recruitment platform Date of creation: 1999 Employees: 50 Multitrabajos.com is the first digital recruitment platform in Latin America. This young and dynamic company has experienced a record growth in recent years, following the latest trends of international technological development. Multirabajos.com is a strategic partner for any business, looking for qualified workforce and inter-

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ested in introducing the most advanced technology in all organizational areas. Thanks to the team of dynamic, highly-skilled and motivated employees, it provides effective solutions in the area of talent acquisition and pre-selection and currently has the largest pool of candidates in the country. Its client portfolio is comprised of the most important companies in the country, as well as recruitment agencies interested in conducting effective research processes. In 2008, Multitrabajos.com reached the record level of 1000 customers and the same year it became an integral part of Bumeran.com, the most important online recruitment platform in Latin America. Currently, Ecuador plays a regional role within Bumeran.com, in charge of operations in Ecuador, Colombia and Peru, being the most profitable company in Ecuador, not only in the area of recruitment, but within the IT sector in general.

ion, Law, Business, Sports, Quito, Ecuador, World, Society, Culture, Family, Education, Blogs, among others. Among its products, there are the magazines Familia, Siete Días Líderes, EducAcción, Carburando, Super Pandilla and Xona. El Comercio is distributed in Spain as well (El Comercio España). Its daily circulation is 100.000 copies during the week, 120.000 on Saturday and 180.000 on Sunday. Actually, El Comercio is one of the most read newspapers of Ecuador.

EL COMERCIO Jorge Fabrizio Acquaviva Mantilla President El Tablón 11515 and Av. Maldonado, Quito Tel: +593 2 267 3108 / +593 267 0214 Fax: +593 2 267 0214 redaccion@elcomercio.com / contactenos@elcomercio.com www.elcomercio.com Area of activity: communication Date of creation: 1906 El Comercio is a daily Ecuadorian newspaper. It covers news from inside and outside the country, although its focus is primarily on the former, especially on Quito, Guayaquil and occasionally Cuenca. It competes against El Universo for the largest print distribution in Ecuador; in Quito, El Comercio, is considered the main newspaper, followed by Hoy. The paper was founded on January 1, 1906 in Quito, Ecuador by Celiano Monge and brothers César Mantilla Jácome and Carlos Mantilla Jácome. The paper has remained in the Mantilla family, and currently, the President of the newspaper is Jorge Fabrizio Acquaviva Mantilla, whose family owns the newspaper since its foundation. Currently, El Comercio is a member of the Asociación Ecuatoriana de Editores de Periódicos (Ecuadorian Association of Newspapaper Editors, ADEP), member of the Sociedad Interamericana de Prensa (Interamerican Press Society, WAN) The main sections and supplements are Politics, Opin-

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El Telegrafo’s headquarters in Guayaquil

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EL TELÉGRAFO

RADIO TROPICANA (MERIT CORP SA)

Eduardo Intriago General Manager 10 de Agosto 610 and Boyacá Guayaquil Tel: +593 4 232 6500 eduardo.intriago@eltelegrafo.com.ec www.eltelegrafo.com.ec

Otto Sonnenholzner General Manager Hurtado 212 and Machala Edif. FURNAS, 4th floor, Guayaquil Tel: +593 4 6001 359 / +593 4 2511 758 info@radiotropicana.com.ec www.radiotropican.com.ec

Area of activity: communication Date of creation: 1884

Area of activity: communication Date of creation: 1967

El Telégrafo is a daily Ecuadorian newspaper. The paper was founded on February 16, 1884 in Guayaquil, Ecuador by Juan Murillo Miró, as an independent and revolutionary newspaper where citizens could freely express their opinions. Its name is due to the use of the telegraph that the founder of El Telégrafo firstly implemented in Ecuador to gather and spread news inside and outside the country. Since its foundation, El Telégrafo maintained a radical and revolutionary speech that caused several arrests of its members and made El Telégrafo a reference during the Liberal Revolution period. During this period, El Telégrafo hosted principal journalist and writers of the country, such as Manuel J. Calle, Medardo Ángel Silva, José H. Simmonds and Juan Emilio Murillo.

Radio Tropicana is a broadcast radio with an important tradition in the country that provides Ecuador with communicational services since its foundation in 1967.

Although El Telégrafo has always been run by the descendents of its founder, nowadays it is managed by the Public Administration, being the principal communication channel of the political reform called “Revolución Ciudadana”. Currently, El Telégrafo is a member of the Asociación Ecuatoriana de Editores de Periódicos (Ecuadorian Association of Newspapaper Editors, ADEP), member of the Sociedad Interamericana de Prensa (Interamerican Press Society, WAN). The main sections and supplements are General Information Politics, Macroeconomics, Metropolitan Quito, Guayaquil Metropolis, Facts, Culture, Society, Portrait, Ecuador, Sport, World, Science and Technology, Entertainment, among others. El Telégrafo is part of a group that includes several communication services such as Radio El Telégrafo (770 AM) and Radio La Prensa (100.1 FM). Canal 12 depended as well on El Telégrafo, until 2002, when it was sold to Canal Uno. Its daily circulation is 450.000 copies. Nowadays, El Telégrafo is one of the most read newspapers of Ecuador.

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Tropicana Radio signal can be heard in most of Ecuador’s territory through the 540 AM frequency and in the rest of the world due to the Internet broadcast transmission. The great part of the listeners of Radio Tropicana access to its contents through its website; the most important communicational service of Radio Tropicana is the latest news of the country. The studios of Radio Tropicana, settled in Guayaquil, are equipped with the best radio technology at the moment. Radio Tropicana team is composed of communication professionals that provide relevant and the most updated social and cultural information on a daily basis. Tropicana Radio is a different station, which has earned an important place in the heart of Ecuador.

TV CABLE Eloy Alfaro N44-406 and De las Higueras, Quito Tel: +593 2 6002 400 www.grupotvcable.com Area of activity: Telecommunications Date of Creation: 1986 TV CABLE is a Telecom Corporate Group. It is constituted 100% with Ecuadorian capital. Born as the integration of companies in the telecommunication sector, it offers related and value added services such as: • TVCABLE • SATNET • SURATEL • SETEL

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TVCable was established in 1986. That year began the construction and installation of cable systems and Aircable, reaching with their network distribution various sectors of the major cities. In September 1987, the company opened its doors to deliver the latest technology and the most updated worldwide television to its subscribers. Its massive growth enabled it to reach the main urban sectors of Quito, Guayaquil, Cuenca, Loja, Ambato, Portoviejo, Manta, Ibarra, Tulcán, Salinas, Riobamba, and Machala. TVCABLE Group has developed traditional network services for the high capacity and speed data transmission, and is now present in 20 cities, serving financial institutions, travel agencies and industries, among others. Additionally, the Group is now offering broadband services and high-speed Internet, through its modern fibre optic infrastructure. In a very short time CABLEMODEM has become the leading supplier of Broadband in Ecuador thanks to a simple formula that combines the highest technology, best services and affordable prices for its subscribers. SETEL was born in 2005 as a new alternative for fixed telephony, reaching areas where this service didn’t exist before. With perseverance and vision of good service, TVCABLE has been growing and achieved great success in the business sector with its WiMAX service, wireless technology that solves several problems of conventional telephony. SETEL also offers its services to the residential sector of Quito and Guayaquil. Their vision is to offer solutions for subscription TV, fixed telephony and broadband Internet, focusing on meeting the needs of innovation and growth of the telecommunications market in Ecuador, and contributing to national development by providing job and progress opportunities to its inhabitants.

El Universo main building in Guayaquil

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EL UNIVERSO Carlos Pérez Barriga General Manager Av. Domingo Comín and Albán, Guayaquil Tel: +593 4 249 0000 begin_of_the_skype_highlighting www.eluniverso.com Area of activity: Printed media Date of Creation: 1921 Employees: 600 El Universo is an Ecuadorian daily newspaper established in 1921 in the city of Guayaquil. This journal is currently the most important in the city and one of the largest in the country. The Universe is owned by the Compañía Anónima El Universo and, it is published by Grupo El Universo. The Universe was founded by Ismael Pérez Pazmino and the first issue was published on September 16th, 1921. It is a member of the Ecuadorian Association of Newspaper Publishers (better known by its acronym, AEDEP), the Inter American Press Association, and the WAN. El Universo has been developed in accordance with the evolution of technology and media. Social, cultural and religious changes have demanded changes in its infrastructure. El Universo has 600 employees, including those working in radio City and New Internet Medias: www.eluniverso.com y Unigráfica, subsidiary companies in the segment of journalism and printing business. At January 31, 2009 the company had a total of USD$ 14,290,000.00 as a subscribed capital. In addition to that, El Universo manages three weekly publications (Wednesdays, Thursdays and Fridays), a Sunday magazine and a newspaper for children Mi Mundo (Saturdays), as well as a monthly automotive magazine Motores. Recently, it started sectorial publications with the Sambo magazine. The company also manages the circulation of the Ruedas&Tuercas magazine.

Expresso’s building in Guayaquil

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GUAYAQUIL

Be great in your wisdom and your virtues, and great will be your cradle Ecuadorian proverb

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Guayaquil

The city of Guayaquil is an ideal destination for congresses, fairs, exhibitions and any business events because of its geographical location, and its rapid development. In recent years Guayaquil has become one of the most modern cities in South America. With the construction of the Jose Joaquin de Olmedo Airport, the expansion of its public transit system and the consolidation of its modern port it has emerged as the most prominent city in Ecuador. The city has a wide range of luxury hotels and it is now the ideal place for conventions. Guayaquil has been recognized across the most recently by the United Nations for being the “Model of Governance”. Latin Trade Magazine has given Guayaquil recognition in several categories: Best Hotel for Business, Best Start (Entertainment), Best Car Rental Agency, Best Travel Agency and Best Restaurant for Executives. The city has been oriented and positioned to serve a market of Conferences and Conventions. The Convention Bureau attests to the thrust that is taking place in town to promote the hotel industry, and the exhibition center. Business tourism generates capital and creates jobs both directly and indirectly. Guayaquil has a sublime infrastructure and tourism organization available for executives worldwide. The transformation in the last decade is not a fluke but rather a renassiance. The city is revamping all of its basic services from education, to training as well as health. This renaissance has led to new infrastructure. This is seen with the street furniture, painted walls, parking lot, new lightening, new landscaping and more traffic lights. Besides revitalizing the city it has secured proper use of public spaces, fostering culture and has given the city and identity. The radical change can be perceived in almost all sectors of the city. El Barrio de Las Peñas, where the city was born, and the Cerro Santa Ana are now one of the most important tourist attraction in the country. There you can take pictures, visit monuments, observe painters painting or go up to the lighthouse and view downtown and the River Guayas. The Malecon on the edge of the river is now a 2.5-km long promenade where people from Guayaquil enjoy museums, the IMAX cinema, monuments like the Bolivar and San Martin, restaurants, exhibition halls, gardens, ponds, commercial and artificial wetlands, walkways. In conclusion, Guayaquil is in midst of a renaissance, it is new buildings, thriving culture, a plethora of opportunity for both local and visitors to enjoy. People around the world need to take advantage of the business opportunities and tourism that Guayaquil offers. It is the largest and most cosmopolitan city of Ecuador and the main port of the country.

MR. JAIME NEBOT SAADI, MAYOR OF THE MUNICIPALITY OF GUAYAQUIL

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Guayaquil INtroduction to guayaquil Guayaquil, officially Santiago de Guayaquil, is the largest city in Ecuador, with a metro area population exceeding 3.3 million. It is one of the biggest cities in Latin America, as well as Ecuador’s main port. The city is the capital of the Ecuadorian province of Guayas and the seat of the namesake canton. Guayaquil is located on the western bank of the Guayas River, which flows into the Pacific Ocean at the Gulf of Guayaquil. 8% of its 344,5 km2 territory are rivers and marshland. The city is the center of Ecuador’s business and manufacturing industries, as well as a remarkable city for tourism, cultural activities and entertainment. Another common nickname among the people is the “Magic of the South Pacific” or the “Pearl of the Pacific”. Historical Background In Guayaquil and its surroundings, lies the oldest cultures of the Americas, the Valdivia Culture dating to 3900 BC. Guayaquil was established in 1547 as a shipyard and trading port for the Spanish Crown. It was the first city in Ecuador to obtain a definitive independence from Spain in 1820. Then it was the capital of the Province of Guayaquil Libre, but later was forced to join the Gran Colombia. In 1830 it was a part of the Republic of Ecuador as the political center of the country. The revolution that ousted marcista militarism abroad, the liberal revolution headed by General Eloy Alfaro, the May revolution that changed the government and the constitution of the time, and in more recent times the leadership of the project regional autonomy are important points history of the nation that have developed in the city. The original place where Guayaquil was founded, Las Peñas

The economic capital of ecuador Guayaquil stands out among the Ecuadorian cities for its high use of mass transit and diverse population. The port city is one of the largest in the Eastern Pacific. 70% of private exports of the country goes through its facilities, entering 83% of imports. Also, the shopping center, has dubbed the city as the “economic capital”. Guayaquil has a lot of companies, factories, and shops. It contains a wide range of industries, including sawmills, machine shops, foundries, tanneries, and sugar refineries as well as several manufacturers of consumer goods. Guayaquileños’ main sources of income are: formal and informal trade, business, agriculture and aquaculture. Most commerce consists of small and medium businesses, adding an important informal economy occupation that gives thousands of guayaquileños employment. Guayaquil maintains an infrastructure for import and export of products with international standards. The Seaport is the major trading point of the city. The Seaport is the largest in Ecuador and one of the biggest influx of shipping on the shores of the Pacific and José Joaquín de Olmedo International Airport. Additionally, it has an infrastructure of roads to other cities and provinces, which are considered the best in the country. GUAYAQUIL IS THE MOST IMPORTANT PORT CITY OF ECUADOR In 2009, the port of Guayaquil moved 12.37 million tons (mt) of cargo non-oil trade, which represents almost 80% of the total registered in the country, (15.48 million tons). For this result, the springs of Guayaquil Port Authority reported 7.32 million tons., and private ports totaled 5.05 million tons. In the same year, Puerto Bolivar registered 1.8 million tonnes., while Manta and Esmeraldas moved 667,426 and 636,591 metric tons., respectively.

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Guayaquil

AIR CARGO Guayaquil annually mobilizes approximately 70,000 air cargo tons, of which over 78% (55,000 tons) corresponds to exports and the rest imports. It has built an area of 14,430 meters square to get dry and refrigerated cargo, which are the new air cargo terminal that has been built adjacent to the Jose Joaquin de Olmedo Airport. IN GUAYAQUIL are located 24 OF 50 COUNTRY’S NO OIL LARGEST PRIVATE COMPANIES According to the Superintendency of Companies, (2009), in Quito were located 22 of these companies, and the remaining 4 were located in two cities, namely: Montecristi; Sangolquí, Eloy Alfaro (Duran) and Cuenca.

of national total sold by the industry. For 2009, is projected a value around $ 6800 million. GUAYAQUIL PROVIDED APPROXIMATELY 30% OF THE TAX REVENUE OF ECUADOR According to SRI, in August 2010 of $ 4812.28 Million were raised by taxes in Ecuador, and Guayaquil provided $ 1351.44 million (28.1%). Last year, these revenues accounted for 28.8% of the total. Guayaquil is the most important market power city. In 2009, sales of “Eléctrica de Guayaquil” represented 27.9% of national total

GUAYAQUIL IS AN INDUSTRIAL CITY According to the same data from the Superintendency of Companies, while in Ecuador, the economic activity classification is 40% engaged in trade, 39% for industry and the remaining 21% to other activities, in Guayaquil the classification is 49% industry, 39% trade and 12% other activities. In 2008, there were located in Guayaquil 2,053 industrial firms, which accounted for 41% of industrial companies nationwide, and 95% at provincial level. According to the survey of the “most recalled brands of Ecuador” (Journal Vistazo, November 19, 2009), 38% of those companies are affiliated to the Chamber of Industries of Guayaquil. Guayas industry employs 37% of people working in the manufacturing sector nationally. Between 2004 and 2007, Guayas industry had a share over 35% of the national industrial GDP. The most dynamic industries at the national level are part of the food industry (fish, meat, miscellaneous food products, sugar, cereals and bakery). Most of these businesses are affiliated with the Chamber of Industries of Guayaquil. Guayas industry recorded in 2008 total assets of $ 4,623 million, equivalent to 39% of the domestic industry, valued at U.S. $ 11.721 million The sales of the Guayas industry– the domestic market with more exportation in 2008, were $ 5,914 million and represented 36%

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Night view of the “Salado” embankment bridge

Natural resources Guayaquil is located on very fertile soil that allows for a rich and varied agricultural and livestock production. People grows cotton, oilseeds, sugar cane, rice, bananas, cocoa and coffee, mango, passion fruit, papaya, melon,etc. Guayaquil exports flowers and tropical plants. Also noteworthy is the production of fisheries. Guayaquil base much of their economy on seafood such as shrimp, tuna, sardines, etc. They have seafood for both domestic consumption and for export usually, naturally or canned. Most of the fleet and industry is settled in the area of the Gulf of Guayaquil. Guayaquil also exports wood (guasango, palo santo, muyuyo, pegapega, chipra, mosquero and cardo) that are able to withstand long droughts. There are numerous poultry farms and cattle and pigs ranches. In the Gulf area there are natural gas deposits of

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Guayaquil

great potential, therefore all its continental shelf is regarded as oil exploration.

URBAN REGENERATION Present-day Guayaquil continues to expand its tourism base, by beautifying and improving the city. Ongoing projects seek urban regeneration as a principal objective to the growth of the city’s commercial districts, as the increase of capital produces income. The city was reconstructed in all levels including sidewalks, parks, sewer system, it took the power and telephone lines underground. The city has also renovated its transit system with the construction of multiple infrastructures (streets, speedways, overhead passages, tunnels, etc.). In August 2006, the city’s first bus transit system, Metrovia, opened to provide a quicker, highcapacity service. One of the main projects was called Malecón Simon Bolivar, the renovation of the promenade (malecón) along the Guayas River with the addition of a boardwalk in 2000,

covers several kilometers, including, shopping center, craft center, restaurants, cinema, museum, botanical gardens, river tours, games for children and adults. Nuevo Parque Histórico is a park created in a housing development area called Entre Ríos (Between Rivers) in a mangrove wetland area. The park cost the city about 7 million dollars. It is a refuge for fauna and a zone of historical-architecture preservation, and has a traditions-and-history exhibition centre. The mayor has invested a lot of money in constructions projects across the city. This process has taken years, comprising the last two municipal administrations of Leon Febres Cordero and Jaime Nebot, and is still not finished. With historic monuments, renovations and expansions of levees, parks, Guayaquil has become a national and international tourist destination. The current municipal administration converted Guayaquil into a place for first-class international tourism and business multinationals as well as headquarters for fairs and international events.

View of Guayaquil from las Peñas (info@yelagraphics.com)

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Guayaquil

View of the Historical Park (info@yelagraphics.com)

CITY OF FAIRS AND INTERNATIONAL EVENTS

the magic of the south pacific: privileged location

Guayaquil is a city of commerce, privileged by its geographical location in South America, is a major business destination for international fairs and conventions.

Guayaquil is located in a privileged and strategic location. In the center of the world, close to the line of Ecuador has become the top-level logistic platform in Latin America.

In recent years there has been an effort to increase the international trade fairs such as the International Tourism Fair (FITE). Currently, more than 80 conventions and 18 fairs are being hosted in the city. With new high quality and business oriented hotels that are being built the room capacity of Guayaquil will continue to draw in more corporations. Guayaquil has a brand new Airport, modern bus terminal and the Convention Center.

Guayaquil has access to every country around the world due to its location in the Pacific. The city is located near the Panama Canal, reaching the Atlantic Ocean in a few days. Asian countries and Russia, across the Pacific, want Ecuador to be the port of entry of its products in Latin America.

The Simon Bolivar Convention Center is another pillar for the success of Guayaquil as a business destination. The Convention Center has the largest infrastructure; this allows their customers to organize all kinds of events including exhibitions, conferences, art shows, social events, business conferences and more. Currently, the fairs continue to increase and diversify. Almost any product or service has a fair.

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- Top-level logistic platform in Latin America. In recent years, infrastructures have been built in Guayaquil. More precisely, these are the key present and future infrastructures that are going to turn Guayaquil into the preferred logistic platform in Latin America.

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Guayaquil guayaquil sea port

* Total Port Area: 200 hectares. * Total length of dock area: 1,625 mtrs.

Guayaquil has become one of the largest and most important shipyards of America in the seventeenth century. Due to the commercial boom that the city remained in its early years, Guayaquil had to endure several pirate attacks.

The piers are distributed as follows: General Cargo * * * * * *

Nowadays, Guayaquil has one of the largest harbors in the eastern Pacific coast. Guayaquil is ranked 9th by the Economic Commission for Latin America and the Caribbean (ECLAC). The harbor was built between 1959 to 1963. 70% of private exports of the country goes through its facilities, entering 83% of imports. The Port of Guayaquil handles 93% of the country’s container traffic (representing 453 thousand TEUs) and 62% of its total cargo traffic of 5.6 million tons, making it the 13th busiest port in the Caribbean and Latin America. The Port of Guayaquil operates 24 hours a day, 365 days a year. Its geographical situation is:

Container Terminal * Number of moorings: 3 springs * Overall length: 555 mtrs. * Width of apron springs: 30 mtrs. * Container Storage Modules: 4 to 7,500 teus * Holds for consolidation and deconsolidation of merchandise: 3 of 7,200 m2 c / u. * Gantry crane of 40 tons. : 1 crane * Container Terminals: 2 * Container Carriers (Transtainer): 2

Latitude 2 ° 16 ‘51’’S Longitude 79 ° 54 ‘49’’W The port’s privileged location attracts traffic from the routes of Asia, the Far East and the Americas, especially those on the Pacific Coast. It is highly desirable for the Latin American cargo destined to cross the Panama Canal toward the east coast of the continent as well as towards Europe and Africa.

Bulk Cargo Terminal * Number of moorings: 1 pier * Overall length: 155 mtrs. * Storage Warehouse: 1 (30,000 tons.) * Number of bins: 3 of 6,000 tons. ea * Pneumatic system for loading and unloading of bulk: 1

Thanks to its legal framework private companies practice without restrictions its port activities. Ecuador is engaged in a successful action modernization of both ports and customs, creating a high degree of reliability for investments made in the country.

The seaport of Guayaquil is capable of providing services to all types of vessels, as well as handling and storing containers or any type of dry or refrigerated cargo. The main characteristics of the port are:

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Bulk liquid cargo molasses * Storage Area: 4,278 m2 * Storage capacity: 30,000 tons. * Metal tanks for molasses: 3 with 3,200 mt ea Vegetable oils * Storage capacity: 240 tons.

The lighthouse of Santa Ana (info@yelagraphics.com)

The port of Guayaquil has an adequate infrastructure for the development of international trade, which has optimal means for implementing operations. The port is providing all services required by ships and goods through highly specialized private operators, under the supervision of the Port Authority, acting in competition to meet the needs of demanding users, achieving high efficiency and cost reduction.

Number of moorings: 5 piers Overall length: 925 mtrs. Width of the pier apron: 30 mtrs. First line holds: 4 Second line holds: 20 Dangerous Cargo holds: 4

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Guayaquil Future Deep Water Harbour of Posorja A deep-water port is any port that can accommodate a fully laden Panamax ship. Posorja is a small village in Ecuador that lies close from the city Guayaquil at the delta of the Guayas River, the place where the future deep water harbour will be constructed. $450mil deepwater port project will be done by Spanish firm Alianza Internacional Portuaria (Alinport). The port would be capable of receiving ships with drafts of up to 15m. Alinport aims to attract 12% of the 5M TEUs of cargo that is currently shipped on the Pacific Ocean, much of which cannot enter Guayaquil port. The containers arriving at the future port of Posorja will have to be transported by land or sea to the Port of Guayaquil for downloading. The deepwater port project is a key component for three companies operating in Posorja that process 70 percent of national production and export of tuna. These are: Negocios Industriales Reales SA (NIRSA), the largest in the country, Empresa Pesquera Ecuatoriana SA (Empesec) and Salica of Ecuador.

José Joaquín de Olmedo International Airport Aeropuerto Internacional José Joaquín de Olmedo (IATA: GYE, ICAO: SEGY) is the airport of Guayaquil. It moved over 2 million national passengers and almost 4 million international passengers in 2010. The airport opened in 2006, on the same track of the previous airport but in a new building with 50 thousand square meters of construction. The airport was awarded by the ACI (Airports Council International) and ranked first in Latin America and Caribbean by region, and third place worldwide in airports for less than five million passengers. The use of this airport was predicted for the next 10 to 12 years, starting from 2006, or before exceeding the expectations of the capacity of 5 million passengers per year. As this already happened it is predicted to build a new airport in Daular area, 20 kilometers outside the city, near the highway connecting the cities of Guayaquil and the coastal resort of Salinas.

New Airport in Daular The current Jose Joaquin de Olmedo Airport will become saturated when reaching almost 180 000 opera-

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J.J. Olmedo Airport (info@yelagraphics.com)

tions per year. U.S. Mitre Corporation (an entity funded by the United States government and senior adviser to the Federal Aviation Administration (FAA), which operates the air traffic in that country), conducted a study in the area of airworthiness Daular, considered feasible to build the international airport of three parallel runways, 2 of 3.500 meters and the central of 4.100 meters, separated by 1.310 meters, that can last up to 80 years. According to a study of airworthiness, 2000 daily operations (takeoffs and landings) would be the limit to reach the final stage in the new international airport in Guayaquil. Mitre took into account parameters such as temperature, humidity, visibility, clouds, rain and thunderstorms. It was concluded that there are ideal viewing conditions for landing and takeoff for 99.75% of the time. Among the advantages of the place, according to the analysis, is the low wind speed area and soil type. The soil in Daular is rocky and supports about 21 tons (MT) per square meter. The best condition is that the site is surrounded by urban work, unlike the Guayaquil airport. The forecast is that in 2022 Guayaquil will require a new international airport, and the first phase of construction will be in 2019.

metrovia - mass public transportation system In August 2006, the city’s first bus rapid system, Metrovia, opened to provide a quicker, high-capacity service. Guayaquil, Ecuador’s most populous city, has achieved international recognition in the public transportation sector with its Metrovia system. The Metrovia system is

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Guayaquil

an innovative management, regulation and operational control concept operated by the city council. Metrovia transformed the city’s transportation system into a profitable and secure business for its operating companies, while offering better quality of life, mobility and accessibility to its users. The project replaces the city’s former public transportation system with a more rapid and efficient transit that will have 7 trunk routes. The new operational control center is geo-referenced and fully integrated with the electronic fare system in order to provide real-time control. The first phase of the project has already attracted impressive passenger traffic and revenues. The Metrovia Foundation established by the city is responsible for overseeing the entire operation. They plan future lines and ensures that bus system is running smoothly. Unlike other BRT Systems’ administrative entities, this one is funded entirely from space rental and other non-fare related income.

The modern bus terminal The gigantic bus terminal was opened in 2007, it has 183 000 m², with 154 outlet stores, 117 islands, a superstore, 91 box offices, 140 buses platforms. In addition to 15 restrooms, 8 sections of escalators and 3 inside, 6 forklifts, generators, emergency power and exhaust fumes. The brand new bus station hosts a total of 91 cooperatives buses. An average of 80 thousand people travel on a daily basis (42 million people per year). The Terminal Terrestre Foundation of Guayaquil serves 23% less people than the biggest bus terminals in the world, the Port Authority Bus Terminal in New York, 15% less passengers than the Sao Paulo terminal in Brazil, serving more than 17% of users the terminal Retiro in Buenos Aires, Argentina, being one of the most modern bus terminals in Latin America.

The new troncal of integration, called 25 of July, will be working from the end of 2011 and will transport 320.000 passengers per day. Metrovía station (info@yelagraphics.com)

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Guayaquil The best road network of the country Guayaquil, and its province of Guayas, has the most modern roads in the country and mobilizes approx. 73% of the country’s external trade. Much of the development is due to the concession to private companies of the construction and maintenance of the roads. Concegua and Conorte, that belong to Hidalgo and Hidalgo construction company, are responsible for maintaining 584.5 miles of main roads in Guayas. Conorte has invested $ 262 million over the next two decades. $ 138 million will be set aside for the operations and maintenance of the roads. Concegua has also invested $ 415 million, which added to the amount of Conorte’s will reach $ 677 million total investment in roads in the province.

Guayaquil, a touristic city Guayaquil is privileged to be at sea level. The city has mild tropical climate all year round. The city is known for its relaxed atmosphera and is perfect for sightseeing. It is an excellent shopping destination; your luggage can return full of articles such as balsa wood carvings, tagua (vegetable ivory), ceramics, textiles and jewellery, as well as a variety of works of art in paintings and pictures. In addition, you can enjoy wonderful beaches nearby the city and swimming pools during any month of the year. Some people say it looks like Miami or they compare with the Río de Janeiro of the Pacific Coast. Go to Guayaquil and discover the similarities.

New investments are coming: work on the sections by Conorte are expanding to four lanes of the road Durán-Jujan (USD 6.5 million), revenue sides in Santa Lucia ($ 3.9 million), Palestina ($ 5.1 million), Milagro ($ 8.8 million) entry and exit of Balzar (USD 4.9 million), El Empalme ($ 2.7 million) and the bridge over the River Milagro ($ 1.4 million). In the case of the roads in charge of Concegua, it will build the new bridge over the Verde River, for $ 1.2 million and three flights to 4 lanes on the road 26-kmNaranjal Puerto Inca, at a cost of USD 12 million. The Government is planning to build three super high-speed roads, leaving from Guayaquil to Machala, to Montecristi and to Santo Domingo. DIGITAL CITY Recently, Mayor Jaime Nebot has been working to close the digital divide in Guayaquil. By developing technology in the city it will allow the citizens of Guayaquil to have access to intelligent services. Such development can improve the local economy. The “Digital City Project” plans to give people more access to the internet. The target is to give internet to all the schools, high schools and universities. It is also planned that this citizens’ digital information will be available to hospitals like La Junta de Beneficiencia in case of emergency, the Corporación Municipal Registro Civil, Metrovia, etc.

Financial district

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Guayaquil

La Rotonda (info@yelagraphics.com)

MAIN ATTRACTIONS: • Malecón Simon Bolivar (The Embankment) This is the largest architectural development in Guayaquil in over a century. It is divided in three main sections: Northern, Central and Southern and offers a wide array of entertainment, cultural and natural activities as well as famous sites such the Moorish (Clock) Tower. A 2.5 km. extension offering great attractions such as the city’s historical monument, museums, gardens, fountains, balconies, malls, restaurants, bars, food courts, the first IMAX theater in Ecuador, wharfs, from where you can embark to carry out day and night trips down the river Guayas. • Santa Ana Hill The unique hill with its charming and colorful houses is located on the northern part of the city. After climbing 444 stairs you will have an opportunity to visit different restaurants, shops and art galleries. There is also a small church to visit as well as a lighthouse that overlooks the entire city. Located Northeast of the city, next to Las Peñas neighborhood and a few meters from the Embankment. You must climb 456 steps to reach the summit and be able to observe the northern part of Guayaquil.

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• “Las Peñas” neighborhood Adjacent to the stairways is “Las Peñas”, the first residential neighborhood of Guayaquil. Its wooden houses hold treasured memories from writers and poets that inhabited this area. • Malecón “El Salado” Smaller than Malecon 2000, this waterfront walk also offers numerous possibilities for entertainment, culture and nature. It is located at 9 de Octubre & La Ria. THE MORGAN SHIP. – A replica of the pirate’s galleon, who assaulted Guayaquil’s fortresses in the 1600’s navigating through the waters of the river Guayas. The sailboat that carries the name of Henry Morgan in honor of an officer pirate, recreates in tourist tours the historical events which took place in the colonial period. Tourist excursions start on Sucre Street on board of the schooner. DOWNTOWN. – Through its parks, buildings and museums present and past join together in a center of Guayaquil. To stroll around Guayaquil’s downtown is not only to contemplate the banking and commercial movement which generates on every corner of its warm port.

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Guayaquil

OTHER ATTRACTIONS: • Centenario Park. The park is located at the heart of the city and is one of the largest in Guayaquil. • Seminario Park. Also known as the Bolivar Park or Iguanas Park, it is located on Chile Street between 10 de Agosto and Clemente Ballén Avenues.

CIVIC CENTER “ELOY ALFARO” It was a joint venture by the Central Bank of Ecuador and the Municipality of Guayaquil. The Civic Center and the Forest Park, as well as PAO, have merged into a single project which aims at creating recreational spaces as means of education. This place provides a different alternative by introducing cultural management as its key component. The main theater has a capacity of 1,522 people and has two mini-theaters for 150 to 200 people. Location: Ave. Quito and Bolivia Telephone: 2444394. • General Cemetery. Famous for its outstanding sculptures made of white marble and stretches of palm trees.

• Sport Centers. Guayaquil is famous for its sport facilities, including one of the top 20 biggest soccer stadiums in the world, “Banco del Pichincha” of the S.C. Barcelona” (Del Bombero Av.). The city also hosts a modern horse track with races every weekend, the Hipódromo Buijo, as well as tracks for kart, bicycle, motorcycle and car races; There is a place to play basketball, golf, or water sports. • Other recommended attractions: “The Guayas and Quil” Monument (Las Americas Ave.), the Municipality Palace (Pichincha 605 and 10 de Agosto), the Governor´s Palace (Malecón and Aguirre), Sucre Square (Pichincha and Clemente Ballén), Rocafuerte Square (Rocafuerte and Junin), and the Planetarium (via Puerto Marítimo). CHURCHES: • The Cathedral. Location: corner of Chimborazo and Clemente Ballén. Visiting hours: 9h0012h00, and 14h00-17h00 every day. • Santo Domingo. Location: Rocafuerte and Coronel Ave. Visiting hours: 8h00 to 18h00. • La Merced. Location: V.M. Rendón and Pedro Carbo Ave. Visiting hours: Monday to Friday 7h10h00 and 18h-20h00. Free admission.

The Cathedral of Guayaquil

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Guayaquil

MUSEUMS: • Centro Cultural Simón Bolivar. CULTURAL CENTER “LIBERTADOR SIMÓN BOLÍVAR” Simon Bolivar Cultural Center is located next to the Las Peñas neighborhood, facing the Guayas River. It is an important part of the Malecon 2000 project of touristic, commercial and cultural development of the city.

Visiting hours: Tuesday thru Friday 09h00 to 17h00; Saturday and holidays from 10h00 to 15h00 Telephones: 2324182- 2324283 facebook: reddeespaciosculturales Free entrance

It consists of: • The Antropologic Museum and The Museum of Contemporary Art, that hold a collection of 50,000 archaeological pieces from the aboriginal period of the Ecuadorian Coast and a collection of modern and contemporary art. It has five exhibition halls and three rooms of Digital Arts. The museum also has a bibliographic fund. Address: Malecón Simón Bolívar and Loja Telephone: 2309400, 2309384- 85-86. Visiting hours: Tuesday thru Sunday 09h00 to 17h00 Sundays and holidays: 11h00 a 14h30 facebook: reddeespaciosculturales Free Entrance. • Casa de la Cultura. The museum holds the most valuable pre-historic gold work collection in Ecuador. Location: 9 de Octubre 1200 & Pedro Moncayo. • Guayaquil in History. Location: Malecon 2000 (under the IMAX Theater). Visiting hours: Mondays thru Sundays from 9h00 – 13h30 and 16h00 – 20h00. Admission fee: $ 1,50 adults. $ 1 children. • The Municipal Museum. This museum has four divisions: Archeological, History, Colonial Art and Modern Art. Located at the corner of Sucre Street and Pedro Carbo. Visiting hours: Tuesday thru Saturday 9h00 to 17h00. Free admission. Identification document is required.

Imax Theater and Guayaquil in History Museum

• Presley Norton Museum. Presley Norton Museum, named the founder of the Anthropology Program in Ecuador in 1979. Its aim is to show the customs of ancient inhabitants of Ecuador. It holds the collection of Norton-Pérez which is a property of the Pacific Bank. Address: Av 9 October and Carchi (esq). Visiting hours: Monday thru saturday 09h00 to 17h00. Telephone: 2293423 – 2293623 : reddeespaciosculturales Free Entrance • Naval Museum “Almirante Illingworth”. Location: Malecon & Clemente Ballen (Building of the Provincial Government of Guayas). Visiting hours: Monday thru Friday from 8h00 to 12h30 and 14h00 to 16h00. Free admission.

• Nahim Isaias Museum.

HISTORICAL ARCHIVE OF GUAYAS

NAHIM ISAIAS Museum, located at the Square of Integration (Pichincha and / Aguirre and Clemente Ballen), combines Colonial and Republican pieces of Art. Its entire collection includes more than 2,000 pieces of art, 1,536 which were declared a National Cultural Heritage by the Ministry of Education and Culture and a City Heritage by the Municupality of Guayaquil.

Preserves historical documents and photographs of the City of Guayaquil and the Province of Guayas of Ecuador, supports the historical research, and publishing. Address: Ave. Alberto Borges and Juan Tanca Marengo. Telephone: 2394441 -2394440 Visiting hours: Lunes a Viernes de 08h30 a 17h00

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Guayaquil

Free entrance archivohistoricodelguayas@gmail.com : reddeespaciosculturales • The Firefighters Museum “Felix Luque Plata”. Location: old water distributor in Plaza Colon, close to “Las Peñas” neighborhood.

SURROUNDINGS: • BOTANICAL GARDEN. Location: “Cerro Colorado” in northern Guayaquil, Ciudadela Las Orquideas, Av. Francisco de Orellana. Open every day from 8h00 to 16h00. Guide service is available, as well as workshops and conferences on plant cultivation. • CERRO BLANCO PROTECTED FOREST. Located at km 16 on the way from Guayaquil to Salinas, in front of Roosevelt Academy School. Open every day from 8h00 to 16h30. Previous reservation is required for visits during week days. Visits Monday thru Sunday from 8h30 to 15h30 without prior reservation. Email: bosqueprotector@yahoo.com; www. bosquecerroblanco.com • GUAYAQUIL’S HISTORICAL PARK. – A natural habit of mangrove trees, the fresh waters of the Daule River, and the tropical climate, as well as dif-

ferent cultural and festive activities held every Sunday. It has a mangle forest that can be visited by tourists through a wooden path. The place counts on a replica of the old Guayaquil. Some of the edifications are original and were moved to the park. Likewise, its history and main fauna can be discovered not only of the city but of its old province. It is located only 10 minutes away from the city crossing over the Daule River, close to the residential neighborhood of Samborondon Nº3. Open Wednesday to Sunday from 9h00 to 16h30. Guide and transportation services are available. PUERTO HONDO MANGROVES. Ecological club has excellent ecotourism opportunities. It is located at km 17 on the way from Guayaquil to Salinas. Open every day from 9h00 to 17h00. Prior reservation is required for visits from Monday thru Saturday. Email: bosqueprotector@yahoo.com THE ISLE OF SANTAY. – Located across from Guayaquil, it is a natural flora and fauna reserve and you can travel towards it by barge from one of the peers on Simon Bolivar embankment. The excursion will take place with a local guide. You can enjoy and discover these and other attractions of the Pearl of the Pacific.

Malecon cruce de puente (info@yelagraphics.com)

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TOURISM INDUSTRY

With patience, the sky wins Ecuadorian proverb

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Tourism Industry TOURISM INDUSTRY 4 worlds in one country Ecuador is an extremely diversified country that combines the Andean mountain range, the Amazon, the Pacific Coast and marvellous Galapagos Islands. 2.5 million hectares for hospitality The tourism industry or the industry “without chimneys” (“industria sin chimeneas”, trans. Spanish) in Ecuador expects to receive 1,6 million tourists by 2020. That is the projection of the Ministry of Tourism in its Plandetur 2020. The ecotourism and the communal tourism will be at the heart of the sector. In fact, in Ecuador, there are 2.5 million hectares of environmental, cultural and touristic treasures that are in the hands of communities. That is where the gold mine for new thematic routes is. It is projected that at the end of the next decade there will be 19500 tourist enterprises against the 12500 existing today. AMA LA VIDA – LOVE LIFE “Ecuador loves life” (“Ecuador ama la vida”, trans.

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Spanish), is the country’s new tourism slogan. The new brand of the country is based on the image of the sun and the Earth, with different colors that reflect its mega-diversity, including pre-Columbian designs, fabrics, flowers, fauna, among others. Ecuador is a country full of colors and one of the major tourist destination in Latin America. Initial investment made for its international campaign was $16 million USD, but it expects to reach about $40 million USD.

Reasons for coming to Ecuador Among the main reasons for coming to Ecuador is the combination of the Galapagos Islands and the city of Quito that has been declared a UNESCO heritage. 70% of the visitors chose this two step trip. Nature and culture have always been a beneficial combination, but nevertheless there is much more to explore in Ecuador. Products and Destinations Tourism in Ecuador is considered a strategic sector by the current Government that has been promoting innovation strategies in order to improve its structure

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and organization. One of the main presidential decisions was to make tourism the first productive bet of the country, in line with the fundamental principles of the Constitution and the objectives of the National Plan for Good Living, based on participation, social inclusion, transparency, and decentralization. The importance of the sector to the Government is reflected in the progressive increase in the budget assigned for its development, from $6 million USD in 2007 to $30 million USD in 2010, which would allow constructive development of 6 key areas, including the Strategic Plan for Sustainable Tourism Development in Ecuador (PLANDTUR 2020), Training and Human Resources Development, Development and Investment, Transverse Measures for Tourism, Tourist System Governance, Development of Tourist Facilities, and Marketing & Promotion. With regards to the Marketing & Promotion area, $6 million USD is expected to be invested by the Tourism Promotion Fund in the development of promotional campaigns aimed at consolidating positions in the domestic market and major international markets such as Peru, Colombia, Venezuela, United States, among others. The tourism product is a structured proposal that will incorporate services such as transport, accommodation and travel guides, among others. Each product must include three fundamental attributes: attraction, facilities and accessibility. There has been made a series of studies to identify clearly what the country can present in terms of tourism. The Strategic Plan for Sustainable Tourism Development in Ecuador “PLANDETUR 2020” determines that the concept of a regional tourist destination is applicable to socalled macro areas, which are geographic spaces with unique characteristics, in which tourism development occurs or is powered depending on unique environmental, cultural, economic and political factors. This concept is applicable to Ecuador with its natural and cultural diversity with ten regional tourist destination (Sierra Norte, Sierra Centro, Austro, North Coast, Central Coast, South Coast, Northern Amazon, Central Amazon, Frontera Sur and Galapagos) and two Metropolitan Districts (Quito and Guayaquil). For the development of these destinations there have been identified several product lines: • Community Tourism • Sun & Beach • Cultural Tourism • Health Tourism: Thermalism - ancestral Medicine – Spa’s • Congress & Conventions Tourism - meetings, incentives, conferences,

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exhibitions and fairs • Sports and Adventure tourism - Land Sports – River Sports - Aerial sports - Water Sports • Cruise Tourism • Theme Parks • Agrotourism - Farmhouses, farms and plantations • Ecotourism - National Parks - Reserves and private forests - Rivers, lakes, ponds and waterfalls • Circuits and Routes • Scientific, Academic, Voluntary and Educational Tourism PRODUCTS AND TOURIST DESTINATIONS OF ECUADOR For proper positioning and promotion of tourism products in Ecuador, there has been developed a Comprehensive Tourism Marketing Plan of Ecuador (PIMTE). The offer is structured around the concept of Tourist Worlds, where destinations that make each World are identified, tourism product lines are developed in each of them, and finally, the supply of tourist services is presented for each of the Worlds, which are Galapagos, Coast, Mountains and Amazonia. Galapagos • Regional Destinations: Galapagos • Main destination: Galapagos Islands • Main product lines: general tourist circuits, ecotourism and nature tourism, wildlife watching, sun and beach, as well as sports and adventure: diving and surfing. Costa • Regional Destinations: North Coast, Central Coast, South Coast, Guayaquil Metropolitan District • Main destination: Isla de la Plata, Paseo de los Sabores: cacao, banana, coffee. Machalilla National Park, Petrified Forest of Puyando, Ecological Reserve of Cotacachi-Cayapas, Puerto López, Montecristi, Manta, Bahia, Guayaquil, Montañita • Main product lines: Round trips and routes, sun and beach, Community Tourism, Cultural Tourism: markets and crafts, ecotourism, flora and fauna (whale watching), Theme Park, Sports and Adventure: Surf, rural tourism, Health Tourism, Cruises. Andes • Regional Destinations: Sierra Norte, Sierra Centro, Austro, Frontera Sur, Quito Metropolitan District • Main destinations: Quito, Cuenca, Ibarra, Otavalo, Cotacachi, Cotopaxi National Park, Avenue of the Volcanoes, Cloud Forest of Mindo, Ingapirca, Podocarpus National Park Vilcabamba, Quilotoa Lake, Riobamba,

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Cajas National Park, Ecological Reserve El Angel, Baños deTungurahua, Vilcabamba, Fauna Production Reserve of Chimborazo, Avenida de las Cascadas, Ruta de las Flores. • Main product lines: Round trips and routes, Community Tourism, Cultural Tourism: cultural heritage, markets and crafts, Religious Tourism, Urban Tourism, Archaeological Tourism, historic farms, Ecotourism and Nature Tourism: flora and fauna observation, Adventure Sports: climbing, trekking, mountain biking, bungy, horseback riding, rafting, health tourism, thermal waters, spa’s, farmhouses, Congress and Convention Tourism.

relative values of: 5.59%, 2.38%, 2.21% and 1.96% respectively.

Amazon

Regarding foreign exchange earnings from tourism, in the first half of 2010, the country recorded a total of $386.8 million USD in its Balance of Payments (Travel + passenger air), which means 18.98% increase compared to the first half of 2009. Out of this amount, $384.3 million USD corresponded to direct purchases made by non-residents in the country and $2.5 million USD to expenditures associated with air transport.

• Regional Destinations: Northern Amazon, Central Amazon • Main destination: Yasuni National Park, Wildlife Production Reserve of Cuyabeno, Sangay National Park, Napo Wildlife Center, Orellana Route, Amazonian Lodges, Antisana ecological reserve, ecological reserve Limoncocha, Cayambe-Coca Ecological Reserve, Puyo, Manatee Route, National Park Llanganates, The Four Worlds of Ecuador (Galapagos, Costa, Andes and Amazon). • Main product lines: General Tours, Community Tourism, Cultural Tourism, Ecotourism: observation of flora and fauna, Adventure Sports: bungy, rafting; Theme parks; Health tourism: spas, Agrotourism & Cruises (river) Ecuador maintains growth of receptive tourism The growth of inbound tourism demand in Ecuador, as for October 2010, was very strong, from 800,464 foreign arrivals in 2009 to 869,358 in 2010, which means a growth of 8.61% in the period January - October. According to provisional statistics submitted to the Ministry of Tourism by the National Directorate of Immigration, in October 2010, there were 83,681 arrivals, while in October 2009, the figure was 77,960 foreigners.

The famous Cathedral of Cuenca, in the Azuay Province

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It should be noted that during this period about 97% of movements (input / output) are registered by four Immigration Headquarters located in Quito and Guayaquil airports and the borders of Huaquillas and Rumichaca. 70.5% of tourists arrive by plane, while 26.3% by land.

These results reflect the great work being done by the Ministry of Tourism, which was able to position Ecuador as the worldwide leading destination for sustainable tourism. BEST COMPANIES ACCORDING TO EKOS MAGAZINE 1. Hospitality This activity represented total revenues of 700 mln USD due to the excellent management of touristic options in the country. Top 5 companies: 1. Quitolindo Quito Lindo S.A. 2. Hotel Colon Guayaquil S.A. 3. Karabu Turismo CA 4. Promotora Hotel Dann Carlton Quito, Promodann Cia. Ltda 5. Continental Hotel SA

2009

2010

Arrivals of Tourists by Month (Ministry of Tourism)

Among the main markets registered during the period January-October period are: United States, Colombia and Peru, with a significant percentage share of 24.04%, 19.28% and 14.92% respectively, and countries such as Spain, Germany, Britain and France with

Colombian market has registered a 31.6% growth in the period from January to October 2010, from 127,407 to 167,604 arrivals.

JAN

86.544

96.092

FEB

72.742

89.912

MAR

72.226

82.421

APR

72.910

70.538

MAY

70.277

77.619

JUN

89.889

91.588

JUL

102.571

110.543

AUG

87.221

95.207

SEP

68.124

71.757

OCT

77.960

83.681

NOV

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DEC

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ANDEAN TRAVEL COMPANY Andrés Benitez Marketing Manager Av. Amazonas N24-03 and Wilson Edif. CJ, 3rd floor, Quito Tel: +593 2 2228 385/ +593 2 2228 487 www.andeantc.com Area of activity: Destination Management Company Andean Travel Company (ATC) is a comprehensive Destination Management Company for Ecuador & Galapagos, Peru and Bolivia. ATC provides B2B travel services to a worldwide clientele, from grassroots adventure trips up to highend escorted tours. The company is fully committed to the satisfaction of its clients and its own responsibility towards tourism, providing the highest standards in safety, quality and value creation. Moreover, its vast knowledge and product insight has made Andean Travel Company specialists in many different types of tourism such as community based tourism, archaeological tourism and agricultural tourism. ATC is also highly involved in nature

oriented tours such as bird watching and it is more than familiar with adventure tours such as trekking and mountaineering, offering unique itineraries. Aside from its extensive network of ground services ATC proudly presents its exclusive products:

COTOCOCHA AMAZON LODGE: www.cotococha.com ANDES & AMAZON PACKAGES: www.andesandamazon.com GALAPAGOS VOYAGER: www.galapagosvoyageryacht.com GALAPAGOS ODYSSEY: www.galapagosodysseyyacht.com GALAPAGOS GRAND ODYSSEY: www.galapagosgrandodyssey.com (unbranded version to be launched soon) COTOCOCHA AMAZON LODGE is a lovely and luxurious Amazon retreat with lots of comfort and privacy. Its main advantages are its nearby location to the capital of Ecuador (only 4 hours) and the wide array of excursions offered. The new Andes & Amazon Odyssey, with its sustainable partners Termas de Papallacta Spa &

“Ecuador ama la vida” and you?

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Resort and Luna Runtun, The Adventure Spa, shows the unrivalled diversity of Ecuador in as few as 5 days, staying at the most exclusive and sustainable properties en-route, the perfect add-on for any Galapagos Cruise! GALAPAGOS VOYAGER, a comfortable first class yacht with capacity for 16 passengers, is offering 3, 4 and 7 night cruises. Its main advantage are its cabins, they are all located on the main deck and upper deck and feature large windows which can be opened. GALAPAGOS ODYSSEY, a spacious luxury yacht with capacity for 16 passengers. This yacht is operated together with ATC business partners from Galaodyssey. The vessel features many luxurious items in a classic ambiance and is definitely of the highest standard for a small group Galapagos experience, offering itineraries from 4 up to 14 nights. The itineraries are similar to the Grand Odyssey which allows ATC to offer cruises for groups up to 32 pax.

GALAPAGOS GRAND ODYSSEY, the newest and most extravagant product. The Grand Odyssey is an exclusive and luxurious mega yacht with a capacity for only 16 passengers, featuring the most spacious suites as well as two jacuzzis, a massage room and much more. The Galapagos Grand Odyssey had its maiden voyage in February 2011. It is aiming to be the absolute top-notch yacht in the Galapagos Islands with superb itineraries and a new and modern interior, setting new standards for the future of cruising in the Galapagos Islands. ATC and all its employees are highly dedicated to provide sustainable products for tourism. They truly understand the delicacy of the ecosystems and local communities in which the company operates and, as a reward for its persistent efforts, ATC is an approved and verified DMC by Rainforest Alliance. Additionally Cotococha Amazon Lodge has been granted with the Smart Voyager certification.

Cotococha Amazon Lodge and Galapagos Voyager

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Exclusive Hotels & Haciendas of Ecuador László Károlyi General Manager Hotel Café Cultura Robles E5-62 and Reina Victoria Quito. Tel: +593 2 2224271 info@ehhec.com. www.ehhec.com

Ecuador itself has so much to offer the visitor, from enchanting colonial cities to volcanic national parks, from colorful indigenous markets to the natural world of the cloud forests and rainforests. With Exclusive Hotels & Haciendas of Ecuador your trip to this breathtaking Andean nation will be an experience of a lifetime.

Area of activity: hospitality Date of creation: 1993 (first hotel), 2006 (the group) Exclusive Hotels and Haciendas of Ecuador offers a unique collection of boutique hotels, haciendas, lodges and spas, from up and down this ‘small but beautiful’ country. They are delighted to share with travelers from around the globe this host of beautiful places to stay, each one brimming with hospitality, warmth, charm and character. Using these wonderful accommodations, they coordinate private and personalized tours around Ecuador, ensuring that visitors experience the best of what this diverse country has to offer. The Exclusive Hotels & Haciendas of Ecuador group was set up in 2006 by the successful hotelier László Károlyi. László is credited with opening the first ever boutique hotel in Ecuador, Café Cultura, which has been in operation since 1993. Since its opening, Café Cultura has become the place to stay in Quito, offering a home away from home experience for travelers from all over the world. László, seeing the potential of forming collaboration between similarly owner-run, charming hotels in Ecuador, came up with the idea of creating Exclusive and hasn’t looked back since. The group has now been successfully running for many years, offering visitors to Ecuador the best in what this distinctive country has to offer. Exclusive Hotels & Haciendas of Ecuador guarantees that each of the accommodations which it represents meets the following criteria: • Small Hotel: The hotel is small to medium in size and offers guests a unique experience. • Well Located: The property is strategically located close to a main tourist destination in Ecuador. • Cultural: The establishment has an important cultural, architectonical and/or historical value in Ecuador. • Owner-run Hotel: The owner is actively involved in the day-to-day running of the establishment. • Designer Hotel: The interior design, standard and service offered in rooms, restaurant and facilities is of a high level. • Sustainable Hotel: The hotel is working towards having a sustainable operation with ecological and environmentally sound practices.

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Entrance of the Café Cultura boutique hotel in Quito

HOTEL ORO VERDE GUAYAQUIL Edmundo Kronfle General Manager Nueve de Octubre 414 and García Moreno Guayaquil Tel: +593 4 2327999 Fax: +593 4 2329350 reservas_gye@oroverdehotels.com www.oroverderguayaquil.com Area of activity: hotel Date of creation: 1981 Created in August 1981, the Hotel Oro Verde Guayaquil was the first 5-star Hotel in the city. Located in the heart of Guayaquil, Ecuador’s largest city, and only 7 minutes from the International Airport Simon Bolivar, it has become the flagship hotel and reference in the city. Since its inception, it has been a member of the “Leading Hotels of the World” chain that brings together the 400

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best hotels in the world distinguished by their quality of service, infrastructure and innovation. The Oro Verde Guayaquil is also the only hotel in Ecuador with 4 international certification standards such as the ISO 9001 - Quality standard, ISO 14001 - Environmental standard, ISO 18001 - Occupational Health and Safety. It was the first hotel in the world to achieve these 3 qualifications in 2007. The fourth is the Smart Voyager which is a certification from the Rainforest Alliance’s that promoted sustainable tourism. A prestigious international tourism magazine has ranked it among the top 10 hotels in Latin America and the Caribbean in terms of service. In addition, during the past 7 years they were winners of the World Travel Awards, which is the industry’s “Oscar” given to best hotels in Ecuador and best business hotels in South America. The Hotel Oro Verde in Guayaquil has 230 beautifully decorated rooms, 28 executive suites and 5 suites in the Club Majestic Floor, including a magnificent Presidential Suite. The rooms are equipped with luxurious beds, flat screen TV with cable including premium channels and everything that a visitor could imagine. Equipped with a business centre and conference rooms with the capacity of 1500 people and 2000 square meters, it is the ideal hotel for conferences, seminars and other events. For leisure activities, there is a modern gym with Jacuzzi, sauna, massage room and a swimming pool. Hotel Oro Verde Guayaquil is a traditional European style hotel, distinguished for its service and unique cuisine. They have Le Gourmet Restaurant with international cuisine, La Fondue Swiss specialties, El Patio for light meals with international flair and flavour of Ecuador, and the Gourmet Deli sandwiches, chocolates, cakes and other delicacies that can satisfy every taste. After having a meal in one of its restaurants, you can relax in El Capitan Bar with live music and exotic cocktails.

GRAND HOTEL GUAYAQUIL Gino Luzi General Manager Boyaca entre Clemente Ballen and 10 de Agosto, Guayaquil Tel: +593 4 2329 690 Fax: +593 4 2327 251 info@grandhotelguayaquil.com www.grandhotelguayaquil.com Area of activity: hotel The Grand Hotel Guayaquil is unique in the city; it shares a whole city block where the largest and the most spectacular Cathedral in Guayaquil is located. The Cathedral’s spires and impressive stained glass windows adorn the hotel’s inner court that includes a cozy pool, a waterfall and a lush 45-foot tall climbing garden. The Grand Hotel Guayaquil has a long tradition of personalized friendly service. The hotel’s 182 rooms are generously sized, handsomely decorated and are full of amenities. And the hotel’s restaurants combine the local history with tasty cuisine... The Grand Hotel’s gym is a 7000 sq.ft rooftop sports complex. Guests can play squash in two courts, relax in a sauna and/or steam sauna have a massage or stretch out on the sun deck with a great view of the Cathedral. And for staying in shape there is an aerobics instructor and the latest training equipment. The Grand Hotel Guayaquil’s is located in a walking distance to the newly constructed riverside park and the shopping complex, Malecon 2000, as well as governmental, financial and commercial centre of the city. The Hotel is located 4 miles from the International Airport (10 to15 minutes).

Inside pool of the Grand Hotel Guayaquil

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HOWARD JOHNSON HOTEL IN QUITO, GUAYAQUIL, MANTA AND LOJA Santiago Galarraga General Manager Howard Johnson Quito Alemania E5-103 and Republica Quito Tel: +593 2 226 5265 Fax: +593 2 226 4264 reservas@hojo.com.ec www.hojo.com Area of activity: hotel Whether you are interested in a business executive hotel or just looking for a place to enjoy your holidays with your family, one of the Howard Johnson Hotels is the right choice. Member of the international Wyndham Group with more than 6.000 hotels worldwide, Howard Johnson Group in Ecuador is managed by the GHL international Columbian Hotel Management Group, but has Ecuadorian owners. GHL group is present in 5 countries (Colombia, Ecuador, Panama, Peru and Chile) in 21 cities (Bogota - Medellin Cali - Santa Marta - Velledupar - Ipiales - San Andres Island - Guayaquil - Quito - Manta - Loja - Panama - Colon - Lima - Cusco - Yucay - Puno - Arequipa - Osorno - Calama – Concepción). Other representative numbers are: 40 Industrial Feeding Operations, 23,000 Vacation Club Members, 19,000 Food and Beverage Daily Services. Howard Johnson Hotels in Ecuador, offer about 100 comfortable rooms in each one with a 24 Hour Restaurant and 24 Hour Room Service. Each Hotel features WIFI Internet Connections, Business Center and 2 Meeting Rooms, as well as offers a Complimentary Shuttle (Airport/Hotel/Airport) and a Complimentary Welcome Drink. All rooms are equipped with Super Premium Cable TV LCD 32in. The Howard Johnson Hotels are located strategically near the airports or new downtowns.

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HOSTAL DE LA RÁBIDA Sergio and Judy Owners La Rabida 227 and Santa Maria. Quito Tel: +593 2 2221 720 / +593 2 2222 169 info@hostalrabida.com. www.hostalrabida.com Activity: hotel Slogan: “Your Home away from Home” This beautiful old family home was restored a few years ago to transform it into a comfortable and charming South American hotel. The intention was to make it a special place for guests looking for an elegant and intimate place to stay in Quito, Ecuador. Hostal de la Rábida is a traditional house restored into a first class, charming Quito hotel. It offers its guests the gracious atmosphere and style of a beautiful vacation home, with friendly and knowledgeable staff whose priority is to ensure that each guest’s stay is an enjoyable and memorable experience. One can relax in the warmth of the log fire, sipping a glass of good wine or his favorite cocktail. He can borrow a book from the library or chat with fellow guests, as well as dine in a cozy restaurant, looking out onto the garden, residence of a pet rabbit, Brownie. The hotel is situated in a quiet residential neighborhood, but near many places of historical and tourist interest. Hostal de la Rábida has 11 charming and tastefully decorated rooms, each one unique. Some rooms have terraces and others open onto the courtyard and garden. All rooms have recently been fitted with fixed electric heating units. All rooms also have private bathroom, with hairdryers and complimentary soaps, shampoos and face towels, smoke detectors, internet wi-fi, Cable TV, 220 & 110V, direct phone and safe deposit box. Beds are covered with a soft down comforter with white, pristine duvet covers. Complimentary pure water, chocolates and flowers are placed in the rooms each day.

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• First Class Hostal • Max capacity 22 guests • Single 2, Double 7, Triple 2 • 1 Restaurant serving Breakfast, Lunch and Dinner, with vegetables from its own organic garden. • 24 hour Reception, Security and Room service, Laundry service, Wake up call, Free internet access 24 hours, Wireless available in all areas, 220V and 110V in all bedrooms, free storage room for luggage, English, French, Italian and Spanish spoken, Living room with fireplace, Bar, small library, garden, heating in all bedrooms, private parking, transportation to and from airport provided at extra cost.

In Quito you will find the Hostal de la Rabida where its staff will help you to feel at home with a cozy atmosphere and located in the heart of Quito. Quety Tapia Manager of Hostal de la Rábida

HOTEL HILTON QUITO AND GUAYAQUIL Hilton Colon Guayaquil Franz Mose General Manager Av. Francisco de Orellana Mz. 111. Guayaquil Tel: +593 4 2689000. Fax: +593 4 2689149 www.hilton.com Hilton Colon Quito Rafael Terán General Manager Amazonas N 1914 and Av. Patria Avenida Quito Tel: +593 2 2560 666. Fax: +593 2 2563 903 www.hilton.com Area of activity: hotel Hilton Guayaquil: Elegance, comfort, security and personalized service are just some of the characteristics that make Hilton Colón Guayaquil a real five-star city resort hotel. The splendid building is located only five minutes away from the José Joaquín de Olmedo International Airport in the city’s new booming commercial and financial zone. The hotel is surrounded by the main shopping centers and offers easy access to the downtown district area. Hilton Colón Guayaquil Hotel features: • 294 suites and rooms • Five restaurants and three bars • Room service available 24 hours

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• Business center • Meeting rooms, congress and convention facilities with a capacity for 1800 people • Outdoor pool • Health club & spa Hilton Quito: Just 20 minutes from the Mariscal Sucre International Airport, the Hilton Colon Quito hotel is just 10 minutes’ walk from the colonial Old Town, a UNESCO World Heritage Site. Relax in their Fitness Center & Spa equipped with the outdoor heated pool. Choose from 5 dining experiences, including gourmet Mediterranean at Portofino and Japanese at Kioto. All Hilton Colon Quito hotel rooms have wireless internet access. Choose a Suite for mountain views or an Executive Room for Executive Lounge access. Both rooms and suites are equipped with all the necessary details to provide the most relaxing and satisfying experience both for business and leisure travelers. All rooms and suites have A/C with individual control, plasma TVs with cable system, modern work area with three phone sets, an answering machine, broadband and wireless internet, hair dryer, mini bar, safety boxes, soundproof windows, sprinklers, smoke detectors, electronic locks, among other necessary facilities. We are a hotel with a great capacity, very successful and very complete, with different choices from our famous restaurants and a large convention centre. Franz Moser General Manager Hilton Colon Guayaquil METROPOLITAN TOURING Paulina Burbano de Lara Executive President Av. De las Palmeras N45-74 and Av. de las Orquídeas Quito Tel: +593 2 299 0600 www.metropolitan-touring.com Area of activity: Tourism Date of creation: 1953 Employees: 650 Metropolitan Touring has a consolidated experience of more than 50 years in providing guests and travelers with unique travel options, a valuable selection of exciting and innovative destinations to the most amazing cities and natural areas of the world. Metropolitan Touring has been operating since 1953, presenting every year outstanding growth as a result of a

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service strategy tailored to general and individual requirements of its customers. It started its operations in Ecuador, and then Expanded to Argentina, Brazil, Chile, Colombia and Peru. Leader in the domestic market, today it is one of the largest companies in the tourism sector. Metropolitan Touring is a pioneer company in its operations in the Galapagos Islands. Nowadays, it has three cruise ships: MV Santa Cruz, Isabela II and La Pinta. The company also owns the Finch Bay Eco Hotel on the Santa Cruz Island. In 2011, Metropolitan Touring is planning to inaugurate two fantastic properties: a boutique-hotel in the historic center of Quito, La Casona de San Miguel, and an exceptional lodge, Mashpi, built and operated according to the best practices of sustainability, in a private rainforest reserve of Andes, with an enormous biodiversity and just two hours away from Quito. With over 50 years in business, Metropolitan Touring is proud of its team of destination specialists with deep knowledge of each country and ready to provide operational support during 24 hours. Metropolitan Touring distinguishes its environmental policy as one of the key priorities of the business. The company is constantly seeking to create a positive impact in the communities where it operates, as well as to help preserving the integrity of ecosystems. In 1997, Metropolitan Touring was selected as the exclusive representative of the organization Ecuador BCD TRAVEL, for its outstanding performance and quality standards in services provided.

THE MUNICIPAL TOURISM FOUNDATION OF CUENCA Gladys Eljuri AntĂłn Director Bolivar 8-44, between Luis Cordero and Benigno Malo Cuenca, Azuay Tel: +593 7 2840 383 / +593 7 2832 415 www.cuenca.com.ec Area of activity: Tourism Date of creation: 2006 The Municipal Tourism Foundation of Cuenca is an entity that is officially responsible for promotion of

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Cuenca and its surroundings through the development of various activities. From the tourism point of view, Cuenca is a very attractive city with a growing potential. Cuenca has appeared in numerous national and international magazines for its outstanding beauty, as well as for being an ideal destination for retired American and German people looking for high quality tourism. Cuenca is well-connected with other countries with 18 daily flights offered by airlines such as Aerogal, LAN, Tame or AirCuenca. Thanks to numerous efforts of the Foundation, Cuenca is gradually becoming an attractive international destination with visitors coming from Americans, Peru, Colombia, Germany, France and England, among others. The foundation has developed a number of strategic initiatives for local, national and international tourism development of Cuenca. To that end, there have been established numerous facilities in order organize national festivals, as well as other tourism projects aimed at promoting ethnographic and cultural diversity in the area. The foundation has also launched a special campaign to prepare and educate local people on the topic of importance of rediscovering their values, natural and cultural heritage. When it comes to international activities, the Tourism Foundation of Cuenca is actively participating in various international fairs, such as FITUR that was held in Madrid in 2011 in Madrid. We need investment in Cuenca, especially in hotel infrastructure, because our city is growing rapidly within the area high-level tourism. Gladys Eljuri LE PARC BOUTIQUE HOTEL Joseph Schwarzkopf Owner RepĂşblica de El Salvador N34-349 and Irlanda Quito Tel: +593 2 2276 800 / +593 2 227 7870 www.leparc.com.ec Area of activity: hotel Date of creation: 2009 Le Parc is a luxury boutique hotel with a distinctive concept located in Quito. The hotel has 30 executive suites that are distinguished by their unique de-

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sign and architecture that allows the hotel to provide each client with a personalized service. Each room is about 42 sq. meters with an average occupation rate of 42, 56 and 71% during the last three years respectively and with a forecast of 85% for the upcoming year.

and personalized treatments depending on individual needs.

One of the strategic objectives of the hotel is to further expand up to 70 suites, but maintain the same quality of highly professional personalized services.

Le Parc Boutique Hotel is proud of being awarded a “five star Diamond award” by The American Academy of Hospitality Sciences, as well as of being considered a Green Hotel for its special policy for the Environmental Care y the quality and professionalism of its personnel (rotation less than 0,5%).

Le Parc Spa by L’Occitane is designed to provide quality services of personal comprehensive care to help improve lifestyles, as well as physical and mental states of its guests.

The hotel also offers its guests a wonderful terrace sponsored by Don Perignon and a restaurant “Neu Bistro” which is its own brand.

The price of one night is approximately 150USD.

Le Parc Spa chosen L’Occitane French products as an indispensable resource to offer a variety of therapeutic treatments. Therapies include Body Treatments, Facials, Hands, Legs, Feet. The variety L’Occitane line offers help to develop specialized

Swimming pool of a well known hotel in Quito with views to Guapulo

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TRANSPORT

Where less expected, a hare jumps Ecuadorian proverb

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Transport OVERVIEW

Cargo Transport:

Ecuador has one of the most functional and effective transport networks in Latin America as a result of its rapid modernisation and growth in a very short time.

The main product transported by air cargo is flowers. These are flown predominantly from Quito.

The transportation sector, being one of the most important activities within the process of consolidation of the economic system, contributed $1.800 million USD to the GDP of Ecuador. The most recent statistics registered around 905 000 vehicles in Ecuador, 95% of them for personal use.

There are many flying destinations within Ecuador, including the city of Coca in the Amazon

Evolution of air transport:

Railway Station Kumasi, 2005

AIR TRANSPORT Passenger transport: You can take a flight between major cities like Quito, Guayaquil, Cuenca, but also other cities in the country thanks to the new airports that have been built in the last years. The air system is the most efficient, more so than in other Andean countries, and, being a relatively small nation, it is also cheaper. As a result, domestic flights are relatively frequent in Ecuador. During 2009, 1,324,121 passengers entered the country, according to the statistics provided by the airports of Quito and Guayaquil, of which more than half, 59% did it via Quito and 41% via Guayaquil. In the same year, 1,282,631 passengers left the country, of which 56% did it from the airport in Quito and 44% from Guayaquil. The main airports of the country are Quito International, which is about 10 km north of the city, and Guayaquil, which is 5 miles north of central Guayaquil. Their proximity to the city makes taxi and bus services quite frequent.

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The CNAC, as a regulatory board, has succeeded in ensuring that their air policies are synchronised with global regulations. These rules were demanding and strict, with the aim of providing safe, competitive, cost-effective and environmentally friendly services. These policies led to an increase in consumer confidence, which was directly reflected in the sustained economic growth over the years of 2008, 2009, and 2010. Demand for domestic services has increased 2,25% between 2007 and 2009. International services grew by 7,05% in 2008, and the tendency continued with a 9,97% growth rate registered in 2009. The domestic aviation market changed in 2009 with the incorporation of LAN. This airline began to compete with Tame, Aerogal, Icarus, SaĂŠreo and VIP, becoming the second most important after the leader TAME and in front of Aerogal, a firm that now belongs to the AviancaTaca Group. In 2009, a total of 3.329.457 passengers used internal routes compared to 3.579.014 in 2010, showing a growth of 7,50%. The three most popular routes were: Quito ti Guayaquil ( 47,49%), Quito to Cuenca (10,59%) and Quito to Coca( 5,25%). All other routes counted for 36,67 %. Many international companies increased their

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volume of flights to Ecuador due to the growing popularity of the country and its forever improving infrastructure. Air traffic in Ecuador is operated by 17 airlines, three of which are Ecuadorian (AEROGAL, AEROLANE and TAME). The international destinations with the highest demand were: Miami (250.870 passengers) Bogotá (177.421 passengers) Lima (147.277 passengers) and last but not least was Madrid (142.807 passengers). These four destinations represent 57,53% of the total international transport.

Crane dealing with a container

MARITIME TRANSPORT The country has several ports for international trade, such as: the ports of Guayaquil, Esmeraldas, Manta and Puerto Bolivar. It should be noted that there are major projects which have significant advance such as the Deep Water Port of Manta and the Manta-Manaus multimodal project.

In 2009, 50,060 vessels docked and left various ports of the country. Guayaquil (61%), Manta (14%) and Puerto Bolivar (10%) were the most dynamic ports, with 85% of all the ships that entered and left the country this year. Port Entities The National Port System is composed of the following: • • • •

Esmeraldas Port Authority Port of Manta Port of Guayaquil Port of Puerto Bolivar

The private terminals in international traffic are: • Prov. Manabí: Induatun (Jaramijó) reception of frozen tuna • Prov. Santa Elena: Tunlo S.A (Monteverde) reception of frozen tuna and exporting cans of sea products CORPETROLSA Located in Punta Chulluype designed for charge / discharge of fuel oil No. 4 bunker, diesel (No construction has started) Prov. Guayas • Posorja Salica del Ecuador reception of frozen tuna and export of canned tuna. Nirsa Reception of frozen tuna and frozen fishes Tunapac for their own use cargo operations and export of processed and semi processed products (Construction is in progress) Alinport S.A. Container operations, including those carrying hazardous cargo under the IMDG Code from OMI. (no construcion has started).

Train in Laguna del Colta, Chimborazo

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Transport road TRANSPORT The road network of Ecuador has been developed and under continuous rehabilitation in the last few years. Ecuador has a road network of approximately 44,000 km of which 8,654 km, corresponds to the state network. Altogether, the Ecuadorian state has invested heavily in the country’s infrastructure. A total of $2,265,884,610.00 USD has been spent to repair and improve existing roads as well as building new ones. In fact, 54% of this investment is on repairing roads. Ecuador is well connected for business as all cargo can be transported more or less everywhere in Ecuador, apart from the more remote areas of the Amazon.

transport capacity of the Amazon basin through the Amazon River system, as well as roads, railways, river and sea ports, airports, transfer stations and border crossings. The Manta-Manaus route is considered as an alternative to the Panama Channel for ships carrying goods that use their facilities for crossing the Atlantic to the Pacific Ocean. This route has an average waiting time of 45 days, whilst the Manta-Manaus could reduce this wait by 30 days. The land route between Manta and Manaus is about 578 km, while the waterway is an estimated 861 km. 240 km of which is through the Ecuadorian territory from Puerto Francisco de Orellana to the port of New Rocafuerte on the border with Peru.

Find your way of transport

The exclusive lanes for buses in Guayaquil called Metrovia

MANTA-MANAUS PROJECT

NEW METRO (SUBWAY/UNDERGROUND) OF QUITO

INTRODUCTION The project is aimed at enabling the road axis that can transport large quantities of cargo from the port of Manta in the coastal province of Manabí to a transfer port located in the Amazonian province of Orellana. This way goods could be shipped in river vessels traveling through the Napo River in the Ecuadorian Amazon to the port of New Rocafuerte, on the border with Peru, then continuing on its route to Manaus and then Belém in the Brazilian state of Pará.

PROJECT OBJECTIVES The main objective of this project is to provide a multimodal transportation corridor that integrates the Pacific Ocean with the Atlantic Ocean, enhancing the

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The Metro will start its operations in Quito in the middle of 2015. Feasibility studies have been conducted by technicians of the Metro of Madrid, after performing an investigation that lasted 4 months, which had a very positive outcome. These surveys will last another 13 months. The travel route will be from Cotocallo until Quitumbe with a total of 23 km – the central route will stretch across 11 km taking an estimated 42 minutes, while in a car it would take 2 hours. The project will help to reduce traffic congestion in the future, since in 2025 it is estimated that there will be a total of 1.290.000 vehicles in the city of Quito. The first stage of construction will cost $8.075.000 USD and the total cost of the project will be $1.200 million USD.

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Main Companies The transport sector activity in Ecuador is represented by different companies: Top 5 companies according to Ekos Magazine: 1. Transoceanica C. Ltda 2. KLM Cia Real Holandesa de Aviación 3. Transportes Noroccidental Cia Ltda 4. Gruasatlas C Ltda 5. Orientoil SA

Sales 2009 (mln $)

Company Aerolane

87,74

Aerogal

80,89

Martinair Hollad N.V.

69,43

American Airlines

42,96

Compañía Panameña de Aviación

40,70

KLM

38,51

Agencia Naviera Agnamar

32,84

Avianca

29,32

Iberia

25,36

DHL Express Ecuador

24,74

Source: Vistazo Magazine, Nº1034, September 2010

LAN Airlines S.A President: Juan Carlos Aguirre Av. Fco. de Orellana and V. Hugo Sicouret, Edif. Las Cámaras, Tower 1, 1st floor, Guayaquil Tel: +593 4 259 8500 www.lan.com Area of activity: Airline Company Date of creation: 1929 (since 2009 in Ecuador) Employees: 1000 The origins of LAN go back to 1929, when the company was established by the Chilean government to provide air transport for passengers, cargo and postal services. In 1946, the company began international operations with flights to Buenos Aires, Argentina and later to the United States in 1958 and Europe in 1970. LAN started domestic operations in Ecuador in April 6, 2009. With this development LAN reaffirmed its commitment to Ecuador, helping to improve connectivity within the country and the world, as well as promoting tourism and economic development. The arrival of LAN to Ecuador represents a valuable

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contribution to the development of passenger air transport within the country, and makes the most modern fleet in the region available to Ecuadorian travelers. Excellent service and high safety standards are always guaranteed with LAN. Nowadays, LAN Airlines is one of the leading airlines in Latin America and is represented by LAN Airlines, LAN Express, LAN Peru, LAN Ecuador, and LAN Argentina, as well as LAN Cargo and its affiliates. The LAN Alliance serves 15 destinations in Chile, 12 destinations in Peru, 10 destinations in Argentina, 2 destinations in Ecuador, 15 destinations in other Latin American countries and the Caribbean, 3 destinations in the United States, 2 destinations in Europe and 4 destinations in the South Pacific. As well as this there are a further 52 international destinations through its various codeshare agreements. As of September 30, 2007, the LAN Alliance operates 70 passenger aircraft and 10 dedicated freighters. LAN has always been vigorously engaged in the expansion and internationalization of its operations, achieving sustained revenue growth and consistent profitability despite the many challenges the industry had to face. In addition, LAN has created an extensive regional network, having established passenger operations in Peru, Ecuador and Argentina, as well as cargo operations in Brazil and Mexico. In addition, LAN ECUADOR ® is the only Ecuadorian airline that belongs to Oneworld, a prestigious global airline alliance that brings together eleven of the best and biggest airlines in the world. Members include American Airlines, British Airways, Iberia and Qantas, as well as Alaska Airlines, AeroMexico, Mexicana, TAM and Korean Air, all of which are committed to creating added value for their customers. Being a member of Oneworld offers passengers a range of LAN air travel options, rewards and benefits. Oneworld has a global route network covering more than 700 destinations in approximately 150 countries and 550 lounges, plus extensive benefits and privileges for members of frequent flyer programs of all airlines. LAN is distinguished by its 100% schedule compliance and around 95% punctuality of its flights, factors that are highly valued by customers. These impressive statistics allowed the company to gain the EKOS award for the quality of service in the airline category. Ecuador is a very interesting market for any investor, since it is still an unexplored territory in many aspects. In the case of tourism, Ecuador is represented by 4 regions separated by relatively short

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distances, which offer various business opportunities for the hotel, aviation, transportation and recreation industries. On the other hand, the biodiversity found in the Costa, Sierra, Amazonia and Galapagos is unique in the World. UNESCO has recognized it by declaring the Galapagos a Natural Heritage of Humanity and Quito and Cuenca as a World Heritage Sites. Trained eyes can detect various business opportunities in the country, enough to understand the culture and be open to a range of new options. In the case of LAN, we believe in the country and continue growing there, with better schedules and routes, new routes, new offices, more outlets, supported by a team of exceptionally skilled professionals. Juan Carlos Aguirre President

The number of people that take flights is increasing in Ecuador

TAME Gustavo Cuesta President Avenida Amazonas and Colon, edif. TAME, Quito Tel: +593 2 2090 454 www.tame.com.ec

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Area of activity: Airline Company Date of creation: 1962 Employees: 970 Annual turnover: $113 million USD (2008) Tame Airline of Ecuador, was founded in 1962. The reason why this company was created is linked to the need to join the Ecuadorian territory and promote its commercial, social, tourist and cultural development. Its commercial growth was gradual and sustained. It expanded its domestic routes and changed its aircrafts to DC-3, DC-6, Electra, Avro, Boeing 727100, Boeing 727200, Airbus A320, and more recently to Embraer 170 and 190, which currently cover fourteen destinations within Ecuador and one abroad. Since 1993, in conformity with the border integration agreement, TAME flights to Cali and Colombia operate three times per week. Around 3,000 passengers travel daily on TAME’s aircraft on its national and international routes. The incorporation of modern planes with a higher capacity has furthered TAME’s prestige in the commercial aviation market. In spite of remaining part of a state enterprise, its operation is completely autonomous in administrative and financial fields. It does not receive governmental contributions and its growth is only based on the income generated by its own activity. TAME was born as a romantic idea of the 60’s, when a group of professionals from the Air Force thought they would help the country’s development with air operations to destinations where no one came and we still pursue the goal of integrating the country. Gral. Gustavo Cuesta President of TAME

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AEROGAL (AVIANCATACA) Gabriela Sommerfeld President Amazonas 7797 and Juan Holguín Quito Tel: +593 2 3960 600 Fax: +593 2 2430 487 www.aerogal.com.ec Area of activity: Airline Date of creation: 1985 Employees: 889 Annual turnover: $80 million USD (2009) Aerogal has been recently acquired by AviancaTaca. The company was founded in 1985 to provide air transportation services for passengers and freight in continental Ecuador and Galapagos Islands. In 2002 it acquired its first Boeing 727-200 Advance to run a route from Quito to Guayaquil. In 2003, the company started its operations in the Galapagos Islands and in 2004 opened the route from Quito to Cuenca. In 2006, the Civil Aviation Board granted Aerogal the concession for operating international flights in the region CARSAM and North America, starting their operations in Bogota in July 2006. On December 7, 2009 the company launched its first flight to New York. Aerogal was one of the airline market leaders in Ecuador and had 13 aircrafts, the largest fleet in the country. AVIANCA-TACA acquired nearly 100 percent of the outstanding shares of AeroGal. As a result of this transaction, the Ecuadorian airline forms part of a group of integrated companies AVIANCATACA. In this respect, Ecuadorian travellers have access to different routes, frequencies and schedules in the country, the region and the world. Following the acquisition, Avianca Taca AeroGal works on strengthening its service offer in South America, offering passengers various routes in the region and links to over 100 destinations in America and Europe, providing them with the highest quality of services. As an important part of its integration process, Avianca, Taca and AeroGal have developed their respective policies and measures in order to create synergies that will allow them to streamline operations, improve the coverage of their route networks, expand connectivity and standardize their operating standards and customer service. AeroGal currently has a fleet of 13 aircrafts, which directly serve 11 destinations, nine in Ecuador

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and 2 international: Quito - Bogota and Quito New York. According to Gabriela Sommerfeld, President of AeroGal: “This deal represents a valuable opportunity for travellers in Ecuador, as well as for personal and commercial aviation in the country to become part of one of the leading airline groups in the region”.

AIR FRANCE KLM ECUADOR Marie Noelle Landazuri Country Manager 12 de Octubre N26-27 and A. Lincoln, Edif. Torre 1492, of. 1103 Tel: +593 2 3966 728 Fax: +593 2 3966 758 www.klm.com Area of Activity: Airline Date of creation: 1954 Employees: 63 Annual turnover: $38 million USD KLM Royal Dutch Airlines is a worldwide company based in the Netherlands. Since their merger in 2004, KLM works closely with Air France within the AIR FRANCE KLM holding company. In terms of financial turnover, AIR FRANCE KLM is the world’s largest airline partnership; it also transports the most passengers and is the world’s second-largest cargo transporter. KLM is the core business of the KLM Group, which also includes wholly-owned subsidiaries: KLM Cityhopper, transavia.com and Martinair. Subsidiaries transavia.com and Martinair KLM operate European scheduled and charter services in the ‘low cost, low fare’ market. Martinair is a cargo operator that, until the end of 2011, was also a passenger operator in the international leisure market. KLM, transavia.com and Martinair supplement and strengthen each other in different ways. In Ecuador, KLM has a long tradition and has been present here for the last 56 years. Air France stopped flying to the country in the 90’s but has returned due to this acquisition. The company has 64 employees, with a turnover of USD$25 million for passenger and USD$18 million for cargo operations. They carry 50,000 passengers per year using 5 weekly flights and connections to Bogota, Caracas, Panama (in alliance with COPA Airlines) and now with Lima, the new hub. 40% of its turnover comes from business people even

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though they represent only 20% of all the passengers, which is why tourism is central to Air France KLM’s development. In the near future, they want to respond to growing demand from Asia (mainly China) with more flights and new routes. In the cargo area they are mainly carrying flowers, but this is what their partner Martinair Holland does. With Air France, KLM is at the forefront of the European airline industry offering reliability and a healthy dose of Dutch pragmatism. 32,000 KLM employees work to provide innovative products for its customers with a safe, efficient, service-oriented operation with a proactive focus on sustainability. KLM strives to achieve profitable growth that contributes to both its own corporate aims and to economic and social development of the country. We have incredible results thanks to our people, despite overcoming difficulties, now we have a tremendous growth. I’m proud of them. Marie Noelle Landazuri Country Manager Air France KLM

Vehicle repair building of the Quito-San Lorenzo railroad in Ibarra

MARTINAIR CARGO (AIR FRANCE KLM) Santiago Mogollón General Manager Av. Amazonas 7548 and Río Topo Quito Tel: +593 2 3971 200 Fax: +593 2 3301 044 www.cargo.martinair.com Area of activity: Cargo Airline Date of creation: 1958 This airline was founded on May 24th 1958 as Martin’s Air Charter (MAC), by J. Martin Schröder, with one aircraft, A de Havilland Dove and five

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other employees. In 1963, Mr. Schröder sold 49% of the company to four equal shipping company shareholders (12.25% each, these eventually combining as Nedlloyd). KLM would later purchase 50+% of what Mr. Schröder owned, buying him out. The name was changed to Martinair Holland in 1966. A healthy boost came in 1967 when the business opened up to the USA market. Martinair became fully jet-powered in 1971. In 1991, the first aircraft with the “Martinair Cargo” name was introduced, and “Holland” was taken away from all aircrafts. In 1996, Martinair bought a 40% stake in Colombian cargo carrier TAMPA Cargo, based in Medellín, which it later increased to 58% in 2003. The share in TAMPA was sold in February 2008 to Avianca, a Colombian company. In November 2007, Martinair ceased its short haul operations to concentrate on its cargo activities and intercontinental flights. In September 2010, a restructuring was announced: this will involve dropping all passenger services from November 2011, which will be operated by KLM. Martinair’s activity is passenger and cargo orientated, but in Ecuador it only has cargo operations in place. The company is ranked at No. 124 in the country with a turnover of $65 million USD and a team of only 11 people, which demonstrates its efficiency. One important part of the company’s business is the transportation of flowers to Russia and Amsterdam for example. Ecuadorian flower companies have a strong partnership with Martinair. In January 2010, Martinair joined forces with Air France-KLM with what they expect to further strengthen their leadership positions in the market (they already have 50% of all flower shipments to Europe and 27% of the total freight market in Ecuador). The new corporate image of the company will be presented in 2011.

COPA AIRLINES Luis Miguel Reyes Garling Country Manager Avenida República de El Salvador 361 and Moscú, Edif. Aseguradora del Sur, ground floor, Quito Tel: +593 2 227 3082 www.copaair.com Area of activity: Airline company Date of creation: 1947 Copa was established in 1947 by a group of Panamanian investors and Pan American World

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Airways, which provided technical and economic assistance as well as start-up capital. Copa Holdings is a leading Latin American provider of airline passenger and cargo services through its two operating subsidiaries, Copa and AeroRepública. Copa operates from its strategically located position in the Republic of Panama, and AeroRepública operates primarily within Colombia complemented by international flights from various cities in Colombia to Panama City, Caracas and Quito. Copa currently offers approximately 152 daily scheduled flights to 45 destinations in 24 countries in North, Central and South America and the Caribbean from its Panama City hub. Copa provides passengers with access to flights to more than 120 other destinations through code share arrangements. As of December 31, 2009 Copa Holdings operates a fleet of 55 passenger aircraft: 28 Boeing 737-Next Generation aircraft, 26 Embraer 190 aircraft and 1 MD-80 aircraft. Copa Holdings, S.A. (“CPA”) is a publicly traded foreign private issuer listed on the New York Stock Exchange. The Company’s corporate governance practices are regulated by the New York Stock Exchange and the company’s “Pacto Social” as well as the U.S. Securities and Exchange Commission (SEC) and Panama’s Comisión Nacional de Valores (CNV). Prestigious organizations have recognized Copa Airlines for its hard work and continual development. What makes flying with Copa Airlines a seamless experience? • Copa Airlines flights are scheduled to minimize connection times, which are 90 minutes on average. • Baggage is checked straight through to the passenger’s final destination • They aim to have more direct flights to the major cities in the Americas • Copa Airlines serves 46 destinations in 25 countries • One of the youngest fleets in the region with an average of 4.3 years • Full service onboard including meals, drinks, movies and music • On-time performance above 90%, among the best in the world • Award winning OnePass® frequent flyer program

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Main Bus Station of Metrovia in Guayaquil

METROVÍA Federico Von Bushwald President Av. Benjamin Rosales and Av. De las Americas, Terminal de Integracion del Río Daule, Guayaquil Tel: +593 4 2130402 www.metrovia-gye.com Area of activity: Infrastructure Date of creation: 2004 Employees: 16 Metrovia, or The Urban Mass Transportation Municipal Foundation of Guayaquil, is a non-profit organization aimed at promoting, administering and regulating the sector of Integrated Urban Mass Transportation in a coordinated manner in Guayaquil. The inspiration to create Metrovia comes from the city of Curitiba in Brazil where a similar system was developed 30 years ago. It was also inspired by Colombia and Quito, but these cities have innovative foundation systems which have no costs to the municipality. The “Metrovía” system is comprised of roads, terminals, bus stops, infrastructure and equipment incorporated into the referral system. The core objective of Metrovia is to control public transportation in the city. Metrovia is specifically related to the system of shuttle bus and subway lanes. Up to now, 2 of the 7 planned routes have been put in place meaning that there is 25 km in total. The third one will come into operation in 2012. Metrovia attracts 300,000 passengers a day and aims to reach 500-600 thousand daily passengers, if this is achieved it would mean that Metrovia would count for 30% of the city’s daily movements. 83% of people in Guayaquil

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use public transport which underlines just how important this service is. I always wanted to reorganize and restructure the traffic of Guayaquil and in 2000 I transmitted this idea to our mayor who was the embryo of the Metrovia Foundation. We had assistance from UNDP and operators of Curitiba in Brazil. Federico Von Buchwald President of Fundación Metrovía

perience in the local market. TNT Express is one of the leading logistics operators in Ecuador. The main strength of the company is its customer orientation and personalized services. The company is formed of more than 60 employees, a fleet of vehicles that allow its shipping to be delivered on time every day. The company offers a variety of services: customs management, computer consultancy and foreign trade, reshipments, special regimes, drawback, mobilization guides, coordination of anti-narcotics inspections, logistics services (from the manufacturer to the final customer), heavy consolidated transportation, permanent and temporary storage, consultancy and assessment of products. “We are a diversified company with multiple business units and with relations from international agencies; we also do removals and reallocations.” Vicente Avalos President of Insa

View of the new bus terminal in Quito.

TNT (Insa) Vicente Avalos President Avenida Eloy Alfaro and Anonas Quito Tel: +593 2 3280 984 Fax: +593 2 3280 981 www.tnt.com www.insa.com.ec Area of activity: Shipping Date of creation: 1958 Employees: 60+ TNT Express is the official provider of express distribution services in the enterprise market. Headquartered in Europe, it is present in more than 200 countries, connecting thousands of major cities worldwide. Its infrastructure includes a number of sorting and redistribution centers. These efficient facilities, plus a team of highly committed and trained employees, has allowed TNT Express to become the fastest and most reliable company in their sector. In Ecuador, TNT Express is represented by INSA Courier, a company with more than 26 years of ex-

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Transport vessel in the Napo river

AGENCIA NAVIERA (AGNAMAR) Alfonso Trujillo Operations Manager Av. Pedro Menendez Gilbert s/n (diagonal SOLCA) Guayaquil Tel: +593 4 2293 808 alfonso.trujillo@agnamar.com www.agnamar.com Area of activity: Shipping Date of creation: 1991 Employees: 46 Annual turnover: $33 million USD Agnamar, founded in 1991, is a shipping company dedicated to providing bunkering services of MDO and fuel oils in all major Ecuadorian ports (La Lib-

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ertad, Guayaquil, Manta, Esmeraldas and Puerto Bolívar). The company owns the MT Clearflame and operates under the contract of MT Cabo Pasado and MT Valdivia in order to attend different inquiries. A strong compromise with quality and servic

costs lower than those corresponding to direct operations. This project aims to encourage investors and entrepreneurs to cooperate with the Correos of Ecuador, as well as creating employment in the country through services that include mailing, certified mail, regular mail plus: small package, parcel post, post office, money Post, EMS and Express mail service.

Sometimes is necessary to pay the toll

Highway outside Quito

CORREOS DEL ECUADOR

WESTERN UNION - DHL

Roberto Cavanna Merchán General Manager Japón N36-153 and Av. Naciones Unidas Quito Tel: +593 2 2996 800 servicioalcliente@correosdelecuador.com www.correosdelecuador.com.ec

José Chavarría General Manager Eloy Alfaro and de los Juncos, Lote 113-A Quito Tel: +593 2 3975 000 www.dhl.com.ec

Area of activity: Postal services Correos del Ecuador (CDE-EP) is a public company that is recognized for being reliable, productive, as well as competitive and ethical. It offers its customers a full range of high quality postal services locally, nationally and internationally. Correos del Ecuador (CDE-EP) is a member of the Universal Postal Union, UPU and the Postal Union of the Americas, Spain and Portugal, UPAEP and intergovernmental agencies that regulate global postal activity. The modernization process initiated by the company involves a number of projects that place the institution as one of the market leaders in the area of postal services. One of these projects, Partner E, is aimed at developing a franchise business that allows post to maintain and increase its coverage with expansion

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Area of activity: Logistics Date of creation: 1982 Employees: 312 Annual turnover: $25 million USD (2009) Western Union and DHL form part of the same company in Ecuador that is in charge of money transfer and courier services. All in all, they have a fleet of 69 vehicles. Founded in San Francisco more than 40 years ago by 3 budding entrepreneurs - Adrian Dalsey, Larry Hillblom and Robert Lynn - DHL has continued to expand at a phenomenal rate. Today, it stands tall as the global market leader within the international express and logistics industry. DHL is part of the world’s leading logistics group, Deutsche Post DHL. DHL offers integrated services and customer-focused solutions for managing and transporting letters, goods and information. Today, DHL’s international network links more than 220 countries and territories worldwide. DHL also

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offers unparalleled expertise in express, air and ocean freight, overland transport, contract logistics solutions, as well as international mail services. DHL is comprised of four divisions, whereas in Ecuador it is represented by only two of them: DHL Express and DHL Global Forwarding. These segments operate under the control of their own divisional headquarters. The Group management functions are performed by the Corporate Center. The company has centralized its internal services which support the entire group, including Finance Operations, IT and Procurement. This consolidation enables DHL to increase the flexibility of its business, improve service quality and leverage economies of scale and cost benefits.

TEVCOL (Transportadora Ecuatoriana de Valores) Eng. Galo EstupiĂąan General Manager Tel: +593 229 3440 www.tevcol.com.ec Area of activity: Logistics Employees: 1590 Annual turnover: $23 million USD (2009) Tevcol Transportadora Ecuatoriana de Valores is a leading company in corporate security that offers a variety of transportation services to both corporate and business customers, operating in any part of the country relying on a highly qualified and professional team.

2 km long bridge joining Bahia de Caraquez and San Vicente in Manabi province

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PUBLIC SERVICES

Do not steal, do not lie, donâ&#x20AC;&#x2122;t be lazy Ecuadorian proverb

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Public Services OVERVIEW

Social Security IESS, ICS, NGOs, etc. Other providers that cover insurance fees are: the Ecuadorian Society to Combat Cancer (SOLCA), the Guayaquil Welfare Board (JBG) and the services of the Armed Forces and National Police. The Constitution adopted in 2008 established a longterm strategy to be followed by the National Health System. In 2010, the Ministry of Public Health, as the national health authority, introduced the proposal of Health Sector Transformation in Ecuador (TSSE), the first document that includes the theoretical framework, cost analysis of the transformation, its different stages, as well as the viability analysis of the proposal.

Faรงade of the Ministry of Health

The constitution protects and promotes the transformation of the health sector in the following areas: - Strengthening of the National Health Authority - Administration and management of the National Health System - A model for comprehensive care and health services public network - Financing of the national health system - Control and monitoring of the National Health System - Health Information Management System - Citizen participation and social control

Over the past few years there has been a considerable improvement in health conditions of the Ecuadorian population. A huge effort has been made by the Administration to increase the budget and extend the National Health Service to the whole country, as well as to guarantee that the most needed people are provided with the necessary assistance. An investment of $80 million USD was made to improve public hospitals and $60 million USD to buy new equipment. New public hospitals are being built in areas without medical services. Some of the medical procedures and medicines have become free of charge for the patients and there is a network of 115 ambulances distributed throughout the provinces. However, there are still recorded rates of neonatal, infant, child, maternal and general mortality, as well as deficiencies in infrastructure, equipment and human resources that can be improved, but it is worth recognizing the effort of the government that has invested a considerable amount in health. The health system of Ecuador is characterized by segmentation. There is a social security system financed by contributions of workers in the formal sector that coexists with private systems for the more affluent population along with public health interventions and care networks for the poorest. There are multiple funders and providers: Ministry of Health,

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Public Hospital Eugenio Parejo in Quito

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Public Services MINISTRY The programs of the Ministry of Public Health are focused on social support of the Ecuadorian population, always serving the community and the most vulnerable people. Its primary aim is to improve the health of the population. Thus, its authorities promote prevention campaigns and ensure democratic access to care centres. The Health Program is an essential tool to manage operational health policies through planning, implementation and evaluation of health promotion, medical treatment and recovery.

National and international coorporation International Relations Management and its functions: a) Advise the Minister, other members of the Ministry and other officials on issues related to international health. b) Disseminate international health policies and actions taken by the Ministry of Health. c) Promote the participation of the Ministry in international events inside and outside the country in coordination with the Foreign Ministry. d) Prepare, in coordination with the Directorate of the Legal Counsel, agreements and projects with governments and international organizations in compliance with the rules and procedures, as well as participate in their subsequent monitoring and evaluation, in coordination with appropriate agencies. e) Together with the Planning department, determine needs for external cooperation of the Ministry and manage its activity in specific programs and projects; f) Coordinate and support the activities and events where the Ministry is participating with technical and financial cooperation agencies at national, sub regional, regional and global levels. g) Identify and update the registration of external financial and technical cooperation initiatives and suggest their use, depending on a need. h) Maintain the registration of projects and agreements signed between the Ministry, government and external agencies, and follow them up in coordination with respective units of the Ministry. i) Act as a Secretary of the Scholarship Committee in accordance with the regulations; update the information on events and programs that require participation of the Committee. These are the main international agreements signed by the Ministry:

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* Ecuador-Belgium Conventions on “tropical medicine and sexually transmitted diseases in Esmeraldas” * Ecuador-Belgium Agreement * Ecuador-Brazil Conventions on “Support to the implementation of the Human Milk Bank Isidro Ayora” * Ecuador-Brazil Agreement * European Convention

Department of Security Planning for National Development Location: All Provinces Running Time: 2007 - 2011 Budget 2009: $ 175,000 USD BACKGROUND: Ecuador is prone to live emergency situations and natural or even anthropogenic disasters. One reason for that is that the country is on the “Pacific Ring of Fire”, the area characterized by a huge tectonic activity that produces earthquakes, volcanic eruptions, tidal waves, etc. Currently active volcanoes such as Tungurahua, Guagua Pichincha, Cotopaxi, Reventador, Cayambe and those located in the Insular territory are or will be potential causes of a rash of varying magnitude, that would cause harm to the health of affected populations, especially in the areas of respiratory and eye vision of people living in villages near volcanoes. It might also cause negative impact on the environment and lead to the deterioration of economic factors of the country in general. The presence of “El Niño” and “La Niña”(water currents), strong winter seasons and constant weather changes are potential causes of numerous health problems and economic losses the country incur because of flooding and prolonged droughts. On the other hand, the rapid growth of communities and technological advances led to the exposure of new risks such as accidents, plane crashes, collapses of civil works, chemical spill, wars, pollution, fires and explosions. Given the importance of these and other disasters and the necessity to take adequate preventive measures, the Article 25 of the National Security Act defines the Ministry of Public Health as a Management Authority responsible for mitigating risks caused by natural and anthropogenic disasters.

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LEGAL FRAMEWORK Risk management is a complex process that involves planning and implementation of policies, strategies, tools and measures to prevent, reduce, predict and control adverse effects of hazardous events on people, goods and services and the environment. Integrated actions to reduce risks through prevention, mitigation, preparedness, emergency response and recovery must be framed within legal regulations. The Constitution of the Republic of Ecuador includes several articles on the activities that health institutions should undertake to deal with situations caused by emergencies and disasters that threaten the public health: Article 32: Establishes health as a right. Article 35: Focuses on priority groups of the most vulnerable people to natural and anthropogenic disasters. Article 389 and 390: Related to the obligation to implement Risk Management in daily administrative activities. Art 358, 359, 360, 361.362: Purpose, composi-

tion, functioning of the National Health System. Article 365: Prohibits denying of private and public emergency care. The Organic Law of the National Health System establishes the principles and general rules for the organization and functioning of the National Health System. Its core objective is to guarantee equal and universal access to comprehensive health services through the operation of a network of specialized services, promoting coordination and development of respective institutions. STRATEGIC PLAN DIPLASEDE VISION: Lead the National Network of Risk Management, Emergency and Disaster Response in the health sector. MISSION: Promote the Prevention of Emergency situations and Risk Mitigation in the Health Sector, in coordination with all the relevant sectors and the society in general. GENERAL PURPOSE: Prepare the Health sector and the community for risk mitigation and other measures taken in case

Thermal waters are healthy, like those of Papallacta

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of emergencies and disasters caused by adverse events: natural and anthropogenic factors. ACTION PLAN The Directorate of Security Planning for National Development (DIPLASEDE) is aimed at reducing vulnerability of the population in case of Emergencies and Disasters. In order to achieve these objectives, it has developed the following strategies: • Project for Strengthening the Health Care Sector of the refugee population in Colombia. To accomplish these activities there have been created a Specialized Technical Committee for Refugees. The health sector in the country is prepared for mass casualty care, with its risk maps, emergency and contingency plans in order to be able to provide medical care and psychological support to people in shelters, conduct epidemiological surveillance, control diseases and water quality. • Interagency Committee of the Medical Emergency Network CIREM. The Millennium Emergency Network includes the following objectives: To provide victims of accidents or emergency situations with the access to a comprehensive system of medical services, improve the institutional response, mobilization and coordination of available resources by the institutions of the NHS involved in hospital and pre-hospital care. • Hospital Insurance Program. The primary objective of the program is to have all the necessary health facilities in the country to continue operating under previously established technical, administrative and legal parameters, adverse events after natural or anthropogenic disasters. For this, it is necessary to meet the three following criteria: - Building that is capable of withstanding minimal damages and resist destructive effects of a great intensity that occur in the area where it is located (protection of life). - Facilities and equipment of health facilities that are able to resist damaging effects cause by natural disasters (investment protection). - The health facility is able to maintain or improve the production of health services as part of the network to which it belongs (protection function). • Monitoring of adverse events. It consists of monitoring the probability of an adverse event in order to receive an adequate response from the health system and thereby to

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reduce the impact on the health of the affected population. Example: Monitoring and control of the situation of the Tungurahua volcano with the help of the Geophysical Institute of the National Polytechnic School. • Emergency and Contingency Plans The following plans are developed and implemented to ensure the maximum safety of buildings and people working in them, as well as the maintenance of service delivery in health units, especially in places characterized by mass concentration of people. • Plan to respond possible pandemic diseases. (Flu,Influenza) Northern border: (Health care for refugees) • Specialized Technical Committees for Refugee centres. CIREM • The network of 18 institutional Emergency Committees were established in the following provinces: Canar, Sucumbios, Orellana and Imbabura, Loja, Napo, Cotopaxi, Chimborazo, El Oro, Galapagos, Esmeraldas, Pichincha, Pastaza, Bolivar, Manabí, Guayas, Azuay and Zamora Chinchipe. HOSPITAL INSURANCE • 463 units of Hospital Insurance were prepared to respond adequately emergency situations and natural disasters. RISK MANAGEMENT TRAINING. DIPLASEDE provided training in 22 provinces, on issues related to Damage Assessment and Needs Analysis.

Ambulance waiting in front of the hospital

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Public Services health promotion MISSION Improve the health of the population by means of promoting the creation of premises for analysis and consulting services for the community, in collaboration with public and private institutions, regional governments, NGOs, civil society, as well developing of promotion processes, communication campaigns and health education programs throughout the country. VISION Improve the quality of life of the community through building a healthy culture and encouraging people to adopt healthy lifestyles. Guarantee access to health services for all people, regardless of their culture and gender and respecting their rights.

OBJECTIVES 1. Encourage the development of public policies that promote improvement of individual and health. 2. Build a dynamic and sustainable public health system, through the inclusion of Health Promotion both at the institutional and private level. 3. Promote the preservation and improvement of the environment to ensure healthy development of the population. 4. Strengthen practices and healthy lifestyles by developing communication and educational processes in health and environment. 5. Develop local management for the Health Promotion in order to address health-related issues in the most effective way possible.

GENERAL INFORMATION PROGRAMME 2008 The Ministry of Health is in the process of giving a new meaning to the topic of public health, mixing their current policy with the Promotion of Health. Within the area of Health Promotion, the Ministry has started its collaboration with two kinds of institutions: Health Promoting Schools and Communities and Municipalities. GENERAL PURPOSE Improving quality of life of the school community and the general community, through the development of behaviors, abilities and skills-oriented care and health maintenance with preservation of healthy environments, involving inter-sectoral and Community. TSSE The transformation process of the Health Sector in Ecuador (TSSE) is one of its major new features,

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which includes all the measures and policies that have been mentioned before. This initiative requires political, technical, administrative and financial commitment. On the other hand, it needs certain time to be implemented, as it has been shown by the experiences of other countries, such as Brazil, Chile and Uruguay. According to the original proposal, it is a mediumterm initiative that will take 6 years to be implemented. Since the process began in 2008, it is estimated that all the measures and programs undertaken would bring results in 2014.

HEALTH STATISTICS FOR ECUADOR 2010: Mortality rate under 5 years (probability of dying before age 5 per 1000 live births): 25 Maternal mortality ratio (per 100 000 live births): 210 Prenatal care coverage (%):At least 1 visit and at least 4 visits: 84 HIV prevalence among adults aged 15-49 years (%): 0,3 Malaria mortality rate (per 100 000 inhabitants): 0,2 Population using improved drinking water sources (%): 94 Adolescent fertility rate (per 1000 women aged 15-19): 100 Births attended by skilled health personnel (%): 99 Population using improved sanitation (%): 92 Life expectancy at birth: 75 years (2005-2010) Life expectancy at birth, male: 72 years (2005-2010) Life expectancy at birth, female: 78 years (2005-2010) Total fertility rate: 2.6 children per woman (2005-2010) Gross birth rate: 21 births per 1000 inhabitants (2005-2010) Gross mortality rate: 5 deaths per 1000 population (2005-2010) 2007 Health facilities: 3847 Doctors at health facilities: 21.970 Intensive care equipment: 2985 Rooms and equipment for surgery and gynecology: 12.781 BEST COMPANIES ACCORDING TO THE EKOS MAGAZINE 1. Pharmacies The sector generated $ 720 million USD in 2008, 16% more in comparison with the figures of 2007, when sales reached a total of $ 618 million USD. Studies indicate that medicines for digestion and metabolism occupy 18% of the total demand, those for a central nervous systems - 13,5% and for a cardiovascular system - 13%. Such a success is attributed to 4 main factors: organization of the sector, its technical norms, informational capital and global audit of the market.

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Top 5 companies: 1. Econofarm S.A. 2. Farmacias y Comisariatos de Medicinas SA – Farcomed 3. Ecuafarmacias y Asociados S.A. 4. Farmaenlace Cia. Ltda 5. Sinaifarm S.A. 2. Pharmaceutical sector The sector has generated operational revenues that exceeded USD$500 million in 2009 at the national level, whereas $420 million USD correspond to net sales taxed with zero rate. The pharmaceutical market in Ecuador reached sales that represented 2% of the total GDP of the country. The sector has experiences a sales increase of 11% from 2000 to 2008. Top 5 companies: 1. Laboratorios Biogenet S.A. 2. Bristol-Myers Squibb Ecuador Cia. Ltda 3. Compañía Farmacéutica Vera S.A. COFARVE 4. Merck C.A. 5. Baxter Ecuador S.A. 3. Health Insurance Numbers prove that a little bit less than 80% of the total population of Ecuador does not have health

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insurance. Saludsa, being the most important company in the sector, holds 34% of the market share with a total revenue of $ 105 million USD, 1 370 employees and 282 partners. Top 5 companies: 1. Saludsa Sistema de Medicina Pre-Pagada del Ecuador S.A. 2. Medicina Prepagada Cruzblanca S.A. 3. BMI Igualas Medicas del Ecuador S.A. 4. Compañía de Medicina Prepagada Inmedical Medicina Internacional S.A. 5. Ecuasanitas S.A. 4. Health Services In 2008, there has been registered an important increase in the hospital infrastructure of Ecuador. According to the VII Ekos the Oro magazine, from 665 hospital establishments that existed in the country in 2002, the number grew up to 771 hospitals in 2008. Top 5 companies: 1. Manadialisis SA 2. Novaclinica SA 3. Tayana SA 4. Servicios Hospitalarios SA Alboteoton 5. Conjunto Clínico Nacional Conclina CA

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Emergency area of the Alcivar Hospital in Guayaquil

There is also a new Alcivar hospital building under construction, located at the intersection of Noguchi and Colonel Azuay (southwest of Guayaquil). The GammaK tower has 60 offices, 70 parking lots and a whole floor for a pain clinic, a hyperbaric, fonotherapy and a sports medicine centre, among other services. There are 20 to 25 offices per floor and on the top floor one can find the hospital for medical services. Downstairs, you will find a special machine called a Gamma Knife, which can cure tumours, venous and vascular diseases, performing certain procedures without surgery. The equipment shoots gamma rays with such accuracy that it reaches the affected tissue without damaging tissues located nearby.

HOSPITAL ALCIVAR

HOSPITAL DE LOS VALLES

Dr. Eduardo Alcivar President Coronel 2301 and Cañar Guayaquil Tel: +593 4 500 25 00 Fax: +593 4 244 95 81 P.O. Box: 412 www.hospitalalcivar.com

Francisco Cepeda General Manager Av. Interoceánica Km.12 ½ Cumbayá, Quito Tel: +593 2977 900 Emergency: +593 2977 911 www.hospitaldelosvalles.com

Area of activity: Hospital Date of creation: 1937 Employees: 130+ The Alcívar Hospital was founded in 1937, originally named Clínica Alcívar-Esteves, and managed by Dr. Eduardo Alcívar and Dr. Elio Esteves Bejarano. From that very moment, the Hospital gained a renowed reputation as a Center specialized in Orthopaedics and Traumatology, being an important reference both nationally and internationally, The hospital is currently employing a group of highly skilled and qualified professionals and it is equipped with the latest technology. It has modern infrastructure and therefore manages easily complex cases. . Nowadays, the Alcívar Hospital of Guayaquil is better that ever, with the latest world famous diagnostic methods and technologies for therapeutic assistance, using cutting edge equipment and implementing procedures that provide patients with new alternatives that are less risky and guarantee better possibilities of recovery. Over 130 highly skilled doctors from different areas work at the hospital, which alo¡so offers a prestigious graduate program in Traumatology and Orthopaedics.

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Area of activity: Hospital Date of creation: 2006 Hospital de los Valles is a complex medical institution characterized by its high quality scientific and academic expertise. It provides quality medical, hospital and ambulatory services, thanks to its experienced staff, excellent infrastructure, cutting edge technology and peaceful environment. It is located in the beautiful valley of Cumbayá, just a few minutes away from Quito. It has 4 acres of land, with 96 beds and several buildings that provide general hospital services. It opened doors in 2006 as a joint project between Ecuadorian private investors and physicians, who invested $30 million USD to build it.

Hospital de los Valles provides medical treatment throughout all specialties and subspecialties of the Internal Medicine, Gynecology, Pediatrics and Surgery, Emergency, Medical Check, Occupational Medicine, Diagnostics and Image Services, Medical Consultancy, Clinical Laboratory and Physiotherapy (Rehabilitation). It has agreements with insurance companies and partnerships with the Ecuadorian Social Security body to treat patients, as well as a graduate scheme with the Universidad San Francisco de Quito. It has also reached an agreement to treat tourists from the USA and France. It is ranked 28th in Latin America,

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an impressive result considering that the hospital was only opened in 2008.

Such expansion is gradually allowing the complex to increase its bed capacity.

The Foundation (Fundación Benéfica) of the Hospital de los Valles, created in 2005, is a private nonprofit organization that takes care of low income families in the valley of Cumbayá, Tumbaco and neighborhood sectors, providing high quality health services and promoting healthy living.

The hospital is also renowned for tits expertise in performing transplants and its cutting edge equipment and high quality operating theatres, It spends $3 million USD a year to improve services, whilst $40 million USD was recently invested in the construction of new buildings. It has 700 employees, physicians and nurses with international experience that receive training on a continuous basis. The hospital won a prestigious award for being a “Great Place to Work”. It has agreements with many recognized hospitals in the U.S., Chile, Brazil, Colombia and Venezuela.

HOSPITAL METROPOLITANO Dr. Rafael Arcos Executive President Av. Mariana de Jesús s/n and Nicolás Arteta Quito Tel: +593 2 3998 000 Fax: +593 2 2269 824 www.hospitalmetropolitano.org Area of activity: hospital Date of creation: 1977 Employees: 700 In 1977, a group of visionary medical professionals from the USA decided to build a medical center of international standards in Quito – this is how the Metropolitan Hospital was born. Throughout its history, the hospital has always been at the forefront of knowledge and innovation, implementing the most advanced methods and technologies, such as Nuclear Magnetic Resonance, specialist surgery, open heart transplants and other highly complex procedures. It has been constantly updating and upgrading its technological infrastructure in order to meet the highest international standards. The Metropolitan Hospital appeared to be the first accredited center for kidney transplantation. In 2006, the institution implemented an Integrated Quality System SGIC to ensure the highest quality of services is provided to its patients. In April 2007, the hospital was certified with the ISO 9001:2000 and subsequently re-certified by ISO 9001:2008 due to its compliance with the strictest requirements of product and service delivery. Always committed to fine service and innovation, in 2010 the Metropolitan Hospital inaugurated the Medical Tower, the first of three buildings within the project aimed at providing integrated medical services and formed by medical consultancies, a cafeteria, a pharmacy, a bank and other related business premises, as well as parking spaces and facility services.

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We have 25 years of experience with the highest quality, being the leader in the third level health care, i.e., heart surgery, neurosurgery, neonatal surgery. We are the only liver transplant center in the country, with the most sophisticated infrastructure and the best quality of services. Dr. Rafael Arcos President of Hospital Metropolitano

HOSPITAL DEL RÍO Diego Castresana Director Av. 24 de Mayo and Av. De las Américas Cuenca, Azuay Tlf: +593 2459 555 info@hospirio.com www.hospitaldelrio.com.ec Area of activity: Hospital Date of creation: 2004 Employees: 161 Hospital del Rio was born as a result of the initiative of a group of visionary medical professionals working in collaboration with other important shareholders, such as the American Hospital Management Company and the School of Medicine. The first brick was laid in 2004 and the first surgery took place in 2009. During its first year of operations, the hospital treated over thirty thousand patients in different areas gradually building a reputation for being a reliable and providing excellent service within the community. Hospital del Rio strives to become the benchmark of excellence in providing health services and medical education in the country. Formed by a team of top professionals and medical specialists, the hospital

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serves its patients in an efficient and timely manner, providing peace and security, as well as excellent working environment to its employees and the best health alternative to the community. Core values and principles: • Excellence • Integrity • Ethics • Loyalty • Service delivery • Rationality and efficiency • Integrity of services

procedures. In addition, on the fourth floor there will be established the first gastroscopic ultrasound machine, which is considered to be a state of the art equipment to detect minimal tumours in a stomach wall. There is also a smart theatre in the Kennedy Policentro in the area of transplantation and the hospital is plalnning to open another one. Yet another innovation that is ready is the Intermediate Care Unit. State of the art remote monitoring equipment has been purchased.

HOSPITAL KENNEDY

The South Tower is planned to be build in the Kennedy Alborada centre, staffed with 109 doctors, who will join the existing 109. The unit will have 72 rooms. It will operate as a hotel for patients and their families. A patient that does not want to stay in the hospital but requires therapy and special treatments can rent a room for a week, 15 days or a month, and he will be provided with the basic care, medication and nursing, but in a completely different environment.

Daniel Wong Lama President Av. del Periodista and Callejón 11-A, N.O. Tel: +593 4 2289 666 Fax: +593 4 2295 388 dsp@hospikennedy.med.ec www.hospikennedy.med.ec

Meanwhile, in the Kennedy Samborondón there will be located a new Delta tower. It will have 39 new rooms and 20 physicians, who will join the 128 already existing. There you will also find an auditorium and 57 new stations. In the first two towers there will be all the technology, laboratories, operating rooms and intensive care unit.

Services: • General Surgery - Laparoscopy • Endocrinology and Nutrition • Endocrinology • Traumatology and Orthopaedics

Area of activity: Hospital Date of creation: 1978 Employees: 250 Inaugurated in 1978, Hospital Kennedy is distinguished by its service infrastructure and complex medical organization. Within its premises, there have been developed programs for organ transplantation, international courses of advance medicine, surgeries, molecular biology experiments, book releases and its own medical magazine, as well as postgraduate programs in different specialties. Kennedy hospital group has several projects for the three nursing homes operating in the north of Guayaquil and Samborondón. They have invested about $20 million USD in improvement of facilities and construction of two new towers at the Kennedy Alborada and Samborondón. The Kennedy Policentro concentrates most of the technology. It has a complete, comprehensive cardiology centre. There is everything needed to address heart diseases, from examinations, tests and diagnostics until the issue of transplants and related

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The Hospital will have additional patients due to the agreement with IESS, which engages services of private clinics. Approximately 30% of their current occupation corresponds to IESS patients.” Kennedy Health Group has inaugurated the International Patient Service. This service provides nonSpanish speaking patients with the access to medical consultancy services, examinations and other services. There you can enjoy the following services and facilities: • Personalized bilingual attention. • Request of an appointment with a doctor. • Appointment scheduling for diagnostic tests. • Transportation and accommodation arrangements, including hotel upon the client request. • Ambulance services. • Support, assistance and guidance required by the patient. • Medical cost calculations and bilingual arrangements. • Traumatology and Orthopaedics

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HOSPITAL SANTA INÉS

ECUASANITAS

Dr. Luis Mario Tamayo President Av. Daniel Córdova T. 2-67 and Agustín Cueva Cuenca Tel: +593 7 2827 888 / +593 7 2846 477 Fax: +593 7 2827 042 hospital@sisantaines.com www.sisantaines.com

Ec. Patricio Ávila Rivas Executive President La Rabida and La Pinta Quito Tel: +593 2222 0964 www.ecuasanitas.com

Area of activity: Hospital Employees: 130+ St. Inés Hospital is distinguished by years of service and health care for Cuenca citizens, making a dream of a group of medical specialists to provide the best quality of medical services, come true. St. Inés Hospital is the leading hospital within the healthcare sector of Cuenca. Throughout years of experience, excellence and innovation, it became a prestigious institution, where the majority of its members hold special degrees from the most recognized universities. The medical team of the St. Inés Hospital is comprised of 80 entitled doctors, 40 nurses, 10 doctors and 3 medical interns. Together they cover all the specialties and form an integrated and dedicated team of professionals. They are prepared to meet and solve the most complex cases, following the strategy of constant improvement and professional development. St. Inés Hospital is one of the country leaders in decision-making within the health area, thanks to its scientific and technical development, respect towards the rights of its members and the institution. The new infrastructure of the St. Inés Hospital offers more than 8,500 meters of space, which is distributed on 8 floors with 100 rooms, an auditorium for 130 people, multi-functional hall with a capacity for 80 people, 70 internal parking spaces, a cafeteria and a restaurant for 80 people. “This project has the ability to deploy 100 beds for hospitalization and also has the daily hospital service for ambulatory surgery that does not need hospitalization, offering the highest quality and the newest technology”. Dr. Luis Mario Tamayo President of the St. Inés Hospital

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Arrea of activity: Health Services (prepaid medicine) Date of creation: 1978 Employees: 1.300 medical service providers ECUASANITAS is one of the leading companies within the sector of Prepaid Medicine, with more than 100.000 affiliates. It was created in 1978 as the first company of prepaid medicine in Ecuador, and, probably, the first one in the region. Currently, it has premises in 14 cities: Quito, Guayaquil, Cuenca, Ambato, Ibarra, Riobamba, Santo Domingo, Esmeraldas, Portoviejo, Manta, as well as attention points in Loja, Tulcán, Galapagos and Lago Agrio. It provides medical assistance with the help of over 1300 medical service providers across 38 different specialties; it also manages 7 own medical centers: La Carolina, Villaflora, Batán and the Medical Center Eloy Alfaro in Quito and polyclinics La Garzota, Urdesa and Luque Medical Center in Guayaquil, which are equipped with the most modern infrastructure and technology that ensure the new concept of customer care for its patients. ECUASANITAS forms part of a Spanish Group Sanitas Internacional that holds 87% of its capital. ECUASANITAS was recognised as the best company within the sector during two consecutive years (2008, 2009) and in 2010 gained a prestigious award “Excelencia Empresarial THE BIZZ 2010” as the best company in the region due to its excellence, quality and social commitment.

PHARMABRAND Dr. Carlos Cornejo General Manager Av. Ilaló 1048 (between Conocoto and San Rafael) Quito Tel: +593 7 2343 390 / +593 7 2344 145 www.pharmabrand.com.ec Area of activity: Pharmaceutical Company Date of creation: 2000

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Employees: 244 Annual turnover: $12 million USD PharmaBrand was founded in 2000 with the acquisition of the former Shering-Plough of Ecuador manufacturing plant. Its core objective is maintaining sustained growth in all Latin American pharmaceutical markets. PharmaBrand counts on a highly competent team, committed to playing a leadership role in the pharmaceutical market throughout the region.

LABORATORIOS LIFE Joseph Massoud President Av. Edmundo Carvajal Oe2-113 P.O. Box: 17 001 00458 Quito Tel: + 593 2 2263 805 Fax: + 593 2 2435 615 info@life.com.ec www.laboratorioslife.com

The company has signed strategic agreements with companies that are dedicated to biotechnological research, as well as new cardiactric advancements. PharmaBrand is the exclusive Latin American distributor for F.O.C. Medical S.A, the inventors and owners of a proprietary porcine heart valve. PharmaBrand is also proud of being the fastest growing pharmaceutical company in Ecuador.

Area of activity: Pharmaceutical laboratories Date of creation: 1940 Employees: 377 Annual turnover: $50 million USD (2009)

Its expansion into new Latin American markets is well under way. PharmaBrand has partnered with Generex Biotechnology to produce and commercialize the worldâ&#x20AC;&#x2122;s first oral insulin in Latin America.

LIFEÂ´s up-to-date installations in Quito allow the company to produce a wide variety of pharmaceutical forms in accordance with International Manufacturing Practices.

Its technological demands and commitment to the highest quality standards allow PharmaBrand to grow and flourish in a dynamic and highly competitive environment. In order to continue reaching its strategic objectives, Pharmabrand highly values the vision and contribution of each member of its team. Its vision goes hand in hand with its strong commitment to training an effective workforce. PharmaBrand designs classes and training programs in order to develop competitive workforce. PharmaBrand complies with the standards of quality required by international norms, assuring the highest quality of its products. We are a nationally known pharmaceutical laboratory and well known in the medical community too, proud to have created jobs and to have developed our own technology. We believe there are excellent business opportunities for investors in Ecuador, especially in the pharmaceutical sector, where they can count on our cooperation. Dr. Carlos Cornejo General Manager of Pharmabrandt

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LIFE (Ecuadorean Pharmaceutical Industrial Laboratories) was founded in June 1940 in Quito and since then has evolved into a leading pharmaceutical entity within both national and international markets.

LIFE is presented by three main business lines: Human Health, Animal Health and Consumer Products. Human Health The Human Health Area includes a wide variety of products in several pharmaceutical forms. They include injectable products, tablets, capsules, sterile powders, extemporaneous suspensions, syrups, etc. The antibiotics line is one of the most extensive, offering diverse pharmaceutical forms that facilitate their application. Animal Health The great variety and quality of the Animal Health products made LIFE the leading company in the Ecuadorian market and an important market player in the Colombian and Central-American markets. The Animal Health Division provides an array of products that protect your animals from birth till the end of their productive cycle. There is a variety of anti-parasites, antibiotics, vitamins, disinfectants and vaccines offered by the company. Its unique distribution system offers a very fast and reliable delivery both locally and internationally. Consumer Products

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The Consumer Products Division is focused on environmental health and its products are designed to provide a cleaner, safer and more comfortable living or working conditions. One of the products is PIX, a safe-to-use home insecticide formulated for flying and crawling insects.

GRUPO DIFARE S.A. Carlos Cueva Mejía Director Urb. Santa Leonor Mz.6 Solar 17 Guayaquil Tel: +593 4 2289500 info@difare.com www.grupodifare.com Area of activity: Distribution of Pharmaceutical products Date of creation: 1983 Employees: 700+ Annual turnover: $285 million USD (2009)

• Respect towards other people • Integrity and loyalty • Humility, perseverance and discipline • Team spirit • Empowerment • Excellent service delivery as an integral part of the corporate philosophy DIFARE Group has become the largest franchiser of Ecuador with CRUZ AZUL PHARMACIES Franchises and “Farmacias Comunitarias”. The country has more than 500 local Cruz Azul Pharmacies and over 200 local “community pharmacies”.

FARCOMED - FARMACIAS FYBECA Eng. Pedro Jose Villamar Utreras General Manager Valle de los Chillos, Av. de lo Shyris km.5 1/2 Vía Sangolquí – Amaguaña, Quito Tel: +593 2 233 7732 serviciocliente@fybeca.com www.fybeca.com

Grupo Difare is a group of Ecuadorian companies specialized in the distribution and supply of products to pharmacies all over the country. For over 20 years, it has been developing the pharmaceutical market in Ecuador. Thanks to its fast and efficient logistics services, development and implementation of the newest technology to help pharmacies to manage their business, as well as its wide range of products and discounts, the company has gained competitive positions in the pharmaceutical market, becoming a leader in the pharmaceutical distribution segment in Ecuador.

Area of activity: Pharmacy Date of creation: 1931 Employees: 1676 Annual turnover: $219 million USD (2009)

Originally born as a small pharmacy, the group is currently formed by 6 companies: Difare, Dyvenpro, Asegensa, Dires, Difarnova and Cruz Azul. Nowadays, Grupo Difare is the leading power within the distribution sector of pharmaceutical products. It has 2 main warehouses located in Quito and Guayaquil, over 30 vehicles, 7 commercial offices and 6 sales points located strategically in the most important regions of the country. This infrastructure allows Grupo Difare to serve more than 3500 clients, handle effectively more than 130 suppliers, more than 4000 items of inventory and to process over 1200 orders on a daily basis driven by its most important engine: human capital, comprised by more than 700 employees. All of them are driven by common values and principles:

For this reason, in its pharmacies one can find a variety of alternatives at one point of sale: a large stock of medicines, baby items, toys, personal care products, cosmetic products, hair care products, gifts, cards, books, seasonal items, snacks and many others.

• Constant proactivity and innovation

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With more than 70 pharmacies all over the country, Farmacias FYBECA positioned itself as the leading company in the commercialization of pharmaceutical products, being the first drugstore chain in Latin America that has changed the traditional system of selling products over the counter by a self-service concept.

Farmacias FYBECA is also known for its diversified and innovative services: • Photoshop photo of Fybeca • Discount Card VitalCard • Continuing Medication Plan • Healthy Fybeca • Protected Life • Your Week Fybeca • Clinical laboratory and injection • 24 hours Service

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• Self-service • ATM • 1800 Fybeca • Recipes Thanks to its distribution system that is considered to be one of the most efficient in the country and equipped with the most advanced computerized system, drug supply is provided on a daily basis. The system is aimed at providing the highest quality of processes and procedures at every step of the distribution and supply chain: from storage and control to distribution and delivery of drugs to retail outlets, ensuring that customers always find what they look for. Driven by the concept of continuous improvement, the company strives to deliver the best quality of products and services.

SANOFI AVENTIS Carlos Haro General Manager Av. Shyris N3727 and Naciones Unidad Edificio Silva Núñez building, 7th floor Quito, Ecuador Tel: +593 2 299 4300 Fax: +593 2 299 4348/9 www.sanofiaventis.com.ec Area of activity: Global Pharmaceutical Company Employees: 115 Annual turnover: $28 million USD Always focused on patients’ needs, Sanofi-Aventis offers a range of essential healthcare assets, including a broad-based product portfolio and a worldwide presence. The main ambition of Sanofi-Aventis is to become a diversified global healthcare leader. Its strategy is built around three priorities to reach its goals and ensure sustainable growth: • Innovation in Research and Development • Adaptation of Group structures • External growth opportunities The global headquarters of the company is located in Paris, France. Sanofi-Aventis focuses its activities in 7 therapeutic areas:

• Internal Medicine • Vaccines The global portfolio of Sanofi-Aventis includes various products that are leaders in their respective areas: thrombosis, cardiovascular disease, sleep disorders, epilepsy, diabetes and cancer. In Ecuador, Sanofi-Aventis markets Clexane ®, Novalgina ®, Deltisona ® B, Lantus ®, Insuman®, among other products. The company is distinguished by its high productivity, innovation and R & D initiatives. The key factor that contributes to the success and constant growth of the company in the world is its productive and innovative R & D organization, with about 11,000 scientists working in over 20 research centers on three continents in order to create innovative therapeutics. Currently, there are about thirty R & D projects undertaken by the company and being already well developed. With the scientific support of a regional team of doctors and marketing managers, Sanofi-Aventis in Ecuador provides efficient and effective therapeutic responses to diseases in different therapeutic areas. The company is not only committed to providing the most effective and reliable medicine to patients, but also to improving their quality of life. We are one of the few drug companies that perform local manufacturing together with our partner Tecnoandina, the manufacturing arm of Grunenthal. Carlos Haro General Manager of Sanofi Aventis

• Cardiovascular • Thrombosis • Oncology • Central Nervous System Diseases • Metabolic disorders

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EDUCATION

Just as you love others, they will love you Ecuadorian proverb

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Education EDUCATION In 2009, Ecuador invested more than $28 million USD in improving educational facilities nationwide. As well as this, a further $240 million USD was invested in alphabetization programs, scholarships and sponsorships as well as creating more than 12,000 new posts for teachers all over Ecuador. At present, there are an estimated 30,000 educational establishments in Ecuador, 71% of which belong to the private sector. Therefore, only 8,700 are actually state schools. According to the VII Ecos de Oro Magazine, the four leading companies in this sector have a collective income of over $36 million USD. Efforts to promote education and ensure that more individuals from all backgrounds receive an education increase each year. The increasing popularity and importance of education has been mirrored in employment statistics. It is estimated that 440,000 children have stopped seeking work because education is now free because of extensive state investment in the sector. However, only 1 out of 20 children have the opportunity to attend university in Ecuador. Sadly, it is still often the case that children start working as young as 10 years old, as in many emerging economies. The government is also working hard to ensure that students can validate their studies abroad so that they have official value worldwide and can therefore travel for work.

education policy. In 1836, through two decrees of crucial importance, Rocafuerte created the General Directory of Education and Inspection of Studies for each province and the Regulatory Decree of Public Instruction. Excluding university students which at that moment didn’t exceed eighty, at the time the country had 8 high schools (one female) and 290 schools (30 women), which together covered a student population of just over 13,000 students. By 1871, the number of students was about 32,000 and the State invested 11% of its budget on public education. In 1906, the normal system opens to the middle sectors, especially to women, being a major gateway to the public works. Liberal ministers as relevant as Manuel Luis Napoleon Dillon and Mary Smith were strongly supporting “normalism.” In 1913 Dillon engaged the German educational mission that not only designed and advised the application of a new curriculum for teacher training, but established the Rules of the school board and produced a mapping of the demands on school infrastructure. In the 1960, the Ministry of Education initiated the process of institutional modernization, the creation of the Comprehensive Planning Department of Education. Between the sixties and eighties, the Ministry began expanding and strengthening its stewardship with the creation of 21 national directorates that still exist. Its structure and functions were subject to the latest available Education Act issued in 1983.

Provincial offices have also been established so that individuals can form an education institution more easily and with the help and support of the Ministry. These centres provide information on requirements and forms that must be filled in,

MINISTRY The history of the Ministry of Education and Culture stretches back to the time of the creation of the Republic. When Ecuador was constituted, in 1830, the State agency responsible for organizing the educational system was the General Educational management, which itself had Bolivarian origins but adapted to the needs of the new nation-state. At the same time, the first Republican Instruction Act was created. The country had to wait until the government of President Vicente Rocafuerte (18351839) to see the development of the first Republican

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Library of the National Parliament

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Education STRATEGIC PLAN Mission To educate formal persons with knowledge for action, solidarity and ethical behaviour, in a friendly environment, from kindergarten to University as part of an inclusive and intercultural educational proposal, according to the needs of the society, who responds to national and international standards of quality, and allow the successful development of citizens of all nationalities and peoples of the country. Vision To be a quality education system, working within the framework of national unity, decentralized, under an appropriate legal framework that responds to the realities of a multiethnic and multicultural society, the countryâ&#x20AC;&#x2122;s development needs on the basis of its principles with emphasis on participation and equitable distribution of resources, to lead social change and cultural and socio-economic development nationwide.

frameworks and international cooperation for the benefit of citizens of all nationalities of the country. Participation. School management shared between the various members of the school community: administrators, teachers, students, parents and other interested, to strengthen the development of institutions with active and positive involvement of those who are the beneficiaries of education. Accounting: Need for all members of the educational community of the national education system and the Ministry of Education and his officials to inform society about their activity, and the quality of education provided by schools in the country and ensure access to information through the implementation of suitable mechanisms for it.

Objective To provide quality educational services to citizens of all nationalities, through the formulation of a national education project that promotes unity in diversity, and general skills development, for basic and specific students, consistent with national, international standards, to enhance cultural and socio-economic development of the country. Principles Legal: Respect and application of existing standards, both at the national and local level, with the guarantee that its formulation meets the multicultural and multiethnic character of the country. Assure the creation of adequate conditions of fairness, so that citizens of all nationalities of the country, without discrimination, have access to quality educational services, offered by the national education system, through the operation of schools at all levels and modalities. Quality: Creating suitable conditions in the educational institutions of the national education system, in order that citizens of all nationalities of the country develop the skills necessary for successful development in life.

Efficiency. Establishment of a model that ensures optimal use of human, material and financial

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Cycling education is also necessary

Operating Plan The main aim is to ensure that by 2015, children and especially girls who are in a difficult situation, have access to free and compulsory primary education of good quality. This is warranted by the World Declaration on Education for All, March 1990, and some Plans and Programs that are running, as for example the CEREPS funds approved in accordance with Presidential Decree No.189 of March 16, 2007, No. 394 of June 12, 2007 and No. 463 of July 6, 2007.

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Educational Legislation The main legal documents are: • The General Regulation of the Teaching Career Law and grade of the National Teaching • Law of teaching career • Education Act • Structural organization • Regulation of educational supervision Academic offer Regular Education The Ecuadorian State, with the guidance of the Ministry of Education and with the responsibility of the family, community organizations, public and private institutions, ensures access, retention and development of children under five years of age, the level Early Childhood Education within the national education system, characterized by respect for multiculturalism in the diversity, quality, equity, inclusion, exercise of rights, duties and responsibilities of all stakeholders.

• General Purpose To achieve the comprehensive development of children under five years through high-quality early education, respecting their rights, diversity, the natural

rate of growth and learning and promote core values, incorporating family and community, as part of an inclusive vision. • Legal Basis The Constitution of Ecuador 2008, the Education Action Plan on Education for All , the Code of Childhood and Adolescence, Third Consultation Education XXI Century and the Ten-Year Education Plan, are demanding documents and educational opportunities as law that assist children under five to access a quality early childhood education, intentionally organized in the framework of an inclusive vision. • Importance Foster meaningful learning that supports the cognitive, affective and motor of the child, recognizing and encouraging children’s capacities are some of the purposes of education. In this century, states believe that the quality of human resources is more important than his material wealth to ensure the quality of life and economic growth of their people, in virtue of this it begins with the formation of creative beings, democratic, productive and solidarity from birth. Basic Education The Ecuadorian State through the Ministry of Education is committed to leading and strengthening the basic

Building of the Politécnica Ecológica Amazonas in Puerto Napo

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education of 10 years, by providing eighth, ninth and tenth years of basic education with equity, quality, warmth and coverage, on the basis of a pedagogical model that meets the needs of the society of knowledge and information based on national and international standards of quality, promoting the development of general skills, both basic and specific, to allow student development. Also, to encourage students, there have been introduced annual scholarships and awards. High School Every year there are 1,3 millions new baccalaureates. Ecuador recognized in the following types of bachelorâ&#x20AC;&#x2122;s degree: a. Bachelor of Science Dedicated to education focusing on conceptualizations and abstractions. Learning faced primarily humanistic and scientific nature and quality standards are set by the academic skill levels achieved. Use a content-focused program to achieve baccalaureate graduates in science and science with a specialization. b. Technical Baccalaureate Dedicated to education with a focus on performance. Theory conbined technical training whereas quality standards are set by the professional skill levels achieved. Uses a program of technical skills to achieve multi-purpose profession with a technical expertise. c. Bachelor of Arts Dedicated to education for the cultivation and development of all artistic expressions. Quality standards are set by the quality of skills to practice artistic expression. Uses a competence-based program to ensure graduates in various lines of artistic expression.

The universities and polytechnic schools will be established by law enacted by Congress, a favorable report and CONESUP mandatory. Creation is void if it has been dispensed with this requirement. For the creation of a university or polytechnic you must meet the requirements stipulated by the Ministry of Education and CONESUP. DEMANDED PROFILES: According to Senplades, ecuadorian companies are looking for students with this background: metal mechanics, mecatronics, mining and oil engineerings, bioenergy and biofuels, software development, biomedicine and biochemistry, environmental services, agronomy and cattle raising, arts and architecture. EDUCATION IN NUMBERS LITERACY: 90,88% Gross enrollment rate: Primary (1,17), Secondary (0,84), Superior (0,39) Net enrollment in primary education: 100% (2004) Net male enrollment in primary education: 99% (2004) Net female enrollment in primary education: 100% (2004) Net enrollment in secondary education: 52% (2004) Net male enrollment in secondary education: 53% (2004) Net female enrollment in secondary education: 52% (2004) Number of children per teacher, primary: 23 (2004) Top teaching companies according to Ekos Magazine: 1. Academia Naval Almirante Illingworth SA ANAI 2. Colegio Menor CMSFQ S.A. 3. Kotska Profesores Reunidos del Ecuador SA 4. Centro Educativo Integral Ceneica SA

Superior Education Every year, there are 436.000 students that succeed to arrive to the Universities and only 18% are graduated (78.480 students). Only 0,03% will do a postgraduate course, 24 Ecuadorians out of a million. Each year, all higher education institutions develop operational plans and strategic institutional development plans conceived in the medium and long term, according to its own guidance, including the following aspects: vision, mission, strategy, objectives, expected results and action plans. Each institution must conduct the evaluation of these plans and preparing the audit report, to be submitted to CONESUP and the National Council for Assessment and Accreditation. Entrance to the International University SEK

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UNIVERSIDAD CATÓLICA DE QUITO Manuel Corrales Pascual Rector 12 de Octubre, between Patria and Veintimilla Tel: +593 2 2991700 / +593 2 2565627 webmaster@puce.edu.ec www.puce.edu.ec Area of activity: University Date of creation: 1946 Students: 14.000 Universidad Católica de Quito was founded in 1946. In the coming years, PUCE, based on the thought and the Ignatian pedagogical guidelines, will be consolidated as a national integrated, self-sustaining, competitive, cutting-edge technology infrastructure.  It will be distinguished for its ethical management and social responsibility, as well as modern academic structure for training of professionals of different disciplines. It will also be recognized for the results in scientific research developed by their academic units supported by advanced technical, innovative and efficient processes, as well as for its highly competitive and committed workforce.   MISSION   1. As a University  - Contribute, in a rigorous and critical way, to the protection and advancement of a human dignity and cultural heritage through research, teaching and other services offered locally, nationally and internationally. The mission implies the duty to pay particular attention to ethical dimensions of all fields of knowledge and human action. Within this framework, it advocates respect for dignity and rights of a human being, as well as supports and promotes the implementation of justice in all spheres of life. - Enjoy and promote the institutional autonomy necessary to perform its functions effectively. - Guarantee academic freedom to its members, safeguarding rights of an individual and the community in general. - Direct its activities towards a person itself, apart from its professionalizing function, develop and cultivate human values as a part of their contribution to the society. Look at the reality with the methods of each academic discipline, while at the same time setting a dialogue between various disciplines that complement and enrich each other. This aims at the integration of knowledge. - It is crucially important to promote the commitment of all members of the university community towards achieving corporate goals, through a dialogue and participation. 2. As a Catholic University - It is inspired by the principles of Christianity, calls for responsibility of a human being in the face of God, respect for the

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dignity, rights and transcendent values of a human being. It supports and promotes the implementation of justice in all spheres of existence, fostering a dialogue between different disciplines, based on moral and religious challenges, as well as on the Christian praxis.  3. As a University run by the Society of Jesus - It promotes the implementation and development of the Ignatian pedagogy in all its academic activities. We are 14,000 students nationwide, of which 8,500 are based in Quito, and this is an appropriate number for the Jesuit education system that is based on the humanistic approach and emphasizes the importance of interpersonal relationships. Manuel Corrales Rector, Universidad Católica de Quito

UNIVERSIDAD INTERNACIONAL SEK Jorge Segovia Bonet Rector Campus Juan Montalvo Calle Fray Francisco Compte and Cruz de Piedra Guápulo, Quito Tel: +593 2 2223 688 begin_of_the_skype_highlighting end_of_the_skype_highlighting Fax: +593 2 2223 689 www.uisek.edu.ec Area of activity: University Date of creation: 1893 (Spain), 1993 (Ecuador) Students: 2000 The University UISEK has a strategic objective of meeting the needs of the Ecuadorian society, by offering quality academic education through 34 disciplines offered in the 9 faculties: Architecture and Urbanism, Environmental Science, Economics and Administrative Sciences Law and Social Communication, Mechanical Engineering, Psychology, Systems and Telecommunications and Tourism and Cultural Heritage. Their growth is based quality rather than quantity of their services.  The mission of the Universidad Internacional SEK is to prepare fully competent professionals with national and international background, capable of using their theoretical and practical knowledge with efficiency and responsibility for their personal and professional development.  Since it very inception, the UISEK has successfully responded to the challenges caused by constant social and technological changes, thanks to its commitment to innovation and continuous improvement of its learning processes.  In compliance with the Organic

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Education

Law on Higher Education, UISEK has conducted an internal self-assessment process to achieve institutional accreditation as a way to demonstrate its continuous focus on innovation and process improvement, in accordance with its corporate principle of “pursuit of excellence” and thus ensuring the quality of education.  Its academic excellence based on effective teaching processes has been the cornerstone of the UISEK, rooted in its faculty that consists of professionals selected for their academic merit, professional experience and deep commitment to teaching. All of them were provided with an extensive training necessary for professional, ethical and humanistic development of their students.  Technological and social dynamism have always been and will be the challenge that drives the improvement process and upgrading of the UISEK that follows the pace of contemporary technological advances.  The UISEK pretends to be recognized as a university with international recognition, a national benchmark of quality that promotes changes and solutions in accordance with social demands, through research, transfer and dissemination of practical knowledge within the society. It strives to deliver high-quality educational services in campuses with the most advanced technology and a highly motivated faculty in order to prepare fully competent students that will easily adapt to the dynamic labour market.

Superior Israel and Instituto Superior Italia.  On May 10, 1993, with the objective to cooperate and make available all the infrastructure and teaching experience to serve the community, General Assembly met the University of Israel with a request to establish an experimental educational foundation to train technical professionals with disabilities (FEECDAT).

SEK University is the only truly international university that has an exciting track record in Latin America with the first university established in Chile and subsequently with 2 campuses in Ecuador. Our education is based on values that we deliver to our students in the most effective way possible. We have less than 30 students per class and we are one of the 7 universities fully recognized by the Government.

The University of Israel offers: • Different study methods: full time, part time and distance learning. • Highly specialized graduate programs, both national and international. • Teacher Training Center. • International lectures. • Graduate Degree in Masters, Specializations and Diploma. • Training for entrepreneurs interested in creating their own business. • Professional Internship programs with the most recognized companies. • Student Science, Humanities and Technology Clubs.

Ivan Martinez Dean of the Economy and Tourism Faculty, SEK University

UNIVERSIDAD DE ISRAEL Edgar Moncayo Rector Fco. Pizarro E4-142 and Orellana Quito Tel: +593 2 2555 741 / +593 2 2559163 www.uisrael.edu.ec

The achievements of the Institute were obtained from the year 1997. For three consecutive years it was gaining the first place in the field of Computer Schools issued by the Institute of Quality and Prestige of the city of Guadalajara, Mexico. Technical Institute Italia was born on July 10, 1986 by the Ministerial Resolution No. 251, offering a speciality of a Systems Analyst Programmer with a total duration of 2 years.  On October 21, by 1996 Ministerial resolution No. 562, Technical Institute Italia became the Italy’s Higher Technological Institute, offering specialties in Systems Analysis and Computer Audit.On December 15, 1998 it was approved by the Ministerial Resolution No. 2546 to offer Bank Administration specialties, as well Business Administration and Marketing.  The Israel Institute of Technology and the Technological Institute Italia created Israel Technological University as a joint project in order to share knowledge, experience and physical infrastructure, creating wealth in the country and benefiting the society.

We are primarily a technological university that offers programs in system engineering, electronic engineering, graphic design engineering, and now in business administration and television and multimedia production. Edgar Moncayo Rector University of Israel

Area of activity: University Date of creation: 1989 Israel University was born from a merger of two large and prestigious Colleges of the city of Quito, Instituto

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Education

ESPOL (Escuela Politécnica) Moisés Tacle Rector Campus Gustavo Galindo Velasco Km. 30.5 Via Perimetral, Guayaquil Tel: +593 4 2 851094 / +593 4 2 852419 Fax: +593 4 2 854629 www.espol.edu.ec end_of_the_skype_highlighting Area of activity: University   For over 40 years ESPOL have been contributing to the development of Ecuador, creating skilled and highly competent professionals, as well as performing research activities and providing a wide array of services required by the productive sector.  Its mission is reflected in a moral obligation to prepare effective human resources through its efforts to ensure that Ecuador is an integral part of a globalization process in which the world is engaged.  In accordance with the right of establishment and its legal status, ESPOL has the following objectives: -Provide education in scientific and technical areas -Train professionals in of scientific and technical specialities in accordance with the needs of the country -Develop scientific and technological research  -Contribute to finding solutions for the exploitation and rational use of energy and natural resources, preservation of the environment and development of an autonomous technology that contributes to improving living conditions and preserving culture of the Ecuadorian society To fulfil the objectives identified ESPOL uses the following strategies:  -Higher education in scientific areas related to natural sciences. -Organization of specialized courses, continuous training and education, conferences and seminars. -Scientific research and technological specializations, directing teaching and related branches mainly towards rational problem-solving. -Organize and actively participate in wellness, cultural and sports development programs. -Issue specialised scientific and technical publications with a purpose of dissemination, updating and specialization of knowledge.  -Organization and maintenance of cabinets, workshops, laboratories, companies, museums, libraries and other university infrastructure. -Developing links and strategic alliances with the State and private entities.

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-Maintaining high ethical and academic standards throughout the institution. -Development of comprehensive planning programs and their systematic evaluation.  -Other strategies indicated by the law, as well as those required by the university governing bodies.

UNIVERSIDAD CATÓLICA DE GUAYAQUIL Dr. Michel Doumet Antón Rector Av. Carlos Julio Arosemena Km. 1 1/2 Vía Daule, GUAYAQUIL Tel: +593 4 2206 950 www.ucsg.edu.ec Area of activity: University Date of creation: 1962 This university was established on May 17, 1962. On June 6, 1963 the first academic period began with the following faculties: Jurisprudence, Social and Political Sciences, Philosophy and Educational Sciences, as well as Physical Sciences and Mathematics (School of Civil Engineering and Architecture). In 1963, there was also founded the School of Economics within the Faculty of Law. Subsequently, the Governing Body approved the creation of the Faculty of Economics on March 18th, 1965.  In 1965, there was created the School of Architecture (formerly functioned as the school attached to the Faculty of Physical Sciences and Mathematics). In 1967-68 there were established the School of Zootechnics, as well as the School of Electricity and Telecommunications and the Faculty of Medicine by the Institute of Technical Education for Development. In 1969, they joined the School of Social Work (which operated since 1960 under the auspices of the Rotary Club of Guayaquil). In 1970, the operation of the Institute of Applied Arts (now Interior Design degree) was authorised and in 1973 there was inaugurated the Faculty of Medical Sciences, the School of Nursing “San Vicente de Paul” (which was created in 1974 by the Community of the Daughters of Charity and was operating in Quito).  In 198,5 there has been founded the School of Computer Systems Engineering at the Faculty of Engineering and, in the same year, the operation of the Board of School of Law, Juris, was authorised.  Graduate School of Medical Sciences Faculty was established in October 1986.  An historical data of the faculty was in May 2002, when memoirs of the university were published to mark the fortieth institutional anniversary. Mission Generate, promote, disseminate and pre-

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Education

serve the science, technology, art and culture, forming competent and socially responsible professionals for the country’s sustainable development, inspired by the Christian faith of the Catholic Church.  Vision To be a leading Catholic university in Latin America that promotes the construction of an efficient, fair and sustainable national and international society.

UNIVERSIDAD SAN FRANCISCO

UNIVERSIDAD ESPÍRITU SANTO

Area of activity: University

Carlos Ortega Maldonado Rector CAMPUS SAMBORONDON Km. 2.5 vía La Puntilla Samborondón, Guayaquil Tel: +593 4 283 5630 www.uees.edu.ec

Universidad San Francisco de Quito is a private, non-profit institution, which seeks to train leaders: innovators (accepting the change, promoting and using it to create wealth and benefits for the society), creative (boosting new ideas) and entrepreneurs (risk taking based on knowledge, wisdom and experience.) The mission of the university is to train, educate and instruct a person, i.e. make sure that a student learns to draw the map of his life, being a creator and a developer of his life projects.

Area of activity: University UEES defines its mission as being a centre for studies and research dedicated to finding solutions and alternatives for large national and international problems. It serves the society with the help of a team of highly committed bilingual professionals that provide excellent education in science and technology, as well as disseminate human and ethical values in their field, helping students to live in harmony with themselves and with the environment.  The University of Espiritu Santo is recognized as the leading institution in both educational innovation and in promotion of sound and effective inter-institutional linkages that encourage cultural and academic exchanges for teachers and students, both nationally and internationally. The University is distinguished for its academic rigor, professional quality, flexible programs that meet the needs of the community, as well as for its strong principles and humanistic values. They pretend to be leaders in educational innovation, attracting the best teachers, students and institutions in their search for excellence.  UEES offers: -Agency links -Academic rigor and professional quality -Programs to meet community needs -Specialized courses, as well as pre-and post-graduate programs They promote:  -Cultural and academic exchange  -National and International cooperation -Social responsibility -Spirit of solidarity   They also have international graduate programs that are recognized by international universities, as well as postgraduate studies and personalized degrees adapter to particular student´s needs.

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Walter Arizaga Rector Diego de Robles and Vía Interoceánica Cumbaya, Quito Tel: + 593 2 297 1700 Fax: + 593 2 289 0070 www.usfq.edu.ec

The teaching system is aimed preparing students to take responsibility for what they learn. The university does not prepare undergraduate specialized professionals, but rather generalists, the profile that is so needed in the today’s globalized economy. At the graduate level, all programs have liberal arts content, as well as special training courses.  Following these objectives, the University hires professionals of the highest academic preparation, which are distinguished by their social and people skills, culture and willingness to accompany students in their search for knowledge and academic excellence. It is also committed to maintaining the academic system of international quality, being unique in Latin America.

IDE Business School Gabriel Rovayo President Tungurahua 513 and Av. 9 de Octubre Guayaquil Tel: +593 4 245 5029 Fax: +593 4 245 0297 www.ide.edu.ec Area of activity: Business School Date of creation: 1992 IDE is a non-profit, private School of Business Administration. The School is dedicated to the preparation and upgrading of managers and entrepreneurs. IDE

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was founded in 1992 in Guayaquil by the Ecuadorian Association for Educational and Social Development, (SEDES, in Spanish). IDE was born under the auspices of worldwide renowned reputation institutions, such as the Institute for Higher Studies of Business in Spain (IESE), the Panamerican Institute for Higher Business Administration in Mexico and the Institute for Higher Business Administration in Colombia (INALDE). Ever since its foundation, IDE has been an integral part of an intense and full of relevant events period of the History of the country. IDE is the result of the vision of a group of Ecuadorian entrepreneurs who satisfied the need to create a first-level, international academic institution. The School offers an intense entrepreneurial formation. It combines technical learning with the essential ethical principles. The Case Method used by IDE has been vastly recognized as the best one to develop managerial abilities for decision making. The Opus Dei guarantees the moral and doctrinal formation that is offered at IDE, Opus Dei is a Personal Prelature of the Catholic Church. Ever since its beginnings, in 1992, IDE has been an innovative Business School. It has been a leader in preparing first level organization directors, being able to count on the support of the best Schools of Business in Europe and America, such as HARVARD BUSINESS

SCHOOL, IESE, IPADE, IAE, and INALDE. There is no doubt that the infrastructure is a key factor that encourages the learning process. Therefore, IDE has established two campuses in the cities of Quito and Guayaquil. This is a response to the fast growing demand for its academic services. Both sites offer state-of-the-art facilities, modern architectural concepts and an appropriate study environment.â&#x20AC;¨Classrooms are equipped with the most up-to-date technology. This allows IDE to offer the best conditions for studying, reflecting, dialoguing and team working. IDE keeps close links for research and teaching with Business Management Schools and Universities in several countries. These relations allow the School to gather information, innovative solutions and the most representative points of view about the global issues. IDE also shares its own experience with its international partners. Our business school is the outcome of the initiative of a group of Ecuadorian businessmen that in the year 1989 came up with the idea to address the need for professionals who know how to manage businesses and entrepreneurs with a different vision that focus on social responsibility, as well as on ethical and moral issues. Gabriel Rovayo President of IDE Business School

Faculty of Economy of the public university in Guayaquil

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AGRICULTURE

A lot of work but not much to eat Ecuadorian proverb

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Agriculture THE MINISTRY OF AGRICULTURE, LIVESTOCK, AQUACULTURE AND FISHERIES (MAGAP) MAGAP promotes and implements structural changes that aim to ensure alimentary food sufficiency and better living standards. One of its goals is to eradicate poverty in the country. The Ministry is responsible for design, implementation and evaluation of policies in the agricultural sector, as well as their subsequent coordination with other economic and social sectors. Moreover, this governmental body aims to provide stability and transparency to encourage private investment in agriculture. The Ministry defines its mission as governing the country’s agricultural policies through efficient Management, Regulations and Training programs within the Agribusiness and Agro-forestry sector in order to increase its productivity and competitiveness. It aims to ensure continuous growth and development of the sector through technical assistance and zoning actions to guarantee the sustainability of agriculture.

chemicals, preserving the quality of food and generating added value. The MAGAP has taken a strategic decision to direct its policy towards small and medium-size farmers that represent 92% of the country’s agricultural sector. Previously, the Ministry was almost exclusively focused on the agro-export and large-scale business agricultural production. These 92% is the percentage of food that the Ecuadorians consume and that comes from smallscale agriculture with less than 4 hectares. As an example, 80% of all the banana producers have less than 10 acres and 7% have less than 20 hectares, whereas banana is the 1st country’s export sector. 98% of the cocoa production is in the hands of producers that own 4 acres as an average, being cocoa production the 2nd largest export sector in the country. That does not mean that the Ministry fails to encourage large producers and exporters, which are very important for the country.

By 2020, the MAGAP will implement a model based on information and communication systems to ensure national food security, growth and equitable development. This model will also generate added value, economic profitability, social equity, as well as environmental sustainability and cultural identity.

POLICY 1) CIALCA Program: Agricultural policy of Ecuador is based on the theory of short food circuits: a theory that the Ministry got acquainted with in France and that is successfully applied in various countries such as France, Belgium, Germany, Spain, Argentina, Brazil and Chile. It is not simply based on the simple elimination of agricultural trade intermediation, because sometimes it is necessary and beneficial the presence of a mediator. One of the aims of the theory is to reduce post harvest losses of fresh products or food that sometimes riches 40% in Ecuador. This is the amount that is wasted between a producer and a consumer. In the case of grains, the loss is of about 18% of the total harvest. This theory defines a producer as an agent who takes care of the production within the area nearest to a consumer, with no more than 2 intermediaries in the chain, thereby forcing producers to maintain the quality of their crops. The Ministry is organizing rural fairs in cities which are characterized by encouraging “clean” and responsible agriculture, free of fertilizers, pesticides and other

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The National Development Bank has a program to finance the acquisition of tractors

Other strategic programs of the Ministry: 2) Technological Innovation: Objectives: a. Increase productivity b. Achieve food sovereignty c. Improve seeds d. Recover the soil´s quality e. Invest in innovation in machinery f. Recover fish production capacity with local species and with Ecuadorian technology. 3) School of Agrarian Revolution (ERA): These schools were created in 2010 and include more than 400 technicians from the Ministry around the country. Seek to avoid the transfer of technology from other countries and build the technology based on the practical knowledge of Ecuadorians.

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Agriculture

4) CADES Program: The program seeks to improve rural competitiveness. There are more than 100 projects in the most remote communities that involve smaller farmers. 5) National Inclusive Business (PRONERI) This is a flagship program in which there have been signed over 15 agreements with companies that deal with agricultural production, generating benefits to more than 20,000 families. The program encourages productive initiatives and commercial understanding between small producers and agribusinesses. It allows the incorporation of low-income citizens in the value chain of these companies. It also encourages a small farmer to increase productivity, improve quality and requires him to produce a minimum level of harvest in a given period of time. In the past, this level could not be achieved and small farmers were outside the commercial circuit with large companies. On the side of large-scale businesses, the principal requirement is to support small farmers with technology. The idea is to subsidize small producers instead of simply investing in them. 6) Agriculture Insurance Unit (UNISA) The Ministry of Agriculture, Livestock, Aquaculture and Fisheries has created the Agriculture Insurance Unit (UNISA, Spanish Acronym) to support the implementation of the Ecuadorian Insurance Scheme. There are a total of 27,000 ha of cropland insured, representing 1.1% of total cultivated area (FAOSTAT). The risks covered are: frost, drought, floods, wind, snow and hail. A total of 12 crops are covered. 7) Land Plan The plan provides access to land. Currently, the main problem for small farmers is the lack of access to the main mean of production, land. Its actual value is far beyond the commercial profitability. Land is a commodity, because a peasantâ&#x20AC;&#x2122;s life revolves around it. The lands that are chosen within the program are those that are close to sources of water, roads and urban centres. They are very accessible, but at the same time not involved in production. Agriculture land

AGRICULTURE: According to the Central Bank of Ecuador, the GDP of agriculture, hunting and fishing in 2008 decreased by 3.2% and reached 5.6%, that corresponds to 2.944 million dollars. If we add to that the figure of the oil GDP, the total contribution of the primary sector in 2008 would be 25.7%. In addition, 14 exports from this sector accounted for approximately 71.1% of all the exports of the Ecuadorian economy during that year. However, we must take into consideration that 57.1% are represented by crude oil exports, whilst the rest corresponds to banana (8.9%), canned fish (4.5%), shrimp (3,6%) and flowers (3.1%). Geographic and climatic conditions that characterize Ecuador allow you to have a wide variety of crops throughout the year. Currently, the agricultural production in the country is being diversified to a great extent. Apart from so-called traditional crops, such as bananas, coffee, cocoa, there has been emphasized the importance of crops with a great export potential. Thus, there have been developed plantations of flowers, exotic fruits (mango, passion fruit, melon, watermelon, pineapple, etc.) and vegetables (broccoli, palm hearts, asparagus, tomatoes, etc.), which are considered nontraditional crops. On the other hand, organic farming started to be developed gradually in the country and has recently adopted an official national seal. The main products identified for export destinations are vegetables, bananas, shrimp, sugar cane, coffee and cocoa. In general, the technological level of the Ecuadorian agricultural sector is relatively low. The applied technology is characterized by a certain duality. Capitalized producers, mainly those of bananas and flowers, belong to a segment that uses high-quality foreign technology, while family farms are characterized by a minimum level of technological preparation. As regards the fisheries sector, there has been experiences significant growth in recent years. Its contribution to GDP in 2008 was 420 million that corresponded to 0.8%. In 2008, products with higher output abroad were banana (with 8.9% of total exports), canned seafood (4.5%) and shrimp (3.6%). In this respect, the production of shrimp has recovered considerably after the crisis of 1998, caused by the white spot virus. As for foreign direct investment in the agricultural and fisheries sector in 2008, it accounted for $ 16.7 million USD, representing 1.7% of the total investment value (973.5 million dollars).

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The percentage of arable land in the country is 5.71%, whilst Irrigated land occupies a total of 8,650 km2. The coastal region has 4 million hectares dedicated to crops. Out of this area, 21.38% is used for shortcycle crops, such as maize, cassava, rice, cotton and tropical fruits, 26.99%, correspond to permanent crops: banana, oil palm, coffee, cocoa, sugar cane sugar, whilst 51.62% is used for pastures. Areas unsuitable for agricultural production are the Santa Elena peninsula and lands located at the border with Peru, which are dry regions with adverse weather conditions. In the mountain region, agricultural production varies depending on the altitude. At about 3200 meters, barley and root vegetables are produced, such as goose and potato melloco. Most of the agricultural land is dedicated to grassland (42.88%), whilst 38.26% is used for short-cycle crops, such as potatoes, beans, corn, vegetables, and the rest (18.86%) is devoted to permanent crops, such as sugar cane and coffee. In the Amazon region, the land is less fertile and its Cigars from a tobacco plant

exploitation requires permanent rotation of crops. Its production is mainly devoted to pasture that accounts for 63.12%, whereas permanent crops, oil palm, sugar cane and citrus represent 19.22% and the remaining 17.66%, are occupied by short-cycle crops, such as corn, cassava and naranjilla.

LIVESTOCK The Secretariat of Livestock Development is the body created with the purpose of increasing the profitability of livestock production contributing to food sovereignty in Ecuador: Activities: - Zoning of different species and soil management - Improving animal health with the prevention, treatment, control and eradication of diseases - Improving animal welfare with a good treatment - Improving the genetics and breeding - Improving nutrition There has been developed a project aimed at boosting productivity of meat products, ensuring quality, health and safety standards in the sector, as well as implementing a system of animal identification and traceability. Livestock is an important part of agricultural production and it has increased significantly since 1980, with the introduction of European and Asian races. Cattle production in Ecuador In the Agricultural Census of 2002, land owners were classified according to the size of UPA (production units): less than one hectare, one to two hectares, two to three ha., three to 5 ha., and 5 to 10ha. This classification represents the majority of producers in Ecuador that are considered small units, totaling 842882 and covering a total production area of 12335831 hectares, 4486868 of which are cultivated in natural pastures, and 504795 – in artificial pasture production units. In Ecuador, according to the census, 36% of the land for agricultural use is occupied by pastures with 205833 production units, whereas the remaining 32.0% is used for harvest, 5% for wasteland, 32% for mountains and forests, 3% for rest and 3% for other uses. Ecuador’s total area is 256370 square kilometers. It´s represented by three defined regions: East

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(Amazon), Coast and Sierra, with 50%, 25.5% and 24.5% respectively. Unused agricultural area reaches 18 million hectares.

Fishing is divided into two main activities: on one hand, the artisanal fishery with more than 3600 boats that employ more than 25,000 fishermen with the activity that is close to 8 nautical miles. On the other hand, the industrial fleet owners such as Lifinsa, Actorcorp, Alfonso Paz, Alcelsa, Jadrán Iberopesca and Pesquera Jadrán, among the most well-known ones. All in all, they employ about 4200 fishermen. Capture fisheries This activity is focused on fishing “transzonal” fish and highly migratory species (mainly tuna), as well as populations of small pelagic fish (canned fish meal), “damersales” species and marine shrimp fisheries. Tuna The activity began in 1952 in the port of Manta and since then has grown importantly.

Beautiful stallion

The regions of the Coast and Amazon produce mainly beef cattle, while dairy cattle takes place mainly in the Sierra. On the coast, the cattle grazes on land unsuited for agriculture, such as seasonally flooded river plains, or semiarid parts of the south. Dairying is carried out in the mountains, fertile valleys, particularly between Riobamba and the border with Colombia. Beef cattle is relatively new in the Amazon region. There are large areas suitable for grazing. The beef industry suffered in this region after a serious setback in 1987 when an earthquake damaged the roads used to transport the meat. Historically, Livestock production in Ecuador has adopted a model for agriculture development which is basically extensive.

FISHING:

Small pelagics This type of fishery began its activity in the 60´s to produce fishmeal, canned sardines and macarena. The fleet consisted of ships from 1 to 106 Trn and the total number in 1994-1998 ranged between 193 and 194 units. The distribution of these fish is primarily coastal and it accounts for about 70 nautical miles offshore, covering the Gulf of Guayaquil, the northern coast of Manabi and Esmeraldas. The largest catches occurred in 1985 with a total volume of about two million tons, while in 1998 the total catch reached only about 0.2 million tons. White fish This category includes species such as snapper, tuna, sea bass, dorada, snook, billfish, huayaipe whose populations are located in coastal areas. The fleet consists of 205 ships and the main port is based is Manta. There is little scientific information on this species and hence no management plans.

The governing body of the fishing sector is the Undersecretary of Fisheries. It manages, regulates, controls, develops and distributes the activity of industrial and artisanal fisheries through basic and applied research, technological innovation, development of human potential and promotion of products in domestic and foreign markets. Its core objectives are conservation and sustainable management of fisheries resources throughout the country. This administrative body is headquartered in the city of Manta and is of national jurisdiction.

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Port of Manta international capital of the tuna

Shrimp trawl fishery The segment is dedicated to the capture of several species of marine shrimp located between 2 and 360 meters deep. The activity is carried out with 215 boats, registered in 2001. Catches are ranged between 8 and 10 thousand MT per year. Artisanal fisheries maritime continent This fishery considers the following alternatives: • Fish Collection, which includes the area of intertidal shellfish with the collectors of shells, crabs, clams, mussels, shrimp, jaibas, shrimp mature females and larval shrimp • Coastal Artisanal Fishing that employs boats that allows to catch demersal and pelagic fish • Artisanal Oceanic Fisheries, which operates offshore with vessels capturing demersal and pelagic fish.

reserve. This fishing involves around 1000 fishermen that employ about 367 boats, registered in 2000. The activity is regulated by the Galapagos National Park and is based on agreements with the artisanal fishing sector dedicated to fishing mullet, cod, tuna, lobster and sea cucumber.

The National Fishery Institute estimates that the total average of landings of this subsector reached between 30000 and 70000 tons per year in 2002, of which 63% were pelagic, 29% corresponded to demersal fish and the remaining 8% to other species. Galápagos Artisanal Fisheries

Current status of the industry

The archipelago is located 1500 km away from the coast of Ecuador and its internal waters are the islands’ marine reserve, which is added to an absorbing zone of 40 nautical miles around the

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Inland water fisheries (freshwater) There is no reliable statistics on the activity in this sector, which is mostly handmade and is intended to meet local needs. Angling This activity takes place in coastal waters, especially in front of La Puntilla de Santa Elena, near the island of La Plata.

Ecuador is a country that is located to the northwest of South America and its coasts are spread over 2859 km, including open waters of the Pacific Ocean and internal waters of the main estuaries formed by the Guayas River. The location of the country allows it to be influenced by the cold Humboldt Current and the warm El Niño Current. Their convergence creates an ideal environment for the production of a variety of marine species.

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The industrial fishing began in the mid-twentieth century with catches of tuna and marine shrimp. Subsequently, it extended to several species of small and large pelagic (white fish) and since the 70’s began the aquaculture with shrimp farming in pools in areas flooded by the tide. Apart from the powerful and modern tuna industry in Manta, there is an artisanal fishing that turned from sail to fiberglass boats with outboard motor. They contribute to the fishing sector by catching pelagic and demersal fish , shrimp, lobster, and a variety of seafood to meet the demand of both domestic and international markets. The country’s total fish production between 1990 - 1999 averaged 403,939 tons per year with a total value of $1 billion USD per year. Although this production only represents 0.4% of the total world fisheries, the sector contributed between 3.8% and 6.3% to the GDP during this period of time. The maritime sector has important pelagic and demersal fisheries, being an industrial group in Ecuador that employs around 400000 people. There are about 15,000 small boats related to the artisanal fishing. The industrial fishing fleet involves 284 fishing boats, which are equipped with the latest technology helping to preserve the caught species. Ecuadorian fishery products are exported in 4 main forms: fresh, frozen, canned or fish meal. Canned tuna is the main product in this group, representing 54% of total exports, followed by pre-cooked loins that correspond to 45%. The Ecuadorian tuna fleet meets the requirements of the International Program for the Conservation of Dolphins regulated by the Inter American Tropical Tuna Commission, and holds the certification “AIDCP Dolphin Safe.”

AQUACULTURE The leading agency responsible for aquaculture in the country is the Secretariat for Aquaculture, which promotes sustainable development of the sector. It manages, monitors, develops and distributes the aquaculture activity at all levels, from basic research and technological innovation to development of human capital and promotion of products in domestic and external markets. Ecuador is a privileged country for aquaculture, due to its soil quality, natural resources and favorable climatic conditions. This conditions allow production of white shrimp and tilapia in controlled and sustainable conditions throughout the whole year. This activity began in Ecuador about 4 decades ago. Sustainable development has made Ecuador one of the leading producers and exporters of both products worldwide. Over 95% of aquaculture in Ecuador is shrim p farming, followed by cultivation of tilapia, which has grown considerably over the past five years, whereas other species (fish and freshwater crustaceans) represent a very small percentage. Freshwater aquaculture has been considerably developed in the inter-Andean region, mainly with farms of rainbow trout. Chame cultivation is in progress in the coastal region. Ecuadorian fishry products

Tilapia’s fish farms

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Agriculture PRESENT STATE OF FISHERIES AND AQUACULTURE Export activities such as shrimp and tuna production were affected by the crisis of 2008, which, in turn, affected their main customers in the USA and Europe.

Example of shrimps

Main species of the aquaculture production: - Shrimp: Ecuador is one of the leading producers in Latin America and in the world. 273 M pounds of shrimp were exported in 2007, generating $528 million USD. Ecuador has all the technology for production of postlarva: fattening, nutrition, processing and packaging. - Tilapia species from Africa have been growing since 1992. This activity has positioned the country as one of the leading suppliers of fresh and frozen fillets to the U.S. market. - Rainbow trout: because of its biology, it is cultivated in the highlands and mountainous areas of the Ecuadorian Amazon. It is one of the world’s more farmed fish. Its distribution is mainly in the domestic market and a percentage goes to the American market. - Cachama black and red: it is an Amazonian species with high development potential due to their growth rates and trade sizes. Ecuador has all the necessary captive breeding and farming technology that brings successful results. - Chame is a species of wide acceptance in markets like the U.S., Asia and Central America. It is easy fattening, it is very resistant to adverse conditions and requires very little investment. Potential species of freshwater: paiche bocachico, bagre, sábalo, tucanaré, vieja azul. Potential saltwater species: huayaipe, sea bass, tuna, seaweed, oysters.

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In the case of the shrimp sector, 2009 was not a very profitable year. Although the amount exported last year was higher, the lost was due to the price decrease. Ecuador went from exporting 294 M pounds in 2008 to 299 M pounds in 2009. In 2008, international sales were of $673 million USD, while in 2009 they accounted for $607 million USD. In 2008, the 25 largest shrimp and tuna companies billed $1,861 million USD, while in 2009 they suffered a dramatic decline, where just 11 companies were able to resist and represented a total turnover of $ 698 million USD.

FORESTS Greening of soil is possible There is a green future driven by the national government, local communities, private companies and international agencies. In this respect, a study of FAO says that Ecuador could count with 9.3 million hectares in 2020, compared with 8.8 hectares that were recorded in 2000. 5.5 million hectares out of the surface projected would remain protected by the Central Government and local communities. 560.00 hectares will be assigned for wood production, although other 3 million hectares of forests could be considered with industrial productive potential.

EXPORT OFFER OF ECUADOR We would like to thank CORPEI for the information given to complete this chapter. Total exportations: $395 million USD and 150 thousand tons in 2009 Main markets: United States, European Union and Japan Ecuadorian cocoa Ecuadorian cocoa is known for its variety, high quality and special flavors. Ecuador is a producer of a famous and unique “Arriba” Cocoa, which is

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a national product. High standard markets have an increasing interest in finding cocoa with these characteristics. In botanic terms, this type of cocoa belongs to the group “forastero amazónico”. Until the 90´s, chocolate with high content of cocoa (more than 60%), had a reduced market. Customers gave their preferences to sweet chocolate with milk. The exception were countries such as France and Belgium, where the majority of people consumed high quality chocolate with high content of cocoa - reason why “national” cocoa has a special treatment worldwide.

Tendencies at the International Market Out of all the world’s cocoa consumption, more than 70% is consumed in the European Union, especially in the north of Germany with 11.6%, France with 10.3% and United Kingdom with 9.2%, whilst the United States consumes approximately another third that accounts for 32.7%.

A cocoabob

COFFEE PROFILE IN ECUADOR

Naturally born cocoa

Production and Exportation. Ecuador is the largest fine cocoa producer country with approximately 60% of the worldwide production and exportation, between 110,000 a 150,000 Tn per year. Nowadays, the cocoa in Ecuador covers a total surface of 463,000 hectares, representing 7% of the national agricultural production. 85% of the products are exported, out of which 73% are exported in grain, 12% as elaborated products, and only 5% is consumed entirely by the chocolate and sweet industry. Presentations of Processed Cocoa Ecuador also exports cocoa in other elaborated forms, such as: · Cocoa liquor, · Cocoa powder, · Cocoa pie, · Cocoa butter, and · Chocolate Nowadays, 75% of the Ecuadorian cocoa with “fine flavor” is used to process fine high-quality chocolate.

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Ecuadorian coffee - “one variety for each taste” Coffee activity in the Ecuador and its importance Due to its geographical situation and it´s unique climatic conditions, Ecuador is one of the few countries in the world that produces and exports the two commercial coffee species: Arábigo (Coffea arábiga) and Robusta (Coffea canephora), which allows producers to create excellent mixtures and flavors. The coffee sector is of relevant importance in Ecuador, from the economic, social and ecological perspectives. The importance in the economic aspect stems from the income it generates for the State, as well from important inputs it creates for those families and individuals that belong to the coffee sector. The social aspect is reflected in both direct and indirect job creation that benefits directly more than 105.000 families; as well several million families that are linked to the commercialization, industrialization, transport and exportation of coffee. In terms of its ecological impact, the importance of the coffee sector is related to the adaptability of coffee to different ecosystems of the four regions of the country: Costa, Sierra, Amazon and Galapagos. Mainly, it can be grown under trees with high ecological and economic value.

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The Ecuadorian processed coffee is marketed in bulk and in packaging with different commercial presentations, such as sachets, delta pack, as well as tinplate and glass packages. These presentations are sold with both as own brands and with private labels, depending on customer requirements. Special Ecuadorian Coffee

Ecuador has an excellent quality of Arábigo and Robusta coffees

Varieties of the Ecuadorian Coffee Two varieties of commercial coffee are cultivated and exported in Ecuador: • Arabig Coffee: (Coffea arábiga) is cultivated in high altitude areas, up 2000 metres above the sea level; plantations are located in the exterior flanks of the Andean, eastern and western ridges. • Robusta Coffee: (Coffea canephora) is grown at 400 meters of altitude, in humid tropics, as the ones found in the eastern Ecuador. The Arabig coffee is grown in between June and August and Robusta coffee from May to December; whilst the coffee gathered in the Galápagos Islands is grown between December and March.

Soluble Industry The coffee industry in Ecuador depends heavily on high technology for the elaboration of soluble coffee, which guarantees high quality of exported products. The Ecuadorian enterprises that produce soluble coffee have a long international track record, offering credibility and security to its exterior business partners. Ecuador not only exports soluble coffee as green coffee or in beans, but also in other presentations: • Atomized Coffee (Spray dried). Coffee is roasted and percolated. Then submitted to drying in heat and subsequently to spraying; it is found in powder and amassed. • Café liofilizado (Freeze dried). Coffee is roasted and percolated. It is frozen and subjected to a sublimation process; this is how a easily dissolved soluble coffee is obtained.

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Special Coffee is a product that is distinguished by its special characteristics that guarantee greater added value, such as: - specific characteristics of the cup - agro-ecological areas where it is cultivated - production technology and processing - its contribution to the conservation of biodiversity - solidarity and fair trade principles, which guarantee a fair price for the coffee grower In addition, the country offers Specialty coffees, to delight even the most demanding tastes. In this range, there are “organic” and “gourmet” products, as well as “de sombra” and “de origen”: all produced under strict quality standards, making the Ecuadorian coffee competitive at the international level. Ecuadorian coffee in the World The Ecuadorian coffee is currently being exported to 50 countries, among which are Germany, Poland, Russia, Japan, Colombia, England, Netherlands, Peru and United States. The coffee in the form of green beans or roasted coffee is exported in sacks cabuya of 60 Kg., whilst soluble coffee comes in boxes of 25 to 30 kilos, or in glass bottles, cans and envelopes. It is also exported as a frozen extract in drums of 55 gallons. Exports of industrialized coffee have represented nearly 76 percent of total exports in recent years. The main destination markets of Ecuadorian coffee beans in 2009 were Colombia, United States, Germany, Spain, Japan and Chile, among others. The main Ecuadorian industrialized coffee markets in the 2009 were Poland, Germany, Russia, England, Japan, Peru, Turkey, Netherlands, among others. Exportable Offer The coffee crop in Ecuador occupies an area of approximately 219,000 hectares, of which 68 percent is related to crops of arabica coffee and 32 per cent to crops of robusta coffee. For 2010, there is an estimated production of 650,000 sacks of 60 kg.

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The availability of these products is throughout the whole year, which guarantees continuous supply and diversified offer. Exportations Growth Between 2000 and 2004, the worldwide coffee sector experienced a strong crisis, due to the global overproduction of grain and low prices. Once it was overcome, it has been noticed a sustained growth beginning from the year 2005, both in terms of export volume and in foreign exchange earnings, taking an average of 1,000,000 of sacks of 60 kg in the last 4 years. There has been noticed an increasing trend due to the changes in the global consumer behavior and, as a consequence, due to incentives to establish a reasonable global price for the 2 coffee varieties.

YEAR

Sacks

2003

624.390,51

48.039.637,40

2004

705.727,93

59.196.818,86

2005

994.797,54

88.495.004,66

2006

1.028.527,00

104.776.350,57

2007

991.873,66

123.471.042,57

2008

874.079,14

125.580.530,34

2009

1.126.721,68

146.026.829,40

Source: original certificates

Competitive Advantages • Offer of washed or natural Arabica coffee and Robusta coffee • Highly competitive prices • Product available during the whole year • Diversity of products: green, roasted, roasted and ground, spray-dried, agglomerated and freeze-dried • Leading Infrastructure installed for the prosecution of the coffees • The special coffee and coffee extracts are products with a great potential for development • Ecuador is among the top five countries in the production of freeze-dried coffee

Institutions linked to the sector COFENAC The “Consejo Cafetalero Nacional” (COFENAC), is a private organization responsible for the development, management and definition of the National Coffee Policy, being the governing institution of the Ecuadorian coffee industry. COFENAC is composed of the following bodies: the Supreme Council, the Executive Directorate and the Technical Division. The Supreme Council is its leading body that is composed of seven representatives, including the State: The Minister of Agriculture and Livestock or its permanent delegate, who presides; the Minister of Industry, Trade, Integration and Fishing or its permanent delegate; a delegate of the National Association of Coffee Exporters (ANECAFE); a representative of Independent Coffee Growers; a representative of the coffee industry; a delegate of the Federation of Coffee Cooperatives of Ecuador (FENACAFE); and a representative of the Coffee Growers of the Amazon region. These representatives meet periodically to adopt resolutions that are mandatory for all the actors in the coffee chain, including the State. Web: www.cofenac.org ANECAFE Since May 1983, the National Association of Coffee Exporters (ANECAFE), is a non-profit organization, set up under the civil and private law and with legal personality recognized by the Ecuadorian State. It is the oldest gremial coffee entity in Ecuador. e-mail: anecafe@aiisat.com

Nowadays, there are 26 companies dedicated to the exportation of coffee, 23 percent of which are large companies and 67 percent are Small and Medium Size enterprises. This classification is based on the exportation and sales level in the local market. Most of the companies have ISO 9000 certificates.

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Agriculture BANANA PROFILE IN ECUADOR Total exports: 1,995,423.98 (2009); 780,479.50 (January-April 2010) in thousands USD Main markets: Russia (24%), EEUU (23%), Italy (18%), Germany (10%) ¿Did you know that 3 of every 10 bananas consumed in the World come from Ecuador? Ecuador is the first exporter and the fourth producer of bananas in the world with an experience of more than 50 years in the production and exportation of this fruit. Thanks to the climatic conditions in the country, Ecuador has a permanent offer of bananas during 52 weeks throughout a year, which comply with the highest quality standards. The country has 180,000 cultivated hectares in nine provinces of Ecuador, of which the Rios, Oro and Guayas are the most important ones. The most exported products are Cavendish Valery and Williams. In addition, the country has an exportable range of other fresh musas, such as the orito “baby banana” and purple “red banana”. The export sector is now guilded by the Association of Banana Exporters of Ecuador, AEBE, which represents about 90 percent of the total export volume of the country. In case you need more information on the AEBE, you should visit its web site: www.aebe.ce Development The banana industry is one of the main sectors in terms of income generation after the oil industry, representing 3.84% of the total GDP of Ecuador, 50% of agricultural GDP and 20% of the private exports of the country. In addition, this sector generates 12% of the total employment, generating both direct and indirect jobs. The banana industry is in the process of continuous improvement. In recent years, there have been achieved different prestigious certifications, such as GlobalGap and Rain Forest Alliance, among others. In the same way the guild exporter (AEBE) is in a process of development and implementation of a stamp of Social Responsibility. As it has been already mentioned, the organic agriculture has experienced significant growth in Ecuador. According to the latest information provided by the German Technical Cooperation GTZ in December of 2007, there are already approximately 17,700 certified hectares of banana plantations in Ecuador. In case you need further information, please find Organic Agriculture in Ecuador and the basis of the exportable organic offer.

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Worker manipulating the bananas

Exports and main markets Ecuador exported 5,057,073 tons of bananas in 2007, representing a total value of $1,250,944 USD, according to the official figures of the Central Bank of Ecuador. The main export markets are the Mediterranean with 24.11%, Russia with 23.03% of the North/Baltic with 20.04%, United States with 18.20%, Southern Cone with 6.63%, Middle East with 2.38% and Eastern Europe with 2.12%, among the most important ones. According to data provided by the Association of Banana Exporters of Ecuador AEBE, the major exporting companies of bananas, taking into consideration the period: January-September of 2008, are Ubesa (13.27%), Bananera Noboa (12.06%), Reybanpac (7.98%), Bonanza Fruit (7.56%), Kimtech (6.60%), Cipal (5.51%), SWT Traders (5.09%), Banafresh (3.92%), Forza Frut (3.73%), Brundicorpi (3.14%) The Ecuadorian banana is exported under various brands, being Dole, Bonita, Bonanza, Del Monte, Sunway, Excelban, Favorite, Don Carlos, Prima Donna, Forza, Derby, Le Fruit, Adria, Sabrostar the most wellknown ones. By-products There are several elaborated products that are produced on the basis of orito and bananas, such as mashed, dehydrated, dust, flakes, flour, jams, chifles, bananas covered with chocolate, among others. They can be developed both with conventional and organic fruit. Within the most important processing companies are the following ones: Confoco, Inborja, Futurcorp, PEBSA, Exotic Blends, B2B, Ecofrut, Banalight, Indartbio, etc.

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Agriculture MANGO PROFILE IN ECUADOR Total exports: 9.8 million boxes in the season: 2009-2010 Main markets: EEUU (82%), Canada (7%), Mexico (5%), Europe (4%) From October to January, the Ecuadorian Mango: your best option! Thanks to its geographical location, Ecuador has adequate luminosity and climate conducive to the cultivation of agricultural products. As a result, different varieties of mango of excellent quality and flavor can be harvested from October to January. The Ecuadorian mango is grown in the coastal area, mainly in the Guayas Province. Approximately 6500 hectares, which correspond to the export volume of the product, represent about 84.4 percent of the total land cultivated in the sector. The main varieties of export products are: Tommy Atkins (65%), Haden, Kent, Keitt, as well as Van and Ataulfo, but in a smaller proportion. Producers and exporters of Mando have formed a guild in the Foundation Mango Ecuador, a nonprofit organization, whose main objective is to provide support to the producers, exporters, industrial sectors, based on the ecologic and efficient use of natural resources, with the aim of increasing productivity, as well as supporting research, education and technology. In case you need more information on the Foundation Mango Ecuador, please visit the web page: www.mangoecuador.org Development of the sector Ecuador not only supplies the World with fresh mango, but also exports this exotic fruit in different presentations, such as mango puree, cubes IQF, dehydrated mango, etc. The fresh mango is produced and exported in a conventional or organic presentation. Exports and main markets Ecuador began the cultivation of exportation mango in 1989. However, the Ecuadorian mango began consolidating its position in the international market from the year 1993. Little by little, exports have been increasing until they reach 7.3 million boxes (4.2 kg.) during the season 2008-2009 and 9.8 million boxes during the season 2009-2010. To comply with the international phytosanitary requirements, Ecuador has 5 hydrothermal treatment plants that guarantee the eradication of any fruit flies in the fresh fruit.

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The main external market is the United States, which absorbs around 81.85 percent of exports. The second destination is constituted by countries of the European Union, such as Belgium, Spain and the Netherlands representing 4.31%, whilst Canada and Mexico account for 7.18% and 5.24% respectively. In addition, in recent years, new markets have opened their doors to Ecuador, such as New Zealand and Chile. The size of an exported fresh mango varies between 250 and 750 grams, depending on a destination market. Fruit are exported in corrugated cardboard boxes containing 6 to 16 units, according to the size of the fruit. The mango is exported in controlled temperature, between 9TH - 12°.

Another example of mangos

Total exports: 79,391.32 (2009); 23,829.04 (January-April 2010) in thousands USD FOB Main markets: Netherlands (65%), USA (17%), Canada (3%), UK (3%) Passion for the Ecuadorian flavour Known as a passion fruit, the Ecuadorian maracuyá is increasingly desired in the international market, thanks to its exquisite flavor and excellent taste. Ecuador has a comparative advantage for the production of maracuyá, which makes it one of the world’s biggest producers of this fruit. In fact, the privileged Ecuadorian tropical climate allows maintaining continuing harvest throughout the year. Development of the sector With a dominant share in the world market, Ecuador is the main supplier of concentrate (50TH Brix) and juice (14°/15 Brix) of maracuyá. In addition, fresh

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fruit, seeds and even the aroma are exported, but in a smaller proportions. In Ecuador this fruit is available throughout the whole year, thanks to its climatic and soil conditions, which are highly conducive. Due to the comparative advantage Ecuador has in the production of maracuyá, it is a fruit that has easy access and a relatively low price. Its cultivation is located in the coastline of the country, especially in the provinces of Esmeraldas, Manabi, Guayas, Oro and Santo Domingo de los Colorados. Exporters and main markets A significant growth in exports was noticed in 2009, with 15.525 tons exported. Netherlands and the United States are the leading consumers of this Ecuadorian products, with a total share of 81.54%. In Ecuador, there are several modern plants that process the fruit to obtain the concentrate and/or juice of maracuyá. These plants have specialists that keep a rigorous control over the process, to guarantee the maximum degree of product quality to its customers. Processing is carried out under the rules of the FDA (Food and Drug Administration) of the United States and the AIJN (Association of the Industry of juices and nectars from Fruits and Vegetables) of the European Union.

The producers of papaya have formed a guild in the Papaya Corporation of Ecuador, CORPAPAYA, a nonprofit organization that seeks to consolidate the papaya producers. It main objective is to guarantee continuous improvement of the processes in the industry so that they comply with the quality standards required by the most demanding markets worldwide. Development of the sector Currently, there has been cultivated around 3,000 hectares of papaya for export markets, being Tainung 1, Hawaiana and Maradol the most popular varieties. Exports and main markets In 2009, Ecuador exported 5.370 tons with a constantly increasing export growth rate. At the end of April 2010, the US Department of Agriculture, through the Animal and Plant Health Inspection Service (APHIS), approved the importation of fresh papaya from Ecuador. This situation is very favorable for our country, as the U.S. market represents 35%nof the world fruit importation, followed by Germany with 8%, UK 7.7% and Canada 7%

Thus, qualified as a class A producer, Ecuador provides its products to the most prestigious companies within the juice industry in the world, as an ingredient to develop mixtures of tropical juices and drinks from maracuyá.

PAPAYA PROFILE IN ECUADOR Total exports: $3,348.09 (2009); $1,375.47 (January-April. 2010) thousands USD FOB Main markets: Netherlands (39%), Spain (20%), Belgium (19%), Germany (11%) The producers of papaya are highly consolidated in order to promote and encourage the development of the production process of the fruit, as well as its export. The main areas of production of papaya are in the provinces of Guayas, Manabi, Los Ríos, Santo Domingo, and Santa Elena; the last two concentrate the majority of plantations.

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PINEAPPLE PROFILE IN ECUADOR Total exports: 44,189.48 (2009); 14,980.59 (January-April 2010) in thousands USD FOB Main markets: United States (26%), Spain (17%), Chile (13%), Netherlands (13%) Ecuador offers all the necessary conditions to produce this fruit. A pineapple requires a combination of

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dry tropical climate and wet tropical climate; that is why the fruit is grown in the Coastline regions of the country and in the East, which guarantees the availability of this fruit throughout the year. The main variety that Ecuador is exporting is Gold “Extra Sweet” MD2, which is the world most consumed type (80 per cent of the pineapples consumed worldwide belong to this category). Ecuador is the second world exporter of this variety. The producer and exporter sector have formed a guild in The Association of Pineapple Producers of Ecuador ASOPIÑA, private nonprofit organization, whose main objective is the continuous improvement of production processes, based on training and research activities and aimed at producing fruit that complies with the most demanding international quality standards. In case you need more information on Asopiña, visit the web page: www.asopina. ecuador.org Development Currently, Ecuador has 3.300 hectares of crop of Pineapple, located mainly in the provinces of Los Ríos and Santo Domingo de Los Tsáchilas. In 2009, $44.19 million USD were exported, representing an important income of foreign currency for the country. Its participation in non-traditional exports for the mentioned period was 1.2% and 3% in the GDP of agricultural products. Exports and main markets The country has exported 99.465 tons in 2009. Ecuador exports to around 42 countries in the world. Within the most important markets are the United States as the main market with a 25.87%, Spain, with a 17 per cent, Chile 13.48%, Netherlands 12.90%, Russia 10% and Italy 6.94%.

PALM HEART PROFILE IN ECUADOR Ecuador is the first palm heart exporter in the world. The Ecuadorian palm heart is a very popular product in the world market due to its excellent quality. Advanced logistic processes ensure that stems are processed in an optimal state of freshness. ¿Why import Ecuadorian palm heart? Favorable geographical and environmental conditions in the tropical Ecuador cultivations, such as light, humidity and stable temperature, among others Palm heart is a very exotic “gourmet” product which is directed towards health-conscious consumers. It

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Palm heart

is rich in fiber, iron and calcium and contains no cholesterol. Palm hearts are smooth, ivory-colored, with firm texture and delicate flavor. They can be used in salads, ceviche, cocktails, and even salted or fried as a main dish. Development of the sector Palm heart has been cultivated in Ecuador since early 1987. The development of agribusiness, dedicated to the canning process, began in 1991. This sector has experienced steady and sustained growth, becoming one of the most representatives of the country’s traditional exports. Main producers and exporters Ecuador has about 15,500 cultivated hectares of Palm heart. The production is concentrated in tropical and subtropical areas, such as Lago Agrio, Coca, Tena, Macas, Zamora, Esmeraldas, San Lorenzo, Muisne, Santo Domingo de los Colorados, La Concordia, Nanegalito - Puerto Quito, Bucay. The main exporters of Palm heart are: Inaexpo, Proceconsa, Protropic, Sipia, Ecuapalmito and Ecuavegetal Ecuadorian Palm heart export firms have international certifications such as: - International HACCP Certification. - U.S. FDA approval. - Kosher for Israel and the United States. - Certificate granted by the BASC (Business Anti-Smuggling Coalition) Export markets Ecuador is among the most important exporters of canned Palm heart in the world. According to the Central Bank data, at the end of 2009, exports of palm rounded $54 billion USD and 22,946.20 tons.

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Its main markets are France with 37%, followed by Chile, Argentina and Venezuela with 12 %, as well as by United States and Canada with 9% and 6% respectively.

Exportations According to the Trade Map data for 2009, Ecuador was ranked sixth within the category of broccoli exporting countries, with a worldwide participation rate of 6%, which accounts for $56,819 thousand USD.

BROCCOLI PROFILE IN ECUADOR

The most important global broccoli exporter is Spain with 33.6% of the market share, followed by France, United States and Mexico with 15.5%, 9% y 8.7% respectively.

Ecuadorian broccoli is considered to be the best one in the world, for it bright green color and compact texture. Ecuador’s environmental conditions coupled with the implementation of the most advanced global agricultural practices enabled this product to be recognized and highly desired worldwide. In addition, broccoli is not a seasonal crop. Therefore temperatures registered in the areas where broccoli plantations are located allow continuous production throughout the year. The production period lasts for about four months, depending on the variety and production area, so that there are three crop yields a year. Varieties of value-added production The main varieties grown in Ecuador are: Legacy, Marathon, Shogun, Coronado and Domador. The Broccoli´s added value is determined by the IQF process (Individual Quick Frozen), conducted with the use of latest technology. Certifications Producers, retailers and exporters are trying to do their best in order to provide the international market with the highest quality products. That is why Good Agricultural Practices (GAP) has been taken as a reference for production processes. The purpose of these practices is to monitor that the market is supplied with high quality and healthy products to fit consumer demand, whilst protecting the environment and health of workers. Companies: Most companies and broccoli processing plants are located in the central part of Ecuador, mainly in the provinces of Cotopaxi, Pichincha and Imbabura. The main exporters of broccoli in Ecuador are: • PROVEFRUT • PADECOSA • ECOFROZ • IQF • NOVA

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Main export markets: United States...................................................33.6% Japan.............................................................. 20.3% Germany......................................................... 16.6% Netherlands ......................................................9.2% Sweden ............................................................ 6.1%

SHRIMP PROFILE IN ECUADOR Description of the shrimp sector in the Ecuador The Ecuadorian shrimp is recognized by its excellent quality and taste as a result of strict control under safety standards for food production. 99.2% of the shrimps available in the industry correspond to fish farms. Shrimps, captured by artisanal fleets are excluded from this percentage, since their primary destination is a domestic market. Trawling, as a method for fishing shrimps, has been declining in recent decades and for the year 2006 it only reached 0.8 percent of the total shrimp produced in Ecuador. The shrimp industry is composed of 300 laboratories of larvae, 11 factories in charge of balancing, 61 packer plants, 60 exporters, the National Aquaculture Chamber, producer associations and private and public institutions related to the sector. The synergy in the cluster allows reaching satisfactorily the international demand. Production systems processing plants are audited frequently by international certifications, such as ISO, HACCP, ACC, BRC, among others. Today, Ecuador provides shrimp cultivation under strict controls of 100% organic production. This industry has contributed significantly to the country’s economy, maintaining constant growth, prestige and quality in international markets, such as the United States, Europe, Latin America, Asia and Africa. In addition to quality, climatic conditions of Ec-

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uador guarantee the continuous supply of this product. Variety The main species of a wild shrimp are the same species of the fish farms (Litopenaeus vannamei). There are also Litopenaeus occidentalis, Litopenaeus stylirostris; farfantepenaeus californiensis (brown shrimp), farfantepenaeus bevirostris shrimp (red) and solenocera agassizi (carapachudo). The species Litopenaeus vannamei is known in other languages as: • Español: Camarón blanco/patiblanco • Français: Crevette pattes blanches • English: Whiteleg shrimp. Presentations and Size The presentations of the exported shrimp are: raw unbleached, raw bleached, cooked, whole, tail with shell, peeled (P&D, PUD, PPV, EZ peeled), butterfly with tail or without tail, frozen in block or IQF. The size in which you can find Ecuadorian shrimp are: U10, U12, U15, 16-20, 21-25, 26-30, 31-35, 36-40,41-50, 51-60, 61-70, 71-90, 91-110, 111-130, 131-150. Production Areas The ponds occupy about 180.000 Hectares distributed in the estuaries of the Archipelago de Jambeli, Rio Guayas, Estero Salado, Bahia de Caraquez, Cojimies, Muisne and San Lorenzo. Development of the Sector The shrimp exporters are making an emphasis on the development and production of valueadded products that are highly valued in Europe and the United States. The value-added products that are currently being developed are: skewers with vegetables, breaded, breaded with coconut, wrapped, rings, spicy, or ready to eat.

TILAPIA PROFILE IN ECUADOR Description of the tilapia sector in Ecuador The aquaculture in Ecuador is very diversified; shrimp being the main product of this activity, but not the only one. One of the aquaculture activities that has experiences a constant growth in recent years is the cultivation of tilapia. There are currently around 2 000 hectares used for the cultivation of tilapia. Ecuador, as a worldwide participant, is a small producer, although it is the main supplier of fresh fillet to the United States, a major consumer of tilapia in the world. About 94% of the Ecuadorian exports of tilapia are directed to the United States in fresh fillets. The remaining 6% goes to the United States, Colombia and Europe in fillet presentations or frozen. Variety The red tilapia belongs to the Oreochromis Gender, as a “mutation albina”. The species of a mutated gender Oreochromis niloticus is known in other languages as: • Español: Tilapia Roja • Français: Rouge Tilapia • English: Red Tilapia

PRESENTATIONS AND SIZES Production Areas Tilapia is mainly grown in Guayas and El Oro; there are currently crops in the area of Manabí, Esmeraldas and in the East Ecuador (Oriente). Development of the sector The development of value-added products out of tilapia has gained an increasing importance in recent years. It main presentations are nuggets and fillets, marinated, smoked, sashimi and ready to heat. Exporters The industry of the Ecuadorian tilapia is vertically integrated and is represented by 4 corporate groups that export more than the 90 percent of the total volume. The main producers are: Aquamar S.A., Produmar S.A., Modercorp and Industrial Pesquera Santa Priscila.

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Main expoting markets Key markets for tilapia are the United States representing 94 % of the exports of tilapia fresh fillet and Europe; followed by Latin America with a very low percentage.

FRESH AND FROZEN FISH PROFILE IN THE ECUADOR Description of the fresh and frozen fish sector in the Ecuador Fresh and processed fish constitute an important source of income for Ecuador, and may increase its participation worldwide due to the production potential.

Exporters Agrol, Docapes Pescados, Camarones y Mariscos S.A., Empacadora Bilbo S.A., Escualem, Frigolab San Mateo C. Ltda., Frigolandia, Gondi S.A., Industria Lubar, Mardex Cia. Ltda., Novapesca, Oceanfish, Pacfish, Peslasa S.A., Pesnusan Cia. Ltda, Phillips Ecuador, Productos Del Mar Santa Rosa Cia. Ltda., Transmarina C.A., Usafish Exporting markets In 2007, the United States was ranked as the main buyer of fresh and processed fish with 74% of the total volume. The market is followed by Colombia and Spain, with the 5% and 4% of the total imports, respectively.

Variety There is a wide variety of marine species caught in the Ecuadorian waters. Among those species, the main are Yellowfin Tuna (Thunnus albacares), Skipjack Tuna (Katsowonus pelamis), Bigeye Tuna (Thunnus obesus), Goldfish - Mahi Mahi (Coryphaenahippurus), snapper (Lutjanus guttatus), Stur studded (Ephinephelus niphobles), Swordfish (Xyphias gladius), Black Marlin (Makaira indica), Sea bass (Cynoscion stolzmanni), flounder (Paralinchthys woolmani), among others. Presentations Both fresh and frozen fish is exported without head, without entrails, in fillets, with or without skin, in portions, steaks or any other presentation required. Production Areas The city of Manta is distinguished as the largest fishing port in the country, where more landings are recorded, especially those of the tuna fleet and the White Fish fleet. Fishing season and ports Fishing activity in Ecuador takes place throughout the whole year and involves more than 400,000 people, both directly and indirectly. They are distributed through the 139 landing ports. Only four out of these ports: Manta, Posorja, Esmeraldas and Puerto Bolivar, are entitled to receipt landings of the Ecuadorian industrial fishing fleet, while the remaining are craft. Development of the sector Ecuadorian enterprises have also developed valueadded products such as frozen products ready to prepare, fish fingers, tuna nuggets, breaded fish, tuna portions, tuna steaks and salads, among others.

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Canned products of Ecuador are exported worldwide

CANNED TUNA PROFILE IN ECUADOR Description of the canned tuna sector in the Ecuador The tuna activity in Ecuador began in the port of the city of Manta in 1952, along with the industrialization of the processing of tuna. At the same time, the fishing boats that made up the fishing fleet were small boats with limited autonomy and capacity. Nowadays, the fishing fleet has grown significantly, becoming the third largest fishing fleet in the Eastern Pacific Ocean. The canned tuna is the main presentation that Ecuador exports, representing 54% of the total exported volume, followed by precooked loins, which represent 45 % of the total volume. The caught species are processed in packing

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Agriculture

plants that meet international regulations and requirements. For many years, they have implemented HACCP and in some cases ISO certifications to ensure the effectiveness of control, quality and animal safety systems. Variety and names in other languages Presentations and size Among the most popular presentations of canned tuna in pouch bags and glass bottles there are: loins in oil or water, grated in oil, smoky, with species, in flakes. Bigeye Tuna –It has an average size of 160 cm and its weight varies between 27 and 127 kg. This type of tuna is captured throughout the year, but in abundance during the first and the fourth quarter. The Inter American Tropical Tuna Commission established a maximum quota of 40,000 tones catch for this species. Yellowfin Tuna – It has an average size of 130 cm and its average weight varies between 55 and 66 kg. The best fishing season for this species is from May to September. Skipjack Tuna – It has an average size of 70 cm and its average weight varies from 6 to 7 kg. It is the most caught species. Production areas About 80% of processing and packing plants are located in the Port of Manta. Fishing season Ecuador has maintained its position to implement conservation measures for the tuna, as it is of utmost importance for the country and the region. In 2008, Ecuador served a 42-day ban required by the Inter American Tropical Tuna Commission (IATTC) and also applied a second measure of 30 days to protect juvenile bigeye tuna (Thunnus obesus).

between the meridian 100 º and 116 º W and 2 º N to 3 ° S, from September 12th to October 11th, inclusive. In addition, as a self initiative, since 2009 Ecuador is applying a measure of installing a screen juvenile fish excluder in tuna vessels class six. For 2009, Ecuador will seek consensus with the member countries of the CIAT, for this year to adopt a closed season (ban) of tuna for 59 days in the Eastern Pacific. Development of the Sector Some of the tuna processing companies make products such as salads, balls, paté, mason jars with spices, typical Ecuadorian food such as “encebollado”, “cazuela Manabita”, among others. Exporters Asiservy, Conservas Isabel Ecuatoriana S.A., Emp. Pesquera Ecuatoriana S.A. “Empesec”, Eurofish, Exportadora Spaglio S.A., Fishingcorp S.A, Gorizur, Ind. De Enlatados Alimenticios “Ideal”, Ind. Ecuat. Productora De Alimentos C.A. “Inepaca”, Industria Conservera De La Pesca Cia Ltda. “Incopes”, Marbelize, Negocios Industriales Real S.A. “Nirsa”, Olimar S.A., Pespaca, Prefescomar, Salica Del Ecuador, Sdad. Ecuatoriana De Alimentos y Frig.Manta Ca “Seafman”, Tecopesca Exporting Markets According to the data collected in 2007, U.S., Spain and the Netherlands are the main markets for Ecuadorian tuna with 17%, 16% and 16% of exports respectively. They are followed by, Germany, Colombia, United Kingdom, France, Venezuela, Argentina, Chile, Peru, Italy and Brazil.

The regulation forbids fishing for purse-seine vessels operating under the jurisdiction of Ecuador in the area of the Eastern Pacific Ocean (EPO) between the meridian 150 ° W and the coast of Americas from parallel 40 º N to parallel 40 º S, from 00:00 August, 1st until 24:00 September, 11th. Additionally, the regulation forbids the fishing for purse-seine vessels operating under the national jurisdiction, including partners in the offshore area

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Example of medicinal and aromatic plants

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Agriculture MEDICINAL AND AROMATIC PLANTS PROFILE IN ECUADOR Ecuador is one of the most mega-diverse countries in the world, rich in natural renewable and non-renewable resources. Its natural resources are its main strength. A further important factor is that Ecuador, has advantages, such as microclimate and high luminosity which allow producing high quality products. Ecuadorian products offer a wide array of unique qualities and possibilities, mainly in the pharmaceutical and cosmetics markets. The star products within the sector are aromatic infusions and Natural Cosmetics. The productive base of these products has an organic certification, production systems based on ancestral experiences, which are environmentally sustainable. The industry is represented by small regional producers, mainly women with ancestral knowledge of medical and aromatic plants. Development of the sector The sector of medicinal and aromatic plants, as well as derivatives offers many possibilities for the pharmaceutical industry. Companies The sector is composed by producers, processors and traders of raw materials with 2300 primary partner producers and 3 private producers. In the area of processing, there are 8 small producing organizations and 10 industrial SMES. Exportations - From 2005 to 2008 exports of products and natural ingredients have increased 42%, reaching a total of $13.8 million USD. - The main importers are The United States, France, Japan and Puerto Rico.

BEST COMPANIES ACCORDING TO EKOS MAGAZINE 1. Flower-growing sector Ecuadorian flowers are considered to be the best in the world, whereas the sector generates $700 million USD in annual revenues. However, the sector experienced a decrease in sales of 7% in 2009 that is explained by the overall production decrease. Top 5 companies:

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• Rosaprima Cia. Ltda • Sande Ecuador Cia Ltda • Agricola Tabacundo, Agritab C.L. • Ecofroz S.A. • Plantaciones Malima Cia. Ltda 2. Oils, fats and African palm companies According to the study performed in 2009, Ecuador produces 370 000 tons of oil. Out of this number 200 000 are destined to the local market and 170 000 tons are exported to Europe, Venezuela, Mexico and Perú. Exports of soya oil increased by 59% in 2009, reaching the total number of $349 million USD, whereas exports of margarines and other products increased by 26% and sunflower oil passed from $63 thousand USD in 2008 to $2,4 million USD in 2009. Top 5 companies: • Oleaginosas del Castillo Oleocastillo S.A. • Agroindustria del Paraiso S.A. Agroparaiso • Industrial Danec SA • La Fabril S.A. • Agricola Alzamora Cordovez Cia. Ltda. 3. Poultry Farming companies According to statistical information provided by CONAVE (Ecuadorian Corporation of Poultry Farmers), consumption of poultry meat and eggs presented an increase of 588% and 193% respectively. Consumption of chicken meat and other poultry products remain the highest in Ecuador. Currently, the country has no need to import these products, since the demand is satisfied by the local production, including 25% of Ecuadorian eggs that have been exported to Colombia in 2009. In Ecuador, this activity accumulates 350 mln USD of profits and creates more than 250 000 direct jobs. Top 5 companies: • Aves del Oriente S.A. • Incubadora Nacional CA INCA • Avicola San Isidrio S.A. AVISID • Avicola Vitaloa S.A. Avitalsa • Pollo Favorito SA Pofasa 4. Bananas companies The banana sector has registered an important growth in exports during the last year, with a positive variance of 14,49%.

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Primary markets of fruit exports for Ecuador are countries of the European Economic Block and Russia, which in aggregate represent 70% of the total demand. Production costs vary from $ 3,50 USD to $ 4,50 USD and therefore in times of low prices both exporters and farmers would incur losses. Top 5 companies: • Discoverban S.A. • Grubafal S.A. • Industrial y Agricola Canas CA • Banalcar S.A. – Banalcarsa • Batiel S.A. 5. Chocolate and confectionery products companies The first important player in the confectionery market of Ecuador is Cadbury with the best performance indicators, such as rotation of assets, profitability and administrative management. Production of cacao in Ecuador is being transformed into one of the most important activities of companies involved in export business. Various international chocolate companies have recognized the exceptional quality of cacao in the country. The study realized by Nestle has shown that every Ecuadorian consumes an average of 1 kg and a half of chocolate per year. Top 5 companies: • Cadbury Adams Ecuador S.A. • Chocolates Finos Nacionales COFINA • Confiteca C.A. • Universal Sweet Industries, S.A. • Ferrero del Ecuador S.A. Industria de Dulces y Alimentos • Wood Processing Industry The Wood processing industry was one of the sectors that most suffered from the economic crisis with sales decreases between 20% and 30%. The furniture segment suffered the biggest reduction in sales that, according to estimations, represented from 150% to 200% decrease in comparison with 2008.

Ecuador produces around 4,6 mln litres of milk daily and the country is an important exporter of milk and dairy products in Latin America. According to sales figures, dairy products are the most important ones within the group of food and beverages. The sector has grown 19% during 2009 that corresponds to a sales increase by $103 million USD in comparison with 2008. According to VII Ekos de Oro Magazine, the sector is also the most significant one in terms of employment with more than 3 620 direct jobs created in 2009. Top 5 companies: • Lacteos San Antonio CA • Empresa Pasteurizadora Quito SA • Helados SA • Pasteurizadora El Ranchito Cia. Ltda • Industrias Lacteas Toni SA • Fishery and Acuaculture There has been registered a production decrease by 9,34% in 2009 with respect to the third trimester of 2008. Such a behavior is explained by the reduction of production within the shrimp and fish segments with 3,99% and 27,17% decrease respectively, compared to the third trimester of 2008. However, when analyzing total results of this activity in 2008, we can see an increase by 6,51% with respect to 2007. For the last trimester of 2009, the production of fish registered an increase by 5,41% compared to the third trimester. Top 5 companies: • Empresa Pesquera Polar SA • Tadel S.A. • Industria Atunera S.A. Induatun • Técnica y Comercio de la Pesca C.A. Tecopesca • Pesquera Marycielo Cia. Ltda

Top 5 companies: • Novopan del Ecuador SA • Plywood Ecuatoriana SA • Delegación Ecuatoriana de Balsaflex España, DEL.E.B.ES. C. Ltda • Servicios y Trabajos Forestales Setraforr Cia. Ltda. • Aglomerados Cotopaxi Sociedad Anonima • Milk and Dairy Products

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DIAMOND ROSES

EXPALSA - EXPORTADORA DE ALIMENTOS S.A

John M. Terán President Muros N27-95 and Av. 12 de Octubre Newcorp building, Of. 61, Quito Tel: +593 2 601 9001 / 2 / 3 sales2@diamondroses.com.ec www.diamondroses.com.ec

Juan Javier Cordobés Executive President Km 6,5 vía Durán-Tambo Guayaquil Tel: +593 4 2801 232 Fax: +593 4 2801 150 http://www.expalsa.com/

Area of activity: Flower Production and Exports Date of creation: 1995 Employees: 110 Annual turnover: $1.2 million USD

Area of activity: Production and exportation of agricultural and aquatic products Date of creation: 1983 Annual turnover: $187 million USD

DiamondRoses is a beautiful rose farm situated in the picturesque Ecuadorian valleys. Located next to the gigantic Cotopaxi volcano, this farm provides the perfect environment for rose production allowing the growth of exceptionally beautiful and high quality flowers. The company exports their fine goods worldwide to a variety of countries: 55% go to the United States, 33% to Russia and then European countries such as the Netherlands, Belgium, Germany, France and Spain. They have also expanded into Japan and Canada to improve their business further. They provide a wide and vibrant range of roses with over 40 varieties.

Since 1983, Expalsa Corporation has specialized in the production and export of agricultural and aquatic products, both conventional and organic varieties.

DiamondRoses is a rose farm that has a Flor Ecuador Certification, the same company that has an agreement with UNICEF. This is clear evidence that we do care about children, working for them, not with them, and apply the same philosophy of responsibility when taking care about the environment. John M. Terán President of Diamond Roses

Expalsa provides the international market with its most prized shrimp (L. vannamei) and integrates all areas of aquaculture, from laboratory breeding and food production to packaging and distribution. A comprehensively controlled production cycle ensures the complete traceability of their products, offering shrimps of unsurpassed quality. The company strives to consolidate its leadership in the international market by providing high quality products that meet a wide range of customer needs and expectations. To achieve this goal, Expalsa focuses continuously on excellence, continuous improvement, conservation and environmental protection throughout the corporation. The company emphasizes the importance of customer and stakeholder relationships. The values set out at the beginning of the company’s journey have been maintained ensuring strong leadership, creativity and sustainability. At Expalsa’s organic certified hatchery, a program for genetic selection started some 5 years ago to counter-attack the devastating consequences of the white spot virus in the Ecuadorian shrimp industry. This highly sophisticated scientific program was designed to guarantee the resistance of shrimps to the white spot disease and, consequently, help the industry to maintain reasonable levels of production in shrimp farming. At that very moment Expalsa’s hatchery started its own reproduction program of larvae from brood stock coming from its own farms, controlling the entire reproduction cycle of animals. The direct consequence of that initiative was a total absence of pressure on wild brood stock and wild larvae with the natural consequence of no by-catches at all. The

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results were extremely positive and Expalsa’s hatchery is now raising its 6th generation of own blood stock and larvae, providing the industry with certified organic and more resistant animals without any damage to the ocean.

MARBELIZE Ivo Cuka General Manager Km. 5 ½ Vía Manta Rocafuerte, Manabí Province Tel: +593 5 2921 283 www.marbelize.com Area of activity: Tuna processing Marbelize is the most modern tuna processing plant in the Manabí region and is always at the forefront of the industry due to their extensive use of modern technology and their development of new products. Working conditions are carefully monitored and adapted to the latest health and environmental regulations. Marbelize is located the port of Manta, the ideal place for fisheries development and trade through the Pacific. This central location is ideal in expanding international shipping routes and business worldwide. It is also an ideal logistics base in terms of developing the canning industry. There is a highly skilled workforce based there. Their main brand is called Karma and is well known for its quality. The company and its brands and very well respected for the great value for money and consistent high standards. The company is also very innovative in finding new formulas and recipes to provide an even more impressive range of products with the help of skilled chefs and fine equipment. The company has also branched out with its packaging providing more unusual forms like glass bottles and aluminium pouches. Their work is based on the quality assurance and safety control of their products through a HACCP (Hazard Analysis and Critical Control Point) and Hazards Analysis Critical Control Point. These mechanisms are used to identify hazards and assess risks that may affect the quality of the food they produce.

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World known straw hats are produced in Ecuador

TROPICAL FOODS Daniela Quiñones General Manager Mariano Aguilera E7-262 and Av. Diego de Almagro Quito Tel: +593 2 600 8744 info@tropicalfoods.com www.tropicalfoods.com Area of activity: Palmito exports Employees: 80 Tropical Foods are one of the market leaders in terms of palmito exports. Ecuador is well known worldwide for its delicious palm hearts. Tropical Foods are recognized in many continents for high quality and excellent products. They own 1200 acres of land, located in ideal conditions to enable all year round harvests of the product. They control the entire supply chain, from the collection of raw materials until final delivery. This guarantees excellent product quality and total control of the entire productionservice process. Tropical Foods has seen exponential growth in its business in recent years. It reached a record growth rate of 150% within the period 2009-2010,. They look forward to continuing this progress in forthcoming years by entering new and emerging markets. The company is implementing advanced policies in the area of social responsibility: - The business is aware of the immense threat posed by natural disasters and climate change. In this respect, the company is committed to playing a significant role in fighting against this global threat for their industry and agriculture in general. By us-

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ing their fresh palm hearts, as opposed to wild palm hearts produced in other countries, a consumer is directly supporting a form of sustainable farming. Whilst at the same time preventing the vicious cycle of slash and burn agriculture. - 70% of work is given to young women with limited economic conditions and academic achievements. At the same time, the company is interested in attracting and retaining talented and experienced staff, something which has only come about as a result of extensive training. - The company is proud of its commitment towards local communities. Partnerships and relationships have been formed to involve more employees and support microenterprises within the agricultural industry to benefit both Tropical Foods and these small independent companies. As for their industrial and export process, the company holds various quality certifications that allow it to trade with Europe, the USA, Israel and various other countries worldwide. 95% of their production is exported and they shift an estimated 80 containers per year (1800 cans). Their portfolio is comprised of 18 different products that have been commercialized with both their trademark and with private labels. Their efforts in R&D continue to increase and they expect to start production of different and more elaborate palm heart products in 2011. These products will be oriented towards health-conscious consumers that are looking for goods that are rich in vitamins and fibres. This is a very attractive market for international investors who want to be involved in the high-quality canned food industry with a well respected and socially responsible firm that is trusted by many. Ecuador has one of the best global Palmito markets, qualified by major buyers in the world, and therefore Tropical Foods is required to provide the highest quality palm hearts that fit with international standards. Daniela QuiĂąones General Manager of Tropical Foods

AZUCARERA VALDEZ Ricardo Rivadeneira President Av. Juan Tanga Marengo and Av. JoaquĂn Orrantia Executive Center Mezzanine, Guayaquil Tel: +593 4 297 0117 www.azucareravaldez.com Area of activity: Sugar production Date of creation: 1882 Employees: 3000 Azucarera Valdez is a consolidated company with over 126 years of experience in the Ecuadorian market. Initially, the company started its activity with the production of bulk white sugar. Subsequently, Azucarera Valdez diversified its product portfolio, introducing value-added products, such as light sugar, brown sugar in blocks and granulated sugar, as well as stick pack, molasses, cane juice and other products. In 1992, Ingenio Valdez was acquired by the Noboa Corporation, officially becoming a Valdez SA Sugar Company. With this acquisition, Nobis Consortium began the process of modernization of the company. 2007 marked the national production record for Azucarera Valdez, with 3.146.671 sugar bags of 50 kg. The company has a daily crushing capacity of 14000 tons, 20,000 hectares of crop and is expecting to get an annual production of about 3.300.000 sacks of sugar and 9.500.000 gallons of molasses. In 2008, the company reached a new milestone, obtaining the certification ISO 14001:2004 (Environmental Management System) and thereby reinforced its environmental and social responsibility policies. The company is very concerned about its sustainability and environmental impact and therefore strives to minimize levels of residuals and produce its own energy. Azucarera Valdez is constantly working on policies and procedures related to innovation and continuous improvement, highlighting efficiency and teamwork as its core success factors. Azucarera Valdez implements the latest technology, such as the diffusion system, with a capacity of 14,000 TCD. This increases juicing capacity considerably which in turn improves the companyâ&#x20AC;&#x2122;s key indicators and ensures the maximum quality of its products. The company invested $18 million in specialized machinery, making them the first and the only company to use this technology in Ecuador.

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One of the core objectives of the company is to increase its productivity, both in terms of agricultural and industrial indicators, by means of implementing the latest technology and measures to ensure continuous improvement.

with a daily production capacity of 12,000 cans. Right from the start, Conservas Isabel Ecuatoriana focused its activities on exports and currently ships its products to more than 30 countries, mainly in America and Europe.

Azucarera Valdez exports some of its value-added products, such as light sugar, brown sugar in blocks and granulated sugar, to Latin markets and USA and is looking for opportunities of further international expansion.

Conservas Garavilla is a success story, the result of a collective effort made by hundreds of men and women who, over the course of more than a century, have committed themselves to principles of doing the job thoroughly and therefore providing quality. They stick to their traditions and are proud of what they have achieved in what can be a difficult sector. Conservas Garavilla is the result of the foresight and tenacity of a family with close ties to the sea. It is a success story of overcoming adversity and having a confident and ambitious business strategy for the future. Experience and tradition, customer service, reliability, adaptability, expertise and export orientation are some of the characteristics that define Garavilla and Isabel preserves. The company is present in major international markets: Spain, Morocco, France, UK, Italy, Central and Eastern Europe, Greece, Denmark, Netherlands, Finland, Central and South America (Ecuador and Colombia as central in the Americas) and is constantly looking for further opportunities for international expansion.

Asparagus

CONSERVAS ISABEL ECUATORIANA (Conservas Garavilla) Eng. Carlos Calero General Manager Zona Industrial Los Esteros P.O. Box 4863, Manta Tel. +593 5 621 120 Fax. +593 5 625 651 Area of activity: Tuna exportation Date of creation: 1976 Annual turnover: $119 million USD Conservas Isabel Ecuatoriana S.A. was founded in 1976. It is located in Manta, the leading tuna fishing port in the Western Pacific. Conservas Isabel Ecuatoriana cannery was completely refurbished in September 2001, and is now the most modern tuna processing plant in Ecuador,

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FAVORITA FRUIT COMPANY (Grupo Wong) Vicente Wong President R.G. Hodge Plaza, 2nd floor, P.O.Box.915 Road Town, Tortota, British Virgin Island www.favoritafruitcompany.com Area of activity: Production and exportation of tropical foods Annual turnover: $160 million USD Favorita Fruit Company Ltd., was the result of a merger between the Wong Group, the Commonwealth Development Corporation (CDC) and the International Finance Corporation (IFC). CDC and IFC are shareholders of all the companies of the Wong Group, except those dedicated to cattle ranching and forestry. On 31 December 2003, Favorita Fruit Company had a net worth of $153,468,000 USD of which CDC owned 10% in Series â&#x20AC;&#x153;Bâ&#x20AC;? ordinary stock. The IFC, a World Bank member company, owned a 4.17%

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share of Favorita Fruit Co. Ltd. in Series “B” ordinary stock and the Wong Group kept 85.83% in shares in Series “A” ordinary stock. On 6 August 2004, as a result of a re-purchase agreement, the Wong Group acquired 10% of outstanding shares from the CDC group. Thus, the current share of the Wong Group is 95.83%. However, CDC continues to financially support the Favorita Fruit Co. through specialized loans, as was the case of a new disbursement in 2004. The main objective of Favorita is to integrate its business units involved in the production, harvesting and packing of bananas as well as boosting its export activities. Favorita Fruit Company is a leading company whose purpose is the production and exportation of banana and tropical fruits with the highest quality standards, along with the implementation of programs of social responsibility and environmental protection. In order to guarantee the maximum degree of quality, consistency and availability of their products, Favorita Fruit Company is vertically integrated with subsidiaries engaged in the harvesting of bananas and other tropical fruits; cardboard manufacturing for products and plastic packaging for various goods; commercialization of raw materials for the agricultural sector; air fumigation services and port and shipping services. Two other important companies that form part of the Wong Group are: “Reysahiwall” (AGR) which is a milk and cheese producer, and “Reybanpac”, which is a banana exporter.

NEGOCIOS INDUSTRIALES REAL S.A. - NIRSA Roberto Aguirre President Av. Carlos Luis Plaza Dañín and Democracia Guayaquil Tel: +593 4 2284 010 Fax: +593 4 2292 440 http://www.nirsa.com Area of activity: Industrial Business Date of creation: 1957 Employees: 4000 Annual turnover: $220 million USD In 1957, Mr. Julio Aguirre Iglesias realised one of his greatest dreams when he founded the first canning and sardine processing plant in Ecuador creating NIRSA SA. Since then, the company has maintained its role as market leader by constantly updating their technology and processes. After 11 years, in 1968 NIRSA began processing tuna in Guayaquil, where they originally worked only with canned sardines. 6 years after, NIRSA began producing fishmeal and fish oil in their Posorja plant. In 1978 construction has begun at this facility in order to enable this diversification for the company. Later in 1981, NIRSA and a group of other companies began producing shrimp in inland facilities that later grew in size to up to 600 hectares. Then, another two years later the company set up a packaging plant where they could produce their own shrimp. In 1986, they set up a laboratory for the production of shrimp in the area of San Pablo, Guayas Province, with a view to selling locally and to exporting. To continue with their growth strategy, in 1988, NIRSA launched a new tuna plant. This facility now has two tuna unloading docks that can unload two boats simultaneously. It has a current capacity of cold storage to hold 11,000 MT of tuna at 20 degrees below zero. NIRSA processes an average of 250 MT per day and is estimated to reach 300TM in the not so distant future. At the end of November 2003, NIRSA began packing tuna in pouches. This new range is currently only available in Ecuador but NIRSA has already exporting to the USA and Europe. Nowadays, NIRSA is the biggest tuna and shrimp company in Ecuador, with a 55% share of the tuna market and a 90% share of the canned sardines market. It has the biggest fleet with 13 ships and 3 quays. They are also building a new freezing area to increase storage capacity. NIRSA is exporting to 25

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countries, most of which are located in Latin America and Europe, as well as in the USA. Since the Ecuadorian market is growing, NIRSA is mostly focused on local expansion, as well as on maintaining its solid international presence.

rope, Asia and the Middle East, generating an important source of revenue for the country. They were pioneers in the use of modern irrigation technologies, underground drainage, overhead cabling, fertilization programs and aerial spraying control.

NIRSA was founded by my grandfather Julio Aguirre, who introduced the first brand of sardines “Real Sardines” in Ecuador and today we are national leaders in canning and exporting tuna and shrimp in Latin America, Europe and USA. Andrés Aguirre European Sales Manager Europe at NIRSA

Moreover, Ubesa provides continuous training to its employees both within and outside the country. As a result the company has a skilled team of local professionals.

UBESA (Dole Ecuador) Peter Gilmore General Manager Av. Las Monjas 10 and Carlos Julio Arosemena Berlin building, Guayaquil Tel: +593 4 220 4850 Fax: +593 4 220 4277 www.ubesa.com.ec Area of activity: Banana and fruit exporter Date of creation: 1955 Employees: 2500 Annual turnover: $350 million The Dole-Ecuador operations began on January 1st, 1955 under the name of Standard Fruit Company. In 2000, a subsidiary of Standard Fruit & Steamship Company, DOLE, celebrated its forty-fifth anniversary as an exporter of the most prestigious brand of fruits and vegetables in the world. The Ecuadorian Banana Union SA (Ubesa), owned by German investors, was founded in 1958. Thereafter, they have undertaken a series of major investments, such as banana plantations and a factory producing cartons.

Currently, Ubesa is a diversified company that is comprised of many different business lines that provide various services to main operations, such as a container terminals, ports and agricultural zones. Ubesa operates banana plantations located in the best areas of the country, most of which belong to independent producers. Apart from bananas, it processes pineapples, mangos, cucumbers and papayas, but in smaller quantities. The company exports its products to the USA, Eu-

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Since 1993, they initiated the implementation of the program of Total Quality Management (TQM). The primary goal of which is to ensure continuous improvement of all processes. This corporate culture fosters a positive work environment for their employees and absolute excellence in every organizational area. This constant pursuit of excellence helped Ubesa to obtain an international quality certification ISO 9002 in December 1997.

Dole-Ecuador is also committed to protecting the environment. Thus, the company has developed and implemented environmental programs for responsible agricultural development. It was actively involved in the promulgation of the Regulation of Banana and Sanitation. In November 1998, UBESA obtained ISO:14001 certification that guarantees the existence of an Environmental Management System, which is based on policies, procedures, programs and plans aimed at sustainable development of natural resources. In recent years, Dole Ecuador has diversified its production with a pineapple farm in the province of Los Rios, and an organic banana farm in the province of Manabi. Their global headquarters are located in the USA, while the regional one for Latin America is based in Costa Rica. They sell 30 million boxes per year (approximately $350 million USD) and they have 13% of the market share making them one of the largest companies in this sector. Dole is working with producers on a long-term basis. We have producers who have worked with us for over 50 years. The loyalty of our producers and the quality of bananas that we provide are exceptional. Peter Gilmore General Manager UBESA (Dole Group)

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PRONACA Juan Ribadeneira President Los Naranjos N44-15 and Av. de los Granados Quito Tel: +593 2 3976 400 www.pronaca.com Area of activity: Food production Date of creation: 1937 Employees: 5954 Annual turnover: $615 million USD In 1957, Pronaca was founded, a company that imports and distributes agricultural supplies and materials for the textiles industry. Nowadays, Pronaca is the result of years of continuous effort, creativity and perseverance. As a food processing and marketing company, Pronaca has attained wide recognition for the quality of its products within the meat, agroindustrial and aquaculture industries. Pronacaâ&#x20AC;&#x2122;s excellence is rooted in its daily commitment to its employees all of which strive to achieve the maximum level of customer satisfaction. The experience the company has gained in Ecuador allowed it to expand its international presence towards Brazil, Colombia and the United States.

Building of the Ministry of Agriculture in Quito

It strives to produce reliable and high-quality products, providing thousands of Ecuadorian people with jobs and supporting development efforts in rural ar-

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eas of Ecuador. Its core mission is to improve the quality of life of its customers and employees. Pronaca is proud of its reputation both within and beyond Ecuadorian borders. It is recognized as a company that contributes to the improvement of agricultural and industrial productivity nationwide. Pronaca is an environmentally responsible company that believes in long-term investment. The company invests regularly in efforts related to mitigating the impact that its facilities might have on the natural environment and resources, as well as on the local villages surrounding its production centers. The company believes this to be one of its core values within its policy of social responsibility. Since its foundation, the company has conducted its production activities using a biosafe program, which follows strict food safety guidelines. Today, Pronaca consistently meets environmental requirements and laws. It also conducts periodical research to develop environmentally conscious projects that complement other occupational health and industrial safety efforts aimed at safeguarding its personnel. Core brands of Pronaca include: Mr.Pollo, La Estancia, Gustadina, Mr.Chancho, Mr.Fish, Mr.Cook, Indaves, Fritz, Mr.Pavo, Rendidor, Pro-Can and Rubino. In 2009, the company registered a sales growth of 5.2% and a total of 21 different products were exported internationally.

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ENTERTAINMENT

Anger of the mind is poison to the soul Ecuadorian proverb

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Entertainment One country, 4 worlds

WHAT TO WEAR:

Ecuador is a unique country that combines the Andean mountain range, the Amazon, the Pacific Coast and the marvellous Galapagos Islands in just 256.370 square kilometres, a little bit bigger than the United Kingdom with 244.820 square kilometres.

- In Quito and the highlands the weather is very unpredictable. A common saying is that you can live four seasons in one day: from intense sun to hail. One needs to look out the window before deciding what to wear each day. During June, July and August the weather is more sunny but windy. During the rest of the year you would need warmer clothing like those you would wear during the fall. A raincoat or jacket would be useful all year long, since at night it gets pretty chilly.

eBizguides is also following these divisions to explain the top Entertainment and leisure activities that can be done in Ecuador. First of all …WELCOME TO ECUADOR !!!! Distance from north to south: 1.081 km or 672 miles. POPULATION: approximately 13 million. LANGUAGE: The first language is Spanish, however, most of the indigenous population speaks Quichua. There are 18 different languages among native communities. PROVINCES: - Galapagos - Coast: Esmeraldas, Manabi, Los Rios, Guayas, Santa Elena, El Oro. - Andes: Carchi, Imbabura, Pichincha, Santo Domingo de los Tsáchilas, Cotopaxi, Tungurahua, Bolivar, Chimborazo, Cañar, Azuay and Loja. - Amazonia: Sucumbios, Napo, Orellana, Pastaza, Morona Santiago and Zamora Chinchipe. RELIGION: 95% Catholics. CURRENCY: American Dollar. The Ecuadorian government has also produced a series of local coins that have the same value as the U.S. coins (which are also accepted). Banks open from 9h00 to 17h00 and on Saturdays only half day. Money exchange is offered every day in main hotels. GOVERNMENT: Democratic. Current president is Economist Rafael Correa Delgado. CLIMATE: The climate throughout the country ranges from tropical equatorial rain in the Amazon to perpetual snow on the top of the mountains. Cities in the highlands have temperatures that vary from 60°F to 80°F during the day. The weather in the jungle is constant: rainy, humid and warm. The Galapagos Islands are sunny and warm during the months of December-May; the temperature drops from June to November.

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- Guayaquil and other coastal cities: wear summer clothing all year round. During the rainy months, December to May, the weather is still very warm. From June to November the weather is cloudy and a bit colder. Bring along a light jacket. - Galapagos: wear comfortable walking shoes and casual clothing. Shorts, t-shirts and summer clothing will be just fine. Don’t forget a hat, a camera and a bathing suit. During the months of June to November the weather is cloudy and a bit colder. Bring along a light jacket. - Amazon and Jungle: Hear you should wear clothing adequate for rain. If you can get yourself a raincoat (poncho), take it with you, as well as several sets of light pants and long sleeve shirts. Shorts are less useful because of the insects and abundant vegetation that you will walk through in your excursions. A hat, rubber boots and insect repellent are also a must, for pictures, you need high-speed film. AIRPORT TAX: $40,80 for anyone leaving the country TOURIST VISA: Visitors can stay up to 90 days without a visa. TAXI RATES: Approximately $3 to $6 per ride from the airport to the city. Rates vary among the main cities. TRANSPORTATION: Main cities (Guayaquil, Quito and Cuenca) have local airports services by the local airlines: Tame, Aerogal, Icaro and Lan, besides international airlines. Each city has its own terminal, with frequent departure to each one of the different provinces of Ecuador.

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Entertainment SUGGESTIONS FOR A PLEASANT STAY

- Don’t walk at night in badly lit areas. - Leave documentation and valuable things in your hotel room or in a safety deposit boxes. - Carry your backpack in the front. Especially if you ara carrying a camera. - Whenever you in a public space, keep your things next to you. - When you are at the airport, pay special attention to your belongings. - Be careful any time you go to an ATM; it’s better if you go during the day. Don’t let strangers offer you accommodation. Consult a travel agency

THINGS WORTH KNOWING ABOUT ECUADOR

Typical dishes in the costa makes use of local ingredients such as plantain (savoury banana), yuca (a type of yam), coconut and rice. There are also a wide variety of subtropical and tropical fruits (papaya, pineapple, starfruit and many more) though these do not often appear on restaurant menus other than as fresh juices. Plantain is a staple in the costa and appears in many forms, most of them very enjoyable. Patacones are thick chunks of plantain, fried, bashed with a stone, fried again and served with salt (and a cold beer, if you can arrange it). Chifles are thin deep-fried slices of plantain, rather like crisps. Maduro con queso is a whole, barbequed ripe plantain split open and filled with cheese, at its delicious best from the stall on the corner at the Zapotal t-junction. Unripe or green plantains are usually just referred to as verde (green), which can be confusing. Bolones de verde are balls of unripe plantain mashed with cheese - perhaps the best that can be said is that they fill you up.

GASTRONOMY: FOOD & DRINK TRADITIONAL ECUADORIAN FOOD Typical dishes in Ecuador’s highlands (sierra) Traditional foods of highlands are potatoes, sweet corn, cheese and avocadoes. Typical dishes include llapingachos, delicious little fried patties of mashed potato and cheese, often served with a fried egg, avocado, and beetroot and sometimes sausage or pork as well. Locro is a filling potato and cheese soup. Whole spit roast or oven roast pigs (hornado) can often be seen at roadside restaurants and the crackling is fantastic. Fritada, lumps of deep fried pork, are wonderful with a cold beer and are often served with mote (a type of boiled corn) and a salad of tomato and onion. Guinea pig, “cuy”, is a famous and traditional dish in the highlands, often reserved for special occasions as they are not cheap. You´ll need to eat them with your fingers to get at all the crispy skin and tasty meat, so make sure there’s somewhere to wash your hands before settling on the location for your cuy experience. Cayambe, a town northeast of Quito, is known for its regional speciality, type of buttery biscuit which you can watch being baked in traditional wood-fired oven, and dairy products.

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Fresh fish made ceviche

Ceviche, the dish that sums coast and mountains Ceviche, raw seafood (or boiled, in the case of prawns) marinated in lime or lemon juice with chilli and onion, is perhaps the most famous traditional dish of Ecuador, usually served with popcorn. The ceviche refers to the image of the sea, its exuberance, the exoticism that is felt in the products it provides. Ceviche is a dish that meets the country. That speaks to the versatility of the people preparing doing it a little less sour and spicy that Peruvian. Ceviche attracts a good list of sea food (shrimp, fish, shell fish, crab, octopus, lobster) in combination with

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other various products of the mountains: tostado, patacones, rice, canguil. Encebollados (literally, “onionateds”) are a wonderful local food, though not well known outside of Ecuador. They consist of seafood in a tangy, tomato soup with mashed yuca, onion and coriander. Add plenty of lemon juice and pepper. You can also add Popcorn, tostado (toasted maize) or chifles (fried slices of plantain). Traditional holiday foods Certain public holidays and festivals in Ecuador also have special foods associated with them. For example on 2nd November, All Souls Day or the Day of the Dead, decorated bread babies (guaguas de pan) are eaten. People drinks Colada morada which is a purple drink made from black raspberries, blueberries, dark maize flour, pineapple and range of different herbs and spices. The fruits of the sea, the exotic flavor of every day. The Pacific Ocean, with warm and cold currents that flow into the parallel 0, give the country throughout the year more than 650 species of fish and sea food. Esmeraldas province, in the north, is rightly famous for its fantastic “encocados” - fish or prawns in a rich coconut sauce, usually served with rice and patacones. Not surprisingly, in the past, seafood, was a treat for the elite and a gourmet pretext to strengthen political and trade relations between the peoples of the coast and the mountains. Fruits, a range that connects with nature. All, all year round. Native and foreign. Juicy pulp. Fruits are another milestone in the abundance and versatility of the Ecuadorian soil. More than 300,000 hectares are exclusively for fruit planting. Thus, a natural juice, a real estate in Europe, is part of the daily menu. And Ecuador is not only producer of oranges, claudias or avocado. In terms of exportation the banana is not the only king. Passion fruit is another leader with 24 million dollars in revenue in the first quarter. It is followed by pineapple, with 15 million, and papaya, with 1.3 million dollars.

The banana, the golden fruit From yellow to green, sweet to savory. The banana is one of the more versatile fruits. The gastronomy doesn´t ignore any of its varieties: the oritos, the guinean, verde or the mature. And they are found in various dishes. From small, yellow and sweet fried maqueños,which are served with the traditional Fritada serrana, to brown baked balls of the coast. Its production is regarded throughout ten provinces. Bananas were the first outdoor of Ecuador to the modern world and became the icon of transit between bankruptcy and boom. Now, the banana is the major nontraditional exportation. Cocoa: the pleasure that melts in the palate Of all the cocoa in the world, only 5% is fine aroma and Ecuador exports 63% of world production. But this cocoa is not only tested in international markets and experience of good black chocolate now enjoys as the flavors and aromas of a fine wine. New brands, like Cocoa Republic and Caoni have different qualities of chocolates that varies from region to region. The Esmeraldas has an intense flavor, the Manabi has a slight acidity, El Oro roasting leaves a taste on the palate. In addition. cocoa is not only offered as a product, but as travel plans. In the Cocoa route, cocoa farms of Guayas and Manabi open its door to sowing, harvesting, recipes..

TYPICAL ECUADORIAN DRINKS 1. Variety of fresh juices made with papaya, pineapple, mango, maracuyá (passion fruit), naranjilla (a cross between an orange and a tomato), (tree tomato, a ubiquitous sweet-and-sour local fruit said to be good for the heart and for reducing cholesterol) and guanabana. 2. Local beer: Pilsener (Cervecería Nacional), Club (Cervecería Nacional), Brahma (Ambev Ecuador). 3. Aguardiente - a strong spirit (60-100 proof, or more if it’s homemade) made from fermented sugarcane and all but officially considered the national liquor of Ecuador. 4. Canelazo, a mixture of boiled water, sugarcane alcohol, lemon, sugar, and cinnamon typical of the Andean region. 5. The term “Zhumir” was coined in 1870 by Franc-

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esco Cabeza de Vaca to describe spirits. Distillery has roots in Cuenca. It was founded in 1966. The product quickly became so popular that the company installed an industrial distillery to keep up with demand. Much of the sugarcane used to produce Zhumir is grown in corporate owned fields in the valley of Paute in the province of Azuay 6. Other alcoholic beverages available in Ecuador include guarapo, also made from cane; anisados, liquor flavored with anis; secos, cheap and flavorless alcohol good for mixing; Espíritu del Ecuador, a fruity, golden liquor; and rompope, a Latin American version of eggnog, often bought pre-spiked with rum. MUSIC Music, the soundtrack of a search A music box in the center of the world, that takes you to the party or the wistful introspection. The music in Ecuador is a mirror of the cross-cultural and generational reunions. Alex Alvear, Julio Bueno, Pablo Valarezo, Santa drone, Daniel Mancero, Linberg Valencia, Ivis Flies, among others, have been concerned about finding new possibilities for music in Ecuador. So these records are a kind of portable nowhere, reminiscent of the country beyond the territory.

Corpus Christi dances in Pujilí

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NATIVE CULTURES NATIVE CULTURES (ECUADOR’S MOSAIC) In Ecuador, mega-diversity is not only its magnificent biological world, but also the human factor with its rich ethnic diversity. Despite of the fact that many of the indigenous cultures adopted Catholicism imposed by the Spaniards, they still maintain their original language, dress and artistic expressions. THE CULTURES OF THE COAST The oldest known cultures of America lived on the Ecuadorian coast (8800 to 3500 B.C.). The cultures that subsist practically intact these days are: the Awá, the Chachis or Cayapis and the Tsachilas or Colorados. They live in the tropical rainforest of the west Andes and possibly settle there escaping from the invasion of the Incas from Peru (XV C) or from the Spaniards (XVI C). THE AMAZONIAN CULTURES Many archeologists maintain that some of the oldest cultures (over 10,000 years) are from this tropical humid rainforest. According to modern world economical standards, these cultures are very poor. However, they have a rich spiritual life and live in peace, taking from nature only what they need for survival. THE HIGHLANDS The cultures of the highlands are by no means the oldest, but they are the most visited and well known. Many communities still maintain their cultural manifestations through dress, language and festivities. These people are hardworking, skillful and artistic. Families work together and then sell their work at the fair. These are very proud people that keep and respect their cultural identity.

Humas devils from Imbabura province

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TOQUILLA STRAW HATS

FLOWERS

The hats, the country under good shadow

Flowers, the myriad of wild and cultivated gardens

Toquilla straw hats, unfairly called Panama hats of felt, wide or short brimmed, wool. People in Ecuador love to wear hats. Two of the ecuadorian cities produce these beautiful hats: Montechristi (in Manabi province) and Cuenca. An esthetic object, as well as for protection, the hat remains for some communities as a key element of their identity. There would not be salasaca without their white felt hat. Neither sarasugos, without its hat done with abatanada wool. The chola cuencana and montubios would look incomplete and would not be what they are without their toquilla straw hats. The hat has become an essential element of touch and distinction in all social classes. The hat today is part of the fetishes.

According to Ecuador Trade Information Office, 90% of the national flower production is exported. The star national product is over 60 types of roses. But the advantage of living in a producing country is the possibility of finding a packet of 25 fresh roses for a dollar in the road. The country has, said by the book Biota Maxim, 60% of South American orchids. Furthermore, in Ecuadorian land 25000 species of plants grow, of which 5000 are useful, this means they have medicinal or nutritional value. MOUNTAINS The mountains. A patchwork quilt Its silhouette is not lost in any region and its color range goes from the yellow mustard to greens almost black, no matter what time of year, like a patchwork quilt. This mountainous landscape has simplicity in its shapes and elevations ranging from mountains of 1000 meters to 6310 meters above the sea level. The mountains in Ecuador have been chosen as one of the main global destinations for sports, tourism and wildlife watching. Mountaineering, hiking, trekking and climbing combined with mega-diversity of insects and birds. No wonder: in Ecuador there are over 1600 species of insects, among which 4500 are nocturnal.

Example of toquilla straw hats

GUAYABERA The Guayabera, an elegant garment from the coast. Guayabera is a symbol of the Ecuadorian Coast, which crosses both the field and the big cities. A versatile and elegant garment that came from Cuba, and started to become popular, especially in Guayaquil, in the days of the Great Colombia. They come in short or long sleeve, white, cream and light blue with four pockets and vertical tucks as decoration. The most solemn are made of linen and pearl buttons. The most commonly used are cotton. The garment has become a citizen uniform to work in government departments or family parties.

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What is best than riding a horse in the mountains

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SPORTS ECUADOR – Adventure at its purest Ecuador is one of the most adventure-related and adrenaline packed experiences in the world for travelers. Due to its wonderful geographic conditions and topography, this country has hosted world sports championships in Surfing, Rafting and also international competitions such as the ninth Raid Gauloises Adventure Race. Where to practice? Surfing - The Province of Esmeraldas. Recommended point break – Mompiche. Best time to surf: from December to April. - The Province of Manabí. Beaches with great waves: Canoa, La Bellaca, El Murciélago, San Mateo, La Tiñosa, Puerto Cayo, Río Chico, Ayambe y Las Tunas. - The Province of Guayas. Numerous breaks with excellent waves: Montañita, Capaes, El Mansito, Chuyuipe, Castillo, Salinero and Playero del Miramar, Paco Illescas, Muelle de Ecuasal, La FAE, Dead Point, Shit Bay, La Chocolatera, Punta Carnero, Anconcito, El Pelado, El Faro, Shark Bay and El Humboldt. - The Province of Galapagos. Isla San Cristobal. Recommended breaks: Carola, Punta Cañon, Tongo Reef, La Loberia. Best time to surf: from November to March. Isla Santa Cruz. Recommended breaks: Angermeyer Point, Ratonera, Bajo Bazan, Tortuga Bay, Cerro Gallina, Las Palmas and El Paso. Scuba diving - Machalilla National Park. Located in the Southern part of the province of Manabi; also constituted by La Isla de la Plata which is located 25 miles northwest of Puero López. - The Marine Reserve of the Galapagos Islands. - Wolf and Darwin Islands. - Seymur Island. Located 90 minutes away from Puerto Ayora. - Santiago Island. - Santa Cruz Island. - Gordon Rocks. - Academia Bay. Recommended places: Estrada Point, Caamaño Islet, El Barranco, El Bajo. - Other spots: Floreana Island, Enderby Islet, Ayora Peak, Champion Islet, Corona del Diablo, Daphne Islet, Bartolome Island, Mosquera Islet, Santa Fe Island and Island sin nombre.

Paragliding in the coast

Paragliding - Coast: Las Palmas y Camarones (Province of Esmeraldas); Canoa, Crucita (The Balsamaragua hill), Manta, Cayo Port and Lopez Port (Manabi); Montañita, Olon, Manglarato, La Troncal. - Highlands: Aloburo, Yuracruz and El Bestial (Ibarra, over the Yaguarcocha Lagoon). - Quito and surroundings: Cruz Loma (Pichincha volcano); Ilaló Mountain; Lumbisi Hill (heading north east of Quito towards the valley of Tumbaco); Puengasi Hill (heading south east towards the valley Los Chillos); Casitigua and Pasochoa. - Other spots: El Gavilan and El Casitagua (north direction); Palama and Niton Hill (in front of the city of Ambato towards Pelileo); Baños and its surroundings; La Troncal; surroundings of the moor El Cajas (Province of Azuay); Tunshi (nearby Riobamba); surroundings of Vilcabamba (Province of Loja). Mountain biking - Cayambe. Cayambe.

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- Cotopaxi. Cotopaxi. - Illinizas. El Lobo, Illinizas. - Mojanda. Cochasqui, Mojanda. - Pasochoa. El Laberinto. - Pululahua. El Infiernillo, Pululahua. - Quito. Chirivuelta, El Burro, El Murciélago, Mindo.

Francisco) and Plátano swamp. - Machalilla National Park. (Province of Manabi). - Panococha Lake. (Amazon). - Islas Galapagos. (Ochoa beach – Santa Cruz Island; Puerto Baquerizo Moreno - San Cristóbal Island; Florena Island; Isabela Island).

Sports climbing

Rafting and river kayaking

- Quito. Guagua Pichincha. - Santa Clara Tumbaco’s Quarries, Cuyuja. - Ibarra. San Juan’s Cliff. - Cuenca. More than 200 climbing routes: Sayausí, Cajas, Paute, Chacalata, Girón, Cojitambo and Arco’s hills; Rocódromo (located outside the sports confederation of Azuay); Agualloa café-restaurant (Búlder’s cave, located next to El Puente Roto at the edge of Tomebamba’s river), El Puente Roto. - Loja. Cerro Ahuaca in Cariamanga. - Guayaquil.

- Blanco River and Toach River. (Ecuadorian Andes). - Anzu River. - Rio Jatunyacu. (Ecuadorian Amazon). - Rio Alto Napo. - Intag River. (Surroundings of Otavalo). - Quijos River. (Amazon). - Bajo Misahualli. (Tena – Amazon). - Upano River. (Macas – Morona Santago Province).

Mountain climbing HIGH MOUNTAIN CLIMBING (VOLCANOES) - Chimborazo. (Province of Chimborazo). - Cotopaxi. (Province of Cotopaxi, 55 Km. south from Quito). - Cayambe. (Province of Pichincha). - Antisana. (Province of Pichincha). - El Altar (Province of Chimborazo). - El Obispo: El Canónigo, La Monja Grande, La Monja Chica, El Tabernáculo, El Fraile Grande. - Sangay. (200 km South from Quito). - North Illinza. (Province of Pichincha). - South Illinza. NOTE: More information on the Top Itineraries chapter !!!!! Trekking - El Ruco Pichincha. (Province of Pichincha, 10 Km. west from Quito). - El Guagua Pichincha. (located next to El Ruco Pichincha, the active part of the Pichincha volcano). - Pasochoa. (Province of Pichincha). - Corazon. (Province of Pichincha). - Imbabura. (Province of Imbabura, 60 Km. from Quito). - Carihuairazo. (Province of Chimborazo, next to Chimborazo volcano). Kayaking and Rafting - Coast of Esmeraldas. Muisne (low part of San

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Motorcycling known routes - Route el Cajas. (Machala – Province of El Oro, 350 km). - Route within Azuay. (Province Azuay: Cuenca – Quingeo – Chordeleg – Gualaceo – Paute). - The Sun´s Route. (Esmeraldas – Salinas). - Route Morona Santiago – Zamora – Loja – Azuay). Trails - Siciliano in Pintag. - Peluso in La Morita, Tumbaco. - Bike side in Nanegalito. - Tres Guabos in Amaguaña. Enduro - Cotopaxi. - El Tingo. - De los sapos short detour – Chaquiñan. - De las cabras short detour – Chaquiñan. - Enduro to Mojanda – Cajas. - Pichincha. - Enduro to Pululahua. MUSEUMS AND CULTURE We have done a list of the most interesting museums divided by provinces. Guayaquil has its own chapter with the most remarkable museums. We must highlight that Quito was chosen as 2011 American Capital of Culture. The International Bureau of Capitals of Culture has chosen Quito as the 2011 American Capital of Culture. The International Cultural Capitals Bureau (IBOCC) declared Quito as American Capital of Culture 2011. The distinction was announced the

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Rafting in Due river, Sucumbios

same day the city celebrated the 32nd anniversary of its declaration as First World Heritage Site by the UNESCO (United Nations Educational, Scientific and Cultural Organization). This designation sets Quito as a cultural referent, not only regionally but worldwide, allowing for tourists and citizens to learn about the treasures the city offers UNESCO granted that category to the Ecuadorian capital on Sep. 8, 1978, as well as to the Polish city of Krakow. Quito was awarded with that distinction for having the largest, least-changed, and best-preserved historical center in America. THE TOURISTIC TRAIN The Empresa de Ferrocarriles Ecuatorianos (EFE) (Ecuadorian Railways Company) is the national railway of Ecuador. The renovations of the railway Ecuadorian System constitutes one

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of the most visionary projects of the Ecuadorian State. Their goal is to become the country with the most beautiful train in Latin America. This involves a lot of work for engineers and the sociability of the new Company of Ecuadorian Railroads with a tourist - patrimonial mission, in other words, with the purpose of promoting the recovery of the road infrastructure of Ecuador The touristic train is a good choice for your spare time. There are different routes to visit. Quito is connected to the northern sea port of San Lorenzo over Ibarra, Primer Paso and Cachavi.The southern city of Cuenca line branches off near Sibambe and represents the 145.4 kilometres (90.3 mi). You can find more information about routes and schedules at www.ferrocarrilesdelecuador.gob.ec.

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Train over the Lita river in Imbabura province

GALAPAGOS The Galápagos islands This Archipelago is a living museum of evolutionary changes. Free and fearless animals, different from any others found elsewhere, make visitors wonder about their very existence on our planet. The UNESCO declared Galapagos a World Natural Heritage Site in 1978 and subsequently a World Biosphere Reserve in 1985. ORIGIN: The islands appeared from lava eruptions that came from the bottom of the ocean and that rise as much as 2,600 ft. lava from more than 2,000 craters has continuously altered the terrain of the region. Currently, the archipelago includes 13 large islands, 6 minor ones and more than 40 islets. Some of the younger islands still have active volcanoes. With a geological history that dates back millions of years, extraordinary conditions unmatched by the rest of the world, its formations and endemic flora and fauna, the Galápagos Islands receive thousands of tourists daily, yearning to observe nature in an amazing eco-adventure experience. Is the presentation of major pride the Ecuadorians show to the world, a sanctuary of life

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that, in 1835, served to Charles Darwin as a laboratory to develop its theory of the evolution of the species. The archipelago, since then, is honored by its recognition and environmental awareness. Unesco, for example, declared the Encantadas islands as natural heritage of humanity, in 1979, and as biosphere reserve, in 1985. Its 13 large islands, its 6 small islands, its 107 islets and its marine space are the home of giant turtles, pinzones, sea iguanas, gulls of lava, frigates, alvatróz, pinguins, old sea dogs, sharks. And now is the home of 19.200 Ecuadorians. Its species, which are wonders for science, beaches and a sea vocánicas hospital for diving are the magnets of a unique ecosystem on the planet, but also increasingly fragile. FLORA AND FAUNA: Galapagos is home to an incredibly high rate of endemic species. Among the animals found are the different species of giant “Galapagos” tortoises that gave the islands their name. It is also home to a variety of birds: blue footed, red footed and masked boobies, flamingos, frigate birds, albatrosses, unique small penguins and non-flying cormorants, and 14 different varieties of finches. Marine mammals such as sea lions, dolphins and whales are also found; as well as multitudinous colorful fishes. The most distinctive plants are mangroves and endemic cacti.

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Blue Waters of the Galapagos ideal for snorkelling and diving

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WEATHER: December to May the weather is sunny and warm. During the months of June to November, it’s colder and drier. LOCATION: 600 MILES west off the coast. NATIONAL PARK ENTRANCE FEE: $100 for international visitors / Comunidad Andina or Mercosur $50.

Hotel Solymar Charles Darvin Ave. (next to banco del Pacífico) Puerto Ayora Galápagos Tel: (+593 5) 252 6281, 252 7015 www.hotelsolymar.com.ec info@hotelsolymar.com.ec

AIRFARE: There are two airports served by local airlines: on Baltra Island and on San Cristobal Island. The price of the roundtrip flight for foreigners for either destination is approximately of $410.70 from Quito and $361.05 from Guayaquil. TRANSIT CONTROL CARD (TCT): In order to have a better control of visitors and migration to the islands, INGALA, the Ecuadorian institution that controls migration to the islands, introduced a visitor control card. This card cost $100.

Where to Stay

Enjoy incredible sundowns

GALAPAGOS Royal Palm Hotel Galápagos Km. 18 vía Puerto Ayora-Baltra Isla Santa Cruz Galápagos Tel: (+593 2) 2520 000, 2526 875 www.royalpalmgalapagos.com The only 5 star hotel of the island, the choice of famous Hollywood actors. Finch Bay Eco Hotel Punta Estrada, on Santa Cruz Island www.finchbayhotel.com http://www.metropolitan-touring.com/ content.asp?id_page=532 Finch Bay has 6 ocean-view Suites and 21 premium rooms (with twin or king-size beds), each with private facilities, air conditioning and unlimited water supply, as the hotel has its own desalinization plant. This ecologically oriented hotel also boasts innovative garbage processing and recycling programs. The entire infrastructure as well as the activities are totally oriented to a concept of true ecotourism in a pristine natural environment.

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Where to Eat GALAPAGOS Il Guardino (restaurant-bar-ice cream) Av. Charles Darwin and Charles Binford (corner) Santa Cruz Island, Galápagos Tel: (+593 5) 3536 627 Ilgardinogalapagos@hotmail.com EL CHOCOLATE Av. Charles Darwin Puerto Ayora Tel: (+ 593 5) 252 6759 LA GARRAPATA (international food and seafood) Av. Charles Darwin Puerto Ayora Tel: (+ 593 5) 252 6264 EL FOGON (mexican and ecuadorian cuisine) Bolívar Naveda and Tomás de Berlanga Puerto Ayora Tel: (+593 5) 252 6759

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RINCON DEL ALMA (international food and seafood) Av. Charles Darwin right in front of the Marine HQ Puerto Ayora Tel: (+593 5) 252 6196 Contact: Marcos Antonio Aguilar SALVAVIDAS (speciality lobster and octopus cuisine) Av. Charles Darwin, main port Puerto Ayora Tel: 5935 252-6418

GALAPAGOS MARINE RESERVE: The interior waters of the islands, plus those within 40 nautical miles were declared the Galapagos Marine Reserve in 1994. This is the only protected coastal marine area in the East Pacific and the second largest Marine Reserve in the World. There are many areas with small submarine volcanoes. People can snorkel with sea lions, penguins, a variety of colorful fish and even inoffensive sharks. Diving courses and tours are also offered for divers of different skill levels

What to See and Do CRUISE SHIPS: A cruise is definitely the best way to visit many of the islands in a short period of time. Tours are a minimum of four days. There is a wide range of cruise offers, from small sailboats for about 18 passengers to big luxurious cruise ships for more than 100 passengers. LAND OPTIONS: Another way to visit the Galapagos is to stay in a hotel at one of the inhabited islands. You can travel from one island to another by light aircraft or boat.

What to visit In Santa Cruz, visit the Charles Darwin Research Center. A cruiser is the first option for touring around the islands. There are 50 tourist points on the islands. Each one contains unique natural treasures that canÂ´t be found anywhere else on the planet. We recommend Genovesa Island, El Leon Dormido, Urbina Bay, Elisabeth Bay, and Punta Cormorant.

A cruise is the best way to visit the different islands

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The following towns offer facilities for tourists: 1. Puerto Ayora / Santa Cruz Island This is the main port of entrance to the Archipelago, as well as its capital, with its numerous attractions and amazing night life. The main attractions of the island are: Charles Darwin Foundation Headquarters and Tortuga Bay. Flights are available from Quito or Guayaquil with Tame and Aerogal. The airlines also provide a bus to the Itabaca canal. 2. Puerto Baquerizo Moreno / San Cristobal Island This is the capital of the Province and has the second largest number of inhabitants in the archipelago. The main attractions of the island are: the Interpretation Center; Ochoa Beach, Playa Man, Pit Pint, El Junco lagoon and the Lobos Island. 3. Puerto Velasco Ibarra / Floreana Island The enigmatic island is the least inhabited of the archipelago. The main attractions are: the historical Post Office Bay and Asilio de Paz, Punta Cormoran, Corona del Diablo, Enderby and Gardner Bay. 4. Puerto Villamil / Isabela Island The town has a population of about 2,500, mostly fishermen. Close to the town there are several impressive sites: a path alongside a reef that is home to several tip sharks; “Concha y Perla Bay”, a giant tortoise breeding center; and the amazing volcanoes Sierra Negra that has the second largest crater in the world and Volcán Chico.

coast The beaches, 2800km bathed by sun and sand Pacific bathes the entire outline of Ecuador. A profile of 2800 km of equinox sunlight. From North to South, the landscape is a bright palette. There are giant mangroves, such as Majahual, and cliffs and caves carved into rock. In Manabi, white sand lie on the crescent of Playa Los Frailes and canoes deep into the waters to see the humpback whales jumping in Puerto López. The wild waves make rocks and meadows of Santa Elena an international station for surfing. And the maze of islands, marshes and channels take the traveler to Jambelí, in El Oro are only some samples from the horizon that by 40 percent of Ecuadorians is the main path of domestic tourism, says a recent survey prepared by Tourist INEC. The Ecuadorian Coast extends from the western slopes of the Andes to the Pacific Ocean. It is crossed from North to South by a lower mountain range and is full of alluvial plains. The region has had the largest agricultural development, thanks to the variety of natural resources, such as water, wide plains and fertile soils. The weather in the Coast is mostly warm; however, there are two seasons, wet and dry. The first is warm and humid, and goes from December to May. The rest of the year is dry and cooler. During the months of the austral winter (June to December), the Ecuadorian coast has an additional attraction: the presence of Humpback whales that migrate from the Antarctic to tropical waters to mate and give birth to their calves. The old road from Quito to the coast, the Calacali – La Independencia road, passes through some of the best bird-watching territory in the country. The other route from Quito is through Santo Domingo de los Colorados, set amid a broad sea of banana and oil-palm plantations, skirting a few tropical wet forests. From Guayaquil, one can begin the “Ruta del Sol”, the route of beautiful beaches, culture and adventures, taking the road throughout the coastline. Whale Watching: Humpback Whale Watching can be done during the months of June - October. The Humpback Whale can be observed throughout the Ecuadorian Coast, specifically along the Province of Manabi’s coastline. The best place is in the Machalilla National Park, close to Puerto López city in Manabi. Other good places are in the Galapagos

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Howard Johnson Guayaquil Av Juan Tanca Marengo and Abel Romero Castillo Guayaquil Tel: (+593 2) 215 8375 www.ghlhoteles.com

Hilton Colón Guayaquil Ave. Francisco de Orellana Mz 111 Guayaquil Tel: (+593 4) 268 9000 www.guayaquil.hilton.com

Las Peñas

Islands and in Salinas, in the province of Guayas. This is where the humpbacks migrate from Antarctica towards to the bodies of warm waters. The Humpback Whale prefers this environment in order to reproduce and foster their young. The area also attracts Dolphins.

GUAYAS PROVINCE (GUAYAQUIL) Guayas River embraces the vigorous city, which has been the birth place of freedom heroes and great personalities of our culture. Its old streets, parks, squares and its beautiful malecón (boardwalk) are visited every day by thousands of tourists who discover in Guayaquil one of the most beautiful cities in Ecuador

Where to Stay GUAYAQUIL Hotel Oro Verde Guayaquil 9 de Octubre 414 y García Moreno Guayaquil Tel: (+593 4) 232 7999 www.oroverdehotels.com Grand Hotel Guayaquil Boyacá entre Clemente Ballén Guayaquil Tel: (+593 4) 232 9690 www.grandhotelguayaquil.com

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Hotel Continental Av. Chile y 10 de Agosto Guayaquil Tel: (+593 4) 232 9270 www.hotelcontinental.com.ec info@hotelcontinental.com.ec Hotel Hampton Inn by Hilton Guayaquil Av. Francisco de Orellana Guayaquil Tel: (+593 4) 256 6700 Hotel Palace Chile 214 and Luque Guayaquil Tel: (+593 4) 232 1080 www.hotelpalaceguayaquil.com.ec info@hotelpalaceguayaquil.com.ec Hotel Cityplaza Avenida Boyacá 922 and Victor Manuel Rendón Guayaquil Tel: (+593 4) 230 9209 www.hotelcityplaza.com.ec reservas@hotelcityplaza.com.ec into@hotelcityplaza.com.ec Hotel Ramada Malecón 606 Guayaquil Tel: (+593 4) 256 5555 www.hotelramada.com info@hotelramada.com Hotel Sheraton Guayaquil Av. Jose Joaquin Orrantia, Plaza del Sol Guayaquil Tel: (+593 4) 208 2088 www.ghlhoteles.com Hotel Unipark Clemente Ballen 406 between Chile and Chimborazo

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Guayaquil Tel: (+593 4) 232 7100 www.uniparkhotel.com Mansión del Río Boutique Hotel Numa Pompilio Llona 120, Las Peñas district Guayaquil Tel: (+593) 256 6044, 230 3576, 256 5827, 256 5983 www.mansiondelrio-ec.com Courtyard Marriott Av. Fco de Orellana 236 Guayaquil Tel: (+593 4) 600 9200 www.gocourtyard.com cy.gyecy.reserv.coord@courtyard.com Hotel Boutique Orilla del Río Cdla. Entrerios, Calle 7ma. 8 y Av. Río Guayas Guayaquil Tel: (+593 4) 283 5394, 283 6590 www.orilladelrio.com.ec info@orilladelrio.com.ec

Lo Nuestro (seafood) Estrada Ave 903 and Higueras Guayaquil Tel: (+593 4) 2386 398 Alo World Fusion Piazza Ceibos shopping center, Piazza Samborondón s.m. Guayaquil Tel: (+593 4) 283 9127 Post Las Terrazas shopping center Guayaquil www.cclasterrazas.com Noe (japanese fusion) Paseo Sanborondón, Bocca shopping center Guayaquil Tel: (+593 4) 2838 834, 2838 765, 2838 779 www.noesushibar.com El Fogon Km 1 Vía Samborondón, La Torre shopping center Guayaquil Tel: (+593 4) 283 7624 Mosto Km 1 Vía Samborondón, Bocca shopping center Guayaquil Tel: (+593 4) 6010 136 vinos.mosto@gmail.com La Casa Di Carlo (italian cuisine) Guayaquil Norte Mz 19, villa 9 (3 blocks behind the hotel HILTON COLON) Guayaquil Tel: (+593 4) 2282 009, 2692 428 www.lacasadicarlo.com

Historical Archive of Guayas Province, in Guayaquil

Where to Eat GUAYAQUIL News Café Av. Datiles 211 and Primera, Guayaquil Tel: (+593 4) 288 2121 newscafe@gye.satnet.net

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Fussion Café Puente de la Unidad Nacional Guayaquil Tel: (+593 4) 283 4251 Rivera (italian cuisine) Victor Emilio Estrada 707 and Ficus Guayaquil Tel: (+593 4) 288 3790, 288 8298 www.rivieraecuador.com riviera@rivieraecuador.com Da Luigi (italian cuisine) V.E. Estrada 707, 1st floor

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Guayaquil Tel: (+593 4) 288 4836 www.rivieraecuador.com Benvenutti da Mauro Jose de la Cuadra (diagonal) 404, between Bálsamos y Dátiles Guayaquil Tel: (+593 4) 238 2735 La Taberna Libanesa Las Terrazas Shopping Center, second floor Av. Río Esmeraldas & Av. Central Samborondón, Guayaquil Tel: (+593 4) 283 7564 Tantra Riocentro entre Ríos Shopping Center, local 23 Vía Samborondón Guayaquil Asia de Cuba Dátiles 205 and Primera, Urdesa www.asiadecuba.net Ramón Carne al Carbón La Piazza Shopping Center Km 1.5, local 4, vía Samborondón Guayaquil

Artur’s Café (traditional ecuadorian cuisine) Cerro Santa Ana, step 53 Tel: (+593 4) 231 2230, 231 1073 arturs-cafe@hotmail.com Villa Delizia / Il Buco Circunvalación Sur 106 y Víctor E. Estrada Guayaquil Tel: (+593 4) 288 3741 villadelizia@hotmail.es Red Crab (seafood) Av. V.E.Estrada 1205 and Laureles, Urdesa Km 2.5 av. Liceo de Francia, Sanmborondon Guayaquil Tel: (+593 4) 238 0512, 288 7632 www.redcrab.com.ec Umami Circunvalación Sur 114 and Unica Tel: (+593 4) 603 9069 Tsuji Victor Emilio Estrada 813 and Guayacanes, Urdesa La Canoa (traditional ecuadorian cuisine) Chile and 10 de Agosto (Hotel Continental) Tel: (+593 4) 2329 270

Don Carbón Cedros Sur 206 and T.Santos - V.E.Estrada, Behind Plaza Triángulo Urdesa Central, Guayaquil Signori (italian cuisine) San Marino Shopping Center Francisco de Orellana Av. And Plaza Dañin Guayaquil Tel: (+593 4) 208 3326 Don Francis (Plaza Lago) Plaza del Sol L7-8 Guayaquil Tel: (+593 4) 390 0140 Hemisferios Km. 6.6 Vía Samborondon Lagos Town Center Plaza Guayaquil

Historical Park of Samborondon, in Guayaquil

La Paleta – Tasca Bar (traditional ecuadorian cuisine) Numa Pompilio Llona 174, Las Peñas Guayaquil (+593 4) 232 0930

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Where to Stay

What to See and Do Please, find more information about sightseeing in Guayaquil in the special chapter about this marvelous city. If interested in the beaches around Guayaquil, please, go to the Top Itineraries chapter and consult the Route of the Sun.

THE SOUTHERN COAST AND

SALINAS Barceló Colon Miramar Malecón between 38 and 40 Salinas Beach Tel: (+593 4) 277 1610 www.barcelocolonmiramar.com colonmiramar@barcelo.com MUNDO SAN RAFAEL

THE ROUTE OF THE SUN The south coast comprises the province of Guayas, Punta Santa Elena and the “Route of the Sun” south of Ayampe. cities such as Playas, Salinas and Montañita can be the best options.

There is a complex setting of adventure and tourism called World of San Rafael. Spend a relaxing weekend with friends or family with horseback riding or mountain biking, playgrounds or rowing boats to sail in the lagoon is the ideal place. Companies that want to develop group training sessions, there are countryside integration programs. For more information: www.mundosanrafael.com.ec

Beach of Salinas

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ECUADOR’S COASTLINE Ecuador’s coastline can be divided into two regions -- northern and southern. The northern coast is made up of the provinces of Esmeraldas and Manabí, and extends from San Lorenzo -- on the border with Colombia -- to Ayampe which is just south of Puerto Lopez. The south coast comprises the province of Guayas, Punta Santa Elena and the “Route of the Sun” south of Ayampe. ESMERALDAS PROVINCE Esmeraldas has beautiful beaches for visitors. The people are friendly, and the landscape diverse in flora and fauna. The mangrove forests, wide coastal rivers, and delicious food leave visitors with unforgettable memories. Among the landmark beaches of Esmeraldas are:, Atacames, Same and Casablanca private beach, Punta Galeras, Musine and Mompiche. The province of Esmeraldas is a lush tropical region famous for its friendly and lively AfricanAmerican community. Culturally, Esmeraldas is awash in danceable rhythms which are banged out on marimbas and drums. The costeña cuisine is exquisite and includes such dishes as encocado de pescado (fresh fish served with coconut) and delicious fresh crab. Esmeraldas is also known for its beach resorts and towns which are popular vacation getaways for the people of Ecuador’s Sierra. A recently inaugurated highway connects the Sierra to the coast just north of Ibarra. From Quito, Esmeraldas’ beaches are a four hour drive away. Esmeraldas is also known for its extensive network of mangrove forests.

Where to Stay El Marqués Malecón de la Playa & Los Crotos Atacames, Esmeraldas Tel: (+593 6) 273 1172, 276 0182 www.hotelmarques.com.ec hotelmarquesatacames@hotmail.com Decameron de Mompiche Via Mompiche Portete, Esmeraldas Tel: (+593 6) 299 7300 (until 29) ContactUs@decameron.com

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What to visit Atacames, Súa, Tonsupa and Tonguiche Beaches • The tranquil beaches of Miusine • Navegate the Limones River • Cayapas Mataje Manglar Ecological Reserve • Cauchal Beach • Playa Escondida • At Same beach, you will the Club Casablanca which is a private beach complex. Many Ecuadorians invest and rent apartments there.

MANABI PROVINCE Driving south from Esmeraldas is the drier but still tropical province of Manabi. Manabi also contains wide, spectacular beaches. This region, however, is also known for its dry tropical forests (unique in the world), national parks and important thousands of years old archeological sites. The most important national park is Machalilla which is characterized by undisturbed white sand beaches and rocky outcroppings. Isla de la Plata, also known as the “Poor man’s Galapagos” is located within Machalilla. In the summer months, the towns along the coastline become takeoff points for whale-watching.

Where to Stay Casa Ceibo Boutique Hotel & Spa Km.5, Ave. Sixto Durán Ballén, Bahía de Caráquez, Manabi. Tel: (593) 5 239 9399 info@casaceibo.com www.casaceibo.com Casa Ceibo is perfect for a romantic getaway, honeymoon, nature retreat, executive meeting or simply an exceptional resort experience with 18 luxury accommodations, award-winning cuisine, pool, fitness, spa and other amenities. Mantaraya Lodge Gaspar de Villarroel 1100 and 6 de Diciembre Ritz Plaza Esquina Building

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Manabí Tel: (+593 2) 336 0887, 336 0888, 336 0889 www.mantarayalodge.com info@advantagecuador.com

What to visit Machalilla National Park and Isla de la Plata: a second Galapagos and ideal for whale watching between June and October. Canoa: Canoa is an up and coming beach resort, which caters to foreign travelers, surfers and to local tourists. Canoa is located just north of Bahia de Caraquez, and has one of the best beaches in Manabi province, with a wide 17 km long strip of white sand. Pata de Parao Mount, Pedernales: This is a protected forest with hills and cloudy wet forests Jama mountains and waterfalls: This is a beautiful coast cordillera located behind the town of Jama Tito Santos Biological Reserve (2 000 Ha). It has dry forest vegetation and, in the higher parts (up to 500 m, 1640 ft., asl), wet forest. The mountains have lovely waterfalls, Cabo Pasado and Muchacho River: Cabo Pasado has an interesting dry tropical forest near Canoa, from where you can have access to inhabited beaches. In Muchacho River there is an organic farm, community tourism with rural installations and more. Canoa: Chirije Archaeological Zone: Located 45 minutes from Bahia de Caraquez Corazon Island and Fragata Island: Both islands are located at the Chone River outlet and have the last remnants of the bay’s mangroves (most are now shrimp beds.) Cerro Seco Reserve: This is a protected forest in Bahia de Caraquez. Its vegetation is dry with tree species, such as guaiacum, carob tree, yellow Geiger, holy wood, and others. Bird-watching. Saiananda: This is a private park located 5 km (3 miles) from Bahia de Caraquez, on the road to Chone. You will see native animal and plant species

that offers one of the best sights for marine birds. One of the most impressive among 120 species is the Roseate Spoonbill (Ajaia ajaja.) It has been awarded an international RAMSAR wetland status. The marshes are located a few miles from Chone (ask local people.) - Manta: Manta is an important city at the province of Manabí. Until recent days, it was only known for its important tuna fishing fleet, the production and bottling of vegetable oil, and the commercialization of “paja toquilla” (straw) hats. Today, the visit of cruise ships full of tourists, the aerial base rented to the US Air Force by the Ecuadorian government for the antinarcotics operations. The construction of modern hotels like Oro Verde and Howard Johnson have improved Manta’ s economy and transformed the city into an important international tourist destination. Montecristi: Renowned worldwide for its famous Panama Hats, which, now you know, are Ecuadorian, and many other crafts. This is a picturesque and traditional town with very kind people. Andariveles de Junin: This is a beautiful dry tropical forest where you will see monkeys, especially the howler monkey. Pacoche Forest: This forest has interesting semi-wet vegetation and howler monkeys, tagua trees, and palmetto plants, and a beautiful waterfall. Andresillo River Waterfall: This is a beautiful recreational area located 30 km 19 miles) from Jipijapa, in La Union Parish. Daule-Peripa Dam (provinces of Manabi and Guayas): This is a good place for water sports and bird-watching. Bahía de Caráquez: apart from being a touristic city in Bahia you will find the largest bridge of the country with almost 2 km. and inaugurated in 2010. Old ferry that worked before the construction of the longest bridge of the country uniting Bahia and San Vicente

Punta Charapoto and Peñon del Sol: These are walks amongst the dry forest and a favorite site for paragliding and hang gliding. It is also a good place to see howler monkeys. La Boca Mangrove: Located at the Portoviejo River outlet, it is a good place for bird-watching. You have community ecotourism, canoe visits and others available La Segua Swamp: This is a bird-watching paradise

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Where to Stay Howard Johnson Manta Kilometro 1.5 Via Barbasquillo Manta Tel: (+593 5) 262 9999 www.ghhoteles.com Hotel Oro Verde Manta Malecón 23 Manta Tel: (+593 5) 2629 200 www.oroverdehotels.com ov_mta@oroverdehotels.com

Portoviejo Museum

MANTA CINEMA AUDITORIUM

What to visit Being the main port of the central coast, Manta is an active and fun city which has the following attractions: - A visit to the Central Bank Museum is a must in the city of Manta. Central Bank Museum, Manta: Archaeology. Tuesday through Saturday from 09H00 to 17H00. PORTOVIEJO MUSEUM AND HISTORICAL ARCHIVE The museum aims at safeguarding and researching archaeological, artistic and documentary found in the region. Location: city of Portoviejo, capital of the Manabí Province, Olmedo Sucre and Córdova. Telephone: 05 2652235, 05 2652279 MUSEUM – CULTURAL CENTER OF MANTA This museum has an objective to become an instrument of creation and preservation of cultural wealth through the development of educational programs, workshops, special events and temporary exhibitions . Location: Manta, Provincia de Manabí, Malecón Jaime Chávez Gutiérrez (in front of hte Malecón Escénico). Telephone: 05 -2626998

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It has a capacity for 147 people. MAAC Cine project was developed for performing arts events, as well as symposiums, conferences, national and international seminars take place. Location: Malecón Jaime Chávez Gutiérrez between Ave. 24 de Mayo and Ave. de la Cultura. Telephone: 05-2626968. MUSEUM OF THE CARÁQUEZ BAY It is a research and archaeological dissemination center of northern zone of Manabi, as well as of Ecuadorian art. It seeks to preserve the history of Hispanic societies that occupied this region. Location: City of Bahía de Caráquez, Manabí Province, Malecón Alberto Santos between Aguirre and Peña. Telephone: 05- 2690817, 05 -2692285 - Manta Chiva (open site-seeing truck), phones Nos. (593-5) 261-1195 / (593-9) 872-2791. - La Pila: Pre-Columbian ceramics crafts on the road to Montecristi. - El Murcielago Beach. EL ORO PROVINCE Zaruma, an archipelago of Jambeli, ruins of Guaychiquina (Atahualpa), petrified forest of PuyangoMachala, gold mines (Zaruma)

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Entertainment ANDES Many of the provinces in Ecuador’s highlands are named after the most important mountain or volcano on its territory. The word “Andes” itself comes from ANTI, which means “where the sun rises”.

zone give place to a number of ecosystems and offer a diversity of landscapes, each with unique flora and fauna.

The Ecuadorian Andes include several active volcanoes. The town of Baños, a favorite spot for tourists is located precisely at the top of the Awa volcano. Ecuador has twelve peaks over 16,000 ft. The country offers opportunities to hike, trek and mountain climbing for all skill levels, as well as numerous breathtaking sites. The colonial cities of Quito and Cuenca have both been declared World Cultural Heritage Sites.

QUITO: FIRST WORLD HERITAGE SITE by Unesco Brief Description Quito, the capital of Ecuador, was founded in the 16th century on the ruins of an Incan city and stands at an altitude of 2,850 m. Despite the 1917 earthquake, the city has the best-preserved and least altered historic centre in Latin America. Quito is widely known for its treasures of colonial churches, paintings, sculptures and carvings. The monasteries of San Francisco and Santo Domingo, the Church and Jesuit College of La Compañía, are pure examples of the ‘Baroque school of Quito’. The city is famous in Latin America for its talented artists, including Bernardo de Legarda, Caspiscara, Pampite, Miguel de Santiago, Javier de Goribar, Manuel Sama-niego and Padre Bedón. Thus, the UNESCO declared Quito a “World Cultural Heritage Site” in 1978. Quitsa-tom the original name of the city means “middle of the Earth” in the ancient “tsafiqui” language. Quito is the only site on the planet where Equator crosses over highlands. Therefore, the pre-Incan cultures could develop their astronomical knowledge aided by the clear landmarks surrounding the city. The city itself emerges over 9,184 ft above sea level; it is the second highest capital in the world and the best natural astronomical observatory.

Dome of the Saint Domingo church

Long Description Quito, the capital of Ecuador, forms a harmonious ensemble sui generis, where the actions of man and nature are brought together to create a work unique and transcendental of its kind. With its historic centre and its buildings the city is an outstanding example of the Baroque school of Quito, a fusion of European and indigenous art. Quito (2,850 m above sea level) derives its name from the Quitus, who inhabited the region a long time before the Spanish conquest. In 533 Sebastian Benalcazar took peacefully possession of the native town, which had been successively a capital of the Seyris and the Incas. In 1541 it was elevated to the rank of a Spanish city. Its full title was San Francisco del Quito, and it was the capital of the province or presidency of Quito down to the end of Spanish colonial rule. It has suffered from earthquakes. The greatest damage occurring from those of 1797 and 1859 but the city has the best preserved and least altered historic centre in Latin America.

Quito extends along the Eastern side of the Pichincha volcano. The city is long and thin, with a length of approximately 35 miles and a width of 3-7 miles. The temperature in the city varies. In the early morning and at night it can be at 10°C and at noon it can reach up to 25°C. The geographical conditions of the

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The Franciscan Order was the first to establish itself in Quito. Immediately, it started building a monastery which became the centre of education and art with its own schools of painting and sculpture. The Augustinian, Dominicans and Jesuits subsequently shaped the appearance of the city with their monasteries. The monasteries of San Francisco and Santo Domingo and the Church and Jesuit College of La Compañía are examples of the so-called ‘Baroque school of Quito’, a fusion of Spanish, Italian, Moorish, Flemish and indigenous art. La Compañía is probably the richest church in South America with its golden altar. The city is in great part laid out in squares, the streets approximately aligned on the cardinal points of the compass. The houses of Quito are chiefly built in the old Spanish or Moorish style. The building material in general use is sun-dried brick, covered in the better houses with plaster or stucco.

Boutique Hotel Café Cultura Robles 513 y Reina Victoria Quito (+593 2) 2224 271 www.cafecultura.com info@cafecultura.com www.exclusivehotelshaciendasecuador.com

Café Cultura is a wonderful mix of English tradition and contemporary trend offering top-end accommodation. It has a level of service second to none and unparalleled bistro-style cuisine. Lush and spacious gardens, roaring log fires and splendid décor make this wonderful hotel a genuine inner-city retreat. While all of Cafe Cultura’s rooms have individual features, some are more special than others with their own fireplaces or perhaps a sunken bath.

Public buildings are of the heavy Spanish type. Facing on to the principal square are the cathedral, the government palace, the archbishop’s palace and the city hall. The finest building in the city is the Jesuit church, the facade of which is covered with elaborate carving.

Boutique Hotel Café Cultura

The Basilic of Quito

Where to Stay Hotel Howard Johnson Quito Alemania E5 - 103 and República Quito Tel: (+593 2) 2265 265 www.ghlhoteles.com

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Hostal de la Rábida La Rábida 227 and Sta. María Quito Tel: (+593 2) 2222 169 www.hostalrabida.com Leparc Hotel Avenida República de El Salvador N34-349 e Irlanda Quito Tel: (593 2)227 6800 www.leparc.com.ec Hotel Quito Av. González Suárez N27 142, Quito Tel: (+ 593 2) 254 4600 www.hotelquito.com reservaciones@hotelquito.com

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Stubel Suites & Cafe Pasaje Stubel 1 and León Larrea Quito Tel: (+593 2) 601 3499 www.stubel-suites.com reservas@stubel-suites.com Hotel Reina Isabel Av. Amazonas N-23-44 and Veintimilla Quito Tel: (+ 593 2) 2544-454 / 254-156 / 2545-193 / 2555196 www.hotelreinaisabel.com informes@hotelreinaisabel.com

Hotel Radisson Royal Quito 12 de Octubre Ave., and Cordero 444 St. Quito Tel: (+593 2) 2233 333 / Reservations: 1-800-3957046 US / Canada Toll-free www.radisson.com/quito-hotel-ec/ecquito reservas@radisson.com .ec Hotel Holiday Inn Express Quito Av. Orellana N6-54 and Reina Victoria Quito Tel: (+593 2) 299 7300 / Reservations: 1-888-4654329 http://www.holidayinn.com/hotels/us/es/hd/ecuador/ quito-hotels

JW Marriott Orellana 1172 and Av. Amazonas Quito Tel: (593 2)297 2000 www.jwmarriottquito.com

Hotel Akros Av. 6 de Diciembre N34-120 Quito Tel: (+593 2) 243 0600, 243 0610 www.hotelakros.com

SWISSHOTEL Av.12 de Octubre y 1820 Luis Cordero Quito Tel: (+593 2) 256 7600 www.swissotel.com

Hotel Lugano Suites Suiza N33-132 y Checoslovaquia Quito Tel: (+593 2) 333 1900 www.luganosuiteshotel.com reservas@luganosuiteshotel.com

HOTEL COLON INTERNACIONAL QUITO Av.Amazonas 110 and Patria Quito Tel: (593 2) 2560 666 www.quitohilton.com sales.quito@hilton.com

Hotel Dann Carlton Av. República de El Salvador N34-377 and Irlanda Quito Tel: (+593 2) 224 9008 www.danncarltonquito.com info@danncarltonquito.com

Hotel Sheraton Quito Av. Naciones Unidas and República del Salvador Quito Tel: (+593 2) 2970 002 www.ghlhoteles.com hotel@sheraton-quito.com

Hotel Grand Mercure Roca 653 and Av. Amazonas Quito Tel: (+593 2) 299 4000 www.mercure.com ventas@mercurequito.com.ec

Best Western Hotel Casino Plaza Ave. Shyris N37-53 and Naciones Unidas Quito Tel: (+593 2) 2445 305, 2251 667

Hotel NU House Boutique Hotel Foch E6-12 and Reina Victoria Quito Tel: (+593 2) 255 7845 www.nuhousehotels.com reservas@nuhousehotels.com

Mansión del Angel Boutique Hotel Calle Los Ríos N13-134 and Pasaje Ascencio Gándara Tel: (+593 2) 2557 721, 2540 293 www.mansiondelangel.com.ec mansión@mansiondelangel.com.ec

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Where to Eat QUITO Rincon de Francia (french cuisine) Roca 779 and 9 de Octubre Quito Tel: (+ 593 2) 222 5053, 255 4668 www.rincondefrancia.com Astrid y Gastón (peruvian cuisine) Coruña 2574 and av. González Suarez Quito Tel: (+593 2) 2233 061 www.astridygaston.ec Zazu (peruvian fusion) Mariano Aguilera 331 and La Pradera Quito Tel: (+ 593 2) 254 3559, www.zazuquito.com Carmine (italian cuisine) Catalina Aldaz N34-208 and Portugal Quito Tel: (+593 2) 333 2829, 222 2896 www.carmineristorante.com carmine@carmineristorante.com Casa Damián (spanish and international cuisine) Diego de Almagro E3-133 and Francisco Andrade Quito Tel: (+593 2) 250 9442, 223 7436 Noe (japanese fusion) Head Office: July Zaldumbide N24-554 and Coruña Quito Tel: (+593 2) 244 9999 (ext. 714 to 719) NOE Isabel La Católica Isabel la Católica N24-827 and Coruña Quito Tel: (+593 2) 322 7378, 322 6936, 322 8146 www.noesushibar.com Mare Nostrum (seafood) Focj 172 (corner with Tamayo) Quito Tel: (+593 2) 252 8686, 223 7236

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Zao (oriental cuisine) Eloy Alfaro N10-16 and San Salvador Quito Tel: (+593 2) 250 5203

La Briciola (italian cuisine) Toledo 1255 and Luis Cordero Quito Tel: (+593 2) 254 5157 www.labriciolarestaurante.com info@labricolarestaruante.com Los Troncos (steak house) Av. Shyris 1280, between Portugal and Suecia Quito Tel: (+593 2) 243 7377, 225 0875 ltroncos@interactive.net.ec El Esmeraldas Isabel la Católica N24-560 La Floresta Tel: (+593 2) 222 6616 Coquus Pasaje Moeller E12-25 and Isabel la Católica La Floresta Tel: (+593 2) 290 2446 La Gloria Quito Valladolid N24-519 and Fco. Salazar Quito Tel: (+593 2) 600 6841 Segundo Muelle Isabel la Católica N24-883 and Gangotena La Floresta Tel: (+593 3) 222 6548 Quicentro Shopping, local P1-084 www.segundomuelle.com La Boca del Lobo (international cuisine) Calama 284, corner Quito Tel: (+593 2) 254 5500, 223 8123, 252 7915, 223 4083 www.labocadellobo.com.ec Red Crab Av. Eloy Alfaro 40-369 and Av. Granados Quito Tel: (+593 2) 2253 668

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Alma (international cuisine) El Monitor 188 and Quiteno Libre Quito Tel: (+593 2) 225 2248 La Viña Isabel la Católica and Cordero Quito Tel: (+593 2) 256 6033, 322 7533 www.lavinaquito.com lavinarestaurante@andinanet.net

OTHER SITES: 1. Centro Cultural Metropolitano. Located at the corner of the Main Square, next to the Government’s Palace. Visiting hours: Tuesdays thru Sundays 09h00 - 17h00. Phone: 295-7062. 2. El Sagrario. Located next to the Cathedral. Visiting hours: Mondays thru Fridays 9h00 - 17h00; Saturdays 07h-20h00; Sundays 07h-13h00. Free admission. Phone: 228-4398.

Café Mosaico Manuel Samaniego N8-95 and Antepara Itchimbía, Quito Tel: (+593 2) 254 2871

3. San Francisco Church and Plaza. Located between Sucre and Bolívar Streets. Visiting hours: Fridays thru Sundays 17h00 – 18h00. Free admission. Phone: 295 – 9911.

Rincón Manabita Tomas de Berlanga E7-44 e Isla Santa Fe Quito Tel: (+593 2) 2463664

4. Cantuña Chapel. Located on the side of the San Francisco Atrium. Visiting hours: Tuesdays thru Thursdays 08h00 – 17h00. Free admission. Phone: 228-1124.

What to See and Do

5. San Francisco Museum. Located next to the church at the San Francisco Square. Visiting hours: Mondays thru Saturdays 09h00 – 17h00; Sundays 09h00 – 12h00. Phone: 228-1124. 6. Museum of Colonial Art. Located at the corner of Cuenca and Mejía St. Visiting hours: Tuesdays thru Fridays 09h00 – 17h00; Saturdays 10h00 - 14h00. Phone: 2282-297. 7. Casa del Alabado Museum of Pre-Colombian Art. Located at Cuenca St. 335 between Bolívar and Rocafuerte. Visiting hours: Tuesdays to Saturdays 09h30 – 17h30; Sundays 10h00 – 16h00. Phone: 228-0940. Phone:228-0940. www.precolombino.com

Independence Square

SIGHTSEEING: Begin your sightseeing at “La Plaza de la Independencia”, from where you can walk to most of the downtown sites. The main square is surrounded by four buildings that represent the four ruling powers of the colonial period: the Government Palace on the West, the Municipal Palace on the East, the Archbishop´s Palace on the north, and the Cathedral (open Monday to Sunday from 9h00 to 17h00) on the south.

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8. La Compañía de Jesús Church. Location: Benalcazar St. Visiting hours: Mondays thru Fridays 09h30 - 17h30; Saturdays and Holidays 09h30 - 16h30; Sundays 13h30 - 16h30. Phone: 258-1895. 9. María Augusta Urrutia Museum. Location: García Moreno 760. Visiting hours: Tuesdays thru Fridays 10h00 – 17h30. Phone: 258-0103. 10. Museo de la Ciudad. Location: García Moreno 572 and Rocafuerte. Visiting hours: Mondays thru Sundays 09h30 – 17h30. 11. La Ronda Street. 12. Benalcazar House-Museum. Located at Olmedo and Benalcazar St. Visiting hours: Mondays thru Fridays 09h30 – 13h00 and 15h30 – 19h00.

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13. San Agustin Church. Located at the corner of Chile and Guayaquil Streets. 14. San Agustin Convent. Visiting hours: Mondays thru Fridays 09h00 – 12h30 and 14h30 – 17h00; Saturdays 09h00 – 13h00. Phone: 295-5525. 15. Junín street. Along the street you can visit: Manuela Saenz Museum, the Ecuadorian Arquitecture Museum, the XVIth Century San Marcos Church, Engravers from the Quitenian School of Art, and a famous guitar factory. 16. La Merced Church and Convent. Visiting hours: Mondays thru Saturdays 07h00 – 12h00 and 14h30 – 17h30. Phone: 228-0743. 17. Camilo Egas Museum. Location: Venezuela 1302 and Esmeraldas. Visiting hours: Thursdays thru Fridays 09h00 – 16h00; weekends and holidays 10h00 – 16h00. Phone: 257-2012. 18. Casa San Lucas. Location: Venezuela 1283 and Esmeraldas. Visiting hours: Tuesdays thru Fridays 11h00 – 18h00; weekends 10h30 – 19h00. Phone: 295-0923. 19. San Diego Convent. Visiting hours: every day 09h30 – 13h00 and 14h30 – 17h30. Phone: 295 2516. 20. El Panecillo. Visiting hours: Mondays thru Thursdays 09h00 – 17h00; Friday thru Sunday 09h00 – 21h00. INTERESTING PLACES IN THE NORTH OF QUITO: 1. Teleferico. The cable car that climbs the Pichincha volcano. Location: Cruz Loca, one of the hills on the slopes of the active Pichincha Volcano. Visiting hours: Mondays thru Sundays 08h00 – 20h00. Phone: 222-1996, 222-1320.

4. Modern Art and Musical Instruments Museum. Location: Los Espejos Bldg, between 6 de Diciembre, 12 de Octubre y Patria Avenues. Visiting hours: Tuesdays thru Fridays 09h00 – 13h00 and 14h00 – 17h00; Saturdays 10h00 – 14h00. 5. El Ejido Park. Located at the intersection of Patria and Amazonas Avenues. 6. Anhalzer-Valdivieso Collection. Location: Colón Ave. E10-53. Visiting hours: Mondays thru Fridays 09h00 – 19h00; Saturdays 10h00 – 18h00. Phone: 254-1315. 7. Quito Botanical Garden. Location: Rumipamba St. inside “La Carolina” Park. Visiting hours: Mondays thru Fridays 08h00-17h00; weekends 09h00-17h00.

LA MARISCAL “La Mariscal” can be considered the entertainment district of Quito, where one can find a variety of restaurants, bars, cafes, Spanish schools and a large range of hosting options. 1. Galeria Ecuador Gourmet. Location: Reina Victoria N24-263 & Lizardo García. Phone: 223-9469, 225-8440. www.galeriaecuador.com 2. Mercado Artesanal. Location: Jorge Washington St. between Reina Victoria and Juan Leon Mera St. Visiting hours: every day 10h00 – 19h00. 3. Mindalae – Ethno-Historic Museum of Handcrafts. Located at the corner of Reina Victoria and La Niña Streets. Visiting hours: Mondays thru Saturdays 09h30 – 17h30; Sundays 09h30 – 16h30.

ARCHAEOLOGICAL SITES:

2. Guápulo Church. Located in a little village 1.5 miles heading down from the Hotel Quito. Visiting hours: Mondays thru Saturdays 09h00 – 12h30 and 15h00 – 18h00. Phone: 256-5652.

1. Rumipamba Archaeological and Ecological Park. Location: between Occidental América and Mariana de Jesús Avenues (North West). Visiting hours: Wednesdays thru Sundays 08h00 – 16h30.

3. Central Bank Museum. Located at the “Casa de la Cultura” on 6 de Diciembre and Patria Avenues. Visiting hours: Tuesdays thru Fridays 09h00 – 16h00; weekends and holidays 10h00 – 15h00. Phone: 222-3258.

2. La Florida Burial Chambers. Location: Calle Antonio Costa, between Román and Fernando Corral St., at the San Vicente de la Florida neighborhood and Norther Quito. Visiting hours: Wednesdays thru Sundays 08h00 – 16h30.

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SURROUNDINGS: 1. The Monument on the Equator (La Mitad del Mundo). Location: 20 min from Quito, at San Antonio de Pichincha. Visiting hours: Mondays thru Thursdays 09h00 – 18h00; Fridays, Saturdays and Sundays 09h00 – 19h00. 2. Surrounding valleys. Visit Cumbaya, Tumbaco and Los Chillos that offer all the commodities of a modern city in a relaxed rural environment. 3. Tulipe Archaeological Site-Museum. Location: between the towns of Nanegalito and Gualea, on the main road Calacali – La Independencia, northwest from Quito. Visiting hours: Wednesdays thru Sundays 09h00 – 16h00.

Where to Stay El Septimo Paraiso 2 km from the Y of Mindo towards Mindo town Mindo Tel: (+593 2) 3171475, (+593 2)289 3160, (+593 9) 368 4420, 368 4421 www.septimoparaiso.com info@septimoparaiso.com www.exclusivehotelshaciendasecuador.com

Located in the heart of a private cloud forest reserve, “El Septimo Paraiso” offers fantastic bird watching opportunities. There are highly personalised services, elegant country style accommodation, pool area and the best in homemade cuisine. Immerse yourself in this luscious and colourful world of exotic orchids, hummingbirds and butterflies. A peaceful paradise with spectacular views, Septimo Paraiso offers 22 luxurious rooms with private bathroom. PAPALLACTA Small city of thermal waters. Ideal for relaxing. About 1h30 from Quito by car.

Rainforest in Mindo

Where to Stay

MINDO Mindo is a rural town in Ecuador, located in Los Bancos canton in the province of Pichincha, about 2 hours driving from Quito. The parish is known for its growing ecotourism industry based in the Mindo-Nambillo Protected Forest. The climate is just right (also known as “the land of eternal spring”), the biodiversity will make even the most amateur nature seeker giddy with excitement. Mindo is world famous as a birdwatching destination but there are plenty of other activities on offer as well as birding. You can go tubing on the rivers, horseriding through beautiful scenery, hiking in the forests or soaring between the trees suspended from a zipwire or ‘canopy’ as they are known in Mindo. The wildlife of Mindo is a constant show: lounge for watching hummingbirds, admire the many different varieties of orchid or enjoy a ‘frog concert’ and night walk to enjoy the magical sounds of a Mindo evening. Watch out for flocks of parrots flying over at dusk.

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Termas de Papallacta Quito Reservation Office: Foch E738 & Reina Victoria (Plaza Foch) Tel: (593-2) 2568-989 / 2504-787 / 2503-487 / 2230-156 / 2233-827 Fax: (593-2) 2549-794 termasuio@termaspapallacta.com Spa & Resort: Km 67 vía Quito Baeza Tel: (593-6) 2320-040 / 42 / 43 / 49 (593-2) 6 00 55 86 / 87 / 88 / 89 / 90 Fax : (593-6) 2 320 622 ext. 119 Cel: (593-9) 2 75 30 79 Termas de Papallacta is located 40 miles east of Quito, the capital city of Ecuador in the heart of South America. Perched on a high Andean valley at the entrance route to the Ecuadorian Amazon jungle, the spa - resort offers its visitors health, recreation, adventure and rest

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LASSO – COTOPAXI Hacienda Hato Verde Panamericana Sur km 33, entrance to Mulalo Lasso – Cotopaxi Tel: (+593 3) 271 9348 www.haciendahatoverde.com info@haciendahatoverde.com www.exclusivehotelshaciendasecuador.com

Thermal baths at Papallacta

CENTRAL ANDES (THE AVENUE OF THE VOLCANOES) South of Quito, the two parallel chains of the Andes that cross Ecuador from north to south rise to their more dramatic peaks. Eight of Ecuador´s ten highest summits are found in this part of the country. COTOPAXI PROVINCE: On a clear day, from Quito one can see the perfectly symmetrical cone shaped Cotopaxi (19.347 ft), the highest active volcano in the world. This snow-capped volcano and its surroundings make up the Cotopaxi National Park that offers numerous activities for tourists. Although the Cotopaxi has had at least ten major eruptions since 1742, it has been fairly quite since its last burst of activity in 1904. Today, it is Ecuador´s favorite climb. Some of the highlights in this National Park are: the Rumiñahui volcano (15600 ft), and the Limpiopungo and Santo Domingo lagoons. Cosy hotels and beautiful traditional haciendas in the region offer comfortable lodging and numerous activities such as horseback riding, biking, trekking, and visits to typical country villages, nearby rose plantations and local markets.

Where to Stay

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Located on the outskirts of Cotopaxi National Park, the impeccably-designed colonial-style Hacienda Hato Verde offers ten lovely suites and spectacular views of the rolling pastures of Cotopaxi. After a day of exploring colorful markets and villages, indulge in freshly-baked cuisine and fine wines within the peace and tranquility of this family run hacienda.

Ciahotel (San Mateo) Vía Latacunga km 55 ½ Lasso - Cotopaxi Tel: (+593 3) 271 9015 www.hosteriasanmateo.com info@hosteriasanmateo.com Hacienda Umbria Panamericana Sur 8 km from Machachi, Machachi Tel: (+593 9) 4666 725, (+593 2) 603 4151 www.haciendaumbria.com info@haciendaumbria.com www.exclusivehotelshaciendasecuador.com

Hacienda Umbria is a paradise located in the magnificent setting of the Ecuadorian Andes, a place where you can disconnect from reality and rediscover the authentic pleasures in life. When it comes to dining, this working hacienda offers guests a truly gourmet experience within the most stunning natural surroundings. This hacienda offers 4 exclusive guest rooms with private bathrooms.

What to visit Lakes of Yambo and Quilotoa, the springs of Tesalia, the ruins of Pachunsala and Tilipulo monastery

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Luna Runtun Caserio Runtun Km. 6 Baños Tel: (+593 3) 274 0882 / 3 / 655 / 835 www.lunaruntun.com

Sangay (Spa Hotel) Plazoleta Isidro Ayora 100 (in front of the virgin cascade) Baños de Agua Santa Tel: (+593 3) 274 0490, 274 0917 www.sangayspahotel.com info@sangayspahotel.com sangayspa@hotmail.com

View of Baños, beside the Tungurahua volcano

TUNGURAHUA PROVINCE: The town on Baños is probably the most charming tourist destination in this province. Located at the skirts of the Tungurahua active volcano (16.500 ft), it is a favorite spot for national and international tourists. Baños is considered the gate to the Ecuadorian Amazonia, as it is nestles between the volcano and the rainforest.

Where to Stay BAÑOS Hacienda Manteles Patate – Baños, Tungurahua Tel: (+593 2) 2233 484 www.haciendamanteles.com info@haciendamanteles.com www.exclusivehotelshaciendasecuador.com

Situated in one of the most important archaeological sites in Ecuador. It is located near the mountain town of Baños, Hacienda Manteles is also the gateway to the mystical Llanganate Mountains, where, according to legend, the Inca gold is hidden. Guests can enjoy a range of outdoor activities, wonderful food and the homely and welcoming atmosphere that this lovely house offers. The hacienda has 16 wonderfully decorated and cosy rooms to make all guests feel at home.

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Encanto del Rocio waterfalls in Tungurahua

CHIMBORAZO PROVINCE: The Chimborazo is the highest Ecuadorian peak (20.702 feet) and the third highest in America. Moreover, the summit of the Chimborazo is the furthest point from the center of the Earth, as it is crossed by the Equatorial line, where the Earth is wider. Chimborazo province has the largest concentration of indigenous population in Ecuador. Many of them still preserve their way of life, dress, food and traditions. Riobamba is the capital city of the province. Its history is marked by the fact that it is the link between

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the Coast and the Highlands. From the Riobamba station, the train parts to the most impressive track of the railway through the “Avenue of the Volcanoes”, which end up at the “Nariz del Diablo” (Devil’s Nose).

Where to Stay Hacienda Abraspungo Km 3 ½ via Riobamba Guano Tel: (+593 3) 294 0820, 294 0821 www.haciendaabraspungo.com info@haciendahabraspungo.com www.exclusivehotelshaciendasecuador.com Hacienda Abraspungo is an ideal base from where to explore the magnificent Chimborazo Volcano Reserve, enjoy the excitement of the Devil’s Nose Train Ride or just relax and appreciate the peace and beauty of the Andes. This colonial style hacienda offers comfortable and enchanting installations with a high level of personalized service. The hacienda offers 44 comfortable rooms which incorporate modern interior design elements within the framework of a traditional, colonial style of architecture.

What to visit LAGUNA DE COLTA, SANGAY national park, archaeological monuments (TOLAS OF MACAJI),PUCARÁS OF ATAPO AND GALPE IN PALUMA AND ACHUPALLAS, CATHEDRAL OF RIOBAMBA, AND VALLE PALLATANGA BOLÍVAR PROVINCE From this province it is also possible to climb the Chimborazo. Others visits: sanctuary of the Virgin of Huayco, salt mines and cheese in Salinas, laguna de Cocha and armouries of Tambán in Chimbo

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Quilotoa lake in a cloudy day

QUILOTOA, CARIBE IN THE ANDES. Emerald water and white sand beach is the synonym of the Caribbean Sea, but also the image that presents Quilotoa. Quilotoa is not a beach of a Caribbean island, but a volcano found in the Ecuadorian Andes at 4000 meters, the crater, which last erupted in 1797. Quilotoa is full of water, and it takes a greenish color due to the minerals. This trail offers hikers an excellent option. In front of the village, in the distance you can see, when the weather permits, the snowy peaks of the llinizas and Cotopaxi, exceeding the 53000 meters. The adventure of the ascending. At about 300 meters Quilotoa Ponce village, descending the crater is Lake Quilotoa. It takes you about 25min to get there. For those who do not want to walk up there is the option to do so on horseback, that for a small fee will take you to the top of the volcano in a short period of time. Among the activities you can do in this natural paradise is the rental of kayaks or small boats also travel the same. Make a trip is another activity that is commonly done here, undertake the adventure of travelling for a period of six hours around the entire crater. The most popular walk is the Chugchilán, this small town is surrounded by an impressive Andean landscape. The journey to this town takes about five hours with stops.

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THERMALS AND SPAS Ecuador, home to several active volcanoes, has extraordinary thermal waters that naturally sprout from hot springs. As an energetic center in the middle of the world, Ecuador has also become a special site for the development of modern and sophisticated SPAs. For instance, Papallacta – about 2 hours by car from Quito – is an ideal place to relax an enjoy the thermal waters. Luna Runtun – the Adventure Spa located at the foot of the active Tungurahua volcano in Baños, offers an exfoliation treatment with the ashes of the volcano, and has an organic garden, where the natural products for the different treatments are cultivated. Cathedral of Latacunga

Latacunga, starting point 85 kilometers south of Quito is Latacunga. This small city is the capital of the province of Cotopaxi and the starting point of Quilotoa. Here you can enjoy various colonial churches and colourful markets for the sale of fruits and textiles.

La Mirage Spa offers a therapy that combines the ancestral knowledge of a native witch-doctor (Shaman) with modern SPA techniques.

The road to Quilotoa is heading west, taking the road to The Mana. Only 15 miles away we find Pujilí, and Indian village, which is characterized by a beautiful church and craft fairs in which we find excellent works in ceramics. Another popular activity in this town is the Feast of Corpus Christi, it is celebrated with masked dancers and castles up to more than 20 meters high, allowing to win prizes like sacks of potatoes and sheep. 65 km away from Pujili you can find Zumbahua, a town that during the weekends transforms itself. The landscape to get here is full of color patches of different crops. Goin through a small road of 12Km we get to Quilotoa. This journey takes about 30 minutes by car or it can last four hours by foot. A journey full of magical landscapes as Toachi cannon, whose desert landscape gives a feeling of being on the moon.

Modern Spa Techniques can be applied

This makes Quilotoa an unique place in the Ecuadorian highlands, full of adventure and spectacular scenery.

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THE NORTHERN ANDES

Where to Stay

MOUNTAINS, LAKES AND FOLKLORE

Hacienda Pinsaqui Panamericana Norte Km.5 Otavalo Tel: (+593 6) 294 6116, 294 6117 www.haciendapinsaqui.com info@haciendapinsaqui.com

The Northern Sierra offers magnificent scenery of volcanoes, sparkling lakes and patchwork-covered hills. Taking the Panamericana highway north to Quito, the first highlight is the Cayambe volcano (18,997 ft). This peak overlooks the city with the same name famous for its rose plantations.

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Further North is the province of Imbabura, the province of lakes and mountains, inspiring landscapes and folklore. It has only 50 miles North of Quito on the Pan-American Highway

1.San Pablo Lake. This is the largest lake in the province. You will find inns, farms and restaurants where you can spend a weekend or just a day surrounded by the lake.

Constructed in 1790, Hacienda Pinsaqui has played host to many famous guests, among them the Liberator SimĂłn Bolivar. Today Pinsaqui retains its characteristic grandeur, offering a real taste of history through its traditional Spanish dĂŠcor and Ecuadorian gastronomy within a truly warm and inviting atmosphere. The hacienda offers 28 rooms, all with fireplaces or wood burning stoves, private bathrooms (some with bath tubs) and views overlooking the lovely gardens and patios.

The first great aquatic experience this province offers is Lake San Pablo, which lies at the base of Imbabura Volcano. This paradise is surrounded by totora, a material that ancient inhabitants used to build fishing boats.

Puertolago (Country Inn & Resort) Lake San Pablo Otavalo Tel: (+593 6) 2920 920 www.puertolago.com

San Pablo Lake is ideal for practicing sports, ecological tourism, and simply for relaxing.

La Mirage Hotel Tel: (+593 6) 2915 237, 2915 077

IMBABURA PROVINCE AND ITS LAKES

Many water sports can be practiced in San Pablo Lake, such as sailing and swimming. Additionally, the area offers serenity for delicious cuisine, peace and quiet in a natural surrounding. Many places offer lodging, boat trips around the lake, and art shows. Otavalo Indigenous Market. A few minutes from Mojanda lies the famous and internationally recognized Ecuadorian handicraftmaking zone of Otavalo. Otavalo is a small city of about 50,000 inhabitants. It lies at 8,300 ft above sea level in a spring-like valley, situated between the Imbabura volcano (15,118 feet) and the Cotacachi volcano (16,200 feet). The most famous indigenous market in Ecuador is held here. In this mystic village ancestral traditions still prevail. The artwork shows off the richness of the indigenous culture, the bright and happy colors, and the diversity of its animals.

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Where to Eat El Colibri Restaurant within La Mirage Hotel (traditional and international cuisine) Tel: (+593 6) 2915 237, 2915 077 Mojanda From Otavalo a short taxi ride will bring you to Mojanda. The area is cold, so warm clothing, windproof jackets, gloves, scarves, and waterresistant shoes are recommended Dense scrublands surround the lakes of Mojanda, at more than 3500 meters above sea level. These crystal waters accommodate travelers who enjoy camping and fishing. A hot cup of coffee, a campfire and the whistling wind are the perfect ingredients for spending the night in the silent high plains. During the day, the best activity to undertake is hiking.

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Peguche Waterfall The Peguche Waterfall is an enigmatic and energetic place, a holy land that is commonly visited for performing purification rituals and energy charging praise to the Sun God. Also, one can enjoy hikes, camping, and the murmuring of the waterfall. Cotacachi Village The village is known for its leatherwork, being also the home to the only high school in Ecuador that teaches leather work. One can find an excellent choice of jackets, skirts, boots, bags and other accessories there. Cuicocha Lake The Cotacachi Cayapas biological reserve is a unique place. In the Cotacachi crater one can find the Cuicocha (also named Tsuicocha) Lake, which has a diameter of three kilometers and is 180 meters deep. Its waters are ideal for sailing, snorkeling, and boat trips. One can appreciate the abundant vegetation around the area, and see the volcanic gases bubbling up to the surface. From the middle of the lake emerge two small islands, forming the “Canal of Dreams”. On these islands grow over 400 different plant species that have developed under the volcanic surface. Condor Park. This park is located just 3 miles away from Otavalo, on a hill known as the “Pukara Alto”, an energetic center since pre-Colombian times. The sights are amazing, 360 degrees around of mountains, lake, valleys and towns. Visiting hours: from Tuesday thru Sunday from 9h30 to 17h00. www. parquecondor.org San Antonio The home of expert wood carvers. The most popular wooden handicrafts in the country are made in San Antonio of Ibarra, a small village where the main attraction is wood products. Schools of sculptors and painters have made this place the most sought after if you´re looking to acquire pieces of art. The sculptures come in both religious and decorative themes. Ibarra Further north lies Ibarra. This clean, freshly paint-

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ed colonial city, capital of the province, is also known as the white city for its white facades. It lies at 7,000 ft and enjoys one of the best climates in the Sierra. Here one can taste the delicious paila ice cream (homemade ice cream prepared in a cropper bowl), sample empanadas de morocho, enjoy the warm climate, and take a trip on the autoferro train. From the “El Angel” vista point one can contemplate the view of the entire city. Yaguarcocha This lake is only a short distance from the center of Ibarra. Nowadays it is home to an auto racetrack where international car racing events take place. There is a legend that a massacre in which thousands of indigenous people were killed and thrown into the lake. The blood dyed the lake and since then it has been called Yaguarcocha, or “blood lake”. Yaguarcocha is not only visited for its peaceful boat trips, tilapia fishing, or views of the coarse landscape of reeds, but also for experiencing the various unpaved roads that surround it.

Not to miss The autoferro train There is a beautiful stretch of 40 kilometers of Andean countryside that one can explore by train outside of Imbabura city. It runs Thursday to Sunday in one single route. If you´re looking for more than the aforementioned landscapes, then this is a very interesting choice. Typical Cuisine As in many Ecuadorian regions, Ibarra´s typical dishes are usually accompanied with pork meat. Near Otavalo lies the village Atuntaqui, best-known for its textile industry, but also for its fritadas (fried pork dish). CARCHI PROVINCE Carchi is the northernmost province of the Ecuadorian Sierra. The province borders with Colombia.

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An Angel Ecological Reserve. The 15,715 hectares of this ecological reserve lie at 11,950 to 15,640 ft. El Angel is considered a water sponge as the area provides water for the entire province. Beautiful lagoons are also found at this reserve. Others: Laguna of The Voladero in the wasteland of El Ángel, La Gruta de la Paz (waters calcareous ferruginous). forests of Arrayanes and Paluz Waterfall, in San Gabriel, the Cemetery Tulcán (figures drawn up in cuprés) and the baths of Tufiño

the Cave of the Virgen del Rocio (Biblián), cemetery of the Cañaris, the Culebrillas Lake and the spa of Yanayacu. LOJA PROVINCE: Loja´s indigenous population maintains ancestral traditions and customs. The city of Loja has an important cultural community. This city nestles musicians, poets and other writers. Surrounded by rivers that flow to the Amazonia or the Pacific Ocean, one finds several green valleys with warm, fresh and dry water. Such is the case of the Vilcabamba, Malacatos, Quinara and Catacocha Valleys. LOJA (HISTORY AND BOTANIC CENTER) The city of Loja stands 6724 feet above the sea level, with an average temperature of 60 to 69°F. Colorful and lovely, the city has an active cultural life. Loja is crossed by two rivers: Malacatos and Zamora, which give a unique personality to the city. It is one of the cleanest and safest cities in Ecuador. The city has streets, plazas, churches and monasteries of the colonial times, such as the Cathedral and the Santo Domingo, San Francisco and San Sebastian churches.

Where to Stay View of the city of Cuenca

SOUTHERN ANDES The southern sierra is made up of Cañar, Loja and Azuay Provinces. Some of the reasons for visiting these three provinces are the Inca ruins of Ingapirca, the valley of Vilcabamba and the historic district of the city of Cuenca. The Southern Sierra of Ecuador is a favorite spot for birdwatchers, especially the Cajas and Podocarpus National Parks. CAÑAR PROVINCE: Cañar is the region inhabited by the Cañari culture from which it took its name. It boasts the most important monument of the country, the Ingapirca Inca Vestiges. Located about an hour and 45 minutes from Cuenca, these ruins are the most important architectural legacy of the Incas in Ecuador. Apart from the ruins of Ingapirca, visit the sanctuary of

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Howard Johnson Loja Avenida Zoilo Rodríguez and Antisana (corner) Loja Tel: (+593 7) 258 9000 www.ghhoteles.com

What to See and Do PLACES OF INTEREST: 1. Main Square. The buildings of the mail civil and ecclesiastic authorities: the Province and City Governments, the Episcopal House and the Cathedral. 2. Central Bank Museum. Visiting hours: Mondays thru Fridays 09h00 – 17h00. Phone: 2573-004, 2566-651. 3. Lourdes Street. Location: between Bolivar and Sucre Streets.

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4. Museo de la Música. Location: Bernardo Valdivieso 09-42 y Rocafuerte. Visiting hours: Mondays thru Fridays 09h00 – 17h00. Phone: 2573-004, 2566-651. 5. Botanical Garden. Located at the South of the city. Visiting hours: Mondays thru Fridays 08h00 – 18h00; Saturdays 09h00 – 18h00. 6. Malacatos Valley. Location: right off the city to the South. 7. Vilcabamba Valley. Location: 1 hour South from Loja city. 8. Podocarpus National Park. Location: 11 miles South from Loja city. Visiting hours: open every day. Phone: 302-4837. 9. Tapichalaca Reserve. Location: borders with the Podocarpus National Park and is located right off the border of the Loja Province with the Zamora Province.

Santa Ana de los Ríos de Cuenca is located in an Andean valley in the southern Ecuadorian highlands, (441 km south of Quito) at an attitude of 2535m above sea level. The climate is typically mild with an average temperature of 17 ºC.

Where to Stay CUENCA Hacienda Caballo Campana Sector Huizhil via Musicata - Baños Cuenca Tel: (+593 7) 289 2361, 289 2360 www.caballocampana.com info@caballocampana.com www.exclusivehotelshaciendasecuador.com Experience the magic of Caballo Campana. Just 10 minutes from the main square in colonial Cuenca, this hotel is a true city oasis. The hacienda has been renovated conserving all original Andean details. It is located in 24 hectares of pasture land, forest and gardens. It offers comfortable accommodation, national and international cuisine and world class horse riding opportunities, all in a stunning setting. Hotel Oro Verde Cuenca Av. Ordoñez Lazo S/N Cuenca Tel: (593 7) 409 0000 www.oroverdehotels.com

Domes of the Cathedral of Cuenca

AZUAY PROVINCE CUENCA (THE CULTURAL TREASURE OF THE ANDES) Ecuadorians consider Cuenca the most charming city, located in a peaceful and relaxing setting. As you enter the city, you can notice the outstanding skyline marked by shining church domes. Cuenca stands 8.315 feet above sea level; it is the capital of the Azuay province and the third largest city in Ecuador. Its cobblestone streets, winding rivers, graceful ironwork balconies, and beautiful gardens are part of the pleasant atmosphere of this city. The UNESCO declared Cuenca a World Cultural Heritage Site in December 1999.

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El Dorado Gran Colombia 7-87 and Luís Cordero (corner) Cuenca Tel: (+593 7) 2831 390 www.eldoradohotel.com.ec ventas@eldoradohotel.com.ec Inca Real Hotel General Torres 8-40 st. Between Sucre & Bolívar Cuenca Tel: (+593 7) 2823 636, 2825 571 www.hotelincareal.com.ec incareal@cue.satnet.net Hotel Carvallo Gran Colombia 9-52 Cuenca Tel: (+593 7) 2832 063 www.carvallohotel.com

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Hotel Victoria Calle Larga 693 and Borrero Cuenca Tel: (+593 7) 282 7401, 283 1120 www.grupo-santaana.net santaana@etapaonline.net.ec Boutique Hotel Alcazar Bolívar 12-55 and Tarquí Cuenca Tel: (+593 7) 2823 889, 2823 918 www.mansionalcazar.com info@mansionalcazar.com Hotel Santa Lucia Borrero 844 Cuenca Tel: (+593 7) 282 8000 www.santaluciahotel.com info@santaluciahotel.com

Where to Eat El Jardín (continental cuisine) Calle Larga 693 and Borrero Cuenca Tel: (+593 7) 283 1120, 282 7401 Villa Rosa (ecuadorian cuisine and international food) Gran Colombia 12-22 Cuenca Tel: (+593 7) 2837 944 Cuatro Ríos Padre Aguirre 10-44, next to the Cuenca Park Tel: (+593 7) 285 0521 Akelarre General Torres 8-40 st. Between Sucre and Bolívar Cuenca Tel: (+593 7) 2823 636, 2825 571 indigosag@mixmail.com Mangiare (italian cuisine) Estévez de Toral 8-91 and Simon Bolívar Tel: (+593 7) 282 6233

What to See and Do There are plenty of things to visit: the cathedral and the riverbanks Tomebamba Yanuncay and Machangara, in Cuenca, the region of “Las Cajas”, the museum “Casa de los Tratados” (Girón), la laguna de Surucucho (trout fishing) and the barranco Pumapungo Historic Center of Cuenca On December 1st, 1999, UNESCO added the historic center of Cuenca to the list of World Heritage Sites. Most of the historical buildings are characterized by the vernacular architectural style established by the French in the late nineteenth and early twentieth century. The original colonial layout of the city is Republican architecture, with the exception of the Cathedral Antigua and the Monasteries las Conceptas and La Asunción. Parks and Pavilions Parque Abdón Calderón: The ideal place to start a tour through the Historic Center and, a meeting place and rest stop. Plazoleta del Carmen: Known as the Plaza de las Flores for its colorful flowers. Plazoleta de San Francisco: During the early colonial period, this plaza was known as Plaza de la Feria, due to its position as a trading post and place to purchase agricultural products. Parque de San Sebastián: This park is surrounded by the beautiful architecture of Cuenca, both colonial and post-colonial. Parque de San Blás: Located at the eastern end of Simón Bolívar, Iglesia de San Blas is found on one side of the park. Plazoleta del Rollo: Here visitors can observe the skate from which those condemned to execution were hung during the colonial area, built 1787. Plaza del Herrero: On display in this square are large stone monoliths and a very modern sculpture symbolizing the God Vulcan. Plaza Sanguirina: Recognized by the population as the Rotary Plaza, a variety of crafts from the area can be found for sale here. Plaza de Otorongo: In April, November and December, artisans from various parts of the province bring their wares to fairs in this plaza.

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PLACES OF INTEREST: 1. El Barranco. The riverfront of the Tomebamba river, the most symbolic site of Cuenca. 2. Pumapungo Vestiges. Located at the left margin of the Barranco of the Tomebamba River. It is part of the Central Bank Museum, located on Huayna Capac Ave. across from Calle Larga. Visiting hours: Mondays thru Fridays 09h00 – 17h00; Saturdays 09h00 – 13h00.. 3. CIDAP Artes Populares de America Museum. Location: 3 de Noviembre and Hermano Miguel Streets. Visiting hours: Mondays thru Fridays 09h00 – 13h00 and 14h00 – 18h30; Saturdays 10h00 – 13h00. 4. Las Conceptas Museum. Location: 633 Hermano Miguel St. Visiting hours: Mondays thru Fridays 09h00 – 13h00 and 14h30 – 18h30; Saturdays 10h00 – 13h00. 5. Modern Art Museum. Location: 1527 Calle Sucre and Coronel Talbot. Visiting hours: Mondays 14h30 – 18h30; Tuesdays thru Fridays 09h00 – 13h00 and 14h30 – 18h30; Saturdays 10h00 – 13h00. Phone: 283-1027, 282-0838. 6. Esqueletología Museum. Location: Bolívar 6-57 & Borrero streets. Visiting hours: Mondays thru Fridays 10h00 – 13h00 and 16h00 – 19h00; Saturdays 10h00 – 14h30. Phone: 282-1150. 7. Native Cultures Museum. Location: Calle Larga 5-24. Visiting hours: Mondays thru Fridays 09h00 – 18h30; Saturdays 09h00 – 13h00. 8. Eduardo Vega´s Workshop and Gallery. Located on the hill of Turi, 10 minutes by car from the downtown of Cuenca. Visiting hours: Mondays thru Fridays 09h00 – 17h30; Saturdays 09h30 – 13h30. 9. “Toquilla Straw Hat” Museum-Workshor. Location: Gil Ramírez Dávalos 3-86. 10. La esquina de las artes. Address: El Barranco (Av. 12 de Abril y Agustin Cueva). Visiting hours: Mondays thru Saturdays 10h00 – 19h30; Sundays 10h00 – 14h00. Phone: 099978966. CHURCHES: 1. The Sagrario Church (Old Cathedral). Location: Corner of Mariscal Sucre & Luis Cordero. Phone: 283-4636.

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2. Cathedral of the Immaculate Conception (New Cathedral). Address: Corner of Mariscal Sucre & Benigno Malo. 3. Church and Monastery of “El Carmen de Asunción”. Located near the mail square, to the right of the daily flower market. 4. Todos los Santos Church. Location: Calle Larga and Bajada de Todos Los Santos. 5. Church and Monastery of the Conceptas. Location: corner of Presidente Cordova and Presidente Borrero Streets. Visiting hours: Mondays thru Fridays 09h00 – 18h30; Saturdays 10h00 – 13h00. Archeological Sites Todos Santos Ruins: This archeological site is home to the ruins of Cuenca´s first mill, built before the Spanish foundation of the city in 1557. This site of interest allows visitors to observe the blending of cultures that occurs in these lands. Pumapungo Archaelogical Park: The Central Bank has conserved the remains of Inca Tomebamba neighborhood, built atop the Guapondelig Cañari. This archeological park has the academic support of the UNESCO. Cojitambo Ruins: This archeological site consists of stone structures and foundations covering an approximate area of 25 hectares. Nearby Mirador de Turi: From atop this hill located in southern Cuenca, visitors get a panoramic view of the city. Baños: 8km southwest of Cuenca, visitors can enjoy volcanic medicinal hot springs. The parish also offers accommodations, traditional food and spas. San Joaquin: Located 4km west of Cuenca, handicrafts, baskets, shawls, straw crafts, vegetable crops and flowers can be purchased here as well as restaurants offering traditional dishes, particularly barbecue.

Not to miss Chordeleg: Cuenca is surrounded by small villages where skilled artisans produce wonderful products. Chordeleg known as “Charro de Oro” (“ Stream of Gold”) is a town that specializes in jewelry, mainly gold and silver, with fine filigree work. Here the main attractions are the Central Plaza, surrounded by jewelry shops and The Museum de la Ciudad. Cajas National Park: Located 19 miles northwest from Cuenca.

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Cajas National Park, one of the natural wonders of Ecuador, is located in the majestic Andes and is an ideal destination for hikers. Canopy: Headed straight to Binbin where canopy guides await. The trip by lines takes about one hour. Canyoning: Head straight for the Yellow River. The 4 hour trip takes you through natural pools of water and natural slides. AMAZON AMAZONIA Tropical rain forests occupy 7% of the Earth´s surface, but they hold 50% of the world´s biodiversity. To truly take advantage of the rainforest, one must awaken all five senses to discover how exotic live forms have evolved to live together in a minimal extend of land. In Ecuador, the East of the Andes falls into this exuberant ecosystem. Locally the Amazonia is called Oriente, as it lies on the Eastern side of the country. It occupies almost half of the Ecuador´s territory, while at the same time being home to less than five percent of the country´s population. The Ecuadorian Amazon region is basically divided into Northern Oriente (Sucumbios, Napo and Orellana

provinces) and Southern Oriente (Pastaza, Morona Santiago and Zamora Chinchipe provinces). The Ecuadorian rainforest is home to nine natural reserves, including the two largest mainland protected areas: Parque Nacional Yasini and the Reserva Faunistica Cuyabeno. The climate is precisely the one you would expect from the rainforest – hot and humid, with plenty of rain. Typical daytime temperatures fluctuate around 25°C, even though daily highs can reach over 32°C. IMPORTANT TIPS AND RECOMMENDATIONS: What to bring: - Casual and light long sleeve shirts and long pants - Hiking or comfortable shoes - Bathing suit - Rubber boots & rain poncho (although most facilities have rubber boots and rain ponchos available for their guests) - Sunscreen lotion - Insect repellent - A hat - A backpack - Waterproof bags for your belongings - Original passport - Vaccinations and medicines

San Rafael waterfall in the Napo province, the biggest of Ecuador with 80 mtrs.

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How to get there: Flights are offered to the following cities: - Coca (Capital of the Orellana province). Roundtrip aprox. $120, served by the local airline Tame. - Lago Agrio (Capital of Sucumbus). Roundtrip aprox. $120, served by the local airline Tame. - Macas (Capital of the Morona Santiago province). Two local airlines offer this service: Tame and Saereo, roundtrip aprox. $140. The cities of Tena and Puyo can de easily reached by land (3-6 hours drive from Quito). The Amazon paradise where the paradigm breaks The jungle, rather than a landscape, is a different world view. Another meeting, freer and more extreme, with a natural exuberance in cases, such as Yasuni, wildlife refuges from the Pleistocene, with the greatest biological diversity planet. The Amazon is an immense stage of 120.000 square miles, with orange suns that hide in a horizon of green variegated and complex shapes, flora and fauna, which defy any citizen look. Its forests are the lungs of the world and between them grow 70 percent of the 25,000 recorded plant species on the planet today. The Amazon is at once an icon of resistance Siona peoples, Secoya, Cofan, Shuar, Huaroni, Achuar, Quichua and Zápara living under the shadow of cedar, lignum vitae and oil rigs. INITIATIVE YASUNI – ITT “A Big Idea from a Small Country” The initiative Yasuni ITT is the insignia project of the Ecuadorian Government in regards to the environment. It aims at preventing the exploitation of an important oilfield in order to protect one of the richest areas in regards to biodiversity in the world, located in the Ecuadorian Amazonia: the Yasuni National Park, declared a world biosphere reserve by UNESCO. A sole hectare in this park hold more species that the whole North America! The Ishpingo-Tambococha-Tiputini oilfield holds a reserve of approximately 850 million crude barrels. The exploitation of this material would mean the emission of 407 million tons of carbon dioxide. The Ecuadorian Government seeks for a compensation of the international community of at least half the income that this oil exploitation would produce. The other half would be the Ecuadorian´s contribution. If this dream is accomplished, the Government of Ecuador commits to indefinitely refraining from exploiting the oil reserves in this area. If the fundraising is not enough oil field exploitation will begin. For more information visit: www.yasuni-itt.gov.ec

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Manatee Amazon Explorer Upper Amazon Rainforest Riverboat Address: Gaspar de Villarroel 1100 y Av. 6 de Diciembre Edificio Ritz Plaza esquina, Quito Tel: (593-2) 336-0887 / 336-0888 / 3360889 info@advantagecuador.com www.manateeamazonexplorer.com The new Manatee Amazon Explorer riverboat has been specially built for cruises in the Ecuadorian rainforest on the Rio Napo. You will visit Monkey Island, Yasuni National Park and Biosphere Reserve, walk jungle trails and explore virgin rain forest. The Manatee Amazon Explorer is 90 feet long (27 m) 24 feet wide (7 m) and accommodates 30 lucky guests in comfortable cabins with private bathrooms and running hot water, individual air conditioning, on board laundry service, large dining room, inviting bar and lounge area, panoramic terrace, delicious cuisine and the finest multilingual naturalist guides. Plus the highest safety standards, personalized service and efficiency. Amazon Rainforest Kapawi Ecolodge & Reserve Address: Mariscal Foch E7-38 and Reina Victoria, Edificio Reina Victoria, Oficina 1, Quito Tel: (+593-2) 6009333 Fax: (+593-2) 6009334 info@kapawi.com www.kapawi.com Internationaly recognized by its enormous contribution to the Achuar indigenous community Kapawi is one of the most remote, ecologically responsable and culturally sensitive ecolodges in the World. Napo Wildlife Center Ecolodge Address: Río Yaupi N 31-90 y Av. Mariana de Jesus, Quito. Tel: 593-2-600-5893; 593-2-600-5819; 252-8261 www.napowildlifecenter.com The Napo Wildlife Center, NWC Amazon Lodge, is the greatest and ultimate alternative luxury eco-hotel in Amazonian Ecuador. This ecotourism project includes the conservation of approximately over 82 square miles (53,500 acres - over 21,400 hectares ) of the most pristine Amazon Rain Forest within the Yasunì National Park, an important UNESCO Biosphere Reserve and the largest tract of tropical rain forest in Ecuador. Sacha Lodge Address: Julio Zaldumbide 397 y Valladolid Casilla Postal: 17-01-141. Quito-Ecuador Tel.: (593 2) 256 6090 / 250 9504 / 250 9115 ext.23

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Fax: (593 2) 223 6521 info@sachalodge.com www.sachalodge.com Found within a 5000-acre private ecological reserve in Ecuador’s Amazon region, an accessible yet pristine rainforest sanctuary where you and your family may enjoy a true jungle adventure in safety and comfort.

and traditions. A very complete Amazon tour is done staying in the Manatee Amazon Explorer river boat, moving from one place to another by day and night and therefore visiting many national parks and reserves in a 3-4 days trip.

Cotococha Amazon Lodge Av. Amazonas N24-03 y Wilson, Edificio CJ, Piso 3, Oficina # 1, Quito | Ecuador info@cotococha.com located in the upper Amazon basin overlooking the majestic Napo River. Cotococha Amazon Lodge offers 21 spacious bungalows, built according to traditional architecture in harmony with the surrounding rainforest. All bungalows are equipped with a private bathroom, a private veranda with reclining chairs or hammocks to relax and enjoy the sights and sounds of Ecuador’s Amazon. Social areas are carefully decorated and offer all comfort and cosiness for a splendid stay in the Ecuadorian Amazon.

Limpiopungo lake at the bottom of the Cotopaxi Volcano

Hosteria El Reventador Address: Km 159 vía Quito – Lago Agrío Tel: (593) 93577143 hosteriareventador@hotmail.com www.hosteriaelreventador.com

TOP ITINERARIES

Ideal hostel to visit the Reventador volcano of 3562 Mts. and the San Rafael waterfall, the biggest of the country.

This route guides us through the unique nature and history of the coastal provinces of Guayas, Santa Elena and Manabí. Flights are available either from Guayaquil or Manta.

HAKUNA MATATA Tel: (+593 6) 2889 617 info@hakunamatat.com

Where to Eat The ecolodges have their own restaurants

What to See and Do The best choice is to do an organized travel with tourism agencies or directly with the ecolodges, that offer activities such as trekking through the rainforest, day and night animal watching and visiting the local tribes and “chamans” (sorceres/witches) to see their dances

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- Ruta del Sol (Spondylus) RUTA DEL SOL

Following the route, natural lovers have the opportunity to explore unique dry forests with their two contrasting seasons, cloud forests and their rare fauna and flora, to dive within coral reefs surrounded by exotic sea life, to admire the numerous bird species of the region, as well as submerge in isolated and exotic beaches. MAJOR ATTRACTIONS: 1. ”Real Alto” In-Situ Museum. Located on the way from Guayaquil to Salinas, this museum resembles a ceremonial center of the human groups that inhabited this area from 4.200 - 1.500 B.C. Visiting hours: Tuesday – Sunday 9h00-17h00. 2. Museum of the Lovers of Sumpa. Small but outstanding in-situ museum, which is located at the antique settlement village of the “Las Vegas” culture (8.800 to 4.600 BC). The museum is the largest

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cemetery of the time that has been excavated in the new world. Visiting hours: Thursday thru Saturday, 10h00 to 17h00; Sundays and holidays 10h00 to 15h00. 3. Salinas. This site is a favorite vacation spot for people from Guayaquil. On the Malecon, you can visit the Naval Archeological Museum (open Wednesday to Sunday) with its vast archeological richness of the preHispanic cultures that inhabited this region.

tropical beauty. It is also called “La Provincia Verde” due to its exuberant vegetation. Esmeraldas is a favorite vacation spot for people from Quito, as it is one of the closest beaches and the weather and water temperature is warm throughout the year.

4. Ballenita. Famous for its “Farallon Dillon” Restaurant-Museum with its wonderful setting for bird and whale watching. 5. Valdivia. Close to the city there is an archeological museum and an aquarium famous not only because of the display of exotic sea, but also because the guides are homeless children. 6. Montañita. It is a favorite spot for national and international surfers and young adventure tourists. 7. Olon. The wide beach of Olon is crowned with an outstanding Sanctuary, with open walls and a breathtaking view of the beach. 8. Machalilla National Park. The park has various attractions: Isla de la Plata, Los Frailes Beach, the Archeological Site of Agua Blanca, Salango, and the Beaches of Puerto Rico and Puerto Cayo. Colta lake with the Chimborazo volcano

9. Manta. Manta is modern city, famous not only for its tuna fishing fleet and the famous “Panama hats”, but also as an important tourist destination with its first class hotel facilities, delicious gastronomy and daily flights from the main cities. 10. Bahia de Caraquez. Bahía de Caraquez is one of the few eco-cities in Ecuador that recycles waster serving as an example for other regions, apart from its beautiful nature with sweet and salt water and diverse vegetation. Recommended to visit: La Segua Marsh, Cerro Seco, The Cabo Pasado. 11. Esmeraldas. The province is located at the northwest of the country in a tropical and warm region with its paradisiacal

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Ruta de los volcanes Ecuador’s Avenue of the Volcanoes consists of several mountain peaks that run from the northern Andes through the central Andes area. The Avenue of the Volcanoes basically runs between the two different mountain chains that fall on either side of the valley, the Eastern and Western Cordillera. Along this route, travellers can find a number of active volcanoes, including Cotopaxi, one of the highest active volcanoes on Earth, and Chimborazo, the highest mountain in Ecuador and the closest point to the sun due to its towering height. Driving down through the Avenue of Volcanoes either by bus or by private transportation allows the tourist to see many mountains and vol-

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canoes in close proximity to one another. Some are active while others are dormant. Both types create a dramatic and a photogenic backdrop for a traveler’s photographs. Through the Avenue of Volcanoes there are many local indigenous villages that operate as if they existed here for centuries. Each has its own traditions, artisan hand-crafts and styles of dress. The indigenous markets that can be found along the way are places where visitors can buy local goods including textiles and weavings, wood work, baskets, jewellery and ceramics. For those who are interested, fruit, vegetables and livestock can also be purchased. In addition to the beautiful local villages, the Avenue of Volcanoes has much to offer to the outdoor enthusiast. There are spectacular climbing opportunities for the novice as well as for the highly advanced. There are also half day as well as multiday hikes that can be experienced in this section of the Andes. Additionally, many enterprising operators offer biking down some of the mountains such as Cotopaxi and Chimborazo. Also available to be experienced are horseback riding and bird and wildlife spotting. Some of Ecuador’s highest peaks are found in the Avenue of the Volcanoes. In fact, this applies to numerous of the peaks of the Avenue of the Volcanoes: Chimborazo – 6310 meters (20,702 ft) Cotopaxi – 5897 meters (19,347 ft) Cayambe – 5790 meters (18,996 ft) Antisana – 5704 meters (18,713 ft) El Altar – 5320 meters (17,454 ft) Illiniza Sur – 5263 meters (17,267 ft) Sangay – 5230 meters (17,158 ft) Carihuairazo – 5020 meters (16,469 ft) Tungurahua – 5016 meters (16,456 ft) Cotacachi- 4939 meters (16,204 ft) Sincholagua-4898 meters (16,070 ft) Imbabura- 4609 meters (15,121 ft) Guagua Pichincha 4,776m (15,670 ft) Rucu Pichincha 4,627m (15,180 ft) It is possible to arrange tours in Quito in order to travel through the Avenue of the Volcanoes. It allows the visitors an opportunity to see many of the mountains and to visit the local attractions and villages along the way, including the indigenous markets. One popular route heads from Quito to the Cotopaxi National Park, onward to Riobamba, passing most of the highest peaks along the way and then down to Cuenca.

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Volcanoes: Chimborazo – the highest mountain in Ecuador, and the closest point on the globe to the sun due to its proximity to the Equator, Chimborazo is a sight to be seen. Until Mount Everest was discovered and measured, Chimborazo was thought to be the highest mountain in the world. Close to Riobamba, this mountain can be climbed, though it is tough and should not be climbed without a guide. It requires some experience with walking on ice. Visitors can simply observe and photograph it. Cotopaxi – one of the highest active volcanoes in the world, Cotopaxi is located approximately one hour from Quito and it towers over the city. The surrounding cities’ survival, particularly Latacunga’s, would be threatened by mud flows. For now, the volcano makes for a popular climb or for a short hike from the parking lot up to the refuge. Tungurahua – with a name that translates to “throat of fire,” is one of Ecuador’s most active volcanoes. It frequently threatens the popular visitor destination of Baños, which is occasionally evacuated due to the risk. At night on a clear day, if the volcano is erupting, visitors can observe the lava flow from a few different viewpoints.

Las Illinizas twin peaks

Illinizas – the twin mountains of Illiniza Norte and Illiniza Sur can often not be seen, as they are frequently hidden by clouds. On a clear day, they can be seen also they can be climbed. Illiniza Norte is a steep hike and scramble, and can be undertaken by the relatively inexperienced. Illiniza Sur

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is a technically challenging mountain to climb with a glacier at the top. It should only be climbed by the experienced climbers and accompanied by a guide.

Ruta de los parques nacionales

Cayambe – north of Quito in the direction of Otavalo. The volcano of Cayambe is frequently visible to those travelling along Ecuador’s northern section of the Pan American Highway. After taking a few snapshots of the volcano, or climbing it (for the experienced climber), visitors can head into Cayambe town and pick up some bizcochos, a tasty local treat served with cheese.

With its relatively small territory, 0,17% of the planet’s land surface, Ecuador was ranked among one of the 17 most biodiverse countries in the world.

Antisana – this four-peaked mountain sits in the national reserve that has the same name: Antisana. It is often not visible as its summit and glaciers are hidden by clouds. It can be seen from the Papallacta area, and on a very clear day from Quito. The climb is technically challenging and travelers might be lucky enough to spot a condor or two circling above. Cotacachi- this legendary volcano is listed as one of Ecuador’s dormant volcanoes. Climbing it is a real challenge due to its eroded peak. It is considered that as a result of one of its erosions, the volcano Cuicocha was formed. Within the crater of the Cuicocha volcano emerges a lake that holds the same name. Imbabura – this is a full day hike on this extinct volcano, which is close to Otavalo. There is loose rock at the top. The climb takes around eight hours from the parking lot, or 12 hours from La Esperanza. From Quito, take a bus to Otavalo and from there take a taxi to La Esperanza or the parking lot, depending on how much you want to hike. Pichincha – Guagua and Rucu Pichicnha are two volcanoes located 10km west of Quito. Guagua which means baby in the Quichua languages is higher than its neighbor and currently active. In fact, it covered the Ecuadorian capital with ash in 1999. Rucu, which means old, is inactive and located a bit closer to Quito. Sincholagua- an inactive volcano located 45km southeast of Quito and about 15 km northeast of Cotopaxi Volcano. It is less frequently climbed than any of the other mountains because it is difficult to access. However, those who make the effort to get to the volcano are rewarded with a beautiful hike and spectacular views of Cotopaxi.

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NATIONAL PROTECTED AREAS (AMAZING + DIVERSE)

Ecuador holds more than 11% of all the land vertebrates in the world, 16.087 vascular plant species and approximately 600 species and marine fish. Among the “mega diverse” countries, Ecuador holds the biggest biodiversity of land vertebrates per area. Such a diversity is explained by 3 main factors: the Andes mountain range that divides the country from North to South, Ecuador’s geographical location in the Tropic of Cancer and the influence of two oceanographic phenomena: the warm and humid “El Niño” current and the cold and dry “Humboldt” current. Ecuador is home to 21 National Protected Areas and is home to many National Parks; two of them were declared “World Heritage Natural Sites” by UNESCO: the Galapagos Archipelago and the Sangay National Park (Amazonian region). 1. Machalilla National Park Located in the province of Manabi, Machalilla occupies 136,000 acres with its yearly temperature of 75°F and conserves the amazing tropical humid and dry tropical forests. One of the main attractions of the park is “Isla de la Plata”, the island surrounded by Coral Reefs where one can enjoy amazing scuba diving experiences. To visit the park, one must purchase a 5-day pass for a free or 25 dollars to be able to visit all the sites. 2. Sumaco-Napo-Galeras With a surface of 507,181 acres, this National Park houses a wide diversity of ecosystems, ranging from high mountains to cloud and lowland forests. The park is famous for the Napogaleras mountain range with its rivers and springs and the Sumaco volcano (12,792 feet) with its surrounding area that was declared “Biosphere Reserve” by the UNESCO in 2000. 3. Yasuni Located in the Napo Province, it is an important biogeographical area. According to the UNESCO, it has more than 700 plant species, 500 bird species and 200 different animals. The best way to access the park is by the Napo River.

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4. Cotopaxi The Cotopaxi National Park was named after the highest active snowcapped volcano in the world (19,347 ft), being one of the most important features of the park. It is located 37 miles from Quito. Among its other attractions, one can experience camping in the Limpiopungo lagoon, visit the Pucarรก Ruins or an Inca Palace and enjoy an outstanding view of the volcanoes.

indigenous communities live in this park: QuichuaCanelos and Shuar.

5. Llanganates The park is home to one if the most exotic and inaccessible regions in Ecuador. Most of the park is covered by dense vegetation and the weather is mostly cold and rainy. Cerro Hermoso (15,618 ft) is the highest mountain in the area.

8. Podocarpus Podocarpus is located in both the Province of Loja and Zamora Chinchipe, with an extension of 351.436 acres. This park has two ecological zones, jungle and highland, both with great diversity of flora and fauna.

7. Cajas This National Park is just 21 miles away from Cuenca. Its 71,186-acre area includes mountains and 232 glacial lagoons, connected with each other by small rivers and streams. The park also has some archeological Inca sites in the area of Molleturo.

6. Sangay Sangay is located between three Provinces: Tungurahua, Chimborazo and Morona Santiago and has an extension of 671,654 acres. There are three main mountains in this park: Sangay (17,154 ft), Altar (17,446 ft) and Tungurahua (16,452 ft). Native

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USEFUL WEBSITES World Investment News www.winne.com Ecuador en cifras www.ecuadorencifras.com/cifras-inec/main.html Revista Ekos www.revista.ekos.com.ec Revista Vistazo www.vistazo.com Revista Vanguardia www.revistavanguardia.com Revista This is Ecuador www.thisisecuador.con / www.exploringecuador.com Ecuador Travel Guide www.ecuador.travel Ministerio de Electricidad y Energía Renovable www.meer.gov.ec / www.meer.gob.ec Fundación Cuencana de Turismo www.turismocuenca.com Municipio de Guayaquil www.guayaquil.gov.ec Corporación para la promoción de las exportaciones www.corpei.org Consejo de Comercio Exterior e Inversiones (Comexi) www.comexi.gob.ec Investecuador www.investecuador.ec Celec www.celec.com.ec Oficina Económica y Comercial de la Embajada de España www.oficinascomerciales.es

Camara de Construcción www.camaraconstruccionquito.ec Diario El Telegrafo www.telegrafo.com.ec Ecuador Travel Site www.ecuadortravelsite.org Ecuador Travel Planer www.ecuador-travel-planer.com Presidencia de la República www.presidencia.gov.ec Banco Central del Ecuador www.bce.fin.ec Ministerio de relaciones exteriores, comercio e integración www.mmrree.gov.ec Corporación aduanera www.corpae.com Ministerio de finanzas www.mef.gov.ec Instituto nacional de estadísticas y censo www.inec.gov.ec Consejo nacional de electricidad www.conelec.gov.ec Servicio de rentas internas www.sri.gov.ec Superintendencia de telecomunicaciones www.supertel.gov.ec Corporación financiera nacional www.cnf.fin.ec Superintendencia de bancos www.superban.gov.ec Superintendencia de compañías www.supercia.gov.ec

Deloitte www.deloite.com

Estadísticas agrícolas y económicas www.sica.gov.ec

Camara de Comercio de Guayaquil www.lacamara.org

Diario el Universo www.eluniverso.com

Camara de Industrias de Guayaquil www.camaraindustriasguay.com

Diario El Comercio www.elcomercio.com

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Deloitte www.deloite.com

Estadísticas agrícolas y económicas www.sica.gov.ec

Camara de Comercio de Guayaquil www.lacamara.org

Diario el Universo www.eluniverso.com

Camara de Industrias de Guayaquil www.camaraindustriasguay.com

Diario El Comercio www.elcomercio.com

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