Superintendence of the Securities Market

The Superintendence of the Securities Market (the “SMV”) has established the following measures for working hours and presentation and process of filings before such entity as part of the governmental effort to avoid the spread of COVID-19:[1]

• Maintain the special working hours of the SMV from 8:00 a.m. to 12:00 p.m. until there is a new announcement by the SMV.

• Temporarily suspend service to the public on-site and enable the e-mail address tramites_smv@supervalores.gob.pa for users to send information and documentation required for filings and proceedings before the SMV (complaints, petitions, consultations, written notice and other documents) that are usually required to be filed on-site in hard copies at the SMV’s offices.

• The Information Department (Departamento de Gestión de Información) receives the documentation and confirms receipt via email to the user who sent it.

• If the proceeding that the user intends to present requires payment to the SMV, the user shall receive an invoice with the amount to be paid after review of the respective request.

• The petitioner must pay via wire transfer to the bank account described in the invoice issued by the SMV. Reference must be made to the invoice number provided.

• Once payment is made, the wire confirmation must be sent to the following email address: cxc@supervalores.gob.pa.

• The Treasury Department (Departamento de Tesoreria) provides receipts of such payments once they have been effectively received. Such receipts are sent to the respective user, as well as to the Information Department (Departamento de Gestión de Información). so that they can proceed with the petition in reference to which the payment was made.

• Once the Emergency State is over and the SMV returns to its normal functioning, hard copies of the documentation presented via digital means shall be presented to the SMV.

• Likewise, the SMV has activated the use of Microsoft Teams to receive consultations of regulated entities and to perform activities concerning the issuance of licenses and registries.

Panama Stock Exchange and Central Latinoamericana de Valores, S.A.

The Panama Stock Exchange (the “BVP”) and Central Latinoamericana de Valores, S.A. (“LatinClear”), have established the following measures:[2]

• Attorneys and structuring agents shall continue sending the information related to securities offerings to the following email addresses: amarrero@panabolsa.com y hcubilla@panabolsa.com.

• Users can continue sending hard copies of contracts to the offices of BVP/Latinclear. However, if because of its internal politics or procedure, a user can not send the original document to the offices of BVP/Latinclear, this procedure can be followed: (i) send a scanned version of the contract, duly signed, to the email address stated above, (ii) BVP/Latinclear shall proceed with the signature of the document and will send it in digital form to the user via email, and (iii) afterwards, the Compliance Department (Departamento de Cumplimiento) will indicate to the user to send the original contract to the offices of BVP/Latinclear.

• These entities suggest following guidance provided by the Banking Association of Panama to make payments, i.e. authorization of debit by compensation or wire transfer.

• Documentation present digitally shall also be maintained in physical form in order to be presented to authorities when required.

• To present information via digital means, the following email addresses have been established depending on the type of documentation to be filed before these institutions:

[1] Pursuant to Announcement No. 4 and Resolution No. SMV-117-20 of 25 March 2020.

[2] Pursuant to Announcement No. 6 of 23 March 2020 issued by the BVP and Latinclear.