Arias, Fábrega & Fábrega announces that Estif Aparicio, Chief Negotiator for Panama of the Free Trade Agreement with the United States, joined the firm as a Senior Associate in the areas of competition and antitrust, M&As and capital markets.

Mr. Aparicio joins the firm after spending a year in Sullivan & Cromwell, one of the leading New York firms, working on M&A and capital market transactions in Latin America.

In recent years, Mr. Aparicio has worked in significant M&A and capital markets transaction, including:

• US$800 million public tender offer of Bancolombia for Banco Agrícola
• US$300 million financing of AES Panama
• US$170 million notes issue of Fortuna

Mr. Aparicio holds a Bachelor of Laws from the University of Panama (1994) and a Masters of Laws from the University of Houston (1996). From 2004 to 2006, Mr. Aparicio acted as Chief Negotiator of the Free Trade Agreement between Panama and the United States. During this period, he also successfully negotiated Free Trade Agreements with Chile and Singapore.

Mr. Aparicio has won a number of distinctions throughout his career, including named as one of the top 40 professionals under 40 years of age in Panama by Capital Financiero (http:panama.capitalfinanciero.com) and Fulbrighter of the year in 2005. Mr. Aparicio is admitted to practice in New York and Panama.