Republic of Panama. Province of Tanama. Fifth Notary Office of the Circuit.
Lawyer Diomedes Edgardo Cerrud, Notary. Corresponding modification. (Copy for
informational purposes
only).----------------------------------------------------------------------------------------

DEED NO. 8931 dated March 31,
2014.------------------------------------------------------------------------------
THROUGH WHICH, METROBANK hereby declares the cancellation of some mortgage
encumbrance and antichresis established in its favor and, simultaneously, BANK
OF NOVA SCOTIA and PRICESMART PANAMA, S.A. enter into three (3) Loan Agreements,
all of which are guaranteed with a first mortgage and antichresis on various
properties.

(The stamp and handwritten information provided here are
illegible).------------------------

PUBLIC DEED NUMBER: EIGHT THOUSAND, NINE HUNDRED AND EIGHTY-ONE. (8,981).
THROUGH WITH METROBANK, S.A. states that all mortgage and antichresis liens
established in its favor have been paid up and, at the same time, THE BANK OF
NOVA SCOTIA and PRICESMART PANAMA, S.A. enter into three (3) Loan Agreements,
all guaranteed with a first antichresis mortgage on various properties.
----------------------------

Panama, March 31,
2014.-------------------------------------------------------------------------------------------------

In Panama City, Capital of the Public and head of the Notary circuit of bearing
the same name, on March thirty-one (31) two thousand and fourteen (2014), before
mi, Lawyer DIOMEDES EDGARDO CERRUD, Public Notary of the Fifth Circuit of
Panama, bearer of Personal identity card number eight-one hundred and
seventy-one - three hundred and one (8-171-301), personally appeared Mr. ERNESTO
ANTONIO BOYD SASSO, male, of legal age, Panamanian, married, banker, with
Personnal Identity card number eight - one hundred and forty-seven- ninety-three
(8-147-93), neighbor of this city, acting on behalf and in representation of
METROBANK, S.A., a corporation duly registered under Card two hundred and
forty-seven thousand one hundred and ninety three (247193), Role thirty-two
thousand three hundred and thirty (32330), and Image seventy-two (72) of the
Microfilm (Commercial) Section of the Public Registry, in his capacity as the
General Proxy, duly authorized to celebrate this act as stated in the General
Power of Attorney registered under Card number forty-seven thousand one hundred
and ninety-three (47193), Redi Document one million, seventy-five thousand six
hundred and fifty-seven (1065657), who from here on in shall be referred to as
THE BANK, persons of my personal acquaintance and who requested that I proceed
as I am hereby proceeding to do, as
follows:----------------------------------------------------------------------------------------------------------------------
FIRST: That through Public Deed number ten thousand one hundred and twenty-two
(10,122), dated August twenty-seven (27), two thousand and ten (2010), issued by
the Eleventh Notary Office of the Circuit of Panama, registered under Card four
hundred and eighty-seven thousand and seventeen 8487017), Redi document number
one million eight hundred and thirty-five thousand, three hundred and forty-two
(1835342), Mortgage Section, Letter H, of the Public Registry, THE BANK and the
company PRICESMART PANAMA, S.A. entered into a Commercial Mortgage Loan
Agreement with a First Mortgage and Antichresis on property number two hundred
and eighty-five thousand three hundred and fifty-one (285351), registered to
Document one million four hundred and one thousand three hundred and sixty-three
(1401363), of the Property Section, Public Registry of the Province of
Panama.---------------------------------------------
SECOND: That through this Public Deed, THE BANK, in its capacity as the Mortgage
and Antichresis Creditor, hereby fully cancelled the First Mortgage and
Antichresis established in its favor and by such virtue has repaid all
encumbrances towards THE BANK, pertaining to Property number two hundred and
eighty-five thousand three hundred and fifty-one (285351) registered to Document
one million four hundred and one thousand three hundred and sixty-three
(1401363), of the Property Section, Public Registry pertaining to the Province
of Panama, as well as the ownership limitation right on such
property.------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------

THIRD: THE BANK proceeds with this cancellation by virtue of the fact that it
has received Promissory Payment Letter dated (illegible) twenty-one (21), two
thousand and thirteen (2013), issued by THE BANK OF NOVA SCOTIA. Ref: three zero
zero zero zero zero zero zero zero six seven four (300000000674), signed by
Iraiza Achón (documentary Service Manager) and Gicela de Vaca (Assistant
Documentary Service Manager), modified by the note dated January ten 810), two
thousand and fourteen (2014), through which it undertakes to pay THE BANK the
amount of FOUR MILLION US DOLLARS AND 00/100 (us$4,000,000.00) in official
currency of the United Sates of America, plus the general interests resulting to
such date of cancellation, corresponding to the cancellation of the obligations
held by PRICESMART PANAMA, S.A. with THE
BANK.-----------------------------------------------------------------------------
FOURTH: THE BANK states that this cancellation of (illegible) is conditioned to
the simultanouse registration and certification in the Public Registry, in this
Public Deed, of this cancellation of encumbrances and of the loan agreement that
PRICESMART PANAMA, S.A. enters into with THE BANK OF NOVA SCOTIA, guaranteed
with a First Mortgage and Antichresis on the before stated Property number two
hundred and eighty-five thousand three hundred and fifty-one (285351), with an
express assignment for the amount of FOUR MILLION DOLLARS (us$4,000,000.00) in
official currency of the United States of America plus the interests generated
to the cancellation date in favor of THE BANK and if the above indicated
Registration in the registry before April ten (10), two thousand and fourteen
(2014), this cancellation of lines and encumbrances shall not be valid and shall
not be legally in effect.-------------------------------------
FIFTH: THE BANK states that all expenses relating to the legal preparation and
endorsement of these Minutes concerning cancellation of encumbrances shall be
borne by the company PRICESMART PANAMA,
S.A.------------------------------------------------------------
In this same situation, the following personally appeared before me: MRS.
BRITTANNIA AMAYA, female, Panamanian, of legal age, married, banker, neighbor of
the city of Panama, with personally identity card number eight- three hundred
and seventy-four - seven hundred and seventy 88-374-770), acting on behalf and
in representation of THE BANK OF NOVA SCOTIA, a corporation organized and
incorporated according to the laws of Canada, capable of doing business in the
Republic of Panama, as stated under card number S.E. zero zero zero one hundred
and twenty four (S.E. 000124) of the Microfilm (commercial) Section of the
Public Registry, in her capacity as Legal Representative and General Proxy of
such bank, authorized to celebrate this act as stated under card S.E. zero zero
zero one hundred and twenty-four (S.E. 000124), document two million one hundred
and three thousand two hundred and ten (2053210), on the one hand and, on the
other hand, Mr. PABLO EDUARDO FRANCESCHI, male, Panamanian, of legal age,
married, executive, neighbor of the city of Panama, with personal identity card
number eight - four hundred and twenty-three - eight hundred and thirty-seven
(8-423-837), acting on behalf and in representation of PRICESMART PANAMA, S.A.,
a corporation organized and incorporated according to the laws of the Republic
of Panama, registered under card three hundred and eight thousand and
seventy-one (308071), film role forty-seven thousand six hundred and seventy
(47670), image sixty (60) of the Microfilm (commercial) Section of the Public
Registry, duly authorized to enter into this act by the General Board of
Shareholders of such company, as stated in the act which certified copy is
delivered to me to attach such to the public deed, and who from here on in shall
be referred to as THE DEBTOR, persons of my acquaintance and who request that I
sated the following, as I proceed to do, in this public
deed:----------------------------------------------
STATEMENTS.--------------------------------------------------------------------------------------------------------
One (1). Through public deed number fourteen thousand, two hundred and
ninety-seven (14,297), dated August thirteen (3) two thousand and nine (2009) of
the Second Notary Office of the Circuit of Panama, from here on in simbly
referred to as “public deed number fourteen thousand two hundred and
ninety-seven (14297)”, THE BANK and THE DEBTOR entered into a loan agreement for
the amount of TEN MILLION US DOLLARS (US$10,000,000.00) in official currency of
the United States of America (from here on in, “Loan A
Agreement”).----------------------------------------------------------------------------------------
Two (2): That in order to guarantee the fulfillment of each and every one of the
obligations to be fulfilled by the DEBTOR by virtue of this Loan A Agreement,
THE DEBTOR, through public deed number fourteen

--------------------------------------------------------------------------------

thousand two hundred and ninety-seven (14297), has established a FIRST MORTGAGE
AND ANTICHRESIS in favor of THE BANK on property number sixty-nine thousand nine
hundred and seventy-one (69,971), registered under volume one thousand six
hundred and ninety-one (1691), folio three hundred and one (301) of the Property
Section, Province of Panama, of the Public
Registry.--------------------------------------------------------------------------------------------------------------------
Three (3) That the liens referred to in point two (2) above, were duly
registered under card number four hundred and sixty-two thousand five hundred
and nineteen (462519), document one million six hundred and thirty-three
thousand one hundred and forty-one (1633141) of the Mortgage and Antichresis
Section of the Public Registry.------------
Four (4). That through public deed number thirteen thousand three hundred and
eight (13,308) dated September fourteen (14), two thousand and ten (2010), of
the Second Notary Office of the Circuit of Panama, from hereon in simply
referred to as “public deed number thirteen thousand three hundred and eight
(13,308)”, registered under card number four hundred and sixty-two thousand five
hundred and nineteen (462519), document one million eight hundred and forty-five
thousand six hundred and twenty-five (1845625) of the Mortgage and Antichresis
Section of the Public Registry, (a) THE BANK and THE DEBTOR agreed to keep THE
FIRST MORTGAGE AND ANTICHRESIS providing access to the Loan A Agreement, in
effect.---------------------------------------------------------
Five (5). That the parties also state and acknowledge that to December fifteen
(15), two thousand and thirteen (2013), THE DEBTOR owes THE BANK, for the
concept of the LOAN A AGREEMENT, the amount of FIVE MILLION SEVEN HUNDRED AND
FIFTY THOUSAND US DOLLARS AND EIGHTEEN CENTS (US$5,750,000.18) in official
currency of the United States of America, for the concept of
capital.------------------------------------------------
Six (6): That in addition to the above statements and in order to enter into
three (3) new loan agreements, which are identified in this public deed as Loan
B Agreement, Loan C Agreement and Loan D Agreement, respectively, to add certain
properties to the object of the before mentioned mortgage and antichresis liens
and to state certain additional agreements regarding such, the parties have
agreed to enter into and hereby actually enter into, the agreements contained in
the following clauses:------
FIRST
PART-------------------------------------------------------------------------------------------------------------Loan
B
Agreement.--------------------------------------------------------------------------------------------------
FIRST: THE DEBTOR accepts to have received, to its full satisfaction, from THE
BANK, under the concept of a loan, the amount of FOUR MILLION US DOLLARS
(us$4,000,000.00) in official currency of the United States of
America.-----------------------------
SECOND: The entire loan amount shall be destined by THE DEBTOR to cancel certain
obligations undertaken by THE DEBTOR with METROBANK,
S.A.--------------------------------------
THIRD: THE DEBTOR is required to pay THE BANK monthly interests on the amounts
owed in this loan agreement at an annual rate resulting from adding three point
five (3.5) percentage points to the London Interbank Offered Rate (LIBOR) quoted
to THE BANK for thirty-day 830) periods. The rate received by THE BANK shall be
held as full proof. THE BANK shall determine the rate according to the before
stated, on a regular basis or according to the frequency that THE BANK, at its
entire discretion, considers to be convenient. It is agreement that, exclusively
regarding article one thousand five hundred and ninety-four (1594) of the Civil
Code, the interest rate shall in no event be less than three point five percent
(3.5%) a year.-----------------------------------------------------------------
The interest rate in effect, at the time of the signing of this agreement, is
three point eighty-six percent (3.86%). The interest rate in effect equals the
product of dividing the annualized nominal interest rate by the annual payment
frequency, subject to the unit, all raised to the payment frequency, subtracted
from the unit; and which multiplied by one hundred (100) will produce the annual
real interest percentage. It is hereby understood that this rate in effect will
vary in the event that any of the elements used to calculated such should
vary.----------------------------------------------------------------------------------------

--------------------------------------------------------------------------------

It is also likewise agreed that THE BANK may vary, as many times at it deems
convenient, the differential or percentage of interests to be changed on the
above stated LIBOR rate, either by increasing or decreasing such. In the event
or an increase or decrease to the referred to differential, as previously
indicated, THE BANK shall inform THE DEBTOR of the new differential and, if
within a period of ten (10) calendar days following the date on which such
notice was sent THE DEBTOR does not provide written notice of its inconformity,
such differential shall be considered to be accepted and in effect as of the
date indicated by THE BANK. If, on the contrary, THE DEBTOR, states its
inconformity with such differential, then the entire debt shall be considered
due and payable and THE DEBTOR shall be required to cancel the obligation within
sixty (60) calendar days following such
statement.---------------------------------------------------------------------
It is also likewise agreed that in the event of circumstances affecting the
financial markets of Panama or London THE BANK is unable to obtain LIBOR rate
quotes, or if economically damaging or impossible to THE BANK, at its entire
discretion, to continue using such quote in determining the interest rate to be
paid by THE DEBTOR on the sums owed to THE BANK, by virtue of this loan
agreement, then THE BANK shall notify THE DEBTOR in writing and THE DEBTOR and
THE BANK, as of the date of such notice and during a period of fifteen (15)
calendar days, shall negotiate, in good faith, and seeking to find an
alternative source mutually acceptable to both parties as a basis to determine
the interest rate applicable to this loan. If THE DEBTOR and THE BANK reach an
agreement regarding the use of an alternative source to use in order to
determine the interest rate applicable to this loan, such rate shall apply
(illegible) the before stated fifteen (15) days. If, on the contrary, the
parties are unable to reach an agreement regarding the referred to alternative
source, then THE BANK shall indicate the new interest rate applicable to the
loan, which shall begin to govern as of the end of the referred to fifteen (15)
day period and, in the event that THE DEBTOR should states is inconformity with
such new rate, then the entire debt shall be considered due and payable and THE
DEBTOR shall be required to cancel the obligation within sixty (60) calendar
days following its
statement.------------------------------------------------------------------------
In order to calculate the interests, the number of calendar days that have
elapsed shall be used and using one (1) three hundred and sixty (360) day year
as a factor.-----------------
Interest payments shall be made each month and the first payment must be made
thirty (30) days after the this loan is disbursed and in the same way,
successively, each month on the corresponding dates. Along with these payments
for the concept of interests, THE DEBTOR shall pay amounts to be destined to a
Special Interest Compensation Fund (F.E.C.I for its initials in
Spanish).-----------------------------------------------------
THE DEBTOR accepts that in the case of delay in any payment established in this
agreement, THE BANK shall be authorized to charge THE DEBTOR, with no need of
notice or intimation, a delinquent interest rate of two percent (2%) a year, in
addition to the interest rate agreed on in the first clause, on the amounts due
and pending payment, calculated as of the date of such default until the full
payment of such.------------
THE DEBTOR agrees that, at the option of THE BANK, the interest in arrears and
not paid on their regular and default dates) shall be capitalized and shall earn
the same interests set for the payment of
capital.--------------------------------------------------------------------------------
FOURTH: THE DEBTOR is required to pay THE BANK the full amount loaned, in other
words FOUR MILLION US DOLLARS (US$4,000,000.00) in official currency of the
United States of America, in a maximum term of five 85) years starting as of the
date on which this public deed is duly registered in the Public Registry,
through fifty-nine (59) monthly consecutive installments to capital for the
amount of no less than THIRTY-THREE THOUSAND THREE HUNDRED AND THIRTY-THREE US
DOLLARS AND THIRTY-THREE CENTS (US$33,333.33) in official currency of the United
States of America , each , and one (1) final installment for the remaining
unpaid balance. The fist installment must be made thirty (30) days after the
disbursement of this loan has been made and successively each month on the
corresponding dates, except for the last installment, which shall be made on the
expiration date of this loan.---------------------------------
Notwithstanding, the Parties agree that the original term of this loan shall be
extended for an additional period of five (5) years, of so decided upon by THE
BANK, at its entire discretion. If THE BANK decides to grant

--------------------------------------------------------------------------------

the mentioned extension, it shall inform THE DEBTOR of this in writing before
the expiration of the original term. In the event that the stated extension
should indeed come into effect, THE DEBTOR, instead of making the final
installment set out in the previous paragraph, shall continue to pay the loan
through monthly consecutive installments for an amount of no less than
THIRTY-THREE THOUSAND, THREE HUNDRED AND THIRTY-THREE DOLLARS AND THIRTY-THREE
CENTS (US$33,333.33) in official currency of the United Stats of America, each.
------------
Upon the expiration of the original term of five (5) years of the extension of
such, THE DEBTOR shall pay any balance due established in the books of THE BANK
in a single payment.
-------------------------------------------------------------------------------------------------------------------------------
FIFTH: THE DEBTOR hereby undertakes the obligation to pay THE BANK, in a single
payment, for the concept of closing commission, a sum equal to zero point fifty
percent (0.50%) of the amount of loan stated in the FIRST clause, above, which
closing commission equals the amount of TWENTY THOUSAND DOLLARS (US$20,000.00)
in the official currency of the United States of America, plus the Personal
Property Transfer and Service Lending Tax (ITBMS for its initials in Spanish)
resulting from such commission. This amount shall be paid by THE DEBTOR at the
time of the signing of this public
deed.---------------------------------------------------------------------------------------------------------------------
SIXTH: It is hereby understood and agreed that THE DEBTOR may make prepayments
as long as (i) THE BANK is notified in writing about such pre-payment at least
seven (7) days before hand, and ii) THE DEBTOR pays THE BANK any funding
breakage costs incurred in by THE
BANK.--------------------------------------------------------------------------------
SECOND
PART-------------------------------------------------------------------------------------------------------Loan
Agreement
C.-----------------------------------------------------------------------------------------------
SEVENTH: THE DEBTOR states that in addition to the amount stated in the FIRST
clause, above, it accepts to have received, to its full satisfaction, from THE
BANK, under the concept of a loan, the amount of TWENTY MILLION US DOLLARS
(US$20,000,000.00) in official currency of the United States of
America.-------------------------------------------------------------
EIGHTH: The total amount of the loan shall be destined by THE DEBTOR to finance
the expansion of its PriceSmart
clubs.-----------------------------------------------------------------------------------------
NINTH: THE DEBTOR is required to make monthly interest payments to THE BANK on
the amounts owed based on this loan agreement, for an annual rate produced upon
adding three point five (3.5) percentage points to the London Interbank Offered
Rate (LIBOR) quoted to THE BANK for thirty (30) day periods. The quote received
by THE BANK shall be understood as full proof. THE BANK shall determine such
according to the before stated, with the regularity or frequency that THE BANK
considers convenient, at its entire
discretion.----------------------------------------------------------------------------------
It is hereby agreed that, exclusively for the effects of article one thousand
five hundred and ninety-four (1594) of the Civil Code, the interest rate shall
in no event be less than three point five percent (3.5%) per
year.--------------------------------------------------------------------------------
The interest in effect, at the time of the signing of this agreement, is three
point eighty-six percent (3.86%) a year. The interest rate in effect equals the
product of dividing the nominal annualized interest rate by the annual payment
frequency, added to the unit (illegible) elevated to the payment frequency,
subtracted from the unit; and which multiplied by one hundred (100) shall
produce the annual percentage interest in effect. It is hereby understood that
the rate in effect shall vary in the event that any of the elements used to
calculate such should
vary.-----------------------------------------------------------------------
It is likewise equally agreed that THE BANK may, as many times as it considers
it convenient, vary the differential or percentage of interests charged on the
above stated LIBOR rate, whether by increasing or decreasing such. In the event
of an increase or decrease in the referred to differential, according to the
before stated, THE BANK shall inform THE DEBTOR of the new differential. If
within ten (10) calendar days following the date on which such notice was sent
THE DEBTOR does not express its inconformity in writing, such differential shall
be considered to be accepted and in effect as of the date on which it was
indicated by

--------------------------------------------------------------------------------

THE BANK. If, on the contrary, THE DEBTOR states its inconformity with such
differential, then the entire debt shall be considered due and payable and THE
DEBTOR shall be required to cancel the obligation within sixty (60) calendar
days following its manifestation.-----------------------------------------------
It is hereby likewise agreed that due to circumstances affecting the financial
markets of Panama or London, THE BANK is unable to obtain LIBOR quotes, or if it
is economically detrimental or impossible for the BANK, THE BANK, at its entire
discretion, shall continue using such quote in determining the interest rate to
be paid by THE DEBTOR on the sums owed to THE BANK by virtue of this loan
agreement, then THE BANK shall notify THE DEBTOR of such event, and THE DEBTOR
and THE BANK, as of the date of such notice and during a fifteen (15) calendar
day period, shall negotiate, in good faith, seeking to find an alternate source
that is mutually acceptable as a basis to determine the interest rate applicable
to this loan. If THE DEBTOR and THE BANK reach an agreement regarding the use of
an alternate source as a basis to determine the interest rate applicable to this
loan, such rate shall be applicable upon the conclusion of the before stated
fifteen days. If, on the contrary, the parties do not reach an agreement
regarding the referred to alternative source, then THE BANK shall indicate the
new interest rate applicable to this loan, which shall enter into effect as of
the conclusion of the referred to fifteen (15) day period, and, should THE
DEBTOR states is inconformity regarding such new rate, then the full debt shall
be considered due and payable and THE DEBTOR shall be required to cancel the
obligation within sixty (60) calendar days following its
manifestation.-------------------------------------------------------------------------------------------------
To calculate the interests, the number of calendar days that have elapsed shall
be taken into account and a factor of one (1) three hundred and sixty (360) day
year shall be used.---------------------------------------------
Interest payments shall be made on a monthly basis, the first of which must be
paid thirty (30) days after the disbursement of this loan has been made and
onwards, successively, each month, on the corresponding dates. Along with the
interest payments, THE DEBTOR shall pay the amounts destined for the Special
Interest Compensation Fund (F.E.C.I. for its initials in Spanish).
-------------------------------------------------
THE DEBTOR accepts that in the event of delay in any payment set out in this
agreement, THE BANK shall be authorized to charge THE DEBTOR, without need of
notice of intimation, a default interest rate of two percent (2%) a year, in
addition to the interest rate agreed on in this clause, over the expired and
pending payment amounts, calculated as of the date on which the default begins
and until it is fully paid up.-------------
THE DEBTOR agrees that, at the option of THE BANK, interests in arrears and due
on their dates (both regular and for defaults) shall be capitalized and shall
earn the same interests set for
capital.----------------------------------------------------------------------------------------------------------TENTH:
THE DEBTOR is required to pay THE BANK the entire amount loaned, that is to say,
TWENTY MILLION US DOLLARS (US$20,000,000.00), in official currency of the United
States of America, within a maximum term of five (5) years starting as of the
date on which this public deed is duly registered in the Public Registry,
through fifty-nine (59) consecutive monthly installments for an amount of no
less than ONE HUNDRED AND SIXTY-SIX THOUSAND SIX HUNDRED AND SIXTY-SIX DOLLARS
AND SIXTY-SEVEN CENTS (US$ 166,666.67), in official currency of the United
States of America, each and one (1) final installment for the remaining unpaid
balance. The first installment must be paid thirty (30) days after the
disbursement of this loan has been made, and thus, successively, each month, on
the corresponding dates, except for the final installment, which shall be made
upon the expiration of the term of this loan.--------
Notwithstanding, the parties agree that the original term of this loan shall be
extended for an additional five (5) year period, if so decided upon by THE BANK,
at its entire discretion. If THE BANK decides to grant the mentioned extension,
it shall inform THE DEBTOR in writing of such before the expiration of the
original term. In the event that the stated extension is actually granted, THE
DEBTOR, instead of paying the final installment stated in the previous
paragraph, will continue to pay the loan through consecutive monthly instalments
to capital of no less than ONE HUNDRED AND SIXTY-SIX THOUSAND SIX HUNDRED AND
SIXTY-SIX DOLLARS AND SIXTY-SEVEN CENTS (US$166,666.67), in official currency of
the United States of America, each. Upon the expiration of the original five (5)
year term or the extension of

--------------------------------------------------------------------------------

such, if such is granted, THE DEBTOR shall pay the balance stated in the books
of THE BANK in a single installment.
-----------------------------------------------------------------------------------------------------
ELEVENTH: THE DEBTOR undertakes the obligation to pay THE BANK, one time only,
for the concept of the closing commission, a sum equal to zero point fifty
percent (0.50%) of the amount of the loan stated in the SEVENTH clause above,
that is to say, the closing commission equals the amount of ONE HUNDRED THOUSAND
DOLLARS (us$100,000.00) in official currency of the United States of America,
PLUS THE Personal Property Transfer and Service Lending Tax (ITBMS for its
initials in Spanish) resulting from such commission. This amount shall be paid
by THE DEBTOR upon the signing of this public
deed.---------------------------------------------------------------------------------------------------------------------
TWELFTH: It is hereby understood and agreed that THE DEBTOR may make pre
payments as long as (i) THE BANK is notified in writing of such pre-payment at
least seven (7) days in advance and (ii) THE DEBTOR pays THE BANK any funding
breakage costs incurred in by THE
BANK.----------------------------------------------------------------------------------------------
THIRD
PART-----------------------------------------------------------------------------------------------------------
Loan D
Agreement.-------------------------------------------------------------------------------------------------------
THIRTEENTH: THE BANK sates that, in addition to the loans mentioned in the above
FIRST and SEVENTH clauses, on this date it has granted THE DEBTOR a monetary
loan for the amount of TEN MILLION US DOLLARS (us$10,000,000.00) in official
currency of the United States of America, amount that shall be paid by THE
DEBTOR upon the expiration of a term of six (6) months starting as of the date
that this public deed is duly registered in the Public
Registry.----------------------------------------------------------------------------
FOURTEENTH: The total loan amount shall also be destined by THE DEBTOR to
finance the expansion of its PriceSmart
clubs.----------------------------------------------------------------------------------
FIFTEENTH: Notwithstanding that stated in the THIRTEENTH clause above, it is
hereby understood and agreed that the disbursement of this loan shall depend and
be subject to the fulfillment of all of the following
conditions:-------------------------------------------------------------
(a)
That this public deed and the mortgage and antichresis liens constituted in such
are duly definitely registered in the Public
Registry.-------------------------------------------------

(b)
That all representations and guarantees in question in the THIRTY-FIRST clause
of this public deed are correct and true on the date of the disbursement, as if
such had been provided on such
date.---------------------------------------------------------------------

(c)
That THE DEBTOR is faithfully fulfilling each and every one of the obligations
set out in this public
deed.------------------------------------------------------------------------------------------------

(d)
That none of the causes for early termination contemplated in the THIRTY-SIXTH
clause of this public deed have occurred and continue in effect.----------------

(e)
That no event that, by providing notice regarding such, or through the elapse of
time or both reasons, constitutes a cause for early termination contemplated in
the THIRTY-SIXTH clause of this public deed has not taken place or continue in
effect.-----------------------------------------------------------

(f)
That no substantial adverse change in negotiations, in the financial condition,
in the operations, in the expectations of THE DEBTOR, giving THE BANK reasonable
basis to conclude that THE DEBTOR is unable, or will be unable to fulfill or
observe its obligations towards THE BANK is produced.------------------------

(g)
That no circumstance of a financial, political, economic or other nature,
whether national or international, giving THE BANK fundamental reasons to
conclude that THE DEBTOR is or shall be unable to fulfill and observe its
obligations towards THE BANK, has been
produced.--------------------------------------------------------

(h)
That THE DEBTOR has delivered to THE BANK an updated appraisal of the mortgaged
properties that is acceptable to THE BANK.-------------------------------------

--------------------------------------------------------------------------------

(i)
That the total value of the mortgaged properties, according to the appraisal
referred to in paragraph (h) above, represents a coverage of at least
eighty-five point ten percent (85.10%) with regard to the total amount of the
loan contained in this public deed………………………….

(j)
That THE DEBTOR has formalized a “Interest Rate Swap Hedging Transaction” with
THE BANK for each of the loans contained in this public
deed.---------------------

SIXTEENTH: THE DEBTOR is required to pay THE BANK, on a monthly basis, interests
on the amounts owned in this loan agreement, based on the annual rate resulting
from adding three point five (3.5) percentage points to the London Interbank
Offered Rate (Libor), quoted to THE BANK for thirty (30) day periods. The quote
received by THE BANK shall be held as full proof. THE BANK shall determine the
rate according to that previously stated according to the regularity or
frequency that THE BANK considers convenient at its entire
discretion.-----------------------------------------------
It is hereby agreed that, exclusively for the effects of article one thousand
five hundred and ninety-four (1594) of the Civil Code, the interest rate shall
in no event be less than three point five percent (3.5%) a
year.---------------------------------------------------------
The interest rate in effect at the time of the signing of this agreement is
three point eighty-six percentage (3.86%) a year. The interest rate in effect is
equal to the product of dividing the nominal annualized interest rate by the
annual payment frequency, added to the unit, all elevated to the payment
frequency (illegible) o9f the unit; and which multiplied by one hundred (100)
shall produce the annualized percentage rate in effect. It is hereby understood
that this rate in effect shall vary in the event that any of the elements used
to calculate such should vary.----------------------
It is likewise agreed that THE BANK may, as many times at it considers it
convenient, vary the differential or the percentage of interests charged on the
above mentioned LIBOR rate, whether by increasing or decreasing such. In the
event of an increase or decrease to the referred to differential, according to
the before stated, THE BANK shall inform THE DEBTOR of the new differential and,
if within a term of ten (10) calendar days following the date on which such
communication was sent to THE DEBTOR such debtor does not express its
inconformity, such differential shall be understood to have been accepted and in
effect as of the date indicated by THE BANK. If, on the contrary, THE DEBTOR
should state its inconformity with such differential, then the entire debt shall
be considered due and payable and THE DEBTOR shall be required to cancel the
obligation within sixty (60) calendar days following such
statement.----------------------
It is hereby likewise agreed that in the event that circumstances affecting the
financial markets of Panama or London, THE BANK is unable to obtain LIBOR
quotes, or if economically detrimental or impossible for THE BANK, at its entire
discretion, to continue using such quote determined as the interest rate to be
paid by THE DEBTOR on the amounts owed to THE BANK by virtue of this loan
agreement, then THE BANK shall notify THE DEBTOR of such event and the DEBTOR
and the BANK, as of the date of such notice and during a fifteen (15) calendar
day period, shall, in good faith, negotiate seeking to find an alternative
source that is mutual acceptable to both as a basis to determine the interest
rate applicable to this loan. If THE DEBTOR and THE BANK reach an agreement
regarding the use of an alternate source as a basis to determine the interest
rate applicable to this loan, such rate shall be applied upon the conclusion of
the before stated fifteen (15) day period. If, on the contrary, the parties are
unable to reach an agreement regarding the referred to alternative sources, then
THE BANK shall indicate the new interest rate applicable to this loan, which
shall be in effect as of the conclusion of the referenced fifteen (15) day
period and, in the event that THE DEBTOR should state its inconformity with such
new rate, then the loan shall be considered due and payable and THE DEBTOR shall
be required to cancel the obligation within sixty (60) calendar days following
its
manifestation.----------------------------------------------------------------------
To calculate interests, the number of calendar days that have elapsed shall be
taken into account and one (1) year consisting of three hundred and sixty (360)
days, shall be used as a factor.----------------------------

--------------------------------------------------------------------------------

Interest payments shall be made each month, the first of which must be paid
thirty (30) days after the disbursement of the loan has been made and, thereon,
successively, each month, on the corresponding dates. Along with these payments
for the concept of interests, THE DEBTOR shall pay amounts destined to the
Special Compensation of Interest Fund (F.E.C.I. for its initials in Spanish)
.----------------------------
THE DEBTOR accepts that in the event of delay in any of the payments set out in
this agreement, THE BANK shall be authorized to charge THE DEBTOR, without
requiring notice or intimation, A DEFAULT INTEREST RATE OF TWO PERCENT (2%) a
year, in addition to the interest rate agreed on in this clause, on the sums
owed and pending, calculated as of the date on which the default payment is
produced and until such is fully paid
up.--------------------------------------------------------------------------------
THE DEBTOR agrees, at the option of THE BANK, that the interest in arrears and
unpaid on the corresponding dates 8both regular and in arrears) shall be
capitalized and shall earn the same interests set for capital.
----------------------------------------------------------
SEVENTEENTH: THE DEBTOR is required to pay THE BANK the entire loaned amount,
that is to say TEN MILLION US DOLLARS (US$10,000,000.00) in official currency of
the United States of America, within a maximum term of five (5) years, starting
as of the date on which the disbursement of this loan is carried out, through
fifty-nine (59) monthly consecutive installments of no less than EIGHTY-THREE
THOUSAND THREE HUNDRED AND THIRTY-THREE DOLLARS AND THIRTY-THREE CENTS
(US$83,333.33) in official currency of the United States of America, each, and
one (1) final installment for the remaining balance. The first installment must
be made thirty 830) days after this loan has been disbursed and successively,
each month, on the corresponding dates. ------------------------------
Nonetheless, the parties agree that the original term of this loan shall be
extended for an additional five (5) year period, if so decided upon by THE BANK,
at its entire discretion. If THE BANK should decide to grant the stated
extension, it shall inform THE DEBTOR of such, in writing before the expiration
of the original term. In the event that the stated extension should come to be,
THE DEBTOR one the final installment stated in the previous paragraph has been
paid, shall continue to pay the loan through consecutive monthly installments to
capital of no less than EIGHTY-THREE THOUSAND THREE HUNDRED AND THIRTY-THREE
POINT THIRTY-THREE DOLLARS (US$83,333.33), in official currency of the United
States of America,
each.-----------------------------------------------------------
Upon the expiration of the original five (5) year term or its extension, if such
is granted, THE DEBTOR shall pay a single payment equal to the balance owed that
is stated in the books of THE
BANK.----------------------------------------------------------------------------------
EIGHTEENTH: THE DEBTOR undertakes the obligation to pay THE BANK, one time only,
for the concept of closing commission, an amount equal to zero point fifty
percent (0.50%) of the amount of the loan mentioned in the THIRTEENTH clause,
above, in other words, this closing commission is for the amount of FIFTY
THOUSAND US DOLLARS (US$50,000.00), in official currency of the United States of
America, plus the Personal Property Transfer and Service Lending Tax (ITBMS for
its initials in Spanish) produced by this commission. This sum shall be paid by
THE DEBTOR at the time of the signing of the public
deed.-------------------------------------------------
In addition to the before stated, THE DEBTOR undertakes the obligation to pay
THE BANK, each month, for the concept of Promissory Commission, an amount equal
to zero point fifty percent (0.50%) of the amount of the loan stated in the
THIRTEENTH clause, above, until the date of the disbursement of such
loan.-----------------------------------
NINETEENTH: It is hereby understood and agreed that THE DEBTOR may make
prepayments as long as (i) THE BANK is notified of the prepayment in question at
least seven (7) days in advance and (ii) THE DEBTOR pays THE BANK any funding
breakage costs in which THE BANK incurs.------------
FOURTH
PART--------------------------------------------------------------------------
MORTGAGE AND
ANTICHRESIS.------------------------------------------------------------------
TWENTIETH: THE DEBTOR states that in order to guarantee (a) the payment of the
amounts owed by THE DEBTOR or that it may owe to THE BANK as a result of Loan
Agreement A; (b) the payment of

--------------------------------------------------------------------------------

the amounts that THE DEBTOR owes or may owe THE BANK as a result of Loan
Agreement B; (c) the payment of the amounts that THE DEBTOR owes or may owe THE
BANK as a result of Loan Agreement C, and (d) the payment of the amounts that
THE DEBTOR owes or may owe THE BANK as a result of Loan Agreement D, in all
these cases including the capital and interests agreed on, commission, costs,
judicial or extrajudicial collection expenses and expenses of any other nature
that may arise, throughout the course during which any of such obligations may
subsist, THE DEBTOR hereby agrees to maintain in effect, extend and increase on
the total amount of FORTY-FOUR MILLION US DOLLARS (us$44,000,000.00) in official
currency of the United States of America, plus the agreed on interests,
commissions (illegible), judicial or extrajudicial collection costs and expenses
of any other nature that have arisen, THE FIRST MORTGAGE AND ANTICHRESIS
constituted in favor of THE BANK through public deed number fourteen thousand
two hundred and ninety-seven (14,297) according to its modifications contained
in public deed number thirteen thousand three hundred and eight (13,308), on
property number sixty-nine thousand, nine hundred and seventy-one (69,971),
registered under volume one thousand six hundred and ninety-one (1691), folio
three hundred and one (301) of the Property Section of the Public Registry of
the Province of Panama.----------------------------------------
To facilitate the reference of the parties and any interested party, let the
record here show that such encumbrances where initially established through
public deed number fourteen thousand two hundred and ninety-seven (14,297), for
the amount of TEN MILLION US DOLLARS ($10,000,000.00) in official currency of
the United States of
America.------------------------------------------------------
TWENTY-FIRST: THE DEBTOR hereby agrees to add to the object of the first
mortgage and antichresis established in favor of THE BANK through public deed
number fourteen thousand two hundred and ninety-seven (14297) as such was
modified through public deed number thirteen thousand three hundred and eight
(13,308), and as such was modified through this public deed, the following real
property which it
owns:-----------------------------------------------------------------------------------------------
(a)
Property number two hundred and eighty-five thousand three hundred and fifty-one
(285,351), registered under document one million four hundred and twenty-one
thousand and twenty-one (1421031) of the Property Section of the Public
Registry, Province of
Panama-----------------------------------------------------------------------

(b)
Property number forty-six thousand three hundred and ninety-six (46,396),
registered under document ninety thousand two hundred and eighty-six (90286) of
the Property Section of the Public Registry, Province of (Illegible).-----

TWENTY-SECOND: Consequently, the properties detailed in the TWENTY-FIRST clause,
above, are successively encumbered with a first mortgage and antichresis in
favor of THE BANK for a total amount of FORTY-FOUR MILLION US DOLLARS
(US$44,000,000.00), in official currency of the United States of America, in the
same terms and conditions agreed on with regard to public deed number fourteen
thousand two hundred and ninety-seven (14,297), as such was modified through
public deed number thirteen thousand three hundred and eight (13,308) and as
such is modified through this public deed.------------------------
TWENTY-THIRD: For a better reference for the parties and for any interested
party, it is hereby stated for the record that the first mortgage and
antichresis initially established by THE DEBTOR in favor of THE BANK, through
public deed number fourteen thousand two hundred and ninety-seven (14,297), as
such was modified by public deed number thirteen thousand three hundred and
eight (13,308) and as such has been broadened regarding its coverage, increasing
its amount and added to with regard to its object through this deed, is
currently established on the real properties detailed below:---------
(a)
Property number sixty-nine thousand, nine hundred and seventy-one (69,971),
registered under volume one thousand six hundred and ninety-one (1691), folio
three hundred and one (301) of the Property Section of the Public Registry of
the Province of Panama.----------------------------

(b)
Property number two hundred and eighty-five thousand three hundred and fifty-one
(285,351), registered under document one million four hundred and twenty-one
thousand and twenty-one (1421021) of the Property Section of the Public Registry
of the Province of Chiriquí.-------------

--------------------------------------------------------------------------------

TWENTY-FOURTH: For the effects of that provided in articles one thousand five
hundred and ninety-one (1591) and one thousand five hundred and ninety-two
(1592) of the Civil Code, THE DEBTOR states that THE BANK is expressly and
irrevocably authorized, on its own account, on behalf of THE BANK and THE
DEBTOR, at the expense of the latter, through the corresponding public deed, the
marginal annotation in which it shall state the amount of the monitory
disbursement that THE BANK has made to THE DEBTOR as a result of Loan Agreement
D, plus judicial or extrajudicial expenses, interests, expenses and commissions
of any nature that have come about. For such purposes, THE DEBTOR declares that
it shall provide all collaboration that may be
necessary.-----------------------------------------------------------
TWENTY-FIFTH: THE DEBTOR accepts that THE BANK may, when THE DEBTOR ceases to
fulfill any of its obligations, judicially or extra-judicially request that the
antichresis be executed delivering the possession of the mortgaged properties
for their administration without having to resort to the courts and without
needing to institute foreclosure action, but without prejudice to subsequently
executing such action. Likewise, after the action of foreclosure has been
instituted, THE BANK may request the delivery of the administration of the
mortgaged properties given in antichresis, asking for the possession of such, as
may be the case, while the 8illegible) is verified. In any of the situations
contemplated in this clause, if judicially processed, (illegible) accede to such
without a hearing by the executed party, since THE DEBTOR expressly waivers
every judicial notice or notification to that respect. For the effects of the
appraisal of the encumbered properties, when THE BANK requests their
administration, the values established by THE BANK for such purpose shall be
considered the fair values of such properties. It is hereby established that as
long as THE BANK exercises the right to antichresis and the other rights
referred to in this clause, THE BANK or the person designated by such to
administrate the encumbered properties shall exercise all rights deriving
through THE DEBTOR as the owner of the properties, without needing to render
accounts regarding such administration given that THE DEBTOR hereby expressly
relieves such from said obligation. THE BANK is not required, by virtue of the
antichresis, to pay the contributions and charges pertaining to such properties,
nor pay the necessary expenses for the conservation and repair of such, but may
do so, in which event such payments, at the option of THE BANK, shall be charged
to the Loan A Agreement, the Loan B Agreement, the Loan C Agreement or the Loan
D Agreement, and shall be capitalized and shall earn the interest set in the
corresponding contract, and the payment of such shall be guaranteed with the
first mortgage and antichresis agreed on. THE BANK may leave THE DEBTOR in
charge of the (illegible) administration of the properties, and such DEBTOR is
hereby compelled, given such case, to render accounts to the satisfaction of THE
BANK.-------------------------------TWENTY-SIXTH: THE DEBTOR is hereby required
to keep the mortgaged properties in good conditions so that their values do not
decrease and THE BANK is entitled and expressly authorized to inspect such
properties and request updated appraisals from THE DEBTOR (as long as THE BANK
considers it convenient), so as to establish if the mortgaged properties suffice
to guarantee the obligations established by THE DEBTOR towards THE BANK through
Loan Agreement A, Loan Agreement B, Loan Agreement C and Loan Agreement D. In
the event that THE DEBTOR ceases to provide the updated appraisal of the
mortgaged properties when so requested by THE BANK, then THE BANK, if it so
desires, may directly carry out such appraisal and in this case the amount
corresponding to such, invested in by THE BANK shall, at the option of THE BANK
be charged to the Loan A Agreement, Loan B Agreement, Loan C Agreement or Loan D
Agreement, and shall be capitalized and earn the interests set in the
corresponding contract and its payment shall be guaranteed by the first mortgage
and antichresis agreed on. If any of the properties provided do not
satisfactorily guarantee the obligations of THE DEBTOR, THE BANK may declare the
debts as due and payable, unless THE DEBTOR offers THE BANK, within a term of
thirty (30) calendar days, additional guarantees that THE BANK considers
sufficient. -------------------
TWENTY-SEVENTH: THE DEBTOR is required not to sell, swap, lease, mortgage or in
any way transfer or encumber the properties given as a guarantee, partially or
fully, without the prior consent of THE BANK granted in such deed in which the
operation in question is carried out. These prohibitions, through the agreement
of the parties, constitute a limitation to the ownership right of the mortgaged
properties; consequently, the parties (illegible) to the Public Registry the
special corresponding marginal annotation,

--------------------------------------------------------------------------------

given that THE DEBTOR may only sell, swap, lease, mortgage or in any other way
transfer or encumber the properties given in guarantee with the express consent
of THE BANK. ------------------------
TWENTY-EIGHTH: THE DEBTOR, while Loan Agreement A, Loan Agreement B, Loan
Agreement C and Loan Agreement D are in effect and while a balance exists
against the DEBTOR in favor of THE BANK as a result of any of the agreements, is
required to maintain all those improvements that have been built or that will be
built on the properties ensured against fire, lightening, earthquake, floods,
with (illegible) extension of coverage (illegible) in first mortgage and
antichresis, for a sum of no less than eighty percent (80%) of the value of the
mortgaged properties or for an amount of no less than one hundred percent (100%)
of the value of such improvements, as long as any of these alternatives cover
the total amount of Loan Agreement A, Loan Agreement B, Loan Agreement C and
Loan Agreement D. The policies must be issued by insurance companies that are
acceptable to THE BANK and THE DEBTOR (illegible) to assign or endorse the
respective insurance policies in favor of THE BANK. THE DEBTOR is likewise
required to renew the policies punctually. In the event that THE DEBTOR ceases
to take out the insurance punctually or does not renew such in due time, THE
BANK may, if it so desires, may undertake the expense on behalf of THE DEBTOR
and in such event the sum or sums invested in such expense by THE BANK, shall,
at the option of THE BANK, be charged to Loan Agreement A, Loan Agreement B,
Loan Agreement C or Loan Agreement D, and such shall be capitalized and shall
earn the interests set in the corresponding agreement and its payment shall be
guaranteed with the first mortgage and antichresis agreed upon. In the event of
a loss, THE BANK shall be entitled to receive the value of the insurance to
(illegible) the payment of the amounts owed by THE DEBTOR on such date, hereby
expressly establishing that if the insured amount does not suffice for such
purpose, THE DEBTOR must pay the resulting balances. In the event of a surplus,
such shall be delivered to THE DEBTOR.---------------------
TWENTY-NINTH: THE DEBTOR is required to punctually pay the State and its
autonomous entities the taxes, duties, contributions, levies, water consumption
or charges falling upon the properties provided in guarantee. THE BANK may, at
its exclusive criteria, and if THE DEBTOR ceases to do so, pay such taxes,
duties, levies, (illegible) falling on the mortgaged properties and THE DEBTOR
is required, in such event, to pay THE BANK the amount corresponding to such
expense, in the manner determined by THE BANK. THE DEBTOR is also compelled to
pay those duties, taxes, levies or contributions falling on it, including income
taxes, as well as submitting to THE BANK, when THE BANK so requests, the proof
of payment and, if it does not do so, THE BANK may declare all the debts due and
payable.---------------------------------
FIFTH
PART--------------------------------------------------------------------------------------------
Conditions Applicable to the Preceding Sections.-------------------------------
--------------------------------
THIRTIETH: All payments for the concept of capital, interests or any other
concept to be made by THE DEBTOR to THE BANK, according to this document, shall
be made in official currency of the United States of America, at the head
offices of THE BANK in the City of Panama, Republic of Panama (or at any other
branch or office of THE BANK or the place indicated by THE BANK to THE DEBTOR,
from time to time). In the event that the payment date of some of the payments
to capital or interest should fall on a non-work day for banks, the payment
shall be made on the first following workday.---
The before mentioned payments shall be made free of all taxes, duties, reserves,
deductions, withholding, charge or compensation of any nature. Should some of
these payments be subject now or in the future to any taxes, duties, reserves,
deductions, withholdings, charges or compensations, THE DEBTOR shall pay THE
BANK the additional amounts that are necessary so that THE BANK receives a net
sum equal to the total amount that THE BANK would have received if such tax
payments would not have been
made.------------------------------------------------------------------------------------------------------------------
THIRTY-FIRST: THE DEBTOR, with the purpose of inducing THE BANK to grant these
loans, hereby declares and guarantees the following to THE
BANK:------------------------------
(a)
THE DEBTOR is a corporation duly established and organized in accordance with
the laws of the Republic of
Panama.-----------------------------------------------------------------------

--------------------------------------------------------------------------------

(b)
THE DEBTOR is fully capable of entering into these agreements and fulfilling its
obligations under such
agreements.----------------------------------------------------------------------

(c)
The celebration and fulfillment of these agreements, by THE DEBTOR have been
duly authorized by all the necessary corporate actions of THE DEBTOR and such
authorizations are currently in
effect.-----------------------------------------------------------------------

(d)
The celebration and fulfillment of these agreements, by THE DEBTOR, does not
contravene or constitute an event of noncompliance under (i) the Corporate
Charter of THE DEBTOR; (ii) any law, decree or regulation, or (iii) any
important agreement to which THE DEBTOR is a party.
----------------------------------------------------------

(e)
No consent, approval, license, authorization or validation what so ever is
required from any court, administrative agency, commission or other government
or public entity of the Republic of Panama (or any of their political divisions)
or from any other country, with regard to the execution and fulfillment of these
agreements, by THE DEBTOR.---------------------------------------------------

(f)
The obligations of THE DEBTOR by virtue of these agreements are legal, valid and
enforceable, in accordance with their respective terms and conditions.------

(g)
THE DEBTOR is duly authorized in accordance with all the applicable laws,
decrees, regulations, agreements and provisions and has all authorizations,
licenses, permits, consents, concessions, or similar resolutions from the
respective authorities, national, state, provincial or municipal of the Republic
of Panama or any other country that are required to carry out its business and
operations.----------------------------------------------------------------------------------

(h)
All archive information provided by THE DEBTOR to THE BANK with regard to these
agreements, including financial statements of THE DEBTOR, is correct and true in
all material
aspects.----------------------------------------------------------------------------------------

(i)
As of August thirty-one (31), two thousand and thirteen 82013), there has been
no adverse substantial change in the businesses (illegible) financial conditions
or operations of THE
DEBTOR.----------------------------------------------------------------------------------------

(j)
No administrative judicial process whatsoever exists in which THE DEBTOR is
involved, that may adversely affect the financial condition of THE DEBTOR, or
that may substantially and adversely affect the validity of these agreements or
the capacity of THE DEBTOR to fulfill its obligations under these agreements.---

(k)
No confiscation, embargo or other precautionary measure exists against THE
DEBTOR that may have an adverse substantial effect on the financial (illegible)
of THE DEBTOR, or that may substantially or adversely affect the validity of
these agreements or the capacity of THE DEBTOR to fulfill its obligations under
these
agreements.----------------------------------------------------------------------------------------------------

(l)
No (illegible) sentence, resolution, prohibition, fine or pending penalty exists
against THE DEBTOR that may have an adverse substantial effect on the financial
condition of THE DEBTOR, or that may substantially or adversely affect the
validity of these agreements or the capacity of THE DEBTOR to fulfill its
obligations under these
agreements.---------------------------------------------------------------------

(ll) THE DEBTOR has not incurred in any material violation of any law, decree,
regulation or regulation of the Republic of Panama or any other
country.----------------
(m)
THE DEBTOR has accurately and completely submitted all the statements
(illegible) referring to taxes, duties, levies and contributions, according to
that required by the pertinent laws and regulations of the Republic of Panama,
whether national, municipal or of any other nature, that fall upon THE DEBTOR
and on its properties and assets.---------------------------------------

(n)
THE DEBTOR is up to date on the payment of all taxes, duties, levies and other
contributions of a similar nature, whether national, municipal or of any other
nature, falling on THE DEBTOR, its

--------------------------------------------------------------------------------

properties or its assets or any other part of such, except for those taxes under
dispute, in good faith, through the appropriate procedures and for which an
appropriate reserve is kept.----------------
(ñ) THE DEBTOR is up to date with its obligations regarding Social Security,
except for those obligations in dispute, in good faith, through the appropriate
procedures and for which the appropriate reserves are
kept.---------------------------------------------------------
THIRTY-SECOND: Except if otherwise expressly authorized in writing by THE BANK,
and until THE DEBTOR has fully and faithfully fulfilled all the obligations it
has undertaken or shall undertake through this means, THE DEBTOR is additionally
required to do the
following:-----------------------------------------------------------------------------------------
(a)
To notify THE BANK immediately and in writing of any event or situation that may
affect the fulfillment of its
obligations.--------------------------------------------------------

(b)
To provide THE BANK with any other financial information that it may require at
any
moment.--------------------------------------------------------------------------------------

(c)
To pay all insurance, taxes, (illegible) and other contributions or an analogous
nature when such become
due.-----------------------------------------------------------------------------

(d)
To pay all its obligations regarding Social
Security.------------------------------------------------

(e)
To comply with all laws, decrees, rules, regulations or importance that are
applicable.

(f)
To maintain all authorizations, licenses, permits, consents, concessions or
similar resolutions issued in its favor by the respective Panamanian
authorities, whether national, state, provincial or municipal, or of any other
country, that are necessary or important in order for it to carry out its
business and operations, in effect and to date.
--------------------------------------------------------------------------

(g)
To uphold its commitments towards THE BANK and third parties, up to date.---

(h)
To cause any company that may in the future consolidate and/or (illegible)
within the financial statements of THE DEBTOR and subsidiaries to grant a
Performance Bond in favor of THE BANK, so as to guarantee the faithful
fulfillment or each and every obligation of THE DEBTOR resulting from these loan
agreements.-------------------------------------------------------------------------

(i)
Keep its checking account with THE
BANK.----------------------------------------------------------

(j)
That at all times the receivables of these loans have at least the same degree
of priority or preference (pari passu) held by all other loans that third
parties have with THE DEBTOR, except those which are exclusively privileged by
virtue of law. ----------------------------------------------------------

(k)
Cause the payment of the accounts payable of THE DEBTOR to be subordinated in
favor of PRICESMART, INC. (that are not related to current assets, including
inventory, accounts receivable and other common assets), to the fulfillment of
the obligations of THE DEBTOR by virtue of these loan
agreements.---------------------

(l)
To employ its best efforts to keep its daily banking services with THE
BANK.------

(m)
That the value of all the mortgaged properties represent a coverage of at least
eighty-five point ten percent (85.10%) with regard to the total amount of the
loans contained in this public
deed.-------------------------------------------------------------------

(n)
To cede the credits corresponding or that may subsequently correspond to THE
DEBTOR, by virtue of the lease agreements entered into or that may be entered
into by THE DEBTOR on the mortgaged properties, in favor of THE
BANK.------------

THIRTY-THIRD: Except (illegible) prior written authorization from THE BANK (that
shall not be denied or unreasonably delayed) and until THE DEBTOR has fully and
faithfully fulfilled all the obligations that (illegible) it may undertake
through this document, THE DEBTOR is required not to carry out any of the
following acts or
(illegible):------------------------------------------------------------------------
(a)
Dissolve.------------------------------------------------------------------------------------

(b)
Merge or
consolidate--------------------------------------------------------------------------------------------

(c)
Acquire other companies or
businesses.-------------------------------------------------------------

(d)
Make
alliances-----------------------------------------------------------------------

--------------------------------------------------------------------------------

(e)
Make changes or allow changes to be made in the shareholding structure of THE
DEBTOR or of PRICESMART, INC. PRICESMART INC. must remain as the holder of all
the issued and non-current shares of corporate capital of THE
DEBTOR.---------------------------------------------------------------------------------------

(f)
Sell, cede, lease, swap, pawn, mortgage or in any way convey or encumber its
properties.----------------------------------------------------------------------------------------

(g)
Perform changes in the nature of its operations or its line of
business.-------------

(h)
Incur and cause PRICESMART, INC also not to incur in debt additional to
contingent
liabilities.----------------------------------------------------------------------------------------------

(i)
Obtain loans or credit facilities with other bank or financial institutions
(illegible) structure, guarantees, or other conditions that are more favorable
to the creditor if compared to that provided by the structure, guarantees and
conditions of these credit facilities to THE
BANK.-----------------------------------------------------

(j)
Use the product of such loans for matters other than those than for the objects
indicated in these
agreements.----------------------------------------------------------------------------------

(k)
Pay dividends, provide loans to its directors, shareholders, affiliates or
subordinates or carry out any other form of distribution of profits, except for
the funds resulting from these credit facilities, unless THE DEBTOR has Debt
Servicing Coverage referred to under paragraph © of the THIRTY-FIFTH clause of
this public deed and that THE DEBTOR is also in compliance with each and every
one of its obligations under these
agreements.-------------------------------------------------------

(l)
Perform or allow changes that are adversely substantial to be performed in the
businesses, in the financial condition, in the operations or the (illegible) of
THE DEBTOR, giving THE BANK reasonable grounds to conclude that THE DEBTOR will
not or is not capable of fulfilling or complying with its obligations under
these agreements.---------------------------------------------------------

THIRTY FOURTH: Except if otherwise expressly authorized in writing by THE BANK
and until THE DEBTOR has fully and faithfully fulfilled all its obligations
undertaken or that may be undertaken by this means, THE DEBTOR is required
to:-----------------------------------------
(a)
Provide THE BANK, one hundred and twenty (120) days after the end of each fiscal
year, at the latest, the consolidated financial statements corresponding to such
period for THE DEBTOR and for PRICESMART, INC. duly audited by an independent
audit firm acceptable to THE BANK. It is hereby understood that any company that
is considered as an affiliate of THE DEBTOR, must be included in the
consolidated financial statements in
question.----------------------------------------------

(b)
Provide THE BANK, forty-five (45) days after the end of each quarter, at the
latest, an audited (interine) copy of the quarterly financial statements and the
consolidated, combined or individual statements, as requested by THE BANK, of
THE DEBTOR and of PRICESMART
INC.----------------------------------------------------------------------

(c)
Provide THE BANK, at least forty-five (45) days after the end of each quarter, a
quarterly, duly signed certificate of compliance, regarding its obligations
contained in the THIRTY-SECOND, THIRTY-THIRD, THIRTY-FOURTH and THIRTY-FIFTH of
this public deed.----------------------------------

THIRTY-FIFTH: Unless otherwise expressly authorized in writing by THE BANK, and
until THE DEBTOR has fully and faithfully fulfilled al the obligations
undertaken or that it will undertake hereunder, THE DEBTOR is required
to:------------------------------------------------------------
(a)
Maintain a minimum Net Tangible Value of FORTY MILLION US DOLLARS
(US$40,000,000.00) in official currency of the United States of America. For the
effects of this stipulation, “Net Tangible Value” shall be construed as the paid
capital and subordinated funds plus the retained profits, minus (i) accounts
payable to shareholders, affiliates and/or related companies, (ii) investments
in affiliates and/or related companies and (iii) intangible assets, as defined
by THE
BANK.---------------------------------------------------------------------------------

--------------------------------------------------------------------------------

(b)
Maintain a financial debt ratio between the EBITDA of no more than three point
zero to one point zero (3.01:1.0). For the effects of this stipulation, the
“Financial Debt” is understood as every short and long term debt generating
interests, financial leases and other obligations as defined by THE BANK. Also,
for the effects of this stipulation, “EBITDA” is understood as the net income
before extraordinary or nonrecurring expenses plus interests, imposed on the
rent, depreciation, amortization expenses during the period or any other expense
originating from the head office that does not represent a cash
outflow.------------------------------------------------------------------------------------------

(c)
Maintain a minimum Debt Service Coverage of two point five to one point zero
(2.5;1.0). For the effects of this stipulation, “Debt Service Coverage” is
understood as the ration between the EBITDA and the interest expenses plus the
Current Portion of the Long Term Debt and financial leases. Also, for the
effects of this stipulation, “Current Portion of Long Term Debt” is understood
as the portion of financial debt to be repaid within the current
year.---------------

(d)
Cause PRICESMART, INC. to maintain a Net Financial Debt ratio between the EBITDA
of no more than one point five to one point zero (1.5;1.0). For the effects of
this stipulation, “Net Financial Debt” is understood as every short and long
term debt generating interests, financial leases and other obligations as
defined by THE BANK (illegible) of cash secured loan. Also for the effects of
this stipulation, “EBITDA” is understood as the net income before extraordinary
and nonrecurring expenses plus interests, income tax, depreciation and
amortization expenses during the
period.-----------------------------------------------------------------

Paragraph: The conditions stated in paragraphs (a) (b) and (c) of this clause
shall be measured on a quarterly basis to the last four quarters of the
financial statements of THE DEBTOR and the (illegible) mentioned in paragraph
(d) of this clause shall be measured on a quarterly basis to the last four
quarters of the financial statements of PRICESMART,
INC.--------------------------------------------------------------------------
THIRTY-SIXTH: THE BANK may consider the sums owed by THE DEBTOR as a result of
Loan Agreement B, Loan Agreement C and Loan Agreement D, as due and payable, in
any of the following
events:------------------------------------------------------------------------------------------------
(a)
The nonpayment of any of the consecutive installments to be made by THE DEBTOR
in accordance with that stipulated in the THIRD, FOURTH, NINTH, TENTH, SIXTEENTH
AND SEVENTEENTH clauses, above.--------------------------------

(b)
If one or various proceedings are initiated against THE DEBTOR, or seizures or
embargos against its property for an amount of over TWO MILLION US DOLLARS
(us$2,000,000.00), in official currency of the United States of
America.-----------------------------------------------------------------------

(c)
If THE DEBTOR should be in an arrangement with creditors or is declared
bankrupt.------

(d)
If any of the mortgaged properties is confiscated, embargoed or a suspension or
suit is recorded against such in the Public Registry, or if such is in anyway
sought after.-------------------------------

(e)
Due to an omission in the payment of taxes, duties, levies, or contributions
falling on any of the mortgaged properties and if such omission is not rectified
within a term of fifteen (15)
workdays.---------------------------------------------------------------------

(f)
If THE DEBTOR is in default regarding its Social Security obligations and such
situation is not rectified within a term of fifteen (15) workdays. For these
effects, THE BANK may also at any time demand a tax clearance certificate before
the before mentioned official institution.------------

(g)
If any of the mortgaged properties undergo depreciation, (illegible) or
deterioration to such a degree that, in the opinion of THE BANK, they do not
satisfyingly cover the obligations undertaken in this public deed, except in the
event that THE DEBTOR should offer a satisfying guarantee to THE BANK.----------

(h)
If any adverse substantial change is produced in the business, financial
condition, operations or expectations of THE DEBTOR, or if any financial,
political economic or other circumstance of another nature should take place,
whether national or international, giving THE BANK reasonable grounds

--------------------------------------------------------------------------------

to conclude that THE DEBTOR will not or will not be able to fulfill or observe
its obligations under these loan
agreements.----------------------------------------------------------
(i)
If THE DEBTOR destines the funds for matters other than those objects indicated
in the SECOND, EIGHTH and FOURTEENTH clauses, above.--------------

(j)
If any of the representations and guarantees granted by THE DEBTOR in favor of
THE BANK in the THIRTY-FIRST clause, above, or any other clause in such
agreements is determined to be incorrect or false or un fulfilled.
-------------------------

(k)
If THE DEBTOR does not fulfill any of the obligations mentioned in the
THIRTY-SECOND clause, above, any of the affirmative obligations mentioned in the
THIRTY-THIRD clause, above, any of the reporting conditions mentioned in the
THIRTY-FOURTH clause, above, or any of the financial conditions stated in the
THIRTY-FIFTH clause, above.--------------------------------------------

(l)
If THE DEBTOR should incur (illegible) in any way does not fulfill any other
obligation undertaken with THE BANK or any other bank or financial institution,
for any other concept, (illegible) that any of the causes allowing the creditor
to declare the amounts owed by THE DEBTOR as due and payable, by virtue of such
other obligation-------------------------------------------------------

(m)
Upon the early expiration of the obligations that PRICESMART EL SALVADOR S.A. de
C.V., PRICESMART HONDURAS, S.A. and PRICESMART INC. have with THE
BANK.---------------------------------------------------------------------------------------------------

(n)
If any of the causes permitting THE BANK to declare the amounts owed by THE
DEBTOR to be due and payable should arise by virtue of the Loan Agreement.---

(ñ) If THE DEBTOR does not fulfill any of the other obligations undertaken
through these
agreements.---------------------------------------------------------------------------------------------------------
THIRTY-SEVENTH: For the effects of issuing enforcement against THE DEBTOR, as
well as for all other effects of these agreements, the parties hereby agree that
those balances shown in the books of THE BANK shall be held to be correct and
true regarding the loans guaranteed with the mortgage (illegible) and
antichresis established, according to THE BANKS’s own statement, and therefore
those certifications issued by THE BANK regarding the amount and enforceability
of the owed balances, once the certificates have been reviewed by an Authorized
Public Accountant, shall constitute conclusive evidence in a trial and provide
validation, whereby the amounts stated in such certifications hall be considered
clear, liquid and
enforceable.---------------------------------------------------------------
THIRTY-EIGHTH: THE DEBTOR waives its domicile and the summary proceedings, in
the event that THE BANK should need to resort to the courts of justice to
collect this loan. Likewise, THE DEBTOR agrees that should the mortgaged
properties be submitted to auction, such shall be carried out based on the
amounts for which the respective request has been made to the
courts.---------------------------
THIRTY-NINTH: THE DEBTOR states that THE BANK is hereby authorized, at its
option and at any time, whether before or after the expiration of the
obligations, with or without notice to THE DEBTOR, and up to full amount of the
amounts owed as a result of these agreements, to deduct from any amount that THE
DEBTOR holds in deposit or in any other way with THE BANK, and to apply the
deduced amount to the payment or reduction of the amounts owed to THE BANK by
THE DEBTOR. This right recognized herein in favor of THE BANK does not imply the
extinction of the obligation of THE DEBTOR to pay the unpaid balances that are
still owed, nor the extinction of the guarantees granted in favor of THE BANK,
through this public deed.----------------------------------------------------
FORTIETH: If due to any change in the Law issued or effected after the date of
these loan agreements by any government authority any of the following should
occur: (a) any increase in the cost of THE BANK to grant or maintain the loans
under these agreements; (b) any increase in the capital amount required or
maintained or expected to be maintained by THE BANK and the sum of such capital
is increased by or based on the existence of the loans pending payment under
these agreements; or (c) any reduction in the effective rate of return on
capital of THE BANK in maintaining the loans (all of which precedes, excluding
any such increased costs, increased calls for capital or reduced rates of return
(each

--------------------------------------------------------------------------------

an “Event) and jointly the “Events”), resulting from (A) taxes or (B) changes to
the tax base of the joint net income or joint gross income affecting THE BANK).
(the determination of any or the preceding Event or Events depending on the
entire and exclusive discretion of THE BANK) with regad to thee loan; B) Then,
in such case, THE BANK shall provide notice (from here on in “Notice”) to THE
DEBTOR who must: One(1) describe the Event in reasonable detail along with the
approximate date of effect of such. Two (2) establish the costs of such Event to
THE BANK and, three (3) calculate such amount as THE BANK deems necessary at its
exclusive and entire discretion in order to be compensated for the cost of such
Event. Such Notice (or Notices) may be issued from time to time by THE BANK with
regard to an Event (or Events).---------------
THE DEBTOR, immediately after receiving such Notice, must directly pay THE BANK
the amounts that are sufficient in order to compensate THE BANK for the cost of
such Event. ----------------------------------------
The Notice(es), including the certificates contained in such, in the event of
the absence of a manifest error, shall be conclusive and binding for THE
DEBTOR.----------------------------
For the effects of this clause, the following defined terms shall have the
following meaning:---------------------
“Change to the Law”: means (a) the introduction, enactment, adoption or
progressive implementation of any law, rule, instruction, guideline, decision or
regulation (or any provision of such) or in the interpretation or
reinterpretation or application of such by any Government Authority after the
date of these loan agreements; or (c) the fulfillment, by THE BANK, of any
request, guideline, decision or instruction (whether or not it has the
(illegible) of any Government authority made or issued after the date of these
loan
agreements.---------------------------------------------------------------------------------------------------------
“Government Authority”: means the government of the Republic of Panama, or of
any other nation, or any political subdivision of such, whether provincial
state, territorial or local and of any agency, authority, instrumental entity,
regulating entity, court, central bank or any other entity exercising executive,
legislative, judicial, tax, regulating or administrative powers or authorities
or pertaining to the government.------------------------
FORTY-FIRST: If THE BANK at any time (illegible)
that:------------------------------------------------------
(a)
Deposits in Dollars for the relevant amount and for the relevant interest period
are not available to such in its relevant market; or
----------------------------------------------

(b)
Due to circumstances affecting the relevant market, the (illegible) means to
exactly state the interest rate applying to these loan agreements at the LIBOR
rate do not
exist.---------------------------------------------------------------------------------------------------------

(c)
The LIBOR rate does not adequately and justly reflect the cost, for THE BANK, to
continue the loans based on a LIBOR rate for an applicable interest period.
Then, with a simple notice, to THE DEBTOR (and without prejudice to the other
rights corresponding to THE BANK according to these agreements), the obligations
of THE BANK under these agreements to continue with the loans as, or to convert
the loans into, LIBOR rate loans shall be immediately suspended until THE BANK
notifies THE DEBTOR that the circumstances caused by such suspension or (en the
case of paragraph (c)) the circumstances that have given way to such notice no
longer exist, and (i) any request to turn the loans into, or continue with the
loans as, LIBOR rate loans shall not be effective and (ii) the loans requested
at LIBOR rate shall be granted as a base rate loan.--------------------

FORTY-SECOND. THE DEBTOR hereby states, confirms and guarantees the following to
THE
BANK:-----------------------------------------------------------------------------------------
(a)
That THE DEBTOR will not, directly or indirectly, use the funds provided in
these credit facilities, in such manner that such results in, o gives rise to, a
violation by any person (including, without any limitation whatsoever, THE
DEBTOR or THE BANK) of the laws of any applicable jurisdiction including,
without any limitation whatsoever, the laws and regulations sanctioned in the
United States of America, Canada, the European Union, the United Nations or any
other country or association of countries, that are applicable (the “sanctioned
regulations”).-

--------------------------------------------------------------------------------

(b)
That the funds or properties of THE DEBTOR that are or will be used to pay or
prepay these credit facilities are not nor will be directly or indirectly owned
by any person, individual, entity, vessel, group, government, country, state or
other which name is included in any list issued with regard to any of the
Sanctioned Regulations (a “Sanctioned Person”), including, without any
limitation whatsoever, the Specially Designated National or SDN, appearing on a
list regarding this matter published in the Office of Foreign Asset Control of
the US Department of the Treasury or
OFAC.-----------------------------------------------------------------

(c)
That THE DEBTOR is not violating any of the Sanctioned
Regulations.-----------------

(d)
That neither THE DEBTOR nor any other person benefitting in any way with regard
to these credit facilities and/or any instrument and/or any payment hereunder,
is a Sanctioned Person or is directly or indirectly owned by or controlled by a
Sanctioned
Person.---------------------------------------------------------------------------

In addition to the before stated, THE DEBTOR hereby agrees to indemnify and hold
THE BANK harmless, to the maximum extent permitted by the applicable law, of all
losses, damage, detriment and responsibilities (including, without any
limitation whatsoever, those due to claims by any third party), incurred in by
THE BANK as a result of noncompliance or infringement, by THE DEBTOR, of its
declarations, guarantees and/or commitments contained in this clause or any
other clauses in these agreements and/or due to any measure or action taken by
THE BANK to enforce its rights by virtue of that established
herein.--------------------------------------------------
No measure or action adopted by THE BANK in accordance with these agreements,
including the granting of the credit facilities, the issuance of any financial
instrument by virtue of such or the processing of any payment or transaction, or
any action by THE DEBTOR with regard to such, shall be considered as a waiver or
exemption of any of the rights of THE BANK by virtue of the stipulations
contained in these agreements or as a release of the obligations or
responsibilities of THE DEBTOR regarding
such.-------------------------------------------------------------------------------------------------
FORTY-THIRD: THE DEBTOR hereby expressly and irrevocably authorizes THE BANK,
its representatives and/or agents, its subsidiaries and/or affiliates, assignees
or successors, as well as any company that through assignment, administration or
purchase of portfolio acquires the rights of the loans emanating from these
agreements, to require, request, gather, investigate, exchange, transmit or
consult with any data information agency, banks or financial agents, regarding
its credit history, information relating to credit obligations or transactions
it maintains or could maintain, at any time and at its entire discretion,
without requiring the express authorization of THE DEBTOR every time that it is
essential to obtain such references.
--------------------------------------------------------------
It is hereby understood that THE BANK, its representatives and/or agents, its
subsidiaries and/or affiliates, assignees or successors as well as any company
that through assignment, administration or purchase of portfolio acquires the
rights to the loans emanating from these agreements may require, consult and
gather information pertaining to THE DEBTOR, as well as provide such information
to the data information agents or similar civic right entities, without needing
to require any consent other than that freely expressed by THE DEBTOR in this
document.-------
THE DEBTOR holds THE BANK harmless and at simultaneously renounces any civil,
criminal and/or administrative action, present or future, against THE BANK, its
affiliates, assignees and/or successors, its employees, executives, directors,
officers or proxies, as well as any company that through assignment,
administration or purchase of portfolio acquires the rights to these loans, by
exercising the right conferred herein. THE DEBTOR states that all personal and
credit information provided to THE BANK is true and complete. THE DEBTOR
undertakes to rectify or broaden any information provided to THE BANK relating
to these agreements, in a timely
manner.------------------------------------------------------
THE BANK is hereby required to make available to THE DEBTOR, and shall deliver
to such upon its request, all information it receives, keeps or handles based on
the authorization issued by
such.-------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------

FORTY-FOURTH: THE DEBTOR expressly authorizes THE BANK to provide and share,
through any means or procedure, information regarding THE DEBTOR or its
operations relating to these loans, without THE DEBTOR being able to claim the
existence of a violation by THE BANK relating to bank confidentiality in the
following events: One (1) at the request or requirement of any supervisor,
inspector or regulator of THE BANK, or any internal or external auditor of THE
BANK. Two (2) with regard to any investigation, lawsuit or legal action to which
THE BANK is a party. Three (3) to the parent company of THE BANK, its branches,
subsidiaries, representation offices, affiliates, agents or third parties
selected by any of the before mentioned entities, no matter what its location,
for confidential use, including, by way of illustration and without limitations,
to provide any service and for data processing with technological, accounting,
filing, statistical, marketing or risk analysis purposes. THE BANK, its parent
company, and any of those branches, subsidiaries, representation offices,
affiliates, agents or third parties shall be authorized to transfer and make
such information known at the request of the law, a court, a regulator or a
competent authority, and Four (4) to any current or potential assignee of THE
BANK.-----------------------------------------------------------------------------------
FORTY-FIFTH: THE DEBTOR accepts that these agreements are the sole and exclusive
responsibility of the Branch of THE BANK OF NOVA SCOTIA in the Republic of
Panama, subject to the laws (including any act, order, decree and/or government
regulation) of the Republic of Panama, and under the exclusive jurisdiction of
the courts of the Republic of Panama. In such sense, THE DEBTOR acknowledges
that neither the parent company of THE BANK OF NOVA SCOTIA nor any other branch,
office, subsidiary or affiliate of THE BANK OF NOVA SCOTIA have or shall have
any responsibility relating to these
agreements.---------------------------------
FORTY-SIXTH: The parties agree that THE BANK, at its entire discretion and at
the time it deems convenient, may sell, cede or transfer in any other way,
whether fully or partially, all the loans and other rights of THE BANK consigned
in this public deed, without THE BANK having to provide any type of notice,
either prior or subsequent, to THE DEBTOR and without THE BANK having to require
or receive any approval whatsoever from THE DEBTOR. Regarding the express
objective, THE BANK is hereby authorized in advance by THE DEBTOR to provide any
purchaser, assignee or person acquiring the loans and other rights of THE BANK
emanating from this public deed, or any party eventually interested in the
purchase, assignment or acquisition of the referred to loans and rights, all
documents and information relating to the loans and rights, to the financial
situation of THE DEBTOR and the status of the loans and other rights of THE BANK
emanating from this public deed and all information that THE BANK deems
convenient, in any other way, so as to facilitate the sale, assignment or
transfer of the loans and other rights OF THE BANK emanating from this public
deed, whereby THE DEBTOR expressly holds THE BANK harmless against any
consequence resulting from the exercise, by THE BANK, of the right to provide
the documents and information referred to in this
clause.-----------------------------------------
FORTY-SEVENTH: The fact that THE DEBTOR should not fulfill the obligations
undertaken herein towards THE BANK by virtue of this document or that it
fulfills such imperfectly or in a manner other than that agreed on, without THE
BANK requiring the precise and faithful compliance of such obligations, whether
judicially or extra-judicially, does not imply nor shall it be considered as a
modification of the terms of these agreements, or as an acceptance, by THE BANK,
of imperfect, late or fulfillments others than those agreed on and shall also
not be considered as a relinquishment of the contractual or legal rights
corresponding to THE BANK against THE DEBTOR and even though THE BANK, in the
future and at any time, when it considers it to be relevant, requires THE
DEBTOR, judicially or extra-judicially, to fulfill the obligations agreed on by
THE DEBTOR towards THE BANK or exercises the contractual or legal rights held by
THE BANK.---------------------------------------
FORTY-EIGHTH: It is hereby understood and agreed between the contracting parties
that if any of the stipulations of these agreements should be annulled according
to the laws of the Republic of Panama, such nullity shall not invalidate the
agreements in their entirety, but that such shall be interpreted as if

--------------------------------------------------------------------------------

such stipulation(s) declared null where not included and the rights and
obligations of the contracting parties shall be interpreted and observed
according to law.------------------
FORTY-NINTH: All notices and notifications required according to these
agreements shall be provided in writing and personally delivered or sent by mail
to the party to which such notice is provided, to the following
addresses:----------------------------------------
(a)
To THE BANK: Apartado Postal número cero ocho tres tres-cero cero uno siete
cuatro (0833-00174) Panamá, República de
Panamá.-----------------------------------------------

(b)
To THE DEBTOR: Esquina de Vía Brasil y Vía España, Panamá República de
Panamá.-----------

It is hereby understood and agreed that in the event that notice or notification
is sent by mail, such shall be deemed to have been delivered after three (3)
calendar days have elapsed, starting as of the date on which such notice was
deposited at the postal office. The receipt issued by the postal office shall
constitute sufficient proof that the notice or notification was sent and of the
date on which such was sent.-----------------------
FIFTIETH: All expenses relating to the celebration, execution and/or
administration of these agreements, including Tax Stamps, Personal Property
Transfer and Service Lending Tax (I.T.B.M.S.), notary expenses and fees,
appraisal expenses, lawyer fees, funding breakage costs, judicial or extra
judicial lawyer expenses or expenses of any other kind and the costs that are
judicially or extra judicially caused due to delayed payment by THE DEBTOR shall
be borne by THE DEBTOR.--------------------------------------------------
FIFTY-FIRST: These agreements shall be governed by and shall be construed in
accordance with the laws of the Republic of
Panama.------------------------------------------------------
FIFTY-SECOND: The parties state that Loan Agreement A and the guarantees
providing access to such shall continue in full force and effect, as such can be
understood to be modified through this public
deed.-------------------------------------------------------------------------------------
FIFTY-THIRD: Likewise, the parties stated that the statements and agreements
contained in this public deed do not constitute an innovation of the contractual
obligations of THE DEBTOR towards THE BANK, through Loan Agreement
A.---------------
FIFTY-FOURTH: THE BANK states that it accepts the obligations hereby undertaken
by THE DEBTOR such as the first mortgage, antichresis and other rights
constituted in its favor in the above described
terms.-------------------------------------------------------------------------------------
The Notary hereby certifies that he shall add the following document to the
official records of the
notary--------------------------------------------------------------------------------------------------------------
MINUTES OF A SPECIAL MEETING OF THE GENERAL BOARD OF SHAREHOLDERS OF THE COMPANY
PRICESMART PANAMA,
S.A.------------------------------------------------------------------------
A special meeting of the General Board of Shareholders of the company PRICESMART
PANAMA, S.A., a company established and organized in accordance with the laws of
the Republic of Panama was held at the offices of the company located in the
city of Panama, Republic of Panama, on March 25,
2014.--------------------------------------------------------------
Mr. PABLO EDUARDO FRANCHESCHI, acted as the Chairman of the meeting, given the
absence of the chairman, and Mr. MICHAEL MCCLEARY, Secretary of the company,
acted as the Secretary of the
meeting.--------------------------------------------------------------------------------
The Chairman of the meeting immediately verified the presence of all the holders
of all of the issued and outstanding shares of the company, with a voting right,
who in this act relinquished the right to prior call, and the required quorum
was established.------
The Chairman of the meeting stated that it was in the best interest of the
company to authorize the taking out of a loan with THE BANK OF NOVA SCOTIA for
the amount of FOUR MILLION US DOLLARS (US$4,000,000.00), in official currency of
the United States of America.---------------------------------------
The Chairman of the meeting also stated that it was in the best interest of the
company to authorize a loan to be taken out with THE BANK OF NOVA SCOTIA for the
amount of TWENTY MILLION US DOLLARS (US$20,000,000.00) in official currency of
the United States of America.----------------------------

--------------------------------------------------------------------------------

The Chairman of the meeting also stated that it was for the best interest of the
company to authorize the taking out of a loan with THE BANK OF NOVA SCOTIA for
the amount of TEN MILLION US DOLLARS ($10,000,000.00), in official currency of
the United States of America.---------------------------------------------
Additionally, the Chairman of the meeting stated the need that authorization be
provided to maintain, extend and increase the total amount of FORTY-FOUR MILLION
DOLLARS (US$44,000,000.00) in official currency of the United States of America,
plus the agreed on interests, commissions, costs, judicial or extra judicial
collection expenses and expenses of any nature that are admissible, regarding
the first mortgage and antichresis that the company established in favor of THE
BANK OF NOVA SCOTIA through public deed no. 14,297 dated August 13, 2009 of the
Second Notary Office of the Circuit of Panama, according to the modifications
made to such through public deed No. 13,308, dated September 14, 2010 pertaining
to the Second Notary Office of the Circuit of Panama, regarding property No
69,971, registered under volume (illegible), folio 301 of the Property Section
of the Public Registry, Province of Panama, so as to guarantee the faithful
fulfillment of each and every one of the obligations (both primary and
accessory) (illegible) of the company, as a result of a loan agreement for the
amount of TEN MILLION US DOLLARS (US$10,000,000.00) in official currency of the
United States of America, that the company entered into with THE BANK OF NOVA
SCOTIA through the referred to public deed No. 14,297 on August 13, 2009
pertaining to the Second Notary Office of the Circuit of Panama, as such was
modified through the referred to public deed No. 13,308, dated September 14,
2010 of the Second Notary Office of the Circuit of Panama, and also to guarantee
the faithful fulfillment of each and every one of the obligations (both primary
and accessory) of the company, as a result of the before mentioned loan
agreements.-------------------------------
Lastly, the Chairman of the meeting stated the need to add the properties No.
285,351, registered under document 1421021 of the Property Section of the Public
Registry, Province of Panama, and No. 46,396, registered under document 90286 of
the Property Section of the Public Registry of the Province of Chiriqui to the
object of such first mortgage and
antichresis.----------------------------------------------------
The unanimous decision of the board was the
following:---------------------------------------------------
FIRST: To authorize that a loan for the amount of FOUR MILLION US DOLLARS
(us$4,000,000.00) in official currency of the United States of America, be taken
out with THE BANK OF NOVA
SCOTIA.----------------------------------------------------------------------------------------
SECOND: To authorize that a loan for the amount of TWENTY MILLION US DOLLARS
(US$20,000,000.00) in official currency of the United States of America, be
taken out with THE BANK OF NOVA
SCOTIA.-----------------------------------------------------------------------------------------
THIRD: To authorize that a loan for the amount of TEN MILLION US DOLLARS
($10,000,000.00) in official currency of the United States of America be taken
out with THE BANK OF NOVA
SCOTIA.------------------------------------------------------------------------------------------------
FOURTH: To authorize the maintenance, extension and increase to the total amount
of FORTY-FOUR MILLION US DOLLARS ($44,000,000.00), in official currency of the
United States of America, plus the agreed on interests, commissions, costs,
judicial or extra judicial collection expenses, and expenses of any nature that
are admissible, pertaining to the first mortgage and antichresis that the
company constituted in favor of THE BANK FO NOVA SCOTIA through public deed No.
14,297, dated August 13, 2009, pertaining to the Second Office of the Notary of
the Circuit of Panama, as such was modified through public deed No. 13,308,
dated September 14, 2010 pertaining to the Second Notary Office of the Circuit
of Panama, on property no. 69,971, registered under volume 1691, folio 301 of
the Property Section of the Public Registry, Province of Panama, so as to
guarantee the faithful fulfillment of each and every one of the obligations
(both primary and accessory) undertaken by the company, as a result of a loan
agreement for the amount of TEN MILLION US DOLLARS (US$10,000,000.00), in
official currency of the United States of America, that the company entered into
with THE BANK OF NOVA SCOTIA, through public deed No. 14,297, dated August 13,
2009 pertaining to the Second Notary Office of the Circuit of Panama, as such
was modified through the referred to public deed No. 13,308, dated September 14,
2010 pertaining to the Second Notary Office of the circuit of Panama and also to
guarantee the faithful fulfillment of each and every one of the

--------------------------------------------------------------------------------

obligations (both primary and accessory) of the company, as a result of the loan
agreements referred to under the FIRST, SECOND AND THIRD points,
above.---------------------------------------------------
FIFTH: To authorize that properties No. 285,351, registered under document
1421021 of the Property Section of the Public Registry, province of Panama, and
No. 46,396, registered under document 90286 of the Property Section of the
Public Registry, province of Chiriquí be added to the object of the first
mortgage and antichresis referred to in the FOURTH point,
above.-----------------------------------------------------------------------------
SIXTH: To (illegible) Mr. PABLO EDUARDO FRANCESCHI so that, in acting on behalf
and in representation of the company, he may sign all the public and private
documents required under the terms and conditions he considers convenient, to
formalize the before described operations and all that complementary or
accessory to such.-----------
With nothing further to add, the meeting is
adjourned.--------------------------------------------------
Signature (illegible)-----------------------------------Signature
(illegible).------------------------------------------
PABLO EDUARDO FRANCESCHI-----------------------MICHAEL
MCCLEARY._-----------------------------
Chairman of the
board---------------------------------------Secretary.---------------------------------------------------
I, MICHAEL MCCLEARY, Secretary of PRICESMART PANAMA, S.A. hereby certify that
the above stated is a true copy of the minutes of the special meeting of the
General Board of Shareholders of the company, held in the City of Panama,
Republic of Panama, on March 25, 2014. ----------------------------------
Signature (illegible. MICHAEL MCCLEARY.
Secretary.----------------------------------------------------------
The Notary certifies that this public deed was granted, with regard to the
cancelation of liens, based on the minute drawn up and referred to, by Lawyer
LEYDA VARGAS TAPIA, practicing lawyer, with personal identity card number
eight-four hundred and fifty-one -six hundred and sixty (8-451-660), and, with
regard to the loan agreements, based on the referred to minutes and the act
drawn up by Licenciado ARTURO GERBAUD DE LA GUARDIA, practicing lawyer, with
personal identity card number eight- two hundred and thirty- one thousand eight
hundred and seventy-six) OF THE LAW FIRM (ILLEGIBLE) CORDER, GALINDO &
LEE.---------------------------------------------------------------
The Notary has advised the appearing parties that a copy of this deed must be
registered and having read such to the instrumental witnesses, Mrs. MAYLA
CASTRELLON DE BOCANEGRA, with personal identity card number five-twelve-one
thousand four hundred and sixty-six (5-12-1466) AND Mr. LUIS MORALES, with
personal identity card number four-one hundred and forty-four - eight hundred
and thirty-two (4-144-832), of legal age, Panamanians and neighbors of this
city, persons of my personal acquaintance and that are capable of carrying out
this act, found everything to be in accordance and proceeded to approve such and
to sign in approval before me, the Notary, who
attests.-----------------------------------------This deed in the official
records of the notary corresponding to the current year is contained under
number EIGHT THOUSAND NINE HUNDRED AND EIGHTY-ONE (8,981). Signatures
(illegible). ERNESTO ANTONIO BOYD SASSO--- BRITTANNIA AMAYA---- PABLO EDUARDO
FRANCESCHI-MAYLA CASTRELLON DE BOCANERA-LUIS MORALES--- DIOMEDES EDGARDO CERRUD,
Fifth Public Notary of the Circuit of
Panama.-----------------------------------------------------------------------
This copy, taken from its original, of Public Deed number EIGHT THOUSAND NINE
HUNDRED AND EIGHTY-ONE (8,981) dated March thirty-one (31), two thousand and
fourteen (2014) THROUGH WHICH METROBANK, S.A. declares the cancellation of some
mortgage liens and antichresis constituted in tis favor, and at the same time,
THE BANK OF NOVA SCOTIA and PRICESMART PANAMA, S.A. enter into three (3) loan
agreements all of which area guaranteed with a first mortgage and antichresis on
various properties , which I issue, sign and seal in the city of Panama,
Republic of Panama, on March thirty-one (31), two thousand and fourteen
(2014).--------------------------
This deed is contained in a total of forty (40)
pages.---------------------------------------------------------
Below are the certificates that the deed was entered into the PUBLIC REGISTRY OF
PANAMA CONTAINING THE STAMPS OF SUCH Registry; Registered in the Technological
System of Information of the Public Registry of Panama (hand written and with
the official seal of the
Registry).-------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------

(Letter) -----------------------------------------------------
Written on letterhead paper pertaining to the law form ALEMAN, CORDERO, GALINDO
&LEE. Dated April 4, 2014,
Panama.--------------------------------------------------------------------------------------
(Addressed to): MRS. María del Pilar Sánchez. THE BANK OF NOVA SCOTIA. Panama
City.--------------------------------------------------------------------------------------

Dear Mrs. Sánchez:
In reference to the loan agreements with a mortgage guarantee and antichresis
entered into by THE BANK OF NOVA SCOTIA and the company PRICESMART PANAMA, S.A.,
through public deed No. 8,981, dated March 31, 2014 pertaining to the Fifth
Notary Office of the Circuit of Panama.
    
Regarding this matter, and attending to your request, we hereby inform you of
the
following:----------------------------------------------------------------------------------------
1.
As per the certificates of the Public Registry of the Republic of Panama,
properties No. 69,971, registered under volume 1691, folio 301, of the Property
Section of the public registry, province of Panama; No. 285,351, registered
under document 1421021 of the Property Section of the public registry, province
of Panama, and No. 46,396, registered under document 90286 of the Property
Section of the Public Registry, Province of Chiriquí, are owned by the company
PRICESMART PANAMA, S.A.------------------------------------

2.
Also in accordance with the registry certificated on the cited properties No.
69,971, No. 285,351 and No. 46,396, a first mortgage and antichresis is
established on such by the company PRICESMART PANAMA, S.A. in favor of THE BANK
OF NOVA SCOTIA, for the amount of FORTY-FOUR MILLION US DOLLARS
(us$44,000,000.00), in official currency of the United States of
America.------------

3.
In our opinion the mortgaged liens and antichresis mentioned in point 2, above,
are legally valid. Also, such liens are, in our opinion, enforceable according
to that agreed on in the referred to public deed No. 8,981 and that established
by law.---------------------------------------------------

With nothing further to add, I remain at your service for any clarification or
broadening of information you may
need.-----------------------------------------------------------------------------------------------
Sincerely,
ALEMAN, CORDERO, GALINDO & LEE.
(Signature illegible)
Arturo Gerbaud de la G.