US$125 million commercial paper program of Banco Continental de Panamá

In 2002, 2003 and 2004, Arias, Fábrega & Fábrega acted as counsel to Bayerische Hypo-und Vereinsbank AG, Bank of America Securities LLC and ING Bank N.V. in connection with the creation and amendment of a US$125 million commercial paper program of Banco Continental de Panamá, S.A.