Panama City, June 21, 2024. The Latin American Stock Exchange, SA (Latinex) , is proud to announce the first issuance placed in Euroclear Bank , through phase II of the iLink link, of a Panamanian corporate debt in charge of the Inter-American Corporation for Infrastructure Financing (CIFI) , which was acquired in its entirety by the Development Bank of Latin America and the Caribbean (CAF).

Phase II of the iLink link with Euroclear Bank, completed in February 2024, allows

Panamanian corporate debt issues and those of multilateral and/or supranational organizations registered in Latinex that meet established requirements are Euroclearable and are available to international investors. Remembering that since 2014, through phase I, Panama has had this link for Panamanian government and quasi-government emissions.

The issuance of CIFI, made up of a series of green bonds, marks a significant milestone in the internationalization of the country's private issuers of securities. CIFI is the first Panamanian corporate issuer to place bonds through phase II of iLink, for a total amount of USD 10 million. This achievement is a reality thanks to the trust of CAF, its strategic ally since 2007. Together, they have collaborated to issue this new series of green bonds, thus supporting the development of the capital market in Panama.

César Cañedo-Argüelles, CEO of CIFI, stressed that “this issuance represents an important advance not only for CIFI, but for the entire financial market in the region. Being the first issuer to use iLink Phase II with Euroclear is a testament to our commitment to innovation and sustainability. “We are proud to lead this advance and excited about the opportunities that this issuance will bring for our projects and investors.”

The funds from this issuance of green bonds, acquired and financed by CAF through resources from the Climate Change Program II of the KfW Development Bank of Germany, will be used to finance renewable energy projects that contribute to the mitigation of climate change and promote the generation of clean energy in Latin America and the Caribbean.

The executive president of CAF, Sergio Díaz-Granados, stated “we are very satisfied to materialize a historic operation for sustainable development. Firstly, because it is aimed at financing renewable energy projects in accordance with our goal of being the green bank of the region; In addition, it becomes the first purchase of CAF thematic bonds; and in turn supports the deepening of the Panamanian capital market through the internationalization of this issue.”

For her part, Olga Cantillo, executive president of Latinex, highlighted that “the placement of the CIFI green bond through the international iLink link with Euroclear is an achievement that makes us extremely proud. This crucial milestone facilitates the access of issuers listed on Latinex to international investors, reinforcing our commitment to the development of the Panamanian capital market. Additionally, it supports our mission to mobilize resources towards projects that promote the Sustainable Development Goals. We congratulate CIFI for trusting Latinex to implement its environmental impact strategy through the first issuance of a green bond in 2019 and for expanding it beyond our borders to international markets from Panama.”

MMG Bank, as arranger of this issue, and Morgan & Morgan, as external advisors, played a key role. For Roger Kinkead, vice president of Investment Banking at MMG Bank, “the issuance of CIFI and its crossover with Euroclear mark a before and after for the regional securities market. At MMG Bank, we view this development as a key opportunity to mobilize capital towards productive destinations, thereby promoting sustainable development in the region. This model not only increases the visibility of our emissions, but also opens new opportunities for global investors, fostering a more liquid and diversified market."

Latinex as a group is committed to market diversification and liquidity, facilitating access to a broad base of international investors. This achievement reflects the shared vision of promoting economic development in the region and continuing to offer pioneering solutions that benefit both issuers and investors.

Benefits of iLink Phase II:

• Convertibility of securities to euroclearables: Facilitates direct access to international investors.
• Diversification of the investor base: Reduces dependence on a single group, reducing the risk of volatility.
• Greater liquidity and market growth: Increases the liquidity of issues, promoting the sustained growth of the regional securities market.
• Financial innovation: Allows the issuance of new financial products and attractive issuance structures for global investors.

About Latinex

Latin American Stock Exchange, SA has more than 30 years of experience, and acts as a meeting platform for investors and companies issuing securities. It is an entity supervised and regulated by the Superintendency of the Securities Market of

Panama.

About CIFI

CIFI is a non-banking financial entity with more than 20 years of experience supporting infrastructure projects in the Latin American and Caribbean region. Provides structuring, financing and asset management advice and solutions to private companies to generate sustainable returns for the benefit of communities and the environment.

About CAF

The mission of the Development Bank of Latin America and the Caribbean (CAF) is to promote sustainable development and regional integration, through the financing of public and private sector projects, the provision of technical cooperation and other specialized services. Established in 1970 and currently made up of 21 countries - 19 from Latin America and the Caribbean, along with Spain and Portugal - and 13 private banks, it is one of the main sources of multilateral financing and an important generator of knowledge for the region. More information at www.caf.com

About MMG Bank

MMG Bank is a financial and strategic advisory company for institutional and private clients that maintains a general banking, brokerage and trust license, with an active brokerage position in Panama and a presence in The Bahamas.