Arias, Fábrega & Fábrega acted as counsel to Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as underwriters, in connection with a public offering by the Republic of Panama of U.S.$1.25 billion aggregate principal amount of 3.750% Global Bonds due 2025.

ARIFA has acted as counsel to underwriters in most international bond offerings of the Republic of Panama, since the Brady exchange program in 1996.