Panama previously announced an offer to purchase for cash its outstanding 4.000% Global Bonds due 2024 (the “Bonds“) in an aggregate principal amount that will not result in an aggregate Purchase Price that exceeds an amount determined by Panama in its sole discretion (the “Maximum Purchase Amount“), subject to the terms and conditions contained in the Offer to Purchase, dated November 21, 2022 (the “Offer Document“). The Offer expired as scheduled at 7:30 a.m., New York Time, on Tuesday, November 29, 2022. All capitalized terms used but not defined under the heading “Offer” in this communication have the respective meanings specified in the Offer Document.

Panama has announced today it intends to accept, through the facilities of The Depository Trust Company (“DTC”), subject to proration and other terms and conditions contained in the Offer Document, valid Tender Orders in the aggregate principal amount and on other terms as set forth below.  Appropriate adjustments will be made so that purchases are made in the minimum denominations set forth in the Offer Document.