Panama City, September 12, 2024 – The Latin American Stock Exchange (Latinex) celebrated the twenty-fifth anniversary of its flagship Investors Forum, consolidating itself as one of the most relevant capital market events in the region. This year, the forum brought together leading experts and business leaders, who offered valuable perspectives on the most important trends in finance, sustainability and innovation, reaffirming Latinex’s commitment to local and international market growth.

This prestigious event continues to be an essential meeting point for issuers, investors and the main key players in the capital market, strengthening dialogue and collaboration to boost economic development in the region.

The event was attended by over 700 people in person and over 550 virtual attendees, as well as participants from over 26 countries.

Arturo Gerbaud, Chairman of the Board of Directors of Latinex Holdings, welcomed the event, highlighting the relevance of the forum in the evolution of the stock market.

"It is an honour to celebrate 25 years of the Investors Forum, an event that offers its participants the unique opportunity to explore the most relevant trends, discover innovations from issuers and exchanges, and establish strategic connections with the main market players. This forum fosters the growth and prosperity of the market at local, regional and international levels," said Gerbaud.

The Investors Forum featured a diverse agenda covering crucial topics for the economic and financial development of the region. Some of the keynote presentations included:

Transforming Information into Results: The MMG Asset Management Strategy

Alejandro Cifuentes, Director of Asset Management at MMG Asset Management, presented the company’s approach to converting data into strategic decisions that drive success in asset management. “At MMG Asset Management, we have 18 years of experience listening to our clients and designing investment strategies created to optimize their wealth objectives,” explained Cifuentes.

During his speech, he highlighted how technological tools and data analysis make it possible to manage risks and maximise returns in volatile markets.

Keynote Lecture: "AI is here, now what do we do?"

Renowned entrepreneur and technologist Santiago Bilinkis delivered a keynote address entitled “AI is here, now what do we do?”. Bilinkis addressed the challenges and opportunities that artificial intelligence presents for the financial industry, highlighting that AI will not only transform how we analyze data, but also how we make investment decisions, which will change the rules of the game for all market participants. His focus on responsibility and preparation for this technological shift resonated with attendees, who recognized the importance of quickly adapting to this new reality.

Global Bank: Corporate Performance and Sustainability Strategy

Jorge E. Vallarino M., General Manager of Global Bank, shared the institution's progress in terms of corporate sustainability and its focus on responsible growth. Vallarino highlighted the importance of integrating sustainable practices in all aspects of the business, noting that "in a macroeconomic environment characterized by high interest rates internationally and in the local market, Global Bank showed resilience in its ability to generate profits where our net income reached $47.8 million at the end of 2024." He also presented the key initiatives that Global Bank has implemented to continue being a leader in corporate responsibility in the Panamanian financial market.

MetroBank: Three Decades of Heritage, Experience and Confidence for the Future

Ernesto Boyd García de Paredes, Executive Vice President and General Manager of MetroBank, celebrated the growth and success of the entity. "We firmly believe that trust and customer experience are fundamental to building long-lasting relationships. We have remained faithful to these principles for more than 30 years, and that has allowed us to continuously innovate, transform and adapt to the changing needs of the market. Our goal has always been and will continue to be excellence in every initiative we undertake, providing innovative solutions and memorable experiences through our various services," he stressed.

Alutech: Steel Leader in Central America becomes Regional Issuer

Gustavo López, Financial Structuring Manager of EMCO Holding Inc. / Alutech, highlighted Alutech's transition to a new stage as a regional issuer in the capital markets, underlining the company's expansion and strengthening plans in the regional market.

Latin America Economic Outlook and Risk Rating: Focus on Panama by Fitch Ratings

Todd Martinez, Co-Head of the Americas Sovereign at Fitch Ratings, presented an in-depth analysis of the economic situation in Latin America, with a special emphasis on Panama. “We value the efforts that the current administration is making to make transparent the economic and institutional challenges that led to the loss of the investment grade, and we will be attentive to its plans to address them. Doing so will require unpopular measures that the country has long avoided,” said Martinez.

Panama Canal: Adaptability in times of uncertainty

Dr. Ricaurte Vásquez Morales, Administrator of the Panama Canal, highlighted how adaptability has been crucial to the canal's continued success in a changing global environment. "The Panama Canal has demonstrated resilience and adaptability in atypical conditions: drought in 2019, COVID-19 in 2020, Russia-Ukraine war, conflict in the Middle East and drought again in 2023-2024," said Dr. Vásquez Morales. The Panama Canal is a key piece in the Panamanian economy, generating significant revenue from its global maritime transit. It connects trade between the Atlantic and Pacific oceans, driving the country's growth and its role as an international logistics hub. In addition, it contributes directly to the country's economic stability and development.

Panel on Sustainable Emissions and their International Scope

During the panel on sustainable emissions at the Latinex Investors Forum, leading experts such as Jaime Tarazona, Ratings Manager of Moody's Local Panama, Cesar Cañedo-Argüelles, CEO of CIFI and Edison Mejía, General Manager of Microserfin, discussed how their organizations are driving significant changes in the market by implementing sustainable financial initiatives.

CIFI: Pioneers in Green Bonds in Panama

Cesar Cañedo-Argüelles, CEO of CIFI, the first green bond issuer in Panama and the first issuer to use Phase II of the iLink with Euroclear Bank for corporate debt issuances, commented during the panel that the issuance of CIFI’s green bond series marks a step forward for the regional financial market. Being the first issuer to use Phase II of Euroclear’s iLink is a testament to our commitment to innovation and sustainability. We are excited about the opportunities this issuance will bring for our projects and investors.”

Microserfin: Boosting Social Finance

Edison Mejía, General Manager of Microserfin, spoke about the launch of the first social rotating bond program in Panama. Mejía explained the fundamental purpose of this issue and its impact on the community. As part of this effort, an initial placement was made within the Rotating Social Corporate Bond Program , for up to USD 40 million, seeking to promote inclusive and sustainable economic development in the most needy regions of the country.

Moody's Local: Assessment and Transparency in Thematic Issues

Mr. Jaime Tarazona, Ratings Manager at Moody's Local Panama, addressed the importance of Second Party Opinions (SPOs) in the thematic issuance process. He discussed how SPOs help to evaluate and ensure that funds are used for the stated objectives, thus combating greenwashing and strengthening the value proposition of these issuances. "We believe that the SVS debt market in the region will continue to expand in the following years and for this reason we have developed a robust analytical evaluation framework at Moody's Local to issue second opinions," he shared.

SigmaQ: Update, Performance and Future Plans

During the Investors Forum, SigmaQ, represented by Henry Yarhi, President & CEO, together with Armando Torres, Corporate Vice President of Finance, presented "SigmaQ LAKI - LAFLEX Update, Performance and Future Plans". In this presentation, the strategies that have allowed SigmaQ to expand its influence in the packaging and design solutions industry through innovation and adaptability, being recurring issuers of Latinex, were discussed. Yarhi highlighted that "our geographic expansion and diversification of business units reflect our growth and the trust that the market has placed in us as recurring issuers. This solidity is the foundation that supports each investment, providing our partners with the security and potential they seek in the capital market."

Keynote Lecture by the Ministry of Economy and Finance

HE Felipe Chapman closed the event with a lecture in which he highlighted that “Panama has achieved the milestone of becoming a leader in economic progress in the region in this century, by experiencing accumulated growth and development that exceeds the regional average, highlighted the Minister of Economy and Finance, Felipe Chapman, adding that the country has an even more encouraging future.”

Sustainability at Latinex

With great satisfaction during the event, Olga Cantillo, Executive President of Latinex, presented the Third Sustainability Report of Latinex Holdings, Inc., prepared following the standards of the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB) for the stock exchange industry. This report reflects the progress of Latinex and its main subsidiaries in Environmental, Social and Corporate Governance (ESG) management during 2023, reaffirming its commitment to sustainability and responsible finance. In addition, it launched the Latinex Sustainability Index, a key tool that groups companies recognized for their ESG performance, and which serves as a parameter for responsible investment and the construction of a more sustainable economy.

Market Champions Award Ceremony

The event closed with the award ceremony for the traditional 2023 Market Champions, this year with the implementation of new categories and special distinctions.

The winners by category were:

1. Long-term debt issuance - Bladex
2. Best long-term debt issuance structuring - Banistmo
3. Stockbroker placing the best long-term debt issue - Banistmo Securities and Prival Securities
4. Structurer with the largest number of issues - Insignia Financial Advisors
5. Stock exchange with the highest trading volume - Prival Securities
6. Public Debt Market Maker of the Year - National Bank of Panama
7. Corporate Market Maker of the Year - Mercantil Investment Services
8. Investment Company of the Year - Green Tower Properties
9. Placement Position: Investment Company of the Year - MMG Bank
10. Structurer: Investment Company of the Year - MMG Bank
11. Equity issuer - BG Financial Group
12. Foreign participant with the highest trading volume in integrated markets - General Stock Exchange Services
13. Local participant with the highest trading volume in integrated markets - Multisecurities
14. Latinclear participant with the largest balance in custody - BG Valores
15. Latinclear participant with the highest year-over-year growth in its custody - MMG Bank
16. Latinclear participant with the highest number of operations - AV Securities
17. Best Market Reporting - Ciara Morris
18. Best network coverage on the market - Kayser Pravia
19. Special Distinction - Issuer of the First Social Bond - Microfinance Solutions (Microserfín)
20. Special Distinction - Issuer of the First Blue Bond - BDA Blue Bond Trust
21. Special Distinction - First Corporate Issuer in iLink - Inter-American Corporation for Infrastructure Financing, SA . CIFI
22. Largest thematic emission - Taobré Wind Farm
23. Issuer with good ESG practices - Banistmo
24. Issuer with good environmental and climate action practices - Banistmo
25. Issuer with good environmental and climate action practices - Panamanian Food Company ( EPA)
26. Issuer with good practices in social development and gender equality - MMG Bank
27. Issuer with good practices in social development and gender equality - Banistmo
28. Issuer with good corporate governance practices – BAC