Arias, Fábrega & Fábrega, acted as special Panamanian counsel to Morgan Stanley & Co. Incorporated, as underwriter, in connection with the successful sale by the Banco Nacional de Panamá, as trustee, on behalf of the Fiduciary Trust Fund, as seller, of US$352 million of 8.875% Global Bonds due 2027 issued by the Republic of Panama.

The sale of the Global Bonds was made under the Republic's Shelf Registration and resulted in a capital gain for the Fiduciary Trust Fund of US$78.2 millions.